证券代码：688503 证券简称：聚和材料 公告编号：2026-015 常州聚和新材料股份有限公司 关于2025年年度计提资产减值准备的公告 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）信用减值损失 公司以预期信用损失为基础，对应收账款、其他应收款、应收票据进行 减值测试并确认减值损失。经测算，公司2025年度计提信用减值损失 158,998,077.51元。 （二）资产减值损失 1. 存货跌价损失 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12月31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年度公司计提减值损失171,831,915.20元，具体情况如下： 二、计提资产减值准备的具体说明 资产负债表日，存货应当按照成本与可变现净值孰低计量。当存货成本 高于其可变现净值的，应当计提存货跌价准备。可变现净值，是指在日常 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The Terafab project, announced by SpaceX and Tesla, aims to produce 1 trillion watts of computing power annually through the manufacturing of 100 billion to 200 billion advanced 2nm chips, with an investment of $20 billion to $25 billion [6] - The chips produced will serve both ground and space applications, with 80% allocated for space computing and 20% for ground computing [6] - The project is part of a broader strategy by Musk to create a commercial ecosystem integrating solar power, computing, and rocket technology, potentially completing a business loop in space computing [6] - Investment recommendations include focusing on semiconductor equipment companies like Changchuan Technology, and companies involved in photovoltaic equipment and materials [6] Summary by Sections Industry Overview - The report highlights the significant advancements in the commercial aerospace sector, particularly through the Terafab project, which is expected to revolutionize space computing capabilities [6] Financial Analysis - Key companies in the semiconductor and photovoltaic sectors are recommended for investment, with specific focus on their growth potential and market positioning [7]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for overseas listing applications for 16 companies, focusing on compliance with various regulations and governance issues [1][2][3]. Group 1: Supplementary Material Requirements - Companies such as ZHONGAN XINKE and HANGZHOU JIAYIN are required to clarify their compliance with human genetic resource management regulations [1][10]. - For JIAZHI TECHNOLOGY, the company must explain the approval status of its actual controller's establishment and control of the issuer, and the implications of any changes in control [1][12]. - QIAN DAMA needs to address the share capital situation, including the specifics of share issuance and the exit of significant shareholders [2][15]. - JINGWANG ELECTRONICS is required to provide details on the compliance of its overseas subsidiaries with foreign investment and foreign exchange registration procedures [2][20]. Group 2: Governance and Compliance Issues - BEITONG DATA must clarify the compliance of its shareholding structure and return investment processes, including the pricing and legality of past transactions [3][4]. - KEDA INTELLIGENT is asked to specify the proportion of raised funds intended for domestic versus overseas use [4][40]. - PUQI PHARMACEUTICAL needs to explain the reasons behind shareholding arrangements and the legality of past shareholding changes [4][41]. Group 3: Specific Company Requirements - WOKER FEIFAN must clarify the fairness of historical share transfer prices and the rationale behind discrepancies in share issuance prices [5][18]. - HUA YAN ROBOTICS is required to confirm whether its business scope aligns with foreign investment access policies [6][21]. - FOURIER SEMICONDUCTOR must provide details on its compliance with foreign investment regulations and the status of its overseas subsidiaries [6][26].

为加强上市公司投资者关系管理，同时便于广大投资者更全面深入地了解公 司2025年度业绩和经营情况，公司将于2026年3月30日（星期一）下午20:30-21:30 举办2025年度业绩说明会，现将有关事项公告如下： 证券代码：688503 证券简称：聚和材料 公告编号：2026-011 常州聚和新材料股份有限公司 关于召开2025年度业绩说明会的公告 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： 投资者可于2026年3月30日（星期一）17:00前将相关问题通过电子邮件 的形式发送至常州聚和新材料股份有限公司（以下简称"公司"）投资者关系邮 箱：ir@fusion-materials.com，也可访问网址：https://s.comein.cn/b3krdvt2或者使 用微信扫描二维码在报名后进行会前提问，公司将通过本次业绩说明会，在信息 披露允许范围内就投资者普遍关注的问题进行回答。 一、说明会类型 独立董事：王莉 本次业绩说明会以线上电话会议形式召开，公司将针对2025年度经营成果、 1 会议召开时间 ...

证券代码：688503 证券简称：聚和材料 公告编号：2026-010 常州聚和新材料股份有限公司 关于发行境外上市股份（H股）备案申请材料获 常州聚和新材料股份有限公司（以下简称"公司"）已于 2026 年 1 月 14 日向香港联合交易所有限公司(以下简称"香港联交所")递交了境外公开发行 股票(H 股)并在香港联交所主板上市(以下简称"本次发行上市")的申请，并 于同日在香港联交所网站刊登了本次发行上市的申请材料。具体内容详见公司 于 2026 年 1 月 15 日在上海证券交易所网站（www.sse.com.cn）披露的《关于 向香港联合交易所有限公司递交 H 股发行上市的申请并刊发申请资料的公告》 （公告编号 2026-003）。 根据相关规定，公司已向中国证券监督管理委员会（以下简称"中国证监 会"）报送了本次发行上市的备案申请材料，并于近日获中国证监会接收。 公司本次发行上市尚需取得中国证监会、香港证券及期货事务监察委员会 和香港联交所等相关监管机构、证券交易所的批准、核准或备案，该事项仍存 在不确定性。公司将根据该事项的进展情况依法及时履行信息披露义务，敬请 广大投资者注意投资风险。 特此公告 ...

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。 证券代码：688503 证券简称：聚和材料 公告编号：2026-009 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进展 根据《上海证券交易所科创板股票上市规则》及《公司章程》等相关规定， 本次交易在公司董事会审批权限范围内，无需提交公司股东会审议。 二、 本次对外投资进展情况 重要内容提示： | 投资标的名称 | Lumina | Mask 株式会社 | | | | --- | --- | --- | --- | --- | | 投资金额（万元） | 680 | 亿韩元（折合约 | 3.5 亿人民币） | | | 投资进展情况 | 完成 | 终止 | 交易要素变更 | 其他 | 一、 对外投资基本情况 （一） 交易基本情况 2025 年 9 月 9 日，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"）和 SK Enpulse 株式会社（以下简称"SKE"）共同签署《股份转让 ...

Investment Rating - The report maintains an investment rating of "in line with the market" for the basic chemical industry [3]. Core Insights - In February 2026, the CITIC Basic Chemical Industry Index rose by 5.91%, outperforming the Shanghai Composite Index by 4.82 percentage points and the CSI 300 Index by 5.82 percentage points, ranking 6th among 30 CITIC primary industries [3][7]. - The report highlights a continued recovery in chemical product prices, driven by geopolitical tensions in the Middle East, which have led to significant increases in oil prices [3][29]. - The investment strategy for March 2026 suggests focusing on two main lines: organic silicon, pesticides, coal chemical, light hydrocarbon chemical, and calcium carbide-based PVC sectors [3]. Market Review - The CITIC Basic Chemical Industry Index has increased by 57.36% over the past year, outperforming the Shanghai Composite Index by 32.01 percentage points and the CSI 300 Index by 36.27 percentage points, ranking 4th among 30 CITIC primary industries [3][7]. - In February 2026, 28 out of 33 CITIC tertiary sub-industries saw price increases, with the phosphate fertilizer and phosphate chemical, inorganic salt, and soda ash industries leading with increases of 12.82%, 12.69%, and 10.59% respectively [9]. - Among 529 stocks in the basic chemical sector, 391 stocks rose while 136 fell, with Jinzhengdai, Baichuan Co., and Honghe Technology leading the gainers [9][11]. Product Price Tracking - In February 2026, international oil prices showed an upward trend, with WTI crude oil rising by 2.78% to $67.02 per barrel and Brent crude oil increasing by 2.53% to $72.48 per barrel [3]. - Among 318 tracked products, 141 saw price increases, with notable rises in products like tetrachloroethylene and lithium carbonate, while 110 products experienced price declines [3]. Industry and Company News - The report notes that the chemical raw materials and products manufacturing industry saw a year-on-year price decline of 5% in January 2026, indicating ongoing challenges in the sector [14]. - The report also discusses the strategic developments in the Inner Mongolia region, aiming to create a trillion-level chemical industry cluster and a modern coal chemical industry chain [19][20]. - The report highlights the successful launch of a commercial silicon-based immersion cooling project by Xin'an Co., showcasing the potential of organic silicon materials in new applications [22][23].

Investment Rating - The report maintains a positive outlook on the renewable energy sector, particularly in solar and wind energy, with specific recommendations for companies involved in these industries [1][2][3]. Core Insights - The report highlights the tightening of local monopile production capacity in European offshore wind, suggesting a favorable environment for Chinese companies to expand internationally [2]. - In the solar sector, silicon wafer prices are under pressure while battery component prices remain stable, indicating a potential market adjustment [1][14]. - The hydrogen energy sector is set to receive increased policy support during the 14th Five-Year Plan, with a projected doubling of renewable hydrogen production capacity by the end of 2025 [3][18]. - The energy storage market is experiencing significant growth, with a marked increase in project scale and a forecasted rise in lithium carbonate prices impacting storage system costs [4][20]. Summary by Sections Solar Energy - Silicon prices are declining, with N-type G10L monocrystalline silicon wafers averaging 1.10 RMB per piece, down 8.33% from previous levels [1][14]. - The average price for N-type battery cells remains stable at 0.44 RMB per watt, with distributed component prices ranging from 0.75 to 0.88 RMB per watt [1][14]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, and JA Solar, focusing on supply-side reform and new technology opportunities [1][15]. Wind Energy & Grid - Ørsted has terminated its contract with SeAH Wind for the Hornsea 3 offshore wind project due to production delays, highlighting the challenges in local monopile production [2][16]. - The report suggests monitoring companies like Dajin Heavy Industry and Tianjun Wind Power as they expand internationally [2][16]. - The wind turbine sector is expected to see profitability improvements in 2026, with companies like Goldwind and Mingyang Smart Energy being key players [2][17]. Hydrogen Energy - The National Energy Administration plans to enhance policy support for hydrogen energy during the 14th Five-Year Plan, aiming for over 250,000 tons of renewable hydrogen production capacity by 2025 [3][18]. - Recommended companies include Shuangliang Eco-Energy and Huadian Heavy Industries, focusing on equipment manufacturing and hydrogen compression technology [3][18]. Energy Storage - In January 2026, the domestic energy storage EPC bidding scale reached 4.92 GW, with a total installed capacity of 12.42 GWh, reflecting over 30% growth compared to the previous year [4][19]. - The report emphasizes the importance of companies like Sungrow Power Supply and Aiko Solar in the energy storage market, which is expected to grow significantly [4][24]. New Energy Vehicles - In March 2026, domestic battery production is projected to reach 149.59 GWh, with a 21.93% month-on-month increase, indicating strong demand despite concerns over subsidy reductions [5][25]. - Key players in the battery sector include CATL and BYD, with a focus on maintaining resilience in battery demand [5][26].

Core Viewpoint - The global photovoltaic market demand remains robust in 2025, but the downstream battery and component sectors are undergoing significant adjustments, presenting both challenges and opportunities for the company [1] Financial Performance - The company achieved an operating revenue of 14.599 billion yuan, an increase of 16.91% year-on-year [1] - The net profit attributable to shareholders was 409 million yuan, a decrease of 2.15% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 381 million yuan, a decrease of 6.04% year-on-year [1] - Total assets at the end of the reporting period were 11.980 billion yuan, an increase of 50.20% from the beginning of the reporting period [1] - The equity attributable to the parent company was 5.010 billion yuan, an increase of 7.87% from the beginning of the reporting period [1] Industry Context - The photovoltaic conductive paste industry is experiencing an optimization opportunity due to rising silver prices in the second half of the year [1] - The company is enhancing its market share through excellent operational capabilities despite intensified competition in the downstream photovoltaic battery sector [1] - The industry is entering a reshuffling phase, with some customers failing to meet payment expectations, leading the company to prudently provision for bad debt losses, which impacted profits [1]

Core Viewpoint - The company reported a significant increase in total operating revenue for the fiscal year 2025, indicating strong business performance and growth potential [2]. Group 1: Financial Performance - The company achieved total operating revenue of 14,599,077,122.58 million yuan for the fiscal year 2025 [2]. - This represents a year-on-year increase of 16.91%, showcasing robust growth compared to the previous year [2].