Core Viewpoint - Fangda Carbon's 2025 semi-annual report indicates a significant decline in revenue and profit, attributed to reduced sales volume and increased competition in the graphite electrode market [2][4]. Company Overview and Financial Indicators - Company Name: Fangda Carbon New Material Co., Ltd. [2] - Stock Code: 600516 [2] - Total Revenue for the first half of 2025: CNY 1.69 billion, a decrease of 28.13% compared to CNY 2.35 billion in the same period last year [2][11]. - Total Profit: CNY 55.92 million, down 75.62% from CNY 229.33 million year-on-year [2][11]. - Net Profit attributable to shareholders: CNY 54.53 million, a decline of 68.31% from CNY 172.09 million [2][11]. - Net cash flow from operating activities: -CNY 290.76 million, a decrease of 190.42% compared to CNY 321.56 million in the previous year [2][11]. - Total assets at the end of the reporting period: CNY 20.46 billion, an increase of 0.45% from CNY 20.37 billion at the end of the previous year [2][11]. Industry and Business Analysis - The company operates in the non-metallic mineral products industry, specifically in the manufacturing of graphite and other non-metallic mineral products [3]. - Key products include graphite electrodes, carbon bricks, isotropic graphite, nuclear-grade carbon/graphite materials, graphene materials, and carbon/carbon composite materials [3]. - The company has achieved breakthroughs in nuclear-grade carbon/graphite materials and graphene materials, filling domestic gaps and breaking foreign monopolies [3]. - The overall market for graphite electrodes has faced challenges due to decreased demand from steel mills and increased competition, leading to many companies operating at a loss [4][11]. - In the first half of 2025, China's total graphite electrode production was approximately 374,600 tons, a decrease of 17.96% year-on-year [4]. Operational Performance - The company has maintained a competitive edge through a comprehensive R&D, procurement, production, sales, and after-sales service system [4]. - The operational strategy focuses on sales-driven production and high-end market promotion, optimizing product structure and increasing the promotion of high-value-added products [4]. - The company has made significant progress in international market expansion, successfully entering several emerging markets, which has supported revenue growth [4]. Competitive Advantages - The company has a strong management team with extensive experience in the carbon industry, enabling it to identify industry trends and seize development opportunities [6][7]. - Continuous investment in technology innovation and collaboration with top research institutions has led to significant advancements in core technologies [6][7]. - The company emphasizes fine management to reduce costs and improve efficiency, resulting in stable product quality and increased operational efficiency [8][10].

Group 1 - Shenzhen Huayao Ceramics Technology Co., Ltd. has been established with a registered capital of 30 million RMB [1] - The company is wholly owned by Hunan Hualian Ceramics Co., Ltd. [1] - The business scope includes research and development of new materials, sales of daily ceramic products, sales of new ceramic materials, and professional design services [1] Group 2 - The company is classified under the manufacturing industry, specifically in the non-metallic mineral products sector, focusing on the production of graphite and other non-metallic mineral products [1] - The legal representative of the company is Xu Junqi [1] - The registered address is located in Shenzhen, specifically at 5001 Huanggang Road, T2 Building, South District, Shenye Shangcheng [1]

Company Overview - Shanghai Jiaying Industrial Co., Ltd. has been established with a registered capital of 180 million RMB [1][2] - The legal representative of the company is Liu Zhixiang [2] - The company is wholly owned by Shanghai Qike Technology Co., Ltd. [1] Business Scope - The business scope includes sales of daily necessities, software development, construction engineering, and design [1] - Specific sales activities cover a wide range of products such as office supplies, electronic products, machinery, hardware, medical devices, and various consumer goods [1] - The company is also involved in advertising services, technical services, and data processing and storage support [1] Industry Classification - The company is classified under the manufacturing industry, specifically in the non-metallic mineral products sector, focusing on graphite and other non-metallic mineral products [2] - The registered address is located in the Pudong New District of Shanghai [2]

Company Overview - Liaocheng Shangchen Building Materials Technology Co., Ltd. has been established with a registered capital of 5 million RMB [1] - The legal representative is Xu Yuangan, and the company is jointly held by Jiangsu Shangchen Building Materials Technology Group Co., Ltd. (55%) and Jiangsu Yongsheng New Materials Co., Ltd. (45%) [1] Business Scope - The company’s business activities include the sale of building materials, manufacturing of metal structures, wholesale of hardware products, and sales of concrete structural components [1] - Additional services include technology promotion, technical consulting, and research and development in new materials and construction [1] - The company is also involved in the manufacturing of lightweight building materials, insulation materials, and various construction-related products [1] Regulatory Information - The company is classified under the manufacturing industry, specifically in the non-metallic mineral products sector, focusing on the production of graphite and other non-metallic mineral products [1] - The business operations are subject to approval by relevant authorities, particularly for construction projects and interior decoration [1] - The company is registered with the Xinxian Market Supervision Administration and has an operational period until June 24, 2025, with no fixed end date [1]

江西宁新新材料股份有限公司 江西省宜春市奉新县高新技术产业园区天工南大道 966 号 江西宁新新材料股份有限公司招股说明书（申报稿） 保荐人（主承销商） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 A 座 15 层 证券简称： 宁新新材 证券代码： 839719 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声 明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自 行负责 ...