Summary of JinHua New Materials Conference Call Company Overview - JinHua New Materials was established in 2007 and focuses on continuous innovation in the copper foil industry chain, enhancing product offerings and technical capabilities [3][4] - The company has achieved a compound annual growth rate (CAGR) of 28% in revenue from 2018 to 2024 [2][3] Key Products - Main products include silane crosslinking agents, strong ammonium salts, methoxyamine hydrochloride, and acetaldehyde oxime, used in construction, energy, electronics, and new energy vehicles [2][3] - Silane crosslinking agents are utilized in organic silicone sealants and adhesives, while strong ammonium salts are used in pesticides and pharmaceuticals [3] Market Position and Competitive Advantage - JinHua is the only company in China capable of industrially producing hydroxylamine aqueous solution, breaking BASF's monopoly [2][5] - The hydroxylamine solution is a key raw material for chip cleaning agents, widely used in wafer manufacturing [5][11] - The company has established stable partnerships with major multinational corporations such as Bayer and Brenntag [5][17] Financial Projections - Expected revenues for 2025, 2026, and 2027 are projected to be CNY 1.04 billion, CNY 1.31 billion, and CNY 1.66 billion, respectively, with net profits of CNY 200 million, CNY 250 million, and CNY 320 million [2][6] - Revenue and net profit are expected to experience stable growth from 2022 to 2024, although a decline is anticipated in 2025 due to lower demand in downstream industries and macroeconomic factors [7] Industry Insights - The global functional silane market is expected to reach 719,000 tons by 2028, with China accounting for over 80% of production [2][8] - The strong ammonium salt market is projected to grow from CNY 16 billion in 2023 to CNY 21.6 billion by 2029, with a CAGR of approximately 5% [10] - The hydroxylamine salt market in China is expected to grow significantly, with a market size of CNY 16 billion in 2023 [10] Technological Innovations - JinHua has developed a green production process for hydroxylamine aqueous solution, obtaining five related patents, which may lead to domestic substitution of imports [14] - The company has invested in automation, information technology, and digitalization to enhance production efficiency and product quality [16] Future Growth Potential - The hydroxylamine aqueous solution market is projected to grow from USD 203 million in 2024 to USD 378 million by 2037, with a CAGR of approximately 4.9% [13] - The company is expanding its product matrix towards high-value-added products, including a new high-purity hydroxylamine aqueous solution project [17] Valuation and Investment Rating - JinHua New Materials is expected to maintain stable growth in its core business, with projected revenues for silane crosslinking agents of CNY 460 million, CNY 600 million, and CNY 770 million from 2025 to 2027 [18] - The company is rated as "Buy" with a valuation slightly above the industry average, indicating strong future growth potential [19]

2025 年 11 月 16 日 有机硅减产助推供需边际改善，北交所相关产业链公司景气有望上行 ——北交所化工新材专题报告 北交所研究团队 诸海滨（分析师） 北交所策略专题报告 zhuhaibin@kysec.cn 证书编号：S0790522080007 有机硅供需将得到边际改善，产业链有望迎来景气上行周期 近期，有机硅 DMC 市场价格上行。根据买化塑研究院监测，国内有机硅 DMC 价格已攀升至 12000-12500 元/吨，单日最大涨幅达 1000 元/吨，较 11 月初累计 上涨超 1000 元/吨。这场价格反弹并非偶然，而是行业在"反内卷"共识下，供 需格局深度调整的必然结果，标志着持续两年多的行业低迷期有望终结，底部反 转信号日益清晰。2025 年 11 月以来，行业协同行动进入实质性落地阶段。11 月 12 日，鲁西化工牵头召开行业会议，达成"减产 30%+涨价至 13500 元/吨"的 双重目标，计划 12 月初启动减产，半个月内完成价格抬升。会议成果迅速显现， 11 月 13 日已有单体厂将报价上调至 12500 元/吨并限量接单，合盛硅业、新安股 份等龙头企业集体封盘，市场预计主流大厂后续 ...

Group 1: Xinhua Insurance (601336.SH) - The core conclusion indicates that Xinhua Insurance's high equity investment ratio is expected to continue contributing to earnings elasticity as the capital market trends upward [6][7] - The liability side is undergoing a transformation towards dividend insurance, with accelerated growth in bancassurance channels and reforms in individual insurance channels, positioning the company for sustained business leadership [6] - The report anticipates significant profit improvement driven by dual efforts on both asset and liability sides, initiating coverage with a "Buy" rating [6] Group 2: Jinhua New Materials (920015.BJ) - Jinhua New Materials is positioned as a leading player in silane crosslinking agents, with stable growth expected in its core business and a second growth curve anticipated from hydroxylamine aqueous solution, which is set to break existing monopolies [9][10] - The company is projected to achieve total revenue of 1.04 billion, 1.31 billion, and 1.66 billion yuan from 2025 to 2027, with corresponding net profits of 200 million, 250 million, and 320 million yuan [9][10] - The current stock price corresponds to a PE ratio of 45.4, 35.8, and 28.0 for the years 2025 to 2027, with an initial coverage rating of "Add" [9][10] Group 3: Zhongke Feimeasure (688361.SH) - Zhongke Feimeasure is recognized as a leading provider of semiconductor quality control equipment, with a revenue of 702 million yuan in the first half of 2025, reflecting a year-on-year growth of approximately 51.39% [12][13] - The company is expected to achieve revenues of 2.061 billion, 3.128 billion, and 4.413 billion yuan from 2025 to 2027, with net profits projected at 184 million, 411 million, and 718 million yuan [12][13] - The current stock price corresponds to a PS ratio of 23.17, 15.27, and 10.82 for the years 2025 to 2027, with an initial coverage rating of "Add" [12][13] Group 4: Changan Automobile (000625.SZ) - Changan Automobile's sales in October 2025 reached 278,000 units, marking an 11% year-on-year increase, with cumulative sales from January to October totaling 2.374 million units, up 10% [15][17] - The company is expected to achieve revenues of 187 billion, 209.6 billion, and 229.7 billion yuan from 2025 to 2027, with year-on-year growth rates of 17.1%, 12.1%, and 9.6% [17] - The current stock price corresponds to an EPS of 0.64, 0.85, and 1.06 yuan for the years 2025 to 2027, maintaining a "Buy" rating [17] Group 5: Xingye Co., Ltd. (601799.SH) - Xingye Co., Ltd. reported a revenue of 10.71 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 16.09%, with a net profit of 1.141 billion yuan, also up 16.76% [30][31] - The company is expected to achieve net profits of 1.719 billion, 2.115 billion, and 2.682 billion yuan from 2025 to 2027, maintaining a "Buy" rating [31][32] - The company is expanding into the robotics sector, indicating a strategic move towards new growth areas [31]

Group 1 - Zhejiang Jinhua New Materials Co., Ltd. (referred to as "Jinhua New Materials") has successfully listed on the Beijing Stock Exchange, marking the second company cultivated by Hengshen Group to go public this year [2] - Since its establishment in 2007, Jinhua New Materials has focused on the research, production, and sales of ketoxime series fine chemicals, with major products including silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime [4] - The company has established long-term stable partnerships with well-known domestic and international enterprises such as Bayer and Wanhua Chemical, positioning itself as a leading player in the domestic silane crosslinking agent and hydroxylamine salt sectors [4] Group 2 - The successful listing of Jinhua New Materials is seen as a significant event in its development history and a successful practice of Hengshen Group's strategy of precise investment and industrial collaboration [6] - Jinhua New Materials raised a net amount of 549 million yuan from the listing, which will be used for high-end coupling agent projects, pilot projects, and smart factory construction, further enhancing its technological and production capacity advantages [4] - Hengshen Group aims to leverage its capital cooperation and industry chain resource integration capabilities to help Jinhua New Materials fully utilize its technological and management strengths, accelerating the establishment of the world's largest ketoxime industry base [6]

Core Points - Zhejiang Jinhua New Materials Co., Ltd. (Jinhua New Materials) was listed on the Beijing Stock Exchange, opening at 39.00 CNY and closing at 42.29 CNY, marking a 133.00% increase with a trading volume of 1.132 billion CNY and a turnover rate of 91.23% [1] Company Overview - Jinhua New Materials specializes in the research, production, and sales of ketoxime series fine chemicals, including silane crosslinking agents, hydroxylamine salts, methoxyamine hydrochloride, and acetaldehyde oxime [1] - The company is controlled by Juhua Group Co., Ltd., which holds 82.49% of the shares, while the Zhejiang Provincial State-owned Assets Supervision and Administration Commission indirectly holds 90.00% of Juhua Group [1] Financial Highlights - The total amount raised from the issuance before the exercise of the over-allotment option was 592.90 million CNY, with a net amount of 549.15 million CNY after deducting issuance costs [3] - The company plans to use the raised funds for a 60kt/a high-end coupling agent project, a 500 tons/year JH-2 pilot project, and the construction of a ketoxime industrial chain smart factory [3][4] Performance Metrics - Jinhua New Materials reported revenues of 993.97 million CNY, 1.114 billion CNY, and 1.239 billion CNY for the years 2022, 2023, and 2024 respectively, with net profits of 79.59 million CNY, 172.51 million CNY, and 210.94 million CNY during the same period [5][6] - For the first half of 2025, the company reported revenues of 570.62 million CNY, a decrease of 11.68% year-on-year, and net profits of 113.55 million CNY, down 11.48% year-on-year [7] Future Projections - The company forecasts a revenue of 1.063 billion CNY and a net profit of 199.39 million CNY for the year 2025, representing a decline of 14.25% and 5.47% respectively compared to the previous year [7]

Core Viewpoint - The ChiNext Index experienced a significant rise, surpassing 3200 points, with leading stock CATL's share price exceeding 400 yuan and its market capitalization exceeding 1.8 trillion yuan, surpassing Kweichow Moutai [1][3]. Market Performance - The A-share market showed divergence, with the Shanghai Composite Index and Northbound 50 Index performing relatively weakly, while the ChiNext Index and Sci-Tech 50 Index showed strong performance. As of noon, the Shanghai Composite Index rose by 0.16%, the Shenzhen Component Index increased by 1.14%, and the ChiNext Index surged by 2.22% [3]. - The ChiNext Index reached a peak intraday increase of 2.5%, marking a new high for the period [3]. Key Stocks - Among the ChiNext Index constituents, CATL's stock price reached a peak of 402.59 yuan, with a total market value of over 1.8 trillion yuan, surpassing Kweichow Moutai [1][3]. - Other notable stocks included Kunlun Wanwei, which surged by 10.22%, and Dingsheng Technology, which rose by 8.71% [3]. Sector Performance - In terms of industry sectors, Media, Electric Equipment, Nonferrous Metals, Computers, and Communications sectors showed the highest gains, while Transportation, Agriculture, Coal, and Textile sectors performed weakly [5]. New Stocks - New stock Weichuang New Materials saw a consecutive two-day limit up of 20%, with a year-to-date increase of nearly 1900%. The company announced a planned acquisition of 37% of its shares at a price of 7.78 yuan per share, requiring a maximum total funding of 1.161 billion yuan [6]. - New stock Jianfa Zhixin experienced an intraday increase of over 500%. The company operates as a national high-value medical device distributor [8]. - New stock United Power saw an intraday increase of over 190%. The company focuses on becoming a leading provider of intelligent electric vehicle components and solutions [9]. - New stock Jinhua New Materials experienced an intraday increase of over 160%. The company specializes in the research, production, and sales of ketoxime series fine chemicals [10]. Hong Kong Market - The Hang Seng Tech Index showed a strong performance, rising approximately 2% during the morning session, with notable gains from stocks like Huahong Semiconductor and JD Group, both exceeding 6% [12][13].

Group 1: Market Performance - The ChiNext Index experienced a significant increase, surpassing 3200 points and reaching a new high [1][3] - The index rose by 2.22% at midday, while the Shanghai Composite Index increased by 0.16% and the Shenzhen Component Index rose by 1.14% [2] - Among the ChiNext constituents, Ningde Times' stock price exceeded 400 yuan, with a total market capitalization surpassing 1.8 trillion yuan, overtaking Kweichow Moutai [1][3] Group 2: Notable Stocks - Kunlun Wanwei saw a substantial increase of 10.22%, and Dingsheng Technology rose by 8.71% [5] - Other notable stocks included Upwind New Materials, which experienced a continuous 20% limit-up for two trading days, with a year-to-date increase of nearly 1900% [5] - Upwind New Materials announced a planned acquisition by Shanghai Zhiyuan Hengyue Technology Partnership, aiming to acquire 37% of the company's shares at a price of 7.78 yuan per share, with a maximum total funding requirement of 1.161 billion yuan [5] Group 3: New Stocks Performance - Three new stocks listed today, all experiencing significant gains [7] - Jianfa Zhixin's stock price surged over 500%, focusing on high-value medical device distribution and providing centralized operation services for medical consumables [8] - United Power's stock price increased by over 190%, specializing in intelligent electric vehicle components and solutions [9] - Jinhua New Materials saw its stock price rise by over 160%, focusing on the research, production, and sales of ketoxime series fine chemicals [10] Group 4: Hong Kong Market - The Hang Seng Tech Index showed a strong performance, rising approximately 2% [11] - Key constituents such as Huahong Semiconductor and JD Group saw their stock prices increase by over 6% [11]

Core Viewpoint - The recent listings of Jianfa Zhixin, United Power, and Jinhua New Materials on the stock exchanges highlight the growth and investment opportunities in the medical device and new energy sectors in China [1][2]. Group 1: Jianfa Zhixin - Jianfa Zhixin is a national high-value medical device distributor, primarily engaged in direct sales and distribution, providing centralized operation services for medical consumables to hospitals [1]. - The company has a market capitalization of 2.97 billion yuan, with an issuance price of 7.05 yuan per share and a P/E ratio of 13.29, significantly lower than the industry average of 25.73 [2]. - In 2024, Jianfa Zhixin's revenue is projected to be divided into three segments: direct sales (11.03 billion yuan, 61.69%), distribution (6.74 billion yuan, 37.68%), and services (112 million yuan, 0.63%) [4]. - The company plans to invest 1.4 billion yuan in information system upgrades, 1.04 billion yuan in centralized operation services, and 2.4 billion yuan to supplement working capital [3]. Group 2: United Power - United Power, spun off from the industrial automation giant Inovance Technology, specializes in new energy vehicle power systems, including electric drive and power supply systems [6][7]. - The company is a leader in the new energy vehicle power system sector, providing solutions to over 40 vehicle manufacturers and participating in the entire lifecycle of vehicle design and production [7]. - United Power's accounts receivable have increased significantly, with values of 1.85 billion yuan, 3.61 billion yuan, and 5.68 billion yuan from 2022 to 2024, representing 20.37%, 29.38%, and 31.45% of total assets respectively [8]. Group 3: Jinhua New Materials - Jinhua New Materials focuses on the research, production, and sales of ketoxime series fine chemicals, being a leader in the domestic silane crosslinking agent market with market shares of 27.85%, 31.60%, and 38.16% from 2022 to 2024 [9]. - The company's products are essential for various industries, including construction, energy, electronics, and new energy vehicles [9]. - Jinhua New Materials has received multiple national honors and has participated in the formulation of several industry standards [9].

Group 1: Company Listings - Jianfa Zhixin (建发致新) and United Power (联合动力) were listed on the Shenzhen Stock Exchange, while Jinhua New Materials (锦华新材) was listed on the Beijing Stock Exchange [1] Group 2: Jianfa Zhixin (建发致新) - Jianfa Zhixin is a national high-value medical device distributor, primarily engaged in direct sales and distribution of medical devices, and provides centralized operation services for medical consumables to hospitals [2] - The company raised a total of 445.51 million yuan, with a net amount of 363.33 million yuan after deducting issuance costs, which will be used for information system upgrades, centralized operation services for medical consumables, and to supplement working capital [2] Group 3: United Power (联合动力) - United Power aims to become a global leader in intelligent electric vehicle components and solutions, with main products including electric drive systems and power systems [3] - The company raised a total of 360.14 million yuan, with a net amount of 353.21 million yuan after deducting issuance costs, which will be allocated to the production of core components for new energy vehicles, R&D center construction, digital system development, and to supplement operating funds [4] Group 4: Jinhua New Materials (锦华新材) - Jinhua New Materials focuses on the R&D, production, and sales of ketoxime series fine chemicals, with main products including silane crosslinking agents and hydroxylamine salts [5] - The company raised a total of 59.29 million yuan, with a net amount of 54.91 million yuan after deducting issuance costs, which will be used for a high-end coupling agent project, a pilot project, and the construction of an intelligent factory for the ketoxime industry chain [5]

Group 1 - Three new stocks were listed on September 25, including Jianfa Zhixin, which has a total market value of 2.97 billion yuan and an issuance price of 7.05 yuan with a price-to-earnings ratio of 13.29 [2] - Jianfa Zhixin is a leading company in the high-value medical device distribution sector, backed by the Xiamen State-owned Assets Supervision and Administration Commission [2] - The company is extending its services to downstream medical institutions, integrating information management and comprehensive services [2] Group 2 - Another listed company, Lianhe Power, has a total market value of 26.41 billion yuan, an issuance price of 12.48 yuan, and a price-to-earnings ratio of 32.87 [2] - Lianhe Power is recognized as one of the earliest companies in China to launch an 800V high-voltage SiC electric drive platform, providing power system solutions for over 170 vehicle models [2][3] - The company has shown rapid growth in overseas market revenue, projected to reach 769 million yuan by 2024 [3] Group 3 - The third company, Jinhua New Materials, has an issuance price of 18.15 yuan and a price-to-earnings ratio of 11.52 [3] - Jinhua New Materials is a leading enterprise in the silane crosslinking agent segment, focusing on products such as silane crosslinking agents and hydroxylamine salts [3]