Core Viewpoint - The company's 1H25 performance fell short of market expectations, with significant declines in revenue and net profit due to various factors including project income recognition issues and increased depreciation costs [1][2]. Financial Performance - 1H25 revenue was 413 million, down 34.04% year-on-year; net profit attributable to shareholders was 17 million, corresponding to earnings per share of 0.10, down 79.85% year-on-year [1]. - In 2Q25, revenue was 219 million, down 42.0% year-on-year; net profit attributable to shareholders was 11 million, down 74.9% year-on-year [1]. - The gross margin for 1H25 was 37.3%, up 3.1 percentage points year-on-year, driven by high-margin products [2]. - The net margin for 1H25 was 4.1%, down 9.3 percentage points year-on-year, primarily due to increased depreciation, foreign exchange losses, and R&D expenses for new products [2]. Product Performance - Revenue from various products in 1H25 included: - Mining rubber wear parts: 290 million, down 2.58% - Mineral processing equipment: 43 million, down 8.99% - Mining pipelines: 15 million, up 5.32% - Mineral processing system solutions and services: 58 million, down 2.58% [1]. Development Trends - New product launch: The company introduced the second-generation rubber wear liner, receiving positive feedback from major clients, with expectations for increased revenue and margin in the second half of the year [3]. - Overseas factory ramp-up: The company’s factory in Zambia has commenced production, with potential for rapid client acquisition due to its location in a prime copper mining area [3]. Profit Forecast and Valuation - The company has revised down its profit forecasts for 2025 and 2026 by 48.9% and 17.0% to 83 million and 179 million, respectively [4]. - The current stock price corresponds to a P/E ratio of 53 for 2025 and 24 for 2026, with a target price maintained at 29, reflecting a potential upside of 11.8% [4].

Group 1: Company Performance Overview - The company achieved a revenue of 413 million CNY in the first half of 2025, a decrease of 34.04% compared to the same period last year. Excluding EPC projects, revenue remained stable year-on-year [3] - The net profit attributable to shareholders was 16.99 million CNY, down 79.86% year-on-year, but showed a 100.34% increase compared to the first quarter of 2025 [3] Group 2: Factors Affecting Performance - The absence of EPC project income, which contributed 200 million CNY in the previous year, significantly impacted revenue [5] - Capital expenditures increased, with fixed asset depreciation rising approximately 50% year-on-year to around 45 million CNY [5] - Foreign exchange losses amounted to 2.66 million CNY [5] - R&D expenses reached 24.91 million CNY, an increase of 9.73 million CNY year-on-year, primarily due to costs associated with the second-generation liner product [5] Group 3: Market Expansion and Future Prospects - The company has made significant progress in overseas market expansion, with overseas revenue increasing from 44.98% in Q1 to 54.88% in the mid-year report [3] - The company is optimistic about future growth, projecting total production capacity to reach 3 billion CNY, driven by capacity release and new product breakthroughs [7] - The second-generation forged liner product is expected to significantly enhance mining efficiency and is currently in trial use with various clients [7][9] Group 4: Competitive Positioning - The company does not have direct domestic competitors in the listed company sector, as most competitors are complete machine manufacturers. The company focuses on wear parts, which account for over 85% of its business [8] - Compared to international competitors, the company maintains a gross margin close to that of its peers, with overseas margins even higher, leveraging cost advantages and a vertically integrated model [8] - The second-generation forged liner has a lifespan 40%-50% longer than that of major competitors, showcasing significant technological superiority [8]

Core Viewpoint - The recent financial report of Nepe Mining Machine (300818) shows a significant decline in revenue and net profit for the first half of 2025 compared to the same period in 2024, indicating potential challenges in the company's operational performance and financial health [1][2]. Financial Performance - Total revenue for the first half of 2025 was 413 million yuan, a decrease of 34.04% year-on-year [1]. - Net profit attributable to shareholders was 16.99 million yuan, down 79.86% year-on-year [1]. - The second quarter revenue was 219 million yuan, reflecting a 42.04% decline year-on-year, with net profit of 11.33 million yuan, a decrease of 74.87% [1]. - The company's gross margin improved to 38.49%, an increase of 9.98% year-on-year, while the net margin fell to 4.09%, a drop of 69.61% [1]. - Total expenses (selling, administrative, and financial) accounted for 26.72% of revenue, up 78.23% year-on-year, totaling 110 million yuan [1]. Balance Sheet and Cash Flow - Cash and cash equivalents increased to 571 million yuan, a rise of 20.86% year-on-year [1]. - Accounts receivable decreased to 213 million yuan, down 10.59% year-on-year [1]. - Interest-bearing liabilities rose to 628 million yuan, an increase of 51.63% year-on-year [1]. - Earnings per share dropped to 0.1 yuan, a decline of 81.74% year-on-year, while operating cash flow per share was -0.0 yuan, an increase of 99.82% year-on-year [1]. Business Model and Debt Situation - The company's performance is primarily driven by capital expenditures, necessitating careful evaluation of the profitability of these investments and the pressure on funding [2]. - The debt situation is concerning, with the interest-bearing asset-liability ratio reaching 21.72% [2]. - Accounts receivable relative to profit stands at 183.16%, indicating potential liquidity issues [2]. Market Position and Product Development - The company has introduced a new forged high-alloy composite liner, which reportedly offers better wear resistance, improved mill efficiency, reduced energy consumption, and decreased installation time for replacements [4]. - The first set of forged composite liners has been successfully used in a semi-autogenous mill in Tibet, showing nearly double the lifespan compared to traditional cast metal liners, along with significant improvements in processing capacity and efficiency [4]. Fund Holdings - The largest fund holding Nepe Mining Machine is Huayu Multi-Strategy Growth A, with 1.49 million shares, which has increased its position [3]. - Other funds, such as Changjiang Intelligent Manufacturing Mixed Initiation A and Huayu Baokang Configuration Mixed, have also increased their holdings [3].

Core Viewpoint - The company, Nepean Mining Machinery (300818.SZ), reported a significant decline in both revenue and net profit for the first half of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first half of 2025 was 413 million yuan, representing a year-on-year decrease of 34.04% [1] - The net profit attributable to shareholders of the listed company was 16.986 million yuan, down 79.86% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 11.953 million yuan, a decrease of 85.52% year-on-year [1] - The basic earnings per share were 0.1028 yuan [1]

Core Viewpoint - Nepean Mining (300818.SZ) reported a significant decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its operational performance [1] Financial Performance - The company achieved a revenue of 413 million yuan, representing a year-on-year decrease of 34.04% [1] - The net profit attributable to shareholders was 16.99 million yuan, down 79.86% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 11.95 million yuan, reflecting an 85.52% decline compared to the previous year [1] - Basic earnings per share stood at 0.1028 yuan [1]

江西耐普矿机股份有限公司 关于变更董事会专门委员会名称及修订《公司章程》的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 江西耐普矿机股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开 第五届董事会第二十八次会议，审议通过了《关于变更董事会专门委员会名称及 修订〈公司章程〉的议案》等议案。公司拟将"董事会战略与委员会"名称变更 为"董事会战略与 ESG 委员会"，并调整其职责范围。同时对《江西耐普矿机股 份有限公司章程》（以下简称《公司章程》）相应条款进行修订，现将相关情况公 告如下。 一、董事会专门委员会更名情况 证券代码：300818 证券简称：耐普矿机 公告编号：2025-086 二、公司章程修订情况 由于董事会下设委员会名称变更。公司根据《上市公司章程指引》等相关法 律法规的规定，现拟将《公司章程》中有关条款进行相应修订。具体修订内容如 下： | 章程 | 原章程内容 | 修订后章程内容 | | --- | --- | --- | | 条款 | | | | 第一 | 第十三条：本章程所称高级管理人员是 | 第十三条：本章程所称高 ...

证券代码：300818 证券简称：耐普矿机 公告编号：2025-085 江西耐普矿机股份有限公司 关于举办 2025 年半年度网上业绩说明会的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 江西耐普矿机股份有限公司（以下简称"公司"）2025 年半年度报告及其摘 要 于 2025 年 8 月 27 日 在 中 国 证 监 会 指 定 信 息 披 露 网 站 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上披露。为进一步提高公司治理水平，便于广大投 资者更全面、深入地了解公司情况，公司将于 2025 年 9 月 1 日（周一）下午 15:00 —17:00 在深圳证券交易所"互动易"平台"云访谈"栏目举行 2025 年半年度网 上业绩说明会（以下简称"本次说明会"），现将有关事项公告如下： 2025 年 8 月 27 日 出席本次说明会的人员有：副董事长兼总经理程胜先生；董事、副总经理兼 董事会秘书王磊先生；财务总监欧阳兵先生；独立董事邓林义先生。 为充分尊重投资者、提升交流的针对性，现就公司本次说明会提前向投资者 公开征集问题。投 ...

江西耐普矿机股份有限公司 2025年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：江西耐普矿机股份有限公司 | | | | | | | | | | 单位：元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性 资金占用 | 资金占用方名称 | 占用方与上市公司 | 上市公司核算 | 2025年期初往来资 | 2025年度往来累计 发生金额（不含利 | 2025年度往来 资金的利息 | 2025年度偿还累计 | 2025年6月30日期 | 占用形成原因 | 占用性质 | | | | 的关联关系 | 的会计科目 | 金余额 | 息） | （如有） | 发生金额 | 末往来资金余额 | | | | 控股股东、实际控制人及其附属企业 | | | | | | | | | | 非经营性占用 | | 小计 | — | — | — | | | | | | | — | | 前控股股东、实际控制人及其附属企业 | | | | | | | | | | 非经营性占用 | | 小计 | — | — | — | | ...

2025 年 8 月 27 日 江西耐普矿机股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开 第五届董事会第二十八次会议审议通过了《关于向银行申请授信额度的议案》。 根据公司经营需要及资金周转需求，同意公司向广发银行股份有限公司申请 授信总额不超过人民币 10,000 万元、向兴业银行股份有限公司南昌分行申请授 信总额不超过人民币 16,000 万元，本次申请授信额度的有效期为 12 个月。该授 信额度用于公司在各银行办理各类融资业务，包含但不限于流动资金贷款、保函、 信用证、承兑汇票等。 上述授信额度不等于公司实际融资金额，具体融资金额将视公司项目实际需 求的资金来确定。在授信期限内，公司将视实际需求在最终确定的授信额度内向 相关银行申请融资。同时，公司董事会授权董事长或其指定的授权代理人全权代 表公司办理上述授信事宜，并签署相应法律文件。 特此公告。 江西耐普矿机股份有限公司董事会 证券代码：300818 证券简称：耐普矿机 公告编号：2025-087 江西耐普矿机股份有限公司 关于向银行申请授信额度的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性 ...

江西耐普矿机股份有限公司 经中国证券监督管理委员会证监许可[2020]132 号文核准，并经深圳证券交 易所同意，本公司由主承销商德邦证券股份有限公司（以下简称"德邦证券"）向 社会公众公开发行普通股（A 股）股票 1,750 万股，每股面值 1 元，每股发行价 人民币 21.14 元。截至 2020 年 2 月 7 日止，江西耐普矿机股份有限公司（以下 简称"公司"）共募集资金 369,950,000.00 元，扣除发行费用 31,396,226.32 元（不 含税），募集资金净额 338,553,773.68 元。 截至 2020 年 2 月 7 日，公司上述发行募集的资金已全部到位，经大华会计 师事务所(特殊普通合伙)以"大华验字[2020]000040 号"验资报告验证确认。 截至 2025 年 6 月 30 日，公司对募集资金项目累计投入 338,528,487.01 元， 其中：公司于募集资金到位之前利用自有资金先期投入募集资金项目人民币 316,502.14 元；于 2020 年 2 月 8 日起至 2024 年 12 月 31 日止会计期间使用募集 资金人民币 336,691,550.30 元 ...