证券研究报告 | 公司深度报告 2025 年 08 月 26 日 道恩股份（002838.SZ） DVA 成功在即，机器人仿真皮肤弹性体技术突破 周期/化工 强烈推荐（维持） 公司发布 2025 年半年报，2025 年上半年实现营业收入 28.81 亿元，同比增长 24.08%；实现归属于上市公司股东的净利润 8404.47 万元，同比增长 25.80%； 实现归属于上市公司股东的扣除非经常性损益的净利润 7936.58 万元，同比增 长 41.69%。 目标估值：NA 当前股价：28.2 元 基础数据 | 总股本（百万股） | 478 | | --- | --- | | 已上市流通股（百万股） | 421 | | 总市值（十亿元） | 13.5 | | 流通市值（十亿元） | 11.9 | | 每股净资产（MRQ） | 7.4 | | ROE（TTM） | 4.5 | | 资产负债率 | 45.0% | | 主要股东 | 道恩集团有限公司 | | 主要股东持股比例 | 41.4% | 股价表现 % 1m 6m 12m 绝对表现 25 120 245 相对表现 18 110 213 资料来源：公司数据、招商证 ...

中报业绩披露，进入高峰期！ 8月25日晚间，长城军工、涛涛车业、天孚通信、大元泵业、舒泰神、华通线缆、拓维信息等多只大牛股披露了中报业绩。 此外，高德红外、阳光电源、立讯精密、安集科技、纳睿雷达、沃尔核材、新易盛、凯莱英等多个行业的龙头公司，也纷纷披露了上半年业绩。其中，高德 红外上半年净利同比增长超900%。 来看详细报道！ 多只大牛股披露半年报 长城军工25日晚披露半年报，公司上半年实现营业收入6.99亿元，同比增长29.55%，归母净利润亏损2740万元，上年同期亏损3963万元。报告期，公司 主要产品结构变化及销售规模有所上升，军品营业收入同比增长33.07%，产品综合毛利率比上年同期提升 2.71个百分点。二级市场上，长城军工的股价今 年以来大涨428%。 涛涛车业发布半年报，公司上半年实现营业收入17.13亿元，同比增长23.19%。其中，智能电动低速车销售收入为11.52亿元，同比增长30.65%；特种车销 售收入为4.90亿元，同比增长8.22%。上半年，公司的归母净利润为3.42亿元，同比增长88.04%。公司拟每10股派发现金红利15元（含税）。报告期内， 公司优化资源配置，拓展市场空间， ...

上 市 公 司 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 增持（维持） 市场数据： 2025 年 08 月 25 日 | 收盘价（元） | 16.60 | | --- | --- | | 一年内最高/最低（元） | 17.68/6.64 | | 市净率 | 2.4 | | 股息率%（分红/股价） | 0.60 | | 流通 A 股市值（百万元） | 43,114 | | 上证指数/深证成指 | 3,883.56/12,441.07 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 6.91 | | 资产负债率% | 67.31 | | 总股本/流通 A 股（百万） | 2,637/2,597 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-26 09-26 10-26 11-26 12-26 01-26 02-26 03-26 04-26 05-26 06-26 07-26 -50% 0% 50% 100% 150% 金发科技 沪深30 ...

8月25日主力资金净流出1889.59万元，占流通市值的0.4%。近五个交易日主力资金累计净流入865.40万 元，占流通市值的0.18%。 风险提示：以上信息仅供参考，不构成投资建议。 截至2025年8月25日收盘，兴业股份股价报17.90元，较前一交易日下跌1.54%。当日该股呈现震荡走 势，早盘9时39分曾出现快速反弹，五分钟内涨幅超过2%，最高触及18.20元，全天振幅达3.03%，最终 成交3.80亿元。 兴业股份主营业务为改性塑料的研发、生产和销售，产品主要应用于汽车、家电、电子电器等领域。公 司属于塑料制品行业，注册地位于江苏省。 ...

8月25日晚，化工新材料龙头企业金发科技(600143)发布2025年半年报。报告显示，2025年上半年，金发科技实现 营业收入316.36亿元，同比增长35.50%，实现归母净利润5.85亿元，同比增长54.12%。 证券时报记者 康殷 与此同时，金发科技积极推动全球化发展，持续加强全球本地化服务能力建设。近年来，越南工厂、西班牙工厂 相继投入生产，印尼工厂即将开启运营，叠加美国金发、欧洲金发、印度金发等海外基地协同作战，全球市场份 额大幅提升，报告期内实现产成品销量16.10万吨，同比增长33.17%。 下游应用领域新兴需求的涌现，催生产业发展的高端化，加之海外市场环境变化，化工新材料产业升级以及高端 材料国产替代成为市场关注焦点。 特种工程塑料领域，金发科技作为国内先行者，已具备包括PEEK、LCP、PPA在内的多种特种工程塑料生产能 力，产品已广泛用于浸没式冷却服务器用存储连接器、AI服务器用高速连接器、具身智能机器人和机器狗的关键 零部件等高科技新兴领域。根据企业半年报，报告期内，公司实现主要产品销量1.48万吨，同比增长60.87%，特 种工程塑料业务已成为公司业绩增长重要驱动力之一。 合成生物材 ...

来自深圳的A股上市公司格林美(002340.SH)发布公告称，为满足公司全球化发展的需要，深入推进全球化战略，提升国际品牌形象和综 合竞争力，更好地借助国际资本市场、多元化融资渠道，助力公司可持续发展及管理，经充分研究论证，董事会同意公司发行H股股票 并在香港联合交易所有限公司主板挂牌上市。 格林美同时宣布，董事会决定聘请 致同香港为本次发行上市的审计机构。 格林美，成立于2001年，作为一家领先的废物循环产业集团、世界新能源行业的核心供应商与中国循环经济领军企业，公司主营业务归 属废弃资源综合利用行业与新能源行业，形成了"城市矿山开采+新能源材料制造"的双轨驱动业务模式。在城市矿山开采领域，公司回收 利用废旧动力电池、电子废弃物、报废汽车、废塑料与镍钴锂钨战略资源，主要再制造镍钴锂钨、金银铂钯稀缺资源、超细钴镍钨粉末 材料与改性塑料；在新能源领域，公司制造动力电池用三元前驱体、三元正极材料与3C数码电池用四氧化三钴材料，是世界新能源供应 链的头部企业。 市净率:1.75 总市值: 354.60亿 流通值: 351.84亿 货币单位:CNY 分时 五日 日K 周K 月K 季K 年K 120分 60分 30分 ...

Core Viewpoint - Jiangsu Boyun, a representative enterprise in the basic chemical industry, has reported a decline in both operating revenue and net profit for the first half of 2025, indicating ongoing pressure on profitability [1][3]. Financial Performance - In the first half of 2025, Jiangsu Boyun's net profit margin decreased from 22.28% in the same period of 2024 to 19.53%, a drop of 2.75 percentage points [3]. - The gross profit margin slightly decreased from 32.27% to 32.00%, while the return on equity fell by 0.71 percentage points to 5.15% [3]. Operational Efficiency - The inventory turnover days increased to 66.75 days, up 4.38% from the previous year, indicating heightened inventory management pressure [6]. - The net cash flow from operating activities improved significantly to 105 million yuan, compared to 30 million yuan in the same period of 2024 [6]. - The debt-to-asset ratio for the first half of 2025 was 5.16%, an increase of 1.17 percentage points year-on-year, but the overall debt level remains low [6]. Institutional Holdings - As of the first half of 2025, the number of institutional investors holding shares in Jiangsu Boyun has drastically decreased to 3, down from 66 in the same period of 2024, indicating a significant reduction in institutional participation [8]. - The company's market capitalization peaked at 5.126 billion yuan on March 31, 2022, and currently stands at 3.817 billion yuan, requiring a 34.27% increase in stock price to reach its historical high [8].

Group 1 - The company will hold its third extraordinary general meeting of shareholders on September 3, 2025, at 14:30 [2][4][58] - The voting will be conducted through a combination of on-site and online voting systems provided by the Shanghai Stock Exchange [4][5][58] - Shareholders must register to attend the meeting, with specific documentation required for both corporate and individual shareholders [11][12][14] Group 2 - The company has returned 90 million RMB of idle raised funds to the special account and plans to use 43.5838 million RMB of remaining over-raised funds for permanent working capital [21][20][52] - The total amount of over-raised funds is 285.268 million RMB, with the current proposal representing 15.28% of this total [21][52] - The company has received a no-objection opinion from its sponsor regarding the use of these funds [22][35] Group 3 - The company has previously used idle raised funds temporarily for working capital, with a total of 90 million RMB returned as of August 18, 2025 [21][44] - The company has a history of using over-raised funds for various projects, including the construction of a polystyrene production facility and expansion of flame retardant production [27][48] - The company has committed to not exceeding 30% of the total over-raised funds for permanent working capital within any twelve-month period [31]

Fundraising Overview - The company raised a total of RMB 855.17 million through its initial public offering, with a net amount of RMB 796.85 million after deducting issuance costs [1][2] - As of June 30, 2025, the remaining balance of the raised funds is RMB 52,004.35 [1][2] Fund Utilization - The company has utilized RMB 389.64 million for project investments and has allocated RMB 180.64 million from project completion surplus funds to supplement working capital [1][2] - The company has also temporarily supplemented working capital with RMB 240 million from idle raised funds, which has been returned to the special account as of August 2, 2023 [5][6] Project Changes - The implementation subject of the "Halogen-free Flame Retardant Expansion Project" has been changed from a subsidiary in Qingyuan to a subsidiary in Chizhou, with a total planned investment of RMB 12.02 million [2][9] - The "Chizhou Polystyrene Production Project" has been transferred to another subsidiary in Anqing, with the investment remaining at RMB 8 million [2][4] Financial Management - The company has invested RMB 121 million of idle raised funds in principal-protected financial products, yielding a total return of RMB 367,000 [7] - The company has also used part of the raised funds for cash management, ensuring that it does not affect the progress of investment projects [7] Economic Benefits - The "Halogen-free Flame Retardant Expansion Project" and "Polystyrene Production Project" are expected to generate significant economic benefits, with projected annual outputs and revenues [10][12] - The company reported that the production capacity utilization rates for these projects are in line with expectations, with the "Polystyrene Production Project" achieving a utilization rate of 58.40% in 2023 [12]

Core Viewpoint - The report provides an overview of the fundraising activities and the utilization of funds by Guangdong Jushi Chemical Co., Ltd., highlighting the total amount raised, expenses incurred, and the current status of the funds as of June 30, 2025 [1][2]. Fundraising Overview - The total amount raised through the initial public offering (IPO) was RMB 855.17 million, with net proceeds amounting to RMB 775.73 million after deducting issuance costs of RMB 79.44 million [2][3]. - The funds were fully deposited into a designated account approved by the board of directors, and a regulatory agreement was signed with the sponsoring institution and the bank [2][3]. Fund Utilization - As of June 30, 2025, the total amount utilized from the raised funds was RMB 796.85 million, with various deductions for underwriting fees, pre-invested funds, and temporary working capital [2][3]. - The company has also temporarily supplemented working capital with idle funds, amounting to RMB 47.58 million, which was returned to the designated account by August 2, 2023 [5][6]. Project Changes - The implementation subject and location for the "Halogen-free Flame Retardant Expansion Project" were changed from a subsidiary in Guangdong to another in Anhui due to local regulatory constraints [3][7]. - The "Poly Styrene Production Project" was also relocated from Anhui to a different site in Anhui, reflecting strategic adjustments based on land availability and logistical considerations [4][7]. Financial Management - The company has engaged in cash management with idle funds, investing a total of RMB 121 million in low-risk financial products, yielding a return of RMB 367,042.51 [5][6]. - The company has also utilized excess funds for permanent working capital supplementation, with a total of RMB 80 million allocated for this purpose [6][7]. Economic Benefits - The projects funded by the raised capital are expected to generate significant economic benefits, although some projects, such as those for working capital and R&D, do not yield direct financial returns [8][12]. - The production capacity and output from the projects have been monitored, with the "Modified Plastic Expansion Project" achieving a production output of 23,358.52 tons in 2023, with a capacity utilization rate of 58.40% [12].