证券代码：300666 证券简称：江丰电子 公告编号：2025-096 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。 一、董事会会议召开情况 1、宁波江丰电子材料股份有限公司（以下简称"公司"）第四届董事会第二 十四次会议的会议通知于 2025 年 9 月 6 日通过电子邮件等方式送达至各位董事， 通知中包括会议相关资料，同时列明了会议的召开时间、地点和审议内容。 二、董事会会议审议情况 宁波江丰电子材料股份有限公司 第四届董事会第二十四次会议决议公告 2、本次会议于 2025 年 9 月 8 日在公司会议室，以现场及通讯相结合的方式 召开。 3、本次会议应出席董事 9 人，实际出席董事 9 人。其中现场出席会议的董 事 3 人，董事长边逸军先生、董事姚舜先生、吴祖亮先生，以及独立董事费维栋 先生、张杰女士和刘秀女士以通讯方式参会。 4、本次会议由董事长边逸军先生主持，公司高级管理人员列席了本次会议。 5、本次会议的召集、召开和表决程序符合《中华人民共和国公司法》（以下 简称"《公司法》"）等法律法规和《公司章程》的有关规定。 会议审议并通过了如下议案： 1 ...

Investment Rating - The report maintains a "Recommended" rating for Jiangfeng Electronics [2][10]. Core Views - Jiangfeng Electronics achieved a revenue of 2.095 billion yuan in the first half of 2025, representing a year-on-year growth of 28.71%. The net profit attributable to the parent company was 176 million yuan, with a year-on-year increase of 3.60% [3][4]. - The company's ultra-pure target material business generated revenue of 1.325 billion yuan, up 23.91% year-on-year, with a gross margin of 33.26%, an increase of 2.93 percentage points compared to the same period last year [4]. - The semiconductor precision components business saw revenue of 459 million yuan, a year-on-year growth of 15.12%, although the gross margin decreased by 10.99 percentage points to 23.65% due to initial production phase challenges [4]. - Jiangfeng Electronics is increasing its R&D investment, with R&D expenses rising from 125 million yuan in 2022 to 172 million yuan in 2023, and projected to reach 217 million yuan in 2024, reflecting a compound annual growth rate of 32.06% over three years [5]. - The company plans to raise up to 1.948 billion yuan through a private placement to fund projects including the production of electrostatic chucks and ultra-pure metal sputtering targets [5][6]. Financial Performance Summary - For the first half of 2025, Jiangfeng Electronics reported a revenue of 2.095 billion yuan, a 28.71% increase year-on-year, and a net profit of 176 million yuan, up 3.60% [3][4]. - The forecast for revenue from 2023 to 2027 shows significant growth, with expected revenues of 2.324 billion yuan in 2023, 3.605 billion yuan in 2024, and 4.646 billion yuan in 2025, reflecting growth rates of 45.80%, 38.57%, and 28.88% respectively [12][13]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.98 yuan, 2.41 yuan, and 2.98 yuan respectively [10][12].

Investment Rating - The report maintains an "Overweight" rating for the semiconductor sector, driven by AI and domestic substitution [4]. Core Insights - The semiconductor industry is experiencing an upward cycle, with Q2 2025 revenue and net profit showing year-on-year and quarter-on-quarter growth, benefiting from AI-driven demand and ongoing domestic substitution efforts [4][12][26]. Summary by Sections Overall Industry Performance - The semiconductor sector achieved a revenue of 318.609 billion yuan in H1 2025, a year-on-year increase of 15.54%, and a net profit of 24.159 billion yuan, up 32.41% year-on-year. In Q2 2025, revenue reached 170.023 billion yuan, growing 15.17% year-on-year and 14.43% quarter-on-quarter, with net profit at 14.825 billion yuan, reflecting a year-on-year increase of 30.91% and a quarter-on-quarter increase of 58.82% [3][12][26]. Subsector Performance 1. **Semiconductor Equipment** - The semiconductor equipment sector reported H1 2025 revenue of 38.923 billion yuan, up 30.86% year-on-year, and a net profit of 6.306 billion yuan, up 18.84% year-on-year. Q2 2025 revenue was 21.038 billion yuan, a year-on-year increase of 28.80% and a quarter-on-quarter increase of 17.62% [27][32]. 2. **Semiconductor Materials** - The semiconductor materials sector achieved H1 2025 revenue of 22.416 billion yuan, up 11.73% year-on-year, with a net profit of 1.437 billion yuan, up 8.81% year-on-year. Q2 2025 revenue was 11.762 billion yuan, reflecting a year-on-year increase of 12.20% and a quarter-on-quarter increase of 10.40% [39][43]. 3. **Digital Chips** - The digital chip sector saw H1 2025 revenue of 87.129 billion yuan, up 24.72% year-on-year, and a net profit of 9.050 billion yuan, up 35.52% year-on-year. Q2 2025 revenue was 49.163 billion yuan, a year-on-year increase of 28.68% and a quarter-on-quarter increase of 29.49% [52][60]. 4. **Analog Chips** - The analog chip sector reported H1 2025 revenue of 24.502 billion yuan, up 13.16% year-on-year, with a net profit of 5.03 billion yuan, up 280.46% year-on-year. Q2 2025 revenue was 13.582 billion yuan, reflecting a year-on-year increase of 17.66% and a quarter-on-quarter increase of 24.38% [4][39]. 5. **Semiconductor Packaging and Testing** - The semiconductor packaging and testing sector achieved H1 2025 revenue of 45.864 billion yuan, up 18.73% year-on-year, with a net profit of 1.542 billion yuan, up 3.50% year-on-year. Q2 2025 revenue was 23.967 billion yuan, a year-on-year increase of 14.28% and a quarter-on-quarter increase of 9.46% [4][39]. 6. **Integrated Circuit Manufacturing** - The integrated circuit manufacturing sector reported H1 2025 revenue of 55.129 billion yuan, up 19.37% year-on-year, with a net profit of 2.814 billion yuan, up 44.65% year-on-year. Q2 2025 revenue was 27.857 billion yuan, reflecting a year-on-year increase of 16.14% and a quarter-on-quarter increase of 2.14% [4][39].

Group 1 - The core viewpoint of the articles highlights Jiangfeng Electronics' strong performance in the sputtering target materials market and its growing presence in the semiconductor precision components sector, maintaining a "buy" rating [1][2][3] - In the first half of 2025, the company reported revenue of 2.095 billion yuan, a year-on-year increase of 28.71%, and a net profit attributable to shareholders of 253 million yuan, up 56.79% year-on-year [1] - The gross margin decreased to 29.72%, down 1.27 percentage points year-on-year, primarily due to pressure on the precision components business [1] Group 2 - The company plans to raise up to 1.948 billion yuan through a private placement, with significant investments in semiconductor key components and global expansion [2] - A major project includes an investment of approximately 1.1 billion yuan to produce 5,100 integrated circuit equipment electrostatic chucks, addressing domestic supply shortages [2] - Another investment of 350 million yuan is aimed at establishing a production base in South Korea for ultra-pure metal sputtering targets, enhancing localized service capabilities for international clients [2] Group 3 - The ultra-pure metal sputtering target segment achieved revenue of 1.325 billion yuan in the first half of 2025, reflecting a year-on-year growth of 23.91% [3] - The semiconductor precision components segment generated revenue of 459 million yuan, with a year-on-year increase of 15.12%, driven by the introduction of new electrostatic chucks [3] - The market for electrostatic chucks is projected to reach 2.424 billion USD by 2030, with current domestic localization rates below 10%, indicating significant growth potential for the company [3]

Investment Rating - The investment rating for Jiangfeng Electronics is "Buy" (maintained) [1] Core Views - Jiangfeng Electronics is positioned as a global leader in sputtering targets and is making strides in the precision components sector, aiming for domestic leadership. The company reported a revenue of 2.095 billion yuan for H1 2025, representing a year-on-year increase of 28.71%, and a net profit of 253 million yuan, up 56.79% year-on-year. The gross margin is at 29.72%, down 1.27 percentage points year-on-year, while the net margin increased by 3.29 percentage points to 11.12% [4][6]. Financial Performance Summary - For H1 2025, Jiangfeng Electronics achieved revenue of 2.095 billion yuan, a 28.71% increase year-on-year, and a net profit of 253 million yuan, reflecting a 56.79% year-on-year growth. The gross margin was 29.72%, down 1.27 percentage points, while the net margin improved to 11.12%, up 3.29 percentage points [4][6]. - The company has adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 528 million yuan, 654 million yuan, and 854 million yuan for 2025, 2026, and 2027 respectively [4][6]. Business Development - Jiangfeng Electronics is expanding its production capabilities with a planned fundraising of up to 1.948 billion yuan. This includes a project to produce 5,100 integrated circuit equipment electrostatic chucks, addressing the domestic supply shortage of high-end electrostatic chucks, and a 350 million yuan investment in South Korea to establish a production base for ultra-high purity metal sputtering targets [5][6]. - The company reported that its ultra-high purity metal sputtering targets generated revenue of 1.325 billion yuan in H1 2025, a 23.91% increase year-on-year, while the precision components segment achieved revenue of 459 million yuan, up 15.12% year-on-year [6]. Market Outlook - The market for electrostatic chucks is projected to reach 2.424 billion USD by 2030, with current domestic localization rates below 10%. Jiangfeng Electronics is expected to lead in achieving mass production breakthroughs in this area [6]. - The company is well-positioned to benefit from the expansion of wafer fabs and increased equipment investments, particularly in the context of domestic substitution and import restrictions [6]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 41.4 for 2025, 33.4 for 2026, and 25.6 for 2027 [4][6]. - The projected revenue for 2025 is 4.462 billion yuan, with a year-on-year growth of 23.8%, and the net profit is expected to reach 528 million yuan, reflecting a 31.8% increase [7].

证券日报网讯8月28日晚间，江丰电子（300666）发布公告称，公司于2025年8月28日在公司会议室召开 公司2025年第一次职工代表大会，经与会职工代表审议和表决，会议选举郑立丁先生为公司第四届董事 会职工代表董事，任期与公司第四届董事会任期一致。 ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于宁波江丰电子材料股份有限公司 2025 年第三次临时股东会之 法律意见书 致：宁波江丰电子材料股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受宁波江丰电子材料股份 有限公司（以下简称"公司"）的聘请，指派赵振兴律师、敖菁萍律师出席见证 了公司 2025 年第三次临时股东会（以下简称"本次股东会"）。 本所律师根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司股东会规则》等法律、法规和中国证券监督管理委员会的有关规定，按照律 师行业公认的业务标准、道德规范和勤勉尽责精神，对本次股东会的召集和召开 程序、出席会议人员的资格、召集人资格、会议表决程序和表决结果开展核查工 作，出具本法律意见书。 二、出席会议人员的资格与召集人资格 （一）出席会议的股东 1．现场出席会议的股东 根据现场出席会议股东及股东代理人的签名、授权委托书及表决票，现场出 席会议的股东及股东代理人 10 名，代表股份 72,818,807 股，占公司有表决权股 份总数的 27.55%。 一、本次股东会的召集、召开程序 公司于 2025 年 8 月 2 日向股 ...

证券代码：300666 证券简称：江丰电子 公告编号：2025-094 宁波江丰电子材料股份有限公司 2025 年第三次临时股东会决议公告 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、本次股东会没有出现否决议案的情形； 2、本次股东会无增加、变更议案的情形； 3、本次股东会没有涉及变更以往股东会已通过的决议的情形。 一、会议召开和出席情况 1、宁波江丰电子材料股份有限公司（以下简称"公司"）2025 年第三次临 时股东会通知于 2025 年 8 月 2 日以公告的形式发出。公司于 2025 年 8 月 22 日 披露了《关于召开 2025 年第三次临时股东会的提示性公告》，具体内容详见当日 巨潮资讯网（www.cninfo.com.cn）发布的相关公告。 2、会议召开方式：本次会议以现场投票与网络投票相结合的方式召开。 3、会议召开时间 （1）现场会议召开时间：2025 年 8 月 28 日（星期四）下午 14:50 （2）网络投票时间：通过深圳证券交易所（以下简称"深交所"）交易系统 进行网络投票的具体时间为：2025 年 8 月 28 ...

证券代码：300666 证券简称：江丰电子 公告编号：2025-095 宁波江丰电子材料股份有限公司 关于董事变更暨选举职工代表董事的公告 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。 徐洲先生在公司担任董事期间勤勉尽责，为公司的运营发展发挥了积极作用， 公司董事会对徐洲先生为公司所做出的贡献表示衷心感谢！ 二、关于选举职工代表董事情况 为进一步完善公司治理结构，根据《中华人民共和国公司法》、《深圳证券交 易所上市公司自律监管指引第 2 号——创业板上市公司规范运作（2025 年修订）》 等相关法律法规、规范性文件以及《公司章程》等有关规定，公司于 2025 年 8 月 28 日在公司会议室召开公司 2025 年第一次职工代表大会，经与会职工代表审议和 表决，会议选举郑立丁先生（简历详见附件）为公司第四届董事会职工代表董事， 任期与公司第四届董事会任期一致。 郑立丁先生当选公司职工代表董事后，公司第四届董事会中兼任公司高级管 理人员以及职工代表担任的董事人数总计未超过公司董事总数的二分之一，符合 相关法律法规的要求。 三、报备文件 1、关于选举第四届董事会职 ...

Economic News - The Ministry of Industry and Information Technology has issued guidelines to optimize business access and promote the development of the satellite communication industry, aiming for over 10 million satellite communication users by 2030 [1] - From January to July, the total profit of industrial enterprises above designated size decreased by 1.7% year-on-year, with state-owned enterprises seeing a 7.5% decline, while private enterprises experienced a 1.8% increase [1] - The Ministry of Commerce highlighted a shift in consumption patterns towards a balance between goods and services, with upcoming policies to stimulate service consumption [1] - The Shanghai government has released implementation opinions to accelerate the renovation of urban villages, focusing on areas with urgent public needs [1] - Guangzhou's city government emphasized the importance of urban renewal and quality improvement, particularly in urban villages and old communities [1] - In July, profits in high-tech manufacturing turned from a decline to growth, indicating a recovery in that sector [1] Company Insights - Nvidia has raised concerns about potential lawsuits due to the U.S. government's profit-sharing requirements [5] - Meituan plans to eliminate "overdue fines" for its delivery riders by the end of 2025 [5] - Apple is generating buzz with its upcoming fall event, with speculation about discontinuing seven products [5] - Xiaomi is set to launch its new operating system, Surge OS 3, highlighting its commitment to enhancing system experience [5] - Alibaba has developed an AI model for emergency chest pain scenarios, significantly reducing diagnosis time for acute aortic syndrome [5] Investment Strategy - The report suggests that the A-share market is in a slow bull phase, driven by short-term liquidity and a decline in traditional investment channels like real estate [6][8] - The market is expected to see structural opportunities, particularly in technology sectors, as the overall economic environment improves [9][10] - The report anticipates significant mid-term upward potential for the index, with a target of breaking through 4000 points [13] - The long-term outlook for the Chinese capital market is optimistic, with expectations of a shift from a bear market to a bull market driven by policy reforms and improved investor confidence [11][12] Company Performance - Ping An Bank reported a revenue of 69.39 billion yuan and a net profit of 24.87 billion yuan for the first half of 2025, with a year-on-year decline of 10% and 3.9% respectively [14] - The bank's non-interest income showed signs of improvement, contributing to a narrowing of revenue decline [15] - The total assets of Ping An Bank increased by 2.1% year-on-year, with a focus on optimizing loan structures and reducing high-risk products [16] - The bank's asset quality has improved, with a non-performing loan ratio of 1.05% and a coverage ratio of 238.5% [17][18] - The investment recommendation for Ping An Bank remains strong, with projected net profit growth rates of -3.3%, 0.9%, and 3.7% for 2025-2027 [19]