题材炒作面临业绩验证，晶华新材跌停回应估值狂欢

Core Viewpoint - The rapid increase in stock valuation of Jinghua New Materials has been validated by its mid-year performance report, revealing a divergence between revenue growth and declining net profit, raising concerns about the sustainability of its high valuation amid new business developments [1][2]. Financial Performance - In the first half of the year, Jinghua New Materials achieved operating revenue of 947 million yuan, a year-on-year increase of 10.53%, while net profit attributable to shareholders was 37.67 million yuan, a decrease of 7.3% [2]. - The company's net cash flow from operating activities was 25.13 million yuan, down 63.59% year-on-year [2]. - In Q2, the company reported operating revenue of 508 million yuan, with a year-on-year growth of 8.75% and a quarter-on-quarter increase of 16.1% [2]. - The sales profit margin for Q2 was 3.9%, marking a decrease of 0.53 percentage points from Q1, the second-lowest level since Q3 2023 [3]. Cost Structure - Sales expenses increased significantly, reaching 27.97 million yuan, a year-on-year rise of 62.2%, which outpaced revenue growth [3]. - Management and financial expenses decreased by a total of 5.85 million yuan, indicating a net increase in total expenses of 5.86 million yuan [3]. Market Position and Competitive Landscape - Jinghua New Materials operates in a highly fragmented adhesive industry, facing significant competition from international players like 3M and Delo, particularly in the high-end market [2]. - The company’s main revenue sources are industrial and electronic adhesives, projected to account for 54% and 26% of revenue, respectively, in 2024 [2]. New Business Ventures - The company has established a new subsidiary, Beijing Jingzhigan New Materials Co., Ltd., focusing on multi-modal flexible sensors for applications in robotics and new energy vehicles [5][6]. - Despite the promising market for solid-state batteries and robotics, the new business segments are still in the product development and market exploration phases, with no revenue contribution yet [6]. Stock Performance and Investor Sentiment - Jinghua New Materials' stock price surged approximately 140% in the first seven months of the year, driven by market speculation around its new ventures in solid-state batteries and robotics [4][5]. - The company’s executives have initiated a share reduction plan, indicating potential concerns about stock valuation sustainability amid performance challenges [4].