Core Viewpoint - The gas diffusion layer (GDL) industry is closely related to the demand for fuel cells, with significant growth driven by government policies promoting hydrogen fuel cell vehicles in China. The market size of the GDL industry is expected to reach 1.258 billion yuan in 2024, reflecting a year-on-year increase of 52.4% [1][10]. Industry Overview - The gas diffusion layer is a critical component in fuel cells, providing uniform diffusion channels for gaseous reactants and managing water flow [3][4]. - The GDL is primarily composed of materials such as carbon fiber paper and carbon fiber woven fabric, each with distinct performance characteristics under varying humidity conditions [4][6]. Market Size and Growth - The GDL industry in China is projected to grow significantly, with a market size of 1.258 billion yuan in 2024, up 52.4% year-on-year [1][10]. - The carbon fiber production in China is expected to reach 59,044 tons in 2024, marking an 8.2% increase, while the carbon fiber paper market size is anticipated to be 620 million yuan, up 6.9% [6][7]. Competitive Landscape - The GDL market has been historically dominated by foreign companies, with domestic production rates currently below 10%. However, this is expected to improve in the coming years [10][11]. - Key domestic companies in the GDL sector include Carbon Energy Technology Co., Ltd., Shandong Renfeng Special Materials Co., Ltd., and Hunan Jinbo Carbon Co., Ltd. [10][11]. Development Trends - Technological innovation is expected to lead to performance breakthroughs in GDL materials, with advancements in nanotechnology and new low-cost materials enhancing efficiency [15]. - Cost reduction is a critical focus for the GDL industry, with efforts to optimize production processes and supply chains to lower overall costs [15][16]. - The market is anticipated to become more competitive and diversified as new entrants leverage technological advancements and cost control strategies [16].

证券代码：688598 证券简称：金博股份 公告编号：2025-062 湖南金博碳素股份有限公司 关于参加 2025 年半年度科创板新材料行业集体业绩说明会 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 9 月 18 日（星期四）15:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 投资者可于 2025 年 9 月 11 日（星期四）至 9 月 17 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 KBC@kbcarbon.com 进行提问。公司将在本次业绩说明会上对投资者普遍关注的 问题进行回答。 湖南金博碳素股份有限公司（以下简称"公司"）已于 2025 年 8 月 27 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果、财 ...

Core Insights - The photovoltaic equipment sector experienced a decline of 2.34% on September 10, with Shangneng Electric leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - ST Quanwei (300716) saw a significant increase of 9.35%, closing at 13.45 with a trading volume of 90,800 shares and a transaction value of 120 million [1] - Shangneng Electric (300827) led the declines with a drop of 9.93%, closing at 33.30 with a trading volume of 940,000 shares and a transaction value of 319.5 million [2] - Other notable declines included Tongwei Co. (600438) down 6.00% and Jinlang Technology (300763) down 4.43% [2] Capital Flow - The photovoltaic equipment sector saw a net outflow of 3.725 billion in main funds, while retail investors contributed a net inflow of 3.119 billion [2] - The table of capital flow indicates that major funds were predominantly exiting the sector, while retail investors were actively buying [3] Individual Stock Capital Flow - Jing Sheng Mechanical & Electrical (300316) had a net inflow of 1.39 billion from main funds, while retail investors showed a net outflow of 1.23 billion [3] - Haiyou New Materials (688680) experienced a net inflow of 1.615 billion from main funds, but a net outflow of 1.613 billion from retail investors [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In the first half of 2025, the company achieved revenue of 411 million yuan, representing a year-on-year growth of 19.69%. However, the net profit attributable to the parent company was -168 million yuan. In Q2 2025, revenue reached 251 million yuan, showing a year-on-year increase of 77.94% and a quarter-on-quarter growth of 57.31%, with a net profit of -82 million yuan [2][5]. - The company is focusing on advanced carbon-based materials, particularly in the lithium battery and transportation sectors, which have seen a revenue increase of 305.35% year-on-year. Despite a decrease in revenue from the photovoltaic sector and lower operating rates, the company is implementing measures to improve quality, reduce costs, and enhance efficiency [11]. - The company maintains a high level of R&D investment, with R&D expenses in Q2 2025 amounting to 34 million yuan, representing a R&D expense ratio of 13.68%. Other expenses such as sales, management, and financial costs have decreased, indicating strong cost control capabilities [11]. Summary by Sections Financial Performance - For H1 2025, the company reported total revenue of 411 million yuan, with a net loss of 168 million yuan. Q2 2025 revenue was 251 million yuan, with a net loss of 82 million yuan [2][5]. - The company anticipates revenue growth to 863 million yuan in 2025E, with a projected net profit of -247 million yuan, improving to a profit of 123 million yuan by 2026E [17]. Business Segments - In the photovoltaic and semiconductor sectors, the company is adjusting its customer cooperation strategy and optimizing its customer structure. In the transportation sector, it is expanding the carbon-ceramic brake market and has recently secured a key development notification from a well-known hydrogen fuel cell system manufacturer [11]. - The company has established good relationships with leading silicon-carbon enterprises in the lithium battery sector, providing customized porous carbon product solutions [11]. Future Outlook - The company plans to continue its R&D efforts, focusing on new products and technologies, particularly in carbon-ceramic brake discs and lithium battery thermal components. The ongoing recovery in the photovoltaic sector is expected to improve industry pricing and profitability [11].

Group 1 - The stock of Jinbo Co., Ltd. fell by 5.03% on September 9, closing at 36.06 CNY per share, with a trading volume of 425 million CNY and a turnover rate of 5.65%, resulting in a total market capitalization of 7.362 billion CNY [1] - Jinbo Co., Ltd. specializes in the research, production, and sales of advanced carbon-based composite materials and products, with its main business revenue composition being 48.39% from lithium battery products, 26.09% from photovoltaic and semiconductor products, 24.88% from transportation products, and 0.65% from other sources [1] Group 2 - The Zhongjia Reform Dividend Mixed Fund (001537) holds Jinbo Co., Ltd. as its tenth largest position, with 39,600 shares, accounting for 2.56% of the fund's net value, resulting in an estimated floating loss of approximately 75,700 CNY [2] - The Zhongjia Reform Dividend Mixed Fund was established on August 13, 2015, with a latest scale of 39.3866 million CNY, achieving a year-to-date return of 22.25% and a one-year return of 37.26% [2] Group 3 - The fund managers of Zhongjia Reform Dividend Mixed Fund are Huang Xiaolei and Yu Chengkun, with Huang having a cumulative tenure of 2 years and 181 days and a total fund asset scale of 68.6841 million CNY, while Yu has a tenure of 2 years and 137 days with a fund asset scale of 39.388 million CNY [3]

融资融券数据显示，该股最新（9月5日）两融余额为6.02亿元，其中，融资余额为6.01亿元，较上一个 交易日增加842.72万元，增幅为1.42%；融券余额为77.17万元，较上一个交易日增加3.66万元，增幅为 4.98%。近10日两融余额合计增加1192.20万元，增幅为2.02%，其间融资余额增长2.02%，融券余额增长 4.00%。 8月27日公司发布的半年报数据显示，上半年公司共实现营业收入4.11亿元，同比增长19.69%，实现净 利润-1.68亿元，同比下降62.64%。（数据宝） （文章来源：证券时报网） 9月8日盘中科创板股金博股份涨停，截至13:57，股价报38.93元，成交6.62亿元，换手率9.12%，振幅 17.97%。 科创板个股中，截至发稿上涨的共有392只，涨幅在10%以上的共有18只，除金博股份之外，涨停的还 有浙海德曼、微导纳米、中国电研等，下跌的有186只，跌幅较大的有源杰科技、东芯股份、生益电 子，分别下跌13.38%、9.06%、9.00%。 资金面上，金博股份上一交易日主力资金净流出143.60万元，近5日净流出1252.34万元。 ...

Group 1 - The company announced the approval of multiple proposals during the seventh meeting of the fourth board of directors, including the cancellation of the supervisory board and amendments to the company’s articles of association [2] - The company is also revising and formulating certain governance systems as part of the approved proposals [2]

对外投资管理办法 （2025 年 9 月修订） 第一章 总则 第一条 为有效的维护湖南金博碳素股份有限公司（以下简称"公司"）股 东的合法权益，保障公司投资决策行为更规范、科学、安全，根据《中华人民共 和国公司法》《中华人民共和国证券法》等法律、法规和其他规范性文件规定及 《湖南金博碳素股份有限公司》（以下简称"《公司章程》"），特制定本办法。 第二条 本办法所称投资指公司以取得收益为目的而发生现金流出，包括对 外投资（包括但不限于各种股票投资、债券投资、外汇投资、收购企业、参股企 业、控股企业等和对内资产投资（如技术改造项目、技术开发项目、基建项目等））。 第三条 根据国家对外投资行为管理的有关要求，需要报政府部门审批的， 应履行必要的报批手续。 湖南金博碳素股份有限公司 第二章 重大投资决策的审批权限 第四条 下列范围的重大购买或者出售资产（不含购买原材料、燃料或动力， 或者出售产品或商品等与日常经营相关的资产）、对外投资（购买低风险银行理 财产品的除外）、转让或受让研发项目、签订许可使用协议、租入或者租出资产、 委托或者受托管理资产和业务、赠与或者受赠资产、债权、债务重组、放弃权利 （含放弃优先购买权、 ...

湖南金博碳素股份有限公司 对外担保管理办法 （2025 年 9 月修订） 第一章 总则 第一条 为了规范湖南金博碳素股份有限公司（以下简称"公司"）对外担 保行为，保护投资者的合法权益和保证公司的财务安全，加强公司银行信用和担 保管理，规避和降低经营风险，根据《中华人民共和国公司法》《中华人民共和 国证券法》（以下简称"《证券法》"）、《上市公司监管指引第 8 号——上市 公司资金往来、对外担保的监管要求》《上海证券交易所科创板股票上市规则》 （以下简称"《上市规则》"）及《湖南金博碳素股份有限公司章程》（以下简 称"《公司章程》"）等相关法律、法规、文件的规定，特制定本办法。 第五条 公司作出的任何担保行为，必须经董事会或股东会会议审议。 第六条 应由股东会审批的担保，必须经董事会审议通过后，方可提交股东 会审批。须经股东会审批的对外担保，包括但不限于下列情形： （一）单笔担保额超过公司最近一期经审计净资产 10%的担保； （二）公司及其控股子公司的对外担保总额，超过公司最近一期经审计净资 产 50%以后提供的任何担保； （三）为资产负债率超过 70%的担保对象提供的担保； （四）按照担保金额连续 12 个 ...

（一）坚持按劳分配与责、权、利相结合的原则； （二）薪酬水平符合公司规模与业绩，同时与业内薪酬水平相符的原则； 湖南金博碳素股份有限公司 董事及高级管理人员薪酬管理办法 （2025 年 9 月修订） 第一章 总则 第一条 为了进一步完善湖南金博碳素股份有限公司（以下简称"公司"） 董事及高级管理人员的薪酬管理，建立与现代企业制度相适应、职责权利相匹配 的激励与约束机制，充分调动公司董事及高级管理人员的工作积极性，提高公司 的经营管理水平，根据《中华人民共和国公司法》《上市公司治理准则》等有关 法律、法规和《湖南金博碳素股份有限公司章程》（以下简称"《公司章程》"） 的规定，结合公司实际情况，特制订本办法。 第二条 适用本办法的董事和高级管理人员包括：公司董事、首席科学家、 总裁、高级副总裁、副总裁、总工程师、董事会秘书、财务总监及董事会认定的 其他高级管理人员。 第三条 董事和高级管理人员薪酬遵循的原则： （三）与公司长远利益、持续健康发展的目标相符的原则； （四）定量考核与定性考核相结合原则，实现经营业绩与管理过程相统一， 全面客观评价工作成果； （五）薪酬标准以公开、公正、透明为原则。 第四条 公司董事会 ...