容诚专字[2025]361Z0495号 容诚会计师事务所(特殊普通合伙) 关于江西江南新材料科技股份有限公司 以自筹资金预先投入募集资金投资项目 及支付发行费用的鉴证报告 江西江南新材料科技股份有限公司 中国·北京 目 录 序号 内 容 页码 以自筹资金预先投入募集资金投资项目及支付发 行费用鉴证报告 以自筹资金预先投入募集资金投资项目及支付发 行费用专项说明 容诚会计师事务所（特殊普通合伙） 本鉴证报告仅供江南新材公司为用募集资金置换预先已投入募集资金投资项 目及支付发行费用的自筹资金之目的使用，不得用作任何其他目的。我们同意将本 鉴证报告作为江南新材公司用募集资金置换预先已投入募集资金投资项目及支付 发行费用的自筹资金必备的文件，随其他文件一起报送并对外披露。 二、管理层的责任 总所：北京市西城区阜成门外大街 22 号 关于江西江南新材料科技股份有限公司 TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 以自筹资金预先投入募集资金投资项目 及支付发行费用的鉴证报告 容诚专字 ...

证券代码：603124 证券简称：江南新材 公告编号：2025-028 江西江南新材料科技股份有限公司 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。 一、董事会会议召开情况 江西江南新材料科技股份有限公司（以下简称"公司"）于 2025 年 8 月 16 日以电子邮件方式发出第二届董事会第十四次会议通知，会议于 2025 年 8 月 26 日以现场结合通讯表决的方式召开。本次会议应出席董事 9 人，实际参加表决董 事 9 人，会议由董事长徐上金先生主持。会议的召集和召开符合《中华人民共和 国公司法》等有关法律、法规和规范性文件及公司章程的规定。 二、董事会会议审议情况 本议案已经公司第二届董事会审计委员会第九次会议审议通过。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 （二）审议通过《关于 2025 年半年度募集资金存放与使用情况的专项报告 的议案》 具体内容详见公司同日刊登于上海证券交易所网站（www.sse.com.cn）及公 司指定信息披露媒体的《2025 年半年度募集资金存放与使用情况的专项报告》 (公告编 ...

[Important Notice](index=2&type=section&id=重要提示) This report emphasizes the board and senior management's assurance of its truthfulness and completeness, notes it is unaudited, and states no profit distribution or major risks were found [Overview of Important Notice](index=2&type=section&id=重要提示-概览) The report confirms the board and management's assurance of its truthfulness and completeness, notes it is unaudited, and states no profit distribution or major risks were found - This semi-annual report is unaudited[5](index=5&type=chunk) - The company will not distribute profits or convert capital reserves into share capital for this reporting period[6](index=6&type=chunk) - No significant risks materially affecting the company's operations were identified during the reporting period[8](index=8&type=chunk) [Section I Definitions](index=4&type=section&id=第一节%20释义) This section defines common terms used in the report, including company abbreviations, subsidiaries, investment institutions, currency units, and the reporting period [Definitions of Common Terms](index=4&type=section&id=1.1%20常用词语释义) This section clarifies common terms, company and subsidiary abbreviations, currency units, and the definition of the reporting period - "Company", "the Company", or "Jiangnan New Material" refers to Jiangxi Jiangnan New Material Technology Co., Ltd[16](index=16&type=chunk) - "Reporting Period" or "Current Period" refers to January 1, 2025, to June 30, 2025[16](index=16&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=第二节%20公司简介和主要财务指标) This section provides the company's basic information and key financial data, including revenue, net profit, and per-share earnings, with comparisons to the prior year [Company Information](index=4&type=section&id=2.1%20公司信息) This section provides the company's basic information, including its Chinese name, abbreviation, foreign name, and legal representative - Company's Chinese name: Jiangxi Jiangnan New Material Technology Co., Ltd., abbreviation: Jiangnan New Material[14](index=14&type=chunk) - Company's legal representative: Xu Shangjin[14](index=14&type=chunk) [Contact Person and Information](index=4&type=section&id=2.2%20联系人和联系方式) This section provides contact details for the company, including names, addresses, phone numbers, fax, and email - Contact persons: Wu Peng, Jin Panfei; Phone: 0701-6689877; Email: zqb@jiangnancopper.com[17](index=17&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=2.3%20基本情况变更简介) This section outlines the company's registered address, office address, postal code, website, and email, noting no changes during the reporting period - The company's registered and office addresses are both Yingtan Industrial Park, Yuehu District, Yingtan City, Jiangxi Province, postal code 335000[18](index=18&type=chunk) - Company website: www.jiangnancopper.com, email: zqb@jiangnancopper.com[18](index=18&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=2.4%20信息披露及备置地点变更情况简介) This section details the company's designated newspapers for information disclosure, the website for semi-annual reports, and document storage locations, with no changes noted - The company's designated newspapers for information disclosure include China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily, and Economic Information Daily[19](index=19&type=chunk) - The website address for publishing semi-annual reports is www.sse.com.cn[19](index=19&type=chunk) [Brief Introduction to Company Shares](index=5&type=section&id=2.5%20公司股票简况) This section provides a brief overview of the company's stock information, including share type, listing exchange, stock abbreviation, and code - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation "Jiangnan New Material" and stock code "603124"[20](index=20&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=2.7%20公司主要会计数据和财务指标) This section presents the company's key accounting data and financial indicators for the first half of 2025, including revenue, total profit, net profit, and EPS, showing growth in revenue and net profit [Key Accounting Data](index=5&type=section&id=2.7.1%20主要会计数据) This section lists the company's key accounting data for January-June 2025, including operating revenue, total profit, net profit, net cash flow from operating activities, net assets, and total assets, with comparisons to the prior year Key Accounting Data for H1 2025 (Consolidated Statements) | Indicator | Current Period (Jan-Jun) | Prior Year Same Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,821,128,805.60 yuan | 4,106,580,677.41 yuan | 17.40 | | Total Profit | 126,146,967.40 yuan | 119,391,515.27 yuan | 5.66 | | Net Profit Attributable to Shareholders of Listed Company | 105,589,079.56 yuan | 98,327,769.04 yuan | 7.38 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 92,851,107.22 yuan | 91,224,250.73 yuan | 1.78 | | Net Cash Flow from Operating Activities | -591,269,665.90 yuan | -445,372,348.18 yuan | N/A | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,737,355,751.10 yuan | 1,354,659,212.34 yuan | 28.25 | | Total Assets (Period-end) | 4,150,170,382.17 yuan | 3,343,329,458.29 yuan | 24.13 | [Key Financial Indicators](index=6&type=section&id=2.7.2%20主要财务指标) This section lists the company's key financial indicators for January-June 2025, including basic EPS, diluted EPS, basic EPS after deducting non-recurring gains and losses, and weighted average return on net assets, with comparisons to the prior year Key Financial Indicators for H1 2025 (Consolidated Statements) | Indicator | Current Period (Jan-Jun) | Prior Year Same Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.83 | 0.90 | -7.78 | | Diluted Earnings Per Share (yuan/share) | 0.83 | 0.90 | -7.78 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.73 | 0.83 | -12.05 | | Weighted Average Return on Net Assets (%) | 6.71 | 8.02 | Decreased by 1.31 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 5.90 | 7.44 | Decreased by 1.54 percentage points | [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=2.9%20非经常性损益项目和金额) This section discloses the company's non-recurring gains and losses for the first half of 2025, totaling 12,737,972.34 yuan, primarily from government subsidies, fair value changes in financial assets, and entrusted investment income Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Government Subsidies Included in Current Profit and Loss | 15,359,501.76 | | Gains and Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-Financial Enterprises, and Gains and Losses from Disposal of Financial Assets and Liabilities, Excluding Those Related to Effective Hedge Accounting for Normal Business Operations | 179,136.41 | | Gains and Losses from Entrusted Investment or Asset Management | 1,283,602.69 | | Other Non-Operating Income and Expenses Apart from the Above | -356,953.50 | | Less: Income Tax Impact | 3,727,315.02 | | **Total** | **12,737,972.34** | [Companies with Equity Incentives or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact](index=7&type=section&id=2.10%20存在股权激励、员工持股计划的公司可选择披露扣除股份支付影响后的净利润) This section discloses the company's net profit after deducting the impact of share-based payments for the first half of 2025, which was 105,589,079.56 yuan, representing a 6.78% year-on-year increase - Net profit after deducting share-based payment impact: **105,589,079.56 yuan** (current period), **98,885,483.26 yuan** (prior year same period), a year-on-year increase of **6.78%**[26](index=26&type=chunk) [Section III Management Discussion and Analysis](index=7&type=section&id=第三节%20管理层讨论与分析) This section provides management's discussion and analysis of the company's operations, industry, and financial performance during the reporting period [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=3.1%20报告期内公司所属行业及主营业务情况说明) This section details the copper-based new materials industry, including market trends and applications for copper balls, copper oxide powder, and high-precision copper-based heat sinks, along with the company's business and market position in these areas - The company's main business involves the R&D, production, and sales of copper-based new materials, with core products including three major categories: copper ball series, copper oxide powder series, and high-precision copper-based heat sink series[28](index=28&type=chunk) - The company's industry is "Electronic Special Materials Manufacturing" within "Computer, Communication and Other Electronic Equipment Manufacturing"[28](index=28&type=chunk) - According to the Prismark report, the global PCB market output value was **73.6 billion US dollars** in 2024, a year-on-year increase of **5.8%**; it is expected to approach **79.0 billion US dollars** in 2025, a year-on-year increase of **6.8%**[34](index=34&type=chunk) [Industry Overview During the Reporting Period](index=7&type=section&id=3.1.1%20报告期内公司所处行业情况) This section outlines the copper-based new materials industry's importance, detailing the rapid development and market prospects of copper balls, copper oxide powder, and high-precision copper-based heat sinks in emerging fields like electronics, new energy, and semiconductors, driven by technology and demand - The copper-based materials industry is a vital part of China's national economy, with China being the world's largest producer and consumer of refined copper and copper materials[29](index=29&type=chunk) - With the rapid development of emerging fields such as electronic circuits, new energy, semiconductors, and artificial intelligence, copper-based new materials focused on PCB manufacturing, photovoltaic panels, and lithium battery manufacturing are developing rapidly with broad market prospects[32](index=32&type=chunk) - The company's copper-based new material products primarily include three major series: copper balls, copper oxide powder, and high-precision copper-based heat sinks, mainly serving the electronic information industry[32](index=32&type=chunk) [Company's Business Operations During the Reporting Period](index=9&type=section&id=3.1.2%20报告期内公司从事的业务情况) This section details the company's main business, products, application advantages, and procurement, production, and sales models, focusing on R&D, production, and sales of copper-based new materials, serving top PCB manufacturers and expanding into new applications - The company primarily engages in the R&D, production, and sales of copper-based new materials, with core products including three major categories: copper ball series, copper oxide powder series, and high-precision copper-based heat sink series[40](index=40&type=chunk) - The company once again ranked first among major enterprises in copper-based special materials in the 2024 China Electronic Circuit Industry list[40](index=40&type=chunk) - The company's procurement model combines "procurement based on sales" with appropriate inventory reserves, and raw material copper prices are determined by real-time prices from metal trading platforms such as Shanghai Nonferrous Metals Network, Changjiang Nonferrous Metals Network, and LME London Metal Exchange[44](index=44&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=3.2%20经营情况的讨论与分析) This section summarizes the company's operating results for the first half of 2025, highlighting significant growth in revenue and net profit driven by structural growth in the global PCB industry due to AI computing demand and intelligent new energy vehicles, while also noting its successful listing on the SSE Main Board - In the first half of 2025, the company achieved operating revenue of **4.821 billion yuan**, a year-on-year increase of **17.40%**; net profit attributable to shareholders of the listed company was **106 million yuan**, a year-on-year increase of **7.38%**[48](index=48&type=chunk) - Revenue from copper ball series products reached **3.775 billion yuan**, a year-on-year increase of **8.70%**[49](index=49&type=chunk)[50](index=50&type=chunk) - Revenue from copper oxide powder series products reached **832 million yuan**, a year-on-year increase of **50.95%**[50](index=50&type=chunk) - Revenue from high-precision copper-based heat sink series products reached **84.1123 million yuan**, a year-on-year increase of **596.16%**[50](index=50&type=chunk) - The company successfully listed on the SSE Main Board on March 20, 2025[50](index=50&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=12&type=section&id=3.3%20报告期内核心竞争力分析) This section details the company's core competitive advantages in technology R&D, customer resources, scale, brand service, products, and geographical location, built through years of industry experience and continuous innovation, establishing a solid market position and reputation - The company possesses mature products and years of technological accumulation in rolling, precision machining, and chemical manufacturing, with R&D projects covering new areas such as copper oxide powder catalysts and composite copper foil[52](index=52&type=chunk) - The company has established strong and stable cooperative relationships with renowned domestic and international PCB manufacturers, demonstrating high customer loyalty[53](index=53&type=chunk) - The company ranked first in the 2024 China Electronic Circuit Industry list for copper-based special materials, possessing large-scale production capabilities[54](index=54&type=chunk) - The company's products are diverse, perform excellently, and are of high quality, with microcrystalline phosphor copper balls having a copper content exceeding **99.93%** and electronic-grade copper oxide powder having a copper oxide content exceeding **99.3%**[57](index=57&type=chunk)[58](index=58&type=chunk) - The company is located in Yingtan, Jiangxi, known as the "Copper Capital of the World," benefiting from abundant copper resources, a mature copper industry chain, and convenient transportation advantages[59](index=59&type=chunk) [Key Operating Performance During the Reporting Period](index=14&type=section&id=3.4%20报告期内主要经营情况) This section analyzes the changes in key financial statement items during the reporting period, including operating revenue, operating costs, various expenses, and net cash flow, explaining the main reasons for these fluctuations - Operating revenue increased by **17.40%** year-on-year, primarily due to increased sales of copper ball and copper powder series products[61](index=61&type=chunk) - Administrative expenses increased by **45.83%** year-on-year, mainly due to increased listing-related expenses[61](index=61&type=chunk) - R&D expenses increased by **56.87%** year-on-year, primarily due to increased investment in copper-based heat dissipation material R&D projects[61](index=61&type=chunk) - Net cash flow from financing activities increased by **76.97%** year-on-year, primarily due to proceeds from the initial public offering[61](index=61&type=chunk) [Analysis of Main Business](index=14&type=section&id=3.4.1%20主营业务分析) This section analyzes the changes in operating revenue, operating costs, sales expenses, administrative expenses, R&D expenses, and net cash flow from various activities, along with their primary causes, using a financial statement item change analysis table Analysis of Changes in Financial Statement Items (Jan-Jun 2025 vs. Prior Year Same Period) | Item | Current Period Amount (yuan) | Prior Year Same Period Amount (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,821,128,805.60 | 4,106,580,677.41 | 17.40 | Increased sales of copper ball and copper powder series products | | Operating Cost | 4,629,204,951.89 | 3,921,297,649.95 | 18.05 | Increased revenue, leading to a corresponding increase in cost of goods sold | | Selling Expenses | 9,152,868.77 | 8,504,812.46 | 7.62 | Performance growth, increased sales personnel salaries and business entertainment expenses | | Administrative Expenses | 30,547,610.93 | 20,947,788.73 | 45.83 | Increased listing-related expenses | | R&D Expenses | 24,021,367.09 | 15,312,693.93 | 56.87 | Increased investment in copper-based heat dissipation material R&D projects | | Net Cash Flow from Operating Activities | -591,269,665.90 | -445,372,348.18 | N/A | Increased discounting of bank acceptance bills and commercial acceptance bills accepted by commercial banks with general credit ratings | | Net Cash Flow from Investing Activities | -184,826,465.65 | -126,013,798.65 | N/A | Increased fixed deposits pledged for bills | | Net Cash Flow from Financing Activities | 947,854,305.95 | 535,588,672.44 | 76.97 | Proceeds from initial public offering | [Analysis of Assets and Liabilities](index=15&type=section&id=3.4.3%20资产、负债情况分析) This section analyzes the company's assets and liabilities at the end of the reporting period, including changes and reasons for key items like monetary funds, notes receivable, other receivables, short-term borrowings, accounts payable, contract liabilities, and long-term borrowings, also disclosing overseas assets and restricted assets Changes in Assets and Liabilities (Period-end vs. Prior Year-end) | Item Name | Current Period-end Amount (yuan) | Prior Year-end Amount (yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,008,343,863.94 | 711,566,565.81 | 41.71 | Increased bank deposits at period-end | | Notes Receivable | 475,353,505.24 | 282,544,351.25 | 68.24 | Increased bank acceptance bills received from commercial banks with lower credit ratings during the current period | | Other Receivables | 9,901,280.78 | 5,716,348.29 | 73.21 | Increased deposits and guarantees | | Other Non-Current Assets | 21,810,620.70 | 5,856,201.13 | 272.44 | Prepaid land acquisition costs | | Short-term Borrowings | 1,057,741,869.94 | 799,430,238.30 | 32.31 | Increased bank borrowings | | Accounts Payable | 107,568,977.37 | 77,784,370.76 | 38.29 | Increased accounts payable for goods | | Contract Liabilities | 12,567,154.99 | 7,843,449.52 | 60.22 | Increased advances from customers | | Long-term Borrowings | 148,903,350.00 | 54,403,350.00 | 173.70 | Increased guaranteed borrowings | - Overseas assets amounted to **36,882,261.39 yuan**, accounting for **0.89%** of total assets[64](index=64&type=chunk) - Details of major restricted assets at the end of the reporting period are provided in "Section X Financial Report," "VII. Notes to Consolidated Financial Statements Items," "31. Restricted Assets by Ownership or Use Rights" of this report[65](index=65&type=chunk) [Analysis of Investment Status](index=16&type=section&id=3.4.4%20投资状况分析) This section discloses the company's financial assets measured at fair value, totaling 36,987,931.37 yuan at period-end, primarily comprising notes receivable financing and trading financial assets Financial Assets Measured at Fair Value (Period-end) | Asset Category | Period-end Amount (yuan) | Beginning of Period Amount (yuan) | Amount Purchased in Current Period (yuan) | Gains and Losses from Fair Value Changes in Current Period (yuan) | | :--- | :--- | :--- | :--- | :--- | | Notes Receivable Financing | 26,948,114.96 | 28,308,424.79 | 0 | 0 | | Trading Financial Assets | 10,039,816.41 | 0 | 10,000,000.00 | 39,816.41 | | **Total** | **36,987,931.37** | **28,308,424.79** | **10,000,000.00** | **39,816.41** | [Analysis of Major Holding and Participating Companies](index=18&type=section&id=3.4.6%20主要控股参股公司分析) This section lists the financial information of the company's major subsidiaries, Jiangnan Precision and Hanaya Semiconductor, both of which achieved considerable operating revenue and net profit during the reporting period Financial Performance of Major Subsidiaries (Jan-Jun 2025) | Company Name | Company Type | Main Business | Registered Capital (ten thousand yuan) | Total Assets (ten thousand yuan) | Net Assets (ten thousand yuan) | Operating Revenue (ten thousand yuan) | Operating Profit (ten thousand yuan) | Net Profit (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangnan Precision | Subsidiary | Production of copper ball series products, high-precision copper-based heat sinks | 8,000.00 | 37,439.74 | 24,307.33 | 21,675.08 | 4,290.20 | 3,850.52 | | Hanaya Semiconductor | Subsidiary | Production of copper oxide powder series products | 6,000.00 | 58,748.00 | 28,793.78 | 21,258.78 | 4,797.91 | 4,250.19 | [Other Disclosures](index=19&type=section&id=3.5%20其他披露事项) This section discloses four main risks the company may face, including copper price fluctuations, low gross profit margins, technological innovation, and changes in downstream demand, advising investors to consider their potential impact on operating performance - Risk of significant impact from copper price fluctuations on revenue: The company's main products are priced using a "copper price + processing fee" sales model, and copper price fluctuations may lead to revenue decline[72](index=72&type=chunk) - Risk of low gross profit margin: The company's overall gross profit margin is relatively low (**3.40%**, **3.77%**, **3.98%** from 2023 to June 2025, respectively), mainly due to the high value of raw copper materials, with profit primarily derived from relatively stable processing fees[73](index=73&type=chunk) - Risk of technological innovation: The electronic information industry is experiencing accelerating technological upgrades, and if the company's technological innovation cannot adapt to rapid changes in downstream demand, it may adversely affect operating performance[74](index=74&type=chunk) - Market risk due to changes in downstream demand: Domestic and international macroeconomic conditions and economic cycle changes may lead to slower-than-expected growth or slowdown in downstream application industries, thereby affecting demand for copper-based new materials and the company's profitability[75](index=75&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=20&type=section&id=第四节%20公司治理、环境和社会) This section covers changes in the company's directors and senior management, profit distribution plans, and environmental information disclosure [Changes in Company Directors and Senior Management](index=20&type=section&id=4.1%20公司董事、高级管理人员变动情况) This section discloses the change in Mr. Wu Peng's position, who resigned as a non-independent director due to internal work adjustments and was subsequently elected as an employee representative director - Mr. Wu Peng applied to resign from his position as a non-independent director of the company's second board of directors due to internal work adjustments[78](index=78&type=chunk) - After resigning as a non-independent director, Mr. Wu Peng continues to serve as Deputy General Manager and Board Secretary of the company[78](index=78&type=chunk) - Mr. Wu Peng was elected as an employee representative director of the company's second board of directors[78](index=78&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=20&type=section&id=4.2%20利润分配或资本公积金转增预案) This section clarifies that the company will not distribute profits or convert capital reserves into share capital for the current reporting period - The company will not distribute profits or convert capital reserves into share capital for this reporting period[79](index=79&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=20&type=section&id=4.4%20纳入环境信息依法披露企业名单的上市公司及其主要子公司的环境信息情况) This section discloses that the company and its subsidiary, Hanaya Semiconductor Materials (Guixi) Co., Ltd., are on the list of enterprises required to disclose environmental information by law, providing an index for their environmental information disclosure reports - The number of enterprises included in the list of those required to disclose environmental information by law is **2**[80](index=80&type=chunk) - Both Jiangxi Jiangnan New Material Technology Co., Ltd. and Hanaya Semiconductor Materials (Guixi) Co., Ltd. are included in the list of enterprises required to disclose environmental information by law[80](index=80&type=chunk) - The query index for environmental information disclosure reports is http://qyhjxxyfpl.sthjt.jiangxi.gov.cn:15004/information[80](index=80&type=chunk) [Section V Significant Matters](index=22&type=section&id=第五节%20重要事项) This section covers the fulfillment of commitments, major litigation, related party transactions, significant contracts, and the use of raised funds [Fulfillment of Commitments](index=22&type=section&id=5.1%20承诺事项履行情况) This section details the commitments made by the company's actual controllers, shareholders, related parties, and the company itself regarding share lock-ups, stock price stabilization, prospectus truthfulness, fraudulent issuance, return enhancement measures, profit distribution policies, non-competition, and performance decline, confirming all commitments were strictly fulfilled during the reporting period - Controlling shareholder Xu Shangjin, and actual controllers Xu Shangjin and Qian Fenmei, committed not to transfer their directly or indirectly held company shares within **36 months** from the date of the issuer's stock listing[84](index=84&type=chunk) - The company, controlling shareholders, responsible directors, and senior management committed to initiating stock price stabilization measures if the company's stock closing price falls below the latest audited net asset value per share for **20 consecutive trading days**[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) - The company, controlling shareholders, actual controllers, directors, supervisors, and senior management committed that the prospectus contains no false records, misleading statements, or major omissions, and will bear corresponding legal liabilities and compensation obligations[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - The company, controlling shareholders, and actual controllers committed to initiating share repurchase procedures if there is any fraudulent issuance or listing[102](index=102&type=chunk)[103](index=103&type=chunk) - The company, controlling shareholders, actual controllers, directors, and senior management committed to taking measures such as improving daily operational efficiency, accelerating the construction of fundraising projects, increasing investment in product innovation and technological R&D, enhancing corporate governance and internal control, and improving the profit distribution system to compensate for diluted immediate returns[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk) - Controlling shareholders and actual controllers committed to avoiding horizontal competition with the company[115](index=115&type=chunk)[116](index=116&type=chunk) - During the reporting period, all committed parties, including the company's actual controllers, shareholders, related parties, acquirers, and the company, strictly fulfilled their respective commitments[82](index=82&type=chunk)[83](index=83&type=chunk) [Major Litigation and Arbitration Matters](index=35&type=section&id=5.7%20重大诉讼、仲裁事项) This section states that the company had no major litigation or arbitration matters during the reporting period - The company had no major litigation or arbitration matters during this reporting period[126](index=126&type=chunk) [Major Related Party Transactions](index=35&type=section&id=5.10%20重大关联交易) This section states that the company had no related party transactions not disclosed in temporary announcements, no related party transactions involving asset or equity acquisition/disposal, no major related party transactions involving joint external investments, and no related party creditor-debtor relationships during the reporting period - No related party transactions related to daily operations were undisclosed in temporary announcements during the reporting period[126](index=126&type=chunk) - No related party transactions involving asset or equity acquisition or disposal occurred during the reporting period[126](index=126&type=chunk) - No major related party transactions involving joint external investments occurred during the reporting period[127](index=127&type=chunk) - No related party creditor-debtor relationships existed during the reporting period[127](index=127&type=chunk) [Significant Contracts and Their Fulfillment](index=36&type=section&id=5.11%20重大合同及其履行情况) This section discloses the company's significant guarantees, both performed and unfulfilled, during the reporting period, primarily for its wholly-owned subsidiary Jiangnan Precision's bank borrowings - The total guarantee balance provided by the company to its subsidiaries is **13,000,000.00 yuan**[129](index=129&type=chunk) - The total guarantee amount accounts for **0.75%** of the company's net assets[129](index=129&type=chunk) - The company's guarantee to its subsidiary is for the wholly-owned subsidiary Jiangnan Precision's bank borrowings[129](index=129&type=chunk) [Explanation of Progress in Use of Raised Funds](index=38&type=section&id=5.12%20募集资金使用进展说明) This section details the overall use of the company's raised funds and specific investment projects, including total and net amounts, cumulative investment, and progress, along with the cash management of idle raised funds - Total raised funds amounted to **384.0386 million yuan**, with net raised funds of **331.0701 million yuan**[131](index=131&type=chunk) - As of the end of the reporting period, cumulative investment of raised funds was **54.4756 million yuan**, with an investment progress of **16.45%**[131](index=131&type=chunk) - Raised fund investment projects include the annual production of **12,000 tons** of electronic-grade copper oxide powder project, R&D center construction project, marketing service center construction project, and supplementary working capital[133](index=133&type=chunk) - The company managed idle raised funds through cash management, with a balance of **220 million yuan** as of June 30, 2025[137](index=137&type=chunk) [Overall Use of Raised Funds](index=38&type=section&id=5.12.1%20募集资金整体使用情况) This section provides an overview of the total amount of raised funds received and the cumulative investment and progress - Total raised funds amounted to **384.0386 million yuan**, with net raised funds of **331.0701 million yuan**[131](index=131&type=chunk) - As of the end of the reporting period, cumulative investment of raised funds was **54.4756 million yuan**, with an investment progress of **16.45%**[131](index=131&type=chunk) [Details of Raised Fund Investment Projects](index=38&type=section&id=5.12.2%20募投项目明细) This section itemizes each raised fund investment project, including its planned total investment, current year's investment, cumulative investment to date, and investment progress Details of Raised Fund Investment Projects | Project Name | Total Investment Pledged in Prospectus (ten thousand yuan) | Amount Invested in Current Year (ten thousand yuan) | Cumulative Investment as of Period-end (ten thousand yuan) | Cumulative Investment Progress as of Period-end (%) | | :--- | :--- | :--- | :--- | :--- | | Annual Production of 12,000 Tons of Electronic-Grade Copper Oxide Powder Project | 17,914.03 | 249.16 | 249.16 | 1.39 | | R&D Center Construction Project | 4,223.50 | 0.00 | 0.00 | 0.00 | | Marketing Service Center Construction Project | 5,299.35 | 0.00 | 0.00 | 0.00 | | Supplementary Working Capital | 5,670.13 | 5,198.40 | 5,198.40 | 91.68 | | **Total** | **33,107.01** | **5,447.56** | **5,447.56** | **16.45** | [Other Circumstances Regarding the Use of Raised Funds During the Reporting Period](index=41&type=section&id=5.12.4%20报告期内募集资金使用的其他情况) This section discloses the company's cash management of idle raised funds, with a period-end balance of 220 million yuan, remaining within the authorized limit - The company manages idle raised funds through cash management, with an effective authorized limit of **300 million yuan** approved by the board of directors[137](index=137&type=chunk) - As of the end of the reporting period, the cash management balance was **220 million yuan**, not exceeding the authorized limit[137](index=137&type=chunk) - The company and its subsidiaries still have agreed deposits of **52.1532 million yuan** in their special raised funds accounts[137](index=137&type=chunk) [Section VI Share Changes and Shareholder Information](index=41&type=section&id=第六节%20股份变动及股东情况) This section details changes in the company's share capital due to its initial public offering, including new share issuance, total share capital changes, and the composition of restricted and unrestricted shares, along with shareholder information [Changes in Share Capital](index=41&type=section&id=6.1%20股本变动情况) This section details the company's share capital changes resulting from its initial public offering, including the number of new shares issued, total share capital changes, and the composition of restricted and unrestricted tradable shares - The company initially offered **36,436,300** RMB ordinary shares (A-shares) and listed on the Shanghai Stock Exchange Main Board on March 20, 2025[142](index=142&type=chunk) - The company's total share capital increased from **109,308,899** shares to **145,745,199** shares[141](index=141&type=chunk)[142](index=142&type=chunk) - Unrestricted tradable shares amounted to **28,637,506** shares, accounting for **19.65%** of the company's total share capital[142](index=142&type=chunk) - Restricted shares amounted to **117,107,693** shares, accounting for **80.35%** of the company's total share capital[142](index=142&type=chunk) [Table of Share Changes](index=42&type=section&id=6.1.1%20股份变动情况表) This section presents a table illustrating the quantity and proportion of various share types before and after the company's share capital changes, including the increase or decrease from the current change Table of Share Changes | | Before This Change | Increase/Decrease in This Change (+, -) | After This Change | | :--- | :--- | :--- | :--- | | | Quantity | Proportion (%) | New Shares Issued | Subtotal | Quantity | Proportion (%) | | I. Restricted Shares | 109,308,899 | 100 | 7,798,794 | 7,798,794 | 117,107,693 | 80.35 | | II. Unrestricted Tradable Shares | 0 | 0 | 28,637,506 | 28,637,506 | 28,637,506 | 19.65 | | III. Total Shares | 109,308,899 | 100 | 36,436,300 | 36,436,300 | 145,745,199 | 100 | [Explanation of Share Changes](index=42&type=section&id=6.1.2%20股份变动情况说明) This section elaborates on the reasons for the company's share capital changes, specifically its initial public offering of RMB ordinary shares (A-shares) and listing on the Shanghai Stock Exchange Main Board - The company initially offered **36,436,300** RMB ordinary shares (A-shares) and listed on the Shanghai Stock Exchange Main Board on March 20, 2025[142](index=142&type=chunk) - Upon completion of the initial public offering, the company's total share capital was **145,745,199** shares, comprising **28,637,506** unrestricted tradable shares and **117,107,693** restricted shares[142](index=142&type=chunk) [Changes in Restricted Shares](index=42&type=section&id=6.1.2%20限售股份变动情况) This section lists the number of restricted shares, reasons for restriction, and release dates for the company's major shareholders at the end of the reporting period Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Increased During Reporting Period | Restricted Shares at End of Reporting Period | Reason for Restriction | Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | | Xu Shangjin | 56,927,188 | / | 56,927,188 | Pre-IPO Share Restriction | 2028-3-20 | | Qian Fenmei | 11,209,201 | / | 11,209,201 | Pre-IPO Share Restriction | 2028-3-20 | | Shanghai SAIC Hengxu Investment Management Co., Ltd. - Shanghai Yangtze River Delta Industrial Upgrade Equity Investment Partnership (Limited Partnership) | 5,241,843 | / | 5,241,843 | Pre-IPO Share Restriction | 2026-3-20 | | CITIC Securities Asset Management - CITIC Bank - CITIC Securities Asset Management Jiangnan New Material Employee Strategic Placement Collective Asset Management Plan | 0 | 2,941,176 | 2,941,176 | IPO Strategic Placement Share Restriction | 2026-3-20 | [Shareholder Information](index=45&type=section&id=6.2%20股东情况) This section discloses the total number of shareholders, the top ten shareholders' holdings (including restricted and unrestricted tradable shares), and the status of strategic investors becoming top ten shareholders as of the end of the reporting period - As of the end of the reporting period, the total number of ordinary shareholders was **24,939**[147](index=147&type=chunk) Top Ten Shareholders' Holdings (As of Period-end) | Shareholder Name | Shares Held at Period-end (shares) | Proportion (%) | Number of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Xu Shangjin | 56,927,188 | 39.06 | 56,927,188 | Domestic Natural Person | | Qian Fenmei | 11,209,201 | 7.69 | 11,209,201 | Domestic Natural Person | | Shanghai SAIC Hengxu Investment Management Co., Ltd. - Shanghai Yangtze River Delta Industrial Upgrade Equity Investment Partnership (Limited Partnership) | 5,241,843 | 3.60 | 5,241,843 | Other | | Zhejiang Rongyi Investment Management Co., Ltd. - Zhejiang Rongteng Venture Capital Partnership (Limited Partnership) | 5,241,843 | 3.60 | 5,241,843 | Other | | Yingtan Pengkun Information Consulting Limited Partnership | 5,175,190 | 3.55 | 5,175,190 | Other | | Beijing Shixi Yitang Huachuang Investment Management Co., Ltd. - Beijing Yitang Huachuang Equity Investment Center (Limited Partnership) | 4,312,724 | 2.96 | 4,312,724 | Other | | Yingtan Kunzhida Information Consulting Center (Limited Partnership) | 3,018,828 | 2.07 | 3,018,828 | Other | | CITIC Securities Asset Management - CITIC Bank - CITIC Securities Asset Management Jiangnan New Material Employee Strategic Placement Collective Asset Management Plan | 2,941,176 | 2.02 | 2,941,176 | Other | | Shanghai Shangqi Investment Management Partnership (Limited Partnership) - Yangzhou Shangqi Automotive Industry Equity Investment Fund (Limited Partnership) | 2,880,140 | 1.98 | 2,880,140 | Other | | Shanghai Shangqi Investment Management Partnership (Limited Partnership) - Qingdao SAIC Innovation Upgrade Industry Equity Investment Fund Partnership (Limited Partnership) | 2,736,113 | 1.88 | 2,736,113 | Other | - CITIC Securities Asset Management - CITIC Bank - CITIC Securities Asset Management Jiangnan New Material Employee Strategic Placement Collective Asset Management Plan became a top ten shareholder due to new share placement, with a lock-up period of **twelve months** from the date of the company's initial public offering and listing on the SSE Main Board[154](index=154&type=chunk) [Information on Directors and Senior Management](index=48&type=section&id=6.3%20董事和高级管理人员情况) This section states that there were no changes in shareholdings of current or former directors and senior management, nor any equity incentives granted during the reporting period - No changes in shareholdings of current or former directors and senior management occurred during the reporting period[155](index=155&type=chunk) - No equity incentives were granted to directors or senior management during the reporting period[155](index=155&type=chunk) [Section VII Bond-Related Information](index=49&type=section&id=第七节%20债券相关情况) This section confirms the absence of company bonds, enterprise bonds, non-financial enterprise debt financing instruments, and convertible corporate bonds during the reporting period [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=49&type=section&id=7.1%20公司债券（含企业债券）和非金融企业债务融资工具) This section states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[157](index=157&type=chunk) [Convertible Corporate Bonds](index=49&type=section&id=7.2%20可转换公司债券情况) This section states that the company had no convertible corporate bonds during the reporting period - The company has no convertible corporate bonds[157](index=157&type=chunk) [Section VIII Financial Report](index=50&type=section&id=第八节%20财务报告) This section presents the company's unaudited consolidated and parent company financial statements for the first half of 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with notes on accounting policies and significant items [Audit Report](index=50&type=section&id=8.1%20审计报告) This section states that the semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [Financial Statements](index=50&type=section&id=8.2%20财务报表) This section provides the company's consolidated and parent company financial statements for the first half of 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, offering a comprehensive view of its financial performance Consolidated Balance Sheet (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 4,150,170,382.17 | | Total Liabilities | 2,412,814,631.07 | | Total Owners' Equity | 1,737,355,751.10 | Consolidated Income Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 4,821,128,805.60 | | Total Profit | 126,146,967.40 | | Net Profit | 105,589,079.56 | | Net Profit Attributable to Owners of the Parent Company | 105,589,079.56 | | Basic Earnings Per Share (yuan/share) | 0.83 | Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -591,269,665.90 | | Net Cash Flow from Investing Activities | -184,826,465.65 | | Net Cash Flow from Financing Activities | 947,854,305.95 | | Net Increase in Cash and Cash Equivalents | 173,200,982.81 | [Consolidated Balance Sheet](index=50&type=section&id=8.2.1%20合并资产负债表) This section presents the company's consolidated balance sheet as of June 30, 2025, detailing current assets, non-current assets, current liabilities, non-current liabilities, and owners' equity Consolidated Balance Sheet (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 4,150,170,382.17 | | Total Liabilities | 2,412,814,631.07 | | Total Owners' Equity | 1,737,355,751.10 | [Parent Company Balance Sheet](index=52&type=section&id=8.2.2%20母公司资产负债表) This section presents the company's parent company balance sheet as of June 30, 2025, detailing current assets, non-current assets, current liabilities, non-current liabilities, and owners' equity Parent Company Balance Sheet (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 3,912,626,660.63 | | Total Liabilities | 2,558,035,585.29 | | Total Owners' Equity | 1,354,591,075.34 | [Consolidated Income Statement](index=54&type=section&id=8.2.3%20合并利润表) This section presents the company's consolidated income statement for January-June 2025, including total operating revenue, total operating costs, total profit, net profit, and earnings per share Consolidated Income Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 4,821,128,805.60 | | Total Profit | 126,146,967.40 | | Net Profit | 105,589,079.56 | | Net Profit Attributable to Owners of the Parent Company | 105,589,079.56 | | Basic Earnings Per Share (yuan/share) | 0.83 | [Parent Company Income Statement](index=56&type=section&id=8.2.4%20母公司利润表) This section presents the company's parent company income statement for January-June 2025, including operating revenue, operating costs, total profit, and net profit Parent Company Income Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Operating Revenue | 4,841,762,418.47 | | Total Profit | 31,404,573.58 | | Net Profit | 21,361,070.04 | [Consolidated Cash Flow Statement](index=58&type=section&id=8.2.5%20合并现金流量表) This section presents the company's consolidated cash flow statement for January-June 2025, including net cash flows from operating, investing, and financing activities Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -591,269,665.90 | | Net Cash Flow from Investing Activities | -184,826,465.65 | | Net Cash Flow from Financing Activities | 947,854,305.95 | | Net Increase in Cash and Cash Equivalents | 173,200,982.81 | [Parent Company Cash Flow Statement](index=60&type=section&id=8.2.6%20母公司现金流量表) This section presents the company's parent company cash flow statement for January-June 2025, including net cash flows from operating, investing, and financing activities Parent Company Cash Flow Statement (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -749,068,156.68 | | Net Cash Flow from Investing Activities | 20,694,796.07 | | Net Cash Flow from Financing Activities | 817,948,258.71 | | Net Increase in Cash and Cash Equivalents | 89,983,502.86 | [Consolidated Statement of Changes in Owners' Equity](index=62&type=section&id=8.2.7%20合并所有者权益变动表) This section presents the company's consolidated statement of changes in owners' equity for January-June 2025, detailing the beginning, current period changes, and ending balances of items such as share capital, capital reserves, other comprehensive income, surplus reserves, and undistributed profits Consolidated Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Paid-in Capital (or Share Capital) (yuan) | Capital Reserves (yuan) | Other Comprehensive Income (yuan) | Surplus Reserves (yuan) | Undistributed Profits (yuan) | Total Owners' Equity (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Balance at End of Prior Year | 109,308,899.00 | 544,944,709.34 | 0 | 40,208,433.74 | 660,197,170.26 | 1,354,659,212.34 | | III. Changes in Current Period | 36,436,300.00 | 294,633,824.06 | -36,941.23 | 0 | 51,663,355.93 | 382,696,538.76 | | IV. Balance at End of Current Period | 145,745,199.00 | 839,578,533.40 | -36,941.23 | 40,208,433.74 | 711,860,526.19 | 1,737,355,751.10 | [Parent Company Statement of Changes in Owners' Equity](index=66&type=section&id=8.2.8%20母公司所有者权益变动表) This section presents the company's parent company statement of changes in owners' equity for January-June 2025, detailing the beginning, current period changes, and ending balances of items such as share capital, capital reserves, surplus reserves, and undistributed profits Parent Company Statement of Changes in Owners' Equity (Jan-Jun 2025) | Item | Paid-in Capital (or Share Capital) (yuan) | Capital Reserves (yuan) | Surplus Reserves (yuan) | Undistributed Profits (yuan) | Total Owners' Equity (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Balance at End of Prior Year | 109,308,899.00 | 544,692,368.52 | 40,208,433.74 | 361,875,903.61 | 1,056,085,604.87 | | III. Changes in Current Period | 36,436,300.00 | 294,633,824.06 | 0 | -32,564,653.59 | 298,505,470.47 | | IV. Balance at End of Current Period | 145,745,199.00 | 839,326,192.58 | 40,208,433.74 | 329,311,250.02 | 1,354,591,075.34 | [Company's Basic Information](index=69&type=section&id=8.3%20公司基本情况) This section provides the company's basic overview, including its establishment, share capital changes, listing information, legal representative, registered address, and main business, noting its listing on the Shanghai Stock Exchange Main Board on March 20, 2025 - Jiangxi Jiangnan New Material Technology Co., Ltd. was established through the overall conversion of Jiangxi Jiangnan New Material Technology Co., Ltd[189](index=189&type=chunk) - The company publicly issued **36.4363 million** RMB ordinary shares (A-shares) in March 2025 and was officially listed on the Shanghai Stock Exchange Main Board on March 20, 2025, with stock code **603124**[190](index=190&type=chunk) - The company's legal representative is Xu Shangjin, and its registered address is Yingtan Industrial Park, Yuehu District, Yingtan City, Jiangxi Province[190](index=190&type=chunk) - The company primarily engages in the R&D, production, and sales of copper-based new materials[190](index=190&type=chunk) [Basis of Financial Statement Preparation](index=69&type=section&id=8.4%20财务报表的编制基础) This section states that the company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant regulations, and comply with the China Securities Regulatory Commission's information disclosure requirements - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with Enterprise Accounting Standards, their application guidelines, and interpretations[191](index=191&type=chunk) - The company also discloses relevant financial information in accordance with the China Securities Regulatory Commission's "Reporting Rules for Information Disclosure by Companies Issuing Securities No. 15 – General Provisions for Financial Reports" (Revised 2023)[191](index=191&type=chunk) - The company assessed its ability to continue as a going concern for **12 months** from the end of the reporting period, found no matters affecting its going concern ability, and thus considers the preparation of financial statements on a going concern basis to be reasonable[192](index=192&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=69&type=section&id=8.5%20重要会计政策及会计估计) This section details the company's significant accounting policies and estimates used in preparing financial statements, covering financial instruments, inventories, fixed assets, intangible assets, revenue recognition, and government subsidies, providing a foundation for understanding the financial reports - The financial statements prepared by the company comply with Enterprise Accounting Standards, accurately and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[194](index=194&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with a normal operating cycle of **one year**[195](index=195&type=chunk)[196](index=196&type=chunk) - Financial assets are measured at fair value upon initial recognition, with subsequent measurement depending on their classification: at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[209](index=209&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in a contract, which is when the customer obtains control of the related goods[253](index=253&type=chunk) - The company continuously evaluates its significant accounting estimates and key assumptions based on historical experience and other factors, including reasonable expectations of future events[272](index=272&type=chunk) [Taxation](index=90&type=section&id=8.6%20税项) This section discloses the company and its subsidiaries' main tax types and applicable rates, detailing various tax incentives enjoyed, including high-tech enterprise income tax benefits, VAT preferences for employing disabled individuals, R&D expense super deduction, and VAT credit for advanced manufacturing enterprises Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Income | 0%, 7%, 9%, 13% | | Urban Maintenance and Construction Tax | Taxable Turnover | 7% | | Education Surcharge | Taxable Turnover | 3% | | Local Education Surcharge | Taxable Turnover | 2% | | Corporate Income Tax | Taxable Income | 25%, 20%, 15%, 8.25%, 16.5% | - Subsidiaries Jiangnan Precision and Hanaya Semiconductor passed the high-tech enterprise re-certification in October 2024, and will pay corporate income tax at a reduced rate of **15%** for the year 2025[275](index=275&type=chunk) - The company benefits from VAT preferential policies for employing disabled individuals, with a monthly VAT refund limit per disabled person equal to **4 times** the monthly minimum wage standard[275](index=275&type=chunk) - For manufacturing enterprises, R&D expenses actually incurred in R&D activities that do not form intangible assets and are expensed in the current period are eligible for an additional **100%** pre-tax deduction based on the actual amount incurred[276](index=276&type=chunk) - From January 1, 2023, to December 31, 2027, advanced manufacturing enterprises are allowed to deduct **5%** of their current period's deductible input VAT from their payable VAT[277](index=277&type=chunk) [Notes to Consolidated Financial Statement Items](index=91&type=section&id=8.7%20合并财务报表项目注释) This section provides detailed notes for each major item in the consolidated financial statements, including monetary funds, notes receivable, accounts receivable, inventories, fixed assets, intangible assets, short-term borrowings, long-term borrowings, share capital, capital reserves, operating revenue, and costs, explaining the reasons for changes between period-end and beginning balances - Monetary funds balance increased by **41.71%** at period-end compared to the beginning of the period, mainly due to increased bank deposits at period-end[278](index=278&type=chunk) - Notes receivable balance increased by **68.24%** at period-end compared to the beginning of the period, mainly due to an increase in bank acceptance bills received from commercial banks with lower credit ratings during the current period[63](index=63&type=chunk) - Short-term borrowings balance increased by **32.31%** at period-end compared to the beginning of the period, mainly due to increased bank borrowings[353](index=353&type=chunk) - Share capital increased by **36,436,300.00 yuan**, due to the company's initial public offering of RMB ordinary shares (A-shares)[383](index=383&type=chunk) - Capital reserves increased by **310,520,771.93 yuan**, primarily due to the capital premium of **294,633,824.06 yuan** from the company's initial public offering of RMB ordinary shares (A-shares), and the transfer of equity incentive capital reserves to capital premium upon meeting vesting conditions[385](index=385&type=chunk) Operating Revenue and Operating Cost (Jan-Jun 2025) | Item | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | Main Business | 4,820,226,299.13 | 4,628,828,257.09 | | Other Businesses | 902,506.47 | 376,694.80 | | **Total** | **4,821,128,805.60** | **4,629,204,951.89** | [R&D Expenses](index=135&type=section&id=8.8%20研发支出) This section lists the company's R&D expenses for the reporting period, totaling 24,021,367.09 yuan, primarily comprising employee compensation, material costs, and depreciation and amortization, all recognized as expenses R&D Expenses by Nature of Expense (Jan-Jun 2025) | Item | Amount Incurred in Current Period (yuan) | Amount Incurred in Prior Period (yuan) | | :--- | :--- | :--- | | Employee Compensation | 5,793,201.41 | 3,684,012.00 | | Material Costs | 15,303,533.22 | 8,779,021.27 | | Depreciation and Amortization | 2,214,641.17 | 558,647.55 | | Testing Service Fees | 129,528.19 | 338,696.72 | | Outsourced R&D Fees | 0 | 1,388,349.51 | | Other | 580,463.10 | 538,755.88 | | **Total** | **24,021,367.09** | **15,312,693.93** | - All R&D expenses in the current period were expensed[403](index=403&type=chunk) - R&D expenses in the current period increased by **56.87%** compared to the prior period, due to increased investment in copper-based heat dissipation material R&D projects[403](index=403&type=chunk) [Changes in Consolidation Scope](index=135&type=section&id=8.9%20合并范围的变更) This section states that there were no non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposals of subsidiaries leading to loss of control during the reporting period - No non-same-control business combinations occurred during the reporting period[439](index=439&type=chunk) - No same-control business combinations occurred during the reporting period[439](index=439&type=chunk) - No reverse acquisitions occurred during the reporting period[440](index=440&type=chunk) - No disposals of subsidiaries leading to loss of control occurred during the reporting period[440](index=440&type=chunk) [Interests in Other Entities](index=136&type=section&id=8.10%20在其他主体中的权益) This section discloses the company's enterprise group structure, including its wholly-owned subsidiaries Jiangxi Jiangnan Precision Technology Co., Ltd., Hanaya Semiconductor Materials (Guixi) Co., Ltd., Ruian Danshuijun Technology Co., Ltd., Jiangnan New Material International (Hong Kong) Co., Ltd., and its controlled subsidiary Jiangnan New Material International (Thailand) Co., Ltd Composition of the Enterprise Group | Subsidiary Name | Shareholding Proportion (%) | Acquisition Method | | :--- | :--- | :--- | | Jiangxi Jiangnan Precision Technology Co., Ltd. | 100.00 (Direct) | Established by Investment | | Hanaya Semiconductor Materials (Guixi) Co., Ltd. | 100.00 (Direct) | Established by Investment | | Ruian Danshuijun Technology Co., Ltd. | 100.00 (Direct) | Established by Investment | | Jiangnan New Material International (Hong Kong) Co., Ltd. | 100.00 (Direct) | Established by Investment | | Jiangnan New Material International (Thailand) Co., Ltd. | 30.00 (Direct), 70.00 (Indirect) | Established by Investment | [Government Grants](index=139&type=section&id=8.11%20政府补助) This section discloses the company's government grant-related liability items and amounts recognized in current profit or loss during the reporting period, primarily deferred income related to assets and income-related government grants Liability Items Involving Government Grants (Period-end) | Financial Statement Item | Period-end Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | | Deferred Income | 19,775,279.06 | Asset-related | Government Grants Recognized in Current Profit or Loss (Jan-Jun 2025) | Type | Amount Incurred in Current Period (yuan) | Amount Incurred in Prior Period (yuan) | | :--- | :--- | :--- | | Income-related | 19,431,726.24 | 29,703,770.54 | | Asset-related | 1,093,756.74 | 2,125,731.89 | | **Total** | **20,525,482.98** | **31,829,502.43** | [Risks Related to Financial Instruments](index=140&type=section&id=8.12%20与金融工具相关的风险) This section details the company's financial instrument-related risks, including credit risk, liquidity risk, and market risk (foreign exchange and interest rate risks), and outlines the company's management objectives and policies for these risks - The company's financial instrument-related risks arise from various financial assets and liabilities recognized in its operations, including credit risk, liquidity risk, and market risk[446](index=446&type=chunk) - The company's credit risk primarily arises from monetary funds, notes receivable, accounts receivable, notes receivable financing, other receivables, etc., and the company controls credit risk exposure by assessing customer creditworthiness and regularly monitoring credit records[446](index=446&type=chunk)[447](index=447&type=chunk) - The company's maximum credit risk exposure is the carrying amount of each financial asset on the balance sheet[450](index=450&type=chunk) - The company manages its liquidity risk by regularly monitoring short-term and long-term liquidity needs to ensure sufficient cash reserves and readily marketable securities[450](index=450&type=chunk) - The company's market risk primarily arises from foreign exchange risk (mainly related to USD-denominated accounts payable, accounts receivable, borrowings, and monetary funds) and interest rate risk (mainly from long-term interest-bearing debts such as long-term borrowings and long-term payables)[453](index=453&type=chunk)[454](index=454&type=chunk) - The company mitigates foreign exchange risk by entering into forward foreign exchange contracts and continuously monitors interest rate levels[454](index=454&type=chunk) - Financial asset transfer methods include factoring, endorsement, discounting, and forfaiting, with some having been derecognized[457](index=457&type=chunk)[459](index=459&type=chunk) [Disclosure of Fair Value](index=143&type=section&id=8.13%20公允价值的披露) This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, primarily notes receivable financing and trading financial assets, and explains the fair value measurement levels and valuation techniques used Fair Value of Assets and Liabilities Measured at Fair Value (Period-end) | Item | Level 2 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | Notes Receivable Financing | 26,948,114.96 | 26,948,114.96 | | Trading Financial Assets | 10,039,816.41 | 10,039,816.41 | | **Total Assets Continuously Measured at Fair Value** | **36,987,931.37** | **36,987,931.37** | - The basis for determining the market price of Level 1 fair value measurement items is unadjusted quoted prices for identical assets or liabilities in active markets[462](index=462&type=chunk) - Level 2 fair value measurement items use directly or indirectly observable inputs for the relevant assets or liabilities, other than Level 1 inputs[463](index=463&type=chunk) - Level 3 fair value measurement items use unobservable inputs for the relevant assets or liabilities[464](index=464&type=chunk) [Related Parties and Related Party Transactions](index=144&type=section&id=8.14%20关联方及关联交易) This section discloses the company's related parties, including subsidiaries, key management personnel, and other related parties, and details related party transactions during the reporting period, such as goods purchases, related party guarantees, key management personnel compensation, and other related party transactions like donations - Details of the company's subsidiaries are provided i

证券代码：603124 证券简称：江南新材 公告编号：2025-029 江西江南新材料科技股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 根据中国证券监督管理委员会《上市公司募集资金监管规则》《上海证券交 易所上市公司自律监管指引第1号——规范运作》《上海证券交易所股票上市规 则》等有关规定，江西江南新材料科技股份有限公司（以下简称"公司"）就2025 年半年度募集资金存放与使用情况作如下专项报告： 一、募集资金基本情况 （一）实际募集资金金额及资金到账情况 根据中国证券监督管理委员会《关于同意江西江南新材料科技股份有限公司 首次公开发行股票注册的批复》（证监许可〔2024〕1805号）同意注册，并经上 海证券交易所同意，公司首次公开发行人民币普通股（A股）3,643.63万股，每 股面值1元，每股发行价格为人民币10.54元，募集资金总额为人民币38,403.86 万元，扣除发行费用人民币5,296.85万元后，募集资金净额为33,107.01万元。 上述募集资金到位情况已经容诚会计师事务所（特殊普通合伙）验证，并于2025 年3月14日出具容 ...

证券代码：603124 证券简称：江南新材 公告编号：2025- 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意江西江南新材料科技股份有限公 司首次公开发行股票注册的批复》（证监许可〔2024〕1805号）同意注册，并 经上海证券交易所同意，公司首次公开发行人民币普通股（A股）3,643.63万股， 每股面值1元，每股发行价格为人民币10.54元，募集资金总额为人民币 38,403.86万元，扣除发行费用人民币5,296.85万元后，募集资金净额为 33,107.01万元。上述募集资金到位情况已经容诚会计师事务所（特殊普通合伙） 验证，并于2025年3月14日出具容诚验字[2025]361Z0009号《验资报告》。 030 江西江南新材料科技股份有限公司 关于使用募集资金置换预先投入募投项目及已支付发行费用的 自筹资金的公告 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： 江西江南新材料科技股份有限公司（以下简称"公司"）本次使用募集 资金置换预先已投入募集资金投资项目及已支付发行费用的自筹资金总额 ...

江南新材公告，2025年上半年营业收入48.21亿元，同比增长17.40%。净利润1.06亿元，同比增长 7.38%。 ...

Group 1 - Jiangnan New Materials closed at 81.25 yuan on August 26, down 2.46 yuan from the previous trading day [1] - The trading volume on that day was 64,700 lots, with a transaction amount of 535 million yuan [1] - The stock experienced a rapid rebound during the day, with a rise of over 2% within 5 minutes in the morning session, reaching a high of 86.50 yuan [1] Group 2 - Jiangnan New Materials is primarily engaged in the research and production of electronic materials, with applications in consumer electronics and new energy sectors [1] - The company is part of the electronic components sector and possesses attributes related to composite current collectors and specialized innovation [1] - On August 26, there was a net outflow of 81.09 million yuan from main funds, with a cumulative net outflow of 110 million yuan over the past five trading days [1] - The turnover rate on that day reached 22.62%, indicating active market trading [1]

Core Viewpoint - CCL (Copper Clad Laminate) is experiencing a price surge, with major manufacturers like 建滔积层板 issuing price increase notices, followed by second-tier companies such as 宏瑞兴 and 威利邦 [1] Group 1: Price Increases and Market Dynamics - 建滔积层板 announced a price increase of 10 yuan per sheet for products like CEM-1/22F/V0/HB/FR-4 starting August 15 [1] - 威利邦 and 宏瑞兴 also followed suit, with 威利邦 raising prices by 5 yuan per sheet due to rising copper prices, and 宏瑞兴 increasing prices by 10 yuan for various copper-clad laminates [1] Group 2: CCL and PCB Cost Structure - CCL is a core material for PCBs, accounting for 30% of the total PCB cost, with overall raw material costs making up 60% of PCB expenses [2] - The cost structure of CCL includes significant contributions from copper foil (42.1%), resin (26.1%), and fiberglass (19.1%) [3] Group 3: Demand Drivers and Supply Constraints - The rapid development of AI technology is driving strong demand for AI servers, which in turn boosts PCB demand [4] - The PCB industry is experiencing simultaneous increases in volume and price, leading to supply shortages in high-end materials such as LowDk electronic cloth and HVLP copper foil [5] Group 4: Key Material Suppliers - Recommended companies for AIPCB upstream materials include: - Electronic Cloth: 宏和科技 and 中材科技 [8] - Copper Foil: 铜冠铜箔, 德福科技, 隆扬电子, 嘉元科技, and 方邦股份 [8] - Electronic Resins: 东材科技, 圣泉集团, 宏昌电子, and 同宇新材 [8] - Functional Fillers: 联瑞新材 [8] - PCB-specific Electronic Chemicals: 天承科技 [9] - Copper Balls/Oxidized Copper Powder: 江南新材 [9]

Group 1 - Jiangnan New Materials experienced a stock price increase of 4.95% on August 22, with a trading volume of 556 million yuan [1] - The company had a net financing buy of -27.74 million yuan on the same day, with a total financing and securities balance of 211 million yuan, accounting for 9.69% of its market capitalization [1] - The company specializes in the research, production, and sales of copper-based new materials, with its main revenue sources being copper ball series (82.34%), copper oxide powder series (15.10%), and others [1] Group 2 - As of March 31, Jiangnan New Materials had 28,100 shareholders, a decrease of 46.44% from the previous period, while the average circulating shares per person increased by 86.70% to 1,017 shares [2] - For the first quarter of 2025, the company reported a revenue of 2.265 billion yuan, representing a year-on-year growth of 25.52%, and a net profit attributable to shareholders of 36.54 million yuan, up 10.85% year-on-year [2] Group 3 - Since its A-share listing, Jiangnan New Materials has distributed a total of 53.93 million yuan in dividends [3]

New Stock Listings - New stock "能之光" (Code: 920056) listed at an issue price of 7.21 on August 22, 2025[1] - "申科股份" (Code: 002633) has a tender offer period from July 29 to August 27, 2025[1] - "抚顺特钢" (Code: 600399) has a tender offer period from August 12 to September 10, 2025[1] Abnormal Fluctuations - "赛诺医疗" (Code: 688108) reported severe abnormal fluctuations on August 19, 2025[1] - "ST苏吴" (Code: 600200) announced abnormal fluctuations on August 21, 2025[1] - "汇嘉时代" (Code: 603101) reported abnormal fluctuations on August 22, 2025[1] Other Notable Announcements - "酒鬼酒" (Code: 000799) reported an announcement on August 21, 2025[1] - "国机精工" (Code: 002046) had an announcement on August 21, 2025[1] - "全柴动力" (Code: 600218) reported an announcement on August 21, 2025[1]