北交所中报首秀劲增42%！民士达：芳纶纸龙头破茧，AI服务器到商业航天通吃

Core Viewpoint - The article highlights the strong performance of Minshida (833394.BJ), a leading domestic aramid paper company, in its first half of 2025, showcasing significant revenue and profit growth driven by high-end product sales and new production capacity [3][7][9]. Financial Performance - In the first half of 2025, Minshida achieved operating revenue of 237 million, a year-on-year increase of 27.9%, with aramid paper products contributing 227 million, accounting for 95.5% of total revenue [7][13]. - The net profit attributable to shareholders reached 63 million, up 42.3% year-on-year, while the net profit excluding non-recurring items was 61 million, reflecting a 55.7% increase [9]. - The gross margin for aramid paper products improved to 41.9%, a rise of 4.1 percentage points, contributing to an overall gross margin increase of 2.8 percentage points to 40.4% [11][14]. Product Development and Market Position - The growth in profitability is attributed to the high-end sales structure of aramid paper, which is utilized in various applications including electric equipment, aerospace, and automotive sectors [15]. - Notably, the company has made breakthroughs in sectors such as new energy vehicles, transformers, and AI data centers, enhancing the proportion of high-value-added products [15][21]. - The introduction of new products like YT510W for electric motor systems has seen over 40% growth in shipments during the first half of 2025 [17]. Production Capacity and Supply Chain - Minshida faced production capacity constraints, with an annual capacity of 3,000 tons remaining unchanged since the end of 2022, leading to a focus on optimizing production for high-margin products [25][28]. - A new production line launched in June 2025 is expected to add 1,500 tons of capacity, increasing total capacity by 50% and alleviating current production pressures [27][28]. - The company benefits from a stable supply of aramid fibers from its parent company, Taihe New Materials, which is the largest aramid fiber producer in China [29][33].