Group 1: Key Insights on Gujinggong Liquor (古井贡酒) - The company reported 2024 revenue of 23.58 billion, a year-on-year increase of 16.4%, and a net profit of 5.52 billion, up 20.2% year-on-year [12][16] - For Q1 2025, revenue reached 9.15 billion, growing 10.4% year-on-year, with net profit at 2.33 billion, a 12.8% increase [12][16] - The company maintains a buy rating with projected net profits for 2025-2027 at 5.92 billion, 6.29 billion, and 6.63 billion respectively, reflecting growth rates of 7.3%, 6.3%, and 5.3% [16] Group 2: Key Insights on Chongqing Bank (重庆银行) - In Q1 2025, Chongqing Bank achieved revenue of 3.6 billion, a 5.3% year-on-year increase, and a net profit of 1.6 billion, also up 5.3% [15][20] - The bank's non-performing loan ratio decreased to 1.21%, with a provision coverage ratio rising to 248% [15][20] - The bank's loan growth accelerated, with a 16.4% year-on-year increase, driven by a more than 30% growth in corporate loans [20] Group 3: Industry Insights on Real Estate - The recent political bureau meeting emphasized the importance of stabilizing the real estate market, highlighting the need for high-quality housing supply [22][26] - The meeting also called for optimizing the policies for acquiring existing housing stock, indicating a proactive approach to address market challenges [26] - The real estate sector is viewed as crucial for economic stability, with ongoing support expected to enhance market conditions [22][26]

Core Insights - The company reported strong financial results for 2024 and Q1 2025, with significant year-on-year growth in revenue and net profit [1][2][3] - The semiconductor components business is rapidly growing, contributing to a larger share of total revenue, and is expected to benefit from domestic substitution trends [2][3] Financial Performance - In 2024, the company achieved revenue of 3.6 billion, a year-on-year increase of 38.6%; non-recurring net profit was 300 million, up 94.9%; and net profit attributable to shareholders was 400 million, an increase of 56.8% [1] - For Q1 2025, revenue reached 1 billion, a 29.5% increase year-on-year; net profit attributable to shareholders was 160 million, up 163.6%; and non-recurring net profit was 90 million, a 30.4% increase [1] - The company recorded investment income of 68.07 million in Q1 2025 from the partial transfer of equity in an associate, significantly boosting net profit [1] Business Segments - The high-end target material business generated revenue of 2.333 billion in 2024, a 39.5% increase, with the company expanding its global market share in sputtering target materials [1] - The semiconductor components business achieved revenue of 887 million in 2024, a 55.53% increase, and accounted for 24.6% of total revenue, up 2.7 percentage points year-on-year [2] - The company’s components are widely used in key semiconductor processes, and there is significant potential for domestic substitution in the supply chain [2] Future Outlook - The company has raised its profit forecasts and maintains a "buy" rating, expecting revenue for 2025-2027 to be 4.56 billion, 5.75 billion, and 7.35 billion respectively, with year-on-year growth rates of 26.4%, 26.2%, and 27.8% [3] - Net profit for the same period is projected to be 520 million, 670 million, and 920 million, with growth rates of 29.0%, 29.7%, and 37.9% respectively [3]

2025 年 04 月 25 日 江丰电子 (300666) ——零部件加快国产替代，靶材高端化驱动业绩高增 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 25 日 | | --- | --- | | 收盘价（元） | 73.14 | | 一年内最高/最低（元） | 88.99/43.35 | | 市净率 | 4.1 | | 股息率%（分红/股价） | 0.27 | | 流通 A 股市值（百万元） | 16,129 | | 上证指数/深证成指 | 3,295.06/9,917.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 17.67 | | 资产负债率% | 50.25 | | 总股本/流通 A 股（百万） | 265/221 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-25 05-25 06-25 07-25 08-25 09-25 10-25 11-25 12-25 01-25 02-25 03 ...

证券代码：300666 证券简称：江丰电子 回复：您好！在全球经济逐渐复苏的背景下，辅以人工智 能与物联网等前沿技术的迅猛发展，半导体行业整体展现出稳 中有升的增长趋势。随着市场需求的不断扩展，尤其在高性能 计算、5G 通信以及汽车电子等关键领域的发展浪潮中，半导 体材料和设备的需求随之增长。江丰电子将锚定国际最前沿的 集成电路技术，强化研发投入，灵活应对市场变化，提升核心 竞争力，加速国产替代进程。公司经营业绩情况请查阅发布在 宁波江丰电子材料股份有限公司 投资者关系活动记录表 编号：2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 活动类别 | □媒体采访 ■业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及 | 通过深圳证券交易所"互动易"平台"云访谈"栏目远程参 | | 人员姓名 | 与公司 2024 年度网上业绩说明会的投资者 | | 时间 | 2025 年 4 月 25 日下午 15:00-16:30 | | 地点 | 深圳证券交易所"互动易"平台"云访 ...

中国经济网北京4月25日讯江丰电子（300666）(300666.SZ)昨日披露关于股东减持股份计划实施完毕的 公告。近日，公司收到宁波江阁实业投资合伙企业(有限合伙)(以下简称"宁波江阁")和宁波宏德实业投 资合伙企业(有限合伙)(以下简称"宁波宏德")出具的《关于股份减持计划实施完毕的告知函》，截至公 告披露日，宁波江阁和宁波宏德本次减持计划已实施完毕。 宁波江阁、宁波宏德是公司控股股东、实际控制人的一致行动人，本次减持股份计划的实施不会导致公 司控制权发生变更，不会对公司治理结构及持续经营产生重大影响。 江丰电子2024年12月31日披露了《关于股东减持股份的预披露公告》(公告编号：2024-128)。公司股东 宁波江阁和宁波宏德计划于上述公告披露之日起15个交易日之后的三个月内(即从2025年1月23日起至 2025年4月22日止)以集中竞价或大宗交易方式减持公司股份合计不超过2,600,000股，即不超过公司目前 总股本的0.98%、公司扣除回购专用证券账户股份后总股本的0.98%。 江丰电子2024年报显示，姚力军为江丰电子控股股东、实际控制人，同时为宁波江阁、宁波宏德执行事 务合伙人。姚力军直接 ...

证券代码：300666 证券简称：江丰电子 公告编号：2025-050 宁波江丰电子材料股份有限公司 关于股东减持股份计划实施完毕的公告 公司股东宁波江阁实业投资合伙企业（有限合伙）、宁波宏德实业投资合伙 企业（有限合伙）保证向本公司提供的信息内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 宁波江丰电子材料股份有限公司（以下简称"公司"或"江丰电子"）于 2024年12月31日披露了《关于股东减持股份的预披露公告》（公告编号：2024- 128）。公司股东宁波江阁实业投资合伙企业（有限合伙）（以下简称"宁波江 阁"）和宁波宏德实业投资合伙企业（有限合伙）（以下简称"宁波宏德"） 计划于上述公告披露之日起15个交易日之后的三个月内（即从2025年1月23日起 至2025年4月22日止）以集中竞价或大宗交易方式减持公司股份合计不超过 2,600,000股，即不超过公司目前总股本的0.98%、公司扣除回购专用证券账户股 份后总股本的0.98%。 近日，公司收到宁波江阁和宁波宏德出具的《关于股份减持计划实施完毕 的告知函》，截至本公告披 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥1,000,450,660.01, representing a 29.53% increase compared to ¥772,389,035.94 in the same period last year[5] - Net profit attributable to shareholders was ¥157,212,644.92, a significant increase of 163.58% from ¥59,646,089.58 year-on-year[5] - Basic earnings per share rose to ¥0.59, up 168.18% from ¥0.22 in the same period last year[5] - Total operating revenue for the current period reached ¥1,000,450,660.01, compared to ¥772,389,035.94 in the previous period, indicating a significant increase[24] - Net profit for the current period was ¥157,716,074.93, compared to ¥40,756,532.27 in the previous period, showing a substantial improvement in profitability[26] - Earnings per share (EPS) for the current period was ¥0.59, compared to ¥0.22 in the previous period, indicating enhanced shareholder value[26] Cash Flow - The net cash flow from operating activities improved to ¥60,468,587.05, a turnaround from a negative cash flow of ¥89,094,519.97 in the previous year, marking a 167.87% increase[5] - Operating cash inflow for the current period reached ¥928,997,863.34, an increase of 33.4% from ¥696,619,291.48 in the previous period[28] - Net cash flow from operating activities was ¥60,468,587.05, a significant recovery from a negative ¥89,094,519.97 in the previous period[28] - Net cash flow from financing activities was ¥465,433,200.49, up from ¥412,331,209.23 in the previous period, indicating strong financing support[29] - The company’s cash flow management shows a net increase of ¥333,067,313.88 in cash and cash equivalents during the period, contrasting with a decrease of ¥77,702,833.33 in the previous period[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,274,750,263.82, reflecting a 6.74% increase from ¥8,689,443,785.51 at the end of the previous year[5] - The company’s total liabilities increased significantly, with bank borrowings rising to ¥855,000,000.00, a 74.72% increase from ¥489,345,000.00[13] - Total liabilities rose to ¥4,660,230,151.13 from ¥4,261,584,067.24, reflecting an increase in the company's financial obligations[22] - The company's total equity increased to ¥4,614,520,112.69 from ¥4,427,859,718.27, showcasing improved financial health[22] Investment and Expenses - The company reported a significant increase in investment income, amounting to ¥68,067,372.40, compared to a loss of ¥996,182.05 in the previous year, representing a 6932.82% increase[11] - The company’s financial expenses surged to ¥13,950,118.65, a 623.25% increase from ¥1,928,811.54, primarily due to increased borrowing costs[11] - Total operating costs amounted to ¥837,229,442.39, up from ¥655,728,433.48 in the previous period, reflecting a rise in operational expenses[25] - Research and development expenses were ¥54,953,062.33, slightly down from ¥55,492,215.15, indicating a stable investment in innovation[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 40,798[15] - The largest shareholder, Yao Lijun, holds 21.39% of shares, totaling 56,765,724 shares, with 23,871,200 shares pledged[15] - The total number of preferred shareholders is reported as zero, indicating no preferred shares outstanding[17] Supply Chain and Market Strategy - The company emphasizes the importance of a self-controlled supply chain for raw materials, which is a key advantage for domestic substitution[17] - The company aims to strengthen partnerships with global enterprises and expand into new markets, leveraging ongoing technological innovations[17] - The company has achieved domestic procurement of raw materials, enhancing its supply chain stability[17] Inventory and Receivables - Accounts receivable slightly increased to ¥1,007,601,935.66 from ¥1,005,134,213.89, showing a marginal growth of 0.25%[19] - Inventory decreased to ¥1,443,146,100.41 from ¥1,450,613,954.01, reflecting a decline of about 0.5%[20] - The total non-current assets amount to ¥2,129,039,830.73, up from ¥2,006,304,725.43, indicating an increase of approximately 6.1%[20]

证券代码：300666 证券简称：江丰电子 公告编号：2025-049 宁波江丰电子材料股份有限公司 关于部分募集资金投资项目结项 并将节余募集资金永久补充流动资金的公告 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"）向不特定对象发行可 转换公司债券募投项目之"武汉基地平板显示用高纯金属靶材及部件建设项目" 已建设完毕，达到了预定可使用状态，公司决定对该募投项目进行结项，并将该 项目节余募集资金人民币 254.61 万元（包括募集资金专户银行存款利息收入减 手续费净额，具体金额以实际划款时该项目专户资金余额为准）用于永久补充流 动资金。上述募投项目结项的节余募集资金金额（包括利息收入）占该项目募集 资金净额的 1.03%，根据《上市公司监管指引第 2 号——上市公司募集资金管理 和使用的监管要求（2022 年修订）》、《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（2023 年 12 月修订）》等有关规定，公司本次 将节余募集资金永久补充公司流动资金，节余金额低于人民币 500 万元且 ...

证券代码：300666 证券简称：江丰电子 公告编号：2025-047 宁波江丰电子材料股份有限公司 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 4 月 24 日 召开第四届董事会第十八次会议和第四届监事会第十七次会议，审议通过了《关 于 2025 年第一季度报告的议案》。 为了使广大投资者全面了解公司的经营情况、财务状况等信息，公司《2025 年第一季度报告》于 2025 年 4 月 25 日在中国证券监督管理委员会指定的创业板 信息披露网站巨潮资讯网（www.cninfo.com.cn）披露，敬请投资者注意查阅。 特此公告。 宁波江丰电子材料股份有限公司董事会 2025 年 4 月 24 日 关于 2025 年第一季度报告披露的提示性公告 ...

本公司及监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：300666 证券简称：江丰电子 公告编号：2025-046 宁波江丰电子材料股份有限公司 第四届监事会第十七次会议决议公告 4、本次会议由监事会主席张英俊先生主持，公司董事会秘书、财务总监和 证券事务代表现场列席会议。 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。 二、监事会会议审议情况 一、监事会会议召开情况 1、宁波江丰电子材料股份有限公司（以下简称"公司"）第四届监事会第 十七次会议的会议通知于 2025 年 4 月 22 日通过邮件等方式送达至各位监事，通 知中包括会议的相关资料，同时列明了会议的召开时间、地点和审议内容。 2、本次会议于 2025 年 4 月 24 日在公司会议室，以现场及通讯相结合的方 式召开。 3、本次会议应出席监事 3 名，实际出席监事 3 名，张英俊先生、李秋立女 士和汪宇女士以通讯方式参会。 会议审议并通过了如下议案： 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 三、备查文件 1、第四届监事会第 ...