苏州新锐合金工具股份有限公司2025 年半年度报告 公司代码：688257 公司简称：新锐股份 苏州新锐合金工具股份有限公司 苏州新锐合金工具股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、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、 重大风险提示 公司已在本报告中详细阐述公司在生产经营过程中可能面临的各种风险，敬请查阅"第三节 管理层讨论与分析"之"四、风险因素"。敬请投资者注意投资风险。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人吴何洪、主管会计工作负责人刘国柱及会计机构负责人（会计主管人员）姚玲 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 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 公司 2025 年半年度利润分配方案为：公司拟以实施权益分派股权登记日登记的总股本扣除公 司回购专用证券账户的股数为基数，向全体股东每 10 股派发现金红利 0.4 元（含税），截至本报 告披露之日，公司总股本 252,408,504 ...

Core Viewpoint - Suzhou New锐合金工具 Co., Ltd. reported significant growth in both domestic and international revenues for 2024, with domestic revenue reaching 1.031 billion yuan, up 34.56% year-on-year, and international revenue at 782 million yuan, up 6.02% year-on-year [2][3]. Revenue and Growth Analysis - The company's total revenue for 2024 was 1.812 billion yuan, a 20.57% increase from 2023 [3]. - The breakdown of revenue by product category shows: - Rock drilling tools and related services: 846.79 million yuan, up 8.57% - Hard alloys: 527.74 million yuan, up 14.74% - Cutting tools: 244.55 million yuan, up 138.12% - Oil service products: 149.47 million yuan, up 10.40% - Other products: 43.65 million yuan, up 73.98% [3][4]. Product-Specific Performance - The company’s main products include: - **Rock Drilling Tools**: Revenue from roller bits was stable, with a slight decrease in average price due to changes in customer structure [6]. - **Top Hammer Drilling Tools**: Revenue increased by 16.86%, driven by market positioning and product quality improvements [6]. - **Drill Rods**: Sales volume increased by 28.35%, but average price decreased by 8.89% due to product structure adjustments [7]. - **Drill Bits**: Significant growth in sales volume by 124.76%, with a notable increase in R&D investment [8]. - **Diamond Core Bits**: Revenue increased by 8.44%, supported by rising demand in mining exploration [11]. Market Trends and Competitive Landscape - The hard alloy and tool industry is characterized by increasing competition both domestically and internationally, with a diverse range of products and specifications available [4]. - The company is focusing on expanding its market share by enhancing product quality and service solutions, particularly in the mid-to-high-end market segments [6][8]. Distribution and Sales Model - The company employs a mixed sales model, primarily direct sales complemented by distributors, with a notable increase in the proportion of revenue from distributors, which rose to 38.42% in 2024 from 25.12% in 2021 [19][20]. - The management of distributors is structured to ensure compliance with company standards and to maintain product integrity in the market [17][18]. Financial Integrity and Audit Procedures - The company has implemented rigorous audit procedures to ensure the authenticity of its international revenue, with 61.37% of international sales subjected to verification processes [24].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue of 528 million yuan in Q1 2025, representing a year-on-year increase of 33.94%. The net profit attributable to shareholders was 46 million yuan, up 7.45% year-on-year. The growth in revenue is attributed to increased market expansion and stable growth in hard alloy and oil service products, along with the consolidation of revenue from newly acquired companies [2] - The gross margin slightly decreased to 32.02%, down 0.97 percentage points year-on-year, primarily due to changes in revenue structure and increased depreciation from ongoing projects. The net profit margin was 10.66%, down 2.01 percentage points, mainly due to rising expense ratios [3] - The company is accelerating the enhancement of its product matrix and expanding its overseas channels. It has integrated Drillco, which adds a range of drilling tools to its portfolio, and is deepening its cutting tool product layout with the acquisition of another company. The company participated in 13 international exhibitions in 2024 to boost its global presence and established a subsidiary in Dubai to enhance its sales network in the Middle East and Africa [4] Financial Summary - The company forecasts total revenue of 2,456 million yuan for 2025, with a year-on-year growth rate of 31.94%. The net profit attributable to shareholders is projected to be 225.22 million yuan, reflecting a growth rate of 24.61% [1][10] - The earnings per share (EPS) is expected to reach 1.24 yuan in 2025, with a price-to-earnings (P/E) ratio of 16.94 based on the current price [1][10] - The company’s total assets are projected to grow to 4,858 million yuan by 2026, with a debt-to-asset ratio of 35.91% [10]