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 article highlights the strong performance and growth potential of Boyun New Materials, particularly in the aerospace and high-performance materials sectors, driven by increasing demand for carbon-based materials in advanced applications [4][5][6]. Financial Performance - Boyun New Materials reported a revenue of 396 million yuan for the first half of 2025, representing a year-on-year growth of 30.98% [4]. - The net profit attributable to shareholders reached 8.46 million yuan, showing a significant increase of 266.37% year-on-year [4]. - The gross margin for the first half of 2025 was 21.15%, up by 4.09 percentage points compared to the previous year [4]. Business Segmentation - High-performance hard alloys and related materials accounted for 59.80% of the company's revenue, while aerospace and civilian carbon/carbon composite materials generated 131 million yuan, making up 37.40% of the total [4]. - The company has seen a 40% year-on-year increase in aerospace orders, with the C919 aircraft's mass production significantly boosting brake system deliveries [4]. Market Opportunities - The aerospace sector is creating new opportunities for the entire carbon fiber supply chain, with global demand for aerospace carbon fiber projected to reach 26,400 tons in 2024, marking a 20% increase [7]. - The domestic market for carbon brake discs is expected to grow as the C919 and ARJ21 aircraft enter commercial operation, with significant potential in the AM and OEM markets [7]. Technological Advancements - Carbon/carbon composites are essential materials for high-end equipment due to their lightweight, high-temperature resistance, and ablation resistance [6]. - The introduction of carbon/ceramic composites enhances oxidation resistance and wear resistance, making them suitable for high-end automotive brake systems [6]. Company Background - Boyun New Materials was established in 2001 and successfully listed on the Shenzhen Stock Exchange in 2009. It specializes in the research, production, and sales of aerospace brake systems, carbon/carbon composites, and high-performance hard alloys [5]. - The company is the only domestic enterprise covering the entire chain from carbon/carbon materials to brake systems and airworthiness certification, holding a 100% market share for the C919 [5].

Core Viewpoint - The financial performance of Boyun New Material (博云新材) for the first half of 2025 shows significant growth in revenue and net profit, indicating improved profitability and operational efficiency [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 396 million yuan, a year-on-year increase of 30.98% compared to 302 million yuan in 2024 [1]. - Net profit attributable to shareholders was 8.46 million yuan, up 266.37% from 2.31 million yuan in the previous year [1]. - The gross profit margin increased to 21.15%, reflecting a year-on-year growth of 24.84% [1]. - The net profit margin rose to 2.03%, showing a substantial increase of 201.13% [1]. - Total expenses (selling, administrative, and financial) amounted to 40.64 million yuan, accounting for 10.27% of revenue, a decrease of 14.77% year-on-year [1]. Cash Flow and Debt Analysis - Operating cash flow per share was -0.06 yuan, a decline of 231.04% compared to the previous year [1]. - The company experienced a significant increase in interest-bearing debt, which rose by 81.49% to 471 million yuan [2]. - The net cash flow from operating activities decreased by 231.04%, primarily due to the previous year's recovery of large historical receivables [3]. Operational Insights - Accounts receivable increased by 56.14% to 475 million yuan, attributed to extended customer payment periods [2]. - The company’s investment activities saw a net cash flow decrease of 218.66%, linked to payments for project costs [3]. - The company’s historical return on invested capital (ROIC) has been weak, with a median of 0.96% over the past decade [4]. Business Model Considerations - The company's performance heavily relies on capital expenditures, necessitating careful evaluation of the profitability of these investments [4]. - The cash flow situation is concerning, with cash and cash equivalents only covering 81.5% of current liabilities [5].

Summary of Key Points Core Viewpoint - In August 2023, a total of 673 companies released their semi-annual reports for 2025, with 353 companies reporting a year-on-year increase in net profit, while 320 reported a decline. Additionally, 389 companies saw an increase in operating revenue, and 284 experienced a decrease. Notably, 255 companies had both net profit and operating revenue growth, while 186 companies reported declines in both metrics. The company with the highest profit growth was Huahong Technology, with an increase of 3480.57% [1]. Group 1: Company Performance - Huahong Technology reported a net profit of 79.63 million yuan, with a staggering year-on-year increase of 3480.57% and operating revenue of 315.94 million yuan, up 17.17% [1]. - Other notable performers include: - Guangda Tongchuang with a net profit of 23.22 million yuan, a year-on-year increase of 2699.69%, and operating revenue of 74.99 million yuan, up 48.31% [1]. - Qiming Information reported a net profit of 14.19 million yuan, up 2568.50%, with operating revenue of 32.99 million yuan, an increase of 6.51% [1]. - New Yisheng achieved a net profit of 394.23 million yuan, a 355.68% increase, with operating revenue of 1,043.72 million yuan, up 282.64% [1]. Group 2: Revenue Trends - A total of 71 companies experienced a doubling of their performance metrics, indicating strong growth potential in the market [1]. - The overall trend shows that while many companies are experiencing growth, there are also significant numbers reporting declines, highlighting a mixed performance landscape [1]. - Companies like Huafeng Technology and Yongding Co. also reported substantial increases in both net profit and operating revenue, with year-on-year growth rates of 940.64% and 917.66%, respectively [1].

Group 1 - The core viewpoint of the article is that Boyun New Materials (SZ 002297) held its 20th meeting of the 7th board of directors on August 25, 2025, to review the special report on the management and actual use of raised funds for the first half of 2025 [1] - For the first half of 2025, Boyun New Materials reported that its revenue composition was as follows: powder metallurgy (hard alloy) accounted for 63.67%, aerospace and civilian carbon-carbon composite materials accounted for 33.17%, and other businesses accounted for 3.16% [1] - As of the report date, Boyun New Materials had a market capitalization of 5.2 billion yuan [2]

招商证券股份有限公司 关于湖南博云新材料股份有限公司 使用部分闲置募集资金暂时补充流动资金的核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为湖南博云 新材料股份有限公司（以下简称"博云新材"或"公司"）非公开发行股票及持续督 导的保荐机构，根据《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》、《证券发行上市保荐业务管理办法》、《深圳证券交易所股票上 市规则》及《深圳证券交易所上市公司自律监管指引第13号——保荐业务》及《上 市公司募集资金监管规则》等有关规定，对博云新材拟使用部分闲置募集资金暂时 补充流动资金的事项进行了审慎核查，核查情况及核查意见如下： 一、本次募集资金的基本情况 经中国证券监督管理委员会《关于核准湖南博云新材料股份有限公司非公开 发行股票的批复》（证监许可〔2021〕1468号）核准，公司采用非公开发行方式 发行人民币普通股（A股）101,789,774股，发行价格为每股人民币6.20元。截至 2021年7月14日止，公司已收到主承销商招商证券股份有限公司转入扣除部分保荐 费及承销费后的股东认缴股款人民币628,096,598.80元。公司本次 ...

第二章 年报信息披露重大差错的责任追究 湖南博云新材料股份有限公司 年报信息披露重大差错责任追究制度 第一章 总 则 第一条 为了提高湖南博云新材料股份有限公司（以下简称"公司"）的规 范运作水平，增强信息披露的真实性、准确性、完整性和及时性，提高年报信息 披露的质量和透明度，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司信息披露管理办法》《深圳证券交易所股票上市规则》等有关法律、 法规、规范性文件和《公司章程》的有关规定，结合公司实际情况，制定本制度。 第二条 本制度是指年报信息披露工作中有关人员不履行或者不正确履行 职责、义务以及其他个人原因，对公司造成重大经济损失或不良社会影响时的追 究与处理制度。 第三条 本制度适用于公司董事、高级管理人员、子公司负责人、控股股东 及实际控制人以及与年报信息披露工作有关的其他人员。 第四条 本制度遵循的原则：实事求是、客观公正、有错必究；过错与责任 相适应；责任与权利对等原则。 第五条 公司证券事务管理部门在董事会秘书领导下负责收集、汇总与追究 责任有关的资料，按制度规定提出相关处理方案，逐级上报公司董事会批准。 第六条 有下列情形之一的，应当追究责 ...

证券代码：002297 证券简称：博云新材 编号：2025-033 一、修订、制定部分管理制度的情况 为进一步促进公司的规范运作，建立健全内部管理机制，根据《中华人民共 和国公司法》《中华人民共和国证券法》《深圳证券交易所股票上市规则》《上市 公司章程指引》《上市公司募集资金监管规则》等法律法规、规范性文件，结合 公司的实际情况，拟对公司部分制度进行修订，制定《董事、高级管理人员离职 管理制度》《信息披露暂缓与豁免管理制度》《累积投票实施细则》，具体修订、 制定的管理制度情况如下： | 序号 | 制度名称 | 类型 | 是否提交股东大 会审议 | | --- | --- | --- | --- | | 1 | 股东会议事规则 | 修订 | 是 | | 2 | 董事会议事规则 | 修订 | 是 | | 3 | 独立董事工作制度 | 修订 | 是 | | 4 | 信息披露管理办法 | 修订 | 是 | | 5 | 投资者关系管理制度 | 修订 | 是 | | 6 | 关联交易管理办法 | 修订 | 是 | | 7 | 重大投资及财务决策制度 | 修订 | 是 | | 8 | 募集资金管理办法 | 修订 | 是 | ...

湖南博云新材料股份有限公司 股东会议事规则 第一章 总则 第一条 为规范湖南博云新材料股份有限公司（以下简称"公司"）股东会 及其参加者的行为，保证股东会依法行使职权，根据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》） 等法律法规的规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、本规则及公司章程的相关规定 召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第四条 股东会应当在《公司法》和公司章程规定的范围内行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的六个月内举行。临时股东会不定期召开，出现《公 司法》第一百一十三条规定的应当召开临时股东会的情形时，临时股东会应当在 两个月内召开。 公司在上述期限内不能召开股东会的，应当报告公司所在地中国证券监督管 理委员会（以下简称"中国证监会"）派出机构和深圳证券交易所（以下简称"深 交所 ...

内部审计制度 第一章 总则 第一条 为加强湖南博云新材料股份有限公司（以下简称"公司"）内部审计监 督，充分发挥内部审计在完善公司治理、促进内部控制有效运行、加强公司风险防 控、促进实现经营目标的作用，根据《中华人民共和国审计法》《企业内部控制审计 指引》、《审计署关于内部审计工作的规定》《深圳证券交易所股票上市规则》（以下 简称"《上市规则》"）《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》（以下简称"《自律监管指引》"）《湖南省内部审计办法》等法律、法 规和其他规范性文件以及《湖南博云新材料股份有限公司章程》（以下简称"《公司 章程》"）等有关规定，结合公司实际情况，特制定本制度。 第二条 本制度所称内部审计，指公司负责内部审计工作的部门对公司、所属 全资及控股子公司（以下简称所属子公司）内部控制的建立和实施、公司财务信息 的真实性和完整性等情况实施独立、客观的监督、评价和建议，促进公司完善治理、 实现目标的活动。 第三条 内部审计的目的促进公司内部控制程序的合理性和执行的有效性；合 理利用资源；保护资产的安全完整；防止舞弊。通过系统化、规范化的方法，评价、 改进公司的经营管理 ...