Core Points - Ningbo Jiangfeng Electronic Materials Co., Ltd. held its 28th meeting of the 4th Board of Directors on November 21, 2025, where it approved the proposal for the postponement of fundraising investment projects and adjustments to internal investment structure [1][2] - The meeting was attended by all 9 directors, with 3 present in person and the rest participating via communication [1] - The company plans to adjust the expected usable status dates for three fundraising projects related to semiconductor materials [1][2] Project Adjustments - The projects affected include: - "Annual production of 52,000 ultra-high purity metal sputtering targets for integrated circuits" - "Annual production of 18,000 ultra-high purity metal sputtering target production line renovation project" - "Ningbo Jiangfeng Electronic Semiconductor Materials R&D Center construction project" [1][2] - The adjustments aim to ensure proper implementation of the projects and improve the efficiency of fundraising [2] Compliance and Approval - The adjustments are in line with the company's overall planning and comply with regulations from the China Securities Regulatory Commission and Shenzhen Stock Exchange regarding the use of raised funds [2] - The proposal received unanimous approval from all board members, with 9 votes in favor and no opposition or abstentions [2]

Group 1 - Jiangfeng Electronics (SZ 300666) announced on November 21 that its 28th meeting of the fourth board of directors was held, discussing the proposal for the extension of fundraising investment projects and adjustments to internal investment structure [1] - For the year 2024, Jiangfeng Electronics' revenue composition is 100% from industrial operations [1] - As of the report, Jiangfeng Electronics has a market capitalization of 21.6 billion yuan [1]

证券代码：300666 证券简称：江丰电子 公告编号：2025-123 宁波江丰电子材料股份有限公司 关于募集资金投资项目延期及调整内部投资结构的公告 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。 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 21 日召开第四届董事会第二十八次会议，审议通过了《关于募集资金投资项目延期 及调整内部投资结构的议案》，同意公司向特定对象发行股票募投项目之"宁波 江丰电子年产 5.2 万个超大规模集成电路用超高纯金属溅射靶材产业化项目"、 "年产 1.8 万个超大规模集成电路用超高纯金属溅射靶材生产线技改项目"和 "宁波江丰电子半导体材料研发中心建设项目"达到预定可使用状态的时间进行 调整；同意募投项目"宁波江丰电子年产 5.2 万个超大规模集成电路用超高纯金 属溅射靶材产业化项目"调整内部投资结构。 本次募投项目延期及调整内部投资结构未改变公司募集资金的用途和投向， 根据《上市公司募集资金监管规则》、《深圳证券交易所创业板股票上市规则（2025 年修订）》（以下简称"《创业板股票上市规则》"）、《深 ...

证券代码：300666 证券简称：江丰电子 公告编号：2025-122 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》等法 律法规和《公司章程》的有关规定。 宁波江丰电子材料股份有限公司 2、本次会议于 2025 年 11 月 21 日在公司会议室，以现场及通讯相结合的方 式召开。 第四届董事会第二十八次会议决议公告 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。 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 十八次会议的会议通知于 2025 年 11 月 19 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。 一、董事会会议召开情况 本议案已经公司董事会审计委员会审议通过，保荐人发表了相关核查意见。 具体 ...

关于宁波江丰电子材料股份有限公司 募集资金投资项目延期及调整内部投资结构的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐人"）作为宁 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"） 2022 年度向特定对象发行股票的持续督导机构，根据《证券发行上市保荐业务 管理办法》《上市公司募集资金监管规则》《深圳证券交易所创业板上市公司自律 监管指引第 2 号——创业板上市公司规范运作（2025 年修订）》（以下简称"《规 范运作指引》"）《深圳证券交易所创业板股票上市规则（2025 年修订）》（以下简 称"《创业板股票上市规则》"）等有关法律法规和规范性文件的要求，对本次江 丰电子募投项目延期及调整内部投资结构的事项进行了核查，核查情况如下： 一、变更募集资金投资项目的概述 （一）募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意宁波江丰 电子材料股份有限公司向特定对象发行股票注册的批复》（证监许可〔2022〕1881 号）同意注册，江丰电子向特定对象发行人民币普通股（A 股）19,394,117 股， 发行价格为人民币 85.00 元/股，募集资 ...

Core Insights - Jiangfeng Electronics has established a joint laboratory for trace element analysis of high-purity materials with Yongjiang Laboratory, enhancing its research capabilities [1] - The company plans to raise 1.95 billion yuan through a private placement to fund projects including electrostatic chucks, ultra-pure metal targets, and a Shanghai R&D center [1] - Jiangfeng Electronics is recognized as a leading supplier in the ultra-pure metal sputtering target sector, serving major clients like SMIC, TSMC, and SK Hynix [1] Industry Developments - The global market for wafer electrostatic chucks is projected to reach 2.424 billion USD by 2030, with current production capabilities in China being limited to small-scale manufacturing [2] - The domestic market for electrostatic chucks has a localization rate of less than 10%, indicating significant room for growth [2] - The semiconductor components business has seen rapid revenue growth, with a projected revenue of 887 million yuan in 2024, marking a year-on-year increase of 55.53% [2] Financial Projections - Jiangfeng Electronics maintains its revenue forecasts for 2025-2027 at 4.56 billion, 5.75 billion, and 7.35 billion yuan, with net profits projected at 520 million, 670 million, and 920 million yuan respectively [3] - The company expects a year-on-year growth rate of 29.0%, 29.7%, and 37.9% for net profit during the same period [3] - The dynamic P/E ratios for 2025 and 2026 are projected to be 45 and 34 times, respectively, supporting a "buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company is a leading player in the ultra-pure metal sputtering target sector, recognized as one of the top ten semiconductor material companies in China [6] - The company plans to raise 1.95 billion yuan through a private placement to invest in projects related to electrostatic chucks, ultra-pure metal targets, and to supplement working capital [6] - The semiconductor components business is experiencing rapid revenue growth, accounting for over 20% of total revenue [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 3,605 million yuan in 2024 to 7,346 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 27.8% [5] - Net profit attributable to the parent company is expected to increase from 401 million yuan in 2025 to 923 million yuan in 2027, reflecting a growth rate of 37.9% [5] - The company’s gross margin is forecasted to remain stable around 28.5% to 28.9% over the next few years [5]

Core Viewpoint - The report from Zhongyou Securities highlights Jiangfeng Electronics' steady performance growth, showcasing operational resilience and development potential in the third quarter [1] Company Overview - Jiangfeng Electronics is rooted in the ultra-pure metal sputtering target sector and has become a leader in China's ultra-pure metal sputtering target industry through continuous technological innovation and breakthroughs [1] - The company possesses core competencies that enable it to compete with multinational peers [1] Industry Context - The acceleration of domestic substitution in semiconductor precision components presents significant industry opportunities [1] - Jiangfeng Electronics is effectively capturing the core demands for expansion and efficiency from chip and semiconductor equipment manufacturers [1] Technological and Production Capabilities - The company has successfully applied its long-term accumulated capabilities in technology research and development, quality assurance, and customer service to the semiconductor precision components sector [1] - Multiple intelligent production bases have been established to achieve a comprehensive layout of both metal and non-metal precision components [1] Capacity Expansion - The establishment of an advanced process target production base in South Korea will help optimize capacity layout and break through production scale [1] - Domestic capacity will meet the growing demand for sputtering targets in the domestic semiconductor industry, further promoting the localization of ultra-pure sputtering targets [1] - Overseas capacity will focus on serving international clients such as SK Hynix and Samsung, enhancing the company's localized service capabilities and international competitiveness [1] Investment Rating - The report initiates coverage with a "Buy" rating for Jiangfeng Electronics [1]

Investment Rating - The report assigns an "Overweight" rating to the electronic industry, indicating expectations for the industry to outperform the overall market [37]. Core Insights - The electronic industry has shown a continuous recovery, with a 19% year-on-year increase in revenue for Q3 2025, ranking third among all industries. The net profit attributable to shareholders increased by 50%, placing it eighth overall [5][9]. - The semiconductor equipment sector is benefiting from strong downstream demand, with companies like North Huachuang and Jiangfeng Electronics reporting revenue growth of 39% and 20% respectively in Q3 2025 [21]. - The storage segment is experiencing significant price increases, with Jiangbolong's revenue growing by 55% year-on-year in Q3 2025, indicating a robust market outlook [25]. - The AI-related computing segment is seeing accelerated growth, with Industrial Fulian's revenue increasing by 43% and net profit by 62% in Q3 2025, driven by strong demand for AI servers [31]. Summary by Sections 1. Industry Performance - The electronic industry is in a phase of sustained recovery, with Q3 2025 marking the ninth consecutive quarter of year-on-year revenue growth [9]. - The Shenyin Wanguo electronic index has seen a rise in price-to-earnings ratio, reaching a peak of 69 times in October 2025, reflecting improved risk appetite [11]. 2. Semiconductor Equipment - The semiconductor equipment sector is in a structurally favorable period, with investments in equipment rising over 53% in the first half of 2025 despite a 9.85% decline in overall semiconductor industry investments [21]. 3. Wafer Foundry and Testing - The wafer foundry sector is experiencing high capacity utilization, with Huahong's revenue increasing by 21% year-on-year in Q3 2025 [22]. - Testing companies like Tongfu Microelectronics and Weicai Technology exceeded expectations with revenue growth of 95% and 98% respectively [22]. 4. Storage - The storage sector is witnessing comprehensive price increases, with major players like Jiangbolong and Demingli reporting significant revenue growth [25]. 5. Power Devices - The power device sector is showing signs of recovery, with companies like Yanjie Technology reporting a 52% increase in net profit year-on-year in Q3 2025 [27]. 6. Analog Chips - The competitive landscape for analog chips is improving, with companies like Shengbang and SIRUI reporting revenue growth of 70% and 71% respectively [28]. 7. Consumer Electronics - The consumer electronics sector is poised for a hardware cycle driven by new product launches, with companies like Lingyi Zhi Zao reporting a 13% increase in revenue [30]. 8. Computing Related - The computing-related segment is experiencing strong performance, with companies like Shenghong Technology reporting a 79% increase in revenue and a 261% increase in net profit [31].

Group 1 - The core viewpoint of the article highlights the successful fundraising of 1.25 billion yuan for the first main fund of ChipLink Capital, with an expected total scale exceeding 1.5 billion yuan, focusing on hard technology sectors such as semiconductors, artificial intelligence, robotics, and new energy [2] - The fund was raised in less than a year, featuring a highly market-oriented LP structure that includes a mix of industry, capital, and policy backgrounds, with notable investors such as ChipLink Integrated, Shanghai Lingang New Area Fund, and various leading market-oriented mother funds and financial institutions [2] - The founder of ChipLink Capital, Yuan Feng, emphasized that the successful fundraising reflects investors' confidence in the long-term development of China's hard technology and strategic emerging industries, indicating a commitment to supporting companies through different development stages [2] Group 2 - ChipLink Capital operates as a corporate venture capital (CVC) institution, leveraging deep industry resources from its parent company, ChipLink Integrated, to drive investment strategies that combine capital and industry, aiming to expand the industrial chain and build an ecosystem for hard technology companies [3] - The institution has invested in several well-known companies within the semiconductor and new energy sectors, including ShuoKe ZhongKe Xin, ChipLink Power, and Junyuan Electronics, and has also begun investments in emerging application fields such as robotics and AI [3]