Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company achieved a revenue of 11.936 billion yuan in H1 2025, representing a year-on-year increase of 24.76%, and a net profit attributable to shareholders of 1.020 billion yuan, up 58.94% year-on-year [1]. - The magnetic materials business is steadily growing, with a slight decrease in shipment volume but an increase in revenue due to improved product mix [2]. - The company's photovoltaic products have seen significant growth, with shipments increasing over 65% year-on-year, supported by a differentiated product strategy [3]. - The lithium battery segment is also performing well, with a shipment of over 300 million units, reflecting a 12.25% year-on-year increase [4]. Summary by Sections Magnetic Materials - The company has maintained its leading position in the magnetic materials market, with a market share increase despite a slight decline in shipment volume by 8.05% to 107,300 tons in H1 2025. Revenue from magnetic materials grew by 4.51% to 1.939 billion yuan, with a gross margin increase of 1.22 percentage points to 27.71% [2]. Photovoltaic Products - The company emphasizes a differentiated competitive strategy, resulting in a 65% year-on-year increase in photovoltaic product shipments to 13.4 GW in H1 2025. Revenue from this segment rose by 36.58% to 8.054 billion yuan, with a gross margin increase of 5.29 percentage points to 16.70% [3]. Lithium Battery Products - The lithium battery segment has a leading capacity utilization rate, focusing on small power applications. In H1 2025, the company shipped over 300 million lithium batteries, achieving a revenue of 1.286 billion yuan, a 4.04% increase year-on-year, with a gross margin increase of 2.06 percentage points to 12.90% [4].

8月20日，横店东磁（002056）（002056）发布2025年半年度报告，2025年上半年，公司实现营收 119.36亿元，同比增长24.75%；归母净利润10.20亿元，同比增长58.94%；扣非净利润10.71亿元，同比 增长77.83%。横店东磁积极响应国务院新"国九条"强化上市公司现金分红政策指引，向全体股东每10股 派发现金红利3.80元，现金分红金额6.09亿元，践行回报投资者的初心使命。 报告期内，横店东磁三大核心产业协同发力，磁材产业持续巩固头部地位，依托丰富的出货品类、优化 的产品结构及新品开发的显著成效，进一步提升公司整体经营质量；光伏产业凭借差异化的海内外产能 与市场布局，叠加深度参与下游应用解决方案，持续维持高水平盈利能力；锂电产业聚焦小动力市场深 耕突破，产量与收入均创历史新高，有力推动公司业绩实现大幅跃升。 深耕磁性材料赛道，筑牢技术创新壁垒与规模领先优势 磁性材料作为现代工业与高科技领域的核心基础材料，已深度融入新能源、电子信息、航空航天、生物 医疗等众多战略新兴产业的产业链条。而智能汽车电子、智能装备及机器人AI服务器等新兴应用场景 的持续拓展，更为磁性材料产业开辟了巨量的 ...

Group 1: Zhenghai Magnetic Materials (正海磁材) - In the first half of 2025, Zhenghai Magnetic Materials achieved total revenue of 3.057 billion yuan, a year-on-year increase of 20.42%, but net profit decreased by 24.39% [1] - The company experienced improved operational efficiency in Q1, but faced profit pressure in Q2 due to changes in the international economic environment and intensified domestic market competition [1] - Product shipments increased by over 20% year-on-year, with shipments in the energy-saving and new energy vehicle markets growing by over 30% [1] Group 2: Shengyi Electronics (生益电子) - Shengyi Electronics reported a 91.00% increase in revenue and a 452.11% increase in net profit for the first half of 2025, driven by optimized product structure and a higher proportion of high-value-added products [2] - The company is focusing on the 800G high-speed switch market in telecommunications and enhancing its presence in the automotive electronics sector [2] - The Thai production base project is progressing steadily, having received investment incentives, and the smart computing center's first phase has begun trial production [2] Group 3: Desay SV (德赛西威) - Desay SV achieved revenue of 14.644 billion yuan in the first half of 2025, a year-on-year increase of 25.25%, with net profit rising by 45.82% [3] - The company has established overseas branches and commenced production in factories located in Indonesia and Mexico, with a smart factory in Spain expected to start mass production in 2026 [3] - The smart driving business generated revenue of 4.147 billion yuan, reflecting a year-on-year growth of 55.49%, while the smart cockpit business saw sales of 9.459 billion yuan, up 18.76% [3] Group 4: Livzon Pharmaceutical Group (丽珠集团) - Livzon Pharmaceutical Group anticipates single-digit revenue growth for the year, with profit growth expected to outpace revenue growth [4] - The company has submitted a listing application for P-CAB tablets and expects approval for injection products in the first half of 2029 [4] - The market potential for microsphere products is significant, with ongoing development in long-acting microsphere formulations and psychiatric products [4]

Group 1: Zhenghai Magnetic Materials - In the first half of 2025, Zhenghai Magnetic Materials achieved a total revenue of 3.057 billion yuan, a year-on-year increase of 20.42%, but net profit decreased by 24.39% [1] - The company experienced improved operational efficiency in Q1, but faced profit pressure in Q2 due to changes in the international economic environment and intensified domestic market competition [1] - Product shipments increased by over 20% year-on-year, with shipments in the energy-saving and new energy vehicle markets growing by over 30% [1] - The company has a high coverage of core technologies such as grain optimization and diffusion technology, with a year-on-year increase of 55% in the production of non-rare earth magnets [1] - Zhenghai Magnetic Materials has been recognized as the most valuable materials company in the humanoid robot sector and has begun small batch supply to downstream customers [1] Group 2: Ice Wheel Environment - In the first half of 2025, Ice Wheel Environment reported a revenue of 3.12 billion yuan, a year-on-year decline of 7%, with net profit attributable to shareholders at 266 million yuan, down 20% [2] - The company’s domestic business faced a slowdown in downstream demand, resulting in a revenue of 2.1 billion yuan, while overseas business grew significantly by 30% to 1.02 billion yuan [2] - The company provides compressors and heat exchange devices covering a temperature range of -271℃ to 200℃, with the low-temperature refrigeration segment generating 1.73 billion yuan, accounting for 55% of total revenue [2] - Ice Wheel Environment is implementing a "going to sea" strategy, enhancing its overseas technical capabilities and localizing its sales network [2] Group 3: Yuntianhua - Yuntianhua released its 2025 semi-annual report detailing its phosphate fertilizer exports, phosphate rock prices, and product operations [3] - The company strictly adheres to domestic supply and price stabilization policies for phosphate fertilizer exports, with high sulfur prices impacting costs [3] - Phosphate ammonium production and sales decreased due to product structure adjustments and maintenance, while phosphate rock supply and demand remain tight with prices at high levels [3] - The company is increasing efforts in developing high-end products such as polyoxymethylene, while the market demand for iron phosphate is growing but prices remain low [3] - Yuntianhua plans to distribute dividends of 0.2 yuan per share, with future dividends to be considered based on operational funding needs [3]

Group 1 - The stock price of Longmag Technology is reported at 60.10 yuan as of August 21, 2025, with a decline of 3.92 yuan, representing a drop of 6.12% from the previous trading day [1] - The stock opened at 63.50 yuan, reached a high of 64.70 yuan, and a low of 59.76 yuan, with a trading volume of 91,400 hands and a transaction amount of 562 million yuan [1] - Longmag Technology specializes in the research, production, and sales of high-performance permanent magnet ferrite materials, which are widely used in automotive, home appliance, and industrial motor sectors [1] Group 2 - Longmag Technology is included in a stock recommendation list circulated by Sun Xiaoya, the chief analyst of Tianfeng Securities, which led to a 7.72% increase in the stock price on August 7 due to heightened market attention [1] - Sun Xiaoya later clarified that some of the recommended stocks were not covered by her team and disbanded the related client group to prevent market overinterpretation [1] Group 3 - On August 21, the net outflow of main funds for Longmag Technology was 47.2936 million yuan, accounting for 0.96% of its circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 84.5010 million yuan, representing 1.71% of its circulating market value [1]

Group 1 - The company Beikong Technology (SH 600980) announced its eighth board meeting on August 21, 2025, to review the 2025 semi-annual report and summary [2] - For the year 2024, Beikong Technology's revenue composition is as follows: mining equipment accounts for 76.13%, magnetic materials account for 23.75%, and other businesses account for 0.13% [2]

证券日报网讯 正海磁材8月21日发布公告，在公司回答调研者提问时表示，2025年上半年，公司实现营 业总收入30.57亿元，同比增长20.42%；实现归属于公司股东的净利润1.13亿元，同比下降24.39%；实 现基本每股收益0.14元，同比下降22.22%；实现资产总额86.64亿元，同比下降1.27%；实现净资产39.01 亿元，同比下降1.28%。 （编辑 王雪儿） ...

Core Viewpoint - The company, Zhenghai Magnetic Materials, announced significant growth in its product lines and technology coverage in a recent report, indicating strong performance and future potential in the magnetic materials industry [1] Group 1: Technology Coverage - In the first half of 2025, the coverage rate of products related to the Crystal Grain Optimization Technology (TOPS) is expected to remain above 90% [1] - The coverage rate of products related to the Diffusion Technology (THRED) is approximately 80% [1] Group 2: Production and Shipment Growth - The production of non-heavy rare earth magnets has increased by 55% year-on-year [1] - The shipment volume of ultra-light rare earth magnets has surged by 82% year-on-year [1]

（编辑 王雪儿） 证券日报网讯 正海磁材8月21日发布公告，在公司回答调研者提问时表示，在核心市场占有率持续提升 的同时，公司积极顺应新兴产业发展趋势，全力拓展人形机器人等潜力市场，公司被评为"人形机器人 领域最具价值材料类企业"。公司技术可高度匹配人形机器人用空心杯电机和无框力矩电机等核心部件 需求。公司不仅有与国际知名客户合作近二十年的经验储备，也与国内产业链新兴龙头企业结成密切合 作关系，具有成熟的研发、制造、供货能力，已持续向下游客户小批量供货。 ...

（编辑 王雪儿） 证券日报网讯 正海磁材8月21日发布公告，在公司回答调研者提问时表示，公司高性能钕铁硼永磁材料 主要应用在新能源、节能化和智能化等"三能"高端应用领域，包括新能源汽车、风电等新能源，汽车节 能电气、节能家电、节能电梯，人形机器人和低空飞行器等智能装备、手机等智能消费电子等。公司具 有良好的商业生态，已形成汽车市场（尤其是节能与新能源汽车）为主，其他各主要应用领域均衡发展 的良性格局。 ...