Business Overview - The company reported a total operating revenue of 947 million yuan for the first half of 2025, an increase of 10.53% year-on-year [1][3] - The net profit attributable to shareholders decreased by 7.3% year-on-year to 37.67 million yuan, while the net profit after deducting non-recurring items increased by 18.87% to 38.49 million yuan [1][3] - In Q2 2025, the operating revenue was 509 million yuan, up 8.75% year-on-year, with a net profit attributable to shareholders of 18.88 million yuan, down 0.94% year-on-year [1] Financial Indicators - The gross profit margin was 16.6%, a decrease of 2.52 percentage points year-on-year [5] - The net profit margin was 4.15%, a decrease of 14.75 percentage points year-on-year [5] - Operating costs increased by 11.1% in line with sales revenue growth [5] - Total operating expenses (selling, administrative, and financial expenses) amounted to 81.52 million yuan, accounting for 8.61% of revenue, a decrease of 3.8 percentage points year-on-year [5] - Selling expenses increased by 62.19% due to higher sales personnel compensation and share-based payment amortization [5] - Administrative expenses decreased by 4.01% due to reduced employee compensation and consulting service fees [5] - Financial expenses decreased by 31.1% due to lower loan interest expenses and reduced foreign exchange losses [5] Cash Flow and Debt Situation - Operating cash flow per share was 0.09 yuan, a decrease of 67.48% year-on-year [5] - Cash and cash equivalents amounted to 310 million yuan, an increase of 23.13% year-on-year, primarily due to funds received from shareholders through a simplified share issuance process [5] - Accounts receivable reached 343 million yuan, an increase of 8.65% year-on-year, representing 512.21% of the latest annual net profit attributable to shareholders [5][6] - Interest-bearing liabilities increased by 25.27% year-on-year to 819 million yuan [5][6] - The ratio of cash and cash equivalents to current liabilities was only 42.33%, indicating a need to monitor cash flow [6] - The interest-bearing asset-liability ratio reached 26.56%, necessitating attention to the company's debt situation [6]

Core Viewpoint - The article discusses the recent performance of Jinghua New Materials, highlighting the divergence between revenue growth and declining net profit, which has led to a significant drop in stock price despite previous high valuations [3][4]. Financial Performance - Jinghua New Materials reported a revenue of 947 million yuan for the first half of 2025, a year-on-year increase of 10.53% [4]. - The net profit attributable to shareholders was 37.67 million yuan, a decrease of 7.3% year-on-year, while the non-recurring net profit increased by 18.87% to 38.49 million yuan [4]. - The operating cash flow from operating activities fell by 63.59% to 25.13 million yuan [4]. - In Q2 2025, the company achieved a revenue of 508 million yuan, with a year-on-year growth of 8.75% and a quarter-on-quarter growth of 16.1% [4]. Industry Context - The adhesive industry is characterized by a fragmented market with many small players and low concentration, leading to intense competition, especially from international brands like 3M and Nitto [5]. - The decline in net profit margin is attributed to increased sales expenses, which rose by 62.2% to 27.97 million yuan, significantly outpacing revenue growth [5]. Strategic Developments - Jinghua New Materials has established a new subsidiary, Beijing Jingzhigan New Materials Co., Ltd., focusing on multi-modal flexible sensors for applications in robotics and new energy vehicles [8][9]. - The stock price surged by approximately 140% in the first seven months of 2025, driven by market speculation around the company's new ventures in solid-state batteries and robotics [7][8]. Future Outlook - The new business segments in solid-state batteries and robotics are still in the product development and market exploration stages, with no revenue contribution expected in the near term [9]. - The company is focusing on developing flexible tactile sensors for robotic applications and safety detection materials for new energy batteries [9].

Core Viewpoint - The rapid increase in stock valuation of Jinghua New Materials has been validated by its mid-year performance report, revealing a divergence between revenue growth and declining net profit, raising concerns about the sustainability of its high valuation amid new business developments [1][2]. Financial Performance - In the first half of the year, Jinghua New Materials achieved operating revenue of 947 million yuan, a year-on-year increase of 10.53%, while net profit attributable to shareholders was 37.67 million yuan, a decrease of 7.3% [2]. - The company's net cash flow from operating activities was 25.13 million yuan, down 63.59% year-on-year [2]. - In Q2, the company reported operating revenue of 508 million yuan, with a year-on-year growth of 8.75% and a quarter-on-quarter increase of 16.1% [2]. - The sales profit margin for Q2 was 3.9%, marking a decrease of 0.53 percentage points from Q1, the second-lowest level since Q3 2023 [3]. Cost Structure - Sales expenses increased significantly, reaching 27.97 million yuan, a year-on-year rise of 62.2%, which outpaced revenue growth [3]. - Management and financial expenses decreased by a total of 5.85 million yuan, indicating a net increase in total expenses of 5.86 million yuan [3]. Market Position and Competitive Landscape - Jinghua New Materials operates in a highly fragmented adhesive industry, facing significant competition from international players like 3M and Delo, particularly in the high-end market [2]. - The company’s main revenue sources are industrial and electronic adhesives, projected to account for 54% and 26% of revenue, respectively, in 2024 [2]. New Business Ventures - The company has established a new subsidiary, Beijing Jingzhigan New Materials Co., Ltd., focusing on multi-modal flexible sensors for applications in robotics and new energy vehicles [5][6]. - Despite the promising market for solid-state batteries and robotics, the new business segments are still in the product development and market exploration phases, with no revenue contribution yet [6]. Stock Performance and Investor Sentiment - Jinghua New Materials' stock price surged approximately 140% in the first seven months of the year, driven by market speculation around its new ventures in solid-state batteries and robotics [4][5]. - The company’s executives have initiated a share reduction plan, indicating potential concerns about stock valuation sustainability amid performance challenges [4].

Core Points - The company, Shanghai Jinhua Adhesive New Materials Co., Ltd., disclosed its major operating data for Q2 2025, including production, sales, and revenue figures for its main products [1]. Group 1: Main Products Performance - The production and sales of electronic adhesive materials reached 1,252.97 tons and 1,863.01 tons, respectively, with revenue of 13,706.18 million yuan [1]. - Industrial adhesive materials produced 13,148.53 tons and sold 13,361.76 tons, generating revenue of 25,571.70 million yuan [1]. - Optical adhesive film materials had a production of 273.04 tons and sales of 310.65 tons, with revenue amounting to 3,452.40 million yuan [1]. Group 2: Price Changes - The average price of industrial adhesive materials decreased by 1.04% to 1.91 yuan per square meter [1]. - The average price of chemical new materials dropped by 30.38% to 12.97 yuan per kilogram [1]. - The average price of optical adhesive film materials was reported at 10.26 yuan per square meter, reflecting an increase of 8.71% [1]. Group 3: Raw Material Price Changes - The price of paper base decreased by 4.60% to 13.27 yuan per kilogram, while resin increased by 1.64% to 13.01 yuan per kilogram [1]. - Rubber prices rose by 17.07% to 15.77 yuan per kilogram [1]. - The price of PET film increased by 8.71% to 13.86 yuan per kilogram, while the price of release agent rose by 6.17% to 11.01 yuan per kilogram [1]. Group 4: Other Information - No other significant events affecting the company's production and operations were reported during the reporting period [1].

根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第十三号——化工》的要求，现将上海晶华胶粘新材料股份有限公司（以 下简称"公司"）2025 年第二季度主要经营数据披露如下（均不含税）： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 年 2025 | 4-6 | 月产 | 年 2025 4-6 | 月销量 | 年 2025 | 月销售金 4-6 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 量（万平方米） | | | （万平方米） | | | 额（万元） | | 电子胶粘材料 | | 1,252.97 | | | 1,863.01 | | 13,706.18 | | 工业胶粘材料 | | 13,148.53 | | | 13,361.76 | | 25,571.70 | | 光学胶膜材料 | | 273.04 | | | 310.65 | | 3,452.40 | | 化工新材料（吨） | | 5,728.59 | | | 728.32 | | 657.93 | | 特种纸 | | 19,624.35 ...

Investment Rating - The report initiates coverage with a rating of "Accumulate" for the company [3][5]. Core Insights - The company focuses on adhesive materials, aiming for market share growth in both indoor and outdoor home decoration sectors in 2024, while also expanding into new products in the automotive aftermarket and packaging markets [1]. - The company has successfully entered the supply chain of CATL, the world's largest power battery manufacturer, providing various adhesive tapes for battery assembly [1]. - The optical adhesive film product line covers high-end applications in mobile displays, including foldable screens and curved screens [1]. Financial Performance - In 2024, the company is projected to achieve revenue of 1.88 billion yuan, a year-on-year increase of 20.94%, with electronic-grade adhesive materials revenue expected to reach 494 million yuan, up 48.75% year-on-year [2]. - The gross margin for electronic-grade adhesive materials is forecasted at 27.45%, an increase of 3.35 percentage points year-on-year [2]. - The company maintains a leading position in adhesive material production capacity, with plans for significant production lines across multiple provinces [2]. Profit Forecast - The projected net profits for the company from 2025 to 2027 are 82 million yuan, 103 million yuan, and 123 million yuan, respectively, with corresponding P/E ratios of 57.47, 46.18, and 38.63 [3].

Core Points - The company achieved a revenue of 1.885 billion yuan in 2024, representing a year-on-year growth of 20.94% [3][29] - The net profit attributable to the parent company was 67.03 million yuan, an increase of 18.50% compared to the previous year [3][29] - The company is focusing on high-quality development and optimizing production processes to enhance economic efficiency [3][4] Business Performance - The industrial adhesive materials segment saw significant improvements through refined management and optimization of production processes, leading to cost reduction and efficiency gains [3][4] - The company expanded its market share in domestic home decoration and outdoor sectors, achieving growth despite global trade tensions [3][4] - The electronic adhesive materials segment is deepening its focus on the automotive and battery sectors, with new product developments aimed at meeting high-performance requirements [4][5] Research and Development - The company has increased its R&D efforts, successfully developing high-performance adhesive products and biodegradable materials to meet market demands for sustainability [4][6] - Innovations in polymer technology have been implemented, including the use of thermal bulk polymerization for OCA adhesives, enhancing product stability and quality [6][7] Capacity Expansion - The company is advancing its capacity construction projects, including a new production line for electronic materials and a new facility for biodegradable materials, which are expected to be operational in 2025 [8][15] - The company aims to enhance its production efficiency and market competitiveness through automation and intelligent manufacturing [8][15] Financial Overview - The total assets of the company reached approximately 2.559 billion yuan, reflecting a 20.32% increase from the previous year [29] - The company reported a significant increase in cash flow from operating activities, amounting to 276.20 million yuan, up 86.83% year-on-year [29] Strategic Initiatives - The company is committed to enhancing its brand influence and customer relationships through active participation in industry exhibitions and technology exchanges [17][18] - A focus on talent development and collaboration with research institutions is being prioritized to support the company's innovation and growth strategies [18][19]

证券代码：603683 证券简称：晶华新材 公告编号：2025-029 上海晶华胶粘新材料股份有限公司 2025年第一季度主要经营数据公告 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《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第十三号——化工》的要求，现将上海晶华胶粘新材料股份有限公司（以 下简称"公司"）2025 年第一季度主要经营数据披露如下（均不含税）： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 年 2025 | 1-3 | 月产 | 年 2025 1-3 | 月销量 | 年 2025 | 月销售金 1-3 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 量（万平方米） | | | （万平方米） | | | 额（万元） | | 电子胶粘材料 | | | 1,080.35 | | 1,713.71 | | 12,766.89 | | 工业胶粘材料 | | 12,807.84 | | | 11,158.3 ...