Core Viewpoint - The report from Zhongyin Securities indicates that Yake Technology achieved a net profit attributable to shareholders of 523 million yuan in the first half of the year, reflecting a year-on-year increase of 0.63% [1] Financial Performance - In Q2 2025, the company reported a net profit attributable to shareholders of 263 million yuan, showing a year-on-year decrease of 4.06% but a quarter-on-quarter increase of 0.86% [1] Business Development - Yake Technology is a leading supplier in the domestic display photoresist industry, offering products such as RGB color photoresists, TFT-PR photoresists, and OC/PS packaging transparent photoresists [1] - The company is actively developing key raw materials for color photoresists, including pigments and resins, and is progressing with verification tests [1] - Major clients include BOE, LG Display, Huaxing Optoelectronics, Huike, and Shentianma [1] Product Innovation - The company has begun small-scale verification testing of its printed OLED color printing inks with mainstream display manufacturers [1] Market Trends - There is a continuous growth in demand for fluorinated electronic specialty gases in high-voltage and semiconductor fields [1] - The Chengdu silicon micro-powder production line has commenced operations, contributing to the company's growth [1] Future Outlook - The company is focused on expanding its electronic materials and LNG insulation board business, with a positive outlook on the continuous development of its electronic materials segment [1] - The investment rating for the company is maintained at "Buy" [1]

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [2] Core Views - The report highlights the company's robust revenue growth in the first half of 2025, driven by the expansion of its electronic materials business, and maintains a "Buy" rating [2][6] Financial Performance - In the first half of 2025, the company achieved revenue of RMB 4.293 billion, a year-on-year increase of 31.82%, and a net profit attributable to shareholders of RMB 522.79 million, a slight increase of 0.63% year-on-year [9][10] - The second quarter of 2025 saw revenue of RMB 2.175 billion, up 32.76% year-on-year, while the net profit attributable to shareholders decreased by 4.06% to RMB 262.52 million [11] Revenue Breakdown - The electronic materials segment generated revenue of RMB 2.573 billion in the first half of 2025, reflecting a year-on-year growth of 15.37% [9] - The LNG insulation board segment reported revenue of RMB 1.165 billion, a significant increase of 62.34% year-on-year [9] Profitability Metrics - The company's gross margin for the first half of 2025 was 31.82%, down 2.34 percentage points year-on-year, while the net margin was 13.29%, down 3.00 percentage points year-on-year [9] - The company expects net profits for 2025-2027 to be RMB 11.83 billion, RMB 15.36 billion, and RMB 19.40 billion respectively, with corresponding earnings per share of RMB 2.49, RMB 3.23, and RMB 4.08 [6][14] Market Position - The company is positioned as a leading supplier in the domestic display photoresist industry, with ongoing development of key raw materials for color photoresists [9] - The report notes the establishment of dual R&D departments in China and South Korea to enhance the development of advanced semiconductor materials [9] Future Outlook - The company is optimistic about the continued expansion of its electronic materials business and maintains its "Buy" rating based on strong growth prospects [2][6]

Core Viewpoint - The stock of Jiangsu Yake Technology Co., Ltd. experienced a decline of 5.13% on September 2, trading at 58.62 yuan per share with a total transaction volume of 784 million yuan and a turnover rate of 4.10%, resulting in a total market capitalization of 27.899 billion yuan [1] Company Overview - Jiangsu Yake Technology Co., Ltd. was established on October 29, 1997, and went public on May 25, 2010. The company specializes in the research, production, and sales of electronic materials, LNG insulation boards, and flame retardants [1] Fund Holdings - Dongwu Fund has one fund heavily invested in Yake Technology. The Dongwu Configuration Optimization Mixed A Fund (582003) held 47,500 shares in the second quarter, unchanged from the previous period, accounting for 5.35% of the fund's net value, making it the seventh-largest holding. The estimated floating loss today is approximately 150,600 yuan [2] - The Dongwu Configuration Optimization Mixed A Fund (582003) was established on August 13, 2012, with a latest scale of 36.5495 million yuan. Year-to-date returns are 60.75%, ranking 448 out of 8,184 in its category; the one-year return is 75.78%, ranking 999 out of 7,971; and since inception, the return is 166.98% [2] Fund Manager Information - The fund manager of Dongwu Configuration Optimization Mixed A Fund (582003) is Zhou Jian, who has a cumulative tenure of 13 years and 126 days. The current total asset size of the fund is 17.4 million yuan, with the best fund return during his tenure being 134.6% and the worst being -27.36% [3]

Group 1 - The core viewpoint of the news is that 雅克科技 (Yake Technology) has shown significant trading activity and financial performance, with notable changes in stockholder composition and financing status [1][2]. Group 2 - On August 27, 雅克科技's stock price decreased by 1.67%, with a trading volume of 1.311 billion yuan. The financing buy-in amount for the day was 206 million yuan, while the financing repayment was 167 million yuan, resulting in a net financing buy of 38.58 million yuan [1]. - As of August 27, the total financing and securities lending balance for 雅克科技 was 1.099 billion yuan, with the financing balance accounting for 3.87% of the circulating market value, indicating a high level compared to the past year [1]. - In terms of securities lending, 雅克科技 repaid 14,000 shares and sold 5,200 shares on August 27, with a selling amount of 308,300 yuan. The remaining securities lending volume was 110,400 shares, with a balance of 6.5482 million yuan, which is below the 50th percentile level over the past year [1]. Group 3 - As of June 30, 雅克科技 had 54,000 shareholders, an increase of 5.29% from the previous period, while the average circulating shares per person decreased by 5.02% to 5,899 shares [2]. - For the first half of 2025, 雅克科技 reported a revenue of 4.293 billion yuan, representing a year-on-year growth of 31.82%, and a net profit attributable to shareholders of 523 million yuan, with a slight increase of 0.63% [2]. - Since its A-share listing, 雅克科技 has distributed a total of 1.004 billion yuan in dividends, with 600 million yuan distributed over the past three years [2]. Group 4 - As of June 30, 2025, the largest circulating shareholder of 雅克科技 was Hong Kong Central Clearing Limited, holding 16.464 million shares, a decrease of 3.0642 million shares from the previous period. The Southern CSI 500 ETF was the fifth largest shareholder, increasing its holdings by 585,200 shares to 4.2287 million shares [2].

Core Viewpoint - 雅克科技 reported a strong revenue growth of 31.82% year-on-year, driven by its focus on electronic semiconductor materials and LNG insulation materials, although net profit growth was modest at 0.63% [1][2]. Group 1: Financial Performance - The company achieved an operating revenue of approximately 4.293 billion yuan in the first half of 2025, with a net profit attributable to shareholders of 523 million yuan [1]. - A cash dividend of 3.2 yuan per 10 shares (including tax) is proposed for all shareholders [1]. Group 2: Business Segments - The electronic materials sector was a key driver of growth, with semiconductor chemical materials and photoresists generating revenue of 2.113 billion yuan, accounting for nearly 50% of total revenue, and a year-on-year growth rate of 18.98% [1]. - The LNG insulation board business saw a significant increase of approximately 80% year-on-year, driven by demand from large LNG transport vessels and low-temperature insulation composite materials [2]. Group 3: R&D and Production - R&D investment reached 167 million yuan, reflecting a year-on-year increase of 29.31%, with a focus on semiconductor precursor materials and LNG composite materials [3]. - The company is in the process of scaling up production capacity, with the Jiangsu Xian Technology semiconductor precursor materials project moving towards batch trial production [3]. Group 4: Challenges - The company noted that low net profit growth is attributed to high fixed costs during the capacity release phase of the Jiangsu Xian production line and the acquisition of Yak Technology (Nantong) Semiconductor Materials Co., which is currently in the market introduction phase and has a lower gross margin [3].

【DT新材料】 获悉，4月27日， 雅克科技 发布了 2024年度报告 ，公司实现全年营业收入68.62亿元，同比上升44.84%；实现归母净利润8.72亿元， 同比上升50.41%；实现扣非归母净利润9.01亿元，同比上升61.36%。 华飞电子 的半 导体封装填充料及电子粉体材料 业务随着 半导体整体市场行情逐步复苏 ，销售收入较 2023 年有明显上涨。报告期内， CCL 及 球形 氧化铝 已实现突破，并向客户稳定供货； 亚微米球形二氧化硅 开发完成，设备稳定投产；华飞电子下属子公司 湖州雅克华飞电子材料有限公司 " 年 产 3.9 万吨半导体核心材料项目 "一期建设已经基本完成，并开始批量生产产品向华飞电子供应优质稳定的半成品。 报告期内，收益于国内 半导体晶圆产线新增 ，公司 半导体前驱体材料输送设备（LDS） 业务发展迅速。 公司通过收购 韩国SKC 集团 下 SKC-ENF Electronic Materials Limited 的 75.1% 股权，从而控制其下的南通子公司。 子公司雅克（南通） 主要从 事 半导体湿化学品显影液、蚀刻液和稀释剂 的生产和销售，产品质量在行业内处于领先水平。 ...