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Company Overview - Jiangsu Huahai Chengke New Materials Co., Ltd. was registered on December 17, 2010, with a registered capital of RMB 29,249,905 in circulating A-shares and RMB 51,446,548 in unrestricted circulating A-shares [1][4] - The company was transformed from a limited liability company to a joint-stock company, maintaining the original shareholding proportions among shareholders [3][4] - The company’s stock was listed on the Shanghai Stock Exchange on April 4, 2023 [1] Capital Increases and Share Transfers - The company has undergone several capital increases, including a cash increase of RMB 600,000 by Jiangsu New Tide Technology Group [2][3] - Share transfers have occurred among various investors, including transfers to Jiangsu Yimeichi Investment Co., Ltd. and natural persons [2][3][5] - The company has issued shares and convertible bonds to acquire stakes in other companies, including a 30% stake in Hengsuo Huawai Electronics Co., Ltd. for a total transaction price of RMB 11.2 billion [10][14] Major Asset Restructuring - The company is engaged in a significant asset restructuring plan involving the acquisition of 70% of Hengsuo Huawai Electronics Co., Ltd. through a combination of issuing shares, convertible bonds, and cash payments [9][10] - The transaction is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [13] - The restructuring aims to enhance the company's market position in the electronic materials manufacturing industry, focusing on epoxy molding compounds and electronic adhesives [9][16] Financial Reporting and Accounting Policies - The company prepares its financial statements in accordance with the relevant accounting standards and regulations, reflecting its financial position and operating results accurately [16][20] - The company’s financial reports include a basis for preparation that assumes the completion of the restructuring transactions as of January 1, 2023 [17][18] - The company recognizes goodwill in its financial statements based on the excess of the purchase price over the fair value of identifiable net assets acquired [23][24]

Core Viewpoint - The company Huahai Chengke reported a mixed financial performance for Q1 2025, with revenue growth but a significant decline in net profit due to increased costs related to employee stock incentives and depreciation from new facilities [1][2]. Financial Performance Summary - Q1 2025 revenue reached 83.87 million yuan, a year-on-year increase of 15.84% compared to 72.40 million yuan in the same period last year [2]. - Net profit attributable to shareholders decreased by 43.56% to 7.21 million yuan from 12.77 million yuan year-on-year [2]. - The company's net profit after excluding non-recurring items fell by 48.97% to 6.56 million yuan from 12.86 million yuan year-on-year [2]. Annual Performance Overview - For the full year 2024, Huahai Chengke achieved a revenue of 332 million yuan, up 17.23% from 283 million yuan in 2023 [3]. - The net profit attributable to shareholders for 2024 was 40.06 million yuan, reflecting a 26.63% increase from 31.64 million yuan in 2023 [3]. - The net profit after excluding non-recurring items rose by 24.59% to 34.13 million yuan from 27.40 million yuan year-on-year [3]. Product and Market Insights - Huahai Chengke specializes in the research, production, and sales of epoxy molding compounds and electronic adhesives, primarily used in semiconductor packaging and board-level assembly [4]. - The production of epoxy molding compounds reached 12,400 tons in the reporting period, marking a 20.40% increase, with revenue from this segment at 316 million yuan, up 18.81% [4]. - The adhesive segment saw a production decline of 20.92% to 36.23 tons, but revenue increased by 8.44% to 15 million yuan, with a gross margin of 35.05%, down 7.02 percentage points from the previous year [4]. Strategic Initiatives - The company is planning to acquire 100% of Hengsu Huawai through a combination of cash and stock issuance, which is expected to enhance production scale and efficiency [5]. - A project to build a high-density integrated circuit and system-level module packaging epoxy molding compound facility is underway, with an expected annual production capacity of 11,000 tons upon completion [5]. - As of the reporting period, the company has invested 184 million yuan in fundraising projects, achieving 63.83% of the planned progress [5].

Company Overview - The company is dedicated to the research, production, and sales of semiconductor packaging materials, specifically epoxy molding compounds and electronic adhesives, and is one of the few specialized factories in China for chip-level solid and liquid packaging materials [8][9] - The main products include epoxy molding compounds and electronic adhesives, which are widely used in semiconductor packaging and board-level assembly [9][12] Business Model - The company employs a research and development model focused on optimizing the formulation and production processes of semiconductor packaging materials [10] - The procurement model involves a dedicated procurement department that collaborates with various departments to select suppliers and manage material needs [10] - The production model combines sales-driven production with demand forecasting to ensure alignment between production plans and sales [11] - The sales model is customer-centric, primarily targeting direct customers while also engaging with trading partners, with a strong sales presence in East China, Southwest China, and South China [11] Industry Position - Since its establishment in 2010, the company has focused on the R&D and industrialization of semiconductor packaging materials, achieving significant technological advancements and market recognition [19] - The company is recognized as a national high-tech enterprise and has established stable partnerships with leading industry players, enhancing its market share and brand influence [19] Financial Performance - In the reporting period, the company achieved operating revenue of 331.63 million yuan, a year-on-year increase of 17.23%, and a net profit attributable to shareholders of 40.06 million yuan, up 26.63% year-on-year [24] Profit Distribution Plan - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares (including tax) for the 2024 fiscal year, with a total proposed cash dividend amounting to approximately 24.13 million yuan, representing 60.23% of the net profit attributable to shareholders [55][54]

Core Viewpoint - Huahai Chengke reported a significant increase in revenue and net profit for the year 2024, indicating a positive trend in the semiconductor packaging materials market as it enters a recovery phase after a downturn that began in late 2022 [1][4]. Financial Performance - The company's operating revenue reached 332 million yuan, a year-on-year increase of 17.23% - The net profit attributable to shareholders was 40 million yuan, up 26.63% year-on-year - The net profit after deducting non-recurring items was 34 million yuan, reflecting a growth of 24.59% year-on-year [1] - Cash flow from operating activities decreased significantly to 2.9765 million yuan, down 90.58% year-on-year, primarily due to increased employee compensation and reduced government subsidies [1] Product Performance - Revenue from epoxy encapsulation materials was 316 million yuan, an increase of 18.81% year-on-year, with a gross margin of 25.16%, down 0.40 percentage points from the previous year - Adhesive revenue was 15 million yuan, growing by 8.44% year-on-year, but with a gross margin of 35.05%, down 7.02 percentage points from the previous year [2][3] Market Position and Competition - Huahai Chengke is a leading domestic semiconductor packaging materials manufacturer, increasing its market share in traditional packaging while making technological breakthroughs in advanced packaging [4] - In the traditional packaging sector, domestic manufacturers dominate the market for epoxy encapsulation materials, while foreign brands have largely retreated - In advanced packaging fields like QFN, BGA, and FOWLP, foreign brands maintain a monopoly, with domestic brands still in the early stages of sales or R&D [5] Product Development and Future Outlook - The company is focusing on high-value-added products, although some products still face margin pressure - Huahai Chengke has successfully developed high-end packaging materials for advanced packaging applications, currently undergoing customer validation, with mass production expected to take time [6][5] - The company is progressing on investment projects, including a high-density integrated circuit packaging project, with 63.83% of the planned investment completed [7]

股票简称：华海诚科 股票代码：688535 江苏华海诚科新材料股份有限公司 Jiangsu HHCK Advanced Materials Co., Ltd. （连云港经济技术开发区东方大道 66 号） 首次公开发行股票科创板上市公告书 保荐人（主承销商） （上海市静安区新闸路1508号） 二〇二三年四月三日 江苏华海诚科新材料股份有限公司 上市公告书 特别提示 江苏华海诚科新材料股份有限公司（以下简称"华海诚科"、"发行人"、"公 司"或"本公司"）股票将于 2023 年 4 月 4 日在上海证券交易所科创板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 1 江苏华海诚科新材料股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明与提示 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏，并依 法承担法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不 表明对本公司的任何保证。 本公司提醒广大投资者认真阅读 ...

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板公司具有研发投 入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者 应充分了解科创板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 江苏华海诚科新材料股份有限公司 Jiangsu HHCK Advanced Materials Co., Ltd. （住所：连云港经济技术开发区东方大道 66 号） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） （住所：上海市静安区新闸路 1508 号） wujia 江苏华海诚科新材料股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 ...

（住所：连云港经济技术开发区东方大道 66 号） 本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板公司具有研发投 入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者 应充分了解科创板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 Jiangsu HHCK Advanced Materials Co., Ltd. 江苏华海诚科新材料股份有限公司 首次公开发行股票并在科创板上市 招股意向书 保荐人（主承销商） （住所：上海市静安区新闸路 1508 号） 江苏华海诚科新材料股份有限公司 招股意向书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 保荐人及证券服务机构承诺因其为发行人本次公开发行制作、出具的文件有 虚假记载、误导性陈述或者重大遗漏，给投资者造成损失的，将依法赔偿投资者 损失。 1-1-1 江苏华海诚科新材料股份有限公司 招股意向书 本次发行概况 ...