Group 1 - The company, Chujiang New Materials, announced on September 18 that its wholly-owned subsidiary, Anhui Chujiang Senhai Copper Industry Co., Ltd., received government subsidy funds amounting to 26.3409 million yuan [1] - This subsidy is related to revenue and is associated with the company's daily operations [1] - The subsidy represents 11.46% of the company's audited net profit attributable to shareholders for the fiscal year 2024 [1]

证券代码：002171 证券简称：楚江新材 公告编号：2025－105 安徽楚江科技新材料股份有限公司 关于获得政府补助的公告 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。 一、获取补助的基本情况 2025年9月17日，安徽楚江科技新材料股份有限公司（以下简称"公 司"）全资孙公司安徽楚江森海铜业有限公司收到政府补助资金 26,340,874.47元，本次补助系与收益相关的政府补助，与公司日常经营 活动相关，占公司2024年度经审计归属于上市公司股东的净利润的11.46%。 二、补助的类型及其对上市公司的影响 1、补助的类型 根据《企业会计准则第 16 号—政府补助》的规定，与资产相关的政 府补助，是指企业取得的、用于购建或以其他方式形成长期资产的政府补 助；与收益相关的政府补助，是指除与资产相关的政府补助之外的政府补 助。公司上述获得的政府补助属于与收益相关的政府补助。 2、补助的确认和计量 根据《企业会计准则第 16 号—政府补助》的规定，公司收到与资产 相关的政府补助时，确认为递延收益；公司收到与收益相关的政府补助时， 与企业日常活动相关的政府补助，按 ...

Group 1 - The company, Anhui Chuangjiang Technology New Materials Co., Ltd., announced that its wholly-owned subsidiary, Anhui Chuangjiang Senhai Copper Industry Co., Ltd., received government subsidy funds of approximately 26.34 million yuan [1] - This subsidy is related to revenue and is associated with the company's daily operations, representing 11.46% of the audited net profit attributable to the shareholders of the listed company for the fiscal year 2024 [1]

Group 1 - The company, Chujiang New Materials (002171.SZ), announced that its wholly-owned subsidiary, Anhui Chujiang Senhai Copper Industry Co., Ltd., received government subsidy funds amounting to 26,340,874.47 yuan [1] - This subsidy is related to revenue and is associated with the company's daily operational activities [1] - The subsidy represents 11.46% of the company's audited net profit attributable to shareholders for the fiscal year 2024 [1]

Group 1 - The core point of the article is that Chuangjiang New Materials (002171.SZ) announced that its wholly-owned subsidiary, Anhui Chuangjiang Senhai Copper Industry Co., Ltd., received government subsidy funds amounting to 26,340,874.47 yuan, which is related to revenue and associated with the company's daily operations [1] - This subsidy represents 11.46% of the audited net profit attributable to the shareholders of the listed company for the fiscal year 2024 [1]

Core Viewpoint - Chujiang New Materials has demonstrated significant growth and innovation in the copper-based materials industry, emphasizing long-term strategies and internal capabilities to adapt to market opportunities [2][5][8]. Financial Performance - In the first half of 2025, Chujiang New Materials achieved a revenue of 28.803 billion yuan, representing a year-on-year growth of 16.05% [8]. - The company's net profit attributable to shareholders reached 2.51 billion yuan, with a year-on-year increase of 48.83%, while the net profit after deducting non-recurring items was 2.27 billion yuan, up 98.76% [8]. Company Background - Founded in 1986, Chujiang New Materials has evolved from a struggling copper plate factory to a leading player in the copper-based materials sector, with a focus on innovation and modernization [3][4]. - The company has developed a diversified product portfolio that includes precision copper strips, copper conductor materials, copper alloy wires, and carbon fiber composite materials, serving high-end manufacturing sectors such as 5G communications and aerospace [4][6]. Strategic Development - The company has adopted a dual approach of internal growth and external acquisitions to enhance its market position, viewing mergers and acquisitions as essential for strategic upgrades and industry expansion [6][7]. - Since 2015, Chujiang New Materials has successfully acquired several key enterprises in the high-end materials sector, which has accelerated its transformation and diversified its product offerings [6][7]. Management Philosophy - The management emphasizes the importance of internal capability building and strategic foresight, focusing on quality improvement and market readiness during challenging times [5][8]. - The company operates under a unique profit model that maintains a balance between production capacity, product positioning, and cash flow, ensuring a sustainable business cycle [8]. Future Outlook - Chujiang New Materials aims to continue its growth trajectory by exploring opportunities in new materials while maintaining its leadership in essential copper-based materials that support national strategic sectors [8]. - The company is committed to long-term thinking, aspiring not only to lead in China but also to excel in international markets through quality and brand differentiation [8].

Core Insights - The "2025 China Top 500 Enterprises" list was released, with a revenue threshold of 47.96 billion yuan, an increase of 579 million yuan from the previous year [1] - The total revenue of the top 500 enterprises reached 11.015 trillion yuan, showing a growth trend compared to the previous year [1] - The number of enterprises with revenue exceeding 100 billion yuan increased to 267, accounting for 53.4% of the total [1] - The average R&D intensity of the listed companies reached a new high of 1.95%, marking an increase for eight consecutive years [1] - The balance between state-owned and private enterprises remains stable, with 251 state-owned and 249 private enterprises on the list [1] Summary by Category Company Performance - Ten enterprises from Anhui province made the list, including Chery Holding Group, Tongling Nonferrous Metals Group, and NIO, marking a slight increase from eight in 2024 [2] - The revenue of Anhui's listed enterprises generally increased, with several companies improving their rankings significantly, indicating growth above the average of the top 500 [3] - NIO ranked 367th, reflecting its recognition in the market despite being in a critical development phase [4] - Tongling Nonferrous Metals and Anhui Conch Cement, ranked 109th and 193rd respectively, remain key pillars of Anhui's industrial economy [3][4] Industry Trends - The list highlights the dual drive of traditional and emerging industries in Anhui, with both resource-based enterprises and high-end manufacturing firms contributing to growth [4] - Sunpower, a leading company in the photovoltaic inverter and energy storage system sector, advanced from 335th to 318th place, showcasing its competitive advantage despite industry adjustments [3][4] - The presence of both traditional and new energy companies aligns with Anhui's strategy of becoming a manufacturing powerhouse [4] Future Outlook - The province is expected to see continued growth in the number of top 500 enterprises, particularly in cutting-edge fields such as integrated circuits, artificial intelligence, and biomedicine [5] - There is potential for growth in large enterprises in northern Anhui, which will be crucial for balanced regional development [6] - The list serves as an important window into the economic performance of Anhui, indicating a phase of high-quality development [6]

Core Viewpoint - The report from Dongfang Securities highlights that Chujian New Materials achieved a net profit attributable to shareholders of 251 million (up 48.83%) in the first half of the year, with a projected net profit of 119 million (up 80.49%) for Q2 2025 [1] Group 1: Financial Performance - In the first half of the year, Chujian New Materials reported a net profit of 251 million, reflecting a growth of 48.83% [1] - For Q2 2025, the company is expected to achieve a net profit of 119 million, indicating an increase of 80.49% [1] Group 2: Business Operations - Tian Niao High-tech operated at full capacity in the first half of the year, indicating strong performance in the composite materials sector despite a revenue decline [1] - The company's contract liabilities at the end of H1 2025 amounted to 343 million, representing a growth of 22.16% [1] - The production line at Tian Niao High-tech is running at full capacity, with significant increases in production personnel and working hours year-on-year [1] Group 3: Strategic Outlook - The special equipment and materials business is aligned with national strategic needs and is actively exploring overseas markets [1] - As the transformation and upgrading process continues, the profitability of the copper business is expected to improve [1] - Based on the average valuation of comparable companies for 2026, a target price of 10.92 yuan is set, maintaining a "buy" rating [1]

Group 1: Financial Performance and Debt Management - The company reported a net profit of 250 million yuan in the first half of the year, with the basic materials segment contributing 180 million yuan and the new materials segment contributing 70 million yuan [4] - The company emphasizes debt management, ensuring short-term debt is manageable through stable sales returns and sufficient bank credit lines [2] - Current liabilities are covered by liquid assets, indicating a reasonable debt situation and controllable liquidity risks [2] Group 2: Strategic Planning and Market Position - The company is expanding its production capacity with projects like the annual production of 50,000 tons of high-precision copper alloy strips and 60,000 tons of high-precision copper alloy rolling strips, expected to be operational by the end of the year [8] - The company is actively involved in the AI and semiconductor sectors, with products applicable in data communication and server cooling materials [2] - The company is focusing on high-end product transformation, gradually phasing out low-margin products to enhance profitability [3] Group 3: Subsidiary Developments and Market Engagement - The subsidiary, Jiangsu Xinhai High导, is a key player in the copper-based materials market, supplying to major companies like Leoni and Fos Group [2] - The company is in the feedback stage for the IPO of its subsidiary, Top Technology, which is involved in critical materials for the semiconductor industry [3] - The company is exploring strategic partnerships to strengthen its market position and enhance its operational capabilities [3] Group 4: Market Challenges and Stock Performance - The company's stock performance has been under pressure, with concerns about potential shareholder sell-offs impacting market confidence [3] - The company is implementing measures such as share buybacks and dividends to stabilize its market value and boost investor confidence [3] - The company is monitoring copper price fluctuations closely, employing hedging strategies to mitigate risks associated with raw material price volatility [7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.92 CNY [5][2] Core Views - The company achieved a revenue of 28.803 billion CNY in H1 2025, representing a 16.05% increase, and a net profit attributable to shareholders of 251 million CNY, up 48.83% [1] - For Q2 2025, the company reported a revenue of 15.658 billion CNY, an increase of 11.66%, and a net profit of 119 million CNY, which is an 80.49% increase [1] - The revenue and gross margin forecasts for 2025 and 2026 have been adjusted downwards, with net profit estimates for 2025 and 2026 revised to 671 million CNY and 863 million CNY respectively [2] Financial Information Summary - The company’s projected revenue for 2025 is 55.137 billion CNY, with a year-on-year growth of 2.6% [3] - The net profit attributable to shareholders is expected to reach 671 million CNY in 2025, reflecting a growth of 192.1% compared to the previous year [3] - The earnings per share (EPS) for 2025 is projected at 0.41 CNY, with a price-to-earnings (P/E) ratio of 23.7 [3] - The gross margin is expected to be 3.7% in 2025, with a net margin of 1.2% [3] Business Segment Insights - The company’s copper processing business saw a sales volume of 179,900 tons in H1 2025, an increase of 8.36%, while copper conductor products reached 229,400 tons, up 14.53% [9] - The composite materials segment is expected to see a rebound in revenue in the second half of 2025, driven by increased defense demand and a backlog of contracts [9] - The company is actively expanding into new markets, including aerospace and semiconductor sectors, leveraging its technological advantages in composite materials [9]