Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company maintains a leading position in silver paste with a stable market share and is expanding its semiconductor business matrix [9] - Revenue for 2025 is projected at 14.593 billion yuan, representing a year-on-year growth of 16.86%, while net profit is expected to be 419.68 million yuan, a slight increase of 0.40% [9] - The company plans to acquire a business unit related to blank mask substrates in South Korea for 68 billion KRW, which will enhance its semiconductor capabilities [9] Financial Projections - Total revenue is forecasted to grow from 12.488 billion yuan in 2024 to 19.592 billion yuan in 2028, with a compound annual growth rate (CAGR) of approximately 21.09% [1] - The net profit attributable to the parent company is expected to increase from 418.01 million yuan in 2024 to 809.62 million yuan in 2028, reflecting a growth rate of 25.13% [1] - The earnings per share (EPS) is projected to rise from 1.73 yuan in 2024 to 3.35 yuan in 2028 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company maintains a leading position in silver paste with a stable market share and is expanding its semiconductor business matrix [9] - Revenue for 2025 is projected at 14.593 billion yuan, representing a year-on-year growth of 16.86%, while net profit is expected to be 419.68 million yuan, a slight increase of 0.40% [9] - The company plans to acquire a foreign business unit related to blank mask substrates for semiconductors, which is expected to enhance its production capabilities and fill a domestic gap in technology [9] Financial Projections - Total revenue is forecasted to grow from 12.488 billion yuan in 2024 to 19.592 billion yuan in 2028, with a compound annual growth rate (CAGR) of approximately 21.09% [1] - The projected net profit for 2026 and 2027 is 500.92 million yuan and 647.03 million yuan respectively, with an expected growth rate of 19.36% and 29.17% [1] - The earnings per share (EPS) is expected to increase from 1.73 yuan in 2025 to 3.35 yuan in 2028 [1]

证券代码：688503 证券简称：聚和材料 公告编号：2026-019 常州聚和新材料股份有限公司 关于签署收购境外公司股权协议暨开展新业务完成的公告 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、准确性和完整性承担法律责任。 重要内容提示： （以下合称"受让方"）将主要通过收购目标公司 100%股权完成对目标业务的 收购。其中，公司直接或间接出资比例不低于 95%。具体内容详见公司 2025 年 9 月 10 日披露于上海证券交易所官网（www.sse.com.cn）的《关于签署收购境外 公司股权协议暨开展新业务的公告》（公告编号：2025-043）。 2025 年 12 月 1 日，SKE 已按照签署的《股份转让协议》规定的条件与方式， 通过分立方式进行设立目标公司 Lumina Mask 株式会社。 公司已与韩投伙伴共同设立嘉兴韩投长时云海创业投资合伙企业（有限合伙） （以下简称"长时基金"），其中公司持股 93.75%，韩投伙伴控制的嘉兴韩投 赋兴自有资金投资合伙企业（有限合伙）持股 6.25%；公司与长时基金已共同设 立无锡聚光半导体有限公司， ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 12 months [9]. Core Insights - The company has demonstrated stable growth in its overall performance, with a revenue of 14.59 billion yuan in 2025, reflecting a year-on-year increase of 16.86%. However, the net profit attributable to shareholders was 420 million yuan, showing a modest growth of 0.4% [4][5]. - The company is strategically positioning itself in the semiconductor sector by focusing on the development of high-end materials, particularly through the acquisition of a blank mask business, which is crucial for semiconductor manufacturing [8]. - The global commercial aerospace industry is accelerating, creating new opportunities for the photovoltaic conductive paste sector, which the company is well-positioned to capitalize on by enhancing its product offerings and technological capabilities [6]. Financial Performance - The company reported a net cash flow from operating activities of -3.069 billion yuan in 2025, a significant decline compared to the previous year, primarily due to rising silver prices and increased accounts receivable and inventory [5]. - Revenue projections for 2026 to 2028 are estimated at 17.45 billion yuan, 21.0 billion yuan, and 25.2 billion yuan, respectively, with corresponding earnings per share (EPS) of 2.20 yuan, 2.69 yuan, and 3.37 yuan [9][11]. Industry Positioning - The company is actively expanding its product portfolio in the semiconductor materials sector through strategic acquisitions, aiming to enhance its competitive edge and meet the growing domestic demand for advanced semiconductor materials [7][8]. - The establishment of a high-end photovoltaic electronic materials base in Jiangsu is expected to bolster the company's production capacity and R&D capabilities in the field of electronic materials [6].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [9]. Core Insights - The company has demonstrated stable growth in its overall performance, with a revenue of 14.59 billion yuan in 2025, reflecting a year-on-year increase of 16.86%. However, the net profit attributable to shareholders was 420 million yuan, showing a modest growth of 0.4% [4][5]. - The company is strategically positioning itself in the semiconductor sector by focusing on the development of high-end materials, particularly through the acquisition of a blank mask business, which is crucial for semiconductor manufacturing [7][8]. - The global commercial aerospace industry is accelerating, creating new opportunities for the photovoltaic materials sector, which the company is poised to capitalize on by enhancing its product offerings and technological capabilities [6]. Summary by Sections Financial Performance - In 2025, the company achieved an operating income of 14.59 billion yuan, with a growth rate of 16.9% projected for 2026 [11]. - The net profit attributable to shareholders is forecasted to grow from 420 million yuan in 2025 to 817 million yuan by 2028, with a compound annual growth rate of 25.6% [11]. Market Position and Strategy - The company is enhancing its product portfolio by entering the blank mask segment for semiconductor manufacturing, which is expected to benefit from domestic demand and government support for key semiconductor materials [8]. - The company has established a high-end photovoltaic electronic materials base, with a production capacity of 1,000 tons of electronic-grade silver powder, and is focusing on R&D for advanced materials [6]. Future Projections - Revenue projections for 2026, 2027, and 2028 are 17.45 billion yuan, 20.98 billion yuan, and 25.24 billion yuan, respectively, indicating a consistent growth trajectory [11]. - Earnings per share (EPS) are expected to rise from 2.20 yuan in 2026 to 3.37 yuan in 2028, reflecting the company's improving profitability [11].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company demonstrated resilience amid silver price fluctuations, establishing itself as a strong platform material enterprise [1] - In 2025, the company achieved a revenue of 14.593 billion RMB, a year-on-year increase of 16.86%, and a net profit attributable to shareholders of 420 million RMB, a slight increase of 0.40% year-on-year [1] - The fourth quarter of 2025 saw a revenue of 3.952 billion RMB, with a quarter-on-quarter decline, but a significant net profit increase of 209.65% [1] Operational Analysis - The company maintained industry-leading sales, with photovoltaic conductive paste sales reaching 1,867 tons, a year-on-year decrease of 7.74% due to reduced silver consumption [2] - The company optimized its product structure and increased its overseas sales proportion, resulting in a gross margin of 8.61% in Q4 2025, up 1.83 percentage points quarter-on-quarter [2] - The net profit margin improved to 4.51%, an increase of 3.14 percentage points quarter-on-quarter [2] - The company faced a significant decline in net cash flow from operating activities, amounting to -3.069 billion RMB, primarily due to rising silver prices and increased accounts receivable and inventory [2] - As of the end of 2025, the company had approximately 2.6 billion RMB in cash, allowing it to leverage financial advantages and maintain a low financial expense ratio [2] Market Expansion - The company is proactively building overseas market channels, with overseas sales revenue exceeding 2 billion RMB in 2025, a year-on-year increase of 129%, accounting for over 10% of total sales [2] - The company holds a leading position in the overseas photovoltaic conductive paste market, with further increases in overseas shipments expected to enhance profitability [2] Product and Business Development - The company has established a comprehensive product layout in the photovoltaic material industry, covering various applications and technologies [3] - The acquisition of SKE's blank mask business aims to enter the DUV-ArF and DUV-KrF photolithography mask market, which is expected to drive domestic substitution and open new market opportunities [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 522 million RMB, 547 million RMB, and 554 million RMB for 2026, 2027, and 2028, respectively [4] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 40, 38, and 38 times for the years 2026, 2027, and 2028 [4]

重要内容提示： 一、 召开会议的基本情况 （一） 股东会类型和届次 2025年年度股东会 召开日期时间：2026 年 4 月 21 日 14 点 30 分 召开地点：常州市新北区浏阳河路 66 号公司会议室 （五） 网络投票的系统、起止日期和投票时间。 证券代码：688503 证券简称：聚和材料 公告编号：2026-017 常州聚和新材料股份有限公司 关于召开2025年年度股东会的通知 本公司董事会及全体董事保证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。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 4 月 21 日 至2026 年 4 月 21 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 股东会召开日期：2026年4月21日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票 ...

证券代码：688503 证券简称：聚和材料 公告编号：2026-013 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： 每股分配比例：常州聚和新材料股份有限公司（以下简称"公司"）拟 向全体股东每 10 股派发现金红利人民币 4.32 元（含税），不进行公积金转增股 本，不送红股。 本次利润分配以实施权益分派股权登记日登记的总股本扣减公司回购专 用证券账户中的股份为基数，具体日期将在权益分派实施公告中明确。 常州聚和新材料股份有限公司 关于2025年年度利润分配预案的公告 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分配总 额不变，相应调整每股分配比例，并将另行公告具体调整情况。 公司 2025 年度利润分配预案已经公司第四届董事会第十三次会议审议 通过，尚需提交公司 2025 年年度股东会审议，审议通过之后方可实施。 公司不触及《上海证券交易所科创板股票上市规则（2025 年 4 月修订）》 第 12.9.1 条第一款第（八）项规定的可能被实施其他风险警示的情形。 一、利润分配预案内容 （一） ...

内部控制审计报告 常州聚和新材料股份有限公司 容诚审字[2026]210Z0115 号 容诚会计师事务所(特殊普通合伙) 中国·北京 内部控制审计报告 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 容诚审字[2026]210Z0115 号 常州聚和新材料股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了常州聚和新材料股份有限公司（以下简称"聚和材料"）2025 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是聚和 材料董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 ...

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 年度募集资金存放与使用情况的核查意见 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 票并在科创板上市及持续督导的保荐机构，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》及《上海证券交易所科创板上市公 司自律监管指引第1号——规范运作》等有关规定，对聚和材料2025年度募集资 金存放与使用情况进行了核查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会于2022年10月18日出具的《关于同意常州聚和 新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[2022]2504号）， 公司获准向社会公开发行人民币普通股28,000,000股，发行价格为人民币110.00 元 / 股，募集资金总额为 3,080,000,000.00 元，扣除保荐承销费用人民币 120,000,000.00元，减除其他与发行权益性证券直接相关的发行费用人民币 39,867,437.73元，募集资金净额为人民币2,920,132,562 ...