证券代码:688680 证券简称:海优新材 公告编号：2025-060 转债代码:118008 转债简称:海优转债 上海海优威新材料股份有限公司 关于开立募集资金专户并签订募集资金三方监管协议的公告 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。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意上海海优威新材料股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可[2022]1014 号）文件批复， 上海海优威新材料股份有限公司（以下简称"公司"）向不特定对象共计发行可 转换公司债券 6,940,000 张，每张债券面值为人民币 100 元，募集资金总额为 694,000,000.00 元，扣除不含税的发行费用 2,602,830.19 元，实际募集资金净额为 人民币 691,397,169.81 元。上述资金已全部到位，容诚会计师事务所（特殊普通 合伙）对公司本次募集资金到位情况进行了审验，并于 2022 年 6 月 29 日出具了 《验资报告》（容诚验字[2022]350Z0004 号）。 1 券交 ...

Core Insights - The photovoltaic equipment sector experienced a slight increase of 0.43% on September 15, with Jing Sheng Mechanical & Electrical leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Jing Sheng Mechanical & Electrical (300316) closed at 38.07, up 8.49% with a trading volume of 696,100 shares and a transaction value of 2.624 billion [1] - Other notable performers included: - Micro导纳米 (688147) at 47.99, up 8.28% [1] - 海优新材 (688680) at 52.10, up 5.32% [1] - 永臻股份 (603381) at 24.65, up 4.58% [1] - 通灵股份 (301168) at 40.74, up 2.93% [1] Fund Flow Analysis - The photovoltaic equipment sector saw a net outflow of 633 million from institutional investors, while retail investors contributed a net inflow of 500 million [2] - The sector's overall fund flow indicates a mixed sentiment, with institutional investors withdrawing capital while retail investors increased their positions [2] Individual Stock Fund Flow - Key stocks with significant fund flow include: - 阿特斯 (688472) with a net inflow of 158 million from institutional investors [3] - 微导纳米 (688147) with a net inflow of 94.6 million from institutional investors [3] - 高测股份 (688556) with a net inflow of 76.9 million from institutional investors [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 633 million yuan for H1 2025, a year-on-year decline of 57.47%. The net profit attributable to the parent company was -133 million yuan, showing a reduction in losses [2][5] - In Q2 2025, the company achieved a revenue of 318 million yuan, down 48.07% year-on-year but up 0.66% quarter-on-quarter, with a net profit of -76 million yuan, also indicating a reduction in losses [2][5] - The company is experiencing significant challenges in its film business, with expected sales volume declines and increased costs due to depreciation and labor [10] - The automotive business, particularly the PDCLC dimming film, has made substantial progress, securing partnerships with major automotive manufacturers and initiating a production expansion project [10] - Financial risks have been alleviated, with the debt-to-asset ratio dropping below 50% and inventory decreasing by 40% [10] Summary by Sections Financial Performance - For H1 2025, the company reported a revenue of 633 million yuan, a decrease of 57.47% year-on-year, and a net profit of -133 million yuan, indicating a reduction in losses [2][5] - Q2 2025 revenue was 318 million yuan, down 48.07% year-on-year but up 0.66% from the previous quarter, with a net profit of -76 million yuan [2][5] Business Outlook - The film business is expected to face challenges with declining sales volumes and increased costs, while the automotive business is poised for growth with ongoing partnerships and production expansion [10] - The company is optimistic about the profitability recovery in its film business due to rising EVA particle prices and ongoing collaborations with local enterprises in various countries [10]

Core Viewpoint - Haiyou New Materials (688680.SH) reported a significant decline in revenue and continued net losses in the first half of 2025, indicating ongoing financial challenges for the company [1][2]. Financial Performance - The company achieved operating revenue of 633.13 million yuan in the first half of 2025, a decrease of 57.47% compared to the same period last year [1][2]. - The net profit attributable to shareholders was -133.16 million yuan, slightly improved from -138.21 million yuan in the previous year [1][2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -134.88 million yuan, compared to -143.55 million yuan in the same period last year [1][2]. - The net cash flow from operating activities was 178.31 million yuan, a significant improvement from -128.24 million yuan in the previous year [1][2]. Historical Performance - Haiyou New Materials has reported losses for two consecutive years, with net profits of -229 million yuan in 2023 and -558 million yuan in 2024 [2][3]. - The company’s revenue for 2024 was 2.59 billion yuan, down 46.81% from 4.87 billion yuan in 2023 [3]. Fundraising and Financial Strategy - The company raised a total of 1.469 billion yuan in its IPO, with a net amount of 1.347 billion yuan after deducting issuance costs, exceeding the original plan by 747 million yuan [4]. - The funds raised were intended for a high polymer special film technology transformation project, working capital, and repaying bank loans [4]. - In 2022, the company issued convertible bonds raising 694 million yuan, with a net amount of 691.40 million yuan after expenses [5][6].

Group 1 - Minsheng Securities issued a report on September 1, recommending Haiyou New Materials (688680.SH) with a target price of 47.92 yuan [1] - The report highlights that the profitability of the film business is under short-term pressure [1] - The automotive business is expected to become a new growth driver for the company [1]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company's revenue for H1 2025 was 633 million yuan, a year-on-year decrease of 57.47%, with a net profit attributable to shareholders of -133 million yuan, indicating a narrowing loss [1]. - The profitability of the encapsulation film business is under short-term pressure due to fluctuations in the photovoltaic industry and intense price competition, leading to historically low gross margins [2]. - The automotive materials business is expected to become a new growth driver, with significant progress in the development of self-researched PDCLC instant light-adjustable liquid crystal films, which have been successfully industrialized [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 318 million yuan, a year-on-year decrease of 48.07%, but a quarter-on-quarter increase of 0.66% [1]. - The net profit for Q2 2025 was -76 million yuan, continuing the loss trend [1]. Business Segments - The encapsulation film business faces challenges due to the photovoltaic industry's cyclical adjustments and market competition, prompting the company to adopt a conservative strategy while focusing on innovation [2]. - The automotive business has made substantial advancements, with the successful launch of the PDCLC film in vehicles, and the company is actively expanding production capacity [3]. Revenue and Profit Forecast - Revenue projections for 2025-2027 are estimated at 1.605 billion, 2.840 billion, and 3.993 billion yuan, respectively, with net profits expected to improve from -197 million yuan in 2025 to 227 million yuan in 2027 [4][5]. - The company anticipates a significant increase in revenue driven by the automotive business, with corresponding PE ratios of 76X for 2026 and 18X for 2027 [4].

Core Viewpoint - Haiyou New Materials (688680) reported a net profit attributable to shareholders of approximately -133 million yuan for the first half of 2025, indicating a reduction in losses compared to the previous year [1] Financial Performance - In the first half of 2025, the company achieved an operating revenue of approximately 633 million yuan, representing a year-on-year decline of 57.47% [1] - The net profit attributable to shareholders was approximately -133 million yuan, showing a reduction in losses from -138 million yuan in the same period last year [1] Company Overview - Haiyou New Materials is a high-tech enterprise engaged in the research, production, and sales of specialty polymer membrane materials [1]

Core Viewpoint - Haiyou New Materials (688680) reported a significant decline in revenue and a negative net profit for the first half of 2025, indicating ongoing financial challenges and a deteriorating business model [1][3]. Financial Performance - Total revenue for the first half of 2025 was 633 million yuan, a decrease of 57.47% year-on-year [1]. - The net profit attributable to shareholders was -133 million yuan, an increase of 3.65% compared to the previous year [1]. - In Q2 2025, total revenue was 318 million yuan, down 48.07% year-on-year, with a net profit of -75.72 million yuan, up 36.56% year-on-year [1]. - The gross margin was -1.42%, a decrease of 263.04% year-on-year, while the net margin was -21.03%, down 126.52% year-on-year [1]. - The total of financial, sales, and administrative expenses reached 66.22 million yuan, accounting for 10.46% of total revenue, an increase of 115.84% year-on-year [1]. Cash Flow and Debt Situation - The company had cash and cash equivalents of 129.2 million yuan, a decrease of 9.01% year-on-year [1]. - Accounts receivable stood at 636 million yuan, down 36.91% year-on-year [1]. - Interest-bearing liabilities were 1.097 billion yuan, a decrease of 38.01% year-on-year [1]. - The cash flow situation is concerning, with a cash flow from operations per share of 2.12 yuan, an increase of 239.04% year-on-year, but overall cash flow remains negative [3]. Business Model and Investment Returns - The company's business model relies heavily on research and development, but the actual value added by its products or services is low, as indicated by a historical median ROIC of 12.15% [3]. - The company has experienced two years of losses since its listing, reflecting a fragile business model [3]. Fund Holdings - The largest fund holding Haiyou New Materials is the Huaxia Leading Stock Fund, with 965,400 shares, showing an increase in holdings [4]. - Other funds have also increased or initiated positions in the company, indicating some level of interest despite the financial challenges [4].

Core Viewpoint - The company, Shanghai Haiyouwei New Materials Co., Ltd., has provided a detailed report on the management and actual use of funds raised through the issuance of convertible bonds, highlighting the total amount raised and its allocation for various projects [3][4][5]. Group 1: Fundraising Overview - The company raised a total of RMB 694 million through the issuance of 6.94 million convertible bonds, with a net amount of RMB 691.4 million after deducting related fees [3][4]. - As of December 31, 2024, the company had utilized RMB 468.1 million of the raised funds, leaving a balance of RMB 81.3 million [4]. Group 2: Fund Management - The company has established a dedicated fund management system in compliance with relevant laws and regulations, ensuring that the raised funds are stored in special accounts and managed effectively [5][6]. - The company signed a tripartite supervision agreement with its sponsor and the bank holding the funds to ensure proper management [5]. Group 3: Fund Usage and Adjustments - The company has used part of the raised funds to temporarily supplement working capital, with a total of RMB 300 million utilized for this purpose, which has been returned to the special account [8][9]. - The company has also approved the use of idle funds for cash management, with a maximum of RMB 600 million allocated for this purpose [10][11]. Group 4: Project Adjustments - The company has made adjustments to the implementation locations and subjects of certain fundraising projects, ensuring that the overall investment direction remains unchanged [15][16]. - A specific project, the "Annual Production of 200 Million Square Meters of Photovoltaic Encapsulation Film Project (Phase I)," has had its implementation location changed to optimize resource allocation [16][17]. Group 5: Future Plans and Communication - The company plans to hold an investor briefing on September 8, 2025, to discuss its half-year performance and address investor inquiries [19][20]. - Investors can participate in the briefing through an online platform, allowing for interactive communication regarding the company's financial results and future strategies [21][22].

Group 1 - The company, Haiyou New Materials (688680.SH), reported a significant decline in revenue for the first half of 2025, achieving 633 million yuan, which represents a year-on-year decrease of 57.47% [1] - The net profit attributable to shareholders of the listed company was -133 million yuan, indicating a loss, while the net profit after deducting non-recurring gains and losses was -135 million yuan [1] - The basic earnings per share for the company stood at -1.61 yuan [1]