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.

Core Viewpoint - The company has made significant decisions regarding its financial management, including profit distribution, equity transfers, and cash management strategies, which are aimed at optimizing its capital structure and enhancing shareholder value [2][7][8]. Financial Performance and Distribution - The company plans to distribute a cash dividend of 0.40 RMB per 10 shares (including tax) to all shareholders, with no stock dividends or capital reserve transfers [2]. - For the 2024 profit distribution, the company proposes a cash dividend of 0.65 RMB per 10 shares (including tax), maintaining the same distribution ratio despite potential changes in total share capital due to various corporate actions [8]. Major Corporate Actions - The company has completed the sale of its 100% stake in Dairui Technology for 227.5 million RMB, with the transaction finalized on March 28, 2025 [7]. - A resolution was passed to utilize up to 200 million RMB of temporarily idle raised funds for cash management, focusing on safe and liquid financial products [7]. - The company has approved a comprehensive credit limit application of up to 3.5 billion RMB to ensure operational funding needs are met [8]. Debt Management - The company has decided to redeem its "Feikai Convertible Bonds" early, with a redemption price of 100.87 RMB per bond, following the fulfillment of specific market conditions [8]. - The total amount paid for the redemption of the bonds is approximately 2.07 million RMB, with the redemption date set for May 22, 2025 [8]. Strategic Investments - The company’s subsidiary, Hecheng Display Technology, will acquire 100% of JNC's subsidiaries for 170 million RMB and related patents for 212 million RMB, marking a strategic expansion in the display materials sector [9]. - This acquisition will transform Hecheng Display from a wholly-owned subsidiary to a controlling subsidiary, integrating JNC's operations into the company's consolidated financial statements [9].

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 ...

Meeting Information - The company will hold its fourth extraordinary general meeting of shareholders on September 19, 2025, at 14:30 [1] - The meeting will allow both on-site attendance and online voting through the Shenzhen Stock Exchange systems [2][9] - Shareholders must register to attend the meeting, with specific procedures outlined for both corporate and individual shareholders [8][9] Voting Procedures - Shareholders can choose to vote either in person or via online platforms, but must select only one method [2][8] - The online voting will be available during specific trading hours on the day of the meeting [1][9] - A detailed voting process is provided for shareholders participating through the internet [15] Agenda Items - The meeting will discuss several proposals, including the mid-term profit distribution plan and amendments to the company's articles of association [6][7] - Certain proposals require a two-thirds majority vote from attending shareholders to pass [7] - The proposals have been pre-approved by the company's board and supervisory committee [7][10] Registration and Contact Information - Registration for the meeting can be done via mail or fax for remote shareholders, with a deadline set for September 16, 2025 [8][9] - Contact details for inquiries include phone numbers and email addresses for the company's investor relations [10]

证券日报网讯 8月27日晚间，飞凯材料发布公告称，公司第五届董事会第二十六次会议审议通过了《上 海飞凯材料科技股份有限公司关于及其摘要的议案》等多项议案。 （文章来源：证券日报） ...

证券日报网讯 8月27日晚间，飞凯材料发布公告称，公司第五届监事会第二十四次会议审议通过了《上 海飞凯材料科技股份有限公司关于及其摘要的议案》等多项议案。 （文章来源：证券日报） ...

Group 1 - Youyou Food achieved a net profit of 108 million yuan in the first half of 2025, a year-on-year increase of 42.47%, with a revenue of 771 million yuan, up 45.59% [1] - Keda achieved a net profit of 255 million yuan, a year-on-year increase of 16.49%, with a revenue of 2.163 billion yuan, up 14.35% [1] - North Navigation turned a profit with a net profit of 116 million yuan, achieving a revenue of 1.703 billion yuan, a year-on-year increase of 481.19% [1][2] Group 2 - China Satellite Communication reported a net profit of 181 million yuan, a year-on-year decrease of 55.59%, with a revenue of 1.221 billion yuan, up 6.33% [3] - Huqin Technology achieved a net profit of 1.889 billion yuan, a year-on-year increase of 46.3%, with a revenue of 83.939 billion yuan, up 113.06% [4] - Huasen Lithium reported a net loss of 72.739 million yuan, with a revenue of 350 million yuan, up 72.02% [4] Group 3 - Putailai achieved a net profit of 1.055 billion yuan, a year-on-year increase of 23.03%, with a revenue of 7.088 billion yuan, up 11.95% [5] - Suochen Technology reported a net loss of 45.698 million yuan, with a revenue of 57.351 million yuan, up 10.82% [5] - Canqin Technology achieved a net profit of 51.912 million yuan, a year-on-year increase of 51.94%, with a revenue of 287 million yuan, up 52.76% [6] Group 4 - Hengtong achieved a net profit of 99.3648 million yuan, a year-on-year increase of 38.86%, with a revenue of 669 million yuan, down 44.66% [6] - Sanan Optoelectronics reported a net profit of 176 million yuan, a year-on-year decrease of 4.24%, with a revenue of 8.987 billion yuan, up 17.03% [7] - New Dairy achieved a net profit of 397 million yuan, a year-on-year increase of 33.76%, with a revenue of 5.526 billion yuan, up 3.01% [8] Group 5 - Yiling Pharmaceutical achieved a net profit of 669 million yuan, a year-on-year increase of 26.03%, with a revenue of 4.040 billion yuan, down 12.26% [10] - Baosteel achieved a net profit of 4.879 billion yuan, a year-on-year increase of 7.36%, with a revenue of 151.372 billion yuan, down 7.28% [12] - Feikai Materials achieved a net profit of 217 million yuan, a year-on-year increase of 80.45%, with a revenue of 1.462 billion yuan, up 3.8% [13] Group 6 - Lier Chemical achieved a net profit of 271 million yuan, a year-on-year increase of 191.21%, with a revenue of 4.507 billion yuan, up 35.36% [15] - Shaanxi Coal achieved a net profit of 7.638 billion yuan, a year-on-year decrease of 31.18%, with a revenue of 779.83 billion yuan, down 14.19% [16] - Dongfang Materials reported a net profit of 654,400 yuan, a year-on-year decrease of 88.48%, with a revenue of 174 million yuan, down 5.06% [18] Group 7 - Blue Sky Bio achieved a net profit of 26.7163 million yuan, a year-on-year decrease of 8.98%, with a revenue of 652 million yuan, up 7.05% [19] - Shanghai Jiubai achieved a net profit of 23.7897 million yuan, a year-on-year increase of 0.24%, with a revenue of 45.0535 million yuan, down 1.09% [20] - Two Sides Needle reported a net loss of 5.0842 million yuan, with a revenue of 522 million yuan, up 1.02% [21] Group 8 - Shanghai Yashi achieved a net profit of 20.3263 million yuan, a year-on-year increase of 42.56%, with a revenue of 2.044 billion yuan, up 56.75% [23] - Bayi Steel reported a net loss of 697 million yuan, with a revenue of 8.733 billion yuan, down 6.73% [25] - Hongrun Construction plans to repurchase shares worth between 150 million and 300 million yuan [27] Group 9 - Kaile achieved a net profit of 10.9193 million yuan, a year-on-year increase of 280.42%, with a revenue of 137 million yuan, down 17.89% [28] - Jingda achieved a net profit of 306 million yuan, a year-on-year increase of 6.03%, with a revenue of 11.856 billion yuan, up 14.28% [29] - Blue Light Marker reported a net profit of 96.4427 million yuan, a year-on-year decrease of 47.33%, with a revenue of 32.36 billion yuan, up 4.87% [30] Group 10 - KOTAI Power achieved a net profit of 23.994 million yuan, a year-on-year increase of 35.52%, with a revenue of 711 million yuan, up 49.51% [33] - Bo Rui Data reported a net loss of 26.1918 million yuan, with a revenue of 70.1997 million yuan, up 5.19% [34] - Jiuzhoutong achieved a net profit of 1.446 billion yuan, a year-on-year increase of 19.7%, with a revenue of 81.106 billion yuan, up 5.10% [37] Group 11 - Aier Eye Hospital achieved a net profit of 2.051 billion yuan, a year-on-year increase of 0.05%, with a revenue of 11.507 billion yuan, up 9.12% [39] - Nandu Property achieved a net profit of 130 million yuan, a year-on-year increase of 532.87%, with a revenue of 914 million yuan, up 2.75% [41] - Weiyuan reported a net loss of 168 million yuan, with a revenue of 4.601 billion yuan, up 1.82% [42] Group 12 - Zhongke Chuangda achieved a net profit of 158 million yuan, a year-on-year increase of 51.84%, with a revenue of 3.299 billion yuan, up 37.44% [43] - Zhongjuxin reported a net profit of 8.1377 million yuan, a year-on-year decrease of 64.57%, with a revenue of 567 million yuan, up 20.40% [44] - Inspur Information achieved a net profit of 799 million yuan, a year-on-year increase of 34.87%, with a revenue of 80.192 billion yuan, up 90.05% [45] Group 13 - Shenghong Technology achieved a net profit of 2.143 billion yuan, a year-on-year increase of 366.89%, with a revenue of 9.031 billion yuan, up 86.00% [46] - Cambrian achieved a net profit of 1.038 billion yuan, turning a profit, with a revenue of 2.881 billion yuan, up 4347.82% [48] - Longteng Optoelectronics reported a net loss of 121 million yuan, with a revenue of 1.289 billion yuan, down 27.91% [49]