| 全产业链，实现资源循环利用、节能降耗、绿色低碳。 | | --- | | 通过区域性集中供气+尾气回收模式，降低客户用气成本， | | 形成园区化核心竞争力（为化工园区内企业提供管道化供气服 | | 务和保障，满足客户个性化需求）。 | | 2.双产业园协同推进 | | 潜江电子特气产业园：高纯氨、高纯氢、高纯一氧化碳等 | | 产品已量产并稳产；电子级氯化氢、氯气、羰基硫进入稳产阶 | | 段。 | | 宜昌电子特气及功能性材料产业园：硅基材料（三氯氢硅、 | | 硅烷、四氯化硅）主产线稳定运行，氟基特气（三氟化氮、六 | | 氟化钨）、硅基功能性新材料（氨基、乙烯基等系列）试生产 | | 顺利，力争在 2025 下半年实现稳产目标，电子特气类产品稳产 | | 后，将启动半导体/面板认证。 | | 二、技术研发与产能规模 | | 1.技术领先性 | | 拥有气体分离、提纯、合成核心技术，产品对标国际企业， | | 覆盖半导体、面板、光伏、新能源电池、生物医药等领域。 | | 投资超 1 亿元建设国际一流研发检测中心（与美国 PE 合 | | 作），实现研发→生产→检测全流程质量管理。 | | 2.规模化 ...

| | ☑特定对象调研 □分析师会议 □媒体采访 | | --- | --- | | 投资者关系 | □业绩说明会 □新闻发布会 | | 活动类别 | □路演活动 | | | ☑现场参观 | | | □其他(请文字说明其他活动内容) | | | 华源证券 电子研究员 白 宇 | | 活动参与人员 | 景顺长城基金 基金经理助理 程振宇 | | | 景顺长城基金 半导体研究员 韩 非 | | 上市公司 | 董事会秘书：李吉鹏 | | 参与人员 | 证券事务代表：崔若晴 | | 时间 | 2025 年 6 月 30 日 下午 14:00-15:30 | | 地点 | 公司总部 | | 形式 | 现场参观交流 | | | 董秘李吉鹏先生简要介绍了公司基本情况、行业情况和公 | | | 司发展历程，投资者一行实地参观了公司总部和信息化中心， | | | 远程查看了宜昌和潜江两大产业园。 | | | 主要交流内容如下： | | | 1、公司投建的宜昌和潜江两大电子特气产业园进展情况 | | 交流内容及具体 | 潜江产业园处于量产→稳产阶段，宜昌产业园处于试生产 | | 问答记录 | →量产→稳产阶段。目前，潜江产业园大 ...

Core Viewpoint - Hubei Jianghan New Materials Co., Ltd. reported a decline in revenue and net profit for the year 2024, attributed to global economic downturn and falling product prices, despite an increase in sales volume of functional silane coupling agents. Financial Performance - The company achieved operating revenue of 2.216 billion yuan, a decrease of 2.69% year-on-year [6][24]. - Net profit was 602 million yuan, down 8.03% compared to the previous year [6][24]. - The net cash flow from operating activities was 533 million yuan, a decline of 25.45% year-on-year [6][31]. Market and Industry Conditions - The functional silane market is facing increased competition with many new entrants, leading to price declines despite growing demand [6][7]. - The company successfully developed 141 new domestic customers and 23 international customers, indicating a strong market expansion effort [7]. Operational Highlights - The company launched one new product and completed trials for several others, focusing on market-driven R&D [8][9]. - Production efficiency improvements were made through process upgrades, resulting in a significant reduction in waste and energy consumption [10][11]. Governance and Compliance - The company adhered to legal and regulatory requirements, ensuring proper governance and internal controls [14][19]. - The board of directors held nine meetings and executed all resolutions effectively during the reporting period [16][19]. Environmental and Safety Initiatives - The company implemented various safety and environmental measures, achieving recognition as a "green factory" and reducing environmental costs significantly [13][12].

公司报告 年报点评报告 江瀚新材（603281） 证券研究报告 24 年以量补价，25Q1 价格下降利润承压 事件：江瀚新材发布 2024 年年报，公司实现营业收入 22.16 亿元，同比下 降 2.69%；实现归属于上市公司股东的净利润 6.02 亿元，同比下降 8.03%。 其中，第四季度实现营业收入 5.12 亿元，同比下降 2.67%、环比下降 3.36%； 实现归属于上市公司股东的净利润 1.45 亿元，同比增长 20.57%、环比下降 0.13%。公司 2024 年度现金分红比例为 61.67%，维持较高的分红比例。2025 年第一季度实现营业收入 4.92 亿元，同比下降 16.20%；实现归属于上市公 司股东的净利润 0.97 亿元，同比下降 37.39%。 募投项目产能释放带来销量提升，产品价格下降影响利润规模。2024 年， 公司实现营业收入 22.16 亿元，同比减少 0.61 亿元，yoy2.7%，销售额变 化主要由于功能性硅烷产品市场价格回落所致。分业务看，2024 年，公司 主营业务中功能性硅烷、功能性硅烷中间体分别实现营收 21.50、0.49 亿 元。25 年第一季度，上述业务 ...

Group 1: Financial Performance - In Q1 2025, the company reported revenue of 355 million, which remained flat year-on-year, while net profit attributable to shareholders was 25.2 million, a decrease of 16.47% [4] - The decline in profit was primarily due to the recognition of employee stock incentive expenses and increased depreciation from new projects [4] - The company's asset-liability ratio rose to over 70% in Q1 2025, but short-term solvency is not expected to be affected due to sufficient liquidity and strong asset turnover [4] Group 2: Strategic Goals and Market Position - The company aims to enhance market share and sales volume in the industrial gas sector by launching new projects and focusing on two major specialty gas industrial parks [2][3] - The long-term strategic goals remain unchanged despite short-term challenges, aligning with national development needs for emerging industries [3] - The company is targeting a revenue goal of 5 billion for the 14th Five-Year Plan period, although progress has been slower than planned [3] Group 3: Industry Outlook and Growth Drivers - The industrial gas market in China is projected to grow from 238.1 billion in 2024 to 284.2 billion by 2026, with a compound annual growth rate of approximately 10% [9] - The company is focusing on the semiconductor, display panel, and photovoltaic sectors, which are expected to drive demand for specialty gases [9] - The company has signed a nitrogen supply contract with Yichang Bangpu Times for 40,000 cubic meters per hour, which is anticipated to positively impact 2025 performance [8] Group 4: Operational Challenges and Responses - The company is addressing the challenges of declining prices in the bulk industrial gas market by enhancing customer service and optimizing operational processes [7] - The management is committed to improving profitability and operational efficiency through the stable production of products from the two major industrial parks [5][8] - The company plans to increase R&D expenditure to approximately 50 million in 2024, reflecting a year-on-year increase of 28.71% [6]