Core Viewpoint - The Chinese superhard materials industry is accelerating its transformation from traditional grinding tools to high-end fields such as semiconductors and new energy, forming a three-tier product hierarchy of basic materials (HPHT/cBN), functional products (PCD tools), and high-end applications (CVD films), with the semiconductor/optical field growing at an 8% rate, becoming a new growth driver [1][6]. Product Structure - The superhard materials industry in China can be divided into three main levels: basic synthetic materials, functional products, and high-end application materials. Basic synthetic materials include industrial synthetic diamonds (HPHT), cubic boron nitride (cBN), diamond micropowder, and nanodiamonds, which are core raw materials for superhard tools. HPHT diamonds are widely used in grinding and cutting, while cBN is suitable for processing difficult materials like high-temperature alloys. CVD-synthesized diamond single crystals or films are primarily used in high-end electronics and heat dissipation devices [2][3]. Market Trends - The downstream demand for superhard materials in China is showing a trend of diversification and structural upgrading. The metal cutting tool sector still holds the largest share, while precision grinding and photovoltaic silicon wafer cutting are experiencing stable growth. The semiconductor and optical fields are emerging as new engines of growth, indicating a shift from traditional applications to high-tech areas such as semiconductors, consumer electronics, and new energy [6][10]. Supply and Demand Dynamics - The overall production and sales ratio of various segments in the superhard materials industry remains high, indicating a balanced supply-demand relationship. Diamond wire and micropowder products have a production-sales ratio close to 100%, reflecting strong demand in mature application scenarios. PCD/PCBN tools and superhard grinding wheels maintain a ratio of around 95%, showing stable penetration in traditional manufacturing and precision processing. However, the production-sales ratio for CVD diamond films is only 75%, indicating that it is still in the early stages of industrialization [7][10]. Market Composition - The Chinese superhard materials market is characterized by a leading position of industrial diamond micropowder, which accounts for over half of the market share. PCD/PCBN tools, benefiting from the rapid growth in CNC machine tools and new energy vehicle component processing, account for nearly one-fifth of the market. Superhard grinding wheels are used for precision grinding and high-hardness material processing, maintaining stable demand. Although CVD diamond films currently account for less than 10% of the market, their applications in semiconductors, optics, and thermal management are rapidly expanding, making them a high-growth category [10][15].

Core Viewpoint - Sifangda (300179) announced that the company and its controlling subsidiaries have no overdue guarantees, no guarantees provided to entities outside the consolidated financial statements, and no litigation-related guarantees or losses due to guarantee judgments [1] Summary by Categories - **Guarantee Status** - The company confirmed that there are no overdue guarantees [1] - There are no guarantees provided to entities outside the consolidated financial statements [1] - **Litigation and Legal Matters** - The company reported no involvement in litigation related to external guarantees [1] - There are no losses incurred from guarantee-related judgments [1]

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。 证券代码：300179 证券简称：四方达 公告编号：2025-057 河南四方达超硬材料股份有限公司 关于公司及控股子公司为子公司提供担保的进展公告 特别提示 本次被担保对象郑州天璇新材料有限公司的资产负债率超过 70%，敬请广大 投资者注意投资风险。 一、担保情况概述 河南四方达超硬材料股份有限公司（以下简称"公司"或"四方达"）于 2025 年 3 月 26 日召开第六届董事会第九次会议和第六届监事会第十次会议， 2025 年 4 月 22 日召开 2024 年度股东大会审议通过了《关于公司及控股子公司 为子公司申请银行授信额度提供担保的议案》。公司合并报表范围内子公司郑州 天璇新材料有限公司（以下简称"天璇新材料"）拟向银行申请最高不超过 40,000 万元授信额度，公司拟为天璇新材料相关授信业务提供担保，最高担保额度不超 过 18,725.00 万元，该担保事项实际发生时，天璇新材料将为该担保事项向公司 提供反担保；同时，天璇新材料作为河南天璇半导体科技有限责任公司（以下简 称"河南天璇"或"控股子公司" ...

Group 1 - The core viewpoint of the news is that Sifangda's stock has shown fluctuations in price and trading volume, with a current market capitalization of 5.194 billion yuan and a recent increase in trading activity [1] - As of August 25, Sifangda's stock price increased by 2.00% to 10.69 yuan per share, with a trading volume of 120 million yuan and a turnover rate of 3.02% [1] - The company has experienced a year-to-date stock price decline of 3.27%, with a 5-day decline of 2.91%, a 20-day increase of 1.81%, and a 60-day increase of 7.65% [1] Group 2 - As of June 30, Sifangda had 34,900 shareholders, a decrease of 8.09% from the previous period, with an average of 10,750 circulating shares per shareholder, an increase of 8.80% [2] - For the first half of 2025, Sifangda reported operating revenue of 261 million yuan, a year-on-year decrease of 1.06%, and a net profit attributable to shareholders of 53.218 million yuan, a decrease of 15.47% [2] - Since its A-share listing, Sifangda has distributed a total of 579 million yuan in dividends, with 193 million yuan distributed over the past three years [2]

Core Viewpoint - The new export control policy in 2024 marks a new stage of technological protection for the industry, shifting the policy focus from scale expansion to the construction of an innovation ecosystem through collaboration between industry, academia, and research [1]. Policy Evolution and Development Planning - The development of superhard materials in China can be divided into four stages: initiation, growth, accelerated development, and transformation breakthrough. The initiation phase began with the inclusion of superhard materials in the national strategic emerging industries during the "12th Five-Year Plan" in 2012. The growth phase was marked by the clear distinction of superhard materials in "Made in China 2025," which emphasized the need to overcome high-performance diamond and cubic boron nitride (CBN) preparation technologies. The accelerated development phase saw the emergence of "bottleneck" risk awareness from 2018 to 2020, leading to multiple regulations and guidelines that clarified the project's status and encouraged development. Since the "14th Five-Year Plan" in 2021, the industry has entered a transformation breakthrough phase, aiming to overcome high-end production technology challenges with the help of the existing upstream supply chain [2][3]. Differentiated Development Pattern Led by Henan - Henan Province has prioritized the development of the superhard materials industry, implementing policies such as "Six New Breakthroughs in Manufacturing" and "High-end Materials Cluster Construction Action Plan." The province focuses on high-end products like gem-grade and functional diamonds, supporting enterprises in increasing technological innovation and R&D investment. Comprehensive measures, including the establishment of national and provincial innovation platforms, collaboration among leading enterprises, and financial subsidies, are enhancing the overall industry chain cooperation level. Henan aims to transition from "quantity leading" to "quality leading" and "high-end application breakthroughs," solidifying its core position in the superhard materials industry both nationally and globally [5]. Industry Development Goals and Strategies - By 2025, the goal is to form a trillion-level industry chain and establish the world's largest superhard materials R&D and production base, cultivating a national-level industry cluster and striving for an internationally leading industry chain. The industry is expected to upgrade from traditional manufacturing to high-end, intelligent, and green production, promoting vertical extension (from raw materials to end products) and horizontal expansion (cross-industry integration with 5G, chips, medical, and biological fields) [6]. Innovation-Driven Strategy Upgrade - In recent years, Henan has emphasized technological innovation and high-end breakthroughs in the superhard materials industry, focusing on composite superhard materials, high-end diamond products, and polycrystalline diamond composites. The province is increasing policy and financial support, promoting technological breakthroughs and the transformation of results. Additionally, Henan is facilitating deep integration of superhard materials with high-value industries such as chip manufacturing, 5G communication, and biomedical fields, enhancing the innovation ecosystem and strengthening intellectual property protection and standard system construction [7]. Funding-Driven Market Ecosystem Integration - In response to rapid global technological advancements and the trend of high-quality industrial development, Henan's superhard materials industry policy will further deepen towards intelligent manufacturing, digital transformation, and green low-carbon directions. Future focus areas include intelligent equipment and automation production, cross-industry applications of superhard materials in new energy, semiconductors, and healthcare, as well as the promotion of green low-carbon processes. The policy is expected to strongly promote international cooperation and standardization, supporting leading enterprises in participating in international rule-making and integrating into the "Belt and Road" industrial network [9]. Policy Support Trends - The policy content is shifting from broad industry scale support to precise technological breakthroughs and support for high-end segments of the industry chain, emphasizing the construction of an industrial ecosystem. The government-led industry support is gradually integrating market mechanisms, encouraging social capital participation in the construction of the innovation ecosystem. Future policies will highlight the deep integration of intelligent manufacturing, digital transformation, and low-carbon green manufacturing with the superhard materials industry, promoting cross-industry innovation with cutting-edge technologies [10].

每经记者｜王佳飞 每经编辑｜陈俊杰 8月18日晚间，四方达（300179.SZ，股价10.62元，市值51.60亿元）发布2025年半年报。报告期内，公 司营业收入微降1.06%至2.61亿元，归属于上市公司股东的净利润同比下滑15.47%至5321.84万元，经营 活动产生的现金流量净额由正转负，同比下跌588.46%。 同时，公司控股子公司河南天璇半导体科技有限责任公司（以下简称河南天璇）上半年亏损超5000万 元。 盈利方面，上半年归属于上市公司股东的净利润为5321.84万元，同比减少15.47%，归属于上市公司股 东的扣除非经常性损益的净利润为3796.18万元，同比降幅达34.16%。 现金流方面，报告期内公司经营活动产生的现金流量净额为-3758.71万元，较上年同期的769.50万元下 降588.46%。四方达表示主要因供应链金融到期支付；投资活动产生的现金流量净额为4156.93万元，同 比降76.25%，系本期收回投资理财投资款减少所致；筹资活动产生的现金流量净额为6200.61万元，同 比增892.81%，主要是子公司借款增加。 "2024年上半年时，公司办理了一年期的相关供应链金融服务 ...

Company Overview - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period [3] - The company has no preferred shareholders or related bond situations during the reporting period [3][4] Financial Highlights - The company plans not to distribute cash dividends, issue bonus shares, or increase capital through reserves [2] - The company approved a cash dividend distribution of 2.00 RMB per 10 shares (including tax) for the 2024 fiscal year, totaling 96,630,726.00 RMB distributed in May 2025 [6] Strategic Developments - On January 6, 2025, the company signed a strategic cooperation agreement with Shenzhen Huixin Communication Technology Co., Ltd. to enhance technological progress and industry development in the communication and ultra-wideband semiconductor sectors [3] - The company obtained 17 domestic patents during the reporting period [9] Management Changes - The company’s co-general manager Ying Xiang resigned due to retirement, effective upon the submission of his resignation report [3] - The company appointed Xu Jingbin as the new deputy general manager and nominated him as a candidate for a non-independent director [4] - The company’s board secretary Liu Haibing resigned due to work adjustments, and Li Yanzhen was appointed as the new board secretary [5][7] - Vice General Manager Li Wei also resigned for personal reasons during the reporting period [7] Legal Matters - The company is involved in a legal case with the U.S. International Trade Commission (ITC) regarding allegations of patent infringement, with ongoing responses to appeals and hearings [8]

Core Insights - The company reported a decline in both revenue and net profit for the first half of the year [1] Financial Performance - The company achieved an operating revenue of 261 million yuan, representing a year-on-year decrease of 1.06% [1] - The net profit attributable to shareholders was 53.2184 million yuan, reflecting a year-on-year decline of 15.47% [1] - The basic earnings per share stood at 0.1095 yuan [1]

四方达8月18日晚间披露半年报，公司上半年实现营业收入2.61亿元，同比下降1.06%；归属于上市公司 股东的净利润5321.84万元，同比下降15.47%；基本每股收益0.1095元。 ...

河南四方达超硬材料股份有限公司 股东会议事规则 河南四方达超硬材料股份有限公司 股东会议事规则 第一章 总则 第一条 为规范河南四方达超硬材料股份有限公司（以下简称公司）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》"）和《河南四方达超硬材料股份有限公司章程》（以下简称"《公司章程》"） 以及国家的相关法规，制定本规则。 第二条 公司应当严格按照法律、行政法规及《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。 第三条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第四条 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6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 2个月内召开。 第五条 公司召开股东会，应聘请律师对以下问题出具法律意见并公告： （一）会议的召集、召开程序是否符合法律、行政法规、本规则和《公司章 程》的规定； ...