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晶瑞电材: 2025年半年度报告

Core Viewpoint - The report highlights the significant growth in revenue and net profit for Jingrui Electronic Materials Co., Ltd. in the first half of 2025, driven by strong demand in the semiconductor and new energy sectors, alongside the company's strategic positioning in high-purity chemical products and photolithography materials [1][3][17]. Financial Performance - The company's operating revenue for the first half of 2025 reached approximately 767.94 million yuan, representing a year-on-year increase of 10.68% [3][17]. - The net profit attributable to shareholders was approximately 69.75 million yuan, a substantial increase of 1,501.66% compared to a loss in the same period last year [3][17]. - The basic earnings per share rose to 0.0658 yuan, compared to a loss of 0.0048 yuan in the previous year [3][17]. Business Overview - Jingrui is a leading domestic electronic materials company focusing on semiconductor and new energy applications, providing products for various processes including photolithography, etching, and cleaning [3][17]. - The company has established itself as a key supplier of high-purity wet chemicals and photolithography materials, serving over twenty major semiconductor manufacturers in China [19][20]. Product and Market Development - The high-purity wet chemicals segment achieved revenue of approximately 450.72 million yuan, with a year-on-year growth of 22.49%, driven by increased sales of high-purity hydrogen peroxide and sulfuric acid [17][18]. - The photolithography products generated revenue of approximately 105.87 million yuan, reflecting a year-on-year increase of 12.36%, supported by the recovery of downstream industries and accelerated domestic substitution [17][18]. - The lithium battery materials segment saw a revenue decline of 15.71%, primarily due to a drop in the price of NMP, a key product [17][18]. Industry Trends - The global semiconductor market is projected to reach a size of approximately 700.9 billion USD in 2025, with a year-on-year growth of 11.2% [6][7]. - The Chinese semiconductor market is recovering, with a significant increase in both production and imports of integrated circuits, indicating a robust demand for semiconductor materials [8][9]. - The demand for wet electronic chemicals in China is expected to grow, with a projected market size of 222.4 billion yuan in 2025, despite a slight decline from the previous year [9][10]. Competitive Position - The company holds a competitive edge in the domestic market with its advanced technology and large-scale production capabilities, particularly in high-purity chemicals and photolithography materials [19][20]. - Jingrui's products have achieved significant market penetration, with high-purity hydrogen peroxide becoming the leading supplier in China, capturing over 40% market share [19][20].