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。 ...

转自：证券时报 人民财讯9月9日电，聚和材料(688503)9月9日晚间公告，公司与韩投伙伴（上海）创业投资管理有限责 任公司（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（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%。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。 ...

Group 1 - The core viewpoint of the news is that 聚和材料 (Juhua Materials) has seen a significant increase in its stock price, rising by 5.01% to 60.95 CNY per share, with a trading volume of 689 million CNY and a turnover rate of 6.51%, resulting in a total market capitalization of 14.752 billion CNY [1] - Juhua Materials, established on August 24, 2015, and listed on December 9, 2022, is primarily engaged in the research, production, and sales of new electronic pastes, with 99.83% of its revenue coming from photovoltaic conductive silver paste and other products [1] Group 2 - From the perspective of fund holdings, 华夏基金 (China Asset Management) has a fund that heavily invests in Juhua Materials, specifically 华夏清洁能源龙头混合发起式A (018918), which reduced its holdings by 20,400 shares in the second quarter, now holding 50,400 shares, accounting for 3.71% of the fund's net value, making it the ninth largest holding [2] - The fund 华夏清洁能源龙头混合发起式A (018918) was established on August 22, 2023, with a latest scale of 39.8806 million CNY, achieving a year-to-date return of 16.01% and a one-year return of 21.13% [2] - The fund manager, 杨宇 (Yang Yu), has been in the position for 3 years and 360 days, managing a total asset scale of 8.516 billion CNY, with the best fund return during his tenure being 33.18% [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has seen a 40% year-on-year decline in net profit for the first half of 2025, with a revenue decrease of 4.87% [3][8] - Despite the decline, the company’s photovoltaic conductive paste shipments remain stable, and it is actively expanding into non-photovoltaic paste businesses to create a second growth curve [3][8] - The company is set to launch a new generation of copper paste products in Q3 2025, following multiple optimizations tailored to different technical routes and customer needs [8] Financial Summary - The company’s revenue projections for 2025-2027 are adjusted to RMB 14,192 million, RMB 14,940 million, and RMB 15,755 million respectively, with growth rates of 13.6%, 5.3%, and 5.5% [7] - The adjusted earnings per share (EPS) for 2025-2027 are projected at RMB 1.67, RMB 2.04, and RMB 2.63, reflecting a significant downward revision from previous estimates [5][7] - The company’s net profit for 2025 is expected to be RMB 403 million, a decrease of 3.5% compared to the previous year [7] Market Performance - The company's stock has shown strong performance with a 25.1% increase year-to-date and an 88.3% increase over the past 12 months, outperforming the Shanghai Composite Index [2]

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 ...

Market Overview - The net inflow of main funds in the Shanghai and Shenzhen markets reached 44.53 billion yuan, with the Sci-Tech Innovation Board seeing a net inflow of 1.295 billion yuan [1] - A total of 275 stocks experienced net inflows, while 311 stocks saw net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 562 stocks rose, with 7 stocks hitting the daily limit, including Yuchan Intelligent and Xiamen Tungsten [1] - The top three stocks with the highest net inflow were: - Lanke Technology: 430.46 million yuan - Borui Pharmaceutical: 306.50 million yuan - Tianyue Advanced: 218.43 million yuan [2] Continuous Fund Flow - There are 33 stocks with continuous net inflows for more than three trading days, with Hanwujing leading at 13 consecutive days [2] - Conversely, 166 stocks experienced continuous net outflows, with Huate Gas leading at 15 consecutive days [2] Key Stocks with Significant Fund Inflows - The following stocks had notable net inflows: - Lanke Technology: 430.05 million yuan, with a flow rate of 8.09% and a price increase of 5.41% [2] - Borui Pharmaceutical: 306.50 million yuan, with a flow rate of 18.56% and a price increase of 9.50% [2] - Tianyue Advanced: 218.43 million yuan, with a flow rate of 10.12% and a price increase of 20.00% [2] Stocks with Significant Fund Outflows - The stocks with the highest net outflows included: - Dongxin Co., with a net outflow of 311 million yuan and a price decrease of 0.04% [1] - Sainuo Medical: 219 million yuan outflow [1] - Haiguang Information: 129 million yuan outflow [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a notable drop in profitability metrics, indicating challenges in the current market environment [1] Financial Performance - In H1 2025, the company achieved revenue of 6.435 billion yuan, a year-on-year decrease of 4.87% - The net profit attributable to shareholders was 181 million yuan, down 39.58% year-on-year - The gross margin was 6.89%, a decrease of 4.01 percentage points year-on-year - The net profit margin was 2.81%, down 1.61 percentage points year-on-year [1] - In Q2 2025, the company reported revenue of 3.441 billion yuan, a year-on-year decrease of 9.72% but a quarter-on-quarter increase of 14.94% - The net profit attributable to shareholders was 91 million yuan, down 59.22% year-on-year but up 1.51% quarter-on-quarter - The gross margin was 7.38%, a decrease of 5.58 percentage points year-on-year but an increase of 1.05 percentage points quarter-on-quarter - The net profit margin was 2.64%, down 3.21 percentage points year-on-year and down 0.35 percentage points quarter-on-quarter [1] Industry Position and Product Development - In H1 2025, the company shipped over 930 tons of photovoltaic silver paste, with N-type silver paste accounting for 96% of the total - In Q2 2025, silver paste shipments approached 490 tons, reflecting an 11% quarter-on-quarter increase - The company maintained its market share and improved shipment volume due to increased operating rates in the downstream photovoltaic cell segment [2] - The company has successfully developed and shipped small quantities of copper paste products, with ongoing efforts in production equipment development and market education - The second generation of copper paste products is expected to launch in Q3 2025 [2] - The company is expanding its upstream supply chain to ensure stable raw material supply and reduce costs, focusing on the production of metal and inorganic powders [3] Investment Outlook - The company maintains a leading market share and a solid position as a paste leader, with new products expected to drive technological advancements - Profit forecasts have been adjusted, with expected net profits for 2025-2027 at 410 million, 527 million, and 642 million yuan respectively - The current market capitalization corresponds to price-to-earnings ratios of 33, 26, and 21 times for the respective years - A target price of 65.30 yuan is set based on a 30x PE for 2026, maintaining a "recommended" rating [4]

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。 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 65.30 yuan [2][8]. Core Insights - The company continues to lead the industry in silver paste shipments and is actively expanding its product lineup, particularly in new materials [2][8]. - In the first half of 2025, the company achieved revenue of 6.435 billion yuan, a year-on-year decrease of 4.87%, and a net profit attributable to shareholders of 181 million yuan, down 39.58% year-on-year [8]. - The company’s silver paste shipments exceeded 930 tons in the first half of 2025, with a 96% share of N-type silver paste, indicating a stable increase in market share due to improved operating rates in the downstream photovoltaic cell segment [8]. - The company is also making strides in copper paste products, which have shown promising performance in reliability tests and are expected to launch a second-generation product in Q3 2025 [8]. - The company is enhancing its upstream supply chain to ensure stable raw material supply and reduce costs, which is expected to improve its market competitiveness [8]. Financial Summary - Total revenue projections for the company are as follows: 12.488 billion yuan in 2024, 13.823 billion yuan in 2025, 15.244 billion yuan in 2026, and 16.348 billion yuan in 2027, with year-on-year growth rates of 21.4%, 10.7%, 10.3%, and 7.2% respectively [4][9]. - The net profit attributable to shareholders is projected to be 418 million yuan in 2024, 410 million yuan in 2025, 527 million yuan in 2026, and 642 million yuan in 2027, with growth rates of -5.4%, -1.9%, 28.4%, and 21.9% respectively [4][9]. - The earnings per share (EPS) are expected to be 1.73 yuan in 2024, 1.69 yuan in 2025, 2.18 yuan in 2026, and 2.65 yuan in 2027 [4][9].

Group 1 - The stock price of Juhe Materials dropped by 5.55% to 53.08 CNY per share, with a trading volume of 343 million CNY and a turnover rate of 3.45%, resulting in a total market capitalization of 12.847 billion CNY [1] - Juhe Materials, established on August 24, 2015, and listed on December 9, 2022, specializes in the research, production, and sales of new electronic pastes, with 99.83% of its revenue coming from photovoltaic conductive silver paste and other products [1] Group 2 - Guotai Fund's Guotai Valuation Advantage Mixed Fund (LOF) A (160212) increased its holdings in Juhe Materials by 911,800 shares in Q2, bringing its total to 3.9429 million shares, which accounts for 2.18% of the circulating shares [2] - The fund has experienced a year-to-date return of 51.57% and a one-year return of 82.14%, ranking 612 out of 8180 and 686 out of 7978 respectively [2] - The fund manager, Wang Zhaoxiang, has been in position for 3 years and 77 days, with the fund's total asset size at 2.123 billion CNY and a best return of 26.36% during his tenure [2] Group 3 - Guotai Valuation Advantage Mixed Fund (LOF) A (160212) holds Juhe Materials as its fourth-largest position, with 7.69% of the fund's net value allocated to this stock [3] - The estimated floating loss for the fund today is approximately 12.3018 million CNY [3]