Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment [5][8]. Core Insights - The company, Jinhua New Materials, is positioned as a leading player in the fine chemical sector, focusing on oxime series products, with significant growth potential in the semiconductor market through its hydroxylamine solution [5][11]. - The company has established a robust production chain for oxime-based products, including silane crosslinking agents and hydroxylamine salts, which are expected to drive revenue growth [7][11]. - The report highlights the company's strong financial performance, with projected revenues and net profits showing significant growth from 2023 to 2027 [6][8]. Summary by Sections 1. Company Overview - Jinhua New Materials has been dedicated to the research, production, and sales of oxime series fine chemicals since its establishment in 2007, achieving a compound annual growth rate (CAGR) of 28% in revenue from 2018 to 2024 [16][22]. - The company has received multiple accolades, including recognition as a national-level specialized and innovative "little giant" enterprise [16]. 2. Business Operations - The company focuses on silane crosslinking agents and hydroxylamine salts, which are expected to see steady sales growth due to increasing market demand [22][29]. - The production capacity for silane crosslinking agents is projected to reach 58,300 tons per year by 2024, with a market share of 38.16% in China [7][11]. 3. Financial Analysis - The company anticipates revenues of approximately 1.24 billion RMB and a net profit exceeding 210 million RMB in 2024, reflecting a strong financial outlook [6][8]. - The report forecasts a net profit of 357 million RMB by 2027, with a corresponding price-to-earnings (P/E) ratio decreasing from 39 in 2025 to 22 in 2027 [6][8]. 4. Market Potential - The hydroxylamine solution is identified as a key product for entering the semiconductor chemicals market, with a projected global market growth from 206 million USD in 2023 to 378 million USD by 2030 [7][11]. - The company is also expanding its production capabilities for high-end coupling agents, which are expected to enhance its market position in functional silanes [7][11]. 5. Competitive Landscape - The company has established strong partnerships with major clients, including Bayer and Brenntag, which enhances its market competitiveness [46][47]. - The report notes that the company has overcome technical barriers in the hydroxylamine solution production, positioning it well against competitors like BASF [7][11].

Group 1: Macro Trends - The report outlines ten macro trends for 2026, indicating that the economy will continue to experience restorative growth, with real estate being a key variable affecting economic performance [6][7][8] - It predicts a moderate recovery in domestic inflation, leading to an acceleration in nominal GDP growth, expected to rise from 4% in 2025 to 5% in 2026 [6][7] - The report anticipates a more proactive fiscal policy in 2026, maintaining a budget deficit rate of 4% and supporting domestic demand and technological innovation [6][7] Group 2: Eastroc Beverage (605499.SH) - Eastroc Beverage is expected to benefit from a comprehensive national layout and active overseas expansion, with its main product line showing strong growth potential [11][12] - The energy drink market is projected to reach 62.8 billion yuan by 2025, with Eastroc's 500ml bottled energy drink becoming one of the best-selling products in its category [11][12] - The company plans to enhance its distribution network, aiming for nearly 100% coverage of prefecture-level cities and increasing the number of freezers deployed to 600,000 over the next three to five years [12][13] - Revenue forecasts for Eastroc are 21.2 billion yuan in 2025, 26.3 billion yuan in 2026, and 31.6 billion yuan in 2027, with net profits expected to be 4.6 billion yuan, 5.7 billion yuan, and 7.1 billion yuan respectively [11][12] Group 3: Jinhua New Materials (920015.BJ) - Jinhua New Materials is positioned as a "small giant" in the fine chemicals sector, with stable growth expected in its silane crosslinking agent business and strong progress in high-margin hydroxylamine aqueous solution [16][17] - The company has successfully developed electronic-grade hydroxylamine aqueous solution, which has been validated by several chip manufacturers, indicating a strong market demand [16][17] - Revenue projections for Jinhua are 1.04 billion yuan in 2025, 1.40 billion yuan in 2026, and 1.84 billion yuan in 2027, with net profits expected to be 200 million yuan, 280 million yuan, and 390 million yuan respectively [16][17]

| 成交量 | 成交金额 | 成交价格 | 相对当日收 盘价折溢价 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | | | | | | | | （%） | | | | 28.00 | 1545.60 | 55.20 | -4.00 | 广发证券股份有限公司 | 中信证券股份有限公司晋 | | | | | | 石家庄自强路营业部 | 江世纪大道证券营业部 | （文章来源：证券时报网） 证券时报·数据宝统计显示，锦华新材今日收盘价为57.50元，上涨6.76%，日换手率为25.06%，成交额 为5.68亿元，近5日该股累计上涨18.43%。（数据宝） 1月7日锦华新材大宗交易一览 锦华新材（920015）1月7日大宗交易平台出现一笔成交，成交量28.00万股，成交金额1545.60万元，大 宗交易成交价为55.20元，相对今日收盘价折价4.00%。该笔交易的买方营业部为广发证券股份有限公司 石家庄自强路营业部，卖方营业部为中信证券股份有限公司晋江世纪大道证券营业部。 ...

Group 1 - The core event involves a block trade of Jinhua New Materials (stock code: 920015) on January 7, 2026, with a closing price of 57.5 yuan per share [1] - The block trade was executed at a price of 55.2 yuan per share, with a total volume of 280,000 shares, amounting to 15.456 million yuan, representing a discount of 4% [1] - The buying brokerage was GF Securities Co., Ltd., Shijiazhuang Qianglu Road branch, while the selling brokerage was CITIC Securities Co., Ltd., Jinjiang Century Avenue branch [1]

Core Viewpoint - The A-share market saw a significant surge in photolithography machine concept stocks, driven by the record high of ASML, a leading company in the sector in the US stock market [1] Group 1: Stock Performance - Gaomeng New Materials approached a 20% limit up with a rise of 19.79%, reaching a market capitalization of 6.262 billion [2] - Xinyuan Microelectronics increased by nearly 18% with a market cap of 37.8 billion [2] - Jiaxian Co. rose over 15% with a market value of 2.602 billion [2] - Anji Technology saw an increase of over 12% with a market cap of 44.5 billion [2] - Nanda Optoelectronics rose by over 11% with a market capitalization of 35.5 billion [2] - Dinglong Co. increased by over 10% with a market cap of 42.1 billion [2] - Other notable stocks include Pulit, Tongcheng New Materials, Guofeng New Materials, and Changqing Technology, all hitting the 10% limit up [1] Group 2: Year-to-Date Performance - Gaomeng New Materials has a year-to-date increase of 24.08% [2] - Xinyuan Microelectronics has risen 26.23% year-to-date [2] - Jiaxian Co. has a year-to-date increase of 5.94% [2] - Anji Technology has seen a 21.09% increase year-to-date [2] - Nanda Optoelectronics has a year-to-date rise of 19.65% [2] - Dinglong Co. has increased by 18.22% year-to-date [2] - Pulit has a year-to-date increase of 33.15% [2] - Other companies like Tongcheng New Materials and Guofeng New Materials have also shown significant year-to-date performance [2]

Core Viewpoint - The company has successfully developed electronic-grade hydroxylamine aqueous solution, which is critical for the chip manufacturing process, particularly in the cleaning steps [1] Group 1: Product Development - The electronic-grade hydroxylamine aqueous solution is used as a cleaning agent in the aluminum process of chip manufacturing [1] - The product has high purity requirements and significant technical barriers, making its preparation challenging [1] - Currently, only BASF has the industrial production capability for electronic-grade hydroxylamine aqueous solution globally [1] Group 2: Market Validation - The company's product quality is comparable to that of BASF and has been validated by multiple chip manufacturing enterprises and cleaning agent compounding companies [1] - The company has been included in the first batch of new materials in the domestic market [1] Group 3: Business Progress - As of December 31, the company has delivered orders of electronic-grade hydroxylamine aqueous solution to end-chip customers [1]

√现场参观 证券代码：920015 证券简称：锦华新材 公告编号：2026-001 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 □新闻发布会 □分析师会议 □路演活动 √其他 （线上会议） 二、 投资者关系活动情况 活动时间：2026 年 1 月 5 日 活动地点：公司会议室 参会单位及人员：华源证券、汇添富基金、西部证券、财通基金 答：公司募投项目有 60kt/a 高端偶联剂项目、500t/a JH-2 中试项目、酮肟产业链 智能工厂建设项目，整体按照项目计划正常推进。其中，60kt/a 高端偶联剂项目 已完成项目前期及部分公用配套设施建设；500 吨/年 JH-2 中试项目已完成，电 子级羟胺水溶液已交付终端芯片客户使用，2026 年将完成工业化装置建设；酮 肟产业链智能工厂建设项目已完成智能仓库等建设。 浙江锦华新材料股份有限公司 答：锦华新材是一家专注于酮肟系列新材料研发、生产和销售的企业，主要产品 ...

Core Viewpoint - Jinhua New Materials is transitioning from a traditional chemical supplier to a high-end electronic chemical supplier through continuous technological iteration, aiming for high-quality development while maintaining both efficiency and responsibility [1]. Company Overview - Founded in 2007, Jinhua New Materials specializes in the research, production, and sales of ketoxime series fine chemicals, with key products including silane crosslinkers, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime, widely used in various sectors such as construction materials, 5G/6G, rail transportation, energy, electronics, new energy vehicles, and metal extraction [3]. - The company has established a leading market position in the silane crosslinker and hydroxylamine salt segments and has received multiple honors, including national-level manufacturing champions and green factory certifications [3]. Green Circular Industry Chain - The company has developed a proprietary "oxime-silane-hydroxylamine salt" green circular industry chain, which enhances production efficiency, cost control, and environmental friendliness [4]. - This system significantly reduces raw material consumption compared to traditional processes, minimizes waste emissions, and has established a comprehensive intellectual property system [4]. Investment Projects - Jinhua New Materials went public on the Beijing Stock Exchange in September 2025, marking a significant milestone in its development [6]. - The "60kt/a high-end coupling agent project" is a core investment project that will add 30,000 tons/year of silane coupling agent capacity and 30,000 tons/year of functional silane intermediate capacity, enhancing product variety and market competitiveness [6][8]. - The hydroxylamine aqueous solution (JH-2) pilot plant is another key investment project, crucial for extending the ketoxime industry chain and solidifying the green circular system [9]. High-End Product Development - The electronic-grade hydroxylamine aqueous solution is a critical step for the company’s transition to high-end products, primarily used as a cleaning agent in chip manufacturing [9]. - The company has successfully developed a safe and green preparation process for hydroxylamine, with plans for pilot production starting in October 2024 and expected sales of 7.60 tons in the same year [9]. Industry Positioning - Jinhua New Materials is advancing from an invisible champion to an industry benchmark by leveraging its industry chain advantages, technological accumulation, and global layout in both fine chemicals and high-end electronic chemicals [10].

Core Viewpoint - Jinhua New Materials is transitioning from a traditional chemical supplier to a high-end electronic chemical supplier through continuous technological iteration and aims for high-quality development while maintaining responsibility in its industrial upgrade [1][2]. Group 1: Company Overview - Founded in 2007, Jinhua New Materials specializes in the research, production, and sales of ketoxime series fine chemicals, with key products including silane crosslinking agents and hydroxylamine salts, widely used in various sectors such as construction, transportation, energy, electronics, and new energy vehicles [2]. - The company has established a leading market position in silane crosslinking agents and hydroxylamine salts, receiving multiple national honors such as "National Green Factory" and "National Specialized and Innovative Small Giant" [2]. Group 2: Technological Advancements - The company has developed a unique "oxime-silane-hydroxylamine salt" green circular industrial chain, which enhances production efficiency, cost control, and environmental friendliness [3]. - This industrial chain significantly reduces raw material consumption compared to traditional processes and minimizes waste emissions, contributing to the company's recognition as a "National Green Factory" [3]. Group 3: Investment and Growth Strategy - Jinhua New Materials went public on the Beijing Stock Exchange in September 2025, marking a significant milestone in its development and enhancing its brand influence and talent acquisition capabilities [4]. - The "60kt/a high-end coupling agent project" is a core investment project post-IPO, expected to add 30,000 tons/year of silane coupling agent capacity and 30,000 tons/year of functional silane intermediate capacity [4][5]. Group 4: Product Development and Market Position - The new hydroxylamine aqueous solution (JH-2) pilot plant is crucial for extending the ketoxime industrial chain and solidifying the green circular system, with electronic-grade hydroxylamine aqueous solution being a key product for the semiconductor industry [6]. - The company has successfully developed a safe and green preparation process for hydroxylamine, with plans for pilot production starting in October 2024, aiming for sales of 7.60 tons in the same year [6]. Group 5: Future Outlook - Jinhua New Materials is positioned to transition from an invisible champion to an industry benchmark, leveraging its industrial chain advantages, technological accumulation, and global layout in both fine chemicals and high-end electronic chemicals [7].

Group 1 - Zhejiang Jinhua New Materials Co., Ltd. announced the retirement of its director Wei Zhiqiang effective December 19, and proposed to nominate Zhou Lichang as the new director [1] - Jinhua New Materials, established on December 27, 2007, is set to be listed on the Beijing Stock Exchange on September 25, 2025, with the controlling party being Juhua Group Co., Ltd. and the actual controller being the Zhejiang Provincial State-owned Assets Supervision and Administration Commission [1] - The company specializes in the research, production, and sales of ketoxime series fine chemicals, with main products including silane crosslinking agents, hydroxylamine salts, and acetaldehyde oxime, positioning itself as a leading enterprise in the domestic silane crosslinking agent and hydroxylamine salt segments [1] Group 2 - Wei Zhiqiang, born in October 1965, was part of the IPO management team and has held various positions at Juhua Group, serving as a director at Jinhua New Materials since May 2021 [1] - Zhou Lichang, born on December 5, 1967, has held multiple financial roles within Juhua Group and is currently a dedicated director appointed by Juhua Group's management center [2]