Company Overview - Jingrui Electronic Materials Co., Ltd. is located in Suzhou, Jiangsu Province, established on November 29, 2001, and listed on May 23, 2017. The company specializes in high-purity chemicals, photoresists and supporting materials, functional formulation materials, lithium battery materials, pharmaceutical intermediates, pre-electronic grade materials, and other products, widely used in the semiconductor and new energy industries [1] Financial Performance - As of the latest report, Jingrui's stock price dropped by 5.15% to 11.98 CNY per share, with a trading volume of 9.82 billion CNY and a turnover rate of 7.88%, resulting in a total market capitalization of 128.54 billion CNY [1] - The revenue composition of the company is as follows: high-purity chemicals 58.69%, photoresists 13.79%, lithium battery materials 13.68%, industrial chemicals 9.61%, energy 4.01%, and others 0.23% [1] Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under GF Fund holds a significant position in Jingrui. The GF Xinyuan Mixed A Fund (002135) held 102,400 shares in the second quarter, accounting for 1.91% of the fund's net value, ranking as the tenth largest heavy stock. The estimated floating loss today is approximately 66,600 CNY [2] - The GF Xinyuan Mixed A Fund was established on November 2, 2016, with a latest scale of 39.49 million CNY. Year-to-date returns are 12.77%, ranking 5371 out of 8184 in its category; the one-year return is 25.21%, ranking 5154 out of 7971; and since inception, the return is 12.44% [2] Fund Management - The fund manager of GF Xinyuan Mixed A is Zeng Gang, who has a cumulative tenure of 17 years and 113 days. The total asset scale of the fund is 4.829 billion CNY, with the best fund return during the tenure being 78.5% and the worst being -3.7% [3]

Market Performance - The electronic chemicals sector rose by 2.02% on September 1, with Anji Technology leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers - Anji Technology (code: 6108899) closed at 189.99, up 8.19% with a trading volume of 83,700 shares and a turnover of 1.524 billion yuan [1] - Jingrui Electric Materials (code: 300655) closed at 12.63, up 6.58% with a trading volume of 1.4895 million shares and a turnover of 1.833 billion yuan [1] - Tiantong Co., Ltd. (code: 600330) closed at 10.05, up 5.79% with a trading volume of 1.8434 million shares and a turnover of 1.828 billion yuan [1] Top Losers - Guangxin Materials (code: 300537) closed at 26.64, down 3.86% with a trading volume of 168,000 shares and a turnover of 45.5 million yuan [2] - Tongyu New Materials (code: 301630) closed at 200.20, down 2.78% with a trading volume of 13,000 shares and a turnover of 265 million yuan [2] - Zhongshi Technology (code: 300684) closed at 35.77, down 2.69% with a trading volume of 274,000 shares and a turnover of 97.6 million yuan [2] Fund Flow Analysis - The electronic chemicals sector experienced a net outflow of 212 million yuan from institutional investors, while retail investors saw a net inflow of 220 million yuan [2] - The detailed fund flow for key stocks shows varying trends, with Jingrui Electric Materials experiencing a net outflow of 643,000 yuan from retail investors [3] - Anji Technology had a net inflow of 54.948 million yuan from institutional investors, while retail investors faced a net outflow of 14.209 million yuan [3]

Group 1 - The core viewpoint of the news is the performance and market position of Jingrui Electronic Materials Co., Ltd., which saw a stock price increase of 5.15% to 12.46 CNY per share, with a trading volume of 1.013 billion CNY and a market capitalization of 13.369 billion CNY [1] - Jingrui's main business includes high-purity chemicals (58.69% of revenue), photoresists (13.79%), lithium battery materials (13.68%), industrial chemicals (9.61%), energy (4.01%), and others (0.23%), serving industries such as semiconductors and new energy [1] - The company is located in Suzhou, Jiangsu Province, and was established on November 29, 2001, with its listing date on May 23, 2017 [1] Group 2 - From the perspective of major circulating shareholders, Guotai Fund's Guotai CSI Semiconductor Materials and Equipment Theme ETF (159516) entered the top ten circulating shareholders in the second quarter, holding 3.8699 million shares, accounting for 0.39% of circulating shares, with an estimated floating profit of approximately 2.3606 million CNY [2] - The Guotai CSI Semiconductor Materials and Equipment Theme ETF was established on July 19, 2023, with a latest scale of 2.436 billion CNY, achieving a year-to-date return of 24.06% and a one-year return of 63.56% [2] - The fund manager, Ai Xiaojun, has a tenure of 11 years and 235 days, with a total fund asset size of 141.859 billion CNY, achieving the best fund return of 206.06% and the worst return of -42.8% during his tenure [3]

| 证券代码：300655 | | --- | | 证券简称：晶瑞电材 | | 公告编号：2025-094 | 债券代码：123031 债券简称：晶瑞转债 债券代码：123124 债券简称：晶瑞转 2 晶瑞电子材料股份有限公司 关于"晶瑞转债"到期兑付结果及股本变动的公告 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。 特别提示： 1、"晶瑞转债"到期兑付数量：17,935张 2、"晶瑞转债"到期兑付金额：1,990,785元人民币（含税及最后一期利息） 3、"晶瑞转债"到期兑付资金发放日：2025年8月29日 4、"晶瑞转债"摘牌日：2025年8月29日 一、"晶瑞转债"基本情况 经中国证券监督管理委员会"证监许可[2019]687号"文核准，晶瑞电子材 料股份有限公司（原名苏州晶瑞化学股份有限公司，以下简称"公司"）于2019 年8月29日向社会公开发行185万张可转换公司债券，每张面值100元，发行总额 18,500万元，存续期限6年。 二、"晶瑞转债"到期兑付情况 根据《苏州晶瑞化学股份有限公司创业板公开发行可转换公司债券募集说明 书》的约定，在本次发 ...

Core Viewpoint - Jingrui Electronic Materials Co., Ltd. (referred to as "Jingrui") has responded to the Shenzhen Stock Exchange's inquiry regarding its application for issuing shares to purchase assets, focusing on the assessment and valuation process to ensure fairness and protect the interests of the company and minority shareholders [1] Assessment Method Selection and Analysis - The transaction uses June 30, 2024, as the assessment reference date, employing both asset-based and market methods for valuation. The asset-based method values the target assets at 603.219 million yuan with a value increase rate of 9.11%, while the market method values them at 782 million yuan with a value increase rate of 41.45% [2] - The significant difference in valuation results arises from different perspectives; the asset-based method reflects the replacement value of existing assets, while the market method captures the current market valuation level [2] Reasonableness of Comparable Company Selection - Jingrui selected comparable companies based on industry, business model, and product type, ultimately identifying Jingrui, Jianghua Micro, and Glinda as comparables, validated through T-tests [3] - The selection of Jingrui as a comparable company is justified as it operates in the same industry with similar business structures and meets the prerequisites for market method application [3] Income Method Assessment Situation - In the previous capital increase, the target assets were assessed using the income method, valuing them at 409.4709 million yuan as of June 30, 2022. However, actual earnings did not meet forecasts due to long product validation cycles and high fixed costs [4] - The income method was not used in the current transaction due to high customer quality requirements and long validation periods, making future earnings difficult to predict [4] Market Method Assessment Detail Reasonableness - The market method assessment aligns with industry practices, and the value ratio adjustment coefficients are based on reasonable financial and non-financial indicators [5] - A non-liquidity discount rate of 39.32% was applied, which is within a reasonable range for the industry [5] Accuracy of R&D Personnel Ratio Calculation - The calculation of the R&D personnel ratio for the target assets is consistent with that of the listed company, ensuring accurate measurement data that reflects the actual situation of the target assets [6] Impact of Transaction Pricing on Company and Shareholder Rights - Since the assessment reference date, the target company's operating conditions have improved, with rapid revenue growth and reduced losses, achieving profitability in the first half of 2025 [8] - The transaction's issuance price exceeds the regulatory minimum and is reasonable compared to comparable market valuations, protecting the interests of the listed company and minority shareholders [8]

北京市万商天勤律师事务所 关于 晶瑞电子材料股份有限公司 发行股份购买资产暨关联交易的 补充法律意见书（二） 北京市万商天勤律师事务所 关于晶瑞电子材料股份有限公司 发行股份购买资产暨关联交易的 补充法律意见书（二） 致：晶瑞电子材料股份有限公司 本补充法律意见书系根据《公司法》《证券法》《发行注册管理办法》《重组管理 办法》《格式准则第 26 号》《证券法律业务办法》《证券法律业务规则》等法律、法规、 规范性文件的有关规定而出具。 北京市朝阳区建国门外大街 8 号北京国际财源中心 A 座 32 层 100022 电话：+86 10 82255588 www.vtlaw.cn 北京 深圳 上海 成都 武汉 西安 长沙 杭州 海口 南京 广州 昆明 福州 重庆 天津 合肥 郑州 香港(联营) 根据本所与发行人签署的《专项法律服务合同》，本所接受发行人委托，作为发 行人本次交易的专项法律顾问，已于 2025 年 3 月 31 日就本次交易出具《北京市万商 天勤律师事务所关于晶瑞电子材料股份有限公司发行股份购买资产暨关联交易的法 律意见书》（以下简称"《法律意见书》"）。2025 年 4 月 24 日，晶瑞电材公告 ...

长城证券股份有限公司 关于 深圳证券交易所 《关于晶瑞电子材料股份有限公司 发行股份购买资产申请 的审核问询函》 1 深圳证券交易所： 按照贵所下发的《关于晶瑞电子材料股份有限公司发行股份购买资产申请的 审核问询函》（审核函〔2025〕030004 号）（以下简称"审核问询函" ）的要求， 晶瑞电子材料股份有限公司（以下简称"公司"、"上市公司"或"晶瑞电材" ）及 相关中介机构就审核问询函所提问题进行了认真讨论分析，现将相关回复说明如 下。 本审核问询函回复（以下简称"本回复"）中的报告期指 2023 年、2024 年； 除此之外，如无特别说明，本回复所述的词语或简称与重组报告书中"释义"所定 义的词语或简称具有相关的含义。在本回复中，若合计数与各分项数值相加之和 在尾数上存在差异，均为四舍五入所致。本回复所引用的财务数据和财务指标， 如无特殊说明，指合并报表口径的财务数据和根据该类财务数据计算的财务指标。 | 审核问询函所列问题 | 黑体（加粗） | | --- | --- | | 审核问询函所列问题的回复、对重组报告书的引用 | 宋体 | | 对重组报告书的修改、补充 | 楷体（加粗） | 2 回复之核 ...

晶瑞电子材料股份有限公司 审核问询函之回复及专项核查意见 关于深圳证券交易所《关于晶瑞电子材料股份有限公司发行股份购买 资产申请的审核问询函》之回复及专项核查意见 晶瑞电子材料股份有限公司 审核问询函之回复及专项核查意见 目录 回复 —————————————————————————————————— 1 晶瑞电子材料股份有限公司 审核问询函之回复及专项核查意见 关于深圳证券交易所《关于晶瑞电子材料股份有限公司发行股份 购买资产申请的审核问询函》之回复及专项核查意见 深圳证券交易所： 根据贵所 2025 年 6 月 17 日出具的《关于晶瑞电子材料股份有限公司发行股 份购买资产申请的审核问询函》（审核函〔2025〕030004 号）（以下简称"审核 问询函"、"问询函"）的要求，晶瑞电子材料股份有限公司（以下简称"公司"、"晶 瑞电材"或"上市公司"）会同沃克森（北京）国际资产评估有限公司（以下简称"评 估师"）等中介机构，按照贵所的要求对审核问询中提出的问题逐条进行了认真讨 论、核查和落实，现逐条进行回复说明，请予审核。除特别说明外，本审核问询 函回复（以下简称"本回复"）所述的词语或简称与重组报告书中"释 ...

本报告依据中国资产评估准则编制 晶瑞电子材料股份有限公司拟收购股权 涉及晶瑞(湖北)微电子材料有限公司 股东全部权益价值项目 资产评估报告 沃克森评报字(2025)第1315号 （共一册 第一册） 沃克森（北京）国际资产评估有限公司 二〇二五年六月十五日 | 资产评估报告·附件 37 | | --- | 晶瑞电子材料股份有限公司拟收购股权涉及晶瑞(湖北)微电子材料有限公司股东全部权益价值项目资产评估报告 资产评估报告·声明 一、 本资产评估报告依据财政部发布的资产评估基本准则和中国资产评估 协会发布的资产评估执业准则和职业道德准则编制。 二、 委托人或者其他资产评估报告使用人应当按照法律、行政法规规定和 资产评估报告载明的使用范围使用资产评估报告；委托人或者其他资产评估报告 使用人违反前述规定使用资产评估报告的，资产评估机构及其资产评估专业人员 不承担责任。 三、 本资产评估报告仅供委托人、资产评估委托合同中约定的其他资产评 估报告使用人和法律、行政法规规定的资产评估报告使用人使用；除此之外，其 他任何机构和个人不能成为资产评估报告的使用人。 四、 本资产评估机构及资产评估师提示资产评估报告使用人应当正确理解 ...

| 股票代码：300655 | 股票简称：晶瑞电材 | 上市地点：深圳证券交易所 | | --- | --- | --- | | 债券代码：123031 | 债券简称：晶瑞转债 | | | 交易对方名称 | 住所 | | --- | --- | | 湖北长江（潜江）产业投资基金合伙 企业（有限合伙） | 潜江市园林办事处章华南路 34 号 | | 国家集成电路产业投资基金二期股份 | 北京市北京经济技术开发区景园北街 2 号 52 幢 7 | | 有限公司 | 层 701-6 | | 厦门闽西南弘盛科创基金合伙企业 | 厦门市翔安区大嶝街道环嶝北路 98 号 2 楼 202 室 | | （有限合伙） | 之十 | | 深圳市国信亿合新兴产业私募股权投 | 深圳市罗湖区清水河街道清水河社区清水河一路 | | 资基金合伙企业（有限合伙） | 号罗湖投资控股大厦塔楼 座 112 2 901 | 独立财务顾问 二〇二五年八月 发行股份购买资产暨关联交易报告书（草案） 债券代码：123124 债券简称：晶瑞转 2 晶瑞电子材料股份有限公司 发行股份购买资产暨关联交易报告书 （草案）（修订稿） 上市公司声明 本公司及全体 ...