Investment Rating - The report initiates coverage with a rating of "Accumulate" for the company [3][5]. Core Insights - The company focuses on adhesive materials, aiming for market share growth in both indoor and outdoor home decoration sectors in 2024, while also expanding into new products in the automotive aftermarket and packaging markets [1]. - The company has successfully entered the supply chain of CATL, the world's largest power battery manufacturer, providing various adhesive tapes for battery assembly [1]. - The optical adhesive film product line covers high-end applications in mobile displays, including foldable screens and curved screens [1]. Financial Performance - In 2024, the company is projected to achieve revenue of 1.88 billion yuan, a year-on-year increase of 20.94%, with electronic-grade adhesive materials revenue expected to reach 494 million yuan, up 48.75% year-on-year [2]. - The gross margin for electronic-grade adhesive materials is forecasted at 27.45%, an increase of 3.35 percentage points year-on-year [2]. - The company maintains a leading position in adhesive material production capacity, with plans for significant production lines across multiple provinces [2]. Profit Forecast - The projected net profits for the company from 2025 to 2027 are 82 million yuan, 103 million yuan, and 123 million yuan, respectively, with corresponding P/E ratios of 57.47, 46.18, and 38.63 [3].

Group 1 - In the first half of 2025, public funds participated in private placements, with a total allocation exceeding 10.941 billion yuan and an overall floating profit margin of over 20% [2][4] - A total of 23 public fund institutions participated in 38 A-share companies' private placements, achieving a floating profit amount of 2.443 billion yuan, with a floating profit margin of 22.33% [2][4] - The demand for financing among companies has increased significantly this year, driven by industry recovery and favorable policies, providing substantial returns for institutions actively participating in private placements [2][8] Group 2 - Notable public funds with high floating profit margins include Yimi Fund with 47.60%, Donghai Fund with 39.15%, and several others around 39% [3][4] - The highest floating profit margin recorded was 177.84% for Leshan Electric Power, attracting three public fund institutions [6][7] - The basic chemical industry was the most favored sector for public fund private placements, with a total allocation of 1.861 billion yuan across five companies [6][8] Group 3 - The recovery of the private placement market is attributed to policy support and a favorable market environment, allowing public funds to act as strategic investors [8][9] - The demand for private placements is fundamentally driven by companies' optimism about their industry prospects, leading to increased capital expenditure needs [9] - Future opportunities in private placements are expected to rise, particularly in sectors like humanoid robots, artificial intelligence, innovative pharmaceuticals, and solid-state batteries [9]

本公司董事会、全体董事及相关股东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。 证券代码：603683 证券简称：晶华新材 公告编号：2025-055 上海晶华胶粘新材料股份有限公司 部分董事及高管减持股份计划公告 重要内容提示： 董事及高管持股的基本情况 截至本公告披露日，上海晶华胶粘新材料股份有限公司（以下简称"公司"、 "晶华新材"或"发行人"）董事、副总经理白秋美女士持有公司股票 6,430,240 股，占公司总股本的 2.2196%；副总经理郑章勤先生持有公司股票 396,440 股， 占公司总股本的 0.1368%；财务总监尹力先生持有公司股票 226,000 股，占公司 总股本的 0.0780%；公司董事会秘书潘晓婵女士持有公司股票 251,200 股，占公 司总股本的 0.0867%。 减持计划的主要内容 自本减持计划公告披露之日起的 15 个交易日后的 3 个月内，公司董事、 副总经理白秋美女士，拟通过集中竞价和/或大宗交易方式减持所持公司股份， 减持数量不超过 1,607,560 股，占公司总股本的 0.5549%，占其直接持有 ...

Summary of Key Points - The company Jinghua New Materials (603683) announced that several directors and executives plan to reduce their holdings of shares [1] - Bai Qiumei intends to reduce her holdings by no more than 1,607,560 shares, which represents 0.5549% of the total share capital [1] - Zheng Zhangqin plans to reduce his holdings by no more than 99,110 shares, accounting for 0.0342% of the total share capital [1] - Yin Li intends to reduce his holdings by no more than 56,500 shares, which is 0.0195% of the total share capital [1] - Pan Xiaochan plans to reduce her holdings by no more than 62,800 shares, representing 0.0217% of the total share capital [1]

Core Viewpoint - The company, Shanghai Jinghua Adhesive New Materials Co., Ltd., is implementing a differentiated equity distribution plan, which includes a cash dividend of 0.09 yuan per share for shareholders, excluding shares repurchased by the company [1][2]. Group 1: Reasons for Differentiated Equity Distribution - The company has completed the repurchase of 1,882,800 shares using its own funds through centralized bidding, which will not participate in profit distribution [1][2]. - The cash dividend distribution is based on the total share capital minus the repurchased shares, resulting in a total cash dividend of 25,903,463.49 yuan (including tax) [2]. Group 2: Specific Calculation Basis for Differentiated Equity Distribution - The company calculated the ex-rights and ex-dividend reference price using the formula: Ex-rights (dividend) reference price = (Previous closing price - Cash dividend) ÷ (1 + Change in circulating shares ratio) [2]. - The virtual cash dividend was calculated as 0.0894 yuan per share based on the total participating shares [2]. - The actual cash dividend distributed is confirmed to be 0.09 yuan per share, with the ex-rights reference price calculated as 16.04 yuan per share [2]. Group 3: Compliance with Relevant Conditions - The impact of the differentiated dividend on the ex-rights reference price is less than 1%, indicating minimal effect on the share price [3]. - The company has committed not to undertake actions that could alter the total share capital or the number of shares in the repurchase account during the application and implementation of this equity distribution [3]. Group 4: Sponsor Institution's Review Opinion - The sponsor institution has reviewed the differentiated dividend matter and found it compliant with relevant laws and regulations, confirming that it does not harm the interests of the company or its shareholders [4].

证券代码：603683 证券简称：晶华新材 公告编号：2025-054 上海晶华胶粘新材料股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.09元（含税） 相关日期 差异化分红送转： 是 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/30 | － | 2025/7/1 | 2025/7/1 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 6 月 9 日的2025年第一次临时股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关规定，公司 存放于回购专用证券账户中的股份将不参与本 ...

东方证券股份有限公司 关于上海晶华胶粘新材料股份有限公司 差异化权益分派事项的核查意见 东方证券股份有限公司（以下简称"东方证券"或"保荐机构"）作为正在履行上海晶 华胶粘新材料股份有限公司（以下简称"晶华新材"或"公司"）持续督导工作的保荐机构， 根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《上市公司 股份回购规则》《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 证券交易所上市公司自律监管指引第 7 号——回购股份》《上海证券交易所上市公司自 律监管指引第 11 号——持续督导》等有关规定，对晶华新材拟实施的差异化权益分派 事项进行了审慎核查，核查情况如下： 一、本次差异化权益分派的原因 2024 年 2 月 18 日公司召开第四届董事会第二次会议，审议通过了《关于以集中竞 价方式回购股份方案的议案》，同意公司使用自有资金，以集中竞价交易方式回购公司 部分股份。截至 2024 年 4 月 30 日，公司已完成回购，实际通过集中竞价交易方式累计 回购股份1,882,800股，存放于上海晶华胶粘新材料股份有限公司回购专用证券账户内。 2025 年 6 月 9 日，公司召 ...

证券代码：603683 证券简称：晶华新材 公告编号：2025-051 上海晶华胶粘新材料股份有限公司 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： ? 上海晶华胶粘新材料股份有限公司（以下简称"公司"）拟使用募集资 金置换预先已投入募集资金投资项目的自筹资金的金额为人民币16,984.72万元， 使用募集资金置换已支付发行费用的自筹资金的金额为人民币27.57万元，合计 人民币17,012.29万元，公司本次募集资金置换时间距离募集资金到账时间不超 过6个月，符合相关法规的要求。 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意上海晶华胶粘新材料股份有限公 司向特定对象发行股票注册的批复》（证监许可2025909号），公司本次以简 易程序向特定对象发行股票数量为27,199,772股，每股面值为人民币1.00元， 发行价格为人民币8.36元/股，此次发行募集资金总额为人民币227,390,093.92 元，扣除本次发行费用人民 ...

Core Viewpoint - The company plans to increase its investment in its wholly-owned subsidiary, Sichuan Jinhua New Materials Technology Co., Ltd., by 150 million RMB to support project construction and business development needs, raising the subsidiary's registered capital from 300 million RMB to 450 million RMB [1][4]. Group 1: Investment Overview - The investment amount is set at 150 million RMB, which will be used for enhancing the subsidiary's core competitiveness and overall strategic goals [1][4]. - The decision for the capital increase was approved by the company's board of directors on June 17, 2025, and does not require shareholder meeting approval [2]. - The capital increase does not constitute a related party transaction or a major asset restructuring as per relevant regulations [2]. Group 2: Financial Impact - The total assets of Sichuan Jinhua as of March 31, 2025, are approximately 784.51 million RMB, with total liabilities of about 518.74 million RMB, resulting in total equity of around 265.77 million RMB [3]. - The company reported a net loss of approximately 2.99 million RMB for the first quarter of 2025, compared to a net loss of about 24.20 million RMB for the entire year of 2024 [3]. - The capital increase is expected to enhance the subsidiary's financial strength and operational capacity, optimizing its asset-liability structure and improving its risk resistance [4]. Group 3: Future Considerations - The capital increase aligns with the company's strategic planning and is anticipated to have a positive impact on the subsidiary's development without affecting the company's control over it [4]. - The company will ensure compliance with legal requirements for the registration of the capital increase and will maintain transparency in its disclosures [5].

Group 1 - The core point of the announcement is the decision made by the supervisory board of Shanghai Jinghua Adhesive New Materials Co., Ltd. regarding the use of raised funds to replace self-raised funds previously invested in fundraising projects [1][2] - The supervisory board meeting was held on June 17, 2025, with all three supervisors present, and the meeting was conducted in accordance with relevant laws and regulations [1] - The proposal to use a total of RMB 170.1229 million to replace self-raised funds was approved unanimously by the supervisors, with 3 votes in favor and no votes against or abstaining [2] Group 2 - The company plans to replace self-raised funds with raised funds within six months of the funds being received, which complies with regulatory requirements [1]