华阳新材2025年度业绩快报：营收增长16.67%，净利润亏损大幅收窄

华阳新材料股份有限公司2025年年度业绩快报：亏损大幅收窄，主营收入显著增长

一、业绩快报主要内容

营业总收入：2025年度实现45,135.91万元，同比增长16.67%。
归属于母公司所有者的净利润：亏损570.34万元，同比大幅收窄（上年同期亏损18,616.80万元）。
扣除非经常性损益后的净利润：亏损10,146.42万元，同比亏损减少。
基本每股收益：-0.0111元，同比显著改善（上年同期为-0.3619元）。
加权平均净资产收益率：-9.70%，同比大幅提升（上年同期为-121.37%）。
总资产：82,392.32万元，较年初下降4.37%。
归属于母公司所有者权益：5,657.69万元，较年初下降7.37%。
每股净资产：0.11元，较年初下降8.33%。

二、子公司及主要业务表现

华盛丰公司：2025年度营业收入42,359.17万元，同比增长29.55%；营业利润26.55万元，净利润-377.17万元。总资产34,185.32万元，净资产7,648.69万元。
生物新材公司：2025年度营业收入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。总资产35,527.09万元，净资产为负（-10,379.48万元）。

三、影响经营业绩的核心因素（对股价具潜在影响）

贵金属业务表现：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，减轻了部分亏损压力。
生物降解新材料业务亏损严重：该板块亏损约11,872万元，主因开工率不足导致固定性费用高企，并计提存货及固定资产减值损失约4,141万元。此业务持续亏损对公司整体盈利能力构成较大压力。
资产处置收益显著：公司将部分土地使用权转让至太原化学工业集团有限公司，实现资产处置净收益11,932.02万元。此外，收到太原市财政局土地补助资金700万元。这些一次性资产处置收益显著推升了公司本期财务表现。

四、风险提示及投资者需关注事项

财务数据为初步核算，未经审计，最终数据以年度报告为准。
生物新材公司净资产为负，若持续亏损，可能影响公司整体资产安全及持续经营能力。
公司业绩改善主要依赖于资产处置和补助，主营业务盈利能力仍需关注。
本次业绩快报不存在重大不确定性因素。

五、总结及对股价影响的解读

华阳新材料2025年度业绩快报显示，公司亏损大幅收窄，营业收入显著增长，资产处置收益成为业绩改善的主要驱动力。虽然主营业务盈利能力仍有待提升，但整体财务状况较去年有明显改善。值得投资者重点关注的是生物新材公司持续亏损及净资产为负的风险，以及公司对资产处置和政府补助依赖度较高的现状。上述变动均可能对公司股价产生较大影响，建议投资者密切关注后续年度报告及主营业务改善情况。

免责声明：本文内容基于公司业绩快报初步数据编写，未经审计，仅供参考。投资有风险，请投资者谨慎决策，具体以公司正式披露的年度报告为准。

Huayang New Materials Co., Ltd. 2025 Annual Results Flash: Loss Significantly Narrows, Core Revenue Grows Strongly

I. Key Highlights

Total Operating Revenue: RMB 451.36 million in 2025, up 16.67% year-on-year.
Net Profit Attributable to Shareholders: Loss of RMB 5.70 million, significantly narrowed from last year’s RMB 186.17 million loss.
Net Profit after Deducting Non-Recurring Gains/Losses: Loss of RMB 101.46 million, also a substantial reduction in loss.
Basic EPS: -RMB 0.0111, a marked improvement (last year: -RMB 0.3619).
Weighted Average ROE: -9.70%, significantly better than last year’s -121.37%.
Total Assets: RMB 823.92 million, down 4.37% from year-start.
Shareholders’ Equity: RMB 56.58 million, down 7.37% from year-start.
Net Asset per Share: RMB 0.11, down 8.33% from year-start.

II. Subsidiary and Segment Performance

Huashengfeng Company: 2025 revenue RMB 423.59 million (+29.55% YoY); operating profit RMB 0.27 million; net loss RMB 3.77 million. Total assets RMB 341.85 million; net assets RMB 76.49 million.
Biomaterials Company: 2025 revenue RMB 10.20 million (-74.15% YoY); operating loss RMB 92.88 million; net loss RMB 96.23 million. Total assets RMB 355.27 million; net assets negative at -RMB 103.79 million.

III. Key Factors Impacting Performance (Potential Share Price Impact)

Precious Metals Business: Market rebound led to reversal of inventory write-downs of about RMB 15.67 million, easing losses.
Biodegradable Materials Segment: This segment lost about RMB 118.72 million due to low capacity utilization and high fixed costs, with additional inventory and asset impairment provisions of RMB 41.41 million. This remains a major drag on overall profitability.
Significant Asset Disposal Gains: The company transferred some land use rights to Taiyuan Chemical Industry Group, realizing a disposal gain of RMB 119.32 million. It also received RMB 7 million in land subsidies from the Taiyuan Finance Bureau. These one-off gains were key to the period’s improved results.

IV. Risks and Key Shareholder Notices

All figures are preliminary and unaudited; final numbers will be released in the audited annual report.
The Biomaterials subsidiary’s negative net assets pose a risk to group financial stability and going concern.
Performance improvement relies mainly on asset disposals and subsidies; core business profitability must be watched closely.
No major uncertainties affecting the accuracy of this report as of this disclosure.

V. Summary and Share Price Implications

Huayang New Materials’ 2025 preliminary results show a sharp narrowing of losses and solid revenue growth, mainly driven by asset disposal gains and government subsidies. While underlying business profitability has yet to recover, the overall financial position shows clear improvement versus last year. Investors should closely monitor the continuing losses and negative net assets of the Biomaterials subsidiary, as well as the company’s reliance on one-off gains. These factors could significantly influence the company’s share price. Further clarity should come with the full audited annual report and any progress in core operating performance.

Disclaimer: This article is based on preliminary, unaudited results and is for informational purposes only. Investment entails risks. Please refer to the official audited annual report for final figures and exercise caution in investment decisions.