资料显示，江阴江化微电子材料股份有限公司位于江苏省江阴市周庄镇长寿云顾路581号，成立日期 2001年8月17日，上市日期2017年4月10日，公司主营业务涉及超净高纯试剂、光刻胶配套试剂等湿电子 化学品的研发、生产和销售。主营业务收入构成为：超净高纯试剂62.62%，光刻胶配套试剂34.69%， 其他(补充)2.70%。 江化微所属申万行业为：电子-电子化学品Ⅱ-电子化学品Ⅲ。所属概念板块包括：光刻胶、专精特新、 OLED、半导体、芯片概念等。 11月4日，江化微盘中下跌2.02%，截至14:14，报17.99元/股，成交1.36亿元，换手率1.95%，总市值 69.38亿元。 资金流向方面，主力资金净流出1200.48万元，特大单买入553.68万元，占比4.07%，卖出1001.25万元， 占比7.36%；大单买入1814.61万元，占比13.34%，卖出2567.53万元，占比18.88%。 江化微今年以来股价涨8.05%，近5个交易日跌11.81%，近20日跌14.33%，近60日跌2.44%。 分红方面，江化微A股上市后累计派现1.77亿元。近三年，累计派现9982.07万元。 机构持仓方面，截止 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5][7]. Core Insights - The company reported a revenue of 910 million yuan for the first three quarters of 2025, representing a year-on-year growth of 10.92%. However, the net profit attributable to shareholders decreased by 8.66% to 78.78 million yuan [2]. - The sales of ultra-pure reagents and photoresist supporting agents have significantly increased, with the ultra-pure reagent segment achieving a revenue of 577 million yuan, up 12.5% year-on-year, and the photoresist supporting agents segment reaching 317 million yuan, up 13.8% year-on-year [3]. - The company is expanding its production capacity with a new project aimed at producing 37,000 tons of ultra-pure wet electronic chemicals annually, which is expected to enhance its competitive position in the semiconductor sector [4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 329 million yuan, a year-on-year increase of 10.27% and a quarter-on-quarter increase of 8.01%. The net profit for the quarter was 30.71 million yuan, reflecting a year-on-year growth of 4.60% and a quarter-on-quarter growth of 44.51% [2]. - The gross profit margin for the first three quarters of 2025 was 26.55%, an increase of 0.68 percentage points year-on-year [3]. Capacity Expansion - The company currently has a total production capacity of 235,000 tons per year across three production bases. A new project in Zhenjiang is expected to be completed by mid-2027, adding significant capacity for high-grade electronic chemicals [4]. Profit Forecast and Valuation - The profit forecast for the company has been adjusted downwards, with expected net profits of 110 million, 131 million, and 157 million yuan for 2025, 2026, and 2027 respectively. The company is expected to benefit from the growth in production capacity despite some product price declines [5][6].

证券代码：603078 证券简称：江化微 公告编号：2025-040 江阴江化微电子材料股份有限公司 关于 2025 年第三季度主要经营数据的公告 本公司董事会及全体董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法律责任。 根据上海证券交易所发布的上市公司行业信息披露指引《上市公司行业信息 披露指引第十八号—化工》及《关于做好上市公司 2025 年三季度报告披露工作 的通知》相关要求，现将公司 2025 年三季度主要经营数据披露如下： 主要产品 2025 年 1-9 月 产量（吨） 2025 年 1-9 月 销量（吨） 2025 年 1-9 月 销售金额（万元） 超净高纯试剂 85,148.51 86,183.64 57,702.09 光刻胶配套试剂 41,825.82 37,514.22 31,745.18 一、主要产品的产量、销量及收入实现情况（不含税）： 二、主要产品和原材料的价格变动情况： 1、主要产品的价格变动情况（不含税） | 主要产品 | 2025 年 1-9 | 月 | 2024 年 | 1-9 月 | 变动比例 | | --- | -- ...

Core Viewpoint - Jianghua Micro's stock price has shown a significant increase of 27.21% year-to-date, indicating strong market performance and investor interest in the company's electronic chemical products [2]. Group 1: Stock Performance - As of October 9, Jianghua Micro's stock rose by 2.02%, reaching a price of 21.18 CNY per share, with a trading volume of 272 million CNY and a turnover rate of 3.36% [1]. - The stock has experienced a 0.52% increase over the last five trading days, a 7.29% increase over the last 20 days, and a 16.31% increase over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Jianghua Micro reported a revenue of 580 million CNY, reflecting a year-on-year growth of 11.30%. However, the net profit attributable to shareholders decreased by 15.51% to 48.07 million CNY [2]. - The company has distributed a total of 177 million CNY in dividends since its A-share listing, with 99.82 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 20.31% to 51,500, while the average number of circulating shares per person increased by 25.48% to 7,483 shares [2]. - The top ten circulating shareholders include the Guotai Zhenzheng Semiconductor Materials Equipment Theme ETF, which holds 1.058 million shares as a new shareholder, while Hong Kong Central Clearing Limited has exited the top ten list [3].

Core Viewpoint - Jianghua Microelectronics has shown a positive stock performance with a year-to-date increase of 27.15%, reflecting strong market interest and potential growth in the electronic chemicals sector [1][2]. Financial Performance - For the first half of 2025, Jianghua Microelectronics reported a revenue of 580 million yuan, representing a year-on-year growth of 11.30%. However, the net profit attributable to shareholders decreased by 15.51% to 48.07 million yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 177 million yuan, with 99.82 million yuan distributed over the past three years [3]. Stock Market Activity - As of September 26, Jianghua Microelectronics' stock price was 21.17 yuan per share, with a trading volume of 201 million yuan and a turnover rate of 2.51%. The total market capitalization stands at 8.164 billion yuan [1]. - The stock has experienced a net inflow of 5.54 million yuan from major funds, with significant buying activity from large orders [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 20.31% to 51,500, while the average number of tradable shares per person increased by 25.48% to 7,483 shares [2]. - The top ten circulating shareholders include the Guotai Zhongzheng Semiconductor Materials Equipment Theme ETF as a new entrant, while Hong Kong Central Clearing Limited has exited the top ten list [3]. Business Overview - Jianghua Microelectronics, established on August 17, 2001, specializes in the research, production, and sales of ultra-pure reagents and photolithography supporting reagents, with a revenue composition of 62.62% from ultra-pure reagents and 34.69% from photolithography supporting reagents [1].

Company Overview - Jianghua Microelectronics Materials Co., Ltd. is located in Jiangyin City, Jiangsu Province, and was established on August 17, 2001. The company was listed on April 10, 2017. Its main business involves the research, production, and sales of ultra-pure reagents and photolithography supporting reagents among other wet electronic chemicals [2]. Stock Performance - As of September 17, Jianghua's stock price increased by 2.12%, reaching 20.27 CNY per share, with a total market capitalization of 7.817 billion CNY. The stock has risen by 21.74% year-to-date, with a 2.89% increase over the last five trading days, 2.68% over the last 20 days, and 11.87% over the last 60 days [1][2]. Financial Performance - For the first half of 2025, Jianghua reported a revenue of 580 million CNY, representing a year-on-year growth of 11.30%. However, the net profit attributable to shareholders decreased by 15.51% to approximately 48.07 million CNY [2]. Revenue Composition - The revenue composition of Jianghua is as follows: ultra-pure reagents account for 62.62%, photolithography supporting reagents for 34.69%, and other products for 2.70% [2]. Shareholder Information - As of June 30, 2025, Jianghua had 51,500 shareholders, a decrease of 20.31% from the previous period. The average number of circulating shares per person increased by 25.48% to 7,483 shares [2]. Dividend Distribution - Since its A-share listing, Jianghua has distributed a total of 177 million CNY in dividends, with 99.82 million CNY distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include the Guotai Zhongzheng Semiconductor Materials and Equipment Theme ETF, which holds 1.058 million shares as a new shareholder. Hong Kong Central Clearing Limited has exited the top ten circulating shareholders list [3].

Core Viewpoint - Jianghua Micro's stock price has shown a year-to-date increase of 15.53%, with recent fluctuations indicating a slight decline in the short term, while the company continues to operate in the electronic chemical materials sector, focusing on high-purity reagents and photoresist supporting reagents [2][3]. Group 1: Stock Performance - As of September 5, Jianghua Micro's stock rose by 2.01%, reaching a price of 19.27 CNY per share, with a trading volume of 1.58 billion CNY and a turnover rate of 2.15% [1]. - Year-to-date, Jianghua Micro's stock has increased by 15.53%, with a 0.52% decline over the last five trading days, a 3.16% increase over the last 20 days, and a 12.43% increase over the last 60 days [2]. Group 2: Company Overview - Jiangyin Jianghua Microelectronics Materials Co., Ltd. was established on August 17, 2001, and went public on April 10, 2017. The company specializes in the research, production, and sales of ultra-pure high-purity reagents and photoresist supporting reagents [2]. - The company's revenue composition includes 62.62% from ultra-pure high-purity reagents, 34.69% from photoresist supporting reagents, and 2.70% from other sources [2]. Group 3: Financial Performance - For the first half of 2025, Jianghua Micro reported a revenue of 580 million CNY, reflecting a year-on-year growth of 11.30%. However, the net profit attributable to shareholders decreased by 15.51% to 48.07 million CNY [2]. - Since its A-share listing, Jianghua Micro has distributed a total of 165 million CNY in dividends, with 88.25 million CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of June 30, 2025, Jianghua Micro had 51,500 shareholders, a decrease of 20.31% from the previous period, with an average of 7,483 circulating shares per shareholder, an increase of 25.48% [2]. - The top ten circulating shareholders include the Guotai Zhongzheng Semiconductor Materials and Equipment Theme ETF, which holds 1.058 million shares as a new shareholder, while Hong Kong Central Clearing Limited has exited the top ten list [3].

Investment Rating - The investment rating for Jianghuai Microelectronics is "Buy" (maintained) [1] Core Views - Jianghuai Microelectronics reported steady revenue growth, with H1 2025 revenue reaching 580 million yuan, a year-on-year increase of 11.3%. However, the net profit attributable to the parent company decreased by 15.51% to 48 million yuan. The gross margin was 25.53%, down 0.64 percentage points year-on-year, and the net margin was 8.28%, down 0.80 percentage points year-on-year [6] - The company is expanding its production capacity with a new project in Zhenjiang, which is expected to increase the output of high-purity wet electronic chemicals significantly. The total investment for this project is estimated at 289 million yuan [8] - The company has a strong presence in the semiconductor sector, with H1 2025 revenue from semiconductor products reaching 326 million yuan, a year-on-year increase of 24.51% [7] Financial Summary - For H1 2025, Jianghuai Microelectronics achieved a revenue of 580 million yuan, with a year-on-year growth of 11.3%. The net profit attributable to the parent company was 48 million yuan, reflecting a decrease of 15.51% [6] - The company’s revenue projections for 2025-2027 are 1.203 billion yuan, 1.443 billion yuan, and 1.895 billion yuan, respectively, with corresponding net profits of 118 million yuan, 142 million yuan, and 190 million yuan [9] - The projected P/E ratios for 2025, 2026, and 2027 are 64.5, 53.6, and 39.9, respectively, indicating a favorable long-term outlook for the company's wet electronic chemicals business [6][9]

Core Viewpoint - Jiangyin Jianghua Microelectronics Materials Co., Ltd. disclosed its key operating data for the first half of 2025, highlighting production, sales, and revenue figures for its main products, as well as price changes for products and raw materials [1]. Group 1: Main Products Performance - The production and sales figures for the main products are as follows: - Ultra-pure reagents: Production of 55,189.62 tons, sales of 55,375.27 tons, and sales revenue of 363.78 million yuan [1]. - Photoresist supporting reagents: Production of 26,006.77 tons, sales of 26,282.91 tons, and sales revenue of 200.45 million yuan [1]. Group 2: Price Changes - Average selling prices for the main products: - Ultra-pure reagents: Average price of 6,577.61 yuan/ton, an increase of 2.51% from the previous period [1]. - Photoresist supporting reagents: Average price of 10,827.33 yuan/ton, an increase of 8.35% from the previous period [1]. - Average procurement prices for key raw materials: - Phosphoric acid: Average price of 6,205.44 yuan/ton, an increase of 3.16% [1]. - High-purity sulfuric acid: Average price of 2,229.7 yuan/ton, an increase of 1.41% [1]. - Specific-grade nitric acid: Average price of 1,565.93 yuan/ton, a slight decrease of 0.03% [1]. - Specific-grade hydrochloric acid: Average price of 725.9 yuan/ton, a decrease of 5.79% [1]. - Isopropanol: Average price of 12,389.38 yuan/ton, an increase of 0.96% [1]. Group 3: Other Significant Matters - The disclosed operating data is intended to provide investors with timely insights into the company's production and operational status, with a reminder for investors to use the data cautiously and be aware of investment risks [1].

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].