Core Viewpoint - The company, Mengguli, reported a significant increase in revenue and a return to profitability in the second quarter of 2025, driven by strong production growth and advancements in product development [1][2]. Financial Performance - The company achieved a revenue of 1.018 billion yuan, representing a year-on-year growth of 23.19% [1]. - The net profit attributable to shareholders was 3.04 million yuan, with a notable net profit of 26.697 million yuan in the second quarter, marking a turnaround from previous losses [1]. Production and Capacity Utilization - Mengguli's production volume reached 10,499.30 tons in the first half of 2025, with a capacity utilization rate of nearly 80%, reflecting a year-on-year increase of 22.93% [1]. Product Development - The company focuses on the research, production, and sales of lithium cobalt oxide and ternary cathode materials, with ongoing advancements in next-generation materials [1][2]. - High-voltage lithium cobalt oxide products (4.45V to 4.53V) have entered mass production, with new products in the pipeline expected to break existing performance limits [2]. - The ternary cathode materials have reached large-scale production, with the first-generation NCA products successfully entering mass production and addressing high-temperature storage and cycling issues [2]. Research and Development Investment - Mengguli increased its R&D expenditure to 47.5658 million yuan, a year-on-year increase of 45.57%, enhancing its technology innovation mechanism driven by market demand [2]. Future Prospects and Sustainability - The company is advancing its research on forward-looking materials, including lithium-rich manganese-based materials and solid-state electrolytes, with significant progress reported [3]. - Mengguli is implementing a comprehensive dual-carbon management system, aiming to reduce carbon emissions across its operations and supply chain, while enhancing its sustainable development capabilities [3].

Core Viewpoint - The recent financial report of Mengguli (301487) shows a significant increase in revenue but a drastic decline in net profit, indicating potential challenges in profitability despite revenue growth [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 1.018 billion yuan, a year-on-year increase of 23.19% compared to 826 million yuan in 2024 [1]. - The net profit attributable to shareholders was 3.0384 million yuan, reflecting a year-on-year decrease of 60.87% from 7.7645 million yuan in 2024 [1]. - The second quarter of 2025 saw a revenue of 582 million yuan, up 22.19% year-on-year, while net profit for the same period was 26.6968 million yuan, a substantial increase of 456.27% [1]. - The gross profit margin decreased to 5.74%, down 25.36% from 7.69% in the previous year, and the net profit margin fell to 0.28%, a decline of 62.73% [1]. - Total expenses (selling, administrative, and financial) amounted to 36.4005 million yuan, representing 3.58% of revenue, a decrease of 39.71% year-on-year [1]. Balance Sheet Insights - Cash and cash equivalents decreased to 354 million yuan, down 9.93% from 393 million yuan [1]. - Accounts receivable stood at 988.6 million yuan, a decrease of 9.41% from 1.091 billion yuan [1]. - Interest-bearing liabilities dropped significantly to 299 million yuan, down 43.02% from 524 million yuan [1]. Operational Efficiency - The company has shown a weak return on invested capital (ROIC), with a historical median of 4.56% and a particularly poor ROIC of -2.64% in 2024, indicating challenges in generating returns from investments [2]. - The cash flow situation is concerning, with cash and cash equivalents covering only 30.04% of current liabilities, and the average operating cash flow over the past three years covering only 13.68% of current liabilities [3].

Market Performance - The solid-state battery sector in the A-share market experienced a significant surge, with companies like XianDao Intelligent, Hangke Technology, and JieBang Technology hitting the 20% daily limit increase [1] - Other notable performers included HaiBo SiChuang nearing the limit, BeiTeRui rising by 17%, and NingDe Times increasing by over 11% [1] Company Financials - XianDao Intelligent reported a revenue of 6.61 billion yuan for the first half of 2025, marking a year-on-year growth of 14.92%, with a net profit of 740 million yuan, up 61.19% [1] - The operating cash flow for XianDao Intelligent reached 2.353 billion yuan, a substantial increase of 231.33% compared to the same period last year [1] - The lithium battery intelligent equipment segment generated 4.545 billion yuan in revenue, reflecting a year-on-year growth of 16.40% [1] Business Segments - Non-lithium business, particularly in photovoltaic intelligent equipment, achieved a revenue of 531 million yuan, up 32.04%, with its revenue share increasing to 8.04% [1] - XianDao Intelligent's overseas business continued to grow, with revenue reaching 1.154 billion yuan, a year-on-year increase of 5.42%, and a gross margin improvement to 40.27% [1] Stock Performance - XianDao Intelligent's stock rose by 20.01%, with a total market capitalization of 55.6 billion yuan and a year-to-date increase of 77.80% [2] - Other companies in the sector also saw significant stock price increases, with Hangke Technology and JieBang Technology both rising by 20% [2]

Core Viewpoint - The company, Mengguli, reported a strong revenue growth of 23.19% year-on-year for the first half of 2025, despite a decline in net profit due to industry cycles and increased R&D investment. However, the second quarter showed a significant rebound in net profit, indicating strong operational resilience [1][2]. Revenue and Profitability - In the first half of 2025, Mengguli achieved a revenue of 1.018 billion yuan, reflecting robust market demand and continuous business expansion [1][2]. - The net profit attributable to shareholders was 3.0384 million yuan, with a remarkable rebound in the second quarter, showing a year-on-year increase of over 456.27% [2]. R&D Investment and Strategic Focus - The company invested 47.5658 million yuan in R&D during the first half of 2025, marking a 45.57% increase year-on-year, focusing on advanced materials and solid-state electrolytes to strengthen its competitive edge [2]. Technological Advancements and Product Development - Mengguli has established a comprehensive technology framework in high-voltage lithium cobalt oxide, with multiple products achieving mass production, including 4.45V, 4.48V, and 4.50V variants [3]. - The company is also advancing in high-nickel ternary materials, with successful verification and supply to major clients, expanding applications into new sectors such as robotics and low-altitude flying vehicles [3]. Production Capacity and Efficiency - The total production of lithium battery cathode materials reached 10,499.30 tons in the first half of 2025, with a capacity utilization rate of nearly 80%, reflecting a year-on-year growth of 22.93% [4]. - The company implemented a "cost management year" strategy, enhancing precision measurement and reducing energy consumption and quality costs through new equipment [4]. Risk Management and Governance - To mitigate raw material price fluctuations, Mengguli engaged in lithium carbonate hedging, resulting in a derivative loss of 4.0262 million yuan, which was offset by spot market gains [4]. - The company maintained a sound governance structure, with no related party fund occupation or illegal guarantees, ensuring sustainable development [4].

Group 1 - The solid-state battery concept stocks experienced significant fluctuations, with Jieban Technology reaching a new high during the trading session [1] - Hangke Technology saw an increase of over 15%, while XianDao Intelligent, Zhongyi Technology, and BetterRay rose by more than 10% [1] - Other companies such as Mengguli, Changyang Technology, Putailai, Yinghe Technology, and Xianhui Technology also showed upward trends [1] Group 2 - In the related ETF market, the Lithium Battery ETF (561160) increased by 1.02% with a trading volume of 11.4832 million yuan [1] - The Battery 50 ETF (159796) rose by 0.72%, with a trading volume of 22.6899 million yuan [1]

Group 1 - The company did not distribute cash dividends, issue bonus shares, or increase capital from reserves during the reporting period [3] - There were no changes in the controlling shareholder or actual controller during the reporting period [4] - The company does not have any preferred shareholders or related holdings during the reporting period [4] Group 2 - All directors attended the board meeting to review the report [2] - The company does not require retrospective adjustments or restatements of previous accounting data [3] - There are no significant matters reported during the period [4]

Group 1 - The company reported a revenue of 1,017,906,945.57 yuan for the first half of 2025, representing a year-on-year growth of 23.19% [1] - The net profit attributable to shareholders of the listed company was 3,038,442.18 yuan, showing a year-on-year decline of 60.87% [1]

格隆汇8月28日丨盟固利(301487.SZ)公布2025年半年度报告，上半年公司实现营业收入10.18亿元，同比 增长23.19%；归属于上市公司股东的净利润303.84万元，同比下降60.87%；归属于上市公司股东的扣除 非经常性损益的净利润183.90万元，同比下降70.57%；基本每股收益0.0066元。 ...

核查意见 华泰联合证券有限责任公司 关于天津国安盟固利新材料科技股份有限公司 使用部分闲置募集资金临时补充流动资金的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为天津国安盟固利新材料科技股份有限公司（以下简称"盟固利"或"公司"） 首次公开发行股票并在创业板上市持续督导阶段的保荐人，根据《证券发行上市 保荐业务管理办法》《上市公司募集资金监管规则》《深圳证券交易所创业板股票 上市规则》《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》及《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》 等有关规定，对盟固利使用部分闲置募集资金临时补充流动资金事项进行了审慎 尽职调查，具体情况如下： 一、募集资金基本情况 公司经中国证券监督管理委员会《关于同意天津国安盟固利新材料科技股份 有限公司首次公开发行股票注册的批复》（证监许可〔2023〕1154 号）同意，并 经深圳证券交易所同意，首次公开发行股票 58,000,000 股，募集资金总额为 308,560,000.00 元，扣除各项发行费用（不含增值税）61,923,409.74 元，实际募 集资 ...

单位：万元 非经营性资金占用 资金占用方名称 占用方与上市公司的关联关系 上市公司核 算的会计科 目 2025 年期 初占用资 金余额 2025 年半年度占 用累计发生金额 （不含利息） 2025 年半年度 占用资金的利 息(如有) 2025 年度偿 还累计发生 金额 2025 年 6 月期末占 用资金余 额 占用形成原因 占用性质 控股股东、实际控制人 及其附属企业 小计 - - - - - 前控股股东、实际控制 人及其附属企业 小计 - - - - - 其他关联方及附属企 业 小计 总计 - - - - - 其它关联资金往来 资金往来方名称 往来方与上市公司的关联关系 上市公司核 算的会计科 目 2025 年期 初占用资 金余额 2025 年半年度占 用累计发生金额 （不含利息） 2025 年半年度 占用资金的利 息(如有) 2025 年度偿 还累计发生 金额 2025 年 6 月份期末 占用资金 余额 往来形成原因 往来性质 （经营性往来、非 经营性往来） 控股股东、实际控制人 及其附属企业 亨通海洋工程有限公司 同受亨通集团有限公司控制 其他应收款 5.25 5.25 0.00 代扣代缴公积金 经营性 ...