Group 1 - The company has reached a cooperation intention with Suzhou Bozhi Jinduan Technology Co., Ltd. to establish a joint venture named Henan Qianyuan Xinduan Semiconductor Technology Co., Ltd. to develop and industrialize new generation ultra-high performance diamond-based thermal materials and devices [1][3] - The registered capital of the joint venture is set at 10 million yuan, with the company contributing 5.1 million yuan (51% stake) and Bozhi Jinduan contributing 4.9 million yuan (49% stake) [2][4] - The joint venture aims to address challenges in the preparation of large-size diamond materials and the production of diamond-based packaging devices, significantly enhancing the thermal and electrical performance of packaging devices [3][5] Group 2 - The joint venture will focus on the research and development of diamond-based thermal materials and devices, which are expected to lead the international development direction of ultra-high power thermal materials and devices [3][4] - The board of the joint venture will consist of three members, with two nominated by the company and one by Bozhi Jinduan, and the chairman will be appointed from the company's nominees [4] - The establishment of the joint venture has been approved by the company's board of directors and does not require further approval from the shareholders' meeting [5]

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： ● 被担保人名称：河南黄河旋风国际有限公司，公司全资子公司 （一）担保的基本情况 河南黄河旋风股份有限公司（以下简称"公司"）全资子公司河南黄河旋风 国际有限公司（以下简称"旋风国际"）近日与中信银行股份有限公司郑州分行 （以下简称"中信银行郑州分行"）签订了相关协议，主要情况如下： 旋风国际向中信银行郑州分行申请流动资金借款不超过 2,500 万元，用于日 常经营，借款期限不超过 12 个月，贷款年利率不超过 5.5%，按月结息。公司为 旋风国际上述借款提供连带责任保证担保。 （二）担保履行的内部决策程序 公司第九届董事会第二十一次会议，审议通过了《关于公司为全资子公司提 供担保的议案》，同意公司为全资子公司旋风国际提供连带责任保证担保。本次 担保事项无需提交股东大会审议。 证券代码：600172 证券简称：黄河旋风 公告编号：临 2025-030 河南黄河旋风股份有限公司 河南黄河旋风国际有限公司为公司全资子公司，公司持有旋风国际 100%的 股权。 三、担保 ...

Core Viewpoint - The financial report of Huanghe Xuanfeng for 2024 highlights the survival challenges faced by traditional manufacturing in the context of supply-demand imbalance and cost control issues, with a significant revenue decline and record losses [1] Group 1: Financial Performance - In 2024, Huanghe Xuanfeng reported an operating income of 1.301 billion yuan, a year-on-year decrease of 17.36% [1] - The net loss attributable to shareholders reached 983 million yuan, marking the largest loss since the company went public [1] Group 2: Industry Challenges - The core crisis for Huanghe Xuanfeng stems from the collapse of its main business profitability, as the diamond single crystal and products market undergoes a drastic price restructuring [2] - The combination of overcapacity in the industry and aggressive pricing strategies from new competitors has led to a continuous decline in product prices, which accelerated in 2024 [2] - The company’s attempts to reduce costs have been ineffective due to rigid production costs and a lack of bargaining power in sales, creating a detrimental cycle of "price erosion and fixed costs" [2] Group 3: Strategic Weaknesses - Huanghe Xuanfeng has fallen behind in developing high-value-added products, such as synthetic diamonds and functional new materials, while the market shifts towards high-end and customized products [2] - The company’s adherence to traditional industrial-grade products has resulted in missed opportunities in emerging markets, reflecting a misalignment with industry trends [2] Group 4: Financial and Operational Risks - The company faces a deteriorating financial structure, characterized by high debt levels and strained cash flow, which exposes serious deficiencies in capital management [3] - Short-term debts accumulated to maintain production capacity have become a financial burden amid declining revenues, leading to increased pressure on profit margins [3] - Weakening accounts receivable turnover indicates a declining position in the supply chain, with extended customer payment terms and rising bad debt risks [3] Group 5: Operational Inefficiencies - Operational inefficiencies exacerbate the financial crisis, with passive responses to raw material price fluctuations and declining equipment utilization rates [3] - The slow market response in sales further contributes to a "scale inefficiency" dilemma, hindering the company's ability to adapt [3] - Despite management's attempts to reform the organizational structure, historical burdens and management inertia limit the effectiveness of these measures [3] Group 6: Conclusion - The predicament of Huanghe Xuanfeng reflects the broader challenges faced by traditional manufacturing during industry transitions, with insufficient technological reserves and rigid operational systems [4] - The company must undergo significant capacity optimization and reconstruct its value creation logic to survive, transitioning from being a price taker to a technology standard setter [4] - The ability to navigate through the pain of industrial restructuring will determine the company's potential for rebirth [4]

Core Viewpoint - The company, Zhongbing Hongjian, experienced its first annual loss since 2011 in 2024, with total revenue of 4.569 billion yuan, a decrease of 1.547 billion yuan or 25.29% year-on-year, and a net profit attributable to shareholders of -327 million yuan, a decline of 1.156 billion yuan or 139.52% year-on-year [1] Group 1: Structural Risks in Main Business - The company's revenue structure heavily relies on two main segments: superhard materials and special equipment, which has become a critical weakness amid market fluctuations [2] - The superhard materials segment, accounting for a significant portion of revenue, has faced a collapse in pricing due to overcapacity and low-price competition from new entrants, leading to a continuous decline in core product prices [2] - The special equipment segment is affected by the sensitivity of the military industry to policy changes, resulting in delayed order deliveries despite clear procurement demands [2] Group 2: Challenges from External Environment - Global economic fluctuations and structural adjustments in downstream demand have placed the company in a more complex competitive landscape [3] - In the superhard materials sector, traditional demand for industrial diamonds is shrinking, while emerging markets like synthetic diamonds face intense price competition, severely compressing profit margins [3] - The company has struggled to keep pace with product iteration and customer demand in the special equipment sector, leading to missed orders due to mismatches between technical status and customer requirements [3] Group 3: Conclusion and Future Outlook - The company's losses are not coincidental but rather a concentrated release of long-term structural risks accumulated from strategic inertia [4] - To survive, the company must break its reliance on traditional paths, accelerate technological upgrades, and diversify its market layout [4] - The key to future breakthroughs lies in reconstructing the business ecosystem, enhancing global competitiveness in superhard materials, establishing a responsive system in special equipment, and exploring new growth avenues to mitigate risks [4]

Core Viewpoint - The company has announced its profit distribution plan for the year 2024, which includes a cash dividend of 2.00 RMB per 10 shares for shareholders, adjusted based on the total number of shares after accounting for repurchased shares [1][2][3]. Summary by Sections Profit Distribution Plan - The profit distribution plan is based on a total share count of 485,908,830 shares, excluding 2,755,200 shares held in the repurchase account, resulting in a distribution base of 483,153,630 shares [1][3]. - The total cash dividend amount to be distributed is calculated as 96,630,726.00 RMB, which is derived from the adjusted base multiplied by the dividend per share [1][3]. Adjustments Due to Share Repurchase - Shares held in the repurchase account do not participate in the profit distribution, leading to a decrease in the per-share dividend amount post-distribution [2][5]. - The adjusted cash dividend per 10 shares, based on the total share count, is calculated to be 1.988659 RMB, resulting in a per-share cash dividend of 0.1988659 RMB [2][6]. Key Dates - The record date for the profit distribution is set for May 28, 2025, and the ex-dividend date is May 29, 2025 [5]. Distribution Method - Cash dividends will be directly credited to shareholders' accounts through their custodial securities companies on the ex-dividend date [5][6]. Taxation Details - The company will not withhold individual income tax for certain categories of shareholders, with tax obligations determined based on the holding period of the shares [3][4].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [31]. Core Views - The company is expected to experience a turning point in its fundamentals due to potential increases in military demand and military trade opportunities, which could catalyze revenue growth [14]. - The company reported significant losses in 2024, with total revenue of 4.569 billion yuan, a year-on-year decline of 25.29%, and a net loss attributable to shareholders of 327 million yuan [5][6]. - The company has set an ambitious revenue target of 8.7 billion yuan for 2025, reflecting a growth expectation of 90.41% compared to 2024 [15]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 45.69 billion yuan, down 25.29% year-on-year, with a net loss of 3.27 billion yuan compared to a profit of 828 million yuan in the previous year [5][6]. - The first quarter of 2025 saw revenue of 6.2 billion yuan, a decrease of 30.06% year-on-year, with a net loss of 1.29 billion yuan, marking a decline of 843.67% [5][6]. Business Segments - The special equipment segment generated revenue of 23.93 billion yuan, a decline of 23.93%, accounting for 52.38% of total revenue [12]. - The superhard materials segment reported revenue of 17.64 billion yuan, down 23.33%, representing 38.6% of total revenue [12]. - The specialized automotive segment's revenue decreased by 3.81% to 4.12 billion yuan [12]. Profitability Metrics - The company's gross margin for 2024 was 15.24%, a decrease of 17.01 percentage points year-on-year, while the net margin was -8.05%, down 21.59 percentage points [8]. - The gross margin for the special equipment segment was 9.61%, down 23.92 percentage points, and for the superhard materials segment, it was 25.88%, down 9.77 percentage points [13]. Future Outlook - The company anticipates a recovery in military demand, which is expected to positively impact its performance in the coming years [14]. - The projected revenues for 2025 to 2027 are 6.872 billion yuan, 8.970 billion yuan, and 10.735 billion yuan, respectively, with corresponding net profits of 279 million yuan, 408 million yuan, and 558 million yuan [16][17].

Financial Performance - The company's Q1 2025 revenue and net profit attributable to shareholders decreased compared to the same period last year, primarily due to reduced product deliveries and intense market competition [1][2] - In 2024, the company achieved a revenue of 45 billion, which is 64% of the projected 70 billion for that year, with net profit turning negative for the first time in recent years [4] Revenue Forecast and Measures - The company forecasts a revenue of 8.7 billion for 2025, based on existing orders, intended orders, and market conditions [2] - To ensure sustainable development, the company is focusing on resource allocation, market demand, technology innovation, and cost-effectiveness [4] Asset Management and Efficiency - The company has 45 billion in fixed assets and ongoing construction projects, raising concerns about low efficiency in asset utilization [2] - The company is actively optimizing production processes to enhance capacity utilization and improve delivery schedules [3] Industry Position and Future Outlook - The ultra-hard materials sector is expected to maintain a stable performance despite macroeconomic challenges, with a long-term positive outlook for the industry [2][3] - The company is committed to enhancing its core competitiveness across various business segments, including special equipment and ultra-hard materials [3] Order and Inventory Management - Current order levels have increased compared to the previous year, and the company is taking measures to balance production and sales [3] - Inventory levels grew by 31% in 2024, raising questions about the composition of military and civilian products [4] R&D and Technological Development - The company is investing in R&D to improve product offerings, particularly in the fourth-generation semiconductor applications, which are still in the experimental phase [4] - The company is also focusing on upgrading outdated production capacities to enhance overall efficiency [3]

近日，走进河南省方城县煜众精密机械恒温装配车间，自动化检测设备高速运转，工人们正有序组装数 控机床零部件，一派繁忙景象。 超硬材料是方城深耕20多年，精心培育的三大主导产业之一。方城聚焦先进制造业高质量发展，围绕主 导产业营商工作精准发力，通过强化机制保障、突出要素主导、推动精准服务升级等务实举措，超硬材 料产业实现链群集聚，势头强劲的发展态势。 南阳煜众精密机械有限公司是一家专注于高端数控机床及相关设备研发、生产与销售的国家高新技术企 业，河南省"专精特新"企业，其自主研发的"立式五轴车铣复合机床"，多项技术达到行业领先水平，实 现进口替代，获评2025年河南省首批重大创新项目，目前该项目已实现产业化，订单合同金额超亿元。 按照"5+13"产业链群分工和"三长制"原则，方城成立由县委主要领导为组长，相关部门主要负责人和龙 头企业负责人为成员的工作专班，针对产业发展等问题，专题研究，科学分析，有效推动；研究编制 《方城超硬材料产业发展规划》，明确超硬材料未来发展主攻方向；出台《南阳市培育壮大超硬材料产 业链行动方案（2023—2025年）》，绘制超硬材料产业链图谱、技术图谱、长短板图谱、人才图谱等"1 方案4 ...

Core Viewpoint - The company held an annual performance briefing on May 9, 2025, to discuss its financial results and future strategies, highlighting its focus on superhard materials and their applications in various industries [1][2]. Financial Performance - In the fiscal year 2024, the company achieved a revenue of 524.99 million yuan and a net profit attributable to shareholders of 117.61 million yuan. For the first quarter of 2025, the revenue was 131.27 million yuan with a net profit of 34.16 million yuan [3][14]. - The net profit for the first quarter of 2025 increased by 24.14% compared to the same period last year [10][14]. Product Applications - The company's superhard materials are strategically important for oil and gas extraction, with products demonstrating excellent performance in complex geological conditions [4]. - The diamond composite pieces used in mining applications are relevant due to the rising international gold prices [5]. - The superhard tools are applicable in high-precision manufacturing sectors such as automotive, aerospace, and electronics [6]. Industry Outlook - The demand for oil and gas extraction products is expected to remain stable in China, driven by economic growth, while overseas markets face uncertainties [7]. - The precision machining sector is anticipated to grow due to the transformation of high-end manufacturing and the rapid expansion of the new energy vehicle market [7]. Competitive Strategy - The company plans to enhance its market competitiveness by optimizing product strategies in oil and gas drilling and automotive manufacturing, while also focusing on R&D efficiency [8]. - The company aims to explore new growth opportunities through a "1+N industry" strategy, targeting multiple downstream applications [11]. Research and Development - The company has invested significantly in R&D, with 62.48 million yuan allocated in 2024, representing 11.90% of its revenue [14]. - The focus on CVD diamond technology is a key strategic direction, with ongoing efforts to enhance its applications in high-end manufacturing [13]. Collaboration and Partnerships - The company has established a strategic partnership with Huixin Communication to advance its functional diamond business, which is crucial for its growth strategy [12].

Financial Performance - In 2024, the company achieved a revenue of 524.99 million CNY and a net profit attributable to shareholders of 117.61 million CNY [4] - In Q1 2025, the company reported a revenue of 131.27 million CNY and a net profit of 34.16 million CNY, representing a 24.14% increase compared to the same period last year [8][12] Dividend Distribution - The profit distribution plan for 2024 was approved on April 22, 2025, and the company is required to complete the distribution within two months after the shareholders' meeting [2] Product Applications - The company’s superhard materials are utilized in oil and gas extraction, with products designed for complex geological conditions, enhancing the economic viability of shale oil and gas operations [4][5] - Diamond composite pieces are applicable in geological exploration and mining, particularly in gold mining due to rising international gold prices [4] - Superhard tools are crucial in precision machining across various industries, including automotive, aerospace, and electronics [5] Industry Outlook - The overseas oilfield service market is cautious due to geopolitical risks and market uncertainties, leading to fluctuations in demand for oil and gas extraction products [6] - Domestic oil and gas consumption is expected to grow, with a positive trend in the oilfield service market, indicating a sustained recovery in demand for petroleum composite pieces [7] Strategic Development - The company aims to enhance market competitiveness by optimizing product strategies in oil and gas drilling and automotive manufacturing, focusing on key products like petroleum composite pieces and superhard tools [8] - The company is pursuing a "1+N industry" strategy to explore multiple application fields, with short-term goals in oil and gas product import substitution and mid-term goals in precision processing [9] Research and Development - R&D investment for 2024 was 62.48 million CNY, accounting for 11.90% of revenue, while Q1 2025 R&D investment was 13.43 million CNY, representing 10.23% of revenue [12] - The company is focused on developing CVD diamond technology, with applications in high-end manufacturing and consumer sectors, including jewelry and semiconductor industries [11]