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明冠新材业绩承压,80后董事长闫洪嘉27岁创业、兄长任副董事长

Core Viewpoint - Mingguan New Materials (SH688560) reported a loss for the first half of 2025, marking the company's first semi-annual loss since its listing, with significant declines in revenue and net profit compared to the previous year [1][2]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately 381.89 million, a decrease of 36.85% year-on-year [2]. - The total profit for the period was -53.25 million, representing a decline of 762.99% compared to the previous year [2]. - The net profit attributable to shareholders was -52.71 million, down 713.54% year-on-year [2]. - The net profit after deducting non-recurring gains and losses was -54.72 million, a decrease of 974.65% compared to the same period last year [2]. - The basic earnings per share were -0.26 [2]. Profitability Metrics - The gross margin for the first half of 2025 was -2.41%, a decrease of 10.70 percentage points year-on-year [3]. - The net profit margin was -13.80%, down 15.22 percentage points compared to the previous year [3]. Expense Analysis - The company's period expenses totaled 24.06 million, a reduction of 1.01 million from the previous year [3]. - The expense ratio was 6.30%, an increase of 0.65 percentage points year-on-year [3]. - Sales expenses decreased by 17.97%, management expenses decreased by 1.04%, R&D expenses decreased by 29.96%, and financial expenses decreased by 7.10% compared to the previous year [3]. Revenue Decline Reasons - The decline in operating revenue was primarily attributed to the impact of technological iterations in photovoltaic cells, leading to a significant decrease in sales volume of solar cell backsheets [3]. - Although sales volume of solar encapsulation films increased year-on-year, the selling prices decreased due to intensified market competition [3]. Executive Compensation - The chairman and general manager of Mingguan New Materials, Yan Hongjia, received a salary of 932,000 in 2024, a decrease of 59.95% compared to the previous year's salary of 2.33 million [5]. Company Background - Mingguan New Materials was established in November 2007 and is located in Yichun Economic and Technological Development Zone, Jiangxi Province [6]. - The company specializes in the research, production, and sales of new composite membrane materials [6].