证券代码：300666 证券简称：江丰电子 公告编号：2025-133 宁波江丰电子材料股份有限公司 关于转让参股公司部分股权 暨放弃对参股公司优先认购权的公告 2、放弃其他股东股权转让的优先认购权 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。 一、交易概述 （一）交易基本情况 1、股权转让 为了优化资源配置，同时推动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"）的参股公司上海润平电子材料有限公司（以下简称"上 海润平"或"标的公司"）引入战略投资者，公司拟以交易对价人民币60,000,000 元对外转让上海润平4.0000%股权（对应注册资本人民币565,344.39元），上海润 平的其他股东均放弃上述股权的优先认购权。本次股权转让的具体明细如下： 单位：人民币元 | 转让方 | 受让方 | 交易对价 | 拟转让上海 润平的股权 | 对应上海润平 实缴注册资本 | | --- | --- | --- | --- | --- | | | | | 比例（%） | | | | 国风投新智股权投资基金（广州）合 伙企业（有限合伙） | 20,00 ...

宁波江丰电子材料股份有限公司 向特定对象发行股票预案（修订稿） 2025 年 12 月 1 证券代码：300666 证券简称：江丰电子 公告编号：2025-130 发行人声明 1、本公司及董事会全体成员保证本预案内容真实、准确、完整，确认不存 在虚假记载、误导性陈述或重大遗漏，并对预案的真实性、准确性、完整性承担 个别和连带的法律责任。 2、本预案按照《中华人民共和国证券法》《上市公司证券发行注册管理办 法》等要求编制。 3、本次向特定对象发行 A 股股票完成后，公司经营与收益的变化由公司自 行负责；因本次发行引致的投资风险，由投资者自行负责。投资者如有任何疑问， 应咨询自己的股票经纪人、律师、专业会计师或其他专业顾问。 4、本预案是公司董事会对本次向特定对象发行股票的说明，任何与之相反 的声明均属不实陈述。 5、本预案所述事项并不代表审批机关对于本次向特定对象发行 A 股股票相 关事项的实质性判断、确认、批准，本预案所述本次发行相关事项的生效和完成 尚待取得有关审批机关的批准或注册。 2 特别提示 1、本次向特定对象发行 A 股股票相关事项已经公司第四届董事会第二十一 次会议、第四届董事会第二十四次会议、第 ...

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 12 月 22 日召开第四届董事会第二十九次会议，审议通过了关于公司向特定对象发行股票 的相关议案。《宁波江丰电子材料股份有限公司向特定对象发行股票预案（修订 稿）》（以下简称"预案"）《宁波江丰电子材料股份有限公司向特定对象发行股票 方案论证分析报告（修订稿）》《宁波江丰电子材料股份有限公司向特定对象发行 股票募集资金使用可行性分析报告（修订稿）》及相关文件已于 2025 年 12 月 22 日在中国证券监督管理委员会（以下简称"中国证监会"）指定的创业板信息披 露网站巨潮资讯网（http://www.cninfo.com.cn）上披露，敬请投资者注意查阅。 本次预案披露事项不代表审批机关对于本次向特定对象发行股票相关事项 的实质性判断、确认或批准，预案所述本次向特定对象发行股票相关事项的生效 和完成尚待深圳证券交易所审核通过并经中国证监会同意注册，敬请广大投资者 注意投资风险。 特此公告。 宁波江丰电子材料股份有限公司董事会 2025 年 12 ...

证券代码：300666 证券简称：江丰电子 公告编号：2025-132 宁波江丰电子材料股份有限公司 关于控股子公司拟引入专业投资机构签订 附转股权之债权投资协议暨关联交易的公告 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。 一、拟签订协议暨关联交易概述 （一）拟签订协议暨关联交易基本情况 基于战略发展规划，为了引入战略投资者，加速子公司业务持续快速发展， 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"）控股子公 司晶丰芯驰（上海）半导体科技有限公司（以下简称"晶丰芯驰"、"标的公司" 或"目标公司"）计划与公司关联方北京江丰同创半导体产业基金（有限合伙） （以下简称"江丰同创基金"）、专业投资机构上海芯联启辰私募投资基金合伙 企业（有限合伙）（以下简称"芯联启辰"）签订《附转股权之债权投资协议》， 芯联启辰拟向标的公司提供人民币 2,740 万元的可转换为标的公司股权的债权； 江丰同创基金拟向标的公司提供人民币 3,000 万元的可转换为标的公司股权的债 权。 （二）关联关系说明 公司作为有限合伙人直接持有江丰同创基金 19.68%合伙份额； ...

Industry Overview - The copper target industry is crucial for the vacuum coating process, primarily used in semiconductor manufacturing, flat panel displays, and solar photovoltaic applications [1][4] - The market size of China's copper target industry is projected to grow from 1.207 billion yuan in 2019 to 2.515 billion yuan in 2024, with a compound annual growth rate (CAGR) of 15.81% [1][13] - The demand for high-performance targets is increasing due to advancements in semiconductor technology and the expansion of market scale [1][12] Market Dynamics - The semiconductor industry is a key application area for copper targets, with the market size expected to grow from 2,638.573 billion yuan in 2015 to 4,734.473 billion yuan in 2024, reflecting a CAGR of 6.71% [12] - The domestic sputtering target market reached 39.5 billion yuan in 2022, with a year-on-year growth of 6.76%, and is projected to further increase to 46.7 billion yuan in 2024, growing by 8.35% [12][13] Production Methods - Copper target production methods include melting and casting, powder metallurgy, and deposition techniques, each with specific processes to ensure high purity and quality [6][8] - The purity of copper targets is critical, with requirements for ultra-high purity levels (6N or higher) to meet the demands of advanced semiconductor processes [14][16] Industry Policies - The Chinese government has implemented policies to promote technological innovation and ensure the security of the copper target industry, including the "Standard Enhancement Action Plan" for key strategic materials [9][10] - Specific performance requirements for high-purity copper targets have been established, including purity levels, density, and impurity content [9] Competitive Landscape - The copper target industry in China features a mix of foreign and domestic companies, with foreign firms like JX Nippon Mining & Metals and Honeywell leading in high-end markets [14] - Domestic companies such as Jiangfeng Electronics and Aishi Innovation are rapidly advancing through technology investments and capacity expansion, aiming to increase their market share [14][15] Future Trends - The industry is moving towards higher purity and composite functionality in copper targets to meet stringent requirements for semiconductor applications [18] - There is a growing demand for larger and more complex target shapes to accommodate advancements in semiconductor and display technologies [17] - Sustainable manufacturing practices and recycling systems are becoming essential, focusing on reducing energy consumption and enhancing material recovery [18]

Core Viewpoint - Shanghai Tongchuang Purun New Materials Co., Ltd. focuses on the research and production of high-purity metal materials required for integrated circuit manufacturing, becoming a key supplier for leading global chip manufacturers and supporting the production of AI chips and high-end electronic products [1][2]. Company Overview - Established on January 7, 2021, with a registered capital of 287.35 million yuan, the company is led by controlling shareholder Yao Shun, who holds 17.61% of the shares [1]. - The company specializes in high-purity materials such as 6N aluminum, 6N tantalum, 7N copper, and 5N manganese, which are essential for advanced chip manufacturing processes [1][2]. Production and Technology - In 2023, the company achieved large-scale production of ultra-high-purity manganese, becoming the second company globally capable of mass production of this material [2]. - The core materials required for 3nm advanced process chips include ultra-high-purity aluminum, copper, tantalum, manganese, and alloys, with purity levels reaching 5N or even 7N [2]. - The sputtering target materials produced by the company are used to form nano-level circuit interconnections in chip manufacturing [2]. Market Position and Strategy - The sputtering target material industry has historically been dominated by foreign companies, but the company is actively developing next-generation material technologies to meet the challenges of advanced processes driven by AI and high-performance computing [2]. - The company has established seven industrial bases globally and has over 700 employees, with more than 200 patents accumulated [2]. Financing and Investment - Since its establishment, the company has completed five rounds of equity financing, with the latest being a Pre-IPO round in September 2025, raising nearly 200 million yuan [2][3]. - In August 2025, the company completed an A+ round financing exceeding 1 billion yuan, with participation from various investment institutions [3][4]. Strategic Partnerships - The company has formed a deep strategic collaboration with Jiangfeng Electronics, serving as a core supplier of high-purity metal materials and supporting supply chain security and production continuity [5]. - Joint technical efforts are underway to develop and mass-produce ultra-high-purity aluminum, copper, and manganese sputtering targets, which have been certified and integrated into the supply chains of international mainstream chip manufacturers [5].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [1] Core Views - The company is advancing its industrialization of electrostatic chucks through a strategy of "introduction + self-research," achieving a significant technological breakthrough with its first self-developed product [4] - The company plans to establish a global production base for advanced process target materials in South Korea, which will enhance its international competitiveness and optimize its global capacity layout [5] - Revenue projections for the company are estimated at 45 billion, 57 billion, and 74 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 5.8 billion, 8.2 billion, and 11.9 billion yuan for the same years [6] Company Overview - The latest closing price of the company's stock is 89.05 yuan, with a total market capitalization of 236 billion yuan and a circulating market value of 197 billion yuan [3] - The company has a total share capital of 2.65 billion shares, with 2.21 billion shares in circulation [3] - The company's largest shareholder is Yao Lijun [3] Financial Forecasts and Indicators - The company is expected to achieve operating revenues of 36.05 billion yuan in 2024, with a growth rate of 38.57%, and projected revenues of 45.40 billion yuan in 2025, 57.36 billion yuan in 2026, and 73.62 billion yuan in 2027 [8] - The net profit attributable to the parent company is forecasted to be 400.56 million yuan in 2024, increasing to 578.28 million yuan in 2025, 820.54 million yuan in 2026, and 1.194 billion yuan in 2027 [8] - The company's earnings per share (EPS) are projected to be 1.51 yuan in 2024, rising to 2.18 yuan in 2025, 3.09 yuan in 2026, and 4.50 yuan in 2027 [8]

Core Viewpoint - The competition in the 3nm chip manufacturing process is intensifying, making ultra-pure metal materials a strategic focus in the global semiconductor industry. The IPO of Shanghai semiconductor ultra-pure metal material supplier Tongchuang Purun is a significant step in breaking the overseas monopoly in semiconductor materials in China [1]. Group 1: Company Overview - Tongchuang Purun, established just over four years ago, has received over 2 billion yuan in financing and is on a mission to break the overseas monopoly in semiconductor materials [1]. - The controlling shareholder of Tongchuang Purun is Yao Lijun, founder and CTO of Jiangfeng Electronics, who holds 17.61% of the company's shares. He has a history of breaking through foreign technology barriers in the semiconductor materials sector [2][3]. Group 2: Industry Context - The purity of materials directly affects chip performance, with ultra-pure metal materials needing to reach purity levels of 99.9995% (5N5) or even 99.9999% (6N) for advanced process chips. The impurity content for 3nm process ultra-pure manganese materials must be controlled at the level of parts per ten million [3]. - Historically, the technology for producing these core materials has been dominated by companies in the US and Japan, with over 80% of the high-end market in China relying on imports, which has been a bottleneck for the domestic chip industry [3]. Group 3: Financial and Market Insights - In August, Tongchuang Purun secured over 1 billion yuan in financing, followed by another over 1 billion yuan in Pre-IPO financing, indicating strong confidence from industry capital in the ultra-pure metal materials sector [5]. - The global semiconductor sputtering target market is expected to reach 25.11 billion yuan by 2027, with the market for ultra-pure metal materials also expanding. The demand for chips is increasing due to the growth of AI and electric vehicles, providing a broad platform for domestic companies [5]. Group 4: Strategic Positioning - Jiangfeng Electronics has achieved industrialization of sputtering targets from 6 inches to 18 inches, with advanced targets already used in 7nm chip manufacturing. Tongchuang Purun focuses on the R&D and production of ultra-pure metal raw materials, creating a self-sufficient industrial chain from raw materials to target manufacturing [6].

Core Insights - The chemical industry report indicates a mixed performance in chemical product prices, with 42 products increasing in price, 37 decreasing, and 21 remaining stable during the week of December 8-14 [1][2] - The report suggests focusing on undervalued leading companies, the impact of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials and certain new energy materials amid price increases [1][6] Industry Dynamics - In the week of December 8-14, 47% of tracked chemical products saw a month-on-month price increase, while 44% experienced a decrease, and 9% remained unchanged [2] - The top price increases were noted in nitric acid, sulfuric acid, raw salt, bisphenol A, and TDI, while the largest declines were in PVA, LLDPE, trichloroethylene, and NYMEX natural gas [2] Oil Market Overview - International oil prices fell, with WTI crude oil futures closing at $57.44 per barrel (down 2.45%) and Brent crude at $61.12 per barrel (down 2.19%) [3] - The U.S. oil production averaged 13.853 million barrels per day, an increase of 38,000 barrels from the previous week and 222,000 barrels from the same period last year [3] - U.S. oil demand rose to an average of 21.082 million barrels per day, with gasoline demand increasing to 8.456 million barrels per day [3] TDI Market Analysis - TDI prices increased to an average of 14,713 yuan/ton, up 2.49% week-on-week and 5.51% month-on-month [4] - TDI production decreased, with an overall operating rate of approximately 58.55%, and various factories experiencing operational issues [4] - Average costs for TDI were 11,819 yuan/ton, down 0.92% week-on-week, while average gross profit rose by 31.79% week-on-week [4] Methionine Market Analysis - Methionine prices decreased to an average of 17,900 yuan/ton, down 2.45% week-on-week and 9.14% month-on-month [5] - The production remained stable at 18,350 tons, with an operating rate of 89.42% [5] - The cost of methionine was 13,853.73 yuan/ton, with a gross profit margin of 23.67% [5] Valuation Metrics - As of December 12, the TTM price-to-earnings ratio for the SW basic chemical sector was 24.14, and the price-to-book ratio was 2.19 [6] - The SW oil and petrochemical sector had a TTM price-to-earnings ratio of 12.85 and a price-to-book ratio of 1.24 [6] Investment Recommendations - The report recommends focusing on undervalued leading companies, sectors benefiting from policy support, and emerging fields such as semiconductor materials and new energy materials [6] - Specific companies highlighted for investment include Wanhua Chemical, Hualu Hengsheng, and others [6][7]

证券代码：300666 证券简称：江丰电子 公告编号：2025-126 宁波江丰电子材料股份有限公司 关于变更保荐机构后重新签订募集资金 三方监管协议的公告 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 7 月 10 日 召开第四届董事会第二十一次会议、2025 年 9 月 8 日召开第四届董事会第二十 四次会议，并于 2025 年 9 月 24 日召开公司 2025 年第四次临时股东会审议通过 了《关于公司符合向特定对象发行股票条件的议案》等相关议案，后于 2025 年 10 月 14 日召开第四届董事会第二十六次会议审议通过了《关于公司<向特定对 象发行股票预案（修订稿）>的议案》等相关议案。公司聘请国泰海通证券股份 有限公司（以下简称"国泰海通证券"）担任公司本次向特定对象发行 A 股股 票的保荐机构，根据《证券发行上市保荐业务管理办法》等相关规定，国泰海通 证券作为公司新聘请的保荐机构，将完成原保荐机构中信建投证券股份有限公司 未完成的持续督导工作。具体内容详见公司于 2025 年 1 ...