Core Viewpoint - CCL (Copper Clad Laminate) is experiencing a price surge, with major manufacturers like 建滔积层板 issuing price increase notices, followed by second-tier companies such as 宏瑞兴 and 威利邦 [1] Group 1: Price Increases and Market Dynamics - 建滔积层板 announced a price increase of 10 yuan per sheet for products like CEM-1/22F/V0/HB/FR-4 starting August 15 [1] - 威利邦 and 宏瑞兴 also followed suit, with 威利邦 raising prices by 5 yuan per sheet due to rising copper prices, and 宏瑞兴 increasing prices by 10 yuan for various copper-clad laminates [1] Group 2: CCL and PCB Cost Structure - CCL is a core material for PCBs, accounting for 30% of the total PCB cost, with overall raw material costs making up 60% of PCB expenses [2] - The cost structure of CCL includes significant contributions from copper foil (42.1%), resin (26.1%), and fiberglass (19.1%) [3] Group 3: Demand Drivers and Supply Constraints - The rapid development of AI technology is driving strong demand for AI servers, which in turn boosts PCB demand [4] - The PCB industry is experiencing simultaneous increases in volume and price, leading to supply shortages in high-end materials such as LowDk electronic cloth and HVLP copper foil [5] Group 4: Key Material Suppliers - Recommended companies for AIPCB upstream materials include: - Electronic Cloth: 宏和科技 and 中材科技 [8] - Copper Foil: 铜冠铜箔, 德福科技, 隆扬电子, 嘉元科技, and 方邦股份 [8] - Electronic Resins: 东材科技, 圣泉集团, 宏昌电子, and 同宇新材 [8] - Functional Fillers: 联瑞新材 [8] - PCB-specific Electronic Chemicals: 天承科技 [9] - Copper Balls/Oxidized Copper Powder: 江南新材 [9]

Financial Performance - Company reported total revenue of 537 million yuan for the first half of 2025, an increase of 73.79% year-on-year [1] - Net profit attributable to shareholders reached 193 million yuan, up 86.38% year-on-year [1] - In Q2 2025, total revenue was 281 million yuan, a year-on-year increase of 59.95%, with net profit of 106 million yuan, up 69.93% [1] - Gross margin stood at 55.62%, a decrease of 0.61% year-on-year, while net margin increased by 7.25% to 35.98% [1] - Total operating expenses were 44.23 million yuan, accounting for 8.24% of revenue, down 37.61% year-on-year [1] - Earnings per share increased by 85.0% to 0.74 yuan, and operating cash flow per share rose by 88.31% to 0.77 yuan [1] Accounts Receivable - Company has a significant accounts receivable balance, with accounts receivable amounting to 99.05% of net profit [1][3] Business Model and Capital Efficiency - Company’s return on invested capital (ROIC) was 14.33% last year, indicating strong capital returns [2] - Historical median ROIC since listing is 16.87%, with the lowest ROIC recorded in 2023 at 11.52% [2] - Business performance is heavily reliant on capital expenditures, necessitating careful evaluation of capital projects [2] Fund Holdings - Major funds holding the company’s shares include Southern Economic Outlook Mixed A and Southern Potential New Blue Chip Mixed A, both newly entering the top ten holdings [4] - The largest fund, Southern Economic Outlook Mixed A, has a scale of 731 million yuan and has seen a 55.9% increase in the past year [4] Product Overview - Company specializes in functional electronic materials and high-performance optical materials, used in consumer electronics, automotive electronics, and medical electronics [5] - Upcoming product line includes functional adhesives with properties such as high adhesion, sealing, and optical characteristics [5]

Group 1 - Yunnan Hanfang Kunyue Electronic Materials Co., Ltd. has been established with a registered capital of 50 million RMB [1] - The legal representative of the company is Zhou Ding [1] - The company's business scope includes manufacturing electronic special materials, synthetic materials, non-metallic mineral products, special ceramic products, and power electronic components [1] Group 2 - The company is also involved in the research and development of new materials technology and electronic special materials [1] - Additional services offered by the company include technical services, development, consulting, and technology transfer [1] - The company is authorized to engage in import and export activities related to goods and technology [1]

Group 1 - A new company, Tepli High (Hubei) Electronic Materials Co., Ltd., has been established with a registered capital of 10 million RMB [1] - The legal representative of the company is Ma Haibo [1] - The company's business scope includes manufacturing, sales, and research of electronic specialized materials, as well as various related services and products [1] Group 2 - The company is involved in the manufacturing and sales of semiconductor device specialized equipment and industrial automation control systems [1] - It also engages in the sales and production of chemical products, excluding hazardous chemicals [1] - The company has a wide range of activities including import and export of goods, and sales of various products such as packaging materials, lubricants, and metal materials [1]

Meeting Overview - The fourth meeting of the fourth supervisory board of the company was held on August 22, 2025, in accordance with legal and regulatory requirements [1] - All three supervisors participated in the voting, with no dissenting or abstaining votes [2] Financial Reporting - The supervisory board approved the company's 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's operational status without any false statements or omissions [1][2] - The report will be published on the designated information disclosure website on August 23, 2025 [2] Fund Management - The supervisory board reviewed and approved the management of the company's fundraising, confirming compliance with relevant regulations and no misuse of funds [2][3] - The semi-annual profit distribution plan was deemed compliant with legal and regulatory standards, reflecting the company's commitment to shareholder returns [2][3] Project Completion and Fund Allocation - The board agreed to conclude certain fundraising projects and permanently allocate surplus funds to working capital, aligning with regulatory requirements and supporting subsidiary operations [4][5] Foreign Exchange Derivatives - The supervisory board approved the company's and its subsidiaries' engagement in foreign exchange derivative transactions, which are seen as beneficial for financial stability and risk management [4][5] Asset Pool Business - The board consented to the company's and its subsidiaries' asset pool business, aimed at enhancing the efficiency and returns of bill assets without affecting core business operations [5][6]

Meeting Information - The company will hold its fourth extraordinary general meeting of shareholders on September 16, 2025, at 14:30 [1] - The meeting will include both on-site and online voting options for shareholders [2] Voting Procedures - Online voting will be available from 9:15 to 9:25 and 9:30 to 11:30 on the same day, with an extended period until 15:00 for other voting methods [2] - Shareholders can choose either on-site or online voting, but not both; the first vote will be considered valid in case of duplicate voting [2] Agenda Items - The main proposal to be discussed is regarding the completion of certain fundraising projects and the permanent allocation of surplus funds to working capital [3][10] - The voting results for this proposal will require separate counting for minority investors [3] Attendance Registration - Registration for on-site attendance requires specific documentation for both corporate and individual shareholders [4] - Remote shareholders can register via mail or fax by submitting a completed registration form by September 12, 2025 [4] Contact Information - The company has provided contact details for inquiries related to the meeting [5]

证券代码：300655 证券简称：晶瑞电材 公告编号：2025-084 债券代码：123031 债券简称：晶瑞转债 债券代码：123124 债券简称：晶瑞转 2 晶瑞电子材料股份有限公司（以下简称"公司"）于 2025 年 8 月 22 日召开 的第四届董事会第八次会议和第四届监事会第四次会议，审议通过了《关于 2025 年半年度利润分配预案的议案》。考虑到 2025 年 5 月 16 日公司召开的 2024 年年 度股东大会已经审议通过了《关于提请股东大会授权董事会制定并执行 2025 年 度中期分红方案的议案》，故本次 2025 年半年度利润分配预案的议案无需再提交 股东大会审议。现将有关情况公告如下： 一、利润分配预案基本情况 有者的净利润为 6,975.35 万元，母公司 2025 年半年度实现净利润 4,736.26 万元。 截至 2025 年 6 月 30 日，母公司累计可供股东分配利润为 12,714.01 万元，公司 合并报表累计可供股东分配利润为 26,652.75 万元。按照可供分配利润孰低原则， 本期可供分配的利润以母公司报表期末未分配利润为依据。（以上财务数据未经 审计） 基于公司目前 ...

杭州格林达电子材料股份有限公司 第三届监事会第九次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、 监事会会议召开情况 证券代码：603931 证券简称：格林达 公告编号：2025-037 全体监事一致认为：公司编制的《杭州格林达电子材料股份有限公司 2025 年半年度募集资金存放与实际使用情况的专项报告》内容真实、准确、完整，不 存在任何虚假记载、误导性陈述或者重大遗漏，真实、客观、完整反映了 2025 年半年度公司募集资金的存放与使用情况，符合《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》等相关文件的规定，不存在违规使用募集资金的 情形，不存在损害公司或全体股东利益的情形。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）及相 关信息披露媒体的《关于公司 2025 年半年度募集资金存放与实际使用情况的专 项报告》（公告编号：2025-034）。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 （3）审议通过《关于使用部分暂时闲置募集资金进行现金管理的 ...

简历显示，邢军亮先生:中国,博士研究生。历任兴业证券股份有限公司行业分析师,农银汇理基金管理有限公司研究部研究员、基金经理助理,现任农银汇理 基金管理有限公司基金经理。2021年7月15日起任农银汇理行业轮动混合型证券投资基金的基金经理。2021年11月3日起任农银汇理新能源主题灵活配置混合 型证券投资基金的基金经理。 | ○ 基金经理: 邢军亮 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 累计任职时间：4年又38天 | 任职起始日期：2021-07-15 现任基金公司:农银汇理基金管理有限公司 现任基金资产 在管基金量佳 总规模 | 任期回报 | | 基金经理简介:邢军亮先生:中国,博士研究生。历任兴业证券股份有限公司行业分析师,农银汇 理基金管理有限公司研究部研究员、基金经理助理.现任农银汇理基金管理有限公司基金经 理。2021年7月15日起任农银汇理行业轮动混合型证券投资基金的基金经理。2021年11月3日 起任农银汇理新能源主题灵活配置混合型证券投资基金的基金经理。 | | | | | | 82 ...

Group 1 - The stock price of Jiangnan New Materials is reported at 74.80 yuan as of August 20, 2025, down by 3.20 yuan from the previous trading day, with a trading range of 7.28% [1] - The company has a total market capitalization of 10.902 billion yuan and a circulating market value of 2.142 billion yuan [1] - Jiangnan New Materials specializes in the research and production of electronic materials, with applications in the electronic components sector, and is recognized as a specialized and innovative enterprise [1] Group 2 - The company's current price-to-earnings (P/E) ratio is 74.59, and the price-to-book (P/B) ratio is 6.53 [1] - On August 20, there was a net outflow of 63.0136 million yuan in main funds, accounting for 2.94% of the circulating market value, although there was a cumulative net inflow of 108.2633 million yuan over the past five trading days [1] - A notable quick rebound occurred at 9:36 AM on the same day, with a rise of over 2% within five minutes and a transaction volume of 1.04 billion yuan during that period [1]