Zhejiang Huazheng New Material

On September 15, the PCB sector continued its strong momentum. Huazheng New Material surged to the daily limit within one minute of the open, briefly broke the board, then quickly sealed the limit again, notching its third board in seven days. As of the midday close, the stock stood at 251.57 yuan, with turnover exceeding 2.2 billion yuan and a total market value of 39.4 billion yuan. It has risen more than 400% so far this year. Huazheng New Material's semi-annual report showed that in the first half of 2026, the company achieved operating revenue of 2.96 billion yuan, up 41.28% year on year, while net profit attributable to shareholders of the listed company reached 173 million yuan, up 305.28% year on year. The company said in its announcement that no major events likely to have a significant impact on its share price had occurred. On the same day, Aohong Electronics logged its third consecutive board, while Honghe Technology, Ouke Technology, Nuode New Materials, and Wote Advanced Materials were among multiple stocks hitting the daily limit. Chaohua Electronics briefly touched the limit, recording its fifth board in seven days. On the evening of September 13, Chaohua Electronics announced that market rumors claiming its high-frequency boards had passed Nvidia certification were untrue. The company currently supplies no products to Nvidia, and its 800G and 1.6T optical module supporting PCBs remain in the research and follow-up stage, with uncertainty remaining. It has not yet achieved large-scale supply or generated corresponding revenue. In terms of news, the Ministry of Industry and Information Technology and the National Development and Reform Commission issued the 15th Five-Year Plan for the development of the electronic information manufacturing industry, proposing breakthroughs in on-device intelligent computing chips and high-end memory chips, as well as the development of new architectures such as near-memory computing and processing-in-memory. Guosen Securities said that as AI-driven R&D automation accelerates, the simultaneous expansion of training and research inference will continue to raise the ceiling for computing power demand. Within the AI industry chain, investors may focus on computing chips, HBM, memory, and advanced packaging. A research report from Zheshang Securities showed that as upstream material prices for PCBs continue to rise, price increases are beginning to pass through to some PCB categories, with the effect expected to become gradually visible from the third quarter of 2026.

ST Nandu announced it has received a notice from creditor Zhejiang Huazheng Energy Materials Co., Ltd., stating that the applicant has filed with the Hangzhou Intermediate People's Court for pre-restructuring and restructuring of the company on the grounds that it is unable to repay its due debts but possesses restructuring value. This marks the beginning of bankruptcy restructuring proceedings for Nandu Power, a company deeply engaged in the energy storage sector for nearly three decades. In recent years, the company has been dragged down by Huabo Renewable Resources turning from profit to loss, posting an attributable net loss of 2.642 billion yuan in 2025 and a further loss of 305 million yuan in the first quarter of 2026. The auditor issued a qualified opinion on the company's 2025 financial statements and an adverse opinion on internal controls, pointing out that the prepayment balance to the top supplier reached 365 million yuan, with cumulative prepayments for the year totaling 4.633 billion yuan but only 134 million yuan worth of goods received, while the company also guaranteed 2.364 billion yuan in private lending for partners. As of the announcement date, a total of 163 accounts of the company and its subsidiaries have been frozen, with the amount subject to freezing applications approximately 3.067 billion yuan, representing 216.99% of the latest audited net assets. Cumulative overdue debts have reached 552 million yuan, and the debt-to-asset ratio has surged to 92.14%.