Core Viewpoint - The company reported that inventory impairment is primarily concentrated in the micro-powder segment, with specific challenges related to the production of diamond micro-powder [1] Group 1: Inventory Impairment - The company produces diamond micro-powder, which results in a portion of the output being unsuitable for its diamond wire due to size, leading to inventory impairment as market prices are below production costs [1] - Additionally, the transition from hot-drawing to cold-drawing processes in the tungsten wire industry has resulted in unusable spare parts and materials, contributing to signs of inventory impairment [1] Group 2: Inventory Management - The company is actively seeking methods to manage and reduce these inventory levels, with some inventory that has already been impaired potentially being written back if suitable disposal methods are found in the future [1]

证券日报网讯美畅股份（300861）8月29日发布公告，在公司回答调研者提问时表示，今年第二季度成 本下降较为显著，总体节降约12%。以钨丝举例分析，第二季度钨丝母线的成本下降超过10%，一方 面，钨丝母线行业整体生产成熟度提升、外采粗钨丝母线价格下降；另一方面，公司自制工艺提升、自 供比例增长，共同对钨丝母线成本产生了一定的降本贡献。此外，产量提升带来固定成本摊薄，如折旧 费用的分摊减少，贡献约1%的成本下降；同时，工艺改进减少了微粉和镍的无效损耗，也贡献了约1% 的成本下降。 ...

Group 1: Company Performance Overview - In the first half of 2025, the global photovoltaic industry showed a mild recovery but with slowing growth, leading to a challenging adjustment period for the industry [6] - The sales volume of diamond wire saw a slight increase of 6.89% compared to the second half of last year, with total revenue reaching CNY 1 billion, a 28% increase from the previous half [6] - The net profit attributable to shareholders was CNY 84.66 million, representing a 165% increase compared to the second half of last year [6] Group 2: Revenue and Profit Growth - In Q2 2025, revenue was CNY 584 million, a 38% increase from Q1 [6] - The net profit for Q2 was CNY 58 million, a 120% increase from Q1 [6] Group 3: Cost Management - Overall cost reduction in Q2 was approximately 12%, with tungsten wire costs decreasing by over 10% due to improved production maturity and increased self-supply ratio [6][7] - Fixed cost dilution contributed about 1% to the cost reduction due to increased production volume [6] Group 4: Market Share and Product Mix - The market share for tungsten wire diamond saw an increase of approximately 5-6 percentage points in Q2 compared to Q1 [6][9] - In Q2, tungsten wire diamond accounted for nearly 55% of total diamond wire shipments, with a slight price decrease of about 2% for both tungsten and carbon steel diamond wires [9] Group 5: Future Outlook and Business Development - The company is focusing on enhancing customer value through technological iterations and service upgrades, aiming for sustainable growth [6] - The self-supply ratio of tungsten wire is expected to increase to around 50% by Q4 2025 as production capacity expands [8] - The company is exploring new business opportunities but has not yet made specific advancements [12]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 2.271 billion yuan in 2024, a year-on-year decrease of 50%. The net profit attributable to the parent company was 146 million yuan, down 91% year-on-year [1] - In Q1 2025, the company reported a revenue of 423 million yuan, a year-on-year decline of 51%, with a net profit of 26 million yuan, down 86% year-on-year [1] - The company has successfully turned a profit in Q1 2025, with significant improvements in cost optimization [4] - The expansion plan for tungsten wire busbars is underway, with a target of reaching a monthly production capacity of 6 million kilometers, which is expected to enhance cost efficiency [4] - Profit forecasts for 2025-2027 are 139 million, 266 million, and 383 million yuan respectively, with year-on-year changes of -5%, +92%, and +44% [4] Financial Summary - Total revenue for 2023 was 4.512 billion yuan, with a year-on-year growth of 23.3%. The projected revenue for 2025 is 2.208 billion yuan, reflecting a decrease of 2.8% [3] - The gross profit margin for 2025 is expected to be 15.3%, down from 50.2% in 2023 [3] - The diluted EPS for 2025 is projected to be 0.29 yuan, compared to 3.31 yuan in 2023 [3] - The P/E ratio for 2025 is estimated at 64.16, indicating a significant increase from 10.06 in 2023 [3]

Group 1: Company Performance - In 2024, the company achieved a revenue of 5.085 billion CNY and a net profit of 13.6075 million CNY [2] - In Q1 2025, the revenue was 1.117 billion CNY, with a net profit of 5.67 million CNY, representing a 390.50% increase compared to the same period last year [2] Group 2: Competitive Advantages - The company possesses independent intellectual property rights and has a cost advantage due to proximity to resources like methanol and hydrochloric acid in the production area [2] - Continuous technological upgrades and market management strategies are being implemented to enhance competitiveness and reduce costs [2] Group 3: Future Growth Prospects - The company is focusing on deepening its development in the metal products and chemical sectors, aiming to improve profitability and brand value [3] - The company has acquired mining rights for the Longtoushan gold mine and is conducting detailed exploration to assess gold resource reserves [3]