Company Overview - Suzhou Shihua New Materials Technology Co., Ltd. is located in Wujiang Economic and Technological Development Zone, Suzhou, Jiangsu Province, and was established on April 14, 2010. The company was listed on September 30, 2020. Its main business involves the research, production, and sales of functional materials [1]. Business Composition - The revenue composition of the company is as follows: functional electronic materials account for 62.90%, high-performance optical materials for 36.81%, other materials for 0.22%, and other businesses for 0.07% [1]. Stock Performance - On September 4, the stock price of Shihua Technology fell by 5.03%, closing at 37.01 CNY per share, with a trading volume of 231 million CNY and a turnover rate of 2.26%. The total market capitalization is 9.72 billion CNY [1]. Shareholder Activity - Morgan Stanley's fund, specifically the Morgan Stanley Digital Economy Mixed A (017102), is among the top ten circulating shareholders of Shihua Technology. In the second quarter, it reduced its holdings by 675,900 shares, now holding 2.8401 million shares, which represents 1.08% of the circulating shares. The estimated floating loss today is approximately 5.5667 million CNY [2]. Fund Performance - The Morgan Stanley Digital Economy Mixed A fund was established on March 2, 2023, with a latest scale of 2.386 billion CNY. Year-to-date, it has achieved a return of 58.04%, ranking 427 out of 8,180 in its category. Over the past year, it has returned 122.01%, ranking 166 out of 7,978. Since its inception, it has returned 117.3% [2]. Fund Management - The fund manager of Morgan Stanley Digital Economy Mixed A is Lei Zhiyong, who has been in the position for 6 years and 140 days. The total asset scale of the fund is 4.547 billion CNY, with the best return during his tenure being 122.21% and the worst being -6.73% [3].

Group 1 - The company, Shihua Technology, announced its participation in the 2025 semi-annual performance briefing for the new materials industry organized by the Shanghai Stock Exchange [2] - The event is scheduled for September 18, 2025, from 15:00 to 17:00 [2]

Core Viewpoint - Suzhou Shihua New Materials Technology Co., Ltd. will participate in the 2025 semi-annual performance briefing for the new materials industry on September 18, 2025, to address investor concerns and provide insights into its operational results and financial status [1][2]. Group 1: Meeting Details - The meeting is scheduled for September 18, 2025, from 15:00 to 17:00 [2][3]. - It will be held at the Shanghai Stock Exchange Roadshow Center and will be conducted via video and online text interaction [2][3]. - Investors can submit questions from September 11 to September 17, 2025, through the designated website or via email [2][3]. Group 2: Participants - Key participants include the Chairman and General Manager, Mr. Gu Zhengqing, the Board Secretary, Ms. Ji Yuwen, the Chief Financial Officer, Mr. Zhou Changsheng, and Independent Director, Mr. Xu Younong [2][3]. Group 3: Investor Participation - Investors can log into the Shanghai Stock Exchange Roadshow Center on the day of the meeting to participate and receive answers to their questions [3]. - The company’s securities department can be contacted for further inquiries via phone or email [3]. Group 4: Additional Information - After the meeting, investors can access the main content and outcomes of the performance briefing through the Shanghai Stock Exchange Roadshow Center [3].

证券代码：688093 证券简称：世华科技 公告编号：2025-035 重要内容提示： 会议召开时间：2025 年 09 月 18 日（星期四）15:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：视频和网络文字互动 投资者可于 2025 年 09 月 11 日（星期四）至 2025 年 09 月 17 日（星期三） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （zhengquan@shihua-group.com）进行提问。公司将在本次业绩说明会上对投资者 普遍关注的问题进行回答。 苏州世华新材料科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 23 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 18 日（星期四）15:00-17:00 参加由上海证券交易所主办的 2025 年半年度科创板新材料行业集体业绩说明会， 就投资者 ...

Group 1: Market Dynamics - 26 new private placement projects were added in the last two weeks, a 8.33% increase from the previous period, with 17 being competitive bids[5] - The number of projects terminated remained stable at 10, with 6 being competitive bids[5] - The approval rate for projects was 100%, with 5 projects approved by the review committee, a decrease of 50% from the previous period[5] Group 2: Fundraising and Pricing - A total of 166.42 billion CNY was raised from 9 projects, a staggering 1613.24% increase compared to the previous period[34] - The average base discount rate for competitive projects was 12.59%, up 6.78 percentage points, while the market price discount rate averaged 13.27%, down 0.86 percentage points[34] - The average market price discount rate for non-competitive projects was 33.37%[34] Group 3: Competitive Bidding Insights - The average number of institutions participating in competitive bids was 25, with an average allocation rate of 63.86%, an increase of 28.44 percentage points[43] - The average premium rate for competitive bids was 8.52%, down 3.44 percentage points from the previous period[43] Group 4: Project Analysis - Aikodi plans to raise up to 520 million CNY for acquisitions, with a projected PE of 10.25X, lower than its current PE of 20.18X[25] - Lukan Pharmaceutical aims to raise up to 1.2 billion CNY for high-end formulation projects, with a market outlook driven by aging population and chronic diseases[27]

Core Viewpoint - Shihua Technology (688093) has shown significant growth in revenue and profit for the first half of 2025, indicating strong performance in the functional electronic materials and high-performance optical materials sectors [1][3]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 537 million yuan, representing a year-on-year increase of 73.79% [1][3]. - The net profit attributable to shareholders reached 193 million yuan, up 86.38% year-on-year, while the net profit after deducting non-recurring items was 186 million yuan, reflecting a growth of 101.03% [1][3]. - The gross margin for the company was 55.62%, with the gross margin for high-performance optical materials increasing to 27.36%, showing improvement compared to the same period last year and the previous year [1][3]. Group 2: Investment and Projects - The company plans to invest 2.05 billion yuan in a new high-performance optical adhesive film project, which has already commenced construction in the first half of this year [1][3]. - The IPO fundraising project for "Functional Materials Expansion and Upgrade Project" has been completed, and the previous fundraising for the "New High-Efficiency Sealing Glue Project" has been fully utilized [2]. - The new fundraising for the optical display film materials expansion project is set at 740 million yuan, with a maximum fundraising target of 600 million yuan, expected to generate annual revenue of 1.392 billion yuan upon reaching full production [2]. Group 3: Market Position and Future Outlook - The market for optical materials is projected to be in the hundreds of billions of yuan, with the polarizer protective film market expected to exceed 5 billion yuan, indicating significant domestic substitution potential [1][2]. - The company aims to establish a product structure centered around high-performance optical materials, functional electronic materials, and functional adhesives, with functional electronic materials being the current main business and high-performance optical materials serving as the second growth curve [2].

Group 1: Shihua Technology - Shihua Technology achieved operating revenue of 537 million yuan in the first half of 2025, representing a year-on-year growth of 73.79% [1] - The net profit attributable to the parent company was 193 million yuan, up 86.38% year-on-year [1] - The company's gross margin was 55.62%, with high-performance optical materials gross margin at 27.36%, both showing improvement compared to the same period last year and the previous year [1] - Shihua Technology plans to invest 2.05 billion yuan in a new high-performance optical adhesive film project, indicating a significant market potential for high-end optical materials and domestic substitution opportunities [1] - The company has completed its IPO fundraising projects and the "New High-Efficiency Sealing Adhesive Project" has been fully utilized and completed [1] - The "Innovation Center Project" is expected to be completed by May 2026, with a total investment of 740 million yuan and a fundraising target of no more than 600 million yuan, projected to generate operating revenue of 1.392 billion yuan upon reaching production [1] - The future product structure will focus on high-performance optical materials, functional electronic materials, and functional adhesives, promoting healthy and sustainable growth for the company [1] Group 2: Giant Network - Giant Network reported operating revenue of 1.662 billion yuan for the first half of 2025, reflecting a year-on-year increase of 16.47% [2] - The net profit was 777 million yuan, up 8.27% year-on-year [2] - The self-developed new product "Supernatural Action Group" has shown outstanding performance, with rapid growth in user base and revenue, although the main contribution will be released in the future due to revenue deferral factors [2] - The company plans to extend the game lifecycle through enhanced content supply, optimized game performance, and collaboration with well-known IPs [2] - "Supernatural Action Group" stands out in competition due to its differentiated gameplay and strong social virality, with plans for continuous content updates and exploration of UGC directions to maintain user activity [2] - Customer acquisition mainly relies on user word-of-mouth and content dissemination, with expected stable sales expense ratio [2] - The company is optimistic about overseas markets and is exploring international expansion for "Supernatural Action Group" [2] - The increase in contract liabilities in Q1 and Q2 is attributed to revenue growth from "Original Journey" and deferred income [2] - R&D expenses in Q2 increased mainly due to rising labor costs and technical service fees [2]

股票简称：世华科技 股票代码：688093 苏州世华新材料科技股份有限公司 （Suzhou Shihua New Material Technology Co., Ltd.） （苏州市吴江经济技术开发区大光路 168 号） 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 保荐人（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） 二〇二五年八月 苏州世华新材料科技股份有限公司 募集说明书 声明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资 料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自 ...

Core Insights - Pension funds have emerged as significant shareholders in 11 stocks listed on the Sci-Tech Innovation Board, with a total holding of 50.67 million shares valued at 2.647 billion yuan at the end of Q2 [1][2] Group 1: Pension Fund Holdings - Pension funds have newly entered 3 stocks, increased holdings in 2 stocks, and reduced holdings in 4 stocks, while 2 stocks remained unchanged in their holdings [1] - The stock with the highest holding ratio by pension funds is Haitai New Light, accounting for 4.20% of the circulating shares, followed by Rongzhi Rixin and Huafeng Technology at 4.04% and 2.67%, respectively [1] - The top holdings by quantity include Transsion Holdings with 17.72 million shares, Shengyi Electronics with 5.33 million shares, and Yubang Power with 5.19 million shares [1] Group 2: Industry Focus - The stocks held by pension funds are primarily concentrated in the electronics, pharmaceutical, and national defense industries, with 3, 2, and 2 stocks respectively [1] - Eight stocks have been continuously held by pension funds for more than two reporting periods, with Yubang Power and Kaili New Materials being held for 12 reporting periods [1] Group 3: Performance Metrics - Among the stocks held by pension funds, 7 reported year-on-year net profit growth in the first half of the year, with Rongzhi Rixin showing the highest growth of 2063.42% [2] - The average increase of the Sci-Tech Innovation Board stocks held by pension funds since July is 17.32%, with Huafeng Technology leading with a cumulative increase of 40.03% [2] - The stock with the largest decline is Guoke Military Industry, which has decreased by 8.89% [2]

Summary of the Conference Call for Shihua Technology Company Overview - **Company**: Shihua Technology - **Industry**: Electronic Materials and Optical Products Key Financial Performance - **Revenue**: In the first half of 2025, revenue reached 534 million yuan, a year-on-year increase of 56.87% [2][3] - **Net Profit**: Net profit was 193 million yuan, up 86.38% year-on-year, with a net profit margin of 36% [2][5] - **Gross Margin**: Overall gross margin stood at 55.62%, consistent with the previous year, while the gross margin for optical materials improved due to scale effects and cost reduction [2][4] Business Segments Performance - **Electronic Materials**: Revenue from electronic materials was 337 million yuan, a 44% increase year-on-year [2][3] - **Optical Business**: Revenue from optical business was 197 million yuan, showing a significant growth of 166% year-on-year, with optical materials accounting for 37% of total revenue, up from 24% the previous year [2][3] Research and Development - **R&D Investment**: R&D expenditure increased by 21% year-on-year, amounting to 28.52 million yuan [6] - **Project Updates**: The IPO fundraising project for functional materials has been completed, and the Zhangjiagang project is expected to be finalized by October, contributing to revenue [6] Market Outlook - **Consumer Electronics**: The consumer electronics business is expected to maintain a growth rate of 10% to 20% for the year [7] - **Optical Business Growth**: The polarizer-related business is growing rapidly, with significant potential in the SCF module business, particularly with projects involving Samsung [9] Future Projects and Capacity Expansion - **Capital Increase Projects**: The capital increase project focuses on optical display film materials, including polarizer protective films, with an expected additional output value of approximately 1.4 billion yuan by the end of 2027 or early 2028 [12] - **Production Capacity**: The company plans to expand production capacity by 210 million square meters for polarizer protective films [12] Product Structure and Market Capacity - **Optical Product Categories**: The optical business is divided into four categories: OLED-related ICF modules, polarizers, and other optical materials, with polarizers being the fastest-growing segment [9][10] - **Market Capacity**: The company is optimizing its product structure to meet market demand and enhance performance [8] Operational Efficiency - **Production Lines**: The company has four production lines for optical materials, with two lines operating at full capacity and two new lines starting to ramp up production [11][32] - **Capacity Limitations**: Current production capacity is fully utilized, and future growth will depend on efficiency improvements [31] Profitability Trends - **Gross Margin Expectations**: The gross margin for optical products is expected to exceed 30% in 2026, with new business segments projected to maintain a gross margin of around 40% [26][27] Strategic Partnerships and Customer Engagement - **Collaboration with Major Clients**: The company has established partnerships with major polarizer manufacturers and is focusing on enhancing its competitive edge in protective films [17] Conclusion - **Growth Expectations**: While the company has shown strong growth in the first half of 2025, it is anticipated that the growth rate may moderate in the second half due to base effects and production capacity constraints [38][39]