炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 证券时报记者 王蕊 深耕阻燃剂行业二十载后，雅克科技以半导体材料领域后起之秀的全新身份，重塑市场想象空间。 自2016年起，在华泰联合证券的助力下，雅克科技通过三阶段跨境并购顺利切入半导体材料赛道，成长为破解国 内战略新兴材料自主供应难题的平台型企业，就此开启全新增长曲线。 "过去10年，我们为众多行业头部企业提供跨市场、一体化综合服务，陪伴企业在境内外资本市场实现高质量发 展，稳步迈出国际化布局步伐。" 华泰联合证券相关人士向证券时报记者表示。 从药明康德到顺丰控股，从两地上市到跨境并购，华泰联合证券正凭借一系列具有标杆意义的经典案例，书写助 力中资企业扬帆出海的新篇章。 跨境并购闯进战新产业 雅克科技成立于1997年，公司早期以阻燃剂为主要经营业务。然而，在2018年之前，这家曾经的阻燃剂龙头企业 的年度归母净利润始终不超过1亿元，总市值也不及百亿元。 为突破行业规模、市场占有率等限制，雅克科技自2015年起前瞻布局战略性新兴材料赛道。2024 年，公司归母净 利润已攀升至8.72亿元；2025年前三季度，归母净利润达7.96亿元， ...

Core Viewpoint - Huayang New Materials (600281) reported a decline in revenue for the first half of 2025, but achieved profitability due to the recovery in the precious metals market and gains from land use rights transfer [1][3]. Financial Performance - The company achieved a total revenue of 150 million yuan, a year-on-year decrease of 9.49% [1][2]. - Profit before tax reached 83.45 million yuan, and net profit attributable to shareholders was 82.13 million yuan, marking a turnaround from losses in the previous year [1]. Business Segment Analysis - The decline in revenue was primarily due to a decrease in sales of biodegradable materials and products, with production capacities for PBAT and modified materials operating at low loads [2]. - The precious metals segment benefited from a rising market, with platinum prices soaring by 47% and palladium prices increasing by 29% in the first half of 2025 [3]. Strategic Developments - The company received a total of 63.93 million yuan from land use rights transfer and compensation, contributing to the profit growth [3]. - The precious metals industry is experiencing increased demand driven by the automotive and electronics sectors, supported by government policies and tax incentives [3]. Risk Management - The company faces risks related to price volatility in the precious metals market, supply instability, and increased competition [4][5]. - The biodegradable materials market's sustainability is dependent on policy support, with current "plastic ban" policies not fully implemented, leading to underutilization of production capacity [5]. Future Outlook - The company plans to leverage the financial attributes of precious metals, explore risk hedging methods, and enhance innovation capabilities [5]. - Efforts will be made to expand the secondary resource recovery business and improve service quality to enhance market competitiveness [5].