Core Viewpoint - The company achieved steady revenue growth in the first half of 2025, driven by technological innovation and market expansion, with a revenue of 133 million yuan, a year-on-year increase of 22.42% [1] Group 1: Financial Performance - The company reported a net profit attributable to shareholders of 2.4185 million yuan and a positive cash flow from operating activities of 8.4182 million yuan, reversing from negative to positive year-on-year [1] - Core products, including high-pressure electrical powder materials and other fine aluminum oxide powder materials, saw significant revenue growth of 93.23% and 96.75% respectively, contributing to overall revenue increase [1] Group 2: R&D and Innovation - R&D expenses increased to 4.6635 million yuan, a year-on-year growth of 6.73%, focusing on high-end materials such as high-purity nano-alumina and third-generation semiconductor packaging alumina [2] - The company established a research institute in collaboration with several universities to enhance industry collaboration and drive technological advancements [2] Group 3: Market Expansion - The company made breakthroughs in overseas market expansion, achieving bulk supply for some clients, which opens up significant opportunities for increasing international market share [1] - The global consumer electronics industry is recovering and growing, driven by technological innovation, with the company positioned to benefit from this trend [3]

重要在研产品Low-α射线球形氧化铝产品向产业化过渡。公司重要在研产品 Low-α 射线球形氧化铝取得 阶段性成果，该产品检测放射性元素铀（U） 和钍（Th）的含量均低于 5ppb 级别，公司现已掌握该产 品的核心技术，实验室阶段取得突破进展，处于向产业化过渡阶段，该高端小型电子级生产线升级改造 已进行设备安装调试，公司将全力推进该产线建设并尽快推进产出品验证工作。该产品技术壁垒高、工 艺难度大，属于高算力芯片的填充材料，在高带宽存储器（HBM）封装技术中有重要应用空间，能够 减少信号串扰、提高信号完整性、保障芯片的高性能运行。公司不断丰富产品体系，挖掘和覆盖新的高 端应用领域，逐渐形成基础产品、核心产品和创新高端产品的多层次矩阵式产品结构，打造高端精细氧 化铝粉体材料产业基地。 核心观点： 下游电子材料行业需求释放及公司积极开拓新市场，电子陶瓷/高压电器用粉体营收+92%/+94%。2024 年，公司主营产品电子陶瓷粉体材料实现销售收入1.4 亿元，同比+92.25%，占总营收比例的55.08%， 较上年+16.67ppt；高压电器用粉体材料产品实现销售收入0.18 亿元，同比+94.46%。公司毛利率为 ...

Investment Rating - The report maintains a "Recommended" rating for Tianma New Materials, indicating a positive outlook based on expected growth and market conditions [3]. Core Insights - The company achieved significant revenue and profit growth in 2024, with operating income reaching 254.85 million yuan, a year-on-year increase of 34.99%, and net profit attributable to shareholders increasing by 221.44% to 39.38 million yuan [3][6]. - The recovery in the downstream consumer electronics industry has led to increased production and sales of the company's main products, with sales revenue from electronic ceramic materials expected to grow by 92.25% year-on-year [3]. - The establishment of an industry research institute aims to enhance collaboration with academic institutions and drive technological advancements in advanced aluminum oxide materials and ceramic membranes [3]. - The company has made breakthroughs in key research projects, including the development of Low-α ray spherical aluminum oxide powder, which is crucial for high-bandwidth memory packaging technology [3]. Financial Performance Summary - In 2024, the company is projected to achieve a net profit of 39.38 million yuan, with further growth expected in subsequent years, reaching 57.82 million yuan in 2025 and 74.78 million yuan in 2026 [3][6]. - The operating income is forecasted to grow from 254.85 million yuan in 2024 to 391 million yuan in 2025 and 483 million yuan in 2026, reflecting a robust growth trajectory [6]. - The company's gross margin is expected to remain stable, with a slight increase from 27.05% in 2024 to 27.74% in 2026 [6].