证券代码：603124 证券简称：江南新材 公告编号：2025-040 江西江南新材料科技股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回并注销部分募集 资金现金管理产品专用结算账户的公告 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。 江西江南新材料科技股份有限公司（以下简称"公司"）于 2025 年 4 月 2 日分别召开第二届董事会第十一次会议、第二届监事会第九次会议，审议通过了 《关于使用部分闲置募集资金进行现金管理的议案》，同意公司及子公司在不影 响募集资金投资项目建设和公司正常经营的情况下，使用最高不超过人民币 30,000 万元的部分闲置募集资金进行现金管理，购买安全性高、流动性好的保 本型理财产品或存款类产品（包括但不限于协定性存款、结构性存款、定期存款、 大额存单等），具体内容详见公司 2025 年 4 月 3 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《关于使用部分暂时闲置募集资 金进行现金管理的公告》(公告编号：2025-006)。 一、本次使用闲置募集 ...

Market Overview - The metal new materials sector experienced a decline of 0.67% on November 19, with Jiangnan New Materials leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Stock Performance - Notable gainers in the metal new materials sector included: - Alloy Investment (code: 000633) with a closing price of 8.55, up 3.14% and a trading volume of 1.1416 million shares, totaling 9.63 billion yuan [1] - Zhongke Magnetic (code: 301141) closed at 57.03, up 2.94% with a trading volume of 54,700 shares, totaling 3.14 billion yuan [1] - Jinli Permanent Magnet (code: 300748) closed at 35.32, up 2.32% with a trading volume of 403,700 shares, totaling 14.14 billion yuan [1] - Major decliners included: - Jiangnan New Materials (code: 603124) closed at 75.80, down 6.88% with a trading volume of 30,500 shares, totaling 2.37 billion yuan [2] - Shenzhen New Star (code: 603978) closed at 31.74, down 4.14% with a trading volume of 223,200 shares, totaling 7.19 billion yuan [2] - Chidao New Materials (code: 300930) closed at 31.17, down 3.77% with a trading volume of 19,500 shares, totaling 614.63 million yuan [2] Capital Flow - The metal new materials sector saw a net outflow of 121 million yuan from institutional investors, while retail investors contributed a net inflow of 155 million yuan [2] - Specific stock capital flows included: - Jinli Permanent Magnet had a net inflow of 14.7 million yuan from institutional investors, while retail investors saw a net outflow of 136 million yuan [3] - Zhongke Magnetic experienced a net inflow of 36.05 million yuan from institutional investors, with a net outflow of 3.375 million yuan from retail investors [3] - Other stocks like Dadi Bear (code: 688077) and Longmag Technology (code: 300835) also showed varied capital flows with net inflows and outflows from different investor types [3]

Core Viewpoint - Jiangnan New Materials experienced a stock price decline of 2.19% on November 19, with a current price of 79.62 CNY per share and a total market capitalization of 11.604 billion CNY [1] Financial Performance - For the period from January to September 2025, Jiangnan New Materials achieved a revenue of 7.569 billion CNY and a net profit attributable to shareholders of 165 million CNY, reflecting a year-on-year growth of 21.95% [2] Stock Market Activity - The stock has seen a year-to-date increase of 7.41%, but has declined by 3.47% over the last five trading days. The stock has appeared on the daily trading leaderboard 30 times this year, with the most recent appearance on October 14, where it recorded a net buy of -894.383 million CNY [1][2] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 60.29% to 9,904, while the average number of circulating shares per person increased by 156.98% to 2,950 shares [2] Dividend Distribution - Jiangnan New Materials has distributed a total of 53.926 million CNY in dividends since its A-share listing [3] Major Shareholders - The top circulating shareholders include Huaxia Industry Prosperity Mixed A, Huaxia Excellent Growth Mixed A, and several other funds, all of which are new shareholders [3]

Core Viewpoint - Jiangnan New Materials experienced a decline of 5.05% on November 17, with a stock price of 80.52 CNY per share and a total market capitalization of 11.735 billion CNY [1] Company Overview - Jiangxi Jiangnan New Materials Technology Co., Ltd. was established on July 26, 2007, and is located in Yingtan City, Jiangxi Province [1] - The company specializes in the research, production, and sales of copper-based new materials [1] - Revenue composition includes: copper ball series 78.30%, copper oxide powder series 17.26%, others 2.66%, high-precision copper-based heat sinks 1.74%, and copper material trading 0.01% [1] Fund Holdings - Rongtong Fund has a significant holding in Jiangnan New Materials through its Rongtong Advanced Manufacturing Mixed A fund (014647), which held 197,200 shares, accounting for 5.1% of the fund's net value [2] - The fund has reported a floating loss of approximately 844,000 CNY as of the latest data [2] Fund Performance - Rongtong Advanced Manufacturing Mixed A fund was established on February 22, 2022, with a current scale of 315 million CNY [2] - Year-to-date return is 55.16%, ranking 640 out of 8,213 in its category; one-year return is 46.24%, ranking 855 out of 8,130; and since inception return is 30.84% [2] Fund Manager - The fund manager of Rongtong Advanced Manufacturing Mixed A is Wang Di, who has been in the position for 7 years and 153 days [3] - The total asset size of the fund is 789 million CNY, with the best return during Wang Di's tenure being 212.97% and the worst being -6.17% [3]

Group 1 - Jiangnan New Materials experienced a stock price increase of 5.44%, reaching 88.57 CNY per share, with a trading volume of 139 million CNY and a turnover rate of 5.60%, resulting in a total market capitalization of 12.909 billion CNY [1] - The company, 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 revenue composition of Jiangnan New Materials includes: copper ball series 78.30%, copper oxide powder series 17.26%, others 2.66%, high-precision copper-based heat sinks 1.74%, and copper material trading 0.01% [1] Group 2 - Rongtong Fund has a significant holding in Jiangnan New Materials, with the Rongtong Advanced Manufacturing Mixed A fund (014647) holding 197,200 shares, accounting for 5.1% of the fund's net value, making it the sixth-largest holding [2] - The Rongtong Advanced Manufacturing Mixed A fund was established on February 22, 2022, with a current size of 315 million CNY and has achieved a year-to-date return of 61.42%, ranking 497 out of 8140 in its category [2] - The fund manager, Wang Di, has a tenure of 7 years and 150 days, with the fund's total asset size at 1.204 billion CNY and a best return of 214.4% during his management period [2]

Core Viewpoint - The surge in Jiangnan New Materials' stock price is driven by the booming PCB sector, fueled by increasing demand for AI computing power, resulting in a significant rise in the company's market value since its IPO earlier this year [1][3][4]. Company Performance - Jiangnan New Materials' stock closed at 82.48 yuan per share on November 12, with a market capitalization of 12.02 billion yuan, reflecting a cumulative increase of 688.63% since its IPO on March 20, where the initial price was 10.54 yuan per share [1][2][3]. - The company reported a total revenue of 7.569 billion yuan for the first three quarters of 2025, marking an 18.34% year-on-year increase, and a net profit attributable to shareholders of 165 million yuan, up 21.95% year-on-year [3][10]. Industry Context - The PCB sector is experiencing high demand, particularly in the server and data storage markets, with projections indicating a market size of 18.921 billion USD by 2029, growing at a compound annual growth rate (CAGR) of 11.6% from 2024 to 2029 [3]. - Jiangnan New Materials specializes in the research, production, and sales of copper-based new materials, with key products including copper ball series and copper oxide powder series, which are widely used across various sectors such as communication, computing, consumer electronics, automotive electronics, and new energy [3][10]. Shareholder Dynamics - Notable foreign institutional investors, including Morgan Stanley and UBS, have entered Jiangnan New Materials' top ten circulating shareholders, indicating strong interest from the investment community [1][2]. - SAIC has made significant early investments in Jiangnan New Materials, with estimated returns exceeding 900% on their investments [1][4][6]. Corporate Structure - Jiangnan New Materials is characterized as a typical family-owned enterprise, with the founder and his family holding a significant portion of the company's shares, totaling 46.75% of the total equity [8][9]. - The company has faced challenges in its IPO journey, with multiple attempts before successfully listing in 2023 [8][9]. Profitability Concerns - The company has been noted for its relatively weak profitability, with a gross margin of only 3.95% for the first three quarters of 2025, primarily due to its pricing model based on copper prices plus processing fees [10].

Market Overview - The metal new materials sector experienced a decline of 2.16% on November 12, with Longda Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Individual Stock Performance - Notable performers in the metal new materials sector included: - Zhongke Sanhuan (Code: 000970) with a closing price of 13.79, up 1.70% and a trading volume of 313,300 shares [1] - Youyan Powder Materials (Code: 688456) closed at 47.01, up 0.99% with a trading volume of 10,800 shares [1] - Longda Co., Ltd. (Code: 688231) closed at 24.29, down 6.51% with a trading volume of 126,000 shares [2] Capital Flow Analysis - The metal new materials sector saw a net outflow of 1.012 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.104 billion yuan [2] - The capital flow for individual stocks showed varied trends, with Zhongke Sanhuan experiencing a net inflow of 26.0176 million yuan from institutional investors [3]

Core Viewpoint - Jiangnan New Materials (603124.SH) has successfully applied its high-precision copper-based heat sink products in various fields, including PCB embedded heat dissipation processes, power semiconductor cooling, and server liquid cooling systems [1] Group 1 - The company specializes in high-precision copper-based heat sink products [1] - The products are utilized in PCB embedded heat dissipation technology [1] - The applications extend to power semiconductor cooling [1] - The products are also used in server liquid cooling systems [1]

Core Viewpoint - Jiangnan New Materials (603124.SH) has successfully applied its high-precision copper-based heat sink products in various fields, including PCB embedded heat dissipation processes, power semiconductor cooling, and server liquid cooling systems [1] Group 1 - The company specializes in high-precision copper-based heat sink products [1] - The products are utilized in PCB embedded heat dissipation technology [1] - The applications extend to power semiconductor cooling [1] - The products are also used in server liquid cooling systems [1]

Market Overview - The metal new materials sector experienced a decline of 0.55% on November 11, with Jiangnan New Materials leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Shenzhen New Star (603978) saw a significant increase of 5.61%, closing at 36.88 with a trading volume of 583,000 shares and a transaction value of 2.11 billion [1] - Jiangnan New Materials (603124) reported a decrease of 4.83%, closing at 85.33 with a trading volume of 37,600 shares and a transaction value of 326 million [2] - Other notable performers included Xinlaifu (301323) with a 2.64% increase and AnTai Technology (696000) with a 1.88% increase [1][2] Capital Flow - The metal new materials sector saw a net outflow of 150 million from institutional investors, while retail investors contributed a net inflow of 115 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2][3] Individual Stock Capital Flow - AnTai Technology (606000) had a net inflow of 96.54 million from institutional investors, while retail investors showed a net outflow of 14.3 million [3] - Xinlaifu (301323) experienced a net inflow of 51.24 million from institutional investors but a significant outflow of 86.04 million from retail investors [3] - Jiangnan New Materials (603124) had a minor net inflow of 0.67 million from retail investors despite a net outflow from institutional investors [3]