Core Viewpoint - The article highlights the strong performance and growth potential of Boyun New Materials, particularly in the aerospace and high-performance materials sectors, driven by increasing demand for carbon-based materials in advanced applications [4][5][6]. Financial Performance - Boyun New Materials reported a revenue of 396 million yuan for the first half of 2025, representing a year-on-year growth of 30.98% [4]. - The net profit attributable to shareholders reached 8.46 million yuan, showing a significant increase of 266.37% year-on-year [4]. - The gross margin for the first half of 2025 was 21.15%, up by 4.09 percentage points compared to the previous year [4]. Business Segmentation - High-performance hard alloys and related materials accounted for 59.80% of the company's revenue, while aerospace and civilian carbon/carbon composite materials generated 131 million yuan, making up 37.40% of the total [4]. - The company has seen a 40% year-on-year increase in aerospace orders, with the C919 aircraft's mass production significantly boosting brake system deliveries [4]. Market Opportunities - The aerospace sector is creating new opportunities for the entire carbon fiber supply chain, with global demand for aerospace carbon fiber projected to reach 26,400 tons in 2024, marking a 20% increase [7]. - The domestic market for carbon brake discs is expected to grow as the C919 and ARJ21 aircraft enter commercial operation, with significant potential in the AM and OEM markets [7]. Technological Advancements - Carbon/carbon composites are essential materials for high-end equipment due to their lightweight, high-temperature resistance, and ablation resistance [6]. - The introduction of carbon/ceramic composites enhances oxidation resistance and wear resistance, making them suitable for high-end automotive brake systems [6]. Company Background - Boyun New Materials was established in 2001 and successfully listed on the Shenzhen Stock Exchange in 2009. It specializes in the research, production, and sales of aerospace brake systems, carbon/carbon composites, and high-performance hard alloys [5]. - The company is the only domestic enterprise covering the entire chain from carbon/carbon materials to brake systems and airworthiness certification, holding a 100% market share for the C919 [5].