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 ...

盈利性保持稳定：2025H1公司毛利率/净利率分别为39.77%/22.29%（同比-0.71pcts/-0.91pcts），分业务 来看，电子元器件业务毛利率为39.8%（-0.68pcts），金属软磁粉末制品业务毛利率为39.4% （-0.87pcts），业务毛利率整体保持相对稳定。单季度来看，202502公司毛利率/净利率分别为 41.44%， 24.81%，分别环比+3.76pcts/+5.65pcts，盈利性环比大幅提升主要由于具备高附加值的芯片电 感产品在Q1受方案切换影响，随后于Q2恢复出货，帮助优化产品结构，净利率环比增长较多主要由于 Q2研发费用率及财务费用率分别环比下降1.80pcts/1.05pcts，推测研发费用率下降主要系经费投入节奏 影响，财务费用率下降主要系利息收入增加所致多项目发展齐头并进：(1）公司于2024年7月公告称， 拟投资不超过1亿元用于建设泰国高端金属软磁材料及磁元件生产基地，以更好的满足海外市场对一体 成型芯片电感及磁粉芯等产品日益旺盛的市场需求，项自正常推进中；②公司于2024年8月发布定增项 目"新型高端一体成型电感建设项目"，拟投资总额4.54亿元，计划建设 ...

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]

证券研究报告 有色金属 | 金属新材料 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 29 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com 市场表现： | 基本数据 | | 月 | 2025 | 年 | 日 | 08 | | 28 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 78.00 | | | | | | | | ...

公司报告 | 半年报点评 铂科新材（300811） 证券研究报告 Q2 业绩环比改善明显，ASIC 产业趋势带来成长新机遇 业绩：25H1 实现营收 8.61 亿元，同比+8.1%；归母净利润 1.91 亿元，同比+3.3%； 扣非净利润 1.88 亿元，同比+4.7%。其中 Q2 实现营收 4.77 亿元，同比+3.5%，环 比+24.5%；实现归母净利润 1.18 亿元，同比+3.4%，环比+59.3%。 盈利能力环比大幅改善，芯片电感重回增长态势 营收端，25H1 实现营收 8.61 亿元，同比+8.1%，其中软磁粉芯/芯片电感/金属软磁 粉分别实现 6.57/1.76/0.26 亿元，同比+12.0%/-9.7%/+90.4%。其中，粉芯整体稳定 增长，通讯、服务器电源及 UPS 领域快速增长。芯片电感下滑主要系从 24Q1 到今 年 Q1 期间，模组类客户在进行新老方案的切换，在方案切换的过程中公司订单短 期受到一定程度影响。随着新方案的切换完成，Q2 出货开始逐步恢复，并持续保 持增长态势。Q2 单季度实现营收 4.77 亿元，同比+3.5%，环比+24.5%，我们推测 主要由于光伏抢装推动粉芯出 ...

8月29日，铂科新材跌5%，截至发稿，报74.10元/股，成交2.95亿元，换手率1.66%，总市值214.53亿 元。 截至发稿，寇斌权累计任职时间2年71天，现任基金资产总规模9.65亿元，任职期间最佳基金回报 96.4%， 任职期间最差基金回报0.11%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，鹏华基金旗下1只基金重仓铂科新材。1000ETF增强（560590）二季度持有股数3800股，占 基金净值比例为1.1%，位居第九大重仓股。根据测算，今日浮亏损失约1.48万元。 1000ETF增强（560590）成立日期2023年9月1日，最新规模1601.87万。今年以来收益31.06%，同类排 名1225/4222；近一年收益73.8%，同类排名952/3776；成立以来收益41.61%。 1000ETF增强（560590）基金经理为寇斌权。 资料显示，深圳市铂科新材料股份有限公司位于广东省深圳市南山区西丽街道曙光社区智谷研发楼B ...

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].

截至2025年8月28日 10:26，国证有色金属行业指数(399395)上涨0.50%，成分股中国稀土(000831)上涨 8.28%，金力永磁(300748)上涨7.25%，电投能源(002128)上涨3.45%，铂科新材(300811)上涨3.28%，山 东黄金(600547)上涨3.11%。有色ETF基金(159880)上涨0.56%，最新价报1.43元。 有色ETF基金(159880)，场外联接A：021296；联接C：021297；联接I：022886。022886)。 消息面上，稀土永磁板块快速走强，中国稀土盘中涨停，此前北方稀土等稀土企业半年度业绩大增，显 示稀土行业景气度积极向好。8月22日，三部门发布《稀土开采和稀土冶炼分离总量调控管理暂行办 法》，稀土行业迎来多重利好。 有色ETF基金紧密跟踪国证有色金属行业指数，国证有色金属行业指数参照国证行业分类标准，选取归 属于有色金属行业的规模和流动性突出的50只证券作为样本，反映了沪深北交易所有色金属行业上市公 司的整体收益表现，向市场提供细分行业的指数化投资标的。 数据显示，截至2025年7月31日，国证有色金属行业指数(399395)前十大 ...

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]