中信建投证券股份有限公司 （五）现场检查内容：公司治理和内部控制情况；信息披露情况；公司的独 立性以及与控股股东、实际控制人及其他关联方资金往来情况；募集资金使用情 况；关联交易、对外担保、重大对外投资情况；经营情况等 （六）现场检查手段： 关于贵州振华新材料股份有限公司 2025 年度持续督导定期现场检查报告 中信建投证券股份有限公司（以下简称"中信建投"、"保荐机构"）作为贵 州振华新材料股份有限公司（以下简称"振华新材"、"公司"）2022 年度向特定 对象发行 A 股股票的保荐机构，根据《证券发行上市保荐业务管理办法》以及 《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关法规规 定，于 2025 年 8 月 28 日-2025 年 8 月 29 日对公司进行了现场检查。现将本次现 场检查情况报告如下： 一、现场检查基本情况 （一）保荐机构：中信建投证券股份有限公司 （二）保荐代表人：赵龙、萧大成 （三）现场检查时间：2025 年 8 月 28 日-2025 年 8 月 29 日 （四）现场检查人员：萧大成 1、查看公司主要生产经营场所并与公司高级管理人员等进行访谈； 2、查阅本持续 ...

Core Viewpoint - The performance of the Zhongzheng 2000 ETF Enhanced (159556) has shown a decline of 2.20% as of the midday close on September 2, with a trading volume of 2.0863 million yuan [1] Group 1: Fund Performance - The Zhongzheng 2000 ETF Enhanced (159556) has a performance benchmark based on the Zhongzheng 2000 Index return [1] - Since its establishment on December 27, 2023, the fund has achieved a return of 18.85% [1] - The fund's return over the past month is reported at 9.45% [1] Group 2: Major Holdings - Major stocks in the fund include: - Zhenhua New Materials, down 1.72% - Hengbao Co., down 8.57% - Yongding Co., down 6.21% - Yong'an Pharmaceutical, down 2.03% - Xuguang Electronics, down 1.07% - Zhongke Technology, down 1.89% - Juguang Technology, down 3.61% - Huitong Energy, down 2.42% - Xinke Materials, down 2.41% - Batian Co., down 3.71% [1]

证券代码：688707 证券简称：振华新材 公告编号：2025-036 贵州振华新材料股份有限公司 关于参加 2025 年半年度科创板节能环保行业集体业绩说明 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，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 09 月 04 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（网址： 本次投资者说明会以视频结合网络互动召开，公司将针对 2025 年半年度的 经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许 的范围内就投资者普遍关注的问题进行回答。 https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 09 月 04 日（星期四）15:00-17:00 投资者可于 2025 年 08 月 28 日（星期四）至 09 月 03 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 zec@z ...

Group 1 - The core viewpoint of the news is that Zhenhua New Materials has experienced fluctuations in financing and stock performance, with significant changes in shareholder numbers and financial results [1][2]. Group 2 - On August 25, Zhenhua New Materials' stock rose by 0.91%, with a trading volume of 198 million yuan. The financing buy-in amount was 37.82 million yuan, while the financing repayment was 40.27 million yuan, resulting in a net financing outflow of 2.44 million yuan [1]. - As of August 25, the total balance of margin trading for Zhenhua New Materials was 279 million yuan, accounting for 3.52% of its circulating market value, which is above the 90th percentile of the past year [1]. - The company repaid 4,100 shares in securities lending on August 25, with no shares sold, resulting in a securities lending balance of 46,170 yuan, which is below the 30th percentile of the past year [1]. Group 3 - As of June 30, the number of shareholders for Zhenhua New Materials was 17,900, an increase of 26.50% from the previous period, while the average circulating shares per person decreased by 20.95% to 28,494 shares [2]. - For the first half of 2025, Zhenhua New Materials reported operating revenue of 713 million yuan, a year-on-year decrease of 26.69%, and a net profit attributable to shareholders of -217 million yuan, a decrease of 7.10% year-on-year [2]. - Since its A-share listing, Zhenhua New Materials has distributed a total of 446 million yuan in dividends, with 335 million yuan distributed over the past three years [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the tenth largest circulating shareholder, holding 5.8767 million shares as a new shareholder [2].

Group 1 - The core viewpoint of the article highlights the performance of the Zhongzheng 2000 ETF Enhanced (159556), which rose by 0.77% to 1.184 yuan with a trading volume of 1.2689 million yuan as of the midday close on August 19 [1] - The fund's performance benchmark is the Zhongzheng 2000 Index return, managed by Ping An Fund Management Co., with a return of 17.65% since its establishment on December 27, 2023, and a return of 9.94% over the past month [1] Group 2 - The top holdings of the Zhongzheng 2000 ETF Enhanced include Zhenhua New Materials, which fell by 0.78%, Hengbao Co., which dropped by 3.70%, and Xinke Materials, which increased by 8.04% [1] - Other notable stock movements include Yongding Co. rising by 2.14%, Xuguang Electronics increasing by 0.89%, and Juguang Technology surging by 5.56%, while Huaitong Energy fell by 1.36% [1]

Financial Performance - The company reported a total revenue of 713 million yuan for the first half of 2025, a decrease of 26.69% compared to the same period in 2024 [1] - The net profit attributable to shareholders was -217 million yuan, reflecting a decline of 7.1% year-on-year [1] - In Q2 2025, the total revenue was 441 million yuan, showing an increase of 31.31% year-on-year, while the net profit attributable to shareholders was -120 million yuan, down 80.7% year-on-year [1] Profitability Metrics - The gross margin was -14.62%, a decrease of 41.42% year-on-year [1] - The net margin stood at -30.5%, down 46.09% compared to the previous year [1] - The total of selling, administrative, and financial expenses reached 56.11 million yuan, accounting for 7.87% of revenue, which is an increase of 42.05% year-on-year [1] Shareholder Metrics - The net asset value per share was 8.26 yuan, a decrease of 11.42% year-on-year [1] - The earnings per share were -0.43 yuan, reflecting a decline of 4.88% year-on-year [1] - The operating cash flow per share was -0.07 yuan, an increase of 97.3% year-on-year [1] Debt and Investment Returns - The company had interest-bearing liabilities of 2.254 billion yuan, an increase of 9.23% year-on-year [1] - The historical median Return on Invested Capital (ROIC) since listing is 4.52%, indicating average investment returns [3] - The worst year for ROIC was 2024, which recorded -7.86%, highlighting poor investment returns [3] Overall Business Evaluation - The company's business model appears fragile, with three years of losses since its listing and a generally weak financial history [3] - The cash assets are reported to be healthy, but the interest-bearing debt ratio has reached 31.02% [3]

Core Insights - The company reported a total revenue of 713 million yuan for the first half of 2025, a decrease of 260 million yuan compared to the same period last year, representing a year-on-year decline of 26.69% [1] - The net profit attributable to shareholders was -217 million yuan, a decrease of 14.41 million yuan compared to the same period last year [1] - The company experienced a net cash outflow from operating activities of 36.82 million yuan, an increase of 1.325 billion yuan compared to the same period last year [1] Financial Performance - The latest debt-to-asset ratio is 42.19%, a decrease of 2.30 percentage points from the previous quarter and a decrease of 1.39 percentage points from the same period last year [3] - The latest gross profit margin is -14.62%, an increase of 7.59 percentage points from the previous quarter but a decrease of 4.28 percentage points from the same period last year [3] - The latest return on equity (ROE) is -5.18%, a decrease of 0.90 percentage points from the same period last year [3] Earnings and Efficiency Metrics - The diluted earnings per share are -0.43 yuan, a decrease of 0.02 yuan compared to the same period last year [4] - The total asset turnover ratio is 0.09 times, a decrease of 0.01 times compared to the same period last year, representing a year-on-year decline of 12.24% [4] - The inventory turnover ratio is 0.92 times, an increase of 0.16 times compared to the same period last year, representing a year-on-year increase of 20.99% [4] Shareholder Structure - The number of shareholders is 17,900, with the top ten shareholders holding 254 million shares, accounting for 50.02% of the total share capital [4] - The largest shareholder is China Zhihua Electronics Group Co., Ltd., holding 24.65% of the shares [4]

Shareholder Reduction - Boliview's chairman Zhang Zhiping plans to reduce holdings by no more than 2.3756 million shares [1] - Weitang Industrial's specific shareholder Gaoxin Venture plans to reduce holdings by no more than 701,400 shares [1] - Jizhi Technology's Jiyang Investment plans to reduce holdings by no more than 1.05% of shares [1] - Aosaikang's shareholder Zhongyi Weiye plans to reduce holdings by no more than 2% of shares [1] - Shutaishen's shareholder Xiangtang Group plans to reduce holdings by no more than 2% of shares [1] - Qinsong's shareholder Ruizhong Life plans to reduce holdings by no more than 1% of shares [1] - Changchun Yidong's shareholder FAW Equity Company plans to reduce holdings by no more than 2.97% of shares [1] - Sirui Pu's director and deputy general manager Feng Ying plans to reduce holdings by no more than 540,000 shares [1] - Bixing Wulian's Biyuan has cumulatively reduced 1% of the company's shares [1] - Jidan Biological's Nanjing Aiji has cumulatively reduced 666,600 shares [1] Financial Performance - Leike Defense reported a net loss of 41.6721 million yuan in the first half of the year [1] - Zhenhua New Materials reported a net loss of 217 million yuan in the first half of the year [1]

Group 1 - The company announced the approval of multiple proposals, including the 2025 semi-annual report and its summary, during the 27th meeting of the sixth board of directors [2]

Group 1 - The company reported a revenue of 713 million yuan for the first half of 2025, representing a year-on-year decrease of 26.69% [1] - The net loss attributable to shareholders was 217 million yuan, indicating a significant decline in profitability [1] - The non-recurring net profit loss was 223 million yuan, further highlighting the financial challenges faced by the company [1] - The basic earnings per share were reported at -0.43 yuan, reflecting negative earnings performance [1]