豪美新材定增方案调整，增收不增利引监管问询

Core Viewpoint - Haomei New Materials (002988) is under scrutiny from the stock exchange regarding its revenue growth without profit increase before Q3 2025 and the rationale behind multiple changes to previous fundraising projects [1] Financial Performance - For the first three quarters of 2025, Haomei New Materials reported a revenue increase of 15.40% to 5.582 billion yuan, while net profit attributable to shareholders decreased by 16.68% to 143 million yuan, with a comprehensive gross margin dropping to 10.65% [2] - The decline in profit is attributed to rising aluminum ingot raw material prices and a more than 20% increase in R&D expenses, reaching 180 million yuan [2] - Revenue from the automotive lightweight business has increased its share to 27.58%, with the company aiming to improve profitability through product structure optimization [2] Stock Performance - Over the past seven trading days (February 6 to 12, 2026), Haomei New Materials' stock price has decreased by 3.65%, closing at 35.66 yuan, underperforming compared to the non-ferrous metal sector, which rose by 1.63% during the same period [3] - Technical analysis indicates the stock is in a bearish trend, with a 20-day moving average resistance level at 40.97 yuan [3] - On February 6, there was a net inflow of 2.609 million yuan in main funds, but overall trading activity remains low [3] Institutional Insights - According to a report from Sina Finance, the revenue growth of Haomei New Materials is primarily driven by the expansion of its automotive lightweight aluminum profile business, which generated 1.537 billion yuan in revenue during the first three quarters [4] - However, fluctuations in gross margin and a high customer concentration (with the top five customers accounting for 70.54% of revenue) may continue to impact profitability stability [4] - The company emphasizes that new production capacity has secured support from designated projects worth 5.661 billion yuan, maintaining a long-term positive outlook on the lightweight sector for new energy vehicles [4]