Ningbo Konfoong Materials International Co., Ltd. (300666)

Equity Research Report | Industry: Semiconductor Materials | Report Date: September 13, 2026 | As of 2026-09-11 close (multi-source cross-verified)

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

1. Core Summary

Konfoong Materials achieved operating revenue of RMB 2.737 billion in H1 2026, up 30.68% year-on-year; net profit attributable to parent was RMB 540 million, up 113.61% year-on-year, but non-GAAP net profit attributable to parent (excluding non-recurring items) was only RMB 206 million, up 17.15% year-on-year, and Q2 2026 non-GAAP net profit attributable to parent declined 4.46% year-on-year. The substantial growth in H1 net profit attributable to parent was mainly affected by RMB 297 million in non-recurring items such as investment income, and cannot be directly equated with a doubling of core operating profitability; the company's interim report has not yet been audited.

The core business maintained relatively rapid growth: in H1 2026, ultra-high-purity metal sputtering target revenue was RMB 1.671 billion, up 26.08% year-on-year, and precision components revenue was RMB 645 million, up 40.59% year-on-year. The company possesses independent ultra-high-purity metal purification capabilities and has formed a "raw materials—targets—recycling" industry chain layout, while advancing the platform-based development of semiconductor equipment components; in H1 2026, R&D expenses grew 33.59% year-on-year, but target gross margin was 31.77%, down 1.49 percentage points year-on-year.

The company recently completed a private placement to specific investors, with new shares listed on June 23, 2026, bringing total share capital to 276 million shares, and the combined shareholding ratio of the controlling shareholder and actual controller was passively diluted to 23.62%; meanwhile, in July 2026, it acquired control of Beijing Kaide Quartz and consolidated it into its financial statements, and is advancing the integration of its flat-panel display target business with Japan's Ulvac, with both business scope and capital operations in an expansion phase.

As of September 11, 2026, the company's closing price was RMB 230.46, total market capitalization RMB 63.600 billion, P/E TTM approximately 80.86x, P/B approximately 8.72x; however, based on non-GAAP TTM net profit, the non-GAAP P/E is approximately 163x, indicating a significant discrepancy between the surface valuation and the valuation corresponding to core earnings. Technically, the stock price is below the 10-day, 50-day and 100-day moving averages, with MACD below the zero line, and the short-to-medium-term trend is relatively weak.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Ultra-high-purity metal sputtering targets (semiconductor targets, including ultra-high-purity aluminum, titanium, copper, tantalum and other metal sputtering targets)
• Semiconductor equipment components (platform-based layout, covering related equipment components; fundraising projects involve electrostatic chucks, etc.)

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

Konfoong Materials is a leading player in China's ultra-high-purity metal sputtering target industry, known as "China's No. 1 semiconductor target stock," with a business covering dual drivers of targets and semiconductor equipment components. Research notes indicate the company possesses fully independent ultra-high-purity metal purification capabilities (e.g., high-purity tantalum 500 tons/year capacity ranks first in China, breaking the US-Japan monopoly trend), and has formed a "raw materials-targets-recycling" full industry chain import substitution closed loop.

• The main raw materials are ultra-high-purity metals (such as high-purity titanium, high-purity tantalum and other high-purity metal materials). Research notes show that high-purity titanium procurement prices for each period were RMB 416,100/ton, RMB 427,400/ton, RMB 437,800/ton, etc. (Source: company announcement basis disclosed by Sina Finance).
• The company possesses fully independent ultra-high-purity metal purification capabilities, with high-purity tantalum 500 tons/year capacity ranking first in China, and has formed a "raw materials-targets-recycling" closed loop (Source: Founder Securities, Caitong Securities related research), demonstrating strong self-sufficiency and vertical integration capabilities in key raw material segments.
• Supplier concentration and specific procurement proportion structures were not provided with clear data in this research note; data missing.
• Downstream customers are semiconductor/integrated circuit-related manufacturing enterprises (the company's concept tags include SMIC concept, Big Fund Phase II, etc.), with products sold to wafer fabrication and other production lines; research notes mention the company leads in 12-inch wafer production line share.
• Regarding customer concentration, research notes disclose that "in the past three years, the target company's sales revenue from its top five customers as a proportion of main business revenue was 49.28%, 55.56%, and 66.79% respectively, representing a relatively high proportion" (Source: Shenzhen Stock Exchange 2020 disclosure document, based on the asset acquisition transaction report basis, relatively early years, subject to the latest annual report).
• Research notes also mention tabular data on the top five customer sales proportion of comparable companies in the same industry (Source: cninfo 2025-06-28 document), but specific values were not given; specific values missing.
• The bargaining structure of downstream industries (such as whether facing annual price reduction clauses, customer price pressure and other structural game dynamics) was not explicitly stated in this research note; subject to the latest annual report/announcements.
• Research notes did not provide specific data on accounts receivable relative to net profit or revenue ratio, accounts receivable turnover days, prepayments/accounts payable and other working capital occupation; this data is missing, making it impossible to determine which party holds the advantage in actual bargaining relationships; subject to the latest annual report/announcements.
• Customer concentration: research notes disclose that "in the past three years, the target company's sales revenue from its top five customers as a proportion of main business revenue was 49.28%, 55.56%, and 66.79% respectively, representing a relatively high proportion" (Source: Shenzhen Stock Exchange 2020-07-14 disclosure document, based on the summary of the share issuance and cash payment asset purchase transaction report (draft) basis, relatively early years). Also mentions data on the top five customer sales proportion of comparable companies in the same industry (Source: cninfo 2025-06-28 document), but specific values were not given in the notes. These data sources are from relatively early years/single source, could not be cross-verified; subject to the latest annual report.

Konfoong Materials is positioned in the upstream high-value-added segment of the semiconductor materials industry chain (ultra-high-purity metal sputtering targets + semiconductor equipment components), with "raw materials-targets-recycling" vertical integration capabilities, belonging to an upstream materials/high-gross-margin positioning. Research notes did not provide specific gross margin/net margin data, making it impossible to quantify its profitability level; the main drivers for subsequent gross margin improvement should be continuous release of target production capacity, platform-based volume ramp of components (such as new products like electrostatic chucks), and cost control brought by independent ultra-high-purity metal purification, rather than vague expressions like "intense industry competition."

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The latest financial report is the 2026 semi-annual report (unaudited, disclosed 2026-08-24/25); the previous complete fiscal year is the 2025 annual report (audited). The 2025 preliminary earnings report (2026-02-27) basis showed net profit attributable to parent of RMB 481 million (+20.15%), non-GAAP RMB 355 million, and the final audited annual report was revised upward to net profit attributable to parent of RMB 499.5 million (+24.70%), non-GAAP RMB 360 million; citations should be based on the annual report. 2026H1 gross margin 30.21% (YoY +0.48pct), net margin 17.26% (YoY +6.14pct), basic EPS RMB 1.98; 2025A gross margin 27.17% (-1.00pct), net margin 9.00% (+1.41pct), EPS RMB 1.89, net assets per share RMB 18.64, weighted ROE 10.18%.

2026H1 net profit attributable to parent grew +113.61% year-on-year, far exceeding non-GAAP +17.15%, with the difference mainly from non-recurring items: investment income of RMB 297 million was generated in H1 (BOC International noted this came from transferring partial equity in an associate company and long-term equity investment income), while asset impairment losses of RMB 130 million were incurred due to inventory write-downs, meaning the profit surge was not entirely from core operations, and valuation should focus on the non-GAAP basis. By business segment, 2026H1 ultra-high-purity target revenue was RMB 1.671 billion (+26.08%, gross margin 31.77%, YoY -1.49pct), precision components revenue was RMB 645 million (+40.59%, gross margin 23.97%, YoY +0.32pct), other RMB 421 million; 2025 target revenue was RMB 2.849 billion (+22.13%, gross margin 34.24%, +2.89pct), components revenue RMB 1.084 billion (+22.2%, sales volume +135.11%). 2026H1 R&D expenses were RMB 159 million (+33.59%), financial expense ratio increased +1.23pct year-on-year to 2.72% (exchange losses increased by RMB 30 million year-on-year). The interim report is unaudited, which is a limitation that needs to be noted.

3.2 Earnings Forecasts

Forecasts are individual broker forecasts (not single-source): the latest batch from August-September 2026 after H1 disclosure was generally revised upward, while the earlier batch was around April 2026; Tonghuashun iFinD consensus as of 2026-04-29 (10 institutions covering in the past six months). 2026E net profit attributable to parent across brokers ranges from RMB 820 million to RMB 954 million (BOC International's RMB 954 million being the latest and highest), approximately +60% to +90% year-on-year from 2025's RMB 500 million; 2027E mostly in the RMB 1.1-1.3 billion range; 2028E mostly in the RMB 1.5-1.8 billion range. Multiple brokers' 2026 forecasts are significantly higher than H1 non-GAAP annualized (H1 non-GAAP RMB 206 million, which if simply annualized would only be approximately RMB 410 million), implying strong assumptions of H2 target price increase pass-through + component volume ramp + Huanghu plant production commencement, with high verification risk. Whether various brokers' EPS forecasts already include private placement dilution is uncertain.

3.3 Valuation Level and Institutional Ratings

As of 2026-09-11 close: closing price RMB 230.46 (intraday -RMB 3.24, -1.39%; previous close RMB 233.70), total market capitalization RMB 63.600 billion, float market capitalization RMB 51.034 billion; total share capital 276 million shares, float share capital 221 million shares. P/E (TTM) approximately 80.86, static P/E approximately 127.33, dynamic P/E approximately 58.92; P/B 8.72 (net assets per share approximately RMB 26.42). Recent price action: 2026-09-08 closed at RMB 234.70 (-1.90%, dynamic PE 60.01, total market cap RMB 64.77 billion); 2026-09-09 closed at approximately RMB 237.01, total market cap RMB 63.752 billion. Peer/historical positioning (Baidu Stock Connect basis): valuation at relatively high historical level, industry median level. Key valuation basis reminder: TTM net profit attributable to parent approximately RMB 787 million (= 2025H2 approximately RMB 247 million + 2026H1 RMB 540 million), corresponding to PE(TTM) 80.86x; but this includes H1 one-time investment income of RMB 297 million, non-GAAP TTM net profit approximately RMB 391 million (Source: Sohu Securities individual stock overview), corresponding to non-GAAP PE(TTM) approximately 163x, a huge gap from the surface 80x, which is the most noteworthy valuation trap in this section. Target price dispersion is extremely large: from early Tonghuashun average of RMB 120 → April 2026 Tonghuashun average target price RMB 174 (clearly outdated) → Hua Chuang April RMB 220 → Hua Chuang September RMB 326.10, with differences arising from different assumptions. Dilution risk: the company's private placement plan was approved by the board in July 2025 and passed Shenzhen Stock Exchange review in March 2026; if implemented, it will dilute per-share metrics. Data timeliness: quotes and PE/PB are 2026-09-11 snapshots, A-shares change in real time; some source pages mix 2026-06-30 financial basis with different date market caps, requiring caution when mixing. Source reliability grading: financial report figures based on company announcements/exchange disclosures and East Money performance data center (high credibility); net profit/revenue forecasts are individual broker forecasts (medium credibility, need to note institution and date); PE/PB/TTM are quote provider calculated values (medium credibility, note TTM includes one-time gains/losses).

4. Recent News and Announcements

4.1 Confirmed Target and Main Business

300666.SZ is Ningbo Konfoong Materials International Co., Ltd. (abbreviated as "Konfoong Materials," English KONFOONG MAT/KFMI), Shenzhen Stock Exchange ChiNext, listed 2017-06-15, registered in Yuyao, Zhejiang. Main business is ultra-high-purity metal sputtering targets (aluminum/titanium/tantalum/copper and alloy targets, ring parts) and semiconductor precision components, with downstream being ultra-large-scale integrated circuits and flat-panel display PVD processes. The 2025 annual report shows the two major segments' revenue proportions at approximately 61.9%/23.5%. Data timeliness note: the latest periodic report retrieved for this report is the 2026 semi-annual report (disclosed 2026-08-24/25), with the latest institutional commentary seen dated 2026-09-06 (BOC International) and 2026-09-04 (Hua Chuang); this note uses end-August/early-September 2026 as the cutoff basis; due to tool call limits, new announcements in September 2026 could not be individually verified. Source confusion warning: a "Shanghai Xiangyue Jiangfeng Digital Technology Co., Ltd. 2025 Annual Report" appeared in the search, also labeled with "stock code 300666/stock abbreviation Jiangfeng Shares," registered in Shanghai, mainly engaged in hotel digital promotion and furniture components, legal representative Jiang Wenhong, which is clearly not the same entity as the Shenzhen Stock Exchange-listed SME board semiconductor materials company Konfoong Materials; this document came from china-see.com and is suspected of being a mixed-up equity code/abbreviation, and this note does not adopt this source.

4.2 2026 Semi-Annual Report Performance

The 2026 semi-annual report was disclosed on the evening of 2026-08-24 and published on 2026-08-25 (board of directors being the 39th meeting of the fourth session). Operating revenue RMB 2.737 billion (RMB 2,737,309,612.09), +30.68% year-on-year; net profit attributable to parent RMB 540 million (RMB 539,694,255.71), +113.61% year-on-year; non-GAAP net profit attributable to parent RMB 206 million, +17.15% year-on-year (non-GAAP growth rate significantly lower than net profit attributable to parent, with the difference mainly from non-recurring gains/losses); basic EPS RMB 1.98, +108.42% year-on-year; net operating cash flow RMB 329 million, +17.9% year-on-year. 2026Q2 single quarter: revenue RMB 1.432 billion, +30.85% year-on-year, +9.67% quarter-on-quarter; net profit attributable to parent RMB 330 million, +245.73% year-on-year, +57.31% quarter-on-quarter; non-GAAP RMB 81 million (RMB 80.5794 million), -4.46% year-on-year, -35.74% quarter-on-quarter. By business: ultra-high-purity metal sputtering target revenue RMB 1.671 billion, +26.08% year-on-year; semiconductor precision components RMB 645 million, +40.59% year-on-year. Gross margin 30.21%, +0.48pct year-on-year (Hua Chuang Securities basis). Uncertainties to note: H1 net profit attributable to parent +113.6% vs. non-GAAP only +17.2%, and Q2 non-GAAP negative year-on-year, indicating that the profit surge was mainly not driven by core business; combined with the flat-panel display target business integration and Fengke Jingsheng being deconsolidated and converted to an associate company from 2026-05-13, it is likely related to one-time gains from deconsolidation/fair value revaluation, but this is an inference based on two independent facts and was not directly confirmed in the retrieved first-hand announcements regarding the specific composition of non-recurring gains/losses; it is recommended to verify with the "non-recurring gains/losses details/investment income" section of the semi-annual report. No independent "earnings forecast" issued by the company for 2026H1 was retrieved; the company appears to have directly disclosed the semi-annual report. 2025 annual report corroborating base: 2025 revenue RMB 4.604 billion, ultra-high-purity targets RMB 2.850 billion (61.90%), precision components RMB 1.084 billion (23.54%).

4.3 Other Announcements Disclosed on 2026-08-25

On 2026-08-25, the "Resolution Announcement of the 39th Meeting of the Fourth Board of Directors," "Announcement on Changes in Accounting Policies and Accounting Estimates," and "Announcement on Permanent Supplementary Working Capital from Surplus Raised Funds of Completed Fundraising Projects and Cancellation of Special Fundraising Accounts" were also disclosed. The accounting policy change is noteworthy and may be key to understanding the H1 profit basis; the original text details were not obtained this time.

4.4 Private Placement to Specific Investors (Private Placement) Completed

CSRC approval: CSRC Permit [2026] No. 911, agreeing to register the private placement to specific investors. Number of shares issued: 10,650,400 shares, with new shares listed on Shenzhen Stock Exchange on 2026-06-23. Total share capital increased from 265,320,683 shares to 275,971,083 shares. Controlling shareholder and actual controller Yao Lijun and his concerted parties (Ningbo Jiangge Industrial Investment Partnership, Ningbo Hongde Industrial Investment Partnership) were not subscribers, their shareholding quantity unchanged, with combined shareholding ratio passively diluted from 24.57% to 23.62% (after deducting repurchase account shares, 24.66% → 23.71%), touching the 1% integer multiple. Subscriber lock-up period is 6 months from the first day of new share listing, expected to complete on 2026-12-22; subscribers include China State-Owned Enterprise Restructuring Fund Phase II Co., Ltd., SDIC Venture Capital (Beijing) Private Fund Management Co., Ltd. - SDIC Jixin (Beijing) Equity Investment Fund, Ningbo Bonded Zone Hongtai Investment, Guangzhou Industrial Control Mixed Reform Equity Investment Fund, Guangdong Yuecai Industrial Technology Equity Investment Fund, Heilongjiang Venture Capital Co., Ltd., and natural person Wu Yun, etc. Related disclosure milestones: 2026-06-11 "Issuance Status Report" disclosure, 2026-06-18 "Listing Announcement" disclosure, 2026-06-22 indicative announcement (Announcement No. 2026-061), 2026-06-29 use of raised funds to replace self-raised funds pre-invested in fundraising projects. Note: the specific amount of private placement fundraising (total/net raised funds) was not obtained as reliable figures in this search and has not been filled in.

4.5 Acquisition of Control of Beijing Kaide Quartz (Completed Delivery)

The counterparties are Kaide Quartz (Beijing Stock Exchange 920179) actual controllers Zhang Zhongshu, Wang Yumin and their concerted parties Zhang Kaixuan, Deyicheng, Yingkai Quartz, with agreement signing date 2026-02-05. Konfoong Materials received 11,727,127 shares (15.6424%), consideration RMB 447,624,437.59; Ningbo Yongjin Zhixiang Enterprise Management Consulting Partnership, for which wholly-owned subsidiary Ningbo Jiangfeng Boxin Technology serves as executive partner, received 3,748,500 shares (5.0000%), consideration RMB 143,080,245.00; total 15,475,627 shares, accounting for 20.6424% of Kaide Quartz's total share capital; a "Voting Rights Waiver Agreement" was signed in conjunction, with the original actual controller party waiving voting rights until their combined shareholding falls below 5%. Konfoong Materials will nominate 4 of Kaide Quartz's 7 non-independent directors and 3 of 4 independent directors. Progress chain: 2026-02-06 first announcement (2026-005, same-day announcement of plans to hold the first extraordinary shareholders' meeting of 2026 on 2026-02-27) → 2026-05-28 obtained Beijing Stock Exchange confirmation letter (BSE Letter [2026] No. 464, Announcement 2026-049) → 2026-07-01 transfer registration completed → 2026-07-02 announcement (2026-073): Konfoong Materials became controlling shareholder of Kaide Quartz, Kaide Quartz's actual controller changed from Zhang Zhongshu, Wang Yumin to Yao Lijun, and Kaide Quartz was included in Konfoong Materials' consolidated financial statement scope. Also note: on 2026-01-30 the company had consecutive trading halts due to "acquisition matters" (halt start date 2026-01-30), which should correspond to this acquisition.

4.6 Flat-Panel Display Target Business Integration (with Japan's Ulvac): Deconsolidation + Structural Adjustment

On 2026-05-15 the board approved the "Proposal on Waiving the Preemptive Right to Subscribe to the Capital Increase of an Associate Company and Related-Party Transaction" (Announcement 2026-045); from 2026-05-13, Beijing Fengke Jingsheng Electronic Materials Co., Ltd. was no longer included in the consolidated financial statements and was converted to an associate company, with Konfoong Materials' shareholding reduced to 29.6296% after the capital increase and expansion was completed. On 2026-05-16 all parties signed the "Master Framework Agreement" (MFA), with announcement on 2026-05-18 (2026-047); the content is to inject the flat-panel display target businesses (excluding IGZO material business) within Konfoong Materials and Japan's Ulvac system into Fengke Jingsheng; related assets and contracts in Hefei/Wuhan/Guangdong/Ningbo have been transferred, with transition-period consignment arrangements for customer contracts not yet re-signed, in principle to be completed within 12 months after the completion of the equity transfer of Ulvac Electronic Materials (Suzhou). Fengke Jingsheng's registered capital increased from RMB 892 million to RMB 1.35 billion (total capital increase of RMB 458 million). 2026-07-15 plan adjustment (38th meeting of the fourth board of directors, Announcement 2026-077): the RMB 35 million originally subscribed by Ulvac (China) Investment Co., Ltd. was taken over by the parent company Japan Ulvac; Japan Ulvac's capital contribution increased from RMB 100 million to RMB 135 million; China Ulvac no longer serves as a direct contributor. Adjusted Fengke Jingsheng equity structure: Fengke Xinchung 46.6667%, Konfoong Materials 29.6296%, Japan Ulvac 10.0000%, ESOP 10.0000%, Xinchung Phase II 3.7037%. Company statement: will not have a material impact on the company's financial condition and operating performance for this year (future impact depends on progress). Related clue: on 2026-08-25 there was simultaneously the "Announcement on Capital Increase and Expansion of a Wholly-Owned Subsidiary to Introduce Strategic Investors and the Company Waiving Preemptive Rights and Transfer of Part of Completed Fundraising Projects," which may be a follow-up arrangement in the same integration chain (original text not obtained, pending verification).

4.7 Abnormal Stock Trading Fluctuations

On 2026-06-09, 06-10, 06-11, the cumulative deviation of closing price increases over three consecutive trading days exceeded 30% (corresponding to public trading information of "cumulative deviation of increases over three consecutive trading days reaching 30%"). The company announced: there are no major matters that should be disclosed but have not been disclosed, and the controlling shareholder and actual controller did not buy or sell shares during the abnormal period. This abnormal timing overlaps with the period around the listing of new private placement shares (6/23) and the stage of rising earnings expectations.

4.8 Dividends

2025 annual equity distribution of 10 shares paying RMB 3.86 (tax included, after tax 10 shares paying RMB 3.86), record date 2026-05-21, ex-rights/ex-dividend date and dividend payment date both 2026-05-22; 2025 profit distribution plan announced 2026-04-16.

4.9 Shareholder Pledges/Release of Pledges

See "Announcement on Release of Pledge of Part of Shares by Controlling Shareholder and Actual Controller" and "Announcement on Extension of Pledge of Part of Shares by Controlling Shareholder and Actual Controller" (appearing in the announcement list around 2026-06-11). Specific pledged/released share quantities, proportions and dates could not be verified from original texts in this note; only announcement title-level evidence is available; recommend supplementing with Juchao original texts.

4.10 Shareholder Structure

Based on the latest available F10 basis (specific cutoff date not labeled): total share capital approximately 276 million shares (pre-private placement basis, not yet reflecting 275,971,083 shares after the June private placement), number of shareholders 84,451, a decrease of 23,242 from the previous period; controlling shareholder Yao Lijun holds approximately 21% (basis approximately 20.57%). This page data is clearly earlier than the completion of the private placement and is inconsistent with the post-June 23.62% basis; please refer to the latest equity change announcements. Also: the executive/chairman basis is questionable; the aastocks company profile page lists "Chairman Bian Yijun," while announcements and F10 both use Yao Lijun as controlling shareholder and actual controller (also the new actual controller of Kaide Quartz); the two may refer to chairman and actual controller respectively (there may be division of duties or the page is outdated), this point has not been cross-verified; recommend referring to the "Directors, Supervisors, Senior Management" section of the latest annual report.

4.11 Other Announcements Disclosed but Original Texts Not Obtained This Time (Title-Level Evidence)

Including "Announcement on Purchase of Equipment by Wholly-Owned Subsidiary and Related-Party Transaction" (acquisition/disposal category), "Announcement on Progress of Capital Increase of Associate Company and Completion of Industrial and Commercial Change Registration" (investment project), "Announcement on Capital Increase and Expansion of Wholly-Owned Subsidiary to Introduce Strategic Investors and the Company Waiving Preemptive Rights and Transfer of Part of Completed Fundraising Projects," "Announcement on Adding Company Operating Premises and Amending the Articles of Association" (2026-05-30, proposal for the second extraordinary shareholders' meeting of 2026). The second extraordinary shareholders' meeting of 2026 was held on 2026-06-16, with 808 shareholders attending, representing 123,874,370 shares (46.8688% of voting shares), and the sole proposal "Proposal on Adding Company Operating Premises and Amending the Articles of Association" was passed with 99.9559% approval. On 2026-06-29, the 37th meeting of the fourth board of directors passed the "Proposal on Temporarily Not Convening the Shareholders' Meeting After This Board Meeting," deciding to convene an extraordinary shareholders' meeting at a later date (the originally planned matters postponed). The 2025 annual shareholders' meeting was held on 2026-05-12 (2026-05-06 indicative announcement, Announcement 2026-040); the first extraordinary shareholders' meeting of 2026 was scheduled for 2026-02-27.

4.12 Comprehensive Notes and Uncertainty List

1. The interim report profit structure is the most critical information point in this section: net profit attributable to parent +113.6% vs. non-GAAP +17.2%, Q2 non-GAAP turning negative, combined with "Fengke Jingsheng deconsolidation on May 13" and "2026-08-25 accounting policy change," the proportion of one-time factors in the profit surge needs to be verified with the original interim report, and core business prosperity should not be directly extrapolated. 2. The two capital operations have clear main lines and cross-verifiable dates: Kaide Quartz control (February signing → May BSE confirmation → 7/1 transfer completion) and Ulvac flat-panel display target integration (May MFA → July contributor adjustment), both already at "completed/landed" stage, not rumors. 3. The private placement (listed 6/23, lock-up until 12/22) has already caused equity dilution; controlling shareholder ratio dropped to 23.62%, and subsequent reduction/pledge actions need to be monitored. 4. The following items are only title-level or insufficient multi-source, not cross-verified, please do not directly cite specific figures: pledge/release details, total private placement fundraising, H1 non-recurring gains/losses composition, "subsidiary equipment purchase and related-party transaction" amount, specific impact of accounting policy changes. 5. Timeliness risk: this report did not cover announcements after September 2026 (including mid-to-late September); the latest confirmable points are the 2026-08-24/25 interim report and 2026-09-04/09-06 broker commentaries. If used for real-time pages, recommend refreshing the Juchao Information Network 300666 announcement page once more to check for new September disclosures. 6. A same-named "Shanghai Xiangyue Jiangfeng Digital Technology Co., Ltd. (300666)" annual report appeared in the search, which is a wrong entity/code mix-up, has been excluded, and serves as a reminder not to mistakenly capture it in automated scraping.

5. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

Konfoong Materials (300666.SZ, Ningbo Konfoong Materials International Co., Ltd., ChiNext, main business ultra-high-purity metal sputtering targets and semiconductor precision components) closed at RMB 230.46 as of 2026-09-11, down 1.39%, turnover RMB 1.947 billion, turnover rate 3.88%. Technically, the stock price is simultaneously below the 10-day, 50-day, and 100-day moving averages, and only above the 250-day moving average; short-term and medium-term moving averages are all pressing above the stock price, showing bearish alignment; MACD is below the zero line and a death cross appeared on August 28, RSI had a death cross on September 11 and fell below 50, short-term momentum relatively weak. The stock price is currently below the chip cost average of RMB 242.04, and on August 28 crossed below from holding zone to watch zone; the 20-day main force cost of RMB 243.68 is above the current price, while the 1-day cost of RMB 226.76 is below the current price. The company's 52-week range is approximately RMB 72.90-418.99, with the high occurring within the past 3 months, and the current price is approximately 45% retraced from the 52-week high. Valuation-wise, TTM P/E 80.86x, P/B 8.72x. In terms of data quality, this search found multiple portal quote pages with expired snapshots (e.g., East Money mobile version 274.08 is actually 2026-06-12 close, Ping An Securities 329.00, Aniu Zhitou 104.60/105.90, China.com 78.01, East Money data page 239.82 is actually 2026-08-28), as well as a "Shanghai Xiangyue Jiangfeng Digital Technology Co., Ltd. 2025 Annual Report" with a business description of digital culture/furniture being incorrectly linked to code 300666, all of which have been identified and discarded. Also to note: currently valid Bollinger Band specific upper/middle/lower band values could not be obtained this time, so short-term technical position is instead derived using moving average clusters, chip cost, and prior highs/lows; the specific dates of the 52-week high and low were not confirmed in this search, and related time descriptions are estimates.

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

⚠️ Risk Warning: The following content is only a subjective scenario deduction based on public technical data and capital flow data; the weights are empirical judgments under technical patterns and capital structure, not statistical probabilities, and do not constitute any investment advice. Please combine with the latest market information for independent judgment and bear investment risks yourself.

① Key Technical Levels

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

• Consolidation (relatively higher weight, approximately 60% (subjective empirical weight, not statistical probability)): Stock price repeatedly fluctuates within the RMB 226-244 range, oscillating around the RMB 230 pivot. Trigger conditions: no major news changes, volume maintained at current levels (turnover approximately RMB 1.5-2.0 billion, turnover rate 3%-4%), Baidu Stock Connect's indicated recent 5-day consolidation continuing, MACD and RSI weak but not further deteriorating.
• Weaker downside (medium weight (subjective empirical weight, not statistical probability)): Stock price breaks below first support RMB 226 and probes the RMB 217-220 strong support zone. Trigger conditions: MACD green bars continue to expand after death cross below zero line, RSI further weakens below 50, or overall market/semiconductor sector adjustment; if volume breaks below RMB 220, downside space opens toward RMB 183.83.
• Rebound strengthening (lower weight (subjective empirical weight, not statistical probability)): Stock price recovers the RMB 240-244 pressure zone and holds, approaching the 50-day MA near RMB 257. Trigger conditions: clear catalyst (such as semiconductor materials sector policy/order news), single-day turnover expanding to above RMB 2.5 billion with turnover rate rising above 5%, MACD forming golden cross below zero line or RSI re-crossing above 50.

③ Capital and Liquidity Background

As of 2026-09-11, the stock's turnover rate was 3.88%, turnover RMB 1.947 billion, volume ratio 0.93, volume 85,900 lots; float share capital 221 million shares, float market cap RMB 51.034 billion, a mid-to-large-cap stock with generally ample liquidity, but the day's volume ratio below 1 indicates trading slightly converging from recent average volume. In terms of capital structure, on September 11, extra-large orders had net inflow of approximately +RMB 29.8992 million, large orders had net outflow of approximately -RMB 80.5630 million, small orders had net outflow of -RMB 10.4156 million, retail orders +RMB 725,200 (Sina capital flow structure, original text truncated here, main force aggregate basis data missing). Institutional participation 32.34%, moderate control (9fzt 09-11). Historical capital flow reference: Securities Star reported June 15 main force net buying of RMB 627 million, June 29 main force net selling of RMB 58.1713 million, September 2 main force net selling of RMB 105 million, indicating that after substantial capital inflow during the June rally, main force capital has been predominantly net outflow since late August. Important limitation note: this search could not obtain the stock's latest top ten shareholder concentration data, nor confirm whether mainstream institutions such as public funds/social security/QFII appear in the top ten shareholder list; shareholder structure data missing; shareholder register data is typically disclosed quarterly with a lag of more than one quarter, and the current actual structure may have changed; current status should not be inferred from old data.

Volume confirmation signal: Using the stock's recent normal trading level as a benchmark (recent turnover roughly in the RMB 1.5-2.0 billion range, turnover rate 3%-4%), if subsequent single-day turnover continues to expand above RMB 2.5 billion (corresponding turnover rate approximately above 5%) and the stock price simultaneously stands above the RMB 240 pressure zone, this can be viewed as a signal of capital re-entry; conversely, if volume shrinks with declining price and turnover falls below RMB 1.2 billion, the weak consolidation pattern continues.

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

• Observe whether the RMB 240-244 pressure zone can be effectively recovered: this range overlaps with the 100-day MA of RMB 239.159, chip cost average of RMB 242.04 and 20-day main force cost of RMB 243.68, a short-term bull-bear watershed (observation thought, not trading instruction).
• Observe the gain/loss of the RMB 226-229 first support and RMB 217-220 strong support: breaking below first support will test strong support, and effectively breaking below strong support opens downside space toward RMB 183.83 (observation thought, not trading instruction).
• Observe volume confirmation signals: whether single-day turnover can continue to expand above RMB 2.5 billion and whether turnover rate rises above 5% is key to judging whether capital is re-entering (observation thought, not trading instruction).
• Observe MACD and RSI repair: whether MACD can form a golden cross below the zero line and whether RSI can re-cross above 50 are precursor signals for short-term momentum shifting from weak to stable (observation thought, not trading instruction).

The above scenario deduction is based on 2026-09-11 closing data and historical prices, technical indicator calculations; short-term stock prices will also be affected by multiple factors including news, capital flows, and overall market environment; technical indicators themselves have lag and limitations, do not constitute a guarantee of future actual trends, nor constitute buy/sell advice. Please combine with the latest market information for independent judgment and bear investment risks yourself.

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

The industry in which Konfoong Materials operates is semiconductor materials (sputtering targets) and semiconductor equipment components. Research notes show the company is a leading player in China's ultra-high-purity metal sputtering target industry, known as "China's No. 1 semiconductor target stock," possessing competitive strength against multinational companies, and possessing fully independent ultra-high-purity metal purification capabilities (high-purity tantalum 500 tons/year capacity ranks first in China, breaking the US-Japan monopoly trend). The company plans a private placement of no more than RMB 1.95 billion to step up electrostatic chucks and ultra-high-purity metal sputtering targets, with dual drivers of targets and components.

6.2 Competitive Landscape

• Domestic sputtering target industry competitive landscape: research notes mention analysis related to "sputtering target listed companies Top 5 and domestic industry competitive landscape," but did not give the specific Top 5 list and share values; specific data missing.
• Comparable/related companies include Acetron (300706), Longhua Technology (300263) and other sputtering target listed companies; research notes mention Longhua Technology's 2025 target revenue of RMB 821 million (Source: East Money Caifuhao institutional neutral range forecast), as well as growth rate data listed in Acetron's response to the review inquiry letter for private placement to specific investors.
• Import substitution trend: the company is positioned as a target import substitution leader, forming a "raw materials-targets-recycling" closed loop, leading in 12-inch wafer production line share (Source: Caitong Securities).
• Industry demand and pain points: research notes mention analysis related to "current domestic semiconductor target industry development status and core demand pain points," but did not give specific pain point content details.

6.3 Main Competitors

Konfoong Materials is positioned as the leader in the domestic sputtering target field, possessing fully independent ultra-high-purity metal purification and "raw materials-targets-recycling" vertical integration capabilities, and expanding its platform-based layout with dual drivers of targets + semiconductor equipment components; by comparison, Acetron and Longhua Technology are also sputtering target listed companies, but this research note did not provide their comparable gross margin, net margin or market share and other specific financial indicators, making quantitative comparison impossible. Peer competitive landscape Top 5 share data is missing in this note; subject to the latest industry research and company annual reports.

7. Risk Warnings

• Non-recurring gains/losses dependence risk: 2026 H1 net profit attributable to parent grew 113.61% year-on-year, significantly higher than the 17.15% growth rate of non-GAAP net profit attributable to parent, including RMB 297 million in investment income during the period; if similar investment income is absent subsequently, net profit attributable to parent growth rate may decline significantly.
• Core profitability quality risk: 2026 Q2 non-GAAP net profit attributable to parent was RMB 81 million, down 4.46% year-on-year and down 35.74% quarter-on-quarter, while H1 target gross margin declined 1.49 percentage points year-on-year, indicating revenue growth has not been fully converted into non-GAAP profit growth.
• Integration execution risk: the company has acquired control of Beijing Kaide Quartz and consolidated it into its financial statements, while advancing the integration of its flat-panel display target business with Japan's Ulvac; the related businesses involve adjustments to assets, contracts, equity and management arrangements, and integration progress and synergy effects are uncertain.
• Valuation risk: as of September 11, 2026, the company's P/E TTM was approximately 80.86x, while based on non-GAAP TTM net profit it was approximately 163x; if future core profit growth is below market expectations, valuation digestion pressure may increase.
• Earnings forecast realization risk: brokers' 2026 net profit attributable to parent forecast range is RMB 820 million to RMB 954 million, significantly higher than the simple annualized level of 2026 H1 non-GAAP profit; forecasts rely on assumptions of target price pass-through, component volume ramp and capacity production commencement, with realization deviation risk.
• Equity dilution risk: the company's private placement to specific investors added 10.6504 million new shares, bringing total share capital to 276 million shares, with the controlling shareholder and actual controller's shareholding ratio passively declining; if new capacity and fundraising project profit contributions fall short of expectations, EPS may be diluted.
• Customer concentration risk: historical disclosure basis shows the company's top five customer sales revenue as a proportion of main business revenue once reached 49.28%, 55.56% and 66.79%, representing relatively high proportions; although the data is relatively early and does not represent the latest situation, if major customers' procurement pace or cooperative relationships change, it may affect revenue stability.
• Technical and trading volatility risk: as of September 11, 2026, the stock price is below the 10-day, 50-day and 100-day moving averages, MACD is below the zero line and RSI has fallen below 50, chip cost average is RMB 242.04, 20-day main force cost is RMB 243.68; if the RMB 240-244 pressure zone cannot be recovered, short-term market volatility and retracement pressure may continue.

8. Conclusion and Outlook

Konfoong Materials' medium-to-long-term growth logic mainly comes from semiconductor target import substitution, independent ultra-high-purity metal purification, target capacity release, and precision components business expansion. In 2026 H1, component revenue growth exceeded target growth; after Kaide Quartz consolidation, it is expected to further improve the precision components layout; advancing the flat-panel display target business integration with Japan's Ulvac may optimize the related business structure. However, the above growth logic still needs to be continuously verified through subsequent core revenue, non-GAAP profit, gross margin and cash flow performance.

Market institutions' 2026 net profit attributable to parent forecasts are roughly concentrated in the RMB 820 million to RMB 954 million range, but the related forecasts imply strong assumptions of target price increase pass-through, component volume ramp and new capacity production commencement, while 2026 H1 non-GAAP net profit if simply annualized would be only approximately RMB 410 million; there is still a large verification gap between earnings forecasts and currently realized core profitability. The company needs to focus on observing non-GAAP profit growth rate, target gross margin, component volume ramp and new capacity realization after the impact of one-time gains fades.

In terms of valuation and trading, the company's current stock price is under short-to-medium-term moving average suppression, with the RMB 240-244 area overlapping multiple moving averages and chip cost pressure, and the RMB 217-220 area being a recent important support zone. High valuation, post-private placement equity dilution, capital operation integration effects and interim report profit structure constitute key variables for understanding the company's subsequent performance; these factors need to be dynamically assessed in combination with subsequent announcements and periodic reports.

Data Sources

• 300666 Konfoong Materials
• SZ.300666 Konfoong Materials KONFOONG MAT - Company Profile - Background - A-shares - etnet Mobile|Hong Kong News Financial Information and Lifestyle Platform
• 300666 Konfoong Materials - Main Business Scope
• Konfoong Materials (300666)_Individual Stock Overview_Stock Price_Real-time Quotes_Chart_News_Stock Commentary_Financial Reports_FinScope-AI Makes Investing Simpler
• Konfoong Materials (300666.SZ) Business Analysis-PC_HSF10 Data - Main Business Scope
• Konfoong Materials (300666.SZ) - Quick Quote
• Ningbo Konfoong Materials International Co., Ltd. 2025 Semi-Annual Report Summary - Manuscript Search
• Shanghai Xiangyue Jiangfeng Digital Technology Co., Ltd. 2025 Annual Report
• Konfoong Materials:233.70 1.16% +2.69 300666 Sohu Securities
• Great Wall SecuritiesCompany Report2022 non-GAAP net profit attributable to parent +187% YoY, targets & components achieving dual growthSemiconductor MaterialsTang Hongyi 20230410-Great Wall Research
• Konfoong Materials (300666) 2025 Annual Management Discussion and Analysis - The company, through sustained technological deepening and innovative breakthroughs, has gradually grown into a leading player in China's ultra-high-purity metal sputtering target industry, possessing the strength to compete with peer multinational companies
• Konfoong Materials (300666): Target leader with deep roots, components platform opens new horizons
• Konfoong Materials (300666): Target base stable, semiconductor components accelerating volume ramp_9fzt
• Konfoong Materials (300666): Target capacity continues to release, components platform-based layout accelerates
• Konfoong Materials (300666): Plans private placement of no more than RMB 1.95 billion, stepping up electrostatic chucks/ultra-high-purity metal sputtering targets_9fzt
• Konfoong Materials (300666): Sputtering targets leading domestically, equipment components accelerating substitution_9fzt
• In-depthCompanyKonfoong Materials (300666): Targets, components dual drivers, revenue and performance maintaining high growth
• News and Media
• Konfoong Materials (300666) - Konfoong Materials (300666)
• Konfoong Materials (300666): From consumables to components, platform-based development
• Industry In-Depth Insight 2025: China Target Industry Competitive Landscape (with overseas competitiveness analysis, enterprise competitiveness evaluation, etc.)
• Target Industry Analysis
• Acetron: Reply to the Review Inquiry Letter on Fujian Acetron New Materials Co., Ltd.'s Application for Private Placement to Specific Investors (Exempt Version)_9fzt - 2026 Jan-Mar growth rate 2025 annual growth rate 2024 annual growth rate 2023 annual
• Integrated Circuit Materials: Sputtering Target Listed Companies Top 5 and Domestic Industry Competitive Landscape - Integrated Circuit Materials: Sputtering Target Listed Companies Top 5 and Domestic Industry Competitive Landscape
• 1. Longhua Technology 2026 Target Revenue Brief Forecast (Institutional Neutral Range) 2025 Target Revenue RMB 821 million_Caifuhao_East Money
• 2025 In-Depth Research and Analysis of Development Potential of China's Sputtering Target Enterprises
• Current Domestic Semiconductor Target Industry Development Status and Core Demand Pain Points - Today's Headlines
• [Acetron: Grant Thornton Certified Public Accountants (Special General Partnership) Reply on Financial Accounting Issues in the Review Inquiry Letter on Fujian Acetron New Materials Co., Ltd.'s Application for Private Placement to Specific Investors (Exempt