免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ （记者 张喜威） 每经AI快讯，民生证券8月28日发布研报称，给予聚和材料（688503.SH，最新价：49.76元）推荐评 级。评级理由主要包括：1）光伏浆料龙头，重视研发和创新；2）光伏铜浆实现小规模出货，有望加速 导入；3）非光伏导电浆料业务稳步发展。风险提示：下游需求不及预期，市场竞争加剧，铜浆导入不 及预期等。 ...

聚和材料（688503.SH）2025 年半年报点评 光伏浆料龙头，铜浆实现小规模出货 2025 年 08 月 28 日 事件：2025 年 8 月 26 日，公司发布 2025 年半年报。2025H1，公司实现营 业收入 64.35 亿元，同比-4.87%；实现归母净利润 1.81 亿元，同比- 39.58%；实现扣非净利润 1.56 亿元，同比-52.66%。 25Q2 公司实现营业收入 34.41 亿元，同比-9.72%，环比+14.94%；实现归 母净利润 0.91 万元，同比-59.22%，环比+1.51%；实现扣非净利润 0.68 亿 元，同比-72.53%，环比-23.60%。 ➢ 光伏浆料龙头，重视研发和创新。公司是光伏浆料龙头企业，依靠长期 自主研发，已构筑品类丰富、迭代迅速的产品体系：1）TOPCon 领域，成功 实现 TOPCon 电池 LECO 烧结银浆、TOPCon 电池密栅窄线宽背面细栅银 浆、P+型 Poly 接触银浆系列产品量产；2）HJT 领域，实现 HJT 银包铜浆料 产品的体电阻、接触电阻率和银含量大幅降低，20%及其以下银含低成本浆 料实现大批量量产，完成金属网版印刷技 ...

Core Viewpoint - The financial performance of Juhe Materials (688503) for the first half of 2025 shows a decline in revenue and profit, indicating potential challenges in the company's operations and financial health [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 6.435 billion yuan, a decrease of 4.87% year-on-year [1]. - Net profit attributable to shareholders was 181 million yuan, down 39.58% compared to the previous year [1]. - In Q2 2025, total revenue was 3.441 billion yuan, reflecting a 9.72% decline year-on-year, while net profit for the quarter was 91.05 million yuan, a significant drop of 59.22% [1]. - Gross margin decreased to 6.89%, down 36.78% year-on-year, and net margin fell to 2.74%, a decrease of 37.81% [1]. - The company's accounts receivable were notably high, with accounts receivable accounting for 637.83% of the latest annual net profit [1]. Key Financial Ratios - The company's return on invested capital (ROIC) for the previous year was 5.79%, indicating average capital returns [3]. - The historical median ROIC since the company went public is 10.75%, suggesting that the current performance is below historical averages [3]. - The company's cash assets are considered healthy, but there are concerns regarding cash flow and debt levels [3]. Debt and Cash Flow Analysis - The company's interest-bearing debt increased by 6.26% to 3.364 billion yuan [1]. - The ratio of cash assets to current liabilities is only 43.1%, and the average operating cash flow over the past three years has been negative [3]. - The company's financial expenses have also been a concern, with negative cash flow from operating activities over the past three years [3]. Market Expectations - Analysts project that the company's performance for 2025 will yield a net profit of 471 million yuan, with an average earnings per share of 1.94 yuan [4]. Fund Holdings - The largest fund holding Juhe Materials is Guotai Valuation LOF, which has increased its position to 3.9429 million shares [5]. - Other funds have shown varied changes in their holdings, with some increasing their positions while others have reduced their stakes [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][11]. Core Insights - The company reported a revenue of 6.435 billion RMB for the first half of 2025, a year-on-year decrease of 4.87%, and a net profit attributable to shareholders of 181 million RMB, down 39.58% year-on-year. The second quarter showed a revenue of 3.441 billion RMB, a quarter-on-quarter increase of 14.93%, and a net profit of 91.1 million RMB, up 1.51% quarter-on-quarter, aligning with expectations [2]. - The company is focusing on rapid iteration in the photovoltaic paste product development to meet customer demands, achieving significant breakthroughs in various metallization technologies, which have led to a cumulative efficiency gain of 0.2% for the year [3]. - The company is extending its industrial chain and expanding its product matrix, with its subsidiary achieving mass production in non-photovoltaic silver paste fields and developing new generation encapsulation adhesives for photovoltaic modules [4]. Summary by Sections Performance Review - In the first half of 2025, the company achieved a revenue of 6.435 billion RMB, down 4.87% year-on-year, and a net profit of 181 million RMB, down 39.58% year-on-year. The second quarter saw a revenue of 3.441 billion RMB, up 14.93% quarter-on-quarter, and a net profit of 91.1 million RMB, up 1.51% quarter-on-quarter, meeting expectations [2]. Operational Analysis - The industry is experiencing an upward turning point, with a significant reduction in credit impairment provisions. The company's cash flow from operating activities in the second quarter was -979 million RMB, a decrease of 722.69% quarter-on-quarter. The company recorded an impairment loss of 39 million RMB in the second quarter, indicating potential recovery in cash flow and impairment situations as the photovoltaic industry continues to improve [2]. Product Development - The company has established a comprehensive technology matrix in the photovoltaic conductive paste field, achieving breakthroughs in high-performance silver paste and UV-resistant silver paste technologies, contributing to a significant reduction in battery costs [3]. Industry Chain Expansion - The company is expanding its product offerings beyond photovoltaic silver paste, with its subsidiary achieving mass production in various electronic paste products and developing advanced encapsulation adhesives for photovoltaic modules, addressing industry pain points [4]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 are adjusted to 411 million RMB, 506 million RMB, and 604 million RMB, respectively, with corresponding EPS of 1.70, 2.09, and 2.50 RMB. The current stock price corresponds to PE ratios of 31, 25, and 21 times [5].

证券代码：688503 证券简称：聚和材料 公告编号：2025-039 常州聚和新材料股份有限公司 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。 一、董事会会议召开情况 常州聚和新材料股份有限公司（以下简称"公司"）第四届董事会第八次会 议（以下简称"本次会议"）于2025年8月26日在公司会议室以现场与通讯相结 合的方式召开。本次会议通知于2025年8月15日以邮件方式发出。本次会议由董 事长刘海东先生召集并主持，会议应出席本次会议的董事9人，实际出席的董事9 人，公司全体高级管理人员列席了本次会议。本次会议的召集、召开程序均符合 《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券 法》等相关法律法规、规范性文件及《常州聚和新材料股份有限公司章程》（以 下简称"《公司章程》"）的规定，会议决议合法、有效。 二、董事会会议审议情况 经与会董事审议和表决，会议形成决议如下： （一）审议通过《关于2025年半年度报告及摘要的议案》 经审核，董事会认为：公司《2025年半年度报告》及其摘要的编制和审议程 序 ...

Core Points - The company has verified the list of eligible participants for the first vesting period of the 2024 restricted stock incentive plan, confirming that all 9 participants meet the necessary qualifications as per relevant laws and regulations [1][2] - The total number of restricted stocks that can be vested for the eligible participants is 43,800 shares, which aligns with the legal and regulatory requirements [2] Summary by Sections - **Eligibility Verification** - The board's remuneration and assessment committee has confirmed that the 9 incentive participants comply with the qualifications set forth in the Company Law, Securities Law, and other relevant regulations [1] - The participants are deemed legally and effectively qualified for the incentive plan, and the vesting conditions for the first period have been met [1] - **Stock Allocation** - The committee has agreed to process the vesting for the 9 eligible participants, with a total of 43,800 restricted stocks available for vesting [2] - The actions taken are in accordance with relevant laws and do not harm the interests of the company or its shareholders [2]

Core Viewpoint - Juhe Materials (688503.SH) reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved operating revenue of 6.435 billion yuan, a year-on-year decrease of 4.87% [1] - The net profit attributable to shareholders of the listed company was 181 million yuan, down 39.58% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 156 million yuan, reflecting a year-on-year decline of 52.66% [1] - Basic earnings per share were reported at 0.75 yuan [1]

Group 1 - The core viewpoint of the article highlights the significant growth in the pet industry, which is projected to reach a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1] - Juhe Materials (SH 688503) reported that 99.22% of its revenue for the year 2024 will come from electronic specialty materials, indicating a strong focus on this segment [1] - As of the report, Juhe Materials has a market capitalization of 12.8 billion yuan [1]

Core Insights - The company reported a revenue of 6.435 billion yuan for the first half of 2025, representing a year-on-year decline of 4.87% [1] - The net profit attributable to shareholders of the listed company was 181 million yuan, down 39.58% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 156 million yuan, a decrease of 52.66% year-on-year [1] - The basic earnings per share were 0.75 yuan [1]

常州聚和新材料股份有限公司 关于2025年半年度募集资金存放、管理与实际使用情况的专 项报告 证券代码：688503 证券简称：聚和材料 公告编号：2025-041 （一）实际募集资金金额和资金到账时间 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 2,920,132,562.27 元。上述资金已全部 到位，经立信会计师事务所（特殊普通合伙）审验，并于 2022 年 12 月 6 日出具 信会师报字[2022]ZF11361 号《验资报告》。 （二）募集资金使用和结余情况 截至 2025 年 6 月 30 日，本公司募集资金实际使用情况为： 1 单位：人民币元 | 时间 | ...