Summary of Tunan Co., Ltd. Conference Call Company Overview - Tunan Co., Ltd. is a rare profitable company in the military industry with a gross margin exceeding 45%, providing a solid value foundation and significant advantages within the sector [2][4][10]. Key Developments - The company is focusing on the development of its new machining business at the Shenyang branch, utilizing a "small core, large collaboration" model to partner with industry chain collaborators, thereby unlocking growth potential and complementing its Jiangsu headquarters [2][5]. - As of the first half of 2025, Tunan's total orders reached 1.75 billion yuan, showing substantial year-on-year and quarter-on-quarter growth, with significant contributions from the new Shenyang business expected to enhance revenue [2][6]. Industry Dynamics - The aerospace engine supply chain is gradually recovering, with expectations that Tunan will benefit from the industry's improving conditions in 2026, alongside the new business growth in Shenyang and steady recovery in Jiangsu [2][7]. Financial Projections - The company anticipates a net profit of approximately 300 million yuan for 2025, increasing to 430 million yuan in 2026, which corresponds to a valuation of about 26 times for 2026, indicating significant growth potential and a relatively safe valuation margin [2][8]. Shenyang Branch Business Outlook - The new business at the Shenyang branch is projected to generate revenues of 550 million yuan in 2025, 530 million yuan in 2026, and nearly 700 million yuan in 2027, contributing significantly to the company's income in the coming years [2][9]. - Although the profitability of the machining business may be slightly lower than that of the Jiangsu headquarters, it is expected to provide considerable profits due to better turnover rates [3][9]. Overall Assessment - Tunan Co., Ltd. demonstrates clear incremental changes and possesses a relatively safe valuation margin. The optimistic outlook for the new business at the Shenyang branch, along with strong performance in terms of revenue and profitability, supports a positive view on the company's future development [2][10].

Group 1 - The company's subsidiary produces small and medium-sized components primarily used in the aviation sector, with potential applications in high-end equipment manufacturing such as gas turbines, high-speed trains, ships, and petrochemicals [1] - The current production capacity of Shenyang Tunan Precision Parts Manufacturing Co., Ltd. is 500,000 aviation-related components annually, while the construction of an automated production line with a capacity of 10 million components per year is ongoing at Shenyang Tunan Intelligent Manufacturing Co., Ltd. [1] - No significant new construction projects are planned for the subsidiary beyond the aforementioned production capacity developments [1]

Market Overview - On September 17, the metal new materials sector rose by 1.95%, with Huitong New Materials leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Top Performers - Huitong New Materials (Code: 833751) closed at 25.15, up 7.16% with a trading volume of 47,400 shares and a transaction value of 116 million [1] - Jinli Permanent Magnet (Code: 300748) closed at 37.90, up 6.49% with a trading volume of 928,700 shares and a transaction value of 344.3 million [1] - Tunan Co., Ltd. (Code: 300855) closed at 28.49, up 4.63% with a trading volume of 83,600 shares and a transaction value of 235 million [1] Underperformers - Shenzhen New Star (Code: 603978) closed at 20.51, down 3.93% with a trading volume of 161,500 shares [2] - Youyan Powder Materials (Code: 688456) closed at 51.93, down 3.83% with a trading volume of 38,200 shares [2] - Zhongzhou Special Materials (Code: 300963) closed at 18.36, down 1.98% with a trading volume of 115,100 shares [2] Capital Flow - The metal new materials sector saw a net inflow of 287 million from institutional investors, while retail investors experienced a net outflow of 234 million [2][3] - Major stocks like Jinli Permanent Magnet and Boweitai Gold saw significant net inflows from institutional investors, indicating strong institutional interest [3] Summary of Individual Stock Performance - Jinli Permanent Magnet had a net inflow of 221 million from institutional investors, while retail investors saw a net outflow of 174 million [3] - Boweitai Gold had a net inflow of 46.73 million from institutional investors, with retail investors experiencing a net outflow of 1.94 million [3] - Zhenghai Magnetic Materials had a net inflow of 45.98 million from institutional investors, while retail investors saw a net outflow of 4.52 million [3]

Group 1 - The company, Tunan Co., Ltd. (stock code: 300855), reported that as of September 10, 2025, the number of registered shareholders is approximately 13,200 [1]

Group 1 - The core viewpoint of the news is that Tunan Co., Ltd. has seen a 5% increase in stock price, reaching 29.17 CNY per share, with a total market capitalization of 11.538 billion CNY [1] - Tunan Co., Ltd. specializes in the research, production, and sales of high-performance alloy materials, including high-temperature alloys and special stainless steels, with a revenue composition of 46.24% from deformed high-temperature alloys and 28.17% from cast high-temperature alloys [1] - The company was established on May 28, 1991, and went public on July 23, 2020 [1] Group 2 - Longsheng Fund has a significant holding in Tunan Co., Ltd., with its Longsheng Aerospace Marine Mixed A Fund increasing its stake by 6,700 shares in the second quarter, bringing the total to 233,300 shares, which represents 3.11% of the fund's net value [2] - The Longsheng Aerospace Marine Mixed A Fund has achieved a year-to-date return of 17.32% and a one-year return of 38.81%, ranking 4,153 out of 8,180 and 3,518 out of 7,978 respectively in its category [2]

Group 1 - The core viewpoint of the news is that Tunan Co., Ltd. has seen a 5% increase in stock price, reaching 29.17 yuan per share, with a total market capitalization of 11.538 billion yuan [1] - Tunan Co., Ltd. specializes in the research, production, and sales of high-performance alloy materials, including high-temperature alloys and special stainless steels, with its main business revenue composition being: 46.24% from deformed high-temperature alloys, 28.17% from cast high-temperature alloys, and 10.63% from other alloy products [1] - The company was established on May 28, 1991, and went public on July 23, 2020 [1] Group 2 - Manulife Fund holds a significant position in Tunan Co., Ltd., with its Manulife New Starting Mixed A Fund (001254) holding 33,500 shares, accounting for 1.17% of the fund's net value, ranking as the seventh largest holding [2] - The Manulife New Starting Mixed A Fund has achieved a year-to-date return of 12.85% and a one-year return of 21.76%, with a total fund size of 67.8524 million yuan [2] Group 3 - The fund managers of Manulife New Starting Mixed A Fund are Liu Xiaocheng and Ning Xiao, with Liu having a tenure of 12 years and 271 days and a best fund return of 86.46% during his tenure [3] - Ning Xiao has a tenure of 5 years and 129 days, with a best fund return of 19.75% during his tenure [3]

Group 1 - The company is currently adopting a "production by order" model to align with customer demand [2] - The overall capacity utilization rate for the first half of 2025 is expected to decline compared to the same period in 2024 [2] - Detailed information regarding the company's specific production and sales volume, product structure, and direct material cost changes will be disclosed in the upcoming annual report [2]

Core Viewpoint - The company announced a cash dividend distribution plan for the first half of 2025, indicating a commitment to returning value to shareholders [1] Group 1 - The dividend distribution is set at 1.000000 RMB per 10 shares, which translates to a total payout based on the current total share capital of 395,531,500 shares [1] - The record date for shareholders to be eligible for the dividend is September 11, 2025, while the ex-dividend date is September 12, 2025 [1]

Group 1 - The company, Jiangsu Tunan Alloy Co., Ltd., has announced its 2025 semi-annual profit distribution plan, which was approved by the board of directors and the supervisory board [1][2] - The total cash dividend amount is expected to be RMB 39,553,150.00 (including tax), which accounts for 42.55% of the net profit attributable to shareholders for the period [1][2] - The distribution plan does not involve capital reserve conversion to increase share capital or the issuance of bonus shares, with remaining undistributed profits carried forward to future years [1][2] Group 2 - The equity distribution plan specifies that the record date for shareholders is September 11, 2025, and the ex-dividend date is set for September 12, 2025 [2] - The cash dividends will be directly credited to the accounts of A-share shareholders through their custodial securities companies or other custodial institutions [3] - The distribution is applicable to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the record date [2][3]

2025 年半年度权益分派实施公告 证券代码：300855 证券简称：图南股份 公告编号：2025-024 江苏图南合金股份有限公司 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。 江苏图南合金股份有限公司（以下简称"公司"或"本公司"）2025 年半年度权益分派方案由董事会根据 2025 年 5 月 9 日召开的 2024 年 年度股东大会的授权制定，已获公司第四届董事会第六次会议和第四 届监事会第六次会议审议通过，现将权益分派事宜公告如下： 一、股东会授权及董事会审议通过利润分配方案等情况 1、公司于 2025 年 5 月 9 日召开 2024 年年度股东大会，审议通 过了《关于提请股东大会授权董事会制定 2025 年中期分红方案的议 案》，同意授权董事会根据股东大会决议在符合中期分红的条件下制 定具体的 2025 年中期分红方案。 2、公司于 2025 年 8 月 15 日召开第四届董事会第六次会议，审 议通过的 2025 年半年度利润分配方案为：以方案公告时总股本 395,531,500 股为基数，向全体股东每 10 股派发现金股利人民币 1.00 元 ...