[Table_Summary] 2 月 3 日，海天股份公告拟于 2026 年 2 月 5 日通过网上发行可转债，公 司本次计划发行可转换公司债券募集资金总额不超过 8.01 亿元。本次发 行募集资金扣除发行费用后，2.04 亿元拟用于简阳海天数智化供水及综 合效能提升工程，项目总投资 2.20 亿元，2.54 亿元拟用于资阳市供水基 础设施韧性升级与数智化建设项目，项目总投资 2.74 亿元，1.03 亿元拟 用于夹江县城市生活污水处理厂扩建项目，项目总投资 1.10 亿元，2.4 亿 元拟用于补充流动资金。 海天转债发行方式为优先配售,网上发行，债项和主体评级 AA。发行规 模为 8.01 亿元，初始转股价格为 12.52 元，参考 2 月 3 日正股收盘价格 12.7 元，转债平价 101.44 元，参考同期限同评级中债企业债到期收益率 （2 月 3 日）为 2.44%，到期赎回价 110 元，计算纯债价值为 98.39 元。 博弈条款方面，下修条款（15/30，85%）正常、赎回条款（15/30，130%） 正常、回售条款（30/30，70%）正常。综合来看，债券发行规模一般， 流动性一般，评级尚可， ...

Core Viewpoint - The company, Changzhou Fusion New Material Co., Ltd. (聚和材料), has submitted its prospectus for an initial public offering (IPO) on the Hong Kong Stock Exchange, aiming to leverage its position as a leader in the photovoltaic conductive paste market and expand into semiconductor materials through strategic acquisitions [1][2]. Financial Performance - The company reported a revenue of approximately RMB 123.90 billion for 2024, representing a year-on-year growth of 20%, with a net profit of RMB 4.10 billion and a gross margin of 7.83% [1][4]. - For the first nine months of 2025, the revenue was RMB 106.07 billion, with a net profit of RMB 2.34 billion, showing a decline of 40% year-on-year, and a gross margin of 6.51% [1][4]. - The revenue from photovoltaic conductive paste accounted for 99.7% and 99.4% of total revenue in 2023 and 2024, respectively, with a significant increase in the share of TOPCon technology paste to 76.1% in 2024 [7][8]. Market Position - The company is the global leader in the photovoltaic conductive paste market, holding a market share of 27.0% as of September 30, 2025, with the top five manufacturers collectively accounting for 74.9% of the market [2][3]. - The total market for conductive paste reached RMB 38.99 billion, with the company generating RMB 10.54 billion in revenue [3]. Product Offerings - The company's product categories include photovoltaic conductive paste and other electronic materials, with a focus on developing and manufacturing a comprehensive range of conductive pastes suitable for various photovoltaic cell structures [1][5]. - The company plans to acquire SKE's blank mask business to further penetrate the semiconductor materials sector, aligning with national strategies for semiconductor self-sufficiency [1]. Corporate Governance - The board of directors consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors, with Liu Haidong being the largest shareholder [9]. Awards and Recognition - The company has received multiple national and provincial honors, including "National Manufacturing Single Champion Enterprise" and "National Specialized and New 'Little Giant'" [2].

Core Viewpoint - The photovoltaic industry is undergoing a structural shift from "silicon dominance" to "silver reduction," with domestic semiconductor material substitution entering a critical phase, presenting advanced material companies with opportunities for business upgrades and cross-industry breakthroughs [1] Group 1: Company Overview - Jiangsu Juhua New Materials Co., Ltd. (Juhua Materials) submitted its listing application to the Hong Kong Stock Exchange, aiming to strengthen its photovoltaic business and accumulate resources for its semiconductor material expansion [1] - Established in 2015, Juhua Materials is a research-driven advanced materials company, primarily producing photovoltaic conductive materials and other electronic materials, with a product matrix covering all mainstream routes [2] Group 2: Market Position and Financial Performance - As of September 30, 2025, Juhua Materials ranked first globally in photovoltaic conductive paste sales, holding a market share of 27% [2] - The company's revenue for the fiscal years ending December 31, 2023, 2024, and the nine months ending September 30, 2025, were approximately RMB 10.23 billion, RMB 12.39 billion, and RMB 10.61 billion, respectively, driven by increased demand for TOPCon paste and rising silver prices [12][14] Group 3: Research and Development - Juhua Materials has a strong R&D capability, with 236 R&D personnel, accounting for 32% of its workforce, and has invested over RMB 2 billion in R&D from 2023 to September 2025 [5] - The company has developed low-silver and silver-free technologies, achieving mass production of silver-coated copper conductive paste and advancing research on ultra-low-temperature curing paste for perovskite batteries [5] Group 4: Industry Growth Potential - The global photovoltaic conductive paste market is projected to grow from RMB 14.7 billion in 2020 to RMB 50.4 billion in 2024, with a compound annual growth rate (CAGR) of 16.2% expected from 2025 to 2029 [6] - The market for blank mask plates in China is expected to reach RMB 2.9 billion in 2024 and RMB 7.6 billion by 2029, with a CAGR of 25.1% from 2025 to 2029 [9] Group 5: Strategic Expansion - Juhua Materials is expanding into the semiconductor materials sector through strategic acquisitions, including a planned acquisition of SK Enpulse's blank mask plate business for approximately RMB 3.45 billion [8] - The acquisition aims to enhance the company's position in the semiconductor materials market and support domestic production capabilities [8] Group 6: Financial Challenges - Despite steady revenue growth, the company faces profit pressure, with gross margins declining from 9.2% in 2023 to 6.5% in the nine months ending September 30, 2025, primarily due to rising silver prices and intensified industry competition [14] - The company has experienced negative cash flow from operating activities, necessitating financing through bank acceptance bills to cover working capital gaps [17]

Core Viewpoint - The photovoltaic industry is undergoing a structural shift from "silicon dominance" to "silver reduction," with domestic semiconductor material substitution entering a critical phase. Advanced material companies are facing dual challenges of upgrading their main business and cross-industry breakthroughs. Jiangsu Juhua New Materials Co., Ltd. (Juhua Materials) has submitted a listing application to the Hong Kong Stock Exchange to strengthen its photovoltaic business and accumulate momentum for its semiconductor material layout [1]. Group 1: Company Overview - Juhua Materials, established in 2015, is a research-driven advanced materials company focusing on photovoltaic conductive materials and other electronic materials. The company has developed a product matrix covering all mainstream routes, including TOPCon, PERC, HJT, and X-BC, aligning its product structure with industry trends [2]. - As of September 30, 2025, Juhua Materials ranked first globally in photovoltaic conductive paste sales, with a market share of 27% [2]. Group 2: Financial Performance - The company reported revenues of approximately 10.23 billion RMB, 12.39 billion RMB, and 10.61 billion RMB for the years ending December 31, 2023, 2024, and the first nine months of 2025, respectively. The growth was primarily driven by increased demand for TOPCon paste and rising silver prices [11]. - However, profit margins are under pressure, with gross margins of 9.2%, 7.8%, and 6.5% for the respective periods, and net profit margins declining from 4.3% in 2023 to 2.2% in the first nine months of 2025 [11][13]. Group 3: Market Dynamics - The global photovoltaic conductive paste market is projected to grow from 14.7 billion RMB in 2020 to 50.4 billion RMB in 2024, with an expected compound annual growth rate (CAGR) of 16.2% from 2025 to 2029. The overseas market is anticipated to expand significantly, particularly in Southeast Asia, the Middle East, and India [5]. - The market for blank mask plates in China is expected to reach 2.9 billion RMB in 2024 and grow to 7.6 billion RMB by 2029, with a CAGR of 25.1% from 2025 to 2029 [9]. Group 4: Strategic Initiatives - Juhua Materials is pursuing a dual growth strategy by expanding into the semiconductor materials sector through strategic acquisitions. The company plans to acquire the blank mask plate business from South Korea's SK Enpulse for 34.5 billion RMB, aiming to enhance its semiconductor material capabilities [7]. - The acquisition is expected to facilitate domestic production of high-end semiconductor materials and contribute to the localization of the supply chain, addressing key bottlenecks in the industry [7][8]. Group 5: Challenges and Opportunities - The company faces challenges related to cash flow and liquidity, with negative operating cash flows reported for the years 2023 to 2025. The reliance on bank acceptance bills for financing highlights the liquidity pressure [15]. - Despite these challenges, the company maintains a competitive edge through its research and development capabilities, with over 20 billion RMB invested in R&D and a strong patent portfolio [3].

Financial Performance - The company expects a net profit loss of 200 million to 300 million yuan for 2025, compared to a profit of 360 million yuan in the previous year [2] - The net profit after deducting non-recurring gains and losses is projected to be between 160 million and 240 million yuan, a year-on-year decrease of 63.56% to 45.34% from 439 million yuan [2] Product Development and Market Strategy - The company is focusing on three battery technologies: mature P-type PERC, mid-term P-type HJT, and long-term perovskite tandem battery technology, with leading conductive paste products already in commercial use [3] - The storage chip business achieved approximately 500 million yuan in revenue, with a significant increase in both revenue and profitability, especially in Q4 with about 230 million yuan in revenue [4] - The company plans to increase its shipment target for 2026 to between 30 million and 50 million units, leveraging existing capacity and price increases to expand revenue and net profit [4] Risk Management - The company employs a production model based on sales orders and a procurement model based on production plans, mitigating risks from silver price fluctuations through hedging strategies [5] - The rapid increase in silver prices has led to significant non-recurring losses, but does not affect the company's long-term operational capabilities [5] Strategic Layout - The company is transitioning its strategic focus from enabling the "energy revolution" to empowering the "technology revolution," expanding its product range into space photovoltaic and commercial aerospace sectors [7] - Through acquisitions, the company has established a comprehensive industry chain in the storage business, aiming to become a leading third-party DRAM storage module enterprise in the next two to three years [7]

Company Overview - The company, Jiangsu Juhua New Materials Co., Ltd. (688503.SH), is a research-driven advanced materials company established in 2015, focusing on photovoltaic conductive pastes [4] - It is a global leader in the photovoltaic conductive paste market, with sales revenue ranking first among all manufacturers as of September 30, 2025 [4] - The company has a diversified product portfolio, including conductive pastes for various photovoltaic cell structures such as TOPCon, PERC, HJT, and X-BC [4] - The company is strategically expanding into adjacent growth markets, including communication, consumer electronics, and automotive electronics, and plans to acquire SKE's blank mask business to penetrate the semiconductor materials sector [4][6] Financial Performance - The company's revenue for the fiscal years ending September 30 are approximately CNY 10.23 billion for 2023, CNY 12.39 billion for 2024, and CNY 10.61 billion for 2025 [7] - The net profit for the same periods is approximately CNY 441 million for 2023, CNY 410 million for 2024, and CNY 234 million for 2025 [8] - The gross profit margins are 9.2% for 2023, 7.8% for 2024, and 6.5% for 2025, indicating a declining trend [9] Industry Overview - The global conductive paste market has rapidly grown from CNY 28.2 billion in 2020 to an expected CNY 72.2 billion by 2024, with photovoltaic applications accounting for 69.8% of this market [11] - The photovoltaic conductive paste market is projected to grow from CNY 14.7 billion in 2020 to CNY 50.4 billion in 2024, with a compound annual growth rate (CAGR) of 16.2% from 2025 to 2029 [13] - China is the largest producer and consumer of photovoltaic conductive pastes, with sales expected to reach CNY 46.5 billion in 2024, representing 92.3% of the global market [15] Product Portfolio - The company's main product categories include photovoltaic conductive pastes and other electronic materials, with specific products for TOPCon, PERC, HJT, and X-BC cells [6] - The company is also developing low-silver and silver-free conductive paste solutions to enhance efficiency and reduce costs in the photovoltaic industry [5] Strategic Initiatives - The company is aligning its R&D direction with emerging industry demands to maintain its competitive edge and accelerate the commercialization of high-performance solutions [5] - The planned acquisition of SKE's blank mask business is aimed at enhancing the company's capabilities in the semiconductor industry, supporting local innovation and production in China [6]

Company Overview - The company, Jiangsu Juhe New Materials Co., Ltd. (stock code: 688503.SH), is a research-driven advanced materials company established in 2015, focusing on photovoltaic conductive pastes [4] - It is a global leader in the photovoltaic conductive paste market, with sales revenue ranking first among all manufacturers as of September 30, 2025 [4] - The company has a diversified product portfolio, including conductive pastes for various photovoltaic cell structures such as TOPCon, PERC, HJT, and X-BC [4] - The company is strategically expanding into adjacent growth markets, including communication, consumer electronics, and automotive electronics, and plans to acquire SKE's blank mask business to penetrate the semiconductor materials sector [4][6] Financial Performance - The company's revenue for the fiscal years ending September 30 is projected to be approximately RMB 10.23 billion for 2023, RMB 12.39 billion for 2024, and RMB 10.61 billion for 2025 [7][9] - The net profit for the same periods is estimated to be around RMB 441 million for 2023, RMB 410 million for 2024, and RMB 234 million for 2025 [7][9] - The gross profit margins are expected to decline from 9.2% in 2023 to 6.5% in 2025 [8][9] Industry Overview - The global conductive paste market has rapidly grown from RMB 28.2 billion in 2020 to an expected RMB 72.2 billion by 2024, driven by the photovoltaic sector, which is projected to account for 69.8% of the market [10] - The market is anticipated to reach RMB 152.8 billion by 2029, with a compound annual growth rate (CAGR) of 15.0% from 2025 to 2029 [10] - The photovoltaic conductive paste market is expected to grow from RMB 14.7 billion in 2020 to RMB 50.4 billion in 2024, with a projected CAGR of 16.2% from 2025 to 2029 [12] - China is the largest producer and consumer of photovoltaic conductive pastes, with sales expected to reach RMB 46.5 billion in 2024, accounting for 92.3% of the global market [14]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性 或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 * 僅供識別 Changzhou Fusion New Material Co., Ltd.* 常 州 聚 和 新 材 料 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。閣下閱覽本文件，即代表閣 下知悉、接納並向常州聚和新材料股份有限公司（「本公司」）、其聯席保薦人、整體協調人、顧問、或 承銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處長註冊 的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾人士提供。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文 ...

Group 1 - The company achieved operating revenue of 8.34 billion yuan in the first half of 2025, a year-on-year increase of 9.93% [1] - The net profit attributable to shareholders was 69.81 million yuan, a decrease of 70.03% compared to the same period last year [1] - The total asset scale reached 9.25 billion yuan, an increase of 18.08% year-on-year [1] Group 2 - The company sold 879.86 tons of photovoltaic conductive paste, a year-on-year decrease of 22.28% [2] - The sales of conductive paste products for N-type TOPCon batteries reached 834.74 tons, accounting for 94.87% of total sales [2] - The company plans to enhance product technology research and market development to maintain its leading position in the photovoltaic battery conductive paste industry [2] Group 3 - The company has successfully achieved mass production of high-copper paste solutions for TOPCon batteries and is progressing towards large-scale production [3] - The silver nitrate project is expected to begin trial production in the fourth quarter of this year, which will enhance supply chain stability and reduce raw material costs [4] - The processing fees for TOPCon silver paste are currently stable, with higher fees for HJT and TBC battery pastes [5] Group 4 - The high-copper paste solution for TOPCon batteries has reduced effective silver consumption by over 50% compared to standard processes [7] - The company has made significant progress in electronic pastes for new energy vehicles, with various products already in mass production for high-end automotive applications [7] - The storage chip business generated sales revenue of 189 million yuan in the first half of 2025, with expectations for continued growth in the second half [8]