每经AI快讯，壹石通（SH 688733，收盘价：25.88元）10月10日晚间发布公告称，2025年10月10日，公 司通过上海证券交易所交易系统以集中竞价交易方式首次回购公司股份约2.81万股，占公司总股本约2 亿股的比例为0.0141%，回购成交的最高价为25.95元/股，最低价为25.79元/股，支付的资金总额为人民 币约73万元。 2024年1至12月份，壹石通的营业收入构成为：无机非金属功能性粉体材料占比99.64%，其他业务占比 0.36%。 截至发稿，壹石通市值为52亿元。 每经头条（nbdtoutiao）——天水麻辣烫、淄博烧烤、荣昌卤鹅⋯⋯"泼天流量"退去后，这些城市怎么 样了？ （记者 王晓波） ...

Group 1 - The company Yishitong (SH 688733) announced on October 9 that it has opened a dedicated securities account for share repurchase at the Shanghai branch of China Securities Depository and Clearing Corporation, but has not yet initiated the repurchase plan, which will be implemented based on market conditions in the future [1] - For the fiscal year 2024, Yishitong's revenue composition is as follows: inorganic non-metallic functional powder materials account for 99.64%, while other businesses account for 0.36% [1] - As of the report date, Yishitong has a market capitalization of 5.5 billion yuan [1]

Group 1 - Company Yishitong (SH 688733) announced a share repurchase plan with a total fund amounting to no less than RMB 30 million and no more than RMB 55 million [1] - The repurchase price will not exceed RMB 40.69 per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [1] - The implementation period for the share repurchase is set to be within 12 months from the board's approval date [1] Group 2 - As of the latest report, Yishitong's market capitalization stands at RMB 5.3 billion [2] - The company's revenue composition for the year 2024 indicates that inorganic non-metal functional powder materials account for 99.64% of total revenue, while other businesses contribute 0.36% [1]

Group 1 - The core point of the article is that Yishitong (SH 688733) announced a share repurchase plan during its board meeting held on September 11, 2025, which is aimed at enhancing shareholder value [1] - For the fiscal year 2024, Yishitong's revenue composition is heavily weighted towards inorganic non-metallic functional powder materials, accounting for 99.64% of total revenue, while other businesses contribute only 0.36% [1] - As of the report, Yishitong has a market capitalization of 5.3 billion yuan [1]

Core Viewpoint - The company, Yishitong (688733), held a performance briefing on August 28, 2025, to discuss its half-year results and future prospects, with participation from various investment firms and analysts [1][2]. Financial Performance - For the first half of 2025, the company's main revenue reached 272 million yuan, a year-on-year increase of 13.52%. However, the net profit attributable to shareholders was -17.48 million yuan, a decline of 399.99% [16]. - In Q2 2025, the company reported a single-quarter revenue of 152 million yuan, up 20.82% year-on-year, but the net profit was -680,500 yuan, down 102.87% [16]. Research and Development - The company's R&D expenses as a percentage of revenue increased year-on-year, primarily due to the previous year's significant share-based payment reduction. The R&D investment slightly grew as the company intensified its focus on projects like high-purity quartz sand and solid oxide fuel cells [2][3]. Product Performance - The shipment volume of the lithium battery coating material, barium stone, continued to grow in the first half of 2025, with a notable increase in Q2. The company is optimistic about achieving its annual shipment target for barium stone [2][3]. - The price of barium stone products decreased compared to the same period last year, but prices for major clients have stabilized [3]. Project Development - The company is transitioning its solid oxide fuel cell (SOFC) products from pilot testing to industrialization, with the first demonstration project expected to be operational by the end of 2025 [4]. - The high-purity quartz sand project has completed technical indicators and performance optimization, and is currently validating downstream products [6]. Market Trends - The company’s barium stone products are positioned to benefit from the industry's shift towards quality and safety, particularly in the lithium battery sector [12]. - The company is exploring applications of barium stone in solid-state batteries, with ongoing research in collaboration with domestic clients [13]. Production Capacity - The production capacity utilization rate for barium stone is currently above 70% [10]. - The Chongqing base's thermal conductive spherical aluminum project has been delayed to September 2025 due to process optimization and administrative approvals [11]. Investment Outlook - Recent institutional ratings indicate a bullish outlook, with two firms issuing "buy" ratings and a target price of 29.6 yuan [17]. - The stock has seen a net inflow of 116 million yuan in financing over the past three months, indicating increased investor interest [19].

Group 1 - The company, Yishitong (SH 688733), announced the convening of its 11th meeting of the 4th board of directors on August 27, 2025, to discuss organizational restructuring [1] - For the year 2024, Yishitong's revenue composition is as follows: inorganic non-metallic functional powder materials account for 99.64%, while other businesses account for 0.36% [1] - As of the report date, Yishitong has a market capitalization of 5.4 billion yuan [1]

Core Viewpoint - The Liaoning Revitalization Development Fund has made its first investment of 334 million yuan in Shenyang, marking a significant step in promoting local innovation and development [1] Group 1: Fund Details - The Liaoning Revitalization Development Fund was established by China Chengtong and China Guoxin and is set to be operational by the end of 2024 [1] - The fund's initial investment in Shenyang is part of a broader initiative to support local enterprises through a collaboration between central and local state-owned assets [1] Group 2: Investment Impact - The fund has signed agreements with four innovative enterprises in Shenyang, which are involved in key sectors such as rail transit sensors, aerospace composite materials, inorganic non-metallic materials, and semiconductor equipment [1] - This investment is expected to enhance the technological capabilities and competitiveness of the supported companies in their respective fields [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 505 million yuan for 2024, representing a year-on-year growth of 8.6%, while the net profit attributable to the parent company was 12 million yuan, a decline of 51.05% year-on-year. The non-recurring net profit was -24 million yuan, indicating an expanded loss compared to the previous year [2][4] - In Q4, the revenue was 130 million yuan, showing a year-on-year increase of 10.82% but a quarter-on-quarter decrease of 4.23%. The net profit attributable to the parent company was -3 million yuan, a year-on-year decline of 130.32% and a quarter-on-quarter decline of 130.85% [2][4] Summary by Sections Revenue Performance - In 2024, the sales volume of inorganic functional powder materials reached 38,400 tons, a year-on-year increase of 32.3%, driven by the recovery in downstream demand. The overall revenue growth slightly lagged behind the shipment growth due to price adjustments of barium stone products. In Q4, barium stone shipments are expected to have a slight decline, with a controlled price reduction trend [10] - The sales volume of polymer materials increased to 1,700 tons, a year-on-year growth of 56.06%, with revenue remaining stable [10] Profitability Analysis - The company's gross margin for 2024 was 22.68%, down 3.5 percentage points year-on-year, primarily due to fluctuations in raw material prices and price adjustments affecting cost reduction efforts. The operating profit margin was 1% for 2024, with a net profit margin of 2.24% [10] - In Q4, the gross margin declined due to rising raw material prices and inventory impairment provisions, with operational profitability expected to be at breakeven [10] Future Outlook - For 2025, barium stone is expected to maintain a high shipment growth rate, with sales structure optimization likely to drive profit recovery. The Chongqing base is projected to contribute to performance growth with 9,800 tons of thermal conductive aluminum and flame-retardant materials [10] - New materials such as low-α alumina and high-purity quartz sand are anticipated to achieve bulk sales in 2025, further validating the material platform logic [10]

2024 年归母净利润同比高增 44% 公司 2024 年实现营业收入 9.6 亿元，同比增加 34.94% ； 2024 年实现归母净利润 2.51 亿元，同比增加 44.47% ，创公司上市以来新高。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯一订阅号。其他任 何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券研究所品牌名称等相关信息的订阅号均不是光大证 券研究所的官方订阅号。 2024 年产品产销量均保持同比正增长，产品价格走势出现分化 公司主要产品 2024 年产销量均实现正增长： 2024 年公司角形无机粉体产销量分别为 77446.44 吨和 7670 ...