Group 1 - The company's Q2 2025 performance met market expectations, with H1 revenue of 510 million yuan, a year-on-year increase of 41%, and a net profit attributable to shareholders of 10 million yuan, up 169% year-on-year [1] - In H1 2025, the company shipped 40,000 tons of coated materials, a year-on-year increase of over 35%, with Q2 shipments estimated at around 20,000 tons, maintaining the same level as the previous quarter [1] - The company achieved full production and sales capacity, with a production capacity utilization rate of 105% in H1 2025, and is expected to ship 80,000 tons for the full year, a year-on-year increase of 33% [1] Group 2 - The company's H1 2025 coated materials revenue was 220 million yuan, with a unit price of 6,200 yuan/ton, remaining stable compared to 2024, while Q2 unit gross profit was 1,500 yuan/ton, showing a slight increase [2] - The decline in profitability was primarily due to a 5 million yuan asset impairment loss from falling by-product prices, but product prices are expected to stabilize, and the proportion of mid-to-high-end coated materials is gradually increasing to over 30% [2] - Operating expenses in H1 2025 were 50 million yuan, a year-on-year increase of 25.6%, with a cost rate of 9.2%, while operating cash flow was negative at -170 million yuan [2] Group 3 - The company's profit forecast for 2025-2027 has been revised down due to the impact of falling by-product prices, with expected net profits of 40 million, 90 million, and 110 million yuan respectively, reflecting year-on-year increases of 223%, 119%, and 24% [3] - The company maintains a "buy" rating, considering the expected recovery in by-product prices and the increasing proportion of mid-to-high-end products [3]

Macro Strategy - The core viewpoint highlights the unprecedented removal of Federal Reserve Governor Cook by Trump, raising concerns about the independence of the Federal Reserve and the potential for more "Trump-aligned" appointees, which could lead to increased expectations for interest rate cuts in the future [1] - Following the removal announcement, market reactions included rising long-term U.S. Treasury yields and gold prices, while the U.S. dollar index declined, indicating a shift in investor sentiment towards risk assets [1] Fixed Income - The report indicates a cautious approach in the convertible bond market, suggesting a reduction in exposure to high-priced targets while increasing allocations to ETFs to balance risks [2][3] - The 10-year government bond yield increased from 1.745% to 1.785%, reflecting market adjustments to macroeconomic conditions [2] Industry Insights - New Lai Ying Material (300260) reported improved Q2 performance, benefiting from growth in the semiconductor and liquid cooling sectors, with a focus on domestic substitution and an optimized customer structure [5][6] - Li Yuan Heng (688499) achieved profitability with a robust order backlog in solid-state battery equipment, indicating a strong operational cash flow and successful delivery to major clients [7] - Jin Zai Food (003000) is experiencing a Q2 adjustment period, leading to a downward revision of profit forecasts for 2025-2027, reflecting a mismatch between internal expansion strategies and external market conditions [8][9] - Anpei Long (301413) reported steady growth in its temperature and pressure sensor business while investing in humanoid robotics, adjusting profit forecasts for 2025-2026 [10] - Xinde New Materials (301349) is seeing significant growth in fast-charging products, with profit forecasts adjusted upwards due to improved margins [11] - The report on China National Railway (601766) indicates strong growth in H1 2025, driven by recovery in railway fixed asset investments [18] - The report on China Duty Free Group (601888) highlights a narrowing revenue decline in Q2 2025, with a focus on expanding city store operations to boost sales [31] - Yun Aluminum (000807) reported a 17.98% increase in revenue for H1 2025, with a focus on maintaining high profit margins amid fluctuating aluminum prices [32][33]

证券研究报告·公司点评报告·电池 信德新材（301349） 2025半年报点评：快充催化出货实现高增长， 单位毛利逐步修复 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 948.85 | 810.09 | 1,050.96 | 1,253.39 | 1,495.18 | | 同比（%） | 4.99 | (14.62) | 29.73 | 19.26 | 19.29 | | 归母净利润（百万元） | 41.30 | (33.04) | 40.60 | 88.82 | 109.88 | | 同比（%） | (72.28) | (180.01) | 222.86 | 118.78 | 23.72 | | EPS-最新摊薄（元/股） | 0.40 | (0.32) | 0.40 | 0.87 | 1.08 | | P/E（现价&最新摊薄） | 99.99 | (124.96) | 101.71 | 46.49 | 3 ...

信德新材发行募集资金总额为236,096.00万元，扣除发行费用后，募集资金净额为216,582.38万元。信德 新材最终募集资金净额比原计划多151582.38万元。信德新材2022年9月1日披露的招股书显示，公司拟 募集资金65,000.00万元，计划用于年产3万吨碳材料产业化升级项目、研发中心项目、补充流动资金。 信德新材发行费用总额为19,513.62万元，其中中信证券获得保荐承销费17,506.74万元。 信德新材于2023年5月24日披露的2022年年度权益分派实施公告显示，公司2022年年度股东大会审议通 过的权益分派预案为以公司2022年12月31日的总股本68,000,000股为基数，向全体股东每10股派发现金 红利人民币10.00元(含税)，共派发现金股利68,000,000.00元(含税)，以资本公积金中的股本溢价向全体 股东每10股转增5股，不送红股，剩余未分配利润结转以后年度分配。权益分派股权登记日为2023年5月 30日，除权除息日为2023年5月31日。 中国经济网北京8月27日讯信德新材（301349）(301349.SZ)今日收报37.47元，跌幅7.44%。 信德新材于20 ...

Market Overview - The battery sector experienced a decline of 2.29% on the previous trading day, with Xinde New Materials leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable gainers in the battery sector included Huabao New Energy, which rose by 8.43% to a closing price of 65.23, and Yiwei Lithium Energy, which increased by 5.76% to 53.25 [1] - Conversely, Xinde New Materials saw a significant drop of 7.44%, closing at 37.47 [2] Trading Volume and Capital Flow - The trading volume for Huabao New Energy was 95,000 shares, with a transaction value of 617 million yuan, while Yiwei Lithium Energy had a volume of 1.1448 million shares and a transaction value of 6.137 billion yuan [1] - The battery sector experienced a net outflow of 2.483 billion yuan from institutional investors, while retail investors saw a net inflow of 1.842 billion yuan [2][3] Individual Stock Capital Flow - Yiwei Lithium Energy had a net inflow of 438 million yuan from institutional investors, while it faced a net outflow of 319 million yuan from speculative funds [3] - Xinde New Materials had a net outflow of 270 million yuan from institutional investors, indicating a significant shift in capital dynamics within the sector [3]

Core Insights - The company reported a total revenue of 510 million yuan for the first half of 2025, marking an increase of 149 million yuan compared to the same period last year, representing a year-on-year growth of 41.31% [1] - The net profit attributable to shareholders reached 9.81 million yuan, an increase of 23.98 million yuan from the previous year [1] - The company experienced a net cash outflow from operating activities of 166 million yuan [1] Financial Metrics - The latest debt-to-asset ratio stands at 13.18%, ranking third among disclosed peers, a decrease of 1.24 percentage points from the same period last year [3] - The gross profit margin is reported at 11.28%, an increase of 9.62 percentage points year-on-year [3] - The return on equity (ROE) is 0.36%, up by 0.89 percentage points compared to the previous year [3] - The diluted earnings per share (EPS) is 0.10 yuan, an increase of 0.24 yuan from the same period last year [3] - The total asset turnover ratio is 0.17 times, an increase of 0.05 times year-on-year, reflecting a growth of 45.22% [3] - The inventory turnover ratio is 1.77 times, up by 0.47 times from the previous year, achieving two consecutive years of growth with a year-on-year increase of 36.56% [3] Shareholder Structure - The number of shareholders is reported at 15,400, with the top ten shareholders holding a total of 67.88 million shares, accounting for 66.55% of the total share capital [3] - The largest shareholder is Yin Hongtao, holding 27.9% of the shares [3] - Other significant shareholders include Yin Shiyu (24.1%), Liaoyang Xinde Enterprise Management Consulting Center (6.64%), and Shangrong Baoying (5.73%) [3]

Core Viewpoint - The company has demonstrated significant growth in both revenue and profit, successfully turning losses into profits while enhancing its operational capabilities and asset base [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 510 million yuan, a year-on-year increase of 41.31% [1][2]. - The net profit attributable to shareholders reached 9.81 million yuan, marking a substantial increase of 169.28% compared to a loss of 14.16 million yuan in the same period last year [1][2]. - Basic earnings per share improved to 0.0972 yuan, significantly better than the previous year's loss of 0.1398 yuan per share [2]. Group 2: Production Capacity and Innovation - The company has established two major production bases in Dalian and Chengdu, with a total capacity of 70,000 tons per year for negative electrode coating materials [3]. - The Dalian base has a capacity of 25,000 tons per year, and the Chengdu base was upgraded to 30,000 tons per year after acquisition and technical modifications [3]. - Research and development investment reached 14.45 million yuan, a 40.26% increase year-on-year, focusing on material testing and innovation [3]. Group 3: Industry Chain and Efficiency - The subsidiary in Dalian has made breakthroughs in asphalt-based carbon fiber production, achieving integrated production capabilities [4]. - Revenue from by-products, such as carbon black raw oil and naphthalene fractions, increased significantly, with carbon black raw oil revenue rising by 179.01% to 111 million yuan [4]. - The subsidiary Chengdu Yutai reported operating revenue of 233.29 million yuan and a net profit of 21.99 million yuan, showcasing strong performance across business segments [4]. Group 4: Governance and Fund Management - The company implemented a restricted stock incentive plan for 2024, granting 848,000 shares to 76 incentive targets at a price of 15.73 yuan per share [5]. - Efficient use of raised funds from the 2022 IPO, with 9.76 billion yuan (45.06%) utilized out of the total net proceeds of 21.66 billion yuan [5]. - The company maintains a dedicated investor relations team to ensure timely information disclosure and protect shareholder rights [5].

证券代码：301349 证券简称：信德新材 公告编号：2025-040 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 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 公司是否具有表决权差异安排 □是 √否 4、控股股东或实际控制人变更情况 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 控股股东报告期内变更 □适用 √不适用 公司报告期控股股东未发生变更。 实际控制人报告期 ...

证券代码：301349 证券简称：信德新材 公告编号：2025-044 扣除前述募集资金投资项目需求后，公司超募资金为人民币151,582.38万元。 三、超募资金使用情况 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 辽宁信德新材料科技（集团）股份有限公司（以下简称"公司"）于2025年8月26 日召开第二届董事会第十四次会议，审议通过了《关于使用部分超募资金永久补充流 动资金的议案》，同意公司在不影响募集资金项目建设的情况下，使用部分超募资金 人民币45,000.00万元（未超过超募资金总额的30%）永久补充流动资金，以满足公司 日常经营需要。该议案尚需提交股东会审议批准，现将有关情况公告如下： 一、募集资金的情况概述 经中国证券监督管理委员会《关于同意辽宁信德新材料科技股份有限公司首 次公开发行股票注册的批复》（证监许可[2022]1124号）同意注册，并经深圳证 券交易所同意，公司首次向社会公开发行人民币普通股（A股）1,700万股，发行 价格为138.88元/股，募集资金总额为人民币236,096.00万元，扣除发行费用人 民币19,513.62万 ...

证券代码：301349 证券简称：信德新材 公告编号：2025-043 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 辽宁信德新材料科技（集团）股份有限公司（以下简称"公司"）根据《企 业会计准则》《深圳证券交易所上市公司自律监管指引第2号——创业板上市公 司规范运作》等相关规定，基于谨慎性原则，为了真实、准确的反映公司财务状 况及资产价值，对截至2025年6月30日合并报表范围内相关资产计提减值准备。 现将相关情况公告如下： 一、本次计提资产减值准备情况概述 （一）本次计提减值准备的范围和总金额 根据《企业会计准则》及公司会计政策的相关规定，公司对2025年半年度合 并报表范围内的各类资产进行了全面清查并进行了充分的评估和分析，对截至 2025年6月30日存在减值迹象的相关资产计提相应的减值准备。公司本半年度计 提信用减值准备和资产减值准备合计10,618,322.64元，具体情况如下： 单位：元 | 项目 | 本期计提金额 | | --- | --- | | 1、信用减值损失 | 3,411,769.09 | | 应收账款 | 1,626,260.84 ...