Research Express | SanChao New Materials (300644) responds to investor concerns during online performance briefing, focusing on semiconductor business plans and R&D investment directions

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On April 1, Nanjing San Chao New Materials Co., Ltd. (hereinafter referred to as “San Chao New Materials”) held its 2025 annual online performance briefing via the Value Online network interactive platform. The company’s management team, including Chairman Liu Jingqi, General Manager Wu Hongkun, Board Secretary and Chief Financial Officer Cao Hubing, and others, responded to questions from investors regarding semiconductor business planning, R&D investment directions, and stock price fluctuations, among other topics.

Basic Information of Investor Activities

Core Q&A: Semiconductor business becomes the focus; R&D spending targets three key directions

Semiconductor business: Capacity and validation advanced in parallel; CMP-Disk monthly capacity exceeds 2,000 wafers

Regarding the progress of the semiconductor business that investors are focused on, the company disclosed that its controlling subsidiary, Jiangsu Sanjing, has seen year-over-year growth in 2025 revenue in its semiconductor precision diamond tools business. At present, the actual production capacity of CMP-Disk (chemical mechanical polishing pad) has reached more than 2,000 wafers per month, and some customers have already completed validation and started supplying in small batches. The company said it will continue to advance the industrialization project construction of Jiangsu Sanjing’s third-generation semiconductor precision manufacturing equipment and materials, strengthen the “market + sales + R&D” coordination system, and focus on high-value-added segments.

R&D investment: Breakthroughs prioritized in three areas; ultra-fine tungsten wire production is imminent

With respect to the company’s 2026 R&D investment plan, it stated that it will focus on three major directions: diamond wire, diamond grinding wheels, and semiconductor consumables. In the diamond wire segment, it will focus on research to improve process stability, cutting force, and single-machine capacity, and will advance the thinning of tungsten wire slicing lines and the thinning of cutting products, with the goal of achieving mass production of ultra-fine tungsten wire lines. In the diamond grinding wheels segment, it will improve the applicability and production yield of resin soft knives and electroplated grooving knives, accelerate the development of high-mesh-number ceramic-bonded grinding wheels, and enhance CMP Disk application research. In the magnetic materials segment, it will focus on thinning, high cutting force, and high stability.

Market concerns: Stock price fluctuations affected by multiple factors; cash flow remains stable and healthy

Regarding the stock’s continued decline that investors generally focus on, the company responded that fluctuations in the stock price in the secondary market are influenced by multiple factors such as industry cycles and market sentiment. In 2025, performance pressure mainly resulted from volatility in the photovoltaic industry leading to a decline in the profitability of silicon wafer slicing lines and a drop in orders and prices for diamond wire coarse lines, as well as provisions for impairment losses of 89.22 million yuan (reducing deferred income tax assets by 39.1589 million yuan). The company emphasized that, currently, cash flow is stable and healthy, and there is no liquidity risk. It will promote a return of market value to align with intrinsic value by enhancing internal value.

Strategic planning: Focus on core-business coordination and advance four key initiatives

The company said that in 2026 it will focus on four areas to enhance core competitiveness: first, vigorously expand the market, focusing on high-value-added segments and customers; second, strengthen the “market + sales + R&D” coordination system; third, increase R&D investment to achieve precise matching between technology and the market; and fourth, advance the construction of Jiangsu Sanjing’s third-generation semiconductor project. Regarding resource coordination, the company said it is achieving coordination by optimizing internal management, adjusting product structure, and focusing on high-value-added businesses such as semiconductors, and specific progress will be disclosed through periodic reports and temporary announcements.

As for the questions raised by investors—such as whether “Boda Integration and One” will inject into the photovoltaic industry and whether the second-phase transfer will be delivered early—the company stated that all related matters will strictly fulfill the deliberation and disclosure obligations in accordance with information disclosure rules, and please pay attention to subsequent announcements.

This performance briefing does not involve material information not disclosed to the public. The company will continue to promptly disclose material information through statutory channels to protect investors’ right to know.

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