长江证券承销保荐有限公司 关于湖北菲利华石英玻璃股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐机构名称：长江证券承销保荐有限公司 | 被保荐公司简称：菲利华 | | --- | --- | | 保荐代表人姓名：殷博成 | 联系电话：010-57065268 | | 保荐代表人姓名：张硕 | 联系电话：010-57065268 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 次 0 | | 2、督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 | | | 限于防止关联方占用公司资源的制度、募集资金管 | 是 | | 理制度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3、募集资金监督情况 | | | | 0 次、公司 2024 年度已经将募集资金 | | （1）查询公司募集资金专户次数 | 使用完毕并销户 | | （2）公司募 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The aerospace sector's demand recovery has driven the company's H1 performance growth, with net profit increasing by 28.72% year-on-year despite a 0.77% decline in revenue [2][12]. - The semiconductor industry recovery has led to steady growth in related revenues, while the photovoltaic sector has seen a significant decline due to supply-demand mismatches [2][12]. - The company has achieved sales revenue of 13.12 million yuan from quartz electronic cloth in H1, indicating substantial future growth potential [2][12]. - The company is expanding its production capacity to prepare for future economic upturns, with inventory reaching a historical high, ensuring resilience for future growth [2][12]. Summary by Sections Financial Performance - In H1 2025, the company reported operating revenue of 908 million yuan, a year-on-year decrease of 0.77%, and a net profit attributable to shareholders of 222 million yuan, a year-on-year increase of 28.72% [6][12]. - For Q2 2025, the company achieved operating revenue of 502 million yuan, a year-on-year decrease of 0.61%, but a quarter-on-quarter increase of 23.46% [6][12]. Business Segments - Revenue from quartz glass materials increased by 21.35% year-on-year to 643 million yuan, with a gross margin improvement of 6.02 percentage points to 58.74% [12]. - Revenue from quartz glass products decreased by 30.93% year-on-year to 262 million yuan, with a gross margin decline of 3.17 percentage points to 25.98% [12]. Capacity and Inventory - The company's fixed asset balance grew by 10% to 2.051 billion yuan, marking a historical high and more than double the balance at the end of 2021 [12]. - Inventory reached a historical high of 763 million yuan, with a significant portion being raw materials, as the company actively reserves imported quartz sand to ensure normal production supply in the semiconductor sector [12]. Profit Forecast - The company forecasts net profits attributable to shareholders of 460 million yuan, 1.39 billion yuan, and 2.29 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 45%, 205%, and 64% [12].

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry for the first half of 2025 [3]. Core Viewpoints - The defense industry is experiencing a recovery in overall performance, with revenue and profit showing positive year-on-year growth [2][5]. - The report emphasizes the importance of focusing on the next-generation equipment and the rapid development of unmanned and counter-unmanned weaponry starting in 2025 [4][5]. - The industry is expected to benefit from increased global military trade and a favorable domestic demand environment, leading to a sustained growth trajectory [6]. Summary by Sections 1. Overall Industry Conditions - The military industry shows a recovery in its economic climate, with revenue and profit increasing year-on-year [18]. - In the first half of 2025, the military industry achieved revenue of 304.9 billion yuan, reflecting an 11.39% increase year-on-year, while net profit attributable to shareholders rose by 5.03% to 20.9 billion yuan [23][27]. 2. Revenue and Profit - Revenue performance varies across different segments, with the aviation sector contributing the most to both revenue and net profit in the first half of 2025, accounting for 45% and 54% respectively [44][49]. - The maritime equipment sector showed significant growth, with a revenue increase of 132.0% year-on-year [50]. 3. Profitability Indicators - The overall profitability of the military industry has faced short-term pressure, with gross margin decreasing from 21.60% to 19.27% and net margin from 8.78% to 6.85% from the first half of 2021 to the first half of 2025 [28][31]. - The report indicates that profitability is expected to improve as product prices stabilize and economies of scale are realized [28]. 4. Operational Indicators - Operational indicators have shown stable growth, with inventory increasing by 13.43% year-on-year to 349.3 billion yuan, and contract liabilities rising by 21.48% to 224 billion yuan [32][36]. - The report highlights that the growth in operational metrics reflects a robust demand from downstream sectors, ensuring a positive outlook for future performance [32]. 5. Key Companies to Watch - The report identifies several key companies to focus on, including AVIC Shenyang Aircraft Corporation, AVIC Chengdu Aircraft Industry Group, and others in both high-end and new-type combat capabilities [4][5].

Core Insights - The aviation equipment sector experienced a significant increase of 2.26% on September 11, with Mai Xinlin leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Sector Performance - Mai Xinlin (688685) saw a closing price of 58.45, with a remarkable increase of 12.40% and a trading volume of 79,800 shares, amounting to a transaction value of 454 million [1] - Other notable performers included: - Feili Hua (300395) with a closing price of 90.59, up 8.86%, trading 415,000 shares for a total of 3.79 billion [1] - Chaozhuo Hangke (688237) at 51.00, up 3.91%, with a transaction value of 110 million [1] - Guangqi Technology (002625) at 47.24, up 3.21%, with a transaction value of 1.82 billion [1] Fund Flow Analysis - The aviation equipment sector experienced a net outflow of 354 million from institutional investors and 244 million from speculative funds, while retail investors contributed a net inflow of 597 million [1] - Specific stock fund flows included: - Guangqi Technology (002625) with a net inflow of 91.29 million from institutional investors, but a net outflow of 33.93 million from speculative funds [2] - Li Jun Shares (002651) had a net inflow of 55.45 million from institutional investors, with a net outflow of 20.93 million from speculative funds [2] - Hai Te Gao Xin (002023) saw a net inflow of 28.31 million from institutional investors, while speculative funds had a net outflow of 18.02 million [2]

Group 1 - The ChiNext Index showed strong performance with an intraday increase of 4.6% on September 11, indicating a bullish market trend [1] - The Tianhong ChiNext ETF (159977) rose by 4.18% with a trading volume exceeding 200 million, highlighting significant investor interest in high-growth stocks [1] - Key stocks within the ChiNext ETF, such as Shenghong Technology and Zhongji Xuchuang, experienced gains exceeding 10%, reflecting strong market sentiment [1] Group 2 - The Tianhong CSI A500 ETF (159360) increased by 1.77% with a trading volume over 88 million, indicating active trading and investor engagement [1] - The CSI A500 Index, which the Tianhong ETF tracks, consists of 500 large-cap, liquid stocks across various industries, providing a broad representation of the market [1] - Recent low funding rates and a generally loose monetary environment have contributed to increased trading volumes in the A-share market, surpassing 2 trillion for several consecutive days [1] Group 3 - Dongguan Securities noted that the A-share market has experienced high-level fluctuations due to profit-taking after five months of gains, but the core logic for continued market growth remains intact [2] - Tianfeng Securities highlighted the gradual commercialization of AI in China, with internet companies reporting substantial returns on AI investments, suggesting a rapid iteration cycle for AI applications [2]

Core Viewpoint - Qianjiang is positioning itself as a new hub for semiconductor materials, demonstrating a strong commitment and clear path towards developing high-tech industries [1] Group 1: Industry Development - During the 14th Five-Year Plan, Qianjiang is constructing a three-in-one development system comprising an industrial ecosystem, technological innovation chain, and green circular chain to lead the industry towards high-end, intelligent, and green transformation [1] - The successful hosting of the "Central and Western Semiconductor Materials Industry Development Matching Conference" in Qianjiang attracted representatives from various semiconductor industry associations and leading enterprises, indicating a strategic focus on regional collaboration and innovation [1][2] - Qianjiang is recognized as a key supporting demonstration base within Hubei Province's trillion-yuan "Optoelectronic Information" industrial cluster, becoming a new engine for semiconductor materials development in Central and Western China [1][2] Group 2: Resource and Infrastructure - Qianjiang has a solid industrial foundation with abundant resources, including over 200 million tons of oil reserves, 790 billion tons of rock salt, and approximately 3.09 million tons of lithium resources, which support its transition to semiconductor materials [2] - The city has established a comprehensive circular chemical system covering various sectors, including petrochemicals and fine chemicals, which provides a robust support for upgrading to electronic-grade chemicals and semiconductor materials [2] - The park features modern infrastructure, including a comprehensive utility corridor, specialized wastewater treatment facilities, and a solid waste treatment center, ensuring a conducive environment for industry growth [3] Group 3: Business Environment and Policy Support - Qianjiang's complete industrial chain supply is a major attraction, with stable annual supplies of 800 million cubic meters of hydrogen and 25,000 tons of caustic soda, among other key materials [3] - The local government has designated Qianjiang as the only "Optoelectronic Information" industrial supporting demonstration base in the Wuhan metropolitan area, providing significant policy support and investment through the Yangtze (Qianjiang) Industrial Fund [3] - The city promotes a "zero fee" policy for industrial projects and offers comprehensive lifecycle services, fostering a business-friendly environment that encourages enterprise development [3] Group 4: Industry Growth and Future Plans - Qianjiang aims to establish itself as a "Central and Western Semiconductor Materials Industry Base," focusing on attracting projects related to polishing materials, photoresists, and electronic specialty gases [6] - The city is accelerating the construction of an electronic semiconductor materials analysis and testing center and is closely monitoring 32 projects in the optoelectronic information industry, which are expected to generate a total output value of 21.5 billion yuan upon full production [6] - Qianjiang is actively promoting the transformation of traditional chemicals into high-end fine chemicals, aiming to cluster semiconductor materials industries and develop new productive forces tailored to local conditions [6]

Core Viewpoint - The aviation equipment sector experienced a rise of 1.08% on September 10, with notable gains from companies like Feilihua, which led the sector's performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1]. - Feilihua's stock price increased by 7.85% to 83.22, with a trading volume of 284,600 shares and a transaction value of 2.328 billion yuan [1]. - Other notable performers included Hangya Technology, which rose by 5.82%, and Chaozhuo Aerospace Technology, which increased by 3.00% [1]. Group 2: Capital Flow - The aviation equipment sector saw a net outflow of 328 million yuan from institutional investors, while retail investors contributed a net inflow of 316 million yuan [2]. - The table of capital flow indicates that Feilihua had a net inflow of 293 million yuan from institutional investors, despite a net outflow from retail investors [3]. - Other companies like Boyun New Materials and Zhonghang Ji载 also experienced varying degrees of net inflow and outflow from different investor categories [3].

Core Viewpoint - On September 8, the company announced that its Vice President, Liu Junlong, completed a share reduction plan, selling a total of 81,500 shares through centralized bidding [2] Group 1 - The share reduction plan was executed as scheduled, indicating adherence to the company's outlined timeline [2] - The method of share reduction was through centralized bidding, which is a common practice in the market [2]

证券代码：300395 证券简称：菲利华 公告编号：2025-49 本公司副总经理刘俊龙先生保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 湖北菲利华石英玻璃股份有限公司（以下简称"公司"）于2025 年5 月15 日在巨潮 资讯网（www.cninfo.com.cn）披露了《关于高级管理人员减持股份预披露公告》（公告编 号：2025-24）。公司副总经理刘俊龙先生计划在自减持计划公告发布之日起15 个交易 日后的三个月内以集中竞价方式减持本公司股份不超过81,750 股（占剔除本公司回购专用 证券账户中的股份数量后总股本比例0.0157%）。 近日，公司收到副总经理刘俊龙先生出具的《关于股份减持计划时间届满的告知函》， 截至本公告披露日，刘俊龙先生减持计划时间届满，通过集中竞价交易方式累计减持公司 股份81,500 股。现将减持计划实施情况公告如下： | | | | | | 减持数量占剔 除公司回购专 | | --- | --- | --- | --- | --- | --- | | 股东名 减持 | ...

Group 1 - The stock price of Feilihua dropped by 5.61% to 80.50 CNY per share, with a trading volume of 736 million CNY and a turnover rate of 1.76%, resulting in a total market capitalization of 42.043 billion CNY [1] - Feilihua, established on January 22, 1999, and listed on September 10, 2014, specializes in the production and sales of high-performance quartz glass materials and products for various sectors including optical communication, semiconductors, solar energy, and aerospace [1] - The company's main business revenue composition is 99.70% from non-metallic mineral products and 0.30% from other sources [1] Group 2 - According to data, one fund from the Fuguo Fund family holds a significant position in Feilihua, specifically the Fuguo Military Industry Theme Mixed A fund, which held 2.2082 million shares in the second quarter, unchanged from the previous period, accounting for 3.01% of the fund's net value [2] - The Fuguo Military Industry Theme Mixed A fund, established on March 29, 2018, has a latest scale of 3.354 billion CNY, with a year-to-date return of 10.71% and a one-year return of 27.71% [2] - The fund manager, Meng Haozhi, has been in position for 3 years and 227 days, with the fund's total asset scale at 5.139 billion CNY, achieving a best return of 34.66% during his tenure [2]