证券日报网2月5日讯 ，安集科技在接受调研者提问时表示，根据公司2025年10月31日第三届董事会第 二十五次会议决议，2026年2月1日后若"安集转债"再次触发有条件赎回条款，公司董事会将另行召开会 议。公司将持续关注市场动态，并以维护全体投资者利益为考量，全面评估后做出相关决策，任何相关 决定均会以正式公告形式及时向市场披露。 （文章来源：证券日报） ...

Core Viewpoint - Several A-share listed companies in the new materials sector, including Zhongke Sanhuan, Anji Technology, Wote New Materials, and Tianci Materials, have disclosed optimistic performance forecasts for 2025, driven by increasing downstream demand as global manufacturing shifts towards green, low-carbon, and intelligent directions [1][2][3]. Group 1: Zhongke Sanhuan - Zhongke Sanhuan expects a net profit attributable to shareholders of 80 million to 120 million yuan for 2025, representing a year-on-year growth of 566.23% to 899.35% [1]. - The company's main products include neodymium-iron-boron permanent magnetic materials, which are used in various sectors such as automotive, consumer electronics, industrial robotics, and energy-efficient appliances [1]. - The company has focused on improving operational quality through technological innovation, cost control, and market share expansion [1]. Group 2: Anji Technology - Anji Technology forecasts a net profit of approximately 795 million yuan for 2025, reflecting a year-on-year increase of about 48.98% [2]. - The company is actively exploring horizontal expansion opportunities in the semiconductor materials sector, supported by continuous technological innovation and strategic planning [2]. - Anji Technology emphasizes strengthening its product research and development capabilities, achieving expected progress in both R&D and market expansion [2]. Group 3: Wote New Materials - Wote New Materials anticipates a net profit attributable to shareholders of 57 million to 70 million yuan for 2025, with a year-on-year growth of 55.75% to 91.28% [2]. - The company is deepening its platform strategy for specialty polymer materials, providing innovative new material solutions for high-frequency communications, computing servers, new energy vehicles, and other sectors [2]. - The sales growth of specialty polymers such as liquid crystal polymers (LCP), specialty nylon, and polyphenylene sulfide (PPS) has positively impacted the company's performance [2]. Group 4: Tianci Materials - Tianci Materials projects a net profit of 1.1 billion to 1.6 billion yuan for 2025, indicating a year-on-year increase of 127.31% to 230.63% [3]. - The growth is primarily driven by the increasing demand in the new energy vehicle market and the rapid growth in the energy storage market, with significant year-on-year increases in the sales of lithium-ion battery materials [3]. - The current new materials industry in China is experiencing a golden development period due to the resonance of market demand, technological advancement, and increased localization rates [3].

Core Viewpoint - The company forecasts a revenue of 2.505 billion yuan for 2025, representing a year-on-year increase of 37%, with a net profit attributable to shareholders of 795 million yuan, up 49% year-on-year, and a non-recurring net profit of 705 million yuan, up 34% year-on-year [1] Group 1: Financial Performance - For Q4 2025, the company expects a revenue of 693 million yuan, a year-on-year increase of 33% and a quarter-on-quarter increase of 3%, with a net profit of 187 million yuan, up 33% year-on-year but down 20% quarter-on-quarter [1] - The decline in quarterly profit is attributed to several factors: higher government subsidies in Q3 2025, foreign exchange losses due to currency fluctuations, and increased expenses towards the end of the year [1] Group 2: Industry Outlook - The semiconductor industry is experiencing a sustained upturn, with the company's CMP polishing liquid market penetration deepening and rapid growth in functional wet chemicals sales, leading to high annual performance growth [1] - The global AI development is creating a "supply-demand imbalance" in the storage industry, with rising prices in logic foundry and packaging testing segments, which is expected to continue boosting upstream material demand [1] Group 3: Product Development - The company is expanding its product line in functional wet chemicals, covering various products such as post-etch cleaning solutions, photoresist stripping solutions, and etching solutions, with successful progress in advanced process post-etch cleaning solutions and increasing market share in alkaline polishing post-cleaning solutions [2] - The company is building a platform for electroplating liquids and additives, with successful localization of supply and ongoing development of various electroplating solutions for integrated circuits and advanced packaging [2] Group 4: Future Growth Potential - The semiconductor industry is expected to continue its upward trend, with a new round of capital expansion anticipated, particularly from leading semiconductor manufacturers like Changxin, Changcun, and SMIC, which have significant capacity plans [2] - As a leading supplier of CMP polishing liquids in China, the company is entering a harvest period for its second growth curve in functional wet electronic chemicals and electroplating liquids, likely benefiting from the continuous release of new downstream capacities [2] Group 5: Investment Analysis - Based on the company's earnings forecast data, the net profit estimate for 2025 has been slightly adjusted to 795 million yuan (previously 811 million yuan), while maintaining net profit forecasts for 2026 and 2027 at 1.021 billion yuan and 1.274 billion yuan, respectively [2] - The current market capitalization corresponds to price-to-earnings ratios of 57, 44, and 35 for the years 2025, 2026, and 2027, respectively, with a maintained "buy" rating [2]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [6]. Core Insights - The company has shown steady growth in CMP polishing liquid market share and rapid expansion in functional wet chemicals, leading to significant annual performance growth [6]. - The semiconductor industry is experiencing a boom, with increased demand for upstream materials, benefiting the company's product lines [6]. - The company is positioned as a leading supplier of CMP polishing liquids in China, with a second growth curve in functional wet electronic chemicals and electroplating liquids [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 1,238 million in 2023 to 3,771 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 48.2% [5][7]. - The net profit attributable to the parent company is expected to increase from 403 million in 2023 to 1,274 million by 2027, with a CAGR of around 32.5% [5][7]. - The earnings per share (EPS) is forecasted to rise from 4.14 in 2024 to 7.54 in 2027, indicating strong profitability growth [5][7]. - The company's gross margin is expected to remain stable, with slight improvements from 56.8% in 2025 to 57.3% in 2027 [5][7].

Investment Rating - The report maintains a rating of "Outperform" for the company [1] Core Insights - The company is experiencing steady growth in CMP polishing liquid market share and rapid expansion in functional wet chemicals, leading to high annual performance growth [1] - The semiconductor industry is on an upward trend, with increased demand for materials driven by high wafer fab utilization rates, benefiting the company's product lines [6] - The company has successfully expanded its product offerings in CMP polishing liquids and functional wet chemicals, with significant sales growth in advanced packaging and etching post-cleaning solutions [6] Financial Data and Profit Forecast - Total revenue is projected to reach 25.05 billion yuan in 2025, representing a year-on-year growth of 36.5% [5] - Net profit attributable to shareholders is expected to be 7.95 billion yuan in 2025, with a year-on-year increase of 48.9% [5] - The company anticipates a gross margin of 56.8% in 2025, with a return on equity (ROE) of 23.8% [5] - The projected earnings per share (EPS) for 2025 is 4.70 yuan, with a price-to-earnings (PE) ratio of 57 [5]

Core Viewpoint - The electronic chemicals sector experienced a decline of 4.67% on January 29, with Anji Technology leading the drop, while the overall market showed mixed results with the Shanghai Composite Index up by 0.16% and the Shenzhen Component Index down by 0.3% [1] Group 1: Market Performance - The electronic chemicals sector saw a significant drop, with Anji Technology's stock price falling by 8.80% to 268.01 yuan, leading the sector's decline [2] - Other notable declines included Shanghai Xinyang down 6.77% to 78.10 yuan and Zhongshi Technology down 6.75% to 55.57 yuan [2] - The overall trading volume in the electronic chemicals sector was substantial, with Anji Technology alone recording a transaction amount of 1.625 billion yuan [2] Group 2: Capital Flow - The electronic chemicals sector experienced a net outflow of 2.451 billion yuan from institutional investors, while retail investors saw a net inflow of 1.741 billion yuan [2] - The data indicates that while institutional investors were pulling back, retail investors were actively buying into the sector [2] - Specific stocks like Hongchang Electronics and Guoxing Materials had varying net inflows and outflows, reflecting differing investor sentiments [3]

申万宏源证券承销保荐有限责任公司 关于安集微电子科技（上海）股份有限公司 持续督导之 2025 年度现场检查报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》《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 法律、法规的规定，申万宏源证券承销保荐有限责任公司（以下简称"保荐机构"） 作为安集微电子科技（上海）股份有限公司（以下简称"公司"）持续督导工作的 保荐机构，对公司 2025 年度（以下简称"本持续督导期"）相关事项进行了现场 检查，现就现场检查情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构 申万宏源证券承销保荐有限责任公司 （二）保荐代表人 以简易程序向特定对象发行股票项目保荐代表人： 康杰、周毅 向不特定对象发行可转换公司债券项目保荐代表人： 康杰、包建祥 （三）现场检查时间 2026 年 1 月 19 日-2026 年 1 月 21 日 （四）现场检查人员 康杰、袁圣杰 （五）现场检查内容 公司治理和内部控制、信息披露、独立性以及与控股股东及其他关联方资金 往来、募集资金使用、关联交易、对外担保、重大对外投资、公司经营状况以及 承诺履行 ...

Market Performance - The A-share market showed mixed results with the Shanghai Composite Index rising by 0.16% to close at 4157 points, while the Shenzhen Component Index fell by 0.3% and the ChiNext Index decreased by 0.57% [1] - The total market turnover reached 3.26 trillion yuan, an increase of 267.1 billion yuan compared to the previous trading day, with over 3500 stocks declining [1] Sector Highlights - The liquor sector experienced a surge, with Kweichow Moutai's price rising nearly 9%, and over twenty stocks including Wuliangye and Luzhou Laojiao hitting the daily limit [1] - The precious metals sector continued to rise, with spot gold approaching 5600 USD, leading to multiple stocks like Sichuan Gold and Zhaojin Gold hitting the daily limit [1] - AI application stocks collectively surged, with a significant increase in related stocks [1] - The cultural media sector also saw gains, with stocks like Zhejiang Wenlian hitting the daily limit [1] - Insurance stocks were active, with China Pacific Insurance leading the gains [1] - Real estate, oil and gas services, and banking sectors showed notable increases [1] Declines in Specific Sectors - The high-bandwidth memory and SMIC concepts faced declines, with Jingce Electronics dropping nearly 9% [1] - The electronic chemicals sector experienced widespread declines, with Anji Technology falling over 8% [1] - The electronic components and PCB sectors also saw declines, with Yidong Electronics dropping over 11% [1] - Other sectors such as power grid equipment, superconducting concepts, and optical communication modules faced significant downturns [1]

Group 1 - The company, Anji Technology, announced an expected revenue of approximately 2,505 million yuan for 2025, representing an increase of about 669.98 million yuan, or a year-on-year growth of approximately 36.51% [2] - The net profit attributable to the parent company's shareholders is projected to be around 795 million yuan, which is an increase of about 261.36 million yuan compared to the previous year, reflecting a year-on-year growth of approximately 48.98% [2]

公司于近日收到Shumin Wang（王淑敏）女士、Zhang Ming（张明）先生、杨逊女士、Yuchun Wang （王雨春）先生、刘荣先生出具的《关于减持股份计划的告知函》，因自身资金需求，Shumin Wang （王淑敏）女士、Zhang Ming（张明）先生、杨逊女士、Yuchun Wang（王雨春）先生、刘荣先生拟减 持其直接持有的部分公司股份，其中：Shumin Wang（王淑敏）女士拟通过集中竞价或大宗交易方式减 持合计不超过约2.24万股的公司股份，即不超过公司总股本的0.0133%；Zhang Ming（张明）先生拟通 过集中竞价或大宗交易方式减持合计不超过约3.35万股的公司股份，即不超过公司总股本的0.0199%； 杨逊女士拟通过集中竞价或大宗交易方式减持合计不超过约2.2万股的公司股份，即不超过公司总股本 的0.0131%；Yuchun Wang（王雨春）先生拟通过集中竞价或大宗交易方式减持合计不超过2万股的公司 股份，即不超过公司总股本的0.0119%；刘荣先生拟通过集中竞价方式减持不超过3570股的公司股份， 即不超过公司总股本的0.0021%。减持期间为自本减持计划公告披露之日 ...