2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 1.经财务部门初步测算，预计中复神鹰碳纤维股份有限公司（以下简称"公 司"）2025 年年度实现营业收入 210,000.00 万元至 230,000.00 万元，与上年 同期相比，预计增加 54,268.94 万元至 74,268.94 万元，同比增长 34.85%至 47.69%。 2.预计公司2025年年度实现归属于母公司所有者的净利润为8,000.00万元 至 12,000.00 万元，与上年同期相比，预计增加 20,438.39 万元至 24,438.39 万元，将实现扭亏为盈。 证券代码：688295 证券简称：中复神鹰 公告编号：2026-005 中复神鹰碳纤维股份有限公司 2025 年年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 1 三、本期业绩变化的主要原因 报告期内，公司业绩实现扭亏为盈，主要得益于三大驱动力：一是市场端， 通过优化产品结构，拓展航空航天、风电 ...

Group 1 - The chemical fiber sector increased by 0.43% on January 27, with Zhongfu Shenying leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] - Key stocks in the chemical fiber sector showed various performance metrics, with Zhongfu Shenying closing at 35.46, up 4.79% [1] Group 2 - The chemical fiber sector experienced a net outflow of 171 million yuan from main funds, while retail investors saw a net inflow of 188 million yuan [2] - The trading volume and turnover for several stocks in the sector were significant, with Jilin Carbon Valley recording a turnover of 343 million yuan [2] - The stock performance varied, with Youfu Co. experiencing a decline of 4.57% to close at 7.51 [2] Group 3 - Jilin Carbon Valley had a net inflow of 36.93 million yuan from main funds, while New Xiang Chemical Fiber saw a net outflow of 35.22 million yuan from retail investors [3] - The data indicates a mixed sentiment among different investor types, with retail investors showing a preference for certain stocks despite overall sector outflows [3] - The performance of individual stocks varied, with some stocks like Zhongfu Shenying and Nanjing Chemical Fiber showing minor net inflows from retail investors [3]

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating a positive outlook compared to the broader market [2] Core Views - A new round of urban renewal is beginning, which is expected to provide significant opportunities in the consumer building materials sector, effectively countering the decline in new housing market demand [8] - The report highlights that after a prolonged downturn in the real estate sector, profitability in various segments of the construction supply chain is starting to recover, particularly for leading companies that have undergone strategic adjustments [8] - The report emphasizes the potential for price increases in certain segments, such as waterproofing and coatings, as companies respond to improved market conditions [8] Summary by Sections Cement - The cement market is entering a seasonal downturn, with demand expected to decline. The average shipment rate for major regions has dropped to 29%, a decrease of approximately 10 percentage points [27][34] - The national average price for cement remains stable at around 353 RMB per ton, with minor fluctuations observed in specific regions [28][34] - The report suggests that after the Spring Festival, demand may recover as new key projects are expected to commence, potentially stabilizing prices [34] Glass - The glass market is also experiencing a decline in demand, with production capacity decreasing to approximately 14.95 million tons, the lowest in recent years [53] - The average price for float glass has increased slightly to 1,139 RMB per ton, with inventory levels decreasing [38] - The report indicates that the glass industry is facing profitability challenges, leading to accelerated production line cold repairs, which may help stabilize the market [53] Fiberglass - The fiberglass market is seeing stable pricing for both roving and electronic fabrics, with the price of 7628 electronic fabric currently at approximately 4.4-4.85 RMB per meter [55] - The report anticipates continued high demand for electronic fabrics, supported by structural adjustments and a shortage of high-end products [55] - Key recommendations include focusing on leading companies like China Jushi, with additional attention on International Composite Materials and Zhongcai Technology [55] Carbon Fiber - Carbon fiber prices are expected to remain stable in the short term, with the rapid development of commercial aerospace potentially driving new demand [55] - The report notes that the current price stability is a necessary step for increased market penetration, with significant growth expected in the aerospace sector [55] Consumer Building Materials - The report highlights the resilience of consumer building materials, with leading companies like Sanke Tree and Rabbit Baby showing strong growth potential as they emerge from profitability challenges [8] - The urban renewal initiative is expected to create substantial market opportunities, particularly for high-quality consumer building materials [8]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [1]. Core Insights - Carbon fiber, referred to as "black gold," is categorized into T series (focused on tensile strength) and M series (focused on tensile modulus), with M series being more suitable for space environments due to its high carbon content and modulus [5][19]. - Carbon fiber is utilized in rockets for critical components such as fairings and landing legs, achieving weight reductions of 20%-50%. The Falcon 9 rocket by SpaceX employs carbon fiber in its structures, while the domestic "Weiguang-1" rocket is expected to achieve over 30% weight reduction with full carbon fiber construction by 2028 [5][34][37]. - In satellites, carbon fiber accounts for approximately 15.1% of materials used, primarily in heat sinks and precision structures. Although aluminum alloys dominate at 36.7%, the penetration of carbon fiber is expected to increase due to its low thermal expansion and weight reduction benefits [5][46]. - The M series carbon fiber has high technical barriers, with key bottlenecks in carbonization and graphitization equipment. Companies like Guangwei Composites have a competitive edge in technology and capacity, while others like Zhongfu Shenying and Heshun Technology are also making strides in the M series carbon fiber sector [5][61]. Summary by Sections 1. Carbon Fiber: "Black Gold" Performance - Carbon fiber can be classified based on precursor type, fiber morphology, bundle specifications, production processes, and mechanical properties. The main categories include PAN-based, pitch-based, and viscose-based fibers [13][15]. - Military applications primarily use small bundles of high-modulus carbon fiber, which are essential in aerospace [15][24]. 2. Rocket Applications of Carbon Fiber - Future applications of carbon fiber in rockets are expected to expand to fairings, interstage sections, and landing legs [7][28]. - The D4 rocket uses carbon fiber composites in various critical components, showcasing the material's advantages over traditional metals [33]. 3. Satellite Applications of Carbon Fiber - The increase in satellite weight is expected to drive higher penetration rates of carbon fiber in satellite structures [41][56]. - Carbon fiber is used in satellite components such as heat sinks, precision structures, solar panel supports, and antenna reflectors, benefiting from its excellent thermal and mechanical properties [45][46]. 4. Related Companies - Guangwei Composites leads in M series carbon fiber production with significant capacity and technological advantages, while Zhongfu Shenying and Heshun Technology are also advancing in this field [61][63].

Group 1 - The core viewpoint of the news highlights the financial performance and trading activity of Zhongfu Shenying, indicating a significant increase in revenue and net profit for the company [2][3] - As of January 22, Zhongfu Shenying's stock price increased by 1.94%, with a trading volume of 341 million yuan, and a net financing purchase of 7.72 million yuan [1] - The company has a total financing and securities balance of 252 million yuan, with the financing balance accounting for 0.80% of the circulating market value, indicating a high level of financing activity [1] Group 2 - For the period from January to September 2025, Zhongfu Shenying achieved an operating income of 1.537 billion yuan, representing a year-on-year growth of 37.39% [2] - The net profit attributable to the parent company for the same period was 62.93 million yuan, showing a substantial increase of 854.72% compared to the previous year [2] - The company has distributed a total of 185 million yuan in dividends since its A-share listing [3]

Core Viewpoint - The company, Zhongfu Shenying, primarily adopts a direct sales model for its EU customers, with specific operational details to be confirmed in its periodic reports [1] Group 1 - The company engages directly with EU clients through a direct sales approach [1] - Operational performance details will be disclosed in the company's regular financial reports [1]

Market Performance - The chemical fiber sector increased by 1.13% on January 22, with Hengshen New Materials leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Stock Highlights - Hengshen New Materials (000782) closed at 5.86, up 5.21% with a trading volume of 321,200 shares and a turnover of 187 million yuan [1] - Youcai Resources (002998) closed at 8.98, up 3.94% with a trading volume of 294,200 shares and a turnover of 263 million yuan [1] - Jilin Qigu (920077) closed at 18.60, up 3.05% with a trading volume of 144,100 shares and a turnover of 267 million yuan [1] Fund Flow Analysis - The chemical fiber sector experienced a net outflow of 2.64 million yuan from institutional investors, while retail investors saw a net inflow of 7.79 million yuan [2] - The main stocks with significant fund flows included Huafeng Chemical (002064) with a net inflow of 43.74 million yuan from institutional investors [3] - Jilin Chemical Fiber (000420) had a net inflow of 37.21 million yuan from institutional investors, indicating strong interest [3]

Group 1 - Major project construction is seen as a "ballast" and "strong engine" for accelerating high-quality development, with various provinces releasing key project lists for 2026, particularly in the oil and chemical sectors [1] - Sichuan Province has announced a total of 830 key projects for 2026, with an expected investment of 762.48 billion yuan, including several significant oil and chemical projects [1] - Jiangsu Province's key project list includes 670 projects, with a focus on strategic emerging industries, advanced manufacturing, and several petrochemical projects [2] Group 2 - Hebei Province plans to arrange 747 key construction projects for 2026, with a total investment of 1.56 trillion yuan, focusing on strategic emerging industries and traditional industry upgrades [2] - Shanxi Province has included 629 projects in its 2026 key project list, with 63.4% focused on energy transition and industrial upgrades, highlighting the importance of these sectors [3] - The energy transition projects in Shanxi involve hydrogen energy, new materials, and green electricity, along with various petrochemical projects aimed at enhancing sustainability [3]

Group 1: Organizational Restructuring - The company has approved an organizational restructuring to enhance management efficiency and effectiveness [1] - New departments established include the Quality Management Department and the Legal Compliance Department, while the Audit Compliance Department has been renamed to the Audit Department [1] - The Composite Materials Division has been dissolved, with its functions transferred to the newly formed Dapu Business Unit Composite Materials Workshop [2] Group 2: Shareholder Reduction Plan - Prior to the reduction plan, Eagle Group held 39,990,306 shares, representing 4.45% of the company's total equity [6] - The reduction plan allowed Eagle Group to sell up to 9,000,000 shares, not exceeding 1% of the total equity, within a specified trading period [7] - The reduction was completed with Eagle Group selling a total of 9,000,000 shares, bringing their ownership down to 34,000,000 shares, or 3.78% of the total equity [8]

Core Viewpoint - The announcement from Zhongfu Shenying indicates that Yingyou Group has completed a share reduction plan, selling a total of 9 million shares, which represents 1% of the company's total equity [1]. Group 1 - Yingyou Group held 39,990,306 shares before the reduction, accounting for 4.45% of the total equity [1]. - The share reduction occurred between January 5, 2026, and January 19, 2026, through centralized bidding transactions [1]. - The completion of the share reduction plan signifies a strategic move by Yingyou Group to adjust its stake in Zhongfu Shenying [1].