Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index rose by 0.53%, with notable increases in constituent stocks such as Anji Technology (up 2.31%) and Tianyue Advanced (up 2.10%) [1] - The Sci-Tech Semiconductor ETF (588170) saw a price increase of 0.52%, reaching a latest price of 1.15 yuan, with a trading volume of 58.85 million yuan and a turnover rate of 9.93% [1] - The latest scale of the Sci-Tech Semiconductor ETF (588170) reached 591 million yuan, marking a new high since its establishment, with a total of 515 million shares, the highest in three months [1] Group 2 - Juhe Materials announced a plan to establish a special purpose company (SPC) with Han Investment Partners to acquire SK Enpulse's blank mask business for 68 billion KRW (approximately 350 million yuan) [2] - The semiconductor materials industry is experiencing a positive inventory destocking trend, with improving supply-demand dynamics and a recovery in industry prosperity [2] - The semiconductor industry is benefiting from ongoing domestic substitution processes and a global cyclical upturn, indicating signs of recovery [2] Group 3 - The Sci-Tech Semiconductor ETF (588170) and its linked funds track the semiconductor materials and equipment index, focusing on companies in the semiconductor equipment (59%) and materials (25%) sectors [3] - The semiconductor equipment and materials industry is a key area for domestic substitution, characterized by low domestic production rates and high potential for domestic replacement [3] - The semiconductor materials ETF (562590) also emphasizes the upstream semiconductor sector, with significant representation from semiconductor equipment (59%) and materials (24%) [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Insights - The company has signed an agreement to acquire the SKE blank mask business, which is expected to accelerate the development of its second growth curve [7]. - The acquisition will fill a domestic gap in the semiconductor materials market and is anticipated to enhance the company's customer resources in the semiconductor sector [7]. - The company has a solid foundation in photovoltaic materials and has been investing in semiconductor materials, which positions it well for future growth [7]. Financial Data and Valuation - Total revenue is projected to grow from 10,290 million RMB in 2023 to 16,892 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 10% [2][23]. - The net profit attributable to shareholders is expected to decrease slightly from 442 million RMB in 2023 to 412 million RMB in 2024, before increasing to 550 million RMB by 2027 [2][23]. - The company's PE ratio is projected to decrease from 32.4 in 2023 to 26.0 in 2027, indicating a potential increase in valuation attractiveness over time [2][23]. Performance Metrics - The company reported a gross margin of 9.82% in 2023, which is expected to decline to 8.0% by 2025, reflecting pressures on profitability [9][23]. - The return on equity (ROE) is projected to improve from 9.3% in 2023 to 10.3% in 2027, indicating better utilization of equity capital [23]. - The asset-liability ratio is expected to rise from 34.4% in 2023 to 48.7% in 2027, suggesting an increase in leverage [23]. Market Context - The global semiconductor mask market is estimated to be worth approximately 9.528 billion USD in 2023, with the Chinese market accounting for about 1.778 billion USD [7]. - The company has been diversifying its product matrix in the semiconductor materials sector, which includes high-end electronic paste products [7].

Core Viewpoint - The company, 聚和材料, announced a joint establishment of an SPC with 韩投伙伴 to acquire the Blank Mask business segment from SK Enpulse for approximately 3.5 billion RMB [1] Group 1: Acquisition Details - The acquisition involves an investment of 680 million Korean Won, equivalent to about 3.5 million RMB [1] - The Blank Mask business segment includes land, factory buildings, inventory, equipment, patents, ongoing projects, personnel, and technology [1] - The company will contribute directly or indirectly at least 95% of the investment [1]

Core Viewpoint - The company, Changzhou Juhe New Materials Co., Ltd., announced a strategic acquisition of SK Enpulse's Blank Mask business to enhance its position in the semiconductor materials sector and fill domestic supply chain gaps [2][3]. Group 1: Acquisition Details - The company, in collaboration with Han Investment Partners, established a Special Purpose Company (SPC) to acquire all assets of SK Enpulse's Blank Mask business for 68 billion KRW (approximately 350 million RMB) [2]. - The acquisition includes land, buildings, equipment, patents, technology, and personnel, allowing the company to indirectly hold at least 95% of the target company post-transaction [2]. - The transaction will be completed by January 30, 2026, with a two-step payment structure: a deposit of 12.6 billion KRW (approximately 63 million RMB) within three working days of signing, and the remaining balance on the closing date [3]. Group 2: Financial Overview - The target company is projected to have total assets of approximately 256 million RMB and net assets of 251 million RMB by the end of 2024, with expected revenue of 43 million RMB and an EBITDA of -46 million RMB due to capacity ramp-up and R&D amortization [3]. - The company anticipates that the business will quickly turn profitable as Korean production orders increase and subsequent domestic capacity is established, enhancing overall gross margins and cyclical resilience [3]. Group 3: Strategic Importance - The acquisition aligns with the company's strategy to diversify beyond its current reliance on photovoltaic conductive pastes, which have led to a global market share of over 30% for three consecutive years [3]. - The company aims to retain and incentivize the core Korean team to ensure technological leadership, while also expanding into markets in mainland China, Taiwan, and Southeast Asia [3]. - Plans include establishing or expanding domestic Blank Mask production lines to localize production and mitigate currency and transportation risks [3]. Group 4: Regulatory Considerations - The transaction is subject to regulatory approvals from both the Chinese and South Korean governments, including foreign investment filings and antitrust reviews, introducing uncertainty regarding the completion of the deal [4].

Core Viewpoint - The company, 聚和材料, announced a significant acquisition involving the purchase of SKE's blank mask business through a joint venture with 韩投伙伴, with a total investment of approximately 680 billion KRW (around 350 million RMB) [1] Group 1: Acquisition Details - The acquisition will be executed via a share transfer agreement, where the company and 韩投伙伴 will establish a special purpose company (SPC) to facilitate the transaction [1] - The target business will be transferred to a newly established company, referred to as the "target company," from SKE [1] - The acquisition aims for the company to obtain 100% ownership of the target company's shares [1] Group 2: Financial Overview - For the fiscal year 2024, the company's revenue composition is heavily weighted towards electronic specialty materials, accounting for 99.22%, while other business segments contribute only 0.78% [1] - As of the latest report, the market capitalization of 聚和材料 stands at 14.3 billion RMB [1]

证券代码：688503 证券简称：聚和材料 公告编号：2025-043 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： 对外投资概况：常州聚和新材料股份有限公司（以下简称"公司"）与韩 投伙伴（上海）创业投资管理有限责任公司（以下简称"韩投伙伴"）共同设立SPC， 使用自有或自筹资金680亿韩元（折合约3.5亿人民币，最终交易金额以实际交割 时汇率为准）收购SK Enpulse株式会社（以下简称"SKE"）的关于空白掩模（Blank Mask）的业务板块（包含土地、厂房、存货、设备、专利、在建工程、人员、 技术等）。其中，公司直接或间接出资比例不低于95%。 1、交易审批和交割风险：本次交易涉及境外投资，尚需履行中国政府以及 境外有关部门的审批或备案手续，且尚需完成《股份转让协议》约定的交割先决 条件，上述审批或备案手续以及交割先决条件能否完成存在不确定性，存在本次 交易无法完成交割和实施的风险。 2、收购整合风险：本次交易后,公司 ...

Core Viewpoint - The company, 聚和材料, announced a joint establishment of SPC with 韩投伙伴 to acquire the Blank Mask business segment from SK Enpulse for approximately 3.5 billion RMB, aiming to enhance its semiconductor materials capabilities and align with national strategies for self-sufficiency [1] Group 1: Acquisition Details - The total investment for the acquisition is 680 billion KRW, equivalent to about 3.5 billion RMB, with the final amount subject to exchange rate adjustments at the time of transaction [1] - The company will contribute at least 95% of the investment directly or indirectly [1] Group 2: Business Overview - SK Enpulse is a supplier of comprehensive solutions for semiconductor materials and equipment, with its Blank Mask division producing substrates for DUV-ArF and DUV-KrF lithography technologies [1] - The products have been validated by multiple semiconductor wafer fabs and independent template customers, achieving mass production and sales across South Korea, mainland China, and Taiwan [1] Group 3: Strategic Implications - The acquisition aligns with the national strategy of "self-controllable" materials, addressing the lack of localization for critical materials in China [1] - The company aims to leverage the scarcity of the acquired business to expand its semiconductor customer base and create synergies with existing operations [1]

聚和材料9月9日公告，公司与韩投伙伴（上海）创业投资管理有限责任公司共同设立SPC，使用自有或 自筹资金680亿韩元（折合约3.5亿人民币，最终交易金额以实际交割时汇率为准）收购SK Enpulse株式 会社（简称"SKE"）的关于空白掩模（Blank Mask）的业务板块（包含土地、厂房、存货、设备、专 利、在建工程、人员、技术等）。其中，公司直接或间接出资比例不低于95%。公司有望依托该业务稀 缺性，拓展半导体客户资源，与现有业务形成协同发展。 ...

此次收购SKE旗下Blank Mask事业部，一方面是公司主动响应国家"自主可控"战略方针，通过境外投资 补齐国内尚未本土化的关键材料；另一方面，公司有望依托该业务稀缺性，拓展半导体客户资源，与现 有业务形成协同发展。 SKE公司是韩国半导体材料零部件设备整体解决方案供应商，旗下BlankMask事业部主要生产用于DUV- ArF和DUV-KrF光刻技术节点的空白掩模基板（Blank Mask），产品已通过多家半导体晶圆厂自有产线 配套验证及第三方独立掩模板客户验证，并实现量产销售，业务覆盖韩国、中国大陆及中国台湾等国家 和地区。 格隆汇9月9日丨聚和材料(688503.SH)公布，2025年9月9日，公司与韩投伙伴和SKE共同签署《股份转 让协议》，根据双方签订的《股份转让协议》，公司与韩投伙伴共同设立SPC以自有或者自筹资金680 亿韩元（折合约3.5亿人民币，最终交易金额以实际交割时汇率为准）现金收购SKE空白掩模（Blank Mask）相关业务部门。SKE拟将空白掩模（Blank Mask）相关业务部门重新分立至新的公司（以下简 称"目标公司"）。其中，公司直接或间接出资比例不低于95%。受让方将主要 ...

每经AI快讯，9月9日，聚和材料(688503.SH)公告称，公司与韩投伙伴共同设立SPC，使用自有或自筹 资金680亿韩元（折合约3.5亿人民币）收购SKE的关于空白掩模（Blank Mask）的业务板块。公司直接 或间接出资比例不低于95%。本次交易不构成关联交易，不构成重大资产重组。交易存在交易审批和交 割风险、收购整合风险、商誉减值风险和汇率波动风险。 ...