9月10日，元力股份接待信达证券等2家机构调研，就公司技术开发、产品创新、市场开拓及新能源碳材 料业务等方面展开交流。 调研基本信息 本次投资者关系活动类别为特定对象调研，于2025年9月10日10:00在公司会议室举行。参与单位为信达 证券，人员有宿一赫、张洪滨，上市公司接待人员为罗聪、兰靖。 技术与创新规划 技术创新是元力股份可持续发展的核心。公司将围绕热能综合利用、降低消耗开展研发与技改，优化生 产工艺，提升活性炭、硅酸钠、硅胶三大产品质量稳定性。同时，以"技术应用、工艺改进、装备提 升"为着力点，提高产线效率与环保水平，实现降本增效。 在产品创新上，公司凭借深厚技术积淀，深入研究活性炭机理，探索新产品与新应用，扩展特殊用途活 性炭开发，推进硬碳、多孔碳等新能源碳材料技术攻关，并与下游重点应用商合作商用解决方案。 活性炭产品布局 市场开拓策略 为巩固市场优势，元力股份采取灵活销售策略，扩大传统领域份额，提升议价能力。同时，扩大颗粒 炭、椰壳炭产销规模，加强高端品类市场开发，通过展会、论坛等提升行业形象。公司还聚合各方力 量，提升"一站式整体解决方案"能力，强化营销精细管理，采取差异化服务提高客户黏性，促 ...

| | 以新技术、新工艺的优化，进一步完善活性炭、硅酸钠、硅胶、 | | --- | --- | | | 清洁能源的产业链融合水平，提升公司整体运营效率。 | | | 3、问：公司已开发的活性炭产品品类及应用领域有哪些？ | | | 答：随着公司综合实力和技术水平的不断增强，在活性炭领 | | | 域持续朝着全品类、高端化的方向发展。除强势品类木质粉状活 | | | 性炭外，公司逐步开发出竹基颗粒活性炭、果壳活性炭、椰壳炭、 | | | 超级电容活性炭、生物质硬碳、多孔碳等产品，广泛应用于发酵 | | | 行业、食品添加剂、医药行业、化工行业、水处理、环保行业、 | | | 催化剂载体、新能源碳材料等领域。 | | | 4、问：公司在活性炭产品市场开拓方面有哪些举措？ | | | 答：公司将继续巩固和加强在活性炭行业的市场优势地位， | | | 根据市场变化采取灵活的销售策略，进一步扩大传统领域的市场 | | | 份额，提升市场影响力及产品议价能力；同时扩大颗粒炭、椰壳 | | | 炭等产销规模，加强高端品类活性炭的市场开发工作，利用展会、 | | | 主动召集、召开论坛、研讨会等方式，提升行业新形象；聚合销 ...

截至6月30日，元力股份股东户数1.67万，较上期减少0.16%；人均流通股21776股，较上期增加0.13%。 2025年1月-6月，元力股份实现营业收入9.40亿元，同比减少4.50%；归母净利润1.18亿元，同比减少 19.95%。 分红方面，元力股份A股上市后累计派现3.32亿元。近三年，累计派现1.38亿元。 融券方面，元力股份9月9日融券偿还100.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量400.00股，融券余额7200.00元，低于近一年50%分位水平，处于较低位。 资料显示，福建元力活性炭股份有限公司位于福建省南平市延平区朱熹路8号，成立日期1999年5月21 日，上市日期2011年2月1日，公司主营业务涉及木质活性炭的研发、生产和销售。主营业务收入构成 为：活性炭78.29%，硅酸钠13.78%，硅胶7.33%，其他0.44%，热能0.16%。 9月9日，元力股份跌2.12%，成交额2.64亿元。两融数据显示，当日元力股份获融资买入额3747.60万 元，融资偿还4230.95万元，融资净买入-483.35万元。截至9月9日，元力股份融资融券余额合计5.1 ...

Core Viewpoint - The company's H1 2025 performance met expectations, with a revenue of 940 million yuan, a decrease of 4.5% year-on-year, and a net profit attributable to shareholders of 120 million yuan, down 20% year-on-year [1] Group 1: Financial Performance - In Q2 2025, the company reported revenue of 510 million yuan, with a quarter-on-quarter decrease of 2% but a year-on-year increase of 17% [1] - The gross profit margin for Q2 2025 was 26.1%, an increase of 2.1 percentage points quarter-on-quarter and 2.7 percentage points year-on-year [1] - The net profit margin attributable to shareholders was 14.1%, up 0.5 percentage points quarter-on-quarter and 3.3 percentage points year-on-year [1] Group 2: Product Performance - In H1 2025, the activated carbon segment generated revenue of 740 million yuan, an increase of 8% year-on-year, with shipments of 77,000 to 75,000 tons, also up 5-10% year-on-year [1] - The silicon materials segment saw a revenue of 200 million yuan in H1 2025, a decrease of 34% year-on-year, with sodium silicate revenue at 130 million yuan, down 45% year-on-year [1][2] - The gross profit margin for activated carbon in H1 2025 was 28.4%, an increase of 3.4 percentage points year-on-year, while sodium silicate maintained a gross profit margin of 15.4% [2] Group 3: Cost and Investment - The company reported a stable expense ratio of 12% in Q2 2025, with operating cash flow of 90 million yuan, a year-on-year increase of 2% [2] - Capital expenditure in Q2 2025 was 80 million yuan, a significant increase of 193% year-on-year [2] - Inventory at the end of H1 2025 was 260 million yuan, reflecting a 1% increase from the beginning of the year [2] Group 4: Profit Forecast and Investment Rating - The company maintains profit forecasts of 290 million yuan, 360 million yuan, and 460 million yuan for 2025-2027, representing year-on-year growth of 0.3%, 25.0%, and 27.9% respectively [2] - The corresponding price-to-earnings ratios are projected to be 22x, 17x, and 14x for the same period, with a "Buy" rating maintained [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's profitability continues to recover, with new products in white carbon black and other segments driving growth [7] - The H1 2025 revenue is projected at 9.4 billion RMB, a decrease of 4.5% year-on-year, while the net profit attributable to shareholders is expected to be 1.2 billion RMB, down 20% year-on-year [7] - The report anticipates a stable gross margin for activated carbon and a contribution from new products starting in 2025 [7] Financial Summary - Total revenue forecast for 2023A is 2,015 million RMB, with a year-on-year growth of 3.30% [1] - The net profit attributable to shareholders for 2023A is projected at 237.15 million RMB, reflecting a year-on-year increase of 5.65% [1] - The earnings per share (EPS) for 2023A is estimated at 0.65 RMB, with a price-to-earnings (P/E) ratio of 26.05 [1] - The company expects to achieve a net profit of 2.9 billion RMB in 2025, with a year-on-year growth of 0.3% [7] - The projected P/E ratios for 2025E and 2026E are 21.65 and 17.34, respectively [1]

Core Viewpoint - Yuanli Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, indicating challenges in financial performance despite some improvements in cash flow metrics [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 was 940 million yuan, a decrease of 4.5% year-on-year [1]. - Net profit attributable to shareholders was 118 million yuan, down 19.95% compared to the previous year [1]. - In Q2 2025, total revenue was 506 million yuan, a decline of 2.1% year-on-year, while net profit increased by 1.85% to 71.46 million yuan [1]. - The gross profit margin improved to 24.82%, an increase of 6.52% year-on-year, while the net profit margin decreased to 12.65%, down 16.13% [1]. - Total expenses (selling, administrative, and financial) amounted to 74.68 million yuan, representing 7.95% of revenue, an increase of 3.17% year-on-year [1]. Cash Flow and Debt Analysis - Cash and cash equivalents decreased significantly by 81.35% to 276 million yuan, attributed to increased operating cash flow [1][2]. - Short-term borrowings increased by 51.08% due to higher bank loans, while long-term borrowings decreased by 45.03% [2]. - The net cash flow from operating activities surged by 2597.71%, primarily due to reduced cash payments for goods and services [2]. Business Model and Investment Insights - The company's performance is heavily reliant on capital expenditures, necessitating careful evaluation of the profitability of these investments [3]. - The cash flow situation is a concern, with cash and cash equivalents covering only 49.96% of current liabilities [3]. - Analysts project a net profit of 290 million yuan for 2025, with an average earnings per share estimate of 0.8 yuan [3]. Fund Holdings - The largest fund holding Yuanli Co., Ltd. shares is the Zheshang Huijin New Consumption Mixed Fund, which holds 66,000 shares and has recently entered the top ten holdings [4].

Group 1 - Yuanli Co., Ltd. (SZ 300174) announced the convening of its sixth board meeting on August 26, 2025, to review the special report on the management and use of raised funds for the first half of 2025 [1] - For the first half of 2025, Yuanli's revenue composition was as follows: 78.64% from wood-based activated carbon, 21.2% from silicates, and 0.16% from thermal energy [1] Group 2 - The pet industry is experiencing a significant boom, with a market size of 300 billion yuan, leading to a surge in stock prices of related listed companies [1]

Core Viewpoint - Yuanli Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, indicating challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first half of 2025 was 940 million yuan, a year-on-year decrease of 4.50% [1] - The net profit attributable to shareholders of the listed company was 118 million yuan, reflecting a year-on-year decrease of 19.95% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 118 million yuan, showing a year-on-year increase of 0.97% [1] - Basic earnings per share were reported at 0.3278 yuan [1]

Core Viewpoint - Yuanli Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved operating revenue of 940 million yuan, a year-on-year decrease of 4.50% [1] - The net profit attributable to shareholders was 118 million yuan, reflecting a year-on-year decline of 19.95% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 118 million yuan, showing a year-on-year increase of 0.97% [1] - Basic earnings per share were reported at 0.3278 yuan [1]

法定代表人：许文显 主管会计工作负责人：池信捷 会计机构负责人：林水香 单位：万元 | 非经营性 | 资金占用方 | 占用方与上市公司 | 上市公司核算 | 2025 年期初 | 2025 年 1-6 月占 | 2025 年 1-6 月占 | 2025 年 1-6 月偿 | 2025年上半 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 资金占用 | 名称 | 的关联关系 | 的会计科目 | 占用资金余额 | 用累计发生金额 （不含利息） | 用资金的利息 （如有） | 还累计发生金额 | 年度期末占 用资金余额 | 占用形成原因 | 占用性质 | | 控股股东、实际控制人及 | 无 | | | | | | | | | | | 其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | | | | | 前控股股东、实际控制人 | 无 | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | | 小计 | - | - ...