Group 1 - The core point of the article is the establishment of a new materials technology company by Stik (斯迪克), named Changzhou Gongyue Xingchen New Materials Technology Co., Ltd., with a registered capital of 120 million yuan [1] - The business scope of the new company includes research and development, manufacturing, and sales of electronic special materials, as well as sales of high-purity elements and compounds [1] - Stik holds 100% ownership of the newly established company, indicating a strategic move to expand its operations in the new materials sector [1]

证券代码：300806 证券简称：斯迪克 公告编号：2025-068 江苏斯迪克新材料科技股份有限公司 关于设立全资子公司并完成工商注册登记的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 成立日期：2025 年 08 月 27 日 住所：常州西太湖科技产业园兰香路 8 号 11 号楼 1 楼 注册资本：12000 万元整 公司类型：有限责任公司 一、对外投资概述 根据公司发展战略规划，江苏斯迪克新材料科技股份有限公司（以下简称"公 司"）以自有资金 12,000 万元投资设立全资子公司常州共跃星辰新材料科技有限 公司。 根据《深圳证券交易所创业板股票上市规则》及《公司章程》等有关规定， 本次对外投资未达到董事会审议标准，无需董事会审议。 本次对外投资不构成关联交易，亦不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。 二、成立全资子公司基本情况 近日，公司已完成了全资子公司的工商注册登记手续，并取得了常州市武进 区政务服务管理办公室颁发的《营业执照》，基本情况如下： 公司名称：常州共跃星辰新材料科技有限公司 统一社会信用代码：91320412 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 1.4 billion yuan in the first half of 2025, representing a year-on-year increase of 4.5%, while the net profit attributable to shareholders was 30 million yuan, down 22.8% year-on-year [2][7]. - In Q2 2025, the company achieved a revenue of 730 million yuan, which is a 7.8% increase year-on-year and an 8.1% increase quarter-on-quarter. The net profit attributable to shareholders was 16 million yuan, up 10.9% year-on-year and 61.7% quarter-on-quarter [2][7]. Summary by Sections Company Overview - The company is a leader in functional coating composite materials, expanding its development boundaries through both horizontal and vertical growth. Its main products include functional film materials, electronic-grade adhesives, polymer film materials, thermal management composite materials, and film packaging materials, which are applied in key sectors such as consumer electronics, new displays, new energy vehicles, home appliances, and ceramic capacitors [7]. Financial Performance - The company is experiencing revenue growth as new projects are being put into production, but its performance remains under pressure due to the ramp-up phase of new projects and severe industry competition. The overall gross margin in Q2 2025 was 21.7%, a decrease of 0.7 percentage points year-on-year. The R&D expense ratio in Q2 2025 was 8.0%, indicating a sustained high level of investment [7]. Future Prospects - The company is advancing multiple projects funded through IPO and private placements, with several projects already in production. The company plans to invest 510 million yuan in expanding high-end functional film production, targeting applications in the electronics industry and automotive displays. The anticipated release of several key consumer electronic models in the second half of the year is expected to drive steady business growth [7]. Market Opportunities - The domestic market for OCA optical adhesives presents significant growth potential, driven by the increasing value of OCA adhesives in foldable smartphones and the expected rise in their shipment volumes. The company’s electronic-grade adhesive materials and automotive electronic materials are continuously expanding, with the gross margin for the electronic-grade adhesive materials segment at 35.4% in the first half of 2025, up 2.0 percentage points year-on-year [7]. Profit Forecast - The projected net profit attributable to shareholders for 2025-2027 is estimated to be 90 million, 180 million, and 260 million yuan, respectively [7].

Core Viewpoint - The recent financial report of Sdiq (300806) shows a mixed performance with a slight increase in revenue but a significant decline in net profit, indicating potential challenges in profitability despite revenue growth [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 1.396 billion yuan, a year-on-year increase of 4.45% [1]. - Net profit attributable to shareholders was 25.2281 million yuan, down 22.84% year-on-year [1]. - In Q2 2025, revenue was 722.5 million yuan, up 7.77% year-on-year, while net profit increased by 10.88% to 15.5876 million yuan [1]. - Gross margin improved to 22.3%, up 2.49% year-on-year, but net margin decreased to 1.81%, down 26.13% [1]. - Total operating expenses (selling, administrative, and financial) amounted to 196 million yuan, representing 14.03% of revenue, an increase of 8.07% year-on-year [1]. - Earnings per share (EPS) decreased to 0.06 yuan, down 14.29% year-on-year, while operating cash flow per share increased by 47.02% to 0.34 yuan [1]. Cash Flow and Debt Analysis - Net cash flow from operating activities increased by 47.02%, attributed to improved operational efficiency [2]. - Net cash flow from investing activities rose by 56.07%, as the company moved past a large-scale construction phase [2]. - Net cash flow from financing activities surged by 102.45%, indicating an expansion in debt financing [2]. - The net increase in cash and cash equivalents was 149.21%, reflecting positive contributions from all activities [2]. Business Model and Financial Health - The company's business model relies heavily on research and marketing, necessitating careful examination of these drivers [3]. - Cash flow ratios indicate potential liquidity concerns, with a current ratio of 0.98 and cash to current liabilities at only 10.54% [3]. - The company has a high debt ratio, with interest-bearing liabilities accounting for 49.75% of total assets [3]. - Accounts receivable are notably high, at 2082.52% of profit, raising concerns about collection efficiency [3]. Market Position and Future Outlook - Analysts project that the company's performance for 2025 will yield a net profit of 125 million yuan, with an average EPS forecast of 0.28 yuan [3]. - The company has seen significant interest from funds, with the largest holding being the Shenwan Lixin New Economy Mixed A Fund, which has maintained its position [4].

Market Overview - The Shanghai Composite Index fell by 0.39% on August 26, with 17 industries experiencing gains, led by Agriculture, Forestry, Animal Husbandry, and Fishery, and Beauty and Personal Care, which rose by 2.62% and 2.04% respectively [1] - The Basic Chemical industry ranked third in terms of gains, while the Pharmaceutical and Biological industry and Non-Bank Financials saw declines of 1.09% and 1.06% respectively [1] - Overall, there was a net outflow of 68.855 billion yuan in the main funds across the two markets, with only two industries seeing net inflows: Beauty and Personal Care (net inflow of 276 million yuan) and Agriculture, Forestry, Animal Husbandry, and Fishery (net inflow of 257 million yuan) [1] Basic Chemical Industry Performance - The Basic Chemical industry increased by 1.26% despite a net outflow of 858 million yuan in main funds, with 402 stocks in the sector, of which 256 rose and 133 fell [2] - Nine stocks hit the daily limit up, while one stock hit the daily limit down [2] - Among the stocks with net inflows, 177 saw inflows exceeding 100 million yuan, with the top inflow stock being Zhongke Titanium Dioxide, which had a net inflow of 326 million yuan [2] Top Gainers in Basic Chemical Industry - Zhongke Titanium Dioxide: +10.02%, turnover rate 7.12%, main fund flow 325.93 million yuan [3] - Baiao Chemical: +10.02%, turnover rate 4.55%, main fund flow 173.90 million yuan [3] - Stidik: +1.89%, turnover rate 11.69%, main fund flow 125.89 million yuan [3] Top Losers in Basic Chemical Industry - Quartz Shares: -4.17%, turnover rate 5.78%, main fund flow -272.16 million yuan [4] - Jinfat Technology: -1.39%, turnover rate 5.22%, main fund flow -251.23 million yuan [4] - Hangjin Technology: +1.99%, turnover rate 16.03%, main fund flow -148.18 million yuan [4]

Market Overview - The Shanghai Composite Index fell by 0.39% on August 26, with 17 out of the 28 sectors rising, led by Agriculture, Forestry, Animal Husbandry, and Fishery, and Beauty and Personal Care, which increased by 2.62% and 2.04% respectively [2] - The Basic Chemical sector ranked third in terms of gains, while the sectors with the largest declines were Pharmaceutical Biology and Non-Bank Financials, down by 1.09% and 1.06% respectively [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 68.855 billion yuan, with only two sectors experiencing net inflows: Beauty and Personal Care (net inflow of 276 million yuan) and Agriculture, Forestry, Animal Husbandry, and Fishery (net inflow of 257 million yuan) [2] - The Non-Ferrous Metals sector saw the largest net outflow, totaling 10.712 billion yuan, followed by Pharmaceutical Biology with a net outflow of 8.254 billion yuan [2] Basic Chemical Sector Performance - The Basic Chemical sector rose by 1.26% despite a net outflow of 858 million yuan, with 256 out of 402 stocks in the sector rising, including 9 hitting the daily limit [3] - Among the stocks with net inflows, the top performer was Zhongke Titanium White, with a net inflow of 326 million yuan, followed by Bai'ao Chemical and Sidike with inflows of 174 million yuan and 126 million yuan respectively [3] - The stocks with the largest net outflows included Quartz Shares, Jinfa Technology, and Hangjin Technology, with outflows of 272 million yuan, 251 million yuan, and 148 million yuan respectively [3][5] Top Gainers in Basic Chemical Sector - The following stocks had significant gains and capital inflows: - Zhongke Titanium White: +10.02%, 325.93 million yuan inflow [3] - Bai'ao Chemical: +10.02%, 173.90 million yuan inflow [3] - Sidike: +1.89%, 125.89 million yuan inflow [3] - New Hecheng: +2.25%, 123.19 million yuan inflow [3] - Lushi Chemical: +6.93%, 122.38 million yuan inflow [3] Top Losers in Basic Chemical Sector - The following stocks experienced significant losses and capital outflows: - Quartz Shares: -4.17%, -272.16 million yuan outflow [5] - Jinfa Technology: -1.39%, -251.22 million yuan outflow [5] - Hangjin Technology: +1.99%, -148.18 million yuan outflow [5] - Feilu Shares: -16.73%, -145.48 million yuan outflow [5] - New Hanhua Materials: -5.09%, -136.93 million yuan outflow [5]

Market Overview - The plastic sector experienced a decline of 1.1% on August 26, with Zhongyan Co. leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Notable gainers in the plastic sector included: - Nengzhiguang (33.00, +8.73%, 154,800 shares, 517 million CNY) - Haizheng Biomaterials (15.10, +7.63%, 111,100 shares, 164 million CNY) - Ping An Electric (59.13, +4.56%, 118,400 shares, 707 million CNY) [1] - Major decliners included: - Zhongyan Co. (49.95, -6.90%, 110,900 shares, 563 million CNY) - Runyang Technology (54.77, -6.22%, 45,900 shares, 257 million CNY) - Henghe Precision (29.78, -5.04%, 170,900 shares, 515 million CNY) [2] Capital Flow - The plastic sector saw a net outflow of 834 million CNY from major funds, while retail investors contributed a net inflow of 853 million CNY [2] - Specific stock capital flows included: - Sidi Ke (1.39 billion CNY net inflow from major funds, -839,760 CNY from retail) - Anli Co. (58.86 million CNY net inflow from major funds, -13.28 million CNY from retail) [3]

Group 1 - The stock price of Stik dropped to 25.33 CNY as of August 25, 2025, with a decrease of 0.16 CNY, representing a decline of 0.63% [1] - The trading volume on that day was 315,625 lots, with a total transaction value of 782 million CNY, and a turnover rate of 9.98% [1] - The stock reached a high of 25.66 CNY and a low of 23.90 CNY during the trading session, resulting in a fluctuation of 6.90% [1] Group 2 - Stik is primarily engaged in the research, production, and sales of functional coating composite materials, with applications in consumer electronics and new energy vehicles [1] - The company operates within the plastic products industry and is also involved in the new materials sector [1] Group 3 - According to the half-year report for 2025, Stik achieved a revenue of 1.396 billion CNY in the first half of the year, reflecting a year-on-year growth of 4.45% [1] - The net profit attributable to shareholders was 25.2281 million CNY, showing a year-on-year decline of 22.84% [1] - The non-recurring net profit was 11.5054 million CNY, which represents a year-on-year decrease of 48.55% [1] - The basic earnings per share were reported at 0.06 CNY [1] Group 4 - On August 25, 2025, the net outflow of main funds was 55.973 million CNY, accounting for 0.7% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow was 26.1303 million CNY, representing 0.33% of the circulating market value [1]

Core Viewpoint - Stik's semi-annual report indicates a slight increase in revenue but a significant decrease in net profit, highlighting potential challenges in profitability despite revenue growth [1] Financial Performance - The company's semi-annual operating revenue reached 1,395,867,675.77 yuan, representing a year-on-year increase of 4.45% [1] - The net profit attributable to shareholders of the listed company was 25,228,140.83 yuan, showing a year-on-year decrease of 22.84% [1] Shareholder Changes - Among the top ten circulating shareholders, Taikang Life Insurance Co., Ltd. - Dividend - Personal Dividend - 019L-FH002 has been newly added as a circulating shareholder [1]

江苏斯迪克新材料科技股份有限公司 2025 年上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 编制单位：江苏斯迪克新材料科技股份有限公司 单位：元 | 非经营性资金占 | 资金占用方名称 | 占用方与上 市公司的关 | 上市公司核算的 | 2025 年初占用 | 2025 年 1-6 月占 用累计发生金额 | 2025 年 1-6 月占 用资金的利息 | 2025 年 1-6 月 偿还累计发生 | 2025年6月末 占用资金余 | 占用形成 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 用 | | 联关系 | 会计科目 | 资金余额 | | | | | 原因 | | | | | | | | (不含利息) | (如有) | 金额 | 额 | | | | 控股股东、实际 | | | | | | | | | | | | 控制人及其附属 | | | | | | | | | | | | 企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东 ...