HBSXNBM(SH:600293) Xi Niu Cai Jing·2025-08-20 06:04Core Viewpoint - The financial performance of Sanxia New Materials in the first half of 2025 shows significant declines in revenue and profit margins, attributed to pressures from both product pricing and sales volume in a competitive market environment [2][3][6]. Financial Performance - In the first half of 2025, Sanxia New Materials reported operating revenue of 625 million CNY, a year-on-year decrease of 28.01% [6]. - The company recorded a net loss attributable to shareholders of 26.99 million CNY, a decline of 182.33% compared to the previous year [6]. - The gross margin was -0.65%, down 11.06 percentage points year-on-year, while the net margin was -4.01%, down 8.15 percentage points [2][3]. - Operating costs were 630 million CNY, a decrease of 19.13% year-on-year [1][2]. Expense Breakdown - Sales expenses amounted to 2.22 million CNY, down 29.06% year-on-year [1][2]. - Management expenses increased to 25.08 million CNY, up 28.22% year-on-year [1][2]. - Financial expenses rose to 9.03 million CNY, an increase of 9.75% year-on-year [1][2]. - Research and development expenses surged to 49.05 million CNY, a significant increase of 66.08% year-on-year [1][2]. Market Context - The primary application of Sanxia New Materials' products is in the downstream real estate and construction glass sectors [3]. - The flat glass market in China is experiencing overcapacity, with the country accounting for approximately 50% of the world's total glass production [3]. - The ongoing downturn in the real estate sector has led to further declines in glass prices, intensifying competition in the flat glass market [3]. Production and Sales Data - In the first half of 2025, the company produced 12.29 million heavy boxes of flat glass, with a product quality rate of 91.37% [3]. - Sales of flat glass reached 10.85 million heavy boxes, resulting in a sales rate of 88.28% [3]. - The production of LOW-E coated glass was 750,000 square meters, with sales of 684,000 square meters, achieving a sales rate of 97.44% [3]. - The company also produced 16.55 million tons of fine sand, generating sales revenue of 2.7 million CNY from tailings [3]. Legal Matters - Sanxia New Materials is pursuing a legal claim for 163 million CNY in compensation related to a loan guarantee for Shenzhen Hengbo Commercial Chain Co., which resulted in a default [3][4]. - A court ruling on March 31, 2025, dismissed all of Sanxia New Materials' claims, requiring the company to bear legal costs of 902,400 CNY [4].