Shangfeng Materials released its semi-annual report on the evening of August 23, showing that the company's "troika" strategy of building materials cornerstone, equity investment and new quality business has achieved results. Under the downward pressure of the cement building materials industry market, the company's equity investment performance is outstanding, thanks to the growth of fair value change income of investment targets such as Shenghe Jingwei, the net profit attributable to shareholders of listed companies increased by 452.5% to 1.364 billion yuan in the first half of the year, while the company announced a cash dividend announcement of nearly 150 million yuan in the first half of the year. The total amount of cash dividends implemented in 2025 has exceeded 600 million yuan.
In the first half of the year, the national cement output hit a new low in nearly 17 years, and the loss of the industry was about 60%. However, the Company continued to carry out cost reduction and cost control and process optimization. At the same time, the aggregate business and new energy and other extended businesses achieved stable profits, and the comprehensive operating efficiency continued to lead the industry. During the reporting period, the Company's comprehensive gross profit margin was 25.84%, and the net sales margin and return on equity continued to maintain a better level in the industry. Over the past six years, the
company's equity investment in the semiconductor field has formed a whole industry chain layout, covering electronic grade polysilicon, silicon wafers, design, EDA and IP, wafer manufacturing, advanced packaging, materials and equipment. In the first half of the year, the company recognized 1.213 billion yuan of fair value change income through the underlying equity held by the fund, accounting for about 88.93% of the company's net profit attributable to shareholders of listed companies in the current period; Changxin Technology successfully went public in July, with a market value of more than 3 trillion yuan. The fair value change income of 91.1531 million shares held by the company through the fund has not been included in the semi-annual report. The IPO audit of Guangzhou Yuexin invested by the company has passed the meeting. Shanghai Super Silicon and Xinhua Semiconductor have been accepted in the IPO of Science and Technology Innovation Board; The company's new economic equity investment is expected to bring sustained financial returns to the company when it enters the capital market one after another.
The Company has always paid attention to the return to shareholders. In 2024, the Company's cash dividend is about 600 million yuan, accounting for 95.73% of the net profit attributable to the parent company in that year; in 2025, the Company's cash dividend is about 458 million yuan, accounting for 71.77% of the net profit attributable to the parent company in that year. In addition to the annual dividend, the interim dividend was increased by 150 million yuan, which further extended the company's cash dividend to a higher frequency. Since the reorganization and listing, the company's cumulative cash dividend (including repurchase) has been about 5.027 billion yuan.
As the second growth curve, the IC carrier board business company is focusing on investment and promotion. In April this year, after Shangfeng Core Material merged and controlled Meiqi Circuit, an additional investment of 600 million yuan was added to its Jiangmen base for technological transformation and production expansion. Shangfeng Core Material and Meiqi Circuit are integrating their technological accumulation and industrial chain resource advantages to steadily enhance their comprehensive scale competitiveness.
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