三孚新科(688268)日前举行2025年半年度业绩说明会。2025年半年报显示，公司上半年营业收入为2.27 亿元，同比下降23.3%；归母净利润为亏损2231万元，亏损额同比扩大；经营现金流净额为1084万元， 同比增长136.9%。 上官文龙还提及，为应对算力提升对高密度高层数PCB的需求，公司持续推进高阶PCB/载板镀铜技术 迭代，相关专用化学品与铜箔生产设备已应用于AI服务器板的生产制造；此外，公司环保型表面处理 产品体系进一步完善，通过创新配方显著降低环境影响。公司未来将通过完善研发体系和加大研发投 入，将已形成的创新成果逐步转化为市场竞争优势。 三孚新科是一家表面工程专用化学品及专用设备提供商，主要从事表面工程技术的研究及新型环保表面 工程专用化学品与专用设备的研发、生产和销售。公司主要产品有电子化学品、通用电镀化学品以及表 面工程专用设备等。目前，公司已成为国内少数可为PCB、新能源等领域客户提供专用化学品及专用设 备整体解决方案的表面工程技术服务提供商。 "例如PCB水平沉铜专用化学品采用'非EDTA化铜'体系，PCB化学镍金专用化学品不含铅、镉，通用电 镀化学品不含氰化物、六价铬等毒害物质 ...

Core Viewpoint - Sanfu New Materials experienced a significant increase in stock price and trading volume, indicating strong market interest and activity in the company's shares [1] Financing Summary - On August 26, Sanfu New Materials saw a financing buy-in amount of 68.49 million yuan, with a net financing buy of 33.73 million yuan after repayments [1] - The total financing and securities balance reached 310 million yuan, accounting for 4.33% of the circulating market value, which is above the 90th percentile of the past year [1] - The company had a securities lending balance of 38.03 million yuan, with a lending volume of 5,195 shares, indicating a high level of borrowing activity [1] Business Performance Summary - As of June 30, the number of shareholders increased by 46.05% to 4,285, while the average circulating shares per person decreased by 30.69% to 22,814 shares [2] - For the first half of 2025, Sanfu New Materials reported a revenue of 227 million yuan, a year-on-year decrease of 23.26%, and a net profit attributable to shareholders of -22.31 million yuan, reflecting a significant decline of 280.01% [2] Dividend Summary - Since its A-share listing, Sanfu New Materials has distributed a total of 16.13 million yuan in dividends, with no dividends paid in the last three years [3]

Core Viewpoint - Sanfu Xinke has reported a continued decline in net profit for the first half of 2025, marking the fourth consecutive year of losses, with a net profit of approximately -22.31 million yuan, a year-on-year increase in losses [1][2]. Financial Performance - In the first half of 2025, Sanfu Xinke achieved operating revenue of approximately 227 million yuan, a year-on-year decrease of 23.26% [1]. - The company's net profit attributable to shareholders was approximately -22.31 million yuan, reflecting an increase in losses compared to the previous year [1]. - The company's R&D expenses were approximately 32.90 million yuan, a year-on-year decrease of 12.71%, while sales expenses increased by 26.28% to approximately 30.75 million yuan [1]. - The net profit margin from core operations was approximately -24.40 million yuan, also showing an increase in losses year-on-year [1][2]. Industry Context - Sanfu Xinke operates in a challenging industry environment, which may be undergoing significant transformations, impacting the company's market positioning and product strategy [3]. - The company has a high market concentration, primarily serving leading enterprises in the PCB industry [1]. Stock Market Performance - On August 26, 2025, Sanfu Xinke's stock opened down 1.89% but later rose, reaching a peak of 75.5 yuan per share, marking a 14% increase and setting a new high for the year [3]. - The stock closed with a gain of 10.46%, at 73.2 yuan per share, with a total market capitalization of 7.156 billion yuan [3].

Core Viewpoint - Sanfu Xinke (688359) reported disappointing performance in the first half of 2025, continuing a trend of losses for three consecutive years, with a net profit of approximately -22.31 million yuan, indicating an increase in losses compared to the previous year [1][4]. Financial Performance - In the first half of 2025, the company achieved operating revenue of approximately 227 million yuan, a year-on-year decrease of 23.26% [1]. - The net profit attributable to shareholders was approximately -22.31 million yuan, reflecting an increase in losses year-on-year [1]. - The net profit after deducting non-recurring items was approximately -24.40 million yuan, also showing an increase in losses compared to the previous year [1]. - The company attributed the increased losses to a significant decline in equipment component revenue and a drop in gross profit from equipment sales, as well as the absence of investment income from the previous year when a subsidiary's equity was transferred [1][4]. Research and Development - Research and development expenses for the first half of 2025 were approximately 32.90 million yuan, a decrease of 12.71% year-on-year [2]. - The proportion of R&D expenses to operating revenue increased from 12.73% in the previous year to 14.48% in the current year, an increase of 1.75 percentage points [2]. - As of the end of the reporting period, the company held a total of 91 invention patents and 97 utility model patents [2]. Sales and Marketing - Sales expenses for the first half of 2025 were approximately 30.75 million yuan, representing a year-on-year increase of 26.28% [2]. Financial Position - As of the end of the first half of 2025, the company had cash and cash equivalents of approximately 64.87 million yuan, an increase of 49.63% year-on-year, attributed to increased funds from stock option exercises [2]. - The company had short-term borrowings of approximately 134 million yuan, a decrease of 46.56% compared to the end of the previous year, while long-term borrowings were approximately 115 million yuan, an increase of 263.42% [2]. Market Performance - On August 26, 2025, the company's stock opened down 1.89% but later rose, reaching a high of 75.5 yuan per share, marking a 14% increase during the day and closing with a gain of 10.46% at 73.2 yuan per share, with a total market capitalization of 7.156 billion yuan [5]. - Over the 55 trading days from June 11 to August 26, 2025, the company's stock price increased by 53.17%, significantly outperforming the broader market, which rose by 14.29% during the same period [5].

Core Viewpoint - The company is focused on enhancing quality, increasing investor returns, and achieving shared interests between management and shareholders through its "Quality Improvement and Efficiency Enhancement Action Plan" for 2025 [1][3]. Group 1: Business Focus and Strategy - The company specializes in surface engineering chemicals and equipment, primarily engaged in research, development, production, and sales of environmentally friendly surface engineering products [1][2]. - The company aims to provide "one-stop" solutions for clients in the PCB and new energy sectors, leveraging its expertise in surface engineering technology [2][4]. - The company has established a comprehensive product matrix for high-end PCB manufacturing, addressing the increasing complexity and demand in the industry [4]. Group 2: Financial Performance - In the reporting period, the company achieved revenue of approximately 227.3 million yuan, a year-on-year decrease of 23.26%, and a net profit attributable to shareholders of approximately -22.3 million yuan, indicating a decline compared to the previous year [3][8]. - The decline in revenue is attributed to market changes, cyclical adjustments in the copper foil industry, and challenges in new business development [3][5]. Group 3: R&D and Innovation - The company emphasizes R&D as a primary driver of growth, with R&D investment reaching approximately 32.9 million yuan, accounting for 14.48% of revenue, an increase of 1.75 percentage points from the previous year [8]. - The company has developed a strong R&D team with 91 invention patents and 97 utility model patents, focusing on various industries including PCB, new energy, and automotive components [8][9]. - Recent advancements include the development of 3D composite copper foil technology, which enhances battery performance and safety, and is applicable in high-end consumer electronics and new energy vehicles [7][8]. Group 4: Governance and Investor Relations - The company is committed to improving governance structures and enhancing communication with investors, adhering to regulatory requirements for information disclosure [10][11]. - The company has implemented a stock incentive plan to align management interests with shareholder returns, ensuring that executive compensation is linked to company performance [11][12]. Group 5: Future Outlook - The company is optimistic about the long-term development of advanced materials in the new energy and electronics sectors, actively investing in projects related to high-safety dry electrode battery materials and composite materials [6][9]. - The company plans to focus resources on high-value PCB business and strengthen relationships with leading clients to enhance core competitiveness [4][6].

Core Insights - The company has experienced continuous revenue growth from 2022 to 2024, with a 24.9% increase in revenue from 2022's 365 million to 2024's 621 million, while facing net losses for three consecutive years, with a net loss of 13 million in 2024 [2][3] - The gross profit margin has improved significantly, reaching 38.28% in 2024, an increase of 8.41 percentage points from 2022 [2] - The company attributes its losses to high stock-based compensation from equity incentives and increased R&D investments [2] Revenue and Profitability - The company’s revenue has consistently increased, with a notable rise in electronic chemical products due to acquisitions of two subsidiaries, which contributed to higher gross margins [2][3] - The surface engineering equipment business has shown significant growth, generating revenues of 140 million and 181 million in 2023 and 2024, respectively, accounting for 28% and 29% of total revenue [4] Customer Concentration - The company has a high customer concentration in its equipment and components business, with two related parties contributing 68% of the revenue in 2023 and 46.59% in 2024 [5] - A new non-related customer, established in April 2023, quickly became a significant client, indicating strong market interest in the company's technology [5] Asset Sale and Financial Impact - The company sold 100% of Guangzhou Zhilan New Materials Co., Ltd. for 25.8 million, generating an investment income of 15.24 million, which positively impacted its net profit [3] - The high appraisal value of the sold asset was attributed to significant property value appreciation [3]