2025年8月25日上午9点至10点，深圳市沃特新材料股份有限公司通过线上电话会议的形式，开展了一场 路演活动，吸引了长江证券、财通证券等50余家证券、基金、投资机构及相关企业参与。董事会秘书兼 副总经理张亮、证券事务代表李燕开接待并就投资者关心的问题进行了回复。 投资者关系活动关键信息投资者活动关系类别：路演活动时间：2025年8月25日（星期一）9:00 - 10:00 地点：线上电话会议参与单位名称：长江证券、财通证券等众多证券、基金、投资机构及相关企业上市 公司接待人员姓名：董事会秘书兼副总经理张亮、证券事务代表李燕开 公司2025年上半年经营情况亮眼 2025年上半年，沃特股份坚持特种高分子材料平台化战略，产品种类逐步丰富。公司加大客户开发力 度，LCP、PPA等特种高分子材料出货量均实现增长。上半年实现营业收入9.06亿元，同比增长 12.29%，其中特种高分子材料营业收入占比48.93%。归母净利润和扣非归母净利润分别同比增长 23.94%和39.54%；实现经营性现金净额6399.23万元，同比增长87.41%。同时，公司持续增加研发投 入，2025年上半年研发费用5598.04万元，同比增长 ...

证券代码：002886 证券简称：沃特股份 深圳市沃特新材料股份有限公司投资者关系活动记录表 编号：2025-05 | 特定对象调研 | 分析师会议 | □ | □ | 投资者关系活动 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 媒体采访 | 业绩说明会 | □ | □ | 类别 | | | | | 新闻发布会 | 路演活动 | □ | ☑ | | | | | | 现场参观 | □ | | | | | | | | 其他 | □ | | | | | | | | 长江证券、财通证券、长城证券、德邦证券、东北证券、东方财富 | 参与单位名称 | | | | | | | | 证券、方正证券、光大证券、广发证券、国海证券、国金证券、国 | | | | | | | | | 信证券、国泰海通证券、国联民生证券、国都证券、国投证券、华 | | | | | | | | | 泰证券、华创证券、华安证券、华福证券、华西证券、华金证券、 | | | | | | | | | 华鑫证券、江海证券、开源证券、民生证券、平安证券、上海证券、 | | | | | | ...

Group 1 - The company reported a revenue of 906 million yuan for the first half of 2025, representing a year-on-year growth of 12.29% [1] - Net profit attributable to shareholders increased by 23.94%, while the net profit excluding non-recurring items grew by 39.54% [1] - The net cash flow from operating activities surged by 87.41%, indicating strong operational performance [1] Group 2 - The company has established a full industrial chain capability in the field of specialty high-performance polymer materials, including key materials such as LCP, PPA, PEEK, PPS, PTFE, and polyarylether sulfone [1] - Revenue from specialty high-performance materials reached 443 million yuan, accounting for nearly 50% of total revenue, with significant growth in the shipment volume of core products [1] - The company has invested in capacity expansion, with the Chongqing base's 20,000-ton LCP resin project and 1,000-ton PAEK resin project commencing production in May [2] Group 3 - The company’s R&D expenditure for the first half of the year was 55.98 million yuan, a year-on-year increase of 17.29%, representing 6.18% of total revenue [2] - The company has five national-level high-tech enterprises and three national-level specialized and innovative "little giant" companies, reinforcing its leading position in the industry [2]

证券代码：002886 证券简称：沃特股份 公告编号：2025-042 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 1、公司简介 ■ 2、主要会计数据和财务指标 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 4、控股股东或实际控制人变更情况 控股股东报告期内变更 □适用 √不适用 公司报告期控股股东未发生变更。 实际控制人报告期内变更 □适用 √不适用 公司报告期实际 ...

Core Viewpoint - The trend of lightweight humanoid robots is becoming increasingly prominent, with a focus on raw materials and process design to address issues such as insufficient endurance, low flexibility, and poor heat dissipation [2][7]. Group 1: Lightweight Trend in Humanoid Robots - The lightweight trend is evident from the perspective of downstream manufacturers, with notable reductions in weight across various models, such as the 20 kg reduction in the UBTECH Walker C and the 10 kg reduction in Tesla's Optimus from Gen 1 to Gen 2 [13][21]. - Lightweight solutions can resolve critical issues for humanoid robots, including enhancing flexibility and extending battery life, as demonstrated by a 40% weight reduction leading to a 6-hour operational time for certain models [21][17]. Group 2: Material Replacement and Cost Efficiency - Magnesium alloy is highlighted for its superior weight reduction capabilities compared to aluminum, with current prices favoring magnesium, making it a cost-effective choice [3][35]. - The semi-solid process addresses the corrosion resistance of magnesium alloys, which is crucial for humanoid robot components that are lighter than automotive parts, thus lowering barriers to entry [3][35]. Group 3: High-Performance Engineering Plastics - The shift towards high-performance engineering plastics like PEEK, PPS, and PPA is opening new market opportunities, with PEEK being particularly suitable for high-value applications in humanoid robots [4][75]. - The market value ranking for these materials indicates that PEEK has the highest potential, followed by PPA and PPS, with the humanoid robot sector expected to generate a market space in the billions [4][75]. Group 4: Investment Recommendations - Key companies to watch include leading magnesium alloy die-casting firms such as Baowu Magnesium and Xingyuan Zhuomai, as well as humanoid robot lightweight joint component manufacturers like Xusheng Group [5][62]. - Attention should also be given to leading engineering plastic companies such as Zhaomin Technology, Water Co., and Zhongyan Co. [5][62].

Investment Rating - The report suggests a focus on magnesium alloy die-casting leading companies such as Baowu Magnesium and Xingyuan Zhuomai, and recommends lightweight joint component companies in humanoid robots like Xusheng Group, as well as leading engineering plastic companies such as Zhaomin Technology, Water Co., and Zhongyan Co. [2] Core Viewpoints - The trend towards lightweight humanoid robots is driven by material and process design, addressing issues like insufficient endurance, low flexibility, and poor heat dissipation. The main paths for achieving this include structural optimization, component performance enhancement, and material replacement, with magnesium alloys and high-performance engineering plastics being key materials [2][4] - Magnesium alloys offer significant advantages, including better weight reduction compared to aluminum alloys, lower costs due to sustained low raw material prices, and improved electromagnetic shielding and heat dissipation efficiency. The semi-solid process addresses corrosion resistance issues, making magnesium alloys suitable for humanoid robot components [2][21] - High-performance engineering plastics like PEEK, PPS, and PPA are gaining traction in the lightweight revolution, with PEEK being particularly notable for its applications in high-value areas such as joint bearings and gear components, indicating a potential market space in the billions [2][67] Summary by Sections 1. Lightweight Trend in Humanoid Robots - The lightweight trend is evident in various humanoid robot models, with significant weight reductions achieved while increasing height [6][8] - Lightweight solutions address critical issues such as limited endurance and flexibility, with a notable example being a 40% weight reduction leading to a 6-hour operational time [13][14] - The main paths to achieve lightweight humanoid robots include structural optimization, component replacement, and material substitution, with a focus on magnesium alloys and high-performance engineering plastics [18][19] 2. Cost Down & Technological Breakthroughs for Magnesium Alloys - The report highlights that the cost of magnesium ingots has been decreasing since 2022, making magnesium alloys more economically viable compared to aluminum [27][28] - China is a major supplier of magnesium, with a significant increase in production capacity, ensuring stable pricing and supply [27][28] - The semi-solid forming technology is identified as a future trend for magnesium alloys, improving product quality and performance [36][40] 3. High-Performance Engineering Plastics Revolution - Engineering plastics like PEEK and PPS are positioned as superior alternatives to traditional materials, with a high concentration of production among a few key players [73][89] - PEEK is noted for its exceptional mechanical properties, making it comparable to metals, and is increasingly used in various high-value applications [78][84] - PPS is recognized for its excellent chemical resistance and cost-effectiveness, further solidifying its position in the market [90]

Investment Rating - The report maintains an "Outperform" rating for the company [3][5]. Core Viewpoints - The company has developed into a global leader in fine chemicals, with significant synergy between its vitamin and flavoring industries, leveraging shared intermediates and technical collaboration [1][15]. - Methionine is identified as a key product with strong market potential, and the company is expected to become the third-largest methionine producer globally by 2025, with a production capacity of 550,000 tons per year [2][15]. - The new materials segment focuses on the production of adiponitrile, which is crucial for nylon 66, aiming to address domestic supply issues and reduce costs for downstream applications [2][15]. Summary by Sections Company Overview - The company originated from a school-run factory and has evolved into a comprehensive global fine chemical leader, with five major industries: vitamins, flavoring agents, methionine, polymer materials, and active pharmaceutical ingredients [1][14]. Vitamins and Flavoring Agents - The company is a leading global producer of vitamins, capable of producing eight out of thirteen recognized vitamins, with a strong emphasis on the synergy between its vitamin and flavoring agent businesses [33][34]. Methionine - Methionine is highlighted as a significant product with overlapping customer bases with vitamins, and the company is positioned as a leader in the global methionine market [2][15]. New Materials - The company is strategically focusing on adiponitrile to open long-term growth opportunities, addressing high import dependency and aiming for cost-effective production solutions [2][15]. Financial Forecasts - The projected net profit for the company from 2025 to 2027 is estimated at 6.296 billion, 6.612 billion, and 7.135 billion yuan respectively, with diluted EPS expected to be 2.05, 2.15, and 2.32 yuan [3][4].

Core Viewpoint - The company, Nanjing Julong, is investing 130 million yuan to establish a production project for 40,000 tons of special materials annually, focusing on flame-retardant products to enhance its product structure and market competitiveness [1][2]. Investment and Project Development - The project will utilize approximately 5,800 square meters of space, including 15 production lines and a 2,500-slot storage facility [1]. - The specific materials to be produced have not been disclosed, but they are likely to include modified products of special engineering plastics such as PPA, PEEK, and PPS, expanding the company's offerings beyond modified nylon and polypropylene [2]. Product Focus and Market Demand - The company is concentrating on automotive applications, particularly in battery packs and other critical components, having developed various flame-retardant and high-temperature materials for these uses [3]. - Ongoing projects include a production line for 50,000 tons of special engineering plastics and modified materials, expected to be operational by December 31, 2025 [4]. Emerging Fields and Strategic Direction - The company is also developing materials for emerging fields such as hydrogen storage, robotics, medical health, and communication radar, aligning with its "4 + 2" development strategy focused on high-end equipment, new materials, and aerospace applications [5]. Financial Performance - In 2024, the company achieved a revenue of 2.387 billion yuan, a 30.53% increase year-on-year, marking its first time exceeding 2 billion yuan [6]. - The net profit attributable to shareholders was approximately 84.34 million yuan, reflecting a 16.25% growth compared to the previous year [6]. Sales Breakdown - Sales of modified plastic products for automotive and new energy vehicles reached 1.782 billion yuan, up 31.24% year-on-year [7]. - The aerospace and low-altitude economy sector saw a remarkable revenue increase of 263.80%, generating 30 million yuan [7].