Core Insights - On September 26, 2025, the Executive Director, Chairman, and CEO of Universal New Materials International (06616.HK), Su Ertian, increased his shareholding by acquiring 1.305 million shares at an average price of HKD 4.4385 per share, totaling approximately HKD 5.7922 million [1] - Following this transaction, Su Ertian's total shareholding rose to 439,019,948 shares, increasing his ownership percentage from 35.33% to 35.43% [1] Summary by Categories - **Share Acquisition Details** - Su Ertian purchased 1,305,000 shares at an average price of HKD 4.4385 [2] - The total investment amounted to approximately HKD 5.7922 million [1] - **Ownership Changes** - Post-acquisition, Su Ertian's total shares held are 439,019,948 [1] - His ownership percentage increased from 35.33% to 35.43% [1]

Core Viewpoint - Global New Materials International (06616) has seen a significant stock price increase, attributed to the announcement of a special shareholder meeting to approve the acquisition of Merck's global surface solutions business [1] Financial Performance - The company's stock rose over 9% during trading, with a current price of 4.82 HKD and a trading volume of 44.8457 million HKD [1] - Guozheng International has adjusted its profit forecasts, anticipating that the Merck Susonity business will be consolidated in the second half of 2025, which may increase financial expenses due to the acquisition [1] Business Operations - The main businesses, including pearlescent pigments and synthetic mica, are expected to maintain good cash flow and continue to grow [1] - The company’s existing production capacity for pearlescent pigments is 18,000 tons, nearing full capacity, with a second-phase factory set to begin operations in February 2024, designed for a capacity of 30,000 tons, currently producing 15,000 tons [1] - The synthetic mica production capacity stands at 12,000 tons, with a second-phase factory under construction in Tonglu City, expected to be operational by 2026, with an initial capacity of 40,000 tons, which will alleviate current capacity constraints [1] Strategic Synergies - The acquisition is expected to create synergies in sales channels, raw materials, and research and development among Seven Colors, CQV, and Merck Susonity, leading to performance growth [1]

Core Viewpoint - Global New Materials International (06616) is experiencing a significant stock price increase due to the announcement of a special shareholder meeting to approve the acquisition of Merck's global surface solutions business, which is expected to enhance future performance and synergies in various operational aspects [1] Company Summary - The company's stock rose over 9% during trading, with a current price of 4.82 HKD and a trading volume of 44.8457 million HKD [1] - The acquisition of Merck's Susonity business is anticipated to be consolidated in the second half of 2025, leading to adjustments in profit forecasts due to increased financial expenses [1] - The main businesses, including pearlescent pigments and synthetic mica, are expected to maintain strong cash flow and continue to grow [1] Industry Summary - The company’s existing production capacity for pearlescent pigments is 18,000 tons, which is nearing full capacity, while the second-phase factory is set to commence production in February 2024 with a designed capacity of 30,000 tons, currently producing 15,000 tons [1] - The synthetic mica production capacity stands at 12,000 tons, with a second-phase factory under construction in Tonglu City, expected to be operational by 2026 with an initial capacity of 40,000 tons, which will alleviate current capacity constraints [1]

| 麦格序號 | | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期材 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 泉内 | 股份數目 | | | 語参閱 上班 * 註 | 有投票權版(日/月/年) | | | | | | | | | 成昌物园 | | | | | | | | | 96 ] | | IS20250924E00052 | 十双 | 1101(L) | | 169,000(L | HKD 4.5414 | 433,853,948(L | 35.02(L)23/09/2025 | | DA20250924E00050 | 苏尔出 | 1101(L) | | 169,000(L) | HKD 4.5414 | 433,853,948(L) | 35.02(L)23/09/2025 | | IS20250924E00051 | 十双 | 1101(L) | | 682,000(L) | HKD 4.5718 | 433,684,948 ...

05 業務發展回顧 07 財務回顧 17 業務前景 19 獨立審閱報告 21 簡明綜合損益表 22 簡明綜合損益及其他全面收益表 23 簡明綜合財務狀況表 25 簡明綜合權益變動表 26 簡明綜合現金流量表 27 簡明綜合財務報表附註 45 其他資料 環 球 新 材 國 際 控 股 有 限 公 司 2025中 期 報 告 公司資料 目 02 公司資料 03 主席報告 錄 董事會 執行董事 苏尔田博士 （主席兼行政總裁） 金增勤先生 周方超先生 （聯席公司秘書） 白植煥先生 曾珠女士 林光水先生 非執行董事 胡永祥先生 獨立非執行董事 許之豐先生 韓高榮教授 梁貴華先生 陳發動教授 審核委員會 許之豐先生 （主席） 韓高榮教授 梁貴華先生 薪酬委員會 梁貴華先生 （主席） 韓高榮教授 周方超先生 於中國內地： 柳州銀行股份有限公司 柳州市區農村信用合作聯社 於大韓民國： 新韓銀行忠北營業部 註冊辦事處 提名委員會 苏尔田博士 （主席） 韓高榮教授 許之豐先生 曾珠女士 陳發動教授 聯席公司秘書 周方超先生 張嘉倫女士 核數師 羅申美會計師事務所 註冊會計師 （根據《會計及財務匯報局條例》 註冊的公共利益實體核數 ...

Core Viewpoint - Guozheng International maintains a "Buy" rating for Universal New Materials (06616), with projected net profits for 2025, 2026, and 2027 at 270 million, 510 million, and 650 million RMB respectively, indicating a positive outlook for the company [1] Financial Projections - Projected net profits for 2025, 2026, and 2027 are 270 million, 510 million, and 650 million RMB, respectively, with corresponding EPS of 0.19, 0.35, and 0.45 HKD [1] - The target price has been slightly adjusted from 5.4 HKD to 5.5 HKD, representing a 17% upside potential from the current stock price [1] Recent Performance - In the first half of 2025, the company achieved operating revenue of 910 million RMB, a year-on-year increase of 17.7% [1] - Operating profit for the same period was 292 million RMB, reflecting a year-on-year growth of 29.1% [1] - The net profit attributable to shareholders was 62 million RMB, showing a year-on-year decrease of 41.9% [1] Future Outlook - The merger with Merck's Susonity business will be consolidated in the second half of 2025, leading to adjustments in profit forecasts [1] - Increased financial expenses are anticipated due to the merger, but the main business segments, including pearlescent pigments and synthetic mica, are expected to maintain strong cash flow and continue to grow [1]

Group 1 - The core viewpoint of the report is that Guohua International maintains a "buy" rating for Universal New Materials (06616), with adjusted profit forecasts for 2025, 2026, and 2027 being 270 million, 510 million, and 650 million RMB respectively, which reflects a positive outlook for the company's growth [1] - The target price for the stock has been slightly raised from 5.4 HKD to 5.5 HKD, indicating a potential upside of 17% from the current stock price based on DCF and comparable company valuation methods [1] - In the first half of 2025, the company achieved operating revenue of 910 million RMB, representing a year-on-year growth of 17.7%, while operating profit increased by 29.1% to 292 million RMB, although the net profit attributable to shareholders decreased by 41.9% to 62 million RMB [1] Group 2 - The report notes that the merger with Merck's Susonity business will be consolidated in the second half of 2025, leading to adjustments in profit forecasts due to anticipated increases in financial expenses [1] - Despite the expected rise in financial costs from the merger, the main business segments such as pearlescent pigments and synthetic mica are expected to maintain good cash flow and continue to grow [1]

Core Viewpoint - The acquisition of Merck's Surface Solutions business (SUSONITY) for €665 million is framed as a resonance of long-term values between two companies, emphasizing a commitment to employee welfare and sustainable business practices [1][2]. Group 1: Strategic Vision and Market Position - The acquisition is seen as a step towards becoming a global leader in high-performance materials, combining Eastern innovation with Western industrial rigor [1][8]. - After 14 years of development, the company has become the largest producer of pearlescent pigments in China, driven by demand in high-end markets such as automotive and cosmetics [2][7]. - The company is expanding its production capacity, with a new plant for 30,000 tons of pearlescent materials set to start operations in 2024, and a 100,000-ton surface performance materials project nearing completion [2][6]. Group 2: Long-term Commitment and Employee Focus - The negotiation process highlighted the company's long-term commitment, which reassured Merck about the future of its employees and the business [2][3]. - The company aims to ensure that all employees feel valued and secure, fostering a culture of trust and collaboration across its global workforce [3][6]. Group 3: Integration Philosophy - The integration strategy emphasizes flexibility and customer orientation, avoiding a one-size-fits-all approach and allowing business units to maintain some independence while focusing on core objectives [4][6]. - The company plans to leverage its market insights and Merck's global customer network to enhance service efficiency while creating a responsive global strategy for production and supply [4][5]. Group 4: Financial Performance and Synergies - The previous acquisition of CQV has shown positive results, with a revenue increase of 17.8% and a net profit surge of 171.3% in 2024, indicating successful integration and synergy [5]. - The collaboration has led to CQV's products entering the supply chains of major automotive manufacturers in China, enhancing the company's market presence [5][6]. Group 5: Future Aspirations - The company aims to lead the global market for synthetic and natural pearlescent pigments, addressing the supply chain challenges associated with natural mica, which is a limited resource [7][8]. - The vision includes positioning the company as a hub for innovation that connects global industrial advantages and shapes the future of the industry [8].

Group 1 - The core point of the article is the completion of the acquisition of Merck Group's surface solutions business (SUSONITY) by Global New Materials International for over 5.5 billion RMB, marking the largest overseas merger in China's pearlescent materials industry [2][3] - The acquisition is expected to enhance Global New Materials' international brand presence, advanced technology, and global distribution channels, while also allowing the company to replace natural mica with self-produced synthetic mica, addressing raw material depletion risks and rising energy costs [2][4] - The acquisition includes seven subsidiaries of Merck located in Germany, Japan, and the United States, covering 18 countries and primarily targeting the coatings, cosmetics, and industrial surface solutions markets [4] Group 2 - Global New Materials International aims to create a "global surface materials ecosystem platform," leveraging SUSONITY's established cross-border e-commerce channels and localized service systems to accelerate international market expansion and sales growth [5] - The company plans to achieve synergies in raw material collaboration, capacity optimization, process integration, and cost control post-acquisition, enhancing supply chain resilience and overall operational efficiency [5] - The financial performance of Global New Materials International shows a projected total revenue of 1.662 billion RMB for 2024, representing a year-on-year growth of 51.15%, with a net profit of 242 million RMB, up 33.37% [2]

Core Insights - The acquisition of Merck Group's surface solutions business (SUSONITY) by Global New Materials International is the largest overseas merger in China's pearlescent materials industry, completed with a transaction value exceeding 5.5 billion RMB [1][3] - The acquisition is strategically significant, allowing Global New Materials to enhance its global presence and integrate advanced technologies and international branding into its operations [1][4] Company Overview - Global New Materials International, established in 2011, has become the largest producer of pearlescent pigments in China by 2019 and was successfully listed on the Hong Kong Stock Exchange in July 2021 [3] - The company reported a total revenue of 1.662 billion RMB for 2024, reflecting a year-on-year growth of 51.15%, and a net profit attributable to shareholders of 242 million RMB, up 33.37% [3] Acquisition Details - The acquisition involves seven subsidiaries of Merck located in Germany, Japan, and the United States, covering 18 countries and primarily targeting the coatings, cosmetics, and industrial surface solutions markets [4] - The financial performance of Merck's surface solutions business shows revenues of 433 million EUR (approximately 3.636 billion RMB), 405 million EUR (approximately 3.401 billion RMB), and 402 million EUR (approximately 3.376 billion RMB) for the years 2022 to 2024, respectively [4] Strategic Goals - The ultimate goal of Global New Materials is to create a "global surface materials ecosystem platform," leveraging SUSONITY's established cross-border e-commerce channels and localized service systems to enhance international market penetration and sales growth [4] - Post-acquisition, the company aims to achieve synergies in raw material collaboration, capacity optimization, process integration, and cost control, thereby improving operational efficiency and profitability [4][5]