截至2025年8月26日收盘，精艺股份股价报10.78元，较前一交易日下跌1.82%。当日开盘价为10.88元， 最高触及11.03元，最低下探至10.75元，成交量为99668手，成交额1.08亿元。 2025年半年度报告显示，公司上半年实现营业收入23.81亿元，同比增长38.80%；归母净利润1085.91万 元，同比下降42.95%。经营活动现金流净额为-2.03亿元，较上年同期有所改善。此外，公司第一大股 东南通三建控股有限公司质押了全部持股，占总股本的30%。 资金流向方面，8月26日主力资金净流出289.32万元，近五日累计净流出3275.38万元。 风险提示：投资有风险，市场波动可能导致股价变动，请谨慎决策。 精艺股份主营业务聚焦铜加工产业，同时探索能源与碳管理相关业务。公司所属板块包括有色金属、广 东板块、微盘股等。 ...

Group 1: Monetary Policy and Financial Market Developments - The central bank emphasizes promoting reasonable price recovery as a key consideration for monetary policy, aiming to maintain prices at a reasonable level [1] - The central bank plans to support more private technology enterprises and private equity investment institutions in bond financing, enhancing the development of the bond market and improving legal frameworks [1] - As of the end of July 2025, foreign institutions held 3.93 trillion yuan in interbank market bonds, accounting for approximately 2.3% of the total custody volume [4] Group 2: Stock Market and Regulatory Actions - The Shanghai Stock Exchange is monitoring stocks with significant abnormal fluctuations, including companies like Aoweixin Material and Dongxin Co., taking regulatory measures against 154 instances of abnormal trading behavior [5] - The Shenzhen Stock Exchange is also focusing on stocks with unusual price increases, such as Guangshengtang, and has taken self-regulatory measures against 159 instances of abnormal trading [6] Group 3: Company-Specific News - Vanke A's subsidiary provides guarantees for bank loans [7] - Aoweixin Material faces potential impacts on performance due to a client's bankruptcy protection application [7] - Siyuan Electric reports a net profit of 1.293 billion yuan for the first half of the year, a year-on-year increase of 45.71% [7] - Dongfang Fortune reports a net profit of 5.567 billion yuan for the first half of the year, a year-on-year increase of 37.27% [7] - Shitai Shen's shareholder plans to reduce holdings by no more than 2% [7] - Sheneng Co. plans to issue convertible bonds to raise no more than 2 billion yuan [7] - Meijin Energy is planning to issue H-shares and list on the Hong Kong Stock Exchange [7] - *ST Songfa's subsidiary signs a procurement framework contract for ship steel plates worth approximately 3.371 billion yuan [7]

Investment Rating - The report assigns a "Buy" rating for the company, Jintian Co., Ltd. (金田股份) [4] Core Viewpoints - Jintian Co., Ltd. is the largest producer of copper and copper alloy materials globally, with a comprehensive industrial chain from smelting to deep processing. The company is expected to benefit from the rapid growth in demand for high-end copper products driven by trends in industrial and consumer sectors such as AI data centers and electric vehicles [4][10] - The company is positioned to capture new growth opportunities through its high-end, international, and green product offerings, establishing partnerships with leading brands [4][10] - The report anticipates that the company's profitability will improve due to a stable processing fee rate and a strong pricing power for high-value products, despite fluctuations in copper prices [4][32] Summary by Sections 1. Company Overview - Jintian Co., Ltd. has established itself as a global leader in the copper processing industry, with multiple production bases in China and Vietnam, and a total copper processing capacity expected to reach 2.2 million tons by 2024 [4][10][11] - The company has diversified its product offerings to include rare earth permanent magnetic materials, contributing to its growth strategy [10][11] 2. Historical Growth and Profitability - The company's revenue growth has primarily been driven by the expansion of its copper processing capacity, with a compound annual growth rate (CAGR) of 12.8% from 2017 to 2024 [21] - The processing fee model, which is based on copper prices plus processing fees, provides a stable revenue stream, making the company's profitability less sensitive to copper price fluctuations [18][21] 3. Emerging Industry Demand - The demand for copper is expected to grow significantly in emerging industries such as renewable energy, AI, and robotics, with structural changes in consumption patterns favoring high-end copper products [43][47] - The report highlights that the copper processing industry is moving away from price competition towards consolidation, benefiting leading companies like Jintian Co., Ltd. [43] 4. Financial Projections - The company is projected to achieve revenues of 134.68 billion yuan, 143.46 billion yuan, and 153.59 billion yuan for the years 2025 to 2027, with corresponding net profits of 7.11 billion yuan, 9.99 billion yuan, and 11.86 billion yuan [2][4] - The earnings per share (EPS) are expected to increase from 0.48 yuan in 2025 to 0.80 yuan in 2027, reflecting a positive growth trajectory [2][4]

投资者关系活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他（2025 年福建辖区上市公司投资者网上集体接待日） 活动参与人员 总裁李文亮先生、董事会秘书江永涛先生、财务总监石利民 先生 时间 2025 年 5 月 14 日下午 14：00-17：00 地点 福建·福州 形式 网络远程方式 交流内容及具体问答 记录 1、公司持续增收不增利，让投资者总会觉得财务有点问题， 感觉心里不踏实，请问公司在这方面有什么措施 公司增收的主要原因是低毛利率铜加工产品增长，导致 电线电缆产品收入占比下降，同时因为电线电缆市场需求和 竞争因素，导致其毛利率有所下降，因此表现为增收不增利， 公司严格按照会计准则要求编制财务报告，请投资者放心， 同时公司致力于开拓市场，降低成本，积极开发高毛利产品， 为投资者争取更大的回报，谢谢! 2、公司有没有重大收购或重组的意向 目前没有，谢谢关注！ 关于本次活动是否涉 及应披露重大信息的 说明 否 活动过程中所使用的 演示文稿、提供的文 档等附件（如有，可 作为附件） 无 福建南平太阳电缆股份有限公司 投资者关系活动记录表 证券代码 ...

Group 1: Company Performance and Challenges - The subsidiary Sun Cable (Longyan) Co., Ltd. experienced significant losses in 2024, prompting inquiries about future development plans and strategies for turning around its performance [2] - The company's gross profit margin declined due to insufficient market demand and intensified industry competition [4] - As of the end of 2024, the inventory of wire and cable products amounted to 442 million yuan, a decrease of 38% compared to the previous year [4] Group 2: Industry Outlook and Growth Drivers - Increased investments in electricity, renewable energy, smart grids, and rail transit by the government are expected to drive growth in the wire and cable industry [2] - The company aims to enhance profitability through continuous R&D, focusing on high-demand and high-value-added products [4] - The company plans to leverage professional exhibitions and online platforms to expand its market presence, particularly in the specialty cable sector [4] Group 3: Financial Performance of Competitors - Competitors in the wire and cable manufacturing industry reported varying financial performances in 2024, with some companies showing significant revenue growth while others faced declines [3] - For instance, Company A reported a revenue of 444.74 million yuan with a growth rate of 38.92%, while Company B reported a revenue of 415.79 million yuan with a growth rate of 19.82% [3] Group 4: Strategic Initiatives and Market Adaptation - The company is implementing a sales strategy that emphasizes rapid market response and regional market penetration to counteract declining sales and production volumes [5] - Efforts include enhancing the distribution network, targeting large national clients, and expanding online sales channels to increase market coverage [5]