扬帆新材料（浙江）股份有限公司 2025 年半年度报告全文 扬帆新材料（浙江）股份有限公司 2025 年半年度报告 2025-030 【披露时间】 扬帆新材料（浙江）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。 公司负责人樊彬、主管会计工作负责人上官云明及会计机构负责人(会计 主管人员)李旭杰声明：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。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 第一节重要提示、目录和释义 | 1 | | --- | --- | | 第二节公司简介和主要财务指标 | 5 | | 第三节管理层讨论与分析 | 8 | | 第四节公司治理、环境和社会 | 29 | | 第五节重要事项 | 31 | | 第六节股份变动及股东情况 | 38 | | 第七节债券相关情况 | 42 | | 第八节财务报告 | 43 | 扬帆新材料（浙江）股份有限公司 2 ...

证券代码：300637 证券简称：扬帆新材 公告编号：2025-031 扬帆新材料（浙江）股份有限公司 第五届董事会第四次会议决议公告 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。 扬帆新材料（浙江）股份有限公司第五届董事会第四次会议于 2025 年 8 月 11 日上午在杭州市滨江区信诚路 31 号扬帆大厦五楼会议室召开。公司已于会议 召开 2 日前以通讯方式通知全体董事。会议应出席董事 6 名，实际出席董事 6 名。 会议召开符合《中华人民共和国公司法》、《公司章程》及相关法律法规和规范性 文件的规定。 本次会议由董事长召集，由董事会秘书主持。审议通过如下议案： 一、审议通过《关于<2025 年半年度报告全文及其摘要>的议案》 公司《2025 年半年度报告全文及其摘要》的内容、格式、编制程序符合公 司的实际经营状况和相关法律、法规、规章制度的规定，编制期间未出现违反相 关法律、法规、规章制度和损害公司全体股东利益的情形，真实反映了公司 2025 年上半年度的实际情况。 表决结果：6 票同意，0 票反对，0 票弃权；获全体董事一致通过。 详见同日刊登在中国 ...

扬帆新材公告，2025年上半年营业收入4.73亿元，同比增长47.93%。归属于上市公司股东的净利润 2313.72万元，上年同期亏损2123.85万元。公司计划不派发现金红利，不送红股，不以公积金转增股 本。 ...

资金流向方面，今日该股主力资金净流入9091.13万元，其中，特大单净流入1.24亿元，大单资金净流出 3260.26万元。近5日主力资金净流入7510.48万元。（数据宝） 扬帆新材8月12日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 开源证券股份有限公司西安西大街证券营业部 | 5573.40 | 4.68 | | 买二 | 中国银河证券股份有限公司大连人民路证券营业部 | 1060.27 | 0.42 | | 买三 | 华鑫证券有限责任公司上海宛平南路证券营业部 | 983.91 | 9.97 | | 买四 | 机构专用 | 667.09 | 2803.99 | | 买五 | 华鑫证券有限责任公司上海光复路证券营业部 | 639.93 | 11.78 | | 卖一 | 机构专用 | 667.09 | 2803.99 | | 卖二 | 机构专用 | 0.00 | 1726.84 | | 卖三 | 机构专用 | 292.11 | 1076.27 | | 卖四 | 机构 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002549 | 凯美特气 | 3.37 Z | 31.12% | -1.73 Z | -15.95% | -1.64亿 | -15.17% | | 600309 万华化学 | | 2.65 Z | 6.61% | -1.43 Z | -3.57% | -1.22 Z | -3.04% | | 300041 | 回天新材 | 1.18亿 | 12.74% | -944.89万 | -1.02% | -1.09 亿 | -11.72% | | 002166 | 莱茵生物 | 1.17 Z | 11.09% | -4260.51万 | -4.03% | -7467.90万 | -7.06% | | 300637 扬帆新材 | | 8661.15万 | 19.78% | -4079.89万 | -9.32% | -4581.26万 | -10.46% | | 600160 | ...

据不完全统计，A股市场参与光引发剂生产的上市公司主要有7家，其中久日新材、强力新材、扬帆新 材为国内龙头，此外，新瀚新材、飞凯材料、康达新材、湖北宜化也有相关产品。从光引发剂国内产能 来看，2024年，久日新材产能约为2.3万吨、强力新材约为1.7万吨、沃凯珑约为1.3万吨、IGM约为1.2万 吨、扬帆新材约为0.8万吨、固润科技约为0.5万吨。 据数据宝，今年以来，光引发剂价格持续走高。据百川盈孚数据，8月11日，光引发剂（TPO）价格再 度上调，最新报价至95元/公斤，价格上调5.56%。8月以来，光引发剂累计涨幅近15%，今年以来累计 上涨26.67%。 根据中国感光学会辐射固化专业委员会数据，2024年我国光引发剂产量为5.9万吨，同比增长5.4%。根 据上市公司2024年年报数据，2024年久日新材、强力新材、扬帆新材光引发剂产量分别为1.99万吨、 0.73万吨、0.40万吨，占行业总产量的52.73%。 ...

Core Viewpoint - The price of photoinitiators has been rising significantly throughout the year, with a recent increase of 5.56% to 95 yuan per kilogram, leading to a cumulative increase of 26.67% year-to-date [1]. Industry Summary - The photoinitiator market is experiencing a price surge, with an increase of nearly 15% in August alone [1]. - Photoinitiators are essential raw materials for the production of photoresists, indicating a broad space for domestic substitution in this sector [1]. Company Summary - Seven listed companies in the A-share market are involved in the production of photoinitiators, with Jiu Ri New Materials, Qiang Li New Materials, and Yang Fan New Materials being the domestic leaders [1]. - Financial performance of key companies includes: - Hubei Zhihua: Total market value of 14.76 billion yuan, quarterly net profit of 34.01 million yuan, down 75.14% year-on-year [2]. - Feikai Materials: Total market value of 11.76 billion yuan, quarterly net profit of 119.74 million yuan, up 100.10% year-on-year [2]. - Xinchao New Materials: Total market value of 8.7 billion yuan, quarterly net profit of 16.19 million yuan, up 47.85% year-on-year [2]. - Qiang Li New Materials: Total market value of 7.67 billion yuan, quarterly net profit of -5.62 million yuan, reporting a first loss [2]. - Kangda New Materials: Total market value of 4.26 billion yuan, quarterly net profit of 6.37 million yuan, turning profitable [2]. - Jiu Ri New Materials: Total market value of 4.12 billion yuan, quarterly net profit of -10.52 million yuan, down 139.75% year-on-year [2]. - Yang Fan New Materials: Total market value of 2.86 billion yuan, quarterly net profit of 10.05 million yuan, turning profitable [2].

扬帆新材（300637.SZ）8月1日在投资者互动平台表示，今年光引发剂产品部分品种较去年价格同比有 所上涨。具体情况请关注后期披露的定期报告。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：尊敬的董秘您好，贵司光引发剂产品今年价格相比去 年同期是否有上涨？ ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002453 | 华软科技 | 6.22 | 10.09% | 29.86万 | | 1.81亿 | | 688189 | 久日新材 | 25.30 | 7.48% | 16.98万 | | 4.32 Z | | 300637 | 扬帆新材 | 12.39 | 5.90% | 26.95万 | | 3.27亿 | | 688157 | 松井股份 | 35.47 | 5.19% | 7.72万 | | 2.75亿 | | 688269 | 凯立新材 | 36.40 | 4.87% | 6.22万 | | 2.27亿 | | 600873 | 梅化生物 | 11.65 | 3.65% | 46.56万 | | 5.40亿 | | 301077 | 星华新材 | 22.14 | 3.55% | 7.32万 | | 1.60亿 | | 688625 | 呈和科技 | 32.26 | 3.17% | 3.73万 | | 1.20亿 | | 6 ...

Investment Rating - The report assigns a "Recommended" rating to the photoinitiator industry, marking its first coverage [2]. Core Viewpoints - The supply-demand dynamics in the photoinitiator industry are improving, leading to a potential recovery in industry profitability [3][10]. - The demand side is witnessing a revival in traditional sectors, while emerging applications are opening new opportunities [6][10]. - The industry is expected to see a concentration of production capacity among companies with scale, cost, and technological advantages [9][10]. Summary by Sections Supply and Demand Dynamics - The prices of various photoinitiator products have increased significantly in 2025, with notable price changes: - Photoinitiator 907: 88 CNY/kg (+27.54% since the beginning of the year) - Photoinitiator 184: 45 CNY/kg (+32.35%) - Photoinitiator TPO: 83 CNY/kg (+10.67%) - Photoinitiator ITX: 155 CNY/kg (+16.54%) [5]. - The photoinitiator market in China is projected to grow, with the UV coating market reaching 6.2 billion CNY in 2023 (+8% YoY), UV ink at 5.5 billion CNY (+11% YoY), and UV adhesive at 2.6 billion CNY (+238% YoY) [6][7]. Demand Drivers - The demand for photoinitiators is expected to rise due to recovery in the real estate sector and growth in downstream applications such as UV inks and adhesives used in electronics and packaging [7][10]. - The global 3D printing industry is projected to grow from 20 billion USD in 2023 to 21.9 billion USD in 2024 (+9.1%), with a compound annual growth rate (CAGR) of 18% expected from 2024 to 2034 [7]. - The PCB market is also on an upward trend, with a projected value of 73.6 billion USD in 2024 (+5.8% YoY) and an expected market size of 94.7 billion USD by 2029 [8]. Supply Side and Industry Structure - The production capacity of leading photoinitiator companies in China for 2024 is as follows: - Jiu Ri New Materials: 23,000 tons - Qiang Li New Materials: 17,000 tons - Wo Kai Long: 13,000 tons [9]. - The industry is experiencing a consolidation trend, with production capacity increasingly concentrated among companies with competitive advantages [9][10]. Investment Strategy - The report suggests that the photoinitiator industry is poised for a rebound in profitability as supply-demand conditions improve, and it highlights the potential for price recovery [10]. - Key companies to watch include Jiu Ri New Materials, Qiang Li New Materials, Yang Fan New Materials, and Xin Han New Materials [11].