Company Overview - Jiangsu Yake Technology Co., Ltd. is located in Yixing Economic Development Zone, Wuxi, Jiangsu Province, and was established on October 29, 1997. The company went public on May 25, 2010. Its main business involves the research, production, and sales of electronic materials, LNG insulation boards, and flame retardants [1]. Business Segmentation - The revenue composition of the company is as follows: - Semiconductor chemical materials, photoresists, and supporting reagents account for 49.23% - LNG insulation composite materials contribute 27.13% - LNG engineering installation makes up 7.91% - Electronic specialty gases represent 4.56% - LDS equipment is 3.17% - Flame retardants account for 3.15% - Spherical silica micro powder is 2.99% - Other businesses contribute 1.88% [1]. Stock Performance - On September 12, Yake Technology's stock rose by 5.01%, reaching a price of 61.58 CNY per share, with a trading volume of 925 million CNY and a turnover rate of 4.84%. The total market capitalization is 29.308 billion CNY [1]. Fund Holdings - In terms of fund holdings, one fund under Invesco Great Wall has a significant position in Yake Technology. The Invesco Great Wall CSI 500 Industry Neutral Low Volatility Index A (003318) held 151,300 shares in the second quarter, representing 1% of the fund's net value, making it the fifth-largest holding. The estimated floating profit from this position is approximately 444,800 CNY [2]. Fund Performance - The Invesco Great Wall CSI 500 Industry Neutral Low Volatility Index A (003318) was established on March 3, 2017, with a current scale of 824 million CNY. Year-to-date, it has achieved a return of 11.42%, ranking 3,564 out of 4,222 in its category. Over the past year, the return is 39.07%, ranking 2,849 out of 3,800, and since inception, the return is 61.76% [2]. Fund Management - The fund manager of the Invesco Great Wall CSI 500 Industry Neutral Low Volatility Index A (003318) is Zeng Li, who has been in the position for 6 years and 337 days. The total asset size of the fund is 4.158 billion CNY, with the best return during his tenure being 74.31% and the worst being -16.62% [3].

Core Viewpoint - The company's 1H25 performance met expectations, with significant revenue growth driven by electronic materials and LNG business segments [1][3]. Financial Performance - In 1H25, the company achieved revenue of 4.293 billion yuan, a year-on-year increase of 31.82%, and a net profit attributable to shareholders of 523 million yuan, a year-on-year increase of 0.63% [1]. - For Q2 2025, revenue reached 2.175 billion yuan, up 32.76% year-on-year and 2.71% quarter-on-quarter, while net profit was 263 million yuan, down 4.06% year-on-year but up 0.86% quarter-on-quarter [1]. - The increase in operating expenses led to profit growth lagging behind revenue growth, with sales, management, and R&D expenses rising by 19.82%, 27.96%, and 46.88% respectively [1]. - The net cash flow from operating activities surged by 1,458.82% year-on-year to 290 million yuan, attributed to improved sales collection efficiency and inventory management [1]. Business Segments - The electronic materials segment showed steady growth, with semiconductor chemical materials and photoresists revenue increasing by 19%, accounting for 49% of total revenue [2]. - The LNG business segment experienced substantial growth, with revenue from LNG insulation composite materials and engineering installation accounting for 35% of total revenue, driven by strong demand for LNG transport vessels [3]. - Revenue from LNG insulation materials and engineering installation grew by 689% and 193% respectively, with a notable increase in gross margin for engineering installation [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged at 1.164 billion yuan and 1.504 billion yuan respectively, with the current stock price corresponding to 24.3 times the 2025 earnings and 18.8 times the 2026 earnings [4]. - The target price is maintained at 81.3 yuan, reflecting a potential upside of 37% based on 33.3 times and 25.7 times the earnings for 2025 and 2026 respectively [4].

Core Viewpoint - 雅克科技 reported a strong performance in the first half of 2025, with significant revenue growth driven by its electronic materials and LNG insulation board businesses [1][2]. Group 1: Financial Performance - The company achieved an operating revenue of approximately 4.293 billion yuan, a year-on-year increase of 31.82% [1]. - The net profit attributable to shareholders was 523 million yuan, reflecting a modest growth of 0.63% compared to the previous year [1]. - A cash dividend of 3.2 yuan per 10 shares (including tax) is proposed for all shareholders [1]. Group 2: Business Segments - The electronic materials sector was a key driver of growth, with semiconductor chemical materials and photoresists generating a combined revenue of 2.113 billion yuan, accounting for nearly 50% of total revenue, and a year-on-year growth rate of 18.98% [1]. - The LNG insulation board business saw a remarkable growth of approximately 80% due to increased demand from large LNG transport vessels and ultra-low temperature insulation composite materials [2]. Group 3: R&D and Production - R&D investment reached 167 million yuan, marking a year-on-year increase of 29.31%, with a focus on new technologies and products in electronic materials and LNG composite materials [3]. - The company is in the process of ramping up production capacity, with the Jiangsu Xian Technology semiconductor precursor materials project moving towards batch trial production [3]. Group 4: Challenges - The company noted that the low growth rate in net profit is due to high fixed costs during the capacity release phase of the Jiangsu Xian production line, which has not yet achieved economies of scale [3]. - The acquisition of Jiangsu Xian Semiconductor Materials Co., which specializes in low-margin semiconductor wet chemicals, has also impacted overall profitability [3].

Core Viewpoint - The company, Jiu Ri New Materials (688199.SH), emphasizes its strong R&D capabilities and continuous innovation, with several product development technologies reaching advanced levels both internationally and domestically [1] Group 1: R&D and Innovation - The company possesses robust R&D strength and significant ongoing innovation capabilities [1] - Multiple product development technologies have achieved international or domestic advanced standards [1] Group 2: Project Development - The company has project reserves in the fields of photopolymerization and semiconductor chemical materials [1] - Future project construction will be initiated based on situational assessments [1]

Group 1 - The core point of the valuation enhancement plan is triggered by the company's stock price being below the audited net asset value per share for 12 consecutive months, necessitating the formulation of a valuation enhancement plan as per regulatory guidelines [1][2][3] - The valuation enhancement plan aims to strengthen core business advantages, improve governance, pursue mergers and acquisitions, enhance investor returns, strengthen investor relations management, and improve information disclosure quality [1][5][6] Group 2 - The company will focus on its core industry of light curing and semiconductor materials, optimizing product processes and developing new products to enhance production efficiency and reduce costs [5][6] - The company plans to conduct strategic mergers and acquisitions to integrate the industry chain and improve market share [6] - The company emphasizes the importance of investor returns, aiming to provide sustainable dividends and excellent performance to investors [6][7] Group 3 - The company will enhance communication with investors through various channels, including annual performance briefings and timely responses to inquiries, to build a transparent and efficient communication mechanism [6][7] - The company will improve the quality of information disclosure by training personnel and ensuring compliance with disclosure obligations, while also enhancing the depth of social responsibility reports [7][8] - The board believes that the valuation enhancement plan is reasonable and feasible, considering the company's financial status, development stage, strategic layout, investment needs, and market environment [8]