Core Viewpoint - Kema Technology forecasts a revenue of 1.06 billion to 1.08 billion yuan for 2025, representing a year-on-year growth of 23.63% to 25.96%, while net profit is expected to range from 286.1 million to 335.85 million yuan, with a year-on-year change of -8.00% to 8.00% [2] Revenue Summary - The growth in revenue is attributed to the large-scale production and delivery of the core product, the "function-structure" modular product [3] - The company has completed the relocation of its ceramic heater production line and is enhancing related facilities to gradually release production capacity within the year [3] - The ceramic heaters are primarily supplied to domestic semiconductor wafer manufacturers and mainstream equipment manufacturers, with some products already in mass production for wafer film deposition processes [3] Profit Summary - The lower growth rate of net profit compared to revenue is due to changes in the revenue structure, driven by strong market demand for ceramic structural components, which have a lower gross margin than modular products [4] - The overall gross margin for 2025 is expected to decline compared to 2024 due to the increased revenue share of lower-margin ceramic structural components [4] - The company is increasing R&D investment to ensure delivery capabilities and strengthen market competitiveness, including new R&D projects and the acquisition of Suzhou Kaixin Semiconductor Technology Co., Ltd. [4] Stock Performance - Kema Technology's stock price fell by 10.97% on January 26, 2026, closing at 123.22 yuan per share, with a market capitalization of approximately 53.72 billion yuan [4] - The stock price increased by 179.0% over the 40 trading days from November 24, 2025, to January 20, 2026 [4]

Group 1 - The core point of the article is that Kema Technology (301611) has released its performance forecast for the year 2025, expecting a net profit of between 286 million yuan and 336 million yuan, indicating a year-on-year change of -8.00% to 8.00% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 285 million yuan and 334 million yuan, with a year-on-year change of -6.92% to 9.35% [1]

Group 1 - The company Kema Technology (301611.SZ) has disclosed its performance forecast for the year 2025, expecting a net profit attributable to shareholders of between 286 million yuan and 336 million yuan [1] - The net profit after deducting non-recurring gains and losses is anticipated to be between 285 million yuan and 334 million yuan [1]

Core Viewpoint - Kema Technology (301611.SZ) expects a net profit attributable to shareholders of 286.10 million yuan to 335.85 million yuan in 2025, reflecting a year-on-year change of -8.00% to 8.00% [1] Group 1: Financial Performance - The net profit excluding non-recurring gains and losses is projected to be 284.60 million yuan to 334.35 million yuan, with a year-on-year change of -6.92% to 9.35% [1] Group 2: Revenue Structure - The company's revenue structure is changing, driven by strong market demand for ceramic structural components in the semiconductor sector, leading to a higher growth rate for these products compared to "functional-structural" modular products [1] - As a result, the proportion of revenue from ceramic structural components is expected to increase compared to the same period in 2024 [1] Group 3: Profitability - Due to the lower gross margin of ceramic structural components compared to modular products, the overall gross margin of the company is expected to decline in 2025 compared to the same period in 2024 [1] Group 4: Research and Development Investment - To ensure delivery capabilities and strengthen market competitiveness, the company plans to increase R&D investment in 2025 [1] - The company is focusing on strategic development needs by initiating multiple new R&D projects and expanding the R&D team [1] - Starting from the second half of 2025, the company will acquire Suzhou Kaixin Semiconductor Technology Co., integrating its R&D resources and investments to further enhance overall R&D expenses [1]

珂玛科技公告，预计2025年度净利润为2.86亿元至3.36亿元，同比下降8.00%至增长8.00%。预计营业收 入为10.6亿元至10.8亿元，较上年同期增长23.63%至25.96%。 ...

Revenue Projections - The company's projected revenue for 2025 is between CNY 1,060 million and CNY 1,080 million, representing a year-on-year growth of 23.63% to 25.96% compared to CNY 857.38 million in the previous year[4]. - The sales revenue from domestic and international semiconductor equipment manufacturers is expected to continue growing in 2025 compared to the same period in 2024[6]. Profit Expectations - The net profit attributable to shareholders is expected to be between CNY 286.1 million and CNY 335.85 million, showing a change of -8.00% to 8.00% compared to CNY 310.97 million in the previous year[4]. - The net profit after deducting non-recurring gains and losses is projected to be between CNY 284.6 million and CNY 334.35 million, reflecting a change of -6.92% to 9.35% compared to CNY 305.75 million in the previous year[4]. Revenue Drivers - The increase in revenue is primarily driven by the mass production and delivery of the core product, the "functional-structural" modular product, and the recovery of the global semiconductor equipment market[6]. Gross Margin Outlook - The overall gross margin is expected to decline in 2025 due to a shift in revenue structure, with higher growth in lower-margin ceramic structural components compared to modular products[6]. R&D Investments - The company plans to increase R&D investment in 2025, including the acquisition of Suzhou Kaixin Semiconductor Technology Co., Ltd., to enhance its R&D capabilities[7]. - The company has initiated multiple new R&D projects and expanded its R&D team to align with strategic development needs[7]. Financial Data and Compliance - The financial data provided is preliminary and subject to final confirmation in the official 2025 annual report[8]. - The company emphasizes compliance with legal regulations for timely information disclosure to mitigate investment risks[8].

股票简称：珂玛科技 股票代码：301611 苏州珂玛材料科技股份有限公司 Suzhou Kematek, Inc. 向不特定对象发行可转换公司债券 募集说明书 苏州珂玛材料科技股份有限公司 向不特定对象发行可转换公司债券募集说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请文件及 所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投 资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发行人自 行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承担证券依法发 行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 任何投资者一经通过认购、交易、受让、继承或者其他合法方式持有本次债券，即 视作同意《受托管理协议》《债券持有人会议规则》及本募集说明书中其他有关发行人、 债券持有人、债券受托管理人等主体权利义务的相关约定，并同意委托中信证券股份有 限公司担任受托管理人。 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 ...

保荐人（主承销商） 关于 中信证券股份有限公司 苏州珂玛材料科技股份有限公司 向不特定对象发行可转换公司债券 之 上市保荐书 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二六年一月 | 声 | 明 2 | | --- | --- | | 第一节 | 本次证券发行基本情况 3 | | 第二节 | 保荐人承诺事项 27 | | 第三节 | 保荐人对本次证券发行上市的保荐结论 29 | | 第四节 | 对公司持续督导期间的工作安排 30 | 苏州珂玛材料科技股份有限公司 向不特定对象发行可转换公司债券之上市保荐书 声 明 中信证券股份有限公司（以下简称"中信证券"、"保荐人"或"保荐机构"）接 受苏州珂玛材料科技股份有限公司（以下简称"珂玛科技"、"发行人"或"公司"） 的委托，担任其向不特定对象发行可转换公司债券的保荐人。 中信证券股份有限公司及保荐代表人根据《公司法》《证券法》等有关法律、法规、 中国证监会及深圳证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制订的 业务规则、行业执业规范和道德准则出具上市保荐书，并保证所出具文件的真实性、准 确性、完整性。 在本上市保荐书中，除上下文 ...

中信证券股份有限公司 向不特定对象发行可转换公司债券 之 发行保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路8号卓越时代广场（二期）北座 二〇二六年一月 关于 苏州珂玛材料科技股份有限公司 苏州珂玛材料科技股份有限公司 向不特定对象发行可转换公司债券之发行保荐书 声 明 本保荐人及保荐代表人根据《公司法》《证券法》《上市公司证券发行注 册管理办法》《深圳证券交易所创业板股票上市规则》《证券发行上市保荐业 务管理办法》《深圳证券交易所上市公司证券发行与承销业务实施细则》等有 关法律、行政法规和中国证券监督管理委员会、深圳证券交易所的规定，诚实 守信，勤勉尽责，严格按照依法制订的业务规则和行业自律规范出具发行保荐 书，并保证所出具文件真实、准确、完整。 如无特别说明，本发行保荐书中的简称与《苏州珂玛材料科技股份有限公 司向不特定对象发行可转换公司债券募集说明书》中简称具有相同含义。 3-1-1 | 目 第一节 | 录 本次证券发行基本情况 | 2 3 | | --- | --- | --- | | 第二节 | 保荐人承诺事项 | | | | | 8 | | 第三节 | 对本次证券发行的推荐意见 | 9 | ...

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 向不特定对象发行可转换公司债券之 补充法律意见书（一） 致：苏州珂玛材料科技股份有限公司 敬启者： 根据苏州珂玛材料科技股份有限公司（以下简称"发行人"）的委托，上海市通力 律师事务所（以下简称"本所"）指派张征轶律师、韩政律师、马宇曈律师（以下简称 "本所律师"）作为发行人向不特定对象发行可转换公司债券（以下简称"本次发行"） 的专项法律顾问，已出具了《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 司向不特定对象发行可转换公司债券之法律意见书》（以下简称"法律意见书"）、《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向不特定对象发行可转换公司 债券之律师工作报告》（以下简称"律师工作报告"）（上述法律意见书、律师工作报告 合称"已出具法律意见"）。 鉴于发行人于 2025 年 10 月 30 日公告了《苏州珂玛材料科技股份有限公司 2025 年 第三季度报告》（以下简称"《2025 年第三季度报告》"），本所现根据前述《2025 年第三 季度报告》以及发行人提供的有关事实材料，并根据深圳证券交易所审核函 [2025]020074 号《关 ...