Core Points - On November 21, Aisen Co., Ltd. experienced a decline of 5.16%, with a stock price of 51.83 CNY per share, a trading volume of 247 million CNY, a turnover rate of 8.40%, and a total market capitalization of 4.568 billion CNY [1] - Aisen Semiconductor Materials Co., Ltd. was established on March 26, 2010, and went public on December 6, 2023. The company specializes in the research, production, and sales of electronic chemicals [1] - The main revenue composition of Aisen includes: electroplating solutions and supporting reagents (45.37%), electroplating supporting materials (29.31%), photoresists and supporting reagents (21.91%), other (supplementary) (3.04%), and other electronic chemicals (0.37%) [1] Shareholder Information - Among the top ten circulating shareholders of Aisen, a fund under Southern Fund ranks first. The Southern Information Innovation Mixed A Fund (007490) entered the top ten shareholders in the third quarter, holding 741,200 shares, which accounts for 1.34% of the circulating shares [2] - The Southern Information Innovation Mixed A Fund was established on June 19, 2019, with a latest scale of 3.477 billion CNY. Year-to-date returns are 43.46%, ranking 1145 out of 8136 in its category; the one-year return is 29.37%, ranking 2144 out of 8056; and since inception, the return is 143.07% [2] Fund Manager Information - The fund manager of the Southern Information Innovation Mixed A Fund is Zheng Xiaoxi, who has been in the position for 6 years and 158 days. The total asset scale of the fund is 7.468 billion CNY, with the best fund return during his tenure being 146.29% and the worst being -33.69% [3]

Core Viewpoint - Aisen Semiconductor Materials Co., Ltd. has shown a significant increase in stock price, indicating positive market sentiment towards the company and its operations in the electronic chemicals sector [1]. Company Overview - Aisen Semiconductor Materials Co., Ltd. was established on March 26, 2010, and is located in Kunshan, Jiangsu Province. The company specializes in the research, production, and sales of electronic chemicals [1]. - The company's main business revenue composition includes: - Electroplating solutions and supporting reagents: 45.37% - Electroplating supporting materials: 29.31% - Photoresists and supporting reagents: 21.91% - Other (supplementary): 3.04% - Other electronic chemicals: 0.37% [1]. Shareholder Information - Southern Fund's Southern Information Innovation Mixed A (007490) has entered the top ten circulating shareholders of Aisen, holding 741,200 shares, which accounts for 1.34% of the circulating shares. The estimated floating profit today is approximately 2.17 million yuan [2]. - Southern Information Innovation Mixed A was established on June 19, 2019, with a latest scale of 3.477 billion yuan. The fund has achieved a return of 48.29% this year, ranking 903 out of 8,138 in its category; a one-year return of 37.72%, ranking 1,703 out of 8,055; and a cumulative return of 151.25% since inception [2]. Fund Manager Profile - The fund manager of Southern Information Innovation Mixed A is Zheng Xiaoxi, who has been in the position for 6 years and 156 days. The total asset scale of the fund is 7.468 billion yuan, with the best fund return during his tenure being 146.29% and the worst being -33.69% [3].

Group 1 - The core viewpoint of the news is that Aisen Co., Ltd. has seen a significant stock price increase of 6.02%, reaching 60.90 CNY per share, with a total market capitalization of 5.367 billion CNY [1] - Aisen Co., Ltd. specializes in the research, production, and sales of electronic chemicals, with its main business revenue composition being: electroplating solution and supporting reagents 45.37%, electroplating supporting materials 29.31%, photoresist and supporting reagents 21.91%, others (supplementary) 3.04%, and other electronic chemicals 0.37% [1] Group 2 - Among the top ten circulating shareholders of Aisen Co., Ltd., a fund under Southern Fund ranks first, with Southern Information Innovation Mixed A (007490) newly entering the top ten shareholders in the third quarter, holding 741,200 shares, accounting for 1.34% of circulating shares [2] - Southern Information Innovation Mixed A (007490) has achieved a return of 53.67% this year, ranking 792 out of 8147 in its category, and a one-year return of 36.21%, ranking 1502 out of 8056 [2]

Core Viewpoint - Aisen Co., Ltd. is a leading company in the field of electroplating products for integrated circuit packaging, with a market share of over 20%, and has recently been listed on the Shanghai Stock Exchange [1] Group 1: Business Overview - Aisen Co., Ltd. was established on March 26, 2010, and focuses on the research, production, and sales of electronic chemicals, including photoresists and electroplating solutions [1] - The company operates in the semiconductor materials sector and is involved in various concepts such as chip technology, photoresists, integrated circuit fusion, superconductivity, and nuclear power [1] Group 2: Financial Performance - For Q3 2025, Aisen reported a revenue of 439 million yuan, ranking 18th out of 24 in the industry, significantly lower than the top competitors [2] - The revenue breakdown shows that electroplating solutions and related reagents accounted for 45.37%, while photoresists contributed 21.91% to the total revenue [2] - The net profit for the same period was approximately 34.87 million yuan, placing the company 15th in the industry [2] Group 3: Financial Ratios - Aisen's debt-to-asset ratio stood at 24.96% in Q3 2025, lower than the industry average of 31.95%, indicating strong solvency [3] - The gross profit margin was reported at 28.57%, higher than the industry average of 25.67%, reflecting robust profitability [3] Group 4: Management and Shareholder Information - The chairman, Zhang Bing, received a salary of 790,000 yuan in 2024, an increase of 19.44% from the previous year [4] - The number of A-share shareholders increased by 24.95% to 7,993 as of September 30, 2025, while the average number of shares held per shareholder decreased by 19.97% [5] Group 5: Market Outlook - Aisen is recognized as a company with unique characteristics and growth potential in the semiconductor materials sector, driven by its dual focus on photoresists and electroplating [5] - The market for advanced packaging is expected to exceed 20 billion yuan, with opportunities arising from high computing power demands and accelerated domestic substitution [5] - Revenue projections for 2025-2027 indicate significant growth, with expected increases of 55%, 45%, and 40% respectively for photoresists, and 32%, 28%, and 20% for electroplating solutions [5]

Core Insights - On September 30, Aisen Co., Ltd. saw a stock price increase of 2.82% with a trading volume of 203 million yuan [1] - The company reported a financing buy-in amount of 20.75 million yuan and a financing repayment of 42.48 million yuan, resulting in a net financing outflow of 21.72 million yuan on the same day [1] - As of September 30, the total margin balance for Aisen Co. was 210 million yuan, representing 7.23% of its market capitalization, indicating a high level of financing activity [1] Financing and Margin Data - On September 30, Aisen Co. had a financing buy-in of 20.75 million yuan, with a current financing balance of 210 million yuan, which is above the 90th percentile of the past year [1] - The company reported no short-selling activity on the same day, with a short-selling balance of 0.00 shares, also indicating a high level of inactivity in this area [1] Company Overview - Aisen Co., Ltd. is located in Kunshan, Jiangsu Province, and was established on March 26, 2010, with its listing date set for December 6, 2023 [1] - The company's main business involves the research, production, and sales of electronic chemicals, with revenue composition as follows: electroplating solutions and supporting reagents (45.37%), electroplating supporting materials (29.31%), photoresists and supporting reagents (21.91%), and other electronic chemicals (0.37%) [1] Financial Performance - As of June 30, Aisen Co. had 6,397 shareholders, an increase of 6.32% from the previous period, while the average circulating shares per person decreased by 5.94% to 8,641 shares [2] - For the first half of 2025, Aisen Co. achieved a revenue of 280 million yuan, representing a year-on-year growth of 50.64%, and a net profit attributable to shareholders of 16.78 million yuan, up 22.14% year-on-year [2] Dividend Information - Aisen Co. has distributed a total of 17.12 million yuan in dividends since its A-share listing [3]

Summary of Key Points Core Viewpoint - The stock of Aisen Co., Ltd. experienced a decline of 1.89% on September 29, with a trading volume of 205 million yuan, indicating a potential concern in market sentiment towards the company [1]. Financing and Trading Data - On September 29, Aisen Co. had a financing buy-in amount of 28.20 million yuan and a financing repayment of 35.44 million yuan, resulting in a net financing outflow of 7.25 million yuan [1]. - As of September 29, the total financing and securities lending balance for Aisen Co. was 231 million yuan, which represents 8.21% of its circulating market value, indicating a high level of financing compared to the past year [1]. - The company had no securities lending activity on September 29, with both the amount sold and the balance at zero, which is also at a high level compared to the past year [1]. Company Overview - Aisen Co., Ltd. was established on March 26, 2010, and is located in Kunshan, Jiangsu Province. The company specializes in the research, production, and sales of electronic chemicals [1]. - The main revenue components for Aisen Co. include: electroplating solutions and supporting reagents (45.37%), electroplating supporting materials (29.31%), photoresists and supporting reagents (21.91%), and other electronic chemicals (0.37%) [1]. Financial Performance - For the first half of 2025, Aisen Co. reported a revenue of 280 million yuan, reflecting a year-on-year growth of 50.64%. The net profit attributable to shareholders was 16.78 million yuan, showing a year-on-year increase of 22.14% [2]. - As of June 30, the number of shareholders for Aisen Co. was 6,397, an increase of 6.32% from the previous period, while the average circulating shares per person decreased by 5.94% to 8,641 shares [2]. Dividend Information - Since its A-share listing, Aisen Co. has distributed a total of 17.13 million yuan in dividends [3].

Summary of Key Points Core Viewpoint - The company, Aisen Semiconductor Materials Co., Ltd., has shown significant growth in revenue and net profit, indicating a strong performance in the electronic chemicals sector. Group 1: Financial Performance - For the first half of 2025, Aisen achieved operating revenue of 280 million yuan, representing a year-on-year growth of 50.64% [2] - The net profit attributable to the parent company was 16.78 million yuan, reflecting a year-on-year increase of 22.14% [2] Group 2: Shareholder Information - As of June 30, the number of shareholders increased to 6,397, up by 6.32% from the previous period [2] - The average circulating shares per person decreased to 8,641 shares, down by 5.94% [2] Group 3: Financing and Trading Activity - On September 23, Aisen's financing buy-in amounted to 37.37 million yuan, with a net buy of 7.62 million yuan [1] - The total financing and securities balance reached 250 million yuan, accounting for 9.04% of the circulating market value, which is above the 90th percentile level over the past year [1] - There were no short-selling activities reported on September 23, with both short-selling repayment and selling amounting to zero [1] Group 4: Dividend Distribution - Since its A-share listing, Aisen has distributed a total of 17.13 million yuan in dividends [3] Group 5: Company Overview - Aisen Semiconductor Materials Co., Ltd. was established on March 26, 2010, and is located in Kunshan, Jiangsu Province [1] - The company's main business involves the research, production, and sales of electronic chemicals, with revenue composition as follows: electroplating solution and supporting reagents 45.37%, electroplating supporting materials 29.31%, photoresist and supporting reagents 21.91%, and other electronic chemicals 0.37% [1]

Core Viewpoint - The report highlights the continuous supervision of Jiangsu Aisen Semiconductor Materials Co., Ltd. by Huatai United Securities during its initial public offering and listing on the Sci-Tech Innovation Board, emphasizing the company's competitive position and financial performance amidst industry challenges [1]. Group 1: Company Overview - Jiangsu Aisen focuses on the research, production, and sales of electronic chemicals, particularly in the semiconductor materials sector, and has established itself as a leading domestic supplier [5][6]. - The company has transitioned from a follower to a leader in the electroplating liquid and supporting reagents market, achieving competitive product performance that meets international standards [6]. Group 2: Competitive Risks - The company faces core competitiveness risks due to increasing competition from domestic manufacturers in advanced packaging technology, necessitating continuous technological updates and product development to maintain market share [1][2]. - The reliance on high-performance products and the lengthy certification process for new products pose challenges for large-scale industrialization, potentially impacting future revenue [2][3]. Group 3: Financial Performance - For the first half of 2025, the company reported a significant increase in revenue, with operating income reaching 279.89 million yuan, a 50.64% increase compared to the same period in 2024 [4]. - The net profit attributable to shareholders was 13.74 million yuan, reflecting a growth of 22.14% year-on-year, while the net cash flow from operating activities improved significantly [4][5]. Group 4: Research and Development - The company maintains a high level of R&D investment, accounting for 10.87% of operating income in the first half of 2025, to ensure technological leadership and innovation [4][8]. - Several R&D projects are progressing well, with the company applying for 10 new invention patents in the first half of 2025 [8]. Group 5: Market Position and Future Outlook - The company aims to expand its market share in advanced packaging and wafer manufacturing, with plans to enhance its product offerings and solidify its position as a key supplier in these sectors [7]. - The semiconductor industry is experiencing rapid growth driven by demand from consumer electronics and other sectors, providing a favorable environment for the company's expansion [3][4].

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by a focus on the semiconductor business and strategic international expansion [2][3]. Financial Performance - The company achieved operating revenue of 279.89 million yuan, a year-on-year increase of 50.64% [1]. - The net profit attributable to shareholders was 16.78 million yuan, reflecting a 22.14% increase compared to the previous year [1][3]. - The net profit after deducting non-recurring gains and losses was 14.44 million yuan, showing a substantial growth of 76.14% [1][3]. - The net cash flow from operating activities was 22.85 million yuan, a significant recovery from a negative cash flow of 34.07 million yuan in the previous year [1]. Business Strategy and Market Expansion - The company emphasizes a "differentiated competition and global layout" strategy, focusing on advanced packaging and wafer sectors [2]. - The company is enhancing its international strategy through localized operations and meticulous market cultivation, leading to growth in international business [2]. - The subsidiary INOFINE has successfully expanded into the Southeast Asian market, with ongoing integration and optimization efforts [2]. - The construction and operational preparation of the Southeast Asia manufacturing center are progressing well, establishing a secure global supply chain [2]. Product Development - The company is strategically increasing the proportion of high-value products like photoresists, enhancing its technological barriers and market competitiveness [2]. - Continuous optimization of product structure and expansion of customer base and project capabilities are key focuses for increasing market share [2].

Core Viewpoint - Jiangsu Aisen Semiconductor Material Co., Ltd. reported a steady growth in revenue and profit for the first half of 2025, driven by optimized product structure and increased efficiency in production and management [3][4][5]. Company Overview and Financial Indicators - The company achieved a revenue of approximately 279.89 million yuan, representing a 50.64% increase compared to the same period last year [3]. - The total profit reached approximately 17.27 million yuan, up by 29.64% year-on-year [3]. - The net profit attributable to shareholders was approximately 16.78 million yuan, reflecting a 22.14% increase compared to the previous year [3]. - The company's total assets increased by 7.09% to approximately 1.33 billion yuan [3]. Industry and Main Business Situation - The company operates in the semiconductor materials industry, focusing on electronic chemical products used in integrated circuits, semiconductor displays, and new electronic components [4][6]. - The company has established a comprehensive intellectual property system and a diverse product range, gradually replacing foreign material companies in the semiconductor packaging sector [4][5]. - According to the China Electronic Materials Industry Association, the company held over 20% market share in the electroplating solution and supporting reagent market for integrated circuit packaging from 2020 to 2022 [4][6]. Product Development and Market Position - The company has made technological breakthroughs in key products such as electroplating solutions and photoresists, positioning itself among the top domestic suppliers [5][6]. - The domestic semiconductor materials industry is expected to grow significantly, with the market for wet electronic chemicals projected to reach approximately 8.6 billion yuan by 2025 [8]. - The company is focusing on advanced packaging and wafer manufacturing, with a complete product solution covering traditional and advanced packaging fields [10][11]. Research and Development - The company emphasizes R&D investment, with R&D expenses growing at a slower rate than revenue, indicating improved internal management efficiency [4][5]. - The company has developed a complete R&D system for photoresists, covering various applications in the semiconductor industry, and aims to fill domestic gaps in high-end products [15][16]. Market Trends and Future Outlook - The semiconductor industry is entering a critical phase driven by technological innovation, market demand, and policy support, with significant growth opportunities in AI, IoT, and 5G technologies [6][7]. - The global semiconductor materials market is expected to reach approximately 71.13 billion USD by 2025, with a growth rate of 5.4% [7].