（文章来源：证券日报） 证券日报网讯 11月21日晚间，黄山谷捷发布公告称，公司于2025年11月21日召开了第二届董事会第三 次会议，审议通过了《关于募集资金投资项目延期的议案》，同意公司在首次公开发行股票募集资金投 资项目（简称"募投项目"）实施主体、募集资金投资用途和投资规模不变的情况下，根据目前募投项目 的实际实施进度，对"功率半导体模块散热基板智能制造及产能提升项目""研发中心建设项目"达到预定 可使用状态日期进行调整。 ...

Core Viewpoint - Huangshan Gujie experienced a decline of 0.63% on October 16, with a trading volume of 34.37 million yuan, indicating a potential concern regarding investor sentiment and market performance [1]. Financing Summary - On October 16, Huangshan Gujie had a financing buy-in amount of 2.37 million yuan, with a financing repayment of 3.83 million yuan, resulting in a net financing buy of -1.46 million yuan [1]. - As of October 16, the total financing and securities lending balance for Huangshan Gujie was 66.98 million yuan, which accounts for 6.40% of its market capitalization [1]. - The company had no securities lending transactions on October 16, with a remaining balance of 0.00 yuan [1]. Company Overview - Huangshan Gujie, established on June 12, 2012, is located in the Huizhou District of Huangshan City, Anhui Province, and is listed on January 3, 2025 [1]. - The company specializes in the research, production, and sales of power semiconductor module heat dissipation substrates, classified as a national high-tech enterprise, with 100% of its revenue derived from the automotive manufacturing sector [1]. Financial Performance - For the period from January to June 2025, Huangshan Gujie reported a revenue of 375 million yuan, representing a year-on-year growth of 34.41% [1]. - The net profit attributable to the parent company was 37.81 million yuan, reflecting a year-on-year decrease of 37.60% [1]. Shareholder Information - As of October 10, 2025, Huangshan Gujie had 10,800 shareholders, a decrease of 2.02% from the previous period, with an average of 1,855 circulating shares per shareholder, an increase of 2.06% [1]. - After its A-share listing, Huangshan Gujie has distributed a total of 56 million yuan in dividends [2]. - As of June 30, 2025, CITIC Prudential Multi-Strategy Mixed Fund (LOF) A was the fourth largest circulating shareholder, holding 119,100 shares as a new shareholder, while E Fund Environmental Theme Mixed A exited the top ten circulating shareholders [2].

Core Viewpoint - Huangshan Gujie experienced a slight increase in stock price by 0.73% on October 15, with a trading volume of 31.93 million yuan, indicating a stable market interest in the company [1] Financing Summary - On October 15, Huangshan Gujie had a financing buy-in amount of 2.05 million yuan and a financing repayment of 2.05 million yuan, resulting in a net financing buy of -4,067 yuan [1] - As of October 15, the total financing and securities lending balance for Huangshan Gujie was 68.44 million yuan, with the financing balance accounting for 6.50% of the circulating market value [1] - The company had no securities lending activity on October 15, with both securities lent and repaid being 0 shares, resulting in a securities lending balance of 0 yuan [1] Business Performance - For the period from January to June 2025, Huangshan Gujie achieved an operating income of 375 million yuan, representing a year-on-year growth of 34.41% [1] - The net profit attributable to the parent company for the same period was 37.81 million yuan, showing a year-on-year decrease of 37.60% [1] Shareholder Information - As of September 30, Huangshan Gujie had 11,000 shareholders, an increase of 0.44% from the previous period, with an average of 1,818 circulating shares per shareholder, a decrease of 0.44% [1] - After its A-share listing, Huangshan Gujie has distributed a total of 56 million yuan in dividends [2] - As of June 30, 2025, CITIC Prudential Multi-Strategy Mixed Fund (LOF) A was the fourth largest circulating shareholder, holding 119,100 shares as a new shareholder, while E Fund Environmental Theme Mixed A exited the top ten circulating shareholders [2]

Core Viewpoint - Huangshan Gujie experienced a decline of 2.59% on October 13, with a trading volume of 66.86 million yuan, indicating a potential concern for investors regarding its stock performance [1] Financing Summary - On October 13, Huangshan Gujie had a financing buy-in amount of 8.38 million yuan, while the financing repayment was 8.76 million yuan, resulting in a net financing buy of -0.37 million yuan [1] - As of October 13, the total financing and securities lending balance for Huangshan Gujie was 69.08 million yuan, with the financing balance accounting for 6.46% of the circulating market value [1] - No shares were sold or repaid in the securities lending segment on the same day, with a remaining balance of 0.00 yuan [1] Company Overview - Huangshan Gujie, established on June 12, 2012, is located in the Huangshan District of Anhui Province and specializes in the research, production, and sales of power semiconductor module heat dissipation substrates [1] - The company is recognized as a national high-tech enterprise, with its main business revenue entirely derived from the automotive manufacturing sector [1] Financial Performance - For the period from January to June 2025, Huangshan Gujie reported an operating income of 375 million yuan, reflecting a year-on-year growth of 34.41%, while the net profit attributable to the parent company was 37.81 million yuan, showing a decrease of 37.60% compared to the previous year [1] Shareholder Information - As of September 30, the number of shareholders for Huangshan Gujie was 11,000, an increase of 0.44% from the previous period, with an average of 1,818 circulating shares per person, a decrease of 0.44% [1] - Since its A-share listing, Huangshan Gujie has distributed a total of 56 million yuan in dividends [2] - As of June 30, 2025, CITIC Prudential Multi-Strategy Mixed Fund (LOF) A was the fourth largest circulating shareholder, holding 119,100 shares as a new shareholder, while E Fund Environmental Protection Theme Mixed A exited the top ten circulating shareholders [2]

Core Points - Huangshan Gujie experienced a decline of 0.36% on September 25, with a trading volume of 78.45 million yuan [1] - The company had a net financing buy of -655,600 yuan on the same day, with a total financing and securities balance of 71.01 million yuan, accounting for 6.18% of its market capitalization [1] - As of September 19, the number of shareholders increased by 1.75% to 11,000, while the average circulating shares per person decreased by 1.72% to 1,826 shares [1] Financial Performance - For the period from January to June 2025, Huangshan Gujie reported a revenue of 375 million yuan, representing a year-on-year growth of 34.41%, while the net profit attributable to the parent company was 37.81 million yuan, a decrease of 37.60% year-on-year [1] - The company has distributed a total of 56 million yuan in dividends since its A-share listing [2] Shareholder Information - As of June 30, 2025, the fourth largest circulating shareholder is CITIC Prudential Multi-Strategy Mixed Fund (165531), holding 119,100 shares as a new shareholder, while E Fund Environmental Theme Mixed Fund (001856) has exited the top ten circulating shareholders [2]

Group 1 - The core viewpoint of the news is that Huangshan Gujie has shown a significant increase in stock price and trading volume, indicating positive market sentiment towards the company [1] - On September 24, Huangshan Gujie experienced a stock price increase of 3.71% with a trading volume of 117 million yuan, and the net financing purchase was 2.14 million yuan [1] - As of September 24, the total balance of margin trading for Huangshan Gujie was 71.67 million yuan, which accounts for 6.21% of its circulating market value [1] Group 2 - Huangshan Gujie reported a revenue of 375 million yuan for the first half of 2025, representing a year-on-year growth of 34.41%, while the net profit attributable to the parent company was 37.81 million yuan, a decrease of 37.60% year-on-year [1] - The company has distributed a total of 56 million yuan in dividends since its A-share listing [2] - As of June 30, 2025, the top ten circulating shareholders included a new shareholder, CITIC Prudential Multi-Strategy Mixed Fund, holding 119,100 shares, while E Fund Environmental Theme Mixed Fund exited the top ten list [2]

Core Viewpoint - Huangshan Gujie (301581.SZ) reported a disappointing first financial statement post-IPO, with both revenue and net profit declining due to falling product prices and rising raw material costs [1][2]. Financial Performance - In 2024, the company achieved revenue of 725 million yuan, a year-on-year decrease of 4.53%, and a net profit of 112 million yuan, down 28.84% [2]. - The main product, copper pin heat dissipation substrates, contributed over 70% of revenue, generating 548 million yuan, which represents a 7.11% decline compared to the previous year [2][3]. - The revenue from copper flat heat dissipation substrates was only 2.89 million yuan, accounting for less than 1% of total revenue [2]. Product Segmentation - The company’s revenue breakdown shows that copper pin heat dissipation substrates are critical, while copper flat heat dissipation substrates and other businesses contribute minimally [3]. - The revenue from by-products, such as copper scrap, was 156 million yuan, making up 21.65% of total revenue, but with a very low gross margin of 0.69% [3]. Cash Flow and Accounts Receivable - Accounts receivable increased by 32% year-on-year to 218 million yuan, representing 30% of total revenue, indicating cash flow pressure [5][6]. - The net cash flow from operating activities fell by 45.62% to 51 million yuan [5]. Profitability and Cost Structure - The gross margin for the company dropped to 22.5%, down 6.2 percentage points year-on-year, primarily due to a decrease in product prices and an increase in raw material costs [6][8]. - The average selling price of products decreased by 8%, while sales volume increased by only 1.05% [6][7]. Research and Development - The company’s R&D expense ratio remains below the industry average, with 2024 R&D expenses at 211 million yuan, representing only 2.92% of revenue [8][9]. - A significant portion of the R&D team, over 70%, has a college degree or lower, raising concerns about the quality of research personnel [9][10]. Market Expansion - The company has made efforts to expand into international markets, including Germany, Hungary, and Malaysia, but revenue from overseas operations fell by 45.67% to 137 million yuan [5].