中国北京建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 12-15th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 关于北京钢研高纳科技股份有限公司 2025 年第二次临时股东会的 法律意见书 致：北京钢研高纳科技股份有限公司 1.1 2025 年 8 月 26 日，公司在指定信息披露媒体登载了本次股东会的会议通知，依 法公告了本次股东会的召开时间和地点、会议审议的议案、参加人员、登记办法 等相关事项。 1.2 本次股东会采取现场投票和网络投票相结合的方式召开，2025 年 9 月 10 日（星 期三）15:30，本次股东会现场会议在通知公告的会议地点如期举行。 1.3 本次股东会由公司董事长周武平主持，就会议通知中所列提案逐一进行了审议。 二、 本次股东会的召集 ...

2025 年半年度跟踪报告 | 保荐人名称:华泰联合证券有限责任公司 | 被保荐公司简称:钢研高纳 | | --- | --- | | 保荐代表人姓名:孙琪 | 联系申话:18610914313 | | 保荐代表人姓名:吴思航 | 联系申话:15201360596 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | (1) 是否及时审阅公司信息披露文件 | 是 | | (2) 未及时审阅公司信息披露文件的次数 | 0 | | 2. 督导公司建立健全并有效执行规章制度的情况 | | | (1) 是否督导公司建立健全规章制度(包括 但不限于防止关联方占用公司资源的制度、 | | | | 是 | | 募集资金管理制度、内控制度、内部审计制 | | | 度、关联交易制度) | | | (2) 公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | (1) 查询公司募集资金专户次数 | 每月一次 | | (2)公司募集资金项目进展是否与信息披露 | | | 文件一致 | 是 | | 4.公司治理督导情况 | | | (1) 列席 ...

证券代码：300034 证券简称：钢研高纳 公告编号：2025-062 北京钢研高纳科技股份有限公司 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： 1.本次股东会未出现否决议案的情形。 2.本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开情况 1、召集人：公司董事会 2、召开方式：现场投票与网络投票相结合的方式 3、召开时间： （1）现场会议时间：2025 年 9 月 10 日（星期三）15：30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 9 月 10 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所 互联网投票系统投票的具体时间为 2025 年 9 月 10 日 9:15 至 15:00 的任意时间。 4、股权登记日：2025 年 9 月 5 日 5、现场会议召开地点：北京市海淀区大柳树南村 19 号新材料大楼五层会议 室 6、现场会议主持人：董事长周武平先生 其中：通过现场投票的股东 0 人，代表股份 0 股，占公司有 ...

Group 1 - The core point of the article is that Steel Research High-Tech (钢研高纳) has filed an international patent application for a new alloy bar and its preparation method, indicating ongoing innovation efforts [1] - The patent application is titled "GH4151 Alloy Bar and Its Preparation Method and Application," with the application number PCT/CN2025/076784 and an international publication date of August 28, 2025 [1] - In 2023, Steel Research High-Tech has filed three international patent applications, which is consistent with the same period last year [3] Group 2 - In the first half of 2023, the company invested 86.47 million yuan in research and development, representing a year-on-year decrease of 4.01% [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.36 CNY [2][4] Core Views - The company's H1 2025 revenue reached 1.817 billion CNY, reflecting a 5.07% increase, while the net profit attributable to shareholders was 64.52% lower at 64 million CNY [1] - The fluctuation in product prices has significantly impacted profit performance, but a recovery in industry demand is expected to reverse the company's fundamentals [1][8] - The company completed a private placement of shares, raising 280 million CNY, which is anticipated to improve liquidity and support downstream demand [8] Financial Summary - Revenue projections for 2025 are set at 4.021 billion CNY, with a year-on-year growth of 14.1% [3] - The net profit attributable to shareholders is forecasted to be 198 million CNY in 2025, down 20.2% from the previous year [3] - The company's gross margin is expected to be 28.3% in 2025, a decrease from 31.7% in 2024 [3] - The earnings per share (EPS) for 2025 is projected at 0.25 CNY, with subsequent years showing an increase to 0.44 CNY in 2026 and 0.53 CNY in 2027 [2][3]

Macro Strategy - The core viewpoint highlights the unprecedented removal of Federal Reserve Governor Cook by Trump, raising concerns about the independence of the Federal Reserve and the potential for more "Trump-aligned" appointees, which could lead to increased expectations for interest rate cuts in the future [1] - Following the removal announcement, market reactions included rising long-term U.S. Treasury yields and gold prices, while the U.S. dollar index declined, indicating a shift in investor sentiment towards risk assets [1] Fixed Income - The report indicates a cautious approach in the convertible bond market, suggesting a reduction in exposure to high-priced targets while increasing allocations to ETFs to balance risks [2][3] - The 10-year government bond yield increased from 1.745% to 1.785%, reflecting market adjustments to macroeconomic conditions [2] Industry Insights - New Lai Ying Material (300260) reported improved Q2 performance, benefiting from growth in the semiconductor and liquid cooling sectors, with a focus on domestic substitution and an optimized customer structure [5][6] - Li Yuan Heng (688499) achieved profitability with a robust order backlog in solid-state battery equipment, indicating a strong operational cash flow and successful delivery to major clients [7] - Jin Zai Food (003000) is experiencing a Q2 adjustment period, leading to a downward revision of profit forecasts for 2025-2027, reflecting a mismatch between internal expansion strategies and external market conditions [8][9] - Anpei Long (301413) reported steady growth in its temperature and pressure sensor business while investing in humanoid robotics, adjusting profit forecasts for 2025-2026 [10] - Xinde New Materials (301349) is seeing significant growth in fast-charging products, with profit forecasts adjusted upwards due to improved margins [11] - The report on China National Railway (601766) indicates strong growth in H1 2025, driven by recovery in railway fixed asset investments [18] - The report on China Duty Free Group (601888) highlights a narrowing revenue decline in Q2 2025, with a focus on expanding city store operations to boost sales [31] - Yun Aluminum (000807) reported a 17.98% increase in revenue for H1 2025, with a focus on maintaining high profit margins amid fluctuating aluminum prices [32][33]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.817 billion yuan in the first half of 2025, representing a year-on-year increase of 5.07%, while the net profit attributable to the parent company was 63.81 million yuan, a significant decline of 64.52% year-on-year [1][8] - The decline in net profit is primarily attributed to the volatility in raw material prices and the price reductions of some products entering mass production [8] - The company has made strategic moves to enhance its core capabilities in high-temperature alloys, including a directed issuance of shares to its controlling shareholder and an investment in a new forging base [8] Financial Summary - The company’s total revenue is projected to grow from 3.408 billion yuan in 2023 to 5.294 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.44% [1][9] - The net profit attributable to the parent company is expected to increase from 319.13 million yuan in 2023 to 375.87 million yuan in 2027, with a notable recovery in growth rates after 2025 [1][9] - The earnings per share (EPS) is forecasted to rise from 0.40 yuan in 2023 to 0.47 yuan in 2027, reflecting an improving profitability outlook [1][9] Market Data - The closing price of the company's stock is 17.90 yuan, with a market capitalization of approximately 14.27 billion yuan [5] - The company has a price-to-earnings (P/E) ratio of 46.18 for the current price and latest diluted earnings [1][5] Operational Insights - The company’s gross margin decreased from 31.90% in the previous year to 24.05% in the first half of 2025, primarily due to rising raw material costs and price concessions [8] - The company’s operating cash flow showed a net outflow of 267 million yuan in the first half of 2025, which is a narrowing of 39.43% year-on-year, indicating improved sales collection [8][9]

Core Viewpoint - The financial performance of Steel Research High-Tech (300034) for the first half of 2025 shows a mixed picture, with revenue growth but a significant decline in net profit, indicating potential challenges in operational efficiency and cash flow management [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 1.817 billion yuan, a year-on-year increase of 5.07% compared to 1.729 billion yuan in 2024 [1] - Net profit attributable to shareholders was 63.81 million yuan, down 64.52% from 180 million yuan in the previous year [1] - The second quarter saw total revenue of 879 million yuan, a decline of 5.51% year-on-year, with net profit dropping 89.71% to 8.75 million yuan [1] - Gross margin decreased to 24.05%, down 24.63% year-on-year, while net margin fell to 7.4%, a decrease of 49.79% [1] - The company reported a significant increase in accounts receivable, which reached 1.833 billion yuan, accounting for 737.29% of the net profit [1] Cash Flow and Debt Management - Cash and cash equivalents increased by 93.13%, attributed to higher sales collections and reduced long-term asset purchases [3] - Short-term borrowings decreased by 61.48% due to repayment of loans from the parent company, while long-term borrowings increased by 42.69% to support working capital and project financing [2] - Operating cash flow improved by 39.43% due to increased sales collections [2] Operational Insights - The company’s return on invested capital (ROIC) was 8.93%, indicating average capital returns, with a historical median ROIC of the same value over the past decade [3] - The business model relies heavily on research and development, necessitating a thorough examination of the underlying drivers of this approach [4] Recommendations for Monitoring - Attention is advised on the company's cash flow situation, with a cash to current liabilities ratio of only 41.03% [5] - The accounts receivable situation is also critical, as it has reached 737.29% of net profit [5]

Group 1 - The core viewpoint of the article highlights that Beijing Steel Research High-Temperature Alloy Technology Co., Ltd. (Steel Research High-Temperature) reported a revenue of 1.817 billion yuan for the first half of 2025, reflecting a year-on-year growth of 5.07%, while the net profit attributable to shareholders decreased by 64.52% to 63.8054 million yuan [2] - The company is recognized as one of the leading producers of high-end and new high-temperature alloy products in China, with a comprehensive product system [2] - Steel Research High-Temperature has a strong focus on nickel-based high-temperature alloys and is expanding into aluminum, magnesium, and titanium casting and forging, establishing a diversified industrial layout across seven cities and ten factories, headquartered in Beijing [2] Group 2 - The company possesses the capability to produce 5,000 tons of aerospace high-temperature alloy mother alloy annually and has the ability to manufacture precision castings for aerospace engines [2] - It also has the production capacity for over 1,000 tons of deformed alloy raw materials and more than 10,000 aerospace ring forgings annually, showcasing its advanced manufacturing capabilities for essential aerospace engine materials [2] - The company is equipped with production technologies for new alloy products, including powder high-temperature alloys, intermetallic compound castings, oxide dispersion strengthened alloys, and foam metals, which are critical for advanced aerospace engines [2]

Core Viewpoint - Steel Research High-tech (钢研高纳) reported a revenue of 1.817 billion yuan for the first half of 2025, reflecting a year-on-year growth of 5.07%, while net profit decreased by 64.52% to 63.8054 million yuan [1] Financial Performance - The company achieved an operating income of 1.817 billion yuan in the first half of 2025, which is a 5.07% increase compared to the same period last year [1] - Net profit for the same period was 63.8054 million yuan, showing a significant decline of 64.52% year-on-year [1] - Basic earnings per share (EPS) were reported at 0.0812 yuan [1] - The weighted average return on equity (ROE) stood at 1.74% [1]