登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：603072 公司简称：天和磁材 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到http://www.sse.com.cn网站仔细阅读半年度报告全文。 1.2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。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5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 无。 第二节 公司基本情况 2.1公司简介 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不适用 2.5控股股东或实际控制人变更情况 □适用 √不适用 2.6在半年度报告批准报出日存续的债券情况 □适用 √不适用 第三节 重要事项 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发生的对公司经营情 况 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company is a global leader in high-performance rare earth permanent magnet materials, focusing on the manufacturing of neodymium iron boron magnets, with its core business highly concentrated [4] - The company's revenue has been significantly impacted by product prices in recent years, leading to a continuous decline in performance, but profitability has been gradually recovering since the second half of 2024 [4][5] - The company is actively expanding into the field of humanoid robotics, which is expected to become a significant growth point in the future [6][7] Summary by Sections Company Overview - The company specializes in the research, production, and sales of high-performance neodymium iron boron permanent magnet materials, magnetic components, and the recycling of rare earth permanent magnet materials [4] - Its main products are widely used in various sectors, including new energy vehicles, energy-efficient air conditioning, wind power generation, and robotics [4] Financial Performance - The company's net profit attributable to shareholders decreased by 19.78% and 48.37% in 2023 and 2024, respectively, due to reduced exchange gains, increased R&D expenses, and intensified competition [4] - From Q2 2024 to Q2 2025, the company's net profit growth rates were -88.35%, -52.24%, 35.62%, 57.85%, and 703.06%, indicating a recovery trend [4] - In the first half of 2025, the company achieved operating revenue of 3.507 billion yuan, a year-on-year increase of 4.33%, with the main business revenue growing by 11.08% [5] Market Position and Growth Potential - The company is benefiting from the recovery of rare earth prices and increased demand in the new energy and energy-saving sectors, with significant growth in the sales of products for new energy vehicles and variable frequency air conditioning [7] - The company has established long-term strategic partnerships with major rare earth suppliers, ensuring stable raw material supply for production [7] - The company is also developing a recycling system for rare earth materials, which has a higher profit margin [7] Future Projections - Revenue projections for 2025-2027 are 9.268 billion yuan, 10.158 billion yuan, and 12.658 billion yuan, with year-on-year growth rates of 37.03%, 9.61%, and 24.61%, respectively [8] - The net profit attributable to shareholders is expected to reach 659 million yuan, 811 million yuan, and 982 million yuan in the same period, with growth rates of 126.45%, 23.05%, and 21.19% [8]

Core Insights - The article highlights the advancements in robotics and magnetic materials in Mianyang, showcasing local innovations and their impact on industry development [1][2][3][4][5][6][7][8] Group 1: Robotics Innovations - A new robot capable of cooking rice noodles has been developed, demonstrating the precision required in each step of the cooking process [1] - Mianyang's focus on integrating technology and industry is evident in the establishment of a rapid prototyping service center for robotics, which significantly reduces production cycles for complex components [7] - The local government has identified Mianyang as a key area for the development of artificial intelligence and other strategic industries, aiming to strengthen the robotics sector [5][6] Group 2: Magnetic Materials Breakthrough - A new magnetic steel product has been introduced that reduces costs by 15%-20% without compromising performance, marking a significant breakthrough for Mianyang's magnetic materials industry [1] - The magnetic materials sector is expanding to support the robotics industry, particularly in the production of motors, which require specific types of magnetic materials [7] Group 3: Innovation and Investment Ecosystem - The Mianyang Technology City Innovation Center has established a comprehensive system for technology transfer, connecting research institutions with industry needs [2][3] - The collaboration between the Tianfu Industrial Technology Research Institute and Mianyang Technology City Innovation Investment Co. aims to address funding challenges in high-risk technology sectors [3] - The investment fund has reached a scale of 1 billion yuan, facilitating the integration of innovation, industry, and capital [3] Group 4: Future Projections - The Mianyang robotics industry is projected to exceed 3 billion yuan in output by 2025, indicating strong growth potential [8] - By 2027, the seven identified specialty industrial tracks are expected to double in scale, achieving a total output value of 65 billion yuan [8] - The overall scale of the five main industrial chains in Mianyang is anticipated to surpass 250 billion yuan, contributing to the city's industrial growth [8]

Company Overview - Yingluohua Technology Co., Ltd. is located in Dongyang City, Zhejiang Province, and was established on August 4, 1997. It was listed on August 8, 1997. The company's main business involves rare earth permanent magnet materials and motor series products [1][2]. - The revenue composition of Yingluohua includes: NdFeB (50.86%), motor series (25.10%), electric wheelchairs and mobility scooters (12.88%), audio speakers (7.69%), and others (3.47%) [1]. Financial Performance - For the first half of 2025, Yingluohua achieved operating revenue of 1.734 billion yuan, a year-on-year decrease of 10.55%. The net profit attributable to the parent company was 144 million yuan, a year-on-year decrease of 1.16% [2]. - Since its A-share listing, Yingluohua has distributed a total of 270 million yuan in dividends, with 256 million yuan distributed in the last three years [3]. Stock Performance - As of August 28, Yingluohua's stock price increased by 2.05%, reaching 12.43 yuan per share, with a total market capitalization of 14.092 billion yuan. The stock has risen by 29.34% year-to-date [1]. - The stock has seen significant trading activity, with a net inflow of 3.3568 million yuan from main funds and notable trading volumes in large orders [1]. Shareholder Information - As of June 30, 2025, the number of shareholders of Yingluohua was 137,800, an increase of 5.81% from the previous period. The average circulating shares per person decreased by 5.49% to 8,225 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with significant increases in holdings compared to the previous period [3].

Industry Overview - Neodymium iron boron (NdFeB) is the strongest permanent magnetic material to date, known as the "king of modern permanent magnets" [1][7] - The market size of China's neodymium iron boron industry is projected to reach 72.1 billion yuan in 2024, with a year-on-year growth of 11.44% [1][7] - Key technological breakthroughs have been achieved in China's rare earth permanent magnet materials industry, with significant advancements in high-performance sintered NdFeB materials [1][7] Industry Chain - The upstream of the NdFeB industry chain includes rare earth metals (such as neodymium, praseodymium, dysprosium, and terbium), iron alloys, and boron [4] - The midstream involves the production and manufacturing of NdFeB, while the downstream applications include consumer electronics, new energy vehicles, wind power equipment, and industrial automation [4] Market Size - The neodymium iron boron industry is experiencing rapid growth, with China's production capacity and market share leading globally [8][9] - The price of neodymium iron boron in China as of mid-2025 is 182.5 yuan per kilogram, reflecting a year-on-year increase of 1.67% [8] - The demand for high-end magnets is increasing, with prices for high-grade magnets being 30%-50% higher than standard grades [7] Key Enterprises - Major players in the neodymium iron boron industry include Jinli Permanent Magnet, Zhongke Sanhuan, and Zhenghai Magnetic Materials, which dominate the market in terms of share, technology, and product quality [10][11] - Jinli Permanent Magnet reported a production increase of 39.48% in high-performance magnetic materials in 2024, reaching approximately 29,300 tons [11] - Zhongke Sanhuan is recognized for its high-performance NdFeB products and has a significant market share in both domestic and international markets [12] Industry Development Trends - The industry is transitioning from "scale expansion" to "technology-driven" growth, focusing on material performance enhancement and process optimization [13] - Emerging fields such as humanoid robots and low-altitude economy are driving new demand, alongside traditional sectors like wind power and consumer electronics [14] - The Chinese government is implementing strict regulations on rare earth mining and supporting high-end processing technologies, promoting the industry's shift towards high-end, intelligent, and green development [15]

Financial Performance - The company's total revenue for the first half of 2025 was 389 million yuan, a decrease of 2.01% year-on-year [1] - The net profit attributable to shareholders was 84.25 million yuan, an increase of 7.26% year-on-year [1] - In Q2 2025, total revenue was 210 million yuan, down 0.56% year-on-year, while net profit was 44.82 million yuan, up 16.44% year-on-year [1] - The gross margin increased by 3.55% to 35.11%, and the net margin increased by 9.46% to 21.63% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 19.62 million yuan, accounting for 5.04% of revenue, which is a 52.0% increase year-on-year [1] - The company's cash flow per share decreased by 87.4% to 0.06 yuan [1] Asset and Liabilities - The company reported a decrease in cash assets to 480 million yuan, down 5.00% year-on-year [1] - Accounts receivable slightly decreased to 239 million yuan, down 0.50% year-on-year [1] - Interest-bearing liabilities increased significantly by 489.98% to 32.83 million yuan [1] Return on Investment - The company's return on invested capital (ROIC) was 9.11%, indicating average capital returns [3] - The historical median ROIC over the past decade was 10.49%, with the lowest recorded ROIC in 2015 at 8.25% [3] Debt Servicing Ability - The company has a healthy cash asset position, indicating good debt servicing capability [4] Accounts Receivable - The accounts receivable to profit ratio has reached 162.53%, suggesting a need for attention in this area [5]

Core Insights - Zhongke Magnetic Industry (301141) reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 347 million yuan, a year-on-year increase of 38.46%, and net profit attributable to shareholders at 20.90 million yuan, up 271.78% [1] Financial Performance - Total revenue for the second quarter of 2025 was 193 million yuan, reflecting a year-on-year growth of 41.27% [1] - The net profit for the second quarter was 7.47 million yuan, showing a substantial increase of 373.05% compared to the same period last year [1] - The gross profit margin improved to 18.3%, a year-on-year increase of 131.43%, while the net profit margin rose to 5.86%, up 160.81% [1] - The total of selling, administrative, and financial expenses amounted to 25.03 million yuan, representing 7.22% of revenue, which is a significant increase of 236.53% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased by 67.25% year-on-year, reaching 259 million yuan [1] - Cash and cash equivalents decreased by 83.94%, totaling 110 million yuan [1] - Interest-bearing liabilities dropped by 90.31%, amounting to 1.10 million yuan [1] Earnings Metrics - Earnings per share (EPS) rose to 0.17 yuan, a remarkable increase of 271.96% year-on-year [1] - The net asset value per share increased slightly to 10.21 yuan, up 1.50% [1] - Operating cash flow per share was -0.28 yuan, showing an improvement of 27.73% year-on-year [1] Cost and Expense Analysis - Management expenses surged by 107.82% due to increased salaries, depreciation, and consulting fees [2] - Financial expenses increased by 98.09% as a result of reduced interest on raised funds [2] - Income tax expenses rose by 74.86% due to increased profits [2] Investment and Asset Management - Investment income increased due to higher returns from financial products [3] - Fair value changes also benefited from increased returns on financial products [3] - Credit impairment losses rose significantly by 213.77% due to an increase in accounts receivable [3] - Asset impairment losses increased by 191.2% due to a rise in inventory [3] Business Model and Historical Performance - The company's return on invested capital (ROIC) was 0.29%, indicating weak capital returns, while the historical median ROIC since listing is 19.24% [5] - The business model relies heavily on R&D, marketing, and capital expenditures, necessitating careful evaluation of capital projects [5] - The accounts receivable situation is concerning, with accounts receivable to profit ratio reaching 1562.62% [5]

Group 1 - In July, profits of medium and small enterprises in the industrial sector improved, with medium-sized enterprises' profits growing by 1.8% and small enterprises' profits growing by 0.5%, reversing declines of 7.8% and 9.7% in June respectively [2] - Private enterprises saw a profit increase of 2.6% in July, outperforming the average profit growth of all large-scale industrial enterprises by 4.1 percentage points [2] - High-tech manufacturing profits experienced rapid growth in July, indicating a significant leading role in the industrial sector [2] Group 2 - The Ministry of Commerce announced upcoming policies to promote service exports and expand service consumption [2] - The Ministry of Industry and Information Technology issued guidelines to optimize business access and promote the development of the satellite communication industry, aiming for over 10 million satellite communication users by 2030 [2] - Jilin Province will implement a tax refund policy for overseas travelers starting September 1, 2025 [2] Group 3 - The Jiangsu Provincial Government and the Ministry of Commerce released a plan to support the biopharmaceutical industry, emphasizing financial support for innovative enterprises through various financing methods [3] - The plan encourages the establishment of investment funds for the biopharmaceutical sector and supports the issuance of real estate investment trusts (REITs) for qualifying projects [3] - Shanghai's government issued opinions to accelerate the renovation of urban villages, prioritizing areas with urgent community needs and safety concerns [3] Group 4 - Meituan reported a revenue of 91.8 billion yuan for the second quarter, reflecting a year-on-year growth of 11.7% [5] - Cambridge Technology's major shareholder reduced their stake by 1.8 million shares through block trading [5] - Jack Shares plans to change its stock name to "Jack Technology" and is expected to release a high-end AI sewing machine in the second half of the year [5] - Debang Lighting intends to acquire at least 51% of Jiali Shares, which is expected to constitute a major asset restructuring [5] - Honghe Technology reported a net profit of 87.3751 million yuan for the first half of the year, marking a year-on-year increase of 10,587.74% [5] - Wens Foodstuff Group achieved a net profit of 3.475 billion yuan in the first half of the year, a year-on-year increase of 159.12% [5] - Five Grains Liquid reported a net profit of 19.492 billion yuan for the first half of the year, reflecting a year-on-year growth of 2.28% [5]

公告称，公司董事会确认，除已公告事项外，公司目前没有任何根据《深圳证券交易所创业板股票上市 规则》等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等;董事会也 未获悉公司有根据《深圳证券交易所创业板股票上市规则》等有关规定应予以披露而未披露的、对公司 股票及其衍生品种交易价格产生较大影响的信息;公司前期披露的信息不存在需要更正、补充之处。 金力永磁（300748）(06680)发布公告，该公司股票于2025年8月25日、2025年8月26日、2025年8月27日 连续三个交易日收盘价涨幅偏离值累计达到31.54%，根据深圳证券交易所相关规定，属于股票交易异 常波动的情形。 ...

Core Viewpoint - Yantai Zhenghai Magnetic Materials Co., Ltd. has decided to exercise the early redemption of its convertible bonds ("Zhenghai Convertible Bonds") due to the stock price meeting the conditions for redemption, aiming to reduce interest expenses and improve capital efficiency [2][4]. Group 1: Convertible Bond Overview - The company issued 14 million convertible bonds at a face value of 100 yuan each, totaling 1.4 billion yuan, approved by the China Securities Regulatory Commission [2][3]. - The initial conversion price was set at 13.23 yuan per share, which has been adjusted due to annual profit distribution plans [3][4]. Group 2: Redemption Conditions and Trigger - The redemption clause allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 trading days within a 30-day period [4][6]. - From July 25 to August 22, 2025, the stock price met the redemption condition, triggering the early redemption [2][4]. Group 3: Redemption Details - The redemption price is set at 100.50 yuan per bond, which includes accrued interest calculated based on a 0.60% annual interest rate [5][6]. - The redemption process will commence on September 17, 2025, with the bonds ceasing to trade on the Shenzhen Stock Exchange [5][6]. Group 4: Shareholder Transactions - Company executives, including the CFO and Vice Presidents, have engaged in trading the convertible bonds within six months prior to the redemption condition being met, with specific trading volumes disclosed [6][7].