华阳新材（600281）2025年度业绩快报深度解读

一、业绩快报要点及核心亮点

• 营业收入实现稳步增长：2025年度公司实现营业总收入45,135.91万元，同比增长16.67%。
• 亏损大幅收窄：归属于母公司所有者的净利润为-570.34万元，较上年同期的-18,616.80万元大幅减亏。
• 扣非后净利润仍为亏损：归属于母公司所有者的扣除非经常性损益后的净利润为-10,146.42万元，较去年同期的-18,649.60万元明显收窄。
• 基本每股收益和净资产收益率改善：每股收益-0.0111元，较上年同期大幅提升；加权平均净资产收益率为-9.70%，同比提升111.67个百分点。
• 资产总额和净资产小幅下降：报告期末总资产82,392.32万元，较期初下降4.37%；归属于母公司所有者权益5,657.69万元，下降7.37%；每股净资产0.11元。

二、分子公司经营表现

• 华盛丰公司：
  • 营业收入42,359.17万元，同比增长29.55%。
  • 营业利润26.55万元，利润总额29.55万元，净利润-377.17万元。
  • 期末总资产34,185.32万元，总负债26,536.63万元，净资产7,648.69万元。
• 生物新材公司：
  • 营业收入1,019.76万元，同比下降74.15%。
  • 营业利润-9,288.36万元，净利润-9,623.21万元，显示生物新材料业务仍处于较大亏损状态。
  • 期末净资产为-10,379.48万元，已为负数，显示其财务状况较为紧张。

三、影响业绩的主要因素

• 贵金属业务回暖：受贵金属市场行情回升影响，公司转销及转回存货跌价准备约1,567万元，有利于利润改善。
• 生物新材料业务亏损扩大：生物降解新材料及制品业务亏损约11,872万元，主要原因系产能利用率不足、固定费用高及计提存货和固定资产减值损失约4,141万元。
• 资产处置收益显著：公司转让部分土地使用权至太原化学工业集团有限公司，确认资产处置净收益11,932.02万元；同时收到太原市财政局拨付的两笔土地补助资金，共计700万元，均计入资产处置收益，对业绩形成明显正面影响。

四、投资者需关注的敏感及价格影响要素

• 亏损大幅收窄或带来市场积极预期：虽然净利润仍为负，但相比去年同期大幅减亏，且扣非后亏损也明显收窄，显示公司经营状况正在改善。
• 资产处置收益对利润支撑作用明显：如果剔除资产处置与补助等非经常性损益，主营业务仍处于较大亏损，尤其是生物新材业务板块风险较高。这一结构性问题需投资者高度关注。
• 生物新材公司净资产为负且亏损严重：若持续亏损，公司整体经营将承压，需警惕后续可能带来的资产减值、债务风险及业务调整等事项。
• 公司资产负债结构变化带来的潜在影响：总资产小幅下降、股本持平，而净资产下降，显示部分资产变现补充了公司现金流，但主营业务盈利能力亟待提升。
• 业绩数据未经审计，最终以年报为准：当前数据为初步数据，后续如有大幅调整，可能带来股价波动。

五、风险提示

公司公告强调，截至快报披露日，不存在影响本次业绩快报内容准确性的重大不确定因素。但所有数据未经审计，最终请以公司2025年年度报告为准，投资者应注意投资风险。

六、结论

华阳新材2025年度的业绩快报显示，公司正在逐步走出大额亏损的阴影，营业收入恢复增长，净利润亏损显著收窄，资产处置收益为业绩改善提供了重要支撑。然而，主营业务（特别是生物新材料业务）仍面临较大压力，板块结构性风险不容忽视，投资者需持续关注公司下一步业务调整和资产减值风险等重要事项。整体来看，业绩改善的积极信号或将对股价形成阶段性利好，但相关风险同样值得警惕。

免责声明： 本文基于山西华阳新材料股份有限公司2025年业绩快报编写，仅供投资者参考，不构成任何投资建议。所有数据未经审计，最终结果以公司年度报告为准，投资者据此操作风险自担。

English Version

Huayang New Materials (600281) 2025 Performance Express In-depth Analysis

1. Key Highlights of the Performance Express

• Steady revenue growth: 2025 revenue reached 451.36 million RMB, up 16.67% year-on-year.
• Losses significantly narrowed: Net loss attributable to shareholders was -5.70 million RMB, a sharp reduction compared to -186.17 million RMB in the previous year.
• Net loss after deducting non-recurring gains still significant: -101.46 million RMB, but much lower than last year’s -186.50 million RMB.
• Basic EPS and ROE improved markedly: EPS at -0.0111 RMB, with weighted average ROE at -9.70%, up 111.67 percentage points year-on-year.
• Minor drop in total assets and net assets: Total assets at 823.92 million RMB, down 4.37%; net assets attributable to shareholders at 56.58 million RMB, down 7.37%; net assets per share at 0.11 RMB.

2. Segment Performance

• Huashengfeng Company:
  • Revenue: 423.59 million RMB, up 29.55% year-on-year.
  • Operating profit: 0.27 million RMB; net profit: -3.77 million RMB.
  • Net assets at year-end: 76.49 million RMB.
• Biomaterials Subsidiary:
  • Revenue: 10.20 million RMB, down 74.15% year-on-year.
  • Operating loss: -92.88 million RMB; net loss: -96.23 million RMB.
  • Net assets at year-end: -103.79 million RMB, indicating severe financial distress.

3. Main Factors Affecting Performance

• Precious metals business recovery: Market improvement led to reversal of inventory write-downs of about 15.67 million RMB, improving profit.
• Significant loss in biodegradable materials: This business lost about 118.72 million RMB, mainly due to low capacity utilization, high fixed costs, and asset write-downs of about 41.41 million RMB.
• Substantial asset disposal gains: The company transferred land use rights, realizing a net gain of 119.32 million RMB; received government land subsidies totaling 7 million RMB, both offering substantial support to profits.

4. Price-sensitive and Investor-relevant Points

• Significant reduction in losses could drive positive sentiment: Though still in the red, the narrowing losses may boost investor confidence in a turnaround.
• Asset disposal gains are critical to profit: Excluding non-recurring items, core business remains deeply loss-making, especially in biomaterials, which is a concern for structural risk.
• Biomaterials subsidiary in negative equity and deep loss: Ongoing losses could trigger asset impairment, debt risk, or restructuring – key for investors to monitor.
• Changes in asset-liability structure: Slight asset and equity declines suggest some asset realization to boost liquidity, but core profitability needs urgent attention.
• Preliminary, unaudited numbers: Final figures may adjust in the annual report, potentially impacting share price.

5. Risk Warning

The company states no major uncertainties as of the report date. However, all data are unaudited; please refer to the official annual report for final results. Investors should be aware of the risks.

6. Conclusion

Huayang New Materials’ 2025 performance express reveals a company recovering from deep losses, with revenue growth and significantly reduced losses. Asset disposal gains provided vital support. However, core operations, particularly biomaterials, remain under heavy pressure. While the improvement may boost share price in the short term, structural business risks warrant close attention.

Disclaimer: This article is based on the preliminary results announcement of Shanxi Huayang New Materials Co., Ltd. and is for information purposes only. It is not investment advice. All data are unaudited and subject to adjustment in the final annual report. Investors assume all risks when acting on this information.

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