证券日报网讯 8月26日晚间，瑞泰科技发布公告称，2025年半年度公司实现营业收入1，963，581， 743.24元，同比下降12.43%；归属于上市公司股东的净利润为22，599，588.90元，同比下降39.69%。 （编辑 何成浩） ...

格隆汇8月26日丨北京利尔(002392.SZ)公布2025年半年度报告，上半年公司实现营业收入34.57亿元，同 比增长8.22%；归属于上市公司股东的净利润2.18亿元，同比增长0.18%；归属于上市公司股东的扣除非 经常性损益的净利润1.29亿元，同比下降38.26%；基本每股收益0.18元。 ...

瑞泰科技8月26日披露的半年报显示，公司上半年实现营业收入19.64亿元，同比下降12.43%；归属于上 市公司股东的净利润2259.96万元，同比下降39.69%；基本每股收益0.0978元。 ...

瑞泰科技8月26日公告，公司董事会近日收到总经理陈荣建提交的辞职报告，陈荣建因工作调整原因申 请辞去公司总经理职务，辞职报告自送达董事会之日起生效。辞职后，陈荣建将继续担任公司党委书 记、第八届董事会董事长（法定代表人）等。经公司董事会提名委员会审核，公司于2025年8月25日召 开第八届董事会第十六次会议，审议通过了《关于聘任公司总经理的议案》，同意聘任王华为公司总经 理，任期自本次董事会审议通过之日起至本届董事会任期届满日止。 ...

朝闻国盛 杰克逊霍尔：不止放鸽，还有政策框架修订 今日概览 证券研究报告 | 朝闻国盛 gszqdatemark 2025 08 25 年 月 日 【宏观】高频半月观—8 月以来出口表现仍强——20250824 【宏观】杰克逊霍尔：不止放鸽，还有政策框架修订——20250823 重磅研报 【固定收益】资金宽松，杠杆下降——流动性和机构行为跟踪—— 20250823 【银行】2025上半年各地信贷增速及贷款利率有何变化？——20250824 【电子】消费电子进入新品发布旺季，板块估值重塑可期——20250824 【建筑】联检科技（301115.SZ）-并购拓疆步入收获期，检测龙头迎新 增长拐点——20250824 【食品饮料】安琪酵母（600298.SH）-以史为鉴，大周期起点 —— 20250824 【金融工程】食品饮料终于迎来日线级别上涨——20250824 【金融工程】择时雷达六面图：本周估值分数继续下行——20250823 【固定收益】债对股的敏感性或下降——20250824 【固定收益】化债见成果——各地 2025 年 H1 经济财政债务盘点—— 20250823 【电力设备】威力传动（300904. ...

Core Viewpoint - The company reported a revenue of 2.79 billion with a year-on-year growth of 3.6%, but the net profit attributable to shareholders decreased by 48% to 69 million [1] Group 1: Financial Performance - In the first half of 2025, the company's revenue was 2.79 billion, reflecting a 3.6% increase year-on-year, while the net profit attributable to shareholders was 69 million, down 48% [1] - For Q2 2025, the company achieved a revenue of 1.45 billion, a year-on-year increase of 3.9%, but the net profit attributable to shareholders dropped by 79% to 14 million, primarily due to a credit impairment provision of 32.14 million [2] Group 2: Market Environment - The domestic refractory materials industry is under pressure, with national production of refractory materials in the first half of 2025 at 10.6287 million tons, a decrease of 3.69% year-on-year, and crude steel production at 515 million tons, down 3% [2] - Domestic sales amounted to 1.95 billion, a decline of 1.4%, with a domestic gross margin of 12.1%, down 3.17 percentage points year-on-year [2] Group 3: Business Developments - The company signed a supplemental agreement with Greenme, committing to supply approximately 500,000 tons of active magnesium oxide from 2025 to 2028, which is expected to secure the company's profit base for the next three years [2] - The active magnesium oxide business is progressing steadily, with potential orders and a focus on markets in Indonesia and Africa, while production capacity is being established in the US and Serbia [3] Group 4: Future Outlook - The company expects revenues of 270 million and 550 million for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 32 and 15, indicating a buy rating [4]

丨证券研究报告丨 联合研究丨公司点评丨濮耐股份（002225.SZ） [Table_Title] 活性氧化镁供货元年 与格林美长单锁定 2026 年高增长 报告要点 [Table_Summary] 公司披露 2025H1 业绩：收入 27.9 亿，同比增长 3.6%；归属净利润 0.69 亿，同比下降 48%。 分析师及联系人 [Table_Author] 王鹤涛 范超 李金宝 肖百桓 SAC：S0490512070002 SAC：S0490513080001 SAC：S0490516040002 SAC：S0490522080001 SFC：BQT626 SFC：BQK473 SFC：BVZ972 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 濮耐股份（002225.SZ） cjzqdt11111 [Table_Title 活性氧化镁供货元年 2] 与格林美长单锁定 2026 年高增长 [Table_Summary2] 事件描述 公司披露 2025H1 业绩：收入 27.9 亿，同比增长 3.6%，归属净利润 0.69 亿，同比下降 48%。 事件评论 单季 ...

盈利预测与投资建议：濮耐股份是国内耐火材料龙头企业之一，短期来看，国内耐材主业或触底；海外 耐材依托美国和塞尔维亚两大工厂业务稳中向好；第二成长曲线活性氧化镁正式启动，利润弹性可观， 近期公司与格林美签署战略合作补充协议，约定到2028 年底格林美意向订单量合计50 万吨，进一步保 障公司出货，考虑公司产能按计划顺利投放，近几年活性氧化镁有望呈现高增走势。考虑去年下半年以 来国内钢铁行业形势严峻，对主业经营产生一定扰动，叠加部分海外业务减值计提，我们下调濮耐股份 盈利预测，预计公司2025-2027 年归母净利润分别为2.3 亿元、4.2 亿元、5.9 亿元，对应PE 分别为 34X、19X、13X，维持"买入"评级。 风险提示：钢铁产量大幅下行风险；海外业务拓展不及预期风险；活性氧化镁产能投放不及预期风险 利润率走低主要受国内耐材降价影响，后续有望随海外两大业务占比提升而稳步回升。2025H1 公司综 合毛利率17.22%，同比减少1.85pct，其中Q1-Q2 毛利率分别为17.95%和16.55%，分别同比减少 1.75pct、1.93pct。 同比来看，毛利率有所下降主因系国内耐材价格同比继续下行；环 ...

Core Viewpoint - The company, Mingguang Rierjinda Technology Co., Ltd., is facing scrutiny from regulatory authorities due to inconsistencies in its performance metrics compared to industry trends, as well as a lack of revenue from products that were supposed to be mass-produced in the past two years [1][2]. Financial Performance - The company's revenue for the years 2022 to 2024 was reported as 403 million yuan, 467 million yuan, and 476 million yuan respectively, while the net profit attributable to the parent company was 59.85 million yuan, 92.27 million yuan, and 84.84 million yuan for the same years [3]. - The total assets as of December 31, 2024, were approximately 756.78 million yuan, with total equity of about 587.89 million yuan, reflecting an increase from the previous year [4]. Profitability Metrics - The company's gross margin has shown a significant increase, with rates of 32.26%, 37.74%, and 39.72% from 2022 to 2024, compared to comparable companies' average gross margins of 18.86%, 17.95%, and 15.86% [5]. - The company attributes its higher gross margin to increased sales to foreign clients, particularly Northern Steel in Russia, which has led to higher product pricing [5]. Market Dynamics - The overall production of refractory materials in China has been declining since 2020, particularly in the steel industry, which is expected to see a year-on-year decrease in pig iron production in 2024 [4]. - The company claims that structural adjustments in the industry have provided opportunities for growth, supported by stable customer demand and increasing recognition from overseas clients [5]. Investment and Funding - The company plans to reduce its fundraising target from 473 million yuan to 335 million yuan, with funds allocated for projects related to carbon capture technology and the expansion of production lines [8]. - Regulatory authorities have raised concerns regarding the necessity and rationale behind the investment in products that have not generated revenue in recent years, specifically non-metallic furnace grates and supports [10]. Production Capacity and Utilization - The company has reported that its production capacity for certain products has not been fully utilized, with utilization rates of 62.10% for high furnace body linings and 76.68% for other non-shaped refractory products in 2024 [12]. - The company plans to produce 410 tons of non-metallic furnace grates and supports, citing potential customer demand as a justification for this investment [10].

2024年1至12月份，中钢洛耐的营业收入构成为：耐火材料占比97.62%，其他业务占比2.38%。 中钢洛耐（SH 688119，收盘价：4.45元）8月19日晚间发布公告称，近日，公司收到国新双百壹号出具 的《关于减持股份计划完成暨减持股份结果的告知函》，国新双百壹号在2025年7月25日至2025年8月18 日期间，合计减持公司股份约562万股，占公司总股本比例为0.5%。 （文章来源：每日经济新闻） ...