Core Viewpoint - The A-share market is experiencing significant interest in high bandwidth memory (HBM) concepts, with related stocks seeing substantial capital inflow and price increases. SK Hynix and NVIDIA have finalized an HBM4 supply agreement, with a price increase of over 50% compared to HBM3E, and predictions of operating profits exceeding 70 trillion KRW by 2025 [1]. Group 1: Company Developments in HBM - Zhongtian Precision has a 6.71% indirect stake in Visionary Storage and is focused on HBM technology, with HBM2/2e products in final testing and HBM3/3e in development, targeting applications in AI and edge devices [1]. - Unisoc's HBM products are still in the R&D phase, with future iterations planned based on user needs, particularly for specialized industry applications [2]. - Jingce Electronics has aging testing equipment for HBM chips and has received orders for related products, benefiting from the demand surge due to AI developments [3]. - Longxin Technology is collaborating with industry partners on HBM R&D, aiming to enhance bandwidth and reduce latency for future GPGPU needs [4]. - Aisen Co. has developed advanced packaging materials applicable to HBM storage chips [5]. - Kuaike Intelligent is advancing TCB equipment for HBM packaging, which is crucial for the process [6]. - Sanxiang New Materials is focusing on electronic-grade zirconium and hafnium materials, which are essential for HBM and other high-performance storage chips, with some products already sent to semiconductor clients [6]. Group 2: Market Trends and Predictions - The HBM4 high premium is currently benefiting overseas oligopolies, while domestic companies are primarily focused on thematic trading, necessitating close monitoring of certification progress and DRAM price increases for valuation flexibility [1]. - The demand for large-capacity, high-performance storage chips is rising, leading to tighter supply of core materials [6].

Group 1 - The company, Feikai Materials, reported that as of October 31, 2025, the number of shareholders is 67,204 [1]

Core Insights - The electronic chemicals sector experienced a 2.02% increase on November 6, with Grinda leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - Grinda (603931) closed at 31.85, up 10.02% with a trading volume of 130,800 shares and a turnover of 410 million yuan [1] - Xingfu Electronics (688545) closed at 36.37, up 5.18% with a trading volume of 70,900 shares and a turnover of 255 million yuan [1] - Guanghua Technology (002741) closed at 21.86, up 5.00% with a trading volume of 328,200 shares and a turnover of 708 million yuan [1] - Anji Technology (6108899) closed at 200.80, up 4.33% with a trading volume of 39,200 shares and a turnover of 775 million yuan [1] - Hongchang Electronics (603002) closed at 7.53, up 3.86% with a trading volume of 548,300 shares and a turnover of 414 million yuan [1] Capital Flow - The electronic chemicals sector saw a net inflow of 721 million yuan from institutional investors, while retail investors experienced a net outflow of 749 million yuan [2][3] - Grinda had a net inflow of 142 million yuan from institutional investors, but a net outflow of 83 million yuan from retail investors [3] - The overall capital flow indicates a strong interest from institutional investors despite the outflow from retail investors [2][3]

Core Insights - The stock price of Feikai Materials increased by 2.02% on November 6, reaching 23.21 CNY per share, with a total market capitalization of 13.159 billion CNY [1] - The company has seen a year-to-date stock price increase of 47.88%, but has experienced a decline of 1.65% over the last five trading days and 10.66% over the last twenty days [1] - For the period from January to September 2025, Feikai Materials reported a revenue of 2.342 billion CNY, representing a year-on-year growth of 7.88%, and a net profit of 291 million CNY, which is a 41.34% increase compared to the previous year [2] Financial Performance - The company has distributed a total of 341 million CNY in dividends since its A-share listing, with 159 million CNY distributed over the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 4.12% to 64,400, while the average number of tradable shares per person increased by 4.30% to 8,762 shares [2][3] Business Overview - Feikai Materials specializes in the research, production, and sales of new materials, particularly ultraviolet curing materials, with its main revenue sources being display materials (52.32%), semiconductor materials (24.51%), and ultraviolet curing materials (22.78%) [1] - The company operates within the electronic chemicals sector and is involved in various concept sectors including photoresists, specialized and innovative enterprises, electronic paper, OLED, and advanced packaging [1]

Group 1 - The company announced a mid-term equity distribution plan for 2025, proposing a cash dividend of RMB 0.4 per 10 shares (tax included) for all shareholders [1] - The record date for the shareholding is set for November 10, 2025, while the ex-dividend date is November 11, 2025 [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：300398 证券简称：飞凯材料 公告编号：2025-135 上海飞凯材料科技股份有限公司 2025 年中期权益分派实施公告 特别提示： 1、上海飞凯材料科技股份有限公司（以下简称"公司"或"本公司"）2025 年中期权益分派方案为：以公司现有总股本 566,946,450 股（公司目前无回购股 份）为基数，向全体股东每 10 股派发现金红利人民币 0.40 元（含税），不送红 股，不进行资本公积金转增股本，实际现金分红总额为人民币 22,677,858.00 元 （含税）。 2、本次权益分派实施后的除权除息参考价=本次权益分派股权登记日收盘价 -按总股本折算每股现金分红=股权登记日收盘价-0.040 元/股。 一、股东会审议通过利润分配方案等情况 1、公司于 2025 年 9 月 19 日召开 2025 年第四次临时股东会，审议通过了《关 于 2025 年中期利润分配预案的议案》，公司 2025 年中期利润分配方案具体为： 以未来公司实施利润分配方案时股权登记日享有利润分配权的股份总数为 基数，向全体 ...

Core Viewpoint - Feikai Materials is a leading high-tech materials supplier in China, specializing in UV curing materials and other advanced materials, with significant applications in various high-tech industries [1] Financial Performance - In Q3 2025, Feikai Materials reported revenue of 2.342 billion yuan, ranking 6th in the industry out of 35 companies, surpassing the industry average of 1.399 billion yuan and the median of 1.069 billion yuan [2] - The company's net profit for the same period was 309 million yuan, also ranking 6th in the industry, exceeding the industry average of 155 million yuan and the median of 98.26 million yuan [2] Profitability and Debt Management - As of Q3 2025, Feikai Materials had a debt-to-asset ratio of 27.41%, lower than the previous year's 35.90% and below the industry average of 28.64%, indicating strong debt management [3] - The gross profit margin for the same period was 36.16%, higher than the previous year's 35.76% and above the industry average of 31.60%, reflecting robust profitability [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 16.00% to 72,200, while the average number of circulating A-shares held per shareholder decreased by 13.79% to 7,814.43 [5] Executive Compensation - The chairman, Jinshan Zhang, received a salary of 1.2922 million yuan in 2024, an increase of 399,800 yuan from 2023 [4] Market Outlook and Growth Potential - Huatai Securities noted that Feikai Materials achieved a year-on-year revenue growth of 8% and a net profit growth of 41% in the first three quarters of 2025, despite Q3 net profit being below expectations [6] - The company is making significant progress in its semiconductor materials sector and has ongoing projects, including a new liquid crystal materials mixing and R&D center [6] - The company is actively expanding into new opportunities in integrated circuits, display screens, and optical fiber materials [6]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 25.74 [1][4]. Core Insights - The company reported Q3 revenue of RMB 880 million, a year-over-year increase of 15% and a quarter-over-quarter increase of 15.47%. However, the net profit attributable to shareholders was RMB 74.06 million, down 14% year-over-year and down 24% quarter-over-quarter [1]. - The overall gross margin for the first three quarters of 2025 increased by 0.4 percentage points to 36.2%, driven by the favorable conditions in the semiconductor materials sector [2]. - The company has ongoing projects, including a significant breakthrough in semiconductor advanced packaging materials, which could disrupt the market dominated by foreign competitors [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of RMB 2.34 billion, a year-over-year increase of 8%, and a net profit of RMB 290 million, up 41% year-over-year [1]. - The company’s Q3 net profit was below expectations due to increased expenses and reduced asset disposal gains [1]. Industry Position - The semiconductor materials sector is experiencing a sustained uptrend, benefiting from increased demand in various applications, including consumer electronics and optical fiber materials [2]. - The company is advancing its projects, including a new liquid crystal materials mixing and R&D center, which is expected to enhance its capabilities in high-end liquid crystal materials [3]. Profit Forecast and Valuation - The profit forecast for the company is maintained at RMB 374 million, RMB 394 million, and RMB 437 million for the years 2025, 2026, and 2027, respectively, with corresponding EPS of RMB 0.66, RMB 0.70, and RMB 0.77 [4][10]. - The target price is set at RMB 25.74, reflecting a price-to-earnings ratio of 39x for 2025, considering the growth potential of ongoing projects [4].

Core Points - The company, Shanghai Feikai Materials Technology Co., Ltd., has disclosed its third quarter report for 2025, ensuring the accuracy and completeness of the information provided [1][2] - The board of directors convened on October 29, 2025, to approve the third quarter report [1] - The full report was made available to investors on October 30, 2025, on the specified information disclosure platform [1]

证券代码：300398 证券简称：飞凯材料 公告编号：2025-132 2025 年 10 月 29 日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 上海飞凯材料科技股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召开第五届董事会第二十七次会议，审议通过了《关于<2025 年第三季度报告> 的议案》。 公司《2025 年第三季度报告》全文于 2025 年 10 月 30 日在巨潮资讯网 （http://www.cninfo.com.cn）上披露，敬请投资者注意查阅。 特此公告。 上海飞凯材料科技股份有限公司董事会 上海飞凯材料科技股份有限公司 2025 年第三季度报告披露提示性公告 ...