资料显示，江阴江化微电子材料股份有限公司位于江苏省江阴市周庄镇长寿云顾路581号，成立日期 2001年8月17日，上市日期2017年4月10日，公司主营业务涉及超净高纯试剂、光刻胶配套试剂等湿电子 化学品的研发、生产和销售。主营业务收入构成为：超净高纯试剂62.62%，光刻胶配套试剂34.69%， 其他(补充)2.70%。 江化微所属申万行业为：电子-电子化学品Ⅱ-电子化学品Ⅲ。所属概念板块包括：电子化学品、光刻 胶、OLED、增持回购、专精特新等。 9月26日，江化微盘中上涨2.42%，截至10:44，报21.17元/股，成交2.01亿元，换手率2.51%，总市值 81.64亿元。 资金流向方面，主力资金净流入553.78万元，特大单买入947.90万元，占比4.72%，卖出586.29万元，占 比2.92%；大单买入4342.21万元，占比21.64%，卖出4150.04万元，占比20.68%。 江化微今年以来股价涨27.15%，近5个交易日涨6.97%，近20日涨9.46%，近60日涨16.64%。 分红方面，江化微A股上市后累计派现1.77亿元。近三年，累计派现9982.07万元。 机构持仓方面，截止 ...

Company Overview - Jianghua Microelectronics Materials Co., Ltd. is located in Jiangyin City, Jiangsu Province, and was established on August 17, 2001. The company was listed on April 10, 2017. Its main business involves the research, production, and sales of ultra-pure reagents and photolithography supporting reagents among other wet electronic chemicals [2]. Stock Performance - As of September 17, Jianghua's stock price increased by 2.12%, reaching 20.27 CNY per share, with a total market capitalization of 7.817 billion CNY. The stock has risen by 21.74% year-to-date, with a 2.89% increase over the last five trading days, 2.68% over the last 20 days, and 11.87% over the last 60 days [1][2]. Financial Performance - For the first half of 2025, Jianghua reported a revenue of 580 million CNY, representing a year-on-year growth of 11.30%. However, the net profit attributable to shareholders decreased by 15.51% to approximately 48.07 million CNY [2]. Revenue Composition - The revenue composition of Jianghua is as follows: ultra-pure reagents account for 62.62%, photolithography supporting reagents for 34.69%, and other products for 2.70% [2]. Shareholder Information - As of June 30, 2025, Jianghua had 51,500 shareholders, a decrease of 20.31% from the previous period. The average number of circulating shares per person increased by 25.48% to 7,483 shares [2]. Dividend Distribution - Since its A-share listing, Jianghua has distributed a total of 177 million CNY in dividends, with 99.82 million CNY distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include the Guotai Zhongzheng Semiconductor Materials and Equipment Theme ETF, which holds 1.058 million shares as a new shareholder. Hong Kong Central Clearing Limited has exited the top ten circulating shareholders list [3].

Core Viewpoint - Jianghua Micro's stock price has shown a year-to-date increase of 15.53%, with recent fluctuations indicating a slight decline in the short term, while the company continues to operate in the electronic chemical materials sector, focusing on high-purity reagents and photoresist supporting reagents [2][3]. Group 1: Stock Performance - As of September 5, Jianghua Micro's stock rose by 2.01%, reaching a price of 19.27 CNY per share, with a trading volume of 1.58 billion CNY and a turnover rate of 2.15% [1]. - Year-to-date, Jianghua Micro's stock has increased by 15.53%, with a 0.52% decline over the last five trading days, a 3.16% increase over the last 20 days, and a 12.43% increase over the last 60 days [2]. Group 2: Company Overview - Jiangyin Jianghua Microelectronics Materials Co., Ltd. was established on August 17, 2001, and went public on April 10, 2017. The company specializes in the research, production, and sales of ultra-pure high-purity reagents and photoresist supporting reagents [2]. - The company's revenue composition includes 62.62% from ultra-pure high-purity reagents, 34.69% from photoresist supporting reagents, and 2.70% from other sources [2]. Group 3: Financial Performance - For the first half of 2025, Jianghua Micro reported a revenue of 580 million CNY, reflecting a year-on-year growth of 11.30%. However, the net profit attributable to shareholders decreased by 15.51% to 48.07 million CNY [2]. - Since its A-share listing, Jianghua Micro has distributed a total of 165 million CNY in dividends, with 88.25 million CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of June 30, 2025, Jianghua Micro had 51,500 shareholders, a decrease of 20.31% from the previous period, with an average of 7,483 circulating shares per shareholder, an increase of 25.48% [2]. - The top ten circulating shareholders include the Guotai Zhongzheng Semiconductor Materials and Equipment Theme ETF, which holds 1.058 million shares as a new shareholder, while Hong Kong Central Clearing Limited has exited the top ten list [3].

Investment Rating - The investment rating for Jianghuai Microelectronics is "Buy" (maintained) [1] Core Views - Jianghuai Microelectronics reported steady revenue growth, with H1 2025 revenue reaching 580 million yuan, a year-on-year increase of 11.3%. However, the net profit attributable to the parent company decreased by 15.51% to 48 million yuan. The gross margin was 25.53%, down 0.64 percentage points year-on-year, and the net margin was 8.28%, down 0.80 percentage points year-on-year [6] - The company is expanding its production capacity with a new project in Zhenjiang, which is expected to increase the output of high-purity wet electronic chemicals significantly. The total investment for this project is estimated at 289 million yuan [8] - The company has a strong presence in the semiconductor sector, with H1 2025 revenue from semiconductor products reaching 326 million yuan, a year-on-year increase of 24.51% [7] Financial Summary - For H1 2025, Jianghuai Microelectronics achieved a revenue of 580 million yuan, with a year-on-year growth of 11.3%. The net profit attributable to the parent company was 48 million yuan, reflecting a decrease of 15.51% [6] - The company’s revenue projections for 2025-2027 are 1.203 billion yuan, 1.443 billion yuan, and 1.895 billion yuan, respectively, with corresponding net profits of 118 million yuan, 142 million yuan, and 190 million yuan [9] - The projected P/E ratios for 2025, 2026, and 2027 are 64.5, 53.6, and 39.9, respectively, indicating a favorable long-term outlook for the company's wet electronic chemicals business [6][9]

Core Viewpoint - Jiangyin Jianghua Microelectronics Materials Co., Ltd. plans to issue shares to specific targets through a simplified procedure, which may dilute immediate returns and proposes measures to compensate for this dilution [1][2][4]. Financial Impact Analysis - The company estimates that the total amount raised from this issuance will not exceed 300 million yuan, with an assumed issuance price of 14.22 yuan per share and a total of 21,097,046 shares to be issued [1][5]. - The analysis of the impact on key financial indicators is based on three scenarios for the net profit attributable to the parent company for 2025: 1. Maintaining the same level as 2024 2. Increasing by 20% compared to 2024 3. Decreasing by 20% compared to 2024 [2][3]. - Under the first scenario, the basic and diluted earnings per share (EPS) are projected to decrease from 0.26 yuan to 0.25 yuan post-issuance [3]. - In the second scenario, EPS could increase to 0.31 yuan if profits rise by 20% [3]. - In the third scenario, EPS could drop to 0.20 yuan if profits decrease by 20% [3]. Business and Investment Project Relationship - The funds raised will be invested in a project to produce 37,000 tons of ultra-pure wet electronic chemicals and to supplement working capital, closely related to the company's existing business [5][9]. - The company is a leading supplier of wet electronic chemicals for the semiconductor, flat panel display, and photovoltaic solar industries, with a strong market position and technical capabilities [4][9]. Management and Operational Capacity - The company emphasizes the importance of human resources and has established a strong management, R&D, and marketing team, with a focus on talent development [6][10]. - The company has a professional R&D team of 118 members, with significant experience in the wet electronic chemicals field, and has developed internationally competitive production formulas [6][8]. Measures to Mitigate Dilution of Immediate Returns - The company plans to enhance operational management and internal controls to improve efficiency and profitability [10]. - It will implement strict management of the raised funds to ensure they are used effectively and safely [10]. - The company aims to improve its governance structure to ensure sustainable development and protect shareholder interests [11][12]. Commitment from Stakeholders - The controlling shareholder and the board of directors have made commitments to ensure the effectiveness of the measures to compensate for the dilution of immediate returns [12][13].

Core Viewpoint - Jiangyin Jianghua Microelectronics Materials Co., Ltd. disclosed its key operating data for the first half of 2025, highlighting production, sales, and revenue figures for its main products, as well as price changes for products and raw materials [1]. Group 1: Main Products Performance - The production and sales figures for the main products are as follows: - Ultra-pure reagents: Production of 55,189.62 tons, sales of 55,375.27 tons, and sales revenue of 363.78 million yuan [1]. - Photoresist supporting reagents: Production of 26,006.77 tons, sales of 26,282.91 tons, and sales revenue of 200.45 million yuan [1]. Group 2: Price Changes - Average selling prices for the main products: - Ultra-pure reagents: Average price of 6,577.61 yuan/ton, an increase of 2.51% from the previous period [1]. - Photoresist supporting reagents: Average price of 10,827.33 yuan/ton, an increase of 8.35% from the previous period [1]. - Average procurement prices for key raw materials: - Phosphoric acid: Average price of 6,205.44 yuan/ton, an increase of 3.16% [1]. - High-purity sulfuric acid: Average price of 2,229.7 yuan/ton, an increase of 1.41% [1]. - Specific-grade nitric acid: Average price of 1,565.93 yuan/ton, a slight decrease of 0.03% [1]. - Specific-grade hydrochloric acid: Average price of 725.9 yuan/ton, a decrease of 5.79% [1]. - Isopropanol: Average price of 12,389.38 yuan/ton, an increase of 0.96% [1]. Group 3: Other Significant Matters - The disclosed operating data is intended to provide investors with timely insights into the company's production and operational status, with a reminder for investors to use the data cautiously and be aware of investment risks [1].

Core Viewpoint The company Jiangyin Jianghua Microelectronics Materials Co., Ltd. plans to issue A-shares through a simplified procedure targeting specific investors, aiming to raise up to 300 million RMB to enhance its production capacity and support the semiconductor industry. Group 1: Issuance Details - The issuance has been authorized by the 2024 annual shareholders' meeting and approved by the relevant state-owned asset supervision authority, pending approval from the Shanghai Stock Exchange and registration by the China Securities Regulatory Commission [2][25]. - The issuance will target no more than 35 specific investors, including qualified institutional investors and natural persons, with all subscriptions made in cash [2][18]. - The total amount to be raised is capped at 300 million RMB, which will be allocated entirely to specific projects after deducting issuance costs [2][23]. Group 2: Fund Utilization - The raised funds will be used for a project to produce 37,000 tons of ultra-pure wet electronic chemicals annually, with a total investment of approximately 288.83 million RMB [26][27]. - The project aims to enhance the company's capacity in high-end semiconductor materials, aligning with the growing demand in the semiconductor industry [27][29]. - The company plans to replace self-raised funds with the raised capital once it is available, ensuring that any shortfall will be covered by the company's own resources [2][23]. Group 3: Industry Context - The wet electronic chemicals industry is crucial for the semiconductor sector, which is a strategic industry for national economic development and security [13][14]. - The domestic semiconductor market has seen significant growth, with sales increasing from 560.95 billion RMB in 2015 to 1,624.88 billion RMB in 2023, reflecting a compound annual growth rate of 14.22% [14]. - The company is positioned to capitalize on the trend of domestic production of high-end wet electronic chemicals, aiming to reduce reliance on foreign suppliers and enhance local supply chains [32][31].

Core Viewpoint - Jiangyin Jianghua Microelectronics Materials Co., Ltd. is planning to issue A-shares to specific investors to enhance its capital strength and profitability, driven by the growing demand for wet electronic chemicals in various high-tech industries [1][6][8]. Group 1: Background and Purpose of the Issuance - The issuance aims to meet the funding needs for business development and to strengthen the company's capital structure [1][6]. - Wet electronic chemicals are essential for manufacturing processes in sectors such as new energy, modern communication, and advanced display technologies, highlighting their strategic importance in the national economy [2][3]. - The Chinese government has implemented multiple policies to support the wet electronic chemicals industry, recognizing its role in technological innovation and international competitiveness [2][3]. Group 2: Industry Growth and Market Potential - The semiconductor industry, a core component of the electronic information high-tech sector, has seen significant growth, with sales increasing from 560.95 billion yuan in 2015 to 1,624.88 billion yuan in 2023, representing a compound annual growth rate of 14.22% [3][4]. - The domestic market for wet electronic chemicals is expected to expand as the semiconductor industry continues to develop, creating opportunities for local companies to meet the increasing demand for high-purity products [4][5]. Group 3: Company Position and Strategy - Jianghua Micro is a leading player in the wet electronic chemicals sector, focusing on the research, production, and sales of ultra-pure reagents and photolithography supporting agents [5][6]. - The company has developed a complete set of production processes and has the capability for large-scale production of SEMI G2-G5 grade products, positioning itself well to capitalize on market opportunities [5][6]. - The issuance of shares will facilitate the expansion of the company's product line and production capacity, enabling it to better compete in the market and achieve its vision of becoming a world-class provider of wet electronic chemicals [6][8]. Group 4: Financial Aspects of the Issuance - The company plans to raise up to 300 million yuan through this issuance, which will be used for a project to produce 37,000 tons of ultra-high-purity wet electronic chemicals and to supplement working capital [7][8]. - Equity financing is preferred over bank loans due to its lower financial costs and better alignment with the company's long-term strategic goals, helping to optimize the capital structure and reduce financial risk [8][9]. Group 5: Compliance and Fairness of the Issuance - The issuance complies with relevant laws and regulations, including the Company Law and Securities Law, ensuring that the process is fair and transparent for all shareholders [12][15]. - The selection of issuance targets will be limited to qualified institutional investors, ensuring that the process adheres to regulatory standards [9][10].

Core Viewpoint - Jiangyin Jianghua Micro-Electronic Materials Co., Ltd. reported a revenue increase of 11.30% for the first half of 2025, but net profit decreased by 15.51% compared to the same period last year, indicating challenges in maintaining profitability despite revenue growth [2][17]. Company Overview and Financial Indicators - The company achieved an operating income of CNY 580.44 million in the first half of 2025, up from CNY 521.53 million in the same period last year [2]. - Total profit for the period was CNY 55.06 million, a 3.87% increase from CNY 53.01 million year-on-year [2]. - The net profit attributable to shareholders was CNY 48.07 million, down from CNY 56.89 million, reflecting a decline of 15.51% [2]. - The company’s net assets reached CNY 1.92 billion, a 1.36% increase from the previous year [2]. - The total assets amounted to CNY 2.65 billion, up 1.07% from the end of the previous year [2]. Industry Analysis - The wet electronic chemicals industry is crucial for the electronic information industry, serving as a foundational chemical material that directly impacts the yield, electrical performance, and reliability of electronic products [6][7]. - The industry is experiencing rapid growth driven by the demand from downstream sectors such as new energy, information communication, and consumer electronics [6][7]. - The market for wet electronic chemicals is projected to reach CNY 222.4 billion in 2025, with a slight decline expected due to the photovoltaic market's performance [11]. - The demand for wet chemicals in the integrated circuit, display panel, and crystalline silicon solar cell markets is expected to grow, with integrated circuits projected to reach CNY 86 billion by 2025 [11]. - The industry is characterized by high investment requirements and long product certification cycles, posing challenges for domestic companies to compete with international standards [6][7]. Business Operations - The company focuses on the research, development, production, and sales of ultra-pure reagents and photoresist supporting reagents, positioning itself as a leading player in the domestic wet electronic chemicals market [17]. - The main products include hydrogen peroxide, sulfuric acid, hydrochloric acid, and various etching and cleaning agents, which are essential for semiconductor chip, display panel, and solar cell manufacturing processes [17][20]. - The company employs a "sales-driven production" model, aligning production with customer orders to optimize operational efficiency [13][14]. - The company has established three core production bases in Jiangyin, Zhenjiang, and Sichuan, focusing on high-end electronic chemical products [17][18]. Research and Development - The company has increased its R&D investment by 24.69% year-on-year, reaching CNY 31.50 million in the first half of 2025, which constitutes 5.43% of its operating income [20]. - The company aims to enhance its product offerings through continuous innovation and collaboration with clients, focusing on high-quality and high-performance products [21][22]. - The company has achieved significant breakthroughs in key products, including the mass production of G4 grade cleaning agents and high-performance etching solutions [21].

证券代码：603078 证券简称：江化微 公告编号：2025-025 江阴江化微电子材料股份有限公司 关于 2025 年半年度主要经营数据的公告 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》的相关要求，江阴江化微电子材料股份有限公司（以下简称"公司"） 现将 2025 年半年度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况（不含税）： | 主要产品 | 2025 年 | 1-6 | 月 | 2025 年 | 1-6 月 | 2025 | 年 | 1-6 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 产量（吨） | | | | 销量（吨） | | 销售金额（万元） | | | | 超净高纯试剂 | | | 55,189.62 | 55,375.27 | | | 36,377.75 | | | | 光刻胶配套试剂 | | | 26, ...