近日，哈尔滨东盛金材科技（集团）股份有限公司（简称"东盛金材"）在北京证券交易所的上市进程有 了新进展。这家专注于铝合金元素添加剂等新型金属功能材料研发、生产与销售的企业，自2022年9月 向中国证监会黑龙江监管局提交上市辅导备案材料以来，一直在为上市做积极准备。 东盛金材成立于1995年，其产品广泛应用于航空航天、汽车制造、包装及建筑等领域。然而，从招股书 披露的信息来看，东盛金材的业绩并不稳定。数据显示，2021年至2024年上半年，公司营业收入分别为 9.30亿元、10.45亿元、6.58亿元和3.68亿元，净利润分别为0.95亿元、1.22亿元、0.52亿元和0.31亿元。 尤为引人注目的是，2023年公司营收和归母净利润同比分别下滑37.05%和57.53%，净利润降幅甚至触 及了审核红线，引发外界对其持续盈利能力的质疑。 面对业绩波动，东盛金材将原因归结为外部因素。公司指出，主要原材料电解锰的市场价格波动剧烈， 导致公司产品售价随之大幅起伏。同时，疫情对生产和供应链稳定性造成影响，加之能源危机使欧洲市 场需求下滑，进一步影响了公司业绩。尽管东盛金材声称2024年公司经营业绩已明显好转，但2025年 ...

Core Insights - Silver Dragon Co., Ltd. reported a revenue of 1.473 billion yuan for the first half of 2025, marking an 8.85% year-on-year increase, and a net profit of 172 million yuan, which represents a 70.98% year-on-year growth, achieving historical highs for both metrics [1] - The company has a total asset of 4.366 billion yuan and total liabilities of 1.717 billion yuan, resulting in a debt-to-asset ratio of 39.33%, indicating strong solvency [1] Group 1 - The core business of pre-stressed materials remains solid, with significant structural optimization and market expansion leading to increased competitiveness [2] - The company benefited from the commencement of key national projects in railways, water conservancy, bridges, highways, and new energy, which drove steady growth in pre-stressed material sales [2] - High-performance new products such as prestressed steel wires for track slabs and ultra-high-strength steel strands have seen expanded market applications, effectively increasing the overall proportion of high-performance new products [2] Group 2 - The performance of the company's concrete products for rail transit has significantly improved, with key projects contributing notably [2] - The company’s subsidiary has been deeply involved in major projects such as the prefabrication of track slabs for the Xiong'an New Area to Shangqiu railway and stable supply of SK-2 double-block track slabs for the Guangzhou-Zhanjiang high-speed railway [2] - The company is focusing on the intelligent upgrade of rail concrete components, providing intelligent production equipment and achieving technology output to domestic peers and overseas markets [2] Group 3 - The strategic layout of the company's new energy industry is steadily advancing, injecting new momentum into performance growth [3] - The company actively responds to the national "dual carbon" strategy, with its pre-stressed materials successfully applied in emerging fields such as wind power concrete towers and large-span flexible photovoltaic suspension brackets [3] - Sales of pre-stressed materials for new energy applications have significantly increased compared to the previous year, demonstrating the effectiveness of new energy empowerment [3]

Group 1 - The core viewpoint of the report is a recommendation rating for Youfa Group (601686.SH) with a latest price of 6.1 yuan [2] - The reasons for the rating include continuous growth in pipe sales [2] - Future key focus areas include solid advancement in national layout and continuous expansion of market share [2] Group 2 - The report highlights potential risks such as significant fluctuations in raw material prices [2] - It also mentions the possibility of downstream demand not meeting expectations [2] - Additionally, there is a concern regarding the release of production capacity not meeting projections [2]

Core Viewpoint - Dongsheng Jin Cai's listing process on the Beijing Stock Exchange has been updated, with significant issues highlighted in its financial performance and governance structure [1][3]. Financial Performance - Dongsheng Jin Cai's revenue from 2021 to the first half of 2024 shows a decline, with figures of 930 million, 1.045 billion, 658 million, and 368 million respectively. Net profits for the same period were 95 million, 122 million, 52 million, and 31 million [3]. - In 2023, the company's revenue and net profit decreased by 37.05% and 57.53% year-on-year, raising concerns about its sustainability [3][4]. - The company attributes its performance issues to external factors such as raw material price volatility and the impact of the pandemic on production stability [4]. Market Position and Competitiveness - Despite the performance decline, Dongsheng Jin Cai claims a turnaround in 2024, projecting a 13.17% increase in revenue and a 23.40% increase in net profit [4]. - However, in the same market conditions, its 2025 performance is below industry averages, with first-quarter revenue of 173 million and net profit of 11 million compared to industry averages of 3.319 billion and 53 million [4]. Profitability Metrics - Dongsheng Jin Cai maintains a higher gross margin compared to industry peers, with gross margins of 16.62%, 19.26%, 16.78%, and 17.58% from 2021 to the first half of 2024, significantly above the industry average [6]. - The company’s R&D expenditure is notably low, with rates of 0.70%, 1.27%, 1.66%, and 1.26% during the same period, far below the industry average of 3.53% to 9.93% [8]. Expansion Plans - The company plans to issue up to 17 million shares to raise 350 million for production expansion and R&D projects, aiming to double its production capacity [9][10]. - Despite low capacity utilization rates, which were 114.90%, 72%, and 67.98% from 2021 to 2023, the company is pursuing expansion, raising concerns about potential over-financing [10]. Ownership Structure - Dongsheng Jin Cai is a family-controlled enterprise, with the Zhang family holding 84.08% of the shares, leading to potential conflicts of interest in governance and financial decisions [11][12]. - The family has engaged in multiple share transfers and significant cash dividends, raising questions about the motivations behind these financial maneuvers [13][14].

Core Viewpoint - The company, Yuean New Materials (688786.SH), is actively engaged in research and development of soft magnetic powder products, which are currently applied in integrated inductors for high-frequency and high-current scenarios [1] Group 1: Research and Development - The company has collaborated with research institutions to explore relevant technologies [1] - The soft magnetic powder series products developed by the company are specifically designed for high-frequency and high-current applications [1] Group 2: Market and Technology Trends - The third-generation gallium nitride (GaN) semiconductors have specific requirements for inductors regarding high-frequency losses and electromagnetic interference [1] - The primary operational conditions for GaN semiconductors are high-frequency and low-current scenarios, which currently utilize ferrite materials, differing from the company's focus on metallic soft magnetic materials [1] - The company maintains regular academic exchanges with research institutions to stay updated on future technological developments and market directions [1]

证券代码：601137 证券简称：博威合金 公告编号：临 2025-083 债券代码：113069 债券简称：博23转债 宁波博威合金材料股份有限公司 关于召开2025年第二次临时股东大会的通知 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、准确性和完整性承担法律责任。 重要内容提示： 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 3 日 至2025 年 9 月 3 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所上市公司自律监管指引第 1 号—规范运作》等有关 规定执行。 (七) 涉及公开征集股东投票权 不涉及 二、 会议审议事项 本次股东大会审议议案及 ...

General Provisions - The work guidelines for the president of Ningbo Bowei Alloy Materials Co., Ltd. are established in accordance with relevant laws and regulations, including the Company Law and Securities Law [1] Appointment and Dismissal of the President - The president is nominated by the chairman and appointed or dismissed by the board of directors for a term of three years, which can be renewed [2] - The president must possess extensive economic theory, management knowledge, and practical experience, along with strong management capabilities [2] - The president is required to sign an employment contract with the company, clarifying the rights and obligations of both parties [2] Powers of the President - The president is responsible for the overall management of the company and reports to the board of directors [4] - The president has the authority to organize and implement board resolutions, annual plans, and investment proposals [4][5] - The president is also responsible for proposing the appointment or dismissal of key management personnel [4] Work Procedures of the President - The president's office is established to handle daily affairs, and meetings are held to discuss important issues such as long-term development plans and major investment projects [7][9] - Decisions made in meetings are documented and must be implemented by designated personnel [10] Reporting System - The president is required to report the company's operational status to the board of directors quarterly and must ensure the authenticity of these reports [11] - In case of significant incidents or lawsuits, the president must promptly inform the chairman and the board [11] Performance Evaluation and Incentive Mechanism - The performance evaluation of the president and other senior management is conducted by the board's compensation and assessment committee [12] - Compensation is linked to company performance and individual achievements, with the possibility of establishing long-term incentive mechanisms [12]

宁波博威合金材料股份有限公司 关联交易管理制度 （2025 年 8 月修订） 第一章 总则 第二章 关联人 第四条 公司关联人包括关联法人（或者其他组织）和关联自然人。 第五条 具有以下情形之一的法人或其他组织，为公司的关联法人（或者其 他组织）： （一）直接或间接地控制公司的法人（或其他组织）； （二）由前项所述法人（或其他组织）直接或间接控制的除公司、控股子公 司及控制的其他主体以外的法人（或其他组织）； （三）由本制度第七条所列公司的关联自然人直接或间接控制的，或由关联 自然人担任董事（不含同为双方的独立董事）、高级管理人员的，除公司、控股 子公司及控制的其他主体以外的法人（或其他组织）； （四）持有公司5%以上股份的法人（或其他组织）及其一致行动人； 第一条 为保证宁波博威合金材料股份有限公司（以下简称"公司"）与关 联方之间的关联交易符合公平、公正、公开的原则，确保公司的关联交易行为不 损害公司和非关联股东的合法权益，根据《中华人民共和国公司法》、《中华人 民共和国证券法》、《上海证券交易所股票上市规则》（以下简称《上市规则》） 等有关法律、法规、规范性文件及公司章程的有关规定，制定本制度。 第二条 ...

宁波博威合金材料股份有限公司 募集资金管理制度 （2025年8月修订） 第一章 总 则 第一条 为了规范宁波博威合金材料股份有限公司（以下简称"公司"）募 集资金的使用与管理，提高募集资金使用效益，保护投资者的合法权益，根据《中 华人民共和国公司法》《中华人民共和国证券法》《首次公开发行股票注册管理 办法》《上市公司募集资金监管规则》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第1号——规范运作》及其他有关规定，制定 本制度。 第二条 本制度所称募集资金系指公司通过发行股票或者其他具有股权性质 的证券，向投资者募集并用于特定用途的资金监管，但不包括公司为实施股权激 励计划募集的资金。 第三条 公司董事会应当持续关注募集资金存放、管理和使用情况，有效防 范投资风险，提高募集资金使用效益。 第四条 公司的董事和高级管理人员应当勤勉尽责，督促公司规范使用募集 资金，自觉维护公司募集资金安全，不得操纵、参与、协助或纵容公司擅自或变 相改变募集资金用途。 第五条 公司控股股东、实际控制人及其他关联人不得直接或者间接占用或 者挪用公司募集资金，不得利用公司募集资金及募集资金投资项目（以下简称"募 ...

宁波博威合金材料股份有限公司 股东会议事规则 （2025 年 8 月修订） 第一章 总则 第一条 为规范宁波博威合金材料股份有限公司（以下简称"公司"）股东会的议 事方法和程序，保证股东会依法行使职权，根据《公司法》、 《证券法》、 《上市公司治 理准则》、 《上市公司股东会规则》等有关法律、法规及《公司章程》的规定，制定本 规则。 第二条 公司股东会是公司的权力机构，应遵照第一条规定的法律、法规、规范 性文件及本规则规定的职权范围内行使职权。 第三条 公司应当严格按照法律、行政法规、 《公司章程》及本规则的相关规定召 开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当勤勉 尽责，确保股东会正常召开和依法行使职权。 第二章 股东会的一般规定 第四条 公司股东会由全体股东组成。股东会是公司的权力机构，公司股东会依 法行使下列职权： （一）选举和更换非由职工代表担任的董事、独立董事，决定有关董事的报酬及 独立董事的津贴事项； （十三）审议法律、行政法规、部门规章和《公司章程》等规定应当由股东会决 定的其他事项。 第五条 本公司发生的交易（提供担保、提供财务资助 ...