Group 1 - The company held an earnings briefing on September 19, 2025, via an online platform to address investor inquiries [1] - The company is actively expanding its overseas market presence by implementing marketing plans and enhancing product offerings, including car films and decorative films [2] - The company's precision coating business, particularly in automotive protective films, has shown strong sales growth in various distribution channels [3] Group 2 - In response to concerns about the disparity between company performance and market valuation, the company emphasized that stock price fluctuations are influenced by multiple factors and reiterated its commitment to long-term value creation [4] - The company has not reported any developments in the field of micro-structured optical packaging materials and plans to relay investor feedback to its R&D department [5]

Company Overview - NAR Co., Ltd. primarily operates in digital printing materials, automotive functional films, and electronic and optical films, contributing approximately 51%, 43%, and 6% to its main business revenue respectively [2] - The company adopts a dual-driven development strategy focusing on "new materials" and "new energy" [2] - In the new materials sector, the digital printing materials business aims to expand market share and enhance the self-supply ratio of raw materials, while automotive protective films and optical films are developed through increased R&D investment and expanded manufacturing capacity [2] - The company has also acquired Dongguan Junhong to enhance synergy and is involved in the hydrogen fuel cell industry in the new energy sector [2] Financial Performance - In the first half of 2025, NAR Co., Ltd. achieved a revenue of 972 million yuan, representing a year-on-year growth of 4.10%, and a net profit of 114 million yuan, marking a significant increase of 79.15% [2] - The growth in performance is attributed to investment gains from the sale of equity in a subsidiary and improvements in cost efficiency in the main business [2] - The gradual release of production capacity from the Jiangxi Fengcheng smart factory and the overseas factory in Thailand has alleviated capacity bottlenecks, supporting business growth [2] Automotive Protective Film Highlights - NAR's PPF brand utilizes self-developed fifth-generation hydrogen bond coating technology, offering high hardness and toughness, scratch resistance, minor scratch and deformation resistance, and self-healing capabilities [3] - The product range includes self-healing and UV-resistant types, benefiting from a partnership with Changshu Institute of Technology for research and development [3] - The brand has a strong technological reserve in functional film technology, with strict production and quality control ensuring product quality and technological advantages [3] Revenue Structure - In the first half of 2025, domestic revenue was 480.3 million yuan, while overseas revenue reached 491.8 million yuan, indicating a relatively stable revenue structure compared to 2024 [4] - The diverse customer base prevents detailed statistics on specific end customer countries [4] Competitive Advantages - In the digital printing materials sector, the company has gained customer trust through R&D innovation and comprehensive services, leading to a leading production scale and market share, with significant advantages in the supply chain [5] - The automotive functional film sector is experiencing rapid growth due to import substitution and consumption upgrades, with the company's products being utilized in both the front and rear markets of automobiles, placing it among the top tier of listed companies in terms of production and sales scale [5] Gross Margin Trends - The gross margins of different product segments have remained stable in recent years [6] - The company possesses cost transmission capabilities due to transparent raw material prices and flexible capacity adjustments, leading to expectations of relatively stable product gross margins in the future [6]

Group 1: Company Overview - The main business segments of Nar Holdings include digital printing materials (51% of revenue), automotive functional films (43%), and electronic and optical films (approximately 6%) [2] - The company's strategy focuses on "new materials and new energy" as dual drivers for growth, emphasizing market share expansion and supply chain depth [2] Group 2: Financial Performance - In the first half of 2025, Nar Holdings achieved revenue of 972 million, a 4.10% increase year-on-year, and a net profit of 114 million, reflecting a 79.15% growth [3] - The company’s earnings per share stood at 0.4 yuan, supported by investment gains from the sale of equity in a subsidiary and improved efficiency in core operations [3] Group 3: Product Characteristics and Competitive Advantages - Nar PPF, the high-end paint protection film brand, utilizes proprietary fifth-generation hydrogen bond coating technology, offering high hardness, scratch resistance, and self-healing capabilities [4] - The company has established a comprehensive marketing service network across China, with over 200 brand agents, ensuring robust customer support and service [7] Group 4: Revenue Structure and Market Presence - In the first half of 2025, domestic revenue was 480.3 million, while overseas revenue reached 491.8 million, indicating a stable revenue structure compared to 2024 [5] - Nar Holdings exports products to over 100 countries and regions, collaborating with numerous international brands, which enhances its market presence [7] Group 5: Market Trends and Future Outlook - The automotive functional film sector is experiencing significant growth due to the rise of electric vehicles and increasing consumer demand for protective films in the automotive market [8] - The company maintains a leading position in the industry, with stable gross margins across different product segments, supported by effective cost management and production adjustments [9]

Core Viewpoint - The company, Nal Shares, reported a significant increase in net profit and stable revenue growth in the first half of 2025, driven by strategic partnerships and a focus on innovation in the automotive film sector [2][5][6]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 972 million, a year-on-year increase of 4.10% - Net profit reached 114 million, reflecting a substantial year-on-year growth of 79.15% - Basic earnings per share were 0.4 yuan [2][7]. Market Strategy - The company has established a comprehensive marketing service network across China, with over 200 regional brand agents, enhancing customer service [2]. - The international market is a key focus, with products sold in over 90 countries and regions, and collaborations with well-known international companies [2]. Automotive Film Sector - The automotive film segment is experiencing rapid growth, with strategic partnerships established to drive innovation in the invisible car wrap industry [3][5]. - The company is focusing on product innovation and strict quality control to maintain its competitive edge [3][5]. Product Categories and Sales Channels - The automotive protective film products include paint protection film, window film, and color change film, sold through brand agents, 4S dealerships, and original manufacturers [4]. - The market is currently undergoing import substitution and consumption upgrades, providing significant growth opportunities [4]. Future Growth Drivers - The company plans to continue strengthening its core business while exploring partnerships in new materials, new energy, and semiconductor sectors to ensure stable revenue and profit growth [6].

Company Overview - Shanghai NAR Industrial Co., Ltd. focuses on digital printing materials, automotive functional films, and optical films [2][3] - The company aims to become an expert in precision coating technology and diversify its development strategy [3] Financial Performance - In H1 2025, the company achieved revenue of CNY 972 million, a 4.10% increase year-on-year [3] - Net profit reached CNY 114 million, marking a 79.15% year-on-year growth, with basic earnings per share at CNY 0.4 [3] Market Strategies - Digital printing materials: The company is expanding market share and enhancing the self-supply ratio of raw materials [3][4] - Automotive functional films: Increased R&D investment and manufacturing capacity to drive innovation and market expansion [3][5] - The company has established a marketing network with over 200 regional brand agents in China and exports to over 90 countries [4] Product Development - Automotive protective films include paint protection films, window films, and color change films, with sales through brand agents and automotive 4S stores [5] - The automotive protective film market is experiencing growth due to rising demand for electric vehicles and consumer customization [5] Future Growth Points - The company plans to maintain strategic focus on core businesses while exploring new materials, new energy, and semiconductor core components for multi-level cooperation [6][7]

据证券之星公开数据整理，近期纳尔股份（002825）发布2025年中报。截至本报告期末，公司营业总收 入9.72亿元，同比上升4.1%，归母净利润1.15亿元，同比上升79.15%。按单季度数据看，第二季度营业 总收入4.69亿元，同比下降11.35%，第二季度归母净利润4595.01万元，同比上升11.47%。本报告期纳 尔股份盈利能力上升，毛利率同比增幅26.81%，净利率同比增幅73.01%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率19.7%，同比增26.81%，净利率11.9%，同比增 73.01%，销售费用、管理费用、财务费用总计6542.51万元，三费占营收比6.73%，同比增9.5%，每股净 资产4.67元，同比增9.3%，每股经营性现金流0.16元，同比增645.12%，每股收益0.34元，同比增78.95% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 9.34亿 | 9.72亿 | 4.10% | | 归母净利润(元) | 6404.2万 | 1.15/Z | 79.15% | | ...

Company Overview - The main business of the company includes digital printing materials (65% of revenue), automotive functional films (30%), and electronic functional and optical films (5%) [2] - The company's strategy focuses on "new materials and new energy" as dual drivers for growth [2] Financial Performance - In the first half of 2025, the company achieved revenue of 972 million, a 4.10% increase year-on-year [3] - Net profit reached 114 million, representing a 79.15% year-on-year growth [3] - Basic earnings per share were 0.4 yuan [3] Product Characteristics - The company's automotive protection film (PPF) features self-healing technology, high hardness, and scratch resistance [4] - Various types of PPF products include self-repairing, UV-resistant, heat-resistant, fingerprint-resistant, matte, and self-cleaning types [4] Research and Development - The company is recognized as a high-tech enterprise and has established partnerships with several universities for R&D [5] - In the first half of 2025, the company applied for 27 new patents, including 18 invention patents [6] - Cumulative valid invention patents reached 18, and valid utility model patents totaled 75 by the end of June 2025 [6] Quality Control - The company has obtained multiple international quality system certifications, including ISO9001:2015 and ISO14001:2015 [7] - A comprehensive quality management system has been established to enhance product competitiveness [7]

Company Overview - The main business areas of the company include digital printing materials (68% of revenue), automotive functional films (25%), and electronic and optical films (5%) [2] - The company's strategy focuses on "new materials and new energy" as dual drivers for growth [2] Market Strategies - The digital printing materials market is expanding with over 200 regional brand agents in China and exports to over 90 countries [3] - In the automotive functional film sector, the company has formed strategic partnerships to drive innovation and quality control [3][5] Financial Performance - The automotive functional film business is projected to grow by 50.62% in 2024, driven by increasing demand and the rise of high-value vehicles [5] - The company aims to maintain stable revenue and profit growth through deepening its core businesses [6] Product Development - The automotive protective film product line includes paint protection films, window films, and color change films, with a focus on quality and innovation [4][5] - The high-end paint protection film brand, NAR PPF, utilizes advanced self-healing technology and has a strong quality assurance process [5] Future Growth Opportunities - The company plans to explore partnerships in new materials, new energy, and semiconductor core materials to enhance its growth prospects [6]

Group 1: Company Overview - The main business segments of the company include digital printing materials (68% of revenue), automotive functional films (25%), and electronic and optical films (5%) [2] - The company's development strategy focuses on "new materials and new energy" as dual drivers for growth [2] Group 2: Financial Performance - In Q1 2025, the company's revenue increased by 24% year-on-year, while net profit surged by 201% [3] - The significant net profit growth was primarily due to investment income from the sale of a 3.5% stake in a subsidiary for RMB 91 million [3] - The non-recurring net profit grew by 38%, driven by the rapid development of the automotive protective film business [3] Group 3: Future Growth Opportunities - The digital printing materials segment is expected to maintain steady growth, supported by the stable operation of the company's factory in Thailand [3] - The automotive protective film project is in a high-growth phase, with ongoing investments in polyurethane elastomer research and innovation [3] - Collaboration with a well-known domestic listed company on a wind power edge protection film project presents significant market potential [3] Group 4: Core Competitiveness - The company has a strong focus on technology research and development, with a team of specialized personnel in fine chemicals, polymer materials, and machinery [3] - The brand and distribution channels are well-established, with products sold in multiple countries and partnerships with international brands [3] - The company has nearly 20 years of experience in the precision coating industry, providing deep insights into industry policies, trends, and production processes [3] - Mastery of key raw material processing technologies enhances product quality and cost efficiency, giving the company a competitive edge [4] - Ongoing digital transformation efforts aim to optimize business processes and improve operational efficiency [4]