Core Viewpoint - Antai Technology's stock price decreased by 2.58% to 13.99 yuan, with a trading volume of 467,700 hands and a transaction amount of 653 million yuan [1] Financial Performance - In the first half of 2025, the company reported operating revenue of 3.715 billion yuan, a year-on-year decrease of 5.29% [1] - The net profit after deducting non-recurring items was 168 million yuan, reflecting a year-on-year increase of 19.10% [1] - The net cash flow from operating activities increased by 87.79 million yuan year-on-year [1] Business Operations - Antai Technology's main business includes high-end powder metallurgy materials and products, advanced functional materials and devices, high-speed tool steel, and energy-saving and environmental protection materials [1] - The company plans to increase its stake in He Ye Technology to 82.85% for 46.757 million yuan and intends to transfer all equity of Dahui Private Equity for 21.865 million yuan [1] - The subsidiary He Ye Technology plans to invest 36.84 million yuan in the construction of a mold factory [1] Market Activity - On August 26, the net inflow of main funds was 6.8039 million yuan, while the net outflow over the past five days was 52.485 million yuan [1]

安泰科技 20250826 摘要 安泰科技 2025 年上半年营收虽受并购项目缺席影响，但扣除该项目后， 净利润同比增长 25%，扣非归母净利润增长 19%，显示公司经营业绩 稳健，整体增速保持在 20%左右。 钨钼业务受出口管制影响，营收下降 18%，净利润下降 9%，但合同额 基本持平。石材业务合同额增长 9%，但价格下跌及出口积压导致收入 和利润下降，公司正积极拓展东南亚市场。 安泰飞金受益于非晶材料在节能环保领域的广泛应用，实现高增长。公 司正推动电动汽车驱动电机用铁芯背心带牌的测试和检测，并与飞行联 盟合作制定技术规范，以适应不同应用领域的需求。 高速工具钢行业保持高增长，合冶公司粉末高速钢营收增长十几个百分 点，净利润同比增长 90%以上，预计未来三到五年内仍将是国内主要产 品。 可控核聚变项目中标金额显著提升，但结算周期影响收入确认。公司将 调整组织架构和资源投入以匹配 2026 年至 2027 年进入实践阶段的需 求。 Q&A 安泰科技在 2025 年上半年的经营情况如何？ 2025 年上半年，安泰科技的营业收入下降了 5%，主要受到出口业务结算和市 场结构变化的影响。归母净利润下降了 33% ...

Core Viewpoint - The powder high-speed steel market is expanding due to increasing demand in high-end manufacturing sectors such as aerospace and automotive, with the market size in China projected to reach 3.9 billion yuan in 2024, a year-on-year increase of 4% [1][12]. Industry Overview - Powder high-speed steel is produced using powder metallurgy technology, which offers significant advantages over traditional casting methods, such as uniform distribution of carbide particles, leading to improved strength, toughness, and hardness [2][4]. - The production process involves high-pressure inert gas or water atomization to create fine, uniform steel powder, which is then shaped and sintered [2]. Industry Development History - The powder high-speed steel industry has evolved over decades, with the first generation emerging in the 1960s. The introduction of new technologies in the 1990s significantly reduced impurity levels, leading to the second generation, while the third generation, post-2000, features finer steel powder and further improved properties [6][10]. Industry Chain - The upstream materials for powder high-speed steel include hard alloy steel powder, carbon steel, tungsten, molybdenum, chromium, vanadium, and cobalt. The midstream involves the production of powder high-speed steel, while the downstream applications span mechanical processing, automotive, aerospace, and mold manufacturing [8]. Current Industry Status - Domestic production of powder high-speed steel has increased significantly, with a production volume of 15,600 tons in 2018, projected to grow to 19,500 tons by 2024, reflecting a compound annual growth rate of 3.8% [10][12]. Competitive Landscape - International companies like Sandvik, Erasteel, Toshiba Materials, and Kennametal dominate the high-end market, while domestic leaders like Tiangong International are making strides in mid-to-high-end market segments through technological advancements [14]. Key Companies - Tiangong International, established in 1981, is a leading manufacturer of high-speed steel and cutting tools, with a revenue of 4.832 billion yuan in the 2024 fiscal year, a decrease of 6.42% year-on-year [16]. - HeYe Technology, a subsidiary of Antai Technology, specializes in high-speed tool steel and has a broad market presence across various industrial sectors [18]. Industry Trends - Continuous technological innovation is expected to enhance the performance of powder high-speed steel, with a focus on optimizing alloy compositions and improving sintering processes [20]. - The market is becoming increasingly competitive, necessitating domestic companies to strengthen their technological capabilities and brand positioning [21]. - The industry is also moving towards green transformation, with companies adopting energy-efficient production methods and cleaner technologies to reduce environmental impact [23].

Core Viewpoint - The company plans to transfer its 5% stake in Steel Research Dahui Private Fund Management Co., Ltd. to Steel Research Investment Co., Ltd. for a price of 16.3987 million yuan, aiming to focus on its core business and enhance competitiveness [1][2][3] Summary by Sections Transaction Overview - The company intends to transfer its 5% stake in Steel Research Dahui for 16.3987 million yuan based on an asset evaluation report [1][2] - The company will no longer hold any equity in Steel Research Dahui after the transaction [1] - The transaction is classified as a related party transaction due to the common control by China Steel Research Technology Group [2][3] Related Party Information - Steel Research Investment holds 80% of Steel Research Dahui, while other stakeholders include Antai Technology (6.67%), Steel Research High-Tech (5%), and New Metallurgy High-Tech Group (3.33%) [2][3] - The company has decided to waive its right of first refusal regarding the transfer of shares by other stakeholders [2][3] Financial Data - The evaluation report indicates that as of May 31, 2025, Steel Research Dahui's total assets are valued at 36.35179 million yuan, with liabilities of 3.55443 million yuan and equity of 32.79735 million yuan [19][20] - The company’s decision to divest is based on strategic planning and operational considerations, with no adverse impact on its financial status or operational results [20][21] Approval Process - The transaction has been approved by the independent directors, supervisory board, and board of directors, and is pending approval from the shareholders' meeting [21][22] - The independent directors have confirmed that the transaction aligns with the company's operational needs and does not harm the interests of shareholders, particularly minority shareholders [21][22]

格隆汇8月25日丨安泰科技(000969.SZ)公布2025年半年度报告，上半年公司实现营业收入37.15亿元，同 比下降5.29%；归属于上市公司股东的净利润1.87亿元，同比下降33.23%；归属于上市公司股东的扣除 非经常性损益的净利润1.68亿元，同比增长19.10%；基本每股收益0.1789元。 ...

Group 1 - The intelligent demonstration line for rare earth disc motors in Baotou City, Inner Mongolia, has been put into production, utilizing 6mm rare earth permanent magnet axial flux motor technology [2] - Antai Technology (000969.SZ) confirmed on the investor interaction platform that the company primarily produces high-end neodymium iron boron permanent magnet materials and has not participated in the motor business [2]

安泰科技股份有限公司市值管理制度 第一章 总则 第一条 为进一步规范和加强安泰科技股份有限公司 （下称"公司"）市值管理，推动公司提升投资价值，切实 增强投资者回报能力，实现公司可持续高质量发展，根据《中 华人民共和国公司法》《中华人民共和国证券法》《国务院 关于加强监管防范风险推动资本市场高质量发展的若干意 见》《关于改进和加强中央企业控股上市公司市值管理工作 的若干意见》《上市公司监管指引第 10 号——市值管理》 《上市公司信息披露管理办法》《公司章程》及其他有关法 律法规，结合公司实际情况，制定本制度。 第二条 本制度所称市值管理，是指公司以提高上市公 司质量为基础，为提升公司投资价值和股东回报能力而实施 的战略管理行为。 第三条 公司应牢固树立回报股东意识，采取措施保护 投资者尤其是中小投资者利益，诚实守信、专注主业、规范 运作、稳健经营，积极开拓市场、强化成本控制、加大技术 创新研发力度，以新质生产力的培育和运用，推动公司高质 量发展，并在此基础上做好投资者关系管理，增强信息披露 质量和透明度，必要时积极采取措施提振投资者信心，推动 公司投资价值合理反映公司高质量发展成果，着力将公司打 1 造为经 ...

本报告依据中国资产评估准则编制 安泰科技股份有限公司、北京钢研高纳科技股份有限公 司、北京金自天正智能控制股份有限公司、 新冶高科技集团有限公司拟转让 钢研大慧私募基金管理有限公司股权涉及的 钢研大慧私募基金管理有限公司股东全部权益价值 资产评估报告 京信评报字（2025）第536号 (共一册,第一册) 中京民信(2 登录注 育限公司 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 1142020031202500587 | | --- | --- | | 合同编号: | BJBM2025-263 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 京信评报字(2025)第536号 | | 报告名称: | 安泰科技股份有限公司、北京钢研高纳科技股份有限公司、北京 金自天正智能控制股份有限公司、新冶高科技集团有限公司拟转 | | | 让钢研大慧私募基金管理有限公司股权涉及的钢研大慧私募基金 | | | 管理有限公司股东全部权益价值资产评估报告 | | 评估结论: | 327,973,526.77元 | | 评估报告日: | 2025年08月14 | | 评估机构名称: | ...

本报告依据中国资产评估准则编制 中国钢研科技集团有限公司拟转让股权涉及 的河冶科技股份有限公司股东全部权益价值 资产评估报告 国融兴华评报字（2025）第 010509 号 (共一册,第一册) 北京国融兴华资产评估有限责任公司 2025 年 8 月 14 日 地址:北京市东城区安定门外大街 189 号宝景大厦 7 层 电话: 010-51667811 传真: 010-82253743 企业邮箱: grxh@grcpv.com 中国钢研科技集团有限公司拟转让股权涉及的 河冶科技股份有限公司股东全部权益价值 · 资产评估报告 目录 | 声明 | | --- | | 摘要 | | 资产评估报告 … | | í 委托人、被评估单位和其他资产评估报告使用人 …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 8 | | ា វ្ 评估目的……………………………………………………………………………………………………………………………………… 13 | | 11 评估对象和评估范围…… ...

安泰科技股份有限公司 关于控股子公司河冶科技投资建设河冶工模具厂房的公告 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。 释义： 除非另有说明，以下简称在本公告中含义如下： 安泰科技、公司、本公司：安泰科技股份有限公司 河冶科技：河冶科技股份有限公司（公司控股子公司，公司持有其 78.51% 的股份） 证券代码：000969 证券简称：安泰科技 公告编号：2025-035 一、投资项目概述 "十四五"期间，河冶科技以市场需求为导向，不断优化调整产品结构， 经营业绩稳步提升。为进一步提高产品竞争力，把握市场新机遇，为"十五五" 期间产能扩张和战略布局预留发展空间，河冶科技拟以自有资金 3684 万元投资 建设河冶工模具厂房。 公司于 2025 年 8 月 25 日召开第九届董事会第五次会议，以 9 票同意、0 票反对、0 票弃权的表决结果，审议通过《关于河冶工模具厂房建设项目的议案》。 根据《深圳证券交易所股票上市规则》《公司章程》等规定，本次投资事 项在董事会审批权限之内，无须提交股东大会审议。本次投资事项不涉及关联交 易，也不构成《上市公司重大资产重组管理办 ...