Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [2][15]. Core Views - The company's performance in the first half of 2024 fell short of expectations, with a revenue of 263 million yuan, a year-on-year decline of 4.80%. The net profit attributable to shareholders was 63 million yuan, down 21.58% year-on-year [3][4]. - The decline in revenue was primarily due to a decrease in oil and gas extraction business, attributed to a reduction in active drilling platforms in the U.S. [3][4]. - The CVD diamond project is expected to contribute positively to the company's performance in the second half of 2024, following its successful launch [4][5]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a gross margin of 53.60%, a decrease of 0.42 percentage points compared to the previous year. The net profit margin was 20.96%, down 6.95 percentage points year-on-year [4][6]. - The company’s operating cash flow decreased significantly by 92.05% year-on-year, primarily due to reduced sales collections and increased payments for material procurement [4][12]. Revenue Breakdown - Revenue from resource extraction and engineering construction decreased by 12.81% to 158 million yuan, while precision machining revenue increased by 4.68% to 89 million yuan. Other income rose by 59.73% to 16 million yuan [3][4]. Research and Development - The company maintained a high level of R&D investment, with an R&D expense ratio of 11.73%, which is an increase of 0.46 percentage points year-on-year. The company secured 53 patents during the reporting period [4][5]. Future Projections - Revenue projections for 2023-2025 are estimated at 566 million yuan, 583 million yuan, and 603 million yuan, respectively. Net profit is projected to be 133 million yuan, 146 million yuan, and 154 million yuan for the same years [5][6][11].

Financial Performance - The company's operating revenue for the first half of 2024 was ¥263,311,933.43, a decrease of 4.80% compared to ¥276,579,589.32 in the same period last year[28]. - The net profit attributable to shareholders was ¥62,955,086.87, down 21.58% from ¥80,278,147.84 year-on-year[28]. - The net cash flow from operating activities significantly dropped by 92.05%, from ¥96,783,357.17 to ¥7,695,047.90[28]. - The basic earnings per share fell by 21.55% to ¥0.1296 from ¥0.1652 in the previous year[28]. - The weighted average return on net assets decreased by 2.17 percentage points to 5.15% from 7.32%[28]. - The company's revenue for the reporting period was ¥263,311,933.43, a decrease of 4.80% compared to the previous year, primarily due to reduced income from oil and gas extraction products[56]. - The net cash flow from operating activities decreased by 92.05% to ¥7,695,047.90, attributed to reduced sales collections and increased procurement payments for production materials[57]. - The company reported a net profit of -6,663,746.73 CNY from the disposal of non-current assets[32]. - The company reported a significant decrease in investment amount to CNY 120.60 million, a decline of 73.24% compared to CNY 450.70 million in the same period last year[67]. - The total comprehensive income for the first half of 2024 was CNY 55,144,550.01, down from CNY 76,969,373.52 in the same period of 2023[172]. Assets and Liabilities - The total assets increased by 6.96% to ¥1,832,818,994.20 compared to ¥1,713,568,787.62 at the end of the previous year[28]. - The net assets attributable to shareholders decreased by 3.60% to ¥1,161,165,848.13 from ¥1,204,521,110.12[28]. - The company's cash and cash equivalents increased by 91.67% to ¥190,315,869.71, reflecting a net inflow from structured deposits[57]. - The company's inventory increased by 3.94% to ¥254,778,693.51, mainly due to stockpiling of raw materials and finished products[61]. - The company's total liabilities increased to ¥390,865,163.69 from ¥325,496,419.61, marking a rise of approximately 20.0%[167]. - The company's total equity rose to ¥1,441,953,830.51 from ¥1,388,072,368.01, showing an increase of about 3.9%[167]. - The company's accounts receivable decreased to CNY 26.76 million, now 1.46% of total assets, down from 2.81% last year, primarily due to the settlement of receivables[62]. - The company's total financial assets amounted to CNY 381.42 million, with a decrease of CNY 1.20 million in fair value changes during the period[65]. Market Strategy and Product Development - The company plans to expand its domestic and international markets while enhancing its risk response capabilities through asset and capital operation strategies[5]. - The company emphasizes the importance of new product market promotion and is actively improving product quality based on customer feedback[6]. - The company has established a strategic product system centered on composite superhard materials, with precision diamond tools and CVD diamond as new growth points[36]. - The company has launched a series of new products in the oil and gas drilling sector, significantly reducing domestic oil and gas extraction costs[37]. - The company plans to focus on market expansion and new product development in the upcoming quarters to drive future growth[174]. - The company aims to launch two new product lines in the next quarter, focusing on high-performance cutting tools[193]. - The company is exploring potential mergers and acquisitions to enhance its product offerings and market share in the superhard materials industry[193]. Research and Development - Research and development investment was ¥30,882,846.20, a slight decrease of 0.92% compared to the previous year, maintaining a high proportion of revenue[56]. - The company has been recognized as a "National Enterprise Technology Center" and has received multiple awards for its research and innovation capabilities, highlighting its competitive edge[52]. - Research and development expenses for the first half of 2024 were CNY 30,882,846.20, slightly down from CNY 31,170,044.80 in the previous year[171]. - Research and development expenses for new products and technologies reached CNY 175.9 million, accounting for approximately 2.4% of total revenue[191]. Shareholder and Equity Information - The company will not distribute cash dividends or issue bonus shares for this period[10]. - The company did not distribute cash dividends or bonus shares for the half-year period, nor did it increase share capital from capital reserves[89]. - The first phase of the employee stock ownership plan involved 19 senior management and core personnel holding a total of 2,189,289 shares, representing 0.44% of the company's total equity[92]. - The company has repurchased a total of 2,570,300 shares, representing 0.53% of the current total share capital, with a total transaction amount of CNY 15,711,460.44[138]. - The company reported a profit distribution to shareholders of 8,206 million yuan during the current period[189]. Risks and Challenges - The company is facing macroeconomic volatility risks, with increasing uncertainty in international trade affecting import and export operations[79]. - There is an increased risk of accounts receivable bad debts due to business expansion and economic downturn pressures, prompting the company to enhance credit management policies[81]. - The company emphasizes the importance of new product market development, acknowledging the risk of slow market acceptance impacting expected revenue levels[80]. - The company plans to strengthen cooperation with financial institutions to manage exchange rate risks amid intensified international trade competition[82][83]. Related Party Transactions - The company reported a total of 813.9 million CNY in revenue from related party transactions, accounting for 35.62% of the approved limit for such transactions[114]. - The company engaged in sales of products to related parties amounting to 162.9 million CNY, which represents 60.23% of the approved limit[114]. - The total amount of related party transactions for the first half of 2024 reached 1,050.45 million yuan, with 813.99 million yuan for services provided to related parties and 162.99 million yuan for product sales to related parties[116].

企业负责人：方海江 主管会计工作的负责人：李炎臻 会计机构负责人：徐中魁 单位：万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司 | 上市公司核算的 | 2024年期初占用资金 | 2024年半年度占用累 | 2024年半年度占用资 | 2024年半年度偿还累 | 2024年半年度期末占 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 的关联关系 | 会计科目 | 余额 | 计发生金额（不含利 | 金的利息(如有 | 计发生金额 | 用资金余额 | | | | | | | | | 息） | ） | | | | | | 控股股东、实际控制人及其附属企业 | | | | | | | | | | | | 小计 | - | - | | | | | | | - | - | | 前控股股东、实际控制人及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | | - | - | | 其他关联方及附属企业 | | | ...

证券代码：300179 证券简称：四方达 公告编号：2024-053 经审核，监事会认为董事会编制和审核的公司 2024 年半年度报告的程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果：赞成 3 票；反对 0 票；弃权 0 票。 具体内容详见公司在巨潮资讯网（www.cninfo.com.cn）披露的《2024 年半 年度报告》和《2024 年半年度报告摘要》。 河南四方达超硬材料股份有限公司 第六届监事会第七次会议决议公告 本公司及监事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 河南四方达超硬材料股份有限公司（以下简称"公司"）监事会于 2024 年 7 月 18 日以直接送达或电子邮件形式向全体监事发出了召开第六届监事会第七次 会议（以下简称"本次会议"）的通知。本次会议于 2024 年 7 月 28 日在公司会议 室以现场方式召开。 本次会议应到监事 3 人，实际出席监事 3 人。会议召开符合《公司法》和《公 司章程》的有关规定。本次会议由公司监事会主席朱领先生主持，与 ...

表决结果：同意 9 票；反对 0 票；弃权 0 票。 证券代码：300179 证券简称：四方达 公告编号：2024-052 河南四方达超硬材料股份有限公司 第六届董事会第六次会议决议公告 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。 河南四方达超硬材料股份有限公司（以下简称"公司"）董事会于 2024 年 7 月 18 日以直接送达或电子邮件形式向全体董事、监事和高管发出了召开第六届董事会 第六次会议（以下简称"本次会议"或"会议"）的通知。本次会议于 2024 年 7 月 28 日以现场和通讯表决相结合的方式在公司会议室召开。 本次会议应出席董事 9 人，实际出席董事 9 人，其中董事晏小平、向鹰、方睿、 单崇新、杜海波、花雷以通讯的方式出席会议。公司全体监事以及高级管理人员列 席了会议。会议召开符合《公司法》和《公司章程》的有关规定。本次会议由董事 长方海江先生主持，与会董事认真审议了本次会议的议案，经表决后形成如下决议： 1.审议通过《2024 年半年度报告全文及摘要》 具体内容详见公司在巨潮资讯网（www.cninfo.com.cn）披露的《2024 ...

证券代码：300179 证券简称：四方达 公告编号：2024-051 河南四方达超硬材料股份有限公司 关于股份回购进展情况的公告 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。 河南四方达超硬材料股份有限公司（以下简称"公司"）于 2024 年 1 月 31 日召 开第六届董事会第二次会议，审议通过了《关于公司回购股份方案的议案》，同意 公司使用自有资金不超过人民币 3,000 万元且不低于人民币 1,500 万元（均含本数） 通过集中竞价交易方式回购公司普通股（A 股）股票，用于实施员工持股计划或股 权激励，回购价格不超过人民币 12.36 元/股（含本数），回购期限为自董事会审议 通过回购股份议案之日起 12 个月内，具体回购股份的数量以回购期满时实际回购 的股份数量为准。 因公司实施了 2023 年年度权益分派，根据公司披露的《回购股份报告书》 （2024-010），如公司在回购股份期内发生派发红利、送红股、公积金转增股本等 除权除息事项，自公司股价除权、除息之日起，按照中国证监会和深圳证券交易所 的相关规定相应调整回购股份价格上限，回购股份数量和占公司 ...

证券代码：300179 证券简称：四方达 公告编号：2024-050 河南四方达超硬材料股份有限公司 关于第四期员工持股计划第一批股份锁定期届满的提示性公告 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。 河南四方达超硬材料股份有限公司（以下简称"公司"）第四期员工持股计划 第一批股份锁定期于 2024 年 6 月 29 日届满，根据《公司法》、《证券法》、《关 于上市公司实施员工持股计划试点的指导意见》、《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》等相关规定，现将公司第四期 员工持股计划第一批股份锁定期届满后的相关情况公告如下： 一、本次员工持股计划的股票来源及数量 公司于 2022 年 12月 6 日召开的第五届董事会第十六会议和第五届监事会第 十五次会议，审议通过了《关于回购公司股份方案的议案》，同意公司拟以自有 资金不超过人民币 4,000 万元且不低于人民币 2,000 万元（均含本数）通过集中 竞价交易方式回购公司普通股（A 股）股票，用于实施员工持股计划或股权激励。 截至 2022 年 12 月 19 日，公司通过 ...

证券代码：300179 证券简称：四方达 公告编号：2024-049 关于第二期员工持股计划第三批股份锁定期届满的提示性公告 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。 河南四方达超硬材料股份有限公司（以下简称"公司"）第二期员工持股计划 第三批股份锁定期于 2024 年 6 月 16 日届满，根据《公司法》、《证券法》、《关 于上市公司实施员工持股计划试点的指导意见》、《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》等相关规定，现将公司第二期 员工持股计划第三批股份锁定期届满后的相关情况公告如下： 一、本次员工持股计划的股票来源及数量 公司于 2018 年 7 月 26 日召开 2018 年第二次临时股东大会，审议通过了关 于回购公司股份的相关议案，同意公司自股东大会审议通过本次回购股份方案之 日起 6 个月内，以不超过人民币 5,000 万元且不低于人民币 2,000 万元的自筹资 金择机回购公司 A 股股份，回购的股份将用作员工持股计划、股权激励计划。 截至 2019 年 1 月 21 日，公司通过股票回购专用证券账户以集 ...

证券代码：300179 证券简称：四方达 公告编号：2024-048 一、股份回购进展情况 1 截至 2024 年 5 月 31 日，公司通过回购专用证券账户以集中竞价交易方式已累 计回购股份 2,570,300 股，占公司当前总股本的 0.53%，最高成交价为 6.468 元/ 股，最低成交价为 5.413 元/股，成交总金额为 15,711,460.44 元（不含交易费用 等）。 上述回购资金来源为公司自有资金，本次回购符合相关法律法规及公司既定回 购股份方案的要求。 河南四方达超硬材料股份有限公司 关于股份回购进展情况的公告 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。 河南四方达超硬材料股份有限公司（以下简称"公司"）于 2024 年 1 月 31 日 召开第六届董事会第二次会议，审议通过了《关于公司回购股份方案的议案》，同 意公司使用自有资金不超过人民币 3,000 万元且不低于人民币 1,500 万元（均含本 数）通过集中竞价交易方式回购公司普通股（A 股）股票，用于实施员工持股计划 或股权激励，回购价格不超过人民币 12.36 元/股（含本数） ...