Jiangsu Yoke Technology Co., Ltd. (Yoke Technology, 002409) (002409)

Equity Research Report | Sector: Electronic Materials and LNG Insulation Materials | Report Date: September 13, 2026 | As of the close on September 11, 2026; market data primarily from Cfi.net.cn, Xuangutong, and Investing.com; some fields may differ due to platform conventions and update times.

This report is automatically compiled and generated by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Core Summary

Yoke Technology achieved operating revenue of RMB 8.611 billion in 2025, up 25.49% year-on-year, with net profit attributable to shareholders of RMB 1.000 billion, up 14.77% year-on-year; in the first half of 2026, operating revenue was RMB 4.513 billion, up 5.12% year-on-year, and net profit attributable to shareholders was RMB 561 million, up 7.29% year-on-year, but non-GAAP net profit attributable to shareholders grew only 0.68% year-on-year, and net cash flow from operating activities declined 12.13% year-on-year, indicating that revenue and headline profit are still growing, but profit growth and earnings quality are under some pressure. The company's core business is semiconductor electronic materials, while it also maintains an LNG insulation board business. In 2025, electronic materials accounted for 58.99% of revenue, and LNG insulation materials accounted for 27.53%.

The company's growth logic mainly comes from the localization of semiconductor materials, the prosperity of the memory industry, and capacity expansion of products such as precursors. The company disclosed that its UPChemical production base in South Korea is essentially at full capacity, while Jiangsu Xianke has not yet reached full capacity. It plans to continue expanding production in China and South Korea, with new capacity expected to be completed by the end of 2027; however, this content reflects the company's operating judgment and development plans, not performance commitments, and still depends on customer certification, capacity construction progress, and the sustainability of memory industry prosperity.

Within the business structure, precursors and electronic specialty gases have relatively high technical and certification barriers. In 2025, the gross margin of semiconductor chemical materials was 44.79%, and the gross margin of electronic specialty gases was 30.22%; however, the gross margin of photoresist and supporting reagents fell to 16.72%, a significant year-on-year decline, and the overall gross margin of chemical materials also fell to 29.77%. At the same time, the company had accounts receivable of RMB 1.443 billion and inventory of RMB 2.232 billion. Expansion is accompanied by relatively high working capital occupation. In 2025, sales to the top five customers accounted for 44.00%, so customer concentration and collection conditions still warrant attention.

As of September 11, 2026, the company's share price was approximately RMB 130, down about 18.25% from the stage high of approximately RMB 159.01 on August 17, and below MA10, MA20, MA50, MA100, and MA200. The comprehensive technical indicator assessment is weak, and main funds under the extra-large order and large order categories recorded a combined net outflow of approximately RMB 235 million. The corresponding TTM P/E is approximately 59.6x and P/B approximately 7.73x, meaning the market valuation already incorporates strong growth expectations. The company has approved its 2026 interim dividend plan, proposing a cash dividend of RMB 3.50 per 10 shares, with the dividend amount accounting for approximately 29.7% of first-half net profit attributable to shareholders.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Semiconductor electronic materials: including semiconductor precursor materials, photoresist and supporting reagents, electronic specialty gases, electronic wet chemicals, semiconductor packaging fillers and electronic powder materials, semiconductor material delivery systems (LDS), etc.
• LNG insulation boards and engineering services: production of cryogenic insulation boards required for LNG cargo containment systems and storage and transportation equipment, and provision of certain engineering installation services, used in large LNG carriers, fuel vessels, onshore storage tanks, and LNG receiving terminals.
• Flame retardants: mainly used in polymers such as plastics, rubber, and coatings. In 2025, production gradually concentrated at the Binhai Yoke plant, while the Yixing flame retardant plant essentially ceased production, and the business positioning became more auxiliary.
• 2025 revenue structure: electronic materials revenue of RMB 5.080 billion, accounting for 58.99%; chemical materials revenue of RMB 2.658 billion, accounting for 30.87%; leasing and engineering services revenue of RMB 682 million, accounting for 7.92%.
• 2025 major product revenue: semiconductor chemical materials RMB 2.111 billion, accounting for 24.51%; photoresist and supporting reagents RMB 1.960 billion, accounting for 22.76%; electronic specialty gases RMB 417 million, accounting for 4.85%; spherical silica powder RMB 288 million, accounting for 3.35%; LDS equipment RMB 304 million, accounting for 3.53%; LNG insulation materials RMB 2.370 billion, accounting for 27.53%; flame retardants RMB 288 million, accounting for 3.34%.

2.3 Position in the Industry Chain Upstream and Downstream and Cost-Profit Structure

Yoke Technology is located in the upstream materials segment of the semiconductor and display industry chains, and at the same time occupies the position of a key insulation material supplier in the LNG storage and transportation equipment industry chain. The company is not a resource extraction enterprise, nor a terminal brand enterprise, but rather an upstream-to-midstream new materials platform company centered on electronic materials, with LNG insulation boards as an important supplement.

• The actual inputs involved in the electronic materials business include: high-purity metals, silicon-based and other specialty chemical raw materials required for semiconductor precursors; high-purity gas raw materials, fluorine-containing chemicals, and gas purification and packaging materials required for electronic specialty gases; resins, photosensitive components, solvents, pigments, and other functional additives required for photoresist and supporting reagents; and related high-purity chemicals required for electronic wet chemicals.
• Spherical silica powder involves high-purity silicon-based raw materials, natural gas, liquid oxygen, and other production auxiliary resources; LNG boards involve polyurethane foam systems, composite materials, and related foaming and structural materials; flame retardants involve phosphorus-containing, halogen-containing, or other functional chemical raw materials.
• The company's annual report does not disclose item-by-item procurement amounts of major raw materials, per-ton costs, supplier names, or specific raw material proportions by product. Some of the above input categories are based on correspondence with products and production processes, and specific material cost proportions cannot be inferred from them.
• In 2025, total procurement from the top five suppliers was RMB 1.184 billion, accounting for 14.29% of annual procurement; the single largest supplier accounted for 4.37% of total procurement. Supplier concentration is generally not high, but individual subsidiaries and product lines may face concentration risk from single raw material or equipment suppliers, and the annual report does not provide more detailed disclosure.
• The company is not a typical resource-monopoly enterprise. Some basic chemical raw materials, gases, and energy have commodity attributes, and the company does not have comprehensive control over upstream costs; however, the technology, certification, and stable supply capabilities for precursors, advanced photoresists, and LNG insulation boards can enhance its bargaining power with downstream customers to a certain extent.
• Downstream customers for semiconductor materials mainly include memory, logic, and specialty process wafer foundries, display panel manufacturers, semiconductor packaging, and electronics manufacturing enterprises; downstream customers for LNG boards include manufacturers of large LNG carriers, fuel vessels, storage tanks, and receiving terminal equipment; downstream customers for flame retardants include users of polymers such as plastics, rubber, and coatings.
• In 2025, sales to the top five customers were RMB 3.792 billion, accounting for 44.00% of annual sales; the largest customer accounted for 12.35%. These figures are on a 2025 annual basis, and the annual report lists them anonymously as "Customer 1 to Customer 5," so the specific customer names cannot be verified from the annual report alone; this data comes from the annual report, and the latest annual report should prevail.
• Downstream semiconductor materials are characterized by high customer concentration, long validation cycles, high certification barriers, and high requirements for continuous supply. Large wafer fabs and display panel makers have strong procurement scale and bargaining power, but material replacement may affect process stability and yield, giving suppliers some stickiness after introduction.
• Yoke Technology's main downstream does not generally involve the "annual price reduction" model common in the auto parts industry. Semiconductor materials are closer to "long-term certification + process binding + continuous supply"; LNG boards have certification and project-based characteristics, and revenue is affected by the pace of shipbuilding, delivery, and storage and transportation infrastructure projects.
• The LNG board business has expanded into onshore LNG receiving terminals and storage tank scenarios and has completed GTT certification for products such as MARK III/FLEX+ polyurethane modules. The company's statements about being the "first in China" and industry-leading are mainly self-described in the annual report, and no independent third-party market share data was found for cross-verification.
• As of December 31, 2025, accounts receivable were RMB 1.443 billion, accounting for approximately 16.75% of full-year operating revenue, roughly equivalent to 144.21% of net profit attributable to shareholders of RMB 1.000 billion; inventory was RMB 2.232 billion, accounting for approximately 25.92% of operating revenue; prepayments were RMB 290 million, accounting for approximately 3.36% of operating revenue. In 2025, net cash flow from operating activities was RMB 1.031 billion, higher than RMB 604 million in 2024; however, accounts receivable increased from RMB 1.135 billion at the end of 2024 to RMB 1.443 billion at the end of 2025, an increase of approximately 27.15%, slightly higher than the operating revenue growth rate of 25.49%. Among this, RMB 289 million of 2025 prepayments were related to LNG insulation composite materials, which the annual report explained was due to the long material supply cycle. The above data indicate that business expansion is accompanied by a certain occupation of working capital, and it cannot be asserted solely based on certification barriers and customer concentration that the company has very strong bargaining power with downstream customers.
• Procurement side: in 2025, the top five suppliers accounted for 14.29% of total annual procurement, and the single largest supplier accounted for 4.37%, indicating overall diversification; sales side: in 2025, the top five customers accounted for 44.00% of total annual sales, and the largest customer accounted for 12.35%. Both customers and suppliers are disclosed anonymously, so specific enterprises and products corresponding to a single customer cannot be verified; customer concentration data clearly covers only 2025, and the latest annual report should prevail.

Yoke Technology is positioned in the mid-to-upstream high-tech materials and key process supporting segments: precursors, some electronic specialty gases, and high-end electronic materials are close to the high value-added position on the left side of the smile curve, while photoresists, wet electronic chemicals, spherical silica powder, and LNG boards are in process material segments at different levels of maturity. Further margin improvement mainly depends on customer certification and volume ramp-up of new precursor production lines, optimization of the photoresist product mix and alleviation of price pressure, improvement in capacity utilization of spherical silica powder/wet electronic chemicals/electronic specialty gases, and expansion of LNG boards into onshore storage tanks and receiving terminals while increasing the share of engineering services and high value-added products.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

In the first half of 2026, non-GAAP net profit attributable to shareholders was RMB 530 million, up 0.68% year-on-year; basic earnings per share were RMB 1.1786, compared with RMB 1.0985 in the same period last year. In 2025, non-GAAP net profit attributable to shareholders was RMB 954 million, up 5.91% year-on-year, and basic earnings per share were RMB 2.1018.

In the first half of 2026, net cash flow from operating activities was RMB 255 million, down 12.13% year-on-year; weighted average return on equity was 7.07%, up 0.10 percentage points year-on-year; sales gross margin was approximately 29.87%, and sales net margin was approximately 14.11%. As of June 30, 2026, the company's total assets were RMB 17.033 billion, and net assets attributable to shareholders of the listed company were RMB 8.000 billion, up 0.42% and 1.69% respectively from the end of 2025. Based on period-end net assets and total share capital, net assets per share were roughly RMB 16.81. In 2025, net cash flow from operating activities was RMB 1.031 billion, up 70.80% year-on-year. In the first half of 2026, total non-recurring gains and losses were approximately RMB 31 million, accounting for approximately 5.5% of net profit attributable to shareholders. Non-GAAP profit growth was significantly lower than net profit attributable to shareholders growth, so earnings quality still warrants attention.

3.2 Earnings Forecasts

The Hithink earnings forecast page shows that the number of forecasting institutions for 2026-2028 was 11, 11, and 10, respectively; the East Money page shows 9, 9, and 7, respectively. Due to differences in sample institution counts, report update times, and share capital conventions across platforms, forecast values differ slightly. The research summary summarizes that institutions generally expect revenue and profit to maintain growth from 2026 to 2028, with a three-year compound growth rate of net profit attributable to shareholders from 2025 to 2028 of approximately 25%-30%.

3.3 Valuation Level and Institutional Ratings

As of the close on September 11, 2026, the share price was approximately RMB 130.44, total market capitalization approximately RMB 61.866 billion, and dynamic TTM P/E approximately 59.58x. Based on 2025 basic EPS of RMB 2.1018, first-half 2026 basic EPS of RMB 1.1786, and first-half 2025 basic EPS of RMB 1.0985, TTM EPS is approximately RMB 2.1819, corresponding to a P/E of approximately 59.8x, broadly consistent with public market data. Based on net assets attributable to shareholders of RMB 8.000 billion as of June 30, 2026, and total market capitalization, the current P/B is approximately 7.73x. Based on institutional profit forecasts, the forecast P/E for 2026 is approximately 45.5x-49.4x, or approximately 46.5x using the Hithink midpoint of RMB 1.330 billion; for 2027 approximately 35.5x-39.8x, or approximately 37.5x using the Hithink midpoint of RMB 1.649 billion; for 2028 approximately 26.2x-33.7x, or approximately 30.7x using the Hithink midpoint of RMB 2.018 billion. The P/E figures given by some institutional research reports differ; for example, CITIC Securities, BOC International, and Shenwan Hongyuan gave 2026 P/E of approximately 52.3x, 54.7x, and 49x, which may be related to the share price at the time of report publication, share capital conventions, or market capitalization on the report date. Regarding target prices, a third-party rating summary shows that as of August 24, 2026, the average target price of approximately 11 analysts over the past three months was approximately RMB 103.10, with a high of approximately RMB 111.20 and a low of approximately RMB 95.00; another page shows that the median consensus target price of 3 institutions over the past 180 days was approximately RMB 103. Based on the closing price of RMB 130.44, RMB 103.10, RMB 111.20, and RMB 95.00 are approximately 21%, 15%, and 27% below the current price, respectively. Overall, the company's performance is still growing, but the current TTM P/E of approximately 59.6x and P/B of approximately 7.73x indicate that valuation already reflects strong growth expectations. Future valuation digestion depends on precursor localization, commissioning of new capacity in China and South Korea, volume ramp-up of the electronic materials business, and gross margin improvement; if downstream semiconductor capital expenditure slows, capacity deployment falls short of expectations, or gross margin continues to come under pressure, there is significant valuation drawdown risk.

4. Recent News and Announcements

4.1 The Second Extraordinary Shareholders' Meeting in 2026 Approved the Interim Dividend Plan

On September 10, 2026, Yoke Technology held its second extraordinary shareholders' meeting of 2026 and approved the "Proposal on the 2026 Interim Dividend Plan." The voting results were: 221,711,046 shares in favor, accounting for 99.9724% of the total valid voting shares present at the meeting; 47,200 shares against, accounting for 0.0213%; and 13,900 shares abstaining, accounting for 0.0063%. The company plans to use total share capital of 475,927,678 shares as the base and distribute a cash dividend of RMB 3.50 per 10 shares (tax included), with an expected cash dividend of RMB 166,574,687.30, without bonus shares and without converting capital reserve into share capital. The proposed dividend amount accounts for approximately 29.7% of first-half 2026 net profit attributable to shareholders of RMB 560,905,882.40. As of the disclosure of the research summary, the specific record date, ex-rights and ex-dividend date, and payment date have not yet been announced, and follow-up implementation announcements for the equity distribution should be monitored. This matter is a cash dividend arrangement, not a share repurchase.

4.2 Institutional Research Disclosed the Memory Semiconductor Materials Business and Expansion Plans

On September 8, 2026, the company received institutional research from Taikang Asset, Zhongtai Securities, Great Wall Fortune Insurance, and others, and disclosed the investor relations activity record on September 9. The company stated that driven by AI demand, the semiconductor memory industry has entered an upcycle since the fourth quarter of 2025, and the company's semiconductor materials customers are mainly concentrated in the memory sector, primarily DRAM wafer manufacturers. The company expects memory market supply and demand to remain tight from 2026 to 2027, with new capacity gradually released from 2028 to 2030. The company plans to continue expanding both production bases in China and South Korea on top of its dual production base setup, with new capacity expected to be completed by the end of 2027. The UPChemical production base in South Korea is essentially at full capacity, while Jiangsu Xianke has not yet reached full capacity. The company expects the two production bases to approach full capacity by the end of 2027. The above content reflects the company's operating judgment and development plans, not audited financial forecasts or performance commitments, and uncertainties remain regarding capacity construction progress, customer certification, and the sustainability of downstream memory prosperity.

4.3 The Semi-Annual Report Showed Year-on-Year Growth in Revenue and Net Profit Attributable to Shareholders

The company disclosed its 2026 semi-annual report on August 26, 2026. In the first half of 2026, it achieved operating revenue of approximately RMB 4.513 billion, up approximately 5.12% year-on-year; and net profit attributable to shareholders of the listed company of approximately RMB 561 million, up approximately 7.29% year-on-year. The company simultaneously disclosed an interim dividend plan of RMB 3.50 per 10 shares in cash.

4.4 The Company Said It Did Not Trigger the Circumstances Requiring Disclosure of a Semi-Annual Earnings Forecast

On August 20, 2026, the company replied to investors on an interactive platform that, according to relevant Shenzhen Stock Exchange regulations, it did not trigger the circumstances requiring disclosure of a 2026 semi-annual earnings forecast and therefore did not issue such a forecast. Failure to disclose an earnings forecast does not mean the company has provided clear guidance for full-year performance, nor does it mean future performance will not fluctuate significantly; the company did not disclose full-year 2026 performance guidance.

4.5 Announcement on Abnormal Stock Trading Fluctuations Highlighted Short-Term Trading Risk

The company disclosed an announcement on abnormal stock trading fluctuations on August 1, 2026, stating that the cumulative deviation of closing price declines over three consecutive trading days on July 29, July 30, and July 31, 2026 exceeded 20%, constituting abnormal stock trading fluctuations. After verification, the company stated that there was no information in prior disclosures requiring correction or supplementation, and that the controlling shareholder and actual controller had no major undisclosed matters that should be disclosed. The company separately disclosed announcements on abnormal stock trading fluctuations on June 12, June 29, July 2, and August 1, 2026. The relevant announcements mainly reflected secondary market trading risk and did not constitute new operating positives or negatives.

4.6 Shenyang Yichuang Plans to Increase Capital by RMB 90 Million, and Yoke Xichuang Plans to Subscribe RMB 30 Million

The company disclosed on June 4, 2026 that Shenyang Yichuang Precision Technology Co., Ltd., an associate company of its wholly owned subsidiary Jiangsu Yoke Xichuang Semiconductor Technology Co., Ltd., planned to increase capital by RMB 90 million. Among this, Yoke Xichuang planned to subscribe to newly registered capital of RMB 30 million in proportion to its existing shareholding, and external shareholder Beijing Yisheng Precision Semiconductor Co., Ltd. planned to subscribe RMB 60 million. This matter is a capital increase in an associate company, not a direct acquisition of external assets by Yoke Technology. As of the disclosure of the research summary, the project was still in the "in progress" stage, and future industrial and commercial registration changes, capital arrival, and business implementation should be monitored.

4.7 A Tier-3 Subsidiary Plans to Provide Financial Assistance to Shenyang Yichuang

An announcement on July 29, 2026 showed that Shenyang Yichuang subsequently planned to increase capital by RMB 90 million, and Yoke Xichuang planned to subscribe RMB 30 million in proportion to its shareholding. Under previous related arrangements, Shenyang Yichuang was expected to receive total financial assistance of approximately RMB 38.775 million from all shareholders, with Yoke Xichuang providing approximately RMB 12.925 million in proportion to its 33.33% shareholding. The company stated that Shenyang Yichuang's operations and credit condition were good, other shareholders provided funding support on the same terms in proportion to their shareholdings, and the risk was controllable. This matter involves capital investment, related-party transactions, and risk of capital occupation in an associate company; loan repayment, project profitability, and capital use should be monitored going forward.

4.8 Huafei Electronics Capital Increase Forms the Background of Recent Electronic Materials Business Layout

In March 2026, Zhejiang Huafei Electronic Substrate Materials Co., Ltd., a wholly owned subsidiary of the company, introduced investors, with a total capital increase amount not exceeding RMB 850 million. The investors planned to subscribe to no more than 45.94% of equity on a fully diluted basis. This matter involves the electronic packaging powder materials business and helps supplement project funding, but it will dilute Yoke Technology's shareholding in the subsidiary.

4.9 No New Share Repurchase Announcement Was Found Recently

As of the announcement list on September 11, 2026, no newly issued share repurchase plan, repurchase progress, or repurchase cancellation announcement by the company in 2026 was found. The 2026 semi-annual report disclosed that the cash dividend amount implemented through share repurchases was RMB 0; the company's 2025 profit distribution announcement also disclosed that the share repurchase amount implemented with cash consideration in 2025 was RMB 0. As of September 12, 2026, shareholder returns were mainly reflected in cash dividends rather than share repurchases.

4.10 No Recent Announcements of Reduction, Increase, or Pledge by the Controlling Shareholder or Actual Controller Were Found

As of the recent announcement list on September 11, 2026, no newly disclosed reduction plan, increase plan, or share pledge announcement by the controlling shareholder or actual controller was found. As of June 30, 2026, the number of shareholders was approximately 159,458, an increase of 61,539 from the previous period; however, changes in the number of shareholders do not equal share buying or selling by the controlling shareholder or actual controller, and cannot be used to judge changes in core shareholders' holdings.

4.11 No Announcement of Regulatory Penalties or Investigation Against the Company Was Found

As of the public announcement list on September 11, 2026, no announcement was found of Yoke Technology receiving exchange disciplinary action, CSRC investigation, or major regulatory penalty.

4.12 The Abnormal Fluctuation Announcement Highlighted Cyclical and Competitive Risks in the Electronic Materials Industry

In the abnormal fluctuation announcement, the company noted that the electronic materials business is affected by factors such as industrial policy, customer demand, capacity supply, macroeconomy, market supply and demand, competitive landscape, and raw material prices, and future operating performance may fluctuate; after short-term sharp rises or falls in the share price, there is a risk of rapid pullback. The content discussed in the September institutional research regarding memory industry prosperity, DRAM wafer fab expansion, precursor capacity construction, and customer introduction mainly reflects the company's judgment on the industry and its own business, and is not equivalent to government policy documents, nor to signed orders with disclosed amounts.

5. Share Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Yoke Technology closed at RMB 129.99, down approximately 18.25% from the stage high of approximately RMB 159.01 on August 17, in a mid-term correction phase after a rally and pullback. The share price is slightly above MA5 but below MA10, MA20, MA50, MA100, and MA200, with concentrated moving average pressure around RMB 131.7 to RMB 132.0; RSI(14) at approximately 46.2 is in the neutral zone, MACD is negative, and the technical picture is generally weak but has not yet entered extreme oversold territory. On September 11, main funds under the extra-large and large order categories recorded a combined net outflow of approximately RMB 235 million, while small orders recorded a net inflow of approximately RMB 239 million, indicating a cautious short-term capital structure.

5.3 Short-Term Outlook (Next Week, Scenario Projection, for Reference Only)

⚠️ Risk Warning: The following content is only a subjective scenario projection based on the closing data on September 11, 2026, historical prices, and technical indicators. It does not constitute investment advice or a single-point price forecast.

① Key Technical Levels

② Next Week's Scenarios (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively high subjective heuristic weight, approximately 50%-60%; not a statistical probability): observation range RMB 125-133.5. Trigger conditions are the share price holding near RMB 125, turnover falling back to the recent normal range of approximately RMB 1.5 billion-RMB 2.3 billion, and failure to effectively break above the RMB 131.7-133.5 resistance band. With RSI(14) neutral, MA5 slightly above the current price but MA10 to MA50 forming pressure, and the main fund net outflow on September 11, the short term may show weak sideways movement or repeated range trading.
• Weaker downside (moderate subjective heuristic weight, approximately 30%; not a statistical probability): observation range RMB 118.5-125. Trigger conditions are the share price breaking below RMB 125 on increased volume, single-day turnover continuously exceeding RMB 2.5 billion, and continued net outflows from extra-large and large orders. If the price fails to quickly recover after breaking below RMB 125, the estimated Bollinger lower band of approximately RMB 118.6 can serve as the next observation level.
• Rebound strengthening (low-to-moderate subjective heuristic weight, approximately 20%; not a statistical probability): observation range RMB 133.5-137, with the RMB 142 area observed in a strong case. Trigger conditions are the share price returning above the RMB 131.7-133.5 moving average resistance zone, single-day turnover steadily expanding to more than RMB 2.5 billion, and main funds turning from net outflow to consecutive net inflow; if the price further breaks above MA100 at approximately RMB 136.72, the significance of observing rebound strength increases.

③ Capital and Liquidity Background

As of September 11, 2026, the turnover rate was approximately 5.58%, and turnover was approximately RMB 2.287 billion; over the past 10 trading days, turnover was roughly RMB 1.5 billion-RMB 2.9 billion, and volume was approximately 10.40 million-21.80 million shares. Overall, this is an actively traded, relatively liquid mid-to-large-cap stock, and it generally does not have the extreme thin order book problem of small-cap stocks, but turnover still exceeded RMB 2 billion during the decline, so short-term chip exchange and slippage risk still warrant attention. Regarding shareholder data, as of August 10, 2026, the number of shareholders was 156,978; as of June 30, 2026, the top ten shareholders in the semi-annual report held approximately 49.20% in total, among which the three natural persons Shen Qi, Shen Fu, and Shen Xiqiang held approximately 44.10% in total, with concentration mainly contributed by the controlling shareholder and family members. The top ten shareholders also include institutional or corporate investors such as a semiconductor materials and equipment ETF, Hong Kong Central Clearing, China Life insurance funds, and the National Integrated Circuit Industry Investment Fund; according to the semi-annual report compiled as of August 25, 2026, a total of 108 institutional investors disclosed holdings, totaling approximately 35.109 million shares, or approximately 7.38% of total share capital, with the top ten institutional investors totaling approximately 6.29%. The above shareholder count and semi-annual report top ten shareholder data are lagging, and the latest shareholder count after August 10, 2026, and the real-time chip structure on September 11 could not be verified this time, so they cannot be directly regarded as the current real-time state. The practical implication is that the long-term equity structure is relatively concentrated, but secondary market tradable chips are still affected by ordinary shareholders and institutional trading, and short-term chips cannot be inferred to be highly locked up on this basis.

A checkable volume confirmation signal is: if subsequent single-day turnover continuously reaches more than RMB 2.5 billion while the share price simultaneously returns above RMB 131.7-133.5, this can serve as an observation signal of short-term capital return; if turnover expands but the share price continues to break below RMB 125, it is more likely to reflect selling pressure release rather than effective capital entry.

④ Points to Watch (Observation Ideas Only, Not Trading Instructions)

• Observe whether the RMB 125-127 support zone can be effectively held; if the price breaks below RMB 125, monitor whether turnover expands simultaneously and how support performs in the RMB 122-124 area. The above are observation ideas, not trading instructions.
• Observe whether the RMB 131.7-133.5 moving average and previous trading day's closing pressure can be broken on increased volume; after a breakout, focus on the area near RMB 136.0-137.0. The above are observation ideas, not trading instructions.
• Observe whether main funds turn from the net outflow on September 11, 2026, to consecutive net inflows. The above are observation ideas, not trading instructions.
• Observe whether turnover continuously expands to more than RMB 2.5 billion and coincides with the price returning above the resistance zone. The above are observation ideas, not trading instructions.

The above scenario projection is based on the closing data on September 11, 2026, historical prices, and technical indicator calculations. Short-term share prices will also be affected by multiple factors such as news, capital flows, and the broader market environment. Technical indicators themselves have lag and limitations, do not guarantee actual future trends, and do not constitute buy or sell recommendations. Please make independent judgments based on the latest market information and bear investment risks yourself.

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

The company spans two main sub-industries: semiconductor electronic materials and LNG insulation boards. Semiconductor electronic materials are located upstream in the wafer manufacturing, display panel, and advanced packaging industry chains, with high barriers in technology, certification, and stable supply. Domestic market opportunities mainly come from supply chain localization, import substitution, and wafer fab expansion. LNG insulation boards are important supporting materials for liquefied natural gas vessels and storage and transportation equipment. Supplier introduction and certification cycles are long, and revenue is affected by the pace of large vessel construction, natural gas storage and transportation infrastructure investment, and project delivery.

6.2 Competitive Landscape

• Semiconductor electronic materials are not a single-product market. Competitors in precursors, photoresists, electronic specialty gases, wet electronic chemicals, packaging fillers, and LDS equipment are not exactly the same. Industry competition is shifting from "whether production is possible" to "whether stable batch supply is possible, whether advanced processes can be entered, whether defect rates can be reduced, and whether yields can be improved."
• The global high-end electronic materials market has long been dominated by international materials and gas companies. Domestic companies mainly benefit from semiconductor supply chain localization, import substitution, and domestic wafer fab expansion.
• Yoke Technology has a relatively broad product line, covering precursors, photoresists, electronic specialty gases, wet electronic chemicals, spherical silica powder, and delivery systems, but the technical maturity and profitability of different businesses vary greatly, and some capacity utilization rates remain low.
• The LNG insulation board industry has characteristics such as long certification cycles, high supplier introduction barriers, and the need for long-term coordination with shipyards, shipowners, and storage tank manufacturers; product delivery is related to large vessel construction cycles, and revenue is subject to project fluctuations.
• Yoke Technology's annual report states that it is the first domestic LNG insulation board supplier, with proprietary technology, production processes, and intelligent production lines, and that it has obtained relevant GTT certification and continuously supplies large domestic shipyards; however, no complete independent third-party market share data was found for cross-verification, and this statement should not be equated with a clear domestic market share ranking of first.

6.3 Main Competitors

Yoke Technology does not have a fully comparable company covering all businesses, and the competitive landscape should be observed by product line. Compared with single-segment material companies, the company is characterized by a broader product platform, covering precursors, photoresists, electronic specialty gases, wet electronic chemicals, spherical silica powder, LDS, and LNG insulation boards; correspondingly, different businesses differ greatly in customer certification stage, capacity utilization, and profitability. The core support for its industry chain position is the technology and certification capability in high value-added materials such as precursors, as well as the certification and project coordination capability of LNG boards; the main constraints are that some products still face price pressure, customer concentration is relatively high, working capital occupation is relatively large, and some new capacity still requires batch customer introduction.

7. Risk Warnings

• Customer concentration and introduction uncertainty in the semiconductor materials business: in 2025, sales to the top five customers accounted for 44.00%, and the largest customer accounted for 12.35%; customers are disclosed anonymously, and products such as precursors, photoresists, and electronic specialty gases all rely on long certification cycles. If customer introduction, continuous supply, or procurement pace falls short of expectations, revenue and capacity utilization may be affected.
• Execution risk in memory industry prosperity and expansion plans: the company judges that memory market supply and demand will remain tight from 2026 to 2027 and plans to expand production in China and South Korea, forming new capacity by the end of 2027, but the related content is not an audited financial forecast or performance commitment; if memory demand, DRAM wafer fab expansion, customer certification, or base construction progress falls below expectations, new capacity may not be converted into revenue and profit in a timely manner.
• Product price and gross margin pressure risk has already been reflected in some businesses: in 2025, the gross margin of photoresist and supporting reagents was 16.72%, a significant year-on-year decline; the overall gross margin of chemical materials was 29.77%, down 5.55 percentage points year-on-year. If photoresists, wet electronic chemicals, or other products continue to face price competition, rising raw material costs, or unfavorable product mix changes, the company's overall profitability may come under further pressure.
• Working capital occupation and cash flow volatility risk is relatively prominent: as of the end of 2025, accounts receivable were RMB 1.443 billion, up approximately 27.15% year-on-year, slightly higher than revenue growth; inventory was RMB 2.232 billion, and 2025 prepayments related to LNG insulation composite materials were approximately RMB 289 million. In the first half of 2026, net cash flow from operating activities fell 12.13% year-on-year. If project delivery, customer collections, or material supply cycles change, pressure from capital occupation may increase.
• The LNG insulation materials business has project-based and delivery cycle fluctuation risk: revenue from this business is related to the construction and delivery pace of projects such as large LNG carriers, storage tanks, and receiving terminals. Although the company has obtained relevant GTT certification and expanded into onshore scenarios, industry market share lacks independent third-party data for cross-verification, and changes in project progress or order pace may cause revenue fluctuations.
• Valuation drawdown risk is relatively high: as of around September 11, 2026, the company's TTM P/E was approximately 59.6x and P/B approximately 7.73x, and the 2026 forecast P/E corresponding to institutional forecasts was still approximately 45.5x to 49.4x. If actual profit growth is lower than market expectations, gross margin continues to decline, or capacity release falls short of expectations, the relatively high valuation may face significant adjustment pressure.
• Technical and capital flow conditions remain weak: the share price has fallen approximately 18.25% from the stage high on August 17, 2026, is below multiple medium- and long-term moving averages, MACD is negative, and extra-large and large orders recorded a combined net outflow of approximately RMB 235 million on September 11. If the share price breaks below support near RMB 125 and turnover continues to expand, short-term volatility and downside pressure may increase further; third-party fund flow data is only an auxiliary indicator and cannot be directly equated with institutional transaction data.
• Investment in associate companies and financial assistance involve capital use and project implementation risk: Shenyang Yichuang plans to increase capital by RMB 90 million, Yoke Xichuang plans to subscribe RMB 30 million in proportion to its shareholding, and approximately RMB 12.925 million in financial assistance arrangements are involved. If industrial and commercial registration changes, capital arrival, project profitability, or loan repayment fall short of expectations, risks may arise from capital occupation in the associate company and return on investment; at the same time, Huafei Electronics introducing investors for a capital increase of no more than RMB 850 million and diluting the company's shareholding also entails risks of changes in control rights and investment returns.

8. Conclusion and Outlook

Yoke Technology has a diversified business structure of "semiconductor electronic materials platform + LNG insulation materials." The technology, certification, and customer stickiness of precursors, electronic specialty gases, and some high-end materials support medium- to long-term growth. If memory industry prosperity continues, expansion at domestic and South Korean bases proceeds smoothly, and new precursor capacity completes customer introduction and approaches full capacity, there is still room for improvement in electronic materials revenue and profit margins; expansion of LNG boards into scenarios such as onshore storage tanks and receiving terminals may also strengthen the business's supplementary role.

In the short term, the company's revenue and net profit attributable to shareholders maintained growth in the first half of 2026, but non-GAAP profit growth was low, photoresist gross margin declined, chemical materials gross margin came under pressure, and operating cash flow declined, indicating that the conversion of growth into profit and cash flow still needs verification. Institutions have relatively high expectations for overall revenue and profit growth from 2026 to 2028, but actual realization still depends on downstream semiconductor capital expenditure, customer certification, capacity utilization, and product price changes.

The company's current valuation and technical picture both reflect relatively high expectations and significant volatility. Going forward, key areas to watch include whether electronic materials gross margin can stabilize, whether precursor capacity can be released as planned, whether accounts receivable and inventory can be effectively managed, and whether the share price can repair moving average resistance. The degree of alignment among fundamental growth, cash flow improvement, and valuation digestion will determine the stability of the company's future performance and market performance.

Data Sources

• Company Announcement_Yoke Technology: 2025 Annual Report Summary Sina Finance_Sina
• https://disc.static.szse.cn/disc/disk03/finalpage/2026-04-28/ca7939f4-757b-4c6d-a09f-41e7c3ac02c9.PDF
• https://static.cninfo.com.cn/finalpage/2026-04-28/1225216877.PDF
• 2022 Yoke Technology (002409) Total Assets, Total Liabilities, Operating Revenue, Operating Cost and Net Profit Statistics_Huaon Intelligence Network_Huaon Industry Research Institute
• Jiangsu Yoke Technology Co., Ltd. 2023 Annual Report Full Text
• Interpretation of Yoke Technology 2024 Annual Report: Both Revenue and Net Profit Increased, R&D and Market Expansion Advanced Together|Cash_Sina Finance_Sina
• Nanda Optoelectronics (300346)_Company Announcement_Nanda Optoelectronics: 2024 Annual Report Sina Finance_Sina
• Guangdong Huate Gas Co., Ltd. Official Website|Industrial Gas|Specialty Gas|Electronic Gas|Medical Gas|High-Purity Gas|Huate Gas|Huate Shares
• Shanghai Sinyang Semiconductor Materials Co., Ltd. 2024 Annual Report Summary
• Jiangyin Jianghua Microelectronics Materials Co., Ltd.
• Yoke Technology (002409)_Company Announcement_Yoke Technology: 2026 Semi-Annual Report Sina Finance_Sina
• Yoke Technology (002409) Earnings Forecast_F10_Hithink Financial Services Network
• [Yoke Technology

Electronics | Securities Research Report-Adjusted Earnings Forecast

May 8, 2026

002409.SZ

Buy](https://pdf.dfcfw.com/pdf/H3_AP202605081822068007_1.pdf?1778253042000.pdf=&utm_source=openai)

• Yoke Technology (002409) Earnings Forecast_F10_Hithink Financial Services Network
• Yoke Technology (002409.SZ) Earnings Forecast-PC_HSF10 Data
• Earnings Forecast
• Yoke Technology (002409)-Institutional Rating Details
• Yoke Technology (002409) Stock Forecast and Analyst Ratings - Futu NiuNiu
• Jiangsu Yoke Technology Co Ltd (002409) Historical Prices - Investing.com
• Yoke Technology (002409) Company Announcements_Sina Finance_Sina
• Yoke Technology (002409)_Company Announcement_Yoke Technology: Announcement on Resolutions of the Second Extraordinary Shareholders' Meeting in 2026 Sina Finance_Sina
• Yoke Technology (002409)_Company Announcement_Yoke Technology: Announcement on the 2026 Interim Dividend Plan Sina Finance_Sina
• Yoke Technology (002409)_Company Announcement_Yoke Technology: September 8, 2026 Investor Relations Activity Record Sina Finance_Sina
• Yoke Technology_Individual Stock Calendar_East Money_Data Channel
• Yoke Technology: The Company Did Not Trigger Circumstances Requiring Disclosure of an Earnings Forecast_Stock Channel_Stockstar
• Yoke Technology (002409)_Company Announcement_Yoke Technology: Announcement on Abnormal Stock Trading Fluctuations Sina Finance_Sina
• Yoke Technology (002409) M&A and Restructuring_Stockstar
• Securities Code: 002409 Securities Abbreviation: Yoke Technology No.: 2010-00
• Yoke Technology (002409)_Company Announcement_Yoke Technology: Announcement on Introducing Investors to a Wholly Owned Subsidiary and Waiving Preemptive Subscription Rights to Implement a Capital Increase and Share Expansion Sina Finance_Sina
• Yoke Technology (002409) Announcements (All) - Lixinger
• Yoke Technology (002409)_Company Announcement_Yoke Technology: 2026 Semi-Annual Report Sina Finance_Sina
• Securities Code: 002409 Securities Abbreviation: Yoke Technology Announcement No.: 2026-028
• Yoke Technology (002409): Performance in Line with Expectations, Core Business Continues to Benefit from the Semiconductor Expansion Cycle__Sina Finance_Sina

This report was automatically retrieved, compiled, and generated by AI based on publicly available information, with information as of the close on September 11, 2026; market data primarily from Cfi.net.cn, Xuangutong, and Investing.com, and some fields may differ due to platform conventions and update times. There may be timeliness differences, and specific data should be based on the company's official announcements and authoritative data terminals. This report is only for information organization and research reference, does not constitute any investment advice, and investors should make independent judgments and bear investment risks themselves.