Investment Rating - The report maintains a "Buy" rating for Jianghan New Materials [1][10][13] Core Views - The decline in silane prices has negatively impacted the company's performance, but there are signs that prices may have bottomed out, which could benefit the company in the long term [5][9][10] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.425 billion yuan, a year-on-year decrease of 16.38%, and a net profit attributable to shareholders of 322 million yuan, down 29.50% year-on-year [5][6] - In Q3 2025, the company reported revenue of 480 million yuan, a year-on-year decline of 9.40%, but a quarter-on-quarter increase of 5.89%. The net profit for the same period was 112 million yuan, down 22.85% year-on-year and down 1.63% quarter-on-quarter [5][6] Sales and Margins - The average selling price of functional silane in Q3 2025 was 15,229 yuan per ton, a decrease of 2,255 yuan per ton year-on-year and a decrease of 658 yuan per ton quarter-on-quarter. The sales volume increased to 31,200 tons, up 2,080 tons year-on-year and up 3,125 tons quarter-on-quarter [7][9] - The gross margin for Q3 2025 was 29.29%, down 5.46 percentage points year-on-year and down 1.14 percentage points quarter-on-quarter [8][10] Future Outlook - The report forecasts the company's revenue for 2025-2027 to be 1.95 billion, 2.564 billion, and 3.184 billion yuan, respectively, with net profits of 418 million, 571 million, and 719 million yuan, respectively. The corresponding P/E ratios are projected to be 23, 17, and 13 times [10][12] - The report suggests that the functional silane industry may be recovering, as prices have recently increased from their lows, which could benefit Jianghan New Materials as a leading player in the sector [9][10]

Core Viewpoint - Jianghan New Materials (603281.SH) reported an increase in institutional ownership in its Q3 2025 financial results, indicating growing investor confidence in the company [1] Group 1: Institutional Ownership - As of October 27, 2025, two institutional investors disclosed holdings in Jianghan New Materials, totaling 20.1492 million shares, which represents 5.40% of the company's total share capital [1] - The institutional ownership increased by 2.90 percentage points compared to the previous quarter, reflecting a positive trend in institutional investment [1] Group 2: Public Fund Participation - In this reporting period, 63 public funds were disclosed, with notable funds including Invesco Great Wall Energy Infrastructure Mixed A, Invesco Great Wall Value Marginal Flexible Allocation Mixed A, and Invesco Great Wall Competitive Advantage Mixed [1]

Core Viewpoint - The company, Hubei Jianghan New Materials Co., Ltd., has released its third-quarter operational data for 2025, ensuring the accuracy and completeness of the information provided in the report [7]. Financial Data Summary - The financial statements for the third quarter of 2025 have not been audited [3]. - The report includes major accounting data and financial indicators, with all figures presented in Renminbi [3]. Operational Performance - The company has reported on the production volume, sales volume, and revenue of its main products, with specific details on functional silane intermediates [7]. - The average sales prices of major products and their year-on-year changes are also included [8]. Raw Material Procurement Prices - The average procurement price of anhydrous ethanol decreased by 5.63% in Q1, increased by 2.57% in Q2, and increased by 4.36% in Q3 [9]. - The average procurement price of high-grade chloropropene increased by 0.89% in Q1, 10.6% in Q2, and 18.41% in Q3 [10]. - The average procurement price of metallic silicon decreased by 7.71% in Q1, 14.92% in Q2, and 1.79% in Q3 [11]. - The average procurement price of allyl glycidyl ether decreased by 4.99% in Q1, increased by 0.25% in Q2, and decreased by 4.07% in Q3 [12]. - The average procurement price of methanol increased by 5.18% in Q1, decreased by 5.14% in Q2, and decreased by 2.07% in Q3 [12]. Other Significant Information - As of the date of the announcement, there are no other undisclosed significant matters affecting the company's production and operations [12].

Core Viewpoint - Jianghan New Materials (603281.SH) reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters reached 1.425 billion yuan, representing a year-on-year decrease of 16.38% [1] - The net profit attributable to shareholders was 322 million yuan, down 29.5% year-on-year [1] - The basic earnings per share stood at 0.87 yuan [1]

证券代码：603281 证券简称：江瀚新材 公告编号：2025-055 湖北江瀚新材料股份有限公司 2025 年第三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》及 其附件《第十三号——化工》规定，湖北江瀚新材料股份有限公司（以下简称"公 司"）将 2025 年第三季度主要经营数据公告如下： 一、主要产品的产量、销量及收入实现情况 单位：吨、万元 | 序号 | 产品名称 | 产量 | 销量 | 营业收入 | | --- | --- | --- | --- | --- | | 1 | 功能性硅烷 | 86,705.45 | 87,582.15 | 139,870.33 | | 2 | 功能性硅烷中间体 | 133,251.75 | 1,081.50 | 1,552.47 | 注：功能性硅烷中间体主要用于合成制备功能性硅烷产品，仅少量对外销售。 二、主要产品的销售价格及其同比变化幅度 单位：元/吨 | 序号 | 产品名称 | 本期销售均价 ...

湖北江瀚新材料股份有限公司 2025 年第三季度报告 证券代码：603281 证券简称：江瀚新材 湖北江瀚新材料股份有限公司 2025 年第三季度报告 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： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 注："本报告期"指本季度初至本季度末 3 个月期间，下同。 | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 4 ...

湖北江瀚新材料股份有限公司 关于变更部分募集资金投资项目实施主体的公告 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： 证券代码：603281 证券简称：江瀚新材 公告编号：2025-053 ● 拟将募集资金投资项目"功能新材料硅基前驱体项目（一期）"的实施主体由上市公司全资子公司"湖 北江瀚电子材料有限公司"变更为上市公司"湖北江瀚新材料股份有限公司"，项目名称变更为"功能新材 料硅基前驱体项目"。 ● 本次变更项目实施主体事项系在上市公司及全资子公司之间进行变更，未变更募集资金用途，无需提 交股东会审议。 一、变更募集资金投资项目实施主体的概述 根据中国证券监督管理委员会出具的《关于核准湖北江瀚新材料股份有限公司首次公开发行股票的批 复》（证监许可〔2022〕2724号），湖北江瀚新材料股份有限公司(以下简称"公司""上市公司"或"江瀚 新材"）获准公开发行新股，合计募集资金人民币2,372,666,678.53元，扣除发行费用人民币 313,399,578.53元（不含税）后，募集资金净额为人民币2,05 ...

中信证券股份有限公司 关于湖北江瀚新材料股份有限公司 变更部分募集资金投资项目实施主体的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为湖北江瀚新材 料股份有限公司（以下简称"江瀚新材""发行人"或"公司"）的保荐人和持续督导机 构，根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》《上海证券 交易所股票上市规则》以及《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》等相关规定履行持续督导职责，对江瀚新材变更部分募集资金投资项目实施主体事 项进行了核查，具体情况如下： 一、募集资金基本情况 本次变更实施主体的募集资金投资项目为"功能新材料硅基前驱体项目（一期）"。 该项目原由公司全资子公司江瀚电子实施，现拟将该项目实施主体变更为江瀚新材，项 目名称变更为"功能新材料硅基前驱体项目"。具体及情况如下： （一）募集资金情况概述 根据中国证券监督管理委员会出具的《关于核准湖北江瀚新材料股份有限公司首次 公开发行股票的批复》（证监许可〔2022〕2724 号），公司获准公开发行 66,666,667 股新股，每股面值人民币 1.00 元，每股发行价为人民币 35.59 ...

证券代码：603281 证券简称：江瀚新材 公告编号：2025-053 湖北江瀚新材料股份有限公司 关于变更部分募集资金投资项目实施主体的公告 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： 一、变更募集资金投资项目实施主体的概述 本次变更实施主体的募集资金投资项目为"功能新材料硅基前驱体项目（一 期）"。该项目原由公司全资子公司湖北江瀚电子材料有限公司(以下简称"江 1 拟将募集资金投资项目"功能新材料硅基前驱体项目（一期）"的实施 主体由上市公司全资子公司"湖北江瀚电子材料有限公司"变更为上市 公司"湖北江瀚新材料股份有限公司"，项目名称变更为"功能新材料 硅基前驱体项目"。 本次变更项目实施主体事项系在上市公司及全资子公司之间进行变更， 未变更募集资金用途，无需提交股东会审议。 瀚电子"）实施。现拟将该项目实施主体变更为江瀚新材，项目名称变更为"功 能新材料硅基前驱体项目"。具体情况如下： | 项目 | 变更前 | 变更后 | | --- | --- | --- | | 实施主体 | 湖北江瀚电子材料有限 ...

Group 1 - On October 9, a total of 7 companies announced 8 stock repurchase updates [1] - One company disclosed a stock repurchase plan for the first time, while five companies reported progress on their repurchase implementations, and one company completed its repurchase plan [1] - Huaxin Cement plans to repurchase up to 64.5 million yuan [1] Group 2 - Jianghan New Materials, Hunan Baiyin, and China Communications Construction Company reported the highest repurchase amounts, with 200 million yuan, 92.6006 million yuan, and 85.547 million yuan respectively [1]