Financial Performance - Company reported a total revenue of 474 million yuan for the first half of 2025, an increase of 18.47% year-on-year [1] - Net profit attributable to shareholders reached 11.31 million yuan, up 163.01% compared to the previous year [1] - Gross profit margin decreased to 15.01%, down 9.59% year-on-year, while net profit margin improved to 1.63%, an increase of 117.79% [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 69.12 million yuan, accounting for 14.57% of revenue, a decrease of 23.81% year-on-year [1] Cash Flow and Debt Management - Operating cash flow per share increased to 0.19 yuan, a significant rise of 179.86% year-on-year [1] - The company’s cash and cash equivalents decreased by 34.79% to 102 million yuan due to repayment of financing loans [1] - Interest-bearing liabilities decreased by 20.22% to 768 million yuan [1] Accounts Receivable and Financial Health - Accounts receivable accounted for 40.23% of total revenue, indicating a significant amount of outstanding payments [1] - The company’s net asset value per share fell to 1.27 yuan, down 40% year-on-year [1] - The company has faced challenges with a historical average return on invested capital (ROIC) of 4.72%, with the worst year being 2024 at -20.38% [11] Business Operations and Future Outlook - The company focuses on two core business areas: lithium-ion battery materials and electronic product cooling solutions [14] - Plans to optimize production processes in the lithium-ion battery materials sector and enhance competitiveness in the cooling products market [14] - The company aims to expand its overseas market presence, particularly in the cooling products segment, to increase market share and brand competitiveness [17]

Financial Performance - In Q1 2025, the company achieved a revenue of CNY 281 million, representing a year-on-year growth of 21.01% [2] - The net profit attributable to shareholders was CNY 5.08 million, with a year-on-year increase of 60.54% [2] Product Portfolio - The company's thermal management products include consumer electronics cooling products, computer systems and peripherals, and LED lighting heat dissipation components [3] - Key products in the consumer electronics segment are water and air cooling systems, primarily used for CPU cooling [3] Technology and Innovation - The company has developed several core technologies in the lithium-ion battery materials sector, including green recycling techniques for used lithium iron phosphate batteries and efficient leaching processes for valuable metals [3] - R&D investment for 2024 amounted to CNY 66.97 million, focusing on recycling processes and high-performance cooling systems [4] Growth Strategy - The company aims to enhance profitability by integrating resources in the lithium-ion battery materials sector and optimizing production costs [3] - Plans to expand overseas market presence, particularly in emerging markets, while focusing on high-end market positioning for thermal products [3] Industry Outlook - The lithium-ion battery materials industry faces challenges such as overcapacity and intensified market competition, impacting overall performance [4] - The company’s performance trends align with the broader industry dynamics [4] Legal Matters - The company is actively monitoring ongoing litigation and has reached a settlement in a contract dispute, although recovery of funds is still pending [4]

创业板投资风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资 者面临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的 风险因素，审慎作出投资决定。 山东海科新源材料科技股份有限公司 Shandong Hi-tech Spring Material Technology Co., Ltd. （山东省东营市东营高新技术产业开发区邹城路 23 号） 首次公开发行股票并在创业板上市 招股意向书 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 山东海科新源材料科技股份有限公司 招股意向书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或者保证。 任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行 ...

创业板投资风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资 者面临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的 风险因素，审慎作出投资决定。 山东海科新源材料科技股份有限公司 Shandong Hi-tech Spring Material Technology Co., Ltd. （山东省东营市东营高新技术产业开发区邹城路 23 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本 招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以 正式公告的招股说明书作为投资决定的依据。 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 山东海科新源材料科技股份有限公司 招股说明书（注册稿） 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性 ...