Group 1 - Jiangnan New Materials experienced a decline of 2.24% on October 13, with a trading volume of 179 million yuan [1] - The company had a financing buy-in amount of 16.10 million yuan and a financing repayment of 18.27 million yuan on the same day, resulting in a net financing buy of -2.17 million yuan [1] - As of October 13, the total balance of margin trading for Jiangnan New Materials was 129 million yuan, accounting for 5.00% of its circulating market value [1] Group 2 - As of June 30, the number of shareholders for Jiangnan New Materials was 24,900, a decrease of 11.37% compared to the previous period [2] - The average number of circulating shares per shareholder increased by 12.82% to 1,148 shares [2] - For the first half of 2025, Jiangnan New Materials reported a revenue of 4.82 billion yuan, representing a year-on-year growth of 17.40%, and a net profit attributable to shareholders of 106 million yuan, up 7.38% year-on-year [2] Group 3 - Jiangnan New Materials has cumulatively distributed dividends of 53.93 million yuan since its A-share listing [2]

Core Insights - The metal new materials sector experienced a significant increase of 6.99% on October 13, with Galaxy Magnet leading the gains [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Sector Performance - Galaxy Magnet (300127) saw a closing price of 38.74, with a remarkable increase of 20.01% and a trading volume of 389,900 shares [1] - New Laifu (301323) also rose by 20.00%, closing at 63.42 with a trading volume of 56,100 shares [1] - Other notable performers included Jinli Permanent Magnet (300748) with a 17.60% increase, closing at 46.90, and Zhongzhou Special Materials (300963) with a 13.85% increase, closing at 26.38 [1] Capital Flow - The metal new materials sector saw a net inflow of 384 million yuan from institutional investors, while retail investors experienced a net outflow of 118 million yuan [2] - The main capital inflow was concentrated in Galaxy Magnet, which had a net inflow of 237 million yuan, accounting for 16.69% of its trading volume [3] - Other companies like Zhenghai Magnetic Materials (300224) and Antai Technology (000969) also attracted significant institutional investment, with net inflows of 168 million yuan and 90 million yuan, respectively [3]

Core Insights - Jiangnan New Materials is experiencing unprecedented growth opportunities in the copper-based new materials sector, driven by the global electronic information industry's upgrade and transformation [1][2] - The company reported impressive financial results for the first half of 2025, with revenue of 4.821 billion yuan, a year-on-year increase of 17.40%, and a net profit of 106 million yuan, up 7.38% [1][4] - The demand for high-performance copper-based materials is surging due to structural growth opportunities in the PCB industry, particularly in high-end products like HDI boards and IC substrates [1][3] Financial Performance - Jiangnan New Materials achieved a revenue of 4.821 billion yuan in the first half of 2025, marking a 17.40% increase year-on-year [1] - The net profit for the same period was 106 million yuan, reflecting a year-on-year growth of 7.38%, with a remarkable quarter-on-quarter increase of 88.97% in Q2 [1] - The copper ball product line generated 3.775 billion yuan in revenue, accounting for 78.30% of total revenue, with an 8.70% year-on-year growth [5] Product Performance - The copper ball series is a critical component in PCB manufacturing, with Jiangnan New Materials achieving a market-leading position in this segment [5][9] - The company's oxidized copper powder business saw a revenue increase of 50.95%, reaching 832 million yuan, making it one of the fastest-growing segments [6] - High-precision copper-based heat sinks experienced explosive growth, with revenue soaring by 596.16% to 84.11 million yuan [6] Industry Trends - The global PCB market is projected to reach nearly 79 billion USD in 2025, with a year-on-year growth of 6.8% and a shipment growth of 7.0% [3] - The demand for high-density interconnect (HDI) boards and high-layer count boards is expected to grow significantly, with increases of 14.2% and 18.5% respectively in Q1 2025 [3] - The rapid development of AI, electric vehicles, and high-speed optical modules is driving the need for advanced PCB materials, which directly boosts demand for high-performance copper-based materials [4][6] Competitive Advantages - Jiangnan New Materials has established a strong competitive moat through its technological expertise, customer network, and scale advantages [7][9] - The company has invested significantly in R&D, with a 56.87% increase in R&D expenses in the first half of 2025, resulting in 97 authorized patents [7] - Proximity to the largest copper smelting base in Asia allows the company to save over 20 million yuan annually in logistics costs, enhancing its competitive edge [8]

Core Insights - The A-share IPO market has seen a significant increase in the performance of newly listed stocks, with an average first-day closing gain of 242.33% for 78 new stocks in the first three quarters of the year, with no stocks experiencing a decline on their debut [1] Group 1: IPO Performance - The first-day performance of new stocks has been remarkable, with the top three performers being Sanxie Electric, Jiangnan New Materials, and Guangxin Technology, achieving first-day gains of 785.62%, 606.83%, and 500% respectively [3] - A total of 78 new stocks have been listed this year, with the ChiNext board having the highest number at 29, followed by the Main Board with 26, the Sci-Tech Innovation Board with 8, and the Beijing Stock Exchange with 15, indicating that the dual innovation boards account for 47% of the total [2] Group 2: Notable Stocks - Sanxie Electric, which focuses on the research, manufacturing, and sales of control motors, had a first-day opening increase of 681.43%, peaking at 862.63% during trading, and closing at a gain of 785.62% [4] - Low-priced stocks generally exhibited higher first-day gains, with 18 new stocks priced below 10 yuan per share averaging a first-day increase of 344.44% [4] - Ying Shi Innovation, a leading brand in smart imaging, achieved a first-day gain of 274.44%, resulting in a potential profit of 64,900 yuan for a single subscription of 500 shares, marking it as the largest profit opportunity of the year [4][6]

Core Viewpoint - Jiangnan New Materials experienced a 10% increase in stock price on September 29, with a trading volume of 290 million yuan, indicating strong market interest and activity [1]. Group 1: Financial Performance - For the first half of 2025, Jiangnan New Materials reported a revenue of 4.821 billion yuan, representing a year-on-year growth of 17.4% [2]. - The net profit attributable to shareholders for the same period was 106 million yuan, showing a year-on-year increase of 7.38% [2]. - Cumulative cash dividends since the company's A-share listing amount to 53.93 million yuan [2]. Group 2: Stock and Financing Activity - On September 29, the financing buy-in amount for Jiangnan New Materials was 18.9943 million yuan, while the financing repayment was 31.2096 million yuan, resulting in a net financing outflow of 12.2153 million yuan [1]. - As of September 29, the total balance of margin trading for Jiangnan New Materials was 100 million yuan, accounting for 3.84% of its circulating market value [1]. - The company had no short-selling activity on September 29, with zero shares sold or repaid [1]. Group 3: Company Overview - Jiangnan New Materials, established on July 26, 2007, is located in Yingtan City, Jiangxi Province, and specializes in the research, production, and sales of copper-based new materials [1]. - The main revenue sources for the company include copper ball series (78.30%), copper oxide powder series (17.26%), and other products [1].

Market Overview - On September 29, the metal new materials sector rose by 1.03%, with Jiangnan New Materials leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Jiangnan New Materials (603124) closed at 89.46, with a gain of 10.00% and a trading volume of 33,400 lots, totaling 290 million yuan [1] - Other notable performers included: - Placo New Materials (300811) at 74.99, up 3.98% with a trading volume of 82,300 lots, totaling 616 million yuan [1] - Sray New Materials (688102) at 17.46, up 3.44% with a trading volume of 173,800 lots, totaling 299 million yuan [1] Fund Flow Analysis - The metal new materials sector experienced a net outflow of 319 million yuan from institutional investors, while retail investors saw a net inflow of 289 million yuan [2] - The detailed fund flow for selected stocks showed: - Jiangnan New Materials had a net inflow of 31 million yuan from retail investors but a net outflow of 35 million yuan from institutional investors [3] - Shenzhen New Star (603978) saw a net inflow of 15.68 million yuan from institutional investors [3]

证券代码：603124 证券简称：江南新材 公告编号：2025-036 江西江南新材料科技股份有限公司 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025年10月15日（星期三）13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2025年9月30日（星期二）至10月14日（星期二）16:00前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 zqb@jiangnancopper.com进行提问。公 ...

Core Viewpoint - The A-share IPO market has demonstrated strong resilience and vitality in 2023, with significant growth in both the number of new listings and the total funds raised, despite a complex global macroeconomic environment [3][4]. Summary by Sections IPO Market Performance - In the first three quarters of 2023, a total of 75 new stocks were issued in the A-share market, an increase from 69 in the same period last year, indicating a steady upward trend [4]. - The total funds raised through IPOs reached 743.72 billion yuan, a year-on-year increase of 265 billion yuan, primarily driven by Huadian New Energy's fundraising of 181.71 billion yuan [3][4]. - The average first-day increase for the 75 new stocks was 244%, nearly doubling from the previous year's average [9]. Financing Structure - The financing structure of new stocks shows a pattern of "one company dominating, with smaller averages," where the average and median financing amounts were 9.92 million yuan and 5.5 million yuan, respectively [4]. - Huadian New Energy's IPO accounted for 24.4% of the total financing amount, highlighting its significant impact on the market [4]. Market Trends and Investor Sentiment - The overall market environment has improved, with increased risk appetite and high-quality new stocks contributing to the notable rise in the "money-making effect" of new listings [12]. - Major stock indices, including the Sci-Tech 50 and ChiNext, have risen by over 50% this year, boosting investor confidence and leading to higher valuation premiums for new stocks [12]. Notable New Listings - Several new stocks have seen exceptional performance, with some offering returns exceeding five times their issue price, such as Haibo Sichuang and Ying Shi Innovation [11]. - The top-performing new stocks are primarily in popular sectors, such as energy storage, which has attracted significant investor interest [11]. Global Comparison - The Hong Kong Stock Exchange led the global IPO financing rankings with over 180 billion HKD raised from 66 new stocks, while the Shanghai Stock Exchange ranked fifth globally with 454 billion yuan raised from 25 new stocks [8][7].

Core Viewpoint - The A-share IPO market has demonstrated strong resilience and vitality in 2023, with significant fundraising achievements despite a complex global macroeconomic environment. Group 1: IPO Market Performance - In the first three quarters of 2023, A-shares issued 75 new stocks, an increase from 69 in the same period last year, indicating a steady upward trend [1][2] - The total fundraising amount for IPOs reached 743.72 billion yuan, a year-on-year increase of 265 billion yuan, primarily driven by Huadian New Energy's 181.71 billion yuan fundraising [1][2] - The average first-day increase for the 75 new stocks was 244%, nearly 100 percentage points higher than the same period last year, with no new stock experiencing a decline on its debut [1][2][10] Group 2: Fundraising Structure - The fundraising structure showed a pattern of "one company dominating, with smaller averages," where the average and median fundraising amounts were 9.92 million yuan and 5.5 million yuan, respectively [2][3] - Huadian New Energy was the only large-scale IPO this year, accounting for 24.4% of the total fundraising amount [2][3] Group 3: Sector Analysis - The ChiNext board led in the number of IPOs with 27 new stocks raising a total of 195.34 billion yuan, while the Shanghai Stock Exchange's main board led in total fundraising with 372.84 billion yuan [5] - The Hong Kong Stock Exchange ranked first globally in IPO fundraising, with 66 new stocks raising over 180 billion HKD, and four of the top five fundraising companies were A-share listed companies going public in Hong Kong [6] Group 4: Investor Sentiment and Market Trends - The significant increase in the "money-making effect" of new stocks is attributed to an overall market recovery, increased risk appetite, and the high quality of new stocks [10] - Major indices in the A-share market have rebounded, with the ChiNext 50, ChiNext Index, and North Exchange 50 rising over 50% this year, boosting investor confidence [10]

Core Viewpoint - The metal new materials sector experienced a decline of 0.96% on September 24, with Jiangnan New Materials leading the drop, while the overall market indices showed positive performance with the Shanghai Composite Index rising by 0.83% and the Shenzhen Component Index increasing by 1.8% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3853.64, up 0.83% [1]. - The Shenzhen Component Index closed at 13356.14, up 1.8% [1]. Group 2: Sector Performance - The metal new materials sector saw a net outflow of 380 million yuan from main funds, while retail investors contributed a net inflow of 451 million yuan [2]. - Jiangnan New Materials (603124) closed at 86.15, down 2.67% with a trading volume of 26,100 shares and a transaction value of 227 million yuan [2]. Group 3: Individual Stock Performance - Fuda Alloy (603045) had the highest increase, closing at 20.38, up 9.98% with a trading volume of 76,600 shares and a transaction value of 151 million yuan [1]. - Other notable performers included Ni'an New Materials (688786) at 28.38, up 6.17%, and Yunlu Co. (688190) at 113.69, up 5.70% [1].