证券代码：300174 证券简称：元力股份 公告编号：2025-059 本次交易构成关联交易，预计不构成重大资产重组，且不构成重 组上市。 二、本次交易的历史披露情况 福建元力活性炭股份有限公司 关于筹划发行股份及支付现金购买资产并募集配套资金 暨关联交易事项的进展公告 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。 特别提示： 1、福建元力活性炭股份有限公司（以下简称"公司"）于 2025 年 7 月 25 日披露的《福建元力活性炭股份有限公司发行股份及支付现 金购买资产并募集配套资金暨关联交易预案》（以下简称"本次交易 预案"）及其摘要中已对本次交易涉及的风险因素及尚需履行的审批 程序进行了详细说明，公司将根据相关事项的进展情况，及时履行信 息披露义务，提请广大投资者关注后续进展公告并注意投资风险。 2、截至本公告披露日，除本次交易预案中披露的有关风险因素外， 公司尚未发现可能导致公司董事会或者交易对方撤销、中止本次交易 或者对本次交易作出实质性变更的相关事项，本次交易工作正在有序 进行中。 一、本次交易概述 公司拟筹划收购福建同晟新材料科技股份公司控制权 ...

Group 1 - The core viewpoint of the news is that Yuanli Co., Ltd. has experienced a decline in stock performance and financial metrics, indicating potential challenges in its business operations [1][2] Group 2 - On September 30, Yuanli Co., Ltd. saw a stock price decrease of 0.36% with a trading volume of 117 million yuan [1] - The financing data shows that on the same day, the company had a financing buy-in amount of 16.05 million yuan and a financing repayment of 17.97 million yuan, resulting in a net financing outflow of 1.92 million yuan [1] - As of September 30, the total balance of margin trading for Yuanli Co., Ltd. was 560 million yuan, which accounts for 9.24% of its market capitalization, indicating a high level of financing [1] - The company had a low short-selling balance, with only 100 shares available for short selling and a total short-selling balance of 1,665 yuan, which is below the 20th percentile of the past year [1] Group 3 - As of June 30, the number of shareholders for Yuanli Co., Ltd. was 16,700, a decrease of 0.16% from the previous period, while the average circulating shares per person increased by 0.13% to 21,776 shares [2] - For the first half of 2025, Yuanli Co., Ltd. reported a revenue of 940 million yuan, a year-on-year decrease of 4.5%, and a net profit attributable to shareholders of 118 million yuan, down 19.95% year-on-year [2] - Since its A-share listing, Yuanli Co., Ltd. has distributed a total of 332 million yuan in dividends, with 138 million yuan distributed over the past three years [2]

证券日报网讯 9月22日晚间，元力股份发布公告称，公司拟筹划收购福建同晟新材料科技股份公司控制 权事宜。（简称"本次交易"）本次交易构成关联交易，预计不构成重大资产重组，且不构成重组上市。 截至本公告披露日，本次交易涉及的审计、评估、尽职调查等工作正按照计划开展。待相关工作完成 后，公司将再次召开董事会审议本次交易的相关事项，并由董事会召集股东会审议本次交易相关的议 案。 （文章来源：证券日报） ...

暨关联交易事项的进展公告 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。 特别提示： 1、福建元力活性炭股份有限公司（以下简称"公司"）于 2025 年 7 月 25 日披露的《福建元力活性炭股份有限公司发行股份及支付现 金购买资产并募集配套资金暨关联交易预案》（以下简称"本次交易 预案"）及其摘要中已对本次交易涉及的风险因素及尚需履行的审批 程序进行了详细说明，公司将根据相关事项的进展情况，及时履行信 息披露义务，提请广大投资者关注后续进展公告并注意投资风险。 一、本次交易概述 公司拟筹划收购福建同晟新材料科技股份公司控制权事宜。（以 下简称"本次交易"） 证券代码：300174 证券简称：元力股份 公告编号：2025-058 福建元力活性炭股份有限公司 关于筹划发行股份及支付现金购买资产并募集配套资金 2、截至本公告披露日，除本次交易预案中披露的有关风险因素外， 公司尚未发现可能导致公司董事会或者交易对方撤销、中止本次交易 或者对本次交易作出实质性变更的相关事项，本次交易工作正在有序 进行中。 本次交易构成关联交易，预计不构成重大资产重组，且不构成重 组上 ...

Core Insights - Yuanli Co., Ltd. engaged in discussions with two institutions, including Xinda Securities, focusing on technology development, product innovation, market expansion, and new energy carbon materials business [1][2] Group 1: Technology and Innovation - Technology innovation is central to Yuanli's sustainable development, with a focus on comprehensive utilization of thermal energy and reducing consumption through R&D and technological upgrades [3] - The company aims to optimize production processes to enhance the stability of three main products: activated carbon, sodium silicate, and silica gel [3] - Yuanli is committed to improving production line efficiency and environmental standards while reducing costs and increasing efficiency through "technology application, process improvement, and equipment enhancement" [3] Group 2: Activated Carbon Product Layout - Yuanli is expanding its activated carbon product range towards full-category and high-end development, including wood-based powdered activated carbon, bamboo-based granular activated carbon, and fruit shell activated carbon [4] - These products find applications across various sectors such as fermentation, food, pharmaceuticals, chemicals, and water treatment [4] Group 3: Market Expansion Strategy - To consolidate market advantages, Yuanli employs flexible sales strategies to increase market share in traditional sectors and enhance bargaining power [5] - The company is expanding the production and sales scale of granular and coconut shell activated carbon while enhancing high-end product market development through exhibitions and forums [5] - Yuanli is focusing on creating a "one-stop overall solution" capability and improving marketing management to increase customer loyalty and promote activated carbon sales growth [5] Group 4: New Energy Carbon Materials Progress - Yuanli's new energy carbon materials business is off to a good start, with bulk production and sales of supercapacitor carbon, hard carbon, and porous carbon [6] - The company is steadily advancing the "2,000 tons annual production of porous carbon construction project," which is expected to become a new growth driver [6]

Group 1: Company Overview and Innovation Plans - The company emphasizes that technological innovation is the core of its sustainable development, focusing on research and development (R&D) and technological transformation to optimize production processes and enhance product quality stability for activated carbon, sodium silicate, and silica gel [1] - The company aims to improve production line efficiency and environmental standards through "technology application, process improvement, and equipment enhancement," while steadily advancing towards decarbonization [1] - The company plans to explore new products and applications in activated carbon, leveraging its technical foundation to develop specialized activated carbon products, aiming for a "develop one generation, produce one generation, and reserve one generation" strategy for long-term growth [1] Group 2: Product Development and Market Expansion - The company has developed a wide range of activated carbon products, including bamboo-based granular activated carbon, fruit shell activated carbon, coconut shell carbon, supercapacitor activated carbon, biomass hard carbon, and porous carbon, which are applied in various industries such as fermentation, food additives, pharmaceuticals, chemicals, water treatment, environmental protection, catalyst carriers, and new energy carbon materials [2] - The company intends to strengthen its market position in the activated carbon industry by adopting flexible sales strategies to expand market share in traditional sectors and enhance product pricing power [2] - The company is actively developing high-end activated carbon products and utilizing exhibitions, forums, and seminars to enhance its industry image and promote a "one-stop overall solution" capability [2] Group 3: New Energy Carbon Materials - The company reports that its new energy carbon materials, including supercapacitor carbon, hard carbon, and porous carbon, have started well, achieving mass production and sales, and are expected to become a new growth driver for the company [2] - The company is progressing with the "2,000 tons per year porous carbon construction project" to further enhance its production capacity [2]

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].