证券代码：688129 证券简称：东来技术 公告编号：2025-028 东来涂料技术（上海）股份有限公司 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、准确性和完整性依法承担法律责任。 东来涂料技术（上海）股份有限公司（以下简称"公司"）于2025年8月21日 召开第三届董事会薪酬与考核委员会第八次会议及第三届董事会第十四次会议，审 议通过了《关于作废部分已授予尚未归属的限制性股票的议案》，现将有关事项说 明如下： （三）2024年8月2日至2024年8月11日，公司对本次激励计划拟激励对象名单 在公司内部进行了公示。在公示期内，未收到任何人对拟激励对象提出的异议。 于公司2024年限制性股票激励计划激励对象名单的核查意见及公示情况说明》（公 告编号：2024-038）。 （四）2024年8月19日，公司召开2024年第二次临时股东大会，审议通过了 《关于公司<2024年限制性股票激励计划（草案）>及其摘要的议案》《关于公司 <2024年限制性股票激励计划实施考核管理办法>的议案》及《关于提请股东大会授 权董事会办理公司2024年限制性股票激励计划相关事 ...

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 65.34 [1][4]. Core Insights - The company reported a revenue of RMB 889 million for the first half of 2025, representing a year-on-year increase of 17%. The net profit attributable to shareholders was RMB 110 million, up 49% year-on-year, while the net profit excluding non-recurring items was RMB 95 million, reflecting a 56% increase [1][2]. - The growth in revenue is driven by a significant increase in sales of wind power coatings, which saw an 84% year-on-year increase in volume, reaching 9,400 tons, and a 72% increase in revenue to RMB 280 million [2][3]. - The company is expanding its overseas market presence and has established sales and R&D teams in Europe, with new product lines expected to contribute to future growth [3][4]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a gross margin of 23.5%, an increase of 3.9 percentage points year-on-year, with a total operating expense ratio of 10.9%, up 2.1 percentage points year-on-year [2]. - The company plans to distribute a dividend of RMB 0.68 per share, totaling RMB 72 million, which represents 65% of the net profit for the first half of the year [3]. Profit Forecast and Valuation - The profit forecast for the company remains unchanged, with expected net profits of RMB 260 million, RMB 310 million, and RMB 380 million for 2025, 2026, and 2027 respectively. The corresponding EPS is projected to be RMB 2.42, RMB 2.87, and RMB 3.54 [4][8]. - The target price of RMB 65.34 is based on a 27x PE ratio for 2025, reflecting the company's smaller scale compared to peers [4][15].

Core Viewpoint - The company, Feilu Co., has experienced significant stock price fluctuations and operational challenges, leading to a temporary suspension of trading to ensure fair information disclosure and protect investor interests [2]. Group 1: Stock Performance - Prior to the announcement of the trading suspension, the company's stock price had increased for five consecutive trading days, with gains of 6.63%, 5.49%, 6.78%, 7.08%, and 10.4%, resulting in a cumulative increase of 42% [2]. Group 2: Financial Performance - In 2024, Feilu Co. reported a revenue of 518 million yuan, a decrease of 37.2% year-on-year, and a net loss attributable to shareholders of 140 million yuan, a decline of 776.3% [2]. - For the first half of 2025, the company achieved total revenue of 238 million yuan, an increase of 48.77% year-on-year, and a net loss attributable to shareholders of 39 million yuan, an improvement of 18.97% [2]. Group 3: Corporate Governance - Prior to the transfer of control, the company's major shareholder, Zhang Weiguo, stepped down as chairman and was appointed as honorary chairman [3]. - Following a board reshuffle, Li Zhenxiang was elected as the new chairman, but later resigned due to work adjustments [3]. - Zhang Jianjia, son of Zhang Weiguo, was subsequently appointed as the new chairman, although he did not hold any shares at that time [3].

Core Viewpoint - The company, Feilu Co., Ltd. (300665.SZ), is undergoing a change in control involving share transfer agreements and issuance of shares to specific parties, leading to a temporary suspension of its stock trading to ensure fair information disclosure and protect investor interests [1][2]. Group 1: Company Background - Feilu Co., Ltd. specializes in the research, production, sales, and service of corrosion and protection materials for metal surfaces, non-metal surfaces, and concrete surfaces. Its main products include anti-corrosion coatings, waterproofing materials, and adhesive materials, with services encompassing integrated coating and construction [3]. Group 2: Recent Stock Performance - Prior to the announcement of the control change, the company's stock price had been on an upward trend, with increases of 6.63%, 5.49%, 6.78%, 7.08%, and 10.4% on August 15, 18, 19, 20, and 21 respectively, culminating in a total increase of 42% over five trading days [3]. Group 3: Financial Performance - In 2024, the company reported a revenue of 518 million yuan, a decrease of 37.2% year-on-year, and a net loss attributable to shareholders of 140 million yuan, down 776.3% year-on-year [5]. - For the first half of 2025, the company achieved total revenue of 238 million yuan, an increase of 48.77% year-on-year, and a net loss attributable to shareholders of 39 million yuan, an improvement of 18.97% year-on-year [6]. Group 4: Shareholder Changes - As of the latest disclosure, the controlling shareholder and actual controller, Zhang Weiguo, holds 41.3 million shares, representing 21.8% of the company [7]. - Prior to the control change, Zhang Weiguo stepped down as chairman of the board, with Li Zhenxiang elected as the new chairman. Subsequently, Zhang Jianjia, Zhang Weiguo's son, was appointed as chairman [8][9].

Group 1 - The core point of the news is that Feilu Co., Ltd. (300665) is undergoing a potential change in control, with its stock suspended from trading since August 22 [1][2] - The company announced that the controlling shareholder, Zhang Weiguo, is planning a change in control involving share transfer agreements, voting rights delegation, and issuance of shares to specific parties [1][2] - The stock suspension is expected to last no more than two trading days [3] Group 2 - In the first half of 2025, Feilu Co., Ltd. achieved operating revenue of 238 million yuan, a year-on-year increase of 48.77%, driven by increased demand from rail transit equipment customers [3] - The company specializes in anti-corrosion and waterproof materials for rail transit, with main products including anti-corrosion coatings and waterproof protective materials [3] - In the anti-corrosion business segment, the company reported revenue of 139 million yuan, a year-on-year increase of 60.63% [3] Group 3 - After the board of directors' adjustment in April, Zhang Jianjia was appointed as chairman, focusing on optimizing corporate governance, promoting traditional industry transformation, and enhancing communication with the capital market [4] - On August 21, the stock price of Feilu Co., Ltd. rose by 10.4%, with a cumulative increase of over 40% in five trading days [5]

Core Viewpoint - Feilu Co., Ltd. (300665) is undergoing a potential change in control, with its stock suspended from trading since August 22, 2023, due to the announcement of control change plans by its major shareholder and actual controller, Zhang Weiguo [1][4]. Financial Performance - In the first half of 2025, Feilu Co., Ltd. achieved operating revenue of 238 million yuan, representing a year-on-year increase of 48.77%, driven by increased demand from rail transit equipment customers and higher acceptance settlement amounts from rail transit engineering clients [4]. - The revenue from the anti-corrosion business segment reached 139 million yuan, marking a year-on-year growth of 60.63% [4]. - The company secured new bids worth approximately 86 million yuan in the waterproofing business during the same period, with an unexecuted amount of 240 million yuan in the rail transit waterproofing business as of the reporting period [4]. Company Background - Established in 1998 and listed on the Shenzhen Stock Exchange's Growth Enterprise Market in 2017, Feilu Co., Ltd. is recognized as the "first stock of domestic rail transit anti-corrosion and waterproof materials" [4]. - The company specializes in anti-corrosion and protective materials for metal, non-metal, and concrete surfaces, with main products including anti-corrosion coatings, waterproof protective materials, and adhesive materials [4]. Leadership Changes - Following the board of directors' adjustment in April 2023, Zhang Jianjia was appointed as the chairman of Feilu Co., Ltd. He is the son of the company's major shareholder and actual controller, Zhang Weiguo [4][5]. - Zhang Jianjia outlined three key focus areas for the future: optimizing the company's modern governance structure, promoting the transformation and upgrading of traditional industries while exploring new avenues, and enhancing communication mechanisms in the capital market to improve the company's value recognition [5]. Stock Performance - On August 21, 2023, Feilu Co., Ltd.'s stock rose by 10.4%, with a cumulative increase of over 40% in the past five trading days, bringing the latest total market capitalization to 2.8 billion yuan [5].

Core Viewpoint - The company, Meijia Chip Color, reported significant growth in its half-year performance for 2025, indicating a strong financial position and operational efficiency [2]. Financial Performance - The company's revenue for the first half of 2025 is approximately 888 million yuan, representing a year-on-year increase of 17.09% [2]. - The net profit attributable to shareholders of the listed company is around 110 million yuan, showing a year-on-year increase of 48.83% [2]. - Basic earnings per share are reported at 1.04 yuan, which is a year-on-year increase of 50.72% [2].

Core Insights - Feilu Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 238 million yuan, a 48.77% increase year-on-year, indicating strong business development momentum [1] Business Segments Summary Anti-corrosion Business - The anti-corrosion segment experienced a year-on-year growth of 60.63%, solidifying the company's leading position in the rail transit industry [1] - Feilu Co., Ltd. expanded its competitive advantage in the rail transit equipment anti-corrosion niche market, winning key projects such as the first batch of freight car paint joint procurement from China National Railway Materials Co., Ltd. [1] - The company achieved breakthroughs in environmentally friendly water-based coatings, successfully winning projects like the water-based coating for Nanjing Puzhen Railway Passenger Car Maintenance, promoting large-scale application in the rail transit sector [1] Waterproofing Business - The waterproofing segment saw a 115% increase in total new bid amounts compared to the previous year, with over 60 million yuan in bids for rail transit waterproofing materials [2] - Feilu Co., Ltd. successfully applied its waterproof products in major hydraulic projects, such as the dam and power plant of the Shankouyan Hydraulic Hub in Pingxiang City, Jiangxi Province [2] - The company is actively seizing opportunities in national major hydraulic infrastructure projects, including the墨脱 hydropower station, to expand its business [2] New Energy Business - The new energy segment is emerging as a new growth driver, with the company integrating new energy materials with its anti-corrosion business [3] - During the reporting period, adhesive products were applied and sold in energy storage and power battery fields, creating a matrix of functional coating products [3] - Feilu Co., Ltd. established deep business cooperation with clients like Desay Battery for its tape products, and is advancing verification work with major domestic chip manufacturers for chip packaging materials [3]

Core Viewpoint - Feilu Co., Ltd. is undergoing a change in control, with its controlling shareholder and actual controller, Zhang Weiguo, planning to transfer control of the company. The stock will be suspended from trading starting August 22, 2023, for a period not exceeding two trading days [1][6]. Group 1: Control Change - The announcement on August 21, 2023, indicates that Zhang Weiguo is planning a change in the company's control, which may involve share transfer agreements, voting rights delegation, and issuance of shares to specific parties [3][6]. - As of the end of Q2, Zhang Weiguo holds 41.30 million shares, representing 21.8% of the total share capital, making him the largest shareholder [6]. Group 2: Company Background - Feilu Co., Ltd. specializes in the research, production, sales, and service of corrosion protection materials for metal, non-metal, and concrete surfaces. Its main products include anti-corrosion coatings, waterproofing materials, and adhesives [8]. - The company was the first in the domestic rail transit anti-corrosion and waterproofing industry to be listed on the Shenzhen Stock Exchange, achieving this milestone under Zhang Weiguo's leadership [7]. Group 3: Financial Performance - In the first half of 2023, Feilu Co., Ltd. reported revenue of 238 million yuan, a year-on-year increase of 48.77%. However, the company incurred a net loss of 38.66 million yuan, although this loss was narrower compared to the previous year [8]. - The increase in revenue is attributed to a rise in demand from rail transit equipment customers and an increase in acceptance and settlement amounts from rail transit engineering clients [8].

Core Viewpoint - Feilu Co., Ltd. is planning a change in control, leading to a suspension of its stock trading starting August 22, 2023 [1][2][5]. Group 1: Control Change Announcement - The controlling shareholder and actual controller, Zhang Weiguo, is in the process of planning a change in the company's control, which involves share transfer agreements, voting rights delegation, and issuance of shares to specific parties [2][5]. - The stock suspension is expected to last no more than two trading days [5]. Group 2: Shareholding Structure - As of the end of Q2, Zhang Weiguo holds 41,302,913 shares, representing 21.8% of the total share capital, with a market value of approximately 345 million yuan [5][6]. - The total shareholding of the top ten shareholders amounts to 60,683,729 shares, which is 32.02% of the total share capital [6]. Group 3: Financial Performance - For the first half of the year, Feilu Co., Ltd. reported a revenue of 238 million yuan, reflecting a year-on-year increase of 48.77% [8]. - The company incurred a net loss of 38.66 million yuan, which is a reduction compared to the previous year [8]. - The increase in revenue is attributed to higher demand from rail transit equipment customers and increased acceptance and settlement amounts from rail transit engineering clients [8][9].