Group 1 - The trend of liquid cooling in servers is becoming more prominent, and there is interest in the application of 3D printed copper powder materials for this purpose [2] - The company, Youyan Powder Materials (688456.SH), has confirmed that its 3D printed copper powder is already being used by clients to develop liquid cooling copper plates and other heat dissipation components, with related applications currently in progress [2]

Group 1 - The company has successfully developed a new thermal copper powder that is used in VC boards, GPUs, and data centers, marking an industry first [2] - The VC board is experiencing explosive growth in the liquid cooling sector, indicating a significant market opportunity [2] - The company confirmed that its current production capacity of thermal copper powder is sufficient to meet the surging demand in the industry [2]

Core Viewpoint - The company has confirmed that it is actively developing applications for 3D printed copper and copper alloy powders in electronic product cooling components, responding to market interest in copper-based liquid cooling plates showcased at a recent exhibition [2] Group 1 - An investor inquired about the company's preparations for copper-based liquid cooling plates, which were recently displayed by equipment manufacturers at an exhibition in Shenzhen [2] - The company stated that its downstream customers are already engaged in development work for electronic product cooling components using 3D printed copper and copper alloy powders, indicating ongoing progress in this area [2]

Group 1 - The company achieved a total operating revenue of 1.79 billion yuan in the first half of 2025, representing a year-on-year growth of 18.29% [1] - The net profit attributable to shareholders of the parent company was 35.76 million yuan, reflecting a year-on-year increase of 21.68% [1] - The basic earnings per share stood at 0.34 yuan [1]

Core Viewpoint - The demand for high-end metal powder products is rising, coupled with a decrease in costs, leading to positive net profit growth for the leading company in the micro-nano metal powder industry in the first half of the year [1] Group 1: Financial Performance - The company, Jiangxi Yuean New Materials Co., Ltd., reported a revenue of 203 million yuan, a year-on-year decrease of 0.76% [1] - The net profit attributable to shareholders was 37.9864 million yuan, reflecting a year-on-year increase of 3.54% [1] - The net profit after deducting non-recurring gains and losses was 35.0706 million yuan, up 4.83% year-on-year [1] Group 2: Product Demand and Market Position - The company specializes in the research, production, and sales of micro-nano metal powder new materials, focusing on carbonyl iron powder and atomized alloy powder [2] - The micro-nano metal powder products are widely used in various end applications, including 3C precision parts, electronic components, automotive parts, diamond tools, and 3D printing materials [2] - The company is one of the few in China capable of large-scale production of carbonyl iron powder and has advanced technology in both water atomization and gas atomization alloy powder processes [2][3] Group 3: Innovation and R&D - The company has increased its R&D investment by 14.08% year-on-year, emphasizing technological innovation to support sustainable development [4] - The company has successfully developed ultra-fine carbonyl iron powder products suitable for multiple high-end fields, reinforcing its leading position in the carbonyl iron powder niche market [4] - The company has deepened cooperation with several automotive electronic component manufacturers, providing customized high-performance material solutions to enhance product reliability [5]

Core Viewpoint - The company reported stable operating performance in its 2025 semi-annual report, with a slight decline in revenue and a positive net profit, indicating resilience in its business strategy and market positioning [1]. Group 1: Financial Performance - The company achieved an operating revenue of 203 million yuan, a decrease of 0.76% compared to the same period last year [1]. - The net profit for the period was 37.9864 million yuan, reflecting effective cost management and operational efficiency [1]. Group 2: Strategic Focus - The company prioritized new technology research and product iteration, optimizing resource allocation and enhancing cross-departmental collaboration to strengthen its core competitiveness for future market expansion [1]. Group 3: Market Development - In the consumer electronics sector, the company continued its market expansion momentum from 2024, successfully developing high-strength steel powder and metal injection molding feedstock for foldable smartphones, which are widely used by major brands like Honor and VIVO [1]. - The company has developed high-strength steel powder with a maximum grade of 2100 MPa, meeting the increasing demands for product design and functionality in the terminal market [1]. Group 4: Emerging Applications - The company is closely tracking developments in emerging industries such as industrial internet AI computing power and automotive electronics, increasing R&D investment in high-performance soft magnetic materials and achieving significant results [1]. - In the new energy vehicle sector, the company's products are applied in key components such as drive motors, onboard chargers, and intelligent suspensions, supporting the efficient operation of electric vehicles [1].

Core Points - The company has revised its articles of association to better protect the rights of shareholders, employees, and creditors while ensuring compliance with relevant laws [1][3][4] - The role of the legal representative has been clarified, stating that the chairman of the board serves as the legal representative of the company [1][2] - The company’s shares are divided into equal shares, and shareholders are liable for the company’s debts only to the extent of their subscribed shares [3][4] Group 1 - The articles of association serve as a legally binding document that governs the relationship between the company, shareholders, directors, supervisors, and senior management [3][4] - The company must establish a Communist Party organization and provide necessary conditions for its activities [3] - The issuance of shares must adhere to principles of openness, fairness, and justice, ensuring equal rights for all shares of the same category [4][5] Group 2 - The company is prohibited from providing financial assistance for others to acquire its shares or those of its parent company, except for employee stock ownership plans [6][7] - The company can increase its capital through various methods, including public offerings and private placements, as decided by the shareholders' meeting [8][9] - The company may repurchase its shares under specific circumstances, such as reducing registered capital or responding to dissenting shareholders [10][11] Group 3 - The company’s shares can be transferred in accordance with the law, and there are restrictions on the transfer of shares held by directors and senior management for a specified period [15][16] - Shareholders holding more than 5% of the shares must report any pledges of their shares to the company [35] - The company’s controlling shareholders and actual controllers must act in accordance with laws and regulations to protect the interests of the company and its shareholders [36][37]

Core Viewpoint - The company has completed the investment project funded by the excess proceeds from its initial public offering (IPO) and plans to permanently supplement its working capital with the remaining excess funds amounting to RMB 28.2731 million [1][5][8]. Summary of Relevant Sections Overview of IPO Fundraising - The company raised a total of RMB 379.4 million from the IPO by issuing 20 million shares at RMB 18.97 per share, with a net amount of RMB 344.0017 million after deducting issuance costs [1][2]. - The excess funds raised amounted to RMB 100.6892 million after accounting for the total investment of RMB 243.3125 million in two projects [3][4]. Management of IPO Funds - The company established a fundraising management system in compliance with relevant laws and regulations, including a tripartite supervision agreement with banks to manage the funds [2][3]. Use of Excess Funds - The company has utilized RMB 73.402 million for the "New Powder Metallurgy Products Project," which had a committed investment of RMB 100.6892 million [4]. - The remaining excess funds will be used to enhance working capital for daily operations, following the completion of the project [5][8]. Reasons for Remaining Funds - The company achieved cost savings through careful management and procurement processes, leading to a reduction in the expected equipment costs due to advancements in domestic technology [4][8]. Plan for Remaining Excess Funds - The company intends to use the remaining excess funds to permanently supplement its working capital, which will improve operational efficiency and reduce financial costs [5][8]. Approval Process - The board of directors, supervisory board, and independent directors have approved the plan to use the remaining excess funds, which will be submitted for shareholder approval [9][10].

Summary of Key Points Core Viewpoint - The company intends to conclude the investment project funded by the excess raised capital from its initial public offering and permanently supplement its working capital with the remaining funds, which aligns with regulatory requirements and aims to enhance operational efficiency [1][6][7]. Fundraising Overview - The company raised a total of RMB 379.4 million by issuing 20 million shares at RMB 18.97 each, with a net amount of RMB 344.0 million after deducting issuance costs [1][2]. - The excess funds raised amounted to RMB 10.07 million, which will be utilized for operational needs [3][6]. Investment Project Details - The main investment projects include the construction of a 4,000-ton high-grade powder metallurgy component project and a technology renovation project for powder metallurgy new materials, with a total investment of RMB 243.31 million [3][4]. - The project has reached a usable state, allowing for its conclusion and the reallocation of surplus funds [5][6]. Use of Excess Funds - The company plans to use RMB 2.83 million of the surplus funds for permanent working capital, which constitutes 28.08% of the total excess funds [6][7]. - The decision to use excess funds for working capital is based on the need to improve fund utilization efficiency and support business development [5][6]. Approval and Compliance - The proposal to conclude the investment project and use the surplus funds has been approved by the board of directors and requires shareholder approval for execution [7][8]. - The process adheres to relevant regulations and does not harm the interests of shareholders, particularly minority shareholders [7][8].

Core Viewpoint - Haichang New Materials (300885.SZ) has announced that the surplus funds from its initial public offering (IPO) will be permanently allocated to supplement working capital for daily operations, as the "New Powder Metallurgy Products Project" has reached its intended usable state and can be concluded as planned [1] Group 1 - The company has confirmed that the surplus funds amount to RMB 28.2731 million, including bank interest, with the final amount subject to the bank's interest on the day of fund transfer [1] - The decision to allocate surplus funds is aimed at enhancing the company's operational liquidity for ongoing production activities [1]