证券代码：688420 证券简称：美腾科技 公告编号：2026-003 天津美腾科技股份有限公司 2025年度业绩快报公告 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、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以天津美腾科技 股份有限公司（以下简称"公司"）2025年年度报告中披露的数据为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：人民币万元 ■ 2、以上财务数据及指标以合并报表数据填列，但未经审计，最终结果以公司2025年年度报告为准。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 2025年，公司实现营业总收入51,788.57万元，较上年度同比下降5.22%。归属于母公司所有者的净利润 为1,397.52万元，较上年度同比下降65.64%，归属于母公司所有者的扣除非经常性损益的净利润为 441.49万元，较上年度同比下降79.55%。 近年来，受国内外宏观经济波动、能源结构加速转型及煤炭市场供需关系深度调 ...

Core Viewpoint - The article discusses the stark contrast between the booming secondary market for non-ferrous metals and the lack of investment in the primary market, particularly in mining, highlighting the structural disconnect between venture capital (VC) and mining investments [3][4][17]. Group 1: Market Performance - The non-ferrous metals sector saw a remarkable increase, with the Shenwan Nonferrous Index rising by 94.73% in 2025, outperforming other sectors like telecommunications and electronics [3]. - In Hong Kong, copper-related stocks surged by 261%, with major companies like Zijin Mining reaching a market capitalization of over 1 trillion yuan and Luoyang Molybdenum's stock price nearly tripling [3]. - Despite a significant drop in early 2026, the non-ferrous metals sector continued to lead all market segments [3]. Group 2: Investment Discrepancies - There is a notable absence of VC investments in mining, with significant funding directed towards sectors like semiconductors (1,419 deals, 185 billion yuan) and AI, while mining received little attention [3][6]. - The article emphasizes that the disconnect is not due to a lack of interest but rather the inherent differences in investment timelines, valuation language, and exit strategies between VC and mining [6][7]. Group 3: Structural Constraints - VC funds typically have a lifespan of 7 to 10 years, while mining projects can take 5 to 8 years to develop, creating a mismatch in investment horizons [6]. - The language of valuation in VC focuses on metrics like GMV and user growth, which are not applicable to mining, where the focus is on resource reserves and extraction costs [6][7]. - The exit strategy for mining investments is complicated by the fact that significant profits are realized post-production, while secondary markets allow for easier liquidity [6][7]. Group 4: Alternative Investment Models - Some investors are exploring innovative ways to engage with the mining sector, such as investing in technologies that enhance mining efficiency rather than directly in mining rights [9][10]. - Companies like KoBold Metals are using AI to improve mineral discovery efficiency, attracting VC interest due to their scalable technology model [9]. - Major mining companies are also establishing their own investment arms to focus on strategic technologies rather than relying on external VC funding [10]. Group 5: Future Opportunities - The article suggests that there is potential for creating structures that allow VC to participate in mining cycles, such as longer-term funds or financial instruments that mitigate risks [15][16]. - Collaborative projects between mining companies and VCs, where VCs provide technology and mining firms offer resources, could bridge the gap between the two investment worlds [16]. - The ongoing tightening of supply and advancements in technology may present new opportunities for investment in the mining sector, challenging the current status quo [17].