苏州世华新材料科技股份有限公司 2025 年半年度报告 公司代码：688093 公司简称：世华科技 苏州世华新材料科技股份有限公司 苏州世华新材料科技股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述在经营过程中可能面临的各种风险，敬请查阅本报告第三节"管 理层讨论与分析"之"四、风险因素"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人顾正青、主管会计工作负责人周昌胜及会计机构负责人（会计主管人员）沈晓 云声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质性承诺，敬请投资者注意投 资风险。 九、 是否存在被控股股东及其他关联方非经营性占用 ...

Core Viewpoint - The company, Guangzhou Huigu New Materials Technology Co., Ltd. (Huigu New Materials), is undergoing scrutiny as it appears on the list for on-site inspections by the China Securities Association shortly after its IPO application was accepted. The inspection aims to filter out companies with potential issues before they go public, with a high termination rate observed in previous years [1][2]. Financial Performance - Huigu New Materials has shown continuous growth in its operating performance from 2022 to 2024, achieving revenues of 664 million yuan, 717 million yuan, and 817 million yuan respectively. The net profit attributable to the parent company, excluding non-recurring gains and losses, increased significantly from approximately 26.84 million yuan to 142 million yuan, marking a growth of over 400% in three years [2][15]. - The company reported a gross profit margin increase from 29.56% in 2022 to 40.68% in 2024, indicating improved profitability [15]. Related Transactions - In late 2023, Huigu New Materials approved a transaction to purchase real estate from Guangzhou Henghui Materials Co., Ltd. for 65 million yuan. The seller was indirectly controlled by the actual controller of Huigu New Materials, raising concerns about potential conflicts of interest [3][4][5]. Risk Factors - Despite the strong financial performance, Huigu New Materials has warned investors about potential risks, including a possible decline in operating profit by over 50% in the year of listing or even incurring losses due to macroeconomic conditions and market competition [2][14]. Ownership Structure - The actual controller, Tang Jing, holds 11.8% of the company's shares directly and controls 59.02% of the voting rights through various entities. His family members also hold significant positions within the company, indicating a concentrated ownership structure [9][10]. Research and Development - The company has invested in R&D, with expenses accounting for approximately 6.72% of its revenue in 2024. It has disclosed 31 R&D projects, with 20 completed, reflecting a commitment to innovation [22][25]. Internal Control Issues - Huigu New Materials has faced internal control issues related to financial practices, including discrepancies in invoice amounts and improper use of third-party payments. However, the company has stated that these issues have been rectified [27][30]. IPO Financing Plans - The company plans to raise 900 million yuan through its IPO, with significant portions allocated for expanding production capacity and enhancing R&D capabilities. Approximately 30% of the funds will be used to supplement working capital [30][31]. Safety Incident - A safety incident in 2019 involving a subsidiary led to fatalities and raised concerns about the company's safety management practices. The subsidiary was later merged and subsequently deregistered [35][39].

Group 1 - The company, Guangdong Jinge New Materials Co., Ltd., is undergoing an IPO review process at the Beijing Stock Exchange, with CICC as the sponsor and Tianjian Accounting Firm as the auditor [2] - Established in 2012, the company has a registered capital of 66.952 million yuan and is recognized as a national-level specialized and innovative small giant enterprise engaged in the R&D, production, and sales of functional materials [2] - The chairman and general manager, Huang Chaoliang, directly holds 57.96% of the company's shares and controls a total of 73.22% of the company through his investment in Jinwo Investment [2] Group 2 - The Beijing Stock Exchange has raised concerns regarding the company's actual production capacity of functional powder materials exceeding the approved environmental capacity, questioning the compliance and safety risks associated with this overcapacity [3] - The company has reported investment projects, including new automatic mixing and feeding production lines and the expansion of its second factory, which have procedural deficiencies related to environmental protection, filing, and energy-saving reviews [3] - The exchange has requested a detailed list of these investment projects, including the background and timeline of the procedural deficiencies, potential penalties, and the effectiveness of corrective measures taken [3]

Core Viewpoint - Shihua Technology (688093.SH) is accelerating its expansion in the functional materials sector, particularly in optical display film materials, with plans to raise up to 600 million yuan through a private placement to fund this expansion [1][2][4]. Group 1: Company Overview - Shihua Technology was established in 2010 and went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board in September 2020, focusing on the research, production, and sales of functional materials [1][4]. - The company is recognized as a national-level "little giant" enterprise and a national high-tech enterprise, with products widely used in consumer electronics, wearable devices, new energy, and automotive sectors [4][5]. Group 2: Financial Performance - In 2024, Shihua Technology achieved a revenue of 795 million yuan, a year-on-year increase of 55.36%, and a net profit of 280 million yuan, up 44.56%, both reaching historical highs [5][6]. - As of the first quarter of 2025, the company reported cash holdings of 209 million yuan and total assets of 2.183 billion yuan, marking a historical peak, with a total liability of 138 million yuan and a debt-to-asset ratio of only 6.3% [1][6]. Group 3: Expansion Plans - The company plans to invest approximately 740 million yuan in the optical display film materials expansion project, which will focus on producing key optical films such as polarizer protective films, OLED process protective films, and OCA optical adhesive films [2][3]. - The project aims to add 21 million square meters of polarizer protective film capacity, 2 million square meters of OLED process protective film capacity, and 4 million square meters of OCA optical adhesive film capacity, with an expected annual revenue of 1.392 billion yuan once fully operational [3]. Group 4: Market Position and Strategy - Shihua Technology aims to reduce reliance on international suppliers, as the optical film materials market is currently dominated by companies like 3M, LG Chem, and others [2][3]. - The company has made significant technological breakthroughs in the optical film materials sector and is focusing on expanding its production capacity to seize market opportunities [3][6].

Core Viewpoint - The company, Shihua Technology (688093), has shown strong growth in revenue and net profit for 2024 and Q1 2025, driven by its functional electronic materials and high-performance optical materials [2][12]. Financial Performance - In 2024, the company achieved revenue of 795 million yuan and a net profit of 280 million yuan, representing year-on-year growth of 55.36% and 44.56% respectively [2]. - For Q1 2025, the company reported revenue of 256 million yuan and a net profit of 87 million yuan, with year-on-year growth of 92.04% and 111.23% respectively [2][12]. - The gross profit margin for Q1 2025 was 52.6% [12]. Product Overview - The main products include functional electronic materials and high-performance optical materials, which are used in consumer electronics, automotive electronics, and medical electronics [3]. - The functional electronic materials generated revenue of 575 million yuan in 2024, growing by 22.24%, while high-performance optical materials saw revenue of 218 million yuan, a significant increase of 442.13% [2]. Market Potential - The market for optical materials is substantial, with estimates suggesting it could reach several hundred billion yuan globally, and there is significant room for domestic alternatives to replace foreign materials [6]. - The company has already achieved large-scale production and sales in the polarizer protective film sector, which is expected to grow further [6]. Customer Base - The company has established partnerships with various brands in the consumer electronics and automotive sectors, indicating a strong demand for functional materials [4]. - The estimated demand for functional materials from customers is at least 10 billion yuan, highlighting a significant market opportunity [4]. Future Outlook - The company is optimistic about its future, focusing on expanding its product structure to include high-performance optical materials, functional electronic materials, and functional adhesives [12]. - The functional adhesives segment is seen as a new growth point, with production trials already underway [12]. Shareholder Activity - The controlling shareholder has been actively increasing their stake in the company, with plans to invest between 60 million to 100 million yuan, having already acquired approximately 1.49 million shares [11]. Financing Plans - The company has proposed a refinancing plan to raise up to 600 million yuan for expanding production capacity in optical display films, with the project currently under review by the Shanghai Stock Exchange [10].

Core Viewpoint - Shihua Technology plans to raise 600 million yuan through a directed issuance to expand its optical display film materials production, with a total project investment of 740 million yuan, aiming for significant revenue growth in a rapidly expanding market [1][2]. Group 1: Fundraising and Project Details - The "Optical Display Film Material Expansion Project" will add production capacity for high-performance optical materials, including polarizer protective films and OLED process protective films [2]. - The project is expected to generate an average annual revenue of 1.392 billion yuan, with a post-tax internal rate of return of 15.13% and a payback period of 8.79 years [1]. - The company anticipates a funding gap of 1.457 billion yuan over the next three years, justifying the necessity of the 600 million yuan fundraising [2][3]. Group 2: Financial Performance and Market Position - From 2022 to 2024, revenue from high-performance optical materials surged from 19.46 million yuan to 218 million yuan, with a revenue share increase from 4.21% to 27.48% [4]. - Despite rapid revenue growth, the overall gross margin has declined from 60.20% in 2022 to 56.26% in 2024, primarily due to changes in revenue structure as high-margin functional electronic materials' share decreased [4][5]. - The company maintains a competitive gross margin compared to peers, with functional electronic materials gross margin significantly higher than competitors, although the shift towards lower-margin optical materials may pressure overall margins [5].