湖北江瀚新材料股份有限公司 关于公司募集资金存放与实际使用情况的专项报告 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》和上海证券交易所印发的 《上海证券交易所上市公司自律监管指引第 1 号——规范运作（2025 年 5 月修订）》的规 定，将本公司 2025 年半年度募集资金存放与使用情况专项说明如下。 一、募集资金基本情况 (一) 实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《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），本公司由主承销商中信证券股份有限公司采用 网下询价配售和网上定价发行相结合的方式，向社会公众公开发行人民币普通股（A 股）股 票 66,666,667 股，发行价为每股人民币 35.59 元，共募集资金 2,372,666,678.53 元，坐扣 承销和保荐费用 290,000,000.00 元后的募集资金为 2,082,666,678.53 元，已由主承销商中 信证券股份有限公司于 2023 年 1 月 19 日汇入本公司募集资金监管账户内。公司已于 2023 年 1 月 19 日将承销保荐费增值税 16,415 ...

证券代码：603281 证券简称：江瀚新材 公告编号：2025-046 湖北江瀚新材料股份有限公司 2025 年半年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。 单位：元/吨 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 年半年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 | 55,667.20 | 56,371.51 | 92,339.76 | | 2 | 功能性硅烷中间体 | 88,368.31 | 974.26 | 1,395.87 | 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 | 序号 | 产品名称 | 本期销售均价 | 上年同期 ...

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 湖北江瀚新材料股份有限公司（以下简称"公司"）第二届董事会第十三次 会议于2025年8月26日在公司会议室以现场结合通讯方式召开。公司已于2025 年 8 月 16 日以书面及通讯方式向全体董事发出会议通知。本次会议在董事长甘 书官先生主持下召开，应出席董事 9 名，实际出席董事 9 名，其中现场出席的董 事 6 名、以通讯方式出席的董事 3 名。公司部分高级管理人员列席了会议。本次 会议的召集、召开符合《中华人民共和国公司法》等法律、行政法规、规范性文 件及《公司章程》的规定，会议合法有效。 二、董事会会议审议情况 1.2025 年半年度报告 表决结果：同意 9 票，反对 0 票，弃权 0 票，一致通过。 本议案已经审计委员会事先认可并同意提交董事会审议。 证券代码：603281 证券简称：江瀚新材 公告编号：2025-044 湖北江瀚新材料股份有限公司 第二届董事会第十三次会议决议公告 2.关于公司募集资金存放与实际使用情况的专项报告 表决结果：同意 ...

[Important Notice](index=2&type=section&id=重要提示) This section highlights the company's commitment to report accuracy, the unaudited nature of the report, and the forward-looking statements disclaimer - The company's board of directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming individual and joint legal responsibility[3](index=3&type=chunk) - This semi-annual report has not been audited[4](index=4&type=chunk) - The company's responsible person, chief accountant, and head of the accounting department declare that the financial report in the semi-annual report is true, accurate, and complete[5](index=5&type=chunk) - Forward-looking statements regarding future plans and development strategies in this report do not constitute a substantive commitment by the company to investors; investors are advised to be aware of investment risks[6](index=6&type=chunk) [Section I Definitions](index=4&type=section&id=第一节%20释义) This section defines key terms and the reporting period for the semi-annual report - The reporting period refers to January-June 2025, and the period-end refers to June 30, 2025[12](index=12&type=chunk) - Professional terms for core products and intermediates such as functional silanes, silane coupling agents, and silane cross-linking agents are defined[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's basic information, contact details, stock summary, and key financial performance indicators for the reporting period [I. Company Information](index=5&type=section&id=一、公司信息) This section introduces the company's Chinese name, abbreviation, foreign name, abbreviation, and legal representative - The company's Chinese name is Hubei Jianghan New Materials Co., Ltd., abbreviated as Jianghan New Materials[14](index=14&type=chunk) - The company's legal representative is Gan Shuguan[14](index=14&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=二、联系人和联系方式) This section provides contact details for the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Luo Heng, and the Securities Affairs Representative is Xiang Chunfang[15](index=15&type=chunk) - The company's contact address is No. 259, Oriental Avenue, Shashi District, Jingzhou City, Hubei Province, and the email address is irm@jhsi.biz[15](index=15&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=三、基本情况变更简介) This section outlines historical changes to the company's registered address and confirms current addresses - The company's registered address changed from "No. 36, Qunli Avenue, Shashi Economic Development Zone, Jingzhou City, Hubei Province" to "No. 259, Oriental Avenue, Shashi District, Jingzhou City, Hubei Province" on March 6, 2023[16](index=16&type=chunk) - The company's office address is consistent with its registered address, with a postal code of 434000 and website www.jhsi.biz[16](index=16&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=四、信息披露及备置地点变更情况简介) This section lists the company's designated newspapers for information disclosure, website for reports, and report custody location - The company's designated newspapers for information disclosure include Shanghai Securities News, Securities Times, China Securities Journal, Securities Daily, and Economic Reference News[17](index=17&type=chunk) - The website for publishing semi-annual reports is the Shanghai Stock Exchange (www.sse.com.cn)[17](index=17&type=chunk) - The company's semi-annual report is kept at the company's Board of Directors Office[17](index=17&type=chunk) [V. Company Stock Summary](index=5&type=section&id=五、公司股票简况) This section provides information on the company's stock type, listing exchange, stock abbreviation, and stock code - The company's stock type is RMB ordinary shares (A-shares), listed on the Shanghai Stock Exchange[18](index=18&type=chunk) - The stock abbreviation is Jianghan New Materials, and the stock code is 603281[18](index=18&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=七、公司主要会计数据和主要财务指标) This section presents the company's key accounting data and financial indicators for H1 2025, showing revenue and net profit decline but increased operating cash flow 2025 January-June Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 944,975,637.01 | 1,174,300,425.61 | -19.53 | | Total Profit (RMB) | 241,541,665.24 | 361,412,521.68 | -33.17 | | Net Profit Attributable to Shareholders of Listed Company (RMB) | 210,383,405.98 | 312,129,235.15 | -32.60 | | Net Cash Flow from Operating Activities (RMB) | 264,739,190.25 | 219,950,960.04 | 20.36 | | Net Assets Attributable to Shareholders of Listed Company (Period-end, RMB) | 5,100,858,640.89 | 4,948,493,827.45 | 3.08 | | Total Assets (Period-end, RMB) | 5,537,185,059.22 | 5,312,107,967.19 | 4.24 | 2025 January-June Key Financial Indicators | Key Financial Indicator | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.57 | 0.84 | -32.14 | | Diluted Earnings Per Share (RMB/share) | 0.57 | 0.84 | -32.14 | | Basic EPS Excluding Non-recurring Gains/Losses (RMB/share) | 0.54 | 0.79 | -31.65 | | Weighted Average Return on Net Assets (%) | 4.16 | 6.35 | Decrease by 2.19 percentage points | | Weighted Average Return on Net Assets Excluding Non-recurring Gains/Losses (%) | 3.93 | 5.98 | Decrease by 2.05 percentage points | [IX. Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=九、非经常性损益项目和金额) This section details the company's non-recurring gains and losses for H1 2025, totaling **11.69 million RMB** 2025 January-June Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 105,518.20 | | Government Subsidies Included in Current Profit/Loss | 6,171,318.26 | | Fair Value Change Gains/Losses and Disposal Gains/Losses from Financial Assets and Liabilities Held by Non-financial Enterprises | 7,868,174.83 | | Other Non-operating Income and Expenses Apart from the Above | -390,274.97 | | Less: Income Tax Impact | 2,064,800.61 | | Total | 11,689,935.71 | [Section III Management Discussion and Analysis](index=8&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 industry, operations, core competencies, and financial performance during the reporting period [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=一、报告期内公司所属行业及主营业务情况说明) This section details the functional silane industry's economic ties, current downturn, future recovery potential, and the company's comprehensive green circular industrial chain, product applications, production model, and leading market position [(1) Industry Development Overview](index=8&type=section&id=%28一%29%20所属行业发展情况) The functional silane industry, closely linked to macroeconomic conditions, is currently in a downturn with prices halved, but shows signs of potential recovery despite global consumption decline - The company's industry is "Organic Chemical Raw Material Manufacturing" under "Chemical Raw Materials and Chemical Products Manufacturing," and the functional silane industry is positively correlated with macroeconomic prosperity[26](index=26&type=chunk) - Approximately **80% of global functional silane production capacity** is concentrated in China, with output and consumption accounting for about **70% and 50%** of the global total, respectively[26](index=26&type=chunk) - Since the second half of 2022, the functional silane industry has entered a downturn, with product prices continuously falling, and current market average prices have **halved** from their 2022 peak[26](index=26&type=chunk) - Due to a significant decline in consumption in developed regions like Europe and America, functional silane product prices have further decreased, leading some enterprises to losses or production halts, but the possibility of industry recovery is increasing[26](index=26&type=chunk) [(2) Main Business Operations](index=8&type=section&id=%28二%29%20主要业务情况) The company has established a complete green circular industrial chain with over 200 functional silane varieties, holding a significant market share and leading product quality globally - The company has formed a complete green circular industrial chain covering **14 series and over 200 varieties** of functional silanes, including sulfur-containing silanes, amino silanes, vinyl silanes, epoxy silanes, acyloxy silanes, silane cross-linking agents, and silane derivatives[27](index=27&type=chunk) - The company's products hold a significant market share domestically and internationally, with product quality leading in the industry[27](index=27&type=chunk) [(3) Main Products and Their Uses](index=8&type=section&id=%28三%29%20主要产品及其用途) Functional silanes, as a key organic silicon material, act as interface bridges or cross-linking agents, enhancing material performance across diverse applications like automotive, new energy, and construction - Functional silane is one of the four major categories of organic silicon materials, an organic silicon small molecule with a main chain structure of -Si-O-C-, containing both polar and non-polar functional groups[27](index=27&type=chunk) - Functional silanes can serve as interface bridges between inorganic and organic materials or directly participate in the cross-linking reactions of organic polymer materials, thereby significantly improving material performance[27](index=27&type=chunk) - Functional silanes are widely used in various fields such as automotive, new energy, composite materials, construction, and metallurgy[27](index=27&type=chunk) [(4) Business Model](index=8&type=section&id=%28四%29%20经营模式) The company's business model remained unchanged, encompassing direct or trader-based procurement, 'production-to-order' with safety stock, and both direct and distribution sales channels - The company's business model remained unchanged during the reporting period[27](index=27&type=chunk) - The procurement model primarily involves direct procurement from chemical raw material manufacturers or procurement from traders[27](index=27&type=chunk) - The production model adopts "production-to-order" while maintaining a certain level of safety stock[28](index=28&type=chunk) - The sales model is divided into direct sales and distribution[28](index=28&type=chunk) [(5) Market Position](index=8&type=section&id=%28五%29%20市场地位) The company is the largest functional silane producer globally, serving as a primary supplier to international leaders in tires, composite materials, and sealants - During the reporting period, the company was the **largest functional silane producer globally** by supply scale[28](index=28&type=chunk) - The company is a major silane supplier to international leading enterprises in fields such as tires, composite materials, and sealants[28](index=28&type=chunk) [(6) Key Performance Drivers](index=9&type=section&id=%28六%29%20主要的业绩驱动因素) The company's performance is driven by significant R&D investment, high product quality, and an efficient, flat management structure, supported by 68 invention patents and TÜV SUD certification - The company is the largest R&D investor in China's functional silane industry, holding **68 authorized invention patents**, with a high proportion of high-value-added products[29](index=29&type=chunk) - The company has established an efficient quality management system throughout the entire process and has passed certifications from German TÜV SUD, including ISO9001, IATF16949, ISO14001, ISO45001, and ISO50001, ensuring superior product quality and cost-effectiveness, high customer loyalty in the high-end market, and zero loss of key customers[29](index=29&type=chunk) - The company adheres to a flat management structure and automated production, continuously promoting the automation and intelligent upgrading of production facilities, achieving outstanding per capita performance[29](index=29&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=二、经营情况的讨论与分析) Amidst complex global economic conditions and declining consumption in developed regions, the company reported a **19.53% revenue decrease to 945 million RMB** and a **32.60% net profit decrease to 210 million RMB**, while actively adjusting sales focus and advancing R&D - The complex international economic situation and declining consumption in developed regions like Europe and America negatively impacted the development of the functional silane industry and the company's exports[29](index=29&type=chunk) - With the continuous deepening of domestic economic structural adjustments and the release of market potential by macroeconomic policies, the company's domestic product sales volume significantly increased[30](index=30&type=chunk) - During the reporting period, the company achieved operating revenue of **945 million RMB**, a year-on-year decrease of **19.53%**; net profit was **210 million RMB**, a year-on-year decrease of **32.60%**[30](index=30&type=chunk) - The company actively responded to difficulties, adhered to a dual-circulation strategy for domestic and international markets, flexibly adjusted its sales focus, strengthened sales efforts in emerging foreign economies and domestically, and maintained its principle of not engaging in price wars[30](index=30&type=chunk) - In terms of production, the company organized trial production in newly completed workshops, carried out renovation and upgrading of existing production lines, further improving automation, intelligence, and inherent safety and environmental protection levels[31](index=31&type=chunk) - In terms of R&D, the company invested **31.22 million RMB** in R&D expenses during this period, advancing **19 R&D projects**, including **11 new product development projects** and **8 process improvement projects**, to enhance product quality and market competitiveness[31](index=31&type:chunk) [III. Analysis of Core Competencies During the Reporting Period](index=10&type=section&id=三、报告期内核心竞争力分析) The company's core competencies include a complete green circular industrial chain, robust R&D capabilities with **68 invention patents**, and leading product quality certified by TÜV SUD - The company possesses **14 series and over 200 types of functional silane products**, having established a green circular industrial chain for functional silanes, forming a complete closed-loop cycle from raw material trichlorosilane to various terminal silane products[32](index=32&type=chunk) - The company is a national high-tech enterprise, owning **2 provincial-level R&D platforms** and jointly operating **2 university-enterprise cooperation R&D platforms** with Wuhan University; as of the reporting period-end, it holds **68 authorized invention patents**[32](index=32&type=chunk)[33](index=33&type=chunk) - The company has a comprehensive quality control system, certified by German TÜV SUD for ISO9001, IATF16949, ISO14001, ISO45001, and ISO50001, ensuring stable product quality and high customer loyalty, and has participated in formulating **16 national and industry standards**[33](index=33&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=10&type=section&id=四、报告期内主要经营情况) This section analyzes the changes in key financial statement items, including revenue, costs, expenses, and cash flows, along with a detailed review of asset and liability movements [(1) Main Business Analysis](index=10&type=section&id=%28一%29%20主营业务分析) Operating revenue, cost, sales, and R&D expenses decreased, while management expenses slightly rose, and financial expenses significantly dropped due to increased interest income and exchange gains; operating cash flow increased by **20.36%** Financial Statement Related Item Change Analysis | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 944,975,637.01 | 1,174,300,425.61 | -19.53 | | Operating Cost | 681,276,779.49 | 776,911,023.17 | -12.31 | | Selling Expenses | 7,959,505.74 | 9,271,427.09 | -14.15 | | Administrative Expenses | 37,010,684.82 | 36,976,386.49 | 0.09 | | Financial Expenses | -46,562,262.93 | -39,088,472.22 | (Absolute Value Increase) | | R&D Expenses | 31,223,810.10 | 36,691,682.70 | -14.90 | | Net Cash Flow from Operating Activities | 264,739,190.25 | 219,950,960.04 | 20.36 | | Net Cash Flow from Investing Activities | -177,664,603.78 | -841,519,347.73 | (Outflow Decrease) | | Net Cash Flow from Financing Activities | -5,022,740.59 | -423,279,727.32 | (Outflow Decrease) | - The change in operating revenue was primarily due to the industry's unrecovered prosperity, continued decline in product prices, and decreased export sales caused by consumption downturn in developed regions like Europe and America[35](index=35&type=chunk) - The change in financial expenses was mainly due to an increased proportion of time deposits in the company's wealth management product structure, a downward trend in the RMB exchange rate against the US dollar, and increases in both interest income and exchange gains/losses[36](index=36&type=chunk) - The change in net cash flow from operating activities was primarily due to year-on-year decreases in payments for goods, employee compensation, and taxes[37](index=37&type=chunk) [(3) Analysis of Assets and Liabilities](index=11&type=section&id=%28三%29%20资产、负债情况分析) Total assets and net assets attributable to shareholders increased, with significant rises in monetary funds, fixed assets, other current assets, accounts payable, and deferred income tax liabilities, while trading financial assets, inventory, accounts receivable, and notes receivable financing decreased Asset and Liability Status Changes | Item Name | Current Period-end Amount (RMB) | Prior Period-end Amount (RMB) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 3,815,368,793.29 | 3,320,065,511.65 | 14.92 | | | Inventory | 141,424,908.06 | 164,136,950.48 | -13.84 | | | Fixed Assets | 493,282,932.72 | 388,005,341.75 | 27.13 | | | Long-term Borrowings | 50,000,000.00 | 0 | (New) | Obtained special repurchase loan[38](index=38&type=chunk) | | Trading Financial Assets | 293,150,958.90 | 757,518,997.45 | -61.30 | Structured deposits matured and redeemed[39](index=39&type=chunk) | | Notes Receivable Financing | 24,010,791.45 | 50,272,253.68 | -52.24 | Bank acceptance payments and matured bank acceptances exceeded current period's received bank acceptances[39](index=39&type=chunk) | | Other Current Assets | 199,816,145.99 | 4,678,563.90 | 4,170.89 | Large purchase of structured deposits classified as other current assets[40](index=40&type=chunk) | | Accounts Payable | 195,116,387.62 | 131,759,421.87 | 48.09 | Increase in payables for long-term assets related to project construction[40](index=40&type=chunk) | | Deferred Income Tax Liabilities | 14,582,653.36 | 10,305,172.45 | 41.51 | Accrued interest on company's unexpired time deposits and structured deposits[40](index=40&type=chunk) | [(4) Investment Analysis](index=12&type=section&id=%28四%29%20投资状况分析) The company established a wholly-owned subsidiary, Jianghan Electronics, with a registered capital of **100 million RMB**, focusing on silicon-based precursors, currently in the project preparation phase; financial assets measured at fair value totaled **483.33 million RMB** at period-end, with a fair value change gain of **2.46 million RMB** - The company established a wholly-owned subsidiary, Jianghan Electronics, with a registered capital of **100 million RMB**, holding a **100% stake**, primarily engaged in the R&D, manufacturing, and sales of photovoltaic-grade silicon tetrachloride and electronic-grade tetraethyl orthosilicate; it is currently in the project preparation phase and not yet formally operational[42](index=42&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Fair Value Change Gains/Losses for Current Period (RMB) | Purchases for Current Period (RMB) | Sales/Redemptions for Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other (mainly structured deposits) | 757,518,997.45 | 2,463,232.88 | 2,470,000,000 | 2,746,653,244.03 | 483,328,986.30 | [(6) Analysis of Major Holding and Participating Companies](index=14&type=section&id=%28六%29%20主要控股参股公司分析) The company established a wholly-owned subsidiary, Jianghan Electronics, with a registered capital of **100 million RMB**, focusing on silicon-based precursors, currently in the project preparation phase with no impact on operations or performance Major Subsidiary Information | Company Name | Company Type | Main Business | Registered Capital (ten thousand RMB) | Total Assets (ten thousand RMB) | Net Assets (ten thousand RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Jianghan Electronics | Subsidiary | Silicon-based precursors (project preparation) | 10,000 | 36,603.43 | 10,000 | - Jianghan Electronics is still in the project preparation phase and has no impact on the company's production, operations, or performance[45](index=45&type=chunk) [V. Other Disclosure Matters](index=15&type=section&id=五、其他披露事项) This section details ten potential risks, including raw material price fluctuations, market competition, and exchange rate volatility, and outlines the company's "Quality Improvement, Efficiency Enhancement, and Return Focus" special action plan [(1) Potential Risks](index=15&type=section&id=%28一%29%20可能面对的风险) The company faces ten key risks, including raw material price volatility, intensified market competition, accounts receivable recovery, core technology leakage, and export risks, for which it has developed corresponding mitigation strategies - The company faces risks from raw material price fluctuations, as prices of major raw materials are influenced by basic raw material prices like petroleum and market supply-demand dynamics, introducing uncertainty[46](index=46&type=chunk) - The company faces risks from intensified market competition; if industry product demand growth continues to slow and market supply further expands, competition will intensify[47](index=47&type=chunk) - The company faces risks in accounts receivable recovery; as of the reporting period-end, the book value of accounts receivable was **241 million RMB**, and if customers fail to pay on time or financial institutions default, it could lead to bad debts[47](index=47&type=chunk) - The company faces risks of core technology leakage; despite establishing strict confidentiality mechanisms, the possibility of technology leakage cannot be entirely ruled out[48](index=48&type=chunk)[49](index=49&type=chunk) - The company faces risks of alternative technologies or products emerging, as significant technological innovations or new products with more advantageous costs/performance cannot be excluded in the future[49](index=49&type=chunk) - The company faces risks in investing raised funds, as fundraising projects carry certain risks in construction duration, equipment installation and commissioning, trial production, mass production targets, and market development[50](index=50&type=chunk) - The company faces safety production risks, as chemical new material production involves hazardous chemicals, and there is a possibility of safety accidents due to improper operation or equipment failure[51](index=51&type=chunk)[52](index=52&type=chunk) - The company faces energy conservation and environmental protection risks, as increasingly stringent national environmental regulations may require increased investment in environmental equipment or higher expenses[52](index=52&type=chunk) - The company faces product export risks; if countries or regions where major customers are located implement trade protectionist policies, or if the international political and economic environment fluctuates unfavorably, it will adversely affect export revenue[53](index=53&type=chunk) - The company faces exchange rate fluctuation risks; with a high proportion of export revenue, RMB exchange rate fluctuations may lead to significant exchange gains or losses[53](index=53&type=chunk) [(2) Other Disclosure Matters](index=18&type=section&id=%28二%29%20其他披露事项) The company actively implements its 'Quality Improvement, Efficiency Enhancement, and Return Focus' initiative by concentrating on core business, fostering innovation, maintaining cash dividends and share repurchases, optimizing fundraising project management, and enhancing investor relations - The company focuses on its main business and strengthens innovation leadership, with R&D expenses of **31.22 million RMB** during the reporting period, accounting for **3.30% of operating revenue**, and R&D personnel comprising **12.59% of total employees**, holding **68 authorized invention patents**[55](index=55&type=chunk)[56](index=56&type=chunk) - The company consistently distributes cash dividends, implementing cash dividends annually since its listing in 2023, with cumulative cash dividends of **1.062 billion RMB** over three years, accounting for **138.75%** of the average net profit achieved in the last three years[56](index=56&type=chunk) - The company actively promotes share repurchase work, initiating its second share repurchase during the reporting period, with cumulative repurchases of **54.99 million RMB**, repurchasing **2.3464 million shares**, accounting for **0.63%** of the company's total share capital[57](index=57&type=chunk) - The company strengthens and optimizes the management of raised fund investment projects, having completed **3 fundraising projects**, changed **2**, and **1 project is under construction**, enhancing production capacity and building a green circular industrial chain[57](index=57&type=chunk) - The company strengthens information disclosure and investor relations management, publishing regular reports and interim announcements, holding online performance briefings and collective investor surveys, and disclosing information truthfully, accurately, completely, timely, and fairly[58](index=58&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=19&type=section&id=第四节%20公司治理、环境和社会) This section covers changes in the company's governance, environmental disclosures, and social responsibility initiatives [I. Changes in Directors and Senior Management](index=19&type=section&id=一、公司董事、高级管理人员变动情况) There were no changes in the company's directors or senior management during the reporting period - There were no changes in the company's directors or senior management during the reporting period[60](index=60&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=二、利润分配或资本公积金转增预案) The company's board resolved no profit distribution or capital reserve conversion plan for the reporting period - There is no profit distribution plan or capital reserve conversion to share capital plan for this reporting period[60](index=60&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=19&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的情况及其影响) There was no progress on the company's equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - During the reporting period, the company had no progress on equity incentive plans, employee stock ownership plans, or other employee incentive measures[61](index=61&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=19&type=section&id=四、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) The company is included in the list of enterprises required to disclose environmental information by law, with a provided query index for its environmental disclosure report - The company is included in the list of enterprises required to disclose environmental information by law, with **1 enterprise** listed[61](index=61&type=chunk) - The query index for the environmental information disclosure report is http://219.140.164.18:8007/hbyfpl/frontal/index.html/home/enterpriseInfo?XTXH=32f1d5dd-bd0c-4b0f-950a-01df6afad8d9&XH=1676544215171009478144&year=2024[61](index=61&type=chunk) [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=20&type=section&id=五、巩固拓展脱贫攻坚成果、乡村振兴等工作具体情况) There was no specific progress in consolidating poverty alleviation achievements or rural revitalization efforts during the reporting period - During the reporting period, the company had no specific progress in consolidating poverty alleviation achievements or rural revitalization efforts[62](index=62&type=chunk) [Section V Significant Matters](index=21&type=section&id=第五节%20重要事项) This section details the fulfillment of commitments, significant related-party transactions, and the progress of raised capital utilization [I. Fulfillment of Commitments](index=21&type=section&id=一、承诺事项履行情况) This section details the strict fulfillment of all commitments made by the company's actual controllers, shareholders, related parties, and the company itself during the initial public offering, including share lock-ups, competition avoidance, related-party transaction regulation, and share price stabilization - The actual controllers and their concerted parties committed not to transfer shares within **36 months** from the listing date and not to transfer more than **25%** of their total shares annually while serving as directors or senior management[65](index=65&type=chunk)[66](index=66&type=chunk) - The actual controllers and other pre-IPO directors, supervisors, senior management, and shareholders holding **5% or more** of shares committed not to engage in businesses identical, similar, or competitive with the company, and to avoid and regulate related-party transactions[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) - The actual controllers committed not to exploit control to infringe upon company interests, not to unduly interfere with operational management, and committed to linking their compensation system with the implementation of the company's return-filling measures[70](index=70&type=chunk) - The company's actual controllers, directors, and senior management committed to fulfilling share price stabilization obligations under specific conditions, including increasing company shareholdings or voting in favor at board meetings[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) - All committers pledged to actively take legal measures to fulfill all public commitments and voluntarily accept supervision from regulatory authorities, the public, and investors[82](index=82&type=chunk)[83](index=83&type=chunk) [X. Significant Related-Party Transactions](index=27&type=section&id=十、重大关联交易) This section discloses the company's routine related-party transactions during the reporting period, including purchasing packaging materials and selling silane coupling agents, all within the estimated limits - The company approved the 2025 annual routine related-party transaction forecast proposal on April 25, 2025[86](index=86&type=chunk) - During the reporting period, the company actually purchased packaging materials worth **3,957,297.14 RMB** (including tax) from Jingzhou Jiatao Automobile Parts Manufacturing Co., Ltd., which did not exceed the estimated limit of **10 million RMB**[87](index=87&type=chunk) - During the reporting period, the company actually sold silane coupling agents and other products worth **1,330,027.50 RMB** (including tax) to Shenzhen Youyue Changhao Technology Co., Ltd., which did not exceed the estimated limit of **15 million RMB**[87](index=87&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=29&type=section&id=十二、募集资金使用进展说明) This section details the overall use of raised funds, project specifics, changes, and cash management of idle funds; as of the period-end, **1.33 billion RMB** has been invested, representing **64.50%** of the total, with some projects re-purposed Overall Use of Raised Funds | Source of Raised Funds | Date of Receipt | Total Raised Funds (billion RMB) | Net Raised Funds (billion RMB) | Committed Investment Amount of Raised Funds (billion RMB) | Total Cumulative Investment as of Period-end (billion RMB) | Cumulative Investment Progress as of Period-end (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 2023/1/19 | 2.373 | 2.059 | 2.059 | 1.328 | 64.50 | - The company changed the "2,000 tons/year High-Purity Quartz Sand Industrialization Project" and the "2,000 tons/year Aerogel Composite Material Industrialization Project," canceling them and re-purposing the funds for the "Functional New Material Silicon-based Precursor Project (Phase I)"[95](index=95&type=chunk)[98](index=98&type=chunk) - The reason for the change was significant shifts in the project market environment, leading to a further decline in project economics[95](index=95&type=chunk)[98](index=98&type=chunk) - The company manages idle raised funds as cash; the cash management balance was **90 million RMB** at period-end[100](index=100&type=chunk) [Section VI Share Changes and Shareholder Information](index=33&type=section&id=第六节%20股份变动及股东情况) This section provides an overview of the company's share capital changes and shareholder structure during the reporting period [I. Changes in Share Capital](index=33&type=section&id=一、股本变动情况) There were no changes in the company's total share capital or share structure during the reporting period - During the reporting period, there were no changes in the company's total share capital or share structure[103](index=103&type=chunk) [II. Shareholder Information](index=33&type=section&id=二、股东情况) As of the reporting period-end, the company had **23,431 common shareholders**; this section details the top ten shareholders and top ten unrestricted shareholders, identifying the actual controllers and their concerted parties - As of the reporting period-end, the total number of common shareholders was **23,431**[104](index=104&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-end (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Gan Shuguan | 37,786,403 | 10.12 | 37,786,403 | Domestic Natural Person | | He Youhua | 34,300,476 | 9.19 | 34,300,476 | Domestic Natural Person | | Yin Chao | 23,800,000 | 6.37 | 0 | Domestic Natural Person | | Gan Jun | 20,308,400 | 5.44 | 20,308,400 | Domestic Natural Person | | Chen Taiping | 18,244,673 | 4.89 | 0 | Domestic Natural Person | | Wang Daojiang | 16,917,618 | 4.53 | 0 | Domestic Natural Person | | Xie Yongfeng | 16,660,000 | 4.46 | 0 | Domestic Natural Person | | Huang Xuesong | 9,406,610 | 2.52 | 0 | Domestic Natural Person | | He Xufeng | 8,747,700 | 2.34 | 0 | Domestic Natural Person | | Fu Gaoqiong | 8,246,224 | 2.21 | 0 | Domestic Natural Person | - Gan Shuguan and Gan Jun, father and son, are the company's actual controllers; He Youhua signed a concerted action agreement with the actual controllers[107](index=107&type=chunk) Top Ten Restricted Shareholders' Shareholding and Restriction Conditions | No. | Name of Restricted Shareholder | Number of Restricted Shares Held (shares) | Date Available for Trading | Restriction Conditions | | :--- | :--- | :--- | :--- | :--- | | 1 | Gan Shuguan | 37,786,403 | 2026-2-2 | 36 months after listing | | 2 | He Youhua | 34,300,476 | 2026-2-2 | 36 months after listing | | 3 | Gan Jun | 20,308,400 | 2026-2-2 | 36 months after listing | [Section VII Bond-Related Information](index=36&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, or convertible corporate bonds during the reporting period - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[112](index=112&type=chunk) - During the reporting period, the company had no convertible corporate bonds[112](index=112&type=chunk) [Section VIII Financial Report](index=37&type=section&id=第八节%20财务报告) This section presents the company's unaudited financial statements for H1 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity [I. Audit Report](index=37&type=section&id=一、审计报告) This semi-annual report has not been audited - This semi-annual report has not been audited[114](index=114&type=chunk) [II. Financial Statements](index=37&type=section&id=二、财务报表) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, presenting the financial position, operating results, and cash flows [Consolidated Balance Sheet](index=37&type=section&id=合并资产负债表) As of June 30, 2025, the company's total assets were **5.54 billion RMB**, total liabilities were **436.33 million RMB**, and total owners' equity was **5.10 billion RMB** - As of June 30, 2025, the company's total assets were **5,537,185,059.22 RMB**, total liabilities were **436,326,418.33 RMB**, and total owners' equity was **5,100,858,640.89 RMB**[114](index=114&type=chunk)[116](index=116&type=chunk) [Parent Company Balance Sheet](index=39&type=section&id=母公司资产负债表) As of June 30, 2025, the parent company's total assets were **5.54 billion RMB**, total liabilities were **436.33 million RMB**, and total owners' equity was **5.10 billion RMB** - As of June 30, 2025, the parent company's total assets were **5,537,185,059.22 RMB**, total liabilities were **436,326,418.33 RMB**, and total owners' equity was **5,100,858,640.89 RMB**[119](index=119&type=chunk)[120](index=120&type=chunk) [Consolidated Income Statement](index=41&type=section&id=合并利润表) For H1 2025, the company achieved total operating revenue of **944.98 million RMB** and a net profit of **210.38 million RMB**, with basic and diluted earnings per share at **0.57 RMB** - For January-June 2025, the company achieved total operating revenue of **944,975,637.01 RMB** and a net profit of **210,383,405.98 RMB**[122](index=122&type=chunk)[124](index=124&type=chunk) - Basic earnings per share and diluted earnings per share were both **0.57 RMB/share**[124](index=124&type=chunk) [Parent Company Income Statement](index=43&type=section&id=母公司利润表) For H1 2025, the parent company achieved operating revenue of **944.98 million RMB** and a net profit of **210.38 million RMB**, with basic earnings per share at **0.57 RMB** - For January-June 2025, the parent company achieved operating revenue of **944,975,637.01 RMB** and a net profit of **210,383,405.98 RMB**[126](index=126&type=chunk)[127](index=127&type=chunk) - Basic earnings per share was **0.57 RMB/share**[127](index=127&type=chunk) [Consolidated Cash Flow Statement](index=45&type=section&id=合并现金流量表) For H1 2025, net cash flow from operating activities was **264.74 million RMB**, net cash flow from investing activities was **-177.66 million RMB**, and net cash flow from financing activities was **-5.02 million RMB** - For January-June 2025, net cash flow from operating activities was **264,739,190.25 RMB**[130](index=130&type=chunk) - Net cash flow from investing activities was **-177,664,603.78 RMB**, and net cash flow from financing activities was **-5,022,740.59 RMB**[130](index=130&type=chunk) [Parent Company Cash Flow Statement](index=47&type=section&id=母公司现金流量表) For H1 2025, the parent company's net cash flow from operating activities was **264.74 million RMB**, net cash flow from investing activities was **-543.70 million RMB**, and net cash flow from financing activities was **-5.02 million RMB** - For January-June 2025, the parent company's net cash flow from operating activities was **264,739,190.25 RMB**[132](index=132&type=chunk) - Net cash flow from investing activities was **-543,698,897.35 RMB**, and net cash flow from financing activities was **-5,022,740.59 RMB**[132](index=132&type=chunk)[135](index=135&type=chunk) [Consolidated Statement of Changes in Owners' Equity](index=49&type=section&id=合并所有者权益变动表) As of June 30, 2025, total owners' equity attributable to the parent company was **5.10 billion RMB**, with comprehensive income for the period totaling **210.38 million RMB** - As of June 30, 2025, total owners' equity attributable to the parent company was **5,100,858,640.89 RMB**[138](index=138&type=chunk) - Comprehensive income attributable to parent company owners for the current period was **210,383,405.98 RMB**[137](index=137&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=53&type=section&id=母公司所有者权益变动表) As of June 30, 2025, the parent company's total owners' equity was **5.10 billion RMB**, with comprehensive income for the period totaling **210.38 million RMB** - As of June 30, 2025, the parent company's total owners' equity was **5,100,858,640.89 RMB**[144](index=144&type=chunk) - The parent company's comprehensive income for the current period was **210,383,405.98 RMB**[143](index=143&type=chunk) [III. Company Basic Information](index=56&type=section&id=三、公司基本情况) Hubei Jianghan New Materials Co., Ltd., formerly Jingzhou Jianghan Fine Chemical Co., Ltd., established in 1998 with a registered capital of **373 million RMB**, listed on the Shanghai Stock Exchange in 2023, primarily manufactures and sells organic chemical raw materials - The company's predecessor was Jingzhou Jianghan Fine Chemical Co., Ltd., registered on July 21, 1998[146](index=146&type=chunk) - The company's registered capital is **373,333,334 RMB**, and its shares were listed on the Shanghai Stock Exchange on January 31, 2023[146](index=146&type=chunk) - The company belongs to the organic chemical raw material manufacturing industry, primarily engaged in the production and sales of chemical products, specialized chemical products, and synthetic materials[147](index=147&type=chunk) [IV. Basis of Financial Statement Preparation](index=56&type=section&id=四、财务报表的编制基础) The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue as a going concern for the next 12 months from the period-end - The company's financial statements are prepared on a going concern basis[148](index=148&type=chunk) - There are no matters or circumstances that would cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[149](index=149&type=chunk) [V. Significant Accounting Policies and Estimates](index=56&type=section&id=五、重要会计政策及会计估计) This section details the company's adherence to accounting standards, accounting period, reporting currency, materiality criteria, consolidation methods, and policies for financial instruments, receivables, inventory, fixed assets, intangible assets, revenue recognition, government grants, and deferred taxes - The company's financial statements comply with the requirements of enterprise accounting standards, truthfully and completely reflecting the company's financial position, operating results, and other information[150](index=150&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, and its functional currency is RMB[151](index=151&type=chunk)[153](index=153&type=chunk) - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[161](index=161&type=chunk) - The company's revenue recognition principle is to identify each distinct performance obligation within a contract and determine whether each distinct performance obligation is satisfied over time or at a point in time[221](index=221&type=chunk) - The company extracts safety production fees in accordance with the "Administrative Measures for the Extraction and Use of Enterprise Safety Production Fees" issued by the Ministry of Finance and the Ministry of Emergency Management, which are included in relevant product costs or current profit or loss[236](index=236&type=chunk) [VI. Taxation](index=74&type=section&id=六、税项) This section outlines the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, and property tax, noting its **15% corporate income tax rate** as a high-tech enterprise and a **60% reduction** in urban land use tax Main Tax Types and Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax | 3%, 13%, 5%, 6% | | Urban Maintenance and Construction Tax | 5% | | Corporate Income Tax | 15%, 25% | | Property Tax | 1.2%, 12% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - Hubei Jianghan New Materials Co., Ltd. is recognized as a high-tech enterprise and enjoys preferential corporate income tax policies for high-tech enterprises, paying corporate income tax at a **15% rate** for the current period[240](index=240&type=chunk) - The company enjoys a preferential policy of a **60% reduction** in urban land use tax for self-used land[240](index=240&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=75&type=section&id=七、合并财务报表项目注释) This section provides detailed notes for consolidated financial statement items, including monetary funds, trading financial assets, accounts receivable, inventory, fixed assets, construction in progress, intangible assets, deferred tax assets/liabilities, accounts payable, employee compensation, taxes payable, other payables, long-term borrowings, deferred income, share capital, treasury stock, special reserves, undistributed profits, operating revenue and costs, various expenses, investment income, fair value change gains, credit impairment losses, asset impairment losses, non-operating income and expenses, income tax expenses, and supplementary cash flow information - The period-end balance of monetary funds was **3,815,368,793.29 RMB**, of which restricted raised funds amounted to **385,711,900.92 RMB**[242](index=242&type=chunk)[388](index=388&type=chunk) - Period-end trading financial assets were **293,150,958.90 RMB**, a **61.30% decrease** from the beginning of the period, mainly due to the maturity and redemption of structured deposits[244](index=244&type=chunk)[39](index=39&type=chunk) - Period-end book value of accounts receivable was **240,610,142.61 RMB**, a **12.57% decrease** from the beginning of the period[247](index=247&type=chunk)[38](index=38&type=chunk) - Period-end book value of fixed assets was **493,282,932.72 RMB**, a **27.13% increase** from the beginning of the period[289](index=289&type=chunk)[38](index=38&type=chunk) - Period-end accounts payable were **195,116,387.62 RMB**, a **48.09% increase** from the beginning of the period, mainly due to increased payables for long-term assets related to project construction[319](index=319&type=chunk)[40](index=40&type=chunk) - Current period operating revenue was **944,975,637.01 RMB**, and operating cost was **681,276,779.49 RMB**, primarily from silane coupling agent products[351](index=351&type=chunk)[350](index=350&type=chunk) - Net cash flow from operating activities was **264,739,190.25 RMB**, net cash flow from investing activities was **-177,664,603.78 RMB**, and net cash flow from financing activities was **-5,022,740.59 RMB**[130](index=130&type=chunk) [VIII. Research and Development Expenses](index=116&type=section&id=八、研发支出) Total R&D expenses for the period were **31.22 million RMB**, entirely expensed, primarily comprising material consumption and employee compensation, representing a **14.90% decrease** from the prior year - Total R&D expenses for the current period were **31,223,810.10 RMB**, all of which were expensed R&D expenditures[395](index=395&type=chunk) - The main components of R&D expenses include material consumption of **21,215,472.92 RMB** and employee compensation of **8,372,095.62 RMB**[395](index=395&type=chunk) - Current period R&D expenses decreased by **14.90%** compared to **36,691,682.70 RMB** in the prior period[35](index=35&type=chunk)[395](index=395&type=chunk) [IX. Changes in Consolidation Scope](index=117&type=section&id=九、合并范围的变更) During the reporting period, the company's consolidation scope changed, mainly due to the establishment of a wholly-owned subsidiary, Jianghan Electronics, with a **100 million RMB** investment - During the reporting period, the company invested **100 million RMB** to establish a wholly-owned subsidiary, Jianghan Electronics, leading to a change in the consolidation scope[398](index=398&type=chunk) [X. Interests in Other Entities](index=118&type=section&id=十、在其他主体中的权益) This section discloses the company's interests in subsidiaries and associates, including the newly established wholly-owned subsidiary Jianghan Electronics with **100 million RMB** registered capital, and its **34% stake** in associate Huaxiang Chemical, which has a zero carrying value due to insolvency, resulting in an unrecognised loss of **91,109.74 RMB** for the period - The company established a wholly-owned subsidiary, Jianghan Electronics, with a registered capital of **100 million RMB**, holding a **100% stake**, primarily engaged in manufacturing[401](index=401&type=chunk) - The company holds a **34% stake** in the associate Huaxiang Chemical, accounted for using the equity method, but due to the company's insolvency, the carrying value of the long-term equity investment is zero[404](index=404&type=chunk)[405](index=405&type=chunk) - The unrecognised loss for Huaxiang Chemical in the current period was **91,109.74 RMB**, with a cumulative unrecognised loss of **12,274,237.82 RMB** at period-end[407](index=407&type=chunk) [XI. Government Grants](index=121&type=section&id=十一、政府补助) During the reporting period, the company recognized total government grants of **6.17 million RMB**, comprising **2.70 million RMB** related to assets and **3.47 million RMB** related to income - Total government grants included in current profit or loss for this period amounted to **6,171,318.26 RMB**[410](index=410&type=chunk) Classification of Government Grants Included in Current Profit or Loss | Type | Amount for Current Period (RMB) | | :--- | :--- | | Asset-related | 2,704,018.26 | | Income-related | 3,467,300.00 | [XII. Risks Related to Financial Instruments](index=122&type=section&id=十二、与金融工具相关的风险) The company aims to balance risk and return, primarily managing credit, liquidity, and market risks (interest rate and foreign exchange) through credit assessments, financing structure optimization, and market monitoring - The company's risk management objective is to achieve a balance between risk and return, minimizing the negative impact of risks on operating performance and maximizing shareholder interests[409](index=409&type=chunk) - The main financial instrument-related risks faced by the company in its daily activities include credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[409](index=409&type=chunk)[415](index=415&type=chunk) - The company controls credit risk by regularly assessing the credit of customers trading on credit and monitoring accounts receivable balances, with no significant concentration of credit risk[411](index=411&type=chunk)[412](index=412&type=chunk) - The company controls liquidity risk by comprehensively utilizing various financing methods such as bill settlement and bank borrowings, and by appropriately combining long-term and short-term financing[412](index=412&type=chunk) - The company manages interest rate risk by regularly reviewing and monitoring an appropriate portfolio of financial instruments, and manages foreign exchange risk by buying and selling foreign currencies to ensure net risk exposure is at an acceptable level[415](index=415&type=chunk) [XIII. Disclosure of Fair Value](index=125&type=section&id=十三、公允价值的披露) This section discloses the period-end fair value of assets and liabilities measured at fair value, totaling **507.34 million RMB**, primarily comprising trading financial assets and notes receivable financing, with fair values estimated using expected return rates and face values - The total fair value of assets continuously measured at fair value at period-end was **507,339,777.75 RMB**[422](index=422&type=chunk) - This primarily includes trading financial assets (debt instrument investments) of **483,328,986.30 RMB** and other debt investments (notes receivable financing) of **24,010,791.45 RMB**[422](index=422&type=chunk) - The company estimates the fair value of bank wealth management products by discounting their future cash flows using expected return rates[424](index=424&type=chunk) - The company determines the fair value of notes receivable by their face value[424](index=424&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=127&type=section&id=十四、关联方及关联交易) This section discloses related-party transactions, including purchasing packaging materials from Jingzhou Jiatao, selling silane coupling agents to Shenzhen Youyue Changhao, and leasing factory space to Jingzhou Jiatao, along with key management personnel compensation and related-party receivables/payables - The company's related parties include Jingzhou Jiatao Automobile Parts Manufacturing Co., Ltd. and Shenzhen Youyue Changhao Technology Co., Ltd[426](index=426&type=chunk) - In the current period, the company purchased packaging materials worth **3,502,032.87 RMB** from Jingzhou Jiatao Automobile Parts Manufacturing Co., Ltd. and sold silane coupling agents and other products worth **1,177,015.49 RMB** to Shenzhen Youyue Changhao Technology Co., Ltd[428](index=428&type=chunk)[429](index=429&type=chunk) - As a lessor, the company leased factory buildings to Jingzhou Jiatao Automobile Parts Manufacturing Co., Ltd., recognizing lease income of **35,198.74 RMB** in the current period[431](index=431&type=chunk) - Key management personnel compensation for the current period was **10,421,008.94 RMB**[432](index=432&type=chunk) - At period-end, accounts receivable from Shenzhen Youyue Changhao Technology Co., Ltd. were **171,155.00 RMB**, and accounts payable to Jingzhou Jiatao Automobile Parts Manufacturing Co., Ltd. were **1,919,891.40 RMB**[434](index=434&type=chunk)[436](index=436&type=chunk) [XV. Share-based Payment](index=129&type=section&id=十五、股份支付) During the reporting period, the company had no details of equity instruments, equity-settled or cash-settled share-based payments, or any related expenses, modifications, or terminations of share-based payment plans - During the reporting period, the company had no share-based payment related situations[438](index=438&type=chunk) [XVI. Commitments and Contingencies](index=130&type=section&id=十六、承诺及或有事项) As of the reporting period-end, the company had no significant commitments or contingencies requiring disclosure - As of the reporting period-end, the company had no significant commitments requiring disclosure[438](index=438&type=chunk) - As of the reporting period-end, the company had no significant contingencies requiring disclosure[438](index=438&type=chunk) [XVII. Post-Balance Sheet Events](index=130&type=section&id=十七、资产负债表日后事项) From the reporting period-end to the approval date of the financial report, the company had no significant non-adjusting events, profit distribution, sales returns, or other post-balance sheet events - From the reporting period-end to the approval date of the financial report, the company had no significant non-adjusting events, profit distribution, sales returns, or other post-balance sheet events[438](index=438&type=chunk) [XVIII. Other Significant Matters](index=130&type=section&id=十八、其他重要事项) This section confirms the absence of prior period accounting error corrections, significant debt restructurings, asset exchanges, or annuity plans, and states that segment information is not disclosed as the company manages and evaluates its main business (silane coupling agents and cross-linking agents) as a single entity - During the reporting period, the company had no prior period accounting error corrections, significant debt restructurings, asset exchanges, or annuity plans[438](index=438&type=chunk)[439](index=439&type=chunk) - The company's main business is the production and sales of silane coupling agents and silane cross-linking agents, which are managed and evaluated as a whole for operating results, thus segment information is not disclosed[439](index=439&type=chunk) [XIX. Notes to Parent Company Financial Statement Major Items](index=132&type=section&id=十九、母公司财务报表主要项目注释) This section provides detailed notes for the parent company's key financial statement items, including accounts receivable, other receivables, and long-term equity investments, with accounts receivable at **240.61 million RMB**, other receivables at **270.92 million RMB** (primarily intercompany loans), and long-term equity investments at **100 million RMB** (mainly in Jianghan Electronics) - The parent company's accounts receivable book value at period-end was **240,610,142.61 RMB**, a **12.57% decrease** from the beginning of the period[441](index=441&type=chunk) - The parent company's other receivables balance at period-end was **270,918,717.85 RMB**, a significant increase from the beginning of the period, mainly due to intercompany loans to its subsidiary, Jianghan Electronics, totaling **266,034,293.57 RMB**[447](index=447&type=chunk)[452](index=452&type=chunk)[456](index=456&type=chunk) - The parent company's long-term equity investment book value at period-end was **100,000,000 RMB**, primarily an investment in its subsidiary, Jianghan Electronics[460](index=460&type=chunk)[463](index=463&type=chunk) - The parent company's current period operating revenue was **944,975,637.01 RMB**, and operating cost was **681,276,779.49 RMB**[467](index=467&type=chunk) [XX. Supplementary Information](index=142&type=section&id=二十、补充资料) This section provides supplementary information, including a detailed statement of non-recurring gains and losses totaling **11.69 million RMB**, and key metrics such as a weighted average return on net assets of **4.16%** and basic earnings per share of **0.57 RMB** - Total non-recurring gains and losses for the current period amounted to **11,689,935.71 RMB**[471](index=471&type=chunk) Net Asset Return Rate and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (RMB/share) | | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 4.16 | 0.57 | | Net Profit Attributable to Common Shareholders of the Company Excluding Non-recurring Gains/Losses | 3.93 | 0.54 |

金融界消息 截至2025年8月25日收盘，江瀚新材（603281）报收于26.41元，下跌0.38%，换手率 1.12%，成交量2.82万手，成交金额7437.56万元。 通过天眼查大数据分析，湖北江瀚新材料股份有限公司共对外投资了2家企业，参与招投标项目33次， 知识产权方面有商标信息2条，专利信息125条，此外企业还拥有行政许可655个。 资金流向方面，今日主力资金净流出1255.58万元，占比成交额16.88%。其中，超大单净流出332.67万 元、占成交额4.47%，大单净流出922.91万元、占成交额12.41%，中单净流出流入463.57万元、占成交 额6.23%，小单净流入792.01万元、占成交额10.65%。 来源：金融界 江瀚新材最新一期业绩显示，截至2025一季报，公司营业总收入4.92亿元、同比减少16.20%，归属净利 润9659.82万元，同比减少37.39%，扣非净利润9094.94万元，同比减少37.24%，流动比率11.024、速动 比率10.575、资产负债率8.74%。 天眼查商业履历信息显示，湖北江瀚新材料股份有限公司，成立于1998年，位于荆州市，是一家以从事 化学原 ...

Core Viewpoint - The functional silane industry is currently facing challenges but is expected to recover in the long term, with significant market potential due to infrastructure needs in developing countries and the increasing demand for high-end products [3][4]. Industry Overview - Functional silane is considered an essential material across various industries, particularly in infrastructure projects [3]. - There is a notable gap in per capita consumption of organosilicon between developing and developed countries, indicating substantial market opportunities [3]. - The industry is currently experiencing a downturn, with many companies facing losses or shutdowns, but a recovery is anticipated as market confidence returns [3][4]. - The demand for functional silane is projected to remain strong, with a lifecycle expected to last at least fifty years [3]. Company Performance - The company has maintained a high gross margin compared to peers due to a complete industrial chain, high product technology content, and efficient resource utilization [4][5]. - The company has been profitable for nearly 30 years, attributed to strong employee commitment, performance-based compensation, and high productivity [5]. - The company does not engage in price wars but focuses on enhancing its comprehensive capabilities and product quality [5]. Product Insights - High-end products account for approximately 15% of sales but contribute over 50% to profits [6]. - The proportion of high-end products in sales is expected to increase to 25-30% [6]. - The company offers customized products based on client requirements, with no standardized pricing [7][8]. - New product revenue contributes around 5% to total sales, indicating a focus on long-established products [9]. Project Development - The company is in the preparatory phase for its functional new material silicon-based precursor project and is not yet ready for sample delivery [11]. - The market space for electronic-grade products is estimated to be around 10,000 to 20,000 tons annually [12]. - The price of electronic-grade products is currently about ten times the production cost [13]. - The company is focused on expanding its production capacity to alleviate operational pressures and ensure sustainable long-term operations [16].

Group 1 - The functional silane industry is currently facing widespread losses and production halts due to adverse economic conditions, but it is expected to eventually return to a growth phase [1][2] - Jianghan New Materials reported a revenue of 492 million yuan in Q1, a year-on-year decrease of 16.20%, and a net profit of approximately 96.6 million yuan, down 37.39% year-on-year [1] - The company has not engaged in price wars and emphasizes the importance of a complete industrial chain, product technology content, and quality for development [2] Group 2 - Jianghan New Materials believes that the demand for functional silanes is substantial, with a potential long-term growth outlook of at least fifty years [3] - The company has a high level of resource utilization and productivity, with per capita sales, revenue, and profit exceeding those of peers [2] - High-end products account for about 15% of the company's sales but contribute over 50% to its profits [2]

Core Points - Jianghan New Materials (江瀚新材) reported a closing price of 25.29 yuan as of August 12, 2025, with a decrease of 0.28% [1] - The company experienced a net outflow of main funds amounting to 10.76 million yuan, representing 26.57% of the transaction amount [1] - The latest quarterly report shows total revenue of 492 million yuan, a year-on-year decrease of 16.20%, and a net profit attributable to shareholders of 96.60 million yuan, down 37.39% year-on-year [1] Financial Performance - Total revenue for the first quarter of 2025 was 492 million yuan, reflecting a 16.20% decrease compared to the previous year [1] - Net profit attributable to shareholders was 96.60 million yuan, a decline of 37.39% year-on-year [1] - The company's current ratio is 11.024, quick ratio is 10.575, and debt-to-asset ratio is 8.74% [1] Company Overview - Jianghan New Materials Co., Ltd. was established in 1998 and is located in Jingzhou, primarily engaged in the manufacturing of chemical raw materials and products [2] - The company has a registered capital of 3.73 billion yuan and a paid-in capital of 1.22 billion yuan [1] - The legal representative of the company is Gan Shuguan [1] Investment and Intellectual Property - The company has made investments in 2 external enterprises and participated in 33 bidding projects [2] - Jianghan New Materials holds 2 trademark registrations and 124 patents, along with 640 administrative licenses [2]

Core Insights - Glass microspheres exhibit significant competitive advantages in material applications compared to traditional materials, with widespread use in plastics, coatings, oil extraction, and aerospace [1][11] - The market demand for glass microspheres is continuously growing, driven by the transformation of traditional industries and the rapid development of emerging industries [1][11] Industry Overview - Glass microspheres are a new type of material developed from borosilicate raw materials, with a particle size of 10-250 microns and a wall thickness of 1-2 microns, offering lightweight, low thermal conductivity, high strength, and good chemical stability [2][10] - The market size of China's glass microsphere industry is projected to grow from 1.432 billion yuan in 2015 to 2.767 billion yuan in 2024, with a compound annual growth rate (CAGR) of 7.59% [1][11] - The hollow glass microsphere segment is expected to grow from 716 million yuan in 2015 to 1.522 billion yuan in 2024, with a CAGR of 8.74% [1][11] Industry Chain - The upstream of the glass microsphere industry includes raw materials such as quartz sand, limestone, feldspar, and soda ash, which are crucial for the supply and quality of glass microsphere production [3][6] - The midstream involves the manufacturing of glass microspheres, while the downstream applications include reflective materials, coatings, ceramics, rubber, plastics, filtration materials, oil extraction, and aerospace [3] Production and Demand - China's glass microsphere production is expected to increase from 85,200 tons in 2015 to 170,300 tons in 2024, with a CAGR of 8% [10] - The demand for glass microspheres is projected to rise from 101,600 tons in 2015 to 201,700 tons in 2024, with a CAGR of 7.92% [10] - Hollow glass microspheres are gaining traction, with production expected to grow from 21,300 tons in 2015 to 51,100 tons in 2024, and demand from 25,400 tons to 60,500 tons during the same period [10] Market Trends - The glass microsphere industry is gradually moving towards high-end applications, focusing on high refractive index, high wear resistance, and high purity to meet the needs of aerospace, precision optics, and 5G communications [23] - The industry is expected to diversify its applications into emerging markets such as renewable energy, biomedicine, and electronic packaging, while also developing functional microspheres [24] - Environmental sustainability is becoming a key focus, with efforts to optimize production processes, reduce energy consumption, and explore recycling technologies [25] Key Players - Major players in the global glass microsphere industry are concentrated in developed countries, with significant contributions from companies like 3M, Swarco, and Potters Industries [14] - In China, notable companies include China Steel Group, Wanda Glass Microspheres, and Langsheng Kaibo, which are rapidly expanding their production capabilities [14][17]

Group 1 - The company has successfully redeemed two cash management products amounting to 350 million RMB, with the principal and earnings returned to the designated fundraising account [1] - The company utilized a total of 2.33 billion RMB from the raised funds to purchase 14 cash management products, with 1.28 billion RMB recovered from 13 products and 50 million RMB still outstanding [2] Group 2 - The company initiated a share repurchase program proposed by its actual controller and chairman, aiming to buy back shares worth between 200 million to 400 million RMB, with a maximum price of 30 RMB per share [6] - As of July 30, 2025, the company has repurchased a total of 3.84 million shares, representing 1.03% of the total share capital, with a total expenditure of approximately 92.07 million RMB [7] - The repurchase program is in accordance with the established plan, and the company will continue to make repurchases based on market conditions while adhering to relevant regulations [8][9]