（图片系AI生成） 9 月 22 日，贵研铂业（600459.SH）披露2025年度向特定对象发行A股股票预案，拟募资不超过12.91亿元用于科技创新平台建设、产业转型升级及补充流动 资金。 贵研铂业认为，扩产必要性源于两个方面，一是近年来新兴产业的快速发展带动我国贵金属新材料市场需求持续攀升，进而带动贵金属需求量稳步提升；二 是政策层面，近年来国家出台了一系列政策大力支持新材料产业发展和科技创新。 这一背景下，贵研铂业认为需要强化自身研发实力，而定增就是手段之一，因为这既能推动铂族金属回收及新材料制造技术升级，同时可以优化该公司的资 本结构，降低财务成本，为长期发展提供资金保障。 然而，这种重装前行的模式已经让公司财务负担沉重，快速攀升的短期债务犹如悬在其头顶的"达摩克利斯之剑"。 2025半年报显示，贵研铂业的总资产达到197.95亿元，较年初的145.44亿元激增36.10%，而资产规模主要构成之一就是负债，这一指标已经达到120亿元， 资产负债率为61.01%，同比增长13.75%。 截至今年上半年，公司的短期借款从年初的11.93亿元暴增178.11%，达到33.18亿元，主要是为满足公司生产经营规 ...

Core Viewpoint - Guizhou Platinum Industry (贵研铂业) plans to raise up to 1.291 billion yuan through a private placement of A-shares to invest in technology innovation projects, industrial transformation upgrades, and to supplement working capital [1][2] Group 1: Fundraising and Investment Plans - The company intends to allocate 400 million yuan to the National Key Laboratory Platform for Precious Metal Functional Materials and 84 million yuan to the AI Laboratory for New Precious Metal Materials [1] - Investment in industrial transformation projects includes 170 million yuan for the Precious Metal Secondary Resource Enrichment and Regeneration Modern Industrial Base Project, 130 million yuan for the Green Recycling Project, 80 million yuan for the Deep Processing and Intelligent Upgrade Project, and 40 million yuan for the Anticancer Drug Raw Material Project [1] - An additional 387 million yuan will be used to supplement working capital [1] Group 2: Research and Development Focus - The National Key Laboratory for Precious Metal Functional Materials will have a total investment of 561 million yuan and a construction period of 2 years, focusing on innovative capabilities in precious metal functional materials, precursor catalytic materials, and intelligent support service platforms [1] - The company aims to transition from discrete R&D to a comprehensive platform-based R&D model, integrating top research resources in precious metals from Yunnan and nationwide [2] - The project will enhance the technology transfer system, addressing the development of new products and technologies from "0 to 1" and supporting the independent innovation of core technologies in the precious metal materials industry [2] Group 3: Financial Performance - In the first half of 2025, the company achieved operating revenue of 29.554 billion yuan, a year-on-year increase of 20.91%, and a net profit attributable to shareholders of 325 million yuan, up 2.3% year-on-year [2]

Group 1 - The company plans to issue A-shares to no more than 35 specific investors, aiming to raise a total of up to 1.291 billion yuan [1] - The funds raised will be allocated to several projects, including the construction of a key laboratory platform for precious metal functional materials and an AI laboratory for new precious metal materials [1] - The total number of shares to be issued will not exceed 228 million shares [1] Group 2 - The projects funded by the issuance include the modern industrial base for the recycling of secondary precious metal resources and the green recycling project for secondary resources [1] - Additional funds will be used for deep processing and intelligent upgrading of new functional alloy materials [1]

Group 1 - The article highlights the financial support provided by the government to private enterprises in Kunming, including a 1 million yuan subsidy for a cable company to invest in R&D for new energy cables and high-grade flame-retardant cables [1] - In 2022, Kunming City allocated a total of 408 million yuan to support the development of the private economy and small and medium-sized enterprises (SMEs), marking a year-on-year increase of 66.1% [1] - The People's Bank of China and eight other departments issued a notice to strengthen financial support measures for the development of the private economy, emphasizing the importance of fiscal subsidies and insurance guarantees [1] Group 2 - Kunming City has implemented a digital marketing system for SMEs, allowing real-time monitoring of stock levels and improving sales efficiency, as demonstrated by the success of Kunming Xuelan Dairy Co., which saw significant sales growth after the system's implementation [2] - The city also provides tax relief to private enterprises, with one high-tech company benefiting from a tax reduction of approximately 1.5 million yuan due to R&D expense deductions [2] - In 2023, Kunming City plans to continue focusing on key industrial development areas and strengthen the coordination of various fiscal funds to promote high-quality development of the private economy and SMEs [2]