8月26日，严牌股份（301081）发布2025年半年度报告，上半年公司实现营收4.29亿元，同比增长 19.77%，主营产品市场优势稳固，无纺系列、机织系列分别实现营业收入2.10亿元、1.60亿元，同比增 长12.88%、15.44%，毛利率21.60%、29.99%；实现归母净利润2152.38万元，扣非净利润1791.67万元。 在全球环境治理进程加速推进、可持续发展议程深度落地的时代背景下，中国环保产业已完成从传统污 染治理"支撑者"到绿色经济"核心引擎"的关键跃升，成为驱动经济社会绿色转型的重要力量。严牌股份 精准把握环保过滤材料市场需求持续增长机遇，充分发挥自身研发技术优势，通过持续提升产品品质、 深化产业链强链补链布局，构建差异化竞争优势，有效推动公司业绩实现稳步提升。 过滤材料行业迎新一轮增长以技术硬实力与精益运营布局过滤分离市场 环境法规收紧、工业领域升级提速、公众公共卫生意识不断增强等多重关键因素在全球范围内形成合 力，为过滤材料行业注入强劲发展动能，推动行业正式步入新一轮增长周期。GEP Research《2025年中 国过滤材料产业发展研究报告》指出，当前全球过滤材料市场增长动能强劲 ...

Core Viewpoint - The announcement highlights the confidence of the controlling shareholder in the company's future development and the recognition of its long-term investment value, which is expected to boost investor confidence and support the company's sustainable growth [1] Company Overview - Yanpai Co., Ltd. specializes in the supply of industrial filtration materials, including filter cloths and bags, widely used in various industries such as thermal power, cement, chemical pharmaceuticals, environmental protection, and new energy [2] - The company has established a significant production capacity of needle-punched non-woven fabrics and woven filter fabrics, enabling efficient production and rapid delivery, positioning it among the industry leaders [2] Financial Performance - In 2024, Yanpai Co., Ltd. achieved a revenue of 785 million yuan, representing a year-on-year growth of 8.75%, with non-woven and woven product series generating revenues of 390 million yuan and 314 million yuan, respectively [3] - The company reported a good start in Q1 2025, with revenues reaching 200 million yuan, a year-on-year increase of 16.49% [3] Capital Raising and Investment - In 2024, the company successfully issued convertible bonds, raising 468 million yuan, with 348 million yuan allocated to a high-performance filtration materials project, which will add an annual production capacity of 9.19 million square meters [4] - The project aims to enhance the company's core competitiveness in the environmental filtration industry and improve service capabilities for large clients [4] Economic Benefits of New Projects - The high-performance filtration materials project is expected to generate an annual revenue of approximately 608 million yuan, with a post-tax internal rate of return of 12.21% and a static payback period of 8.73 years [5] - Innovations in the production process are expected to significantly reduce costs and improve efficiency, particularly for high-performance glass fiber PTFE composite filter materials [5] Strategic Expansion - To diversify its business and enhance resilience, the company is expanding from traditional industrial applications to emerging consumer markets, including a strategic investment in Zhejiang Yongxiang Synthetic Materials Co., Ltd. [6] - The establishment of a subsidiary focused on consumer filtration products and high-permeability materials aims to enhance the company's product ecosystem and market reach [6] Market Strategy - The company is focusing on expanding its market share in domestic sectors such as coal-fired power plants, cement, steel, waste incineration, and wastewater treatment, leveraging precise product promotion strategies [7] - In the international market, the company is strengthening its presence in North America and Europe while actively exploring opportunities in Southeast Asia to build a global marketing network [7]