证券代码：300848 证券简称：美瑞新材 公告编号：2025-066 美瑞新材料股份有限公司 二、董事会会议审议情况 经各位董事认真审议，形成决议如下： 1、审议通过《2025 年半年度报告全文及摘要》 第四届董事会第七次会议决议公告 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，没有虚假记载、误 导性陈述或重大遗漏。 一、董事会会议召开情况 美瑞新材料股份有限公司（以下简称"公司"）第四届董事会第七次会议于 2025 年 8 月 23 日在公司会议室以现场结合通讯的方式召开。会议通知已于 2025 年 8 月 13 日通过邮 件的方式送达全体董事。因增加董事会临时提案，公司于 2025 年 8 月 20 日将补充通知送 达各位董事，本次会议新增议案已经全体董事认可。本次会议应出席董事 7 人，实际出席 董事 7 人。 会议由董事长王仁鸿先生召集并主持，公司高级管理人员列席。本次会议的召开和表 决程序符合相关法律、法规、规范性文件和《公司章程》的有关规定，会议合法、有效。 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）的《2025 年半年度报 告》及《2025 年半年 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notice](index=2&type=section&id=Important%20Notice) The board and management assure the report's accuracy, outlining risks like raw material price volatility, market competition, and new business underperformance, with no plans for dividends or bonus shares - The company's board of directors and management guarantee the report's authenticity and assume legal responsibility[5](index=5&type=chunk) - The company faces risks including **raw material price fluctuations**, **intensified market competition**, environmental protection, rising labor costs, underperforming new businesses, and insufficient capacity utilization[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's eight main chapters and their starting page numbers, covering key disclosures and financial information [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, key shareholders, subsidiaries, reporting period, and specialized chemical materials [Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) MIRACLL CHEMICALS CO., LTD. (stock code: 300848) is listed on the Shenzhen Stock Exchange, with Wang Renhong as its legal representative - Company stock abbreviation: Miracll Chemicals, stock code: **300848**[16](index=16&type=chunk) - Company legal representative: Wang Renhong[16](index=16&type=chunk) [II. Contact Persons and Information](index=7&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's board secretary is Du Yingtao, investor relations representative is Wang Yue, with contact details provided for Yantai Development Zone - Board Secretary: Du Yingtao; Securities Affairs Representative: Wang Yue[17](index=17&type=chunk) - Contact address: No. 35 Changsha Street, Yantai Development Zone[17](index=17&type=chunk) [III. Other Information](index=7&type=section&id=III.%20Other%20Information) During the reporting period, contact information and disclosure locations remained unchanged; the company completed business registration changes on June 24, 2025, increasing total share capital to 427,887,627 shares - Company registered address, office address, website, and email remained unchanged during the reporting period[18](index=18&type=chunk) - The company completed business registration changes on June 24, 2025, increasing total share capital from **414.19 million shares** to **427.89 million shares**[21](index=21&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, operating revenue slightly increased by 0.02%, net profit attributable to shareholders grew by 25.25%, and operating cash flow significantly improved by 169.75% 主要会计数据和财务指标（同比） | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 800,700,264.32 | 800,542,406.91 | 0.02 | | Net Profit Attributable to Shareholders | 39,122,131.87 | 31,235,337.41 | 25.25 | | Net Profit Attributable to Shareholders (Excl. Non-recurring Gains/Losses) | 35,148,279.77 | 28,142,792.15 | 24.89 | | Net Cash Flow from Operating Activities | 157,631,441.86 | -225,985,423.74 | 169.75 | | Basic Earnings Per Share (RMB/share) | 0.09 | 0.08 | 12.50 | | Diluted Earnings Per Share (RMB/share) | 0.09 | 0.08 | 12.50 | | Weighted Average ROE | 2.73% | 2.43% | 0.30% | | **Period-End Indicators** | **End of Current Period (RMB)** | **End of Prior Year (RMB)** | **Period-End vs. Prior Year-End Change (%)** | | Total Assets | 4,209,586,533.82 | 3,849,891,007.69 | 9.34 | | Net Assets Attributable to Shareholders | 1,524,816,704.85 | 1,320,361,528.84 | 15.48 | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit or net assets between domestic and international accounting standards during the period - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[23](index=23&type=chunk)[25](index=25&type=chunk) [VI. Non-recurring Gains and Losses and Amounts](index=9&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) Non-recurring gains and losses totaled 3.97 million RMB, primarily from government grants and financial asset fair value changes, after tax and minority interest adjustments 非经常性损益项目及金额 | Item | Amount (RMB) | | :--- | :--- | | Non-current asset disposal gains and losses | -101,851.21 | | Government grants recognized in current profit or loss | 2,371,386.34 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 2,610,243.12 | | Other non-operating income and expenses apart from the above | -30,143.84 | | Less: Income tax impact | 728,345.09 | | Minority interest impact (after tax) | 147,437.22 | | Total | 3,973,852.10 | - The company does not classify non-recurring gains and losses as recurring gains and losses[28](index=28&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [I. Main Business Activities During the Reporting Period](index=10&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company is a leading producer of polyurethane new materials (TPU, PUR, PUD, PBS) and functional chemical raw materials, with two production bases in Yantai and Hebi, serving diverse sectors like consumer electronics and automotive - The company's main business is the R&D, production, and sales of polyurethane new materials (TPU, PUR, PUD, PBS) and functional chemical raw materials (specialty isocyanates, specialty amines)[30](index=30&type=chunk) - The company has two major production bases: Yantai, Shandong (polyurethane new materials) and Hebi, Henan (functional chemical raw materials)[30](index=30&type=chunk) [(I) Polyurethane New Materials](index=10&type=section&id=%28I%29%20Polyurethane%20New%20Materials) Polyurethane new materials include TPU, PUR, PUD, PBS, with TPU accounting for over 90% of sales, widely used in consumer electronics, automotive, and medical fields - TPU product sales account for over **90%**, with new products like PUR, PUD, and PBS growing rapidly[31](index=31&type=chunk) - The company is the only listed company in China with TPU as its main business, achieving import substitution and establishing a competitive advantage in some niche areas[33](index=33&type=chunk) [(II) Functional Chemical Raw Materials](index=11&type=section&id=%28II%29%20Functional%20Chemical%20Raw%20Materials) Functional chemical raw materials include specialty isocyanates (HDI, CHDI, PPDI) and specialty amines, with Hebi base capacities under trial production, featuring world-leading industrial scale for CHDI and PPDI, and top global design capacities for specialty amines - Functional chemical raw materials include specialty isocyanates (HDI, CHDI, PPDI) and specialty amines (PNA, PPDA, CHDA)[35](index=35&type=chunk) - HDI design capacity is **100,000 tons**, CHDI and PPDI combined are **20,000 tons**, with CHDI being the world's first industrial plant and PPDI the world's largest industrial plant[37](index=37&type=chunk) - Specialty amine products (PNA, PPDA, CHDA) have **world-leading design capacities**, utilizing continuous processes to reduce production costs[38](index=38&type=chunk)[40](index=40&type=chunk) [(III) Business Model](index=13&type=section&id=%28III%29%20Business%20Model) The company drives operations with R&D and production technology, employing a product manager system to meet and create market demand, utilizing a highly automated 'produce-to-order' model, and a dual marketing approach for direct clients and traders - R&D model: established a product manager system, focusing on market demand, tracking cutting-edge technology, and proactively creating demand[43](index=43&type=chunk) - Production model: adopts 'produce-to-order with moderate inventory', with highly automated production lines[45](index=45&type=chunk) - Marketing model: divided into direct customers (mid-to-high-end market, offering differentiated products and technical services) and traders (expanding coverage, ensuring cash flow)[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk) [II. Analysis of Core Competencies](index=14&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competitiveness lies in differentiated technological innovation, strong integrated operations, efficient marketing, a high-caliber talent pool, and supply chain synergy, enhancing product competitiveness and risk resilience - Differentiated technological innovation advantage: rapidly responds to market demand and provides customized products through differentiated production formulas and technical processes[50](index=50&type=chunk) - Integrated operational advantage: independently developed a CRM information platform, enabling full-process management, and continuously improving the automation and intelligence of production and operations[51](index=51&type=chunk) - Supply chain synergy advantage: strategically positions upstream in specialty monomer materials around polyurethane materials, ensuring high-quality raw material supply and low-cost production, enhancing risk resistance[55](index=55&type=chunk) [III. Analysis of Main Business](index=15&type=section&id=III.%20Analysis%20of%20Main%20Business) In H1 2025, the functional chemical raw materials segment made significant progress with the Miracll Technology Polyurethane Industrial Park Phase I commencing trial operations, contributing to a 0.02% revenue increase to 800.70 million RMB and a 25.25% rise in net profit attributable to shareholders to 39.12 million RMB - Miracll Technology Polyurethane Industrial Park Phase I production units have commenced trial operations, with some achieving stable operation and small-batch external supply[56](index=56&type=chunk) 2025年上半年主要财务数据 | Indicator | Amount (10,000 RMB) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 80,070.03 | 0.02 | | Net Profit Attributable to Shareholders | 3,912.21 | 25.25 | - The company continuously strengthens R&D investment, achieving breakthrough results in PUR, PPDI-grade TPU, CPU, moisture-permeable adhesives, and PUD products[58](index=58&type=chunk) - The **10,000 tons** expandable thermoplastic polyurethane elastomer project and **30,000 tons** water-based polyurethane project are under construction, which will expand capacity and leverage supply chain synergy[59](index=59&type=chunk)[60](index=60&type=chunk) 主要财务数据同比变动情况 | Indicator | Current Period (RMB) | Prior Period (RMB) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 800,700,264.32 | 800,542,406.91 | 0.02 | | | Operating Cost | 690,465,583.56 | 702,799,988.86 | -1.76 | | | Financial Expenses | 2,764,708.25 | -8,130,572.35 | 134.00 | Primarily due to decreased interest income and increased interest expenses | | Income Tax Expense | 6,330,783.25 | 4,673,804.78 | 35.45 | Primarily due to increased total profit and changes in subsidiary tax rates | | R&D Investment | 33,653,533.93 | 41,167,373.03 | -18.25 | | | Net Cash Flow from Operating Activities | 157,631,441.86 | -225,985,423.74 | 169.75 | Primarily due to increased bills payable for goods purchased not yet due and a corresponding decrease in cash paid for goods | | Net Cash Flow from Financing Activities | 217,265,623.65 | 318,570,216.73 | -31.80 | Primarily due to increased proceeds from private placement of shares, decreased cash received from borrowings, and increased cash paid for debt repayment | 占比10%以上的产品或服务情况 | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin (%) | Operating Revenue YoY Change (%) | Operating Cost YoY Change (%) | Gross Margin YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Polyurethane New Materials | 762,605,458.13 | 654,792,270.65 | 14.14 | -4.40 | -6.54 | 1.97 | [IV. Analysis of Non-Main Business](index=16&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business) Non-core operations impacted total profit, with other income (government grants, input tax deductions) contributing 16.89%, fair value changes 4.25%, and asset impairment (inventory write-downs) a negative 11.00% 非主营业务对利润总额的影响 | Item | Amount (RMB) | Percentage of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -1,305,676.94 | -3.09 | | No | | Fair Value Change Gains and Losses | 1,792,705.03 | 4.25 | | No | | Asset Impairment | -4,642,325.46 | -11.00 | Provision for inventory depreciation | No | | Non-operating Income | 14,321.30 | 0.03 | | No | | Non-operating Expenses | 234,649.80 | 0.56 | | No | | Other Income | 7,127,523.98 | 16.89 | Primarily due to government grants received and input tax deduction policy | No | [V. Analysis of Assets and Liabilities](index=17&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At period-end, total assets grew by 9.34% and net assets attributable to shareholders by 15.48%, driven by significant fixed asset additions from completed construction projects and increased short-term borrowings for trial production funding 资产构成重大变动情况 | Item | Amount at End of Current Period (RMB) | Percentage of Total Assets (%) | Amount at End of Prior Year (RMB) | Percentage of Total Assets (%) | Change in Proportion (%) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 467,917,150.69 | 11.12 | 605,599,428.47 | 15.73 | -4.61 | | | Fixed Assets | 1,344,022,265.21 | 31.93 | 647,477,809.02 | 16.82 | 15.11 | Primarily due to the transfer of some construction in progress to fixed assets | | Construction in Progress | 773,234,497.96 | 18.37 | 1,332,860,207.99 | 34.62 | -16.25 | Primarily due to the transfer of some construction in progress to fixed assets | | Short-term Borrowings | 389,765,125.56 | 9.26 | 239,265,862.53 | 6.21 | 3.05 | Primarily due to funding needs for raw material and energy procurement during the trial production period of the polyurethane industrial park project | | Trading Financial Assets | 310,792,705.03 | 7.38 | | | 7.38 | Primarily due to the company's purchase of wealth management products | | Non-current Liabilities Due Within One Year | 221,646,876.77 | 5.27 | 136,743,090.71 | 3.55 | 1.72 | Primarily due to increased long-term borrowings and long-term payables due within one year | 以公允价值计量的资产和负债 | Item | Beginning Balance (RMB) | Fair Value Change Gains and Losses for the Period (RMB) | Amount Purchased for the Period (RMB) | Amount Sold for the Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 0.00 | 1,792,705.03 | 681,000,000.00 | 372,000,000.00 | 310,792,705.03 | 截至报告期末的资产权利受限情况 | Item | Carrying Amount at Period-End (RMB) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 13,461,800.00 | Pledge | Acceptance bill margin | | Notes Receivable | 90,091,415.19 | Endorsed | Bills endorsed not yet due | | Fixed Assets | 168,815,058.79 | Mortgage | Mortgage loan | | Intangible Assets | 159,471,516.82 | Mortgage | Mortgage loan | | Construction in Progress | 78,568,083.94 | Mortgage | Mortgage loan | | Total | 510,408,174.74 | | | [VI. Analysis of Investment Status](index=18&type=section&id=VI.%20Analysis%20of%20Investment%20Status) Total investment decreased by 56.99% year-over-year, with ongoing construction for polyurethane new material projects, and the company utilized 40.69 million RMB of raised funds, with 155.72 million RMB remaining, while entrusted wealth management totaled 443 million RMB, with 309 million RMB outstanding 报告期投资额 | Indicator | Investment Amount for the Period (RMB) | Investment Amount for the Prior Period (RMB) | Change Rate (%) | | :--- | :--- | :--- | :--- | | Total Investment | 192,223,724.69 | 446,930,251.24 | -56.99 | 报告期内正在进行的重大的非股权投资情况 | Project Name | Investment Method | Industry | Project Progress (%) | Amount Invested in Current Period (RMB) | Cumulative Investment Amount as of Period-End (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Subsidiary investment in Polyurethane New Materials Industrial Park Phase I project | Self-built | C26 Chemical Raw Materials and Chemical Products Manufacturing | 99.00 | 148,038,695.13 | 1,559,470,788.56 | 募集资金总体使用情况 | Net Proceeds from Fundraising (10,000 RMB) | Total Cumulative Utilized Proceeds (10,000 RMB) | Total Unutilized Proceeds (10,000 RMB) | | :--- | :--- | :--- | | 19,511.64 | 4,069.24 | 15,571.70 | 委托理财概况 | Specific Type | Amount of Wealth Management Transactions (10,000 RMB) | Unexpired Balance (10,000 RMB) | | :--- | :--- | :--- | | Bank Wealth Management Products | 11,000 | 2,000 | | Brokerage Wealth Management Products | 14,000 | 14,000 | | Bank Wealth Management Products (Raised Funds) | 19,300 | 14,900 | | Total | 44,300 | 30,900 | [VII. Significant Asset and Equity Disposals](index=23&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) The company did not engage in any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[92](index=92&type=chunk) - The company did not dispose of significant equity during the reporting period[93](index=93&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=23&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Miracll Technology (Henan) Co., Ltd., a 55%-owned subsidiary with 500 million RMB registered capital, reported total assets of 2.09 billion RMB and a net loss of 11.34 million RMB 主要子公司财务信息 | Company Name | Company Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Miracll Technology (Henan) Co., Ltd. | Subsidiary | Chemical product production and manufacturing | 500,000,000.00 | 2,085,416,112.51 | -11,344,058.03 | - Miracll Technology (Henan) Co., Ltd. is a controlled subsidiary, with the company holding **55%** of voting rights[94](index=94&type=chunk) [IX. Information on Structured Entities Controlled by the Company](index=24&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[95](index=95&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=24&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from raw material price volatility, market competition, environmental regulations, and new business underperformance, actively mitigating them through strategic procurement, R&D investment, and market expansion - Risk of **raw material price fluctuations**: managed through strategic procurement agreements, flexible inventory, and product price adjustments[95](index=95&type=chunk) - Risk of **intensified market competition**: addressed by continuous R&D investment, technological innovation, and intelligent upgrades to improve production efficiency and reduce costs[96](index=96&type=chunk) - Risk of **new business underperformance**: mitigated by closely monitoring policy and market changes, strengthening risk control, and timely adjusting strategic plans and operating strategies[99](index=99&type=chunk) - Risk of **insufficient capacity utilization**: addressed by accelerating new client development, new product promotion, and new market expansion, along with increased technological and marketing investment[100](index=100&type=chunk) [XI. Registration Form for Research, Communication, and Interview Activities During the Reporting Period](index=25&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20and%20Interview%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company hosted 14 investor engagement events, discussing business models, operations, and project progress with institutional investors - During the reporting period, the company hosted **14** investor research activities, including public and private equity funds[101](index=101&type=chunk) - Research content primarily focused on the company's business model, operating status, and project construction progress[101](index=101&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=25&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company established a market value management system on January 11, 2025, to enhance investment value and shareholder returns, aligning with regulatory directives - The company has formulated and disclosed the 'Miracll Chemicals Co., Ltd. Market Value Management System'[103](index=103&type=chunk) - This system aims to enhance the company's investment value and increase investor returns, approved by the board on **January 11, 2025**[103](index=103&type=chunk) [XIII. Implementation of the 'Dual Enhancement of Quality and Returns' Action Plan](index=26&type=section&id=XIII.%20Implementation%20of%20the%20%27Dual%20Enhancement%20of%20Quality%20and%20Returns%27%20Action%20Plan) The company's 'Dual Enhancement of Quality and Returns' plan, focusing on core business and R&D, led to a 25.25% increase in H1 2025 net profit attributable to shareholders, alongside robust governance and a stable dividend policy - The company has disclosed its 'Dual Enhancement of Quality and Returns' action plan, focusing on core business, strengthening R&D innovation, and improving profitability[104](index=104&type=chunk) - H1 2025 net profit attributable to shareholders was **39.12 million RMB**, a **25.25%** year-over-year increase[104](index=104&type=chunk) - Cash dividends of **29.95 million RMB** were distributed during the reporting period, with cumulative cash dividends over the past three years accounting for **88.69%** of the average annual net profit attributable to shareholders[105](index=105&type=chunk) [Corporate Governance, Environment, and Society](index=27&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [I. Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the period, Ren Guanglei and Song Hongwei were appointed Vice General Managers; the Board's Audit Committee assumed supervisory duties following the dissolution of the Board of Supervisors - The company appointed Ren Guanglei and Song Hongwei as Vice General Managers[107](index=107&type=chunk) - The company abolished the Board of Supervisors, with former Chairman Song Hongwei, Supervisor Sun Tianyan, and Employee Supervisor Mou Zongbo stepping down[107](index=107&type=chunk)[108](index=108&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Period](index=27&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20for%20the%20Current%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[109](index=109&type=chunk) [IV. Environmental Information Disclosure](index=28&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its main subsidiary, Miracll Technology (Henan) Co., Ltd., are listed as legally required environmental information disclosers - The company and its main subsidiary, Miracll Technology (Henan) Co., Ltd., are both included in the list of enterprises required to disclose environmental information by law[111](index=111&type=chunk) [V. Social Responsibility](index=28&type=section&id=V.%20Social%20Responsibility) The company upholds shareholder and creditor rights through enhanced governance and transparency, fosters employee development, builds strategic partnerships, adheres to environmental regulations with ISO14001:2015 certification, and actively engages in social welfare - The company has established a governance structure comprising the Shareholders' Meeting, Board of Directors, and senior management, with the Audit Committee assuming supervisory responsibilities after the abolition of the Board of Supervisors[112](index=112&type=chunk) - The company adheres to a talent philosophy of 'planning, nurturing, empowering, and valuing', providing career planning and training for employees, and legally paying social insurance contributions[114](index=114&type=chunk) - The company is certified with ISO14001:2015 Environmental Management System, has established multiple environmental management systems, and adheres to a 'prevention first, combined prevention and control' policy[117](index=117&type=chunk) - The company upholds the philosophy of 'technological innovation serving society' and actively supports public welfare initiatives[118](index=118&type=chunk) [Significant Matters](index=30&type=section&id=Section%20V%20Significant%20Matters) [I. Commitments Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=30&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) No overdue unfulfilled commitments by the controlling shareholder, shareholders, related parties, acquirers, or the company were reported - The company had no overdue unfulfilled commitments during the reporting period[120](index=120&type=chunk) [II. Non-operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=30&type=section&id=II.%20Non-operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) No non-operating funds were occupied by the controlling shareholder or other related parties during the reporting period - No non-operating funds were occupied by the controlling shareholder or other related parties during the reporting period[121](index=121&type=chunk) [III. Irregular External Guarantees](index=30&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[122](index=122&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=30&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[123](index=123&type=chunk)[165](index=165&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=30&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) No bankruptcy or reorganization matters occurred during the reporting period - No bankruptcy or reorganization matters occurred during the reporting period[124](index=124&type=chunk) [VIII. Litigation Matters](index=30&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[125](index=125&type=chunk) [IX. Penalties and Rectification](index=31&type=section&id=IX.%20Penalties%20and%20Rectification) No penalties or rectification situations were reported by the company during the period - No penalties or rectification situations were reported by the company during the period[126](index=126&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=31&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) No integrity issues concerning the company, its controlling shareholder, or actual controller were reported - No integrity issues concerning the company, its controlling shareholder, or actual controller were reported during the reporting period[127](index=127&type=chunk) [XI. Significant Related Party Transactions](index=31&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) No significant related party transactions, asset/equity acquisitions/disposals, joint investments, or related party debt/credit occurred during the reporting period - No related party transactions related to daily operations occurred during the reporting period[127](index=127&type=chunk) - No related party transactions involving asset or equity acquisitions/disposals occurred during the reporting period[128](index=128&type=chunk) - No related party debt or credit transactions occurred during the reporting period[130](index=130&type=chunk) [XII. Significant Contracts and Their Performance](index=32&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) No trusteeship or contracting situations were reported; the company provided multiple guarantees for Miracll Technology (Henan) Co., Ltd., totaling 1.21 billion RMB, representing 79.28% of net assets at period-end - No trusteeship or contracting situations occurred during the reporting period[134](index=134&type=chunk)[135](index=135&type=chunk) - Subsidiaries Miracll Technology and Innovation Center signed property lease contracts with Miracll Shanghai, and the company signed property and equipment lease contracts with Shandong Zhirui Biotechnology Co., Ltd[136](index=136&type=chunk) 公司对子公司的担保情况 | Name of Guaranteed Party | Guarantee Limit (10,000 RMB) | Actual Guarantee Amount (10,000 RMB) | Type of Guarantee | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Miracll Technology (Henan) Co., Ltd. | 80,000 | 74,275 | Joint and several liability guarantee | No | | Miracll Technology (Henan) Co., Ltd. | 52,000 | 12,000 | Joint and several liability guarantee | No | | Miracll Technology (Henan) Co., Ltd. | 5,000 | 5,000 | Joint and several liability guarantee | No | | Miracll Technology (Henan) Co., Ltd. | 10,000 | 10,000 | Joint and several liability guarantee | No | | Miracll Technology (Henan) Co., Ltd. | 5,000 | 5,000 | Joint and several liability guarantee | No | | Miracll Technology (Henan) Co., Ltd. | 46,053 | 46,053 | Joint and several liability guarantee | No | | Miracll Technology (Henan) Co., Ltd. | 5,000 | 5,000 | Joint and several liability guarantee | No | | Miracll Technology (Henan) Co., Ltd. | 5,000 | 5,000 | Joint and several liability guarantee | No | | **Total** | **132,000** | **120,880** | | | - At period-end, the total actual guarantee amount represented **79.28%** of the company's net assets[141](index=141&type=chunk) [XIII. Explanation of Other Significant Matters](index=35&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company completed a simplified private placement, issuing 13.70 million RMB ordinary shares for 196.99 million RMB, increasing total share capital to 427.89 million shares, listed on March 27, 2025 - The company completed a simplified private placement, issuing **13.70 million shares** shares, raising a total of **196.99 million RMB**[145](index=145&type=chunk) - The new shares were listed on the Shenzhen Stock Exchange on **March 27, 2025**, increasing total share capital from **414.19 million shares** to **427.89 million shares**[145](index=145&type=chunk) [Share Changes and Shareholder Information](index=36&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) [I. Share Change Information](index=36&type=section&id=I.%20Share%20Change%20Information) During the reporting period, total share capital increased by 13.70 million shares to 427.89 million due to a private placement, proportionally diluting EPS and net assets per share 股份变动情况 | Item | Number Before This Change (Shares) | Percentage Before This Change (%) | New Shares Issued (Shares) | Number After This Change (Shares) | Percentage After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 174,765,114 | 42.19 | 13,698,824 | 188,463,939 | 44.05 | | II. Unrestricted Shares | 239,423,689 | 57.81 | 0 | 239,423,688 | 55.95 | | III. Total Shares | 414,188,803 | 100.00 | 13,698,824 | 427,887,627 | 100.00 | - The share change was primarily due to a simplified private placement of **13.70 million shares** shares to specific investors[148](index=148&type=chunk) - This share change proportionally diluted financial indicators such as basic and diluted earnings per share, and net assets per share attributable to common shareholders for the most recent year and period[150](index=150&type=chunk) 限售股份变动情况 | Shareholder Name | Restricted Shares at Beginning of Period (Shares) | Restricted Shares Increased in Current Period (Shares) | Restricted Shares at End of Period (Shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Wang Renhong | 131,767,614.00 | 1 | 131,767,615.00 | Restricted shares after IPO, senior management lock-up shares | | Zhang Sheng | 35,100,000.00 | 0 | 35,100,000.00 | Senior management lock-up shares | | Ren Guanglei | 7,897,500.00 | 0 | 7,897,500.00 | Senior management lock-up shares | | Yang Feng | 0 | 2,086,230.00 | 2,086,230.00 | Restricted shares after IPO | | Dai Jianghua | 0 | 1,703,755.00 | 1,703,755.00 | Restricted shares after IPO | [II. Securities Issuance and Listing](index=39&type=section&id=II.%20Securities%20Issuance%20and%20Listing) On March 27, 2025, the company issued 13.70 million A-shares at 14.38 RMB/share on the Shenzhen Stock Exchange, raising 196.99 million RMB 证券发行与上市情况 | Stock Name | Issue Date | Issue Price (RMB/share) | Issue Quantity (Shares) | Listing Date | | :--- | :--- | :--- | :--- | :--- | | RMB Ordinary Shares (A-shares) | 2025年03月27日 | 14.38 | 13,698,824 | 2025年03月27日 | - The total proceeds from this issuance amounted to **196.99 million RMB**[154](index=154&type=chunk) [III. Number of Shareholders and Shareholding Information](index=39&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) At period-end, the company had 14,184 common shareholders; Wang Renhong, the controlling shareholder and actual controller, held 41.06% directly and indirectly through Shandong Ruichuang and Shandong Shangge, acting in concert - Total number of common shareholders at period-end: **14,184**[156](index=156&type=chunk) 持股5%以上的股东或前10名股东持股情况 | 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) | Pledged, Marked, or Frozen Shares (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Renhong | Domestic Natural Person | 41.06 | 175,690,153 | 131,767,615 | 43,922,538 | 69,029,000 (Pledged) | | Zhang Sheng | Domestic Natural Person | 10.94 | 46,800,000 | 35,100,000 | 11,700,000 | 0 | | Shandong Ruichuang Investment Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 8.20 | 35,100,000 | 0 | 35,100,000 | 0 | | Shandong Shangge Investment Partnership (Limited Partnership) | Domestic Non-state-owned Legal Person | 5.47 | 23,400,000 | 0 | 23,400,000 | 0 | - Wang Renhong is the executive partner of Shandong Ruichuang and Shandong Shangge; Wang Renhong, Shandong Ruichuang, and Shandong Shangge are parties acting in concert[157](index=157&type=chunk)[158](index=158&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=41&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[159](index=159&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=41&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) Neither the controlling shareholder nor the actual controller changed during the reporting period - The controlling shareholder did not change during the reporting period[160](index=160&type=chunk) - The actual controller did not change during the reporting period[160](index=160&type=chunk) [Bond-Related Information](index=43&type=section&id=Section%20VII%20Bond-Related%20Information) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[163](index=163&type=chunk) [Financial Report](index=44&type=section&id=Section%20VIII%20Financial%20Report) [I. Audit Report](index=44&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report is unaudited - The company's semi-annual financial report is unaudited[165](index=165&type=chunk) [II. Financial Statements](index=44&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company financial statements for H1 2025, including balance sheets, income statements, cash flow statements, and statements of changes in equity - Financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity[166](index=166&type=chunk) [1. Consolidated Balance Sheet](index=44&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets reached 4.21 billion RMB, a 9.34% increase from the beginning of the period, with total liabilities at 2.47 billion RMB and total equity at 1.74 billion RMB 合并资产负债表主要数据 | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 4,209,586,533.82 | 3,849,891,007.69 | | Total Current Assets | 1,745,383,501.14 | 1,541,555,811.23 | | Total Non-current Assets | 2,464,203,032.68 | 2,308,335,196.46 | | Total Liabilities | 2,468,910,997.59 | 2,310,421,072.67 | | Total Owners' Equity | 1,740,675,536.23 | 1,539,469,935.02 | [3. Consolidated Income Statement](index=48&type=section&id=3.%20Consolidated%20Income%20Statement) In H1 2025, total operating revenue was 801 million RMB, flat year-over-year; net profit reached 35.87 million RMB, up 18.69%, with net profit attributable to parent company shareholders at 39.12 million RMB, up 25.25% 合并利润表主要数据 | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 800,700,264.32 | 800,542,406.91 | | Total Operating Costs | 759,416,079.05 | 766,136,417.32 | | Total Profit | 42,203,340.32 | 34,896,722.47 | | Net Profit | 35,872,557.07 | 30,222,917.69 | | Net Profit Attributable to Parent Company Shareholders | 39,122,131.87 | 31,235,337.41 | | Basic Earnings Per Share (RMB/share) | 0.09 | 0.08 | | Diluted Earnings Per Share (RMB/share) | 0.09 | 0.08 | [5. Consolidated Cash Flow Statement](index=52&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) In H1 2025, net cash flow from operating activities significantly improved to 158 million RMB from a prior-year deficit, while net cash flows from investing and financing activities were -500 million RMB and 217 million RMB, respectively 合并现金流量表主要数据 | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 157,631,441.86 | -225,985,423.74 | | Net Cash Flow from Investing Activities | -500,406,186.60 | -446,930,251.24 | | Net Cash Flow from Financing Activities | 217,265,623.65 | 318,570,216.73 | | Net Increase in Cash and Cash Equivalents | -125,631,077.78 | -354,017,817.41 | | Cash and Cash Equivalents at Period-End | 454,455,050.69 | 543,921,009.84 | [III. Company Overview](index=64&type=section&id=III.%20Company%20Overview) Miracll Chemicals Co., Ltd., formerly Shandong Miracll New Materials Co., Ltd., was established on September 4, 2009, with a registered capital of 427.89 million RMB, and is primarily engaged in R&D, production, and sales of polyurethane new materials and functional chemical raw materials - The company's registered capital is **427.89 million RMB**, with Wang Renhong as both legal representative and actual controller[199](index=199&type=chunk) - The company primarily engages in the R&D, production, and sales of polyurethane new materials and functional chemical raw materials, operating in the chemical raw materials and chemical products manufacturing industry[199](index=199&type=chunk)[200](index=200&type=chunk) [IV. Basis of Financial Statement Preparation](index=64&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, adhering to Enterprise Accounting Standards and relevant regulations, using the accrual basis of accounting and historical cost measurement for most items - Financial statements are prepared on a going concern basis, in accordance with Enterprise Accounting Standards and relevant regulations[202](index=202&type=chunk) - Accounting is based on the accrual method, with all items except financial instruments measured at historical cost[202](index=202&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=64&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's significant accounting policies and estimates for financial statement preparation, covering areas like business combinations, financial instruments, inventory, and revenue recognition, ensuring report accuracy and completeness - The company's financial statements comply with Enterprise Accounting Standards, accurately and completely reflecting financial position, operating results, and cash flows[205](index=205&type=chunk) - The company uses a **12-month** operating cycle and RMB as its functional currency[207](index=207&type=chunk)[208](index=208&type=chunk) - The company classifies financial assets into three categories based on business model and contractual cash flow characteristics: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[233](index=233&type=chunk) - Revenue is recognized when customers obtain control of goods; domestic sales are based on customer receipt confirmation, while international sales are based on goods loaded and customs declaration data upload[332](index=332&type=chunk)[333](index=333&type=chunk) [VI. Taxation](index=107&type=section&id=VI.%20Taxation) The company's main taxes include VAT (13%), Urban Maintenance and Construction Tax (7%), Corporate Income Tax (15%, 20%, 25%), Education Surcharge (3%), and Local Education Surcharge (2%), with Miracll Chemicals and Miracll Technology (Henan) enjoying a 15% corporate income tax rate as high-tech enterprises 主要税种及税率 | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax | 13.00% | | Urban Maintenance and Construction Tax | 7.00% | | Corporate Income Tax | 15.00%、20.00%、25.00% | | Education Surcharge | 3.00% | | Local Education Surcharge | 2.00% | - Miracll Chemicals Co., Ltd. and Miracll Technology (Henan) Co., Ltd., as high-tech enterprises, enjoy a **15%** preferential corporate income tax rate[391](index=391&type=chunk) - The company's export goods benefit from 'exemption, offset, and refund' tax policies[390](index=390&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=108&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on key consolidated financial statement items, including cash, financial assets, receivables, inventory, fixed assets, and revenue, explaining period-end balances, changes, and reasons 货币资金构成 | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash on Hand | 2,476.44 | 8,115.57 | | Bank Deposits | 454,435,439.35 | 580,054,748.21 | | Other Monetary Funds | 13,479,234.90 | 25,536,564.69 | | Total | 467,917,150.69 | 605,599,428.47 | 交易性金融资产 | Item | Ending Balance (RMB) | | :--- | :--- | | Financial assets measured at fair value through profit or loss | 310,792,705.03 | | Including: Structured deposits | 149,261,989.04 | | Other wealth management products | 161,530,715.99 | 应收账款账龄分布 | Aging | Ending Book Balance (RMB) | | :--- | :--- | | Within 1 year (inclusive) | 143,822,224.29 | | 1 to 2 years | 3,527,145.00 | | 2 to 3 years | 1,741,120.35 | | Total | 149,090,489.64 | 存货分类 | Item | Ending Book Value (RMB) | Beginning Book Value (RMB) | | :--- | :--- | :--- | | Raw Materials | 131,205,757.52 | 166,331,114.82 | | Inventory Goods | 230,943,246.86 | 198,150,075.71 | | Goods in Transit | 16,541,996.89 | 26,353,405.19 | | Total | 379,350,869.97 | 392,205,000.74 | 固定资产账面价值 | Item | Ending Book Value (RMB) | Beginning Book Value (RMB) | | :--- | :--- | :--- | | Buildings and Structures | 300,753,281.26 | 245,038,280.10 | | Machinery and Equipment | 1,034,669,221.55 | 398,692,636.07 | | Transportation Equipment | 3,324,509.67 | 1,795,031.87 | | Office Equipment and Others | 5,275,252.73 | 1,951,860.98 | | Total | 1,344,022,265.21 | 647,477,809.02 | 在建工程情况 | Item | Ending Book Value (RMB) | Beginning Book Value (RMB) | | :--- | :--- | :--- | | Polyurethane New Materials Industrial Park Phase I Project | 677,768,115.08 | 1,251,647,012.87 | | Annual 30,000-ton Water-based Polyurethane Project | 37,983,313.20 | 31,447,926.63 | | Annual 10,000-ton Expandable Thermoplastic Polyurethane Elastomer Project | 12,231,203.58 | 7,862,391.23 | | Total | 733,773,124.01 | 1,294,899,721.66 | 所有权或使用权受到限制的资产 | Item | Carrying Amount at Period-End (RMB) | Type of Restriction | | :--- | :--- | :--- | | Monetary Funds | 13,461,800.00 | Pledge | | Notes Receivable | 90,091,415.19 | Endorsed | | Fixed Assets | 168,815,058.79 | Mortgage | | Intangible Assets | 159,471,516.82 | Mortgage | | Construction in Progress | 78,568,083.94 | Mortgage | | Total | 510,408,174.74 | | 短期借款分类 | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Guaranteed Loans | 100,482,989.79 | 70,023,234.82 | | Credit Loans | 108,000,000.00 | 120,965,997.44 | | CCB Rongtong, Xinrong e-discount loans | 146,080,869.40 | 40,971,288.14 | | Guaranteed and Pledged Loans | 35,000,000.00 | 7,130,295.03 | | Accrued Interest | 201,266.37 | 175,047.10 | | Total | 389,765,125.56 | 239,265,862.53 | 应付账款账龄分布 | Aging | Ending Balance (RMB) | | :--- | :--- | | Within 1 year (inclusive) | 111,696,703.97 | | 1 to 2 years (inclusive) | 79,816,934.19 | | 2 to 3 years (inclusive) | 1,301,240.48 | | Over 3 years | 849,068.61 | | Total | 193,663,947.25 | 长期借款分类 | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Mortgage Loans | 96,461,599.51 | 108,500,265.00 | | Guaranteed Loans | 630,510,592.49 | 709,200,000.00 | | Credit Loans | 89,466,734.21 | 118,750,970.65 | | Total | 816,438,926.21 | 936,451,235.65 | 股本变动情况 | Item | Beginning Balance (RMB) | Increase/Decrease in Current Change (+, -) (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Total Shares | 414,188,803.00 | 13,698,824.00 | 427,887,627.00 | 营业收入和营业成本 | Item | Current Period Revenue (RMB) | Current Period Cost (RMB) | Prior Period Revenue (RMB) | Prior Period Cost (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 798,723,859.65 | 686,080,202.23 | 797,698,030.13 | 700,634,735.35 | | Other Business | 1,976,404.67 | 4,385,381.33 | 2,844,376.78 | 2,165,253.51 | | Total | 800,700,264.32 | 690,465,583.56 | 800,542,406.91 | 702,799,988.86 | 财务费用 | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Interest Expense | 8,355,190.67 | 3,603,873.38 | | Less: Interest Income | 6,239,624.89 | 11,579,953.17 | | Handling Fees | 448,396.01 | 416,238.99 | | Exchange Gains and Losses | 200,746.46 | -570,731.55 | | Total | 2,764,708.25 | -8,130,572.35 | [VIII. Research and Development Expenses](index=135&type=section&id=VIII.%20Research%20and%20Development%20Expenses) In H1 2025, total R&D expenditure was 33.65 million RMB, a decrease from the prior year, with employee compensation and direct inputs being the primary components 研发支出明细 | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Employee Compensation | 12,973,262.98 | 12,652,818.70 | | Direct Input | 16,519,379.04 | 24,331,106.46 | | Depreciation and Amortization | 3,469,213.28 | 3,359,363.14 | | Other | 691,678.63 | 824,084.73 | | Total | 33,653,533.93 | 41,167,373.03 | | Of which: Expensed R&D Expenditure | 33,653,533.93 | 41,167,373.03 | [IX. Changes in Consolidation Scope](index=135&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) There were no changes in the company's consolidation scope during the reporting period - There were no changes in the company's consolidation scope during the current period[543](index=543&type=chunk) [X. Interests in Other Entities](index=135&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds several subsidiaries, with Miracll Technology (Henan) Co., Ltd. being a significant non-wholly owned entity (45% minority interest), reporting a net loss of 3.09 million RMB attributable to minority shareholders this period 企业集团的构成 | Subsidiary Name | Registered Capital (RMB) | Direct Shareholding Ratio (%) | Acquisition Method | | :--- | :--- | :--- | :--- | | Miracll New Materials Innovation Center (Shandong) Co., Ltd. | 20,000,000.00 | 100.00 | Establishment | | Miracll Technology (Henan) Co., Ltd. | 500,000,000.00 | 55.00 | Establishment | | Miracll New Materials (Henan) Co., Ltd. | 1,000,000.00 | 100.00 | Establishment | | Miracll New Materials Enterprise Development (Shanghai) Co., Ltd. | 10,000,000.00 | 60.00 | Establishment | | Miracll New Materials (Fujian) Co., Ltd. | 32,000,000.00 | 100.00 | Establishment | 重要的非全资子公司 | Subsidiary Name | Minority Shareholding Ratio (%) | Net Profit Attributable to Minority Shareholders for the Period (RMB) | Minority Interest Balance at Period-End (RMB) | | :--- | :--- | :--- | :--- | | Miracll Technology (Henan) Co., Ltd. | 45.00 | -3,086,790.03 | 215,644,587.80 | [XI. Government Grants](index=138&type=section&id=XI.%20Government%20Grants) Government grants in deferred income totaled 244 million RMB at period-end, with 20 million RMB added and 2.37 million RMB recognized in current period profit and loss 涉及政府补助的负债项目 | Accounting Item | Beginning Balance (RMB) | New Grants Added in Current Period (RMB) | Amount Recognized in Non-operating Income in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Ending Balance (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 224,388,274.39 | 20,000,000.00 | 0 | 775,385.04 | 243,612,889.35 | Asset-related | 计入当期损益的政府补助 | Accounting Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Other Income | 2,371,386.34 | 5,404,078.87 | [XII. Risks Related to Financial Instruments](index=138&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit

Group 1 - The core viewpoint of the article emphasizes that managing market capitalization is a responsibility of listed companies, and that short-term stock price fluctuations should be viewed rationally, with a focus on sustained profitability as the best return for investors [1] - The company is committed to its own development and aims to create value for shareholders through excellent long-term performance, with the 2025 semi-annual report scheduled for disclosure on August 26, 2025 [1] - The Meirui Technology project is part of the company's strategic layout, requiring significant upfront investment due to its high technical content, and the company is currently focused on improving operational quality to achieve production efficiency [1] Group 2 - The company will strictly adhere to legal and regulatory requirements for timely information disclosure regarding any asset restructuring, share buybacks, or other significant corporate actions [1] - Investors have raised concerns about the potential for a significant year-on-year decline in the company's mid-year performance and the high debt levels of its subsidiary, Meirui Technology, questioning the reliance on borrowing and share issuance [3] - There are inquiries regarding the company's consideration of measures such as asset restructuring, share transfers, buybacks, or divesting loss-making subsidiaries to stabilize market confidence [3]

Overview - Thermoplastic Polyurethanes (TPU) are high-performance polymer materials made from MDI, TDI, and polyols, known for their excellent elasticity and durability [2][8] - The TPU market is experiencing stable growth in traditional applications such as footwear, films, sealing materials, and hoses, driven by increasing consumer demands for performance and comfort [1][16] Industry Development - The TPU industry in China has evolved significantly since its introduction in the 1980s, with rapid advancements in technology and production capabilities leading to a substantial market presence [8][10] - By 2024, China's TPU consumption is projected to reach 720,000 tons, with production capacity expected to hit 1.5 million tons, resulting in a capacity utilization rate of approximately 59.7% [1][16] Market Applications - Footwear remains the largest consumption market for TPU in China, accounting for nearly 30% of the total market, with the shoe industry experiencing a market size of 531.12 billion yuan in 2023, growing by 7.9% year-on-year [14][16] - Emerging applications for TPU are expanding into areas such as 3D printing, smart wearables, and medical devices, driven by its flexibility and biocompatibility [1][16] Competitive Landscape - The TPU market in China is characterized by a "two super, many strong" competitive structure, with Wanhua Chemical and Huafeng Group as the leading players [19] - Wanhua Chemical is the largest TPU producer in China, with a revenue of 182.1 billion yuan in 2024, where polyurethane products contribute 41.65% of total revenue [21] - Other notable companies include Meirui New Materials and Shanghai Huide Technology, which focus on TPU R&D and production, contributing to the competitive landscape [23] Future Trends - The TPU market is expected to maintain a loose supply with a slowdown in expansion speed, while competition intensifies, leading to increased market concentration [25] - There is a growing emphasis on environmentally friendly TPU products, such as bio-based and biodegradable TPUs, alongside advancements in multifunctional applications through nanotechnology and composite materials [25]

Market Overview - The Shanghai Composite Index closed at 3771.10 points, above the annual line, with a change of 0.13% [1] - The total trading volume of A-shares reached 24603.35 billion yuan [1] Stocks Breaking Annual Line - A total of 28 A-shares have surpassed the annual line today, with notable stocks including: - Meihua Medical (301363) with a deviation rate of 14.81% and a daily increase of 18.00% [1] - Meirui New Materials (300848) with a deviation rate of 4.67% and a daily increase of 5.49% [1] - Kangle Health (833575) with a deviation rate of 4.29% and a daily increase of 4.40% [1] Stocks with Smaller Deviation Rates - Stocks that have just crossed the annual line with smaller deviation rates include: - Guotou Power (600886) with a deviation rate of 0.01% and a daily increase of 1.30% [2] - Shanghai Pharmaceuticals (601607) with a deviation rate of 0.08% and a daily increase of 0.95% [2] - *ST Jinglun (600355) with a deviation rate of 0.20% and a daily increase of 0.86% [2]

Group 1 - The chemical products sector increased by 0.71% on August 21, with Feilu Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] - Notable gainers in the chemical products sector included Feilu Co., Ltd. with a closing price of 12.85, up 10.40%, and Boyuan Co., Ltd. with a closing price of 44.84, up 10.25% [1] Group 2 - The chemical products sector experienced a net outflow of 449 million yuan from institutional funds, while retail investors saw a net inflow of 500 million yuan [2] - The top individual stock performers in terms of net inflow included Wanhua Chemical with a net inflow of 4.24 billion yuan, while retail investors showed significant outflows in several stocks [3] - The overall trading volume and turnover in the chemical products sector reflected mixed investor sentiment, with some stocks experiencing substantial declines [2][3]

Core Viewpoint - Meirui New Materials (300848) announced that as of the disclosure date, the company's external guarantee balance is 1.255 billion yuan, all of which are guarantees for its controlling subsidiaries, representing 95.04% of the company's most recent audited net assets [1] Company Summary - The external guarantee balance of Meirui New Materials is entirely for its controlling subsidiaries [1] - The company does not provide guarantees for entities outside the consolidated financial statements [1] - There are no overdue debts related to the guarantees, nor are there any guarantees involved in litigation or those that have resulted in a judgment against the company [1]

证券代码：300848 证券简称：美瑞新材 公告编号：2025-062 美瑞新材料股份有限公司 关于为子公司提供担保的进展公告 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，没有虚假记载、误 导性陈述或重大遗漏。 特别风险提示： 本次担保的对象为美瑞新材料股份有限公司（以下简称"公司"）的控股子公司美瑞 科技（河南）有限公司（以下简称"美瑞科技"），美瑞科技的资产负债率超过 70%，敬请 广大投资者注意投资风险。 一、担保情况概述 1、已审批通过的担保额度 公司于 2022 年 3 月 12 日、2022 年 4 月 8 日分别召开了第三届董事会第四次会议、2021 年年度股东大会，审议通过了《关于为子公司提供担保的议案》，同意公司对美瑞科技提 供不超过 8 亿元的担保额度，上述额度适用范围包括但不限于美瑞科技申请及办理各类贷 款、信用证、保函、银行承兑汇票、融资租赁等业务，自公司 2021 年年度股东大会审议通 过之日起 7 年内有效，在额度内可循环使用。具体内容详见公司于 2022 年 3 月 15 日在巨 潮资讯网（www.cninfo.com.cn）披露的《关于为子公司提供担保的公告》。 ...

金融界消息 截至2025年8月14日收盘，美瑞新材（300848）报收于16.67元，下跌3.42%，换手率3.0%， 成交量7.19万手，成交金额1.21亿元。 天眼查商业履历信息显示，美瑞新材料股份有限公司，成立于2009年，位于烟台市，是一家以从事化学 原料和化学制品制造业为主的企业。企业注册资本42788.7627万人民币，实缴资本4000万人民币。公司 法定代表人为王仁鸿。 通过天眼查大数据分析，美瑞新材料股份有限公司共对外投资了6家企业，参与招投标项目36次，知识 产权方面有商标信息76条，专利信息214条，此外企业还拥有行政许可22个。 来源：金融界 资金流向方面，今日主力资金净流出2327.42万元，占比成交额19.26%。其中，超大单净流出1061.50万 元、占成交额8.78%，大单净流出1265.92万元、占成交额10.48%，中单净流出流入1315.63万元、占成 交额10.89%，小单净流入1011.79万元、占成交额8.37%。 美瑞新材最新一期业绩显示，截至2025一季报，公司营业总收入3.88亿元、同比增长0.50%，归属净利 润1813.68万元，同比增长47.12%，扣非净 ...

证券代码：300848 证券简称：美瑞新材 公告编号：2025-060 美瑞新材料股份有限公司 关于使用部分闲置自有资金购买理财产品的进展公告 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，没有虚假记载、误导 性陈述或重大遗漏。 美瑞新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 19 日召开第四届董事会 第五次会议、第四届监事会第五次会议，审议通过了《关于使用部分闲置自有资金购买理财 产品的议案》，同意公司及子公司在确保不影响公司正常生产经营资金需求和资金安全的情 况下，使用合计不超过 5 亿元（含本数）的闲置自有资金购买理财产品，上述额度有效期自 本次董事会审议通过之日起一年内有效，在前述额度和期限范围内可循环滚动使用，并授权 公司管理层及子公司在上述额度内签署相关合同文件，具体事项由财务部负责组织实施。具 体内容详见公司于 2025 年 4 月 22 日披露于巨潮资讯网（www.cninfo.com.cn）的《关于使用 部分闲置自有资金购买理财产品的公告》（公告编号：2025-033）。 近日，公司及子公司使用部分闲置自有资金购买了理财产品，现就相关事宜公告如下： | 序号 ...