据证券之星公开数据整理，近期星源材质（300568）发布2025年中报。截至本报告期末，公司营业总收 入18.98亿元，同比上升14.78%，归母净利润1.0亿元，同比下降58.53%。按单季度数据看，第二季度营 业总收入10.09亿元，同比上升7.43%，第二季度归母净利润5372.68万元，同比下降60.22%。本报告期 星源材质三费占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达34.62%。 本次财报公布的各项数据指标表现一般。其中，毛利率25.09%，同比减20.4%，净利率6.4%，同比减 56.25%，销售费用、管理费用、财务费用总计2.92亿元，三费占营收比15.37%，同比增34.62%，每股净 资产7.33元，同比增0.91%，每股经营性现金流0.4元，同比增132.79%，每股收益0.08元，同比减55.56% | l源材质 最新财务摘要 | | --- | | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 16.54亿 | 18.98 Z | 14.78% | | 归母净利润 ...

Group 1 - The company's performance in H1 2025 met market expectations, with revenue of 1.9 billion yuan, a year-on-year increase of 15%, and a net profit attributable to shareholders of 100 million yuan, a year-on-year decrease of 59% [1] - In Q2 2025, the company reported revenue of 1.01 billion yuan, with a quarter-on-quarter increase of 7% and a year-on-year increase of 13%, while the net profit attributable to shareholders was 50 million yuan, showing a quarter-on-quarter decrease of 60% but a year-on-year increase of 15% [1] - The company expects to maintain a 25% growth in shipments for 2025, with an estimated shipment of 50 billion square meters by the end of the year [1] Group 2 - The company is developing solid-state battery membrane products, including oxide composite and polymer composite solid-state electrolyte membranes, and has signed a strategic cooperation agreement with Ruigu New Materials to jointly develop high-performance solid electrolyte membranes [2] - In Q2 2025, the company's operating cash flow improved significantly, reaching 750 million yuan, an 11% increase quarter-on-quarter, while capital expenditure was 180 million yuan, a decrease of 13% year-on-year [2] - The company maintains profit forecasts for 2025-2027, with net profits expected to be 400 million, 510 million, and 690 million yuan respectively, corresponding to a PE ratio of 41x, 33x, and 24x [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first half of 2025 shows signs of bottoming out in single-unit profitability, with a focus on solid-state electrolyte membranes to create a second growth curve [8] - The company is expected to maintain a 25% growth in shipments for 2025, with a projected total of 5 billion square meters [8] - The company has signed a strategic cooperation agreement with Ruigu New Materials to jointly develop high-performance solid electrolyte membranes [8] Financial Performance Summary - Total revenue for 2023 is projected at 3,013 million yuan, with a year-on-year growth of 4.62% [1] - The net profit attributable to shareholders for 2023 is expected to be 576.33 million yuan, reflecting a year-on-year decrease of 19.87% [1] - The earnings per share (EPS) for 2023 is estimated at 0.43 yuan, with a price-to-earnings (P/E) ratio of 28.78 [1] Future Projections - Revenue is expected to grow to 4,139 million yuan in 2025, representing a year-on-year increase of 16.90% [1] - The net profit attributable to shareholders is projected to reach 402.69 million yuan in 2025, with a year-on-year growth of 10.68% [1] - The EPS for 2025 is forecasted at 0.30 yuan, with a P/E ratio of 41.19 [1] Operational Insights - The company has improved its operating cash flow significantly, with a net cash flow from operating activities of 7.5 billion yuan in Q2 2025, an increase of 11% quarter-on-quarter [8] - The company is expected to release new production capacity in Q3 and Q4 2025, contributing to the anticipated growth in shipments [8] - The company has maintained a low inventory level, with inventory at 830 million yuan at the end of Q2 2025, slightly down from Q1 [8]

Core Insights - The company, Xingyuan Material, reported a significant decline in net profit for the first half of 2025, amounting to approximately 100 million yuan, which represents a year-on-year decrease of 58.53% [2] - Despite the drop in net profit, the company achieved a revenue of approximately 1.898 billion yuan, reflecting a year-on-year growth of 14.78% [2] - The company's net profit after deducting non-recurring items was approximately 43.56 million yuan, showing a substantial decline of 75.41% year-on-year [2] Company Overview - Xingyuan Material specializes in the research, production, and sales of lithium-ion battery separators and is recognized as a national high-tech enterprise in the fields of new energy, new materials, and electric vehicles [2]

对于社保基金，本期较上一季度持股减少的社保基金共计1个，即全国社保基金六零四组合，，持股减 少占比达1.67%。 外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比小幅下跌。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 2025年8月20日，星源材质(300568.SZ)发布2025年半年度报告。截至2025年8月19日，共有16个机构投 资者披露持有星源材质A股股份，合计持股量达9110.83万股，占星源材质总股本的6.78%。其中，前十 大机构投资者包括香港中央结算有限公司、全国社保基金六零四组合、招商银行股份有限公司-南方中 证1000交易型开放式指数证券投资基金、华泰证券资管-张建-华泰尊享稳进63号单一资产管理计划、深 圳市速源控股集团有限公司、深圳市速源投资企业(有限合伙)、常州东方产业引导创业投资有限责任公 司、中国工商银行股份有限公司-汇添富中证新能源汽车产业指数型发起式证券投资基金(LOF)、易方达 创业板中盘200ETF、易米低碳经济股票发起A，前十大机构投资者合计持股比例达6.74%。相较于上一 季度，前十大机构持股 ...

Group 1 - The core viewpoint of the article is that Xingyuan Material (SZ 300568) reported its semi-annual performance, showing a significant increase in revenue but a substantial decrease in net profit [2] Group 2 - For the first half of 2025, the company achieved an operating income of approximately 1.898 billion yuan, representing a year-on-year increase of 14.78% [2] - The net profit attributable to shareholders of the listed company was around 100 million yuan, reflecting a year-on-year decrease of 58.53% [2] - The basic earnings per share were 0.08 yuan, which is a year-on-year decrease of 55.56% [2]

Core Viewpoint - Xingyuan Material (SZ 300568, closing price: 12.35 yuan) announced on the evening of August 19 that its sixth board meeting was held via communication voting, where the 2025 semi-annual report and its summary were reviewed [2] Group 1 - For the first half of 2025, the company's revenue composition shows that lithium-ion battery separators accounted for 99.08%, while other businesses contributed 0.92% [2]

智通财经APP讯，星源材质(300568.SZ)发布2025年半年度报告，该公司营业收入为18.98亿元，同比增 长14.78%。归属于上市公司股东的净利润为1亿元，同比减少58.53%。归属于上市公司股东的扣除非经 常性损益的净利润为4356.49万元，同比减少75.41%。基本每股收益为0.08元。 ...

深圳市星源材质科技股份有限公司 2024 年限制性股票激励计划预留部分激励对象名单 一、激励对象名单及分配情况汇总表： | 姓名 | 职务 | 获授限制性股票 | 占预留授予限制性 | 占公司当前股 | | --- | --- | --- | --- | --- | | | | 数量（万股） | 股票总数的比例 | 本总额比例 | | 中层管理人员、核心技术 | | 37 | 100.00% | 0.03% | | （业务）人员（共5人） | | | | | 二、限制性股票激励计划预留部分激励对象分配名单 | 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 高东波 | 中层管理人员 | | 2 | 林浚暐 | 核心技术（业务）人员 | | 3 | 陈雪栋 | 核心技术（业务）人员 | | 4 | 李旦 | 核心技术（业务）人员 | | 5 | 林敬 | 核心技术（业务）人员 | 2025 年 8 月 20 日 特此公告。 深圳市星源材质科技股份有限公司董事会 ...

1、限制性股票预留授予日：2025 年 8 月 19 日 2、股权激励方式：第二类限制性股票 证券代码：300568 证券简称：星源材质 公告编号：2025-081 深圳市星源材质科技股份有限公司 关于向公司 2024 年限制性股票激励计划激励对象 授予预留部分限制性股票的公告 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。 重要内容提示： 3、限制性股票预留授予数量：37 万股，占公司目前股本总额 1,342,902,078 股的 0.0276% 4、限制性股票预留授予价格：3.70 元/股 深圳市星源材质科技股份有限公司（以下简称"公司"）于 2025 年 8 月 19 日召开第六届董事会第十七次会议，审议通过了《关于向公司 2024 年限制性股 票激励计划激励对象授予预留部分限制性股票的议案》，根据《上市公司股权激 励管理办法》（以下简称"《管理办法》"）、公司《2024 年限制性股票激励 计划（草案）》（以下简称"激励计划"、"股权激励计划"）的有关规定及公 司 2024 年第一次临时股东大会的授权，董事会认为公司 2024 年限制性股票激励 计划规定 ...