Core Viewpoint - Jinhua New Materials experienced a decline of 5.06% on November 4, with a stock price of 28.15 yuan per share and a total market capitalization of 8.152 billion yuan [1] Company Overview - Shanghai Jinhua Adhesive New Materials Co., Ltd. was established on April 19, 2006, and listed on October 20, 2017. The company specializes in providing adhesive materials and products to industrial enterprises, mobile phone manufacturers, power battery manufacturers, and display manufacturers [1] Shareholder Analysis - ICBC Credit Suisse Fund's fund, ICBC Yuanxing Mixed Fund (009076), entered the top ten circulating shareholders of Jinhua New Materials in the third quarter, holding 2.5 million shares, which is 0.97% of the circulating shares. The estimated floating loss today is approximately 3.75 million yuan [2] - The ICBC Yuanxing Mixed Fund was established on April 23, 2020, with a latest scale of 3.732 billion yuan. Year-to-date returns are 43.78%, ranking 1500 out of 8150 in its category, while the one-year return is 48.97%, ranking 1126 out of 8043 [2] Fund Performance - The fund manager of ICBC Yuanxing Mixed Fund is Yan Yao, who has a cumulative tenure of 12 years and 74 days. The total asset scale of the fund is 9.01 billion yuan, with the best return during his tenure being 365.06% and the worst being -39.31% [3] Top Holdings - ICBC Credit Suisse Fund's ICBC Industry Preferred Mixed A Fund (014466) holds 69,700 shares of Jinhua New Materials, accounting for 3.92% of the fund's net value, making it the seventh-largest holding. The estimated floating loss today is about 104,600 yuan [4] - The ICBC Industry Preferred Mixed A Fund was established on July 4, 2022, with a latest scale of 39.7032 million yuan. Year-to-date returns are 34.83%, ranking 2419 out of 8150, while the one-year return is 31.74%, ranking 2709 out of 8043 [4] Fund Manager Profile - The fund manager of ICBC Industry Preferred Mixed A Fund is Mu Yaqian, who has a cumulative tenure of 1 year and 90 days. The total asset scale of the fund is 1.402 billion yuan, with the best return during his tenure being 40.31% and the worst being -2.7% [5]

Core Insights - The stock of Jinghua New Materials experienced a slight increase of 0.24%, closing at 29.65 yuan on November 3rd [1] - A significant block trade occurred, with a total volume of 75,000 shares and a transaction value of 2.019 million yuan [1] - The first transaction price was 26.92 yuan, with a total of 75,000 shares traded, resulting in a premium rate of -9.21% [1] - The buyer was from China Merchants Securities Co., Ltd., while the seller was from Nanjing Securities Co., Ltd. [1] - Over the past three months, the stock has seen a total of six block trades, amounting to 20.5062 million yuan [1] - In the last five trading days, the stock has declined by 6.73%, with a total net outflow of 88.6518 million yuan from major funds [1]

Core Viewpoint - Jinghua New Materials is a leading enterprise in the adhesive materials industry, with strong market competitiveness and a focus on various sectors including AI smartphones and semiconductors [1] Financial Performance - For Q3 2025, Jinghua New Materials reported revenue of 1.508 billion yuan, ranking 4th in the industry, with the top competitor, Yongguan New Materials, generating 5.003 billion yuan [2] - The net profit for the same period was 65.87 million yuan, also ranking 4th, with the industry leader, Jujiao Co., achieving a net profit of 141 million yuan [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 46.06%, lower than the industry average of 48.98%, indicating good solvency [3] - The gross profit margin was 16.83%, higher than the industry average of 13.88%, reflecting strong profitability [3] Management Compensation - The chairman, Zhou Xiaonan, received a salary of 1.3722 million yuan in 2024, an increase of 22,000 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 14.06% to 14,100, while the average number of shares held per shareholder decreased by 12.33% to 18,400 [5] - The company has established Beijing Jingzhi Intelligent New Materials Co., focusing on multi-modal flexible tactile sensors for various applications, including robotics and healthcare [5] Capacity Expansion - Jinghua New Materials is planning a new production capacity of 1 billion square meters of new adhesive materials and 100,000 tons of biodegradable paper-based materials, with the first phase expected to be completed by the end of 2024 [5] Future Profit Projections - The company is projected to achieve net profits of 82 million yuan, 121 million yuan, and 159 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 23%, 47%, and 32% [5]

Core Insights - Jinghua New Materials (603683.SH) reported its Q3 2025 results, revealing that 13 institutional investors hold a total of 30.6137 million shares, representing 10.57% of the company's total equity [1] - The top ten institutional investors collectively own 10.40% of the shares, with a notable increase of 5.08 percentage points compared to the previous quarter [1] Institutional Holdings - The top institutional investors include Shanghai Fengchi Asset Management Co., Ltd., Zhejiang Qihou Asset Management Co., Ltd., and CITIGROUP GLOBAL MARKETS LIMITED among others [1] - The increase in institutional holdings indicates growing confidence in the company among major investors [1] Public Fund Activity - Six new public funds disclosed their holdings this quarter, including 工银圆兴混合 and 永赢新能源智选混合发起A [2] - Ten public funds from the previous quarter did not disclose their holdings this time, indicating potential shifts in investment strategies [2] Foreign Investment - One new foreign institution, CITIGROUP GLOBAL MARKETS LIMITED, disclosed its holdings this quarter, reflecting continued interest from international investors [2]

Company Summary - Jinghua New Materials (SH 603683) announced on October 29 that the asset impairment provision will directly impact the profit for the first three quarters of 2025, affecting the total profit by 7.85 million yuan. This impairment provision has not been audited by accountants [1]. - For the year 2024, the revenue composition of Jinghua New Materials is as follows: 92.36% from the chemical raw materials and chemical products manufacturing industry, 7.25% from rubber and plastic products, and 0.39% from other businesses [1]. Industry Summary - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation and a new "slow bull" market pattern emerging [1].

Core Viewpoint - Jinghua New Materials (603683.SH) reported a year-on-year revenue growth of 11% for the first three quarters of 2025, reaching a total revenue of 1.508 billion yuan, while net profit attributable to shareholders decreased by 4.36% to 64.0727 million yuan [1] Financial Performance - Total revenue for the first three quarters of 2025 was 1.508 billion yuan, reflecting an 11% increase compared to the previous year [1] - Net profit attributable to the parent company's shareholders was 64.0727 million yuan, showing a decline of 4.36% year-on-year [1] - Basic earnings per share stood at 0.2365 yuan [1]

证券代码：603683 证券简称：晶华新材 公告编号：2025-088 上海晶华胶粘新材料股份有限公司 关于计提资产减值准备的公告 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。 上海晶华胶粘新材料股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召开了第四届董事会第二十六次会议，审议通过了《关于计提资产减值准备的 议案》。公司根据《企业会计准则》和公司会计政策的相关规定，经评估、分析， 基于谨慎性原则对存货、应收款项等资产计提资产减值准备，现就公司计提的资 产减值准备的相关情况公告如下： 一、本次计提资产减值准备的概况 根据《企业会计准则第22号—一金融工具确认和计量》：公司以预期信用损 失为基础，参考历史信用损失经验，结合当前状况以及对未来经济状况的预测， 对应收账款、其他应收款以及应收票据的预期信用损失进行测试。经测试，2025 年前三季度计提信用减值损失金额共计391.52万元。 （二）资产减值损失 根据《企业会计准则第1号——存货》：资产负债表日，存货应当按照成本与 可变现净值孰低计量。存货成本高于 ...

一、主要产品的产量、销量及收入实现情况 2025年第三季度主要经营数据公告 证券代码：603683 证券简称：晶华新材 公告编号：2025-087 上海晶华胶粘新材料股份有限公司 | 主要产品 | 年 月产 2025 7-9 | | | 年 2025 | 月销量 7-9 | 年 2025 | 月销售金 7-9 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 量（万平方米） | | | （万平方米） | | | 额（万元） | | 电子胶粘材料 | | | 1,695.81 | | 2,363.49 | | 17,270.99 | | 工业胶粘材料 | | 14,789.58 | | | 15,354.01 | | 27,324.07 | | 光学胶膜材料 | | | 345.50 | | 360.77 | | 4,034.64 | | 化工新材料（吨） | | | 4,898.43 | | 988.25 | | 867.59 | | 特种纸 | | | 23,638.80 | | 8,459.32 | | 6,246.09 | 注：化工新材料产销 ...

上海晶华胶粘新材料股份有限公司 第四届董事会第二十六次会议决议公告 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。 一、董事会会议召开情况： （一）本次会议的召集、召开符合《公司法》等有关法律、法规、规章和《公司章 程》的规定，会议决议合法有效。 （二）上海晶华胶粘新材料股份有限公司(以下简称"公司")第四届董事会第二十 六次会议通知及会议材料于 2025 年 10 月 24 日以电话、传真、电子邮件或专人送达的 方式分送全体参会人员。 （三）本次会议于 2025 年 10 月 28 日 10:00 在公司会议室以现场和通讯相结合的 方式召开。 证券代码：603683 证券简称：晶华新材 公告编号：2025-086 （四）本次会议应到董事 7 名，实到董事 7 名。 （五）会议由董事长周晓南先生召集并主持。公司高级管理人员列席了本次会议。 二、董事会会议审议情况： 经出席会议的董事审议并以记名方式投票表决通过了如下议案： （一）审议通过《公司 2025 年第三季度报告》 具体内容详见公司于同日在指定信息披露媒体披露的《上海晶华 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥561,902,049.43, an increase of 11.81% compared to the same period last year[4] - The total profit for the quarter was ¥24,675,654.41, reflecting a decrease of 11.87% year-over-year[4] - The net profit attributable to shareholders was ¥26,398,313.35, showing a slight increase of 0.19% compared to the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥23,058,580.99, down by 5.05% year-over-year[4] - Basic earnings per share for the quarter were ¥0.0934, down 9.23% from the same period last year[5] - The company achieved a revenue of 1.508 billion RMB in the first three quarters of 2025, representing a year-on-year growth of 11.00%[13] - The net profit attributable to shareholders for the same period was 64.0727 million RMB[13] - Total operating revenue for the first three quarters of 2025 reached ¥1,508,475,488.95, an increase of 11.0% compared to ¥1,358,950,995.49 in the same period of 2024[25] - Operating profit for the first three quarters of 2025 decreased to ¥59,601,297.92 from ¥70,988,323.48 in 2024, a decline of 16.5%[25] - Net profit for the first three quarters of 2025 was ¥52,294,675.04, down from ¥68,684,572.66 in 2024, indicating a decrease of 23.9%[25] - Net profit for the current period is CNY 65,870,281.72, a decrease of 4.0% from CNY 68,684,572.66 in the previous period[26] - Basic earnings per share decreased to CNY 0.2365 from CNY 0.2652, reflecting a decline of 10.5%[26] - The company's total comprehensive income attributable to shareholders decreased to CNY 62,306,436.86 from CNY 66,549,748.85, a decline of 6.5%[26] - Net profit for the first three quarters of 2025 was a loss of CNY 11,996,724.86, compared to a profit of CNY 77,402,195.15 in the first three quarters of 2024[33] Cash Flow and Assets - The cash flow from operating activities for the year-to-date period was ¥65,536,328.37, a significant decrease of 49.91% compared to the previous year[5] - The decrease in cash flow from operating activities was primarily due to increased expenditures on procurement, employee salaries, and taxes[9] - Cash flow from operating activities generated a net amount of CNY 65,536,328.37, down 49.9% compared to CNY 130,835,552.82 in the previous year[27] - Total cash and cash equivalents at the end of the period increased to CNY 234,423,843.82 from CNY 147,186,133.35, marking a significant improvement[28] - Cash flow from investing activities resulted in a net outflow of CNY 70,139,873.47, compared to a larger outflow of CNY 266,560,848.15 in the previous period[28] - Cash flow from financing activities generated a net inflow of CNY 84,572,341.80, a substantial increase from CNY 4,185,675.99 in the previous year[28] - Current assets totaled ¥1,291,082,449.89 as of September 30, 2025, compared to ¥1,042,058,635.18 at the end of 2024, representing an increase of 24.0%[20] - Cash and cash equivalents rose to ¥239,499,853.17 in 2025 from ¥163,516,464.64 in 2024, an increase of 46.3%[20] - Inventory levels increased significantly to ¥449,060,667.88 in 2025 from ¥332,728,203.56 in 2024, reflecting a growth of 34.9%[20] - Long-term receivables rose to ¥23,372,600.00 in 2025 from ¥16,296,600.00 in 2024, an increase of 43.3%[21] - The company's total assets reached ¥2,991,781,106.00 in 2025, up from ¥2,559,168,579.63 in 2024, indicating a growth of 16.9%[22] - Total liabilities increased to ¥1,377,891,692.48 in 2025 from ¥1,219,896,854.99 in 2024, marking a rise of 12.9%[22] - Total liabilities as of the end of the reporting period were CNY 219,115,041.14, slightly up from CNY 217,705,375.11 in the previous year[31] - Total equity increased to CNY 1,589,553,735.84 from CNY 1,391,236,810.55 year-over-year[31] - The company reported a significant increase in cash received from customers, totaling CNY 1,153,763,232.96, although it was slightly lower than CNY 1,168,133,267.59 in the previous year[27] Business Development and Strategy - The company is focusing on four core areas: industrial adhesive materials, new energy power batteries, 3C electronics, and automotive sectors, which are driving sales growth[13] - New product developments include the OCA series, with multiple products successfully passing customer verification and stable shipments[14] - The company is optimizing manufacturing costs by relocating production capacity from Jiangsu to Sichuan, enhancing profitability[15] - The subsidiary Beijing Jingzhi Gan is expanding its tactile sensing business, developing a complete product matrix with multi-modal sensors[16] - The company has established collaborations with leading robotics and rehabilitation firms in the domestic market, enhancing its application in medical scenarios[17] - The company plans to commence construction of a new high-end adhesive material production and R&D center in November, supporting long-term capacity expansion[15] - The company is actively engaging with North American clients for overseas market expansion, entering the sample exchange phase with several key customers[17] - The company is committed to continuous technology iteration and product performance enhancement through algorithm optimization and material upgrades[18] Investment Activities - Investment activities resulted in a net cash outflow of CNY 180,882,386.88 for the first three quarters of 2025, compared to a net outflow of CNY 111,474,155.46 in the same period of 2024[35] - The company raised CNY 222,237,302.60 from new investments in the first three quarters of 2025[35] - The company reported a significant increase in long-term borrowings, rising to CNY 57,320,000.00 from CNY 50,560,000.00[31] - The company's financial expenses decreased to CNY 1,870,576.39 from CNY 3,134,469.27 year-over-year[33]