Core Insights - The perovskite solar cell sector has seen significant stock price increases, with companies like Zhonglai Co. rising by 20% and several others experiencing gains of over 10% due to advancements in perovskite solar technology [1][2]. Industry Developments - A research team from the Chinese Academy of Sciences has developed a perovskite solar cell prototype with a conversion efficiency of 27.2%, marking a critical step towards industrialization [2]. - The first GW-level perovskite photovoltaic module production line has commenced operations in Wuxi, Jiangsu, capable of producing approximately 1.8 million perovskite solar modules annually [2]. Market Trends - The perovskite solar cell technology is recognized as a potential next-generation photovoltaic technology due to its high theoretical conversion efficiency and low material costs [3]. - The industry is experiencing a shift towards supply chain autonomy and technological advancements, with significant milestones being achieved in production capabilities [4]. Investment Opportunities - Analysts suggest focusing on companies benefiting from supply-side reforms and technological upgrades, including Longi Green Energy, JA Solar, and JinkoSolar [4]. - The ongoing development of perovskite technology is expected to create long-term growth opportunities for firms like Maiwei Co. and Aisxu Co. [4].

Core Viewpoint - Juhe Materials (688503.SH) is planning to issue overseas shares (H-shares) and list on the Hong Kong Stock Exchange to enhance its global development strategy and brand influence while optimizing its capital structure and financing channels [2]. Company Overview - Juhe Materials specializes in the research, production, and sales of new electronic pastes, primarily conductive pastes for photovoltaic cells [2]. - As of November 4, the company's total market capitalization is 13.4 billion yuan [2]. Financial Performance - In 2024, Juhe Materials achieved operating revenue of 12.488 billion yuan, a year-on-year increase of 21.35%, while net profit attributable to shareholders decreased by 5.45% to 418 million yuan [6]. - For the first three quarters of 2025, the company reported operating revenue of 10.641 billion yuan, an increase of 8.29% year-on-year, but net profit attributable to shareholders fell by 43.24% to 239 million yuan [7]. Leadership and Compensation - Liu Haidong, the actual controller and chairman of the company, received a pre-tax compensation of 8.9051 million yuan in 2024, a decrease of 40.7% compared to 15.0057 million yuan in 2023 [4].

Core Viewpoint - Company is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance global development strategy and brand influence [1][2] Financial Performance - In the first half of 2025, company reported revenue of 6.435 billion yuan, a year-on-year decrease of 4.87%, and net profit attributable to shareholders of 181 million yuan, down 39.58% [2] - For the first three quarters of 2025, revenue reached 10.641 billion yuan, an increase of 8.29% year-on-year, while net profit was 239 million yuan, a decline of 43.24% [2] Strategic Initiatives - Company is optimizing business structure and entering new sectors, including a planned acquisition of SK Enpulse's blank mask business for 68 billion Korean won, with a direct or indirect investment ratio of at least 95% [3] - The acquisition aims to fill domestic gaps in semiconductor materials and expand high-quality customer resources in the semiconductor field [3] Market Position and Growth Potential - The cross-industry acquisition is part of the company's "photovoltaic + semiconductor" dual-drive strategy, reducing reliance on the photovoltaic sector and enhancing resilience against cyclical risks [4] - Company has demonstrated strong R&D capabilities in N-type battery technology, achieving mass production of various silver paste products for TOPCon and HJT technologies [4] Challenges and Long-term Outlook - Short-term pressures from intensified competition in the photovoltaic industry and the need for time to integrate new semiconductor materials may delay performance improvement [5] - The A+H listing plan is seen as a defensive measure against industry cycles while focusing on long-term strategic development [5]

证券代码：688503 证券简称：聚和材料 常州聚和新材料股份有限公司 一、为确认出席会议的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 2025 年第三次临时股东会会议资料 2025 年 11 月 常州聚和新材料股份有限公司 2025 年第三次临时股东会会议资料目录 | 2025 | 年第三次临时股东会会议须知 | | 2 | | --- | --- | --- | --- | | 2025 | 年第三次临时股东会会议议程 | | 4 | | 2025 | 年第三次临时股东会会议议案 | | 6 | | | 议案一：关于选聘 2025 | 年度审计机构的议案 | 6 | 1 常州聚和新材料股份有限公司 2025 年第三次临时股东会会议须知 为了维护全体股东的合法权益，确保常州聚和新材料股份有限公司（以下简 称"公司"）股东会的正常秩序和议事效率，保证股东会的顺利进行，根据《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》 （以下简称"《证券法》"）《上市公司股东会规则》以及《常州聚和新材料股 份有限公司章程》（以下 ...

Group 1 - The stock price of Juhe Materials has dropped by 5.08% on November 4, reaching 55.66 CNY per share, with a trading volume of 281 million CNY and a turnover rate of 2.74%, resulting in a total market capitalization of 13.472 billion CNY. The stock has seen a cumulative decline of 5.4% over the past three days [1] - Juhe Materials, established on August 24, 2015, and listed on December 9, 2022, is located in Changzhou, Jiangsu Province. The company specializes in the research, production, and sales of new electronic pastes, with 99.83% of its revenue coming from photovoltaic conductive silver paste and 0.17% from waste and other sales [1] Group 2 - According to data from the top ten holdings of funds, one fund under Xinhua Fund has a significant position in Juhe Materials. The Xinhua Xin Dongli Flexible Allocation Mixed A Fund (002083) reduced its holdings by 300,000 shares in the third quarter, now holding 500,000 shares, which accounts for 3.9% of the fund's net value, ranking as the fifth-largest holding. The estimated floating loss today is approximately 1.49 million CNY, with a total floating loss of 1.675 million CNY during the three-day decline [2] - The Xinhua Xin Dongli Flexible Allocation Mixed A Fund (002083) was established on June 8, 2016, with a current scale of 643 million CNY. Year-to-date returns are 31.41%, ranking 2862 out of 8150 in its category, while the one-year return is 24.07%, ranking 3820 out of 8043. Since inception, the fund has achieved a return of 100.76% [2] - The fund manager, Cai Chunhong, has a tenure of 10 years and 109 days, managing assets totaling 1.421 billion CNY, with the best return during the tenure being 68.58% and the worst being -19.61%. Co-manager Cui Guxin has a tenure of 2 years and 329 days, managing 1.05 billion CNY, with the best return being -18.95% and the worst being -38.97% [2]

Group 1 - China Mobile's controlling shareholder, China Mobile Group, plans to transfer 41.98 million shares (0.19% of total shares) to China National Petroleum Corporation [1] - Strong瑞 Technology intends to invest 70 million yuan to acquire 35% equity in aluminum cooling technology company, which supplies components for NVIDIA AI servers [2] - Pingtan Development's stock price has increased over 100% in the last eight trading days, indicating significant abnormal trading behavior [3] Group 2 - Hezhong China warns of irrational speculation risk as its stock price has surged 61.23% over five consecutive trading days, significantly deviating from its fundamentals [4] - TCL Technology's participation in the restructuring plan of Suning Group has not been approved by creditors, leading to uncertainties in the restructuring process [5] - Huitian New Materials has signed a strategic cooperation agreement with Taiblue New Energy to collaborate in solid-state batteries and key materials [6] Group 3 - Han Jian He Shan has signed a procurement contract worth 207 million yuan with China Nuclear Industry Huaxing Construction, accounting for 26.29% of its audited revenue for 2024 [7] - Actual controller of Baihehua, Chen Lirong, mistakenly reduced his holdings by 160,000 shares but has since repurchased the same amount [8][9] - Yaxing Chemical is planning to acquire control of Tianyi Chemical through a combination of share issuance and cash payment, leading to a stock suspension [10] Group 4 - Shenghui Integration's shareholder, Suzhou Shengzhan, has terminated its plan to reduce holdings of up to 620,000 shares, having already reduced 565,500 shares [11] - North Bay Port reported a 22.73% year-on-year increase in cargo throughput in October [12] - Jiangling Motors experienced an 8.06% year-on-year increase in automobile sales in October [12]

Core Viewpoint - The company, Juhe Materials, is planning to issue overseas shares (H-shares) and list on the Hong Kong Stock Exchange to enhance its global development strategy and optimize its capital structure [1] Group 1: Company Strategy - Juhe Materials aims to deepen its global development strategy and expand its overseas business layout [1] - The issuance of H-shares is intended to broaden financing channels and enhance the company's overall strength [1] Group 2: Listing Details - The company is currently in discussions with relevant intermediaries regarding the specifics of the H-share listing [1] - Details of the H-share listing have not yet been finalized, and it will not result in changes to the company's controlling shareholder or actual controller [1] Group 3: Market Performance - As of November 3, the company's stock closed down 1.53% at 58.64 yuan per share, with a total market capitalization of 14.19 billion yuan [1]

Core Viewpoint - The company, 聚和材料 (688503.SH), is planning to issue overseas shares (H-shares) and list on the Hong Kong Stock Exchange to enhance its global development strategy, brand influence, and core competitiveness while optimizing its capital structure and broadening financing channels [1] Group 1 - The company aims to deepen its global development strategy and overseas business layout [1] - The issuance of H-shares is intended to leverage the advantages of international capital markets [1] - The company is currently discussing specific details of the H-share listing with relevant intermediaries [1] Group 2 - The H-share listing will not result in changes to the company's controlling shareholder or actual controller [1]

Core Viewpoint - The company is planning to issue overseas shares (H-shares) and list on the Hong Kong Stock Exchange to enhance its global development strategy, brand influence, and core competitiveness while optimizing its capital structure and broadening financing channels [1] Group 1 - The company aims to deepen its global development strategy and overseas business layout [1] - The issuance of H-shares is intended to leverage the advantages of international capital markets [1] - The company is currently in discussions with relevant intermediaries regarding the specifics of the H-share listing [1] Group 2 - The details of the H-share listing have not yet been finalized [1] - The H-share listing will not result in changes to the company's controlling shareholder or actual controller [1]

证券代码：688503 证券简称：聚和材料 公告编号：2025-049 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易 所科创板股票上市规则》《境内企业境外发行证券和上市管理试行办法》《香港 联合交易所有限公司证券上市规则》等相关规定，待确定具体方案后，本次H股 上市工作尚需提交公司董事会和股东会审议，并经中国证券监督管理委员会、香 港联交所和香港证券及期货事务监察委员会等监管机构的批准、核准或备案。 本次H股上市能否通过审议、备案和审核程序并最终实施具有较大不确定 性。公司将依据相关法律法规的规定，根据本次H股上市的后续进展情况及时履 行信息披露义务。本次H股上市尚存在较大不确定性，敬请广大投资者理性投资， 注意投资风险。 1 特此公告。 常州聚和新材料股份有限公司董事会 2025年11月4日 2 常州聚和新材料股份有限公司 关于筹划发行H股股票并在香港联合交易所有限公司上市相 关事项的提示性公告 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。 常州聚和新材料股份有限公司（以下简称"公司"）为深入推进 ...