Core Viewpoint - The semiconductor electronic chemicals industry in China is experiencing significant growth in 2025, driven by the recovery of the semiconductor sector and accelerated domestic substitution processes. However, there is a notable disparity in performance among companies, which can be attributed to their capabilities in high-end product technology, product structure optimization, and cost control [2][18]. Group 1: Industry Overview - The seventh forum on semiconductor wet chemicals, electronic gases, and precursors will be held on March 12, 2026, in Suzhou, featuring experts from various leading companies [2]. - The domestic electronic chemicals market is projected to reach 29 billion yuan in 2025, with a significant increase in demand for high-purity wet electronic chemicals from domestic wafer and packaging factories [22]. - The market for wet electronic chemicals is expected to grow rapidly, with the global market size reaching $10.102 billion and the Chinese market size at 22.36 billion yuan in 2024 [22]. Group 2: First Tier Companies - Crystalwise Materials is the only company in the first tier, expecting a net profit of 120 to 160 million yuan in 2025, a significant turnaround from a loss of 180 million yuan the previous year [3][4]. - The company's success is attributed to the rapid growth of the semiconductor industry and its strong product layout, particularly in high-purity sulfuric acid and hydrogen peroxide, which saw substantial sales increases [5]. Group 3: Second Tier Companies - Shanghai Xinyang leads the second tier with a net profit growth of 50.82% to 82.12%, driven by successful technology R&D and market order conversion [6][7]. - Aisen Co. anticipates a revenue increase of 37.54% to 594 million yuan, with a net profit growth of 50.74%, supported by advanced packaging demand and high-end product mass production [7][9]. - Anji Technology, a leader in semiconductor polishing and cleaning liquids, expects a revenue of 2.505 billion yuan, reflecting a 36.51% increase, with a net profit of 795 million yuan, up 48.98% [9][10]. Group 4: Third Tier Companies - Dinglong Co. is projected to achieve a net profit of 700 to 730 million yuan, with a growth rate of 34.44% to 40.20%, supported by strong performance in semiconductor and display materials [11]. - Xingfu Electronics expects a revenue of 1.475 billion yuan, a 29.72% increase, with a net profit of 208 million yuan, benefiting from the growth of general-purpose wet electronic chemicals [12]. - Jiangfeng Electronics is anticipated to have the slowest growth in the third tier, with a net profit increase of 7.50% to 27.50%, reflecting challenges in scaling its precision components business [14]. Group 5: Fourth Tier Companies - Zhongjuxin and Qiangli New Materials are in the fourth tier, both expected to report losses in 2025 due to intensified industry competition and asset impairments [15][16]. - Zhongjuxin is projected to incur a loss of 14 to 20 million yuan, primarily due to goodwill impairment from its acquisition of Kaisheng Fluorine Chemicals [15]. - Qiangli New Materials anticipates a loss of 100 to 142 million yuan, with increased R&D expenses and asset impairments contributing to its ongoing financial difficulties [16]. Group 6: Conclusion - The differentiation in operating net profit among companies in the electronic chemicals industry reflects their varying core capabilities in high-end product technology and market adaptation [18][19]. - Companies achieving high growth are characterized by breakthroughs in high-end product technology and optimized product structures, while those under pressure often lack sufficient high-end product layouts [18][19].

Company and Industry Summary Company Overview - **Company Name**: 爱生股份 (Aisen Co., Ltd.) - **Listing**: Listed on the Science and Technology Innovation Board (科创板) at the end of 2023 - **Performance**: Achieved continuous growth for eight consecutive quarters since listing, attributed to the robust growth of the semiconductor industry and the company's expanding product portfolio [1] Key Points and Arguments Financial Performance - **2025 Revenue Guidance**: Expected revenue between 750 million to 800 million, representing a growth of approximately 30% [4] - **Net Profit Guidance**: Projected net profit between 70 million to 80 million, with growth slightly exceeding 30% [4] - **2026 Revenue Growth**: Anticipated continued growth driven by advanced packaging and photolithography products [2] Product Segmentation - **Revenue Breakdown for 2025**: - **Electronics Design Segment**: Over 50% of total revenue, approximately 300 million, with a growth rate exceeding 50% [6] - **Photolithography and Supporting Materials**: About 25% of total revenue, around 150 million, with a growth rate close to 20% [6] - **Advanced Packaging**: Contributed over 150 million, with a growth rate near 50% [7] Manufacturing and Capacity Expansion - **New Manufacturing Base**: Construction of a new manufacturing base in East China approved, expected to release capacity by 2028 [2] - **Investment Requirement**: Initial phase investment estimated at 7 billion, with total investment for both phases controlled under 15 billion [12] - **Production Capacity**: Anticipated production of 2,000 to 3,000 tons of photolithography materials post-expansion [12] Market Dynamics and Competitive Position - **Supply Chain Resilience**: 95% of the supply chain is domestic, mitigating risks from geopolitical tensions [15] - **Competitive Advantage**: Positioned as a core supplier in advanced packaging and photolithography, with significant market share in domestic semiconductor materials [40][41] Research and Development - **R&D Investment**: Maintained at approximately 10-15% of revenue, with potential increases as new products are developed [20][21] - **Focus Areas**: Continued emphasis on photolithography and advanced packaging materials, with plans for new product launches in 2026 [20] Industry Trends - **Semiconductor Market Growth**: The semiconductor industry is expected to continue its robust growth, with Aisen positioned to benefit from domestic demand and technological advancements [1][4] - **Geopolitical Impact**: Ongoing geopolitical tensions may affect global supply chains, but Aisen's domestic sourcing strategy is designed to minimize impact [15][16] Future Outlook - **2026 Projections**: Revenue expected to grow significantly, with advanced packaging and photolithography as key drivers [4][5] - **Client Base Expansion**: Targeting major clients in the semiconductor industry, including potential partnerships with leading manufacturers [24][25] Additional Important Information - **Market Positioning**: Aisen aims to become a leading supplier in the advanced packaging sector, with a focus on maintaining high-quality standards and competitive pricing [30][31] - **International Expansion**: Plans to establish production capabilities in Southeast Asia to cater to local demand and enhance supply chain efficiency [36][38] This summary encapsulates the key insights from the conference call, highlighting Aisen's strategic direction, financial performance, and market positioning within the semiconductor industry.

Core Viewpoint - The company, Jiangsu Aisen Semiconductor Materials Co., Ltd., reported significant growth in its 2025 financial performance, driven by the recovery in the semiconductor industry and increased demand from advanced packaging customers [4]. Financial Performance Summary - The company achieved operating revenue of 594,421,829.83 yuan, a year-on-year increase of 37.54% [4]. - Operating profit reached 47,044,313.68 yuan, reflecting a growth of 61.08% compared to the previous year [4]. - Total profit amounted to 49,205,719.46 yuan, up by 48.90% year-on-year [4]. - Net profit attributable to shareholders was 50,463,265.91 yuan, marking a 50.74% increase from the prior year [4]. - The net profit after deducting non-recurring gains and losses was 46,082,988.79 yuan, which is an 88.93% increase year-on-year [4]. - Total assets at the end of the reporting period were 1,492,075,881.04 yuan, a growth of 19.93% from the beginning of the period [4]. - Equity attributable to shareholders was 1,029,782,436.06 yuan, increasing by 5.73% [4]. - The net asset value per share attributable to shareholders was 11.68 yuan, up by 5.70% [4]. Factors Influencing Performance - The company's revenue growth was supported by the overall recovery in the semiconductor industry and the sustained demand from advanced packaging customers [5]. - Increased investment in research and development focused on high-end "bottleneck" products such as photoresists and advanced plating solutions led to technological breakthroughs [5]. - The company received certifications and orders from several leading wafer and packaging customers, contributing to improved product structure and enhanced profitability [5].

Core Viewpoint - The company reported a significant increase in revenue and net profit for the fiscal year 2025, driven by the recovery in the semiconductor industry and strong demand from advanced packaging customers [1] Financial Performance - The total operating revenue for 2025 reached 594 million yuan, representing a year-on-year growth of 37.54% [1] - The net profit attributable to the parent company's shareholders was 50.46 million yuan, showing a year-on-year increase of 50.74% [1] Industry Context - The overall recovery in the semiconductor industry contributed to the company's performance, with continuous demand from downstream advanced packaging customers [1] - The company has successfully implemented a global layout, which has positively impacted its revenue growth [1] R&D and Product Development - The company has increased its R&D investment, focusing on high-end "bottleneck" products such as photoresists and advanced process electroplating solutions [1] - Technical breakthroughs have been achieved in product technology, leading to certifications and orders from several leading wafer and packaging customers [1] Product Structure and Profitability - The mass production of advanced process electroplating products and the ramp-up of advanced packaging photoresists have further optimized the product structure [1] - The gross profit margin has continued to improve, enhancing the company's profitability [1]

Financial Performance - The company achieved total operating revenue of CNY 594.42 million, a year-on-year increase of 37.54%[6] - Operating profit reached CNY 47.04 million, reflecting a growth of 61.08% compared to the previous year[6] - The total profit amounted to CNY 49.21 million, up 48.90% year-on-year[6] - Net profit attributable to shareholders was CNY 50.46 million, representing a 50.74% increase from the prior year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 46.08 million, an increase of 88.93%[6] - Basic earnings per share were CNY 0.57, a 50.00% increase compared to the previous year[6] Assets and Equity - Total assets at the end of the reporting period were CNY 1,492.08 million, a growth of 19.93% from the beginning of the period[6] - Shareholders' equity attributable to the parent company was CNY 1,029.78 million, up 5.73% from the beginning of the period[6] R&D and Market Trends - The company focused on R&D investments in high-end products, achieving breakthroughs in key technologies and gaining certifications from major clients[7] - The overall improvement in the semiconductor industry and increased demand from advanced packaging customers contributed to the revenue growth[8]

Core Viewpoint - The company reported significant growth in its 2025 annual performance, driven by the recovery in the semiconductor industry and increased demand from advanced packaging customers [1] Financial Performance - The company achieved an operating revenue of 594 million yuan, representing a year-on-year increase of 37.54% [1] - The operating profit reached 47.04 million yuan, up 61.08% compared to the previous year [1] - The total profit amounted to 49.21 million yuan, reflecting a growth of 48.90% year-on-year [1] - The net profit attributable to the parent company's shareholders was 50.46 million yuan, marking a 50.74% increase from the prior year [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 46.08 million yuan, which is an 88.93% increase year-on-year [1] Industry and Product Development - The company benefited from the overall recovery in the semiconductor industry, with continuous demand from downstream advanced packaging customers [1] - Increased R&D investment focused on high-end "bottleneck" products such as photoresists and advanced process electroplating solutions led to technological breakthroughs [1] - The company received certifications and orders from several leading wafer and packaging customers, enhancing its product structure and improving gross margins [1] - The mass production of advanced process electroplating products and advanced packaging photoresists contributed to further optimization of the product structure and strengthened profitability [1]

Core Viewpoint - The company reported significant growth in its financial performance for the fiscal year 2025, driven by the recovery in the semiconductor industry and increased demand from advanced packaging customers [1] Financial Performance - The company achieved operating revenue of 594 million yuan, a year-on-year increase of 37.54% [1] - Operating profit reached 47.04 million yuan, reflecting a growth of 61.08% compared to the previous year [1] - Total profit amounted to 49.21 million yuan, marking a 48.90% increase year-on-year [1] - Net profit attributable to shareholders was 50.46 million yuan, up 50.74% from the same period last year [1] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 46.08 million yuan, showing an impressive growth of 88.93% [1] Industry and Product Development - The growth in revenue is attributed to the overall recovery in the semiconductor industry and the sustained demand from advanced packaging customers [1] - The company has increased its R&D investment, focusing on high-end "bottleneck" products such as photoresists and advanced plating solutions [1] - Continuous breakthroughs in product technology have led to certifications and orders from several leading wafer and packaging customers [1] - The mass production of advanced plating products and photoresists has further optimized the product structure, resulting in an increase in gross margin and enhanced profitability [1]

Core Viewpoint - Jiangsu Aisen announced a revenue of 594 million yuan for the year 2025, representing a year-on-year growth of 37.54% [1] Financial Performance - Operating profit reached 47.04 million yuan, an increase of 61.08% year-on-year [1] - Total profit amounted to 49.21 million yuan, reflecting a year-on-year growth of 48.90% [1] - Net profit attributable to the parent company was 50.46 million yuan, showing a year-on-year increase of 50.74% [1] Asset and Equity Growth - Total assets at the end of the reporting period were 1.492 billion yuan, up 19.93% from the beginning of the period [1] - Equity attributable to the parent company's owners was 1.03 billion yuan, an increase of 5.73% from the beginning of the period [1] Growth Drivers - The performance growth is attributed to the recovery of the semiconductor industry, significant results from product and global layout, and optimization of product structure [1]

FANGDA PARTNERS http://www.fangdalaw.com 中国上海市石门一路 288 号 电子邮件 E-mail: email@fangdalaw.com 兴业太古汇香港兴业中心二座 24 楼 电 话 Tel.: +86-21-2208 1166 邮政编码：200041 传 真 Fax.: +86-21-5298 5599 24/F, HKRI Centre Two HKRI Taikoo Hui 288 Shi Men Yi Road Shanghai, PRC 200041 上海市方达律师事务所 上海市方达律师事务所（以下简称"本所"）是具有中华人民共和国境内法律 执业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席江苏艾森半 导体材料股份有限公司（以下简称"公司"）2026 年第一次临时股东会（以下简称 "本次股东会"），并就本次股东会的召集和召开程序、参与表决和召集会议人员 的资格、表决程序和表决结果等有关事宜出具本法律意见书。 本法律意见书依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东会规则》及其他相关中华人民共和国境内已公开颁布并生效的法律、 ...

证券代码：688720 证券简称：艾森股份 公告编号：2026-006 江苏艾森半导体材料股份有限公司 2026年第一次临时股东会决议公告 本公司董事会及全体董事保证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。 （四） 表决方式是否符合《公司法》及公司章程的规定，股东会主持情况等。 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 67 | | --- | --- | | 普通股股东人数 | 67 | | 2、出席会议的股东所持有的表决权数量 | 35,817,969 | | 普通股股东所持有表决权数量 | 35,817,969 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 41.1751 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 41.1751 | 注：截至本次股东会股权登记日公司总股本为 88,133,334 股，其中公司回购专用证券账户 中股份数为 1,144,032 股，不享有股东会表 ...