Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 23.00 [2][6]. Core Views - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at RMB 480 million and net profit at RMB 140 million, representing year-on-year decreases of 24.5% and 17.1% respectively. The second quarter saw revenue and net profit drop to RMB 220 million and RMB 60 million, with year-on-year declines of 32.3% and 32.8% [2][3]. - Despite the revenue decline, the company is expected to benefit from the downstream demand for PA66 and recycled materials, and the industrial AI business is anticipated to bring new growth opportunities [2][5]. - The gross margin for the first half of 2025 was 46.2%, an increase of 3.5 percentage points year-on-year, indicating a continued improvement in profitability [3][4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenues of RMB 290 million from new materials, RMB 140 million from recycled and biodegradable materials, and RMB 50 million from industrial AI integration solutions, with year-on-year changes of -33.2%, -23.4%, and +108.7% respectively [3]. - The gross margins for these segments were 51.0%, 34.3%, and 53.1%, reflecting year-on-year changes of +7.3, -5.7, and +13.4 percentage points [3]. Cost and Cash Flow - The company's expense ratio increased to 15.5%, up 2.5 percentage points year-on-year, primarily due to rising sales, management, and R&D expenses [4]. - Operating cash flow for the first half of 2025 was negative at RMB 70 million, a decline of RMB 160 million year-on-year, attributed to project execution stages and reduced sales collections [4]. Market Outlook - The government has shown support for the promotion of AI applications, which is expected to benefit the company's industrial AI solutions. The company plans to enhance its AI offerings in the second half of 2025 [5]. - The company has adjusted its revenue forecasts slightly downward due to slower order execution, with expected net profits for 2025-2027 revised to RMB 320 million, RMB 380 million, and RMB 460 million, reflecting a decrease of 16% for each year [6].

Core Viewpoint - The recent financial report of Sanlian Hongpu (300384) indicates a decline in revenue and net profit for the first half of 2025 compared to the previous year, despite improvements in profitability margins [1] Financial Performance - Total revenue for the first half of 2025 was 485 million yuan, a decrease of 24.49% year-on-year [1] - Net profit attributable to shareholders was 144 million yuan, down 17.1% year-on-year [1] - In Q2 2025, total revenue was 225 million yuan, reflecting a 32.28% decline year-on-year [1] - Q2 net profit attributable to shareholders was approximately 63.38 million yuan, a decrease of 32.82% year-on-year [1] Profitability Metrics - Gross margin increased to 46.16%, up 8.22% year-on-year [1] - Net margin rose to 29.65%, an increase of 7.11% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 46.80 million yuan, representing 9.66% of revenue, which is a 52.21% increase year-on-year [1] Key Financial Ratios - Earnings per share (EPS) decreased to 0.45 yuan, down 17.1% year-on-year [1] - Operating cash flow per share was -0.23 yuan, a significant decline of 188.37% year-on-year [1] - Book value per share increased to 8.5 yuan, up 7.0% year-on-year [1] Investment Returns - The company's return on invested capital (ROIC) for the previous year was 11.59%, indicating a generally average capital return [3] - Historical data shows a median ROIC of 8.87% over the past decade, with the lowest being 5.94% in 2018 [3] Fund Holdings - The largest fund holding Sanlian Hongpu is the Huaxia Stable Growth Mixed Fund, which has reduced its holdings [4] - The fund's current scale is 1.146 billion yuan, with a recent net value of 3.246, down 1.79% from the previous trading day, but up 90.83% over the past year [4]

2025年8月28日，三联虹普(300384.SZ)发布2025年半年度报告。截至2025年8月27日，共有8个机构投资 者披露持有三联虹普A股股份，合计持股量达1185.26万股，占三联虹普总股本的3.72%。其中，机构投 资者包括中国农业银行-华夏平稳增长混合型证券投资基金、香港中央结算有限公司、中国工商银行股 份有限公司-诺安先锋混合型证券投资基金、兴业银行股份有限公司-南方兴润价值一年持有期混合型证 券投资基金、中国工商银行-南方绩优成长股票型证券投资基金、华夏景气成长一年持有混合发起式 A、泰信智选成长灵活配置混合A、平安中证2000增强策略ETF，机构投资者合计持股比例达3.72%。相 较于上一季度，机构持股比例合计上涨了0.26个百分点。 外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达0.16%。 公募基金方面本期较上一季度持股减少的公募基金共计1个，即华夏稳增混合，持股减少占比达 0.12%。本期较上一季度新披露的公募基金共计2个，包括诺安先锋混合A、平安中证2000增强策略 ETF。本期较上一季未再披露的公募基金共计5个，包括易方达新兴成长混合 ...

（记者 王瀚黎） 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ 每经AI快讯，三联虹普8月28日发布半年度业绩报告称，2025年上半年营业收入约4.85亿元，同比减少 24.49%；归属于上市公司股东的净利润约1.44亿元，同比减少17.1%；基本每股收益0.4504元，同比减 少17.1%。 ...

Core Viewpoint - Sanlian Hongpu (300384.SZ) reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first half of 2025 was 485 million yuan, a year-on-year decrease of 24.49% [1] - The net profit attributable to shareholders of the listed company was 144 million yuan, down 17.10% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 143 million yuan, reflecting an 18.12% year-on-year decrease [1] - Basic earnings per share stood at 0.4504 yuan [1]

北京三联虹普新合纤技术服务股份有限公司 2025 年半年度财务报告 北京三联虹普新合纤技术服务股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 | | | 单位：元 | | --- | --- | --- | | 项目 | 期末余额 | 期初余额 | | 流动资产： | | | | 货币资金 | 700,749,898.71 | 869,891,986.68 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 1,196,136,161.92 | 1,117,480,745.70 | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 10,157,462.00 | 9,526,993.38 | | 应收款项融资 | 14,256,870.56 | 37,320,628.17 | | 预付款项 | 73,574,491.51 | 80,129,538.62 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | | 其他应收款 | 2,950,742 ...

北京三联虹普新合纤技术服务股份有限公司 关于公司 2025 年半年度募集资金存放与使用情况的专项报告 根据《上市公司监管指引第 2 号—上市公司募集资金管理和使用的监管要求》、 《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》（和《深圳证券 交易所创业板上市公司自律监管指南第 2 号—公告格式》的规定，将本公司募集资金 2025 年半年度存放与使用情况专项说明如下： 一、募集资金基本情况 (一)实际募集资金金额和资金到账时间 经中国证券监督管理委员会证监许可〔2016〕3225 号文核准，本公司由主承销商浙商 证券股份有限公司向特定对象非公开发行人民币普通股（A 股）18,100,961 股，发行价为每 股人民币 41.60 元，共计募集资金 75,300.00 万元，扣除承销和保荐费用 1,743.65 万元后 的募集资金为 73,556.35 万元，已由主承销商浙商证券股份有限公司于 2017 年 4 月 5 日汇 入本公司募集资金监管账户。另扣除申报会计师费、律师费及其他发行费用 120.80 万元后， 公司本次募集资金净额为 73,435.55 万元。上述募集资金到位情况业经 ...

北京三联虹普新合纤技术服务股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 附件 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 | 上市公司核算的 | 2025 年初占 | 2025 年半年度占用累计 | 2025 年半年度占用资 | 2025 | 年半年度偿还 2025 | 年半年度末 | 占用形成 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 会计科目 | 用资金余额 | 发生金额（不含利息） | 金的利息（如有） | 累计发生金额 | | 占用资金余额 | 原因 | | | 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 | | | | - | | - | - ...

证券代码：300384 证券简称：三联虹普 公告编号：2025-018 北京三联虹普新合纤技术服务股份有限公司 关于公司第五届监事会第八次会议决议的公告 本公司及监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。 具体内容详见公司在中国证监会指定的创业板信息披露网站披露的相关公告。 表决结果：3 票同意，0 票反对，0 票弃权。 特此公告。 北京三联虹普新合纤技术服务股份有限公司 北京三联虹普新合纤技术服务股份有限公司（以下称"公司"）第五届监事会第八次 会议于 2025 年 8 月 27 日在公司会议室以现场结合通讯形式召开。会议由监事会主席吴 清华主持，应与会监事 3 名，实际参会监事 3 名。本次会议的通知于 2025 年 8 月 18 日 发出，会议的召开符合《公司法》和《公司章程》的规定，会议召开及表决合法、有效。 经公司第五届监事会第八次会议充分审议，通过了以下决议： 一、审议通过了《关于<公司 2025 年半年度报告全文及摘要>的议案》 监事会经认真审核，认为董事会编制和审核公司 2025 年半年度报告全文及摘要的程 序符合法律、法规和中国证监会的有关规定， ...

证券代码：300384 证券简称：三联虹普 公告编号：2025-017 北京三联虹普新合纤技术服务股份有限公司 关于公司第五届董事会第十二次会议决议的公告 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。 北京三联虹普新合纤技术服务股份有限公司（以下简称"公司"）第五届董事会第 十二次会议于 2025 年 8 月 27 日以现场结合通讯形式召开，本次会议由刘迪董事长主持， 应与会董事 7 名，实际参加董事 7 名，公司部分监事及高级管理人员列席了会议。本次 会议的通知于 2025 年 8 月 18 日以邮件发出，会议的召开符合《公司法》和《公司章程》 的规定，会议召开及表决合法、有效。 经公司第五届董事会第十二次会议充分审议，一致通过了以下议案： 一、审议通过了《关于<公司 2025 年半年度报告全文及摘要>的议案》 经审议，董事会通过了《关于<公司 2025 年半年度报告全文及摘要>的议案》。 具体内容详见公司在中国证监会指定的创业板信息披露网站披露的相关公告。 本议案中的财务报告部分已经公司董事会审计委员会审议通过。 表决结果：赞成：7 票，反对：0 票，弃 ...