格隆汇8月28日丨阿石创(300706.SZ)公布2025年半年度报告，上半年公司实现营业收入6.73亿元，同比 增长15.11%；归属于上市公司股东的净利润-2950.04万元；归属于上市公司股东的扣除非经常性损益的 净利润-3241.68万元；基本每股收益-0.19元。 ...

每经AI快讯，阿石创（SZ 300706，收盘价：44.05元）8月28日晚间发布半年度业绩报告称，2025年上 半年营业收入约6.73亿元，同比增加15.11%；归属于上市公司股东的净利润亏损约2950万元；基本每股 收益亏损0.19元。 截至发稿，阿石创市值为67亿元。 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？ （记者 王晓波） ...

Group 1 - The company Astone (SZ 300706) announced the convening of its fourth board meeting on August 28, 2025, to review the 2025 semi-annual report and its summary [1] - For the year 2024, Astone's revenue composition is as follows: engineering new materials 33.25%, flat panel display 30.01%, other industries 17.45%, optics 17.28%, and trade 2.0% [1] - As of the report date, Astone's market capitalization is 6.7 billion yuan [1]

福建阿石创新材料股份有限公司 2025年半年度募集资金存放与实际使用情况的 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》和《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》有关规定，现将本公司2025 年半年度募集资金存放与使用情况说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证监会出具的《关于同意福建阿石创新材料股份有限公司向特定对象发行股票注册的 批复》（证监许可〔2020〕2572 号），同意公司向特定对象发行股票的注册申请。2021 年 8 月 11 日，公司向 11 名特定对象发行人民币普通股（A 股）11,732,499 股，每股面值为人民币 1.00 元，发行价格为人民币 25.57 元/股。截至 2021 年 8 月 12 日，本公司募集资金总额为人 民币 299,999,999.43 元，扣除与发行有关的费用（不含税）人民币 7,488,143.29 元，公司 实际募集资金净额为人民币 292,511,856.14 元。 上述募集资金净额已经致同会计师事务所（特殊普通合伙）致同验字（2021）第 351C ...

证券代码：300706 证券简称：阿石创 公告编号：2025-042 福建阿石创新材料股份有限公司 2025 年半年度报告及摘要披露提示性公告 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，不存在虚假 记载、误导性陈述或重大遗漏。 福建阿石创新材料股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召 开的第四届董事会第八次会议，审议通过了《关于公司<2025 年半年度报告>及其摘 要的议案》。 公司《2025 年半年度报告》及摘要已于 2025 年 8 月 29 日在中国证监会指定 的创业板信息披露网站巨潮资讯网（www.cninfo.com.cn）上披露，请投资者注意查 阅。 特此公告。 福建阿石创新材料股份有限公司董事会 2025 年 8 月 29 日 ...

| 控股股东、实际控制人及其附 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 属企业 | | 上市公司的 | | | | | | | | | | 上市公司的子公司及其附属 | 福建顶创金属材料 有限责任公司 | 子公司及其 附属企业 上市公司的 上市公司的 | 其他应收款 | 12,280. 0 | 358.52 | | 3,368.52 | 9,270.07 | 往来暂借 款 | 非经营性 往来 往来 | | | | | | 07 | | | | | | | | | 福建顶创控股有限 | | | | | | | | 往来暂借 | 非经营性 | | | 公司 | 子公司及其 | 其他应收款 | 7,996.0 | 1,150.00 | | | 9,146.00 | 款 | | | | | 附属企业 | | | | | | | | | | | 三明顶创恒隆材料 | | | | | | | | 往来暂借 | 非经营性 | | 企业 | 有限责任公司 | 子公司及其 | 其他应收 ...

证券代码：300706 证券简称：阿石创 公告编号：2025-040 福建阿石创新材料股份有限公司 第四届董事会第八次会议决议公告 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，不存在虚假 记载、误导性陈述或重大遗漏。 福建阿石创新材料股份有限公司（以下简称"公司"）第四届董事会第八次会 议于 2025 年 8 月 28 日在福建省福州市长乐区漳港街道漳湖路 66 号公司会议室以 现场表决和电子通信相结合的方式召开，其中董事陈钦忠先生、李强先生及独立董 事许煦女士以电子通信方式出席本次会议，会议通知已于 2025 年 8 月 18 日以电子 邮件的形式向全体董事发出，会议由董事长陈钦忠召集和主持，会议应到董事 7 名， 亲自出席会议董事 7 名，公司高级管理人员列席了本次会议。本次会议的召集和召 开符合《中华人民共和国公司法》(以下简称"《公司法》")和《公司章程》等有 关规定。 一、董事会会议审议情况 经与会董事审议，一致通过以下决议： 1、审议通过《关于公司<2025 年半年度报告>及其摘要的议案》 公司编制的《2025 年半年度报告》及其摘要符合法律、法规和中国证券监督管 理委员会的规定，报 ...

Part I [Important Notes, Table of Contents, and Definitions](index=2&type=section&id=第一节%20重要提示、目录和释义) This section provides crucial disclaimers, outlines the report structure, and defines key terms for clarity [Important Notes](index=2&type=section&id=重要提示) The Board of Directors and senior management affirm the report's accuracy, disclose key risks and mitigation strategies, and state no interim dividend distribution or capital increase from reserves - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[4](index=4&type=chunk) - The company faces **raw material price fluctuation risks**, planning to address them by strengthening supplier development, engaging in futures hedging, and adjusting product prices[5](index=5&type=chunk) - The company faces **risks of technology leakage and talent loss**, intending to mitigate them by improving confidentiality systems, enhancing corporate culture training, and optimizing human resource management[6](index=6&type=chunk) - The company faces **risks of accounts receivable bad debts**, planning to counter them by establishing customer credit management mechanisms, intensifying collection efforts, and incorporating collection performance into sales evaluations[7](index=7&type=chunk)[8](index=8&type=chunk) - The company plans **no cash dividends, bonus shares, or capital increase from capital reserves** for this semi-annual period[9](index=9&type=chunk) [Table of Contents](index=4&type=section&id=目录) This report's clear table of contents is divided into eight chapters, covering important notes, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, and financial reports - The report comprises eight main chapters, from important notes to financial reports, ensuring a complete structure[11](index=11&type=chunk) [Definitions](index=6&type=section&id=释义) This section defines common terms used in the report, including company abbreviations, subsidiary names, controlling shareholders, and specialized technical terms like PVD, sputtering, target materials, and evaporation materials, ensuring accurate understanding of the report - The report clearly defines the company's abbreviation "Acetron", controlling subsidiaries "Top Creation Holdings", and "Changzhou Sujing"[14](index=14&type=chunk) - The report explains core technical and product terms such as PVD (Physical Vapor Deposition), sputtering, target materials, and evaporation materials[14](index=14&type=chunk) Part II [Company Profile and Key Financial Indicators](index=7&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's basic information, contact details, and a summary of its key accounting data and financial performance for the reporting period [Company Profile](index=7&type=section&id=一、公司简介) The company's stock abbreviation is "Acetron", stock code 300706, listed on the Shenzhen Stock Exchange, with Chen Qinzong as the legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Acetron | | Stock Code | 300706 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Fujian Acetron New Materials Co., Ltd | | Legal Representative | Chen Qinzong | [16](index=16&type=chunk) [Contact Persons and Contact Information](index=7&type=section&id=二、联系人和联系方式) The company discloses the contact information for Board Secretary Sun Hao and Securities Affairs Representative Xie Wenwu, including address, phone, fax, and email Contact Person Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Sun Hao | No. 66 Zhanghu Road, Zhanggang Street, Changle District, Fuzhou City, Fujian Province | 0591-83056265 | 0591-28798333 | zqswb@acetron.com.cn | | Securities Affairs Representative | Xie Wenwu | No. 66 Zhanghu Road, Zhanggang Street, Changle District, Fuzhou City, Fujian Province | 0591-83056265 | 0591-28798333 | zqswb@acetron.com.cn | [17](index=17&type=chunk) [Other Information](index=7&type=section&id=三、其他情况) During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure and storage locations, or registration changes, with specific details available in the 2024 annual report - The company's contact information, information disclosure and storage locations, and registration changes remained consistent with the 2024 annual report during the reporting period[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=四、主要会计数据和财务指标) During this reporting period, the company's operating revenue increased by 15.11%, but net profit attributable to shareholders and non-recurring net profit both significantly declined, operating cash flow turned negative, basic earnings per share shifted from profit to loss, and weighted average return on net assets also decreased significantly Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 673,015,801.17 | 584,680,782.56 | 15.11% | | Net Profit Attributable to Shareholders of Listed Company | -29,500,350.45 | 4,966,565.20 | -693.98% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | -32,416,806.96 | 5,214,419.88 | -721.68% | | Net Cash Flow from Operating Activities | -613,103.82 | 25,211,442.94 | -102.43% | | Basic Earnings Per Share (Yuan/share) | -0.19 | 0.03 | -733.33% | | Diluted Earnings Per Share (Yuan/share) | -0.19 | 0.03 | -733.33% | | Weighted Average Return on Net Assets | -4.10% | 0.66% | -4.76% | | **Period-end Indicators** | **Current Period-end (Yuan)** | **Prior Year-end (Yuan)** | **Change** | | Total Assets | 1,912,787,991.42 | 1,904,635,709.63 | 0.43% | | Net Assets Attributable to Shareholders of Listed Company | 707,648,697.20 | 724,874,911.76 | -2.38% | [21](index=21&type=chunk) - The company's share capital changed due to equity incentive exercise from the end of the reporting period to the disclosure date of the semi-annual report, affecting the amount of owners' equity[21](index=21&type=chunk) [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=五、境内外会计准则下会计数据差异) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under International Accounting Standards or overseas accounting standards and those prepared under Chinese Accounting Standards - The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[22](index=22&type=chunk)[23](index=23&type=chunk) - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[24](index=24&type=chunk) [Non-recurring Gains and Losses and Amounts](index=9&type=section&id=六、非经常性损益项目及金额) During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 2,916,456.51**, primarily including gains/losses from disposal of non-current assets, government subsidies, fair value changes of financial assets and liabilities, and other non-operating income and expenses Non-recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 545,156.00 | | Government subsidies recognized in current profit/loss | 4,629,391.95 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains/losses from disposal of financial assets and liabilities | -2,642,917.22 | | Other non-operating income and expenses apart from the above | 991,543.74 | | Less: Income tax impact | 594,551.88 | | Impact on minority interests (after tax) | 12,166.08 | | Total | 2,916,456.51 | [26](index=26&type=chunk) - The company has no other profit/loss items that meet the definition of non-recurring gains and losses, nor has it classified items listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-recurring Gains and Losses" as recurring gains and losses[26](index=26&type=chunk)[27](index=27&type=chunk) Part III [Management Discussion and Analysis](index=10&type=section&id=第三节%20管理层讨论与分析) This section provides an in-depth analysis of the company's main business operations, core competencies, financial performance, investment activities, and risk management strategies during the reporting period [Main Business Activities During the Reporting Period](index=10&type=section&id=一、报告期内公司从事的主要业务) The company primarily engages in the R&D, production, and sales of PVD coating materials, benefiting from domestic substitution opportunities and securing a certain market share in the high-end domestic market; PVD technology offers advantages such as uniform film formation, high hardness, and environmental friendliness, widely applied in semiconductors, flat panel displays, and optics - PVD coating technology offers advantages such as **uniform film formation, high hardness, resistance to extreme environments, diverse color options, wide material adaptability, and environmental friendliness**[29](index=29&type=chunk) - PVD materials are categorized into evaporation materials, planar targets, and rotary targets based on coating equipment and application scenarios, with production processes including powder metallurgy and metal casting[30](index=30&type=chunk) - The technical barriers for PVD materials are evident in equipment coordination and correction, manufacturing processes, and application understanding[30](index=30&type=chunk) - The company benefits from the development of PVD coating materials and domestic substitution opportunities, having mastered key technologies for high-end PVD coating material production and holding a certain market share in China[32](index=32&type=chunk) [Core Competitiveness Analysis](index=11&type=section&id=二、核心竞争力分析) With over two decades in PVD coating materials, the company has developed a comprehensive understanding of PVD coating equipment, processes, and materials, boasting an experienced R&D team, eight core technologies, and the capability to provide one-stop solutions to clients - The company possesses a comprehensive understanding of PVD coating equipment, processes, and materials, including independent equipment design and manufacturing capabilities, extensive material preparation process technologies, and a stringent quality control system[34](index=34&type=chunk) - The company has an experienced technical R&D team, established national and provincial research platforms like a postdoctoral research workstation, and mastered eight core technologies such as material purification, target composition and microstructure design, and grain size and orientation control[36](index=36&type=chunk)[37](index=37&type=chunk) - The company has established a PVD thin film laboratory, capable of providing one-stop solutions including diverse PVD coating materials, film system design and process development, and preparation technology implementation[38](index=38&type=chunk) [Main Business Analysis](index=12&type=section&id=三、主营业务分析) During the reporting period, the company's operating revenue increased by 15.11%, but a larger increase in operating costs led to a significant decline in total profit; financial expenses rose sharply due to exchange rate fluctuations, and R&D investment grew by 34.04% to maintain leadership; net cash flow from operating activities turned negative, mainly due to increased inventory reserves and procurement payments Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 673,015,801.17 | 584,680,782.56 | 15.11% | | | Operating Cost | 646,699,425.23 | 533,021,377.92 | 21.33% | | | Selling Expenses | 6,829,817.76 | 7,271,976.67 | -6.08% | | | Administrative Expenses | 23,293,317.48 | 20,490,538.83 | 13.68% | | | Financial Expenses | 11,601,095.16 | 7,247,924.12 | 60.06% | Primarily due to exchange rate fluctuations causing changes in exchange gains and losses during the period | | Income Tax Expense | -4,280,363.63 | -2,258,114.83 | -89.55% | Primarily due to changes in total profit affecting current income tax expense | | R&D Investment | 15,736,727.66 | 11,740,363.06 | 34.04% | The company increased R&D investment to accelerate project development and maintain product and market leadership | | Net Cash Flow from Operating Activities | -613,103.82 | 25,211,442.94 | -102.43% | Increased inventory reserves to cope with revenue growth led to higher payments for goods purchased | | Net Cash Flow from Investing Activities | -76,214,940.47 | -32,035,968.60 | -137.90% | Primarily due to increased fixed asset expenditures for projects compared to the same period last year | | Net Cash Flow from Financing Activities | 76,043,735.52 | 19,779,562.51 | 284.46% | Loan drawdowns increased compared to the same period last year to meet increased payments for goods purchased and overall fund allocation needs | | Net Increase in Cash and Cash Equivalents | 92,144.54 | 12,735,214.81 | -99.28% | Increased inventory reserves to cope with revenue growth led to higher payments for goods purchased, as well as increased fixed asset investment | [40](index=40&type=chunk)[41](index=41&type=chunk) - The company's profit structure or sources of profit did not undergo significant changes during the reporting period[41](index=41&type=chunk) Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sputtering Target Materials | 287,073,177.26 | 269,769,192.00 | 6.03% | 4.29% | 13.81% | -7.86% | | Evaporation Materials | 212,916,410.64 | 206,129,535.95 | 3.19% | 112.75% | 124.11% | -4.91% | | Alloy and Metal Materials | 151,195,731.26 | 154,392,080.59 | -2.11% | -22.35% | -21.82% | -0.69% | [43](index=43&type=chunk) [Non-Main Business Analysis](index=13&type=section&id=四、非主营业务分析) During the reporting period, the company had no non-main business analysis situations - The company had no non-main business analysis during the reporting period[44](index=44&type=chunk) [Analysis of Assets and Liabilities](index=14&type=section&id=五、资产及负债状况分析) At the end of the reporting period, the company's total assets slightly increased, while net assets attributable to shareholders slightly decreased; short-term borrowings significantly increased as a proportion of total assets, while cash and cash equivalents and construction in progress decreased; the company held a small amount of financial assets and liabilities measured at fair value, and some assets were restricted Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (Yuan) | % of Total Assets | Amount at End of Prior Year (Yuan) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 292,793,971.00 | 15.31% | 341,129,919.85 | 17.91% | -2.60% | | Accounts Receivable | 240,455,812.62 | 12.57% | 224,210,584.24 | 11.77% | 0.80% | | Inventories | 464,348,590.54 | 24.28% | 450,250,146.90 | 23.64% | 0.64% | | Fixed Assets | 660,434,885.68 | 34.53% | 652,421,040.74 | 34.25% | 0.28% | | Construction in Progress | 25,594,902.85 | 1.34% | 42,168,242.04 | 2.21% | -0.87% | | Short-term Borrowings | 813,529,319.58 | 42.53% | 729,166,183.83 | 38.28% | 4.25% | | Long-term Borrowings | 21,000,000.00 | 1.10% | 33,654,788.80 | 1.77% | -0.67% | [45](index=45&type=chunk) - The company had no major overseas assets during the reporting period[46](index=46&type=chunk) Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (Yuan) | Fair Value Change Gain/Loss for Current Period (Yuan) | Amount Purchased for Current Period (Yuan) | Amount Sold for Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Derivative Financial Assets | 881,985.00 | -308,260.98 | 182,158,080.00 | 194,051,925.00 | 573,724.02 | | Financial Liabilities | 25,166,414.77 | 4,140,617.09 | 17,382,246.90 | 28,360,387.23 | 19,328,891.53 | [47](index=47&type=chunk) - The company's main asset measurement attributes did not undergo significant changes during the reporting period[47](index=47&type=chunk) Restricted Asset Rights as of the End of the Reporting Period | Item | Book Value at Period-end (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 104,666,237.17 | Bank acceptance bills, letters of credit, futures, and precious metal lease deposits | | Fixed Assets | 218,453,413.02 | Credit agreement mortgage, government subsidy agreement stipulations | | Intangible Assets | 23,252,759.05 | Credit agreement mortgage, government subsidy agreement stipulations | | Total | 346,372,409.24 | | [49](index=49&type=chunk) [Investment Status Analysis](index=15&type=section&id=六、投资状况分析) During the reporting period, the company had no significant equity investments, non-equity investments, or entrusted wealth management; the overall utilization rate of raised funds was 99.07%, but some committed projects, such as the "Flat Panel Display Sputtering Target Material Construction Project," did not meet expected benefits, while the "R&D and Construction Project for Aluminum Scandium Target Materials and Molybdenum Target Materials" was terminated, with funds reallocated to the "Industrialization Project for Ultra-High Definition Display Copper Target Materials"; the company engaged in commodity futures derivative investments for hedging purposes to mitigate raw material price fluctuation risks - The company had no significant equity investments, non-equity investments, or financial assets measured at fair value during the reporting period[50](index=50&type=chunk) Overall Utilization of Raised Funds | Fundraising Year | Fundraising Method | Total Raised Funds (RMB 10,000) | Net Raised Funds (RMB 10,000) | Total Raised Funds Used in Current Period (RMB 10,000) | Total Raised Funds Used Cumulatively (RMB 10,000) | Utilization Ratio at Period-end | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 | Issuance of Shares to Specific Objects | 30,000 | 29,251.19 | 6,568.96 | 28,977.96 | 99.07% | [52](index=52&type=chunk) - As of June 30, 2025, all committed investment projects funded by shares issued to specific objects in 2020 have been completed, and the remaining raised funds will be permanently used to supplement working capital[52](index=52&type=chunk) Status of Committed Raised Fund Projects | Committed Investment Project Name | Committed Investment Amount (RMB 10,000) | Cumulative Investment Amount at Period-end (RMB 10,000) | Investment Progress | Benefits Achieved in Current Reporting Period (RMB 10,000) | Achieved Expected Benefits | | :--- | :--- | :--- | :--- | :--- | :--- | | Flat Panel Display Sputtering Target Material Construction Project | 9,000 | 7,899.53 | 87.77% | 61.83 | No | | Industrialization Project for Ultra-High Definition Display Copper Target Materials | 8,500 (Adjusted) | 8,210.44 | 96.59% | 21.49 | Yes | | R&D and Construction Project for Aluminum Scandium Target Materials and Molybdenum Target Materials | 0 (Terminated) | 0 | 0.00% | Not applicable | Yes | | Supplement Working Capital | 11,751.19 (Adjusted) | 12,867.99 | 109.50% | Not applicable | No | [56](index=56&type=chunk) - The "Flat Panel Display Sputtering Target Material Construction Project" did not meet expected benefits, primarily due to macroeconomic impacts, intensified market competition, and rising raw material prices[56](index=56&type=chunk) - The "R&D and Construction Project for Aluminum Scandium Target Materials and Molybdenum Target Materials" was terminated, and the raised funds were reallocated to the "Industrialization Project for Ultra-High Definition Display Copper Target Materials" because the market promotion of 5G chip filters still requires a longer R&D cycle[56](index=56&type=chunk) - The investment amount for the "Industrialization Project for Ultra-High Definition Display Copper Target Materials" was reduced, with some front-end processes outsourced to cope with market competition and improve capital utilization efficiency[56](index=56&type=chunk) - The company had no entrusted wealth management or speculative derivative investments during the reporting period[63](index=63&type=chunk)[67](index=67&type=chunk) Derivative Investments for Hedging Purposes | Derivative Investment Type | Beginning Balance (RMB 10,000) | Fair Value Change Gain/Loss for Current Period (RMB 10,000) | Amount Purchased for Current Period (RMB 10,000) | Amount Sold for Current Period (RMB 10,000) | Ending Balance (RMB 10,000) | Proportion of Period-end Investment to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Commodity Futures | 88.2 | -30.83 | 18,215.81 | 19,405.19 | 57.37 | 0.08% | [65](index=65&type=chunk) - The company conducts futures hedging business using its own funds, primarily facing **price fluctuation, liquidity, internal control, technical, and policy risks**, and has formulated corresponding control measures[65](index=65&type=chunk)[66](index=66&type=chunk) - The company had no entrusted loans during the reporting period[68](index=68&type=chunk) [Major Asset and Equity Sales](index=22&type=section&id=七、重大资产和股权出售) During the reporting period, the company did not sell any major assets or equity - The company did not sell any major assets during the reporting period[69](index=69&type=chunk) - The company did not sell any major equity during the reporting period[70](index=70&type=chunk) [Analysis of Major Holding and Participating Companies](index=23&type=section&id=八、主要控股参股公司分析) Changzhou Sujing Electronic Materials Co., Ltd. is a significant controlled subsidiary primarily engaged in the R&D, production, and sales of sputtering coating materials for semiconductor, flat panel display, and solar energy applications, but its operating profit and net profit were negative during the reporting period Major Holding and Participating Company Information | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Changzhou Sujing Electronic Materials Co., Ltd | Subsidiary | R&D, manufacturing, and sales of target materials | 15,354,535 | 287,966,675.77 | 160,739,147.78 | 79,228,310.75 | -3,582,163.60 | -2,502,851.88 | [72](index=72&type=chunk) - Changzhou Sujing Electronic Materials Co., Ltd. owns two wholly-owned subsidiaries, Taiwan Sujing Co., Ltd. and Changzhou Minxing New Materials Technology Co., Ltd., primarily dealing in molybdenum targets, with major clients including BOE and Visionox[72](index=72&type=chunk) - The company did not acquire or dispose of any subsidiaries during the reporting period[72](index=72&type=chunk) [Information on Structured Entities Controlled by the Company](index=23&type=section&id=九、公司控制的结构化主体情况) During the reporting period, the company had no structured entities under its control - The company had no structured entities under its control during the reporting period[73](index=73&type=chunk) [Risks Faced by the Company and Countermeasures](index=23&type=section&id=十、公司面临的风险和应对措施) The risks faced by the company and its countermeasures have been fully disclosed in "Part I Important Notes, Table of Contents, and Definitions," and investors are advised to read them carefully - The risk factors and countermeasures faced by the company are detailed in "Part I Important Notes, Table of Contents, and Definitions" of this report[73](index=73&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=23&type=section&id=十一、报告期内接待调研、沟通、采访等活动登记表) During the reporting period, the company hosted two investor activities, including an offline factory visit and an online collective reception day, primarily discussing the company's production base, operational status, and future development plans Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period | Reception Time | Reception Location | Reception Method | Type of Reception Object | Main Content Discussed and Materials Provided | | :--- | :--- | :--- | :--- | :--- | | March 11, 2025 | Company Meeting Room | Other | Other | Visit to company production base, introduction to company's basic situation, and discussion on operational status | | May 14, 2025 | Panorama Network "Investor Relations Interactive Platform" | Online platform communication | Other | Company's operational status and future development plans, etc | [74](index=74&type=chunk)[75](index=75&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=24&type=section&id=十二、市值管理制度和估值提升计划的制定落实情况) During the reporting period, the company did not formulate a market value management system nor disclose a valuation enhancement plan - The company did not formulate a market value management system nor disclose a valuation enhancement plan[76](index=76&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=24&type=section&id=十三、“质量回报双提升”行动方案贯彻落实情况) During the reporting period, the company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan[77](index=77&type=chunk) Part IV [Corporate Governance, Environment, and Society](index=25&type=section&id=第四节%20公司治理、环境和社会) This section details changes in the company's directors, supervisors, and senior management, profit distribution plans, equity incentive implementation, environmental information disclosure, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=一、公司董事、监事、高级管理人员变动情况) During the reporting period, Jiang Lijuan, Chairman of the Supervisory Board, Lin Jinfa, Employee Representative Supervisor, and Zhang Taoxiao, Supervisor, resigned due to organizational structure adjustments Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Jiang Lijuan | Chairman of the Supervisory Board | Resignation | May 19, 2025 | Organizational structure adjustment | | Lin Jinfa | Employee Representative Supervisor | Resignation | May 19, 2025 | Organizational structure adjustment | | Zhang Taoxiao | Supervisor | Resignation | May 19, 2025 | Organizational structure adjustment | [79](index=79&type=chunk) [Profit Distribution and Capital Reserve to Share Capital Conversion Plan for the Current Reporting Period](index=25&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans no cash dividend distribution, bonus shares, or capital increase from capital reserves for this semi-annual period - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period[80](index=80&type=chunk) [Implementation of Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=25&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) The company continued to advance its 2022 Restricted Stock Incentive Plan, completing the registration of the second batch of shares for the second vesting period of the initial grant and the second batch of shares for the first vesting period of the reserved grant during the reporting period; the company had no employee stock ownership plans or other employee incentive measures during the reporting period - The company continues to implement its 2022 Restricted Stock Incentive Plan, having completed the registration of the second batch of vested shares for the second vesting period of the initial grant and the second batch of vested shares for the first vesting period of the reserved grant during the reporting period[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[87](index=87&type=chunk) - The company had no employee stock ownership plans or other employee incentive measures during the reporting period[88](index=88&type=chunk) [Environmental Information Disclosure](index=27&type=section&id=四、环境信息披露情况) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[88](index=88&type=chunk) [Social Responsibility](index=27&type=section&id=五、社会责任情况) The company is committed to protecting the rights and interests of shareholders and creditors, improving corporate governance, and ensuring transparent information disclosure; concurrently, it adheres to a people-oriented approach, safeguarding employees' legitimate rights, and upholding the quality policy of "continuous innovation, winning by quality, customer satisfaction, and sustainable development" to foster long-term mutually beneficial relationships with customers and suppliers - The company strictly adheres to laws, regulations, and its articles of association, convenes shareholder meetings in accordance with the law, expands shareholder participation through online voting, and safeguards shareholders' rights to information and participation[88](index=88&type=chunk) - The company maintains sound financial policies, with no instances of controlling shareholders or related parties occupying company funds, thereby protecting the interests of shareholders and creditors[88](index=88&type=chunk) - The company adheres to a people-oriented approach, focusing on enhancing employees' comprehensive abilities and career development, organizing team-building cultural activities, strictly complying with labor laws, and providing social insurance and housing provident funds for employees[90](index=90&type=chunk) - The company upholds the quality policy of "continuous innovation, winning by quality, customer satisfaction, and sustainable development," providing high-quality products and services to customers, and establishing long-term mutually beneficial partnerships with suppliers[91](index=91&type=chunk) Part V [Significant Events](index=29&type=section&id=第五节%20重要事项) This section covers the fulfillment of commitments, related party fund occupation, illegal external guarantees, auditor appointments, explanations for non-standard audit reports, bankruptcy reorganization, litigation, penalties, integrity status, major related party transactions, significant contracts, and other important matters [Fulfillment of Commitments](index=29&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) During the reporting period, there were no commitments that had been fulfilled or were overdue and unfulfilled by the company's actual controllers, shareholders, related parties, acquirers, or the company itself - The company had no commitments that had been fulfilled or were overdue and unfulfilled as of the end of the reporting period[94](index=94&type=chunk) [Occupation of Funds by Related Parties](index=29&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) During the reporting period, there were no instances of non-operating fund occupation by controlling shareholders or other related parties of the listed company - The company had no instances of non-operating fund occupation by controlling shareholders or other related parties of the listed company during the reporting period[95](index=95&type=chunk) [Illegal External Guarantees](index=29&type=section&id=三、违规对外担保情况) During the reporting period, the company had no illegal external guarantees - The company had no illegal external guarantees during the reporting period[96](index=96&type=chunk) [Appointment of Accounting Firm](index=29&type=section&id=四、聘任、解聘会计师事务所情况) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[97](index=97&type=chunk) [Explanation of "Non-Standard Audit Report"](index=29&type=section&id=五、董事会、监事会、审计委员会对会计师事务所本报告期“非标准审计报告”的说明) During the reporting period, there was no explanation from the Board of Directors, Supervisory Board, or Audit Committee regarding a "non-standard audit report" from the accounting firm for this reporting period - The company had no explanation from the Board of Directors, Supervisory Board, or Audit Committee regarding a "non-standard audit report" from the accounting firm for this reporting period[98](index=98&type=chunk) [Explanation of Prior Year's "Non-Standard Audit Report"](index=29&type=section&id=六、董事会对上年度“非标准审计报告”相关情况的说明) During the reporting period, there was no explanation from the Board of Directors regarding the "non-standard audit report" for the prior year - The company had no explanation from the Board of Directors regarding the "non-standard audit report" for the prior year during the reporting period[98](index=98&type=chunk) [Bankruptcy Reorganization Matters](index=30&type=section&id=七、破产重整相关事项) During the reporting period, the company did not undergo any bankruptcy reorganization matters - The company did not undergo any bankruptcy reorganization matters during the reporting period[99](index=99&type=chunk) [Litigation Matters](index=30&type=section&id=八、诉讼事项) The company reached a settlement with Guangdong Tengsheng Technology Innovation Co., Ltd. regarding a equipment manufacturing contract dispute, with the Fuzhou Intermediate People's Court confirming the mediation agreement, and Guangdong Tengsheng will pay **RMB 7.83 million** in installments; there were no other significant litigation matters during the reporting period Major Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (RMB 10,000) | Provision for Estimated Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | The company and Guangdong Tengsheng Technology Innovation Co., Ltd. had a dispute over an equipment manufacturing contract, with Guangdong Tengsheng filing a counterclaim against the company | 1,170 | No | The company reached a settlement with the defendant Guangdong Tengsheng Technology Innovation Co., Ltd., and a "Civil Mediation Statement" was confirmed by the Fuzhou Intermediate People's Court | Guangdong Tengsheng agreed to pay the company **RMB 7.83 million** (including equipment fees, liquidated damages, and capital occupation fees) in installments. Zhu Gangjin and Zhu Gangyi provided joint and several liability guarantees | | The company filed a lawsuit against Guangdong Tengsheng Technology Innovation Co., Ltd. regarding an equipment manufacturing contract dispute | 351 | No | The company reached a settlement with the defendant Guangdong Tengsheng Technology Innovation Co., Ltd., and a "Civil Mediation Statement" was confirmed by the Fuzhou Intermediate People's Court | Guangdong Tengsheng agreed to pay the company **RMB 7.83 million** (including equipment fees, liquidated damages, and capital occupation fees) in installments. Zhu Gangjin and Zhu Gangyi provided joint and several liability guarantees | [100](index=100&type=chunk) - The company had no other litigation matters during the reporting period[100](index=100&type=chunk) [Penalties and Rectification](index=30&type=section&id=九、处罚及整改情况) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[101](index=101&type=chunk) [Integrity Status](index=30&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) During the reporting period, the company, its controlling shareholders, and actual controllers had no integrity issues - The company had no integrity issues concerning itself, its controlling shareholders, or actual controllers during the reporting period[102](index=102&type=chunk) [Major Related Party Transactions](index=30&type=section&id=十一、重大关联交易) During the reporting period, the company did not engage in related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor-debtor relationships, nor did it have dealings with affiliated financial companies - The company had no related party transactions related to daily operations during the reporting period[102](index=102&type=chunk) - The company had no related party transactions involving asset or equity acquisitions or disposals during the reporting period[103](index=103&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[104](index=104&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[105](index=105&type=chunk) - The company had no deposits, loans, credit lines, or other financial business with affiliated financial companies or financial companies controlled by the company and related parties[106](index=106&type=chunk)[107](index=107&type=chunk) - The company had no other major related party transactions during the reporting period[108](index=108&type=chunk) [Major Contracts and Their Performance](index=31&type=section&id=十二、重大合同及其履行情况) During the reporting period, the company had no entrustment, contracting, or leasing matters, but it did have one external guarantee of **RMB 30 million**; the company did not disclose major contracts for daily operations or other significant contracts - The company had no entrustment, contracting, or leasing situations during the reporting period[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) External Guarantees by the Company and its Subsidiaries | Name of Guaranteed Party | Guarantee Limit (RMB 10,000) | Actual Occurrence Date | Actual Guarantee Amount (RMB 10,000) | Guarantee Type | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Fujian Acetron New Materials Co., Ltd | 3,000 | March 31, 2025 | 3,000 | Joint and Several Liability Guarantee | No | | Sanming Top Creation Henglong Materials Co., Ltd | 4,300 | February 06, 2022 | 4,300 | Joint and Several Liability Guarantee | No | | **Total** | **7,300** | | **7,300** | | | [114](index=114&type=chunk)[115](index=115&type=chunk) - The actual total guarantee amount at the end of the reporting period accounted for **10.32%** of the company's net assets[115](index=115&type=chunk) - The company had no major contracts for daily operations or other significant contracts during the reporting period[116](index=116&type=chunk) [Explanation of Other Significant Matters](index=33&type=section&id=十三、其他重大事项的说明) The company participated in the bidding for state-owned land use rights and has signed a transfer contract; the company revised its Articles of Association to adjust its registered capital and address; all raised fund investment projects have been completed, with remaining funds permanently supplementing working capital; the vesting registration for the 2022 Restricted Stock Incentive Plan has been completed - The company has signed a "State-owned Construction Land Use Right Transfer Contract" with the Fuzhou Changle District Natural Resources and Planning Bureau, participating in the bidding for state-owned construction land use rights in the Airport Economic Zone of Fuzhou New Area滨海新城临空片区[117](index=117&type=chunk)[118](index=118&type=chunk) - The company revised its "Articles of Association" to adjust its registered capital and change its registered address, and made revisions in accordance with the latest laws and regulations[118](index=118&type=chunk) - All of the company's raised fund investment projects have been completed, and the remaining raised funds have been permanently used to supplement working capital, with the raised fund account now closed[119](index=119&type=chunk)[120](index=120&type=chunk) - The company has completed the registration of vested shares for the second batch of the second vesting period of the initial grant and the second batch of the first vesting period of the reserved grant under the 2022 Restricted Stock Incentive Plan[120](index=120&type=chunk)[121](index=121&type=chunk) [Significant Matters of Company Subsidiaries](index=35&type=section&id=十四、公司子公司重大事项) Fujian Acetron Photovoltaic Materials Co., Ltd., a wholly-owned subsidiary, underwent equity transfer, capital contribution, and a series of changes, with Top Creation Holdings transferring 49% of its equity to Yongxinshengtong, and jointly increasing capital to **RMB 20 million**; additionally, the controlled subsidiary Materials Company invested **RMB 10 million** to establish a wholly-owned subsidiary in Shaxian District, Sanming City - Fujian Acetron Photovoltaic Materials Co., Ltd. (now Fujian Acetron Advanced Materials Co., Ltd.), a wholly-owned subsidiary, underwent equity transfer, capital contribution, and a series of changes, with Top Creation Holdings transferring 49% of its equity to Xiamen Yongxinshengtong Investment Partnership (Limited Partnership), and jointly increasing capital to **RMB 20 million**[122](index=122&type=chunk) - Fujian Acetron Advanced Materials Co., Ltd., a controlled subsidiary, invested **RMB 10 million** to establish a wholly-owned subsidiary in Shaxian District, Sanming City, and plans to use existing factory buildings through leasing for production and operation activities[123](index=123&type=chunk) Part VI [Share Changes and Shareholder Information](index=36&type=section&id=第六节%20股份变动及股东情况) This section details changes in the company's share capital, securities issuance and listing, shareholder numbers and holdings, changes in director, supervisor, and senior management holdings, and changes in controlling shareholders or actual controllers [Share Changes](index=36&type=section&id=一、股份变动情况) During the reporting period, the company's total share capital increased by **284,000 shares** due to the completion of vesting registration for the 2022 Restricted Stock Incentive Plan, changing the total share capital from **152,936,499 shares** to **153,220,499 shares**, leading to an increase in unrestricted shares and a slight decrease in the proportion of restricted shares; this share capital change diluted earnings per share and net assets per share Share Changes | Share Type | Number Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 39,645,000 | 25.92% | 0 | 39,645,000 | 25.87% | | II. Unrestricted Shares | 113,291,499 | 74.08% | 284,000 | 113,575,499 | 74.13% | | III. Total Shares | 152,936,499 | 100.00% | 284,000 | 153,220,499 | 100.00% | [127](index=127&type=chunk) - The share change was primarily due to the fulfillment of vesting conditions for the second vesting period of the initial grant and the first vesting period of the reserved grant under the 2022 Restricted Stock Incentive Plan, with a total of **284,000 shares** completing vesting registration and becoming tradable[129](index=129&type=chunk) - This share capital change resulted in the dilution of the company's basic earnings per share and net assets per share for the most recent year and period[133](index=133&type=chunk) - The company had no changes in restricted shares during the reporting period[134](index=134&type=chunk) [Securities Issuance and Listing](index=38&type=section&id=二、证券发行与上市情况) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[134](index=134&type=chunk) [Company Shareholder Numbers and Holdings](index=38&type=section&id=三、公司股东数量及持股情况) At the end of the reporting period, the total number of common shareholders was **22,118**; controlling shareholders Chen Qinzong and Chen Xiumei, along with their concerted parties Fuzhou Ketuo Investment Co., Ltd. and Chen Bensong, collectively held **47.34%** of the shares; among the top ten shareholders, Chen Qinzong, Chen Xiumei, and Fuzhou Ketuo Investment Co., Ltd. had pledged shares - The total number of common shareholders at the end of the reporting period was **22,118**[135](index=135&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-end (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number of Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Qinzong | Domestic Natural Person | 31.54% | 48,321,000 | 36,240,750 | 12,080,250 | Pledged | 20,100,000 | | Chen Xiumei | Domestic Natural Person | 7.48% | 11,455,713 | 0 | 11,455,713 | Pledged | 2,800,000 | | Fuzhou Ketuo Investment Co., Ltd | Domestic Non-state-owned Legal Person | 5.42% | 8,305,713 | 0 | 8,305,713 | Pledged | 7,000,000 | | Chen Bensong | Domestic Natural Person | 2.91% | 4,455,000 | 3,341,250 | 1,113,750 | Not applicable | 0 | [135](index=135&type=chunk) - Chen Qinzong and Chen Xiumei are a married couple; Chen Qinzong holds **94.87%** of Fuzhou Ketuo Investment Co., Ltd.; Chen Xiumei and Chen Bensong are siblings, with Chen Bensong being Chen Qinzong's brother-in-law, forming concerted parties[136](index=136&type=chunk) - Company shareholders Zhang Xiu and Jin Chun held shares through both ordinary securities accounts and margin trading and securities lending accounts[136](index=136&type=chunk) - The company has no differential voting rights arrangements, and the top 10 common shareholders and top 10 unrestricted common shareholders did not engage in agreed repurchase transactions during the reporting period[137](index=137&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=40&type=section&id=四、董事、监事和高级管理人员持股变动) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with specific details available in the 2024 annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report[138](index=138&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=40&type=section&id=五、控股股东或实际控制人变更情况) During the reporting period, neither the company's controlling shareholder nor its actual controller changed - The company's controlling shareholder did not change during the reporting period[139](index=139&type=chunk) - The company's actual controller did not change during the reporting period[140](index=140&type=chunk) [Preferred Share Information](index=40&type=section&id=六、优先股相关情况) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[141](index=141&type=chunk) Part VII [Bond-Related Information](index=41&type=section&id=第七节%20债券相关情况) During the reporting period, the company had no bond-related information - The company had no bond-related information during the reporting period[143](index=143&type=chunk) Part VIII [Financial Report](index=42&type=section&id=第八节%20财务报告) This section presents the company's financial statements, including the audit report, balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, tax items, and financial risks [Audit Report](index=42&type=section&id=一、审计报告) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[145](index=145&type=chunk) [Financial Statements](index=42&type=section&id=二、财务报表) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, reflecting the financial position and operating results at the end of the reporting period; the consolidated statements show a negative net profit and negative operating cash flow, but a slight increase in total assets - The consolidated balance sheet shows total assets of **RMB 1,912,787,991.42** and total equity attributable to parent company owners of **RMB 707,648,697.20** at period-end[149](index=149&type=chunk) - The consolidated income statement shows operating revenue of **RMB 673,015,801.17** and net profit attributable to parent company shareholders of **RMB -29,500,350.45** for the current period[154](index=154&type=chunk)[155](index=155&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **RMB -613,103.82**, net cash flow from investing activities of **RMB -76,214,940.47**, and net cash flow from financing activities of **RMB 76,043,735.52**[160](index=160&type=chunk)[161](index=161&type=chunk) [Company Basic Information](index=60&type=section&id=三、公司基本情况) Fujian Acetron New Materials Co., Ltd. is a joint-stock company registered in Fujian Province, headquartered in Fuzhou's Changle District; the company's share capital increased due to the subscription of restricted shares under an incentive plan, and it primarily engages in the R&D, production, and sales of PVD coating materials, metals, and alloy materials - The company's share capital and registered capital increased by **284,000 shares** to **RMB 153,220,499.00** in the first half of 2025 due to the implementation of the 2022 Restricted Stock Incentive Plan[181](index=181&type=chunk)[182](index=182&type=chunk) - The company and its subsidiaries primarily engage in the R&D, production, and sales of various PVD coating materials, metals, and alloy materials[182](index=182&type=chunk) [Basis of Financial Statement Preparation](index=60&type=section&id=四、财务报表的编制基础) These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance, their application guidelines, interpretations, and other relevant regulations, on a going concern basis, using the accrual basis of accounting and historical cost measurement - These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance, their application guidelines, interpretations, and other relevant regulations[183](index=183&type=chunk) - The company's accounting is based on the accrual method, and except for certain financial instruments, all measurements are based on historical cost[183](index=183&type=chunk) - These financial statements are presented on a going concern basis[184](index=184&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=60&type=section&id=五、重要会计政策及会计估计) This section details the company's statement of compliance with enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statement preparation, cash and cash equivalents, foreign currency transactions, financial instruments, fair value measurement, inventories, long-term equity investments, fixed assets, construction in progress, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee benefits, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, leases, and right-of-use assets; there were no significant changes in accounting policies and estimates during the reporting period - The company complies with enterprise accounting standards, with an accounting period of a calendar year, an operating cycle of 12 months, and RMB as the functional currency[187](index=187&type=chunk)[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk) - The company has detailed materiality criteria, for example, significant individually impaired accounts receivable exceeding **RMB 1 million**[191](index=191&type=chunk) - The company classifies and measures financial instruments, including financial assets and liabilities measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[205](index=205&type=chunk)[206](index=206&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk)[211](index=211&type=chunk)[212](index=212&type=chunk)[213](index=213&type=chunk) - The company performs impairment accounting for notes receivable, accounts receivable, other receivables, etc., based on expected credit losses, and categorizes them into portfolios based on credit risk characteristics[218](index=218&type=chunk)[219](index=219&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk)[222](index=222&type=chunk) - The company's revenue recognition principle is to recognize revenue when the customer obtains control of the related goods or services, with specific methods for domestic and export product sales[271](index=271&type=chunk)[272](index=272&type=chunk)[273](index=273&type=chunk)[274](index=274&type=chunk) - There were no significant changes in accounting policies and accounting estimates during the reporting period[294](index=294&type=chunk) [Taxes](index=87&type=section&id=六、税项) This section discloses the company's main tax categories and rates, including value-added tax, urban maintenance and construction tax, and corporate income tax; the company and some subsidiaries enjoy corporate income tax preferential policies for high-tech enterprises or small and micro enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Value-Added Amount | 13%, 9%, 6%, 5% | | Urban Maintenance and Construction Tax | Actual Paid Turnover Tax Amount | 7% | | Corporate Income Tax | Taxable Income | 15%, 20%, 25% | | Education Surcharge | Actual Paid Turnover Tax Amount | 3% | | Local Education Surcharge | Actual Paid Turnover Tax Amount | 2% | [295](index=295&type=chunk) - The company enjoys a preferential corporate income tax rate of **15%** for high-tech enterprises, valid until 2025[296](index=296&type=chunk) - Subsidiary Changzhou Sujing Electronic Materials Co., Ltd. is expected to pass high-tech enterprise certification and accrued corporate income tax at a **15%** rate during the reporting period[296](index=296&type=chunk) - Some subsidiaries enjoy preferential corporate income tax policies for small and micro enterprises, where the portion of annual taxable income not exceeding **RMB 1 million** is reduced by **25%** and taxed at a **20%** rate[297](index=297&type=chunk)[298](index=298&type=chunk) [Notes to Consolidated Financial Statement Items](index=88&type=section&id=七、合并财务报表项目注释) This section provides detailed notes on the period-end balances, beginning balances, and current period changes for each item in the consolidated financial statements, including specific explanations for cash and cash equivalents, notes receivable, accounts receivable, inventories, fixed assets, construction in progress, short-term borrowings, long-term borrowings, share capital, capital reserves, other comprehensive income, retained earnings, operating revenue and costs, financial expenses, and R&D expenses Cash and Cash Equivalents | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash on Hand | 28,005.26 | 16,037.81 | | Bank Deposits | 183,099,412.03 | 184,968,359.76 | | Other Cash and Cash Equivalents | 109,666,553.71 | 156,145,522.28 | | Total | 292,793,971.00 | 341,129,919.85 | [300](index=300&type=chunk) - Other cash and cash equivalents include bank acceptance bill, letter of credit, futures, and precious metal lease deposits, which are not treated as cash and cash equivalents in the preparation of the cash flow statement[300](index=300&type=chunk) Accounts Receivable | Age | Ending Book Balance (Yuan) | Beginning Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year | 242,548,107.67 | 224,741,212.57 | | 1 to 2 years | 3,053,227.84 | 4,743,486.56 | | 2 to 3 years | 675,494.21 | 600,776.06 | | Over 3 years | 5,769,731.04 | 5,796,805.99 | | Total | 252,046,560.76 | 235,882,281.18 | [309](index=309&type=chunk) - The ending balance of accounts receivable impairment provision is **RMB 11,590,748.14**, with a provision rate of **4.60%**[310](index=310&type=chunk) Inventories | Item | Ending Book Value (Yuan) | Beginning Book Value (Yuan) | | :--- | :--- | :--- | | Raw Materials | 309,345,124.85 | 305,643,707.13 | | Work in Progress | 40,406,275.45 | 40,073,179.25 | | Finished Goods | 96,880,666.80 | 81,710,401.71 | | Goods in Transit | 9,974,151.54 | 13,497,929.87 | | Consigned Processing Materials | 7,742,371.90 | 9,324,928.94 | | Total | 464,348,590.54 | 450,250,146.90 | [344](index=344&type=chunk) - The ending balance of inventory impairment provision and contract performance cost impairment provision is **RMB 15,245,720.22**[345](index=345&type=chunk) Fixed Assets | Item | Ending Book Value (Yuan) | Beginning Book Value (Yuan) | | :--- | :--- | :--- | | Buildings and Structures | 356,559,203.73 | 363,134,285.70 | | Machinery and Equipment | 243,897,230.51 | 229,868,606.29 | | Transportation Equipment | 2,287,624.87 | 2,143,206.96 | | Other Equipment | 57,690,826.57 | 57,274,941.79 | | Total | 660,434,885.68 | 652,421,040.74 | [353](index=353&type=chunk) Construction in Progress | Item | Ending Book Value (Yuan) | Beginning Book Value (Yuan) | | :--- | :--- | :--- | | Lithium Battery Composite Copper Foil Current Collector Development and Industrialization Project | 23,422,879.21 | 33,776,710.66 | | Machine Installation and Renovation Expenses and Others | 2,172,023.64 | 4,270,754.01 | | Total | 25,594,902.85 | 42,168,242.04 | [358](index=358&type=chunk) - The "Ultra-High Definition Copper Target Material Industrialization Project" and "Hunan Town Phase II Project" are largely complete, with cumulative investment reaching a high proportion of the budget[359](index=359&type=chunk) Short-term Borrowings | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Secured Loans | 229,000,000.00 | 174,000,000.00 | | Guaranteed Loans | 30,000,000.00 | 0 | | Credit Loans | 554,092,122.22 | 554,821,685.49 | | Accrued Interest | 437,197.36 | 344,498.34 | | Total | 813,529,319.58 | 729,166,183.83 | [386](index=386&type=chunk) - The company's share capital increased by **284,000 shares** due to restricted stock vesting, capital reserves increased by **RMB 3,653,976.65**, other comprehensive income increased by **RMB 8,336,159.24**, and retained earnings decreased by **RMB 29,500,350.45**[419](index=419&type=chunk)[421](index=421&type=chunk)[422](index=422&type=chunk)[425](index=425&type=chunk) Operating Revenue and Operating Cost | Item | Current Period Revenue (Yuan) | Current Period Cost (Yuan) | Prior Period Revenue (Yuan) | Prior Period Cost (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 667,912,504.69 | 639,490,387.57 | 583,772,301.65 | 532,534,698.35 | | Other Business | 5,103,296.48 | 7,209,037.66 | 908,480.91 | 486,679.57 | | Total | 673,015,801.17 | 646,699,425.23 | 584,680,782.56 | 533,021,377.92 | [427](index=427&type=chunk) Financial Expenses | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Interest Expense | 10,584,689.95 | 9,856,973.23 | | Less: Interest Income | -1,505,288.68 | -740,845.59 | | Exchange Gains and Losses | 1,952,674.62 | -2,432,381.90 | | Handling Fees and Others | 569,019.27 | 564,178.38 | | Total | 11,601,095.16 | 7,247,924.12 | [436](index=436&type=chunk) R&D Expenses | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Depreciation Expense | 5,914,210.20 | 5,972,251.03 | | Labor Costs | 4,760,702.54 | 4,944,077.64 | | Material Costs | 2,230,526.13 | 507,594.15 | | Utilities (Water, Electricity, Gas) | 453,042.17 | 248,424.61 | | Share-based Payment | 176,362.33 | 0 | | Outsourced R&D Expenses | 1,816,310.68 | 0 | | Other | 385,573.61 | 68,015.63 | | Total | 15,736,727.66 | 11,740,363.06 | [434](index=434&type=chunk) [R&D Expenses](index=119&type=section&id=八、研发支出) During the reporting period, the company's total R&D expenditure was **RMB 15,736,727.66**, all of which was expensed, representing a year-on-year increase of **34.04%**; the main components included depreciation, labor, material, and outsourced R&D expenses R&D Expenditure Composition | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Labor Costs | 4,760,702.54 | 4,944,077.64 | | Depreciation Expense | 5,914,210.20 | 5,972,251.03 | | Material Costs | 2,230,526.13 | 507,594.15 | | Utilities (Water, Electricity, Gas) | 453,042.17 | 248,424.61 | | Outsourced R&D Expenses | 1,816,310.68 | 0 | | Share-based Payment | 176,362.33 | 0 | | Other | 385,573.61 | 68,015.63 | | Total | 15,736,727.66 | 11,740,363.06 | | Of which: Expensed R&D Expenditure | 15,736,727.66 | 11,740,363.06 | [477](index=477&type=chunk) [Changes in Consolidation Scope](index=120&type=section&id=九、合并范围的变更) During the reporting period, Fujian Acetron Photovoltaic Materials Co., Ltd., a wholly-owned subsidiary, underwent equity transfer, capital contribution, and a series of changes, and the controlled subsidiary Materials Company invested to establish a wholly-owned subsidiary - Fujian Acetron Photovoltaic Materials Co., Ltd. (now Fujian Acetron Advanced Materials Co., Ltd.), a wholly-owned subsidiary,

Group 1 - The core stock price of Aishi Chuang as of August 25, 2025, is 45.62 yuan, with a slight increase of 0.01 yuan from the previous trading day [1] - The stock opened at 45.20 yuan, reached a high of 46.72 yuan, and a low of 45.15 yuan, indicating a trading range of 3.44% for the day [1] - The trading volume was 159,100 hands, with a total transaction amount of 729 million yuan [1] Group 2 - Aishi Chuang operates in the semiconductor, Fujian, and glass substrate sectors, focusing on the research, production, and sales of new electronic materials such as sputtering targets and evaporation materials [1] - The company's products are widely used in flat panel displays, semiconductors, and solar cells [1] Group 3 - On August 25, the stock experienced rapid fluctuations, with a drop of over 2% within 5 minutes at 9:36 AM, followed by a rebound of over 2% within 5 minutes at 9:43 AM, indicating active market trading [1] - On the same day, the net outflow of main funds was 109 million yuan, accounting for 2.1% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 418 million yuan, representing 8.06% of the circulating market value [1]

Core Viewpoint - The rare earth permanent magnet sector in the A-share market has experienced a significant pullback, with multiple companies facing substantial declines in their stock prices [1] Group 1: Market Performance - Jintian Co. has hit the daily limit down, while Beikong Technology is nearing the limit down, indicating severe market pressure [1] - Dongfang Zirconium has dropped over 7%, with Ashi Chuang and Sanchuan Wisdom both falling over 6% [1] - Other companies such as Keheng Co., Longmag Technology, Youyan Powder Materials, and Yingweideng have also seen declines exceeding 4% [1] Group 2: Company Specifics - Jintian Co. reported a decline of 9.97% with a total market capitalization of 22.6 billion [2] - Beikong Technology saw a decrease of 9.81%, with a market cap of 4.783 billion [2] - Dongfang Zirconium experienced a drop of 7.59%, with a market value of 10.5 billion [2] - Ashi Chuang's stock fell by 6.59%, with a market cap of 7.01 billion [2] - Sanchuan Wisdom decreased by 6.12%, with a market capitalization of 7.343 billion [2] - Keheng Co. dropped by 5.99%, with a market cap of 5.024 billion [2] - Longmag Technology fell by 4.89%, with a market value of 7.269 billion [2] - Youyan Powder Materials decreased by 4.44%, with a market cap of 5.181 billion [2] - Yingweideng saw a decline of 4.00%, with a market capitalization of 8.005 billion [2] - Zhenghai Magnetic Materials and Benlang New Materials both dropped by 3.29% and 3.11% respectively, with market caps of 15 billion and 3.741 billion [2]