为培育新质生产力，袁雪峥建议，推动政策与服务体系从"点对点"扶持转向构建"热带雨林"式产业生 态，激发企业内生动力，促进产业链知识共享与要素优化配置，并引导企业融入全球市场锤炼竞争力； 针对不同类型企业实施差异化支持策略，助力"老树新枝"经验转化、支持"青竹拔节"成为全球隐形冠 军、为"新笋破土"创造成长空间。 全球贸易变局下先进加工技术成战略关键 先进加工技术是制造业的基石，直接决定一国产业竞争力与战略安全。机工智库研究员尹文彦指出，当 前世界百年变局加速演进，国际力量对比深刻调整，先进加工技术已成为争夺未来科技主导权的核心基 础能力。在航空航天、汽车、半导体等战略领域"极端需求"的牵引下，加工技术呈现"需求牵引—技术 突破—产业跃迁—需求升级"的螺旋式演进，推动全球制造体系深度重构。 12月12日，由工信智库联盟指导、机械工业信息研究院主办的"百万庄论坛：机工智库发布会(2025)"在 京召开。会上，机工智库研究员围绕"变局与应变之策——以优质制造破局，用产业韧性应变，谱写制 造强国新格局"的主题，集中发布了一系列前沿观察和最新研究成果，从产业升级、企业发展、技术创 新、贸易格局等多个维度，为中国制造高质 ...

Core Viewpoint - The company, 聚灿光电, is currently prioritizing internal development, focusing resources on strengthening its core business, with the goal of driving value growth through performance improvement to provide long-term and stable value returns to minority shareholders [1] Group 1 - The company is committed to internal development as a priority [1] - The focus is on resource allocation to strengthen the core business [1] - The aim is to achieve performance growth that leads to value growth [1] - The company intends to deliver long-term and stable value returns to minority shareholders [1]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 275 million yuan, a year-on-year increase of 26.88%, and net profit attributable to shareholders at 42.92 million yuan, up 420.44% [1] - The second quarter showed even stronger performance, with revenue of 142 million yuan, a 47.46% increase year-on-year, and net profit of 18.88 million yuan, up 286.51% [1] - The company's profitability improved, with a gross margin of 38.99%, an increase of 11.89% year-on-year, and a net margin of 15.66%, up 337.08% [1] Financial Performance - Total operating revenue for the reporting period was 275 million yuan, with a year-on-year growth of 26.88% [1] - Net profit attributable to shareholders was 42.92 million yuan, reflecting a substantial increase of 420.44% year-on-year [1] - The gross margin increased to 38.99%, while the net margin rose to 15.66%, indicating improved profitability [1] Cost and Expense Management - Total selling, administrative, and financial expenses amounted to 38.76 million yuan, accounting for 14.08% of revenue, a decrease of 44.37% year-on-year [1] - The company reported a significant increase in operating cash flow per share, which reached 1.0 yuan, up 226.79% year-on-year [1] Asset and Liability Changes - Accounts receivable decreased by 27.9% due to increased customer payments [2] - Contract assets decreased by 34.18% as a result of reduced warranty deposits [2] - Inventory increased by 139.4% due to the expansion of business scale and an increase in undelivered projects [2] Cash Flow and Financial Health - The net cash flow from operating activities increased by 226.79%, attributed to a significant rise in sales collections [3] - The net increase in cash and cash equivalents was up 305.59%, influenced by both operating and investment activities [3] - The company maintained a healthy cash position, with a focus on cash flow management [4] Strategic Outlook - The company aims to enhance its core competitiveness through continuous investment in research and development and by expanding its customer base [4] - Management expressed confidence in achieving steady growth in revenue and net profit through strategic initiatives and potential acquisitions [4]

Sales Model - The company's main customers include agricultural distributors, landscaping companies, government procurement departments, large group users, and large-scale planting units, with the end consumers primarily being planters and landscaping maintenance units [3] - The sales model consists of two types: distributor sales and direct sales, with distributor sales being the primary method, following a "Company - Distributor - Retailer - Customer" model [3][4] Policy Impact - The "One Certificate, One Product" policy, effective from January 1, 2026, aims to standardize pesticide labels and ensure consistency in trademarks across products with the same registration number, which is expected to enhance market concentration in the pesticide industry [4] Pricing Strategy - The company's pricing strategy includes value-based pricing and cost-plus pricing, with price adjustments considering market competition, supply-demand relationships, and pricing goals [5] Development Strategy - The company focuses on internal growth through the development and sales of core products like plant growth regulators and water-soluble fertilizers, while also considering mergers and acquisitions for external growth [6] Dividend Plan - The 2025 semi-annual dividend plan proposes a cash dividend of 4.00 CNY per 10 shares (tax included), with a commitment to actively and sustainably return value to shareholders [6] Industry Position - As of June 2023, there are over 500 registered enterprises for plant growth regulators in China, with approximately 1,900 effective products. The company holds 150 registration certificates, accounting for 7.9% of the total and 20.5% of the top 35 enterprises [7] Raw Material Prices - The prices of upstream raw materials have remained stable since the second half of 2024, with little likelihood of significant fluctuations in the near future [7] Gross Margin Improvement - The increase in gross margin in the first half of 2025 compared to the same period in 2024 is attributed to a higher sales volume of high-margin products and lower raw material prices [8]

Group 1: Financial Performance - The net profit attributable to shareholders decreased by 58.47% year-on-year, from over 21 million to over 9 million [1] - The decline in net profit was primarily due to depreciation from the completion of a high-barrier composite material project and the implementation of an employee stock ownership plan, impacting profits by over 6 million and over 3 million respectively [1][2] Group 2: Strategic Initiatives - The company aims to enhance performance through cost reduction, efficiency improvement, and increased R&D and market expansion efforts [2] - Future plans include strengthening information disclosure and investor communication while focusing on share repurchase and employee stock ownership initiatives [2] Group 3: Development Focus - The company is prioritizing the completion of its private placement and convertible bond projects to support future growth [3] - External growth through mergers and acquisitions is considered, but the company emphasizes the importance of technological and market synergies [3] Group 4: Product Development - A new division for high-performance medical film materials has been established, focusing on ostomy pouch films and high-end infusion films, with the latter being reliant on imports [3][4] - The company is also developing electronic materials, including UV adhesive tapes and PI high-temperature adhesive tapes, with some products already passing tests by downstream manufacturers [4] Group 5: Market Outlook - The aluminum-plastic film market is expected to grow significantly with the industrialization of solid-state batteries, with the company working on client certifications before market expansion [4] - The company has improved its thermal process technology for aluminum-plastic films and is preparing samples for clients [4]