Core Insights - Jiangfeng Electronics (300666) reported that as of October 31, 2025, the total number of shareholders is 63,780 [1] Summary by Category - **Company Information** - Jiangfeng Electronics has a total of 63,780 shareholders as of the specified date [1]

证券日报网讯江丰电子11月7日在互动平台回答投资者提问时表示，公司生产的超高纯金属溅射靶材是 半导体芯片制造中PVD工艺的关键材料，光子芯片制造也需要用到PVD工艺，公司的靶材产品适用于光 子芯片领域。 （文章来源：证券日报） ...

您好！公司生产的半导体零部件主要用于半导体设备制造和半导体芯片制造环节，涵盖包括物理气相沉 积（PVD）、化学气相沉积（CVD）、刻蚀、离子注入等半导体核心工艺环节。感谢您的关注！查看 更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 董秘回答(江丰电子SZ300666)： 投资者提问： 董秘同志您好，新凯来公司致力于半导体装备及零部件、电子制造设备的研发、制造、销售与服务。请 问：贵公司的半导体零部件业务是否与新凯来公司所从事的业务构成竞争关系？单纯从业务或者技术角 度看，二者互补性或者关联性如何？谢谢。 ...

Core Viewpoint - The company, Jiangfeng Electronics, confirms that its ultra-pure metal sputtering target materials are widely used in advanced semiconductor manufacturing, including high-end storage chips [1] Group 1 - The company has established long-term stable partnerships with several major global chip manufacturers [1] - The company adheres to commercial confidentiality and customer agreements, thus customer information is disclosed through official announcements [1]

Core Viewpoint - Jiangfeng Electronics experienced a stock price decline of 2.04% on November 5, with a current price of 88.70 CNY per share and a total market capitalization of 23.534 billion CNY [1] Financial Performance - For the period from January to September 2025, Jiangfeng Electronics achieved a revenue of 3.291 billion CNY, representing a year-on-year growth of 25.37%. The net profit attributable to shareholders was 401 million CNY, reflecting a year-on-year increase of 39.72% [2] Stock Market Activity - The stock has seen a year-to-date increase of 28.28%, but has declined by 9.66% over the last five trading days and 12.95% over the last twenty days. Over the last sixty days, the stock price has increased by 27.11% [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on September 24, where it recorded a net buy of 2.3706 million CNY [1] Shareholder Information - As of October 20, 2025, the number of shareholders for Jiangfeng Electronics was 63,800, an increase of 2.09% from the previous period. The average number of circulating shares per shareholder was 3,466, a decrease of 2.04% [2] - The company has distributed a total of 279 million CNY in dividends since its A-share listing, with 188 million CNY distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, the fourth largest circulating shareholder was E Fund's ChiNext ETF, holding 4.4151 million shares, which is a decrease of 746,900 shares from the previous period. Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3]

Core Points - The Shanghai Composite Index closed at 3960.19 points, with a decline of 0.41% and a total trading volume of 1,938.395 billion yuan [1] - A total of 107 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] Group 1: Stocks with Significant Death Cross - Hongyuan Electronics (603267) had a 5-day moving average of 52.69 yuan, down 1.97% from the 10-day moving average of 53.74 yuan, with a current price of 48.86 yuan, representing a deviation of -9.09% [1] - Zhongjian Technology (002779) reported a 5-day moving average of 123.82 yuan, down 1.88% from the 10-day moving average of 126.19 yuan, with a current price of 117.70 yuan, showing a deviation of -6.73% [1] - ST Huizhou (002122) showed a 5-day moving average of 3.56 yuan, down 1.41% from the 10-day moving average of 3.62 yuan, with a current price of 3.23 yuan, indicating a deviation of -10.65% [1] Group 2: Additional Stocks with Death Cross - Chao Hongji (002345) had a 5-day moving average of 13.02 yuan, down 1.33% from the 10-day moving average of 13.20 yuan, with a current price of 11.69 yuan, reflecting a deviation of -11.43% [1] - Kema Technology (301611) reported a 5-day moving average of 54.35 yuan, down 1.30% from the 10-day moving average of 55.06 yuan, with a current price of 52.30 yuan, showing a deviation of -5.02% [1] - Chuangyi Tong (300991) had a 5-day moving average of 40.78 yuan, down 1.26% from the 10-day moving average of 41.30 yuan, with a current price of 39.27 yuan, indicating a deviation of -4.91% [1]

维持"强烈推荐"评级。 风险提示：宏观经济及行业波动风险、国际贸易政策变动的风险、市场竞争风险、新产品开发所面临的 风险、募集资金用于拓展新产品的风险等。 零部件：江丰电子深度布局机械类零部件，可量产气体分配盘、Si电极等4万多种零部件，形成全品类 零部件覆盖。江丰电子依托在靶材领域具备的材料研发能力及在零部件领域积累的精密制造、表面处理 及温度控制等技术储备和客户资源，同时从KSTE引进约定范围的静电吸盘产品所需的全部生产技术并 采购相关生产线，突破静电吸盘技术瓶颈，填补国内半导体关键零部件短板。 盈利预测：江丰电子深耕产业链上下游建设，成功打通从核心材料到精密零部件、从关键设备到场景应 用的全链条布局，打造强全产业链竞争力，在半导体供应链国产化的大趋势下发展势头强劲。我们上调 对公司的业绩预测，预计公司2025-2027年营收分别为46.80/60.14/76.48亿元，归母净利润分别为 5.41/7.36/9.36亿元。 江丰电子专注于超高纯金属溅射靶材、半导体精密零部件的研发、生产和销售，其中靶材出货量全球第 一，零部件形成全品类覆盖。江丰电子锚定延链固根基、补链破瓶颈、强链塑优势，深耕产业链上下游 ...

Summary of Jiangfeng Electronics Conference Call Company Overview - Jiangfeng Electronics has established a self-controlled high-purity metal supply chain, breaking reliance on competitors and becoming one of the two global companies capable of independently solving high-purity metal supply issues, competing comprehensively with Nippon Mining [2][5][6] - The company has secured a position in the 3nm node substrate market, being one of only three suppliers globally, and has the most diverse range of high-purity metals among single enterprises [2][5] Key Points and Arguments Market Position and Competition - Jiangfeng Electronics has surpassed Nippon Mining in shipment volume since 2024, although there remains a gap in shipment value due to later breakthroughs in copper and carbon target materials [5] - The company is the only domestic producer of high-purity manganese raw materials, enhancing its competitiveness in processes of 7nm and below, with expectations for continued market share growth [2][7] Financial Performance - In Q3 2025, Jiangfeng Electronics' substrate and component businesses performed well, with substrate business growth exceeding the initial expectation of 20% due to overseas expansion and domestic production increases [3] - Component revenue for 2024 is projected to be around 800 million, with rapid growth expected in Q4 and the first half of the following year [3] Technological Advantages - Jiangfeng Electronics has maintained high gross margins through technological advantages, becoming a sole supplier in semiconductor manufacturing sectors restricted by U.S. entity lists [2][9] - The company has developed a comprehensive self-controlled supply chain for high-purity metals since 2012, achieving significant breakthroughs in core target materials like copper and titanium [5][6] Strategic Goals - The company aims to become a leading supplier of core components in semiconductor manufacturing processes, focusing on products like gas distribution plates and metal heaters [4][13] - Jiangfeng Electronics is positioned to replicate its current market trends in copper and titanium target materials, aiming to become the world's number one supplier [5] Market Dynamics - The geopolitical landscape has led to rising raw material prices in the small metal market, providing Jiangfeng Electronics with opportunities to rapidly replace competitors in advanced storage sectors [4][12] - The company is not relying on price wars for market share but is leveraging its technological edge to maintain high gross margins [9] Future Outlook - Jiangfeng Electronics has established a strong position in the domestic integrated circuit substrate supply landscape, with plans to enhance its market share in overseas markets over time [8] - The company is confident in its ability to expand market share further, especially after surpassing a production milestone of 10 million units [11] Production Capacity and Investment - Current production bases have high capacity utilization rates, with plans to optimize management and improve delivery efficiency [14] - Capital expenditures for the end of this year and 2026 will focus on key component production lines, with a significant portion allocated to component manufacturing [14][15] International Expansion - The establishment of a factory in South Korea is strategic for supporting major clients like Samsung and SK Hynix, while also addressing international trade challenges [16] Additional Important Insights - Jiangfeng Electronics has successfully replaced 20% to 30% of market share previously held by other suppliers over the past five years, particularly in the copper substrate sector [11] - The company is positioned to take advantage of historical opportunities in advanced storage due to geopolitical factors affecting raw material supply [12]

Core Viewpoint - Jiangfeng Electronics experienced a stock price decline of 2.02% on October 30, 2023, with a current price of 96.20 CNY per share and a total market capitalization of 25.524 billion CNY [1]. Financial Performance - For the period from January to September 2025, Jiangfeng Electronics reported a revenue of 3.291 billion CNY, representing a year-on-year growth of 25.37%, and a net profit attributable to shareholders of 401 million CNY, which is a 39.72% increase compared to the previous year [2]. - The company has distributed a total of 279 million CNY in dividends since its A-share listing, with 188 million CNY distributed over the last three years [3]. Stock Market Activity - As of October 30, 2023, the stock has increased by 39.13% year-to-date, with a 4.33% rise over the last five trading days, a 2.65% decline over the last 20 days, and a 37.00% increase over the last 60 days [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with a net buying amount of 2.3706 million CNY on September 24, 2023 [1]. Shareholder Information - As of October 10, 2023, the number of shareholders for Jiangfeng Electronics was 62,500, a decrease of 10.66% from the previous period, with an average of 3,538 circulating shares per shareholder, which is an increase of 11.93% [2]. - The fourth largest circulating shareholder is E Fund's ChiNext ETF, holding 4.4151 million shares, which is a decrease of 746,900 shares from the previous period [3].

Group 1 - The integrated circuit industry is receiving significant policy support, with the release of the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" emphasizing the importance of the sector [1][2] - The government aims to strengthen original innovation and tackle key core technologies through a comprehensive approach, promoting breakthroughs in integrated circuits and other critical areas [2][3] - Local governments are also actively implementing policies to support the development of the integrated circuit industry, with initiatives focusing on core components, key chips, and advanced materials [2][3] Group 2 - The global integrated circuit market is projected to grow from 2.49 trillion yuan in 2020 to 3.61 trillion yuan in 2024, with a compound annual growth rate of 9.7%, and is expected to reach 4.16 trillion yuan by 2025 [3][4] - Companies in the integrated circuit supply chain are increasing investments, with notable projects such as a 20 billion yuan strategic cooperation agreement for a high-end analog integrated circuit chip manufacturing line [3][4] - Upstream component suppliers are also adapting to industry trends, with companies like Ningbo Jiangfeng Electronic Materials planning to raise 1.948 billion yuan for various projects related to integrated circuit equipment and materials [4][5] Group 3 - Future development in the integrated circuit industry will focus on high-end innovation and building a robust industrial ecosystem, with breakthroughs in high-end chips and key components enhancing the global competitiveness of Chinese firms [5] - A well-structured industrial ecosystem will facilitate resource integration and collaborative innovation across the supply chain, promoting mutual growth [5]