人民财讯10月7日电，天承科技产品广泛应用于印制电路板、封装基板、半导体、显示面板等多个领 域。 在印制线路板、封装基板领域，公司与国际竞争对手并驾齐驱，产品与技术服务在行业中广受好评。尤 其在聚酰亚胺、PET树脂、ABF材料表面的金属化技术方面，公司产品性能稳定，获得了主流封装载板 厂和顶级OEM的认可。公司在半导体封装及先进制程领域的再布线层RDL、凸点Bumping、硅通孔 TSV、大马士革电镀系列产品也得到了知名封装厂的肯定，性能达到国际先进水平。顺应高性能计算和 人工智能的发展趋势，公司迅速投入玻璃基板通孔TGV金属化技术的研发，并已获得产业链的广泛认 可。同时与顶级OEM企业建立了深入合作关系，共同推动产业化进程。 公司于2023年成功研发出应用于半导体先进封装领域RDL、bumping、TSV、TGV电镀添加剂及晶圆制 造领域大马士革电镀添加剂并实现下游推广验证，2024年组建了半导体事业部并完成了集成电路专用湿 电子化学品项目建设，助力半导体领域电镀添加剂国产化进程。 未来，天承科技将始终以自主研发为根本，不断探索前沿工艺的融合发展，解决关键技术"卡脖子"问 题，努力成为高端专用功能性湿电子化 ...

Core Viewpoint - SenSong International (02155) experienced a stock price increase of over 14% following the release of its interim results, with a current price of 10.81 HKD and a trading volume of 136 million HKD. The company's revenue and profit figures showed a decline compared to the previous year, but new order growth in specific sectors was notable [1]. Financial Performance - The company reported a revenue of 2.687 billion RMB, a year-on-year decrease of 22.71% [1] - Shareholder profit stood at 338 million RMB, down 10.15% year-on-year [1] - The performance was in line with market expectations, attributed to a 9-14 month order confirmation cycle and a 23% decline in new orders signed last year, along with a 10% decrease in orders on hand [1]. Order and Market Dynamics - New signed orders in the pharmaceutical sector reached 4.372 billion RMB, representing a significant year-on-year increase of 642%, exceeding expectations [1] - Orders on hand amounted to 10.566 billion RMB, a year-on-year growth of 20.4%, marking a historical high [1]. Industry Trends - The company is advancing in high-tech industries such as AI, semiconductors, and pharmaceuticals [1] - In the pharmaceutical sector, there is a rapid increase in global capacity demand from MNCs and CXOs [1] - The AI sector is expected to see a new growth cycle in modular data centers [1] - The demand for high-end products in the wet electronic chemicals sector is driven by advancements in processes and growth in new energy requirements [1].

Core Viewpoint - SenSong International (02155) experienced a significant stock price increase of over 14% following the release of its interim results, indicating market confidence despite a decline in revenue and profit [1] Financial Performance - The company reported revenue of 2.687 billion RMB, a year-on-year decrease of 22.71% [1] - Shareholder profit was 338 million RMB, down 10.15% year-on-year [1] - The performance was in line with market expectations, attributed to a 9-14 month order confirmation cycle and a 23% decline in new orders last year, along with a 10% decrease in backlog orders [1] Order and Market Dynamics - New orders in the pharmaceutical sector reached 4.372 billion RMB, showing a remarkable year-on-year growth of 642%, exceeding expectations [1] - The backlog of orders stood at 10.566 billion RMB, reflecting a year-on-year increase of 20.4%, marking a historical high [1] Industry Trends - The company is advancing in high-tech industries such as AI, semiconductors, and pharmaceuticals [1] - In the pharmaceutical sector, there is a rapid increase in global capacity demand from MNCs and CXOs [1] - The AI sector is expected to see a new growth cycle in modular data centers [1] - The demand for high-end products in the wet electronic chemicals sector is driven by advancements in processes and growth in new energy requirements [1]

Meeting Overview - The fifth board meeting of Jiangyin Jianghua Microelectronics Materials Co., Ltd. was held on August 12, 2025, with all nine directors present, including independent directors participating via telecommunication [1]. Resolutions Passed - The board approved the 2025 semi-annual report and its summary, which will be disclosed on the Shanghai Stock Exchange [1]. - A profit distribution plan for the first half of 2025 was approved, proposing a cash dividend of 0.30 RMB per 10 shares (including tax), with no stock bonus or capital reserve transfer [2]. - The board approved the cancellation of the supervisory board and amendments to the company’s articles of association, pending shareholder meeting approval [3]. - The board approved the investment in a project to produce 37,000 tons of ultra-pure wet electronic chemicals annually, with details to be disclosed on the Shanghai Stock Exchange [5]. - The board confirmed that the company meets the conditions for a simplified procedure for issuing shares to specific investors [6]. - A proposal for a simplified share issuance plan for 2025 was approved, targeting no more than 35 specific investors, including qualified institutional investors [7]. - The issuance price will be based on the average trading price over the 20 trading days prior to the pricing date, with adjustments for any dividends or stock bonuses [8]. - The total amount to be raised from the issuance will not exceed 300 million RMB, representing no more than 20% of the company's net assets as of the end of the previous year [9]. - The board approved a three-year shareholder return plan for 2025-2027 to enhance transparency in profit distribution [15]. - A proposal to convene the first extraordinary general meeting of shareholders in 2025 was also approved [14].

Core Viewpoint - Jiangyin Jianghua Microelectronics Materials Co., Ltd. plans to issue shares to specific targets through a simplified procedure, which may dilute immediate returns and proposes measures to compensate for this dilution [1][2][4]. Financial Impact Analysis - The company estimates that the total amount raised from this issuance will not exceed 300 million yuan, with an assumed issuance price of 14.22 yuan per share and a total of 21,097,046 shares to be issued [1][5]. - The analysis of the impact on key financial indicators is based on three scenarios for the net profit attributable to the parent company for 2025: 1. Maintaining the same level as 2024 2. Increasing by 20% compared to 2024 3. Decreasing by 20% compared to 2024 [2][3]. - Under the first scenario, the basic and diluted earnings per share (EPS) are projected to decrease from 0.26 yuan to 0.25 yuan post-issuance [3]. - In the second scenario, EPS could increase to 0.31 yuan if profits rise by 20% [3]. - In the third scenario, EPS could drop to 0.20 yuan if profits decrease by 20% [3]. Business and Investment Project Relationship - The funds raised will be invested in a project to produce 37,000 tons of ultra-pure wet electronic chemicals and to supplement working capital, closely related to the company's existing business [5][9]. - The company is a leading supplier of wet electronic chemicals for the semiconductor, flat panel display, and photovoltaic solar industries, with a strong market position and technical capabilities [4][9]. Management and Operational Capacity - The company emphasizes the importance of human resources and has established a strong management, R&D, and marketing team, with a focus on talent development [6][10]. - The company has a professional R&D team of 118 members, with significant experience in the wet electronic chemicals field, and has developed internationally competitive production formulas [6][8]. Measures to Mitigate Dilution of Immediate Returns - The company plans to enhance operational management and internal controls to improve efficiency and profitability [10]. - It will implement strict management of the raised funds to ensure they are used effectively and safely [10]. - The company aims to improve its governance structure to ensure sustainable development and protect shareholder interests [11][12]. Commitment from Stakeholders - The controlling shareholder and the board of directors have made commitments to ensure the effectiveness of the measures to compensate for the dilution of immediate returns [12][13].

Core Viewpoint The company Jiangyin Jianghua Microelectronics Materials Co., Ltd. plans to issue A-shares through a simplified procedure targeting specific investors, aiming to raise up to 300 million RMB to enhance its production capacity and support the semiconductor industry. Group 1: Issuance Details - The issuance has been authorized by the 2024 annual shareholders' meeting and approved by the relevant state-owned asset supervision authority, pending approval from the Shanghai Stock Exchange and registration by the China Securities Regulatory Commission [2][25]. - The issuance will target no more than 35 specific investors, including qualified institutional investors and natural persons, with all subscriptions made in cash [2][18]. - The total amount to be raised is capped at 300 million RMB, which will be allocated entirely to specific projects after deducting issuance costs [2][23]. Group 2: Fund Utilization - The raised funds will be used for a project to produce 37,000 tons of ultra-pure wet electronic chemicals annually, with a total investment of approximately 288.83 million RMB [26][27]. - The project aims to enhance the company's capacity in high-end semiconductor materials, aligning with the growing demand in the semiconductor industry [27][29]. - The company plans to replace self-raised funds with the raised capital once it is available, ensuring that any shortfall will be covered by the company's own resources [2][23]. Group 3: Industry Context - The wet electronic chemicals industry is crucial for the semiconductor sector, which is a strategic industry for national economic development and security [13][14]. - The domestic semiconductor market has seen significant growth, with sales increasing from 560.95 billion RMB in 2015 to 1,624.88 billion RMB in 2023, reflecting a compound annual growth rate of 14.22% [14]. - The company is positioned to capitalize on the trend of domestic production of high-end wet electronic chemicals, aiming to reduce reliance on foreign suppliers and enhance local supply chains [32][31].

Core Viewpoint - Jiangyin Jianghua Microelectronics Materials Co., Ltd. is planning to issue A-shares to specific investors to enhance its capital strength and profitability, driven by the growing demand for wet electronic chemicals in various high-tech industries [1][6][8]. Group 1: Background and Purpose of the Issuance - The issuance aims to meet the funding needs for business development and to strengthen the company's capital structure [1][6]. - Wet electronic chemicals are essential for manufacturing processes in sectors such as new energy, modern communication, and advanced display technologies, highlighting their strategic importance in the national economy [2][3]. - The Chinese government has implemented multiple policies to support the wet electronic chemicals industry, recognizing its role in technological innovation and international competitiveness [2][3]. Group 2: Industry Growth and Market Potential - The semiconductor industry, a core component of the electronic information high-tech sector, has seen significant growth, with sales increasing from 560.95 billion yuan in 2015 to 1,624.88 billion yuan in 2023, representing a compound annual growth rate of 14.22% [3][4]. - The domestic market for wet electronic chemicals is expected to expand as the semiconductor industry continues to develop, creating opportunities for local companies to meet the increasing demand for high-purity products [4][5]. Group 3: Company Position and Strategy - Jianghua Micro is a leading player in the wet electronic chemicals sector, focusing on the research, production, and sales of ultra-pure reagents and photolithography supporting agents [5][6]. - The company has developed a complete set of production processes and has the capability for large-scale production of SEMI G2-G5 grade products, positioning itself well to capitalize on market opportunities [5][6]. - The issuance of shares will facilitate the expansion of the company's product line and production capacity, enabling it to better compete in the market and achieve its vision of becoming a world-class provider of wet electronic chemicals [6][8]. Group 4: Financial Aspects of the Issuance - The company plans to raise up to 300 million yuan through this issuance, which will be used for a project to produce 37,000 tons of ultra-high-purity wet electronic chemicals and to supplement working capital [7][8]. - Equity financing is preferred over bank loans due to its lower financial costs and better alignment with the company's long-term strategic goals, helping to optimize the capital structure and reduce financial risk [8][9]. Group 5: Compliance and Fairness of the Issuance - The issuance complies with relevant laws and regulations, including the Company Law and Securities Law, ensuring that the process is fair and transparent for all shareholders [12][15]. - The selection of issuance targets will be limited to qualified institutional investors, ensuring that the process adheres to regulatory standards [9][10].

Core 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].

Core Viewpoint - The report outlines the ongoing supervision and compliance of Hubei Xingfu Electronic Materials Co., Ltd. during its initial public offering and listing on the Sci-Tech Innovation Board, emphasizing the importance of adherence to regulations and the establishment of effective governance and internal control systems. Supervision Work Status - The sponsoring institution has established a comprehensive supervision system and developed specific work plans for ongoing supervision [1][2] - A sponsorship agreement has been signed with Xingfu Electronic, detailing the rights and obligations during the supervision period [1] - The institution has conducted regular communication, site visits, and due diligence to understand the business situation of Xingfu Electronic [2][3] Compliance and Governance - The institution has ensured that Xingfu Electronic and its management comply with laws, regulations, and the rules set by the Shanghai Stock Exchange [2][3] - The company has been urged to establish and effectively implement corporate governance and internal control systems [3][4] Financial Performance - For the first half of 2025, the company reported a significant increase in operating income to approximately 672.48 million yuan, a 31.43% increase from the previous year [12] - The net profit attributable to shareholders reached approximately 104.41 million yuan, reflecting a 22.37% increase [12] - The company's total assets amounted to approximately 4.08 billion yuan, a 36.41% increase year-on-year [12] Research and Development - The company has increased its R&D expenditure, which accounted for 5.83% of operating income, up from 5.52% the previous year [17] - The company holds 151 authorized intellectual property rights, including 12 invention patents, indicating a strong focus on innovation [17] Industry Context - The wet electronic chemical materials industry is characterized by rapid technological advancements and intense competition for skilled talent [6][10] - The company's products are critical in the manufacturing processes of integrated circuits and display panels, making it essential to maintain high quality and compliance with strict customer requirements [6][10] Risk Factors - The company faces risks related to core competitiveness, operational quality, and compliance with environmental regulations, which could impact its market position and financial performance [5][6][7][10] - Fluctuations in raw material prices, particularly yellow phosphorus, can significantly affect production costs and profit margins [10][11]

Core Insights - Company achieved a revenue of 672 million yuan, a year-on-year increase of 31.43%, and a net profit of 104 million yuan, up 22.37% year-on-year [1][2] - The company maintains a strong focus on technological innovation, which underpins the robust growth in sales of its core products [1][2] Financial Performance - Revenue from the integrated circuit sector accounted for 86.92% of the company's main business income [2] - General wet electronic chemicals sales volume reached 71,400 tons, a year-on-year increase of 53.35%, with sales revenue of 454 million yuan, up 38.84% [2] - Functional wet electronic chemicals sales volume was 4,100 tons, a year-on-year increase of 18.43%, with sales revenue of 93 million yuan, up 10.95% [2] - The company's gross profit margin was 26.58%, down 1.56 percentage points from the previous year [3] Market Position and Opportunities - The company is well-positioned in the semiconductor manufacturing market, which includes major clients like TSMC and SK Hynix [4] - The global semiconductor industry recovery and accelerated domestic substitution in integrated circuits present favorable development opportunities for wet electronic chemical companies [3] Research and Development - The company invested 39.24 million yuan in R&D, a year-on-year increase of 38.91%, representing 5.83% of sales revenue [4] - The company has developed 74 new R&D projects, with 35 products successfully tested by advanced process clients and 8 products transitioning to the sales stage [4] - The company has obtained a total of 151 authorized intellectual properties, including 19 new patents during the reporting period [4] Expansion Projects - The company is advancing several projects, including a 15,000 tons/year electronic-grade phosphoric acid recycling project and a 30,000 tons/year electronic-grade hydrogen peroxide expansion project [5] - These projects aim to diversify the company's product offerings and strengthen its leading position in the wet electronic chemical business [5]