Investment Rating - The investment rating for the company is "Buy" [4][6]. Core Views - The company has experienced a decline in net profit due to increased credit impairment losses and a challenging domestic market for refractory materials, but it is expected to enter a growth phase with its active magnesium oxide segment [1][4]. - The company has signed a strategic cooperation agreement with a partner, ensuring a substantial order volume for active magnesium oxide, which is anticipated to drive revenue growth in the coming years [4]. Financial Performance Summary - In the first half of 2025, the company achieved revenue of 2.794 billion yuan, a year-on-year increase of 3.57%, while net profit attributable to shareholders was 68.9 million yuan, down 48.26% year-on-year [1]. - The company’s revenue in Q2 2025 was 1.454 billion yuan, reflecting a 3.93% year-on-year growth, but net profit dropped significantly by 79.34% [1]. - The comprehensive gross margin for the first half of 2025 was 17.22%, a decrease of 1.85 percentage points year-on-year, primarily due to falling prices in the domestic refractory materials market [3]. Business Segment Performance - Domestic steel division revenue was 1.616 billion yuan, a slight increase of 1.45% year-on-year, mainly driven by order volume growth [2]. - Overseas steel division revenue reached 769 million yuan, up 6.41% year-on-year, with significant contributions from operations in the United States [2]. - The new materials division reported revenue of 279 million yuan, an 18.25% increase year-on-year, largely from the commencement of bulk supply of high-activity magnesium oxide [2]. Profitability and Forecast - The company’s net profit forecast for 2025-2027 is adjusted to 230 million yuan, 420 million yuan, and 590 million yuan, respectively, with corresponding P/E ratios of 34X, 19X, and 13X [4]. - The company is expected to see a gradual recovery in profitability as the proportion of overseas business increases [3].

Summary of Active Magnesium Oxide Industry Conference Call Industry Overview - The conference focuses on the active magnesium oxide industry, particularly its application in nickel and cobalt precipitation processes in hydrometallurgy [1][3][10]. Key Companies Involved - **Punaite**: The only company currently able to produce qualified active magnesium oxide consistently [1][5][32]. - **Greenme**: Has confirmed the use of Punaite's active magnesium oxide as the main precipitant [1][3][4]. - **Liqin and Huayou Cobalt**: Exploring the use of active magnesium oxide but have not officially adopted it due to the need for process and equipment adjustments [1][4][6]. Core Insights and Arguments - **Cost Efficiency**: Active magnesium oxide can reduce costs by approximately 3,000 to 5,000 RMB per ton compared to liquid caustic soda, which costs around 12,000 RMB per ton when accounting for its lower sodium hydroxide content [5][7][8]. - **Improved Recovery Rates**: The use of active magnesium oxide has shown to increase recovery rates by 2-5 percentage points and reduce the moisture content of MHP (Mixed Hydroxide Precipitate) by 2-3 percentage points [1][3][10]. - **Production Capacity in Indonesia**: The hydrometallurgy projects in Indonesia are rapidly advancing, with an expected capacity of at least 500,000 tons by 2030 [20][21]. Industry Barriers - **Raw Material Dependency**: The ability to produce active magnesium oxide is heavily dependent on the type of raw materials available. Punaite's Tibet mine can produce light-burned active magnesium oxide, while other regions, such as Northeast China, cannot [2][32]. - **Process Transition Complexity**: Transitioning to the use of active magnesium oxide requires a production halt for 4-5 months for equipment modifications, which can be costly [31]. Additional Important Points - **Market Dynamics**: The price of liquid caustic soda in Indonesia is significantly higher due to reliance on imports, which has led companies to consider building local production facilities despite regulatory challenges [9]. - **Comparison with Traditional Methods**: Active magnesium oxide is more effective than traditional sodium hydroxide due to its dual hydroxide ions, leading to better precipitation results [5][11]. - **Future Adoption**: Other companies, such as Huawei and Luxshare, may also adopt active magnesium oxide technology in the future, indicating a potential shift in industry practices [30]. Conclusion The active magnesium oxide industry is poised for growth, driven by its cost advantages and improved efficiency in nickel and cobalt precipitation processes. However, challenges related to raw material availability and production transition remain significant barriers to widespread adoption.

Core Viewpoint - Puyang Nayi Co., Ltd. announced that the "Puyang Convertible Bonds" will stop conversion and be redeemed after the market closes on August 20, which may lead to potential losses for investors holding unconverted bonds [1] Group 1 - The announcement was made on August 20, indicating that there is only half a trading day left for bondholders to convert their bonds [1] - After the market closes on August 20, unconverted "Puyang Convertible Bonds" will be forcibly redeemed at a price of 100.906 yuan per bond [1] - Investors who do not convert their bonds before the deadline may face financial losses due to the forced redemption [1]

濮阳濮耐高温材料（集团）股份有限公司 关于濮耐转债即将停止转股 暨赎回前最后半个交易日的重要提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示： 1、最后转股日：2025 年 8 月 20 日 截至本公告披露日，距离"濮耐转债"停止转股并赎回仅剩半个交易日（即 2025 年 8 月 20 日下午交易时段）。2025 年 8 月 20 日收市后，未转股的"濮耐转债"将停止转股，剩 余可转债将按照 100.906 元/张的价格被强制赎回。若被强制赎回，投资者可能面临损失。 2、如投资者未及时转股，可能面临损失。敬请投资者仔细阅读本公告内容，关注相关 风险。 | 证券代码：002225 | 证券简称：濮耐股份 | 公告编号：2025-072 | | --- | --- | --- | | 债券代码：127035 | 债券简称：濮耐转债 | | 特别提示： 1、"濮耐转债"赎回价格：100.906 元/张（含当期应计利息，当期年利率为 3.80%，且 当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简 称"中登公司" ...

| 证券代码：002225 | 证券简称：濮耐股份 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：127035 | 债券简称：濮耐转债 | | 濮阳濮耐高温材料（集团）股份有限公司 关于濮耐转债即将停止转股 暨赎回前最后一个交易日的重要提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示： 1、最后转股日：2025 年 8 月 20 日 因"濮耐转债"已停止交易，本公司特提醒投资者在期限内转股。2025 年 8 月 20 日是 "濮耐转债"最后一个转股日，当日收市前，持有"濮耐转债"的投资者仍可进行转股；2025 年 8 月 20 日收市后，未转股的"濮耐转债"将停止转股。 2、截至 2025 年 8 月 19 日收市后，距离"濮耐转债"停止转股并赎回仅剩 1 个交易日。 如投资者未及时转股，可能面临损失。敬请投资者仔细阅读本公告内容，关注相关风险。 特别提示： 1、"濮耐转债"赎回价格：100.906 元/张（含当期应计利息，当期年利率为 3.80%，且 当期利息含税），扣税后的赎回价格以中国证 ...

Group 1 - The company, Puyang Refractories Co., Ltd. (002225.SZ), has announced its capability to produce high-purity magnesium oxide powder [1]

Core Viewpoint - The renovation and building materials sector experienced a slight increase, closing at 14,716.08 points with a growth rate of 0.80%, indicating a positive trend in the market [1] Group 1: Stock Performance - Kangxin New Materials led the sector with a closing price of 2.97 CNY per share, marking a significant increase of 10.00% [1] - *ST Songfa closed at 56.46 CNY per share, with a growth of 4.56%, ranking second in the sector [1] - *ST Sitong closed at 6.65 CNY per share, achieving a growth of 4.23%, ranking third [1] - Qisheng Technology experienced a decline, closing at 14.37 CNY per share with a drop of 3.43%, leading the losses in the sector [1] - Puxin Co. closed at 7.24 CNY per share, down by 2.69%, ranking second in losses [1] - Haoleke closed at 11.31 CNY per share, with a decrease of 1.82%, ranking third in losses [1] Group 2: Industry Outlook - Dongwu Securities released a report indicating that while the slope of the real estate chain is slowing, the overall direction remains unchanged, suggesting that the clearing of the real estate chain is nearing completion [1] - The supply structure has significantly improved, with stable demand expected in 2025 and low growth expectations for companies, indicating a high probability of success for the sector [1] - The "old-for-new" subsidy is expected to accelerate home appliance consumption in Q4 of 2024, with a noticeable increase in furniture consumption by March 2025, and an anticipated significant acceleration in home decoration by Q3 of 2025 [1]

Market Overview - The renovation and building materials sector experienced a slight decline of 0.15% on August 18, with Wanli Stone leading the drop [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Stock Performance - Notable gainers in the renovation and building materials sector included: - Donghe New Materials (up 6.13% to 13.68) with a trading volume of 62,500 shares and a turnover of 84.89 million yuan - Keshine New Materials (up 5.32% to 14.86) with a trading volume of 59,000 shares and a turnover of 87.08 million yuan - Ruitai Technology (up 4.95% to 12.94) with a trading volume of 136,300 shares and a turnover of 177 million yuan [1] - Wanli Stone saw a significant decline of 3.94%, closing at 29.26 with a trading volume of 154,200 shares and a turnover of 451 million yuan [2] Capital Flow - The renovation and building materials sector experienced a net outflow of 151 million yuan from institutional investors, while retail investors saw a net inflow of 60.79 million yuan [2] - Key stocks with notable capital flows included: - Puhua Co. (net inflow of 22.59 million yuan from institutional investors) [3] - North New Materials (net inflow of 21.72 million yuan from institutional investors) [3] - Three Trees (net inflow of 21.16 million yuan from institutional investors) [3]

| 证券代码：002225 | 证券简称：濮耐股份 | 公告编号：2025-070 | | --- | --- | --- | | 债券代码：127035 | 债券简称：濮耐转债 | | 濮阳濮耐高温材料（集团）股份有限公司 关于提前赎回濮耐转债实施 暨即将停止转股的重要提示性公告 1、"濮耐转债"赎回价格：100.906 元/张（含当期应计利息，当期年利率为 3.80%，且 当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简 称"中登公司"）核准的价格为准。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 重要内容提示： 1、最后转股日：2025 年 8 月 20 日 因"濮耐转债"已停止交易，本公司特提醒投资者在期限内转股。2025 年 8 月 20 日是 "濮耐转债"最后一个转股日，当日收市前，持有"濮耐转债"的投资者仍可进行转股；2025 年 8 月 20 日收市后，未转股的"濮耐转债"将停止转股。 2、截至 2025 年 8 月 18 日收市后，距离"濮耐转债"停止转股并赎回仅剩 2 个交易日。 如投资者未及时转股，可能 ...

Core Viewpoint - Puyang Puna High-Temperature Materials (Group) Co., Ltd. announced the early redemption of "Puna Convertible Bonds" and the upcoming cessation of conversion rights, urging investors to convert their bonds to avoid potential losses [1] Group 1 - The last conversion date for "Puna Convertible Bonds" is set for August 20, 2025, after which unconverted bonds will be forcibly redeemed on August 21, 2025 [1] - The redemption price is 100.906 yuan per bond, which includes the accrued interest, and the final price will be based on the approval from the China Securities Depository and Clearing Corporation after tax deductions [1] - The redemption clause was triggered as the company's stock price closed at no less than 130% of the current conversion price for 15 trading days from July 8 to July 28, 2025 [1] Group 2 - The company advises investors to convert their bonds in a timely manner to avoid potential financial losses due to the cessation of conversion rights [1]