三孚新科(688359) - 2025 Q2 - 季度财报

Definitions This section provides definitions for common terms and professional terminology used in the report, covering company entities, investment platforms, and key technical concepts in surface engineering, PCB manufacturing, and new materials - "Sanfu New Materials" refers to Guangzhou Sanfu New Materials Technology Co., Ltd[12] - The report defines multiple employee stock ownership platforms and private equity funds, such as Dizhen Investment, Dilang Investment, Jingcheng No. 1, etc[12] - Professional technical terms such as copper foil production equipment, aluminum-for-copper continuous plating, PCB pulse plating, and mSAP are explained[12][13] Company Profile and Key Financial Indicators This section outlines the company's basic information, contact details, information disclosure, stock overview, and key accounting data and financial indicators for the first half of 2025, along with disclosure of non-recurring gains and losses Company's Basic Information This part introduces the company's basic information, including its Chinese name, abbreviation, legal representative, registered address, office address, company website, and email address - The company's Chinese name is Guangzhou Sanfu New Materials Technology Co., Ltd., abbreviated as Sanfu New Materials[15] - The legal representative is Shangguan Wenlong[15] - The company's registered address is No. 57, Fenghuang Third Horizontal Road, Sino-Singapore Guangzhou Knowledge City, Guangzhou[15] Contact Person and Information This part provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor inquiries and communication - The Board Secretary is Liu Huamin, and the Securities Affairs Representative is Su Yingqi[16] - The contact telephone number is 020-34134354, and the email address is sfxk@gzsanfu.com.cn[16] Information Disclosure and Document Custody Location Changes This part lists the company's designated information disclosure newspapers, the website address for publishing semi-annual reports, and the location where the company's semi-annual reports are kept - The company's selected information disclosure newspapers are "Shanghai Securities News" and "Securities Times"[17] - The website address for publishing semi-annual reports is www.sse.com.cn[17](index=17&type=chunk) Brief Introduction to Company Shares/Depositary Receipts This part briefly introduces the listing exchange, board, stock abbreviation, and stock code of the company's A-shares - The company's stock type is A-shares, listed on the STAR Market of the Shanghai Stock Exchange[18] - The stock abbreviation is Sanfu New Materials, and the stock code is 688359[18] Company's Key Accounting Data and Financial Indicators This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing a 23.26% year-on-year decrease in operating revenue, an expanded net loss, but a positive net cash flow from operating activities. The proportion of R&D investment to operating revenue has increased Key Accounting Data for H1 2025 | 指标 | 2025年半年度 (Yuan) | 2024年半年度 (Yuan) | 变动 (%) | | :--- | :--- | :--- | :--- | | 营业收入 | 227,299,034.98 | 296,184,209.84 | -23.26 | | 利润总额 | -32,199,379.73 | -486,324.08 | 不适用 | | 归属于上市公司股东的净利润 | -22,310,520.99 | -5,871,023.24 | 不适用 | | 经营活动产生的现金流量净额 | 10,840,163.13 | -29,378,604.57 | 不适用 | | 归属于上市公司股东的净资产 (期末) | 625,234,179.92 | 508,469,683.28 | 22.96 | | 总资产 (期末) | 1,351,885,897.84 | 1,271,335,099.56 | 6.34 | Key Financial Indicators for H1 2025 | 主要财务指标 | 本报告期（1－6月） | 上年同期 | 本报告期比上年同期增减（%） | | :--- | :--- | :--- | :--- | | 基本每股收益（Yuan/share） | -0.23 | -0.06 | 不适用 | | 稀释每股收益（Yuan/share） | -0.23 | -0.06 | 不适用 | | 扣除非经常性损益后的基本每股收益（Yuan/share） | -0.26 | -0.22 | 不适用 | | 加权平均净资产收益率（%） | -4.01 | -1.21 | 减少2.80个百分点 | | 扣除非经常性损益后的加权平均净资产收益率（%） | -4.39 | -4.16 | 减少0.23个百分点 | | 研发投入占营业收入的比例（%） | 14.48 | 12.73 | 增加1.75个百分点 | - The increase in total profit loss, net profit attributable to shareholders of listed company, basic earnings per share, and diluted earnings per share is primarily due to investment income recognized from the transfer of subsidiary equity in the same period last year, and a significant decrease in the company's equipment component revenue and gross profit from equipment sales during the reporting period[21] - The net cash flow from operating activities turned positive, mainly due to the company's strengthened collection of accounts receivable, a decrease in operating revenue, and lower tax payments during the reporting period[22] Non-Recurring Gains and Losses Items and Amounts This section details the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling 2,087,803.57 Yuan - Government grants recognized in current profit and loss amounted to 4,882,120.28 Yuan[24] - Losses from disposal of non-current assets amounted to -184.40 Yuan[24] - Total non-recurring gains and losses amounted to 2,087,803.57 Yuan[26] Management Discussion and Analysis This section provides an in-depth discussion of the company's industry development, main business, operating model, market position, and a detailed analysis of operating performance, core competitiveness, R&D progress, and risk factors during the reporting period. The company actively adjusted its strategy, focused on advantageous businesses, and increased R&D investment in a complex market environment, but faces performance fluctuations and multiple risks Explanation of Industry and Main Business Operations During the Reporting Period This section elaborates on the development overview, industry chain, future development trends of the surface engineering industry to which the company belongs, as well as the company's main business and product situation. The industry benefits from trends such as import substitution, cost reduction and efficiency improvement, AI industry growth, PCB industry relocation, emerging business development, and new energy industry upgrades Industry Development Overview The company's industries include chemical raw materials and chemical products manufacturing, electronic components and special electronic materials manufacturing, and special equipment manufacturing. The surface engineering industry, as a strategic emerging industry, is widely applied and crucial. Future development trends include accelerated import substitution, demand for cost reduction and efficiency improvement, AI industry driven growth, PCB industry relocation to Southeast Asia, development of new business formats, upgrading of the new energy industry, rise of humanoid robot industry, synergy in electroplating parks, and green transformation - The company's industries are chemical raw materials and chemical products manufacturing (C26), electronic components and special electronic materials manufacturing (C3985), and special equipment manufacturing (C35)[29] - The surface engineering industry is a national strategic emerging industry and high-tech industry, with broad applications and strong supporting capabilities, playing a key role in manufacturing sectors such as aerospace, electronics, integrated circuits, and automobiles[30] - Industry development trends include: huge potential for import substitution and accelerated localization; rising commodity prices driving cost reduction and efficiency improvement (e.g., new "copper reduction, copper substitution" processes); AI industry growth driving demand for high-end PCB/semiconductor manufacturing; PCB industry shifting to Southeast Asia; new business formats such as low-altitude economy and wearable smart devices increasing demand for specialized chemicals and equipment; new energy industry upgrading and efficiency improvement driving technological iteration; emergence of humanoid robot industry; deep synergy between electroplating parks and industrial clusters; accelerated global green transformation, with environmental technology upgrades becoming a competitive barrier[37][38][39][40] Main Business Operations The company is a provider of specialized chemicals and equipment for surface engineering, primarily engaged in technology research, R&D, production, and sales of new environmentally friendly specialized chemicals and equipment for surface engineering, aiming to provide "one-stop" solutions to customers. Main products include electronic chemicals (for PCB, passive components, composite copper foil, etc.) and general electroplating chemicals (for hardware and sanitary ware, automotive, steel, etc.), as well as specialized equipment for new energy, PCB, and semiconductor fields - The company's main business is the R&D, production, and sales of specialized chemicals and equipment for surface engineering, providing "one-stop" solutions[41][42] - Main products are divided into two major categories: specialized chemicals for surface engineering (electronic chemicals, general electroplating chemicals) and specialized equipment for surface engineering[43][44] - Electronic chemicals are applied in PCB hole metallization, surface treatment, pulse copper plating, via filling plating, mSAP process, passive component tin plating, high corrosion-resistant electroless nickel, composite copper foil preparation, etc[44][46] - Specialized equipment for surface engineering is applied in new energy (composite copper foil electroplating equipment), PCB/substrate (VCP electroplating equipment, roll-to-roll VCP electroplating equipment), semiconductor (PLP copper plating equipment), etc[51][53][54] Main Business Model The company adopts an R&D model combining independent research and development with industry-academia-research cooperation, a procurement model combining order-based purchasing and safety stock, a production model primarily based on "production-to-order," and a sales model primarily based on direct sales, providing customers with "one-stop" solutions and technical services - R&D Model: Adheres to independent R&D, and conducts industry-academia-research cooperation and collaborative R&D with universities, research institutes, and leading customer research institutions[55][56][57] - Procurement Model: Chemicals are planned based on production consumption and safety stock; equipment procurement combines customer order-based purchasing and reasonable safety stock[58] - Production Model: Specialized chemicals for surface engineering adopt a "production-to-order" compounding production model; specialized equipment for surface engineering primarily adopts an order-based production model[59] - Sales Model: Primarily adopts a direct sales model, providing product solutions, technical guidance, and after-sales service, with equipment sales being customized[60] Market Position The company has strong influence in the domestic surface engineering chemicals and equipment industry, continuously deepening its technological layout in high-end PCB manufacturing, new energy lithium battery anode current collectors, and general electroplating, accelerating the process of domestic substitution, and actively expanding international markets. As one of the few service providers with synergistic R&D capabilities across chemical and equipment fields, the company has formed a localized leading edge - The company is one of the earliest enterprises in China engaged in the research of surface engineering chemicals, with products covering new energy, PCB manufacturing, mobile communications, hardware and sanitary ware and other business segments[61][62] - In the field of electronic chemicals, the company continues to make breakthroughs in high-end PCB areas such as AI servers and smart car-specific HDI and multi-layer boards, accelerating domestic substitution for passive component electroplating technology[63] - In the field of new energy lithium battery anode current collectors, the company adopts a "chemicals + equipment" synergistic sales model, and its one-step all-wet composite copper foil electroplating equipment has been shipped[63] - In the field of general electroplating chemicals, high-speed tin plating technology has obtained national invention patent authorization, and a strategic cooperation has been reached with an Uzbek automotive parts surface treatment enterprise[64] - As one of the few surface engineering technology service providers in China with synergistic R&D capabilities across chemical and equipment fields, the company has formed a localized leading edge in core areas such as high-end PCB processes and new energy material manufacturing[65] Discussion and Analysis of Operations In the first half of 2025, the company's operating revenue decreased by 23.26% year-on-year, and net profit loss expanded, mainly due to market environment changes, cyclical adjustments in the downstream copper foil industry, new business expansion falling short of expectations, and operating strategy adjustments. The company is actively making strategic adjustments, deepening its advantageous PCB business, strategically adjusting its new energy business, expanding advanced materials manufacturing, and strengthening its scientific and technological talent team and R&D investment - In the first half of 2025, the company achieved operating revenue of 227,299,034.98 Yuan, a year-on-year decrease of 23.26%[66] - Net profit attributable to shareholders of the listed company was -22,310,520.99 Yuan, a certain decline compared to the same period last year[66] - Performance fluctuations were mainly due to market environment changes, cyclical adjustments in the downstream copper foil industry, new business expansion falling short of expectations, and operating strategy adjustments, leading to a decline in revenue from some chemicals and reduced recognition of revenue from copper foil equipment components[66] - The company is undergoing phased challenges brought by business transformation and upgrading, but remains confident in the future development prospects of the surface treatment industry and itself, and is actively promoting strategic adjustments[66] Deepening PCB Core Business and Ensuring Quality The company has built a relatively complete product matrix in high-end PCB manufacturing, serving over 50 PCB manufacturers, including industry leaders. In the AI application field, the company's products have been applied in the production of AI server boards. In the future, the company will concentrate more resources on the PCB business, focus on key customers, and prioritize the promotion of high-value-added high-end products to enhance core competitiveness - The company has built a relatively complete product matrix in high-end PCB manufacturing, covering specialized chemicals and supporting electroplating equipment for key processes such as horizontal copper plating, pulse plating, via filling plating, and electroless nickel/gold plating[68] - It has served over 50 PCB manufacturers, most of whom are leading enterprises or listed companies in the PCB industry[68] - In the AI application field, the company's specialized PCB chemicals and copper foil production equipment have been applied in the manufacturing of AI server boards[68] - In the future, the company will concentrate more resources on the PCB business, focus on key customers, and prioritize the promotion of high-value-added high-end products to ensure stable supply and service quality[68] Strategic Adjustment of New Energy Business, Adding Advanced Materials Manufacturing, Ensuring Delivery During the reporting period, the company's revenue from copper foil equipment components decreased, and the business expansion of composite copper foil equipment and supporting specialized chemicals has not yet achieved mass implementation. The company remains confident in the medium-to-long-term development of advanced materials in new energy and electronics, investing in the construction of a "High-Safety Dry Electrode Battery Key Materials and High-Frequency Electronic Information Composite Materials Industrialization Project," and has made good progress in 3D composite copper foil and composite metal materials - During the reporting period, the company's revenue recognition from copper foil equipment components decreased, and the business expansion of composite copper foil equipment and supporting specialized chemicals has not yet achieved mass implementation[69] - The company invested in the construction of a "High-Safety Dry Electrode Battery Key Materials and High-Frequency Electronic Information Composite Materials Industrialization Project," planning to build advanced material manufacturing production lines for 3D composite copper foil, composite metal materials, and electromagnetic shielding materials[70] - In lithium battery materials, the company is conducting R&D, customer sampling, and certification testing for 3D composite copper foil technology, and has reached a strategic cooperation with a European semi-solid-state battery manufacturer[70] - In composite metal materials, the company has signed an intent to purchase agreement with a customer, committing to supply 10 million square meters of composite metal materials within the next three years[70] Strengthening Scientific and Technological Talent Team Building, Emphasizing R&D Investment The company regards R&D as its primary productive force, continuously consolidating the synergistic advantages of existing electronic chemicals and specialized equipment in PCB, passive components, and new energy fields. In the first half of 2025, the company's R&D investment reached 32.9037 million Yuan, with its proportion to operating revenue increasing to 14.48%. The company has made a series of advancements in cutting-edge technologies such as composite copper foil preparation, 3D composite copper foil preparation, and high-end PCB/substrate copper plating, and continues to strengthen the introduction of high-level talents and team building - The company regards R&D as its primary productive force, possesses a strong R&D team, and its research scope covers multiple industries including PCB, new energy, semiconductor applications, mobile communications, hardware and sanitary ware, automotive parts, infrastructure, and aerospace[71] - In the first half of 2025, the company's R&D investment reached 32.9037 million Yuan, with its proportion to operating revenue increasing to 14.48%, an increase of 1.75 percentage points compared to the previous year[73] - As of June 30, 2025, the company holds 91 invention patents and 97 utility model patents domestically and internationally; the R&D team comprises 182 persons, including 5 PhDs and 18 Master's degree holders[73] - The company has made a series of advancements in cutting-edge technologies such as composite copper foil preparation, 3D composite copper foil preparation, and high-end PCB/substrate copper plating, with related specialized chemicals and copper foil production equipment already applied in the manufacturing of AI server boards[72] Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness lies in its R&D advantages, talent team advantages, customer advantages, and comprehensive product system. The company possesses multiple core technologies in surface engineering chemicals and specialized equipment, offering advantages in innovation efficiency, cost, and localized services compared to international giants. During the reporting period, the company continued to increase R&D investment, achieved multiple R&D results, and actively promoted ongoing projects Core Competitiveness Analysis The company's core competitiveness is mainly reflected in R&D advantages (multiple core technologies breaking international blockades), talent team advantages (a complete talent training and incentive mechanism), customer advantages (accumulating nearly 1,000 customers and establishing cooperation with high-quality enterprises in the industry), and a comprehensive product system (providing "one-stop" solutions). Compared with international competitors, the company has advantages in innovation efficiency, cost, and localized services - R&D Advantage: The company holds 91 invention patents and 97 utility model patents domestically and internationally, with multiple core technologies achieving large-scale application in PCB, new energy, and other fields, breaking the technological blockade of international giants[75][76] - Talent Team Advantage: Established a comprehensive talent training and incentive mechanism, gathering a large number of excellent R&D backbones and management talents, and implementing the ABC talent strategy[78] - Customer Advantage: Accumulated nearly 1,000 customers, establishing good and stable cooperative relationships with high-quality enterprises in segmented industries such as PCB, communication electronics, hardware and sanitary ware, and new energy[78][79] - Comprehensive Product System: Products cover numerous business segments such as new energy, PCB manufacturing, mobile communications, and hardware and sanitary ware, capable of providing downstream customers with various types and series of specialized chemicals and equipment for surface engineering as "one-stop" solutions[79] - Compared to international competitors, the company has significant advantages in innovation efficiency (closer to customers and markets), cost advantage (lower domestic production factor costs), and localized service advantage (sales and service network covering major industrial clusters)[80] Core Technologies and R&D Progress The company possesses multiple core technologies in surface engineering chemicals and specialized equipment, including PCB horizontal copper plating, electroless nickel/gold plating, pulse copper plating, via filling plating, and composite copper foil electroplating production processes. During the reporting period, the company's R&D investment as a percentage of operating revenue increased to 14.48%, and it continued to advance multiple ongoing projects, covering cutting-edge fields such as high-stability green electroplating, composite copper foil electroplating additives, and AI high-computing power chip heat pipe treatment - The company possesses multiple core technologies in fields such as PCB horizontal copper plating, electroless nickel/gold plating, pulse copper plating, via filling plating, specialized equipment for composite copper foil electroplating production processes and supporting specialized chemical preparation technology, roll-to-roll VCP electroplating technology, and PLP copper plating technology[81][82][83] R&D Investment Status | 指标 | 本期数 (Yuan) | 上年同期数 (Yuan) | 变化幅度 (%) | | :--- | :--- | :--- | :--- | | 费用化研发投入 | 32,903,659.92 | 37,694,052.32 | -12.71 | | 研发投入合计 | 32,903,659.92 | 37,694,052.32 | -12.71 | | 研发投入总额占营业收入比例（%） | 14.48 | 12.73 | 增加1.75个百分点 | R&D Personnel Status | 指标 | 本期数 | 上年同期数 | | :--- | :--- | :--- | | 公司研发人员的数量（persons） | 182 | 163 | | 研发人员数量占公司总人数的比例（%） | 21.69 | 19.95 | | 研发人员薪酬合计 | 16,228,190.51 | 15,864,669.28 | | 研发人员平均薪酬 | 89,165.88 | 97,329.26 | - The company holds 91 invention patents and 97 utility model patents domestically and internationally[84] - Ongoing projects include design integration and process research for high-stability green electroplating complete sets of equipment, research on controllable online cyclic separation technology for metal impurity ions in plating solutions, development of ionic liquid electroplating technology for NdFeB devices, development and application of high mechanical performance composite copper foil electroplating additives, development of via filling additives for TGV glass substrates, and R&D of pulse high aspect ratio electroplating equipment[90][91][92][93][94][95][96][97][98][99] Risk Factors The company faces multiple risks, including technological and scale gaps with international competitors, loss of core technology secrets, raw material price fluctuations, sub-optimal subsidiary integration, impact of PCB industry prosperity, market demand fluctuations, composite copper foil market falling short of expectations, R&D failure and commercialization, accounts receivable bad debts, and goodwill impairment, among other macro and operational risks - There is a significant gap with international competitors in terms of technology, scale, brand, and capital, facing market competition risks[102] - Core technologies (product formulations and process technologies) face the risk of being compromised due to mismanagement or personnel leaks[103] - Price fluctuations of major raw materials (such as palladium sulfate, nickel sulfate, sodium hypophosphite, etc.) may adversely affect the company's gross profit margin and total profit[104] - The company has established/merged a large number of subsidiaries, posing risks of integration not meeting expected progress or results[105] - The prosperity and demand of the PCB industry have a significant impact on the company's revenue and profitability[106] - The market conditions for composite copper foil and downstream customers' choices of different technical routes are uncertain, facing risks of the market falling short of expectations and new business market development[108] - As of the end of the reporting period, the book value of the company's accounts receivable was 313.6606 million Yuan, accounting for 23.20% of the total assets in the consolidated financial statements, posing a risk of bad debts[110] - As of the end of the reporting period, the book value of the company's goodwill was 104.0216 million Yuan, accounting for 7.69% of the total assets in the consolidated financial statements, posing a risk of impairment[111] Key Operating Performance During the Reporting Period This section provides a detailed analysis of the company's financial statement item changes during the reporting period, including operating revenue, costs, expenses, and cash flow, as well as an analysis of asset and liability status, external equity investments, and major holding and participating companies. Both the company's operating revenue and total profit decreased, but operating cash flow turned positive Main Business Analysis During the reporting period, the company's operating revenue decreased by 23.26% year-on-year, and operating costs decreased by 22.20%. Sales expenses increased by 26.28%, administrative expenses decreased by 27.40%, and R&D expenses decreased by 12.71%. Net cash flow from operating activities turned positive, while net cash flow from investing activities and net cash flow from financing activities both showed significant changes Analysis Table of Financial Statement Item Changes | 科目 | 本期数 (Yuan) | 上年同期数 (Yuan) | 变动比例 (%) | | :--- | :--- | :--- | :--- | | 营业收入 | 227,299,034.98 | 296,184,209.84 | -23.26 | | 营业成本 | 138,961,111.54 | 178,603,688.53 | -22.20 | | 销售费用 | 30,754,746.56 | 24,353,632.75 | 26.28 | | 管理费用 | 42,499,701.68 | 58,537,491.51 | -27.40 | | 财务费用 | 5,890,014.40 | 6,060,489.75 | -2.81 | | 研发费用 | 32,903,659.92 | 37,694,052.32 | -12.71 | | 经营活动产生的现金流量净额 | 10,840,163.13 | -29,378,604.57 | 不适用 | | 投资活动产生的现金流量净额 | -54,903,919.35 | -28,957,141.55 | 不适用 | | 筹资活动产生的现金流量净额 | 65,612,781.90 | 48,166,579.21 | 36.22 | - Reasons for changes in net cash flow from operating activities: a decrease in operating revenue and lower tax payments[116] - Reasons for changes in net cash flow from investing activities: an increase in payments for external investments[117] - Reasons for changes in net cash flow from financing activities: an increase in funds received from equity incentive exercises[117] Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets and net assets attributable to shareholders of the listed company both increased. Significant increases were observed in monetary funds, financial assets held for trading, other receivables, inventories, other non-current assets, long-term borrowings, and contract liabilities, while prepayments, short-term borrowings, other payables, and long-term payables decreased. Several assets are restricted Analysis of Asset and Liability Changes | 项目名称 | 本期期末数 (Yuan) | 上年期末数 (Yuan) | 变动比例 (%) | 情况说明 | | :--- | :--- | :--- | :--- | :--- | | 货币资金 | 64,871,438.26 | 43,354,089.88 | 49.63 | 收到股权激励行权资金增加 | | 交易性金融资产 | 28,126,456.72 | 17,126,456.72 | 64.23 | 银行理财增加 | | 预付款项 | 4,959,846.76 | 7,469,091.40 | -33.60 | 预付的材料款到货 | | 其他应收款 | 61,535,614.38 | 19,545,257.31 | 214.84 | 股权激励行权款及代扣代缴个税增加 | | 存货 | 139,384,637.33 | 106,495,217.47 | 30.88 | 购买的材料增加 | | 其他非流动资产 | 8,288,885.20 | 1,056,678.85 | 684.43 | 预付的设备款增加 | | 短期借款 | 134,261,620.57 | 251,236,006.89 | -46.56 | 本期归还银行借款增加 | | 合同负债 | 27,010,767.17 | 7,954,474.48 | 239.57 | 本期收到客户的设备进度款增加 | | 应交税费 | 46,087,253.15 | 16,649,674.90 | 176.81 | 本期应代扣代缴的股权激励行权个税增加 | | 其他应付款 | 7,354,858.97 | 11,444,154.12 | -35.73 | 支付合作方应付款及工程质保金减少 | | 长期借款 | 114,764,633.23 | 31,578,867.93 | 263.42 | 一年以上的银行借款增加 | | 长期应付款 | 6,006,365.57 | 35,279,381.97 | -82.97 | 一年内到期重分类至一年内到期的非流动负债科目 | - As of the end of the reporting period, major assets such as the company's monetary funds, notes receivable, fixed assets, and intangible assets are subject to restrictions such as pledge, mortgage, or freezing[121][154] Analysis of Investment Status During the reporting period, the company made multiple external equity investments, including establishing joint ventures Guangdong Tongjia New Materials Technology Co., Ltd., Jiangxi Bangyue New Materials Technology Co., Ltd., and Guangzhou Yisheng New Materials Co., Ltd., and acquiring equity in Shanghai Xunlong Yilian Technology Co., Ltd. Concurrently, the company liquidated and deregistered some subsidiaries. Additionally, the company invested in the construction of a "High-Safety Dry Electrode Battery Key Materials and High-Frequency Electronic Information Composite Materials Industrialization Project," with an estimated total investment of 620 million Yuan - Newly established joint ventures: Guangdong Tongjia New Materials Technology Co., Ltd. (holding 5% equity), Jiangxi Bangyue New Materials Technology Co., Ltd. (holding 45% equity and included in the consolidation scope), Guangzhou Yisheng New Materials Co., Ltd. (holding 51% equity)[123] - Acquisition of equity: Acquired 34.89% equity in Shanghai Xunlong Yilian Technology Co., Ltd. for 13 million Yuan, and further acquired 24.74% equity through an additional investment of 12.25 million Yuan, holding a total of 51% equity[123] - Liquidation and deregistration of subsidiaries: Chongqing Kangneng New Materials Technology Co., Ltd., Shenzhen Sanfu Beili New Materials Science Research Co., Ltd., Guangzhou Yuyang Intelligent Equipment Co., Ltd[123] - Significant non-equity investment: Investment in the construction of a "High-Safety Dry Electrode Battery Key Materials and High-Frequency Electronic Information Composite Materials Industrialization Project," with an estimated total investment of 620 million Yuan[124][125] - The fair value of financial assets measured at fair value at the end of the period was 28,126,456.72 Yuan, mainly comprising bank wealth management products and performance compensation payments[127] Analysis of Major Holding and Participating Companies Disclosed the financial data of the company's major holding subsidiaries, including Haoyue New Materials, Jiangxi Boquan, Candisway, Mingyi Electronics, and Huizhou Yiling. Among them, Jiangxi Boquan and Candisway were profitable, while Mingyi Electronics and Huizhou Yiling incurred losses Financial Data of Major Holding Subsidiaries (unit: 10,000 Yuan) | 公司名称 | 总资产 | 净资产 | 营业收入 | 营业利润 | 净利润 | | :--- | :--- | :--- | :--- | :--- | :--- | | 皓悦新科 | 17,320.91 | 10,123.06 | 6,899.49 | 156.24 | 278.10 | | 江西博泉 | 18,034.08 | 15,390.90 | 4,641.52 | 1,925.27 | 1,712.24 | | 康迪斯威 | 7,941.42 | 5,131.51 | 1,831.99 | 529.99 | 460.77 | | 明毅电子 | 21,460.04 | 4,491.91 | 2,306.77 | -1,620.44 | -1,382.66 | | 惠州毅领 | 8,673.78 | 2,708.50 | 1,210.36 | -872.39 | -670.90 | - Newly established subsidiaries during the reporting period: Jiangxi Bangyue New Materials Technology Co., Ltd., Bangxiang (Jiangxi) New Materials Technology Co., Ltd., Guangzhou Yisheng New Materials Co., Ltd[130] Corporate Governance, Environment, and Society This section discloses the company's semi-annual profit distribution plan, the progress of equity incentive plans, and the status of subsidiaries included in the list of enterprises required to disclose environmental information. The company has no