责任编辑：小浪快报 资料显示，有研粉末新材料股份有限公司位于北京市怀柔区雁栖经济开发区雁栖路3号1幢，成立日期 2004年3月4日，上市日期2021年3月17日，公司主营业务涉及有色金属粉体材料的研发、生产和销售。 主营业务收入构成为：铜基金属粉体材料59.04%，微电子锡基焊粉材料29.39%，其他6.78%，电子浆料 2.54%，3D打印粉体材料1.48%，其他(补充)0.77%。 截至9月30日，有研粉材股东户数5662.00，较上期增加10.43%；人均流通股18308股，较上期减少 9.45%。2025年1月-9月，有研粉材实现营业收入28.49亿元，同比增长20.80%；归母净利润5166.22万 元，同比增长28.00%。 分红方面，有研粉材A股上市后累计派现1.03亿元。近三年，累计派现6219.60万元。 机构持仓方面，截止2025年9月30日，有研粉材十大流通股东中，华商乐享互联灵活配置混合A （001959）退出十大流通股东之列。 11月21日，有研粉材跌5.19%，成交额9482.55万元。两融数据显示，当日有研粉材获融资买入额 1666.22万元，融资偿还1548.90万元，融资净买 ...

Core Viewpoint - Youyan Powder New Materials Co., Ltd. (referred to as "Youyan Powder Materials") reported a significant increase in revenue and net profit for the first three quarters of 2025, driven primarily by increased product sales [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.849 billion yuan, representing a year-on-year growth of 20.80% [1]. - The net profit attributable to shareholders for the same period was 52 million yuan, reflecting a year-on-year increase of 28% [1]. - In the third quarter, the company recorded revenue of 1.059 billion yuan, which is a year-on-year growth of 25.30% [1]. - The net profit attributable to shareholders in the third quarter was 16 million yuan, showing a substantial year-on-year increase of 44.92% [1]. Business Segments - The company operates in four main business segments: 1. Copper-based metal powder materials, which hold the largest production and sales volume domestically and the second largest globally, with applications in powder metallurgy, diamond tools, friction materials, catalysts, carbon brushes, and heat dissipation devices [1]. 2. Microelectronics tin-based solder powder materials, which have a domestic market share of approximately 15%, making it the leading player in the domestic market, primarily used in microelectronics packaging and assembly, particularly in consumer electronics [1]. 3. Electronic pastes, which, along with microelectronics tin-based solder powder materials, are key development areas for the company, focusing on future technological breakthroughs [1]. 4. Additive manufacturing powder materials (3D printing powder materials) [1].

Core Viewpoint - The stock of Youyan Powder Materials increased by 5.07% on September 16, reaching a price of 51.44 CNY per share, with a total market capitalization of 5.332 billion CNY [1] Company Overview - Youyan Powder Materials Co., Ltd. is located in Beijing and was established on March 4, 2004, with its listing date on March 17, 2021. The company specializes in the research, production, and sales of non-ferrous metal powder materials [1] - The revenue composition of the company includes: 59.04% from copper-based metal powder materials, 29.39% from microelectronics tin-based solder powder materials, 6.78% from other sources, 2.54% from electronic pastes, 1.48% from 3D printing powder materials, and 0.77% from other supplementary materials [1] Shareholder Information - Huashang Fund's Huashang Lexiang Flexible Allocation Mixed A Fund (001959) is among the top ten circulating shareholders of Youyan Powder Materials. In the second quarter, it reduced its holdings by 298,100 shares, maintaining 621,600 shares, which accounts for 0.6% of the circulating shares. The estimated floating profit today is approximately 1.5415 million CNY [2][4] - The fund was established on December 18, 2015, with a current scale of 612 million CNY. Year-to-date returns are 33.13%, ranking 2261 out of 8174 in its category; the one-year return is 92.22%, ranking 636 out of 7982; and since inception, the return is 173.04% [2] Fund Management - The fund manager of Huashang Lexiang Flexible Allocation Mixed A Fund is Yu Yi, who has been in the position for 3 years and 5 days. The total asset size of the fund is 5.867 billion CNY, with the best fund return during the tenure being 77.4% and the worst being 0.15% [3]

Core Insights - On August 26, Youyan Powder Materials experienced a decline of 2.40% with a transaction volume of 141 million yuan [1] - The company reported a financing buy-in of 22.83 million yuan and a financing repayment of 25.02 million yuan, resulting in a net financing outflow of 2.19 million yuan [1] - As of August 26, the total financing and securities lending balance for Youyan Powder Materials was 211 million yuan, representing 4.09% of its market capitalization [1] Financing Overview - On the same day, the financing buy-in was 22.83 million yuan, with the current financing balance at 211 million yuan, which is above the 70th percentile of the past year [1] - In terms of securities lending, there were no shares repaid or sold on August 26, with the securities lending balance also at zero, indicating a high level of inactivity [1] Company Profile - Youyan Powder Materials Co., Ltd. is located in Beijing and was established on March 4, 2004, with its listing date on March 17, 2021 [1] - The company's main business involves the research, production, and sales of non-ferrous metal powder materials, with revenue composition as follows: copper-based metal powder materials 59.04%, microelectronics tin-based solder powder materials 29.39%, and others [1] Financial Performance - For the period from January to March 2025, Youyan Powder Materials achieved a revenue of 796 million yuan, reflecting a year-on-year growth of 20.34% [2] - The net profit attributable to the parent company was 10.34 million yuan, showing a year-on-year increase of 5.71% [2] Shareholder Information - As of March 31, 2025, the number of shareholders for Youyan Powder Materials was 5,556, an increase of 5.95% from the previous period [2] - The average circulating shares per person decreased by 5.62% to 18,657 shares [2] Dividend Distribution - Since its A-share listing, Youyan Powder Materials has distributed a total of 103 million yuan in dividends, with 62.20 million yuan distributed over the past three years [3] Institutional Holdings - As of March 31, 2025, Huashang Lexiang Flexible Allocation Mixed A Fund was the ninth largest circulating shareholder, holding 919,700 shares, a decrease of 220,000 shares from the previous period [3]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 52.0 yuan for the next six months, indicating an expected price increase of over 15% compared to the market benchmark [5]. Core Insights - The company, Youyan Powder Materials, is a leading domestic enterprise in metal powder materials, specializing in the design, research, production, and sales of non-ferrous metal powder materials, particularly in copper and tin-based solder powder [1]. - The company has shown consistent growth in performance, with a revenue increase of 20.44% year-on-year, reaching 3.229 billion yuan in 2024, and a net profit increase of 7.73%, totaling 0.59 billion yuan [1]. - The company is expanding its production capacity and enhancing its global presence, with a new copper powder production line in Thailand expected to contribute to profitability by mid-2025 [2]. - The company is actively developing its 3D printing powder materials segment, which has shown significant revenue growth, with a 57.5% increase in 2024 [3]. Financial Performance Summary - In 2024, the company achieved a revenue of 3,229 million yuan, a 20.44% increase from the previous year, and a net profit of 59 million yuan, reflecting a 7.73% growth [4]. - The projected revenues for 2025, 2026, and 2027 are 3,861 million yuan, 4,676 million yuan, and 5,704 million yuan, respectively, indicating a steady growth trajectory [4]. - The gross profit margin for 2024 was reported at 7.6%, a decrease of 0.7 percentage points year-on-year, attributed to increased market competition [1].

Group 1 - Northern Long Dragon is planning to acquire the controlling stake of Henan Zhongsheng and raise matching funds, leading to a stock suspension [1] - The company specializes in the research, design, production, and sales of non-metal composite materials for military vehicle equipment [1] - Koyuan Pharmaceutical's major shareholder plans to reduce their stake by up to 3%, amounting to 324.87 million shares [2] Group 2 - Jiaste Technology's shareholder intends to reduce their stake by up to 3%, totaling 1,428.75 million shares [2] - Chengdi Xiangjiang's subsidiary has won a bid for a data center project with China Mobile, valued at 492 million yuan [3] - Zhongchao Holdings' actual controller sold 223 million shares during a period of stock price fluctuation, representing 0.16% of total shares [4] Group 3 - ST Yushun's stock will resume trading after confirming no significant changes in its operational environment [6] - Xing Shuai Er's shareholder plans to reduce their stake by up to 0.37%, equating to 130 million shares [7] - Weiguang Co. intends to reduce its stake by up to 1.32%, totaling 300 million shares [8] Group 4 - Zhongsheng Pharmaceutical's subsidiary has received ethical approval for two Phase III clinical trials for its innovative peptide drug RAY1225 [9][10] - Nongxin Technology's major shareholder plans to reduce their stake by up to 1.35%, amounting to 135 million shares [12] - Mintai Aluminum has signed a strategic cooperation agreement with Penghui Energy for collaboration in battery technology [14] Group 5 - Youyan Powder's controlling shareholder plans to reduce their stake by up to 1%, totaling 103 million shares [16] - Runjian Co. has been shortlisted for a procurement project with China Mobile, valued at 374 million yuan [17] - Bangyan Technology has terminated its plan to issue shares and raise funds for asset acquisition [18] Group 6 - Xianggang Technology's controlling shareholder intends to reduce their stake by up to 3%, equating to 648.42 million shares [19] - Zhongke Shuguang is undergoing a stock suspension due to a planned share swap merger with Haiguang Information [20]

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company being analyzed. Core Insights - The company, Youyan Powder Materials, was established in 2004 and is a subsidiary of China Research Institute of Nonferrous Metals, a central state-owned enterprise. It operates in the non-ferrous metals industry and has a strong market presence with a focus on technological innovation and product customization [18][23]. Summary by Sections 1. Basic Research Information - The research was conducted on March 4, 2025, focusing on Youyan Powder Materials within the non-ferrous metals sector. Key personnel from the company included the board secretary, financial director, and legal advisor [13]. 2. Company Business Segments - Youyan Powder Materials operates in four main segments: 1. Copper-based metal powder materials, holding approximately 35% market share domestically, with a production volume of 27,000 tons in 2024 [19]. 2. Microelectronic tin-based solder powder materials, leading the domestic market with a 15% share, producing 3,400 tons in 2024 [19]. 3. Electronic pastes, a new focus area with rapid growth, primarily producing solder paste [19]. 4. Additive manufacturing powders (3D printing), with a focus on aluminum alloy, high-temperature alloys, and stainless steel powders [19]. 3. Financial Performance - In 2024, the company achieved a total sales volume of 31,000 tons, generating revenue of 3.2 billion yuan, a 20% increase year-on-year, and a profit of 63.97 million yuan, up 3% from the previous year [20]. 4. Product Development and Market Strategy - The company is actively expanding its 3D printing segment, primarily serving military clients while also exploring civilian applications. The expansion is contingent on finding suitable production sites due to high space requirements [21]. - The company has developed a new type of thermal conductive copper powder, which has shown a performance improvement of 10%-20% over traditional powders, indicating a strong R&D capability [22][24]. 5. Risk Management - The company employs a just-in-time procurement strategy to mitigate risks associated with raw material price fluctuations, ensuring quick turnaround from order to delivery [16][25]. 6. Future Outlook - The company is exploring the integration of AI into its operations, recognizing the potential for enhanced material quality and cost management in the non-ferrous metals industry [26].