Core Viewpoint - The financial report of Xingqiu Graphite for the first half of 2025 indicates a mixed performance with revenue growth but a significant decline in net profit [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 310 million yuan, representing a year-on-year increase of 5.77% [1]. - The net profit attributable to shareholders was 46.67 million yuan, a decrease of 24.50% compared to the previous year [1]. - The net profit after deducting non-recurring gains and losses was 35.50 million yuan, down 30.54% year-on-year [1]. - Basic earnings per share stood at 0.32 yuan [1]. - The gross margin for the first half of 2025 was 33.83%, down 7.20 percentage points year-on-year, while the net margin was 14.95%, a decline of 6.11 percentage points [1]. Quarterly Insights - In Q2 2025, the gross margin was 34.72%, a decrease of 6.25 percentage points year-on-year but an increase of 2.15 percentage points quarter-on-quarter [1]. - The net margin for Q2 was 16.27%, down 2.77 percentage points year-on-year but up 3.20 percentage points from the previous quarter [1]. Expense Analysis - Total operating expenses for the first half of 2025 were 60.47 million yuan, a slight decrease of 0.41 million yuan year-on-year [2]. - The expense ratio was 19.48%, down 1.27 percentage points from the previous year [2]. - Sales expenses increased by 8.82%, while management and R&D expenses decreased by 13.75% and 9.82%, respectively [2]. - Financial expenses saw a significant increase of 40.97% [2]. Company Overview - Xingqiu Graphite, established on October 24, 2001, is located in Rugao City, Jiangsu Province, and was listed on March 24, 2021 [2]. - The company's main business includes the research, production, sales, and maintenance services of graphite equipment [2]. - Revenue composition includes graphite equipment (53.78%), equipment parts (20.66%), maintenance services (10.99%), and others (8.67%) [2]. - The company belongs to the machinery and equipment industry, specifically in specialized equipment for energy and heavy machinery [2].

Group 1 - The company held its 21st meeting of the second Supervisory Board on August 28, 2025, which was conducted in accordance with relevant laws and regulations [1][2] - The Supervisory Board approved the 2025 Half-Year Report and its summary, confirming that the report accurately reflects the company's financial status and operational results without any false statements or omissions [1][2] - The Supervisory Board also approved the Special Report on the storage and actual use of raised funds for the first half of 2025, stating that the management of these funds complies with regulatory requirements and does not harm shareholder interests [2][3] Group 2 - The Supervisory Board approved the establishment of a new special account for raised funds due to changes in investment projects, ensuring proper management and usage of the funds [2][3]

经审议，公司监事会认为：公司《2025 年半年度报告》及其摘要的编制符 合相关法律法规及《公司章程》的有关规定，报告真实、准确、完整地反映了公 司的财务状况和经营成果，不存在虚假记载、误导性陈述或重大遗漏。同意《2025 年半年度报告》及其摘要。 | 证券代码：688633 | 证券简称：星球石墨 | 公告编号：2025-041 | | --- | --- | --- | | 转债代码：118041 | 转债简称：星球转债 | | 南通星球石墨股份有限公司 第二届监事会第二十一次会议决议公告 本公司监事会及全体监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，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 南通星球石墨股份有限公司(以下简称"公司")第二届监事会第二十一次 会议于 2025 年 8 月 18 日以书面方式发出会议通知，于 2025 年 8 月 28 日在公司 会议室以现场结合通讯的方式召开，本次会议由公司监事会主席陈小峰先生主持， 会议应参加表决监事 3 人，实际参加表决监事 3 人。本次会议的召集、召开符合 《中华人民共和国公司法》(以下简称《公司 ...

二、董事会会议审议情况 （一）审议通过《关于<2025 年半年度报告>及其摘要的议案》 经审议，公司董事会认为：公司《2025 年半年度报告》及其摘要的编制符 合相关法律法规及《公司章程》的有关规定，报告真实、准确、完整地反映了公 司的财务状况和经营成果，不存在虚假记载、误导性陈述或重大遗漏。同意《2025 年半年度报告》及其摘要。 具体内容详见同日披露于上海证券交易所网站（www.sse.com.cn）的《2025 年半年度报告》及《2025 年半年度报告摘要》。 本议案已经审计委员会审议通过，并同意提交董事会审议。 | 证券代码：688633 | 证券简称：星球石墨 | 公告编号：2025-043 | | --- | --- | --- | | 转债代码：118041 | 转债简称：星球转债 | | 南通星球石墨股份有限公司 第二届董事会第二十六次会议决议公告 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，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 南通星球石墨股份有限公司（以下简称"公司"）第二届董事会第二十六次 会议于 2025 年 ...

| 证券代码：688633 | 证券简称：星球石墨 | 公告编号：2025-044 | | --- | --- | --- | | 转债代码：118041 | 转债简称：星球转债 | | 南通星球石墨股份有限公司 公司计划自本公告之日起 15 个交易日后的 3 个月内，通过集中竞价交易方 式，按市场价格减持不超过 500,000 股的回购股份，占公司总股本不超过 0.35%。 若此期间公司有送股、资本公积金转增股本等导致公司股本数量变动的情形，公 司将对减持数量进行相应调整。 1 股东名称 南通星球石墨股份有限公司回购专用证券账户 股东身份 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 □是 √否 董事、监事和高级管理人员 □是 √否 一、减持主体的基本情况 | | 其他：回购专用证券账户 | | --- | --- | | 持股数量 | 500,000股 | | 持股比例 | 0.35% | | 当前持股股份来源 | 集中竞价交易取得：500,000股 | 上述减持主体无一致行动人。 关于回购股份集中竞价减持计划的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 ...

| 证券代码：688633 | 证券简称：星球石墨 | 公告编号：2025-042 | | --- | --- | --- | | 转债代码：118041 | 转债简称：星球转债 | | 南通星球石墨股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 投资者可于 2025 年 09 月 01 日(星期一)至 09 月 05 日(星期五)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 yangzhicheng@ntxingqiu.com 进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 南通星球石墨股份有限公司（以下简称"公司"）已于 2025 年 8 月 30 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、财务状况，公司计划于 2025 年 09 月 08 日（星期一）14:00-15:00 举行 ...

（一）实际募集资金金额、资金到位时间 | 证券代码：688633 | 证券简称：星球石墨 | 公告编号：2025-040 | | --- | --- | --- | | 转债代码：118041 | 转债简称：星球转债 | | 南通星球石墨股份有限公司 2025年半年度募集资金存放与实际使用情况的专项报告 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，并对其内容的真实性、准确性和完整性依法承担法律责任。 根据《上市公司募集资金监管规则》《上海证券交易所科创板上市公司自律 监管指引第 1 号——规范运作》《上海证券交易所科创板股票上市规则》等相关 规定，现将南通星球石墨股份有限公司（以下简称"公司"或"本公司"）2025 年半年度募集资金存放与实际使用情况汇报如下： 一、募集资金基本情况 1、首次公开发行股票募集资金 经中国证券监督管理委员会出具的《关于同意南通星球石墨股份有限公司首 次公开发行股票注册的批复》（证监许可〔2021〕494 号）同意，公司首次公开 发行人民币普通股（A 股）1,818.3334 万股，发行价为每股人民币 33.62 元。截 至 2021 年 3 ...

南通星球石墨股份有限公司 一、聚焦发展主业，提升经营质量 2025 年上半年，公司以"保经营、谋布局、重创新、强管理、提效能、降 成本"的十八字方针为总纲，齐心协力，主动作为、真抓实干，各项工作稳步推 进，在复杂的经济形势下保持了平稳运行。 1、项目一线，多个装置进入安装调试高峰 公司承接的安徽某氯碱企业年产 6 万吨三氯氢硅项目满负荷稳定运行，公司 生产的氯化氢合成系统、氯化氢干燥系统、氯化氢吸收系统顺利通过性能考核。 其中氯化氢合成系统巧妙利用氯化氢合成反应热，副产出 0.5MpaG 的饱和蒸汽， 不仅显著降低了运行成本，还大幅提升了整体装置的经济效益；氯化氢干燥和吸 收系统拥有每日 200 吨 100%的氯化氢干燥处理能力，通过深冷脱水、酸雾捕集、 分子筛干燥等一系列先进工艺，可将氯化氢的含水量降至≤50ppm，为下游工序 提供高质量的干燥氯化氢。 公司与某工程公司达成环保项目工艺系统成套设备采购项目合作，项目现场 安装调试正在有序推进中。该项目混酸分离及浓缩装置处理能力为 18m³/h，装 置范围从来自焙烧尾气净化及脱硫制酸装置的混酸进入界区至 68%wt 硫酸出口 止，实现一体化、连续化、自动化生产 ...

Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, subsidiary names, government agencies, reporting periods, and specialized technical terms, ensuring accurate understanding of the report content - Defined company entities such as **Xingqiu Graphite**, **Inner Mongolia New Material**, **Inner Mongolia Tongqiu**, **Beijing Planide**, and **Hunan Tongqiu**[10](index=10&type=chunk) - Clarified the **reporting period** as January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - Explained professional terms such as **MPa**, **ppm**, **VCM**, **coefficient of thermal expansion**, **graphite synthesis furnace**, **graphite heat exchanger**, **graphite tower**, **silicon carbide heat exchanger**, **impregnant**, **graphite raw materials**, and **standard coal**[10](index=10&type=chunk) Company Profile and Key Financial Indicators [I. Company Overview](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Introduced the basic information of Nantong Xingqiu Graphite Co., Ltd., including its Chinese name, abbreviation, foreign name, legal representative, registered and office address, website, and email address - Company Chinese name: Nantong Xingqiu Graphite Co., Ltd., abbreviation: **Xingqiu Graphite**[12](index=12&type=chunk) - Legal Representative: **Qian Shujuan**[13](index=13&type=chunk) - Registered and office address: **No. 8 Huaxing Road, Jiuhua Town, Rugao City**[13](index=13&type=chunk) [II. Contact Person and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) Provided contact information for the company's Board Secretary (domestic representative for information disclosure) Yang Zhicheng and Securities Affairs Representative Zou Hongyan, including address, phone, fax, and email - Board Secretary: **Yang Zhicheng**, contact number: **0513-69880509**, email: **yangzhicheng@ntxingqiu.com**[14](index=14&type=chunk) - Securities Affairs Representative: **Zou Hongyan**, contact number: **0513-69880509**, email: **zouhongyan@ntxingqiu.com**[14](index=14&type=chunk) [III. Information Disclosure and Document Custody Location Changes](index=5&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) Disclosed that the company's designated information disclosure newspaper is Shanghai Securities News, the website for semi-annual reports is www.sse.com.cn, and the report's custody location is the company's Securities Affairs Department office - Information disclosure newspaper: **Shanghai Securities News**[15](index=15&type=chunk) - Report website: **www.sse.com.cn**[15](index=15&type=chunk) - Report custody location: **Company Securities Affairs Department office**[15](index=15&type=chunk) [IV. Company Stock/Depositary Receipts Overview](index=5&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%2F%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) Briefly introduced the company's stock listing exchange and board, stock abbreviation and code, and stated that the company has no depositary receipts - Stock type: **RMB ordinary shares (A-shares)**[16](index=16&type=chunk) - Listing exchange and board: **Shanghai Stock Exchange STAR Market**[16](index=16&type=chunk) - Stock abbreviation: **Xingqiu Graphite**, stock code: **688633**[16](index=16&type=chunk) [VI. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=%E5%85%AD%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue increased by 5.77% year-on-year, but net profit attributable to shareholders and non-recurring net profit decreased by 24.50% and 30.54% respectively, mainly due to declining graphite material prices and intensified market competition, while net cash flow from operating activities significantly increased by 483.41% Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 310,400,180.14 | 293,458,559.14 | 5.77 | | Total Profit | 54,284,110.34 | 69,791,262.16 | -22.22 | | Net Profit Attributable to Shareholders of Listed Company | 46,666,368.69 | 61,806,591.53 | -24.50 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 35,501,563.53 | 51,109,591.10 | -30.54 | | Net Cash Flow from Operating Activities | 121,417,431.67 | 20,811,798.31 | 483.41 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (yuan/share) | 0.32 | 0.42 | -23.81 | | Diluted EPS (yuan/share) | 0.32 | 0.42 | -23.81 | | Basic EPS after Non-Recurring Items (yuan/share) | 0.24 | 0.35 | -31.43 | | Weighted Average ROE (%) | 2.86 | 3.97 | 减少1.11个百分点 | | Weighted Average ROE after Non-Recurring Items (%) | 2.18 | 3.28 | 减少1.10个百分点 | | R&D Investment as % of Revenue (%) | 6.89 | 8.08 | 减少1.19个百分点 | - Net profit decline primarily due to falling graphite material and entrusted processing prices, leading to losses at subsidiary Inner Mongolia New Material, and intensified market competition in graphite heat exchangers resulting in lower gross profit margins[21](index=21&type=chunk) - Net cash flow from operating activities significantly increased, primarily due to higher amounts of matured notes receivable and increased efforts in collecting payments, as well as a reduction in matured notes payable[21](index=21&type=chunk) [VIII. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to 11,164,805.16 yuan, primarily from fair value changes in financial assets and investment income from entrusted investments Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains/Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 162,637.45 | | Government grants recognized in current profit or loss | 667,963.48 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 8,743,017.13 | | Gains or losses from entrusted investments or asset management | 3,774,483.26 | | Gains or losses from debt restructuring | -100,533.02 | | Other non-operating income and expenses apart from the above | -117,156.35 | | Less: Income tax impact | 1,965,606.79 | | Total | 11,164,805.16 | Management Discussion and Analysis [I. Industry and Main Business Operations During the Reporting

Core Viewpoint - The company, Xingqiu Graphite, is a leading supplier of graphite chemical equipment and has recently signed significant contracts, indicating strong international market expansion potential [2][3]. Company Overview - Xingqiu Graphite is located in Jiangsu Province and was established in October 2001, with its stock listed on March 24, 2021. The company specializes in the research, production, sales, and maintenance of graphite equipment [7]. - The main revenue sources for the company include graphite equipment (53.78%), equipment parts (20.66%), maintenance services (10.99%), and other segments [7]. Recent Developments - The company has signed a product sales contract with Adani Group's subsidiary for a green PVC project, valued at approximately 29,990.73 million RMB, which demonstrates its capability to secure large international contracts [2]. - The company has successfully ignited a new project in Vietnam, further showcasing its operational capabilities and commitment to expanding in Southeast Asia [2]. Industry Position - Xingqiu Graphite is recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title in China, indicating its strong market position and technological capabilities [3]. - The company is positioned within the mechanical equipment sector, specifically in specialized equipment for energy and heavy industries, and is associated with concepts such as small-cap stocks, specialized innovation, energy conservation, and the Belt and Road Initiative [7]. Financial Performance - For the first quarter of 2025, the company reported a revenue of 1.28 billion RMB, reflecting a year-on-year growth of 8.39%, while the net profit attributable to shareholders decreased by 40.81% to 167.93 million RMB [7]. - Since its A-share listing, the company has distributed a total of 2.05 billion RMB in dividends, with 1.40 billion RMB distributed over the past three years [8].