Core Viewpoint - Jilin OLED Material Co., Ltd. plans to raise up to 299.86 million yuan through a simplified procedure for specific targets, with a focus on enhancing production capacity and reducing reliance on imported materials [1] Fundraising Purpose - The company intends to allocate 239.86 million yuan for the construction of an OLED display core material PSPI production base project, and 60 million yuan for supplementing working capital [1] - The PSPI project has a construction period of three years and aims to increase production capacity to meet domestic market demand [1] Strategic Impact - The fundraising will strengthen the company's capacity layout and enhance competitiveness, although it may dilute earnings indicators in the short term [1] - Long-term, the initiative is expected to improve profitability and sustainable development capabilities [1]

Group 1 - The company, Aolide, announced its participation in the 2025 semi-annual performance briefing for the new materials industry on September 18, 2025, from 15:00 to 17:00 [2]

Market Performance - The optical and optoelectronic sector rose by 0.61% on September 8, with Aolaide leading the gains [1] - The Shanghai Composite Index closed at 3826.84, up 0.38%, while the Shenzhen Component Index closed at 12666.84, up 0.61% [1] Stock Highlights - Aolaide (688378) closed at 25.90, with a significant increase of 11.69% and a trading volume of 205,700 shares, amounting to a transaction value of 508 million yuan [1] - Other notable gainers included ST Yushun (002289) with a 5.01% increase, and Aobi Zhongguang (688322) with a 4.73% increase [1] Fund Flow Analysis - The optical and optoelectronic sector experienced a net outflow of 562 million yuan from institutional investors, while retail investors saw a net inflow of 324 million yuan [2] - The sector's overall fund flow indicates a mixed sentiment, with institutional selling and retail buying [2] Individual Stock Fund Flow - Oufei Guang (002456) had a net inflow of 169 million yuan from institutional investors, while it faced a net outflow of 596 million yuan from retail investors [3] - Aolaide (688378) saw a net inflow of 36 million yuan from institutional investors, but retail investors withdrew 375 million yuan [3]

证券代码：688378 证券简称：奥来德 公告编号：2025-047 吉林奥来德光电材料股份有限公司 关于参加 2025 年半年度科创板新材料行业 集体业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 吉林奥来德光电材料股份有限公司（以下简称"公司"）已于 2025 年 8 月 23 日披露公司《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、财务状况及发展理念，公司计划于 2025 年 9 月 18 日（星期四） 下午 15:00-17:00 参加 2025 年半年度科创板新材料行业集体业绩说明会，就投资者关 心的问题进行交流。 一、说明会类型 本次业绩说明会以网络文字互动形式召开，公司将针对 2025 年半年度的经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点、方式 （一）会议召开时间：2025 年 9 月 18 日（星期四）下午 15:00-17:0 ...

Investment Rating - The report indicates a positive outlook for the thermal management materials industry, driven by strong downstream market demand and technological advancements [3][21]. Core Insights - The thermal management materials industry is experiencing sustained growth due to increasing demand from downstream sectors such as consumer electronics, automotive electronics, and data centers. The global thermal management market is projected to grow at a compound annual growth rate (CAGR) of 8.5%, increasing from $17.3 billion in 2023 to $26.1 billion by 2028 [3][21]. - The penetration rates of heat pipes and vapor chambers are continuously rising, with local procurement becoming a significant trend as domestic companies mature technologically [3][21]. Summary by Sections 1. Industry Demand and Growth - The global demand for thermal management materials is on the rise, with a forecasted market size growth from $17.3 billion in 2023 to $26.1 billion by 2028, reflecting a CAGR of 8.5% [3][21]. - The shift towards high-performance, miniaturized, and integrated electronic products is intensifying the need for effective thermal management solutions [3][21]. 2. Market Segmentation - Heat pipes and vapor chambers are becoming mainstream solutions in high-end smartphones, with market sizes expected to reach $3.776 billion and $1.197 billion respectively by 2025, with CAGRs of 6.17% and 14.20% [15][18]. - The thermal interface materials market is projected to grow from $5.2 billion in 2019 to $7.6 billion by 2026, with a CAGR of 5.57% [16][19]. 3. Local Procurement Trends - Local procurement is becoming a dominant trend in the thermal management materials industry, driven by supply chain security concerns among domestic electronic brands [35][36]. - Domestic companies like Suzhou Tianmai and Zhongshi Technology are expected to benefit from this trend as they enhance their technological capabilities [35][36]. 4. Key Beneficiaries - Suzhou Tianmai is highlighted as a key player in the industry, having established itself early in the ultra-thin heat pipe and vapor chamber market, achieving significant production scale and client certifications [4][35].

Group 1 - The company, Jilin Aolide Optoelectronic Materials Co., Ltd., was approved for its initial public offering (IPO) and listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 3, 2020 [1] - The company appointed Shenwan Hongyuan Securities as the sponsor for its IPO, with the continuous supervision period ending on December 31, 2023 [1] - The company held board and shareholder meetings in November 2022 to approve the issuance of A-shares to specific targets, appointing GF Securities as the new sponsor for this issuance [2] Group 2 - In 2025, the company held board meetings to authorize the issuance of shares to specific targets and appointed Dongfang Securities as the new sponsor for this issuance, with a continuous supervision period covering the remainder of the year and the following two complete fiscal years [3] - According to regulations, the new sponsor must take over the unsupervised work from the previous sponsor, GF Securities, which will no longer have supervisory responsibilities [4] - Dongfang Securities appointed two representatives, Sun Ping and Lv Xiaobin, to oversee the continuous supervision work, both of whom have extensive experience in investment banking [4][5]

证券代码：688378 证券简称：奥来德 公告编号：2025-046 吉林奥来德光电材料股份有限公司 关于变更保荐机构及保荐代表人的公告 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、准确性和完整性依法承担法律责任。 根据中国证券监督管理委员会出具的《关于同意吉林奥来德光电材料股份有 限公司首次公开发行股票注册的批复》（证监许可[2020]1658 号），吉林奥来德 光电材料股份有限公司（以下简称"公司"）首次公开发行股票并于 2020 年 9 月 3 日在上海证券交易所科创板上市。公司聘请了申万宏源证券承销保荐有限责 任公司（以下简称"申万宏源"）担任公司首次公开发行股票并在科创板上市的 保荐机构，申万宏源对公司的持续督导期至 2023 年 12 月 31 日止。 公司于 2022 年 11 月 1 日召开第四届董事会第二十三次会议、第四届监 事会第十八次会议，于 2022 年 11 月 18 日召开 2022 年第三次临时股东大会， 审议通过了公司向特定对象发行 A 股股票的相关议案。根据发行需要，公司聘 请广发证券股份有限公司（以下简称"广发证券" ...

Market Performance - A-shares have been rising since August, with the Sci-Tech Innovation 50 Index increasing by 28% and the ChiNext Index rising over 24%, while the Shanghai Composite Index has gained nearly 8% [1] - Historically, since 2000, the Shanghai Composite Index has a 50% probability of rising in September, while the ChiNext Index has a slightly lower probability [1] - The Consumer Sector shows a higher probability of increase, with the 800 Consumer Index having a 60% probability of rising [1] Institutional Outlook - Institutions are generally optimistic about the future performance of A-shares, with Everbright Securities stating that the logic supporting the market's rise remains unchanged and valuations are reasonable without significant overextension [1] - New positive factors are emerging, such as the potential onset of a Federal Reserve interest rate cut cycle and a recovery in public fund issuance [1] - Zhongtai Securities indicates that liquidity factors are aiding the market's bullish trend, and liquidity is expected to continue driving the market upward, alongside the need for fundamental support [1] Company Profit Forecasts - Various companies have projected net profit growth for 2025 and 2026, with notable increases in specific sectors: - Jiejie Microelectronics (300623) expects a net profit of 37.95 million with a growth rate of 34.40% for 2025 and 34.15% for 2026 [3] - BGI Genomics (301269) anticipates a net profit of 23.82 million, with a significant growth of 82.78% in 2025 and 51.36% in 2026 [3] - Baiwei Storage (688525) forecasts a net profit of 22.15 million, with a remarkable growth of 140.65% for 2025 and 80.38% for 2026 [3] - Other companies such as Zhongwei Company (688012) and Kunlun Wanwei (300418) also show strong profit growth expectations, indicating a positive outlook in their respective industries [3]

Core Views - The report outlines the ongoing supervisory work conducted by Guangfa Securities for Jilin Aolide Optoelectronic Materials Co., Ltd. during the specific stock issuance in 2022, confirming that the company has adhered to relevant regulations and has not encountered any violations or breaches of commitments as of the first half of 2025 [1][2][5]. Supervisory Work - Guangfa Securities has established and effectively implemented a continuous supervision work system and plan for Aolide [1]. - A supervisory agreement has been signed between the sponsor and Aolide, clarifying the rights and obligations during the supervision period, which has been filed with the Shanghai Stock Exchange [1][2]. - Continuous supervision is conducted through daily communication, regular visits, on-site inspections, and due diligence [1]. Compliance and Governance - Aolide has complied with laws, regulations, and business rules set by the Shanghai Stock Exchange, with no reported violations or breaches of commitments as of the first half of 2025 [2][3]. - The company has established effective internal control systems, including financial management, accounting, and internal audit systems [3][4]. Financial Performance - For the first half of 2025, Aolide reported operating revenue of 280.95 million yuan, a decrease of 17.87% compared to the same period in 2024 [12]. - The net profit attributable to shareholders decreased significantly by 93.55%, primarily due to a decline in net profit and an increase in the total number of shares [12][13]. - The company’s gross profit margin has shown slight fluctuations, with a reported margin of 45.83% for the first half of 2025 [12][13]. Core Competitiveness - Aolide has established itself as a key supplier in the OLED upstream supply chain, focusing on both materials and equipment, which has created a synergistic effect in technology [14][19]. - The company has successfully broken through key technologies in OLED evaporation sources, providing essential support for the independent development of China's OLED industry [14][15]. - Aolide has built long-term stable partnerships with major domestic panel manufacturers, enhancing customer loyalty and market penetration [17][18]. R&D and Innovation - The company has increased its R&D investment, with a focus on developing high-performance OLED materials and evaporation sources [20]. - Aolide has made significant progress in various R&D projects, including the development of new materials and technologies aimed at enhancing product performance and market competitiveness [20][21][25]. - The company is actively pursuing collaborations with universities and research institutions to strengthen its intellectual property strategy and technological capabilities [16][19].

广发证券股份有限公司 关于吉林奥来德光电材料股份有限公司 2025 年半年度持续督导跟踪报告 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》等有关法律、法规的规定，广发证券股份有限公司（以下简称"广发证券"、 "保荐机构"）作为吉林奥来德光电材料股份有限公司（以下简称"奥来德"、 "公司"） 2022 年度向特定对象发行股票的持续督导保荐机构，负责奥来德的 持续督导工作，并出具本半年度持续督导跟踪报告。 2025 年上半年，广发证券对奥来德的持续督导工作情况总结如下： | 序号 | 工作内容 | 实施情况 | | --- | --- | --- | | | 建立健全并有效执行持续督导工作制度，并 | 保荐机构已建立健全并有效执行 | | 1 | 针对具体的持续督导工作制定相应的工作计 | 了持续督导制度，已制定了相应的 | | | 划。 | 工作计划。 | | | 根据中国证监会相关规定，在持续督导工作 | 保荐机构已与奥来德签订《保荐协 | | | 开始前，与上市公司或相关当事人签署持续 | 议》，该协议已明确了双方在持续 | | 2 | 督导协议，明确双方在持续督导期间的权利 ...