智通财经8月27日讯（记者 张晨静）超硬材料长期处于下行调整周期，黄河旋风（600172.SH）已连续 两年亏损，今年上半年亏损同比扩大。 今日晚间，黄河旋风发布2025年中报，上半年实现营业收入6.99亿元，同比增长7.56%；净利润亏损 2.99亿元，上年同期净亏损2.48亿元，亏损扩大。 黄河旋风表示，受全球宏观经济及培育钻石市场价格波动影响，公司虽采取了部分降本增效措施，但未 能对冲市场对公司造成的不利影响。 业绩下滑同时，公司负债率持续攀升，截至2025年中报，公司资产负债率再次提升，已达84%，流动比 率仅为0.4，其中短期借款25亿元，货币资金3.23亿元。 分季度来看，二季度亏损缩窄，其中第二季度营业收入3.79亿元，同比增长17.95%，环比增长18.59%； 亏损1.32亿元，同比减亏7.51%，环比减亏21.24%。 公开资料显示，黄河旋风主要经营的产品涵盖超硬材料及制品、超硬复合材料及制品等，主要包括工业 金刚石、培育钻石、砂轮、刀具、钻头、锯片等。 现金流方面亦较为紧张，通过现金流量表来看，本次报告期仅有筹资活动产生的现金流量净额为正值， 这也意味着本期公司现金流入主要靠筹资，其中经 ...

河南黄河旋风股份有限公司2025 年半年度报告 公司代码：600172 公司简称：黄河旋风 河南黄河旋风股份有限公司 证券简称：黄河旋风 证券代码：.600172. 河南黄河旋风股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人李戈、主管会计工作负责人庞文龙及会计机构负责人（会计主管人员）徐二豪 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的公司未来经营计划、发展战略等前瞻性描述不构成公司对投资者的实质承 诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险 ...

Group 1: Company Strategy and Production Capacity - The company plans to continuously increase the number of presses while optimizing the structure based on market demand and national equipment renewal policies [1] - Current capacity utilization rate is at 100%, with flexible production capabilities for various products including industrial diamonds and synthetic diamonds [1] Group 2: Industry Challenges and Innovations - The fundamental solution to industry "involution" is through technological innovation and developing new production methods [2] - The company is enhancing core competitiveness by increasing R&D investment, collaborating with industry partners, and upgrading equipment [2] Group 3: Future Goals and Deliverables - The primary goal during the 14th Five-Year Plan is to ensure supply, with annual contracts signed based on actual orders [2] - The company anticipates steady growth in deliveries during the 14th Five-Year Plan, with revenue from contracts signed in the current year expected to materialize in the second half [2] Group 4: Military Trade and Equipment Capacity - Military trade operations are conducted by third-party companies, influenced by international situations and customer needs [2] - Current capacity utilization for special equipment is relatively full, with plans to increase capacity in the future [2]

Core Viewpoint - Huanghe Xuanfeng (600172) announced that 1.27 billion shares held by its major shareholder, Henan Huanghe Industrial Group Co., Ltd., have been frozen by the Changzhou Wujin District People's Court, representing 100% of the shares held by the group and 8.82% of the company's total share capital due to a debt dispute involving an amount of 6.5004 million yuan [1] Company Summary - The frozen shares are a result of a contractual dispute between individual Hua Aimei and Huanghe Group, which will not affect the company's control or daily operations as Huanghe Group is not the controlling shareholder or actual controller of the company [1] - Huanghe Xuanfeng primarily operates in the production of superhard materials and products, including industrial diamonds, cultivated diamonds, grinding wheels, tools, drill bits, and saw blades [1] - The company has projected a net loss of 285 million yuan for the first half of 2025, as per its previous earnings forecast [1]

Report Summary 1. Reported Industry Investment Rating - No information provided on the industry investment rating [1][2] 2. Core Viewpoints - The company's net profit attributable to the parent in the first half of the year is expected to be a loss of 30 million - 58 million yuan due to the low - point market of the super - hard materials sector and the impact on the special equipment sector [22] - The price of industrial diamonds in 2025 is on a downward trend with stability in the second half, while the market demand for cultivated diamonds is on the rise [23] - The gross profit margin of industrial diamonds is expected to continue to decline, and that of cultivated diamonds will fluctuate slightly [23] 3. Summary by Directory 3.1 Research Basic Situation - Research object: Zhongbing Red Arrow, belonging to the special equipment industry [17] - Reception time: July 30, 2025 - Company reception personnel: Zhao Deliang (CFO and Secretary of the Board), Zhou Ying (Deputy Minister of the Securities Affairs Department), Zhang Yi (Securities Affairs Department) [17] 3.2 Detailed Research Institutions | Reception Object | Reception Object Type | Institution - related Personnel | | --- | --- | --- | | Changjiang Securities | Securities company | Zhang Chenchen | | GF Securities | Securities company | Qiu Jingbo | | Xinyuan Fund | Fund management company | Fei Fan, Liu Yitao | [18] 3.3 Main Content Data - **Half - year report situation**: The company's net profit attributable to the parent in the first half of the year is expected to be a loss of 30 million - 58 million yuan, mainly due to the low - point market of the super - hard materials sector and the impact on the special equipment sector [22] - **Measures to achieve business goals**: The company and its subsidiaries will optimize the industrial layout, increase R & D investment, expand the market, and reduce costs and increase efficiency [22] - **Gross profit margin of special business**: The overall gross profit margin of special business has increased in recent years [22] - **Military trade business**: The company conducts military trade through third - parties and will improve the management system, actively cooperate with third - parties, and increase export efforts [23] - **Price and demand of industrial diamonds and cultivated diamonds in 2025**: The price of industrial diamonds is on a downward trend with stability in the second half, and the demand is weakening; the market demand for cultivated diamonds is on the rise [23] - **Future gross profit margin of industrial diamonds and cultivated diamonds**: The current gross profit margin is between 10% - 20%. The gross profit margin of industrial diamonds is expected to decline, and that of cultivated diamonds will fluctuate slightly [23]

Group 1: Financial Performance - The company expects a net profit loss of 30 million to 58 million yuan for the first half of 2025, primarily due to a prolonged low market state in the superhard materials sector and decreased profits in the special equipment sector [1] - The main reasons for the profit decline include intense industry competition and insufficient demand in downstream product sectors [1] Group 2: Strategic Measures - The company plans to improve its operational status through various strategies, including optimizing industrial layout, increasing R&D investment, expanding market reach, and enhancing cost efficiency [2] - The company aims to enhance its military trade management system and increase export efforts in the international market [2] Group 3: Market Outlook - The price trend for industrial diamonds is expected to decline in 2025 due to weakened downstream demand and increased supply, with the first half of the year already reaching a low point [2] - The cultivated diamond market is showing signs of steady recovery in demand [2] Group 4: Profitability Indicators - The gross profit margin for industrial diamonds and cultivated diamonds currently ranges between 10% and 20% [2] - Although production costs are decreasing, the gross profit margin for industrial diamonds is expected to continue declining, while the margin for cultivated diamonds may fluctuate slightly [2]

Core Viewpoint - The company, Huanghe Xuanfeng, clarifies that its products are not directly applied in the semiconductor packaging sector and have not generated revenue from this area [1] Company Overview - Huanghe Xuanfeng's product range includes superhard materials, polycrystalline composite materials, superhard tools, and metal powders [1] - The main business focuses on industrial diamonds and synthetic diamond-related materials and products [1] Joint Venture Details - The company has established a joint venture with Bozhi Jinduan with a registered capital of 10 million yuan, where Huanghe Xuanfeng contributes 5.1 million yuan, holding a 51% stake [1] - The scale of the joint venture is relatively small, and future funding needs may arise as technology develops [1] Future Uncertainties - There is significant uncertainty regarding whether the company will make further investments in the joint venture [1] - The operational performance of the joint venture may be influenced by macroeconomic conditions, industry environment, and policy factors, leading to uncertainties in future development and investment returns [1]

Financial Performance - The company's Q1 2025 revenue and net profit attributable to shareholders decreased compared to the same period last year, primarily due to reduced product deliveries and intense market competition [1][2] - In 2024, the company achieved a revenue of 45 billion, which is 64% of the projected 70 billion for that year, with net profit turning negative for the first time in recent years [4] Revenue Forecast and Measures - The company forecasts a revenue of 8.7 billion for 2025, based on existing orders, intended orders, and market conditions [2] - To ensure sustainable development, the company is focusing on resource allocation, market demand, technology innovation, and cost-effectiveness [4] Asset Management and Efficiency - The company has 45 billion in fixed assets and ongoing construction projects, raising concerns about low efficiency in asset utilization [2] - The company is actively optimizing production processes to enhance capacity utilization and improve delivery schedules [3] Industry Position and Future Outlook - The ultra-hard materials sector is expected to maintain a stable performance despite macroeconomic challenges, with a long-term positive outlook for the industry [2][3] - The company is committed to enhancing its core competitiveness across various business segments, including special equipment and ultra-hard materials [3] Order and Inventory Management - Current order levels have increased compared to the previous year, and the company is taking measures to balance production and sales [3] - Inventory levels grew by 31% in 2024, raising questions about the composition of military and civilian products [4] R&D and Technological Development - The company is investing in R&D to improve product offerings, particularly in the fourth-generation semiconductor applications, which are still in the experimental phase [4] - The company is also focusing on upgrading outdated production capacities to enhance overall efficiency [3]

Investment Rating - The report provides an "In-Line" investment rating for the Chinese industrial sector, indicating a balanced outlook on investment opportunities within the industry [10]. Core Insights - The report emphasizes the importance of investing in emerging industries in China that possess structural competitive advantages, particularly in the context of challenges such as debt, deflation, demographic changes, and global multipolarity [3][8]. - It identifies significant opportunities in advanced supply chains and manufacturing, highlighting the potential for growth in sectors such as machinery, automotive, new energy, semiconductors, aerospace, artificial intelligence, software, pharmaceuticals, humanoid robotics, and eVTOL [4][30]. - The report outlines a framework consisting of six key elements that support industry upgrades, which include R&D investment, talent development, capital influx, government policy support, market demand, and supply chain robustness [31][34]. Summary by Sections Industry Investment Rating - The report rates the Chinese industrial sector as "In-Line," suggesting a cautious but optimistic view on investment prospects [10]. Key Industry Opportunities - The report identifies 28 stocks that are well-positioned to benefit from the ongoing industrial upgrades and emerging trends in China, focusing on companies that are either upstream in the supply chain or are key enablers in sectors like automation and AI [4][42]. Six Key Elements Framework 1. **R&D Investment**: China’s R&D expenditure is primarily concentrated in manufacturing, with a notable increase in investment in technology and emerging industries [15][31]. 2. **Talent Pool**: China produces the largest number of engineering graduates globally, with a focus on strategic emerging fields such as AI and data science [31][32]. 3. **Capital Influx**: Significant capital has flowed into advanced manufacturing sectors, particularly semiconductors and machinery, with a total of approximately RMB 20 trillion from 2021 to 2024 [32][33]. 4. **Government Support**: The Chinese government has implemented various strategic initiatives to support key industries, including AI, semiconductors, and aerospace, enhancing the investment landscape [33][34]. 5. **Market Demand**: The report highlights a positive feedback loop between rising demand and innovation, particularly in consumer electronics, automotive, and electrical machinery [34]. 6. **Supply Chain Development**: The report discusses the importance of moving up the value chain, particularly in sectors with low localization rates and strong downstream demand [34][35]. Emerging Industry Focus - The report underscores the potential of artificial intelligence to drive significant economic value in China, projecting that AI could contribute RMB 11 trillion to the labor value by 2035, representing 5.5% of nominal GDP [37][38]. - It also notes the expected growth in sectors such as autonomous vehicles and industrial AI applications, which are anticipated to enhance productivity and operational efficiency across various industries [39].

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company plans to achieve a revenue growth of 90% year-on-year in 2025, aiming to turn losses into profits [2][4] - The special equipment sector is expected to become a new growth point, benefiting from the increase in demand for smart ammunition [3][4] - The company is a leader in the ultra-hard materials market and is expected to maintain its market position while benefiting from the growth in demand for photovoltaic diamond wire [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4.57 billion yuan, a decrease of 25% year-on-year, and a net profit of -327 million yuan, a decline of 140% [1][4] - The revenue from the special equipment segment was 2.39 billion yuan, down 29% year-on-year, with a gross margin of 9.61%, a decrease of 23.92 percentage points [1] - The ultra-hard materials segment generated 1.76 billion yuan in revenue, down 23% year-on-year, with a gross margin of 25.88%, a decrease of 9.77 percentage points [1] Future Projections - The company forecasts a revenue of 8.72 billion yuan in 2025, representing a 91% increase from 2024 [4] - Expected net profits for 2025-2027 are projected at 325 million yuan, 422 million yuan, and 527 million yuan respectively, with growth rates of 30% and 25% in 2026 and 2027 [4] - The price-to-earnings ratio (P/E) is projected to be 71, 55, and 44 for 2025, 2026, and 2027 respectively [4] Market Position - The company is the only publicly listed platform for ammunition under the Weaponry Group and is involved in the production of various munitions [3] - The company’s subsidiary, North Red Sun, has achieved profitability, indicating improvements in core product pricing and internal operations [3] - The demand for long-range rocket artillery is expected to grow due to its significance in modern warfare, particularly highlighted by the ongoing Russia-Ukraine conflict [3]