Core Viewpoint - Baoding Technology (002552) has released its semi-annual performance forecast, indicating a net profit of 20 million to 28 million yuan for the first half of the year, with basic earnings per share ranging from 0.04 to 0.06 yuan [1] Group 1: Company Performance and Operations - The company reported a production capacity of 300,000 tons per year at the Hexi Gold Mine, with an expected output of 527.09 kilograms of finished gold in 2024, all of which will be self-produced [1] - Baoding Technology's subsidiary, Jinbao Electronics, is a key player in the domestic PCB supply chain, providing integrated services from design to production for electronic copper foil and copper-clad laminates [1] - The company completed the acquisition of 100% equity in Hexi Gold Mine in November 2023, which will contribute to revenue growth through gold mining and sales [4] Group 2: Industry Growth and Market Trends - The high-frequency copper-clad laminate market in China is projected to grow from 950 million yuan in 2017 to 4.334 billion yuan by 2024, with a compound annual growth rate of 24.21% [2] - The demand for electronic copper foil and copper-clad laminates is driven by applications in 5G communications, smart devices, and automotive electronics, indicating a broad development space for the industry [2] - The gold market in China is experiencing rapid growth, with significant increases in trading volumes and values, reflecting heightened market activity and consumer interest in gold products [4][5] Group 3: Research and Development - Jinbao Electronics emphasizes enhancing its R&D capabilities, with 50% of its R&D personnel having over ten years of experience, focusing on electrochemistry, electroplating alloys, and chemical engineering [3] - The company has undertaken over 30 national and provincial major technology projects and has received multiple awards for technological advancements [3] - Jinbao Electronics is involved in setting industry standards, contributing to the establishment of national standards for copper foil and laminated boards, thereby strengthening its competitive edge [3]

Industry Overview - The high-frequency copper clad laminate (HFCCL) industry in China is experiencing rapid growth, driven by increasing demand in sectors such as 5G base station construction, autonomous driving millimeter-wave radar, and satellite navigation [1][13] - The market size of the HFCCL industry is projected to grow from 950 million yuan in 2017 to 4.334 billion yuan in 2024, with a compound annual growth rate (CAGR) of 24.21% [1][13] - HFCCL is essential for 5G communication due to its low dielectric constant and low dielectric loss, making it a key material for base station antennas and RF modules [1][11] Industry Chain - The upstream of the HFCCL industry includes raw materials such as copper foil, resin, fiberglass cloth, and silica powder, with copper foil being critical for signal transmission efficiency [7][9] - The midstream involves the manufacturing of HFCCL, while the downstream applications span across 5G communication, wireless networks, and automotive radar [7] Key Companies - Leading companies in the HFCCL industry include Shengyi Technology, Zhongying Technology, and Huazheng New Materials, which leverage their technological expertise and manufacturing scale to drive industry development [16] - Other notable companies include Nanya New Materials, Jinan Guoji, and Baoding Technology, which focus on niche markets and product differentiation [16] Market Trends - The HFCCL industry is moving towards miniaturization, with demands for smaller sizes and thinner thicknesses driven by 5G millimeter-wave communication and consumer electronics [23] - There is a trend towards higher-layer structures, evolving to more than 16 layers to meet the complex interconnection needs of high-performance computing and AI chips [24] - Flexibility is becoming a key focus, with innovations in bendable materials to cater to the growing market for wearable devices and flexible displays [26] - The integration of smart technologies is also on the rise, with HFCCL incorporating passive components and sensors for enhanced functionality [27]

Core Viewpoint - Baoding Technology (宝鼎科技) is experiencing a significant decline in its financial performance for the first half of 2025, with net profit dropping substantially compared to the same period last year [1][2]. Financial Performance Summary - The net profit attributable to shareholders for the reporting period is projected to be between 18 million and 26 million yuan, a decrease of 74.32% to 82.22% from 101.26 million yuan in the same period last year [1]. - The net profit after deducting non-recurring gains and losses is expected to be between 20 million and 28 million yuan, down 11.32% to 36.66% from 32 million yuan year-on-year [1][2]. - Basic earnings per share are forecasted to be between 0.04 yuan and 0.06 yuan, compared to 0.24 yuan in the previous year [1]. Reasons for Performance Decline - The significant decline in net profit is attributed to two main factors: 1. The previous year's sale of Baoding Heavy Industry and Baoding Scrap Metal equity generated an investment income of 84.6581 million yuan, impacting net profit by 67.0203 million yuan [2]. 2. A decrease in sales volume of copper-clad laminates and copper foil has led to a decline in operating revenue and gross margin [2]. Company Background - Baoding Technology Co., Ltd. is located in the industrial park of Tangqi Town, Linping District, Hangzhou, Zhejiang Province, and was established on March 25, 1999, with its listing date on February 25, 2011 [5]. - The company specializes in the research, development, production, and sales of large castings and forgings [5].

[Expected Performance for the Current Period](index=1&type=section&id=I.%20Expected%20Performance%20for%20the%20Current%20Period) The company anticipates a significant year-over-year decline in its 2025 first-half net profit attributable to shareholders Performance Forecast Summary | Item | Current Reporting Period (Jan 1 - Jun 30, 2025) | Prior Year Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: 18.00 million - 26.00 million yuan | Profit: 101.262 million yuan | | **Year-over-Year Change** | Decrease: 74.32% - 82.22% | - | | **Net Profit Excluding Non-Recurring Gains/Losses** | Profit: 20.00 million - 28.00 million yuan | Profit: 31.5754 million yuan | | **Year-over-Year Change** | Decrease: 11.32% - 36.66% | - | | **Basic Earnings Per Share** | Profit: 0.04 - 0.06 yuan/share | Profit: 0.24 yuan/share | [Communication with Accounting Firm](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The company clarifies that the performance forecast data is a preliminary internal estimate, pending audit by its annual accounting firm - The performance forecast data has not been audited by the company's annual accounting firm[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes) Net profit decline is attributed to a high comparative base from prior-year non-recurring gains and core business downturn - The primary reason for the performance decline is a high comparative base, due to **84.6581 million yuan** in investment income from the sale of Baoding Heavy Industry and Baoding Scrap Metal equity in the prior year period[5](index=5&type=chunk) - Core business segments, specifically copper clad laminate and copper foil, experienced decreased sales volume, leading to lower operating revenue and gross margins, negatively impacting current period profit[5](index=5&type=chunk) [Risk Warning and Other Related Information](index=1&type=section&id=IV.%20Risk%20Warning%20and%20Other%20Related%20Information) The company warns this performance forecast is preliminary, with final data in the 2025 semi-annual report - This performance forecast is a preliminary estimate, and the final financial data will be subject to the company's 2025 semi-annual report disclosure[6](index=6&type=chunk) - The company advises investors to exercise caution in their decisions and be aware of investment risks[6](index=6&type=chunk)

机械设备行业今日上涨1.23%，全天主力资金净流入5.39亿元，该行业所属的个股共530只，今日上涨的 有414只，涨停的有10只；下跌的有107只。以资金流向数据进行统计，该行业资金净流入的个股有246 只，其中，净流入资金超亿元的有6只，净流入资金居首的是中核科技，今日净流入资金1.86亿元，紧 随其后的是大丰实业、宝鼎科技，净流入资金分别为1.66亿元、1.45亿元。机械设备行业资金净流出个 股中，资金净流出超5000万元的有6只，净流出资金居前的有三川智慧、合锻智能、巨力索具，净流出 资金分别为3.52亿元、1.46亿元、9760.25万元。（数据宝） 机械设备行业资金流入榜 沪指7月14日上涨0.27%，申万所属行业中，今日上涨的有21个，涨幅居前的行业为机械设备、公用事 业，涨幅分别为1.23%、1.04%。机械设备行业位居今日涨幅榜首位。跌幅居前的行业为房地产、传 媒，跌幅分别为1.29%、1.24%。 资金面上看，两市主力资金全天净流出381.11亿元，今日有6个行业主力资金净流入，机械设备行业主 力资金净流入规模居首，该行业今日上涨1.23%，全天净流入资金5.39亿元，其次是公用事业行业， ...

Market Overview - The A-share market showed mixed performance on July 14, with the Shanghai Composite Index up by 0.43%, while the Shenzhen Component Index and the ChiNext Index fell by 0.23% and 0.74% respectively [2][3] - The total trading volume for the market reached 987.4 billion CNY, a slight decrease from the previous day, with 2,686 stocks rising and 2,528 stocks falling [3] Sector Performance - The precious metals, banking, and power sectors performed well, while the financial technology sector, including stock trading software and stablecoin concepts, faced declines [3][5] - Notable gains were seen in the humanoid robot concept stocks, with companies like Yushun Robotics and others experiencing significant increases [8][11] Humanoid Robot Sector - The humanoid robot concept stocks surged, with companies like Changrong Co. and Degute achieving daily price limits, indicating strong investor interest [8][9] - Recent commercial developments include the upcoming launch of the Mocha robot by Chery and a procurement order worth 120 million CNY for humanoid robots by Yushun and Zhiyuan [11] Banking Sector - The banking sector continued to show strength, with several banks, including Guiyang Bank and Agricultural Bank of China, reporting gains of over 2% [11][12] - This sector's performance has been a stabilizing factor for the overall market [11] Financial Technology Sector - The financial technology index experienced a downturn, with stocks like Dazhihui and Jinzhen falling by over 9% [14][17] - Multiple regions, including Beijing and Shenzhen, issued risk warnings regarding stablecoins, contributing to the sector's decline [14][18] Cryptocurrency Market - Bitcoin surpassed the 120,000 USD mark, reaching a new historical high, with predictions suggesting it could rise to 200,000 USD by the end of the year [23]

Core Viewpoint - The announcement details the completion of the share repurchase and cancellation process related to performance commitment compensation, affecting the shareholding structure of Baoding Technology Co., Ltd. [1][2] Group 1: Share Repurchase and Cancellation - The company repurchased and canceled a total of 20,556,708 shares, reducing the total share capital from 408,542,039 shares to 387,985,331 shares [1][5][9] - The repurchase was executed at a total price of RMB 1.00, with the shares coming from two shareholders: Shandong Zhaojin Group Co., Ltd. and Zhaoyuan Yongyu Electronic Materials Co., Ltd. [5][8] Group 2: Performance Commitment and Compensation - The performance commitment agreement required the target company, Jinbao Electronics, to achieve specific net profit targets over three years, with total commitments of at least RMB 61,104.76 million [2][6] - The actual net profits achieved were significantly below the commitments, with a completion rate of only 33.80% over the three years [6] Group 3: Shareholding Structure Changes - Following the repurchase, the shareholding ratios of major shareholders changed, with Shandong Jindu State Capital Investment Group's stake increasing from 37.10% to 38.02%, and Zhubao Song's stake increasing from 21.61% to 22.76% [1][9] - The shareholding of Yongyu Electronic decreased from 8.83% to 5.04%, triggering a change that touches on the 1% integer multiple [1][9] Group 4: Financial Impact - The basic earnings per share increased from RMB 0.5898 to RMB 0.6382 following the share repurchase [9]

证券代码：002552 证券简称：宝鼎科技 公告编号：2025-028 宝鼎科技股份有限公司 关于业绩承诺补偿股份回购注销完成暨 控股股东及其一致行动人、持股 5%以上股东及其一致行动人 特别提示： 1、宝鼎科技股份有限公司（以下简称"宝鼎科技"、"公司"）本次拟回购注 销发行股份购买资产业绩承诺补偿股份涉及2名股东，分别为山东招金集团有限 公司（以下简称"招金集团"）、招远永裕电子材料有限公司（以下简称"永裕电 子"），回购注销的股份数量为20,556,708股，占本次回购注销前公司总股本 408,542,039股的5.03%，全部为有限售条件流通股。 2、本次业绩承诺补偿股份由公司以总价人民币1.00元回购注销，公司已于 2025年7月11日通过中国证券登记结算有限责任公司深圳分公司办理完成股份回 购注销手续。本次回购注销完成后，公司总股本由408,542,039股变更为 387,985,331股。 3、本次权益变动系公司业绩承诺补偿回购注销股份导致公司总股本减少， 致使控股股东山东金都国有资本投资集团有限公司及其一致行动人合计权益比 例由37.10%增加至38.02%；朱宝松及其一致行动人合计权益比例由 ...

Group 1 - The company plans to repurchase and cancel a total of 20,556,708 shares, reducing its total share capital from 408,542,039 shares to 387,985,331 shares [1] - The repurchase is related to performance commitments from two shareholders: Shandong Zhaojin Group Co., Ltd. and Zhaoyuan Yongyu Electronic Materials Co., Ltd. [1] - The repurchase will not change the actual controller of the company, and the share distribution will still meet the listing conditions [1] Group 2 - The repurchase involves buying back 4,034,765 shares from Zhaojin Group and 16,521,943 shares from Yongyu Electronic [1] - After the repurchase, the basic earnings per share for the year 2024 will increase from 0.5898 yuan per share to 0.6382 yuan per share [1] - The share structure will change, with restricted shares decreasing from 21.62% to 17.46% and unrestricted shares increasing from 78.38% to 82.54% [1]

证券代码：002552 证券简称：宝鼎科技 公告编号：2025-027 宝鼎科技股份有限公司 关于业绩承诺补偿拟回购注销股份实施的提示性公告 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。 特别提示： 1、宝鼎科技股份有限公司（以下简称"宝鼎科技"、"公司"）本次拟回购注 销发行股份购买资产业绩承诺补偿股份涉及2名股东，分别为山东招金集团有限 公司（以下简称"招金集团"）、招远永裕电子材料有限公司（以下简称"永裕电 子"），回购注销的股份数量为20,556,708股，占本次回购注销前公司总股本 408,542,039股的5.03%，全部为有限售条件流通股。 2、本次业绩承诺补偿股份公司将以1元人民币价格回购注销，对应回购股份 将在中国证券登记结算有限责任公司深圳分公司完成注销登记。本次回购注销完 成后，公司总股本将由408,542,039股减少到387,985,331股。 一、本次拟回购注销股份的原因 （2）向业绩承诺方股东——永裕电子回购16,521,943股 4、回购价格：总价人民币1.00元 5、回购股份资金来源：自有资金 6、回购股份期限：公司应在法律 ...