（编辑 丛可心） 证券日报网1月7日讯 ，有研粉材在接受调研者提问时表示，公司成立于2004年，控股股东中国有研科 技集团是国务院国资委所属中央一级企业，公司属于二级中央企业。公司业务分为四个板块。第一个板 块是铜基金属粉体材料，目前国内市占率约30%，主要应用于粉末冶金、金刚石工具、摩擦材料、催化 剂、电碳电刷、散热器件等下游领域，该板块的公司有有研合肥、有研重冶和境外的有研泰国、英国 Makin公司；第二个板块是微电子锡基焊粉材料，目前在国内市场占有率约15%，国内第一，主要应用 于微电子的封装/组装，下游领域主要为消费电子，该板块公司有康普锡威及其山东子公司；第三个板 块是增材制造用粉体材料（3D打印用粉体材料）板块，运营的公司为有研增材及其山东子公司，3D打 印粉体产品主要为生产工艺比较有特色的铝合金粉、高温合金粉、铜合金粉和不锈钢粉，另外有研增材 除了3D打印用粉体材料还生产一些高温特种粉体材料如软磁、MIM粉等；第四个板块是电子浆料，与 微电子锡基焊粉材料都属于微电子互连材料，有研纳微公司的锡膏模块也属于锡粉的下游领域，主要用 于微电子的封装、半导体组装等，新开发的产品包括纳米级铜粉、银铜粉和镍粉 ...

Core Insights - On November 21, Youyan Powder Materials experienced a decline of 5.19% with a trading volume of 94.8255 million yuan [1] - The company reported a financing buy-in of 16.6622 million yuan and a net financing buy of 1.1731 million yuan on the same day [1][2] - As of November 21, the total financing and securities lending balance for Youyan Powder Materials was 168 million yuan, which is 3.64% of its circulating market value [1] Financing Summary - On November 21, the financing buy-in was 16.6622 million yuan, with a current financing balance of 168 million yuan, which is below the 40th percentile of the past year [1] - The securities lending data showed no shares were repaid or sold on November 21, indicating a high level of securities lending balance at 0.00 shares, exceeding the 90th percentile of the past year [1] Business Performance - As of September 30, the number of shareholders for Youyan Powder Materials was 5,662, an increase of 10.43% from the previous period [2] - For the period from January to September 2025, the company achieved a revenue of 2.849 billion yuan, representing a year-on-year growth of 20.80%, and a net profit attributable to shareholders of 51.6622 million yuan, up 28.00% year-on-year [2] Dividend Information - Since its A-share listing, Youyan Powder Materials has distributed a total of 103 million yuan in dividends, with 62.196 million yuan distributed over the past three years [3] Shareholding Structure - As of September 30, 2025, the top ten circulating shareholders of Youyan Powder Materials saw the exit of Huashang Lexiang Flexible Allocation Mixed A (001959) from the list [3]

Core Viewpoint - Youyan Powder New Materials Co., Ltd. (referred to as "Youyan Powder Materials") reported a significant increase in revenue and net profit for the first three quarters of 2025, driven primarily by increased product sales [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.849 billion yuan, representing a year-on-year growth of 20.80% [1]. - The net profit attributable to shareholders for the same period was 52 million yuan, reflecting a year-on-year increase of 28% [1]. - In the third quarter, the company recorded revenue of 1.059 billion yuan, which is a year-on-year growth of 25.30% [1]. - The net profit attributable to shareholders in the third quarter was 16 million yuan, showing a substantial year-on-year increase of 44.92% [1]. Business Segments - The company operates in four main business segments: 1. Copper-based metal powder materials, which hold the largest production and sales volume domestically and the second largest globally, with applications in powder metallurgy, diamond tools, friction materials, catalysts, carbon brushes, and heat dissipation devices [1]. 2. Microelectronics tin-based solder powder materials, which have a domestic market share of approximately 15%, making it the leading player in the domestic market, primarily used in microelectronics packaging and assembly, particularly in consumer electronics [1]. 3. Electronic pastes, which, along with microelectronics tin-based solder powder materials, are key development areas for the company, focusing on future technological breakthroughs [1]. 4. Additive manufacturing powder materials (3D printing powder materials) [1].

Core Viewpoint - The stock of Youyan Powder Materials increased by 5.07% on September 16, reaching a price of 51.44 CNY per share, with a total market capitalization of 5.332 billion CNY [1] Company Overview - Youyan Powder Materials Co., Ltd. is located in Beijing and was established on March 4, 2004, with its listing date on March 17, 2021. The company specializes in the research, production, and sales of non-ferrous metal powder materials [1] - The revenue composition of the company includes: 59.04% from copper-based metal powder materials, 29.39% from microelectronics tin-based solder powder materials, 6.78% from other sources, 2.54% from electronic pastes, 1.48% from 3D printing powder materials, and 0.77% from other supplementary materials [1] Shareholder Information - Huashang Fund's Huashang Lexiang Flexible Allocation Mixed A Fund (001959) is among the top ten circulating shareholders of Youyan Powder Materials. In the second quarter, it reduced its holdings by 298,100 shares, maintaining 621,600 shares, which accounts for 0.6% of the circulating shares. The estimated floating profit today is approximately 1.5415 million CNY [2][4] - The fund was established on December 18, 2015, with a current scale of 612 million CNY. Year-to-date returns are 33.13%, ranking 2261 out of 8174 in its category; the one-year return is 92.22%, ranking 636 out of 7982; and since inception, the return is 173.04% [2] Fund Management - The fund manager of Huashang Lexiang Flexible Allocation Mixed A Fund is Yu Yi, who has been in the position for 3 years and 5 days. The total asset size of the fund is 5.867 billion CNY, with the best fund return during the tenure being 77.4% and the worst being 0.15% [3]

Core Insights - On August 26, Youyan Powder Materials experienced a decline of 2.40% with a transaction volume of 141 million yuan [1] - The company reported a financing buy-in of 22.83 million yuan and a financing repayment of 25.02 million yuan, resulting in a net financing outflow of 2.19 million yuan [1] - As of August 26, the total financing and securities lending balance for Youyan Powder Materials was 211 million yuan, representing 4.09% of its market capitalization [1] Financing Overview - On the same day, the financing buy-in was 22.83 million yuan, with the current financing balance at 211 million yuan, which is above the 70th percentile of the past year [1] - In terms of securities lending, there were no shares repaid or sold on August 26, with the securities lending balance also at zero, indicating a high level of inactivity [1] Company Profile - Youyan Powder Materials Co., Ltd. is located in Beijing and was established on March 4, 2004, with its listing date on March 17, 2021 [1] - The company's main business involves the research, production, and sales of non-ferrous metal powder materials, with revenue composition as follows: copper-based metal powder materials 59.04%, microelectronics tin-based solder powder materials 29.39%, and others [1] Financial Performance - For the period from January to March 2025, Youyan Powder Materials achieved a revenue of 796 million yuan, reflecting a year-on-year growth of 20.34% [2] - The net profit attributable to the parent company was 10.34 million yuan, showing a year-on-year increase of 5.71% [2] Shareholder Information - As of March 31, 2025, the number of shareholders for Youyan Powder Materials was 5,556, an increase of 5.95% from the previous period [2] - The average circulating shares per person decreased by 5.62% to 18,657 shares [2] Dividend Distribution - Since its A-share listing, Youyan Powder Materials has distributed a total of 103 million yuan in dividends, with 62.20 million yuan distributed over the past three years [3] Institutional Holdings - As of March 31, 2025, Huashang Lexiang Flexible Allocation Mixed A Fund was the ninth largest circulating shareholder, holding 919,700 shares, a decrease of 220,000 shares from the previous period [3]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 52.0 yuan for the next six months, indicating an expected price increase of over 15% compared to the market benchmark [5]. Core Insights - The company, Youyan Powder Materials, is a leading domestic enterprise in metal powder materials, specializing in the design, research, production, and sales of non-ferrous metal powder materials, particularly in copper and tin-based solder powder [1]. - The company has shown consistent growth in performance, with a revenue increase of 20.44% year-on-year, reaching 3.229 billion yuan in 2024, and a net profit increase of 7.73%, totaling 0.59 billion yuan [1]. - The company is expanding its production capacity and enhancing its global presence, with a new copper powder production line in Thailand expected to contribute to profitability by mid-2025 [2]. - The company is actively developing its 3D printing powder materials segment, which has shown significant revenue growth, with a 57.5% increase in 2024 [3]. Financial Performance Summary - In 2024, the company achieved a revenue of 3,229 million yuan, a 20.44% increase from the previous year, and a net profit of 59 million yuan, reflecting a 7.73% growth [4]. - The projected revenues for 2025, 2026, and 2027 are 3,861 million yuan, 4,676 million yuan, and 5,704 million yuan, respectively, indicating a steady growth trajectory [4]. - The gross profit margin for 2024 was reported at 7.6%, a decrease of 0.7 percentage points year-on-year, attributed to increased market competition [1].

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company being analyzed. Core Insights - The company, Youyan Powder Materials, was established in 2004 and is a subsidiary of China Research Institute of Nonferrous Metals, a central state-owned enterprise. It operates in the non-ferrous metals industry and has a strong market presence with a focus on technological innovation and product customization [18][23]. Summary by Sections 1. Basic Research Information - The research was conducted on March 4, 2025, focusing on Youyan Powder Materials within the non-ferrous metals sector. Key personnel from the company included the board secretary, financial director, and legal advisor [13]. 2. Company Business Segments - Youyan Powder Materials operates in four main segments: 1. Copper-based metal powder materials, holding approximately 35% market share domestically, with a production volume of 27,000 tons in 2024 [19]. 2. Microelectronic tin-based solder powder materials, leading the domestic market with a 15% share, producing 3,400 tons in 2024 [19]. 3. Electronic pastes, a new focus area with rapid growth, primarily producing solder paste [19]. 4. Additive manufacturing powders (3D printing), with a focus on aluminum alloy, high-temperature alloys, and stainless steel powders [19]. 3. Financial Performance - In 2024, the company achieved a total sales volume of 31,000 tons, generating revenue of 3.2 billion yuan, a 20% increase year-on-year, and a profit of 63.97 million yuan, up 3% from the previous year [20]. 4. Product Development and Market Strategy - The company is actively expanding its 3D printing segment, primarily serving military clients while also exploring civilian applications. The expansion is contingent on finding suitable production sites due to high space requirements [21]. - The company has developed a new type of thermal conductive copper powder, which has shown a performance improvement of 10%-20% over traditional powders, indicating a strong R&D capability [22][24]. 5. Risk Management - The company employs a just-in-time procurement strategy to mitigate risks associated with raw material price fluctuations, ensuring quick turnaround from order to delivery [16][25]. 6. Future Outlook - The company is exploring the integration of AI into its operations, recognizing the potential for enhanced material quality and cost management in the non-ferrous metals industry [26].