Changzhou Fusion New Material Co., Ltd. Class A

Changzhou Fusion New Material Co., Ltd. Class A

SSSE:688503
50.60
CNY
+0.59
(+1.18%)
32.12BMarket Cap
Oct 28Next Earn
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
1.99
7.27
15.63
27.65
35.39
42.6
52.88
63.28
- -
Basic EPS, GAAP
0.05
0.58
0.78
1.34
2.13
1.83
1.77
1.82
- -
Free Cash Flow per Basic Share
-0.5
-1.71
-5.52
-6.23
-7.47
-11.44
-4.74
-14.42
- -
Dividend per Share
- -
0.04
0.17
0.03
0.02
0.25
0.78
0.48
0.01
Book Value per Share
0.71
1.38
5.38
6.72
18.55
20.07
19.19
20.7
19.88
Tangible Book Value per Share
0.71
1.38
5.13
6.35
18.03
19.5
18.74
20.35
19.31
Basic Weighted Avg Shares
109
123
160
184
184
242
236
231
232
Sales/Revenue/Turnover
218
894
2,503
5,084
6,504
10,290
12,488
14,593
- -
Operating Margin (%)
2.71
11.77
7.23
6.1
7.01
5.85
5.71
4.94
- -
Depreciation Expense
1
1
3
21
38
65
68
70
- -
Net Income, GAAP
5
71
124
247
391
442
418
420
- -
Effective Tax Rate (%)
- -
9.89
10.91
7.52
8.55
11.44
14.75
13.75
- -
Profit Margin (%)
2.29
7.92
4.96
4.85
6.01
4.3
3.35
2.88
- -
Working Capital
71
192
906
1,095
4,275
4,242
3,494
3,359
3,080
LT Debt
- -
- -
2
- -
9
10
10
6
203
Total Equity
78
201
989
1,236
4,547
4,920
4,642
5,000
4,812
Return on Invested Capital (%)
- -
29.87
14.84
12.93
10.06
7.32
5.93
4.69
- -
Return on Capital (%)
- -
34.69
17.02
14.35
10.73
7.87
6.34
4.97
- -
Return on Common Equity (%)
- -
50.72
20.89
22.19
13.53
9.34
8.74
8.69
- -

Capital Structure

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
5,782
5,644
7,079
LT Borrowings
- -
- -
199
LT Finance Leases
6
5
4
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
242
242
242
Market Capitalization
14,764
20,026
32,118

Working Capital

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
10,294
11,366
11,203
Cash, Cash Equivalents & STI
2,662
2,216
1,839
Accounts Receivable, Net
3,026
4,421
3,866
Inventories
1,110
1,727
1,424
Total Current Liabilities
6,936
8,063
8,123
Payables & Accruals
- -
- -
- -
ST Debt
5,782
5,644
7,079
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
60.64%
7.71%
Free Cash Flow
- -
57.68%
197.13%
Net Income, GAAP
- -
33.02%
0.4%
Sales/Revenue/Turnover
- -
45.5%
16.86%
Total Cash Common Dividend
- -
303.8%
-39.59%

Quarterly Revenue

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2,953
3,812
3,061
2,661
12,488
2025
2,994
3,441
- -
3,952
14,593
2026
5,615
4,987
- -
- -
- -

Quarterly Earnings Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.31
0.95
0.52
-0.01
1.77
2025
0.37
0.4
- -
0.78
1.82
2026
1.25
-1.62
- -
- -
- -

Quarterly Dividends Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.77
- -
- -
0.78
2025
0.01
0.43
- -
0.01
0.48
2026
- -
- -
- -
- -
- -

Company Description

CEO
Yi Wei Ao
Full Time Employees
729
Sector
Electronic technology
Industry
Semiconductors
Address
Changzhou China
IPO Date
Dec 9, 2022
Business
Changzhou Fusion New Material Co., Ltd. is a China-based technology enterprise specializing in the research, development, manufacturing, and sale of advanced electronic materials, functional pastes, and semiconductor components. Founded in 2015 and headquartered in Changzhou, Jiangsu Province, the company primarily operates within the photovoltaic materials, electronic chemicals, and semiconductor supply chain sectors. Its core product portfolio comprises photovoltaic conductive silver pastes, including front-side and back-side silver paste formulations for P-type Passivated Emitter and Rear Cell (PERC) architectures; front- and rear-side metallization paste solutions for N-type Tunnel Oxide Passivated Contact (TOPCon) cells; low-temperature conductive silver pastes for Heterojunction Technology (HJT) solar cells; specialized conductive pastes for Interdigitated Back Contact and related X-BC cell technologies; and ultra-low-temperature metallization pastes engineered for perovskite tandem cells; specialized electronic pastes for non-photovoltaic applications, including thick-film chip resistor pastes, radio frequency device pastes, 5G filter metallization pastes, and Low Temperature Co-fired Ceramic (LTCC) formulations; electronic adhesives and functional encapsulation materials, including conductive adhesives, structural bonding adhesives, and thermal management compounds for new energy vehicles and consumer electronics; electronic-grade silver powder utilized as critical conductive raw material; and semiconductor lithography consumables, specifically blank photomasks and related substrate materials utilized in deep ultraviolet (DUV) wafer fabrication processes. Changzhou Fusion New Material serves tier-one solar cell manufacturers, semiconductor wafer fabrication plants, and electronic component producers across mainland China, Southeast Asia, India, South Korea, Japan, Europe, and the Middle East. The company operates major domestic manufacturing bases and research facilities in Changzhou and Shanghai, alongside an overseas production facility in Thailand and an advanced research center in Japan. In recent strategic developments, the company executed the cross-border acquisition of the blank mask business from South Korea-based SK Enpulse Co., Ltd., integrating the business under Lumina Mask Co., Ltd. via its subsidiary Wuxi Juguang Semiconductor Co., Ltd. to enter the upstream semiconductor photolithography material supply chain with commercial qualification at leading memory semiconductor manufacturers; completed the upstream acquisition and capacity expansion of Jiangsu Juyouyin New Materials Co., Ltd. to establish an integrated electronic-grade silver powder production platform and enhance supply chain resilience; brought online a 600-metric-ton annual capacity photovoltaic conductive silver paste production facility in Thailand under Fusion New Material (Thailand) Co., Ltd. to support international solar module manufacturers; established Shanghai Juxinguang New Materials Co., Ltd. to accelerate advanced semiconductor material industrialization; operationalized high-end electronic functional materials and adhesives production lines under Jiangsu Deliju New Materials Co., Ltd.; and initiated preparations for a secondary listing and H-share offering on the Stock Exchange of Hong Kong to optimize its global capital structure and fund continued international business expansion.