Core Viewpoint - The company, 聚和材料, announced a significant acquisition involving the purchase of SKE's blank mask business through a joint venture with 韩投伙伴, with a total investment of approximately 680 billion KRW (around 350 million RMB) [1] Group 1: Acquisition Details - The acquisition will be executed via a share transfer agreement, where the company and 韩投伙伴 will establish a special purpose company (SPC) to facilitate the transaction [1] - The target business will be transferred to a newly established company, referred to as the "target company," from SKE [1] - The acquisition aims for the company to obtain 100% ownership of the target company's shares [1] Group 2: Financial Overview - For the fiscal year 2024, the company's revenue composition is heavily weighted towards electronic specialty materials, accounting for 99.22%, while other business segments contribute only 0.78% [1] - As of the latest report, the market capitalization of 聚和材料 stands at 14.3 billion RMB [1]

证券代码：688503 证券简称：聚和材料 公告编号：2025-043 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： 对外投资概况：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"）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（以下简称"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%。 1、交易审批和交割风险：本次交易涉及境外投资，尚需履行中国政府以及 境外有关部门的审批或备案手续，且尚需完成《股份转让协议》约定的交割先决 条件，上述审批或备案手续以及交割先决条件能否完成存在不确定性，存在本次 交易无法完成交割和实施的风险。 2、收购整合风险：本次交易后,公司 ...

Core Viewpoint - The company, 聚和材料, announced a joint establishment of SPC with 韩投伙伴 to acquire the Blank Mask business segment from SK Enpulse for approximately 3.5 billion RMB, aiming to enhance its semiconductor materials capabilities and align with national strategies for self-sufficiency [1] Group 1: Acquisition Details - The total investment for the acquisition is 680 billion KRW, equivalent to about 3.5 billion RMB, with the final amount subject to exchange rate adjustments at the time of transaction [1] - The company will contribute at least 95% of the investment directly or indirectly [1] Group 2: Business Overview - SK Enpulse is a supplier of comprehensive solutions for semiconductor materials and equipment, with its Blank Mask division producing substrates for DUV-ArF and DUV-KrF lithography technologies [1] - The products have been validated by multiple semiconductor wafer fabs and independent template customers, achieving mass production and sales across South Korea, mainland China, and Taiwan [1] Group 3: Strategic Implications - The acquisition aligns with the national strategy of "self-controllable" materials, addressing the lack of localization for critical materials in China [1] - The company aims to leverage the scarcity of the acquired business to expand its semiconductor customer base and create synergies with existing operations [1]

聚和材料9月9日公告，公司与韩投伙伴（上海）创业投资管理有限责任公司共同设立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%。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。 ...

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。 SKE公司是韩国半导体材料零部件设备整体解决方案供应商，旗下BlankMask事业部主要生产用于DUV- ArF和DUV-KrF光刻技术节点的空白掩模基板（Blank Mask），产品已通过多家半导体晶圆厂自有产线 配套验证及第三方独立掩模板客户验证，并实现量产销售，业务覆盖韩国、中国大陆及中国台湾等国家 和地区。 格隆汇9月9日丨聚和材料(688503.SH)公布，2025年9月9日，公司与韩投伙伴和SKE共同签署《股份转 让协议》，根据双方签订的《股份转让协议》，公司与韩投伙伴共同设立SPC以自有或者自筹资金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）现金收购SKE空白掩模（Blank Mask）相关业务部门。SKE拟将空白掩模（Blank Mask）相关业务部门重新分立至新的公司（以下简 称"目标公司"）。其中，公司直接或间接出资比例不低于95%。受让方将主要 ...

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 ...