证券代码：688786 证券简称：悦安新材 公告编号：2025-037 江西悦安新材料股份有限公司 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，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： （二）会议召开地点：上海证券交易所上证路演中心（网址：http://roadsho w.sseinfo.com/） 会议召开时间：2025 年 9 月 18 日（星期四）下午 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：https://roadshow.ssei nfo.com/） 会议召开方式：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（stock @yueanmetal.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。 江西悦安新材料股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日在上海证券交易 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7][18]. Core Views - The company has shown initial signs of scale effects, leading to a significant improvement in profitability. The H1 2025 revenue was CNY 203 million, a year-on-year decrease of 0.8%, while the net profit attributable to the parent company was CNY 38 million, an increase of 3.5% year-on-year [1][4]. Revenue Summary - In H1 2025, the company achieved revenue of CNY 203 million, with the following breakdown: carbonyl iron powder (CNY 61 million, +4.1% YoY), atomized alloy powder (CNY 16 million, -35.6% YoY), soft magnetic powder (CNY 84 million, +15.1% YoY), and MIM feedstock (CNY 36 million, -7.5% YoY). The decline in atomized alloy powder and MIM feedstock revenue was attributed to intense industry competition and price pressures [2][4]. Profitability Summary - The gross margin for H1 2025 was 38.0%, an increase of 3.25 percentage points year-on-year. The net profit margin was 18.6%, up 0.82 percentage points year-on-year. The improvement in profitability was mainly due to cost optimization and the initial realization of scale effects [3][4]. Capacity Expansion - The company’s IPO fundraising project for carbonyl iron powder is expected to reach a usable state by Q3 2023, with production capacity set to double from 5,500 tons to 11,500 tons. This expansion is anticipated to alleviate capacity bottlenecks and enhance product structure optimization [4][6]. Financial Forecast - The projected net profit attributable to the parent company for 2025-2027 is CNY 80 million, CNY 125 million, and CNY 163 million, respectively. The corresponding price-to-earnings ratios are 52, 33, and 26 times [4][6].

Summary of Key Points Core Viewpoint - The recent block trading activity of Yuean New Materials indicates significant institutional interest, with a notable discount on the trading price compared to the market closing price, suggesting potential investment opportunities and market dynamics [2]. Trading Activity - On September 5, 2023, Yuean New Materials recorded 2 block trades totaling 300,000 shares, with a transaction value of 7.44 million yuan [2]. - The transaction price was 24.80 yuan, reflecting a discount of 10.82% compared to the closing price of 27.81 yuan [2]. - Institutional participation was noted in one of the trades, with a total transaction amount of 3.72 million yuan, indicating a net buying position of 3.72 million yuan [2]. Recent Performance - Over the past three months, Yuean New Materials has seen a total of 11 block trades, accumulating a transaction value of 29.99 million yuan [2]. - The stock closed at 27.81 yuan on the same day, marking a 5.54% increase, with a trading volume of 1.28 billion yuan and a turnover rate of 3.23% [2]. - Despite the price increase, there was a net outflow of 4.33 million yuan in main funds for the day, and a cumulative net outflow of 15.64 million yuan over the past five days [2]. Margin Trading Data - The latest margin financing balance for Yuean New Materials stands at 159 million yuan, with a decrease of 3.40 million yuan over the past five days, representing a decline of 2.10% [2].

9月5日，悦安新材大宗交易成交30万股，成交额744万元，占当日总成交额的5.51%，成交价24.8元，较 市场收盘价27.81元折价10.82%。 | 交易日期 | 任务简称 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 美出信受部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-05 | 悦安新材 | 688786 | 24.8 | 372 | 15 | 国海证券股份有限 公司机构建设 | 东兴证券股份有限 公司南昌分公司 | 3 | | 2025-09-05 | 觉安新材 | 688786 | 24.8 | 372 | 15 | 机构专用 | 东兴证券股份有限 公司南昌分公司 | る | ...

Group 1 - The core viewpoint of the article is that the company has not yet conducted research on the potential application of carbonyl iron powder in solid-state batteries [2] Group 2 - An investor inquired about the company's research on carbonyl iron powder for solid-state battery applications on an investor interaction platform [2] - The company, Yuean New Materials (688786.SH), responded on September 3 that it has not initiated any related research in this area [2]

Group 1 - The core viewpoint is that Yuean New Materials (688786.SH) has indicated that some of its absorbing materials are being applied in the national defense specialty field, although the company currently only provides basic raw materials in this area [1] - The sales scale of these products in the national defense sector accounts for a small proportion of the company's overall revenue [1]

Group 1 - The company has not yet conducted research on carbonyl iron powder in the solid-state battery field [1]

Summary of Key Points Core Viewpoint - The announcement details the completion of a share reduction plan by a major shareholder of Jiangxi Yue'an New Materials Co., Ltd., indicating a strategic move in the company's shareholder structure and potential implications for market perception [1][2][3]. Group 1: Shareholder Information - Prior to the reduction plan, the shareholder Ganzhou Ruizhi Equity Investment Partnership (Limited Partnership) held 79,608 shares, accounting for 0.0554% of the company's total share capital [1]. - The shareholder, along with two other entities, forms a concerted action relationship, collectively holding 2,233,834 shares, which represents 1.5534% of the total share capital [1][2]. Group 2: Reduction Plan Implementation - The reduction plan was initially disclosed on July 15, 2025, with a maximum intended reduction of 79,608 shares, equivalent to 0.0554% of the total share capital [2][3]. - The actual reduction occurred between August 11 and August 28, 2025, with the shareholder successfully reducing their holdings by 79,608 shares through centralized bidding [2][3]. - The shares were sold at a price range of 27.37 to 28.14 yuan per share, resulting in a total reduction amount of approximately 2,204,521.86 yuan [3].

Core Viewpoint - The recent financial report of Yuean New Materials (688786) shows a slight decline in total revenue but an increase in net profit, indicating improved profitability despite revenue challenges [1]. Financial Performance - Total revenue for the first half of 2025 was 203 million yuan, a decrease of 0.76% year-on-year [1]. - Net profit attributable to shareholders reached 37.9864 million yuan, an increase of 3.54% year-on-year [1]. - In Q2 2025, total revenue was 107 million yuan, down 8.26% year-on-year, while net profit was 21.1519 million yuan, up 6.26% year-on-year [1]. - Gross margin improved to 38.0%, reflecting a year-on-year increase of 9.36%, and net margin rose to 18.61%, up 4.65% year-on-year [1]. Key Financial Metrics - The company reported a total of 2.05748 million yuan in combined selling, administrative, and financial expenses, which accounted for 10.12% of revenue, an increase of 18.73% year-on-year [1]. - Earnings per share remained stable at 0.26 yuan, while operating cash flow per share increased significantly by 168.41% to 0.53 yuan [1]. - The company's return on invested capital (ROIC) was 8.3% last year, with a historical median ROIC of 17.97% since its listing [1]. Business Model and Market Position - The company's performance is primarily driven by capital expenditures, necessitating careful evaluation of the profitability of these investments [2]. - The company has achieved stable operations, with its carbonyl iron powder product gaining recognition in the domestic magnetorheological fluid suspension market, indicating potential for increased market penetration [2].

Company Overview - Yuean New Materials (SH 688786) announced on August 28, 2025, that shareholder Ruizhi Investment has completed its share reduction plan, reducing its holdings by 79,608 shares, which accounts for 0.0554% of the company's total share capital [1] Financial Performance - For the year 2024, Yuean New Materials' revenue composition is as follows: electronic components 40.83%, precision parts 36.61%, other businesses 18.29%, and additional business activities 4.26% [1] - As of the report date, the market capitalization of Yuean New Materials is 3.9 billion yuan [1]