Investment Rating - The investment rating for the company is "Buy-A" with a target price of 77.6 CNY per share, maintaining the rating [7][10]. Core Insights - The company reported a revenue of 10.641 billion CNY for the first three quarters of 2025, an increase of 8.29% year-on-year, while the net profit attributable to shareholders decreased by 43.24% to 239 million CNY [1]. - In Q3 2025, the company achieved a revenue of 4.206 billion CNY, a year-on-year increase of 37.38%, but the net profit attributable to shareholders fell by 52.21% to 58 million CNY [1][2]. - The company is a leading global producer of photovoltaic conductive silver paste, with a revenue concentration of 99.44% in the photovoltaic sector, and is actively diversifying into semiconductor materials [3][4]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company reported a revenue of 10.641 billion CNY, up 8.29% year-on-year, and a net profit of 239 million CNY, down 43.24% [1]. - In Q3 2025, the revenue was 4.206 billion CNY, reflecting a 37.38% increase year-on-year, while the net profit was 58 million CNY, a decrease of 52.21% [1][2]. Business Strategy - The company is transitioning from a reliance on the photovoltaic sector to a broader semiconductor materials platform, having established a diverse product line including RF devices and high-performance thermal materials [3]. - The acquisition of SK Enpulse's blank mask business for approximately 350 million CNY is a strategic move to enter the semiconductor core materials market and enhance technological capabilities [4]. Market Position - The company is positioned as a leader in the photovoltaic conductive silver paste market, with plans to leverage its product performance and service advantages to capture market share in high-end electronic paste sectors [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a revenue of 10.641 billion RMB for the first three quarters of 2025, representing an 8.29% year-on-year increase, while the net profit attributable to shareholders decreased by 43.24% to 239 million RMB [2]. - In Q3 2025, the company achieved a revenue of 4.206 billion RMB, a quarter-on-quarter increase of 22.23%, but the net profit attributable to shareholders was 58.347 million RMB, down 35.89% from the previous quarter [2]. - The company is actively entering the semiconductor industry by establishing a partnership to acquire a business segment related to blank masks, which is crucial for semiconductor manufacturing [4]. Performance Summary - For the first three quarters of 2025, the company experienced a significant impact on net profit due to non-recurring losses, amounting to approximately 56.12 million RMB, primarily from the fair value changes of silver hedging derivatives and leased silver [3]. - The operating cash flow for Q3 was negative 2.35 billion RMB, reflecting increased cash outflows for purchasing goods and services, with inventory rising to 1.39 billion RMB due to pre-holiday stockpiling [3]. Financial Forecast - The adjusted profit forecasts for 2025-2027 are 386 million RMB, 505 million RMB, and 637 million RMB, respectively, with corresponding EPS of 1.60, 2.09, and 2.63 RMB [5]. - The current stock price corresponds to a PE ratio of 41, 31, and 25 for the years 2025, 2026, and 2027, respectively [5]. Market Analysis - The company is focusing on enhancing its capabilities in the semiconductor supply chain, which is expected to strengthen its market position and customer base [4]. - The revenue growth rate for 2025 is projected at 36.42%, following a significant increase of 58.21% in 2023 [9].

Core Insights - Juhe Materials (688503.SH) reported its Q3 2025 results, revealing that as of October 27, 2025, 16 institutional investors held a total of 33.6137 million A-shares, accounting for 13.89% of the total share capital [1] - The top ten institutional investors collectively held 13.78% of the shares, which represents a decrease of 4.78 percentage points compared to the previous quarter [1] Institutional Holdings - Among public funds, three funds increased their holdings, including Guotai Junan Value Advantage Flexible Allocation Mixed A, Penghua Sci-Tech Innovation Board New Energy ETF, and Penghua Sci-Tech Innovation Board 200 ETF, with an increase rate of 0.30% [2] - Conversely, three public funds reduced their holdings, including Guotai Junan Valuation Advantage Mixed (LOF) A, Solar ETF, and Guotai Ruijin Shanghai Stock Exchange Sci-Tech Innovation Board 200 Index Initiated A, with a decrease rate of 0.25% [2] - Seven new public funds disclosed their holdings this period, including Nuoan Pioneer Mixed A, Wanji Domestic Demand Growth One-Year Holding Period Mixed, and Wanji Ruilong A [2] - A total of 203 public funds were not disclosed this period, including Southern CSI 1000 ETF and HSBC Jin Trust Research Selected Mixed [2] Social Security Fund - One social security fund, the National Social Security Fund 118 Portfolio, was not disclosed this period compared to the previous quarter [2]

Group 1 - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or omissions [2][8] - The company reported a total impairment loss of 66,003,255.98 yuan for the first three quarters of 2025, which includes credit impairment losses of 61,920,426.93 yuan and inventory write-down losses of 4,082,829.05 yuan [10][11][14] - The impairment provisions are in accordance with the relevant accounting standards and reflect the company's financial status and operational results as of September 30, 2025 [15] Group 2 - The company plans to hold its third extraordinary general meeting on November 12, 2025, with both on-site and online voting options available for shareholders [18][19] - The company has proposed to change its auditing firm from Lixin to Rongcheng for the 2025 fiscal year, with the change being communicated and agreed upon by both firms [32][33][48] - Rongcheng has a strong background in providing audit services, with a total revenue of 251,025.80 million yuan for 2024, and has audited 518 listed companies [36]

Core Insights - The company reported a revenue of 10.641 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 8.29% [1] - The net profit attributable to shareholders decreased to 239 million yuan, reflecting a year-on-year decline of 43.24% [1] - The net profit after deducting non-recurring gains and losses was 271 million yuan, down 37.42% year-on-year [1] - The basic earnings per share stood at 0.99 yuan [1]

Core Viewpoint - Juhe Materials (688503.SH) reported a year-on-year revenue growth of 8.29% for the first three quarters of 2025, reaching a total revenue of 10.641 billion yuan, while the net profit attributable to shareholders decreased by 43.24% to 239 million yuan [1] Financial Performance - Total revenue for the first three quarters of 2025 was 10.641 billion yuan, reflecting an increase of 8.29% compared to the previous year [1] - Net profit attributable to shareholders was 239 million yuan, which represents a decline of 43.24% year-on-year [1] - Basic earnings per share stood at 0.99 yuan [1]

Group 1 - The company, Juhe Materials, announced a provision for credit impairment losses and asset impairment losses totaling approximately 66 million yuan for the first three quarters of 2025, which will reduce the total profit by the same amount [1][1][1] - For the year 2024, the revenue composition of Juhe Materials shows that electronic specialty materials account for 99.22%, while other businesses account for 0.78% [1][1][1] - As of the report date, the market capitalization of Juhe Materials is 15.8 billion yuan [1][1][1]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥4,205,552,783.52, representing a year-on-year increase of 37.38%[3] - The total profit for the period was ¥56,750,946.67, showing a significant decline of 57.21% compared to the same period last year[3] - The net profit attributable to shareholders was ¥58,347,206.50, down 52.21% year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥114,467,326.04, an increase of 11.60% compared to the same period last year[3] - Total operating revenue for the first three quarters of 2025 reached ¥10,640,947,136.73, an increase of 8.3% compared to ¥9,826,222,165.03 in the same period of 2024[18] - Net profit for the first three quarters of 2025 was ¥234,062,105.36, a decrease of 44.2% from ¥420,498,033.10 in the same period of 2024[19] - The company's operating profit for the first three quarters of 2025 was ¥261,361,985.00, down from ¥471,679,128.80 in 2024, indicating a decline of 44.5%[18] - The basic earnings per share for the first three quarters of 2025 was ¥0.99, down from ¥1.77 in the same period of 2024[19] Assets and Liabilities - The company's total assets increased by 48.24% to ¥11,823,558,123.56 compared to the end of the previous year[4] - The total assets of the company amounted to ¥11,823,558,123.56, compared to ¥7,976,006,951.92 in the previous year, showing a significant increase of 48.1%[15] - Total liabilities increased to ¥6,983,944,827.13 from ¥3,333,701,000.79, representing a growth of 109.7% year-on-year[15] - The company's total current liabilities rose to 7,028,150,258.90 RMB in 2025, up from 3,541,072,153.48 RMB in 2024, indicating a significant increase in short-term obligations[26] - The total liabilities increased to ¥7,049,102,480.31 in 2025 from ¥3,564,720,239.85 in 2024, indicating a significant rise in the company's debt levels[27] Cash Flow - The net cash flow from operating activities for the year-to-date was negative at -¥3,450,159,831.34[3] - In the first three quarters of 2025, the company's operating cash flow was negative at -3,450,159,831.34 RMB, compared to -797,975,376.03 RMB in the same period of 2024, indicating a significant decline in cash flow performance[22][23] - Total cash inflow from operating activities decreased to 8,536,531,730.48 RMB in 2025 from 10,428,031,580.36 RMB in 2024, reflecting a year-over-year decline of approximately 18.1%[22] - The cash flow from operating activities showed a net outflow of ¥1,237,914,317.55 in 2025, compared to a smaller outflow of ¥47,512,175.34 in 2024[32] Shareholder Information - The total number of ordinary shares outstanding at the end of the reporting period was 25,856,000 shares[11] - The top shareholder, Liu Haidong, holds 11.20% of the shares, with a total of 27,115,728 shares[11] - The company’s repurchase account held 10,550,334 shares, accounting for 4.36% of the total shares outstanding[12] - There were no significant changes in the ownership structure or related party transactions reported during the period[12] Research and Development - Research and development expenses totaled ¥216,428,091.21, a decrease of 2.17% year-on-year, accounting for 5.15% of operating revenue[4] - Research and development expenses for the first three quarters of 2025 totaled ¥192,201,761.94, a decrease of 18.1% compared to ¥234,815,278.73 in 2024[18] - The company reported a decrease in research and development expenses to ¥145,057,899.51 in 2025 from ¥203,308,428.46 in 2024, reflecting a 28.6% reduction[28] Market Conditions - The decline in profits is attributed to increased competition in the photovoltaic industry and a general decline in industry chain prices[8] - The company is focused on expanding its market presence and developing new products, although specific details were not disclosed in the call[12] Financial Position - The company's equity attributable to shareholders reached ¥4,846,671,496.81, up from ¥4,644,421,160.13, marking an increase of 4.4%[15] - The total equity increased to ¥5,024,959,403.48 in 2025 from ¥4,804,554,244.00 in 2024, showing a growth of 4.6%[27] Investment Activities - The total cash outflow from investing activities was 1,283,039,468.15 RMB in 2025, down from 3,996,323,874.16 RMB in 2024, indicating a reduction in investment expenditures[23] - The company received 24,109,449.00 RMB from investment in 2025, a notable increase from 1,000,000.00 RMB in 2024, highlighting enhanced investment activities[23]

证券代码：688503 证券简称：聚和材料 公告编号：2025-048 常州聚和新材料股份有限公司 关于2025年前三季度计提减值准备的公告 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。 一、计提减值准备情况概述 根据《企业会计准则》《上海证券交易所科创板股票上市规则》的相关规定， 为了更加真实、公允反映常州聚和新材料股份有限公司（以下简称"公司"）截 至2025年9月30日的资产及经营状况，基于谨慎性原则，公司对存在减值迹象的 相关资产计提相应的减值准备。 经测算，2025年前三季度公司计提减值损失66,003,255.98元，具体情况如 下： 单位：元 币别：人民币 | 项目 | 计提减值金额 | 备注 | | --- | --- | --- | | 信用减值损失 | 61,920,426.93 | 含应收账款、其他应收款、应收票据的减值 | | 资产减值损失 | 4,082,829.05 | 存货跌价损失 | | 合计 | 66,003,255.98 | | 1 资产负债表日，存货应当按照成本与可变现净值孰低计量。 ...

证券代码：688503 证券简称：聚和材料 公告编号：2025-046 常州聚和新材料股份有限公司 关于变更2025年度审计机构的公告 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： 拟聘任的会计师事务所名称：容诚会计师事务所（特殊普通合伙）（以 下简称"容诚"）。 1 2.人员信息 原聘任的会计师事务所名称：立信会计师事务所（特殊普通合伙）（以 下简称"立信"）。 变更会计师事务所的简要原因及前任会计师的异议情况：鉴于常州聚和 新材料股份有限公司（以下简称"公司"）原聘任的立信已连续多年为公司提 供年度审计服务，根据《国有企业、上市公司选聘会计师事务所管理办法》以 及公司《会计师事务所选聘制度》等相关规定，综合考虑公司业务发展、审计 工作需求等情况，公司拟改聘容诚为公司2025年度审计机构。公司已就变更会 计师事务所事项与立信进行了沟通，立信对变更事宜无异议。 本事项尚需提交股东会审议。 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 容诚会计师事务所（特殊普通合伙）由原华普天健会计师事务 ...