Core Insights - Quzhou is transforming its historical significance as a transportation hub into a modern industrial powerhouse, attracting significant investment and showcasing a successful model for emerging cities in China [1][2]. Investment and Industrial Development - Quzhou has hosted its third industrial capital investment conference, attracting over 300 industry professionals, indicating strong interest in its industrial growth [1]. - The city has developed six key industrial chains: new materials, new energy, integrated circuits, high-end equipment, life health, and specialty paper, demonstrating a clear strategic focus on promising sectors [2][3]. - Quzhou's government has effectively utilized its existing industrial advantages to integrate cutting-edge technologies like AI, enhancing its manufacturing capabilities [2]. Competitive Advantages - The new materials industry in Quzhou has become a competitive strength, with the city being the only domestic base for both fluorine and silicon industries, creating a comprehensive product system [3]. - Fluorine materials are critical for future industries such as quantum technology and hydrogen energy, positioning Quzhou as a key player in these sectors [3]. - Quzhou is also the largest cobalt material base globally and has established a complete supply chain for lithium battery components, further solidifying its position in the new energy sector [4]. Innovative Business Models - Quzhou has adopted a "capital investment" model, leveraging state-owned capital to guide resource allocation and attract broader social capital [6][10]. - The city has created a unique "innovation zone" model, establishing "science and technology flying zones" in major cities to facilitate R&D and industry transformation [5]. Strategic Acquisitions - Quzhou's state-owned enterprises have made strategic acquisitions to enhance their industrial chain, including significant investments in companies like Xinhai Zhongbao and leading photovoltaic firms [7][8]. - The city has invested 2.5 billion yuan in a computing power center, marking a significant step in enhancing its AI infrastructure [8][9]. Future Goals - By 2026, Quzhou aims to achieve a fund cluster scale of 100 billion yuan and attract 200 billion yuan in social capital, with a target of 30 listed companies [10]. - The local government is focused on creating a favorable business environment, aiming to be a key hub for industrial development in the region [11][15].

Core Viewpoint - Quzhou is transforming its historical advantages into a robust foundation for high-quality development, emerging as a vital hub for industrial capital and providing a model for other late-developing cities in the Yangtze River Delta and nationwide [2][3]. Investment Attraction - The Quzhou Industrial Capital Investment Conference attracted over 300 investment professionals from various sectors, indicating strong interest in the region's industrial potential [3]. - Quzhou has made significant strides in industrial development, becoming a new investment hotspot due to its achievements in various sectors [5]. Industrial Development Strategy - Quzhou has implemented a strategy focused on "Industrial Strengthening and Prosperity," leading to the establishment of six key industrial chains: new materials, new energy, integrated circuits, high-end equipment, life health, and specialty paper [5][6]. - The local government has a clear vision for industrial development, targeting promising sectors and leveraging existing industrial advantages alongside cutting-edge technologies like AI [5][6]. New Materials Industry - The new materials industry has become a competitive strength for Quzhou, with a complete industrial chain in organic fluorine and silicon materials [6][7]. - Fluorine materials are crucial for future industries such as quantum technology and new energy vehicles, positioning Quzhou as a key player in these sectors [7]. New Energy Sector - Quzhou is the largest cobalt materials base globally and has developed a complete supply chain for lithium battery components, supported by major companies like Huayou Cobalt and Juhua Group [7][8]. Electronic Information Industry - Quzhou has established itself as a base for electronic chemical materials and integrated circuits, contributing to its reputation in the electronic information sector [8]. High-end Biopharmaceuticals - The city has developed a unique "R&D in Shanghai, production in Quzhou" model, creating significant biopharmaceutical industry growth through innovative operational strategies [10]. Capital Investment Model - Quzhou has pioneered a "capital investment" model, utilizing state-owned capital to attract and guide key industrial resources, thereby enhancing the local economy [11][12]. - The city has successfully expanded its industrial fund cluster from 15 billion to over 100 billion yuan, aiming to leverage social capital for further development [15]. Government Support and Services - Quzhou's government has been recognized for its efficient service in creating a favorable business environment, ranking high in national evaluations of business conditions [18][19]. - The local government actively engages with businesses to address their needs, ensuring a supportive ecosystem for industrial growth [22][24]. Future Outlook - Quzhou aims to become a critical hub for industrial chain enterprises, focusing on enhancing its competitive advantages and attracting more investments [25][26].

Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][5]. Core Views - The company achieved a revenue of 881 million yuan in the first three quarters of 2025, representing a year-on-year increase of 17.56%. However, the net profit attributable to shareholders decreased by 15.22% to 25.21 million yuan due to market conditions and increased competition [5][6]. - In Q3 2025, the company reported a revenue of 314 million yuan, up 12.76% year-on-year, with a net profit of 17.07 million yuan, a significant increase of 152.24% year-on-year. The net profit excluding non-recurring items rose by 217.04% to 11.11 million yuan [5][6]. - The growth in Q3 net profit was attributed to market expansion and technical optimization, leading to increased production and sales of electronic specialty gases and electronic wet chemicals [5][6]. - The company plans to expand its production capacity for high-purity sulfur trioxide, adjusting the investment structure for the project to increase annual production capacity to 150,000 tons [5][6]. - Continuous R&D efforts are being made, with several new products undergoing development and testing, including silicon etching solutions and metal etching solutions [5][6]. Financial Summary - The company is projected to achieve revenues of 1.294 billion yuan, 1.621 billion yuan, and 1.949 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 26%, 25%, and 20% [6][9]. - The net profit attributable to shareholders is expected to be 12 million yuan, 18 million yuan, and 24 million yuan for the same years, reflecting growth rates of 21%, 53%, and 31% [6][9]. - The company's PE ratios for 2025, 2026, and 2027 are projected to be 1271.6, 829.9, and 633.5, respectively [6][9].

Investment Rating - The report maintains an "Accumulate" investment rating for the company [3][7]. Core Views - The company achieved a total revenue of 567 million yuan in the first half of 2025, representing a year-on-year increase of 20.40%. However, the net profit attributable to shareholders decreased by 64.57% year-on-year to 8.14 million yuan due to market conditions and increased competition [1][7]. - The electronic wet chemical segment generated revenue of 434.15 million yuan, up 25.57% year-on-year, while the electronic specialty gases and precursors segment saw revenue of 120.42 million yuan, a 10.49% increase year-on-year [7]. - The company is focusing on R&D, with R&D expenses amounting to 40.60 million yuan, which is 7.17% of total revenue, reflecting a 38.70% increase year-on-year [7]. - The company is expected to achieve revenues of 1.29 billion yuan, 1.62 billion yuan, and 1.95 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 26%, 25%, and 20% [7][8]. Financial Data and Valuation - The company’s total revenue is projected to grow from 894 million yuan in 2023 to 1.95 billion yuan in 2027, with corresponding year-on-year growth rates of 12%, 15%, 26%, 25%, and 20% [2][10]. - The net profit attributable to shareholders is expected to increase from 14 million yuan in 2023 to 24 million yuan in 2027, with growth rates of 30%, -27%, 21%, 53%, and 31% respectively [8][11]. - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 1100.2, 718.1, and 548.1 respectively, indicating a valuation above the industry average [7][11]. Stock Performance - The company's stock has shown a 14% absolute performance over the past month, a -1% performance over six months, and a 58% performance over the past year [5].

Core Viewpoint - The report highlights the financial performance and operational strategies of Grandit Co., Ltd. for the first half of 2025, indicating a significant increase in revenue but a decline in net profit due to market challenges and rising costs [1][9]. Financial Performance - The company achieved a total revenue of 566.57 million yuan, representing a year-on-year increase of 20.40% [4]. - The total profit decreased by 80.11% to 5.48 million yuan, while the net profit attributable to shareholders fell by 64.57% to 8.14 million yuan [4][9]. - The net cash flow from operating activities increased by 86.75% to 77.12 million yuan [4]. - Basic earnings per share dropped by 64.52% to 0.0055 yuan [4]. Industry Overview - The company operates in the electronic chemical materials sector, focusing on electronic wet chemicals, electronic specialty gases, and precursor materials, primarily used in integrated circuits, display panels, and photovoltaic manufacturing [6][9]. - The semiconductor materials sector is crucial for the semiconductor industry, influencing chip performance and technological advancements [6][9]. Business Operations - The company employs a sales-driven production model, focusing on customer demand to guide production planning [8]. - The main revenue comes from sales to downstream clients in integrated circuits, display panels, and photovoltaic sectors [9]. - The company has established a comprehensive R&D, procurement, production, quality control, and sales system, emphasizing innovation and product quality [9][10]. Research and Development - R&D expenses amounted to 40.60 million yuan, accounting for 7.17% of total revenue, reflecting a 38.70% increase year-on-year [9]. - The company has received 59 authorized invention patents, showcasing its commitment to technological innovation [12][13]. Market Strategy - The company aims to enhance operational efficiency and market strategies by benchmarking against industry leaders [10]. - It focuses on customer satisfaction by providing tailored product solutions and improving delivery capabilities [10][11]. Competitive Advantage - The company maintains a competitive edge through continuous technological innovation and a highly skilled R&D team [12][13]. - It has established long-term partnerships with major clients, ensuring stable demand and enhancing brand influence [15].

Core Viewpoint - The announcement details the absorption merger between two wholly-owned subsidiaries of Zhongjuxin Technology Co., Ltd., namely Kaisheng Fluorochemical Co., Ltd. and Zhongjuxin (Quzhou) Technology Co., Ltd., aimed at optimizing resource allocation and improving operational efficiency [1][2][7]. Summary by Sections Absorption Merger Details - Kaisheng Fluorochemical will absorb Zhongjuxin (Quzhou), which will lead to the cancellation of Zhongjuxin (Quzhou)'s independent legal status, with all assets, debts, personnel, and business being inherited by Kaisheng Fluorochemical [1][2][4]. - The implementation subject of the fundraising project "Advanced Electronic Chemical Materials for Integrated Circuits (Phase I)" will change from Zhongjuxin (Quzhou) to Kaisheng Fluorochemical, while the investment amount, purpose, and location remain unchanged [1][2][7]. Financial Information - Kaisheng Fluorochemical's total assets as of the first half of the year are approximately 1.33 billion, with total liabilities of about 732 million and net assets of around 596 million [3]. - Zhongjuxin (Quzhou) has total assets of approximately 417 million, with total liabilities of about 48 million and a net asset value of around 369 million [4]. Fundraising Project Overview - The company successfully raised approximately 1.81 billion RMB from its initial public offering, with a share price of 5.18 RMB per share [5]. - The total planned investment for the fundraising projects has been adjusted, with the "Advanced Electronic Chemical Materials for Integrated Circuits (Phase I)" project now renamed to "Wet Etching and Cleaning Solutions for Integrated Circuits" [6]. Rationale and Impact of the Merger - The merger is intended to optimize the management structure, reduce costs, and effectively integrate resources, aligning with the company's strategic development needs [7][9]. - The merger will not adversely affect the company's overall business development or profitability, nor will it harm the interests of shareholders, particularly minority shareholders [7][9]. Approval Process - The board of directors and the supervisory board have approved the merger and the change of the implementation subject for the fundraising project, confirming compliance with relevant regulations [8][9].

Core Viewpoint - The company Ba Yi Shi Kong (八亿时空) expresses optimism about its investment in Nantong Zhan Ding, which specializes in electronic fluorinated liquids used in semiconductor manufacturing and immersion cooling for supercomputers, driven by the increasing demand for AI computing power [1] Company Summary - Ba Yi Shi Kong holds an 11.5892% stake in Nantong Zhan Ding, making it the second-largest shareholder [1] - The company plans to support Nantong Zhan Ding's development through various means, reflecting confidence in the fluorinated liquid industry and Nantong Zhan Ding's growth trajectory [1] Industry Summary - The demand for AI computing is leading to increased server power consumption, necessitating new technologies for efficient heat dissipation [1] - Liquid cooling technology is identified as the optimal solution, particularly the materials produced through the perfluoroalkyl electrolyte method, which are scarce and primarily used in semiconductor and AI cooling liquids [1] - Nantong Zhan Ding possesses significant technical expertise and production advantages in this area, positioning it well for future growth [1]

Core Viewpoint - The company achieved significant growth in net profit and non-recurring net profit for 2024, but faced challenges with cash flow management and a decline in R&D investment ratio [1][4][5]. Financial Performance - The company reported total revenue of 2.918 billion yuan, a year-on-year increase of 6.92% [1]. - Net profit reached 247 million yuan, showing a substantial year-on-year growth of 119.42% [1]. - Non-recurring net profit was 240 million yuan, reflecting a remarkable increase of 379.65% year-on-year [1]. - Operating cash flow net amount decreased by 84.64% year-on-year, amounting to 14.0587 million yuan, indicating cash flow management issues [4]. Cash Flow and Profitability - The company's gross profit margin for 2024 was 35.11%, a decrease of 0.40 percentage points compared to the previous year [4]. - The decline in cash flow was attributed to an increase in accounts receivable and a decrease in inventory turnover rate, which may negatively impact future liquidity [4]. Research and Development - The company increased R&D investment, with R&D expenses accounting for 6.23% of total revenue in 2024 [5]. - New products, such as the next-generation photoinitiator TMO and UltraLowAlphaMicroball, achieved significant market progress and received multiple industry awards [5]. - However, the R&D investment ratio decreased from 7.5% in 2021 to 6.23% in 2024, which may adversely affect the company's long-term technological competitiveness [5][6]. Shareholder Returns and Social Responsibility - The company distributed cash dividends of 0.65 yuan per 10 shares, totaling 34.33 million yuan, but the dividend payout ratio decreased from 37.50% in 2023 to 13.19% in 2024 [7]. - The company actively engaged in social responsibility initiatives, providing material and financial support to fire brigades and disadvantaged groups [7]. - There is a noted disparity between the growth in net profit and the investment in social responsibility, indicating potential areas for improvement in balancing shareholder returns and social contributions [7].

股票简称：中巨芯 股票代码：688549 中巨芯科技股份有限公司 Grandit Co.,Ltd. 浙江省衢州市东南时代城 3 幢 857 室 首次公开发行股票 科创板上市公告书 保荐人（主承销商） 上海市黄浦区广东路 689 号 二〇二三年九月七日 中巨芯科技股份有限公司 上市公告书 特别提示 中巨芯科技股份有限公司（以下简称"中巨芯"、"发行人"、"公司"、 "本公司"）股票将于 2023 年 9 月 8 日在上海证券交易所科创板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 1 中巨芯科技股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并依法 承担法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不 表明对本公司的任何保证。 本 公 司 提 醒 广 大 投 资 者 认 真 阅 读 刊 载 于 上 海 证 券 交 易 所 网 站 （http://w ...

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板公司 具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解科创板市场的投资风险及本公司所披露的风险 因素，审慎作出投资决定。 中巨芯科技股份有限公司 Grandit Co.,Ltd. （浙江省衢州市东南时代城 3 幢 857 室） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） 上海市广东路 689 号 中巨芯科技股份有限公司 招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 中巨芯科技股份有限公司 招股说明书 本次发行概况 | 发行股票类型 ...