湖北东田微科技股份有限公司投资者关系活动记录表 编号：2025-005 | 么原因？未来预期如何？ | | --- | | 答：2025 年上半年，成像光学元器件较去年同期提升 4.72 个百 | | 分点，主要原因系毛利率较高的旋涂滤光片收入占比提升以及规 | | 模效应释放，主要产品单位成本同比略有下降。通信类光学元器 | | 件毛利率较去年同期提升 10.24 个百分点，主要原因系客户结构 | | 优化以及高毛利率的产品收入占比提升。未来随着公司产品结构 | | 优化以及规模效应提升，综合毛利率仍有提升空间。 | | 2、问：目前光隔离器产品布局和产能准备情况如何？ | | 答：公司去年已完成隔离器产品线的搭建，目前产能能够匹配公 | | 司订单和客户需求。 | | 3、问：法拉第旋转片的全球供应情况如何？是否存在涨价预期？ | | 答：目前法拉第旋转片供应以国外厂商为主，国内部分厂商也已 | | 具备制备能力，但整体出货量占比还比较小。由于高速光模块的 | | 市场需求增加，法拉第旋转片整体市场供需关系比较紧张，存在 | | 一定短缺。未来价格会存在市场化的调整，主要看上游原材料供 | | 应商的决策 ...

Core Viewpoint - The A-share market experienced a significant increase in trading volume, with the total transaction amount exceeding 3 trillion yuan for the first time this year, marking the second highest in history [1]. Trading Volume - The total trading volume of the Shanghai, Shenzhen, and North markets reached over 3 trillion yuan, setting a new annual record and ranking as the second highest ever [1]. - The previous record for surpassing 3 trillion yuan was on October 8, 2024, with a total of approximately 3.49 trillion yuan [2]. Stock Performance - More than ten stocks had trading volumes exceeding 10 billion yuan, with notable mentions including Dongfang Caifu, Hanwha U, Northern Rare Earth, and Haiguang Information, each surpassing 20 billion yuan [3]. - Major indices such as the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and STAR Market 50 Index all saw upward movements, with the Shanghai Composite Index rising by 1.51% and the ChiNext Index increasing by 3% [3][4]. Market Trends - The total trading volume for the day was 3.18 trillion yuan, an increase of 598.1 billion yuan compared to previous trading days [4]. - Key sectors that saw significant gains included optical fiber, optical modules, optical communication, rare earth permanent magnets, and satellite internet [4][5]. Notable Stocks - Hanwha U (688256) was the most popular stock, closing with a rise of over 11%, priced at 1384.93 yuan per share [6]. - Other notable stocks included Haiguang Information, which increased by 12.92%, and Zhongxin International, which saw a slight decline of 0.77% [6][7].

热门个股方面， 寒武纪-U （688256）人气第一，截至收盘，该股涨超11%，股价报1384.93元/股。 在此之前的去年10月8日，沪深北三市合计成交额历史性地首次突破3万亿元大关，达到约3.49万亿元。 主要指数表现方面，上证指数、深证成指、创业板指、科创50等多个指数继续上行， 盘中再度创出阶段新高。截至收盘，上证指数上涨1.51%，深证成指上涨 2.26%，创业板指上涨3%，科创50指数上涨3.2%。 多只热门股成交活跃，成交额超过百亿元的股票频现。截至发稿，已有10多只股票成交额超过百亿元，其中东方财富、寒武纪-U、北方稀土、海光信息等股票成交 额超过200亿元。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3883.56 | 12441.07 | 1604.01 | | +57.80 +1.51% +275.01 +2.26% | | +3.74 +0.23% | | 科创50 | 创业板指 | 万得全A | | 1287.73 | 2762.99 | 6170.17 | | +39.87 +3.20% + ...

Group 1 - The article highlights significant announcements in the stock market from Sunday to Thursday, including "suspensions and resumption of trading, shareholding changes, investment wins, acquisitions, earnings reports, unlocks, and high transfers" to help investors identify investment hotspots and prevent black swan events [1] - A company is identified as a domestic leader in storage and MCU chips, having established partnerships with several leading humanoid intelligent enterprises [1] - Another company is involved in consumer electronics, liquid cooling servers, millimeter-wave radar, robotics, and smart wearables, and has delivered sample servers and liquid cooling plates to clients in Taiwan [1] - A third company focuses on liquid cooling servers, data centers, automotive thermal management, and has seen a net profit increase of over five times year-on-year, benefiting from the growth of liquid cooling plates for power battery thermal management [1]

（文章来源：每日经济新闻） 华安证券8月22日发布研报称，给予国瓷材料（300285.SZ）买入评级。评级理由主要包括：1）电子材 料和新能源板块产销高增，25年Q2营收业绩双增长 ；2）光模块+AI 眼镜+固态电池，多板块布局助力 公司成长。风险提示：技术开发风险；原材料价格波动风险；兼并重组和商誉风险；汇率波动风险。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady performance in Q2 2025, with revenue growth driven by the electronic materials and new energy sectors, alongside stable growth in the catalytic materials segment [5][6] - In the first half of 2025, the company achieved revenue of 2.154 billion yuan, a year-on-year increase of 10.29%, and a net profit attributable to shareholders of 332 million yuan, a year-on-year increase of 0.38% [4][5] - The company is expanding its product offerings across multiple sectors, including automotive electronics, AI computing servers, and solid-state battery materials, which are expected to contribute to future growth [6][7] Financial Performance Summary - For Q2 2025, the company reported revenue of 1.179 billion yuan, a year-on-year increase of 4.67% and a quarter-on-quarter increase of 20.97% [4] - The net profit for Q2 2025 was 196 million yuan, a year-on-year decrease of 0.57% but a quarter-on-quarter increase of 44.33% [4] - The company expects net profits for 2025-2027 to be 798 million, 913 million, and 1.16 billion yuan respectively, with year-on-year growth rates of 32.0%, 14.5%, and 26.9% [8] Business Segment Insights - The electronic materials segment is experiencing high growth due to increasing demand for automotive electronics and AI applications, with successful product validation from key clients [5] - The catalytic materials segment has gained traction by supplying ceramic substrates and other products to major international automotive manufacturers [5] - The biomedical materials segment is advancing with the development of dental restoration products, which have begun to see market acceptance [5] - The new energy materials segment is focusing on ultra-thin coatings and has developed various new product models in response to customer needs [5][6]

Market Performance - The Shanghai Composite Index reached a ten-year high of 3767.43 points on August 20, with the sci-tech chip sector experiencing significant gains, as multiple related ETFs rose over 4% [1] - On August 19, four ETFs saw net inflows exceeding 1 billion yuan, with the GF CSI Hong Kong Innovative Drug ETF receiving over 1.3 billion yuan [2] ETF Activity - The second batch of sci-tech bond ETFs was reported to the CSRC on August 20, with 14 fund companies submitting applications [3] - On August 20, several chip-themed ETFs performed strongly, with the Sci-Tech Chip Design ETF (588780) leading the market with a 5.57% increase [4][5] - The bond market saw active trading, with 10 ETFs exceeding 10 billion yuan in trading volume, seven of which were bond ETFs, including the Short-term Bond ETF (511360) with over 23 billion yuan in trading volume [6][8] Sector Insights - The innovative drug and sci-tech bond themed ETFs attracted significant capital inflows, indicating a positive trend in the innovative drug industry, which is expected to experience rapid revenue and profit growth over the next five years [9][10] - The light module sector is anticipated to maintain high prosperity due to the rapid development of the global AI industry, with increasing demand for computing power and related applications [11] New ETF Developments - The second batch of sci-tech bond ETFs will track various indices, including the CSI AAA Technology Innovation Corporate Bond Index and the SSE AAA Technology Innovation Corporate Bond Index [12]

Financial Performance - The company achieved a revenue of 2,154.32 million CNY in the first half of 2025, a year-on-year increase of 10.29% [2] - Net profit attributable to shareholders was 331.71 million CNY, up 0.38% year-on-year [2] - Net profit after deducting non-recurring gains and losses reached 320.77 million CNY, a growth of 4.10% [2] - Net cash flow from operating activities was 333.15 million CNY, showing a significant increase of 116.11% [2] Business Segment Performance - **Electronic Materials**: Growth driven by demand in consumer electronics and automotive sectors, with ongoing capacity expansion [2] - **Catalytic Materials**: Maintained leading position in domestic market, with increasing market share in passenger vehicles [2] - **Biomedical Materials**: Focused on global and diversified branding, enhancing channel efficiency [3] - **New Energy Materials**: Increased market sales with advanced coating technologies and solid-state electrolyte development [3] - **Precision Ceramics**: Accelerated integration of materials, processes, and devices, with significant growth in high-end products [3] - **Digital Printing and Other Materials**: Stable revenue with expansion into overseas markets and new product development [3] New Product Development - Completion of several new products including spherical silica and titanium, aimed at high-end applications [3] - Development of high-refractive inorganic particle dispersion liquid for OLED and AR applications, with successful validation from domestic clients [3] Strategic Initiatives - The company is establishing a joint venture focused on solid-state battery materials, particularly in sulfide technology [5][6] - Continued growth in honeycomb ceramics, with expanded presence in both domestic and international automotive supply chains [7] - Plans to enhance R&D and production capabilities for ceramic substrates used in optical modules [8] Market Outlook - The company anticipates further market share growth in the catalytic materials sector, particularly with the introduction of new products compliant with upcoming regulations [7] - The MLCC segment is expected to maintain growth despite minor impacts from rare earth element regulations [9] - The ceramic ink business is projected to stabilize and expand, particularly in high-end functional products and overseas markets [10]

Market Overview - The Shanghai Composite Index briefly surpassed 3700 points before experiencing a rapid decline, ending the day down 0.46% at 3666.44 points, while the ChiNext Index fell 1.08% to 2469.66 points [4][9] - A total of 4648 stocks closed lower, with 735 stocks rising and 52 hitting the daily limit up [4][9] Market Dynamics - The recent market performance is attributed to a combination of policy support, liquidity, and corporate earnings, which have laid the foundation for the current market trend [3][10] - The market is currently in a technical adjustment phase after a continuous rise, but it remains in an upward trend without significant risk of a major downturn [3][9] Sector Performance - Among the 31 primary industry sectors, only the non-bank financial sector saw a slight increase, while sectors such as comprehensive, military industry, and communication led the declines [4][6] - 17 primary industry sectors experienced declines of over 1%, with notable drops in sectors like pharmaceuticals, agriculture, media, and environmental protection [5][6] Investment Insights - Analysts suggest that the current market fluctuations are part of a normal rhythm in a bull market's early stages, providing opportunities for portfolio optimization and strategic buying [9][10] - The ongoing market rally is supported by macroeconomic performance exceeding previous pessimistic expectations, continuous policy support, and ample liquidity [10][11] - Key sectors to watch include artificial intelligence, humanoid robots, smart vehicles, and semiconductor chips, particularly those linked to the Huawei and Tesla supply chains [11]

Group 1 - The article highlights the importance of weekly announcements from Sunday to Thursday, which include significant stock market updates such as suspensions, increases or decreases in holdings, investment wins, acquisitions, earnings reports, unlocks, and high transfers [1] - Key announcements are marked in red to assist investors in identifying potential investment hotspots and mitigating various black swan events, providing ample time for analysis and selection of suitable listed companies [1] Group 2 - The company has provided humanoid robot-related products to several leading enterprises, indicating a focus on liquid-cooled servers, NVIDIA, optical modules, humanoid robots, Huawei, and chips [1] - There is a collaboration between the company and Zhiyuan Robotics, achieving mutual shareholding, which emphasizes the integration of humanoid robots, low-altitude economy, data centers, marine economy, and new energy vehicles [1] - The company plans to establish a subsidiary with an investment of 100 million yuan, focusing on marine engineering equipment manufacturing, which aligns with trends in the marine economy, commercial aerospace, and nuclear power [1]