Core Viewpoint - The company, Meichang Co., Ltd. (300861), clarified on October 24 that its business does not involve deep earth economy [1] Group 1 - The company responded to investor inquiries on an interactive platform [1]

Group 1 - The company, Meichang Co., Ltd. (300861.SZ), stated on its interactive platform that its business does not involve deep earth economy [1]

格隆汇10月21日丨美畅股份(300861.SZ)在互动平台表示，公司当前业务并未涉及人形机器人领域。 ...

Group 1 - The core point of the news is that Meichang Co., Ltd. experienced a stock price increase of 5.07%, reaching 16.58 CNY per share, with a trading volume of 139 million CNY and a turnover rate of 2.03%, resulting in a total market capitalization of 11.139 billion CNY [1] - Meichang Co., Ltd. is located in the Yangling Demonstration Zone, Shaanxi Province, and was established on July 7, 2015, with its listing date on August 24, 2020. The company specializes in the research, production, and sales of diamond wire for electroplating [1] - The main business revenue composition of Meichang Co., Ltd. includes 86.52% from diamond wire and 13.48% from tungsten wire waste recycling and comprehensive utilization [1] Group 2 - From the perspective of fund holdings, one fund under Nuoan Fund has a significant position in Meichang Co., Ltd. The Nuoan Flexible Allocation Mixed Fund (320006) held 1 million shares in the second quarter, accounting for 3.1% of the fund's net value, ranking as the tenth largest holding [2] - The Nuoan Flexible Allocation Mixed Fund (320006) was established on May 20, 2008, with a latest scale of 656 million CNY. Year-to-date, it has achieved a return of 29.9%, ranking 2280 out of 8234 in its category; over the past year, it has returned 21.9%, ranking 4009 out of 8095; and since inception, it has returned 445.99% [2] - The fund manager of Nuoan Flexible Allocation Mixed Fund (320006) is Liu Xiaofei, who has been in the position for 2 years and 344 days, with the total asset scale currently at 715 million CNY. During his tenure, the best fund return was 29.2%, while the worst was 16.97% [2]

10月14日，美畅股份跌0.48%，成交额1.33亿元。两融数据显示，当日美畅股份获融资买入额1605.12万 元，融资偿还1334.96万元，融资净买入270.17万元。截至10月14日，美畅股份融资融券余额合计1.72亿 元。 资料显示，杨凌美畅新材料股份有限公司位于陕西省杨凌示范区渭惠路东段富海工业园，成立日期2015 年7月7日，上市日期2020年8月24日，公司主营业务涉及从事电镀金刚石线的研发、生产及销售。主营 业务收入构成为：金刚石线86.52%，钨丝废品回收综合处理利用13.48%。 截至6月30日，美畅股份股东户数1.95万，较上期减少7.38%；人均流通股15436股，较上期增加 34.52%。2025年1月-6月，美畅股份实现营业收入10.08亿元，同比减少32.11%；归母净利润8466.01万 元，同比减少69.30%。 分红方面，美畅股份A股上市后累计派现12.24亿元。近三年，累计派现6.24亿元。 机构持仓方面，截止2025年6月30日，美畅股份十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股620.79万股，相比上期增加210.79万股。光伏ETF（515790 ...

Core Insights - The superhard materials industry is transitioning from a niche market to a strategic necessity, driven by demand in photovoltaic, semiconductor, and high-end manufacturing sectors [1][3] - The article analyzes the profitability of 27 companies in the superhard materials sector, focusing on 10 core companies based on their comprehensive profitability [1][4] Industry Dynamics - Superhard materials, including synthetic diamonds and cubic boron nitride (CBN), are essential for supporting key industries such as photovoltaics, semiconductors, and advanced manufacturing [3] - Three main demand drivers are identified: - Photovoltaics: Increased demand for diamond wire saws due to larger silicon wafer sizes and thinner wafers [3] - Semiconductors: Diamond substrates are seen as critical materials for the post-silicon era, with potential market sizes reaching hundreds of billions [3] - High-end manufacturing: Demand for precision tools and wear-resistant components is growing, with superhard materials offering significantly longer lifespans compared to traditional tools [3] Company Analysis - **Zhongtung High-tech (000657.SZ)**: Leading in hard alloy tools with a stable ROE of 12.53% and a gross margin of 22.07%, benefiting from a comprehensive industry chain and high technical barriers [4][5] - **Guojijiang Precision (002046.SZ)**: Dual-driven by superhard materials and equipment, with a gross margin of 35.27% and a rising ROE of 8.31% [5][6] - **Xinxin Co., Ltd. (688257.SH)**: Global presence with over 40% of revenue from overseas, showing a gross margin of 31.81% and a ROE of 8.40% [6][7] - **World (688028.SH)**: High-end tool manufacturer with a gross margin of 46.10% and a strong market position in diamond tools [7][8] - **Meichang Co., Ltd. (300861.SZ)**: Dominates the diamond wire market with over 60% market share, benefiting from the photovoltaic sector's growth [8][9] - **Zhongbing Hongjian (000519.SZ)**: Military and superhard materials dual business model, with significant potential for growth as demand increases [9][10] - **Oke Yi (688308.SH)**: Focused on CNC tools with a gross margin of 22.66%, benefiting from strong customer relationships [10] - **Tongyu Heavy Industry (300185.SZ)**: Wind power components and hard alloy business, with a gross margin of 12.73% [10] - **Fuliwang (688678.SH)**: Cross-industry growth with a focus on precision components and diamond wire, showing a gross margin of 24.41% [10] - **Yujing Co., Ltd. (002943.SZ)**: Potential in diamond wire products, with a focus on synergy between equipment and materials [10]

Summary of Key Points from Conference Call Records Industry Overview Energy Storage Industry - **Price Increase**: In September, the price of energy storage cells rose significantly, with the last week of September seeing prices reach 0.26-0.295 RMB per watt-hour, a 4% increase from the lowest price in the third week [1][3][6]. - **Market Growth Forecast**: The global energy storage market is expected to grow at a compound annual growth rate (CAGR) of 30%-40% over the next 3 to 5 years, driven by domestic policies and easing trade tensions between China and the U.S. [1][7][8]. - **Key Projects**: Companies like Aters signed a 2.1 GWh energy storage project expected to start in Q1 2026 and go live in H1 2027. Sungrow Power has submitted a Hong Kong IPO application, which is anticipated to attract funding and foreign investment [1][3][6]. - **Lithium Battery Market**: The lithium battery market is benefiting from unexpected growth in storage demand and commercial vehicle sales, with industry companies raising their production and sales forecasts for 2026, expecting a 40% growth across the entire supply chain and over 50% for storage [1][14]. Photovoltaic Industry - **Policy-Driven Growth**: The photovoltaic industry is entering a period of intensive policy announcements in Q4, with expectations of component price increases [5][11]. - **Challenges**: The industry faces challenges such as the "anti-involution" issue, with ongoing discussions about silicon material mergers and energy consumption standards [11]. - **Investment Recommendations**: Recommended companies include Tongwei Co., GCL-Poly Energy, LONGi Green Energy, and JA Solar, particularly those with undervalued positions due to rising component prices [12]. Wind Power Industry - **High Growth Phase**: The traditional power grid export sector remains robust, with liquid transformer exports increasing by approximately 50% year-on-year from January to August [2][24]. - **Future Outlook**: The offshore wind power sector in Brazil is expected to grow, with significant increases in installed capacity anticipated in both onshore and offshore segments [20][22][23]. Key Companies and Their Performance - **Ningde Times**: Received a 1.5 billion RMB advance payment and is expanding production capacity, indicating strong industry demand [1][15]. - **Sungrow Power**: Expected to achieve Q3 revenue between 4 billion to 4.3 billion RMB, showing slight growth [10]. - **Aters and Tongwei**: Both companies are highlighted for their strong performance and potential for future growth [10][12]. Investment Recommendations - **Direct Beneficiaries**: Companies such as Ningde Times and Yiwei Lithium Energy are recommended for their direct benefits from price increases in energy storage cells [9]. - **Secondary Targets**: Companies like Xinwangda, Penghui Energy, and Zhongchuang Innovation are also suggested as potential investment opportunities [4][9]. Additional Insights - **Market Dynamics**: The energy storage sector is expected to see a clear upward trend in demand and pricing, particularly in Q4, supported by favorable policies and market conditions [8][9]. - **Price Trends**: The prices of key materials like lithium hexafluorophosphate are expected to rise significantly if demand exceeds 35%, with potential price increases of 5,000-10,000 RMB per ton [16]. This summary encapsulates the critical insights and projections from the conference call records, focusing on the energy storage, photovoltaic, and wind power industries, along with key company performances and investment recommendations.

Core Viewpoint - Meichang Co., Ltd. (300861.SZ) has completed a share repurchase program, acquiring a total of 1,985,820 shares, which represents 0.2956% of the company's total share capital, with a total expenditure of approximately RMB 34.18 million [1] Summary by Sections Share Repurchase Details - The company repurchased shares through a dedicated securities account via centralized bidding [1] - The highest transaction price was RMB 21.54 per share, while the lowest was RMB 16.15 per share [1] - The repurchase period was from December 19, 2024, to September 23, 2025 [1] Compliance and Regulations - The implementation of the share repurchase aligns with the company's repurchase plan, repurchase report, and relevant laws and regulations [1]

Group 1 - The company Meichang Co., Ltd. announced a share buyback plan, repurchasing approximately 1.99 million shares, which accounts for 0.2956% of its total share capital, with a total transaction amount of approximately 34.18 million RMB [1] - The highest transaction price during the buyback was 21.54 RMB per share, while the lowest was 16.15 RMB per share [1] - For the fiscal year 2024, the company's revenue composition indicates that superhard material products account for 96.32% of total revenue, with other products making up 3.68% [1] Group 2 - As of the latest report, the market capitalization of Meichang Co., Ltd. is 11.7 billion RMB [2]

证券代码：300861 证券简称：美畅股份 公告编号：2025-066 杨凌美畅新材料股份有限公司 关于回购公司股份期限届满暨回购完成的公告 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。 杨凌美畅新材料股份有限公司（以下简称"公司"）于 2024 年 10 月 8 日召 开第三届董事会第五次会议，审议通过了《关于以集中竞价交易方式回购公司股 份的议案》，同意公司使用自有资金以集中竞价交易方式回购公司部分人民币普 通股（A 股）股份（以下简称"本次回购"），用于员工持股计划或股权激励。 拟回购股份的资金总额不低于 3,000 万元（含）且不超过 6,000 万元（含），回 购股份价格不超过人民币 26.50 元/股（含本数），具体回购股份的数量以回购结 束时实际回购的股份数量为准。若公司在回购股份期间内实施了送股、资本公积 金转增股本、现金分红及其他除权除息事项，自股价除权除息之日起，按照中国 证监会和深圳证券交易所的相关规定相应调整回购股份价格上限及数量。回购实 施期限为自董事会审议通过回购股份方案之日起不超过 12 个月。具体内容详见 公司披露的《关于回购 ...