Summary of Key Points Core Viewpoint The report outlines the fundraising and usage status of Hubei Xingfu Electronic Materials Co., Ltd. for the first half of 2025, detailing the amount raised, its allocation, and management practices to ensure compliance with regulatory requirements. Group 1: Fundraising Overview - The total net amount raised from the initial public offering (IPO) was RMB 1,071.0444 million, confirmed by an audit report issued on January 17, 2025 [1]. - As of June 30, 2025, the company directly invested RMB 362.9329 million into fundraising projects, with RMB 700 million remaining in cash management [1][2]. - The balance in the fundraising special account was RMB 13.9987 million, which includes unspent issuance costs of RMB 3.7547 million [1][2]. Group 2: Fund Management Practices - The company has established a special account storage system for fundraising, ensuring compliance with relevant laws and regulations [1]. - A tripartite supervision agreement was signed with the underwriter and banks to clarify rights and obligations regarding the management of the raised funds [1][2]. Group 3: Actual Usage of Funds - The company approved the use of RMB 198.9372 million to replace self-funded investments in fundraising projects and RMB 120.651 million for issuance costs [2][4]. - No idle funds were used to temporarily supplement working capital during the reporting period [2][5]. - The company has not used any excess funds for permanent working capital or loan repayment [5][6]. Group 4: Project Adjustments - The company decided to terminate the "Electronic Chemical Research Center Construction Project" and reallocate the funds to the "40,000 tons/year Ultra-Pure Electronic Chemicals Project (Shanghai)" [4][6]. - The total investment for the "40,000 tons/year Ultra-Pure Electronic Chemicals Project (Shanghai)" was adjusted from RMB 570.9905 million to RMB 793.3827 million [6][7]. Group 5: Compliance and Reporting - The company has adhered to regulations regarding the use and disclosure of fundraising, with no violations reported [4][5]. - The report includes a detailed comparison of the actual usage of funds against planned allocations, confirming that all disclosures were timely and accurate [4][5].

Core Viewpoint - Hubei Xingfu Electronic Materials Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by increased sales in its core products, particularly in the semiconductor and display panel sectors [4][10]. Financial Performance - The company achieved an operating income of 672.48 million yuan, a year-on-year increase of 31.43% [4]. - The total profit reached 117.57 million yuan, up 23.90% from the previous year [4]. - Net profit attributable to shareholders was 104.41 million yuan, reflecting a 22.37% increase [4]. - The net cash flow from operating activities decreased by 70.99% to 47.22 million yuan due to changes in the use of customer acceptance bills [4]. Industry Overview - The company operates in the wet electronic chemicals sector, focusing on products like electronic-grade phosphoric acid, sulfuric acid, and hydrogen peroxide, which are essential for semiconductor manufacturing [5][9]. - The global semiconductor market is projected to reach a record high of $627.6 billion in 2024, with a year-on-year growth of 19.1% [6]. - The wet electronic chemicals market in China is expected to grow, with the integrated circuit sector projected to reach 7.93 billion yuan in 2024, a 10% increase [6]. Product Development - The company has a diverse product line, including general and functional wet electronic chemicals, which are critical for cleaning and etching processes in semiconductor manufacturing [9][10]. - R&D investment for the first half of 2025 was 39.24 million yuan, accounting for 5.83% of sales revenue, indicating a commitment to innovation [12]. - The company has developed 74 new products, with 35 successfully tested by advanced process customers [12]. Market Expansion - The company is actively expanding its international business, focusing on markets in Singapore, South Korea, and Taiwan, achieving export revenue of $12.59 million, a 15.06% increase [10]. - The sales revenue from the integrated circuit sector accounted for 86.92% of total revenue, with significant growth in both general and functional wet electronic chemicals [10]. Competitive Position - The company has established a strong R&D team, with 135 dedicated professionals, including 7 PhDs, enhancing its competitive edge in the market [12][15]. - The company aims to become a leading international platform for semiconductor materials, focusing on wet electronic chemicals [14].

湖北兴福电子材料股份有限公司2025 年半年度报告摘要 公司代码：688545 公司简称：兴福电子 湖北兴福电子材料股份有限公司 | | 道188-9号2002室 | 道188-9号2002室 | | --- | --- | --- | | 电子信箱 | ir@sinophorus.com | ir@sinophorus.com | | | | 单位：元 币种：人民币 | | | | 本报告期末比上年度末 | | | 本报告期末 | 上年度末 | | | | 增减(%) | 总资产 4,084,424,025.80 2,994,235,626.06 36.41 归属于上市公司股 东的净资产 | | | | 本报告期比上年同期增 | | --- | --- | --- | --- | | | 本报告期 | 上年同期 | | | | | | 减(%) | | 营业收入 | 672,479,150.20 | 511,658,167.02 | 31.43 | | 利润总额 | 117,568,592.62 | 94,889,137.00 | 23.90 | | 归属于上市公司股 | | | | | 东的净利润 | | ...

Core Viewpoint - Xingfu Electronics reported a significant increase in revenue and net profit for the first half of 2025, indicating strong business performance despite a slight decline in basic earnings per share [2] Financial Performance - The company's operating revenue for the first half of 2025 was approximately 672 million yuan, representing a year-on-year increase of 31.43% [2] - The net profit attributable to shareholders was around 104 million yuan, which is a year-on-year increase of 22.37% [2] - Basic earnings per share decreased to 0.3 yuan, reflecting a year-on-year decline of 9.09% [2]

证券代码：688545 证券简称：兴福电子 公告编号：2025-036 湖北兴福电子材料股份有限公司 关于 2025 年半年度募集资金存放与使用情况的专项报告 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。 根据中国证券监督管理委员会《上市公司募集资金监管规则》和《上 海证券交易所科创板上市公司自律监管指引第 1 号——规范运作（2025 年 5 月修订）》《上海证券交易所科创板股票上市规则（2025 年 4 月修订）》 等有关规定，湖北兴福电子材料股份有限公司（以下简称"公司"或"本 公司"）编制了《2025 年半年度募集资金存放与使用情况的专项报告》。 具体如下： 一、募集资金基本情况 （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《关于同意湖北兴福电子材料股份有限 公司首次公开发行股票注册的批复》（证监许可〔2024〕1414号），并经 上海证券交易所同意，公司首次向社会公开发行人民币普通股（A股）股票 10,000万股，本次发行价格为每股人民币11.68元，募集资金总额为人民币 116,800万元 ...

Core Insights - The company reported a revenue of 672 million yuan for the first half of 2025, representing a year-on-year growth of 31.43% [1] - The net profit attributable to shareholders reached 104 million yuan, with a year-on-year increase of 22.37% [1] - The basic earnings per share stood at 0.3 yuan [1] Revenue and Profit Growth - The strong growth in core product sales contributed significantly to the revenue increase [1] - The company experienced continuous growth in electronic-grade phosphoric acid and electronic-grade hydrogen peroxide [1] - There was an intensified effort to engage advanced process customers for electronic-grade sulfuric acid [1] Product Development - The company is expanding its range of functional wet electronic chemicals [1] - The overall performance remains stable with a solid growth trajectory [1]

Core Viewpoint - Xingfu Electronics (688545.SH) reported a significant increase in revenue and net profit for the first half of 2025, indicating strong market development and sales growth in its main business products [1] Financial Performance - The company achieved an operating revenue of 672 million yuan, representing a year-on-year growth of 31.43% [1] - The net profit attributable to shareholders reached 104 million yuan, reflecting a year-on-year increase of 22.37% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 95.53 million yuan, up 16.37% year-on-year [1] - Basic earnings per share stood at 0.30 yuan [1] Business Development - The substantial growth in operating revenue is primarily attributed to the company's intensified market development efforts [1] - The sales volume of the company's main business products showed an upward trend compared to the same period last year, contributing to the revenue increase [1]

湖北兴福电子材料股份有限公司2025 年半年度报告 公司代码：688545 公司简称：兴福电子 湖北兴福电子材料股份有限公司 2025 年半年度报告 1 / 197 湖北兴福电子材料股份有限公司2025 年半年度报告 公司已在本报告中描述可能存在的风险，敬请查阅"第三节管理层讨论与分析"之"四、风险因 素"部分，请投资者注意投资风险。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人李少平、主管会计工作负责人谈晓华及会计机构负责人（会计主管人员）袁龙 言声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，请投 资者对此保持足够的风险认识，并且应当理解计 ...

兴福电子公告，2025年上半年营业收入6.72亿元，同比增长31.43%。净利润1.04亿元，同比增长 22.37%。 ...

Core Viewpoint - The company is a leading domestic player in the wet electronic chemicals industry, with significant advancements in technology and production capacity, positioning itself for future growth and profitability [1][2][3]. Group 1: Company Overview - The company was established in 2008 and is one of the earliest enterprises engaged in wet electronic chemicals in China [1]. - It has developed core technologies for producing electronic-grade phosphoric acid, sulfuric acid, hydrogen peroxide, and high-selectivity etching solutions, applicable to advanced processes of 28nm and below [1]. - The company has achieved international advanced technology levels for its main products, as recognized by the China Electronic Materials Industry Association [1]. Group 2: Technological Innovation - The company follows a "technology leads the future" strategy, with a robust innovation system and significant research and development (R&D) investment of 76.923 million yuan in the past year [2]. - A professional R&D team of 125 members has been established, with 62% holding master's or doctoral degrees [2]. - Key breakthroughs in purification technologies for electronic-grade chemicals have been made, reducing impurities such as metal ions and particle size [2]. Group 3: Project Development - The company has successfully completed several projects, including the expansion of electronic-grade sulfuric acid production to 40,000 tons/year and the construction of various other chemical production facilities, increasing total production capacity to 374,000 tons/year [3]. - Ongoing projects include the construction of ultra-pure electronic chemicals and comprehensive recycling of electronic-grade sulfuric acid, which are expected to contribute to future profit growth [3]. - The company is also planning new projects, such as the expansion of electronic-grade phosphoric acid production [3]. Group 4: Financial Forecast - The company forecasts net profits attributable to shareholders of 206 million yuan, 253 million yuan, and 305 million yuan for the years 2025 to 2027, respectively [3]. - Based on comparable company valuations, a target price of 39.05 yuan is set for 2025, with a price-to-earnings ratio of 68.5 times, indicating a "buy" rating [3].