Anji Technology (688019)

Equity Research Report | Sector: Semiconductor Materials | Report Date: September 13, 2026 | As of the close on September 11, 2026; September 12, 2026 is a Saturday with no A-share trading, so the latest valid closing date is September 11, 2026.

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

As of the 2026 interim report and September 2026, Anji Technology has maintained relatively rapid growth: in H1 2026, it achieved operating revenue of RMB 1.526 billion, up 33.72% year-on-year; net profit attributable to parent of RMB 532 million, up 41.56% year-on-year, but non-recurring-adjusted net profit attributable to parent grew only 19.35%, lower than the apparent net profit growth rate, indicating that non-recurring gains and losses contributed to profit growth. In 2025, the company's revenue was RMB 2.504 billion and net profit attributable to parent was RMB 784 million, up 36.47% and 46.85% year-on-year respectively, with R&D investment of approximately RMB 445 million.

The company's core business remains CMP polishing slurry, with revenue of RMB 1.204 billion in H1 2026, accounting for 78.90%, with a gross margin of 55.58%; functional wet electronic chemicals revenue was RMB 313 million, accounting for 20.49%, up 51.03% year-on-year, and achieved a mass-production breakthrough in integrated circuit damascene electroplating solution. The company has a full-category layout of CMP polishing slurry and is extending into key abrasives such as cerium oxide and silica sol. The growth logic mainly comes from the ramp-up of advanced process products, expansion of wet electronic chemicals and electroplating solutions, self-controllability of raw materials, and the gradual release of new capacity.

Profitability remains at a relatively high level, but the comprehensive gross margin has structural fluctuations. In 2025, the comprehensive gross margin was 56.72%, down 1.73 percentage points from 2024, mainly affected by the increased revenue share of functional wet electronic chemicals and the impact of new bases and production systems; in H1 2026, the comprehensive gross margin was approximately 55.6%. The company's customers are mainly the top five customers. From 2023 to 2025, the revenue share of the top five customers was above 74%; in H1 2026, the disclosed figure was 71.48%, and customer concentration remains relatively high.

As of September 11, 2026, the company's stock price closed at RMB 219, significantly retraced from the 52-week high of RMB 366. The closing price was below MA5 to MA200 multiple moving averages, MACD was negative, RSI (14) was approximately 34.14, and the short- to medium-term technical pattern was weak; over the past 5 trading days, main funds were in overall net outflow. The company has submitted an H-share issuance and listing application to the Hong Kong Stock Exchange, but the issuance size, price, and timing have not yet been determined, and relevant filing, approval, or consent procedures still need to be fulfilled.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Chemical mechanical polishing slurry (CMP polishing slurry): full categories including copper and copper barrier layer, dielectric materials, tungsten, cerium oxide abrasive-based, substrate polishing slurry, etc.; 2025 revenue RMB 2.040 billion, accounting for 81.45%, gross margin 58.28%; 2025 revenue +32.06% year-on-year
• Functional wet electronic chemicals: post-etch cleaning solutions, photoresist strippers for wafer-level packaging, post-polishing cleaning solutions, etchants, etc.; 2025 revenue RMB 452.9 million, accounting for 18.08%, gross margin 50.00%; 2025 revenue +63.73% year-on-year
• Electroplating solutions and additives: copper/nickel/nickel-iron/tin-silver, etc., used in bumps, RDI/redistribution layers, TSV, etc.
• Other business: 2025 revenue RMB 11.57 million, accounting for 0.46%, gross margin 45.01%
• Regional structure: In 2025, mainland China RMB 2.416 billion, accounting for 96.49%; overseas RMB 87.83 million, accounting for 3.51%; by industry, integrated circuits accounted for 99.78%

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

The company is in the upstream of the semiconductor materials industry chain (key consumables/formulation segment), positioned as the domestic substitution leader in CMP polishing slurry, breaking the monopoly of foreign manufacturers in CMP polishing slurry and some wet chemicals. Overall, it occupies a position of "upstream technology-based high gross margin, but constrained by others on the raw material side."

• Actual inputs: abrasive particles (silica sol, fumed silica, cerium dioxide, aluminum oxide and other nano-abrasives), chemical raw materials (acids, bases, organic solvents), packaging materials, filters
• Cost structure: direct materials account for approximately 75% of CMP polishing slurry cost (75%-80% in the 2019+2021 range), manufacturing expenses approximately 17%-21%, direct labor <4% (2019-2021)
• Abrasive cost share: Sinolink Securities cited the company's announcement stating approximately 54.6% in 2023; Shenwan Hongyuan research report basis was 50%-70%; the two bases differ slightly, but both point to "abrasive is the largest single cost item" (recommended to use the latest annual report "cost analysis table" as the basis)
• High import dependence (price/supply side is the main risk point; the company is essentially a "price taker + substitution pioneer" for key raw materials): abrasive particles, packaging materials, and filters are mainly imported, mainly directly or indirectly from Japan and other countries; the structure of domestic and overseas raw material procurement amounts shows mainland China accounted for 33.54% in 2020, 33.38% in 2021, 32.04% in 2022, and 29.20% in H1 2023, meaning overseas/imported share has long been approximately 66%-71%
• Supplier concentration: procurement amount from the top five suppliers as a percentage of total procurement was 50.71% in 2019, 53.21% in 2020, and 44.22% in 2021 (relatively concentrated)
• Self-controllability progress (alleviating upstream bottlenecks): ① Several silica sol products of an associate company have been mass-produced and applied to the company's polishing slurry; ② Self-developed and self-built cerium oxide abrasive, multiple products have passed customer validation and entered mass production; ③ The joint venture "Shandong Ante Nano Materials" with an annual production of 10,000 tons of chip CMP polishing slurry raw material project was put into production in 2023; ④ Acquired France's CORDOUAN TECHNOLOGIES (nanoparticle characterization instruments) in 2023
• Note: Statements such as "officially announced mass production of self-produced cerium oxide abrasive in June 2026" and "vertical integration, the only one" appear in self-media/Toutiao and have not been verified item by item in the original exchange announcements. They are directional judgments and should be based on company announcements.
• Customers are wafer fabs/chip manufacturers: domestic SMIC, Yangtze Memory, ChangXin Memory, Hua Hong, etc.; Taiwan, China TSMC, UMC, etc. (qualified suppliers); products have been mass-produced and applied in logic, memory, analog, power devices, sensors, and third-generation semiconductors. Customer names have appeared multiple times in early annual reports/media; in the past two years, annual reports mostly refer generally to "leading customers." Specific names should be based on the latest annual report "major customers" disclosure.
• Pricing structure characteristics: wafer fabs have lock-in with material suppliers due to "long certification cycle (approximately 2-3 years, hundreds of tape-out validations), not easily replaced once introduced," resulting in strong customer stickiness and high switching costs; the company's pricing method is "negotiated pricing based on specific customer/product circumstances, combined with procurement volume and technical requirements," not open market quotation. Therefore, this industry is not a typical "annual price reduction" model like auto parts, but rather "high switching costs + customized negotiation" (the certification cycle is common industry understanding, not quantified in announcements, and is an auxiliary judgment)
• Data gap, needs supplementation: This retrieval did not obtain cross-verifiable specific annual values for "accounts receivable/revenue or net profit ratio, accounts receivable turnover days," so no presumption is made about its bargaining position. This is a section that needs supplementation; it is recommended to directly obtain the 2023-2025 annual report "accounts receivable" notes and "top five customers/suppliers" details for verification before drawing conclusions. Indirect clue: customers are leading wafer fabs, which usually have longer payment cycles but good credit, and this needs to be confirmed with annual report data.
• Customer concentration (sources cross-checked): Revenue share of top five customers was 80.49% in 2023, 74.67% in 2024, and 75.65% in 2025, remaining high but with a slight downward trend. Source: Company public response, China Securities Journal/Tonghuashun (2026-05-07).

The company is in the upstream of the semiconductor materials industry chain (key consumables/formulation segment), occupying a position of "upstream technology-based high gross margin, but constrained by others on the raw material side" — gross margin has long been stable at 50%-58%, significantly higher than most semiconductor consumable peers, located at the high value-added end of the upstream smile curve; the core drivers for further gross margin improvement are not price increases, but ① internalization of cost items through self-production of key raw materials (abrasives), ② tilting product structure toward advanced process/high-gross-margin CMP polishing slurry, and ③ scale effects from expansion of the three major bases.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The latest periodic report is the 2026 interim report (disclosed around 2026-08-26); the 2026 Q3 report had not yet been found at the cutoff of this retrieval. Basis notes: 2026H1 non-recurring-adjusted net profit attributable to parent RMB 426 million (+19.35% year-on-year); net cash flow from operating activities RMB 320 million (+30.68% year-on-year); net assets attributable to parent RMB 4.843 billion (+37.15% year-on-year); total assets RMB 5.869 billion (+16.49% year-on-year). 2025 annual non-recurring-adjusted net profit attributable to parent RMB 697 million (+32.36% year-on-year), basic earnings per share RMB 4.66, weighted average ROE 25.18%. 2024 annual non-recurring-adjusted net profit attributable to parent RMB 526 million (+63.44% year-on-year), basic EPS RMB 4.17, gross margin 58.45%, ROE 19.76%.

2026H1 net profit attributable to parent was +41.56% year-on-year, but non-recurring-adjusted net profit attributable to parent was only +19.35%, significantly lower than the attributable net profit growth rate. The difference came from non-recurring gains and losses including fair value changes + investment income of approximately RMB 120 million pre-tax. Operating profit growth was slower than apparent net profit, and profit quality needs attention. The difference between 2026H1 net profit attributable to parent and non-recurring-adjusted net profit reflects contributions from fair value changes of financial assets/investment income. By segment, 2026H1 chemical mechanical polishing slurry revenue was RMB 1.204 billion (78.90% share), gross margin 55.58%; functional wet electronic chemicals RMB 313 million (20.49% share), gross margin 55.99%; other RMB 9 million, gross margin 49.19%; comprehensive gross margin approximately 55.6%; customer structure mainland China accounted for 96.36%. 2025 annual gross margin 56.72% (year-on-year -1.73pct), net margin 31.29% (year-on-year +2.21pct); by product, polishing slurry revenue RMB 2.040 billion (year-on-year +32.06%), gross margin 58.28% (year-on-year -2.88pct); functional wet electronic chemicals revenue RMB 453 million (year-on-year +63.73%), gross margin 50.00% (year-on-year +6.79pct). Dividend: 2025 annual plan is RMB 5 per 10 shares and 3 shares transferred from capital reserve. Risk facts to be flagged (single source, further verification recommended): inventory at end-June 2026 was RMB 1.288 billion (+22.7% from end-2025), accounts receivable RMB 670 million (up more than 20% from end-2025); 2026H1 exchange loss of RMB 55.1267 million due to USD exchange rate fluctuations; top five customers accounted for 71.48% of sales.

3.2 Profit Forecast

3.3 Valuation Level and Institutional Ratings

4. Recent News and Announcements

4.1 Anji Technology Submits H-Share Issuance and Listing Application

On September 3, 2026, the company disclosed the "Announcement on Submitting an H-Share Issuance and Listing Application to The Stock Exchange of Hong Kong Limited" (Announcement No.: 2026-064). The company has submitted, on a confidential basis, application materials to the Hong Kong Stock Exchange for the issuance of H shares and listing on the Hong Kong Stock Exchange, and will fulfill the filing procedures with the China Securities Regulatory Commission in accordance with relevant regulations. The company previously held the fourth meeting of the fourth board of directors on July 13, 2026, and the second extraordinary shareholders' meeting of 2026 on August 5, 2026 to deliberate related proposals. The specific issuance size, issue price, and timing of the proposed H-share issuance have not yet been determined. The proceeds may be used for technology R&D, production and quality capability building, global customer service and supply guarantee systems, strategic investments or acquisitions, supplementing working capital, and other general corporate purposes. This issuance and listing still requires obtaining or completing relevant filings, approvals, or consents from the CSRC, the Hong Kong Securities and Futures Commission, the Hong Kong Stock Exchange, and other relevant authorities. Whether it can ultimately be completed and the completion timing are uncertain.

4.2 H1 2026 Results Achieved Relatively Rapid Growth

The company disclosed its 2026 interim report on August 27, 2026. In H1 2026, it achieved operating revenue of RMB 1,526,359,600, up 33.72% year-on-year; net profit attributable to owners of the parent company of RMB 531,763,800, up 41.56% year-on-year; non-recurring-adjusted net profit attributable to owners of the parent company of RMB 425,764,300, up 19.35% year-on-year; R&D investment of RMB 246,215,100, accounting for approximately 16.13% of operating revenue. By business, chemical mechanical polishing slurry operating revenue increased 29.47% year-on-year, and functional wet electronic chemicals operating revenue increased 51.03% year-on-year; integrated circuit damascene electroplating solutions and additives achieved a mass-production breakthrough.

4.3 Company Holds 2026 Interim Results Briefing

The company announced plans to hold the STAR Market 2026 interim collective results briefing for the semiconductor manufacturing, equipment, and materials industry from 15:00 to 17:00 on September 10, 2026, to communicate on interim operating results, financial condition, and issues of investor concern.

4.4 2025 Annual Profit Distribution and Capital Reserve Share Transfer Completed

The company completed the 2025 annual profit distribution on June 9, 2026, based on total share capital of 174,994,396 shares, distributing a cash dividend of RMB 5.00 per 10 shares (tax inclusive), totaling RMB 87,497,198 in cash dividends, and simultaneously transferring 3 shares per 10 shares from capital reserve.

4.5 Controlling Shareholder Completes Inquiry Transfer, Shareholding Ratio Falls to 28.30%

On July 7, 2026, the company disclosed the inquiry transfer results of controlling shareholder Anji Microelectronics Co. Ltd. The number of transferred shares was 2.9 million shares, the transfer price was RMB 297.36/share, and the total transfer amount was approximately RMB 862.344 million, accounting for approximately 1.275% of the company's total share capital, with 21 institutional investors as transferees. After the transfer, the controlling shareholder's shareholding ratio decreased from 30.00% to 28.30%. This transfer will not cause a change in the company's controlling shareholder or actual controller, and the company's directors and senior management did not participate. Whether the relevant institutions will hold long term has not yet been disclosed; potential reduction pressure after the lock-up period expires needs to be monitored.

4.6 Some Directors and Senior Management Disclose Reduction Plans

On June 3, 2026, the company disclosed share reduction plans by some directors and senior management. The reduction period is from June 26, 2026 to September 25, 2026, all shares are from equity incentives, and the reason for reduction is personal funding needs. Wang Shumin plans to reduce no more than 22,420 shares, Zhang Ming no more than 33,546 shares, Yang Xun no more than 22,000 shares, Wang Yuchun no more than 20,000 shares, and Liu Rong no more than 3,570 shares, totaling no more than 101,536 shares, accounting for approximately 0.058% to 0.06% of the company's total share capital according to the announcement disclosure basis. Reduction methods include centralized bidding and block trades; Liu Rong's plan is mainly centralized bidding. As of September 12, 2026, no result announcement indicating full completion of the plan had been retrieved, and the actual reduction number may be lower than the above upper limit.

4.7 Restricted Stock Incentive Plan Vesting and Listing

On August 5, 2026, the company disclosed the announcement on the vesting results and share listing for the second vesting period of the 2024 restricted stock incentive plan and the first vesting period of the 2025 restricted stock incentive plan. This matter is an equity incentive vesting arrangement, not a controlling shareholder reduction. It may increase the company's tradable share capital and have a dilutive impact on subsequent shareholder shareholding ratios, earnings per share, and market supply. The specific number of vested shares was not disclosed in the research notes.

4.8 Subscription to Nanjing Anrui Equity and Inclusion in Consolidation Scope

The company's 2026 interim report disclosed that on February 27, 2026, it contributed RMB 20 million in monetary form to subscribe to 51% equity of Nanjing Anrui, which has been included in the consolidation scope since March 2026. This matter is an external investment and subsidiary expansion, not a recent major M&A transaction, and reflects the company's extension into the industry chain and business layout.

4.9 No New Share Repurchase Plan or Repurchase Progress Found Recently

As of September 12, 2026, no newly disclosed share repurchase plan, repurchase progress, or repurchase cancellation announcement by the company during June to September 2026 had been retrieved. The company historically had a dedicated securities account for repurchases and related repurchase disclosures, but this cannot be used to conclude that repurchases are still being implemented currently.

4.10 No 2026 Q3 or Annual Results Forecast Disclosed Yet

As of September 12, 2026, no new results forecast, profit warning, or profit alert announcement for 2026 Q3 or 2026 annual results had been retrieved. The most recent retrievable results forecast was the 2025 annual results forecast released on January 29, 2026, which expected 2025 net profit attributable to shareholders of the listed company of approximately RMB 795 million, up approximately 48.98% year-on-year; this forecast has been superseded by subsequent formal financial disclosures such as the 2025 annual report and is not the latest performance information.

4.11 No Major Regulatory Penalties or Violations Found During Interim Continuous Supervision Period

The 2026 interim continuous supervision tracking report issued by Shenwan Hongyuan Underwriting and Sponsorship showed that during the 2026 interim continuous supervision period, the company and its controlling shareholder, actual controller, directors, and senior management were not subject to administrative penalties by the CSRC, disciplinary actions by the Shanghai Stock Exchange, or regulatory letters of concern; the company and its controlling shareholder had no unfulfilled commitments, and the company had no major violations. As of September 12, 2026, no announcement was found that the company was subject to regulatory case filing, penalties, or disciplinary actions in September 2026.

5. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Anji Technology closed at RMB 219, significantly retraced from the 52-week high of RMB 366. After a rapid pullback following the August 18 surge, it is currently in a weak consolidation stage after a high-level pullback. The closing price is below MA5, MA10, MA20, MA50, MA100, and MA200, MACD is negative, and RSI (14) is approximately 34.14, all indicating a weak short- to medium-term technical pattern; at the same time, the stock price remains above the estimated Bollinger lower band of approximately RMB 206.1 and has not yet formed an effective breakdown. On the fund side, main funds had net outflow of RMB 10.4541 million on September 11, and main funds were in overall net outflow over the past 5 trading days. Recent trading activity has declined significantly from mid-August, and no obvious volume-supported stabilization has been observed. Regarding shareholder structure, as of June 30, 2026, the top ten tradable shareholders held approximately 54.03% in total, and institutional holdings accounted for approximately 66.70% of the tradable float, but the number of shareholders increased significantly from the end of Q1; the above data has quarterly lag and is only suitable for judging the medium-term chip background.

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

⚠️ Risk Warning: The following content is only a subjective scenario simulation based on the September 11, 2026 closing data, historical prices, and public technical indicators. It does not constitute investment advice, nor is it a deterministic forecast of future prices; the weights of each scenario are subjective heuristic weights based on the current technical pattern and fund flows, not statistical probabilities.

① Key Technical Levels

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

• Consolidation (relatively high weight, approximately 60%; subjective heuristic weight based on current technicals and fund flows, not statistical probability): price range approximately RMB 213-229. Trigger conditions are that the stock price gains support near RMB 213-217 but cannot effectively break through the RMB 224-229 resistance zone; turnover remains in the recent normal range of approximately RMB 500 million-RMB 900 million, the net outflow of main funds narrows, and there is no obvious trend decline in the semiconductor materials sector. With MACD still negative and the stock price below multiple moving averages, this scenario corresponds to weak consolidation and technical repair.
• Weaker downside (medium weight, approximately 30%; subjective heuristic weight based on current technicals and fund flows, not statistical probability): price range approximately RMB 206-213. Trigger conditions are that the stock price breaks below RMB 213 with volume, single-day turnover is significantly higher than the recent normal level, main funds continue net outflow, and semiconductors, the STAR Market, or high-valuation growth sectors weaken simultaneously. If RMB 213 fails, the next observation zone is around RMB 210; if RMB 210 also cannot effectively support, it may move toward the estimated Bollinger lower band of approximately RMB 206. RSI (14) being close to oversold does not necessarily mean it will stop falling; in a weak market, the indicator may continue to become钝化/desensitized.
• Rebound and strengthening (low weight, approximately 10%; subjective heuristic weight based on current technicals and fund flows, not statistical probability): price range approximately RMB 229-243. Trigger conditions are that the stock price recovers the RMB 224-229 range with volume and continuously stands above RMB 229, while turnover continues to exceed the recent daily average, main funds shift from net outflow to continuous net inflow, and the semiconductor materials sector warms up simultaneously. If RMB 229 is effectively broken, the next resistance observation zone is RMB 237-243, corresponding to the previous dense trading area and medium-term moving average resistance near MA100 and MA200; without volume and fund flow support, a single-day surge is more likely to be a weak rebound.

③ Fund and Liquidity Background

As of September 11, 2026, the turnover rate was 1.58%, and turnover was approximately RMB 783 million; over the most recent 5 trading days, turnover was roughly between RMB 540 million and RMB 1.32 billion. Compared with the period of violent fluctuations in mid-August, when volume exceeded 900 million shares and 1 billion shares, recent trading activity has declined significantly. Shareholder structure data as of June 30, 2026: the top ten tradable shareholders held approximately 54.03% in total, and institutional holdings totaled approximately 66.70% of the tradable float, including social security, public ETF funds, and insurance funds; during the same period, the number of shareholders increased 155.75% from March 31, 2026, indicating that top ten shareholder concentration coexists with an increase in the number of ordinary shareholders. The above shareholder data has quarterly lag and cannot directly represent the real-time chip status on September 11, 2026. A verifiable volume confirmation signal is: if in the next week single-day turnover reaches RMB 1 billion or more for two consecutive days while the stock price can stand firmly above RMB 229, this can be regarded as a clear enhancement of short-term fund support; if turnover expands but the stock price still cannot recover RMB 224-229, it is more likely to reflect high-level turnover or selling pressure release.

If in the next week single-day turnover reaches RMB 1 billion or more for two consecutive days and the stock price stands firmly above RMB 229, this can be regarded as a volume-price confirmation signal that short-term fund support has clearly strengthened; if volume expands but RMB 224-229 is not recovered, caution is needed regarding volume-driven turnover or selling pressure release.

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

• Observe whether the RMB 213-217 support zone can stabilize on reduced volume; if it breaks below RMB 213 with volume, further observe support around RMB 210 and RMB 206.
• Observe whether the RMB 224-229 moving average and prior high resistance zone can be broken with volume and whether it can stand firmly above RMB 229.
• Observe whether turnover reaches RMB 1 billion or more for two consecutive days and forms volume-price coordination with the stock price standing firmly above RMB 229.
• The above are all observation ideas, not buy, sell, or hold instructions.

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

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

Industry attribute: semiconductor materials (C39 computer, communication and other electronic equipment manufacturing — C3985 electronic special material manufacturing), in the upstream of the semiconductor industry chain. Global CMP polishing slurry/materials are dominated by overseas manufacturers, with the top five manufacturers accounting for approximately 65% of the global share. Major players are U.S. Cabot (Cabot, CMC Materials/Entegris system, strong in high-end HBM barrier layer copper polishing slurry) and Japanese manufacturers (Fujimi, Resonac/Resonac, etc.). Market size: TECHCET data shows the global CMP materials market was USD 3.80 billion in 2025 and is expected to grow +10.3% to USD 4.20 billion in 2026 (polishing slurry accounts for approximately 60%). Anji Technology is the domestic CMP polishing slurry leader, with CMP polishing slurry revenue of approximately RMB 1.55 billion in 2024 and a global market share of approximately 10% (Sinolink Securities, 2026-03). Note: TECHCET market size, global CR5=65%, etc. are third-party data relayed by research reports and have not been traced back to the original reports; verification with original institutional data is recommended.

6.2 Competitive Landscape

• Global landscape: CMP polishing slurry/materials are dominated by overseas manufacturers, with the top five manufacturers accounting for approximately 65% of the global share. Major players are U.S. Cabot (Cabot, CMC Materials/Entegris system, strong in high-end HBM barrier layer copper polishing slurry) and Japanese manufacturers (Fujimi, Resonac/Resonac, etc.)
• Market size (TECHCET, relayed by research reports): global CMP materials market USD 3.80 billion in 2025, expected +10.3% to USD 4.20 billion in 2026 (polishing slurry accounts for approximately 60%)
• Anji's position: domestic CMP polishing slurry leader. CMP polishing slurry revenue approximately RMB 1.55 billion in 2024, global market share approximately 10% (Sinolink Securities, 2026-03); some self-media claim approximately 8% in 2023 and approximately 13% in 2025 (single source, not annual report basis, for reference only). Global market share (2023 8% / 2024 10% / 2025 13%) is a combination of brokerage research report basis or self-media basis, not official company disclosure, and sources differ by year; it is "estimate/relay" rather than "official figure"
• Capacity layout (as of 2026): Shanghai Jinqiao base mainly has CMP polishing slurry production lines, plus some functional wet electronic chemicals production lines; Ningbo Beilun base mainly has functional wet electronic chemicals production lines and some CMP polishing slurry production lines (to ensure supply chain security); Shanghai Chemical Industry Zone base (electronic chemicals zone) mainly has upstream raw material production lines, and the main building has topped out; multiple new production lines at Jinqiao and Beilun have been put into production. Capacity scale (research report basis, 2026-03): Jinqiao + Beilun CMP polishing slurry capacity (including under construction) approximately 60,000 tons/year; Shanghai Chemical Industry Zone nano-abrasive capacity approximately 500 tons/year
• Other uncertainties: Some statements such as "exclusive HBM polishing slurry, supplying Samsung/SK Hynix, only vertically integrated" come from self-media/Toutiao/East Money Caifuhao and have not been confirmed item by item in company announcements; they are for directional reference only

6.3 Major Competitors

Anji Technology holds a leading position in the domestic CMP polishing slurry segment and is one of the few global manufacturers covering all CMP polishing slurry categories and extending upstream into key abrasives (cerium oxide, equity participation in silica sol), forming three major platforms: "polishing slurry + functional wet electronic chemicals + electroplating solutions and additives." Compared with Dinglong Co., Ltd. (entering CMP consumables from polishing pads, directly competing in the polishing slurry segment), Shanghai Sinyang (direct competition in electroplating solutions/wet electronic chemicals), Wanhua Chemical (large scale, not a pure semiconductor materials target), and Jingrui Electronic Materials/Jianghua Micro (overlap in some wet electronic chemical categories), Anji's differentiation lies in self-controllability of key raw materials and advanced process product structure. It should be noted that global market share data (approximately 8% in 2023, approximately 10% in 2024, approximately 13% in 2025) is a combination of brokerage research report or self-media bases, not official company disclosure, and sources differ by year; it is an estimate/relay rather than official figures.

7. Risk Warnings

• Relatively high customer concentration: Revenue share of top five customers in 2023-2025 was 80.49%, 74.67%, and 75.65%, respectively; the H1 2026 disclosure basis was 71.48%. If the procurement plans, capacity utilization, or certification progress of major wafer fab customers change, it may significantly affect the company's revenue and capacity utilization.
• Key raw materials have import dependence: abrasive particles, packaging materials, and filters are mainly imported; historical data shows overseas raw material procurement accounts for approximately 66%-71%; direct materials in CMP polishing slurry account for approximately 75% of cost, of which abrasive is the largest single cost item. If import prices, exchange rates, or supply stability change adversely, it may compress gross margin and affect production assurance.
• Gross margin faces product structure and capacity ramp-up risks: In 2025, functional wet electronic chemicals revenue share rose to 18.08% with a gross margin of 50.00%, driving the comprehensive gross margin down from 58.45% in 2024 to 56.72%; new bases and production systems may still experience capacity utilization ramp-up, and product ramp-up may not necessarily translate into profit growth simultaneously.
• Profit quality fluctuates: In H1 2026, net profit attributable to parent increased 41.56% year-on-year, but non-recurring-adjusted net profit attributable to parent increased only 19.35%, with fair value changes of financial assets and investment income contributing approximately RMB 120 million pre-tax. If related non-recurring gains decrease, apparent profit growth may decline.
• Working capital occupation may rise: As of end-June 2026, inventory was approximately RMB 1.288 billion, up 22.7% from end-2025, and accounts receivable were approximately RMB 670 million, up more than 20% from end-2025. Related data needs further verification with subsequent formal disclosures; if inventory digestion or collection speed is slower than expected, it may increase cash flow pressure.
• Exchange rate fluctuations may affect profitability: In H1 2026, exchange loss of RMB 55.1267 million was incurred due to USD exchange rate fluctuations. The company has overseas raw material procurement and related foreign currency exposure; adverse exchange rate changes may disturb financial expenses and net profit.
• R&D and customer certification investment uncertainty: The company continues to invest in R&D, with H1 2026 R&D investment of RMB 246 million, accounting for approximately 16.13% of operating revenue; introducing CMP and wet electronic chemical products to wafer fabs requires a long certification cycle. If new product validation, mass production, or customer expansion falls short of expectations, R&D investment and capacity construction may be difficult to convert into revenue quickly.
• Capital market supply and share dilution risk: The company has submitted an H-share issuance and listing application, but still needs to complete relevant filings, approvals, or consents, and the issuance size, price, and timing have not yet been determined; at the same time, restricted stock incentive vesting may increase tradable share capital. Future H-share issuance and incentive share vesting may affect earnings per share, shareholder shareholding ratios, and market supply.
• Technical and valuation volatility risk: As of September 11, 2026, the stock price was RMB 219, below MA5, MA10, MA20, MA50, MA100, and MA200, and the dynamic P/E on a platform basis was approximately 52-61x; if performance growth slows, main funds continue to flow out, or the stock price breaks below the RMB 213-217 and RMB 206-211 support zones, stock price volatility may further increase.

8. Conclusion and Outlook

Anji Technology's medium- to long-term growth foundation lies in domestic substitution of semiconductor materials and product platformization. CMP polishing slurry remains the core of revenue and profit, functional wet electronic chemicals are growing rapidly, and electroplating solutions and additives have begun to achieve mass-production breakthroughs; the capacity and raw material layout in Shanghai Jinqiao, Ningbo Beilun, and Shanghai Chemical Industry Zone is expected to support product expansion, supply assurance, and cost optimization. R&D investment remains relatively high, and self-development and self-production of key abrasives and related validation progress are important observation variables for judging future gross margin and competitiveness.

Future performance needs to be observed simultaneously in terms of revenue growth and profit quality: in H1 2026, non-recurring-adjusted net profit growth was significantly lower than net profit attributable to parent, and the comprehensive gross margin has declined somewhat since 2025, indicating that the impact of product structure, base ramp-up, and non-recurring gains and losses on profitability still needs to be broken down and evaluated. If functional wet electronic chemicals and electroplating solutions continue to ramp up, they will strengthen the second and third growth curves, but may also bring product structure changes, capacity utilization, and profitability fluctuations.

The company is currently in a weak consolidation stage after a high-level pullback. The RMB 224-229 zone has resistance from multiple short-term moving averages and prior highs, while RMB 213-217 and RMB 206-211 are important technical observation ranges. Future trends will also depend on performance delivery, H-share issuance progress, fund flows, and market risk appetite for high-valuation growth stocks; the above is only business and market observation based on existing data and does not constitute buy or sell advice.

Data Sources

• Anji Technology: Investor Relations Activity Record 2026-014 _ Anji Technology (688019) _ Announcement Text
• 688019 Anji Technology
• Anji Technology (688019.SH) - US Stocks
• Anji Technology (688019)_Business Summary_CFI - | CFI | Market | ▼ | Ranking | ▼ | Watchlist
• 688019 Anji Technology - Integrated circuits are the core hub of the modern industrial system. As the cornerstone of the integrated circuit industry, semiconductor materials play an important role in the continuous upgrading of integrated circuit manufacturing technology and the sustainable innovation and development of the industry
• Company code: 688019
• Anji Technology (sh688019)
• From single-item champion to platform company, Anji Technology creates "core" development - From single-item champion to platform company, Anji Technology creates "core" development
• SH.688019 Anji Technology ANJI MICRO TECH - A-share real-time quote RT Quote - Company Information Company Information
• 688019 Anji Technology - Main business scope
• Anji Technology: CITIC Securities, Harvest Fund and other institutions visited our company on June 3 - Anji Technology: CITIC Securities, Harvest Fund and other institutions visited our company on June 3
• Anji Technology: Investor Relations Activity Record 2026-011 _ Anji Technology (688019) _ Announcement Text - Anji Technology: Investor Relations Activity Record 2026-011 View PDF original text
• Anji Technology: The company has fixed asset investment in production lines every year, and capacity is gradually ramping up - Anji Technology: The company has fixed asset investment in production lines every year, and capacity is gradually ramping up
• Anji Technology: Investor Relations Activity Record 2026-008_Jiufang Zhitou - Global Index
• Anji Technology: Capacity is being released steadily and orderly, with appropriate capacity space reserved on the basis of fully matching customer demand
• Anji Technology: The company has fixed asset investment in production lines every year, and capacity is gradually ramping up
• Anji Technology's H1 2026 net profit rose more than 40%, with advanced processes and overseas layout opening growth space
• Anji Technology: Morgan Fund, Hengze Investment and other institutions visited our company on December 9 - Anji Technology: Morgan Fund, Hengze Investment and other institutions visited our company on December 9
• Anji Technology: 2025 Annual Shareholders' Meeting Materials - The manufacturing base successfully achieved main building topping-out, laying a solid foundation for medium- to long-term capacity expansion; in Shanghai Jinqiao,
• Multiple institutions' July 23 research main lines exposed! Anji Technology draws attention - Multiple institutions' July 23 research main lines exposed
• Anji Technology's 2025 revenue and net profit both grew, plans RMB 5 per 10 shares and 3-share transfer
• Overall gross margin decline, relatively high customer concentration...... Anji Technology responds
• Overall gross margin decline, relatively high customer concentration...... Anji Technology responds
• Anji Technology R&D expenses RMB 445 million, up 33%, launches stock incentives at half price covering more than 20% of employees
• Anji Technology's 2025 revenue and net profit both grew, plans RMB 5 per 10 shares and 3-share transfer
• Overall gross margin decline, relatively high customer concentration...... Anji Technology responds - Overall gross margin decline, relatively high customer concentration
• Anji Technology's 2025 revenue and net profit both grew, plans RMB 5 per 10 shares and 3-share transfer, stock sea bright lamp, quantitative learning official website, quantitative learning knowledge stock forum.
• Anji Technology: 2025 Annual Report - Securities Star - Anji Technology: 2025 Annual Report
• Anji Technology: 2025 Annual Report - Securities Star
• Anji Technology's 2025 revenue RMB 2.504 billion, up 36.47% year-on-year, net profit attributable to parent RMB 784 million, up 46.85% year-on-year - Anji Technology's 2025 revenue RMB 2.504 billion, up 36.47% year-on-year, net profit attributable to parent RMB 784 million, up 46.85% year-on-year
• 2023 China CMP polishing slurry industry chain and value chain analysis: midstream profitability relatively high
• 2023 China CMP polishing slurry industry chain and value chain analysis: midstream profitability relatively high - 2023 China CMP polishing slurry industry chain and value chain analysis: midstream profitability relatively high
• Anji Technology: Prospectus for Issuance of Convertible Corporate Bonds to Unspecific Objects (Application Draft)_Jiufang Zhitou - Company directors, supervisors, senior management and core technical personnel, major related parties or holders of company
• Anji Technology: KPMG Huazhen LLP (Special General Partnership) Special Explanation on the Reply to the Review Inquiry Letter Regarding the Application Documents for Issuance of Convertible Corporate Bonds to Unspecific Objects by Anji Microelectronics Technology (Shanghai) Co., Ltd. - Key raw material capacity, among which high-end nano-abrasives for chemical mechanical polishing slurry are mainly cerium dioxide abrasives, mainly
• Anji Technology abrasive particles self-controllability: cerium oxide + silica sol dual-line breakthrough, supply security barrier analysis | Shenwan Hongyuan
• Anji Technology: Anji Microelectronics Technology (Shanghai) Co., Ltd. Prospectus for Issuance of Shares to Specific Objects under Simplified Procedure (Registration Draft) - increasingly stringent, only chemical mechanical polishing slurry and wet electronic chemicals production enterprises in the integrated circuit field with strong
• Anji Technology breaks through cost barriers: mass production of self-produced cerium oxide abrasive, becoming the only vertically integrated manufacturer among the top five - Toutiao
• Anji Technology - (IV) Operating risks
• Anji Technology's four-layer hardcore technical barriers (moats difficult for the industry to replicate)
• Sinolink Securities: Advanced processes and raw material self-sufficiency open market space; recommend paying attention to industry leaders and market expansion companies
• Anji Microelectronics Tech Co Ltd (688019) Income Statement - Anji Technology (688019)
• Anji Microelectronics Tech Co Ltd (688019) Financial Overview - Anji Technology (688019)
• Anji Technology (688019) Income Statement (Profit and Loss Statement)_Investing.com - Anji Technology (688019)
• Anji Technology (688019) Operating Cost | GuruFocus - Brief Introduction
• Anji Technology (688019) - Quarterly data - Kancaibao
• Anji Technology (688019) Historical Changes in Sales Gross Margin - Valuation Pointer - Featured Data - Securities Star
• Anji Technology (688019) Gross Margin % | GuruFocus - Brief Introduction
• Anji - Financial Analysis - Income Statement | ifa.ai
• (6477) Anji Financial Ratios (Annual)
• 6477 Anji - Income Statement
• Anji Technology (688019) 2026 Interim Management Discussion and Analysis - Anji Technology (688019) 2026 Interim Management Discussion and Analysis
• Anji Technology 2025 Q3 Results Briefing
• Anji Technology: Investor Relations Activity Record 2026-002_Jiufang Zhitou
• Anji Technology: Investor Relations Activity Record 2026-004_Jiufang Zhitou - Global Index
• Anji Technology (688019) 2025 Interim Management Discussion and Analysis - The company has always adhered to the concept of "R&D innovation drives enterprise development," continuously increasing R&D investment, continuously deepening the "3+1" technology platform and application fields, and continuously consolidating core competitiveness
• [[IPO Tracking] Focused on semiconductor polishing slurry and other materials, Anji Technology (688019.SH) confidentially sprints to Hong Kong stocks](https://hktop100rc.org/zh-cn/research/professor/1000234/6aa2952a230829a5842f0b15)
• Anji Technology: 2024 Annual Results Flash Report Announcement _ Anji Technology (688019) _ Announcement Text - Anji Technology: 2024 Annual Results Flash Report Announcement View PDF original text
• [[Results Forecast] Anji Technology (688019): 2024 Annual Results Flash Report Announcement - [Results Forecast] Anji Technology (688019): 2024 Annual Results Flash Report Announcement](https://vipwt1.cfi.net.cn/p20250227003336.html#1)
• Anji Microelectronics Technology (Shanghai) Co., Ltd. 2024 Annual Results Flash Report Announcement
• Anji Technology (688019.SH): 2024 annual report net profit RMB 534 million
• Anji Technology: 2024 Annual Results Flash Report Announcement - Securities code: 688019 Securities abbreviation: Anji Technology Announcement No.: 2025-003
• Anji Technology: 2024 net profit up 32.51% year-on-year, plans 3-share transfer and RMB 4.5 per 10 shares - Latest price: 276.8
• Anji Technology 2024 Annual Results Flash Report: revenue up 48.24% year-on-year, net profit attributable to parent up 33.64% year-on-year
• Anji Technology: 2024 net profit RMB 538 million, up 33.64% year-on-year
• Anji Technology: 2024 net profit up 32.51% year-on-year, plans 3-share transfer and RMB 4.5 per 10 shares - Securities > Text
• Anji Technology: 2025 net profit up 46.85% year-on-year, plans 3-share transfer and RMB 5 per 10 shares - Anji Technology: 2025 net profit up 46.85% year-on-year, plans 3-share transfer and RMB 5 per 10 shares
• Anji Technology (688019): Market penetration continues to deepen, company operating performance grows steadily
• Anji Technology: 2025 net profit up 46.85% year-on-year, plans 3-share transfer and RMB 5 per 10 shares - Latest price: 343.9
• Anji Technology (688019.SH) releases 2025 annual results, net profit attributable to parent RMB 784 million, up 46.85% year-on-year - Securities Star
• Anji Technology: 2025 net profit up 46.85% year-on-year, plans 3-share transfer and RMB 5 per 10 shares
• Anji Technology 2025 net profit up 47% year-on-year, plans 3-share transfer and RMB 5 per 10 shares
• Anji Technology: 2025 annual net profit RMB 784 million, up 46.85% year-on-year
• Anji Technology (688019.SH): 2025 net profit up 46.85% year-on-year, plans 10-share 3-share transfer and RMB 5 - US Stocks
• Anji Technology (688019.SH) releases 2025 annual results, net profit attributable to parent RMB 784 million, up 46.85% year-on-year
• Capital Securities: Raises Anji Technology target price to RMB 278.0, gives accumulate rating - Securities Star
• Capital Securities: Raises Anji Technology target price to RMB 278.0, gives accumulate rating - Securities Star - Capital Securities: Raises Anji Technology target price to RMB 278.0, gives accumulate rating
• Anji Technology (688019) 2026 Q1 Report Review: Electroplating solution achieves mass production sales, opening new growth space
• Research Report Indicator Express - Research Reports - Stock Channel - Securities Star
• Institutional Ratings | CICC gives Anji Technology "Outperform Industry" rating
• Institutional Ratings | Donghai Securities gives Anji Technology "Accumulate" rating, no target price
• Institutional Ratings | 2 institutions update Anji Technology ratings
• Institutions strongly recommend 17 stocks - updating - Institutions strongly recommend 17 stocks - updating
• Anji Technology (688019) Analyst Consensus Estimates_Market Sentiment_Investing.com
• Anji Technology (688019)_Stock Overview_Stock Price_Real-time Quotes_Trend Chart_News_Stock Commentary_Financial Reports_FinScope-AI makes investing simpler