8月26日，严牌股份（301081）发布2025年半年度报告，上半年公司实现营收4.29亿元，同比增长 19.77%，主营产品市场优势稳固，无纺系列、机织系列分别实现营业收入2.10亿元、1.60亿元，同比增 长12.88%、15.44%，毛利率21.60%、29.99%；实现归母净利润2152.38万元，扣非净利润1791.67万元。 在全球环境治理进程加速推进、可持续发展议程深度落地的时代背景下，中国环保产业已完成从传统污 染治理"支撑者"到绿色经济"核心引擎"的关键跃升，成为驱动经济社会绿色转型的重要力量。严牌股份 精准把握环保过滤材料市场需求持续增长机遇，充分发挥自身研发技术优势，通过持续提升产品品质、 深化产业链强链补链布局，构建差异化竞争优势，有效推动公司业绩实现稳步提升。 过滤材料行业迎新一轮增长以技术硬实力与精益运营布局过滤分离市场 环境法规收紧、工业领域升级提速、公众公共卫生意识不断增强等多重关键因素在全球范围内形成合 力，为过滤材料行业注入强劲发展动能，推动行业正式步入新一轮增长周期。GEP Research《2025年中 国过滤材料产业发展研究报告》指出，当前全球过滤材料市场增长动能强劲 ...

Core Viewpoint - Yanpai Co., Ltd. reported a revenue of 785 million yuan for 2024, reflecting a year-on-year growth of 8.75%, while net profit showed a decline, raising market concerns [1] Financial Performance - The company achieved an operating income of 785 million yuan, with a core revenue from specialized equipment manufacturing at 742 million yuan, accounting for 94.65% of total revenue and growing by 9.25% year-on-year [1] - Despite the revenue growth, net profit experienced a decline, prompting the company to propose a cash dividend of 3 yuan per 10 shares to shareholders [1] Industry Context - The environmental protection industry in China is transitioning from rapid growth to high-quality development, with revenue reaching 2.22 trillion yuan in 2022, growing at a compound annual growth rate of 12.72% since 2015 [1] - Key growth drivers in the industry include water pollution prevention, solid waste treatment and resource recovery, and air pollution control [1] Company Overview - Yanpai Co., Ltd. specializes in the development and production of industrial filtration materials, including filter cloths and bags, with a global sales network [2] - The company's products are widely used in various industries such as thermal power, chemicals, and new energy, playing a crucial role in industrial dust removal and wastewater treatment [2] - Yanpai's core products are categorized into non-woven and woven series, customizable to meet diverse application needs [2] Technological Innovation - The company emphasizes technological innovation as a core competitive advantage, increasing R&D investment and talent acquisition [3] - Yanpai has established partnerships with universities for research in waste incineration and new environmental materials, expanding product applications [3] - The company has introduced 18 new utility model patents, achieving breakthroughs in material structure optimization and production process innovation [3] Production Capacity and Strategy - Yanpai Co., Ltd. has multiple production lines and over 200 weaving machines, ensuring a large-scale production capacity of filter cloths [4] - The establishment of a subsidiary for raw material R&D and production aims to secure stable supply and reduce production costs [4] - The company issued 469 million yuan in convertible bonds to fund high-performance material projects, enhancing capacity and product upgrades [4] Market Expansion - To address profit pressure, Yanpai is exploring new growth avenues, including a strategic investment in Zhejiang Yongxiang Composite Materials Co., Ltd., entering the microfiber leather market [4] - The company has established a subsidiary, Zhejiang Yanjie New Materials, to enter the consumer filter market, focusing on high-value products [5] Future Outlook - Yanpai Co., Ltd. aims to leverage national "dual carbon" strategies, focusing on market demand and customer value to maximize its technological and production advantages [5] - The company is committed to its mission of creating a cleaner environment and maintaining high-quality standards through a focus on specialization and expertise [5]