截至6月30日，玉马科技股东户数1.91万，较上期增加91.37%；人均流通股12621股，较上期减少 47.85%。2025年1月-6月，玉马科技实现营业收入3.64亿元，同比增长0.89%；归母净利润7408.62万元， 同比减少14.13%。 8月26日，玉马科技涨5.32%，成交额5.39亿元。两融数据显示，当日玉马科技获融资买入额6863.06万 元，融资偿还3215.94万元，融资净买入3647.12万元。截至8月26日，玉马科技融资融券余额合计2.19亿 元。 分红方面，玉马科技A股上市后累计派现1.84亿元。近三年，累计派现1.57亿元。 融资方面，玉马科技当日融资买入6863.06万元。当前融资余额2.19亿元，占流通市值的3.91%，融资余 额超过近一年90%分位水平，处于高位。 责任编辑：小浪快报 融券方面，玉马科技8月26日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年70%分位水平，处于较高位。 资料显示，山东玉马遮阳科技股份有限公司位于山东省寿光市金光西街1966号，成立日期2014年7月4 日，上 ...

Investment Rating - The report does not provide a specific investment rating for Yuma Technology (300993) [1] Core Insights - Yuma Technology has shown steady expansion despite challenges, with short-term profit pressure primarily due to currency fluctuations and increased share-based payment expenses [2] - The company is expected to enhance its market presence in non-US regions, leading to stable revenue growth [2] - The product structure remains stable with sufficient growth momentum, although some new products are still in the development phase [2] - The company has a robust production capacity, with a total capacity of 67.65 million square meters by the end of 2023 and plans to add 13 million square meters in the future [2] Financial Performance Summary - In H1 2025, the company achieved revenue of 364 million yuan (up 0.9% YoY) and a net profit attributable to shareholders of 74 million yuan (down 14.1% YoY) [1] - Q2 2025 revenue was 213 million yuan (up 5.4% YoY), with a net profit of 44 million yuan (down 11.6% YoY) [1] - The revenue from different fabric categories in H1 2025 was as follows: sunlight fabric 122 million yuan (down 0.1% YoY), full shading fabric 111 million yuan (up 9.4% YoY), and adjustable shading fabric 81 million yuan (down 1.9% YoY) [2] - The gross profit margins for these categories were 44.7%, 41.6%, and 47.5%, respectively [2] Sales and Market Dynamics - In H1 2025, external sales revenue was 261 million yuan (up 8.3% YoY), while domestic sales revenue was 103 million yuan (down 14.0% YoY) [3] - The decline in domestic sales is attributed to increased competition and export challenges in the industry [3] - The company is expanding its global reach, particularly in the European market, and is establishing a 2,200 square meter overseas warehouse in the US to mitigate tariff impacts [3] Profitability and Cash Flow - The gross margin for Q2 2025 was 39.1% (down 1.9 percentage points YoY), and the net margin was 20.6% (down 4.0 percentage points YoY) [3] - Operating cash flow for Q2 2025 was 47 million yuan (down 9 million yuan YoY) [4] - Inventory turnover days increased to 170.3 days, indicating a rise in inventory levels due to overseas warehouse stocking [4] Profit Forecast - The company’s projected net profits for 2025 to 2027 are 150 million yuan, 180 million yuan, and 210 million yuan, respectively, with corresponding P/E ratios of 37.4X, 31.2X, and 26.5X [4]

Group 1 - The core viewpoint of the articles is that the "delisting" of stocks, which refers to the removal of ST or *ST labels from a company's stock, indicates a significant improvement in the company's financial health and operational performance [1][2] - Companies must meet specific financial and operational criteria, such as positive net profit, positive net assets, and revenue above a certain threshold, to apply for the removal of ST or *ST labels [1] - The removal of these labels often leads to a positive impact on the company's profitability, as it signifies that the company has stabilized its financial situation and resolved previous financial issues [1] Group 2 - The delisting process positively affects the market image of the company, as being labeled can severely damage its reputation and investor confidence [2] - The removal of the label helps to restore investor confidence and allows for a reevaluation of the company's value, attracting more capital inflow [2] - A list of companies that have recently undergone delisting includes: - Huijin Technology (300368): Focuses on intelligent manufacturing and information system integration [2] - Jiuzhitang: Engages in traditional Chinese medicine research and production [2] - Jintime Technology (002951): Specializes in energy storage equipment manufacturing [3] - Zhongjiabochuang: Involved in information transmission and communication network maintenance [3] - Yongyue Technology (603879): Develops and sells intelligent robots [3] - Xianfeng New Materials (300163): Produces high polymer composite shading materials [3] - Dongfang Ocean (002086): Engages in aquaculture and biotechnology [3] - Shengda Forestry (002259): Involved in natural gas liquefaction and related operations [3]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_Title] 玉马科技：前瞻布局海外仓，产能&区域同步 扩张，订单稳步扩张 [Table_ReportDate] 2025 年 5 月 4 日 报告内容摘要: [Table_S 事件：公司发布 ummary]2024 年报&2025 一季报。2024 全年公司实现收入 7.69 亿元 （+16.1%），归母净利润 1.86 亿元（+12.5%），扣非归母净利润 1.81 亿元 （+12.9%）；单 Q4 公司收入 2.19 亿元（+17.8%），归母净利润 0.58 亿元 （+26.8%），扣非归母净利润 0.56 亿元（+27.0%）。25Q1 收入 1.51 亿元 （-4.9%），归母净利润 0.30 亿元（-17.6%），扣非归母净利润 0.29 亿元 （-20.3%）。我们预计海外客户提前备货&内销承压（部分客户加工出口美国） 导致 25Q1 收入略疲软，利润承压主要系新增股份支付费用。 产品结构优化，产能稳步扩张。2024 年阳光/全遮光/可调光面料收入分别为 2.66/2.22/1.67 亿元（同比分别+31 ...

Financial Performance - In Q1 2025, the company achieved operating revenue of 151 million yuan, a year-on-year decrease of 4.8% [2] - Net profit for the same period was 30.186 million yuan, down 17.57% year-on-year, primarily due to seasonal factors and increased costs from stock option incentives and R&D expenses [2][3] - The decline in net profit was more significant than the revenue drop, but excluding stock payment costs, the net profit decline was comparable to revenue [3] Export and Market Strategy - Revenue from exports to the U.S. accounts for approximately 10% of total revenue, with two subsidiaries and product warehouses established in the U.S. [3] - The company has completed the establishment of a subsidiary in Singapore and is in the process of setting up a production base in Vietnam, although construction has not yet begun [3] Product and Market Insights - The overall gross margin of products remains stable, with variations due to product sales structure and pricing strategies [4] - Key raw materials, including polyester fiber and PVC, are currently in ample supply, with prices at historical lows expected to remain stable [5] - The European market shows positive demand despite the impact of the Russia-Ukraine conflict, with plans for further market expansion [6] Industry Trends and Innovations - The trend of domestic substitution in the industry is emerging, particularly in transportation, high-end construction, and outdoor series, with the company focusing on targeted product development to replace imports [7] - The company emphasizes technological and business innovation, expanding its product range to include outdoor functional materials with higher performance standards [8] Production Capacity and Orders - Current order backlog is maintained at approximately 60-90 days, with ongoing projects aimed at increasing market coverage and share [9] - The company's production capacity utilization rate is around 80%, with a project for 13 million square meters of functional new materials under construction [9]