Core Viewpoint - The cultivated diamond sector has emerged as a "star track" in the capital market this year, driven by policy benefits and technological breakthroughs, leading to explosive growth and the emergence of several "big bull stocks" [1] Industry Performance - The cultivated diamond sector has seen a significant increase in stock prices, with Wald's stock price rising by 285.02% this year, and a notable increase of 62.91% in November alone [1] - On November 11, multiple stocks in the cultivated diamond sector performed strongly, with Wald's stock price reaching 83.90 CNY per share, marking a more than 70% increase in just five trading days [2] - Five companies in the sector have seen their stock prices double this year, with *ST Yazhen's stock price increasing over seven times [2] Policy Impact - The Ministry of Commerce announced export controls on superhard materials, effective November 8, which is expected to drive domestic cultivated diamond companies to prioritize domestic market needs and accelerate high-value product development [2][3] - This policy is anticipated to provide benefits for 2-3 years, depending on the speed of domestic technological upgrades and the construction of international alternative capacities [3] Company Financials - Wald's revenue for 2022, 2023, and 2024 is projected to be 414 million CNY, 603 million CNY, and 679 million CNY, respectively, with year-on-year growth rates of 45.52% and 12.54% for 2023 and 2024 [5] - Despite revenue growth of 9.05% in the first three quarters of this year, Wald experienced a decline in net profit by 6.67%, indicating a situation of "increased revenue but decreased profit" [5][6] - Wald's operating costs have been increasing, with total operating costs projected at 349 million CNY, 504 million CNY, and 570 million CNY for 2022, 2023, and 2024, respectively [6] Research and Development - Wald is one of the few companies capable of mastering the three major preparation processes of CVD technology, with a focus on high-value products such as diamond film acoustic devices and diamond thermal materials [5] - The company has been increasing its R&D expenses, which are expected to be 32.94 million CNY, 45.67 million CNY, and 51.06 million CNY for 2022, 2023, and 2024, respectively [6] - As of June 2025, Wald holds 360 domestic and international patents, including 106 invention patents [6]

北京沃尔德金刚石工具股份有限公司 北京沃尔德金刚石工具股份有限公司（以下简称"公司"）为贯彻中央经 济工作会议、中央金融工作会议精神，落实以投资者为本的理念，推动上市公 司持续优化经营、规范治理和积极回报投资者，大力提高上市公司质量，助力 信心提振、资本市场稳定和经济高质量发展。公司于 2025 年 4 月 22 日在上海 证券交易所网站（www.sse.com.cn）披露了《2024 年度"提质增效重回报"行 动方案的评估报告暨 2025 年度"提质增效重回报"行动方案》，为公司 2025 年度提质增效重回报行动制定出明确的工作方向。公司根据行动方案内容，积 极开展和落实各项工作，现将 2025 年上半年的主要工作成效汇总如下： 一、聚焦经营主业 损益的净利润 3,987.67 万元，较上年同期下降 18.64%。 公司刀具业务保持稳定增长。在持续巩固下游汽车、消费电子行业的同时， 重点发展新能源装备、航空航天、半导体工具等行业，聚焦人形机器人等新兴 产业。PCD 锪窝钻形成标准化系列，具备高耐磨性、高精度导向能力及高效复 合加工等优势，正在有序增加产能；金刚石微钻产品实现营业收入 488.97 万元， 同 ...