Financial Performance - The company achieved a revenue of approximately 1.462 billion RMB in the first half of 2025, representing a year-on-year growth of 3.80% [2] - Net profit attributable to shareholders was about 217 million RMB, an increase of 80.45% compared to the same period last year [3] - The net profit excluding non-recurring gains and losses was approximately 176 million RMB, reflecting a growth of 40.47% year-on-year [3] Business Segments Performance - Semiconductor materials revenue grew by 1.14% year-on-year; excluding the impact of the divestiture of a subsidiary, the actual growth was about 11% [3] - Screen display materials revenue increased by 4.56% year-on-year, with liquid crystal business remaining stable and OLED protective films generating approximately 10 million RMB in revenue [3] - UV curing materials revenue rose by 6.89% year-on-year, with significant growth in optical fiber coatings [3] - Organic synthesis materials segment saw an overall revenue growth of approximately 9.90% year-on-year [3] Strategic Acquisitions - The company completed the acquisition of JNC Corporation's subsidiaries, contributing to revenue growth by including their income in the consolidated financial statements [2] Future Outlook - The company aims to deepen its focus on niche markets within the materials industry and enhance collaboration with industry partners for sustainable growth [4] - The semiconductor sector is expected to benefit from ongoing demand driven by artificial intelligence and consumer electronics [17] Cost Management and Profitability - The net profit excluding non-recurring items increased by 27.68% quarter-on-quarter, attributed to lower raw material prices and effective cost control measures [5][6] - The impact of recent price increases in photoinitiators on gross margins is expected to be minimal due to effective supply chain management [7] Product Development and Market Expansion - The company is actively pursuing new product registrations for TMO products in multiple regions, with strong sales performance anticipated for the year [8] - In advanced packaging, the company has made significant progress in developing key materials and plans to expand its product offerings [9][10] - The company is also working on automotive exterior coatings, with ongoing testing and certification processes [12] Market Dynamics - The global liquid crystal market has an annual demand of approximately 900 tons, with small and medium-sized liquid crystal demand accounting for about 200 tons, offering higher value and profitability [11] - The company is strategically positioning itself to capture market share in the high-value small-sized liquid crystal segment following the acquisition of JNC's liquid crystal business [11]

Core Viewpoint - Feikai Materials reported a steady growth in revenue and significant increase in net profit for the first half of 2025, indicating resilience in its business despite challenges in specific segments [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.46 billion yuan, a year-on-year increase of 3.8%, and a net profit attributable to shareholders of 217 million yuan, up 80% year-on-year (non-recurring profit increased by 40%) [1]. - For Q2 2025, the company recorded revenue of 760 million yuan, a 2.9% increase year-on-year, and a net profit of 97 million yuan, reflecting a 61% year-on-year growth [1]. - The company proposed an interim dividend of 0.04 yuan per share (before tax) [1]. Group 2: Segment Performance - The screen display materials segment generated revenue of 706 million yuan, up 4.6% year-on-year, although the gross margin decreased by 1.4 percentage points to 38.3% [2]. - The semiconductor materials segment achieved revenue of 331 million yuan, a 1.1% increase year-on-year, with a gross margin improvement of 1.27 percentage points to 37.94% [2]. - The ultraviolet curing materials segment reported revenue of 307 million yuan, a 6.7% increase year-on-year, but the gross margin fell by 1.38 percentage points to 36.71% [2]. - The sale of 100% equity in Dairui Technology contributed 55.68 million yuan to investment income, enhancing overall performance [2]. Group 3: Strategic Opportunities - The company is actively positioning itself in the integrated circuit sector, capitalizing on the demand for advanced packaging materials driven by AI and the advancement of process technologies [3]. - The EMC epoxy encapsulant is transitioning from mid-to-low-end applications to high-margin advanced packaging, with new high-performance GMC and LMC products under development [3]. - The OLED market continues to grow, and the company is leveraging its strengths in liquid crystal materials to strategically position itself for future opportunities [3]. - The development of new types of optical fibers, such as hollow-core fibers, is creating new demand for fiber coating materials, where the company holds a leading position [3]. Group 4: Profit Forecast and Valuation - The company has adjusted its revenue growth forecast upward, leading to an increase in net profit estimates for 2025-2027 to 374 million, 394 million, and 437 million yuan, respectively [4]. - The earnings per share (EPS) estimates have been revised to 0.66, 0.70, and 0.77 yuan for 2025-2027 [4]. - Based on comparable company valuations, a target price of 24.42 yuan has been set for 2025, reflecting a 37x price-to-earnings ratio, with a maintained "buy" rating [4].

长江商报记者注意到，飞凯材料资产规模稳步扩张，截至2025年6月末，飞凯材料总资产达69.92亿元， 较上年同期增长8.71%，创历史新高。 长江商报消息 ●长江商报记者 张璐 飞凯材料（300398.SZ）交出了一份令人瞩目的优异成绩单。 8月27日，飞凯材料发布2025年半年度报告，上半年实现营收14.62亿元，同比增长3.80%；实现净利润 2.17亿元，同比增长80.45%；净利润率提升至14.83%，较上年同期提高6.30个百分点。 飞凯材料自2002年成立以来，便以紫外固化光纤涂覆材料为起点，打破了国外垄断，并在该领域确立领 先地位。2014年，飞凯材料在深交所上市，通过并购与研发的双轮驱动策略，强化了在半导体、屏幕显 示及医药中间体等多个领域的布局。 这一系列资本运作和并购整合举措，增强了公司在屏幕显示材料和半导体材料领域的技术实力和市场竞 争力。 2025年以来，公司股价呈现稳步上升态势。截至8月28日收盘，飞凯材料报收于24.07元/股，2025年以 来公司股价涨幅达53.31%。 上半年营收、净利双增长 飞凯材料发布的2025年半年报显示，公司上半年营收14.62亿元，同比增长3.80%； ...

Summary of Feikai Materials Conference Call Company Overview - **Company**: Feikai Materials - **Industry**: Semiconductor and Display Materials Key Financial Performance - **Q2 2025 Revenue**: Approximately 762 million CNY, a year-on-year increase of 2.9% [2][5] - **Net Profit**: Approximately 97 million CNY, a year-on-year increase of 61% [2][5] - **Net Profit Excluding Non-recurring Items**: Approximately 99 million CNY, a year-on-year increase of 67% [2][5] - **H1 2025 Revenue**: Approximately 1.46 billion CNY, a year-on-year increase of 3.8% [3] - **H1 2025 Net Profit**: Approximately 217 million CNY, a year-on-year increase of 80.45% [3] - **H1 2025 Net Profit Excluding Non-recurring Items**: Approximately 180 million CNY, a year-on-year increase of 40.5% [3] Segment Performance - **Liquid Crystal Revenue**: 550 million CNY, a year-on-year increase of 27% [2][6] - **Functional Wet Electronic Chemicals Revenue**: 154 million CNY, a year-on-year increase of 27% [2][6] - **Optical Fiber Coating Revenue**: 164 million CNY, a year-on-year increase of 19% [2][6] - **Photosensitive Materials Revenue**: 180 million CNY, a year-on-year increase of 60% [2][6] - **Semiconductor Materials Revenue**: Decreased by 4.75% due to the divestment of Taiwan demand [2][5] Strategic Developments - **Acquisition of JNC Liquid Crystal Business**: Aimed at expanding into the small and medium-sized liquid crystal panel market [4][12] - **Advanced Packaging Initiatives**: Introduction of 2.5D/3D packaging photoresists and development of temporary bonding materials [11] - **TMO Product Development**: Expected annual revenue of 30 to 40 million CNY from TMO products [10] Cost Management and Supply Chain - **Cost Control Measures**: Effective negotiation with suppliers and in-house production of TMO to mitigate the impact of rising prices of photoinitiators [8][9] - **Impact of Raw Material Prices**: Decrease in raw material prices significantly contributed to improved profit margins in Q2 [7] Market Trends and Future Outlook - **Semiconductor Sector Growth**: Anticipated stable growth driven by AI computing and data center chip demand [16] - **Display Materials Stability**: Expected stability in screen display materials, with potential growth from the integration of JNC's liquid crystal business [16] - **Automotive Exterior Parts Project**: Progressing towards stable mass production expected next year [13] Additional Insights - **Trading Financial Assets**: Value fluctuations primarily due to early-stage investments in venture capital funds, with expected reduction in future impacts as most projects exit [14] - **EMC Epoxy Encapsulation**: Increased focus on advanced packaging applications, with new production lines established to meet higher process requirements [15] This summary encapsulates the key points from the conference call, highlighting the financial performance, strategic initiatives, market trends, and future outlook for Feikai Materials.

登录新浪财经APP 搜索【信披】查看更多考评等级 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 是否以公积金转增股本 □是 √否 公司经本次董事会审议通过的利润分配预案为：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，向全体股东每10股派发现金红利0.40元（含税），送红股0股（含税），不以 公积金转增股本。 证券代码：300398 证券简称：飞凯材料 公告编号：2025-116 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 公司是否具有表决权差异安排 □是 ...

Market Performance - The electronic chemicals sector rose by 4.12% on August 28, with Shanghai Xinyang leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Top Gainers in Electronic Chemicals - Shanghai Xinyang (300236) closed at 60.10, up 13.10% with a trading volume of 417,600 shares and a turnover of 2.454 billion [1] - Siquan New Materials (301489) closed at 188.10, up 11.57% with a trading volume of 57,300 shares and a turnover of 1.064 billion [1] - Feikai Materials (300398) closed at 24.07, up 6.60% with a trading volume of 758,700 shares and a turnover of 1.798 billion [1] Market Capital Flow - The electronic chemicals sector experienced a net outflow of 123 million from institutional investors and 182 million from speculative funds, while retail investors saw a net inflow of 305 million [2] - The detailed capital flow for individual stocks shows varying levels of net inflow and outflow among different companies [3] Individual Stock Capital Flow - Feikai Materials (300398) had a net inflow of 89.74 million from institutional investors, while it faced a net outflow of 77.46 million from retail investors [3] - Tiantong Co. (600330) saw a net inflow of 89.42 million from institutional investors, with a net outflow of 73.70 million from retail investors [3] - Anji Technology (688019) had a net inflow of 66.72 million from institutional investors, with a net outflow of 53.63 million from retail investors [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [6][4]. Core Views - The company achieved a significant increase in net profit for the first half of 2025, with a net profit of 217 million yuan, representing an 80% year-on-year increase [1][6]. - The company's revenue for the first half of 2025 was 1.46 billion yuan, a 3.8% increase compared to the previous year [1][6]. - The report highlights steady growth across the company's three main material segments, with semiconductor materials showing a notable revenue increase of approximately 30% [2][3]. Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 760 million yuan, a 2.9% year-on-year increase, and a net profit of 97 million yuan, up 61% year-on-year [1][2]. - The company plans to distribute a mid-term dividend of 0.04 yuan per share (before tax) [1]. Business Segments - The screen display materials segment generated revenue of 706 million yuan, a 4.6% increase, although the gross margin decreased by 1.4 percentage points to 38.3% [2]. - The semiconductor materials segment achieved revenue of 331 million yuan, a 1.1% increase, with a gross margin improvement of 1.27 percentage points to 37.94% [2]. - The ultraviolet curing materials segment reported revenue of 307 million yuan, a 6.7% increase, with a gross margin decline of 1.38 percentage points to 36.71% [2]. Growth Opportunities - The company is actively positioning itself in the integrated circuit sector, focusing on high-margin advanced packaging materials due to rising domestic demand [3]. - The OLED market is on an upward trend, and the company is leveraging its strengths in liquid crystal materials to capitalize on future opportunities [3]. Profit Forecast and Valuation - The profit forecast for the company has been revised upwards, with net profits projected at 374 million yuan, 394 million yuan, and 437 million yuan for 2025, 2026, and 2027 respectively [4]. - The target price for the company's stock is set at 24.42 yuan, based on a 37x PE ratio for 2025 [4].

Core Viewpoint - The article highlights the performance of several companies in the display and electronics industry for the first half of the year, noting that Sichuan Changhong, Feikai Materials, and Tianshan Electronics achieved both revenue and net profit growth, while others faced declines in performance [1][2]. Company Performance Summary 1. Xinyi International - Xinyi International reported revenue of 74.42 billion RMB, a decrease of 5.7% year-on-year, and a net profit of 1.30 billion RMB, down 19.2% [2][3]. - The company's smartphone-related product business decreased by 12.1%, while non-smartphone-related products saw a slight decline of 0.4% [5]. 2. Sichuan Changhong - Sichuan Changhong achieved revenue of 567.05 billion RMB, an increase of 10.28%, and a net profit of 5.01 billion RMB, up 78.60% [2][7]. - The company noted significant growth in non-recurring gains, primarily due to the fair value increase of its investment in Huafeng Technology [9]. 3. Laibao High-Tech - Laibao High-Tech reported revenue of 31.45 billion RMB, a growth of 7.06%, but a net profit of 1.82 billion RMB, down 13.78% [2][10]. - The decline in net profit was attributed to increased R&D expenses and reduced interest income [12]. 4. Woge Optoelectronics - Woge Optoelectronics achieved revenue of 11.90 billion RMB, a growth of 14.20%, but continued to report net losses [2][13]. - The company increased R&D investment by 63.13% to enhance its core technology position in the glass substrate field [15]. 5. Sanlipu - Sanlipu reported revenue of 16.80 billion RMB, a significant increase of 41.97%, but a net profit of 0.38 billion RMB, down 31.47% [2][16]. - The decline in net profit was due to increased competition and pressure on profit margins [17]. 6. Liande Equipment - Liande Equipment reported revenue of 6.37 billion RMB, a decrease of 5.34%, and a net profit of 0.73 billion RMB, down 34.78% [2][19]. - The company aims to strengthen its technology reserves in the semiconductor display equipment sector [20]. 7. Feikai Materials - Feikai Materials achieved revenue of 14.62 billion RMB, a growth of 3.80%, and a net profit of 2.17 billion RMB, up 80.45% [2][21]. - The company expanded its product matrix through strategic acquisitions in the liquid crystal materials sector [22]. 8. Xiangtong New Materials - Xiangtong New Materials reported revenue of 2.79 billion RMB, a decline of 17.44%, and a net profit of -0.12 billion RMB, indicating a loss [2][24]. - The company faced challenges due to customer strategy adjustments and increased competition [26]. 9. Tianshan Electronics - Tianshan Electronics achieved revenue of 8.56 billion RMB, an increase of 29.66%, and a net profit of 0.75 billion RMB, up 15.46% [2][27]. - The company reported growth in various product lines, including monochrome LCD displays and touch screens [28].

证券代码：300398 证券简称：飞凯材料 公告编号：2025-118 上海飞凯材料科技股份有限公司 一、审议程序 公司于 2025 年 8 月 26 日召开第五届董事会第二十六次会议和第五届监事会 第二十四次会议，审议通过了《关于 2025 年中期利润分配预案的议案》，本事 项尚需提交公司 2025 年第四次临时股东会审议通过。 审议通过了《关于 2025 年中期利润分配预案的议案》，董事会认为本次利润分 配预案与公司未来的发展规划和成长性相匹配，符合相关法律、法规以及《公司 章程》的规定，具备合法性、合规性、合理性，同意公司 2025 年中期利润分配 预案，并同意将该议案提交公司 2025 年第四次临时股东会审议。 审议通过了《关于 2025 年中期利润分配预案的议案》。监事会认为：公司 2025 年中期利润分配预案充分考虑了对投资者长期、稳定的投资回报，同时兼顾了公 司盈利水平、持续发展等情况，符合《中华人民共和国公司法》、《上市公司监 管指引第 3 号——上市公司现金分红》和《公司章程》对于利润分配的相关规定， 符合公司实际经营情况，有利于公司的正常经营和持续健康发展，因此，监事会 同意 2025 年 ...

证券代码：300398 证券简称：飞凯材料 公告编号：2025-122 上海飞凯材料科技股份有限公司 关于召开 2025 年第四次临时股东会的通知 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"）第五届董事会第二十 六次会议于 2025 年 8 月 26 日召开，会议决议于 2025 年 9 月 19 日召开公司 2025 年第四次临时股东会。现将召开本次股东会的有关事项公告如下： 一、召开会议的基本情况 过，决定召开本次股东会。本次股东会会议召开符合有关法律、行政法规、部门 规章、规范性文件和《公司章程》等的规定。 （1）现场会议时间：2025 年 9 月 19 日（星期五）下午 14:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为 2025 年 9 月 19 日（星期五）的交易时间，即 9:15-9:25，9:30-11:30 和 通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 9 月 19 日 （星期五）上午 9:15 至下午 15:00 期间的任意时间。 （ ...