潮州三环（集团）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 单位：万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上 | 上市公司核算的会 | 2025 年期初往 | 2025 年上半年往来 | 2025 年度往来资 | 2025 年上半年偿 | 2025 年上半年期末 | | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 市公司的关 联关系 | 计科目 | 来资金余额 | 累计发生金额（不 含利息） | 金的利息（如有） | 还累计发生金额 | 往来资金余额 | 占用形成原因 | | | 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 | | | | | | | | | | | | ...

证券代码：300408 证券简称：三环集团 公告编号：2025-39 潮州三环（集团）股份有限公司 关于募集资金 2025 年半年度存放、管理与使用情况 的专项报告 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。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意潮州三环（集团）股份有限公司向特 定对象发行股票注册的批复》（证监许可﹝2021﹞3291 号）同意，公司向特定 对象发行人民币普通股（A 股）99,591,419 股，每股发行价格为人民币 39.16 元，募集资金总额为人民币 3,899,999,968.04 元，扣除发行费用（不含增值税） 人民币 20,188,293.64 元后的募集资金净额为 3,879,811,674.40 元。上述募集 资金已于 2021 年 11 月 25 日存入公司募集资金专户中。立信会计师事务所(特殊 普通合伙)已于 2021 年 11 月 29 日对本次募集资金到位情况进行了审验，并出具 了"信会师报字[2021]第 ZC10468 号"《验资报告》。 (二)募集资金使用金额及结余情况 截至 2025 年 6 ...

Group 1 - The core viewpoint of the announcement is that Sanhuan Group reported a revenue of 4.149 billion yuan for the first half of 2025, representing a year-on-year growth of 21.05% [1] - The net profit for the same period was 1.237 billion yuan, showing a year-on-year increase of 20.63% [1] - The company has decided not to distribute cash dividends, issue bonus shares, or convert reserves into additional shares [1]

证券代码：300408 证券简称：三环集团 公告编号：2025-36 潮州三环（集团）股份有限公司 第十一届监事会第十次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 内容详见公司在中国证监会创业板指定信息披露网站刊登的公告。 经审核，监事会认为公司严格按照《募集资金管理制度》的规定使用募集资 金，不存在违规使用募集资金的行为，不存在改变或变相改变募集资金投向和损 害股东利益的情况。 潮州三环（集团）股份有限公司（以下简称"公司"）第十一届监事会第十 次会议的通知已于 2025 年 8 月 18 日以专人送出、电子邮件等方式送达各位监事。 本次会议于 2025 年 8 月 28 日以现场结合通讯表决方式召开。本次会议应参加监 事 3 名，实际参加监事 3 名。会议的召集、召开符合《中华人民共和国公司法》 及有关法律、法规和《公司章程》的规定。本次会议由公司监事会主席陈桂旭先 生主持。 本次会议经审议，决议如下： 一、审议通过了《关于公司 2025 年半年度报告及摘要的议案》。 内容详见公司在中国证监会创业板指定信息披露网站刊登的公告。 经审核，监 ...

2025年 半年度报告 潮州三环（集团）股份有限公司 INTERIM REPORT 2025-38 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 潮州三环（集团）股份有限公司 2025 年半年度报告全文 目录 2025年08月 潮州三环（集团）股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人马艳红、主管会计工作负责人王洪玉及会计机构负责人(会计 主管人员)王洪玉声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告"第三节 管理层讨论与分析"之"十、公司面临的风险和 应对措施"部分，详细描述了公司经营中可能存在的风险，敬请投资者关注 相关内容。 | 第一节 重要提示、目录和释义 . | | --- | | 第二节 公司简介和主要财务指标 | | 第三节 管理层讨论与分析 … | | 第四节 公司治理、环境和社会 | | 第五节 重要事项. | | 第 ...

证券代码：300408 证券简称：三环集团 公告编号：2025-35 潮州三环（集团）股份有限公司 第十一届董事会第十四次会议决议公告 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。 潮州三环（集团）股份有限公司（以下简称"公司"）第十一届董事会第十 四次会议的通知已于 2025 年 8 月 18 日以专人送出、电子邮件等方式送达各位董 事。本次会议于 2025 年 8 月 28 日以现场结合通讯表决方式召开。会议应参加董 事 7 人，实际参加董事 7 人。会议的召集、召开符合《中华人民共和国公司法》 及有关法律、法规和《公司章程》的规定。本次会议由公司董事长李钢先生主持。 本次会议经审议，决议如下： 一、审议通过了《关于公司 2025 年半年度报告及摘要的议案》。 内容详见公司在中国证监会创业板指定信息披露网站刊登的公告。 本议案已经公司审计委员会审议通过。 本议案无需提交公司股东大会审议。 表决情况：同意 7 票，反对 0 票，弃权 0 票。 特此公告。 潮州三环（集团）股份有限公司 二、审议通过了《关于募集资金 2025 年半年度存放、管理与使用情况的专 ...

Group 1 - From August 18 to August 24, brokers issued a total of 463 target prices for listed companies, with the highest target price increases for Hengmingda at 63.83%, Jiangsu Shentong at 62.24%, and Dongfang Caifu at 60.29%, belonging to the consumer electronics, general equipment, and securities industries respectively [1] - A total of 559 listed companies received broker recommendations during the same period, with Beixin Building Materials receiving 22 recommendations, Yanghe Co. receiving 21, and Runben Co. receiving 20 [1] - During this period, brokers upgraded ratings for 9 companies, including Dongbei Securities upgrading Changhai Co. from "Hold" to "Buy", and Pacific Securities upgrading Chuanjinno from "Hold" to "Buy" [1] Group 2 - Brokers downgraded ratings for 11 companies, including Minsheng Securities downgrading Taoli Bread from "Recommended" to "Cautious Recommendation", and Zhongyin International Securities downgrading Southern Airlines from "Hold" to "Increase" [1] - From August 18 to August 24, brokers provided 97 instances of initial coverage, with Southern Airlines receiving an "Increase" rating from Zhongyin International Securities, and Cuihua Jewelry receiving a "Buy" rating from Tianfeng Securities [2] - Other companies receiving initial coverage include Feiyada with a "Buy" rating from Dongbei Securities, Lihua Co. with an "Increase" rating from Huaxi Securities, and Sanhuan Group with a "Buy" rating from Huayuan Securities [2]

Group 1 - The core viewpoint of the report is that Sihuan Group (300408.SZ) is rated as a buy due to its strong growth potential in various markets [2] - The fuel cell market is expected to have a broad outlook, with SOFC ceramic membrane plates becoming a new growth driver for the company [2] - Continuous technological investment in MLCC (Multi-Layer Ceramic Capacitors) is opening up opportunities for domestic substitution [2] - The expansion of the optical communication market is anticipated to benefit the company's traditional ceramic products, which are expected to continue contributing to revenue [2]

Investment Rating - The report assigns a "Buy" rating for Sanhuan Group, indicating a positive outlook for the company's growth potential in the advanced ceramics sector [4][7]. Core Views - Sanhuan Group is positioned as a leader in advanced ceramics, with three driving forces for growth: the expanding solid oxide fuel cell (SOFC) market, continuous technological investment in multi-layer ceramic capacitors (MLCC), and the growing demand in the optical communication market [6][9]. - The company is expected to benefit from the increasing demand for AI computing power and the rapid expansion of the new energy vehicle market, which will drive the growth of its ceramic products [6][9]. Summary by Sections Company Overview - Sanhuan Group specializes in the production and sales of electronic ceramic components and materials, including optical fiber ceramic inserts, fuel cell membranes, and MLCCs, making it a prominent player in the domestic electronic components market [13][14]. Financial Performance - The company has shown fluctuating revenue growth since 2019, with a significant drop in 2022 due to global economic challenges, but a recovery is expected with projected revenues of RMB 9.27 billion in 2025, growing at a CAGR of 22.02% from 2019 to 2024 [18][21]. - The forecasted net profits for 2025-2027 are RMB 26.22 billion, RMB 32.77 billion, and RMB 41.01 billion, with respective growth rates of 19.69%, 25.00%, and 25.13% [6][7]. Market Opportunities - The SOFC market is projected to grow significantly, with the global market size expected to reach USD 3.5 billion by 2032, providing a new growth driver for Sanhuan Group's membrane business [26][35]. - The MLCC market is expanding, particularly in the automotive sector, with the global market size expected to reach RMB 105 billion by 2025, driven by the increasing demand for electronic systems in new energy vehicles [37][42]. - The optical communication market is also expanding, with Sanhuan Group's traditional ceramic products expected to contribute positively to revenue growth due to the rising demand from data centers [45][47]. Valuation - The current price-to-earnings (P/E) ratios for 2025-2027 are projected to be 30.88, 24.71, and 19.75, respectively, indicating a favorable valuation compared to peers in the industry [7][49].

Core Viewpoint - The New Materials 50 ETF has shown strong performance, with significant increases in both its index and constituent stocks, indicating a positive trend in the new materials sector [3][4]. Performance Summary - As of August 22, 2025, the CSI New Materials Theme Index (H30597) rose by 2.41%, with key stocks such as China National Materials Technology up by 10.01% and Huayou Cobalt up by 6.63% [3]. - The New Materials 50 ETF (516710) increased by 2.36%, with a latest price of 0.56 yuan, and has accumulated a 3.77% increase over the past week [3]. - The ETF's trading volume showed a turnover rate of 5.84%, with a total transaction value of 2.23 million yuan [3]. - Over the past year, the New Materials 50 ETF has achieved a net value increase of 40.51%, ranking in the top two among comparable funds [3]. - The ETF's highest monthly return since inception was 25.40%, with an average monthly return of 7.07% during rising months [3]. Risk and Recovery Metrics - The New Materials 50 ETF has a relative drawdown of 0.19% year-to-date, the lowest among comparable funds, with a recovery period of 106 days [4]. - The ETF's management fee is 0.50% and the custody fee is 0.10%, both of which are the lowest in its category [4]. - The tracking error for the ETF over the past year is 0.025%, indicating high tracking precision compared to its benchmark [4]. Top Holdings Performance - The top ten holdings of the New Materials 50 ETF include: - North Huachuang: up 5.19%, weight 9.89% - CATL: up 2.06%, weight 9.86% - Wanhua Chemical: up 2.21%, weight 7.17% - Jiangxi Green Energy: up 1.73%, weight 6.38% - Huayou Cobalt: up 6.63%, weight 3.54% [6].