Core Viewpoint - Chuangjiang New Materials (002171.SZ) focuses on high-performance fiber prefabrication and production, specifically carbon fiber and quartz fiber, primarily for aerospace and defense applications [1] Company Summary - The subsidiary Tian Niao High-Tech is dedicated to the research and production of high-performance fibers [1] - Currently, there is no business layout related to carbon nanomaterials aerogels [1]

Core Viewpoint - The carbon fiber industry is showing signs of recovery in the first half of the year, with most companies reporting positive revenue growth after a challenging two years due to supply-demand mismatches and weak downstream demand [1]. Industry Overview - The recovery is attributed to technological breakthroughs and the advancement of large and small tow fibers, leading to a more complete industrial chain [1]. - Rapid release of downstream demand, particularly in the high-value aerospace market and the emerging low-altitude economy represented by eVTOL, is driving growth [1]. - Significant demand for carbon fiber in the wind power sector and the electric vehicle industry is also noted, with carbon fiber structural components and carbon-ceramic brake discs gaining traction [1]. Company Performance - **Zhongjian Technology**: Achieved revenue of 464 million yuan, a year-on-year increase of 59.46%, and net profit of 208 million yuan, up 99.15% [2]. - **Zhongfu Shenying**: Reported revenue of 922 million yuan, a 25.86% increase, with net profit of 11.93 million yuan. Notable sales growth in small tow products and significant increases in the wind power sector [3]. - **Jilin Chemical Fiber**: Revenue of approximately 2.635 billion yuan, a 48.39% increase, with carbon fiber product revenue soaring by 368.31% [3]. - **Guangwei Composites**: Revenue of 1.201 billion yuan, a 3.87% increase, with a notable 47.95% growth in the new energy sector [4]. - **AVIC High-tech**: Revenue of 2.747 billion yuan, a 7.87% increase, focusing on aerospace new materials and advanced manufacturing technologies [4]. - **Shanghai Petrochemical**: Revenue of 39.5 billion yuan, a 9.17% decrease, but plans to enhance carbon fiber production and expand applications in various sectors [4]. - **Jinggong Technology**: Revenue of 1.061 billion yuan, a 10.31% increase, with a significant portion from carbon fiber equipment [4]. - **Jinbo Co., Ltd.**: Revenue of 411 million yuan, a 19.69% increase, with positive prospects in carbon/ceramic brake discs due to the rapid development of the new energy vehicle sector [4]. - **Boyun New Materials**: Revenue of 396 million yuan, a 30.98% increase, with a significant contribution from aerospace applications [5]. - **Chuangjiang New Materials**: Revenue of 28.803 billion yuan, a 16.05% increase, with net profit of 251 million yuan, driven by effective capacity release and product upgrades [6]. Market Trends - The carbon fiber industry's recovery is supported by the release of application-side demand, with companies like Zhongfu Shenying and Shanghai Petrochemical planning expansions [6]. - The industry is experiencing a phase of technological advancement and application expansion, indicating a clear trend towards recovery and growth [6].

Core Viewpoint - The company is actively expanding its presence in both traditional and humanoid robot sectors, while also enhancing its copper conductor product offerings across various industries [1] Group 1: Product Development and Applications - The company has successfully supplied copper conductor products in bulk to several wiring harness enterprises, including Zhejiang Cardiff, New Asia Electronics, and Wanma Group [1] - Precision copper strips have been extended into the 5G communications and smart interconnect sectors, being applied in critical components such as shielding covers, high-speed connectors, and integrated circuit lead frames to support high-frequency signal transmission needs [1] - Newly developed shaped copper conductors are entering the marine engineering sector, widely applicable to ship cables, offshore wind power, and submarine cables for medium and high voltage transmission scenarios, marking a breakthrough for high-end copper materials in deep-sea technology [1] Group 2: Market Expansion and Upgrading - The copper strip and plate business is continuously upgrading towards high-end products, with precision brass strips and copper plates entering emerging application scenarios such as 5G communication connectors and consumer electronics, covering multiple segments including automotive high-voltage wiring harnesses and data center server internals [1]

证券代码：002171 证券简称：楚江新材 安徽楚江科技新材料股份有限公司投资者关系活动记录表 编号：2025-013 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | ☑ | 其他（电话会议） | | 参与单位名称及 | 两场电话会分别由中金公司和兴业证券组织，具体参会名单详 | | 人员姓名 | 见附件 | | 时间 | 2025 年 8 月 28 日 | | 地点 | 线上电话会议 | | | 楚江新材财务总监：黎明亮 | | 上市公司接待人 | 楚江新材董事会秘书：姜鸿文 | | 员姓名 | 楚江新材财务部长：李健 | | | 楚江新材证券事务代表：李旭 | | | 楚江新材 IR 专员：吴寒 | | | 公司经营概述： 2025 上半年，公司通过有效产能释放驱动规模持续增长， | | 投资者关系活动 | 同时依托产品升级和精细化管理实现了效益提升，营业收入及 | | | 净利润均保持稳定增长，实现营业收入 288.03 亿元，同比增 | | 主要内容介绍 ...

Financial Performance - The company reported a total revenue of 28.803 billion yuan for the first half of 2025, representing a year-on-year increase of 16.05% [1] - The net profit attributable to shareholders reached 251 million yuan, up 48.83% year-on-year [1] - In Q2 2025, total revenue was 15.658 billion yuan, with a year-on-year growth of 11.66%, and net profit was 119 million yuan, reflecting an increase of 80.49% [1] - The gross margin was 3.24%, down 4.64% year-on-year, while the net margin improved to 0.98%, up 22.00% [1] - The company's receivables accounted for 2251% of the net profit, indicating a significant amount of accounts receivable relative to profit [1] Key Financial Ratios - The company’s operating expenses, including sales, management, and financial costs, totaled 335 million yuan, which is 1.16% of revenue, down 17.57% year-on-year [1] - Earnings per share (EPS) increased by 30.77% to 0.17 yuan, while the net asset value per share rose by 9.18% to 5.14 yuan [1] - The company reported a negative operating cash flow per share of -0.8 yuan, but this was an improvement of 28.87% year-on-year [1] Business Model and Industry Position - The company relies heavily on research and development for its performance, with a historical median Return on Invested Capital (ROIC) of 5.84%, indicating weak investment returns [4] - The company has experienced two years of losses since its IPO, suggesting a fragile business model [4] - The subsidiary Tian Niao High-tech is a leading player in the domestic carbon fiber preform sector, supplying high-performance materials for aerospace and commercial aviation [6] Fund Holdings - The largest fund holding the company’s shares is Penghua Emerging Industry Mixed Fund, with a scale of 2.501 billion yuan and a recent net value of 3.141, which has increased by 40.16% over the past year [5]

Summary of Chujiang New Materials Conference Call Company Overview - **Company**: Chujiang New Materials - **Industry**: Copper-based materials and military titanium materials Key Points and Arguments 1. **Production Capacity and Growth**: - In 2024, the material business reached 850,000 tons, with a target of 900,000 to 950,000 tons in 2025, and over 1 million tons by 2026. The annual increase is expected to be around 100,000 tons, contributing approximately 100 million yuan in profit each year [2][5][3]. 2. **High-Value Projects**: - The company is investing in high-value projects such as 50,000 tons of high-end copper foil for server cooling and 60,000 tons of data transmission lines, with processing fees 2-3 times higher than traditional industries, achieving a net profit of over 1,000 yuan per ton [2][4]. 3. **Acquisitions in Military Sector**: - Through acquisitions of Dingli Technology and Jiangsu Yixing Tianniao High-tech, the company has entered the military titanium materials sector. Dingli Technology is expected to generate over 600 million yuan in revenue in 2024, with profits nearing 120 million yuan [2][4]. 4. **Revenue and Profit Growth**: - In the first half of 2025, the company achieved a revenue of 28.8 billion yuan, a 16% year-on-year increase, and a net profit of 250 million yuan, up 49% [3]. 5. **Challenges in Revenue Recognition**: - Jiangsu Yixing Tianniao's revenue declined slightly due to long confirmation cycles for military orders, with expectations to complete a revenue target of 1.2 billion yuan for the year [3][6][7]. 6. **Profit Margin Expectations**: - The gross margin is projected to be around 43%-44% for the year, with a net margin of approximately 21%. Future margins are expected to remain stable and slightly improve due to capacity expansion in military products [8][9]. 7. **Impact of Copper Prices**: - Rising copper prices are beneficial for demand but increase raw material costs. The company can pass these costs onto downstream customers, maintaining profitability [14][26]. 8. **Inventory Management**: - The company reported a decrease in raw material inventory due to adjustments in production plans and market demand, optimizing inventory management [24][25]. 9. **Future Capacity Planning**: - The company plans to expand production capacity significantly, with new projects expected to come online in 2025, ensuring that production meets future demand [10][19]. 10. **Dingli Technology's Growth**: - Dingli Technology has seen consistent revenue growth, reaching over 600 million yuan in 2024, with a focus on carbon material equipment and 3D printing materials [18][22]. Other Important Insights - **Market Position**: Chujiang New Materials holds a leading position in copper strip production globally and is a strong player in the domestic market for copper alloy wire and conductor materials [2][3]. - **Strategic Focus**: The company is strategically focusing on high-margin sectors such as military applications and advanced materials, which are expected to drive future growth [2][4][10]. - **Cash Flow Management**: The company maintains a strong cash flow position, with a focus on ensuring 100% collection rates on receivables [23]. This summary encapsulates the key insights from the conference call, highlighting the company's growth trajectory, strategic initiatives, and market dynamics.

2025年8月28日，楚江新材(002171.SZ)发布2025年半年度报告。截至2025年8月27日，共有48个机构投 资者披露持有楚江新材A股股份，合计持股量达6.71亿股，占楚江新材总股本的44.46%。其中，前十大 机构投资者包括安徽楚江投资集团有限公司、国家军民融合产业投资基金有限责任公司、安徽楚江科技 新材料股份有限公司-第四期员工持股计划、中国建设银行股份有限公司-易方达国防军工混合型证券投 资基金、基本养老保险基金一二零五组合、易方达基金-中国人寿保险股份有限公司-分红险-易方达国寿 股份成长股票型组合单一资产管理计划(可供出售)、招商银行股份有限公司-易方达品质动能三年持有期 混合型证券投资基金、招商银行股份有限公司-鹏华新兴产业混合型证券投资基金、中国建设银行股份 有限公司-国泰中证军工交易型开放式指数证券投资基金、鹏华新兴成长混合A，前十大机构投资者合 计持股比例达40.81%。相较于上一季度，前十大机构持股比例合计下跌了1.27个百分点。 外资态度来看，本期较上一季未再披露的外资机构即香港中央结算有限公司。 公募基金方面，本期较上一期持股增加的公募基金共计2个，包括易方达国防军工混合A ...

Group 1 - Xinhua Media achieved a net profit of 32.34 million yuan in the first half of 2025, a year-on-year increase of 9.29% [1] - Xinhua Media's operating income for the first half of 2025 was 631 million yuan, a year-on-year growth of 2.45% [1] - China Galaxy reported a net profit of 6.488 billion yuan, up 47.86% year-on-year, with an operating income of 137.47 billion yuan, a 37.71% increase [2] Group 2 - Lek Electric's net profit decreased by 29.01% to 428 million yuan, despite a slight revenue increase of 0.65% to 4.781 billion yuan [3] - Honghui Fruits and Vegetables reported a net profit of 6.9243 million yuan, down 44.82%, with revenue of 470 million yuan, up 7.86% [4] - Bull Group's net profit fell by 8% to 2.06 billion yuan, with a revenue decline of 2.6% to 8.168 billion yuan [5] Group 3 - Nanshan Aluminum achieved a net profit of 2.625 billion yuan, a year-on-year increase of 19.95%, with operating income of 17.274 billion yuan, up 10.25% [6] - Zhujiang Beer reported a net profit of 612 million yuan, a 22.51% increase, with revenue of 3.198 billion yuan, up 7.09% [8] - Baolong Technology's net profit decreased by 9.15% to 135 million yuan, with revenue growth of 24.06% to 3.95 billion yuan [10] Group 4 - Jindi Co. reported a net profit of 75.93 million yuan, a year-on-year increase of 32.86%, with operating income of 835 million yuan, up 40.57% [12] - China Vision Media turned a profit with a net profit of 19.9811 million yuan, compared to a loss of 18.4349 million yuan in the previous year, despite a revenue decline of 10.75% to 229 million yuan [14] - Botao Bio's net profit fell by 82.82% to 12.4024 million yuan, with revenue down 23.91% to 203 million yuan [16] Group 5 - Caitong Securities reported a net profit of 1.083 billion yuan, a year-on-year increase of 16.85%, with operating income of 2.959 billion yuan, down 2.19% [18] - Yili Group's net profit decreased by 4.39% to 7.2 billion yuan, with revenue growth of 3.49% to 61.777 billion yuan [19] - Springlight Technology achieved a net profit of 7.3787 million yuan, a year-on-year increase of 83.73%, with revenue of 251 million yuan, up 39.6% [20] Group 6 - China Haifeng reported a net profit of 94.5739 million yuan, a year-on-year increase of 25.48%, with operating income of 1.385 billion yuan, up 19.64% [21] - Zhongke Titanium White's net profit decreased by 14.83% to 259 million yuan, with revenue growth of 19.66% to 3.77 billion yuan [23] - Huasheng Tiancai turned a profit with a net profit of 14 million yuan, compared to a loss in the previous year, despite a revenue decline of 10.75% to 226 million yuan [25] Group 7 - Shen Zhou Cell reported a net loss of 33.7711 million yuan, with revenue down 25.50% to 972 million yuan [26] - Meihu Co. achieved a net profit of 101 million yuan, a year-on-year increase of 10.26%, with operating income of 1.075 billion yuan, up 10.74% [28] - Jifeng Technology plans to apply for a comprehensive credit of 170 million yuan to supplement working capital [29] Group 8 - Foton Motor reported a net profit of 777 million yuan, a year-on-year increase of 87.57%, with operating income of 30.371 billion yuan, up 26.71% [41] - BOE Technology achieved a net profit of 3.247 billion yuan, a year-on-year increase of 42.15%, with operating income of 110.278 billion yuan, up 8.45% [42] - CIMC reported a net profit of 1.278 billion yuan, a year-on-year increase of 47.63%, with operating income of 76.09 billion yuan, down 3.82% [43]

安徽楚江科技新材料股份有限公司 2025 年半年度财务报告 安徽楚江科技新材料股份有限公司 2025 年半年度财务报告 2025 年 08 月 1 安徽楚江科技新材料股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：安徽楚江科技新材料股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 4,032,218,007.18 | 2,973,883,491.72 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 47,759,279.49 | 168,884,473.65 | | 衍生金融资产 | | | | 应收票据 | 161,933,712.19 | 119,269,717.71 | | 应收账款 | 5,174,034,261.49 | 3,079,028,116.25 | | 应收款项融资 | 403,8 ...

本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 根据《上市公司募集资金监管规则》《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》等相关法律法规规定，现将安 徽楚江科技新材料股份有限公司（以下简称"公司"、"本公司"或"楚江 新材"）2025 年半年度募集资金存放与使用情况报告如下： 证券代码：002171 证券简称：楚江新材 公告编号：2025-101 安徽楚江科技新材料股份有限公司 2025 半年度募集资金存放与使用情况的专项报告 一、募集资金基本情况 （一）2019 年公开发行 A 股可转换公司债券实际募集资金金额、资金 到位时间 经中国证券监督管理委员会证监许可[2020]353 号《关于核准安徽楚江 科技新材料股份有限公司公开发行可转换公司债券的批复》，公司向社会公 开发行面值总额 183,000 万元可转换公司债券，每张面值 100 元，扣除各 项发行费用合计人民币 1,437.60 万元后，实际募集资金净额为人民币 181,562.40 万元。上述募集资金已于 2020 年 6 月 10 日到位，经容诚会计 师事务所（特殊 ...