Jiangsu Nata Opto-electronic Material Co., Ltd. (300346)

Individual Stock Analysis Report | Industry: Semiconductor Electronic Materials | Report Date: September 13, 2026 | As of close on 2026-09-11 (Friday); some technical indicators are as of 2026-09-07 or 09-09, not current-day values, and are noted in the corresponding fields

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

1. Core Summary

Nata Opto-electronic primarily engages in advanced precursors, electronic specialty gases, and photoresists and supporting materials, and has established a semiconductor materials business footprint covering Suzhou, Chuzhou in Anhui, Zibo in Shandong, Ulanqab in Inner Mongolia, and Ningbo in Zhejiang. As of the first half of 2026, the company achieved operating revenue of RMB 1.3684 billion, up 11.35% year-on-year; net profit attributable to shareholders of the parent company of RMB 255.8 million, up 23.10% year-on-year; and non-GAAP net profit attributable to shareholders of the parent company of RMB 221.0 million, up 36.36% year-on-year. Profit growth was notably higher than revenue growth, with the advanced precursor and photoresist businesses performing relatively well.

By business segment, in the first half of 2026, advanced precursors generated revenue of RMB 404 million, up 18.12% year-on-year, with a gross margin of 60.13%; electronic specialty gases generated revenue of RMB 777 million, up 3.68% year-on-year; and ArF photoresist revenue grew 48% year-on-year. The company is simultaneously advancing KrF photoresist development and validation as well as the construction of a 70-ton-per-year production line, and by acquiring a 16.1666% minority stake in Ulanqab Nata, it raised its shareholding to 91.05%, further strengthening the equity integration of the electronic specialty gas business.

In terms of earnings quality, second-quarter 2026 revenue was RMB 707 million and net profit attributable to shareholders of the parent company was RMB 132 million, up 17.51% and 17.25% year-on-year respectively, and up 6.84% and 5.97% quarter-on-quarter respectively; however, net operating cash flow for the first half was RMB 299 million, down 25.27% year-on-year, and second-quarter gross margin declined 1.32 percentage points from the prior quarter, indicating that differences remain between profit growth and cash flow and earnings stability. The company has implemented a cash dividend of RMB 0.80 per 10 shares for the first half of 2026.

As of close on September 11, 2026, the company's share price was RMB 51.00, with a total market capitalization of RMB 35.249 billion, a static price-to-earnings ratio of 110.24x and a trailing price-to-earnings ratio of 95.85x, placing valuation metrics at a relatively high level. Technically, the share price is below MA5, MA10, and MA20, MACD is below the zero line, and capital flows are relatively weak; the KD indicator is in oversold territory, suggesting potential for a short-term technical rebound, but the overall picture remains one of adjustment.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Advanced precursor segment (precursor materials + MO sources): bases in Chuzhou, Anhui and Suzhou, Jiangsu; precursor materials are used in wafer fabrication thin-film deposition (ALD/CVD), and the company has achieved full coverage of major categories including silicon precursors/metal precursors and high-k/low-k precursors, with products introduced into mass-production processes of leading domestic chip manufacturers; major MO source products include trimethylgallium, trimethylindium, triethylgallium, and trimethylaluminum, with purity ≥6N, making it one of the world's major MO source manufacturers and a leader in the domestic market
• Electronic specialty gas segment: bases in Chuzhou, Anhui, Zibo, Shandong, and Ulanqab, Inner Mongolia; hydrogen-based products include high-purity phosphine, arsine, and safety sources (ion implantation); fluorine-based products include nitrogen trifluoride (NF3), sulfur hexafluoride, and others, forming a dual-base layout leveraging Ulanqab's natural resources and green electricity
• Photoresists and supporting materials: base in Ningbo, Zhejiang; the controlled subsidiary has achieved self-sufficiency from raw materials (monomers, functional resins, initiators) to photoresist products and supporting materials

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

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Data as of the 2026 interim report (disclosed 2026-08-27/28). Multiple sources agree: 2026H1 operating revenue of RMB 1.3684 billion (RMB 1,368,405,377.06), +11.35% year-on-year; net profit attributable to shareholders of the parent company of RMB 255.8 million (RMB 255,816,595.24), +23.10% year-on-year; non-GAAP net profit attributable to shareholders of the parent company of RMB 221 million, +36.36% year-on-year. 2026Q2 single-quarter revenue was RMB 707 million, +17.51% year-on-year and +6.84% quarter-on-quarter; net profit attributable to parent was RMB 132 million, +17.25% year-on-year and +5.97% quarter-on-quarter; non-GAAP was RMB 116 million, +34.39% year-on-year. Gross margin was 40.55% (down 1.32 pct from the prior quarter); ROE was 7.22%; debt-to-asset ratio was 35.47%; net operating cash flow was RMB 299 million (-25.27% year-on-year). Interim dividend proposal: proposed RMB 0.8 per 10 shares (RMB 0.08/share, totaling approximately RMB 55.30 million). Basis note: another source (etnet and Huaxi F10) shows 2026Q1 net profit of RMB 151.962 million (+17.35%) and latest-period net profit of RMB 304 million, which is inconsistent with the attributable-to-parent basis and is judged to be total net profit including minority interests; this inference has not been verified item by item against the original company announcement, and the attributable-to-parent net profit basis should be used when applying it.

2026H1 results were in line with expectations, with net profit attributable to shareholders of the parent company up 23.10% year-on-year and non-GAAP net profit attributable to shareholders of the parent company up 36.36% year-on-year, with non-GAAP growth notably higher than attributable-to-parent growth; 2026Q2 single-quarter revenue and net profit attributable to parent both achieved year-on-year and quarter-on-quarter growth, with quarter-on-quarter growth rates of +6.84% and +5.97%, respectively. However, gross margin of 40.55% declined 1.32 pct from the prior quarter; net operating cash flow was RMB 299 million, down 25.27% year-on-year, with cash flow performance weaker than profit.

3.2 Earnings Forecast

2023 and 2024 data come from the "Forecast Statistics" page of East Money's earnings forecast (attributable-to-parent basis, latest share capital). In the minutes, the 2024 operating revenue data is shown only as "23." before being truncated, and 2024 net profit attributable to parent, YoY growth rate, and EPS are all missing, with no speculation made. Earnings forecast data for 2025 and subsequent years does not appear in the minutes and cannot be listed.

3.3 Valuation Level and Institutional Ratings

The minutes do not provide complete valuation metric calculations (such as PE, PB, market capitalization, etc.), so a valuation range judgment cannot be given. Confirmable related information is: Capital Securities initiated coverage on 2026-05-28 with an Overweight rating and a target price of RMB 67.0; Ping An Securities gave a Recommended rating without a target price. Prices and valuations are based on the close of 2026-09-11, but the minutes do not list the specific share price and corresponding valuation multiples for that day; among historical annual data, only 2023 has EPS of 0.3060 and net assets per share of 4.0454, while 2024 data is truncated and missing, so valuation multiples based on earnings forecasts cannot be fully calculated. When using this, the latest share price, total share capital, and a consistent attributable-to-parent net profit forecast basis must be supplemented before a valuation judgment can be completed. Valuation-related data has gaps and basis uncertainty.

4. Recent News and Announcements

4.1 Target Identification: Nata Opto-electronic (300346.SZ)

Securities abbreviation: Nata Opto-electronic; securities code: 300346.SZ (Shenzhen Stock Exchange ChiNext); full company name: Jiangsu Nata Opto-electronic Material Co., Ltd. Listing time: listed on the Shenzhen Stock Exchange ChiNext on August 7, 2012; chairman: Feng Jiansong. Main business: R&D/production/sales of three major categories of semiconductor materials—advanced precursor materials (including MO sources), electronic specialty gases, and photoresists and supporting materials; R&D and production bases in Suzhou, Ningbo, Quanjiao, Zibo, and Ulanqab, with a marketing and technology branch in North America. Source: https://m.hx168.com.cn/stock/F10/300346.html ; moomoo company page https://www.moomooapp.com/hant/stock/300346-SZ/company

4.2 Current Time Anchor (the "as of" date, subject to an error of ± several days, requiring verification)

The latest datable announcement/report retrievable in the directory is the equity distribution announcement of 2026-09-03 and the main capital statistics of 2026-09-09/11. Based on this, the current point in time is inferred to be around mid-September 2026 (around September 11). This is the "as of" point for most "recent" data in these minutes. Note: this search did not directly read a clear "today" system date; the above point in time is an inference, subject to an error of ± several days, and requires verification.

4.3 Earnings Data Contradiction (Key Flag): The Media's Claim of a "2025 Earnings Forecast of RMB 653-733 million" Conflicts with the Company's Denial and Audit Results, and Should Not Be Accepted

An Economic Observer/10jqka reprint article (2026-02-12) stated: the company had already issued an earnings forecast on January 6, 2026, expecting 2025 net profit attributable to shareholders of the parent company of RMB 653-733 million, up 41%-59% year-on-year. Source: http://www.eeo.com.cn/2026/0212/792068.shtml ; http://stock.10jqka.com.cn/20260212/c674767604.shtml . However, at the April 15, 2026 earnings briefing, the company clearly stated: "The company has never disclosed a 2025 annual earnings forecast," and advised referring to Securities Times and Cninfo. Source: http://stock.stockstar.com/RB2026041500042620.shtml ; https://basic.10jqka.com.cn/300346/ . At the same time, at the earnings briefing, an investor asked "why the actual profit deviated by nearly 50% from the January earnings forecast" (implying that the market did indeed have the impression of a "January forecast"). The 10jqka Ask the Board Secretary page (2026-01-30) also had investors pressing "why the company's 2025 annual report did not publish a forecast in advance," and the company replied only that it "fulfills disclosure obligations in accordance with ChiNext rules" and "please follow periodic reports." Source: https://finance.sina.cn/other/relnews/dongmiqa_list.d.html?market=sz&code=300346 . Actual full-year 2025 (audited) data (S&P Capital IQ via MarketScreener translation, published 2026-04-09): operating revenue of RMB 2.58546 billion (2,585.46 million), prior year RMB 2.35189 billion; net profit attributable to shareholders of the parent company of RMB 319.76 million (319.76 million), prior year RMB 270.98 million; basic EPS of RMB 0.46 (prior year RMB 0.41). Source: https://it.marketscreener.com/notizie/jiangsu-nata-opto-electronic-material-co-ltd-riporta-i-risultati-finanziari-per-l-esercizio-chius-ce7e50d8db8cf223 . Cross-verification: 2025 first-half net profit attributable to parent was approximately RMB 208 million (reverse-derived from 2026H1's +23.10% year-on-year, consistent with the prior-year same-period figure of RMB 207,814,081 disclosed by China Securities Journal), and the full-year RMB 320 million level is self-consistent; however, "RMB 653-733 million" clearly conflicts with the full-year RMB 320 million. Conclusion/risk warning: the Economic Observer passage stating a "2025 earnings forecast of RMB 653-733 million" is highly suspect, likely AI-generated/misattributed, and conflicts with the company's denial statement and audit results, and should not be accepted; the mystery of the "January forecast" has not been authoritatively clarified and constitutes an unresolved data quality issue (appearing only on the media side and denied by the company side).

4.4 2025 Annual Report Disclosure (approximately 2026-04-09/10) and List of Announcements Disclosed with the Annual Report

Announcements disclosed together with the annual report include: resolutions of the 16th meeting of the ninth board of directors, the 2025 profit distribution proposal, 2025 provision for impairment, progress on the action plan for "dual improvement of quality and returns," the 2026 daily related-party transaction estimate, extension of some fundraising investment projects, changes in accounting policies, holding of the 2025 online earnings briefing, completion of 2025 performance commitments by Quanjiao Nata Opto-electronic Material Co., Ltd., requesting the shareholders' meeting to authorize the board to formulate the 2026 interim dividend plan, application for comprehensive credit facilities and estimated guarantee limits for subsidiaries, and notice of convening the 2025 annual shareholders' meeting. Source: https://www.stocke.com.cn/main/a/20260410/8129530.shtml

4.5 2026 Q1 Report (Announcement Date 2026-04-24, Released on the Evening of 2026-04-23)

Revenue of RMB 662 million, +5.45% year-on-year; net profit attributable to parent of RMB 124 million, +29.97% year-on-year; non-GAAP net profit of approximately RMB 105 million, +38.61% year-on-year; EPS of RMB 0.18 (+28.57%). Reference closing price on that day was RMB 52.36. Source: https://m.nbd.com.cn/articles/2026-04-23/4354809.html . Also note: a certain East Money "announcement interpretation" page (not an official announcement) stated that "the previous forecast for net profit attributable to parent was RMB 147-165 million (+52%-73%), and the actual RMB 124 million was below expectations." This is UGC/AI-type content, not an exchange announcement, with low credibility, and is noted only as a lead. Source: https://np-info.eastmoney.com/wap/notice/?infocode=AN202604231821498085

4.6 2026 Interim Report (Disclosed 2026-08-28)

Revenue of RMB 1.36841 billion, +11.35% year-on-year; net profit attributable to parent of RMB 255.82 million, +23.10% year-on-year; non-GAAP net profit of RMB 220.99 million, +36.36% year-on-year; net operating cash flow of RMB 299.13 million, -25.27% year-on-year; EPS of RMB 0.37; weighted ROE of 7.15%. Total assets of RMB 6.185 billion, net assets attributable to parent of RMB 3.543 billion. Source: China Securities Journal https://newzzbcx.cs.com.cn/cxnews.html?random=GjGJkXl3&name=new20260828000649wrugpiso . Ping An Securities research report (2026-08-28) added: 2026H1 gross margin of 40.55% (+1.80pct), net margin of 22.21% (+1.26pct); advanced precursors (including MO sources) revenue of RMB 404 million, +18.12%, gross margin of 60.13%; specialty gas revenue of RMB 777 million, +3.68%; ArF photoresist revenue +48% year-on-year. Source: http://stock.finance.sina.com.cn/stock/go.php/vReport_Show/kind/search/rptid/841233840398/index.phtml

4.7 Dividends and "Dual Improvement of Quality and Returns": Implementation of 2026 Interim Equity Distribution (RMB 0.80 per 10 Shares) and 2025 Interim Distribution

2025 interim equity distribution implementation announcement: published 2025-09-03 (Shenzhen market announcement express). Source: https://www.9fzt.com/detail/fund_159529_1_10596413.html . 2026 interim profit distribution: cash dividend of RMB 0.80 per 10 shares (tax included), based on total share capital of 691,156,903 shares, totaling RMB 55,292,552.24 (approximately RMB 55.2926 million); no bonus shares, no capitalization of reserves. Board of directors: approved at the 19th meeting of the ninth board of directors on 2026-08-26; authorization came from the 2025 annual shareholders' meeting on 2026-05-07 ("Requesting the Shareholders' Meeting to Authorize the Board of Directors to Formulate the 2026 Interim Dividend Plan"). Announcement date: 2026-09-03 (announcement no. 2026-043); record date 2026-09-09; ex-rights/ex-dividend date 2026-09-10. Source: https://data.eastmoney.com/notices/detail/300346/AN202609031828960677.html ; https://www.sohu.com/a/1071465212_122014422 ; https://m.21jingji.com/timeline/81dd3abafbf84c40a9a5cf89f176438c.html . The progress announcement for the "dual improvement of quality and returns" action plan was disclosed with the 2025 annual report (approximately 2026-04-09/10), showing that the company continues to disclose progress on the dividend/return dimension. Source same as the 2025 annual report disclosure item.

4.8 M&A/Equity Investment: RMB 77.6 Million Acquisition of Minority Stake in Controlled Subsidiary Ulanqab Nata (Related-Party Transaction, 2026-01-05/06)

The company used its own funds of RMB 77.6 million in cash to acquire equity from an employee shareholding platform: 13.3333% equity in Nata Opto-electronic (Ulanqab) held by Nansheng No. 3 (consideration RMB 64 million) + 2.8333% equity held by Nansheng No. 4 (consideration RMB 13.6 million), totaling 16.1666%. After the transaction, its shareholding rose from 74.8833% to 91.05%. It constitutes a related-party transaction (Nansheng No. 3's LPs include directors Wang Luping and Mao Bingrong, senior executive Lu Zhenxue, and former supervisor Wang Ping) and does not constitute a major asset restructuring; approved at the 15th meeting of the ninth board of directors on 2026-01-05, with related directors recusing themselves, and no shareholders' meeting review was required. Pricing basis: as of November 30, 2025, Ulanqab Nata's net assets were RMB 477.115 million (Zhongshe Asia-Pacific audit report, Zhongshe Asia-Pacific Audit Zi (2026) No. 000005). Target financials: 2024 revenue of RMB 466 million and net profit of RMB 87.007 million; January-November 2025 revenue of RMB 414 million and net profit of RMB 44.2789 million. Source: Securities Daily/China Securities Journal http://www.zqrb.cn/gscy/gongsi/2026-01-06/A1767663531139.html ; original announcement https://data.eastmoney.com/notices/detail/300346/AN202601051815451982 ; China Fund News https://www.chnfund.com/article/78d00751-044c-70b8-e7ab-3a1e9fd2986b

4.9 Fundraising Investment Projects: Change in Use of Part of Raised Funds (2025-10-29) and Related Governance Announcements

On 2025-10-29, part of the use of raised funds was changed: the unused raised funds of RMB 92.175 million from the "7,200-ton electronic-grade nitrogen trifluoride project" were fully used for Ulanqab Nata's "2,000-ton-per-year high-purity electronic-grade nitrogen trifluoride expansion project," with total investment of approximately RMB 368 million, focusing on 5.5N high-purity specifications. Source same as above (Securities Daily article). 2025-11-14 resolution of the fifth extraordinary shareholders' meeting of 2025 (announcement no. 2025-068): passed the "Proposal on Changing Part of the Fundraising Investment Projects" and the "Proposal on Reappointing the Accounting Firm." Shareholders attending represented 146,780,308 shares (21.2369% of voting shares). Source: https://cfi.cn/p20251114001847.html . 2025-12-16 "closure of some special fundraising fund accounts, opening of new special fundraising fund accounts and signing of tripartite supervision agreements." Source: https://moneyy.cfi.cn/index.aspx?catid=A0A4127A4346A4443 . Disclosed with the 2025 annual report was the "Announcement on Extension of Part of the Fundraising Investment Projects" (approximately 2026-04-09/10). On 2026-01-05, the board of directors approved the use of no more than RMB 1.7 billion of idle self-owned funds to purchase wealth management products (already submitted to the first extraordinary shareholders' meeting of 2026). Source: Economic Observer http://www.eeo.com.cn/2026/0212/792068.shtml (single source, recommend verifying against exchange announcements)

4.10 Other Governance/Meeting Announcements: Extraordinary Shareholders' Meetings, Annual Shareholders' Meeting, and Earnings Briefings

2025-11-14: announcement of resolutions of the fifth extraordinary shareholders' meeting of 2025 (see the fundraising investment project item). 2026-05-07: 2025 annual shareholders' meeting held (authorizing the board to formulate the 2026 interim dividend). Source: equity distribution announcement. 2026 second extraordinary shareholders' meeting: scheduled for 2026-09-14 at 14:30, to review the "Proposal on Changing the Accounting Firm"; record date 2026-09-09, registration time 2026-09-10 to 11. Source: https://stock.stockstar.com/AN2026082800027680.shtml (Note: the company only "reappointed the accounting firm" in November 2025 and again "changed the accounting firm" in September 2026, which is a relatively frequent change of audit institution and is worth tracking for the reasons). 2026-04-15: 2025 annual online earnings briefing (investor relations activity record). Source: https://basic.10jqka.com.cn/300346/ ; http://stock.stockstar.com/RB2026041500042620.shtml

4.11 Business/Policy/Domestic Substitution Progress: ArF Photoresist Validation and Ramp-Up, KrF Production Line Construction

ArF photoresist: in 2025, three new products passed customer validation and obtained orders, ArF photoresist sales revenue exceeded RMB 20 million, and a cumulative six products passed validation; existing ArF capacity is 50 tons/year, and no expansion is currently being implemented. Source: earnings briefing record https://basic.10jqka.com.cn/300346/ ; https://finance.sina.cn/other/relnews/dongmiqa_list.d.html?market=sz&code=300346 . 2026H1 ArF photoresist revenue +48% year-on-year, and the company is advancing KrF photoresist development and validation and building a 70-ton-per-year production line. Source: Ping An Securities research report (see the 2026 interim report item). Policy aspect: in 2026, the photoresist industry is said to face policy support and accelerated supply chain domestic substitution (media view, not a company announcement). Source: http://stock.10jqka.com.cn/20260212/c674767604.shtml

4.12 Capital Flows (Auxiliary, Non-Announcement): 2026-09-09 Main Force Net Buying of RMB 153 Million, 2026-09-11 Main Force Net Selling of RMB 110 Million

Stockstar: 2026-09-09 main force net buying of RMB 153 million; 2026-09-11 main force net selling of RMB 110 million. Source: https://wap.stockstar.com/detail/RB2026091000007927 ; https://wap.stockstar.com/detail/RB2026091100033042 . The point in time is around mid-September 2026; this is a single-source capital flow statistic, for reference only.

4.13 Uncertainties and Data Quality Notes Requiring Key Flagging (7 items in total)

1) The most significant contradiction: the media's claim of a "2025 earnings forecast of RMB 653-733 million" vs. the company's explicit denial + audited full-year net profit of approximately RMB 320 million. The three cannot be reconciled, and it is strongly recommended: do not adopt the RMB 653-733 million basis; in a formal report, treat "whether a 2025 annual earnings forecast existed" as doubtful, and rely on Cninfo/company announcement originals. 2) The "January earnings forecast" and investors' claim of a "deviation of nearly 50%" lack authoritative first-hand announcement support, appear only in investor Q&A/media, and are unverified information. 3) Full-year 2025 revenue of RMB 2.58546 billion and net profit of RMB 319.76 million come from an S&P Capital IQ/MarketScreener translation, a single third-party source; although self-consistent with H1 data, it is still recommended to verify against the original "2025 Annual Report." 4) The 2026Q1 "forecast of RMB 147-165 million" comes from an East Money user/AI interpretation page, not an announcement, and cannot be accepted. 5) "RMB 1.7 billion of idle self-owned funds for wealth management" is seen only from a single Economic Observer source, and it is recommended to verify against an announcement. 6) The current point in time is an inference (around 2026-09-11); please calibrate all "as of" statements using the actual system date. 7) The information that the accounting firm was "reappointed (2025-11) → changed (2026-09)" within a short period comes from two different announcements/news items, and the reason for the change should be verified.

4.14 Summary of Main Source URLs

Company profile: https://m.hx168.com.cn/stock/F10/300346.html . Earnings forecast contradiction (media): http://www.eeo.com.cn/2026/0212/792068.shtml . Company denial of forecast/earnings briefing: https://basic.10jqka.com.cn/300346/ ; http://stock.stockstar.com/RB2026041500042620.shtml . Full-year 2025 audited data (third party): https://it.marketscreener.com/notizie/jiangsu-nata-opto-electronic-material-co-ltd-riporta-i-risultati-finanziari-per-l-esercizio-chius-ce7e50d8db8cf223 . 2025 annual report announcement list: https://www.stocke.com.cn/main/a/20260410/8129530.shtml . 2026Q1: https://m.nbd.com.cn/articles/2026-04-23/4354809.html . 2026H1: https://newzzbcx.cs.com.cn/cxnews.html?random=GjGJkXl3&name=new20260828000649wrugpiso . Ping An Securities research report: http://stock.finance.sina.com.cn/stock/go.php/vReport_Show/kind/search/rptid/841233840398/index.phtml . 2026 interim equity distribution: https://data.eastmoney.com/notices/detail/300346/AN202609031828960677.html . Ulanqab Nata equity acquisition: http://www.zqrb.cn/gscy/gongsi/2026-01-06/A1767663531139.html . 2025 fifth extraordinary shareholders' meeting: https://cfi.cn/p20251114001847.html . 2026 second extraordinary shareholders' meeting notice: https://stock.stockstar.com/AN2026082800027680.shtml . Main force capital: https://wap.stockstar.com/detail/RB2026091000007927 ; https://wap.stockstar.com/detail/RB2026091100033042

5. Share Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of close on 2026-09-11, Nata Opto-electronic traded at RMB 51.00, down 1.66%, with turnover of RMB 1.101 billion, turnover rate of 3.29%, and volume ratio of 0.93, with volume slightly below the recent average. Technically weak: the share price is below MA5/MA10/MA20 with a bearish MA alignment (9/7 basis), Bollinger middle band around RMB 56.2 acts as resistance while the share price is near the lower band around RMB 50.1; MACD has remained weak since a death cross below the zero line on September 1, and a "bear point" signal appeared on September 4; the KD D value of 19.16 is in oversold territory, suggesting a possible short-term weak rebound, but East Money's Thousand Stock Thousand Comment shows all technical indicators "no obvious signal for now," with a composite score of 58.86 below the industry average. Capital flows are weak: main force funds accumulated net outflow of approximately RMB 467 million over the last 10 days, with net outflow of RMB 110 million on 9/11, margin balance of approximately RMB 2.263 billion with net margin selling dominant over the last 10 days, northbound holdings of only approximately 3.85 million shares with recent reductions, and the tape showing retail investors moving opposite to main force funds. Overhead resistance references are RMB 53.5-54.1 (MA10 around 53.9 and the 9/9 intraday high near 54.10, above which RMB 54.53 is the long-short dividing point) and RMB 56.2-56.7 (Bollinger middle band/average chip cost); downside support references are RMB 50.0-50.6 (9/4 close of 50.59 and Bollinger lower band around 50.1) and the RMB 49.5 line (9/11 low of 49.50). Note that moving averages and Bollinger Bands are on a 9/7 basis, RSI is an extrapolated estimate, MACD and RSI lack precise 9/11 values, and shareholder concentration data is missing; see the outlook and data gap notes for details.

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

⚠️ Risk Warning: The following content is merely a subjective scenario projection based on obtained closing prices, historical prices, and technical indicators; the listed "weights" are empirical weights based on subjective judgment of the current technical and capital-flow picture, not statistical probabilities, and do not constitute investment advice.

① Key Technical Levels

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

• Scenario A | Range-bound consolidation (relatively higher weight, approximately 50%-60% (subjective empirical weight, not statistical probability)): the share price fluctuates repeatedly within the RMB 50.0-53.5 range, with volume maintained at a low level of RMB 1.1-1.5 billion/day. Trigger conditions: no new catalyst, the electronic chemicals sector overall stable, and main force funds continuing the net outflow of the last 10 days but with narrowing magnitude. This scenario is most consistent with the current state of "MACD below the zero line, no obvious signal from technical indicators, volume ratio below 1."
• Scenario B | Weaker downside (medium weight (subjective empirical weight, not statistical probability)): if volume expands (turnover notably above the recent average) and the RMB 49.5 strong support is effectively broken, then room opens for a probe toward the RMB 48 area. Trigger conditions: main force funds continue net outflow above RMB 100 million in a single day, the semiconductor/electronic chemicals sector weakens, or negative fundamental catalysts appear.
• Scenario C | Rebound and strengthening (lower weight (subjective empirical weight, not statistical probability)): requires volume expansion to stabilize and break above RMB 54.1, and further reclaim the RMB 54.53 long-short dividing point, to confirm a short-term strengthening, with upside targets in the RMB 56.2-56.7 area (middle band/average chip cost). Trigger conditions: a technical rebound after KD oversold combined with sector recovery, and main force funds shifting from outflow to sustained net inflow. The current price is below MA5/MA10/MA20 in a bearish alignment, and this scenario requires additional capital drive, hence the lower weight.

③ Capital and Liquidity Background

Liquidity aspect: recent turnover rate is approximately 3%-5% (3.29% on 9/11, 5.02% on 9/9, 3.44% on 9/7), with turnover broadly at RMB 1.1-1.76 billion/day (RMB 1.101 billion on 9/11, RMB 1.763 billion on 9/9, RMB 1.176 billion on 9/7), and volume ratio of 0.93 slightly below the recent average; tradable market capitalization of approximately RMB 33.8 billion and tradable float of approximately 660 million shares make it a medium-to-large liquidity name, with limited slippage under normal trading, but because main force funds accumulated net outflow of approximately RMB 467 million over the last 10 days and the tape is retail-dominated (Jiufang basis), the price is relatively sensitive to active selling under shrinking volume. The capital-flow picture is overall weak: margin balance of approximately RMB 2.263 billion, with net margin selling dominant over the last 10 days (approximately RMB 42.22 million), securities lending balance of approximately RMB 19.4484 million, and northbound funds most recently reduced 597,100 shares, holding a total of 3,850,300 shares, with direction leaning "bearish." Shareholder concentration is a data gap: this search could not obtain the top ten tradable shareholder list, number of shareholders, or details of institutional holdings such as public funds/social security/QFII for 300346 as of the most recent reporting period; Jiufang Zhitou's "institutional participation 26.79% (moderate control)" and "retail investors dominant" are only algorithmic estimates, not shareholder structure data disclosed by the exchange, and cannot replace shareholder concentration information, so this section cannot provide a structural judgment of "institutions vs. controlling family/PE-type shareholders," and needs to be supplemented with the latest periodic reports (such as the 2026 interim report/third-quarter report) and top ten tradable shareholder data disclosed by the exchange, while noting that such data typically lags by more than one quarter and the structure may have changed during the period.

Volume confirmation signal: recent single-day turnover is normally about RMB 1.1-1.76 billion; if subsequent single-day turnover can continue to expand above RMB 1.8 billion (clearly exceeding the recent norm) accompanied by the price standing above RMB 54.1, this can be regarded as a signal of capital re-entry; conversely, if turnover shrinks below RMB 1 billion while the price still drifts lower, the weak pattern continues.

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

• Watch whether the RMB 49.5 strong support and the RMB 50.0-50.6 first support can hold; a break below RMB 49.5 opens room for a probe toward the RMB 48 area.
• Watch the RMB 53.5-54.1 short-term resistance and the RMB 54.53 long-short dividing point; a volume breakout is a necessary (not sufficient) condition for strengthening.
• Watch whether turnover can continue to expand above RMB 1.8 billion as a confirmation signal of capital entry.
• Watch whether MACD can form a golden cross below the zero line, the repair after KD oversold, and the overall atmosphere of the electronic chemicals/semiconductor sector and the direction of main force funds.

The above scenario projection is based on 2026-09-11 closing data and historical prices and technical indicator calculations, among which precise values such as moving averages, Bollinger Bands, average chip cost, and the long-short dividing point are on a 2026-09-07/09-09 basis rather than 9/11 current-day values, RSI(14) of approximately 30-40 is an estimate extrapolated from the 9/2 sample rather than an actual measurement, precise MACD and RSI values for 9/11 were not obtained, the 52-week high/low have no specific dates, and shareholder concentration/top ten tradable shareholders/institutional holdings details are data gaps in this search. Short-term share prices will also be disturbed 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 movements, and do not constitute buy or sell recommendations. Please make independent judgments in light of the latest market information and bear investment risks yourself. All "weight" expressions herein are subjective empirical judgments based on the current technical and capital-flow picture, not statistical probabilities.

6. Industry Landscape and Competitor Analysis

7. Risk Warnings

• There is significant uncertainty in earnings and information disclosure bases: the market once saw a claim of a 2025 earnings forecast of RMB 653 million to RMB 733 million in net profit attributable to shareholders of the parent company, but the company clearly stated at its April 2026 earnings briefing that it had never disclosed a 2025 annual earnings forecast, while third-party data shows 2025 net profit attributable to shareholders of the parent company of approximately RMB 320 million; the conflicting data may affect the market's judgment of historical performance and the growth base.
• Operating cash flow is weaker than profit growth: in the first half of 2026, net operating cash flow was RMB 299 million, down 25.27% year-on-year, while net profit attributable to shareholders of the parent company grew 23.10% year-on-year; if subsequent revenue growth still fails to translate into cash flow in tandem, it may pressure working capital and project investment.
• The electronic specialty gas business faces expansion and project execution risks: the company adjusted part of its raised funds to Ulanqab Nata's 2,000-ton-per-year high-purity electronic-grade nitrogen trifluoride expansion project, with total investment of approximately RMB 368 million; at the same time, the company has increased its shareholding in Ulanqab Nata. If project construction, capacity ramp-up, customer certification, and profit realization fall short of expectations, the return on investment may be affected.
• The photoresist business ramp-up still carries validation uncertainty: the company's existing ArF photoresist capacity is 50 tons/year, three new products passed customer validation and obtained orders in 2025, and revenue grew 48% year-on-year in the first half of 2026, but subsequent revenue growth still depends on continued customer validation, order conversion, and the progress of KrF product development and construction of the 70-ton-per-year production line.
• Profitability may be affected by product mix and quarterly fluctuations: overall gross margin in the first half of 2026 was 40.55%, with the second quarter down 1.32 percentage points from the prior quarter; if the share of low-margin business rises or product prices or capacity utilization change, profit growth may fall below revenue growth.
• Valuation digestion risk is relatively high: as of September 11, 2026, the company's static P/E was 110.24x, trailing P/E was 95.85x, and P/B was approximately 10.1-11.6x, while existing materials do not provide complete earnings forecasts after 2025; if earnings growth or market expectations fall below the level implied by the current valuation, the share price may face significant volatility.
• Short-term technical and capital-flow picture is weak: as of September 11, 2026, the share price was below multiple short- and medium-term moving averages, MACD was below the zero line, main force funds accumulated net outflow of approximately RMB 467 million over the last 10 days, and margin balance was approximately RMB 2.263 billion with net selling dominant over the last 10 days; if support near RMB 49.5 is breached, short-term downside pressure may further increase.
• Corporate governance and audit matters require continued tracking: the company reappointed its accounting firm in November 2025 and again arranged to review a proposal to change the accounting firm in September 2026; the reason for the change and its impact on the continuity of subsequent audits and financial information disclosure still need to be based on the company's formal announcements.

8. Conclusion and Outlook

The company's growth logic mainly comes from domestic substitution and introduction of semiconductor materials, ramp-up of advanced precursor products, electronic specialty gas capacity and equity integration, and continued validation and revenue growth of photoresist products. In the first half of 2026, non-GAAP net profit attributable to shareholders of the parent company grew faster than net profit attributable to shareholders of the parent company, combined with the relatively high gross margin of advanced precursors, indicating that product mix optimization provides some support for profitability; however, existing ArF capacity is 50 tons/year and the company is not currently implementing expansion, so the subsequent incremental growth of the photoresist business still depends on customer validation, order fulfillment, and progress in KrF production line construction.

Key points to observe going forward include whether precursor revenue growth can continue, the capacity release and profit contribution of the electronic specialty gas expansion project, the progress of photoresist validation and ramp-up, and whether operating cash flow can improve. The company maintained revenue and profit growth in the first half of 2026, but gross margin declined quarter-on-quarter and cash flow declined year-on-year, so subsequent quarterly data should be used to judge the quality of growth.

The current share price is below short- and medium-term moving averages, with technical resistance at RMB 53.5-54.1 and near RMB 54.53, and downside reference support at RMB 50.0-50.6 and near RMB 49.5; technical indicators can only reflect the current trading state and cannot replace fundamental judgment. Because the company's trailing P/E, static P/E, and P/B are all relatively high, and existing materials do not provide complete post-2025 earnings forecasts and valuation calculations, market performance is relatively sensitive to earnings realization, valuation digestion, and capital-flow direction.

Data Sources

• Nata Opto-electronic Listed Company Information
• What Does Nata Opto-electronic (300346) Company Do
• Nata Opto-electronic (300346.SZ)
• Nata Opto-electronic (300346) Main Force Net Selling of RMB 110 Million on September 11 - Stockstar
• Nata Opto-electronic (300346) Main Force Net Buying of RMB 153 Million on September 9 - Stockstar
• Jiangsu Nata Opto-electronic Material Co., Ltd. ( ) Company Information 300346 - Simply Wall St
• 300328 Eontec
• Nata Opto-electronic (300346)_Stock Quotes, Quote Home_China Finance Online
• Perfil de la empresa Jiangsu Nata Opto Electr Material (300346) - Investing.com México - Jiangsu Nata Opto Electr Material (300346)
• 300328 Eontec - Core Themes
• Nata Opto-electronic: The Company's ArF Photoresist Capacity Is 50 Tons/Year, with No Plan to Build a New 500-Ton Production Line
• Nata Opto-electronic (300346) 2025 Management Discussion and Analysis
• Nata Opto-electronic (300346): Product Mix Continues to Optimize, Advanced Precursor Profit Growth Strong
• Nata Opto-electronic (300346) Electronic Specialty Gas-Related Board Secretary Q&A_Stockstar
• Nata Opto-electronic (300346) 2026 Interim Management Discussion and Analysis - Stockstar - Nata Opto-electronic (300346) 2026 Interim Management Discussion and Analysis
• Nata Opto-electronic (300346): Company Plans to Expand High-Purity Electronic Specialty Gas to Seize Opportunities in the Semiconductor Uptrend
• Nata Opto-electronic (300346): Precursor Products Accelerate Introduction into Chip Companies, Production and Sales Growth Significant
• Nata Opto-electronic (300346): Precursor Product Sales Grow Rapidly, IC Business Revenue Growth Significant_Jiufang Zhitou
• [[Interim Report] Nata Opto-electronic (300346): 2026 Interim Report - Government Grants Included in Current Profit or Loss (Excluding Government Grants Closely Related to the Company's Normal Operating Business, in Compliance with National Policies, Enjoyed According to Determined Standards, and Having a Sustained Impact on the Company's Profit or Loss) | 42,590,643.20](https://vipwt1.cfi.net.cn/p20260827003786.html#2)
• Nata Opto-electronic: 2026 Interim Report - Stockstar - The Company Does Not Have Non-Recurring Profit or Loss Items Listed in the "Explanatory Announcement No. 1 on Information Disclosure by Companies Offering Securities to the Public—Non-Recurring Profit or Loss"
• Nata Opto-electronic: Summary of the Prospectus for the Issuance of Convertible Corporate Bonds to Unspecific Objects - Direct Sales 2,929.29 2,470.88 1,052.70
• Nata Opto-electronic's 2024 Revenue and Profit Rise for the Eighth Consecutive Year, ArF Photoresist Industrialization Achieves Breakthrough - Nata Opto-electronic's 2024 Revenue and Profit Rise for the Eighth Consecutive Year, ArF Photoresist Industrialization Achieves Breakthrough
• Nata Opto-electronic (300346)_Company Announcement_Nata Opto-electronic: Report on the Acquisition of Assets by Share Issuance and Cash Payment and the Raising of Matching Funds and Related-Party Transaction (Draft) Sina Finance_Sina - Major Customer Names | January-May 2023 | 2022 | 2021
• Reply to the Inquiry Letter on the 2019 Annual Report of Jiangsu Nata Opto-electronic Material Co., Ltd.
• <table><tr><td>Year</td><td>Customer Name</td><td>Main Sales Content</td><td>Sales Amount</td><td>Proportion of Operating Revenue</td></tr><tr><td></td><td></td><td>Total</td><td>18,073....
• Nata Opto-electronic (300346) Main Business Operating Analysis Query|Chagu.com - gubit.cn-Gubite.China
• Nata Opto-electronic (300346) Main Business Operating Analysis Query|Chagu.com - chaguwang.cn-Chagu.com.China
• Nata Opto-electronic: 2025 Annual Report Summary _ Nata Opto-electronic (300346) _ Announcement Text
• Shanghai and Shenzhen Company Announcement Titles - Nata Opto-electronic: 2025 Annual Financial Final Accounts Report - April 10, 2026 - 10jqka
• Nata Opto-electronic 2025 Annual Report: Performance Rises for the Ninth Consecutive Year, High-Quality Development Steadily Advanced
• Nata Opto-electronic (300346)_Prospectus Details_Jiangsu Nata Opto-electronic Material Co., Ltd. Initial Public Offering and Listing on ChiNext Prospectus Sina Finance_Sina - Nanjing Baohong Electromechanical Technology Co., Ltd. 783.48 14.98%
• China Stock Research Activity Table - Jiangsu Nata Opto-electronic Material Co., Ltd. - October 17, 2012 - 10jqka
• Nata Opto-electronic's Connection with Third-Generation/Fourth-Generation Semiconductor Materials GaN, SiC, and InP Is Mainly Reflected in_Caifuhao_East Money
• Ask the Board Secretary - Investor Questions
• Ask the Board Secretary - 49.35 +0.04 +0.08%%f0%9f%a4%8f%e5%9c%a8%e7%ba%bf%e8%b4%ad%e4%b9%b0%e5%bc%ba%e6%9a%b4%e6%b0%b4%e2%80%8d%f0%9f%94%a56cp%e4%b9%96%e4%b9%96%e8%8d%af%e7%bd%91%e5%ba%97%f0%9f%98%8dfls81g(%e5%8a%a0V:chunyaokefu).4oj&vt=4#/home/sz300346#1)
• China Stock Operating Analysis Table - Jiangsu Nata Opto-electronic Material Co., Ltd. - June 30, 2022 - 10jqka
• Nata Opto-electronic: 2022 Interim Report - The Company Does Not Have Circumstances Defining Non-Recurring Profit or Loss Items Listed in the "Explanatory Announcement No. 1 on Information Disclosure by Companies Offering Securities to the Public—Non-Recurring Profit or Loss" as Recurring Profit or Loss Items
• Nata Opto-electronic: Prominent Cost Advantages, Close to Customers
• Nata Opto-electronic GaN Upstream Leader - Nata Opto-electronic GaN Upstream Leader
• Nata Opto-electronic's 12.57 Million A Shares Successfully Listed - Nanjing University
• China Electronic Specialty Gas: Who Is the King of Profitability? - China Electronic Specialty Gas: Who Is the King of Profitability?
• China Electronic Specialty Gas: Who Is the King of Profitability...
• 2025 Ranking of the Most Promising Companies in China's Electronic Specialty Gas Industry - Ranking - AskCI
• 【Release】Jiwei Consulting Releases "2025 China Electronic Specialty Gas Industry Listed Company Research Report"; Regarding Semiconductors, Rare Earth Magnets, etc., the Ministry of Commerce Responds; Shanghai Adds 9 Generative AI Services That Have Completed Filing
• China Electronic Specialty Gas: Who Is the King of Profitability? - Sina Finance
• The No. 1 Electronic Specialty Gas Stock Regains New Life! - The No. 1 Electronic Specialty Gas Stock Regains New Life!
• Industrial Gases: Core Consumables for Chip Manufacturing, Top Ten Leaders Reviewed. Industrial gases are known as the "food" of chip manufacturing, divided into bulk_Caifuhao_East Money
• Jiwei Consulting Releases "2025 China Electronic Specialty Gas Industry Listed Company Research Report" - Jiwei Consulting Releases "2025 China Electronic Specialty Gas Industry Listed Company Research Report"
• Specialty Gas Capacity: Panorama of Corporate Layout
• [Trend Analysis! 2025 China Electronic Specialty Gas Industry Industry, Market Size, Competitive Landscape and Development Prospects Analysis: Domestic Companies Accelerate Catching Up with International Advanced Levels, Industry Domestic Substitution Rate Expected to Continue Rising [Chart] - Zhiyan Consulting - Industry Information Portal](https://www.chyxx.com/industry/1208477.html#1)
• About - Nanda Optoelectronics (Zibo) Co., Ltd
• 300489 Optics Technology
• Bank of China (Hong Kong) Limited
• Jiangsu Nata Opto-electronic Material Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2024 - 093f3c36c486.S1NDpG3XkNblXtqiNo9UHI9T17Juhz2sfjwQzZhm_KE
• 300346 Stock Financial Analysis - Jiangsu Nata Opto-electronic Material Co., Ltd. (SZSE) Stock - 300346 Stock Financial Analysis - Jiangsu Nata Opto-electronic Material Co., Ltd. (SZSE) Stock
• Jiangsu Nata Opto Electr Material (300346) Financial Summary - Investing.com ZA - Breaking News
• [Jiangsu Nata Opto-electronic Material Co. informa de los resultados del ejercicio finalizado el 31 de diciembre de 2024 - 3958668f205c8dc91b2f7b6eb7.uY2Fx