9月5日，黄山谷捷涨5.01%，截至发稿，报57.03元/股，成交7800.13万元，换手率7.01%，总市值45.62 亿元。 王颖累计任职时间8年204天，现任基金资产总规模38.35亿元，任职期间最佳基金回报45.18%， 任职期 间最差基金回报-8.42%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，中信保诚基金旗下1只基金位居黄山谷捷十大流通股东。中信保诚多策略混合(LOF)A （165531）二季度新进十大流通股东，持有股数11.91万股，占流通股的比例为0.6%。根据测算，今日 浮盈赚取约32.4万元。 中信保诚多策略混合(LOF)A（165531）成立日期2017年6月16日，最新规模12.45亿。今年以来收益 35.59%，同类排名1096/8178；近一年收益70.89%，同类排名821/7978；成立以来收益129.59%。 中信保诚多策略混合(LOF)A（165531）基金经理为江峰、王颖。 截至发稿，江峰累计任 ...

Group 1 - The core viewpoint of the news is that Huangshan Gujie experienced a decline in stock price and trading volume, with significant changes in financing activities and shareholder structure [1][2]. - As of August 29, Huangshan Gujie’s stock price fell by 2.90%, with a trading volume of 114 million yuan. The financing buy-in amount was 8.0024 million yuan, while the financing repayment was 15.5754 million yuan, resulting in a net financing buy of -7.5730 million yuan [1]. - The total financing and securities balance for Huangshan Gujie as of August 29 was 77.4504 million yuan, which represents 6.57% of its circulating market value [1]. Group 2 - As of August 20, the number of shareholders for Huangshan Gujie was 11,400, a decrease of 12.53% from the previous period, while the average circulating shares per person increased by 14.33% to 1,751 shares [2]. - For the first half of 2025, Huangshan Gujie reported a revenue of 375 million yuan, reflecting a year-on-year growth of 34.41%. However, the net profit attributable to the parent company was 37.8106 million yuan, showing a year-on-year decrease of 37.60% [2]. - Since its A-share listing, Huangshan Gujie has distributed a total of 56 million yuan in dividends [3].

Core Viewpoint - HuangShan Googe Co., Ltd. reported a significant increase in revenue for the first half of 2025, driven by growth in the sales of power semiconductor module cooling substrates, despite a decline in net profit due to rising material costs and lower product prices [4][5][10]. Company Overview and Financial Indicators - The company is listed on the Shenzhen Stock Exchange under the stock code 301581 and specializes in the research, production, and sales of power semiconductor module cooling substrates [4]. - For the first half of 2025, the company achieved operating revenue of approximately 375 million yuan, representing a year-on-year increase of 34.41% [4][5]. - The net profit attributable to shareholders decreased by 34.15% to approximately 34 million yuan, primarily due to a decline in product sales prices and rising raw material costs [4][5]. - The company reported a negative cash flow from operating activities of approximately -11 million yuan, a significant decrease compared to the previous year [4][5]. Business Analysis - The company operates in the power semiconductor module cooling substrate industry, which is crucial for applications in electric vehicles, renewable energy generation, and industrial control [5][10]. - The global sales of new energy vehicles reached 7.52 million units in the first five months of 2025, a year-on-year increase of 32.4%, indicating a strong market demand for the company's products [5][10]. - The company has expanded its customer base, including partnerships with major automotive manufacturers and semiconductor firms, enhancing its market position [5][10]. Product and Market Position - The main products include copper pin-type and flat cooling substrates, which are essential for the thermal management of power semiconductor modules [6][7]. - The company employs a "sales-driven production" model, customizing products based on client orders and maintaining a strong focus on quality control and customer satisfaction [8][10]. - The company has established long-term relationships with leading semiconductor manufacturers, which enhances its competitive advantage in the market [10][11]. Financial Performance and Cost Analysis - The operating costs increased by 54.38% to approximately 316 million yuan, largely due to rising material prices [13]. - Research and development expenses rose by 9.28% to approximately 10 million yuan, reflecting the company's commitment to innovation and product development [13]. - The company has maintained a stable supply chain and quality management system, which is critical for meeting the stringent requirements of the automotive industry [12][13].

Core Insights - Huangshan Gujie experienced a stock price increase of 0.73% on August 22, with a trading volume of 138 million yuan [1] - The company reported a financing buy-in amount of 17.82 million yuan and a net financing buy of 3.38 million yuan on the same day [1] - As of August 22, the total financing and securities lending balance for Huangshan Gujie was 90.63 million yuan, accounting for 7.34% of its market capitalization [1] Financing and Securities Lending - On August 22, Huangshan Gujie had a financing buy-in of 17.82 million yuan, with a current financing balance of 90.63 million yuan [1] - The company had no securities lending activity on August 22, with both securities lent and repaid being zero [1] Company Overview - Huangshan Gujie, established on June 12, 2012, is located in Huangshan City, Anhui Province, and specializes in the research, production, and sales of power semiconductor module heat dissipation substrates [1] - The company's main revenue sources include copper pin heat dissipation substrates (75.63%), edge scrap (21.65%), and other businesses (2.33%) [1] - The company is recognized as a national high-tech enterprise [1] Shareholder and Financial Performance - As of August 20, Huangshan Gujie had 11,400 shareholders, a decrease of 12.53% from the previous period, with an average of 1,751 circulating shares per shareholder, an increase of 14.33% [2] - For the period from January to March 2025, the company reported a revenue of 191 million yuan and a net profit attributable to shareholders of 22.29 million yuan, reflecting a year-on-year decrease of 14.69% [2] - Since its A-share listing, Huangshan Gujie has distributed a total of 56 million yuan in dividends [2] - As of March 31, 2025, the largest circulating shareholder was Yifangda Environmental Theme Mixed A, holding 253,600 shares as a new shareholder [2]

Core Viewpoint - Huangshan Gujie (301581.SZ) reported a disappointing first financial statement post-IPO, with both revenue and net profit declining due to falling product prices and rising raw material costs [1][2]. Financial Performance - In 2024, the company achieved revenue of 725 million yuan, a year-on-year decrease of 4.53%, and a net profit of 112 million yuan, down 28.84% [2]. - The main product, copper pin heat dissipation substrates, contributed over 70% of revenue, generating 548 million yuan, which represents a 7.11% decline compared to the previous year [2][3]. - The revenue from copper flat heat dissipation substrates was only 2.89 million yuan, accounting for less than 1% of total revenue [2]. Product Segmentation - The company’s revenue breakdown shows that copper pin heat dissipation substrates are critical, while copper flat heat dissipation substrates and other businesses contribute minimally [3]. - The revenue from by-products, such as copper scrap, was 156 million yuan, making up 21.65% of total revenue, but with a very low gross margin of 0.69% [3]. Cash Flow and Accounts Receivable - Accounts receivable increased by 32% year-on-year to 218 million yuan, representing 30% of total revenue, indicating cash flow pressure [5][6]. - The net cash flow from operating activities fell by 45.62% to 51 million yuan [5]. Profitability and Cost Structure - The gross margin for the company dropped to 22.5%, down 6.2 percentage points year-on-year, primarily due to a decrease in product prices and an increase in raw material costs [6][8]. - The average selling price of products decreased by 8%, while sales volume increased by only 1.05% [6][7]. Research and Development - The company’s R&D expense ratio remains below the industry average, with 2024 R&D expenses at 211 million yuan, representing only 2.92% of revenue [8][9]. - A significant portion of the R&D team, over 70%, has a college degree or lower, raising concerns about the quality of research personnel [9][10]. Market Expansion - The company has made efforts to expand into international markets, including Germany, Hungary, and Malaysia, but revenue from overseas operations fell by 45.67% to 137 million yuan [5].

4月22日，功率半导体模块散热基板领域领军企业黄山谷捷股份有限公司（股票代码：301581，简称：黄山谷 捷）正式披露2024年度业绩报告。报告显示，在上游电解铜价格创近十年新高、行业整体承压的严峻形势下， 公司一方面积极拓展新客户，另一方面加码研发不断积累技术动能，整体实现了稳健发展，全年实现营业收入 72,463.30万元，归母净利润达11,191.83万元。 国内业务增长稳定，积极拓展新客户积蓄动能 不过具备针翅结构的铜针式散热基板是一种成形难度高且精度高的精密结构件，基板上的铜针密度高，表面间 距一般只有1.0mm-1.6mm 左右，成百上千的铜针对生产工艺提出了较高的要求。为突破工艺瓶颈，黄山谷捷 首创冷精锻一体化成型技术。通过自主研发的专用模具与智能锻压系统，将铜排毛胚直接成型为精密基板，在 这一技术加持下，公司产品热导率提升至395W/(m·k)的行业领先水平，弧度精度稳定在±0.03mm范围内，基板 硬度强化至90-115HV等级，形成了显著的技术经济性优势。 黄山谷捷成立于2012年，是国内较早从事功率半导体模块散热基板研发生产的企业之一，公司产品主要用于新 能源汽车电机控制器用功率半导体模 ...