上海唯赛勃新材料股份有限公司2025 年半年度报告 公司代码：688718 公司简称：唯赛勃 上海唯赛勃新材料股份有限公司 上海唯赛勃新材料股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细描述了可能存在的相关风险，敬请查阅本报告"第三节管理层讨论与 分析"之"四、风险因素"中关于公司可能面临的各种风险及应对措施的相关描述。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人谢建新、主管会计工作负责人孙桂萍及会计机构负责人（会计主管人员）孙桂 萍声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 分配方案的议案》，公司拟以实施权益分派股权登记日登记的总股本扣减公司回购专用证券账户 中股份为基数,向全体股东每 10 股派发现金红利 1.16 元（含税）。截至本公告披露日，公司总 股本 173,754,389 股，扣减回购专用证券账户 ...

证券日报网讯 8月22日晚间，瑞华泰发布公告称，2025年半年度公司实现营业收入181，931，302.33 元，同比增长37.86%；归属于上市公司股东的净利润为-33，734，236.57元。 （编辑 何成浩） ...

2025年上半年，公司期间费用为7451.60万元，较上年同期增加1506.50万元；期间费用率为40.96%，较 上年同期下降4.09个百分点。其中，销售费用同比增长1.96%，管理费用同比增长22.57%，研发费用同 比增长1.53%，财务费用同比增长58.13%。 资料显示，深圳瑞华泰薄膜科技股份有限公司位于广东省深圳市宝安区松岗街道办华美工业园，成立日 期2004年12月17日，上市日期2021年4月28日，公司主营业务涉及从事高性能PI薄膜的研发、生产和销 售。主营业务收入构成为：高性能PI薄膜97.93%，其他PI薄膜及加工1.21%，其他(补充)0.85%。 瑞华泰所属申万行业为：基础化工-塑料-膜材料。所属概念板块包括：商业航天（航天航空）、小盘、 柔性电子、专精特新、新材料等。 8月22日，瑞华泰发布2025年半年报。报告显示，公司上半年营业收入为1.82亿元，同比增长37.86%； 归母净利润为-3373.42万元，同比增长6.64%；扣非归母净利润为-3408.28万元，同比增长7.33%；基本 每股收益-0.19元。 报告期内，瑞华泰基本每股收益为-0.19元，加权平均净资产收益率为- ...

截至3月31日，泛亚微透股东户数3804.00，较上期增加7.06%；人均流通股18401股，较上期减少6.60%。2025年1月-3月，泛亚微透实现营业收入1.31亿元，同比增长26.60%；归母净利润 分红方面，泛亚微透A股上市后累计派现1.12亿元。近三年，累计派现7700.00万元。 责任编辑：小浪快报 资金流向方面，主力资金净流出1139.75万元，特大单买入521.90万元，占比8.67%，卖出2308.55万元，占比38.34%；大单买入1904.18万元，占比31.62%，卖出1257.28万元，占比2 泛亚微透今年以来股价涨191.77%，近5个交易日涨4.81%，近20日涨22.69%，近60日涨65.91%。 资料显示，江苏泛亚微透科技股份有限公司位于江苏省常州市武进区礼嘉镇前漕路8号，成立日期1995年11月8日，上市日期2020年10月16日，公司主营业务涉及膨体聚四氟乙烯膜(ePTFE)等 泛亚微透所属申万行业为：基础化工-塑料-膜材料。所属概念板块包括：历史新高、消费电子、专精特新、小盘、华为概念等。 8月22日，泛亚微透盘中下跌2.04%，截至10:11，报67.60元/股，成 ...

Investment Rating - The report provides a standard investment rating for the chemical industry, indicating a positive outlook for specific sectors within the industry [5]. Core Insights - The report highlights the impact of the explosion at Kanto Denka's facility in Japan, which is expected to create opportunities for domestic electronic gas suppliers as Kanto Denka holds a 90% market share in nitrogen trifluoride production in Japan [6][13]. - The first World Humanoid Robot Games held in Beijing is seen as a catalyst for the robotics industry's development, showcasing technological innovation and attracting talent [6][14]. - The report emphasizes the structural optimization of supply in the chemical sector, suggesting a focus on sectors with significant elasticity and competitive advantages, such as organic silicon and membrane materials [6][15]. Industry Performance - The report notes that during the week of August 11 to August 15, 2025, the CSI 300 index rose by 2.37%, while the Shenwan Basic Chemical Index increased by 2.46%, outperforming the market slightly [6][18]. - The top-performing sub-sectors included modified plastics (up 12.29%) and fluorochemicals (up 5.81%), while the worst performers were civil explosives (down 3.02%) and compound fertilizers (down 1.81%) [6][19]. Price Trends - Key products that saw price increases included hydrochloric acid (up 15.38%) and propylene (up 4.00%), while notable declines were observed in butanone (down 7.16%) and liquid ammonia (down 5.89%) [6][26]. - The report tracks price differentials, with significant increases in the propylene-propane differential (up 33.47%) and decreases in the bisphenol A-phenol differential (down 26.57%) [6][28]. Investment Recommendations - The report suggests focusing on sectors that may benefit from supply-side reforms, particularly organic silicon, membrane materials, and dye sectors, with recommended companies including Hoshine Silicon Industry and Zhejiang Longsheng [6][15]. - It also highlights the growing demand for health additives and sugar substitutes driven by new consumer trends, recommending companies that emphasize technological and product differentiation [6][16][17].

Group 1: Key Recommendations - The report recommends 盛业 (06069) as a supply chain technology leader with a projected revenue growth of 24%/26%/24% and net profit growth of 43%/46%/33% from 2025 to 2027, with a target price of 21.65 HKD, indicating a potential upside of 62.9% [4] - 百亚股份 (003006) is highlighted as a leading regional sanitary napkin brand, with expected revenue growth of 26.33%/26.10%/25.11% and net profit growth of 28.20%/41.27%/37.43% from 2025 to 2027, driven by online strategy optimization and scale effects [5] - 日久光电 (003015) is identified as a leader in the membrane materials sector, with projected revenue growth of 36%/26%/20% and net profit growth of 112%/58%/32% from 2025 to 2027, benefiting from new product applications in automotive displays [6][9] Group 2: Industry Insights - The macroeconomic report indicates that excess household savings since 2020 amount to approximately 4.25 trillion, suggesting that the capital market may become a key outlet for these funds, potentially enhancing market liquidity and investor participation [10] - The A-share strategy report notes a divergence in index performance, with a "systematic slow bull" market outlook, suggesting that investors should maintain current positions and look for mid-term opportunities amidst potential short-term volatility [11][12]

Group 1 - The core viewpoint of the article emphasizes the positive impact of the "anti-involution" policy on the chemical industry, leading to a recovery in market sentiment and price increases [2][3] - The Central Financial Committee's meeting on July 1 highlighted the need to govern low-price disorderly competition and promote the orderly exit of backward production capacity, which is expected to enhance the overall industry environment [2] - The CITIC Basic Chemical Industry Index rose by 6.41% in June, with sub-sectors like lithium battery chemicals, inorganic salts, and membrane materials showing strong performance [2] Group 2 - The "anti-involution" policy is expected to optimize production capacity structures and accelerate technological upgrades within the chemical industry [2][3] - The policy will lead to the gradual exit of small and backward enterprises, particularly in industries like dyes and titanium dioxide, thereby increasing market concentration and enhancing pricing power for industry leaders [2] - The shift from price competition to product differentiation is anticipated as companies will be encouraged to invest more in technological innovation rather than competing solely on price [2][3] Group 3 - The new round of "anti-involution" regulation not only targets traditional industries but also emerging sectors like new energy vehicles and lithium batteries, indicating a long-term premium space for green chemicals [3] - The policy aims to prevent overcapacity in high-end products by discouraging excessive competition in popular sectors such as lithium materials [3] - The overall goal of the "anti-involution" initiative is to enhance export competitiveness and drive up export prices, despite potential short-term volatility for small enterprises undergoing transformation [3]

Quantitative Models and Construction Methods - **Model Name**: 250-Day New High Distance **Model Construction Idea**: The model tracks the distance of the latest closing price from the highest closing price in the past 250 trading days to identify stocks or indices that are close to their recent highs, which can serve as market trend indicators[11][19] **Model Construction Process**: The formula for calculating the 250-day new high distance is: $ 250 \text{-day new high distance} = 1 - \frac{\text{Closet}}{\text{ts\_max(Close, 250)}} $ - Closet represents the latest closing price - ts_max(Close, 250) represents the maximum closing price in the past 250 trading days If the latest closing price reaches a new high, the distance is 0; if the price falls from the new high, the distance is a positive value indicating the degree of decline[11] **Model Evaluation**: The model effectively captures momentum and trend-following strategies, which have been validated by various studies[11][19] Quantitative Factors and Construction Methods - **Factor Name**: Stable Momentum Factor **Factor Construction Idea**: The factor focuses on stocks with smooth price paths and consistent momentum, as smoother trajectories tend to generate stronger momentum effects[26][28] **Factor Construction Process**: Stocks are filtered based on the following criteria: - **Analyst Attention**: At least 5 buy or overweight ratings in the past 3 months - **Relative Strength**: Top 20% in terms of 250-day price change across the market - **Price Stability**: - **Price Path Smoothness**: Calculated using the ratio of price displacement to price path length - **Momentum Continuity**: Average 250-day new high distance over the past 120 days - **Trend Extension**: Average 250-day new high distance over the past 5 days Stocks meeting these criteria are ranked, and the top 50% are selected[26][28] **Factor Evaluation**: The factor leverages behavioral finance insights, such as the "boiling frog effect," to identify stocks with underappreciated momentum, enhancing its predictive power[26][28] Model Backtesting Results - **250-Day New High Distance Model**: - **Indices**: - Shanghai Composite Index: 0.33% - Shenzhen Component Index: 2.84% - CSI 300: 3.03% - CSI 500: 0.49% - CSI 1000: 0.00% - CSI 2000: 0.00% - ChiNext Index: 8.24% - STAR 50 Index: 6.45%[12][13][16] Factor Backtesting Results - **Stable Momentum Factor**: - **Selected Stocks**: 44 stocks identified as stable momentum stocks, including Borui Pharmaceutical, Shijia Photon, Zhongcai Technology, etc[29][31][33] - **Sector Distribution**: - Manufacturing: 13 stocks - Cyclical: 11 stocks - Others: Remaining stocks distributed across various sectors[29][31][33]

Core Viewpoint - Nanjing Membrane Materials is a key player in the development and supply of specialized membrane materials and equipment, focusing on the biomanufacturing industry and participating in the upcoming SynBioCon 2025 conference [1][16]. Group 1: Company Overview - Nanjing Membrane Materials Industry Technology Research Institute is a collaborative innovation entity established with the support of Nanjing University of Technology, focusing on high-performance membrane material research and production, as well as the manufacturing of complete membrane separation equipment [7]. - The company provides integrated technology and equipment for fermentation, enzyme catalysis, separation, and purification processes in bioproducts, with a strong emphasis on engineering applications in the fields of biobased products such as succinic acid, long-chain dicarboxylic acids, and amino acids [7]. Group 2: Product Introduction - High-precision ceramic membranes are designed for the separation and purification of fermentation and enzyme reaction liquids, featuring small and narrowly distributed pore sizes, high flux, and excellent anti-pollution performance [9][10]. - Special nanofiltration membranes are resistant to acids, bases, and solvents, with molecular weight cut-offs of 200, 400, and 600 Da, enabling specific separation needs such as desalting, concentration, and decolorization [11][12]. - The multi-component concentration detection instrument, SENSAP, allows for rapid detection of various substances, including glucose and lactic acid, with a detection time of less than 1 minute and high precision [13][15]. Group 3: Industry Events - The SynBioCon 2025 conference will be held from August 20-22, 2025, in Ningbo, Zhejiang, focusing on AI and biomanufacturing, as well as four key application areas: green chemicals and new materials, future food, future agriculture, and beauty raw materials [16]. - The conference will feature a special session, "Biomanufacturing Youth Forum," aimed at providing insights into scientific issues, solutions, results, scalability, and future directions in the research field [16].

Group 1 - Tiande Yu achieved a net profit of 1.52 billion yuan in the first half of 2025, a year-on-year increase of 50.89% [1] - Tiande Yu's operating income for the same period was 12.08 billion yuan, reflecting a growth of 43.35% year-on-year [1] - Fule New Materials plans to reduce its shareholding by up to 1.33%, amounting to 376.25 million shares, due to personal funding needs [1] - Jindi Co. signed an industrial project investment contract with a total investment of no less than 1.5 billion yuan [1] Group 2 - Tuo Xin Pharmaceutical intends to invest 10 million yuan in Jiangsu Jinsan Biotechnology, acquiring a 1.75% stake [1] - Pinming Technology expects a net profit of 28 million to 34 million yuan for the first half of 2025, a year-on-year increase of 231.79% to 302.89% [4] - Shuanglin Co. anticipates a net profit of 251 million to 310 million yuan, representing a growth of 1% to 25% year-on-year [7] Group 3 - Kangxino received approval for clinical trials of its trivalent poliovirus vaccine [8] - Bailian Co. signed a land storage compensation contract worth approximately 2 billion yuan [9] - Wukuang Development plans to issue short-term financing bonds and medium-term notes totaling up to 2 billion yuan each [10] Group 4 - Hengxin Life intends to invest 10 million yuan in a targeted equity investment [12] - Hengyin Technology expects a net profit of 13.5 million to 16.2 million yuan, marking a turnaround from losses [14] - *ST Jinglun anticipates a net loss of 19 million to 22 million yuan for the first half of 2025 [15] Group 5 - Baiyun Electric won a bid for a State Grid project worth 164 million yuan [16] - Zhejiang Energy completed a power generation of 788.48 billion kWh in the first half of 2025, a year-on-year increase of 4.48% [17] - Sheneng Co. reported a power generation of 259.51 billion kWh, a decrease of 1.7% year-on-year [19] Group 6 - Hengerd signed a strategic cooperation framework agreement with Tiangong International [21] - Baotai's application for the listing of Golimumab injection has been accepted by the FDA [23] - Yishitong received a government subsidy of 2 million yuan [24] Group 7 - Jinggong Steel signed a contract worth approximately 550 million yuan for the Jeddah Stadium project in Saudi Arabia [26] - Zhongwang Software received a government subsidy of 28 million yuan [27] - Rongxin Culture used idle funds of 100 million yuan to purchase financial products [29] Group 8 - Lingxiao Pump Industry invested 80 million yuan in financial products [31] - China Pacific Insurance reported a total original insurance premium income of 282 billion yuan from its subsidiaries [32] - Kema Technology expects a net profit of 165 million to 175 million yuan, a year-on-year increase of 18.59% to 25.77% [32] Group 9 - Qujiang Cultural Tourism anticipates a net loss of approximately 13 million to 16.9 million yuan [32] - Daoshi Technology expects a net profit of 220 million to 238 million yuan, a year-on-year increase of 98.77% to 115.03% [32] - Baicheng Medicine forecasts a net profit decline of 95.53% to 100% [33] Group 10 - Bertley plans to invest 198 million yuan to establish a partnership for investments in emerging fields [34] - China Merchants Highway announced the resignation of its chairman due to reaching retirement age [35] - Overseas Chinese Town A reported a 29% decrease in contract sales amount in June [36]