JHM(SH:603078) Zheng Quan Zhi Xing·2025-08-22 10:09Core Viewpoint - Jiangyin Jianghua Micro-Electronic Materials Co., Ltd. reported a revenue increase of 11.30% for the first half of 2025, but net profit decreased by 15.51% compared to the same period last year, indicating challenges in maintaining profitability despite revenue growth [2][17]. Company Overview and Financial Indicators - The company achieved an operating income of CNY 580.44 million in the first half of 2025, up from CNY 521.53 million in the same period last year [2]. - Total profit for the period was CNY 55.06 million, a 3.87% increase from CNY 53.01 million year-on-year [2]. - The net profit attributable to shareholders was CNY 48.07 million, down from CNY 56.89 million, reflecting a decline of 15.51% [2]. - The company’s net assets reached CNY 1.92 billion, a 1.36% increase from the previous year [2]. - The total assets amounted to CNY 2.65 billion, up 1.07% from the end of the previous year [2]. Industry Analysis - The wet electronic chemicals industry is crucial for the electronic information industry, serving as a foundational chemical material that directly impacts the yield, electrical performance, and reliability of electronic products [6][7]. - The industry is experiencing rapid growth driven by the demand from downstream sectors such as new energy, information communication, and consumer electronics [6][7]. - The market for wet electronic chemicals is projected to reach CNY 222.4 billion in 2025, with a slight decline expected due to the photovoltaic market's performance [11]. - The demand for wet chemicals in the integrated circuit, display panel, and crystalline silicon solar cell markets is expected to grow, with integrated circuits projected to reach CNY 86 billion by 2025 [11]. - The industry is characterized by high investment requirements and long product certification cycles, posing challenges for domestic companies to compete with international standards [6][7]. Business Operations - The company focuses on the research, development, production, and sales of ultra-pure reagents and photoresist supporting reagents, positioning itself as a leading player in the domestic wet electronic chemicals market [17]. - The main products include hydrogen peroxide, sulfuric acid, hydrochloric acid, and various etching and cleaning agents, which are essential for semiconductor chip, display panel, and solar cell manufacturing processes [17][20]. - The company employs a "sales-driven production" model, aligning production with customer orders to optimize operational efficiency [13][14]. - The company has established three core production bases in Jiangyin, Zhenjiang, and Sichuan, focusing on high-end electronic chemical products [17][18]. Research and Development - The company has increased its R&D investment by 24.69% year-on-year, reaching CNY 31.50 million in the first half of 2025, which constitutes 5.43% of its operating income [20]. - The company aims to enhance its product offerings through continuous innovation and collaboration with clients, focusing on high-quality and high-performance products [21][22]. - The company has achieved significant breakthroughs in key products, including the mass production of G4 grade cleaning agents and high-performance etching solutions [21].