Core Viewpoint - The company, Shihua Technology (688093), has shown strong growth in revenue and net profit for 2024 and Q1 2025, driven by its functional electronic materials and high-performance optical materials [2][12]. Financial Performance - In 2024, the company achieved revenue of 795 million yuan and a net profit of 280 million yuan, representing year-on-year growth of 55.36% and 44.56% respectively [2]. - For Q1 2025, the company reported revenue of 256 million yuan and a net profit of 87 million yuan, with year-on-year growth of 92.04% and 111.23% respectively [2][12]. - The gross profit margin for Q1 2025 was 52.6% [12]. Product Overview - The main products include functional electronic materials and high-performance optical materials, which are used in consumer electronics, automotive electronics, and medical electronics [3]. - The functional electronic materials generated revenue of 575 million yuan in 2024, growing by 22.24%, while high-performance optical materials saw revenue of 218 million yuan, a significant increase of 442.13% [2]. Market Potential - The market for optical materials is substantial, with estimates suggesting it could reach several hundred billion yuan globally, and there is significant room for domestic alternatives to replace foreign materials [6]. - The company has already achieved large-scale production and sales in the polarizer protective film sector, which is expected to grow further [6]. Customer Base - The company has established partnerships with various brands in the consumer electronics and automotive sectors, indicating a strong demand for functional materials [4]. - The estimated demand for functional materials from customers is at least 10 billion yuan, highlighting a significant market opportunity [4]. Future Outlook - The company is optimistic about its future, focusing on expanding its product structure to include high-performance optical materials, functional electronic materials, and functional adhesives [12]. - The functional adhesives segment is seen as a new growth point, with production trials already underway [12]. Shareholder Activity - The controlling shareholder has been actively increasing their stake in the company, with plans to invest between 60 million to 100 million yuan, having already acquired approximately 1.49 million shares [11]. Financing Plans - The company has proposed a refinancing plan to raise up to 600 million yuan for expanding production capacity in optical display films, with the project currently under review by the Shanghai Stock Exchange [10].

Group 1 - The company disclosed its refinancing progress for 2025, focusing on the expansion project for optical display film materials with a total investment of 740 million yuan and a fundraising target of no more than 600 million yuan [1] - The optical display film materials expansion project aims to enhance the manufacturing capacity of high-performance optical materials and strengthen the company's strategic positioning in the functional materials sector [1] - The company is currently in the review phase of the refinancing application with the Shanghai Stock Exchange, having received acceptance and inquiry letters in April and June 2023 [1] Group 2 - The polarizer protective film is a critical raw material in the display panel industry, characterized by high cleanliness, high transmittance, and low migration, primarily used in the production and transportation of polarizers [2] - The OLED process protective film has been dominated by Japanese and Korean companies, known for its high cleanliness and high-temperature resistance, essential for OLED display production [2] - The OCA optical adhesive film market is primarily led by international material giants, holding a significant share of the high-end product market, featuring excellent optical and mechanical properties [2] Group 3 - The company indicated that its production capacity can meet peak demand in the short term, while it continues to optimize existing production lines and advance the optical materials expansion project [3] - The company's adhesive products are currently in the trial production stage, indicating ongoing development in its product offerings [3]

Group 1 - The core viewpoint of the news is that Shihua Technology is expected to achieve significant revenue and profit growth in the coming years, driven by its strategic projects and market opportunities in high-performance optical materials [1] - Shihua Technology anticipates a revenue of 795 million yuan and a net profit of 280 million yuan in 2024, representing year-on-year growth of 55.36% and 44.56% respectively [1] - In Q1 2025, the company expects to generate revenue of 256 million yuan and a net profit of 87 million yuan, with year-on-year growth rates of 92.04% and 111.23% respectively [1] Group 2 - The company is actively expanding its production capacity for functional materials and has several ongoing projects, including the expansion and upgrade of functional materials, an innovation center, and new high-efficiency sealing glue projects [1] - A refinancing plan has been disclosed, aiming to invest 740 million yuan in the optical display film material expansion project, with a fundraising target of no more than 600 million yuan [1] - The market for optical materials is large, with significant room for domestic substitution as high-end optical materials are currently dominated by foreign companies [1] Group 3 - Shihua Technology's business is primarily focused on domestic sales, with a low proportion of export revenue, indicating that short-term changes in tariff policies will have minimal impact [1] - The company is closely monitoring the development of foldable screen technology and is actively investing in related material research and development [1] - The future product structure of the company will consist of high-performance optical materials, functional electronic materials, and functional adhesives, with high-performance optical materials expected to grow the fastest [1]

Group 1: Shihua Technology - Shihua Technology is projected to achieve revenue of 795 million yuan and net profit of 280 million yuan in 2024, representing year-on-year growth of 55.36% and 44.56% respectively [1] - In Q1 2025, the company expects revenue of 256 million yuan and net profit of 87 million yuan, with year-on-year growth of 92.04% and 111.23% respectively [1] - The company is deepening its industrial chain layout with multiple projects progressing smoothly, including functional materials expansion and upgrade projects, innovation center projects, and new high-efficiency sealing adhesive projects [1] - A refinancing plan has been disclosed to invest 740 million yuan in optical display film material expansion, with a fundraising target of no more than 600 million yuan, and has received acceptance notification from the Shanghai Stock Exchange [1] - The company has two optical-grade production lines for high-performance optical materials R&D, sampling, and mass production, and is advancing expansion projects due to limited capacity [1] - The market for optical materials is large, with high-end optical materials still dominated by foreign companies, indicating significant domestic substitution potential [1] - Functional materials are applied across multiple product lines for Client A, with varying project sizes and substantial total demand space [1] - The Zhangjiagang factory is producing adhesive products, with ongoing production line debugging and trial production for various fields [1] - The company is closely monitoring the development of foldable screen technology and actively investing in related material R&D [1] - The business primarily focuses on domestic sales, with low export revenue proportion, making it less susceptible to short-term tariff policy changes [1] - The future product structure will consist of high-performance optical materials, functional electronic materials, and functional adhesives, with the fastest growth expected in high-performance optical materials [1] Group 2: Yifang Bio - Yifang Bio has introduced the latest R&D progress of its main products, including D-2570, which plans to conduct clinical exploration in multiple autoimmune disease areas, with the II phase clinical trial for ulcerative colitis approved by CDE and expected to complete the first patient dosing by May 2025 [2] - The drug Gesorex (D-1553) is expected to be approved for market launch in November 2024 for treating adult patients with KRS G12C mutation advanced non-small cell lung cancer, with ongoing phase III clinical research [2] - D-0502 is currently undergoing phase III clinical trials for second-line treatment in China, while also conducting international multi-center clinical trials in both China and the United States [2] - D-0120 has completed phase IIb clinical trials for hyperuricemia and gout, while YF087 and YF550 have made breakthrough progress in preclinical research [2]

Core Viewpoint - Suzhou Shihua New Materials Technology Co., Ltd. is responding to the Shanghai Stock Exchange's inquiry regarding its stock issuance application, addressing issues related to previous fundraising projects and their progress, as well as the financial implications of new projects [1][2]. Previous Fundraising Projects - The company has experienced delays in the "Functional Material Expansion and Upgrade Project" and the "R&D Center Construction Project," with specific reasons for these delays needing clarification [1]. - The total amount of non-capital expenditures before and after changes in previous fundraising projects was reported as 18,186.02 million yuan and 19,684.46 million yuan, respectively, indicating an increase in the proportion of non-capital expenditures from 24.10% to 26.08% of the total fundraising [2][3]. Current Fundraising and Project Plans - The current fundraising plan aims to raise up to 600 million yuan for the optical display film material expansion project, with an expected annual revenue of 1,392 million yuan once the project reaches stable operation [3][4]. - The total investment for the optical display film material expansion project is estimated at 740 million yuan, with 600 million yuan planned to be raised through this issuance [4][5]. Financial Metrics and Projections - The company’s asset-liability ratios were reported at 3.88%, 9.29%, and 7.98% for the respective reporting periods, indicating a relatively low leverage position [3]. - The internal rate of return for the project is estimated at 15.13%, with a payback period of 8.79 years [3][4]. - Future cash flow projections indicate a total cash flow of approximately 1,399.65 million yuan over the next three years, with a projected net profit of 1,583.20 million yuan during the same period [8][9].

Core Viewpoint - The document outlines the legal opinions provided by Merits & Tree Law Offices regarding Suzhou Shihua New Materials Technology Co., Ltd.'s application for a specific stock issuance and listing on the Sci-Tech Innovation Board, emphasizing compliance with relevant laws and regulations [1][2]. Group 1: Legal Compliance and Documentation - The law firm has conducted a thorough examination of the documents and facts provided by the issuer, adhering to the standards of the Company Law, Securities Law, and other relevant regulations [2]. - A supplementary legal opinion has been issued to modify and clarify the previous legal opinion based on inquiries from the Shanghai Stock Exchange regarding the issuer's application [2][3]. Group 2: Fundraising and Project Details - The issuer plans to raise 600 million yuan for the "Optical Display Film Material Expansion Project," which is part of the "High-Performance Optical Adhesive Film Material Project" [4]. - The document requests clarification on the differences and connections between the current fundraising project and existing businesses, as well as the necessity of the fundraising project in light of the company's financial situation and previous fundraising efforts [4]. Group 3: Environmental and Energy Assessments - The environmental impact assessment (EIA) for the fundraising project has been approved by the Wujiang Economic and Technological Development Zone Management Committee as of April 2, 2025, indicating no significant uncertainties regarding the EIA approval [5]. - The energy consumption report for the project is under review by the Jiangsu Provincial Development and Reform Commission, with expectations to receive approval by late June 2025, and the project is classified as not being a high-energy-consuming project [6][7].

证券代码：688093 证券简称：世华科技 公告编号：2025-029 苏州世华新材料科技股份有限公司 关于向特定对象发行股票申请文件的 苏州世华新材料科技股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日 收到上海证券交易所（以下简称"上交所"）出具的《关于苏州世华新材料科技股 份有限公司向特定对象发行股票申请文件的审核问询函》（上证科审（再融资） 202539 号，以下简称"《问询函》"），上交所审核机构对公司向特定对象发 行股票申请文件进行了审核，并形成了问询问题。 公司收到《问询函》后，按照要求会同相关中介机构就《问询函》提出的问 题进行了认真研究和逐项落实，并根据相关要求对《问询函》回复进行公开披露， 具体内容详见公司于 2025 年 5 月 9 日在上交所网站（www.sse.com.cn）披露的 《关于苏州世华新材料科技股份有限公司向特定对象发行股票申请文件的审核 问询函的回复》（豁免版）等相关文件。 根据上交所进一步审核意见，公司会同相关中介机构对部分回复内容进行了 补充与修订，并以"楷体（加粗）"字体显示，具体内容详见公司同日在上交所 网站（www.sse.com.cn）披露 ...

苏州世华新材料科技股份有限公司 问询函回复 公证天业会计师事务所(特殊普通合伙) Gongzheng Tianye Certified Public Accountants, SGP | 中国 | . 江苏 | . 无锡 | Wuxi . Jiangsu . China | | --- | --- | --- | --- | | 总机：86（510）68798988 | | | Tel：86（510）68798988 | | 传真：86（510）68567788 | | | Fax：86（510）68567788 | | 电子信箱：mail@gztycpa.cn | | | E-mail：mail@gztycpa.cn | 关于苏州世华新材料科技股份有限公司 向特定对象发行股票申请文件的 审核问询函的回复 （修订版） 上海证券交易所： 按照贵所《关于苏州世华新材料科技股份有限公司向特定对象发行股票申请 文件的审核问询函》（上证科审（再融资）〔2025〕39 号）（以下简称"《问 询函》"）的要求，我们就《问询函》对苏州世华新材料科技股份有限公司（以 下简称"公司"、"发行人"或"世华科技"）审核问询问题中涉及 ...

北京植德律师事务所 关于苏州世华新材料科技股份有限公司 申请向特定对象发行股票并在科创板上市的 补充法律意见书之二 植德(证)字[2025]0009-10号 二〇二五年五月 北京植德律师事务所 Merits & Tree Law Offices 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 www.meritsandtree.com 关于苏州世华新材料科技股份有限公司 申请向特定对象发行股票并在科创板上市的 补充法律意见书之二 北京植德律师事务所 植德(证)字[2025]0009-10号 致：苏州世华新材料科技股份有限公司（发行人） 根据本所与发行人签订的律师服务协议书，本所接受发行人的委托，担任发 行人本次发行上市的特聘专项法律顾问。 本所律师已根据《公司法》 ...

关于苏州世华新材料科技股份有限公司 向特定对象发行股票 申请文件的审核问询函的回复 （修订稿） 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 苏州世华新材料科技股份有限公司 问询函回复 上海证券交易所： 苏州世华新材料科技股份有限公司（以下简称"公司"、"发行人"或"世 华科技"）收到贵所于 2025 年 4 月 17 日下发的《关于苏州世华新材料科技股份 有限公司向特定对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕 39 号）（以下简称"《问询函》"），公司已会同华泰联合证券有限责任公司 （以下简称"华泰联合证券"、"保荐机构"）、北京植德律师事务所（以下简 称"律师"）、公证天业会计师事务所（特殊普通合伙）（以下简称"会计师"） 进行了认真研究和落实，并按照问询函的要求对所涉及的事项进行了资料补充和 问题回复，现提交贵所，请予以审核。 除非文义另有所指，本问询函回复使用的简称与《苏州世华新材料科技股份 有限公司 2025 年度向特定对象发行 A 股股票并在科创板上市募集说明书（申报 稿）》（以下简称"募集说明书"）中的释义相同。 本 ...