证券代码：301266 证券简称：宇邦新材 公告编号：2025-053 债券代码：123224 债券简称：宇邦转债 苏州宇邦新型材料股份有限公司 关于公司对外投资设立参股子公司并完成工商登记的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、对外投资概述 为进一步拓宽苏州宇邦新型材料股份有限公司（以下简称"公司"）在新材 料领域的产业链，公司与自然人陈冉、无锡九鹏新能源科技有限公司共同投资设 立无锡苏能超导材料科技有限公司（以下简称"无锡苏能"），其中公司认缴出 资 40 万元人民币，占无锡苏能注册资本的 20%。本次投资设立后，无锡苏能成 为公司参股子公司。 本次对外投资的资金来源于公司自有资金，不会对公司的资金流动性、财务 状况及生产经营造成重大不利影响。 根据《公司章程》规定，本次交易无需提交公司董事会、股东会审议。本次 对外投资事项不构成《深圳证券交易所创业板股票上市规则》规定的关联交易， 不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 二、参股子公司完成工商变更登记的情况 类型：有限责任公司 法定代表人：陈冉 注册资本：200 万 ...

Key Insights - The report highlights a potential turning point for the US dollar, indicating a shift from strong to weak, which may lead to a systematic revaluation of Chinese technology assets during the global asset rebalancing process [4][5][6] - The report identifies specific companies as key investment opportunities, including 京沪高铁, 桐昆股份, 雅克科技, 宁德时代, 恒瑞医药, 三友医疗, 北京人力, 菲利华, 兆易创新, and 鹏鼎控股 [1] Strategy Research - The report discusses the implications of a weak dollar environment, suggesting that it could benefit Chinese technology assets as they undergo a revaluation process [6] - It notes that the current long-wave economic downturn is characterized by global restructuring and asset price volatility, which could create investment opportunities in emerging markets and non-US equities [4][5] Electric Equipment Sector - 通威股份 reported a significant loss in the first half of 2025, with revenue of 405.09 billion yuan, a decrease of 7.51% year-on-year, and a net loss of 49.55 billion yuan, which has expanded compared to the previous year [7][8] - The company maintains a strong position in the photovoltaic sector, with a global market share of approximately 30% in polysilicon sales and leading sales in solar cells and modules [8] - The report anticipates a recovery in profits for 通威股份 in the second half of 2025, driven by rising silicon prices due to regulatory changes aimed at reducing "involution" in the industry [9] Retail Sector - 王府井 reported a revenue of 5.361 billion yuan in the first half of 2025, down 11.17% year-on-year, with a net profit of 81 million yuan, a decrease of 72.33% [15][16] - The company is undergoing a transformation to adapt to changing consumer preferences, with a focus on enhancing its business ecosystem and launching new retail formats [17] - The report highlights the resilience of the outlet business, which saw a revenue increase, while other segments faced challenges due to store closures and changing consumption patterns [16]

Core Viewpoint - The company reported a slight year-on-year increase in performance for the first half of 2025, driven by improved profit margins from welding strips due to enhanced product quality requirements, while credit impairment has temporarily affected profit release [1][2][3] Financial Performance - In the first half of 2025, the company achieved revenue of 1.518 billion yuan, a decrease of 9.77% year-on-year; net profit attributable to shareholders was 36 million yuan, an increase of 0.18% year-on-year; and net profit excluding non-recurring items was 33 million yuan, an increase of 16.63% year-on-year [2] - In Q2 2024, the company reported a net profit attributable to shareholders of 2 million yuan, a significant decrease of 92.94% quarter-on-quarter [3] Profit Margin and Quality Improvement - The company's gross profit margin reached a low of 4.08% in Q3 2024, but has shown an upward trend since then, primarily due to stricter quality standards for welding strips imposed by component manufacturers [3] - The overall qualification rate for photovoltaic welding strips improved from 10% in 2024 to 57% in 2025, which is crucial for maintaining the performance of photovoltaic components [3] Credit Impairment Impact - In Q1 2025, the company reversed credit impairment of 9 million yuan, while in Q2 2025, it recorded a credit impairment provision of 18 million yuan, which significantly impacted quarterly profits [3] Product Line and Technology - The company has a diverse product line that includes welding strips suitable for various technologies such as HJT and XBC, and it is expected that the introduction of new photovoltaic technologies will enhance the sales volume of new welding strips, driving both volume and price increases [3] Valuation - Based on the company's half-year performance and trends in photovoltaic component quality and technology development, the forecasted earnings per share for 2025-2027 have been adjusted to 0.59, 1.20, and 1.95 yuan, respectively, with corresponding price-to-earnings ratios of 62.8, 30.8, and 18.9 times; the rating remains at "buy" [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company's performance in the first half of 2025 showed a slight year-on-year increase, with a focus on improving product quality and a diverse product line that aligns with new technologies [3][8] - The report highlights a stabilization in gross profit margins and the impact of credit impairment on profit release [3][8] - The forecast for earnings per share (EPS) has been adjusted to 0.59, 1.20, and 1.95 RMB for 2025, 2026, and 2027 respectively, reflecting a significant decrease from previous estimates [5][7] Summary by Sections Company Performance - In the first half of 2025, the company achieved a revenue of 1.518 billion RMB, a decrease of 9.77% year-on-year, while the net profit attributable to the parent company was 36 million RMB, showing a slight increase of 0.18% [8][9] - The gross profit margin has shown an upward trend since Q3 2024, with a notable improvement in the quality standards for photovoltaic welding strips [8][9] Financial Projections - The company’s revenue is projected to grow from 2.762 billion RMB in 2023 to 5.547 billion RMB in 2027, with a compound annual growth rate (CAGR) of 15.9% [7][10] - The net profit is expected to increase from 151 million RMB in 2023 to 214 million RMB in 2027, with significant growth rates in the coming years [7][10] Valuation Metrics - The adjusted price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected at 62.8, 30.8, and 18.9 respectively, indicating a high valuation in the near term [5][7] - The report also notes a decrease in the expected EPS from previous estimates, reflecting adjustments based on market conditions and company performance [5][7]

Group 1 - The company, Yubang New Materials (301266), is actively monitoring market dynamics and stock performance [1] - The management team is committed to engaging with investors and maintaining communication [1]

Core Viewpoint - The company is focusing on strengthening its core business, accelerating the application of innovative products, and enhancing operational efficiency in response to the current industry situation and its own development stage [2] Group 1 - The company is committed to sustainable high-quality development and is enhancing risk management [2] - The company is actively promoting the diversification of its development process [2]

Core Viewpoint - On August 29, Yubang New Materials experienced a decline of 1.21% with a trading volume of 84.09 million yuan, indicating a negative market sentiment towards the company [1]. Financing Summary - On the same day, Yubang New Materials had a financing buy-in amount of 11.37 million yuan and a financing repayment of 18.50 million yuan, resulting in a net financing outflow of 7.13 million yuan [1]. - As of August 29, the total financing and securities balance for Yubang New Materials was 97.53 million yuan, which accounts for 2.59% of its circulating market value, indicating a relatively low financing balance compared to the past year [1]. - In terms of securities lending, there were no shares repaid or sold on August 29, with a securities lending balance of 0.00 yuan, which is above the 70th percentile of the past year, suggesting a high level of securities lending activity [1]. Company Performance Summary - As of June 30, the number of shareholders for Yubang New Materials reached 13,300, an increase of 8.41% from the previous period, with an average of 7,826 circulating shares per person, up by 121.73% [2]. - For the first half of 2025, Yubang New Materials reported a revenue of 1.518 billion yuan, a year-on-year decrease of 9.77%, while the net profit attributable to shareholders was 36.01 million yuan, reflecting a slight increase of 0.18% [2]. - Since its A-share listing, Yubang New Materials has distributed a total of 57.79 million yuan in dividends [2].

Group 1 - The core viewpoint of the news is that Yubang New Materials has shown a mixed performance in terms of financing and stockholder metrics, with a slight increase in stockholder numbers but a decrease in revenue [1][2] - As of August 28, Yubang New Materials' stock price increased by 0.12%, with a trading volume of 142 million yuan, and a net financing outflow of 3.92 million yuan [1] - The company's financing balance is 105 million yuan, accounting for 2.74% of its market capitalization, which is below the 50th percentile of the past year, indicating a low financing level [1] Group 2 - For the first half of 2025, Yubang New Materials reported a revenue of 1.518 billion yuan, a year-on-year decrease of 9.77%, while the net profit attributable to shareholders was 36.01 million yuan, a slight increase of 0.18% [2] - The number of shareholders increased to 13,300, up by 8.41%, with an average of 7,826 shares held per person, which is an increase of 121.73% [2] - The company has distributed a total of 57.788 million yuan in dividends since its A-share listing [2]

Group 1 - The stock price of Yubang New Materials closed at 34.71 yuan on August 27, 2025, down 2.83% from the previous trading day, with a trading volume of 1.34 billion yuan [1] - Yubang New Materials specializes in the research, production, and sales of photovoltaic welding ribbon products, which are used in the photovoltaic module sector. The company's segments include photovoltaic equipment, BC batteries, and TOPCon batteries [1] - In the first half of 2025, the company reported a revenue of 1.518 billion yuan, a year-on-year decrease of 9.77%, while the net profit attributable to shareholders was 36.01 million yuan, a year-on-year increase of 0.18% [1] Group 2 - On August 27, 2025, the net inflow of main funds into Yubang New Materials was 12.1287 million yuan, while the net outflow over the past five days was 7.6207 million yuan [1]

编制单位：苏州宇邦新型材料股份有限公司 单位：万元 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 法定代表人：肖锋 主管会计工作负责人：蒋雪寒 会计机构负责人：蒋雪寒 | 非经营性资金占用 | 资金占用方 | | 占用方与上市 公司的关联 | 上市公司核算的 | 2025 年期初 | 2025 年半年度占 用累计发生金额 | 2025 年半年度 占用资金的利息 | 2025 年半年度 偿还累计发生 | 2025 年半年度 期末占用资金 | 占用形成 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名称 | | | 会计科目 | 占用资金余额 | | | | | 原因 | | | | | | 关系 | | | （不含利息） | （如有） | 金额 | 余额 | | | | 控股股东、实际控制人及 | - | | - | - | - | - | | - | - | - | 非经营性占用 | | 其附属企业 | | | | | | | | | | | | | 小计 | - ...