宁波江丰电子材料股份有限公司 2025 年半年度报告全文 宁波江丰电子材料股份有限公司 2025 年半年度报告 2025-089 2025 年 8 月 1 宁波江丰电子材料股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人姚舜、主管会计工作负责人及会计机构负责人(会计主管人员) 于泳群声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和 应对措施"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请 投资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 7 | | | 第三节 | 管理层讨论与分析 10 | | | 第四节 | 公司治理、环境和社会 | 3 ...

Meeting Overview - The company will hold its third extraordinary general meeting of shareholders on August 28, 2025 [1][2] - The meeting will be convened by the company's board of directors and is compliant with relevant laws and regulations [1][5] Meeting Details - The meeting will take place at 14:50 on August 28, 2025, with network voting available from 9:15 to 15:00 on the same day [2][3] - Shareholders can participate either in person or through authorized representatives [4][5] Voting Procedures - Shareholders must choose between on-site voting and network voting, with duplicate votes being invalidated [4] - The equity registration date is set for August 19, 2025, allowing all registered shareholders to attend [5][6] Agenda Items - The meeting will discuss several proposals, including special resolutions requiring a two-thirds majority for approval [8] - The results of the votes will be disclosed separately for minority investors [8] Registration Information - Registration for the meeting is required, with specific procedures outlined for both corporate and individual shareholders [9][11] - The registration period is from 9:00 to 11:00 and 14:00 to 17:00 on August 20, 2025 [11][12] Contact Information - For inquiries, shareholders can contact the company via provided phone numbers and email [13]

Group 1 - The core point of the article is that Jiangfeng Electronics has 2.129 billion in construction projects as of the end of Q1 2025, and investors are inquiring about the details and progress of these projects [2] - The company has ongoing projects including the "Ningbo Jiangfeng Electronics annual production of 52,000 ultra-large-scale integrated circuit ultra-pure metal sputtering target industrialization project" and the "annual production of 18,000 ultra-large-scale integrated circuit ultra-pure metal sputtering target production line technical transformation project" [2] - The progress of these projects can be found in the company's disclosed periodic reports [2]

Group 1 - The company, Jiangfeng Electronics, reported a good capacity utilization rate for its high-purity metal sputtering targets and precision semiconductor components as of August 23 [1] - The funds raised from the private placement are primarily intended for the industrialization projects of producing 5,100 electrostatic chucks for integrated circuit equipment and 12,300 ultra-high purity metal sputtering targets for large-scale integrated circuits [1]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：目前公司订单是否充足，产能利用率达多少？ 江丰电子（300666.SZ）8月23日在投资者互动平台表示，目前，公司订单情况正常，且产能利用率良 好。 ...

Core Viewpoint - Jiangfeng Electronics is focusing on enhancing its global competitiveness in the high-purity metal sputtering target market and improving its semiconductor precision components business through a capital increase initiative [1] Group 1: Production Capacity and Utilization - The company reports that the production capacity utilization rate for high-purity metal sputtering targets and semiconductor precision components is currently good [1] Group 2: Capital Increase Objectives - The main purposes of the capital increase are to establish a strong presence in the high-purity metal sputtering target sector and accelerate global strategic layout [1] - The company aims to continuously improve its semiconductor precision components business layout [1] - The initiative will leverage the advantages of the Shanghai and Yangtze River Delta semiconductor industry to enhance the company's innovation and service capabilities [1] - The capital increase is also intended to strengthen the company's financial position, optimize its financial structure, and improve its risk resistance capabilities [1]

3、会议召开的合法、合规性：公司于 2025 年 8 月 1 日召开第四届董事会第 二十二次会议，审议通过《关于召开公司 2025 年第三次临时股东会的议案》。本 次股东会的召开符合有关法律法规和《公司章程》的规定。 证券代码：300666 证券简称：江丰电子 公告编号：2025-085 宁波江丰电子材料股份有限公司 关于召开 2025 年第三次临时股东会的提示性公告 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"）第四届董事会第二十 二次会议审议通过了《关于召开公司 2025 年第三次临时股东会的议案》，决定于 2025 年 8 月 28 日（星期四）召开 2025 年第三次临时股东会（以下简称"本次 股东会"），并已于 2025 年 8 月 2 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）上披露了《关于召开 2025 年第三 次临时股东会的通知》（公告编号：2025-082），现将本次股东会的有关事项再次 提示如下： 一、召开会议的基本情况 1、股东会届 ...

Core Viewpoint - The announcement of the 2025 Chinese Academy of Sciences (CAS) and Chinese Academy of Engineering (CAE) academician candidate list highlights significant advancements in the semiconductor and integrated circuit fields, showcasing the contributions of various experts who are expected to drive the domestic semiconductor industry forward [1][3]. Group 1: Key Contributions of Experts - Jiangsu Yangtze Memory Technologies Co., Ltd. Chief Scientist Huo Zongliang has led breakthroughs in 3D flash memory technology, advancing from 64-layer to 128-layer and then to 232-layer technology, significantly promoting the localization of the industry [3][7]. - Jiangfeng Electronics Chief Technology Officer Yao Lijun returned to China in 2005 and broke the long-standing monopoly of the US and Japan in ultra-pure sputtering target materials, filling a domestic gap [3][7]. - Feiteng Information Chief Scientist Dou Qiang, as the chief designer of the Feiteng CPU series, has made significant contributions to high-performance CPU technology, with products widely applied across various fields [3][7]. Group 2: Other Notable Experts - Experts from Southeast University, University of Electronic Science and Technology, and other institutions have made notable contributions in integrated circuit design, electronic thin film materials, radar technology, satellite communication, and wide bandgap semiconductor devices, further supporting the industry's progress [3][7]. - The selection process for academicians is rigorous, ensuring that only qualified candidates are included, which is expected to inject stronger momentum into China's semiconductor industry [3][6]. Group 3: Candidate List Overview - A total of 639 candidates have been confirmed for the 2025 CAS academician election, with a focus on maintaining high standards in the selection process [6][8].

Core Viewpoint - The semiconductor sputtering target materials industry, often overlooked, is crucial for the semiconductor supply chain, with significant investment potential as domestic alternatives emerge to replace long-standing foreign monopolies [2][4]. Industry Overview: What are Sputtering Target Materials? - Sputtering target materials are essential for physical vapor deposition (PVD) processes, creating functional thin films on substrates like silicon wafers through magnetron sputtering technology [6][8]. - These materials are critical for manufacturing integrated circuits, specifically in metal interconnect layers, barrier layers, and contact layers, requiring ultra-high purity (typically above 99.9995%) and precise dimensions [8][12]. Classification of Targets - Targets are categorized by material type: metal targets (e.g., copper, aluminum), alloy targets (e.g., copper-manganese), and ceramic targets (e.g., indium tin oxide) [12][10]. - Each type serves specific functions in semiconductor applications, with increasing purity and structural uniformity requirements as technology advances [12][13]. Upstream Supply: High-Purity Metals and Equipment - The upstream supply involves high-purity metal and non-metal raw materials, with significant reliance on imports for high-purity materials [15][16]. - Key domestic producers include Xinjiang Zhonghe for aluminum and Jiangfeng Electronics for tungsten, while global leaders include Hydro for high-purity aluminum and Hitachi Metals for tungsten [16][15]. Midstream Manufacturing: Technically Intensive Core Segment - The midstream segment encompasses the manufacturing of sputtering targets, involving complex processes such as melting, forming, and binding, requiring significant R&D investment [18][17]. - Precision in temperature, time, and atmosphere during melting is crucial for ensuring material uniformity and purity [18]. Downstream Coating: Sputter Coating - The main coating processes include PVD and chemical vapor deposition (CVD), with PVD being the predominant method in semiconductor and display applications [19][21]. - The sputtering coating market is largely dominated by American and Japanese multinational corporations [21]. Terminal Applications: Core Demand from Semiconductor Industry - Downstream applications are primarily in semiconductor chip manufacturing, where sputtering target materials are vital for forming key chip structures [22][23]. - The demand for high-quality sputtering targets is driven by the increasing performance requirements of chips in high-performance computing, AI, and 5G communications [22][23]. Market Situation - The global sputtering target market has grown from 82.1 billion yuan in 2018 to 116.3 billion yuan in 2022, with a compound annual growth rate (CAGR) of 9.1% [47]. - The market is projected to reach 194.5 billion yuan by 2027, with a CAGR of 10.7% during the forecast period [47]. Competitive Landscape - The global sputtering target market is characterized by an oligopoly, with major players like JX Nippon Mining, Honeywell, and Tosoh dominating approximately 80% of the market [60][62]. - Domestic companies such as Jiangfeng Electronics and Yuyuan New Materials are making significant strides in technology and market penetration, particularly in the midstream segment [64]. Future Development Trends - The industry is expected to see increased demand for higher purity and quality sputtering targets as semiconductor processes advance to 3nm and below [68]. - Emerging applications in AI, IoT, and automotive sectors are anticipated to drive further growth in the sputtering target market [69]. Core Investment Logic - Investing in semiconductor sputtering targets is fundamentally about investing in certainty, as demand remains closely tied to capital expenditures in wafer manufacturing [74]. - The industry is protected by high technical barriers, long certification cycles, and strong customer loyalty, making it difficult for new entrants [75]. - The narrative of domestic substitution presents a significant investment opportunity, with domestic leaders poised to capture market share from established foreign players [76].

Economic News - The State Council emphasizes enhancing macro policy effectiveness and stabilizing market expectations, focusing on domestic circulation and effective investment expansion [1] - The People's Bank of China conducted a reverse repurchase operation of 266.5 billion yuan at a rate of 1.40% [2] - From January to July 2025, national public budget revenue was 1.35839 trillion yuan, with tax revenue declining by 0.3% [3] - Trade with Shanghai Cooperation Organization countries reached 247.7 billion USD in the first half of the year, a 0.8% increase [4] - The Ministry of Finance reported a 0.7% decline in government fund budget revenue from January to July 2025 [5] - Securities transaction stamp duty increased by 62.5% year-on-year in July 2025 [6] - The central bank introduced a series of monetary policy measures, including interest rate cuts and increased loan quotas [7] Important Company Information - JD.com has over 150,000 full-time delivery riders, advocating for social security benefits for gig workers [6] - Dongfeng Group is selling a 50% stake in Dongfeng Honda Engine Company [6] - Leap Motor reported a 174% increase in revenue to 24.25 billion yuan in the first half of 2025, achieving a net profit of 30 million yuan [6] - SoftBank announced a 2 billion USD investment in Intel, reflecting confidence in advanced semiconductor manufacturing [6] - Kandi Technologies has entered into a partnership with CATL to supply battery swap stations for commercial vehicles [6][7] Industry Analysis Coal Industry - Coking coal prices have risen significantly, with the price index reaching 1340.16 yuan/ton, a 17.44% increase [8] - Coking coal inventory at three ports decreased by 14.06% month-on-month [11] - Independent coking plants saw an increase in inventory but a decrease in average available days [9] - The overall capacity utilization rate of independent coking enterprises rose to 74.03% [10] - The demand side shows a potential increase in demand driven by hydroelectric projects [11] Agriculture and Livestock Industry - In July 2025, pig prices fluctuated, with live pig prices averaging 14.91 yuan/kg, a 1.72% increase [13] - The number of breeding sows showed a slight increase, indicating a potential stabilization in supply [14] - Policy measures are focused on reducing production capacity and controlling weight, which may stabilize prices in the long term [15] - Major pig farming companies reported varying sales prices and volumes, with some experiencing a decline in output [16] Machinery Industry - Parker New Materials specializes in high-end metal forging products, serving various industries including aerospace and energy [18] - The company reported a revenue of 7.72 billion yuan in Q1 2025, a 2.95% increase year-on-year [19] - The demand for high-precision forging products is expected to grow, improving the company's product structure and profitability [19] - China's energy cost advantages in electricity and natural gas may help the company capture overseas market share [20]