| 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 ...

长城证券股份有限公司 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 之 独立财务顾问报告 （修订稿） 独立财务顾问 （深圳市福田区福田街道金田路2026号能源大厦南塔楼10-19层） 出具日期：二〇二五年八月 3-1-1 独立财务顾问报告 声明与承诺 长城证券股份有限公司（以下简称"长城证券"）接受晶瑞电子材料股份有 限公司（以下简称"晶瑞电材"）委托，担任晶瑞电材本次发行股份购买资产的 独立财务顾问，制作本独立财务顾问核查意见。 本独立财务顾问严格依照《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理 办法》《创业板上市公司证券发行注册管理办法（试行）》《创业板上市公司持 续监管办法（试行）》等法律法规的要求，按照证券行业公认的业务标准、道德 规范，本着诚实信用、勤勉尽责的态度，遵循客观、公正原则，通过认真履行尽 职调查义务和对相关申报和披露文件审慎核查后发表独立财务顾问意见，旨在就 本次交易行为做出独立、客观和公正的评价，以供晶瑞电材全体股东及有关各方 参考。 一、独立财务顾问声明 作为本次交易的独立财务顾问，本独立财务顾问 ...

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 ...

| 证券代码：300655 | 证券简称：晶瑞电材 | 公告编号：2025-092 | | --- | --- | --- | | 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 关于发行股份购买资产暨关联交易 报告书（草案）（修订稿）修订说明的公告 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。 晶瑞电子材料股份有限公司（以下简称"公司"）拟以发行股份方式购买湖 北长江（潜江）产业投资基金合伙企业（有限合伙）、国家集成电路产业投资基 金二期股份有限公司、厦门闽西南弘盛科创基金合伙企业（有限合伙）、深圳市 国信亿合新兴产业私募股权投资基金合伙企业（有限合伙）合计持有的晶瑞（湖 北）微电子材料有限公司 76.0951%股权（以下简称"本次交易"）。 相较公司于 2025 年 6 月 5 日披露的《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）》，重组报告书对部分内容进行了修订，主要 修订内容如下（如无特别说明，本修订说明公告中的简称 ...

晶瑞电子材料股份有限公司 关于 深圳证券交易所 独立财务顾问 二〇二五年八月 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） | 《关于晶瑞电子材料股份有限公司 发行股份购买资产 ...

目 录 | 关于对标的资产的合并财务报表会计处理……………………第 一、 | 1—10 | 页 | | --- | --- | --- | | 二、关于标的资产经营情况……………………………………… 第 | 10—54 | 页 | 天健函〔2025〕917 号 深圳证券交易所： 由长城证券股份有限公司转来的《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）奉悉。我们已对审核问询函中需要我们说明的财务事项进行了审慎核查，现 汇报说明如下。 一、关于对标的资产的合并财务报表会计处理 申请文件及公开披露文件显示：（1）重组报告书披露，标的资产自成立以 来，一直处于上市公司的实际控制下，在业务、管理等方面长期协同合作，企业 文化、管理体系方面与上市公司趋同。（2）2019 年 11 月，上市公司投资设立 标的资产；2020 年 4 月，潜江基金增资入股标的资产，增资完成后，潜江基金 和上市公司分别持有标的资产 65%和 35%股权，上市公司年度报告显示，2020 年 至 2022 年期间上市公司不再将标的资产纳入合并报表范围。（3）2023 ...

晶瑞电子材料股份有限公司（以下简称"公司"）拟以发行股份方式购买湖 北长江（潜江）产业投资基金合伙企业（有限合伙）、国家集成电路产业投资基 金二期股份有限公司、厦门闽西南弘盛科创基金合伙企业（有限合伙）、深圳市 国信亿合新兴产业私募股权投资基金合伙企业（有限合伙）合计持有的晶瑞（湖 北）微电子材料有限公司 76.0951%股权（以下简称"本次交易"）。 公司于 2025 年 6 月 17 日收到深圳证券交易所出具的《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"《问询函》"）。 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 关于发行股份购买资产暨关联交易审核问询函回复的 提示性公告 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。 | 证券代码：300655 | | --- | | 证券简称：晶瑞电材 | | 公告编号：2025-093 | 公司及相关中介机构根据《问询函》的要求，就相关事项逐项说明、论证和 回复，具体内容详 ...

Core Insights - The A-share semiconductor sector has shown strong upward momentum, with the Wind Semiconductor Select Index rising over 6% on August 27, driven by robust earnings reports from key companies [1] - Cambricon Technologies (688256.SH) reported a significant revenue increase of 4347.82% year-on-year, reaching 2.881 billion yuan, and turned a profit of 1.038 billion yuan, surpassing expectations [1][4] - A total of 86 semiconductor companies have disclosed their half-year financial results, with 54 reporting year-on-year profit growth, indicating a mild recovery in the semiconductor industry, albeit with notable structural differences [1][5] Financial Performance - Sixteen companies achieved profit growth exceeding 100%, with some exceeding 1000%. For instance, Taiji Technology (300046.SZ) reported a profit increase of 3789.4% [4] - Silan Microelectronics (600460.SH) and Jingrui Materials (300655.SZ) also reported profit growth exceeding 1000%, indicating a strong recovery in their respective sectors [4] - Overall, 76 semiconductor companies reported a total profit of 8.87 billion yuan, down from 9.71 billion yuan in the same period last year, suggesting a trend of "mild recovery" [6][8] Market Trends - The semiconductor industry is experiencing a structural recovery, particularly in high-performance storage chips, automotive electronics, and industrial control chips, while the consumer market is recovering at a slower pace [6][9] - Companies like Jingrui Materials and Yangjie Technology (300373.SZ) reported significant profit growth due to increased demand in automotive electronics and AI applications [6][10] - The demand for automotive electronics is notably rising, with companies like Jingfang Technology (603005.SH) benefiting from the growth in the automotive smart chip market [10] Structural Opportunities - Despite the overall positive trends, some companies are lagging, with nine firms reporting profit declines exceeding 100%, indicating internal disparities within the industry [8] - Companies such as Mingwei Electronics (688699.SH) and Deep Kangjia (000016.SZ) cited intensified competition in the consumer electronics sector as a reason for their poor performance [8][9] - The semiconductor industry is witnessing a structural opportunity, particularly in network communication, storage, industrial chips, and automotive chips, aligning with the performance of various industry segments [10][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's operating performance significantly improved in H1 2025, with revenue reaching 768 million yuan, a year-on-year increase of 10.68%. The net profit attributable to the parent company was 70 million yuan, marking a turnaround from losses [4][5] - The gross margin for H1 2025 was 24.47%, up 6.01 percentage points year-on-year, while the net margin was 12.56%, an increase of 14.60 percentage points year-on-year [4] - The report anticipates continued growth in net profit for 2025-2027, with projections of 123 million yuan, 156 million yuan, and 192 million yuan respectively, reflecting an upward revision from previous estimates [4] Financial Performance Summary - In H1 2025, the company achieved revenue of 451 million yuan from high-purity wet chemicals, 106 million yuan from photoresists, 105 million yuan from lithium battery materials, 74 million yuan from chemical industry, and 31 million yuan from energy, with year-on-year growth rates of +22.49%, +12.36%, -15.71%, +1.07%, and -2.98% respectively [5] - The sales volume of high-purity hydrogen peroxide increased by over 55% year-on-year, while the sales of high-purity isopropanol and other chemicals also saw significant growth [5] - The report highlights the company's successful supply to over twenty leading domestic chip manufacturers, achieving domestic technology leadership and significant market share [5] Financial Forecasts - Revenue forecasts for 2025-2027 are set at 1.678 billion yuan, 1.962 billion yuan, and 2.250 billion yuan, with year-on-year growth rates of 16.9%, 16.9%, and 14.7% respectively [6] - The projected net profit for 2025-2027 is 123 million yuan, 156 million yuan, and 192 million yuan, with corresponding P/E ratios of 100.2, 79.3, and 64.1 [6]

Company Overview - The company is a leading domestic electronic materials enterprise focused on semiconductor and new energy applications [1] - Main products include high-purity wet electronic chemicals, photoresists, and lithium battery materials, used in various processes in semiconductor and lithium battery industries [1] Operational Achievements - Achieved significant breakthroughs against international competitors, establishing domestic technological leadership, maximum production capacity, and a leading market share [2] - High-purity hydrogen peroxide has a metal impurity content of less than 1 ppt, reaching the detection limits of advanced analytical instruments [2] - The company has built four production bases with a total capacity of nearly 300,000 tons, ensuring product quality and cost advantages [2] - High-purity hydrogen peroxide has become the largest domestic supplier with a market share exceeding 40% [2] Financial Performance - Revenue increased by 10.68% to approximately 768 million CNY, with net profit reaching 69.75 million CNY, a year-on-year increase of 1,501.66% [3] - Operating cash flow improved by 44.48%, indicating healthy cash flow [3] Product-Specific Insights - Photoresist revenue for the first half of 2025 reached 105.87 million CNY, a year-on-year growth of 12.36% [4] - High-purity hydrogen peroxide sales volume increased by over 55% in the first half of 2025 [7] - High-purity ammonia, sulfuric acid, and nitric acid sales volumes grew by 8.45%, 86.20%, and 48.44% respectively [8] Market Competition - Competition in the high-purity chemical sector has intensified, but the company maintains a strong position due to its established production capacity and product quality [7] - The company began capacity expansion for high-purity hydrogen peroxide 3-5 years ago, solidifying its market leadership [7] Future Outlook - The company plans to assess market conditions and customer needs before deciding on further capacity expansions [9] - The restructuring project for Hubei Jingrui is in progress, with the project draft submitted to the Shenzhen Stock Exchange [10]