Core Points - The company announced that the cumulative number of shares converted from the "Jingrui Convertible Bonds" has reached 19,964,976 shares, accounting for 13.19% of the total shares issued before the conversion [1][7] - The total issuance of the convertible bonds was 1,850,000 units, with 61,949 units remaining unconverted, representing 3.35% of the total issuance [7][9] Summary of Convertible Bonds - The "Jingrui Convertible Bonds" were publicly issued on August 29, 2019, with a total issuance of 1,850,000 units, each with a face value of 100 yuan, resulting in a total amount of 1,850 million yuan [1][2] - The bonds were listed on the Shenzhen Stock Exchange on September 26, 2019, under the code "123031" [1][2] Conversion Period and Price Adjustments - The conversion period for the bonds started on March 5, 2020, and will end on August 28, 2025, with an initial conversion price set at 18.38 yuan per share [2][3] - The conversion price has undergone several adjustments due to various factors, with the latest adjustment setting the price at 3.65 yuan per share effective from July 10, 2023 [6][7]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a revenue of 768 million yuan for H1 2025, showing a year-on-year growth of 11%, and a net profit of 70 million yuan, a significant recovery from losses in the same period last year [6] - The high-purity wet chemicals segment has seen a substantial increase in both volume and profit, while the photoresist business is developing steadily, benefiting from domestic substitution [6] - The company has established four production bases to enhance its capacity and aims to build an international-level electronic materials enterprise [6] Financial Data and Profit Forecast - Total revenue projections are as follows: 1,614 million yuan for 2025, 1,811 million yuan for 2026, and 2,045 million yuan for 2027, with respective growth rates of 12.5%, 12.2%, and 13.0% [2] - The net profit forecast for 2025 is adjusted to 129 million yuan, with further projections of 154 million yuan for 2026 and 190 million yuan for 2027 [6] - The gross margin is expected to improve from 25.3% in 2025 to 27.1% in 2027 [2] Market Data - As of August 25, 2025, the closing price of the stock was 11.80 yuan, with a market capitalization of 11,771 million yuan [3] - The stock has a price-to-earnings ratio of 97 for 2025, decreasing to 66 by 2027 [2]

Core Insights - The company reported a revenue of 768 million yuan for the first half of 2025, marking a year-on-year increase of 10.68% and a return to profitability with a net profit of 69.75 million yuan [1] - In Q2 2025, the company achieved a revenue of 398 million yuan, a year-on-year growth of 9.33% and a quarter-on-quarter increase of 7.58% [1] Financial Performance - The high-purity chemicals segment generated a revenue of 451 million yuan in H1 2025, reflecting a year-on-year growth of 22.5% [2] - The sales volume of high-purity hydrogen peroxide increased by over 55% year-on-year, while high-purity ammonia, sulfuric acid, and nitric acid saw sales growth of 8.5%, 86.2%, and 48.4% respectively [2] - The gross margin for high-purity chemicals improved by 13.4 percentage points to 24.6% due to increased production capacity utilization and lower raw material prices [2] - The company's light-sensitive resin business achieved a revenue of 106 million yuan in H1 2025, with a year-on-year growth of 12.4% [2] - The lithium battery materials segment reported a revenue of 105 million yuan, a year-on-year decline of 15.7% primarily due to a more than 12% drop in the price of the core product NMP [2] Market Trends - The semiconductor materials market is expected to grow, driven by increasing wafer production due to AI demand, with a projected global market size of approximately 70 billion USD for wet cleaning chemicals by 2029 [3] - The domestic market for light-sensitive resins in China is forecasted to reach 6.8 billion yuan for ICs, 6.7 billion yuan for emerging displays, and 4.4 billion yuan for PCBs in 2025, with respective year-on-year growth rates of 4.5%, 3.1%, and 17.3% [3] Profit Forecast and Valuation - The company’s profitability is expected to improve due to lower raw material prices and enhanced capacity utilization, with projected net profits of 101 million, 134 million, and 178 million yuan for 2025-2027 [4]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company reported a revenue of 768 million yuan in H1 2025, a year-on-year increase of 10.68%, and achieved a net profit attributable to shareholders of 69.75 million yuan, marking a return to profitability [1][2]. - The high-purity chemical business saw significant growth, with revenue reaching 451 million yuan, up 22.5% year-on-year, driven by increased sales of high-purity hydrogen peroxide and other products [2]. - The semiconductor materials market is expected to grow, with a projected global market size of approximately 70 billion USD for wet cleaning chemicals by 2029, benefiting the company as a leading domestic player in this sector [2]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 398 million yuan, a year-on-year increase of 9.33% and a quarter-on-quarter increase of 7.58% [1]. - The net profit for Q2 2025 was 26.25 million yuan, a year-on-year increase of 549% but a quarter-on-quarter decrease of 39.66% [1]. - The company’s high-purity chemical business gross margin improved by 13.4 percentage points to 24.6% due to increased capacity utilization and lower raw material prices [2]. Market Outlook - The global semiconductor materials market is projected to grow by approximately 6% in 2025, reaching around 700 billion USD, with a compound annual growth rate (CAGR) of about 4.5% expected until 2029 [2]. - The company is well-positioned to benefit from the growth in the semiconductor materials market, particularly in wet electronic chemicals and photoresists, as domestic material penetration increases [2]. Profit Forecast and Valuation - The report maintains profit forecasts for 2025-2027, expecting net profits of 101 million yuan, 134 million yuan, and 178 million yuan respectively [3][4]. - The company’s earnings per share (EPS) is projected to improve from 0.10 yuan in 2025 to 0.17 yuan in 2027 [4][11].

Summary of Key Points Core Viewpoint - As of August 25, 1687 companies have released their semi-annual reports for 2025, with 977 reporting a year-on-year increase in net profit, while 710 reported a decline. Additionally, 1039 companies saw an increase in operating revenue, while 648 experienced a decrease. A total of 771 companies reported simultaneous growth in both net profit and operating revenue, while 442 companies saw declines in both metrics. Notably, 228 companies achieved a doubling of their performance, with Xinte Electric showing the highest increase at 49775.01% [1]. Company Performance - Xinte Electric (301120) reported earnings per share of 0.0100, with a net profit of 532.87 million and a year-on-year increase of 49775.01%. Its operating revenue reached 19265.03 million, reflecting a 16.10% increase [1]. - Fujilay (301258) achieved a net profit of 4307.66 million, with a year-on-year increase of 12430.96% and operating revenue of 22390.97 million, up by 3.36% [1]. - Taiji Holdings (300046) reported a net profit of 3972.84 million, with a year-on-year increase of 3789.41% and operating revenue of 17878.78 million, up by 4.18% [1]. - Other notable companies include: - Lian Di Xin (839790) with a net profit of 1012.23 million, a year-on-year increase of 3149.79%, but a decline in operating revenue by 8.10% [1]. - Shanda Holdings (603086) reported a net profit of 13603.97 million, with a year-on-year increase of 2561.58% and operating revenue of 142261.73 million, up by 11.82% [1]. Revenue and Profit Trends - A total of 771 companies reported simultaneous growth in both net profit and operating revenue, indicating a positive trend in the market [1]. - Conversely, 442 companies experienced declines in both metrics, highlighting potential challenges within certain sectors [1]. - The overall performance of companies shows a mixed landscape, with significant outliers achieving extraordinary growth while others face difficulties [1].

财务报表中对有大幅变动的财务项目的原因说明如下：货币资金变动幅度为-42.18%,原因:购买理财产品 支出。交易性金融资产变动幅度为56.04%,原因:购买交易性金融资产增加及市场价值波动。应收票据变 动幅度为598.95%,原因:本期票据收款增加。应付票据变动幅度为-100.0%,原因:上期开具承兑汇票到期 支付。应付职工薪酬变动幅度为-53.06%,原因:本期支付奖金。其他应付款变动幅度为-42.65%,原因:本期 支付待结算款。一年内到期的非流动负债变动幅度为35.26%,原因:本期一年内到期的长期借款增加。其 他流动负债变动幅度为-95.61%,原因:本期待转结算款减少。其他综合收益变动幅度为-350.41%,原因:本 期外币财务报表折算差额减少。财务费用变动幅度为54.22%,原因:本期理财产品增加相应收益分类至投 资收益，同时本期无借款利息资本化。所得税费用变动幅度为3932.81%,原因:本期利润总额增加。经营 活动产生的现金流量净额变动幅度为44.48%,原因:销售回款增加。投资活动产生的现金流量净额变动幅 度为59.61%,原因:本期赎回银行理财增加及固定投入下降。筹资活动产生的现金流量净额 ...

Core Viewpoint - Jingrui Electronic Materials Co., Ltd. has approved a proposal to engage in foreign exchange derivative trading to mitigate risks associated with currency fluctuations [1][4]. Group 1: Trading Basic Information - The company and its subsidiaries are involved in foreign currency settlements for raw material imports and product exports, primarily in USD, JPY, and HKD [2]. - The maximum contract value held on any trading day is expected to not exceed $6.5 million, with a maximum margin and premium limit of $650,000 [2]. - The trading period is set for 12 months following the board's approval, with the ability to roll over the usage of the limit [2]. - The trading will involve various instruments, including forward foreign exchange contracts, swaps, options, and interest rate derivatives [2]. Group 2: Risk Analysis and Control - The company acknowledges several risks associated with foreign exchange derivative trading, including market risk, liquidity risk, credit risk, policy risk, operational risk, and forecasting risk [3]. - To mitigate these risks, the company has implemented strict management protocols, including prohibiting speculative trading, collaborating with qualified financial institutions, and continuous monitoring of price changes [4]. - The board and supervisory committee have approved the trading activities, emphasizing that they align with the company's operational needs and do not harm shareholder interests [4].

Group 1 - The core viewpoint of the news is that Jingrui Electric Materials (300655.SZ) has reported an increase in institutional investor holdings, reaching a total of 1.90 billion shares, which accounts for 17.93% of the company's total equity as of August 22, 2025 [1] - Eight institutional investors have disclosed their holdings in Jingrui Electric Materials, with a slight increase of 0.12 percentage points in institutional ownership compared to the previous quarter [1] - The institutional investors include notable entities such as New Silver International Limited and various funds managed by China Merchants Bank [1] Group 2 - In the public fund sector, there was an increase in holdings from one public fund, specifically the Southern CSI 1000 ETF, with an increase of 0.22% [2] - Four new public funds have disclosed their holdings this quarter, including the Huaxia CSI 1000 ETF and the Guotai CSI Semiconductor Materials and Equipment Theme ETF [2] - One new foreign institution, Hong Kong Central Clearing Limited, has disclosed its holdings this quarter [2]

Group 1 - The latest stock price of Jingrui Electric Materials is 11.84 yuan, an increase of 0.47 yuan from the previous trading day's closing price [1] - The company specializes in the research and production of high-purity wet chemicals, photoresists, functional materials, and lithium battery materials, with applications in the semiconductor, display panel, LED, and new energy sectors [1] - The company has completed investment in four bases for semiconductor high-purity wet chemicals, achieving domestic substitution for major products and supplying over twenty domestic semiconductor chip manufacturers [1] Group 2 - For the first half of 2025, the company plans to distribute a cash dividend of 0.1 yuan for every 10 shares, with a total expected payout of 10.5769 million yuan [1] - In the first half of 2025, the company achieved operating revenue of 768 million yuan, a year-on-year increase of 10.68%, and a net profit attributable to shareholders of 69.7535 million yuan, marking a turnaround from losses [1] - The sales volume of high-purity hydrogen peroxide and other products has significantly increased, with high-purity hydrogen peroxide holding over 40% market share and high-purity sulfuric acid sales growing by 86.2% year-on-year [1] Group 3 - On August 22, 2025, the net inflow of main funds into the company was 58.1539 million yuan, while the net outflow over the past five days was 166.7 million yuan [1]

Meeting Overview - The fourth meeting of the fourth supervisory board of the company was held on August 22, 2025, in accordance with legal and regulatory requirements [1] - All three supervisors participated in the voting, with no dissenting or abstaining votes [2] Financial Reporting - The supervisory board approved the company's 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's operational status without any false statements or omissions [1][2] - The report will be published on the designated information disclosure website on August 23, 2025 [2] Fund Management - The supervisory board reviewed and approved the management of the company's fundraising, confirming compliance with relevant regulations and no misuse of funds [2][3] - The semi-annual profit distribution plan was deemed compliant with legal and regulatory standards, reflecting the company's commitment to shareholder returns [2][3] Project Completion and Fund Allocation - The board agreed to conclude certain fundraising projects and permanently allocate surplus funds to working capital, aligning with regulatory requirements and supporting subsidiary operations [4][5] Foreign Exchange Derivatives - The supervisory board approved the company's and its subsidiaries' engagement in foreign exchange derivative transactions, which are seen as beneficial for financial stability and risk management [4][5] Asset Pool Business - The board consented to the company's and its subsidiaries' asset pool business, aimed at enhancing the efficiency and returns of bill assets without affecting core business operations [5][6]