Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to achieve a revenue of 5.15-5.25 billion yuan in H1 2025, representing a year-on-year growth of 33.93%-36.53%, with a midpoint of 5.2 billion yuan, indicating a growth of 35.23% [4] - The net profit attributable to the parent company is projected to be 1.65-1.75 billion yuan, showing a year-on-year increase of 18.59%-25.77%, with a midpoint of 1.7 billion yuan, reflecting a growth of 22.18% [4] - The company is increasing its R&D investment, which has led to a lower growth rate in net profit compared to revenue growth [5] Summary by Sections Recent Performance - In Q2 2025, the company expects to achieve a revenue of 2.67-2.77 billion yuan, a year-on-year increase of 19.33%-23.80%, with a midpoint of 2.72 billion yuan, indicating a growth of 21.57% [4] - The net profit for Q2 2025 is anticipated to be 0.78-0.88 billion yuan, a year-on-year decrease of 0.90%-12.18%, with a midpoint of 0.83 billion yuan, reflecting a decline of 6.54% [4] Capacity and Product Development - The company is gradually enhancing its ceramic heater production capacity, with significant revenue growth from both domestic and international semiconductor equipment manufacturers [5] - The company is focusing on modular products and has begun mass production of new products, contributing to revenue [5] Financial Projections - Revenue projections for 2025-2027 are 11.50 billion, 14.65 billion, and 18.19 billion yuan, respectively [5] - Expected net profits for the same period are 4.26 billion, 5.32 billion, and 6.58 billion yuan, respectively [5] - The current price-to-earnings (P/E) ratios are projected to be 53, 43, and 34 times for 2025, 2026, and 2027, respectively [5]

Group 1 - Tiande Yu achieved a net profit of 1.52 billion yuan in the first half of 2025, a year-on-year increase of 50.89% [1] - Tiande Yu's operating income for the same period was 12.08 billion yuan, reflecting a growth of 43.35% year-on-year [1] - Fule New Materials plans to reduce its shareholding by up to 1.33%, amounting to 376.25 million shares, due to personal funding needs [1] - Jindi Co. signed an industrial project investment contract with a total investment of no less than 1.5 billion yuan [1] Group 2 - Tuo Xin Pharmaceutical intends to invest 10 million yuan in Jiangsu Jinsan Biotechnology, acquiring a 1.75% stake [1] - Pinming Technology expects a net profit of 28 million to 34 million yuan for the first half of 2025, a year-on-year increase of 231.79% to 302.89% [4] - Shuanglin Co. anticipates a net profit of 251 million to 310 million yuan, representing a growth of 1% to 25% year-on-year [7] Group 3 - Kangxino received approval for clinical trials of its trivalent poliovirus vaccine [8] - Bailian Co. signed a land storage compensation contract worth approximately 2 billion yuan [9] - Wukuang Development plans to issue short-term financing bonds and medium-term notes totaling up to 2 billion yuan each [10] Group 4 - Hengxin Life intends to invest 10 million yuan in a targeted equity investment [12] - Hengyin Technology expects a net profit of 13.5 million to 16.2 million yuan, marking a turnaround from losses [14] - *ST Jinglun anticipates a net loss of 19 million to 22 million yuan for the first half of 2025 [15] Group 5 - Baiyun Electric won a bid for a State Grid project worth 164 million yuan [16] - Zhejiang Energy completed a power generation of 788.48 billion kWh in the first half of 2025, a year-on-year increase of 4.48% [17] - Sheneng Co. reported a power generation of 259.51 billion kWh, a decrease of 1.7% year-on-year [19] Group 6 - Hengerd signed a strategic cooperation framework agreement with Tiangong International [21] - Baotai's application for the listing of Golimumab injection has been accepted by the FDA [23] - Yishitong received a government subsidy of 2 million yuan [24] Group 7 - Jinggong Steel signed a contract worth approximately 550 million yuan for the Jeddah Stadium project in Saudi Arabia [26] - Zhongwang Software received a government subsidy of 28 million yuan [27] - Rongxin Culture used idle funds of 100 million yuan to purchase financial products [29] Group 8 - Lingxiao Pump Industry invested 80 million yuan in financial products [31] - China Pacific Insurance reported a total original insurance premium income of 282 billion yuan from its subsidiaries [32] - Kema Technology expects a net profit of 165 million to 175 million yuan, a year-on-year increase of 18.59% to 25.77% [32] Group 9 - Qujiang Cultural Tourism anticipates a net loss of approximately 13 million to 16.9 million yuan [32] - Daoshi Technology expects a net profit of 220 million to 238 million yuan, a year-on-year increase of 98.77% to 115.03% [32] - Baicheng Medicine forecasts a net profit decline of 95.53% to 100% [33] Group 10 - Bertley plans to invest 198 million yuan to establish a partnership for investments in emerging fields [34] - China Merchants Highway announced the resignation of its chairman due to reaching retirement age [35] - Overseas Chinese Town A reported a 29% decrease in contract sales amount in June [36]

Performance Forecast - The company forecasts a revenue of 384.525 million yuan for the current reporting period, representing a year-on-year growth of 33.93% to 36.53% [1] - The net profit attributable to shareholders is expected to be between 165 million yuan and 175 million yuan, an increase of 18.59% to 25.77% compared to the previous year [1] - The net profit after deducting non-recurring gains and losses is projected to be between 163.5 million yuan and 174.5 million yuan, reflecting a growth of 19.88% to 27.94% year-on-year [1] Reasons for Performance Change - The primary reason for the performance increase is the gradual relocation of production lines to a new advanced materials production base, leading to enhanced capacity and production of ceramic heaters for domestic semiconductor wafer manufacturers and mainstream semiconductor equipment manufacturers [1] - The demand from a complete semiconductor industry cluster has significantly increased, driving continuous growth in sales revenue of advanced ceramic material components in the semiconductor sector [1] - The company is actively developing new material systems and expanding material application technologies to maintain a technological edge, with ongoing R&D focused on "structure-function" modular products [1]

金十数据7月15日讯，珂玛科技公告，预计2025年上半年营业收入5.15亿元-5.25亿元，同比增长 33.93%-36.53%；净利润1.65亿元-1.75亿元，同比增长18.59%-25.77%。业绩增长主要源于公司核心产品 大规模量产，产能提升，以及全球半导体设备市场复苏和国产替代背景下，公司销售收入规模持续增 长。 珂玛科技：预计2025年上半年净利润同比增长18.59%-25.77% ...

[Current Period Performance Forecast](index=1&type=section&id=Item%20I.%20Current%20Period%20Performance%20Forecast%20Overview) The company anticipates a significant year-on-year increase in its 2025 first-half operating revenue and net profit attributable to shareholders - The performance forecast covers the period from January 1, 2025, to June 30, 2025[3](index=3&type=chunk) Performance Forecast Summary (2025H1 Estimated vs. 2024H1) | Item | Current Period (2025H1 Estimated) (million CNY) | Prior Period (2024H1) (million CNY) | | :--- | :--- | :--- | | **Operating Revenue** | 515.00 - 525.00 | 384.525 | | Year-on-Year Growth | 33.93% - 36.53% | - | | **Net Profit Attributable to Shareholders** | 165.00 - 175.00 | 139.1398 | | Year-on-Year Growth | 18.59% - 25.77% | - | | **Net Profit After Non-Recurring Items** | 163.50 - 174.50 | 136.3894 | | Year-on-Year Growth | 19.88% - 27.94% | - | [Communication with Accounting Firm](index=1&type=section&id=Item%20II.%20Communication%20with%20Accounting%20Firm) This performance forecast represents preliminary estimates by the company's finance department and remains unaudited by an accounting firm - This performance forecast is a preliminary estimate by the company's finance department and has not been audited by an accounting firm[5](index=5&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=Item%20III.%20Explanation%20of%20Performance%20Changes) Performance growth is driven by mass production of core products, semiconductor market recovery, and domestic substitution, while significant R&D investments temper net profit growth relative to revenue - Core 'function-structure' integrated modular products, such as ceramic heaters, have entered mass production, with capacity gradually increasing due to new plant relocation and equipment additions, now applied in domestic semiconductor wafer manufacturers' thin-film deposition processes[6](index=6&type=chunk) - Benefiting from the global semiconductor equipment market recovery and domestic substitution trends, the company's product sales revenue from major domestic and leading international semiconductor equipment manufacturers significantly increased year-on-year[7](index=7&type=chunk) - The company continues to increase R&D investment to develop new material systems, leading to net profit growth lagging behind revenue growth. Concurrently, new products like electrostatic chucks and ultra-high purity silicon carbide kits have gradually entered mass production and are contributing to revenue[7](index=7&type=chunk) [Other Relevant Information](index=2&type=section&id=Item%20IV.%20Other%20Relevant%20Information) The company advises investors that this performance forecast is preliminary, with final financial data subject to the officially disclosed 2025 semi-annual report - The company reminds investors that this performance forecast is a preliminary estimate, and specific financial data will be based on the company's officially disclosed 2025 semi-annual report; investors are advised to make cautious decisions and be aware of investment risks[8](index=8&type=chunk) [Reference Documents](index=2&type=section&id=Item%20V.%20Reference%20Documents) The board of directors' explanation for this performance forecast is available as a reference document - The board of directors' explanation regarding this period's performance forecast is available as a reference document[9](index=9&type=chunk)

Summary of Key Points Core Viewpoint - The report highlights a significant decline in the number of shareholders for many companies listed on the ChiNext board, indicating a trend of shareholder concentration and potential market implications for these stocks [1][2][3]. Group 1: Shareholder Changes - A total of 209 ChiNext stocks reported their latest shareholder numbers as of June 20, with 126 stocks experiencing a decline in shareholder count compared to June 10, and 11 of these stocks seeing a decrease of over 10% [1]. - The stock with the largest decline in shareholder count is Jieya Co., with a decrease of 22.08% to 8,867 shareholders, and a cumulative drop of 13.97% in stock price since the concentration began [1]. - Other notable declines include Boyuan Co. (20.64% decrease) and Qide New Materials (18.75% decrease) [1][2]. Group 2: Market Performance - Among the concentrated stocks, the average price increase since June 11 is 0.31%, with top performers including Haitai Technology (25.88% increase), Hengshuai Co. (20.28% increase), and Boshuo Technology (18.98% increase) [2]. - The industries with the most concentrated stocks include machinery, electrical equipment, and computers, with 18, 12, and 11 stocks respectively [2]. Group 3: Leverage and Funding - As of June 24, 33 concentrated stocks have attracted leveraged funds, with notable increases in financing balances for Zhongying Electronics (88.68%), Haitai Technology (69.45%), and Qide New Materials (63.07%) [2]. Group 4: Continuous Decline in Shareholder Numbers - Companies like Zhongjian Huaneng and Kema Technology have seen continuous declines in shareholder numbers for 15 and 10 periods respectively, with cumulative declines of 20.86% and 23.30% [2][3]. - The report indicates that 38 ChiNext stocks have shown a continuous decline in shareholder numbers for more than three periods, with some stocks experiencing declines for up to 15 periods [1].

Core Viewpoint - Kema Technology (301611) has experienced a decline in stock price, closing at 53.52 yuan as of May 23, 2025, down 2.76% from the previous week, with a total market capitalization of 23.335 billion yuan [1] Shareholder Changes - As of May 20, 2025, the number of shareholders for Kema Technology is 22,200, a decrease of 292 from May 9, representing a reduction of 1.3% [3] Company Announcements - Kema Technology announced a cash dividend distribution for the 2024 fiscal year, with a payout of 1.00 yuan per 10 shares, totaling 43.6 million yuan [1][3]

Group 1 - The company Suzhou Kema Material Technology Co., Ltd. has announced a cash dividend distribution plan for the year 2024, approved during the shareholders' meeting held on May 12, 2025 [1] - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares, totaling RMB 43,600,000.00, based on the current total share capital of 436,000,000 shares [1][2] - The distribution will not include capital reserve transfers or stock dividends, with remaining undistributed profits reserved for future distribution [1] Group 2 - The cash dividend distribution will be subject to different tax rates for various categories of shareholders, with specific provisions for Hong Kong investors and domestic investors [1] - The record date for the dividend distribution is set for May 26, 2025, and the ex-dividend date is May 27, 2025 [1][2] - The distribution will be directly credited to the shareholders' accounts through their respective securities companies or custodians [2]

证券代码：301611 证券简称：珂玛科技 公告编号：2025-030 苏州珂玛材料科技股份有限公司 2024 年年度权益分派实施公告 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。 苏州珂玛材料科技股份有限公司（以下简称"公司"）已于 2025 年 5 月 12 日召 开 2024 年度股东大会，表决通过了《关于 2024 年度利润分配方案的议案》，现将权 益分派实施事宜公告如下： 一、 股东大会审议通过的权益分派方案等情况 1、根据 2024年度股东大会表决通过的《关于 2024年度利润分配方案的议案》， 公司拟以现有总股本 436,000,000股为基数，向全体股东每 10股派发现金人民币 1.00 元（含税），合计派发现金红利人民币 43,600,000.00 元（含税）。本次分配不实施资 本公积转增股本、不分红股，剩余未分配利润留待后续分配。若董事会审议上述利 润分配预案后至权益分派实施确定的股权登记日前上述股本基数发生变化，公司拟 维持每股分配比例不变，相应调整现金分红总额。 2、公司股本总额自分配方案披露至实施期间未发生变化。 3、公司本次实施的 ...

上海市通力律师事务所 关于苏州珂玛材料科技股份有限公司 2024 年度股东大会的法律意见书 本所及本所律师依据法律法规及本法律意见出具日以前已经发生或者存在的事实, 严 格履行了法定职责, 遵循了勤勉尽责和诚实信用原则, 进行了充分的核查验证, 保证本法律 意见所认定的事实真实、准确、完整, 所发表的结论性意见合法、准确, 不存在虚假记载、 误导性陈述或者重大遗漏, 并承担相应法律责任。 24SH7201012/WM/kw/cm/D3 1 致: 苏州珂玛材料科技股份有限公司 上海市通力律师事务所(以下简称"本所")接受苏州珂玛材料科技股份有限公司(以下 简称"公司")的委托, 指派本所马宇曈律师、张雪林律师(以下简称"本所律师")根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司股东大会规则》等法律法规和 规范性文件(以下统称"法律法规")及《苏州珂玛材料科技股份有限公司章程》(以下简称 "公司章程")的规定就公司 2024 年度股东大会(以下简称"本次股东大会")相关事宜出 具法律意见。 本所律师已经对公司提供的与本次股东大会有关的法律文件及其他文件、资料予以了核 查、验证。在进行核查验证过程 ...