证券研究报告 中复神鹰 (688295 CH) 技改扰动产能释放，短期盈利仍承压 25Q1 毛利率 3.38%，同/环比-21.87/+1.92pct，毛利率同比下滑较多，但环 比有所修复。同比下滑主要系碳纤维行业仍处于阶段性供需失衡，叠加西宁 公司一季度进行降本技术改造，产能未完全释放，拉高单位成本，利润进一 步压缩；且受销售产品结构影响，风电领域销售价格较低。 25Q1 管理费用良好管控，经营性净现金流同比改善 25Q1 公司期间费用率为 19.61%，同比 -0.15pct。销售/管理/研发/财务费 率分别为 1.62%/6.84%/9.50%/1.65%，同比+0.55/-3.42/+1.71/+1.0pct，研 发费用保持较高水平。归母净利率为 -11.26%，同比/环比-20.57/+15.20pct； 扣非归母净利率为 -14.46%，同比/环比-17.88/+10.55pct。经营性净现金流 为 0.2 亿元，同比增加 0.54 亿元，收现比/付现比分别为 75.2%/55.8%， 同比+13.98/-20.68pct。资产负债率同比+0.64pct 至 50.75%，维持健康。 碳纤厂库连续 ...

连云港人民政府副市长张家炯表示，连云港拥有得天独厚的区位优势和坚实的产业基础，希望与会 企业以战略眼光积极寻找与连云港发展的契合点，在港航物流、高端装备制造、生物医药、新材料、石 化等更多领域开展合作交流，以本次对接会为契机深化合作、共谋发展，实现合作共赢。 跨国公司碳中和50人论坛秘书长、法国道达尔能源副总裁徐忠华表示，面对贸易摩擦、关税壁垒、 人口老龄化及气候变化等全球性议题，企业肩负着共同的时代责任。未来将继续加强与中国本土企业的 战略协作，持续探索低碳转型路径，为全球绿色发展贡献创新智慧和实践典范。 人民网北京4月24日电 （记者苑基荣）4月22日至23日，由中国国际青年交流中心、连云港市政 府、跨国公司碳中和50人论坛共同主办的第十四期"亮马丝路"国际讲堂暨跨国公司产业对接会在江苏省 连云港市举行，近60家跨国公司和中资企业代表约80人出席活动。 中国国际青年交流中心副主任陈芃表示，作为促进中外青年务实合作的国际平台，交流中心将持续 发挥桥梁作用，努力整合全球资源与本土优势，为地方产业升级和企业国际合作提供支持，共享机遇， 赋能发展。 参会企业代表纷纷表示，当前，全球化进程正经历深刻变革，全球经济社 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688295 证券简称：中复神鹰 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一) 主要会计数据和财务指标 单位：元 币种：人民币 (二) 非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 对公司将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号——非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 √适用 □不适用 单位：元 币种：人民币 (三) 主要会计数据、财务指标发生变动 ...

也在同日，两家碳纤维龙头企业发布了2025年第一季度以及2024年财报。 【DT新材料】 获悉，4月24日， 中复神鹰 、 吉林化纤 同日发布高层变动公告，原因都是 达到法定退休年龄。 其中， 中复神鹰 总经理刘芳 女士 辞职，公司董事长张健女士代行总经理职责。 吉林化纤 副总经理孔玉影 女士 辞职。 营销方面，公司3K小丝束碳纤维产品销量同比增长35%，高模系列碳纤维产品销量同比增长超 20%；国内T800 级以上高强中模碳纤维销量占比位居行业首位。 2025年，公司锁定重点及新兴领域，聚焦航空航天、风电、光 伏、汽车、体育器材、低空经济等碳纤维需求旺盛的领域。 其中， 吉林化纤 2025年第一季度 营收12.14亿元，同比上升32.39%；归母净利润为826.98万元，同比下降 60.59% 。 2024 年 ， 实 现 营 收 38.83 亿 元 ， 同 比 上 升 3.93%； 实 现 归 母 净 利 润 2888.41 万 元 ， 同 比 下 降 13.90%；实现扣非归母净利润2636.99万元， 同比上升76.88% 。 其中， 碳纤维 营收占比8.24%，同比下滑12.59%，主因行业阶段性供 ...

证券代码：688295 证券简称：中复神鹰 公告编号：2025-021 二、董事长代行总经理职责情况 2025 年 4 月 24 日，公司第二届董事会第十次会议审议通过《公司董事长代 行总经理职责的议案》，同意公司董事长张健女士代行总经理职责，自本次董事 会审议通过之日起至董事会聘任总经理之日止。 公司将根据法律法规和《公司章程》的有关规定，积极推进新任董事及总经 理的选举工作。 特此公告。 中复神鹰碳纤维股份有限公司 关于董事、总经理退休离任暨董事长代行 总经理职责的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事、总经理离任情况 中复神鹰碳纤维股份有限公司（以下简称"公司"）董事会于近日收到董事、 总经理刘芳女士的辞职报告。因达到法定退休年龄，刘芳女士申请辞去公司董事、 总经理职务。辞去上述职务后，刘芳女士不再担任公司任何职务。根据《公司法》 《公司章程》等相关规定，刘芳女士的辞职不会导致公司董事会成员低于法定最 低人数，不会影响公司及董事会的正常运行，其辞职报告自送达董事会之日起生 刘芳女士作为公司创始团队 ...

证券代码：688295 证券简称：中复神鹰 公告编号：2025-022 中复神鹰碳纤维股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024年年度股东大会 召开日期时间：2025 年 5 月 16 日 14 点 00 分 召开地点：江苏省连云港市经济技术开发区大浦工业区公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所科创板上市公司自律监管指引第 1 号 — 规范运作》 等有关规定执行。 （七） 涉及公开征集股东投票权 无 二、 会议审议事项 网络投票起止时间：自2025 年 5 月 16 日 至2025 年 5 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 1 股东大会召开日期：2025年5月16日 本次股东大会采用 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 401,816,630.89, a decrease of 10.40% compared to CNY 448,442,089.45 in the same period last year[4]. - The net profit attributable to shareholders was a loss of CNY 45,228,808.57, representing a decline of 208.24% from a profit of CNY 41,785,664.10 in the previous year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 58,117,314.13, a decrease of 479.32% compared to CNY 15,321,537.28 last year[4]. - Total operating revenue for Q1 2025 was CNY 401.82 million, a decrease of 10.4% compared to CNY 448.44 million in Q1 2024[18]. - Net profit for Q1 2025 was a loss of CNY 45.23 million, compared to a profit of CNY 41.79 million in Q1 2024, representing a significant decline[19]. - The company experienced a decline in gross profit margin, leading to an operating loss of CNY 51.36 million in Q1 2025, compared to an operating profit of CNY 50.83 million in Q1 2024[18]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 20,057,182.58, a significant improvement from a negative cash flow of CNY 34,242,045.87 in the same period last year[4]. - Operating cash flow for Q1 2025 was CNY 20.06 million, recovering from a negative cash flow of CNY -34.24 million in Q1 2024[22]. - Cash and cash equivalents at the end of Q1 2025 totaled CNY 1.14 billion, down from CNY 2.27 billion at the end of Q1 2024[23]. - The company's cash and cash equivalents increased to CNY 1,366,071,332.34 from CNY 963,944,685.91, representing a growth of approximately 42%[14]. - Investment activities generated a net cash inflow of CNY 301.72 million in Q1 2025, compared to CNY 152.92 million in Q1 2024[23]. Research and Development - Research and development expenses totaled CNY 38,176,157.59, an increase of 2.54% from CNY 37,228,852.05 in the previous year[4]. - The proportion of R&D expenses to operating revenue increased to 9.50%, up by 1.20 percentage points from 8.30% last year[5]. - Research and development expenses increased to CNY 38.18 million in Q1 2025, up from CNY 34.92 million in Q1 2024, indicating a focus on innovation[18]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 9,301,460,573.86, a slight decrease of 0.60% from CNY 9,357,372,085.28 at the end of the previous year[5]. - As of March 31, 2025, the company's total assets amounted to CNY 9,301,460,573.86, a slight decrease from CNY 9,357,372,085.28 as of December 31, 2024[14]. - Total current liabilities decreased to CNY 1,622,899,914.10 from CNY 1,727,737,000.21, indicating a reduction of about 6%[16]. - The company's fixed assets decreased to CNY 4,125,376,634.25 from CNY 4,521,333,824.46, reflecting a decline of approximately 8.8%[15]. - The total equity attributable to shareholders decreased to CNY 4,580,777,399.83 from CNY 4,625,279,704.26, a decrease of about 1%[16]. - The company's accounts receivable increased to CNY 226,233,795.91 from CNY 218,481,181.05, showing a growth of approximately 3.4%[14]. - The inventory level decreased slightly to CNY 554,304,265.43 from CNY 564,900,416.88, a reduction of about 1%[14]. - The company's long-term borrowings increased to CNY 2,041,421,766.75 from CNY 2,019,883,819.60, reflecting a growth of approximately 1.1%[16]. - The company's total liabilities remained relatively stable, decreasing slightly to CNY 4,720,683,174.03 from CNY 4,732,092,381.02[16]. - The company reported a significant increase in other non-current assets to CNY 668,859,885.73 from CNY 626,685,812.69, indicating a growth of about 6.8%[15]. Challenges and External Factors - The company faced challenges due to a supply-demand imbalance in the carbon fiber industry and increased production costs, impacting profitability[8]. - The company received government subsidies amounting to CNY 12,479,030.10, which were related to its normal business operations[6]. - Total operating costs increased to CNY 472.30 million in Q1 2025, up 10.3% from CNY 427.94 million in Q1 2024[18]. - Financial expenses rose to CNY 6.61 million in Q1 2025, compared to CNY 2.89 million in Q1 2024, reflecting higher interest costs[18]. - The weighted average return on net assets was -0.98%, a decrease of 1.84 percentage points from 0.86% in the previous year[4].

三、分红送配方案情况 本次公司不分配不转赠。 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 6877.66万股，累计占流通股比： 47.54%，较上期变化： -110.31万股。 | 名称 | 持有数量(万股) | 占总股本 | 增减情况 | | --- | --- | --- | --- | | | | 比例(%) | (万股) | | 连云港市工业投资集团有限公司 | 4465.06 | 30.87 | 不变 | | 华夏上证科创板50成份ETF | 555.84 | 3.84 | -94.19 | | 易方达上证科创板50ETF | 398.14 | 2.75 | -16.12 | | 国泰君安证裕投资有限公司 | 300.00 | 2.07 | 不变 | | 夏月明 | 289.83 | 2.00 | 不变 | | 连云港市工投集团产业投资有限公司 | 223.91 | 1.55 | 不变 | | 上海汽车集团股份有限公司 | 169.63 | 1.17 | 不变 | | 深创投红土私募股权投资基金管理(深圳)有限公司-深创投制 | | | | | 造业转型升级新材料基金(有限合伙) ...

碳碳复合材料是以碳纤维为增强材料，以沉积碳（如热解碳或高分子材料热解形成的固体碳）为基体材料，通过特定工艺加工而成的一类复合材 料。它几乎全是碳元素，由树脂碳、碳纤维、热解碳构成，具有极高的碳含量。 全球碳碳复合材料市场规模与增长趋势 2024年，全球碳碳复合材料市场规模达到了2007.30百万美元，预计2031年将达到1971.21百万美元，年复合增长率（CAGR）为-0.26% 地区层面来看，中国市场在过去几年变化较快，2024年市场规模为422.54百万美元，约占全球的21.05031年将达到474.07百万美元，届时全球占比 将达到24.05%。 从产品类型及技术方面来看，化学汽相淀积2024年市场全球规模为1212.34百万美元，约占全球60.40预计2031年将达到1185.58百万美元，2025- 2031年年复合增长率（CAGR）达到-0.03%。 从产品市场应用情况来看，CZ和DSS炉最主要的应用之一，CZ和DSS炉2024年市场全球规模为561.82百万美元，约占全球27.99%市场份额，预计 2031年将达到284.16百万美元，2025-2031年年复合增长率（CAGR）达到-9.59 ...

Global Carbon-Carbon Composite Materials Market Overview - The global carbon-carbon composite materials market is projected to reach $2007.30 million in 2024 and is expected to decline to $1971.21 million by 2031, with a CAGR of -0.26% [6] - The Chinese market is rapidly evolving, with a market size of $422.54 million in 2024, accounting for approximately 21.05% of the global market, and expected to grow to $474.07 million by 2031, reaching 24.05% of the global share [6] Product Types and Applications - The chemical vapor deposition (CVD) segment is anticipated to have a global market size of $1212.34 million in 2024, representing 60.40% of the market, but is projected to decline to $1185.58 million by 2031, with a CAGR of -0.03% from 2025 to 2031 [6] - The CZ and DSS furnace applications are significant, with a global market size of $561.82 million in 2024, accounting for 27.99% of the market, and expected to decrease to $284.16 million by 2031, reflecting a CAGR of -9.59% from 2025 to 2031 [6] Industry Competitors - Major global players include SGL Carbon, Toyo Tanso, Tokai Carbon, Nippon Carbon, and MERSEN BENELUX, with the top five companies holding over 48.78% market share in 2024 [7] - Competition is expected to intensify in the coming years, particularly in the Chinese market [7] Current Industry Status and Innovations - Carbon-carbon composites are characterized by low density (<2.0 g/cm³), high thermal conductivity, and high-temperature resistance (up to 2600°C), making them suitable for extreme environments [10] - Production techniques such as CVD and liquid phase impregnation are maturing, but high costs and complex processes remain significant challenges [10] Technological Innovations - Innovations focus on process optimization to reduce costs and enhance product stability, development of low-cost graphite-based composites, and the application of 3D printing technology for mass production of complex components [11] Policy Environment and Domestic Substitution - The Chinese government has classified carbon-carbon composites as a strategic emerging industry, providing tax incentives, funding support, and technical research initiatives to promote industry upgrades [12] - The domestic substitution opportunities are highlighted by the acceleration of the C919 and C929 aircraft projects, which create urgent demand for domestic materials [13] Military Demand and Market Dynamics - The increasing reliance on multifunctional composite materials in military equipment is driving the penetration of carbon-carbon composites in the defense sector [14] Competitive Landscape and Supply Chain - International companies like SGL Carbon and Toyo Tanso lead in technology, especially in high-end products, while domestic firms like Jinbo Co. and Xi'an Chaoma are emerging, though high-end product self-sufficiency remains low [15] - The upstream supply chain faces challenges with low domestic production rates of high-performance carbon fibers, leading to reliance on imports [16] Future Growth Opportunities - The renewable energy sector, including photovoltaic single crystal furnace materials and hydrogen storage tanks, is expected to see explosive demand [21] - The low-altitude economy, driven by the lightweight requirements of drones and eVTOLs, is also anticipated to boost carbon-carbon composite applications [21] - The industry is shifting towards green manufacturing practices, emphasizing low energy consumption and recyclability [21] Application Expansion - Carbon-carbon composites are increasingly utilized in aerospace, automotive, shipbuilding, and renewable energy sectors due to their lightweight, high strength, and high-temperature resistance [22] - In aerospace, they are primarily used for critical components like engine nozzles and thermal protection systems, while in the automotive sector, they enhance braking performance and range in electric vehicles [22] Technological Advancements and Policy Support - Increased research investment and technological advancements are improving the production processes of carbon-carbon composites, with traditional methods being optimized to lower costs and enhance efficiency [23] - Government policies supporting technological innovation and green development are expected to bolster the industry's growth [24] Industry Structure and Competitiveness - The carbon-carbon composite industry comprises upstream raw material supply, midstream manufacturing, and downstream application sectors, with numerous companies enhancing product quality and technological capabilities [25]