关于与专业投资机构共同投资设立产业投资基金暨关联交易的 进展公告 本公司全体董事、监事、高级管理人员保证公告内容真实、准确和完整， 并对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 一、对外投资暨关联交易概述 证券代码:300811 证券简称:铂科新材 公告编号:2025-069 深圳市铂科新材料股份有限公司 4、成立日期：2025 年 08 月 29 日 5、执行事务合伙人：北京湃圃私募基金管理有限公司（委派代表：邓文清） 深圳市铂科新材料股份有限公司（以下简称"公司"）于 2025 年 8 月 12 日召开的第四届董事会第十一次会议及第四届监事会第十次会议审议通过了《关 于与专业投资机构共同投资设立产业投资基金暨关联交易的议案》。公司拟与北 京湃圃私募基金管理有限公司（以下简称"湃圃基金"）及其他合伙人，共同投 资设立无锡湃圃春之阳创业投资基金合伙企业（有限合伙）（暂定名，最终以市 场监督管理部门注册登记为准，以下简称"投资基金"或"合伙企业"）。全体 合伙人拟认缴出资额为人民币 25,000 万元，公司拟作为有限合伙人以自有资金 认缴出资 8,000 万元，占出资总额的 32%。本次投资是公司借助 ...

Core Insights - The company achieved a revenue of 861 million yuan in H1 2025, representing an increase of 8.11%, and a net profit attributable to shareholders of 191 million yuan, up by 3.28% [1] - The growth in revenue is primarily driven by the metal soft magnetic core segment, which saw a revenue increase of 11.97% to 657 million yuan, supported by demand from new infrastructure and AI applications [2] - The company is expanding its production capacity and investing in new projects to meet the growing market demand, particularly in the electric vehicle and AI sectors [2][3] Financial Performance - In H1 2025, the company reported a gross margin of 39.77% and a net margin of 22.29%, with slight decreases of 0.71 and 0.91 percentage points year-on-year [2] - The second quarter of 2025 showed a significant recovery in profitability, with gross and net margins improving to 41.44% and 24.81%, respectively, due to the recovery of chip inductor shipments [2] Business Segments - The metal soft magnetic powder segment achieved a remarkable growth of 90.35%, driven by strong demand in emerging applications such as electric vehicles and AI servers [2] - The inductor components segment experienced a decline of 9.71% in revenue, attributed to a transition in customer solutions, but is expected to recover as new solutions are implemented [2] Investment Outlook - The company is well-positioned to benefit from the growth in the AI sector by extending its business into upstream chip inductors and forming partnerships with leading GPU manufacturers [3] - Revenue projections for 2025-2027 are 2.08 billion, 2.62 billion, and 3.19 billion yuan, with expected growth rates of 24.9%, 26.0%, and 21.8% respectively [3]

Market Overview - The metal new materials sector experienced a decline of 0.99% on August 29, with Placo New Materials leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Stock Performance - Notable gainers in the metal new materials sector included: - Fuda Alloy (603045) with a closing price of 20.70, up 8.04% and a trading volume of 165,000 shares, totaling 333 million yuan [1] - Zhongzhou Special Materials (300963) closed at 20.34, up 5.06% with a trading volume of 352,900 shares, totaling 727 million yuan [1] - Jiangnan New Materials (603124) closed at 90.03, up 3.92% with a trading volume of 57,100 shares, totaling 515 million yuan [1] - Conversely, significant decliners included: - Placo New Materials (300811) closed at 73.95, down 5.19% with a trading volume of 158,400 shares [2] - Galaxy Magnetics (300127) closed at 34.50, down 4.11% with a trading volume of 245,600 shares [2] - Jinli Permanent Magnet (300748) closed at 41.00, down 3.73% with a trading volume of 1,409,200 shares [2] Capital Flow - The metal new materials sector saw a net outflow of 651 million yuan from institutional investors, while retail investors contributed a net inflow of 584 million yuan [2][3] - Notable capital flows included: - Ningbo Yunsheng (600366) with a net inflow of 197 million yuan from institutional investors [3] - Zhongzhou Special Materials (300963) with a net inflow of 79.6 million yuan from institutional investors [3] - Fuda Alloy (603045) with a net inflow of 26.7 million yuan from institutional investors [3]

Performance Summary - In H1 2025, the company achieved revenue of 861 million yuan, a year-on-year increase of 8.1%, and a net profit attributable to shareholders of 191 million yuan, up 3.3% year-on-year [1] - Q2 2025 saw revenue of 477 million yuan, a year-on-year increase of 3.5% and a quarter-on-quarter increase of 24.5%, with net profit attributable to shareholders reaching 118 million yuan, up 3.4% year-on-year and 59.3% quarter-on-quarter [1] - The revenue from soft magnetic powder cores, chip inductors, and metal soft magnetic powder was 657 million, 176 million, and 26 million yuan respectively, with soft magnetic powder cores growing by 12.0% year-on-year, while chip inductors declined by 9.7% [1] Profitability Analysis - The gross margin for H1 2025 was 39.8%, a decrease of 0.7 percentage points year-on-year, while Q2 2025 gross margin was 41.4%, down 0.9 percentage points year-on-year but up 3.8 percentage points quarter-on-quarter [2] - The net profit margin for H1 2025 was 22.3%, a decrease of 0.9 percentage points year-on-year, with Q2 2025 net profit margin at 24.8%, showing an increase of 0.3 percentage points year-on-year and 5.7 percentage points quarter-on-quarter [2] Cash Flow and Growth Drivers - In H1 2025, the net operating cash flow was 260 million yuan, a significant increase of 119.6% year-on-year, indicating potential for continued cash flow improvement [3] - The company has established long-term stable partnerships with major brands such as BYD, Gree, Huawei, and MPS, and has completed the R&D of the fifth generation of iron-silicon magnetic powder cores, positioning itself to benefit from growth in the energy storage and new energy vehicle markets [3] - The company is expanding its customer base and has formed partnerships with several global manufacturers, while also exploring new application areas such as ASIC, optical modules, DDR, and consumer electronics, particularly in the context of AI server deployments by major tech companies [3] Investment Outlook - As a leading domestic manufacturer of alloy soft magnetic powder cores, the company is well-positioned in the high-growth energy storage and new energy sectors, with chip inductors opening a second growth avenue [4] - Projected net profits for 2025-2027 are 450 million, 620 million, and 810 million yuan respectively, with corresponding price-to-earnings ratios of 50, 37, and 28 times based on current stock prices [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance has shown significant quarter-on-quarter improvement, with expectations for increased demand for ASIC chip inductors [6] - The company achieved a revenue of 861 million yuan in the first half of 2025, representing a year-on-year growth of 8.1% [8] - The company is positioned in the high-growth sectors of optical storage and new energy, with the ASIC chip inductors expected to drive a second growth phase [8] Financial Summary - Revenue projections for the company are as follows: - 2023: 1,159 million yuan - 2024: 1,663 million yuan (growth of 43.54%) - 2025: 1,971 million yuan (growth of 18.54%) - 2026: 2,473 million yuan (growth of 25.43%) - 2027: 2,872 million yuan (growth of 16.14%) [7] - Net profit projections are as follows: - 2023: 256 million yuan - 2024: 376 million yuan (growth of 46.90%) - 2025: 446 million yuan (growth of 18.77%) - 2026: 618 million yuan (growth of 38.49%) - 2027: 758 million yuan (growth of 22.66%) [7] - The company's earnings per share (EPS) are projected to be: - 2023: 0.88 yuan - 2024: 1.30 yuan - 2025: 1.54 yuan - 2026: 2.13 yuan - 2027: 2.62 yuan [7] Performance Metrics - The company reported a gross margin of 41.44% in Q2 2025, an increase of 3.77 percentage points quarter-on-quarter [8] - The net profit margin for Q2 2025 was 24.81%, up by 5.65 percentage points quarter-on-quarter [8] - The return on equity (ROE) is projected to be 16.26% in 2024 and increase to 19.56% by 2027 [7][10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [8]. Core Views - The company achieved a revenue of 861 million yuan in the first half of 2025, representing a year-on-year increase of 8.1%, with a net profit attributable to shareholders of 191 million yuan, up 3.3% year-on-year [1]. - The second quarter of 2025 showed significant improvement, with revenue reaching 477 million yuan, a year-on-year increase of 3.5% and a quarter-on-quarter increase of 24.5% [2]. - The company's profitability improved significantly, with a gross margin of 39.8% in the first half of 2025, and a net profit margin of 22.3% [3]. - The company is positioned to benefit from the growing ASIC industry, with expectations of increased demand for chip inductors as major tech companies accelerate the deployment of self-developed ASIC chips [4]. Financial Performance - In the first half of 2025, the company recorded a net cash flow from operating activities of 260 million yuan, a year-on-year increase of 119.6%, indicating ongoing improvement in cash flow [3]. - The company’s revenue is projected to grow significantly, with estimates of 1.16 billion yuan in 2023, 1.66 billion yuan in 2024, and 2.02 billion yuan in 2025, reflecting growth rates of 8.71%, 43.54%, and 21.18% respectively [6]. - The estimated net profit attributable to shareholders is expected to reach 255.77 million yuan in 2023, 375.72 million yuan in 2024, and 453.01 million yuan in 2025, with growth rates of 32.48%, 46.90%, and 20.57% respectively [6]. Market Position and Growth Drivers - The company has established long-term partnerships with major brands such as BYD, Gree, Huawei, and MPS, enhancing its market position in the soft magnetic powder core segment [4]. - The company is expanding its customer base in the chip inductor segment, having formed new partnerships with globally recognized manufacturers [4]. - The anticipated growth in the ASIC market, particularly in AI servers, is expected to provide new growth opportunities for the company's chip inductor products [4].

Group 1 - The core point of the news is that Placo New Materials Co., Ltd. experienced a 5% drop in stock price, reaching 74.10 CNY per share, with a trading volume of 295 million CNY and a turnover rate of 1.66%, resulting in a total market capitalization of 21.453 billion CNY [1] - Placo New Materials, established on September 17, 2009, and listed on December 30, 2019, specializes in the research, production, and sales of metal soft magnetic powders, soft magnetic powder cores, and inductive components, providing high-performance soft magnetic materials and modular inductance solutions for power electronic devices [1] - The company's main business revenue composition includes 96.69% from metal soft magnetic powder products, 3.07% from metal soft magnetic powders, and 0.25% from other business income [1] Group 2 - From the perspective of fund holdings, only one fund under Penghua Fund has a significant position in Placo New Materials, specifically the 1000 ETF Enhanced (560590), which held 3,800 shares in the second quarter, accounting for 1.1% of the fund's net value, ranking as the ninth largest holding [2] - The 1000 ETF Enhanced (560590) was established on September 1, 2023, with a latest scale of 16.0187 million CNY, achieving a year-to-date return of 31.06% and a one-year return of 73.8%, ranking 1225 out of 4222 and 952 out of 3776 in its category, respectively [2] - The fund manager of 1000 ETF Enhanced is Kou Binquan, who has been in the position for 2 years and 71 days, managing a total fund asset size of 9.65 billion CNY, with the best fund return during his tenure being 96.4% and the worst being 0.11% [3]

Company Overview - Shenzhen Placo New Materials Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on September 17, 2009. The company went public on December 30, 2019. Its main business involves the research, production, and sales of metal soft magnetic powders, metal soft magnetic powder cores, and inductive components, providing high-performance soft magnetic materials and modular inductance solutions for efficient, stable, energy-saving, and environmentally friendly operation of power electronic devices and systems [1]. Financial Performance - As of August 29, Placo's stock price dropped by 5% to 74.10 CNY per share, with a trading volume of 295 million CNY and a turnover rate of 1.66%. The total market capitalization stands at 21.453 billion CNY [1]. Revenue Composition - The revenue composition of Placo is as follows: metal soft magnetic powder products account for 96.69%, metal soft magnetic powder for 3.07%, and other business revenues for 0.25% [1]. Fund Holdings - According to data from the top ten holdings of funds, one fund under Huafu Fund holds shares in Placo. The Huafu Strategy Selected Mixed A Fund (410006) held 8,000 shares in the second quarter, representing 4.08% of the fund's net value, making it the sixth-largest holding. The estimated floating loss today is approximately 31,200 CNY [2]. Fund Manager Performance - The fund manager of Huafu Strategy Selected Mixed A Fund is Deng Xiang, who has been in the position for 1 year and 150 days. The total asset size of the fund is 51.4812 million CNY, with the best fund return during his tenure being 16.27% and the worst being 1.21% [3].

Core Viewpoint - The rare earth permanent magnet sector is experiencing a rapid increase, driven by significant performance improvements in companies like Northern Rare Earth and the recent regulatory framework that enhances supply control in the rare earth industry [1]. Group 1: Market Performance - As of August 28, 2025, the Guozheng Nonferrous Metals Industry Index (399395) rose by 0.50%, with key stocks such as China Rare Earth (000831) increasing by 8.28% and Jieli Permanent Magnet (300748) by 7.25% [1]. - The Nonferrous ETF Fund (159880) also saw an increase of 0.56%, with the latest price reported at 1.43 yuan [1]. Group 2: Regulatory Developments - On August 22, three departments released the "Interim Measures for Total Quantity Control Management of Rare Earth Mining and Smelting Separation," signaling multiple positive developments for the rare earth industry [1]. - The new measures officially incorporate previously unregulated imported ore smelting operations into the control system, indicating a stronger governmental oversight on supply management [1]. Group 3: Industry Composition - The Guozheng Nonferrous Metals Industry Index includes 50 prominent securities from the nonferrous metals sector, reflecting the overall performance of listed companies in this industry [2]. - As of July 31, 2025, the top ten weighted stocks in the index accounted for 49.71% of the total, with notable companies including Zijin Mining (601899) and Northern Rare Earth (600111) [2].

Economic News - The State Council has issued opinions on the implementation of the "Artificial Intelligence +" initiative, aiming for AI applications to exceed 70% by 2027 and 90% by 2030, with a significant growth in the core industries of the smart economy [1][4] - The National Development and Reform Commission emphasizes the need for coordinated efforts across regions and departments to implement AI policies effectively, while also enhancing legal and regulatory frameworks [1][2] - The National Energy Administration reports that energy industry investments have shown a steady increase, with annual investments surpassing 4 trillion, 5 trillion, and 6 trillion yuan during the 14th Five-Year Plan period, indicating a growth rate of over 16% [4] Company Insights - Meige Intelligent (002881.SZ) is highlighted as a recommended stock, indicating potential growth in the smart technology sector [3] - Apple plans to hold a major product launch event on September 9, 2025, expected to unveil the iPhone 17 series, reflecting ongoing innovation in consumer electronics [5] - Anta Sports is rumored to be in discussions to acquire a stake in Puma, indicating potential strategic moves in the sportswear market [5] - Yuntian Lifei has developed a high-performance SoC chip series, Deep Edge10, which supports various AI models, showcasing advancements in AI technology [5] - Alibaba has updated its open-source video generation model to enhance its competitive edge in AI, indicating a focus on rapid technological upgrades [5] - Tencent and Wanda have established a significant investment partnership, reflecting a trend of collaboration among major companies to leverage technology in physical retail [5] Industry Analysis - The report on Albo New Materials (300811.SZ) indicates a steady revenue growth of 8.11% year-on-year, driven by strong performance in metal soft magnetic powder and chip inductor businesses [6][7] - The metal soft magnetic powder business has maintained strong growth, with revenues increasing by 11.97% year-on-year, and the company has entered supply chains of major clients like BYD and Huawei [7][9] - The chip inductor business has faced a temporary decline but is expected to recover as it expands into new semiconductor power supply applications, particularly in AI [8][12] - The company anticipates significant revenue growth from its new production facilities in Huizhou and Thailand, with projected revenues of 20.91 billion, 25.75 billion, and 30.57 billion yuan from 2025 to 2027 [12]