二、本次股票解除限售的明细情况及原因 证券代码：920015 证券简称：锦华新材 公告编号：2026-011 单位：股 | | | 是否为 控股股 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 东、实 | | 本次 | 本次解除限 | 本次解除限 | 尚未解 | | 序 | 股东姓名或名称 | 际控制 | 任职 | 解限 | 售登记股票 | 售股数占公 | 除限售 | | 号 | | | 情况 | 售原 | | 司总股本比 | 的股票 | | | | 人或其 | | | 数量 | | | | | | 一致行 | | 因 | | 例 | 数量 | | | | 动人 | | | | | | | 1 | 西北有色金属研 | 否 | 无 | F | 275,565 | 0.2033% | 0 | | | 究院 | | | | | | | | | 西安蓝晓科技新 | | | | | | | | 2 | 材料股份有限公 | 否 | 无 | F | 192,893 | 0.1423% | 0 | | | 司 | | | | | | | ...

Group 1 - The report highlights that the North Exchange has entered a relatively low valuation phase, presenting a window for investment in hard technology and newly listed stocks [2][12][18] - The North Exchange's valuation has become more attractive, with the North 50 and North Specialized New indices showing a decline in performance, indicating a potential recovery opportunity [3][14][39] - The report suggests focusing on companies with low valuations in high-tech sectors, particularly those benefiting from the ongoing geopolitical tensions, such as the US-Iran conflict [3][40] Group 2 - The North Exchange's market performance shows that the North 50 index has decreased, with a current P/E ratio of 41.98X, indicating a significant valuation gap compared to other indices [3][11][18] - The report identifies specific sectors such as high-end equipment, information technology, and chemical new materials as having favorable P/E ratios, with the highest being 85.53X in information technology [3][18][41] - The report recommends a stock pool that includes companies like Wanyuantong and Beitery, which are positioned well within their respective industries and have shown strong growth potential [3][41][44] Group 3 - The North Exchange has seen a significant drop in daily trading volume, with an average of 135.53 billion yuan, down 14.80% from the previous week, indicating a decline in liquidity [27][30][32] - The report notes that the average daily turnover rate for the North 50 and North Specialized New indices has also decreased, reflecting a broader trend of reduced trading activity [30][32] - The report emphasizes the importance of monitoring liquidity trends as they can impact investment strategies and market sentiment [27][30][32] Group 4 - The report outlines the current IPO status, with three companies having passed the review and three awaiting approval, indicating ongoing activity in the North Exchange's listing process [4][8] - The report provides insights into the performance of newly listed companies, highlighting significant first-day gains, such as a 136.56% increase for Puang Medical [4][11][41] - The North Exchange continues to cultivate companies that may transition to larger exchanges, showcasing its role as a breeding ground for future market leaders [4][11][41]

证券代码：920015 证券简称：锦华新材 公告编号：2026-010 浙江锦华新材料股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、 投资者关系活动类别 □特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 √其他 （券商策略会） 二、 投资者关系活动情况 活动时间：2026 年 3 月 20 日 活动地点：武汉万达瑞华酒店 参会单位及人员：华源证券研究所、博时基金、中信建投基金、中邮创业基 金、长盛基金、泰康基金、正圆投资、江海证券、中泰证券、中金公司、开源证 券、财信证券、联储证券、长江证券、中财招商投资集团、巨杉资产、珠海普信 基金、祥东基金、贝寅基金、陕西趋势投资、珺洲基金、洪顺资本、长承基金、 明德投资 上市公司接待人员：董事总经理周强先生、董事会秘书李晓晨先生 三、 投资者关系活动主要内容 问题 1：近期油价上涨给公司带来的影响如何？ 回答：公司主要原料丁酮直接受到国际油价影响，但原料的上涨可以向终 端产品传导；同时，公司会结合市场环境 ...

Core Insights - The chemical new materials industry is at a cyclical turning point, with growth opportunities emerging due to a recovery in PPI and a supportive supply-demand dynamic [4][9] - The report identifies two main investment themes: the cyclical sector focusing on marginal recovery and the growth sector with multiple themes rotating around key nodes [4][33] Group 1: Cyclical Sector - The cyclical sector is transitioning from broad-based gains to differentiation, with a focus on identifying marginal recovery tracks [4] - Key sectors showing strong performance include textiles, agriculture, real estate, transportation, and oil and gas, with specific companies highlighted for investment [4][28] - The report emphasizes the importance of recognizing true recovery trends within these sectors as capital flows become more selective [4][33] Group 2: Growth Sector - The growth sector has seen significant interest in commercial aerospace, energy storage, and electronic materials, with expectations for continued performance throughout the year [4][33] - Specific companies to watch include Minshida in commercial aerospace, Kunlun Technology and Deer Chemical in energy storage, and Jinhua New Materials in electronic materials [4][30] - The report suggests that investors should focus on companies with substantial progress and align investments with key timing nodes [4][33] Group 3: Capital Expenditure and Cash Flow - The capital expenditure growth rate in the chemical industry has significantly slowed, with a notable decline in construction projects [12][27] - The net cash flow situation remains under pressure, although there are signs of recovery in operational cash flow [12][27] - The report indicates that the industry is experiencing a tightening of capital expenditures, which may impact future growth prospects [12][27] Group 4: Policy and Market Dynamics - The "anti-involution" policies are being reinforced, leading to an orderly exit of outdated production capacity and promoting high-quality, low-carbon transformation in the chemical sector [16][17] - The cancellation of export tax rebates for certain chemical products is expected to drive the industry towards higher quality and lower carbon emissions [16][17] - The report highlights that European chemical production capacity is declining due to high energy costs, creating opportunities for Chinese chemical products in the global market [18][17]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1][3] Core Views - The company reported a revenue of 1.032 billion yuan for 2025, a year-on-year decrease of 16.72%, and a net profit attributable to the parent company of 195 million yuan, down 7.68% year-on-year. The earnings forecast for 2025 has been revised down, while the forecasts for 2026 and 2027 remain unchanged, with expected net profits of 269 million yuan and 350 million yuan respectively. The current stock price corresponds to P/E ratios of 31.2, 22.6, and 17.3 for 2025, 2026, and 2027 respectively. The company is optimistic about the recovery in the downstream organic silicon and pesticide industries, as well as the delivery of electronic-grade hydroxylamine salt water solution products, hence maintaining the "Outperform" rating [3][4]. Company Overview - The company is a leading enterprise in the domestic silane crosslinking agent and hydroxylamine salt segment, focusing on the research, production, and sales of ketoxime series fine chemicals. Its main products include silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime, which are widely used in construction materials, energy, electronics, new energy vehicles, and metal beneficiation [4][5]. Product Development - By the end of 2025, the company successfully delivered electronic-grade hydroxylamine water solution orders to end-chip customers. This high-end product is used as a cleaning agent in aluminum processing for chip manufacturing. The company has developed a safe and green preparation process for hydroxylamine, breaking the technical monopoly in the industry. The quality of its electronic-grade hydroxylamine water solution is comparable to that of BASF's products and has been validated by several chip manufacturing and cleaning agent compounding companies [5]. Financial Summary and Valuation Indicators - The financial summary indicates that the company's revenue is projected to recover to 1.339 billion yuan in 2026, with a year-on-year growth of 29.7%. The net profit is expected to increase to 269 million yuan in 2026, reflecting a growth rate of 37.9%. The gross margin is anticipated to improve from 29.6% in 2025 to 30.8% in 2026, while the net margin is expected to rise from 18.9% to 20.1% in the same period. The EPS is projected to be 1.98 yuan in 2026, with a P/E ratio of 22.6 [7][10].

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1][3] Core Insights - The company reported a revenue of 1.032 billion yuan for 2025, a year-on-year decrease of 16.72%, and a net profit attributable to shareholders of 195 million yuan, down 7.68% year-on-year [3] - The company has adjusted its 2025 profit forecast but maintains its profit projections for 2026 and 2027, expecting net profits of 195 million (originally 201 million), 269 million, and 350 million yuan respectively, with corresponding EPS of 1.44, 1.98, and 2.58 yuan [3] - The company is optimistic about the recovery in the downstream organic silicon and pesticide industries, as well as the delivery of electronic-grade hydroxylamine salt water solution products [3] Financial Summary - The company achieved a revenue of 1.115 billion yuan in 2023, with a projected increase to 1.339 billion yuan in 2026 and 1.616 billion yuan in 2027, reflecting a year-on-year growth of 29.7% and 20.7% respectively [7] - The gross profit margin is expected to improve from 29.6% in 2025 to 30.8% in 2026 and 32.5% in 2027 [10] - The net profit margin is projected to increase from 18.9% in 2025 to 20.1% in 2026 and 21.7% in 2027 [10] Industry Position - The company is a leader in the niche market of silane crosslinking agents and hydroxylamine salts, focusing on the research, production, and sales of ketoxime series fine chemicals [4] - It has established a green circular industrial chain with a strong competitive advantage, supported by a robust intellectual property system with multiple authorized patents [4] - The successful delivery of electronic-grade hydroxylamine water solution to chip manufacturers marks a significant milestone, as this product has high purity requirements and is critical for chip manufacturing processes [5]

Core Viewpoint - JinHua New Materials announced a projected decline in revenue and net profit for 2025, indicating potential challenges ahead for the company [2] Financial Projections - The company expects to achieve an operating revenue of approximately 1,032,297,576.85 yuan in 2025, representing a year-on-year decrease of 16.72% [2] - The net profit attributable to shareholders is projected to be around 194,740,102.58 yuan, reflecting a year-on-year decline of 7.68% [2]

Financial Performance - The company's operating revenue for the reporting period is expected to be ¥1,032,297,576.85, a decrease of 16.72% compared to the same period last year [3]. - The net profit attributable to shareholders is expected to be ¥194,740,102.58, down 7.68% year-on-year [5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be ¥190,751,493.10, a decrease of 7.33% compared to the previous year [5]. - The expected earnings per share is ¥1.82, a decrease of 15.43% compared to ¥2.15 in the previous year [3]. - The decline in operating revenue is primarily due to a decrease in product prices influenced by market conditions [6]. Assets and Equity - Total assets at the end of the reporting period are expected to be ¥2,118,929,538.76, an increase of 60.27% from the beginning of the year [6]. - Shareholders' equity attributable to the company is expected to be ¥1,676,766,378.57, up 98.98% year-on-year [6]. - The company's share capital has increased by 38.33% to ¥135,566,667.00 [6]. - The expected net asset per share attributable to shareholders is ¥12.37, reflecting a growth of 43.84% [6]. Cautionary Notes - The financial data presented is preliminary and has not been audited, cautioning investors about potential risks [7].

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [32]. Core Insights - The North Exchange A-share trading volume reached 16.95 billion yuan on February 11, a decrease of 2.38 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1525.49, down 0.44% [8][16]. - Among the 293 companies listed on the North Exchange, 73 saw an increase in stock prices, 9 remained flat, and 211 experienced declines [18]. - The top five gainers included Minshida (8.4%), Gebijia (8.0%), Lingge Technology (7.6%), Kebaier (6.9%), and Jinhua New Materials (6.5%) [18]. - The top five decliners were Kaide Quartz (-7.4%), Optoelectronics (-6.1%), Liujin Technology (-5.7%), Hengtong Light (-5.2%), and Kangle Guardian (-4.8%) [18]. Summary by Sections Market Review - On February 11, the North Exchange A-share trading volume was 16.95 billion yuan, a decrease of 2.38 billion yuan from the previous day, with the North Exchange 50 Index closing at 1525.49, down 0.44% [8][16]. - The North Exchange Specialized and New Index closed at 2552.04, up 0.08% [8]. Important News - The State Council aims to establish a unified national electricity market system by 2035, with market-based electricity transactions accounting for about 70% of total electricity consumption by 2030 [21]. - The national standard for vehicle solid-state batteries is expected to be released in July 2026 [22]. Key Company Announcements - Ximic Technology reported a revenue of 96,079,621.14 yuan for 2025, a decrease of 23.05% year-on-year, with a net profit of 4,670,419.54 yuan, down 76.74% [23]. - Lintai New Materials plans to raise up to 380 million yuan through a private placement, with funds allocated for projects related to automotive components and high-end equipment manufacturing [24].

Core Viewpoint - JinHua New Materials has completed the business change registration and the filing of its Articles of Association, and has obtained a business license issued by the Zhejiang Provincial Market Supervision Administration [2] Group 1 - The company has successfully completed the necessary administrative procedures for its business operations [2] - The business license is a crucial step for the company to commence its operations officially [2]