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 [2][8]. 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 [3]. - The company has established a leading market position in silane crosslinkers and hydroxylamine salts, receiving multiple national honors such as "National Green Factory" and "National Specialized and Innovative Small Giant" [3]. 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 [4]. - 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" [4]. Investment Projects - Jinhua New Materials went public on the Beijing Stock Exchange in September 2025, marking a significant milestone in its development [5]. - 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 [6]. - The project will enhance the company's product range and market competitiveness, with the new intermediate vinyl trichlorosilane also being applicable for existing products [6]. High-End Product Development - The new hydroxylamine aqueous solution (JH-2) pilot plant is another key investment project, crucial for extending the ketoxime industrial chain and reinforcing the green circular system [7]. - The electronic-grade hydroxylamine aqueous solution is a high-value product used in chip manufacturing, representing a significant step towards high-end chemical production [7]. - The company has successfully developed a safe and green preparation process for hydroxylamine, with plans for industrialization starting in 2024 [7]. Industry Positioning - Jinhua New Materials is advancing from an invisible champion to an industry benchmark in the fine chemical and high-end electronic chemical sectors, leveraging its industrial chain advantages, technological accumulation, and global layout [8].

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 [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 [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" [2][3]. - Jinhua New Materials aims to enhance its core competitiveness through green low-carbon and lean production practices [2]. Group 2: Technological Advancements - The company has developed a unique "oxime-silane-hydroxylamine salt" green circular industrial chain, which significantly improves production efficiency and reduces raw material consumption compared to traditional processes [3]. - This industrial chain also enhances environmental friendliness by minimizing waste emissions, contributing to the company's recognition as a "National Green Factory" [3]. - The company has established a comprehensive process control system that includes safety culture and process safety, effectively reducing manual operations and energy consumption [3]. Group 3: Investment and Growth Projects - Jinhua New Materials went public on the Beijing Stock Exchange in September 2025, marking a significant milestone in its development [4]. - 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 [4]. - The project aims to enhance product variety and optimize structure, thereby improving market competitiveness [4][5]. Group 4: High-End Product Development - The new hydroxylamine aqueous solution (JH-2) pilot plant is another key investment project, crucial for extending the ketoxime industrial chain and reinforcing the green circular system [6]. - The electronic-grade hydroxylamine aqueous solution is a high-value product used in chip manufacturing, representing a significant step towards high-end chemical production [6]. - Jinhua New Materials has successfully developed a safe and green preparation process for hydroxylamine, with plans for pilot production starting in October 2024, targeting a sales volume of 7.60 tons in the first year [6]. Group 5: Market Position and 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 [7].

证券代码：920015 证券简称：锦华新材 公告编号：2025-144 浙江锦华新材料股份有限公司 关于使用部分闲置自有资金进行现金管理的进展公告 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、 授权委托理财情况 （一）审议情况 浙江锦华新材料股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召开第六届董事会第十三次会议、第六届董事会审计委员会第十一次会议审 议通过《关于使用闲置自有资金进行现金管理的公告》，并将该议案提交至股 东会审议。2025 年 11 月 13 日，公司召开 2025 年第四次临时股东会同意公司 拟使用额度（按理财产品存续余额计）不超过人民币 8 亿元（包含本数）的闲 置自有资金购买安全性高、流动性好的理财产品。使用期限自公司股东会审议 通过《关于使用部分闲置自有资金进行现金管理的议案》之日起 12 个月内， 在上述额度和期限内，资金可以滚动使用，如单笔产品存续期超过前述有效期， 则决议的有效期自动顺延至该笔交易期满之日。具体内容详见公司于 2025 年 1 ...

Core Viewpoint - A total of 16 companies have announced their performance forecasts for the year 2025, with 12 companies expecting profit increases and 2 companies anticipating profit declines [1] Performance Forecast Summary - **Profit Increase Companies**: - N Baiao (688796): Expected profit increase of 303.57% [1] - C Moore (688795): Expected loss reduction of 41.36% [1] - Luxshare Precision (002475): Expected profit increase of 26.09% [1] - Hongyuan (920018): Expected profit increase of 21.42% [1] - Aomei (920080): Expected profit increase of 16.44% [1] - Nant (920124): Expected profit increase of 13.02% [1] - China Uranium Industry (001280): Expected profit increase of 11.42% [1] - Taikai Ying (920020): Expected profit increase of 10.44% [1] - Danna Biotech (920009): Expected profit increase of 8.92% [1] - Xintong Electronics (001388): Expected profit increase of 5.40% [1] - Jingchuang Electric (920035): Expected profit increase of 5.00% [1] - New Henghui (301678): Expected profit increase of 4.66% [1] - Nansoft Digital (301638): Expected profit increase of 2.76% [1] - **Profit Steady and Decline Companies**: - Hai'an Group (001233): Expected steady profit with a change of 0.14% [1] - Zhongcheng Consulting (920003): Expected profit decline of -4.14% [1] - Jinhua New Materials (920015): Expected profit decline of -5.47% [1]

证券代码：920015 证券简称：锦华新材 公告编号：2025-143 浙江锦华新材料股份有限公司股票解除限售公告 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。 B 离任董事、监事、高级管理人员解除限售 C 自愿限售解除限售 D 限制性股票解除限售 单位：股 | 序号 | 股东姓 | 是否为 控股股 东、实 | 任职情 | 本次解 | 本次解除 | 本次解 除限售 股数占 | 尚未解除 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 名或名 | 际控制 | 况 | 限售原 | 限售登记 | 公司总 | 限售的股 | | | 称 | 人或其 | | 因 | 股票数量 | 股本比 | 票数量 | | | | 一致行 动人 | | | | 例 | | | 1 | 福建申 远新材 料有限 | 否 | 无 | C | 3,496,354 | 2.58% | 0 | | | 公司 | | | | | | | | 2 | 洪根 | 否 | 无 | C ...

Market Overview - The A-share market experienced an overall pullback in the third week of November 2025, with the average daily trading amount on the Beijing Stock Exchange (BSE) falling to 214 billion yuan, a decrease of 5.86% from the previous week[1] - The BSE 50 Index declined by 0.56%, which is less than the declines seen in other major indices, indicating relative stability[1] Trading Activity - The average daily trading volume on the BSE was 213.92 billion yuan, with a turnover rate of 22.52%[1][8] - The BSE's trading volume accounted for 1.05% of the total market, reflecting a further decrease in trading activity compared to the previous week[11] Sector Performance - Among the 24 sectors on the BSE, 13 sectors had a positive median return, with the utilities sector leading at a median increase of 4.54%[18] - The automotive sector had the largest median decline at -2.22%[18] Valuation Insights - The computer sector had the highest trailing twelve months (TTM) price-to-earnings (P/E) ratio at 141.58 times, followed by the communication sector at 129.85 times, while the construction and decoration sector had a relatively low P/E ratio of 28.08 times[18] New Listings and IPOs - During the week, there was one IPO on the BSE, with no new stocks listed[36] Risks - There is a noted risk of further pullback in BSE stock performance, particularly following the historical high of the BSE 50 Index on September 8, 2025[38]

Investment Rating - The report indicates a cautious outlook on the industry, suggesting a focus on structural opportunities despite recent adjustments in the new energy sector [4]. Core Insights - The market is experiencing a significant structural divergence, with new stocks and specialized sectors showing resilience, while traditional sectors like new energy are under pressure [4]. - The North Exchange is positioned as a key platform for innovative small and medium enterprises, benefiting from ongoing policy support and regional industrial advantages [4]. - Short-term index adjustments are primarily driven by heavyweight sectors, but long-term prospects remain positive for niche leaders with technological barriers [4]. Summary by Sections Market Review - On November 18, the North Exchange A-share trading volume reached 201.0 billion, an increase of 4.2 billion from the previous trading day, with the North 50 Index closing at 1481.82, down 2.92% [2][9]. - Among 283 companies listed, 31 saw gains, 4 remained flat, and 248 experienced declines, with the top gainers being Beikang Detection (295.5%), Meideng Technology (22.8%), and others [2][18]. - The top decliners included Lingge Technology (-9.8%), Luqiao Information (-9.5%), and others [2][19]. Important News - Arm and NVIDIA are collaborating to promote NVLink, aiming to establish industry standards for AI chip interconnectivity [3][20]. - Huawei is set to unveil the Mate 80 series and the new Kirin 9030 chip on November 25 [3][21]. Key Company Announcements - Hanxin Technology received a patent for a digital twin-based optimization method [3][22]. - Ruihua Technology also announced a patent for a dehydration reaction method in BDO refining [3][24].

证券代码：920015 证券简称：锦华新材 公告编号：2025-142 浙江锦华新材料股份有限公司 开立募集资金现金管理专用结算账户并使用部分暂时闲置募集资金 进行现金管理的进展公告 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、 授权现金管理情况 （一） 审议情况 浙江锦华新材料股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日 召开第六届董事会第十三次会议、第六届董事会审计委员会第十一次会议审议通 过《关于使用部分闲置募集资金进行现金管理的议案》，并将该议案提交至股东 会审议。2025 年 11 月 13 日，公司召开 2025 年第四次临时股东会同意公司拟使 用额度不超过人民币 5.3 亿元（包含本数）的暂时闲置募集资金（含超募资金） 进行现金管理，用于购买安全性高、流动性好、风险低的保本型的理财产品（包 括但不限于结构性存款、定期存款、大额存单等），使用期限自公司股东会审议 通过《关于使用部分闲置募集资金进行现金管理的议案》之日起不超过 12 个月， 在上述额度及期限内， ...

上海市锦天城律师事务所 关于浙江锦华新材料股份有限公司 2025 年第四次临时股东会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于浙江锦华新材料股份有限公司 2025 年第四次临时股东会的 法律意见书 致：浙江锦华新材料股份有限公司 一、本次股东会的召集人资格及召集、召开程序 本次股东会由公司董事会根据 2025 年 10 月 28 日召开的第六届董事会第十 三次会议决议召集。公司已于 2025 年 10 月 28 日在北京证券交易所网站 （https://www.bse.cn/）刊登了《浙江锦华新材料股份有限公司关于召开 2025 年 第四次临时股东会通知公告（提供网络投票）》（公告编号：2025-136），并决 定于 2025 年 11 月 13 日 13 点 00 分在浙江省衢州市高新技术园区中俄科技合作 园 A-25-5 号公司会议室召开 2025 年第四次临时股东会，本次股东会采取现场投 票与网络投票相结合的方 ...

证券代码：920015 证券简称：锦华新材 公告编号：2025-140 浙江锦华新材料股份有限公司 2025 年第四次临时股东会决议公告 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、会议召开和出席情况 5.会议主持人：雷俊 6.召开情况合法合规的说明： 本次股东会的召集、召开符合《中华人民共和国公司法》等有关法律、行政 法规及《浙江锦华新材料股份有限公司章程》的规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 16 人，持有表决权的股份总数 96,377,761 股，占公司有表决权股份总数的 71.0925%。 （一）会议召开情况 1.会议召开时间：2025 年 11 月 13 日 2.会议召开地点：公司会议室 3.会议召开方式：现场投票和网络投票相结合方式 4.会议召集人：董事会 其中通过网络投票参与本次股东会的股东共 13 人，持有表决权的股份总数 1,874,115 股，占公司有表决权股份总数的 1.3824%。 （三）公司董事、高级管理人员出席或列席股东会情况 1. 公司在任 ...