世华科技回复称，消费电子、AI智能硬件、显示面板领域是公司多年来持续深耕的应用场景，目前产 品应用的相对更多。 格隆汇11月25日｜有投资者在互动平台向世华科技提问：公司半年提到"功能性电子材料主要是应用在 消费电子、AI智能硬件、汽车电子、医疗电子等"领域，请问占营收比重较大的是哪些领域？ ...

Core Viewpoint - Shihua Technology is a leading enterprise in the functional materials sector in China, focusing on research, production, and sales of functional materials, with strong technical research capabilities [1] Financial Performance - For Q3 2025, Shihua Technology reported revenue of 845 million yuan, ranking 24th out of 33 in the industry, significantly lower than the top competitor Zhongdian Port's 50.598 billion yuan and second-place Xiangnong Chip's 26.4 billion yuan, as well as below the industry average of 4.846 billion yuan and median of 2.058 billion yuan [2] - The main business composition includes functional electronic materials at 337 million yuan, accounting for 62.90%, and high-performance optical materials at 197 million yuan, accounting for 36.81% [2] - The net profit for the same period was 316 million yuan, ranking 4th in the industry, following first-place Wolong Nuclear Materials' 883 million yuan and second-place Shenzhen Huachang's 426 million yuan, exceeding the industry average of 139 million yuan and median of 82.195 million yuan [2] Financial Ratios - As of Q3 2025, Shihua Technology's debt-to-asset ratio was 5.15%, down from 7.07% year-on-year, significantly lower than the industry average of 44.96%, indicating strong solvency [3] - The gross profit margin for the same period was 57.78%, slightly up from 56.64% year-on-year, and well above the industry average of 21.49%, reflecting strong profitability [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 28.47% to 9,936, while the average number of circulating A-shares held per account decreased by 22.16% to 26,400 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked eighth with 739,000 shares, marking a new entry, while E Fund Value Growth Mixed Fund (110010) ranked ninth with 600,000 shares, a decrease of 400,000 shares from the previous period [5]

Core Viewpoint - The stock of Shihua Technology has shown significant growth this year, with a notable increase in both revenue and net profit, indicating strong business performance and investor interest [1][2]. Group 1: Stock Performance - As of October 29, Shihua Technology's stock price increased by 2.36%, reaching 44.17 CNY per share, with a total market capitalization of 12.385 billion CNY [1]. - The stock has risen 120.51% year-to-date, with a 19.15% increase over the last five trading days, 7.55% over the last 20 days, and 33.52% over the last 60 days [1]. - The company has appeared on the "龙虎榜" (a trading board for stocks with significant trading volume) once this year, with the last appearance on April 18, where it recorded a net buy of -5.3886 million CNY [1]. Group 2: Financial Performance - For the first half of 2025, Shihua Technology reported a revenue of 537 million CNY, representing a year-on-year growth of 73.79%, and a net profit attributable to shareholders of 193 million CNY, up 86.38% year-on-year [2]. - The company has distributed a total of 381 million CNY in dividends since its A-share listing, with 326 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased to 7,734, an 8.14% rise from the previous period, while the average circulating shares per person decreased by 7.53% to 33,958 shares [2]. - Among the top ten circulating shareholders, major changes include a reduction in holdings by the sixth-largest shareholder, D. Morgan Digital Economy Mixed A, and the entry of a new shareholder, E. Fangda Value Growth Mixed [3].

Core Points - The stock price of Shihua Technology increased by 2.03% on October 15, reaching 37.62 CNY per share, with a total market capitalization of 10.548 billion CNY [1] - Year-to-date, Shihua Technology's stock has risen by 87.81%, but it has seen a decline of 5.69% in the last five trading days [1] - The company operates in the electronic materials sector, focusing on functional materials, with a revenue composition of 62.90% from functional electronic materials and 36.81% from high-performance optical materials [1][2] Financial Performance - For the first half of 2025, Shihua Technology reported a revenue of 537 million CNY, representing a year-on-year growth of 73.79%, and a net profit of 193 million CNY, up 86.38% year-on-year [2] - The company has distributed a total of 381 million CNY in dividends since its A-share listing, with 326 million CNY distributed in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 8.14% to 7,734, while the average circulating shares per person decreased by 7.53% to 33,958 shares [2] - Notable institutional shareholders include D. Morgan Digital Economy Mixed A and E Fund Value Growth Mixed, with the former reducing its holdings and the latter being a new entrant among the top ten shareholders [3]

Group 1 - The core point of the news is that Shihua Technology has experienced a decline in stock price, dropping 1.65% to 36.87 CNY per share, with a total market value of 10.338 billion CNY and a cumulative drop of 7.69% over the last three days [1] - Shihua Technology, established on April 14, 2010, specializes in the research, production, and sales of functional materials, with its main business revenue composition being 62.90% from functional electronic materials and 36.81% from high-performance optical materials [1] - The company has a trading volume of 1.33 billion CNY and a turnover rate of 1.35% [1] Group 2 - According to data from the top ten holdings of funds, the ICBC Credit Suisse Fund holds a significant position in Shihua Technology, with 133,400 shares, representing 2.79% of the fund's net value, ranking as the fourth largest holding [2] - The fund, ICBC Specialized and New Mixed A (015135), has experienced a floating loss of approximately 82,700 CNY today and a cumulative floating loss of 409,500 CNY over the past three days [2] - The fund has a total scale of 128 million CNY, with a year-to-date return of 40.87% and a one-year return of 55.98%, ranking 1763 out of 8162 and 969 out of 8015 respectively [2] Group 3 - The fund manager of ICBC Specialized and New Mixed A is Zhang Jianfeng, who has been in the position for 9 years and 28 days, with a total asset scale of 2.416 billion CNY and a best fund return of 136.09% during his tenure [3] - The co-manager, Ying Ming, has been in the role for 153 days, managing assets of 149 million CNY, with a best fund return of 22.73% during his tenure [3]

Group 1 - The core point of the news is that Suzhou Shihua New Materials Technology Co., Ltd. (世华科技) experienced a stock price increase of 5.06%, reaching 43.15 CNY per share, with a total market capitalization of 11.33 billion CNY [1] - The company was established on April 14, 2010, and went public on September 30, 2020, focusing on the research, production, and sales of functional materials [1] - The main revenue composition of the company includes functional electronic materials (62.90%), high-performance optical materials (36.81%), and other businesses (0.29%) [1] Group 2 - Among the top circulating shareholders of Shihua Technology, E Fund's Value Growth Mixed Fund (易方达价值成长混合) entered the top ten with 1 million shares, accounting for 0.38% of circulating shares, and has made an estimated profit of approximately 2.08 million CNY today [2] - The E Fund Value Growth Mixed Fund was established on April 2, 2007, with a current size of 2.628 billion CNY, achieving a year-to-date return of 29.58% and a one-year return of 60.51% [2] - The fund manager, Lin Hai, has a tenure of 20 years and 234 days, with the fund's total assets currently at 2.684 billion CNY [3]

Company Overview - Suzhou Shihua New Materials Technology Co., Ltd. is located in Wujiang Economic and Technological Development Zone, Suzhou, Jiangsu Province, and was established on April 14, 2010. The company was listed on September 30, 2020. Its main business involves the research, production, and sales of functional materials [1]. Business Composition - The revenue composition of the company is as follows: functional electronic materials account for 62.90%, high-performance optical materials for 36.81%, other materials for 0.22%, and other businesses for 0.07% [1]. Stock Performance - On September 4, the stock price of Shihua Technology fell by 5.03%, closing at 37.01 CNY per share, with a trading volume of 231 million CNY and a turnover rate of 2.26%. The total market capitalization is 9.72 billion CNY [1]. Shareholder Activity - Morgan Stanley's fund, specifically the Morgan Stanley Digital Economy Mixed A (017102), is among the top ten circulating shareholders of Shihua Technology. In the second quarter, it reduced its holdings by 675,900 shares, now holding 2.8401 million shares, which represents 1.08% of the circulating shares. The estimated floating loss today is approximately 5.5667 million CNY [2]. Fund Performance - The Morgan Stanley Digital Economy Mixed A fund was established on March 2, 2023, with a latest scale of 2.386 billion CNY. Year-to-date, it has achieved a return of 58.04%, ranking 427 out of 8,180 in its category. Over the past year, it has returned 122.01%, ranking 166 out of 7,978. Since its inception, it has returned 117.3% [2]. Fund Management - The fund manager of Morgan Stanley Digital Economy Mixed A is Lei Zhiyong, who has been in the position for 6 years and 140 days. The total asset scale of the fund is 4.547 billion CNY, with the best return during his tenure being 122.21% and the worst being -6.73% [3].

Core Viewpoint - Shihua Technology (688093) has shown significant growth in revenue and profit for the first half of 2025, indicating strong performance in the functional electronic materials and high-performance optical materials sectors [1][3]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 537 million yuan, representing a year-on-year increase of 73.79% [1][3]. - The net profit attributable to shareholders reached 193 million yuan, up 86.38% year-on-year, while the net profit after deducting non-recurring items was 186 million yuan, reflecting a growth of 101.03% [1][3]. - The gross margin for the company was 55.62%, with the gross margin for high-performance optical materials increasing to 27.36%, showing improvement compared to the same period last year and the previous year [1][3]. Group 2: Investment and Projects - The company plans to invest 2.05 billion yuan in a new high-performance optical adhesive film project, which has already commenced construction in the first half of this year [1][3]. - The IPO fundraising project for "Functional Materials Expansion and Upgrade Project" has been completed, and the previous fundraising for the "New High-Efficiency Sealing Glue Project" has been fully utilized [2]. - The new fundraising for the optical display film materials expansion project is set at 740 million yuan, with a maximum fundraising target of 600 million yuan, expected to generate annual revenue of 1.392 billion yuan upon reaching full production [2]. Group 3: Market Position and Future Outlook - The market for optical materials is projected to be in the hundreds of billions of yuan, with the polarizer protective film market expected to exceed 5 billion yuan, indicating significant domestic substitution potential [1][2]. - The company aims to establish a product structure centered around high-performance optical materials, functional electronic materials, and functional adhesives, with functional electronic materials being the current main business and high-performance optical materials serving as the second growth curve [2].

Group 1: Shihua Technology - Shihua Technology achieved operating revenue of 537 million yuan in the first half of 2025, representing a year-on-year growth of 73.79% [1] - The net profit attributable to the parent company was 193 million yuan, up 86.38% year-on-year [1] - The company's gross margin was 55.62%, with high-performance optical materials gross margin at 27.36%, both showing improvement compared to the same period last year and the previous year [1] - Shihua Technology plans to invest 2.05 billion yuan in a new high-performance optical adhesive film project, indicating a significant market potential for high-end optical materials and domestic substitution opportunities [1] - The company has completed its IPO fundraising projects and the "New High-Efficiency Sealing Adhesive Project" has been fully utilized and completed [1] - The "Innovation Center Project" is expected to be completed by May 2026, with a total investment of 740 million yuan and a fundraising target of no more than 600 million yuan, projected to generate operating revenue of 1.392 billion yuan upon reaching production [1] - The future product structure will focus on high-performance optical materials, functional electronic materials, and functional adhesives, promoting healthy and sustainable growth for the company [1] Group 2: Giant Network - Giant Network reported operating revenue of 1.662 billion yuan for the first half of 2025, reflecting a year-on-year increase of 16.47% [2] - The net profit was 777 million yuan, up 8.27% year-on-year [2] - The self-developed new product "Supernatural Action Group" has shown outstanding performance, with rapid growth in user base and revenue, although the main contribution will be released in the future due to revenue deferral factors [2] - The company plans to extend the game lifecycle through enhanced content supply, optimized game performance, and collaboration with well-known IPs [2] - "Supernatural Action Group" stands out in competition due to its differentiated gameplay and strong social virality, with plans for continuous content updates and exploration of UGC directions to maintain user activity [2] - Customer acquisition mainly relies on user word-of-mouth and content dissemination, with expected stable sales expense ratio [2] - The company is optimistic about overseas markets and is exploring international expansion for "Supernatural Action Group" [2] - The increase in contract liabilities in Q1 and Q2 is attributed to revenue growth from "Original Journey" and deferred income [2] - R&D expenses in Q2 increased mainly due to rising labor costs and technical service fees [2]

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]