国投证券股份有限公司 关于常州聚和新材料股份有限公司 2025 年半年度持续督导跟踪报告 根据《证券法》《证券发行上市保荐业务管理办法》和《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，国投证券股份有限公司（以下简 称"国投证券"或"保荐机构"）作为常州聚和新材料股份有限公司（以下简称 "聚和材料"或"公司"）首次公开发行股票并在科创板上市的保荐机构，负责 聚和材料上市后的持续督导工作，并出具本2025年半年度持续督导跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具 | 保荐机构已建立健全并有效执行了持续督 | | | 体的持续督导工作制定相应的工作计划 | 导工作制度，并制定了相应的工作计划 | | | 根据中国证监会相关规定，在持续督导工作开始前， | 保荐机构已与公司签订保荐协议，约定了保 | | | 与上市公司或相关当事人签署持续督导协议，明确 | 荐机构在持续督导期内，持续督导公司规范 | | 2 | 双方在持续督导期间的权利义务，并报上海证券交 | 运作、信守承诺和信息披露等义务 ...

沪深两市全天主力资金净流入445.30亿元，其中，科创板主力资金净流入12.95亿元，主力资金净流入的 有275只股，主力资金净流出的有311只股。 证券时报•数据宝统计显示，今日科创板个股上涨的有562只，涨停的有誉辰智能、厦钨新能等7只，下 跌的有23只。 资金流向方面，今日主力资金净流入的科创板股共有275只，其中，8只个股主力资金净流入超亿元，澜 起科技主力资金净流入4.30亿元，净流入资金居首；博瑞医药、天岳先进紧随其后，全天净流入资金分 别为3.06亿元、2.18亿元。主力资金净流出的有311只，净流出资金最多的是东芯股份，该股今日下跌 0.04%，全天主力资金净流出3.11亿元，其次是赛诺医疗、海光信息，主力资金净流出分别为2.19亿 元、1.29亿元。 从主力资金连续性进行观察，共有33只个股主力资金连续3个交易日以上持续净流入，连续流入天数最 多的是寒武纪，该股已连续13个交易日净流入；连续净流入天数较多的还有天能股份、聚和材料等，主 力资金分别连续流入6天、6天。主力资金连续流出的个股有166只，连续流出天数最多的是华特气体， 该股已连续15个交易日净流出；连续净流出天数较多的还有清越科技 ...

事项： 2025Q2 公司实现营收34.41 亿元，同比-9.72%，环比+14.94%；归母净利润0.91 亿元，同比-59.22%，环 比+1.51%；毛利率7.38%，同比-5.58pct，环比+1.05pct；归母净利率2.64%，同比-3.21pct，环 比-0.35pct。 考虑行业竞争因素，我们调整盈利预测，预计公司2025-2027 年归母净利润分别为4.10/5.27/6.42 亿元 （前值5.13/6.26/7.43 亿元），当前市值对应PE 分别为33/26/21 倍。参考可比公司估值，给予2026 年 30x PE，对应目标价65.30 元，维持"推荐"评级。 评论： 风险提示：光伏需求不及预期、公司产能释放不及预期、竞争加剧风险。 二季度银浆出货量环增，维持行业领先低位。2025 年上半年公司光伏银浆出货超930 吨，N 型银浆出货 占比96%；其中2025Q2 公司银浆出货接近490 吨，环比增长11%。受益于下游光伏电池环节开工率提 升，公司市场份额稳定提升，二季度出货量环比改善。公司产品线覆盖目前市场上几乎所有电池技术路 线，2025 年上半年BC 及HJT 等新型浆料单月出货 ...

人民财讯9月4日电，企查查APP显示，近日，无锡聚光半导体有限公司成立，注册资本1000万元，经营 范围包含：半导体分立器件制造；半导体器件专用设备制造；集成电路制造；电力电子元器件制造等。 企查查股权穿透显示，该公司由聚和材料全资持股。 ...

证 券 研 究 报 告 聚和材料（688503）2025 年中报点评 推荐（维持） 银浆出货保持行业领先，积极布局新产品 目标价：65.30 元 事项： 评论： 风险提示：光伏需求不及预期、公司产能释放不及预期、竞争加剧风险。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 12,488 | 13,823 | 15,244 | 16,348 | | 同比增速(%) | 21.4% | 10.7% | 10.3% | 7.2% | | 归母净利润(百万) | 418 | 410 | 527 | 642 | | 同比增速(%) | -5.4% | -1.9% | 28.4% | 21.9% | | 每股盈利(元) | 1.73 | 1.69 | 2.18 | 2.65 | | 市盈率(倍) | 33 | 33 | 26 | 21 | | 市净率(倍) | 2.9 | 2.7 | 2.5 | 2.2 | 资料来源：公司公告，华创证券预测 注： ...

9月4日，聚和材料跌5.55%，截至发稿，报53.08元/股，成交3.43亿元，换手率3.45%，总市值128.47亿 元。 资料显示，常州聚和新材料股份有限公司位于江苏省常州市新北区浏阳河路66号，成立日期2015年8月 24日，上市日期2022年12月9日，公司主营业务涉及新型电子浆料研发、生产和销售。主营业务收入构 成为：光伏导电银浆及其他99.83%，废料及其他销售0.17%。 国泰估值优势混合(LOF)A（160212）基金经理为王兆祥。 截至发稿，王兆祥累计任职时间3年77天，现任基金资产总规模21.23亿元，任职期间最佳基金回报 26.36%， 任职期间最差基金回报13.65%。 从基金十大重仓股角度 数据显示，国泰基金旗下1只基金重仓聚和材料。国泰估值优势混合(LOF)A（160212）二季度增持 91.18万股，持有股数394.29万股，占基金净值比例为7.69%，位居第四大重仓股。根据测算，今日浮亏 损失约1230.18万元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考， ...

| 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 601012 | 隆基绿 能 | 2.63 | 3.43 | 22360.88 | 5.02 | | 600438 | 通威股 份 | 0.37 | 2.49 | 17050.67 | 6.92 | | 688503 | 聚和材 料 | 6.04 | 7.79 | 10951.22 | 14.08 | | 002459 | 晶澳科 技 | 2.12 | 2.74 | 10068.91 | 8.91 | | 688559 | 海目星 | 3.33 | 10.31 | 7509.14 | 7.67 | | 300724 | 捷佳伟 创 | 1.94 | 13.45 | 7051.90 | 1.64 | | 688599 能 | 天合光 | 2.06 | 2.30 | 5297.92 | 6.47 | | 688630 | 芯碁微 | 1.38 | 5.66 | 4649.19 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of improved shipment and stable profitability in the second quarter, with expectations for recovery in the second half of the year due to advancements in the photovoltaic sector [1][2]. Financial Performance - The company's revenue for H1 2025 was 6.44 billion yuan, a year-on-year decrease of 4.9%, with a net profit attributable to shareholders of 180 million yuan, down 39.6% year-on-year [1]. - In Q2 2025, revenue was 3.44 billion yuan, reflecting a quarter-on-quarter decline of 9.7% but an increase of 14.9% year-on-year. The net profit for the same period was 90 million yuan, showing a significant quarter-on-quarter drop of 59.2% but a slight year-on-year increase of 1.5% [1]. - The gross margin for H1 2025 was 6.9%, down 4 percentage points year-on-year, while the net profit margin was 2.8%, a decrease of 1.6 percentage points year-on-year [1]. Shipment and Production - The company shipped approximately 930 tons in H1 2025, a year-on-year decrease of about 20%, with N-type products accounting for 96% of shipments. In Q2 2025, shipments were around 490 tons, also down 20% year-on-year but up 11% quarter-on-quarter, with N-type products making up 97% of the total [1]. - The estimated gross profit per kilogram in Q2 was approximately 518 yuan/kg, an increase of about 88 yuan/kg from the previous quarter, with net profit per ton estimated at 150,000 to 200,000 yuan [1]. Technological Advancements - The company has made significant breakthroughs in new technologies, with BC paste achieving over 50% market share in downstream customers and successful small-scale shipments of copper paste to major clients. A second-generation device is expected to enhance shipments in H2 2025 [2]. - The company has achieved mass production of low-cost silver paste with silver content of 20% or lower, indicating a comprehensive layout of new technologies [2]. Cash Flow and Expenses - Operating expenses for H1 2025 were 240 million yuan, a decrease of 17.9% year-on-year, with an expense ratio of 3.7%, down 0.6 percentage points year-on-year. In Q2 2025, operating expenses were 130 million yuan, reflecting a quarter-on-quarter decrease of 25.2% [2]. - The company reported an operating cash flow of -1.1 billion yuan for H1 2025, a decline of 108.6% year-on-year, with Q2 showing an operating cash flow of -980 million yuan, a significant quarter-on-quarter drop of 229.6% [2]. Profit Forecast and Investment Rating - Due to declining processing fees and intensified industry competition, the company has revised its net profit forecasts for 2025-2027 to 420 million, 590 million, and 790 million yuan respectively, reflecting a year-on-year growth of 0.6%, 40%, and 35% [3]. - The company maintains a "buy" rating based on its technological leadership and stable market share [3].

证券研究报告·公司点评报告·光伏设备 聚和材料（688503） 2025 半年报点评：市占率稳中有升，新技术 全面布局 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,290 | 12,488 | 14,240 | 15,810 | 17,854 | | 同比（%） | 58.21 | 21.35 | 14.03 | 11.02 | 12.93 | | 归母净利润（百万元） | 442.08 | 418.01 | 420.47 | 586.88 | 792.40 | | 同比（%） | 13.00 | (5.45) | 0.59 | 39.58 | 35.02 | | EPS-最新摊薄（元/股） | 1.83 | 1.73 | 1.74 | 2.42 | 3.27 | | P/E（现价&最新摊薄） | 27.93 | 29.54 | 29.36 | 21.04 | 15.58 | [Table_Tag] [ ...

Group 1 - The core viewpoint of the article highlights the recent research conducted by Donghai Fund on a listed company, Juhe Materials, which has shown promising performance in its copper paste products and plans to launch a second-generation product in Q3 2025 [1] - Juhe Materials has successfully passed multiple reliability tests for its copper paste products and has begun small-scale shipments, indicating strong product performance [1] - The company is expanding into adhesive and high-end electronic paste markets, aiming to break the overseas monopoly and enter the supply chains of leading customers [1] Group 2 - Juhe Materials' perovskite back electrode paste has gained recognition from clients such as CATL, showcasing its competitive edge in the market [1] - The company anticipates a shipment volume of 8 tons for BC paste by the first half of 2025, with monthly shipments exceeding 2 tons, indicating potential for processing fee premiums [1] - Donghai Fund, established in 2013, manages a total asset scale of 28.42 billion yuan, ranking 105th among 210 in public fund management [1]