Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 37.8 CNY [6]. Core Views - The company is expected to open a second growth curve in consumables, with a strong order backlog of over 1.75 billion CNY, indicating potential revenue growth in the coming years [4][10]. - The company has experienced a decline in revenue and net profit in the first half of 2025, with revenue at 599 million CNY, down 18.16% year-on-year, and net profit at 93 million CNY, down 51.41% year-on-year [1][2]. Financial Performance - In the first half of 2025, the company's revenue from high-temperature alloys was 169 million CNY, down 39.62% year-on-year, while the revenue from deformed high-temperature alloys was 277 million CNY, down 0.24% year-on-year [2]. - The overall gross margin for the company was 27.92%, a decrease of 10.42 percentage points year-on-year, with a net profit margin of 15.53%, down 10.63 percentage points year-on-year [2]. Order Backlog and Future Prospects - The company has signed contracts worth 1.75 billion CNY that are yet to be fulfilled, with expected revenue recognition of 555 million CNY in 2025, 530 million CNY in 2026, and 665 million CNY in 2027 [4]. - The company is expanding its product offerings from raw materials to small and medium-sized components, with projects in the aerospace sector already yielding production capabilities [4][9]. Cost Management and Financial Health - The company maintained stable operating expenses, with R&D, sales, and management expenses at 26 million CNY, 6 million CNY, and 23 million CNY respectively, showing a mixed trend in year-on-year changes [3]. - Accounts receivable increased by 106.67% compared to the beginning of the period, indicating ongoing business activities, while inventory rose by 3.97% [3]. Profit Forecast - The company is projected to achieve net profits of 285 million CNY, 428 million CNY, and 589 million CNY for the years 2025, 2026, and 2027, with growth rates of 6.9%, 49.8%, and 37.6% respectively [10][11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a significant increase in orders on hand, indicating a potential turning point in performance for the third quarter [4][5] - For the first half of 2025, the company achieved revenue of 599 million, a year-on-year decrease of 18.16%, and a net profit attributable to the parent company of 93 million, down 51.41% year-on-year [2][4] - The company has signed contracts with a corresponding revenue amount of 1.75 billion as of the end of the first half of 2025, representing a 478% increase compared to the beginning of the period [4] Financial Performance Summary - In Q2 2025, the company recorded revenue of 313 million, a year-on-year decrease of 18.01%, but a quarter-on-quarter increase of 9.49% [2][4] - The gross profit margin for the casting high-temperature alloy business was 39.4%, down 11.4 percentage points year-on-year, while the gross profit margin for the deformation high-temperature alloy business was 25.6%, down 4.9 percentage points year-on-year [4] - The company forecasts net profits attributable to the parent company for 2025-2027 to be 300 million, 450 million, and 650 million, respectively, with year-on-year growth rates of 14%, 47%, and 46% [4]

Core Insights - Tunan Co., Ltd. reported a significant decline in financial performance for the first half of 2025, with total revenue of 599 million yuan, down 18.16% year-on-year, and a net profit of 92.97 million yuan, down 51.41% year-on-year [1][3] Financial Performance Summary - Total revenue for 2025 was 599 million yuan, compared to 731 million yuan in 2024, reflecting an 18.16% decrease [1] - Net profit for 2025 was 92.97 million yuan, down from 191 million yuan in 2024, marking a 51.41% decline [1] - Gross margin decreased to 27.92%, down 27.17% year-on-year, while net margin fell to 15.53%, down 40.62% [1] - Total receivables increased by 29.42% to 316 million yuan, with receivables accounting for 118.43% of net profit [1][6] - Operating cash flow per share dropped to 0.18 yuan, a decrease of 69.68% year-on-year [1] Expense and Asset Changes - Total expenses (selling, administrative, and financial) rose by 49.74% to 30.13 million yuan, constituting 5.03% of revenue [1] - Long-term borrowings increased by 109% to 266 million yuan due to increased bank loans [3] - Prepayments surged by 791.99%, indicating a significant increase in material procurement payments [4] Cash Flow Analysis - Net cash flow from operating activities decreased by 69.66%, attributed to reduced sales collections and increased employee payments [5] - Net cash flow from investing activities fell by 56.58%, influenced by investments in structured deposit products [5] - Net cash flow from financing activities increased by 272.33%, driven by higher bank borrowings [5] Market Position and Future Outlook - Analysts expect Tunan's performance in 2025 to reach 301 million yuan in revenue, with an average earnings per share of 0.76 yuan [6] - The company's return on invested capital (ROIC) was reported at 13.49%, indicating strong capital returns historically [5]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported a revenue of 599 million yuan for the first half of 2025, a year-over-year decrease of 18.2%, with a net profit attributable to shareholders of 93 million yuan, down 51.4% year-over-year [1]. - The company is one of the few in China capable of mass-producing both deformed high-temperature alloys and cast high-temperature alloys, indicating a strong position in the market [1]. - The company is expanding its subsidiary, Tunan Intelligent Manufacturing, which is expected to enhance its production capabilities and extend its industrial chain [2]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 310 million yuan, a year-over-year decrease of 18.0% but a quarter-over-quarter increase of 9.5%. The net profit for the same quarter was 50 million yuan, down 49.0% year-over-year but up 23.0% quarter-over-quarter [1]. - The gross margin for the first half of 2025 decreased by 10.4 percentage points to 27.9%, while the net margin fell by 10.6 percentage points to 15.5% [1]. - The company’s revenue from deformed high-temperature alloys was 280 million yuan, a slight decrease of 0.2% year-over-year, while revenue from cast high-temperature alloys was 170 million yuan, down 39.6% year-over-year [2]. Cost and Expenses - The overall expense ratio remained stable, with a slight increase in the period expense ratio by 1.2 percentage points to 9.4% in the first half of 2025 [3]. - The company recorded an asset impairment loss of 11 million yuan, compared to no loss in the same period last year [3]. Future Outlook - The company is expected to generate net profits of 300 million yuan, 350 million yuan, and 420 million yuan for the years 2025, 2026, and 2027, respectively [4]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 40x for 2025, 34x for 2026, and 29x for 2027, reflecting a favorable valuation given the company's industry position and expansion plans [4].

Group 1 - Tunan Co., Ltd. (300855.SZ) released its semi-annual report for 2025, indicating that as of August 15, 2025, 14 institutional investors disclosed holdings in Tunan's A-shares, totaling 35.9078 million shares, which represents 9.08% of the total share capital [1] - The top ten institutional investors collectively hold 9.07% of Tunan's shares, with a 0.63 percentage point increase compared to the previous quarter [1] Group 2 - In the public fund sector, four funds increased their holdings compared to the previous period, accounting for a 0.51% increase in holdings [2] - Two public funds reported a decrease in holdings, showing a slight decline [2] - Seven new public funds disclosed their holdings this period, including several notable funds [2] - Two public funds that were previously disclosed did not report this period [2]

Meeting Information - Jiangsu Tunan Alloy Co., Ltd. will hold its first extraordinary general meeting of shareholders in 2025 on September 2, 2025, at 15:00 [1] - The meeting will include both on-site and online voting options, with online voting available from 9:15 to 15:00 on the same day [1][4] - Shareholders registered by the close of business on August 26, 2025, are eligible to attend and vote [1][4] Agenda Items - The meeting will review a proposal to amend the "System for Preventing the Occupation of Company Funds by Controlling Shareholders, Actual Controllers, and Related Parties" [4][8] - This proposal has been approved by the company's board and requires a two-thirds majority of the voting rights present at the meeting for approval [4][8] Voting Procedures - Shareholders can participate in voting through the Shenzhen Stock Exchange trading system or the internet voting system [6] - Specific procedures for online voting are provided, including the need for identity verification and the use of a digital certificate or investor service password [6] Registration Requirements - Individual shareholders must present their original ID for registration, while corporate shareholders must provide documentation proving their legal representative status [5] - Proxy representatives must also present appropriate authorization documents [5]

江苏图南合金股份有限公司 2025 年半年度报告 摘要 | 证券代码：300855 | | 证券简称：图南股份 | | | 公告编号：2025- | | --- | --- | --- | --- | --- | --- | | 015 | | | | | | | 江苏图南合金股份有限公司 2025 年半年度报告摘要 | | | | | | | 一、重要提示 | | | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | | | | | 资者应当到证监会 | | | | | | | 指定媒体仔细阅读半年度报告全文。 | | | | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | | | | 非标准审计意见提示 | | | | | | | □适用 ?不适用 | | | | | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | | | | | ?适用 □不适用 | | | | | | | 是否以公积金转增股本 | | | | | | | □是 ?否 | | | | | | | 公司经本次董事会审议通过 ...

Group 1 - The company approved the 2025 semi-annual profit distribution plan unanimously in August 2025, ensuring compliance with relevant laws and regulations [1][2] - The net profit attributable to shareholders for the first half of 2025 was approximately 92.97 million yuan, with the parent company achieving a net profit of about 121.03 million yuan [2][3] - The total distributable profit as of June 30, 2025, was approximately 948.32 million yuan, with a proposed cash dividend of approximately 39.55 million yuan, accounting for 42.55% of the net profit attributable to shareholders [3] Group 2 - The cash dividend plan is in accordance with the relevant regulations and considers the company's operational status, future funding needs, and investor returns, ensuring legality and rationality [3] - The company will adjust the total cash dividend amount if there are changes in total share capital due to stock incentive plans or share buybacks, maintaining the per-share distribution ratio [3] - Prior to the announcement of the profit distribution plan, the company took measures to control the range of insider information and fulfilled confidentiality obligations to prevent information leakage [4]

Group 1 - The board of directors of Jiangsu Tunan Alloy Co., Ltd. held its sixth meeting on August 15, 2025, with all seven directors present, including one via telecommunication [1][2][3] - The meeting was conducted in compliance with relevant laws and regulations, ensuring its legality and effectiveness [2][3] - The board approved the 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's operational status without any false statements or omissions [3][4] Group 2 - The company proposed a cash dividend plan for the first half of 2025, amounting to RMB 39,553,150.00 (including tax), which represents 42.55% of the net profit attributable to shareholders [3][4] - The board believes that the profit distribution plan aligns with legal regulations and the company's development stage, ensuring reasonable returns for investors [4] Group 3 - The board plans to revise 29 governance documents and create 2 new governance documents to enhance operational standards and governance structure [5] - The board requested authorization from the shareholders' meeting to handle the necessary filings with market supervision authorities, with the authorization valid until the completion of the relevant procedures [5] Group 4 - The board proposed to hold the first extraordinary shareholders' meeting of 2025 on September 2, 2025, to discuss certain agenda items requiring special resolutions [7][8]

证券代码：300855 证券简称：图南股份 公告编号：2025-018 江苏图南合金股份有限公司 第四届监事会第六次会议决议公告 本公司及监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、监事会会议召开情况 江苏图南合金股份有限公司（以下简称"公司"）第四届监事会第 六次会议于 2025 年 8 月 15 日在公司会议室以现场表决的方式召开， 会议通知已于 2025 年 8 月 5 日以电话、电子邮件等方式发出。本次 会议由监事会主席吴云泽先生主持，应出席监事 3 名，实际出席监事 集、召开和表决程序符合《中华人民共和国公司法》 （以下简称"《公 司法》"） 、《中华人民共和国证券法》等法律法规、规范性文件和《公 司章程》的有关规定，会议合法、有效。 二、监事会会议审议情况 与会监事对本次会议需审议的议案进行了充分讨论，审议通过了 以下议案： 。 表决结果：同意 3 票；反对 0 票；弃权 0 票。本议案获得通过。 公司 2025 年半年度利润分配方案为：公司拟以现有总股本 ，预计本次现金分红总额为人民币 39,553,150.00 元（含税） 元（含税） ， 占本 ...