Core Viewpoint - Jianghua Microelectronics (603078.SH) reported a revenue of 910 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 10.92% [1] Financial Performance - The company's net profit attributable to shareholders was 78.78 million yuan, showing a year-on-year decline of 8.66% [1] - The non-recurring net profit was 71.23 million yuan, which represents a year-on-year decrease of 15.93% [1] - Basic earnings per share stood at 0.2043 yuan [1]

格隆汇10月24日丨江化微(603078.SH)公布，公司第三季度实现营业收入3.29亿元，同比增长10.27%； 归属于上市公司股东的净利润3071.35万元，同比增长4.60%；归属于上市公司股东的扣除非经常性损益 的净利润2750.97万元，同比下降6.52%；基本每股收益0.0796元。 ...

证券代码：603078 证券简称：江化微 公告编号：2025-040 江阴江化微电子材料股份有限公司 关于 2025 年第三季度主要经营数据的公告 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、准确性和完整性承担法律责任。 根据上海证券交易所发布的上市公司行业信息披露指引《上市公司行业信息 披露指引第十八号—化工》及《关于做好上市公司 2025 年三季度报告披露工作 的通知》相关要求，现将公司 2025 年三季度主要经营数据披露如下： 主要产品 2025 年 1-9 月 产量（吨） 2025 年 1-9 月 销量（吨） 2025 年 1-9 月 销售金额（万元） 超净高纯试剂 85,148.51 86,183.64 57,702.09 光刻胶配套试剂 41,825.82 37,514.22 31,745.18 一、主要产品的产量、销量及收入实现情况（不含税）： 二、主要产品和原材料的价格变动情况： 1、主要产品的价格变动情况（不含税） | 主要产品 | 2025 年 1-9 | 月 | 2024 年 | 1-9 月 | 变动比例 | | --- | -- ...

Financial Performance - The company's operating revenue for Q3 2025 was CNY 329,438,101.91, representing a year-on-year increase of 10.27%[4] - The total profit for the period reached CNY 35,312,818.63, marking a significant increase of 29.32% compared to the same period last year[4] - The net profit attributable to shareholders was CNY 30,713,472.88, which is a 4.60% increase year-on-year[4] - The net profit after deducting non-recurring gains and losses was CNY 27,509,635.48, showing a decrease of 6.52% compared to the previous year[4] - Total operating revenue for the first three quarters of 2025 reached ¥909,880,380.47, an increase of 10.9% compared to ¥820,283,011.52 in the same period of 2024[17] - Net profit for the first three quarters of 2025 was ¥78,783,011.66, compared to ¥72,071,854.45 in 2024, representing an increase of 9.9%[19] - Operating profit for the first three quarters of 2025 was ¥91,625,458.95, an increase from ¥80,859,972.53 in the same period of 2024, marking a growth of 13.7%[18] Cash Flow - The cash flow from operating activities for the year-to-date period was CNY 148,759,843.04, reflecting a substantial increase of 159.21%[8] - Cash flow from operating activities for the first three quarters of 2025 was ¥604,418,664.43, compared to ¥541,870,246.48 in 2024, indicating an increase of 11.5%[21] - Net cash flow from operating activities reached $148,759,843.04, significantly up from $57,389,010.63, indicating a year-over-year increase of over 159%[22] - Cash inflow from investment activities was $1,103,222,053.87, compared to $533,475,463.14, marking an increase of approximately 106%[22] - Cash inflow from financing activities amounted to $218,760,024.25, up from $100,000,000.00, representing a 118% increase[23] Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,622,860,653.74, a slight decrease of 0.10% from the previous year-end[5] - Current assets totaled RMB 1,150,285,012.10, a minor decrease from RMB 1,155,379,690.23 in the previous year[13] - The total liabilities decreased to ¥684,354,766.79 in 2025 from ¥734,567,723.39 in 2024, a reduction of approximately 6.8%[15] - The total liabilities and equity amounted to ¥2,622,860,653.74 in 2025, slightly down from ¥2,625,377,837.87 in 2024[15] Shareholder Information - The equity attributable to shareholders increased to CNY 1,938,030,070.70, representing a growth of 2.39% compared to the previous year-end[5] - Total equity attributable to shareholders increased to ¥1,938,030,070.70 in 2025 from ¥1,892,728,061.37 in 2024, reflecting a growth of 2.4%[15] - The basic earnings per share for the period was CNY 0.0796, which is a 4.60% increase year-on-year[4] - The basic earnings per share for the first three quarters of 2025 was ¥0.2043, a decrease from ¥0.2237 in 2024, reflecting a decline of 8.5%[19] Operational Metrics - Research and development expenses for the first three quarters of 2025 were ¥50,561,510.10, up from ¥40,533,340.06 in 2024, showing a rise of 24.8%[18] - The company reported non-recurring gains totaling CNY 3,203,837.40 for the current period[7] - The company plans to implement new accounting standards starting in 2025, which may impact future financial reporting[24] Future Outlook - Future outlook includes potential market expansion and new product development strategies[12]

Core Points - The Shanghai Composite Index closed at 3938.98 points, above the six-month moving average, with a gain of 0.42% [1] - A total trading volume of A-shares reached 1,239.319 billion yuan today [1] - 126 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - The top three stocks with the highest deviation rates from the six-month moving average are: - Xicet Testing (西测测试) with a deviation rate of 13.84% and a daily increase of 15.21% [2] - Anhui Instrument Technology (皖仪科技) with a deviation rate of 9.60% and a daily increase of 12.74% [2] - Aerospace Changfeng (航天长峰) with a deviation rate of 9.37% and a daily increase of 10.01% [2] Trading Metrics - The trading turnover rate for Xicet Testing was 18.16%, while Anhui Instrument Technology had a turnover rate of 3.91% [2] - The latest prices for the top three stocks are: - Xicet Testing at 58.87 yuan [2] - Anhui Instrument Technology at 24.33 yuan [2] - Aerospace Changfeng at 15.17 yuan [2] Additional Stocks - Other notable stocks with significant performance include: - Tongfeng Electronics (铜峰电子) with a deviation rate of 9.10% and a daily increase of 9.95% [2] - Weihong Technology (维宏股份) with a deviation rate of 7.25% and a daily increase of 10.74% [2] - China Satellite Communications (中国卫通) with a deviation rate of 5.82% and a daily increase of 6.02% [2]

Core Insights - The electronic chemicals sector experienced a rise of 1.36% on October 9, with Debang Technology leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance Summary - Debang Technology (688035) closed at 61.74, with a significant increase of 11.95%, and a trading volume of 123,300 shares, resulting in a transaction value of 745 million [1] - Guoci Materials (300285) also saw a notable rise of 11.56%, closing at 24.90, with a trading volume of 484,500 shares and a transaction value of 1.155 billion [1] - Other notable performers included Jin Hong Gas (688106) with an 8.20% increase, closing at 21.38, and Zhongju Chip (688549) with a 4.74% increase, closing at 10.39 [1] Fund Flow Analysis - The electronic chemicals sector saw a net outflow of 643 million from main funds, while retail investors contributed a net inflow of 367 million [2] - Speculative funds recorded a net inflow of 276 million into the sector [2]

Core Viewpoint - Jianghua Micro's stock price has shown a significant increase of 27.21% year-to-date, indicating strong market performance and investor interest in the company's electronic chemical products [2]. Group 1: Stock Performance - As of October 9, Jianghua Micro's stock rose by 2.02%, reaching a price of 21.18 CNY per share, with a trading volume of 272 million CNY and a turnover rate of 3.36% [1]. - The stock has experienced a 0.52% increase over the last five trading days, a 7.29% increase over the last 20 days, and a 16.31% increase over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Jianghua Micro reported a revenue of 580 million CNY, reflecting a year-on-year growth of 11.30%. However, the net profit attributable to shareholders decreased by 15.51% to 48.07 million CNY [2]. - The company has distributed a total of 177 million CNY in dividends since its A-share listing, with 99.82 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 20.31% to 51,500, while the average number of circulating shares per person increased by 25.48% to 7,483 shares [2]. - The top ten circulating shareholders include the Guotai Zhenzheng Semiconductor Materials Equipment Theme ETF, which holds 1.058 million shares as a new shareholder, while Hong Kong Central Clearing Limited has exited the top ten list [3].

Industry Overview - The semiconductor materials sector is becoming a core focus in the capital market, with electronic chemicals playing a crucial role in the semiconductor manufacturing process, accounting for 10%-20% of total chip costs but directly influencing chip performance and yield [1] - The Chinese semiconductor market showed significant growth, reaching a scale of $113.5 billion from January to July 2025, representing an 11.1% year-on-year increase, indicating an expansion phase for upstream materials [1][2] - The global semiconductor materials market is projected to reach $70 billion by 2025, with China's key electronic materials market expected to reach 174.08 billion yuan, a 21.1% year-on-year growth [2] Core Logic - The investment value in the electronic chemicals industry is driven by its unique consumable nature and vast domestic substitution potential, ensuring stable demand as long as wafer fabs are in operation [3] - Major companies in the electronic chemicals sector, such as Anji Technology and Shanghai Xinyang, reported significant revenue growth of 43.17% and 35.67% respectively in the first half of 2025, with net profit growth rates of 60.53% and 126.31% [3] - The domestic substitution potential varies across different segments, with the photolithography sector having the largest substitution space due to long-standing foreign monopolies [3][4] Key Company Analysis - Anji Technology (688019) is a leading player in the CMP polishing liquid market, increasing its market share from 5% in 2021 to 8% in 2023, and holding a 30.8% share in the domestic market [5] - Jianghua Micro (603078) specializes in wet electronic chemicals, with a market share of approximately 4.58% and a total revenue starting at 1.03 billion yuan in 2023, indicating significant growth potential [6] - Nanda Optoelectronics (300346) is a pioneer in the photolithography sector, with over 40% market share in MO source supply and ongoing development of ArF photolithography products [7] - Huate Gas (688268) leads the electronic specialty gases market, achieving over 60% market share in domestic photolithography gases and successfully replacing imports with its products [8] - Yake Technology (002409) has a comprehensive layout in semiconductor materials, particularly in advanced precursor materials, enhancing customer stickiness through a complete product line [9][10]

Market Overview - The electronic chemicals sector experienced a decline of 2.42% on September 26, with Siquan New Materials leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable stock performances included: - Anji Technology (code: 6108889) closed at 223.12, up 2.19% with a trading volume of 64,300 shares [1] - Weiteou (code: 301319) closed at 47.58, up 1.21% with a trading volume of 100,800 shares [1] - Siquan New Materials (code: 301489) closed at 255.00, down 6.59% with a trading volume of 45,400 shares and a transaction value of 1.17 billion [2] Capital Flow - The electronic chemicals sector saw a net outflow of 1.476 billion from institutional investors, while retail investors had a net inflow of 1.392 billion [2] - The capital flow for specific stocks included: - Anji Technology had a net inflow of 50.78 million from institutional investors [3] - Jianghuai Microelectronics (code: 603078) experienced a net inflow of 32.93 million from institutional investors [3] - Siquan New Materials had a significant net outflow of 6.59% [2]

Core Viewpoint - Jianghua Microelectronics has shown a positive stock performance with a year-to-date increase of 27.15%, reflecting strong market interest and potential growth in the electronic chemicals sector [1][2]. Financial Performance - For the first half of 2025, Jianghua Microelectronics reported a revenue of 580 million yuan, representing a year-on-year growth of 11.30%. However, the net profit attributable to shareholders decreased by 15.51% to 48.07 million yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 177 million yuan, with 99.82 million yuan distributed over the past three years [3]. Stock Market Activity - As of September 26, Jianghua Microelectronics' stock price was 21.17 yuan per share, with a trading volume of 201 million yuan and a turnover rate of 2.51%. The total market capitalization stands at 8.164 billion yuan [1]. - The stock has experienced a net inflow of 5.54 million yuan from major funds, with significant buying activity from large orders [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 20.31% to 51,500, while the average number of tradable shares per person increased by 25.48% to 7,483 shares [2]. - The top ten circulating shareholders include the Guotai Zhongzheng Semiconductor Materials Equipment Theme ETF as a new entrant, while Hong Kong Central Clearing Limited has exited the top ten list [3]. Business Overview - Jianghua Microelectronics, established on August 17, 2001, specializes in the research, production, and sales of ultra-pure reagents and photolithography supporting reagents, with a revenue composition of 62.62% from ultra-pure reagents and 34.69% from photolithography supporting reagents [1].