9月11日，泰嘉股份涨5.29%，截至发稿，报23.08元/股，成交1.99亿元，换手率3.54%，总市值58.10亿 元。 资料显示，湖南泰嘉新材料科技股份有限公司位于湖南省长沙市望城经济技术开发区泰嘉路68号，成立 日期2003年10月23日，上市日期2017年1月20日，公司主营业务涉及双金属带锯条及其相关产品的研 发、生产和销售。主营业务收入构成为：锯切-双金属带锯条44.58%，电源-消费电子电源43.69%，电 源-大功率电源8.71%，锯切-其他1.45%，电源-其他1.22%，锯切-双金属复合钢带0.36%。 数据显示，易方达基金旗下1只基金位居泰嘉股份十大流通股东。易方达供给改革混合（002910）二季 度新进十大流通股东，持有股数249.12万股，占流通股的比例为0.99%。根据测算，今日浮盈赚取约 288.98万元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 易方达供给改革混合（002910）成立日期2017年1月25日，最新规模40.56亿。 ...

Company Overview - Hunan Taijia New Material Technology Co., Ltd. is located in Changsha, Hunan Province, established on October 23, 2003, and listed on January 20, 2017. The company specializes in the research, production, and sales of bimetal band saw blades and related products [1]. Business Composition - The main business revenue composition is as follows: - Bimetal band saw blades: 44.58% - Consumer electronics power supplies: 43.69% - High-power power supplies: 8.71% - Other cutting products: 1.45% - Other power supplies: 1.22% - Bimetal composite steel strips: 0.36% [1]. Stock Performance - On August 29, Taijia shares fell by 5.07%, trading at 24.53 CNY per share, with a transaction volume of 311 million CNY and a turnover rate of 4.98%. The total market capitalization is 6.175 billion CNY [1]. Major Shareholders - Among the top ten circulating shareholders, one fund from E Fund Management, E Fund Supply-side Reform Mixed Fund (002910), entered the list in the second quarter, holding 2.4912 million shares, accounting for 0.99% of circulating shares. The estimated floating loss today is approximately 3.2635 million CNY [2]. Fund Performance - E Fund Supply-side Reform Mixed Fund (002910) was established on January 25, 2017, with a latest scale of 4.056 billion CNY. Year-to-date return is 20.27%, ranking 3759 out of 8189 in its category; the one-year return is 47.31%, ranking 2788 out of 7969; and since inception, the return is 199.44% [2]. Fund Management - The fund manager of E Fund Supply-side Reform Mixed Fund is Yang Zongchang, who has been in the position for 6 years and 131 days. The total asset scale of the fund is 4.097 billion CNY, with the best fund return during his tenure being 229.02% and the worst being -17% [3].

Revenue and Profit - The total operating revenue for the company in the first half of 2025 was 759 million yuan, a year-on-year decrease of 11.96% [2] - The net profit attributable to shareholders was 40.63 million yuan, down 25.34% year-on-year, while the net profit excluding non-recurring items was 37.82 million yuan, a decline of 31.24% [2] - In Q2, the operating revenue was 404 million yuan, a decrease of 3.42% year-on-year, but the net profit attributable to shareholders increased by 14.49% to 25.66 million yuan [2] Accounts Receivable and Cash Flow - The accounts receivable amounted to 433 million yuan, representing a year-on-year increase of 2.69%, and accounted for 858.76% of the latest annual net profit [3] - The operating cash flow per share was 0.37 yuan, down 36.10% year-on-year [3] Profitability and Expense Control - The gross profit margin was 18.54%, an increase of 4.52% year-on-year, while the net profit margin was 5.34%, a decrease of 5.57% [4] - Total selling, administrative, and financial expenses amounted to 66.96 million yuan, accounting for 8.83% of revenue, an increase of 11.37% year-on-year [4] - The earnings per share were 0.16 yuan, down 27.27% year-on-year, while the net asset per share was 5.55 yuan, an increase of 1.03% [4] Main Business Performance - The sawing business generated revenue of 351.95 million yuan, a year-on-year increase of 4.77%, with a gross profit margin of 42.79% [5] - The revenue from the power supply business was 406.76 million yuan, a year-on-year decrease of 22.64%, with a gross profit margin of -0.17% [6] Cash Flow from Operating Activities - The net cash flow from operating activities decreased by 36.38% year-on-year, primarily due to a decline in revenue from the consumer electronics segment of the power supply business [7] Investment and Financing Activities - The net cash flow from investing activities increased by 92.82% year-on-year, mainly due to net cash management income exceeding the previous year [8] - The net cash flow from financing activities increased by 70.85% year-on-year, attributed to payments for minority equity acquisitions in the previous year [8] Development Review and Outlook - The company has been focused on the sawing industry for over 20 years, with its main product being bimetal band saw blades, ranking first in domestic sales and among the top three globally [9] - In September 2022, the company entered the consumer electronics power supply business and expanded into high-power supply, establishing a dual-main business development pattern of "sawing + power supply" [9]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to challenges in the consumer electronics sector and adjustments in customer order structures. The company aims to enhance operational efficiency and maintain growth in its cutting and power supply businesses through strategic adjustments and innovation [21][23][24]. Financial Performance - The company's revenue for the first half of 2025 was approximately 758.70 million yuan, a decrease of 11.96% compared to the same period last year [27]. - The net profit attributable to shareholders was approximately 37.82 million yuan, down 31.24% year-on-year [27]. - The basic earnings per share decreased by 27.27% to 0.16 yuan [27]. Business Segments Cutting Business - The cutting business generated revenue of approximately 351.95 million yuan, an increase of 4.77% year-on-year, with export sales reaching approximately 101.95 million yuan, up 1.58% [21][22]. - The company is a leading player in the cutting industry, focusing on bi-metal band saw blades, which are essential tools for metal cutting and are widely used across various manufacturing sectors [6][10][16]. - The company has established a comprehensive service system for cutting solutions, covering research, production, sales, and after-sales services [8][10]. Power Supply Business - The power supply business reported revenue of approximately 331.47 million yuan, a decline of 23.27% year-on-year, attributed to increased competition and weak market demand [23]. - The company has been expanding its product offerings in the power supply sector, including consumer electronics power supplies and renewable energy solutions [11][18]. - The company has established strong relationships with leading global brands, enhancing its market position in the power supply industry [13][17]. Strategic Initiatives - The company is focusing on enhancing product quality and operational efficiency through innovation and process optimization [22][24]. - It aims to strengthen its market presence by expanding its international footprint and improving customer relationships [15][21]. - The company is committed to investing in research and development to maintain its competitive edge in both the cutting and power supply sectors [19][26].