（编辑 李家琪） 证券日报网讯 9月8日晚间，甘化科工发布公告称，公司以人民币38，828.4万元收购西安甘鑫科技股份 有限公司65%股权。近日，上述收购事项中甘鑫科技的《公司章程》及董事、监事变更等工商变更登记 （备案）手续已在市场监督管理登记机关办理完成。2025年9月5日，公司收到甘鑫科技出具的由其盖章 证明标的股权已完成过户的股东名册。至此，甘鑫科技股权过户手续已完成，甘鑫科技成为公司的控股 子公司，纳入公司合并报表范围。 ...

证券代码：000576 证券简称：甘化科工 公告编号：2025-37 本次交易不构成关联交易，亦不构成《上市公司重大资产重组管 理办法》规定的重大资产重组，无需提交公司股东大会审议。详情请 参阅公司于 2025 年 8 月 14 日在指定媒体披露的《关于以现金收购西 安甘鑫科技股份有限公司 65%股权的公告》（公告编号：2025-32）。 近日，上述收购事项中甘鑫科技的《公司章程》及董事、监事变 更等工商变更登记（备案）手续已在市场监督管理登记机关办理完成。 2025 年 9 月 5 日，公司收到甘鑫科技出具的由其盖章证明标的股权 已完成过户的股东名册。至此，甘鑫科技股权过户手续已完成，甘鑫 科技成为公司的控股子公司，纳入公司合并报表范围。 特此公告。 广东甘化科工股份有限公司董事会 二〇二五年九月九日 广东甘化科工股份有限公司关于以现金收购 西安甘鑫科技股份有限公司65%股权的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 为提升公司盈利能力，促进公司可持续发展，公司于 2025 年 8 月 12 日召开第十一届董事会第十二次会议及第十一届监事会第 ...

Market Overview - The ground weaponry sector experienced a decline of 2.18% on September 5, with Changcheng Military Industry leading the drop [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Changcheng Military Industry (601606) saw a significant drop of 8.71%, closing at 53.55, with a trading volume of 1.0733 million shares and a transaction value of 58.21 billion [2] - Other notable performers included: - Muka Technology (000576) increased by 2.28% to 10.76 [1] - Tianzao Equipment (300922) rose by 2.15% to 24.25 [1] - Guangdian Co. (600184) gained 1.14% to 17.76 [1] Capital Flow Analysis - The ground weaponry sector experienced a net outflow of 228 million from institutional investors and 317 million from speculative funds, while retail investors saw a net inflow of 545 million [2] - Detailed capital flow for selected stocks includes: - Muka Technology had a net inflow of 10.95 million from institutional investors [3] - Inner Mongolia First Machinery (600967) saw a net outflow of 13.6 million from speculative funds [3] - ST Emergency (300527) had a net inflow of 649.55 million from retail investors [3]

Market Overview - The ground equipment sector experienced a significant decline of 9.79% on September 3, with North China Long Dragon leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - North China Long Dragon (301357) saw a closing price of 148.41, down 20.00% with a trading volume of 115,000 shares and a transaction value of 1.917 billion [1] - Jieqiang Equipment (300875) closed at 47.12, down 14.71% with a trading volume of 115,900 shares and a transaction value of 585 million [1] - Great Wall Military Industry (601606) closed at 65.18, down 10.00% with a trading volume of 859,100 shares and a transaction value of 5.967 billion [1] - Inner Mongolia First Machinery (600967) closed at 22.15, down 10.00% with a trading volume of 1,083,700 shares and a transaction value of 2.500 billion [1] - North Navigation (600435) closed at 14.77, down 9.99% with a trading volume of 865,900 shares and a transaction value of 1.327 billion [1] - Other notable declines include China Ordnance (000519) down 9.98%, Guoke Military Industry (688543) down 9.93%, and Optoelectronics Co. (600184) down 9.81% [1] Capital Flow Analysis - The ground equipment sector experienced a net outflow of 2.668 billion from institutional investors, while retail investors saw a net inflow of 2.510 billion [1] - Notable net outflows from major stocks include Great Wall Military Industry (-906 million), Inner Mongolia First Machinery (-398 million), and China Ordnance (-381 million) [2] - Retail investors showed a net inflow in stocks like Great Wall Military Industry (844 million) and China Ordnance (346 million) despite the overall sector decline [2]

Macro Strategy - The report highlights the focus on domestic economic policy changes driven by anti-involution and the Fourth Plenary Session [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to shrink their balance sheets, citing factors such as economic slowdown, loose monetary policy, and the government's call for financial services to support the real economy [2] - It notes that while some small and medium-sized banks may consider balance sheet reduction, the overall probability for the industry is low [2] Industry Analysis New Industries - The company reported a revenue of 2.185 billion yuan in H1 2025, a decrease of 1.18% year-on-year, and a net profit of 771 million yuan, down 14.62% [4] - The overseas market showed strong performance with a revenue of 954 million yuan, an increase of 19.62% [5] - Domestic revenue was 1.229 billion yuan, down 12.81%, with a notable decline in reagent business [5] BYD Electronics - The company achieved a revenue of 80.61 billion yuan in H1 2025, a year-on-year increase of 2.6%, and a net profit of 1.73 billion yuan, up 14% [6] - The new energy vehicle business saw a revenue increase of 60.5% to 12.45 billion yuan, driven by smart cabin and driving products [6] Pinduoduo - The company’s profit exceeded expectations, leading to an adjustment in the Non-GAAP net profit forecast for 2025-2027 [9] Northern Huachuang - The company is benefiting from the domestic semiconductor equipment platform trend, with a focus on expanding its product line through acquisitions [10] Wan Ye Enterprises - The company reported a turnaround in H1 2025, driven by rapid growth in bismuth materials and semiconductor equipment [11] Horizon Robotics - The company achieved a revenue of 1.57 billion yuan in H1 2025, a 68% increase, with significant growth in chip shipments [12] BeiGene - The company’s core product sales are expected to drive revenue growth, with an upward revision of net profit forecasts for 2025-2027 [14] Jiuzhoutong - The company reported a revenue of 81.106 billion yuan in H1 2025, a 5.1% increase, with a net profit of 1.446 billion yuan, up 19.7% [15] Fenzhong Media - The company maintains a steady growth trajectory, with EPS forecasts for 2025-2027 remaining stable [16] High Measurement Co. - The company is entering the humanoid robot market, leveraging its core technology in grinding equipment [17] Tian Nai Technology - The company adjusted its profit forecast for 2025-2027, maintaining a "buy" rating due to the potential of single-wall carbon tubes [18] Hailiang Co. - The company is expected to see significant growth in the U.S. market, with net profit forecasts for 2025-2027 remaining stable [19] Sanofi - The company reported a revenue of 2.264 billion yuan in H1 2025, with strong performance in the overseas market [20] Xue Da Education - The company is positioned as a leading personalized education provider, with stable growth in its training business [22] Blue Sky Gas - The company is committed to high dividend payouts, with a focus on improving cash flow despite lower profits in H1 2025 [23] Haitian Precision - The company is experiencing short-term pressure on earnings but is steadily advancing its capacity and channel development [24] Solidarity Hall - The company is leveraging AI and overseas expansion to enhance its business model and revenue potential [25] Shoulu Hotel - The company is optimizing its hotel operations and expanding its footprint, with profit forecasts for 2025-2027 remaining stable [27] Changhua Group - The company is expected to see continued revenue growth, driven by new product launches and customer acquisition [28] SF Express - The company is entering a growth phase, with profit forecasts for 2025-2027 being adjusted upward [29] Oil and Gas Sector - The company is experiencing rapid growth in oil and gas production, with profit forecasts for 2025-2027 being adjusted upward [30] Alibaba - The company is focusing on cloud business growth and AI investments, with profit forecasts for FY2026-2028 being adjusted [31] Ding Sheng New Materials - The company is experiencing strong growth in battery foil shipments, with profit forecasts for 2025-2027 being adjusted [32] BYD - The company is facing increased competition, leading to adjustments in profit forecasts for 2025-2027 [34] Okai Yi - The company is experiencing steady revenue growth, with profit forecasts for 2025-2026 being adjusted downward [35] Maiwei Biotech - The company maintains its revenue forecasts for 2025-2027, focusing on strategic drug development [36] United Imaging - The company reported a revenue of 6.016 billion yuan in H1 2025, with strong growth in both domestic and overseas markets [37]

Market Overview - The Shanghai Composite Index closed at 3844.84 points, with a decline of 0.79% [1] - The total trading volume of A-shares reached 1,930.44 billion yuan [1] Stocks with Death Cross - A total of 43 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Zhongma Transmission (603767) with a distance of -3.93% [1] - Jifeng Technology (300022) with a distance of -1.30% [1] - Canqin Technology (688182) with a distance of -1.28% [1] Individual Stock Performance - Zhongma Transmission (603767) saw a decrease of 0.82% with a latest price of 29.01 yuan, which is 8.91% below the 10-day moving average [1] - Jifeng Technology (300022) decreased by 2.12%, latest price at 8.30 yuan, 4.39% below the 10-day moving average [1] - Canqin Technology (688182) dropped by 6.45%, latest price at 25.68 yuan, 7.56% below the 10-day moving average [1] - Other notable declines include: - Meiai Technology (688376) down 4.72% [1] - Jingxin Pharmaceutical (002020) down 2.82% [1] - Zhongyuan Media (000719) down 1.36% [1] Additional Stocks with Death Cross - Other stocks showing a death cross include: - Guomai Technology (002093) down 5.22% [2] - Nanfang Pump Industry (300145) down 5.30% [2] - ST Diweixun (300167) down 1.59% [2] - Aerospace Development (000547) down 3.00% [2] - The performance of these stocks indicates a broader trend of declining prices among companies experiencing a death cross [2]

Core Viewpoint - The recent financial report of Ganhua Technology (000576) shows significant growth in revenue and net profit for the first half of 2025, with a notable increase in non-main business income contributing to overall performance [1] Financial Performance - Total revenue for the first half of 2025 reached 236 million yuan, an increase of 18.64% year-on-year [1] - Net profit attributable to shareholders was 33.8 million yuan, up 28.26% year-on-year [1] - In Q2 2025, total revenue was 140 million yuan, reflecting a 15.36% increase year-on-year, while net profit for the quarter surged by 111.52% to 26.5 million yuan [1] - The gross profit margin decreased to 43.07%, down 23.07% year-on-year, while the net profit margin improved to 14.64%, an increase of 20.41% [1] - Total operating expenses (selling, administrative, and financial) amounted to 35.4 million yuan, accounting for 14.97% of revenue, a decrease of 26.8% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) increased by 33.33% to 0.08 yuan, while operating cash flow per share rose significantly by 279.68% to 0.07 yuan [1] - The company reported a return on invested capital (ROIC) of 1.01% for the previous year, indicating weak capital returns [2] - The average cash flow from operating activities over the past three years was negative, raising concerns about liquidity [2] Debt and Receivables - The company’s interest-bearing debt increased by 119.43% to 29.1 million yuan, indicating a rise in leverage [1] - Accounts receivable reached 299 million yuan, a 13.28% increase year-on-year, with accounts receivable to profit ratio at an alarming 1457.93% [2] Market Expectations - Analysts project that Ganhua Technology's performance for 2025 will reach 105 million yuan, with an average EPS forecast of 0.24 yuan [2]

Group 1 - The company Ganhua Technology (SZ 000576) announced its 13th meeting of the 11th Board of Directors held on August 28, 2025, in Shanghai, where the 2025 semi-annual report was reviewed [1] - For the first half of 2025, Ganhua Technology reported that 99.04% of its revenue came from manufacturing, while other sources contributed 0.96% [1]

Group 1 - The company reported a revenue of 236 million yuan for the first half of 2025, representing a year-on-year growth of 18.64% [1] - The net profit attributable to shareholders of the listed company was 33.8 million yuan, an increase of 28.26% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.28 million yuan, showing a significant decline of 92.24% year-on-year [1] - The basic earnings per share were 0.08 yuan [1]

Core Viewpoint - Ganhua Technology reported a significant increase in revenue and net profit for the first half of 2025, indicating strong operational performance despite a decline in non-recurring net profit [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 236 million yuan, representing a year-on-year growth of 18.64% [1]. - The net profit attributable to shareholders was approximately 33.8 million yuan, up 28.26% year-on-year [1]. - The basic earnings per share stood at 0.08 yuan [1]. - The gross profit margin for the first half of 2025 was 43.07%, down 12.92 percentage points year-on-year, while the net profit margin was 14.64%, an increase of 2.48 percentage points compared to the same period last year [2]. - The company reported a significant decline in non-recurring net profit, which was 1.28 million yuan, down 92.24% year-on-year [1]. Cost and Expense Management - Total operating expenses for the first half of 2025 were 81.7 million yuan, a decrease of 4.7 million yuan compared to the previous year [2]. - The expense ratio was 34.59%, down 8.82 percentage points year-on-year [2]. - Sales expenses decreased by 38.02%, while management expenses fell by 1.75%. Research and development expenses increased by 1.41%, and financial expenses surged by 195.89% [2]. Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 55,900, an increase of 26,800 or 91.85% from the previous quarter [2]. - The average market value per shareholder decreased from 107,600 yuan at the end of the previous quarter to 82,000 yuan, a decline of 23.81% [2]. Company Overview - Ganhua Technology, established on April 15, 1993, and listed on September 7, 1994, is located in Jiangmen, Guangdong Province [3]. - The company's main business includes the LED industry, biochemical industry, paper trading, and military industry, with revenue composition being 64.06% from power and related products, 34.08% from high-performance special alloy materials, and 1.86% from other sources [3]. - Ganhua Technology is classified under the defense industry, specifically in ground equipment, and is involved in sectors such as military electronics, military-civilian integration, small-cap stocks, aerospace military, and drones [3].