国泰海通证券股份有限公司 关于 宁波江丰电子材料股份有限公司 2025年度向特定对象发行A股股票 之 上市保荐书 保荐人（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 二〇二五年十二月 宁波江丰电子材料股份有限公司 上市保荐书 国泰海通证券股份有限公司 关于宁波江丰电子材料股份有限公司 2025 年度向特定对象发行 A 股股票 | | | 宁波江丰电子材料股份有限公司 上市保荐书 之上市保荐书 深圳证券交易所： 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"或"保荐 机构"）接受宁波江丰电子材料股份有限公司（以下简称"江丰电子"、"公司" 或"发行人"）的委托，担任江丰电子本次向特定对象发行 A 股股票的保荐人。 国泰海通及其保荐代表人根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司证券发行 注册管理办法》（以下简称"《注册管理办法》"）、《证券发行上市保荐业务 管理办法》（以下简称"《保荐管理办法》"）等法律法规和中国证券监督管理 委员会（以下简称"中国证监会"）、深圳证券交易所（以下简称"深交所"） 的有关 ...

立信会计师事务所（特殊普通合伙） 关于宁波江丰电子材料股份有限公司 申请向特定对象发行股票的审核问询函的回复 信会师函字[2025]第ZF484号 深圳证券交易所： 由国泰海通证券股份有限公司转来贵所《关于宁波江丰电子材料股份有 限公司申请向特定对象发行股票的审核问询函》（以下简称"审核问询函"）已 收悉。对此，我们作了认真研究，并根据审核问询函的要求，对宁波江丰电 子材料股份有限公司（以下简称"发行人"或"江丰电子"）补充实施了若干检 查程序，相关事项说明如下： 注： 本所没有接受委托审计或审阅 2025 年 1 月至 6 月期间的财务报表，以下所述的 核查程序及实施核查程序的结果仅为协助发行人回复贵所问询目的，不构成审计或者 审阅。 如无特别说明，本问询函回复报告中的简称或名词释义与《宁波江丰电子材料股份有 限公司向特定对象发行股票并在创业板上市募集说明书（申报稿）》中的相同。 | 审核问询函所列问题 | 黑体 | | --- | --- | | 对审核问询函所列问题的回复 | 宋体 | | 对募集说明书的引用 | 宋体 | | 对募集说明书的修改、补充 | 楷体（加粗） | 本问询函回复中的字体代表以下 ...

关于宁波江丰电子材料股份有限公司 申请向特定对象发行股票的 审核问询函的回复 保荐机构（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 二〇二五年十二月 深圳证券交易所： 贵所于 2025 年 11 月 11 日出具的《关于宁波江丰电子材料股份有限公司申 请向特定对象发行股票的审核问询函》（以下简称"审核问询函"）已收悉。 根据贵所的要求，宁波江丰电子材料股份有限公司（以下简称"发行 人""公司"或"江丰电子"）与国泰海通证券股份有限公司（以下简称"国 泰海通"或"保荐机构"）、国浩律师（上海）事务所、立信会计师事务所 （特殊普通合伙）对问询意见中所涉及的问题进行了认真核查并发表意见，在 此基础上对发行人向特定对象发行股票并在创业板上市申请相关文件进行了补 充和修订。现将问询意见的落实和修改情况逐条书面回复如下，请予审核。 如无特别说明，本问询函回复报告中的简称或名词释义与《宁波江丰电子 材料股份有限公司向特定对象发行股票并在创业板上市募集说明书》中的相同。 | 审核问询函所列问题 | 黑体 | | --- | --- | | 对审核问询函所列问题的回复 | 宋体 | | 对募集说明书的引用 | ...

宁波江丰电子材料股份有限公司 关于向特定对象发行股票的审核问询函回复及募集说明书 等申请文件更新的提示性公告 证券代码：300666 证券简称：江丰电子 公告编号：2025-125 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。 宁波江丰电子材料股份有限公司（以下简称"公司"）于 2025 年 11 月 11 日 收到深圳证券交易所（以下简称"深交所"）出具的《关于宁波江丰电子材料股 份有限公司申请向特定对象发行股票的审核问询函》（审核函〔2025〕020062 号） （以下称"问询函"）。 收到问询函后，公司会同相关中介机构对问询函所列问题进行了逐项核查和 落实，并按问询函要求对所列问题进行了说明和论证，对募集说明书等申请文件 进行了更新，具体详见公司 2025 年 12 月 1 日在巨潮资讯网（www.cninfo.com.cn） 上披露的相关公告。公司将在问询函的回复报告和更新后的申请文件披露后，通 过深交所发行上市审核业务系统报送相关文件。 公司本次向特定对象发行股票事项尚需通过深交所审核，并获得中国证券监 督管理委员会（以下简称"中国证监会"）作出同 ...

证券简称：江丰电子 证券代码：300666 宁波江丰电子材料股份有限公司 （浙江省余姚市经济开发区名邦科技工业园区安山路） 向特定对象发行股票并在创业板上市 募集说明书 （修订稿） 保荐机构（主承销商） 二〇二五年十二月 宁波江丰电子材料股份有限公司 募集说明书 声 明 本公司及全体董事、高级管理人员承诺募集说明书及其他信息披露资料不存 在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整性承担 相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证 募集说明书中财务会计报告真实、完整。 中国证监会、深圳证券交易所对本次发行所作的任何决定或意见，均不表明 其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何 与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 宁波江丰电子材料股 ...

Core Insights - The article emphasizes the strategic importance of new materials in the context of global technological competition and industrial chain restructuring, highlighting the need for domestic innovation to reduce reliance on foreign technologies [2][4]. Semiconductor Wafer Manufacturing Materials - The global photoresist market is projected to reach approximately $15 billion by 2030, with a current domestic market size of about 12 billion RMB, indicating significant growth potential [7]. - The domestic photoresist localization rate is around 10%, with high-end products heavily reliant on imports [7]. - Major foreign players in the photoresist market include Tokyo Ohka Kogyo, Dow Chemical, and Sumitomo Chemical, which dominate the market shares [8]. - Domestic companies such as Beijing Kehua and Suzhou Ruihong are making strides in production, but high-end products still face challenges [9]. Advanced Packaging Materials - The global market for high-performance epoxy encapsulants is expected to grow to $3.5 billion by 2030, with a current domestic market size of 4 billion RMB [39]. - The localization rate for epoxy encapsulants is around 30%, with high-end products still dependent on imports [39]. - Key foreign companies include Sumitomo Bakelite and Henkel, while domestic players include Hengshuo Huawai and Jiangsu Zhongpeng New Materials [40]. Semiconductor Components - The global market for electrostatic chucks is projected to reach $2.5 billion by 2030, with a current domestic market size of 2 billion RMB [56]. - The localization rate for electrostatic chucks is approximately 10%, with high-end products largely dominated by foreign manufacturers [56]. - Major foreign companies include Applied Materials and Lam Research, while domestic companies are beginning to emerge [57]. Display Materials - The global OLED materials market is expected to exceed $10 billion by 2030, with a current domestic market size of about 8 billion RMB [64]. - The localization rate for OLED materials is around 20%, with high-end materials still reliant on foreign sources [65].

证券代码：300666 证券简称：江丰电子 公告编号：2025- 1、本次股份解除质押基本情况 | 股东 名称 | 是否为控 股股东或 第一大股 东及其一 | 本次解除质 押股份数量 （股） | 占其所持股 份比例 （%） | 占公司目前 总股本比例 （%） | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 致行动人 | | | | | | | | 姚力军 | 是 | 200,000 | 0.35 | 0.08 | 2024-11-27 | 2025-11-27 | 国泰 海通 证券 股份 有限 公司 | 2、本次股份质押延期购回基本情况 | 股东 名称 | 是否为 控股股 东或第 一大股 东及其 一致行 | 本次质押 数量 （股） | 占其所 持股份 比例 （%） | 占公司 目前总 股本比 例 （%） | 是否 为限 售股 | 是否 为补 充质 押 | 质押 起始日 | 质押 到期日 | 质权人 | 质押 用途 | | --- | --- | --- | --- | --- | --- | --- | -- ...

Core Viewpoint - The 22nd China International Semiconductor Expo (IC China 2025) is being held in Beijing, focusing on collaborative innovation across the entire semiconductor industry chain, aiming to promote global industrial chain cooperation [2] Group 1: Industry Insights - The theme of the expo is "Gathering Strength in Chips, Driving the Future," emphasizing the importance of collaboration and innovation within the semiconductor industry [2] - The global semiconductor industry is undergoing significant adjustments, presenting important development opportunities for China's semiconductor sector [2] - Chinese semiconductor materials, equipment, and technologies have transitioned from "catching up" to "keeping pace" with international standards, showcasing competitiveness in various niche areas [2] Group 2: Company Developments - Jiangfeng Electronics, represented by its Party Secretary and Chief Engineer Wang Xueze, highlighted the company's latest breakthroughs and R&D achievements in advanced processes during the expo [2] - Jiangfeng Electronics is committed to increasing R&D investment and enhancing its innovation system to provide higher quality products and solutions for the global semiconductor industry [2] - The company participated in the "7th Global IC Entrepreneurs Conference," where Wang Xueze delivered a keynote speech on the rapid iteration of the semiconductor industry [2]

Core Insights - CMP cleaning solution is a critical material in semiconductor manufacturing, ensuring nanometer-level cleanliness and enhancing chip yield and reliability [1][2] - The global semiconductor wet electronic chemicals market is projected to reach $5.5 billion in 2024 and exceed $6.6 billion by 2028, with China's CMP cleaning solution market expected to grow from approximately 1.3 billion yuan in 2024 to 1.91 billion yuan by 2028 [1][8] CMP Cleaning Solution Industry Overview - CMP cleaning solution is essential for removing impurities from wafer surfaces, directly impacting subsequent processes like lithography and etching [2][4] - The cleaning process accounts for over 30% of the total steps in chip manufacturing, making it the largest single operation [4] Industry Chain of CMP Cleaning Solution in China - The upstream materials include organic solvents, acid/base solutions, surfactants, and chelating agents, with increasing domestic production reducing reliance on imports [4] - Midstream companies like Anji Technology and Jianghua Micro are breaking international monopolies and achieving domestic substitution [4] - The downstream market is driven by strong demand in integrated circuit manufacturing and advanced packaging, creating a positive feedback loop of "demand-research-application" [4] Market Demand and Growth - The integrated circuit manufacturing sector is the largest consumer of CMP cleaning solutions, with significant growth driven by advancements in technology and production capacity [6] - The advanced packaging market is expected to exceed 110 billion yuan by 2025, with a compound annual growth rate of 25.6%, significantly boosting the demand for specialized CMP cleaning solutions [7] Competitive Landscape - The CMP cleaning solution industry in China is characterized by intense competition between international giants and domestic companies [8] - International leaders like Entegris and Fujifilm dominate the high-end market, while domestic firms like Anji Technology are rapidly catching up through technological advancements and market expansion [8][10] Future Development Trends - The industry will focus on technological upgrades, domestic substitution, and green intelligent transformation [12] - There will be a shift towards high-precision, customized formulations to meet the complex cleaning requirements of advanced semiconductor processes [12] - Domestic companies are expected to enhance their supply chain autonomy by developing core raw materials locally, reducing dependency on foreign brands [13] - The trend towards environmentally friendly and intelligent production processes will drive the industry towards high-quality and high-value development [14]

Core Viewpoint - The article highlights the significant dependency of China's high-end manufacturing on Japan for critical strategic new materials, particularly in the semiconductor and advanced manufacturing sectors, emphasizing the risks posed by geopolitical tensions and supply chain vulnerabilities [2][4]. Group 1: Dependency on Japanese Core New Materials - Japan holds a monopolistic position in semiconductor materials, high-end polymers, and electronic chemicals, with China's dependency exceeding 50% in several key categories, and nearly 100% in some high-end areas [4][6]. - The complexity of semiconductor manufacturing processes means that Japan dominates the supply of critical materials like photoresists and silicon wafers, with global market shares consistently above 60% [6][9]. Group 2: Semiconductor Core Materials - **Photoresists**: China has an overall import dependency of about 90%, with high-end photoresists being 100% reliant on Japan. Major suppliers include JSR, Tokyo Ohka, Shin-Etsu Chemical, and Fujifilm, which control 92% of the high-end market [7]. - **12-inch Silicon Wafers**: The import dependency is around 90%, with Japan supplying 58%. Key players like Shin-Etsu Chemical and SUMCO dominate over 60% of the market [9]. - **High-Purity Ruthenium Targets**: The import dependency is 98%, with Japan's JX Metals and TOSOH holding a significant market share. Domestic production is limited to lower purity levels [12]. Group 3: High-End Polymer Materials - Japan leads the high-end market for electronic-grade polyimide films, with an import dependency of 85% for overall polyimide materials, and 90% for high-end applications [19]. - **Optical-grade PET Films**: The import dependency is 75%, with Japan supplying 100% of high-end films used in MLCCs [23]. Group 4: Other Key Materials in Electronics - **Sputtering Targets**: The import dependency is approximately 95%, with Japan's JX Metals and Nippon Mining controlling 60% of the market [27]. - **High-Purity Electronic Gases**: The import dependency is 70%, with Japan's Taiyo Nippon Sanso holding a 40% market share [31]. Group 5: Hydrogen Energy and Fuel Cell Key Materials - **High-End Carbon Carrier Materials**: The overall import dependency is 85%, with Japan's TOSOH dominating the market [35]. - **Fuel Cell Platinum-based Catalysts**: The import dependency is 78%, with significant reliance on European suppliers [107]. Group 6: Aerospace and High-End Manufacturing Key Materials - **High-Temperature Alloys**: The import dependency is 90%, with major suppliers from the US and Europe completely dominating the market [80]. - **Carbon Fiber**: The import dependency is 85%, with Japan and the US leading the high-end market [86]. Group 7: New Energy and Electronics Key Materials - **High-End Lithium-Ion Battery Separators**: The import dependency is 70%, with Japan's Asahi Kasei and Toray leading the market [94]. - **Ultra-Thin Copper Foils**: The import dependency is 80%, with Japan's JX Copper and Mitsui Mining dominating the supply [98].