Core Insights - The acquisition of Merck's Surface Solutions business by Global New Materials International marks a significant strategic breakthrough for Chinese new materials companies in the global high-end market [1] - The transaction, valued at €665 million (approximately ¥5.584 billion), represents 3.4 times the acquirer's projected revenue for 2024, making it the largest cross-border deal in China's pearlescent materials industry [1][2] - The establishment of the Asia-Pacific headquarters in Tonglu is a critical step in integrating the acquired business and enhancing the local manufacturing landscape [1][3] Company Overview - Global New Materials International specializes in the research, production, and sales of pearlescent materials and synthetic mica, having overcome key technological barriers to break the Western monopoly on high-end mica materials [2] - The acquired Merck Group, with over 350 years of history, is a renowned multinational corporation with a significant presence in the high-quality pearlescent pigment market, particularly in the automotive and cosmetics sectors [2] Strategic Implications - Post-acquisition, Global New Materials International will gain access to international brands, technologies, and global distribution channels, while also mitigating raw material supply risks by replacing natural mica with self-produced synthetic mica [2] - The integration of research and development systems will facilitate the joint development of new applications in electric vehicle coatings and sustainable beauty materials, as well as the commercialization of innovative technologies [2] - The acquisition is expected to enhance Tonglu's position as a hub for international surface performance materials and active materials, creating a dual-cycle system of "overseas high-end applications + Tonglu core materials" [2][3] Regional Development - Tonglu's strategic location in the Yangtze River Delta provides advantages in market access, natural resources, and transportation, which are crucial for the project's success [3] - The local government has actively supported the project by integrating resources and expediting infrastructure development, demonstrating a commitment to optimizing the industrial structure and advancing the manufacturing sector [3] - Future plans include reserving land for downstream enterprises in automotive coatings and beauty raw materials, further extending the industrial chain and enhancing value-added services [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 環球新材國際控股有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06616 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 80,000,000,000 | HKD | | 0.1 | HKD | | 8,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 80,000,000,000 | HKD | | 0.1 | HKD | | 8,000,000,000 | FF ...

Core Viewpoint - The establishment of the Asia-Pacific headquarters in Hangzhou marks a strategic milestone for the company, aiming to link global innovation and serve global customers in the new materials industry [1][2]. Group 1: Asia-Pacific Headquarters - The Asia-Pacific headquarters will leverage the innovation hub of Hangzhou and the advantages of the Yangtze River Delta industrial cluster to integrate resources from China, Germany, South Korea, the United States, and Japan [2]. - The headquarters aims to create a global high-end market-oriented R&D innovation and business collaboration platform, supporting the company's goal of becoming a "global new materials technology platform enterprise" [2]. Group 2: Recent Acquisition - The company recently completed the acquisition of Merck's surface solutions business, SUSONITY, with a total investment of €665 million, marking the largest overseas acquisition in China's pearlescent materials industry [2]. - This acquisition is seen as a milestone in the company's globalization strategy and a key turning point for the Chinese materials industry from "technology following" to "value co-creation" [2]. Group 3: Global Integration and Collaboration - The launch ceremony facilitated the first gathering of management teams from SUSONITY, CQV, and Qisec Pearl, promoting global integration and collaboration [2]. - The company emphasizes that the blending of diverse cultures and management philosophies will enhance synergy and accelerate its expansion and innovation in global high-end markets [2]. Group 4: Future Plans - The company plans to use the Asia-Pacific headquarters as a new starting point to increase R&D investment and promote the innovative application of functional materials [3]. - The company aims to actively participate in industry standard formulation and support green transformation and high-quality development [3]. - The company will continue to deepen strategic collaboration with global customers and partners to create a new chapter in leading and integrating the Chinese new materials industry [3].

Core Viewpoint - The company reported a strong performance in the first half of 2025, with revenue growth driven by high-value products, despite a decline in net profit due to one-time acquisition costs [1] Financial Performance - In the first half of 2025, the company achieved revenue of 9.12 billion yuan, a year-on-year increase of 17.7% [1] - Net profit was 0.996 billion yuan, a decrease of 31.1% year-on-year, influenced by acquisition-related one-time expenses [1] - The company's non-GAAP net profit was 2.6 billion yuan, reflecting a year-on-year growth of 54.4% [1] - Gross margin improved by 2% to 52%, significantly above the industry average, driven by an increase in the proportion of high-value products [1] Technological Innovation and Market Demand - The company is a leader in the surface performance materials sector, holding the top global market share in artificial mica and possessing a comprehensive patent portfolio with 159 patents [2] - The product range includes over 2,192 types of pearlescent pigments, with more than 50% being mid-to-high-end products [2] - The company is expanding its applications in various industries, including new energy and future technology sectors, indicating a growing demand for pearlescent pigments [2] Expansion and Global Strategy - The company is steadily increasing its production capacity, with approximately 18,000 tons of pearlescent pigment capacity from its first-phase factory as of June 2025 [4] - A new production base for artificial mica with an annual capacity of 100,000 tons is under construction and expected to be operational by the end of 2025 [4] - The acquisition of SUSONITY for 6.65 billion euros (approximately 51.87 billion yuan) marks a significant step in the company's globalization strategy [4][5] Synergy from Acquisition - The acquisition of SUSONITY will enhance the company's global presence and provide access to established sales networks and quality customer resources [5] - The integration is expected to enrich the product matrix, particularly in high-end cosmetic solutions, leveraging SUSONITY's global operational capabilities [5] - The company is positioned to become a global leader in the pearlescent pigment industry, supported by its technological capabilities and production expansion [5]

Core Insights - The company reported a revenue of 912 million yuan for the first half of 2025, representing a year-on-year growth of 17.7% [1] - Gross profit reached 474 million yuan, with a year-on-year increase of 22.1%, and the net profit excluding non-recurring items was 260 million yuan, up 54.4% year-on-year [1] - The gross margin improved to 52.0%, an increase of 1.9 percentage points from the same period last year, attributed to lower raw material costs and an optimized product mix [1] Business Performance - Sales revenue from core pearlescent pigment products was approximately 851 million yuan, growing by 21.4%, outpacing overall revenue growth [1] - Revenue from mica functional fillers and related products increased by 20% to 49.03 million yuan, indicating effective diversification [1] - The company has a cash and cash equivalents balance of 3.587 billion yuan as of June 30, 2025, providing a financial buffer for operations and future investments [1] Product Development - The company has seen a continuous increase in the proportion of high-end products since its deep integration with South Korea's CQV, with all four categories of high-end products showing year-on-year growth [2] - Specific growth rates for high-end products include approximately 18% for glass-based products, 9% for silica-based products, 5% for alumina-based products, and 12% for aluminum-based products [2] Capacity Expansion and Globalization - Significant progress has been made in capacity expansion, with the second phase of the Seven Color Pearlescent project ramping up production as expected [2] - The construction of a 100,000-ton high-performance mica production base in Tonglu has reached the stage of equipment installation [2] - The acquisition of Merck's surface solutions business in Germany was completed by the end of July 2025, enhancing the company's product matrix and global market channels [2] Future Directions - The company aims to increase R&D investment, deepen core technology barriers in synthetic mica and pearlescent materials, and accelerate the commercialization of active ingredients in cosmetics and new energy materials [3] - It plans to build an application ecosystem covering various sectors, including industrial, consumer electronics, and high-end cosmetics, to enhance global competitiveness [3] - The overarching goal is to become a leader in the global surface performance materials sector through innovation, capacity upgrades, and globalization [3]

Core Viewpoint - Global New Materials International (06616) reported a mid-year performance for 2025, showing a revenue of 912 million RMB, which represents a year-on-year increase of 17.74%. However, the profit attributable to shareholders decreased by 41.9% to 62.198 million RMB, with basic earnings per share at 0.05 RMB [1]. Financial Performance - Revenue reached 912 million RMB, marking a 17.74% increase compared to the previous year [1] - Profit attributable to shareholders was 62.198 million RMB, reflecting a significant decrease of 41.9% year-on-year [1] - Basic earnings per share stood at 0.05 RMB [1]

Group 1 - The company reported a revenue of 912 million RMB for the first half of 2025, representing a year-on-year increase of 17.74% [1] - The profit attributable to shareholders decreased to 62.198 million RMB, a decline of 41.9% compared to the previous year [1] - The basic earnings per share stood at 0.05 RMB [1]

Financial Performance - Revenue for the first half of 2025 was approximately RMB 912.0 million, an increase of about 17.7% compared to RMB 774.6 million in the first half of 2024[3] - Gross profit for the first half of 2025 was approximately RMB 473.9 million, up about 22.1% from RMB 388.0 million in the first half of 2024, with gross margins of 52.0% and 50.1% respectively[3] - Profit for the period was approximately RMB 99.6 million, a decrease of about 31.1% from RMB 144.5 million in the first half of 2024[3] - Net profit attributable to owners of the company was approximately RMB 62.2 million, down about 41.9% from RMB 107.1 million in the first half of 2024, with net profit margins of 10.9% and 18.7% respectively[3] - Total revenue for the group was RMB 912,038,000 for the six months ended June 30, 2025, compared to RMB 774,622,000 for the same period in 2024, reflecting an increase of about 17.7%[22] - The profit from the China segment was RMB 246,777,000, while the Korea segment reported a profit of RMB 19,671,000, leading to a total segment profit of RMB 266,448,000[17] - The company reported a profit attributable to shareholders of RMB 62,198,000 for the six months ended June 30, 2025, a decrease of 42% compared to RMB 107,062,000 for the same period in 2024[34] - Net profit for the same period was RMB 99.6 million, a decrease of 31.1% year-on-year, while net profit excluding non-recurring items increased by 54.4% to RMB 260.0 million[49] - Adjusted EBITDA for the first half of 2025 was RMB 431.3 million, up approximately 48.4% from RMB 290.7 million in the first half of 2024[50] Assets and Liabilities - Total assets as of June 30, 2025, amounted to RMB 8,249.8 million, compared to RMB 7,054.5 million as of December 31, 2024[9] - Non-current assets increased to RMB 3,519.6 million as of June 30, 2025, from RMB 2,731.9 million as of December 31, 2024[8] - Current assets totaled RMB 4,730.2 million as of June 30, 2025, compared to RMB 4,322.6 million as of December 31, 2024[8] - Total equity attributable to owners of the company was RMB 4,976.1 million as of June 30, 2025, up from RMB 4,353.1 million as of December 31, 2024[9] - The group’s total assets amounted to RMB 7,354,512,000, with liabilities totaling RMB 2,984,275,000 as of June 30, 2025[17] - The company's total liabilities to assets ratio was approximately 36.2% as of June 30, 2025, compared to 34.3% as of December 31, 2024, mainly due to increased borrowings[93] - The company has increased its bank and other borrowings to approximately RMB 2,272.1 million as of June 30, 2025, from RMB 1,729.0 million as of December 31, 2024, to support business expansion[92] Expenses - Financial costs increased significantly to RMB 144.6 million in the first half of 2025 from RMB 42.7 million in the first half of 2024[5] - The income tax expense for the group was RMB 48,237,000 for the six months ended June 30, 2025, compared to RMB 39,292,000 for the same period in 2024, indicating an increase of approximately 22.5%[26] - The group’s administrative expenses were RMB 103,448,000 for the six months ended June 30, 2025, compared to RMB 24,442,000 in the previous year[20] - The group’s interest expenses increased significantly to RMB 125,399,000 from RMB 15,349,000 year-on-year[20] - Tax expenses increased from approximately RMB 39.3 million in the first half of 2024 to approximately RMB 48.2 million in the first half of 2025, primarily due to an increase in corporate income tax in China[78] - Administrative and other operating expenses rose from approximately RMB 107.2 million in the first half of 2024 to approximately RMB 120.9 million in the first half of 2025, an increase of about 12.8%[76] Business Operations - Revenue from external customers for pearlescent pigments reached RMB 851,125,000, an increase from RMB 701,155,000 in the previous year, representing a growth of approximately 21.4%[24] - The group identified two reportable segments: China and Korea, with distinct marketing strategies and management[15] - The group’s segment revenue from external customers in China was RMB 761,440,000, up from RMB 619,449,000 in the previous year, marking an increase of approximately 22.9%[22] - The Chinese business operations accounted for approximately 82.9% of total revenue in the first half of 2025, increasing by 23.8% year-on-year to RMB 755.7 million[60] - The Korean business operations generated revenue of approximately RMB 156.4 million, representing 17.1% of total revenue, a decrease from the previous year's RMB 164.3 million[60] Research and Development - Research and development expenses increased to RMB 36,480,000 in the first half of 2025, up from RMB 34,138,000 in the same period of 2024[32] - The company aims to enhance R&D investment and accelerate the commercialization of technologies in the fields of synthetic mica and pearlescent materials[84] - The company has made significant advancements in synthetic mica insulation and flame retardant technology, enhancing the performance of safety materials for new energy battery systems[56] - The company plans to leverage its R&D advantages across China, Germany, South Korea, Japan, and the United States to reduce R&D and facility barriers, aiming to shorten the incubation cycle for new technologies and increase R&D investment[87] Capital Expenditures and Investments - The company acquired property, plant, and equipment worth approximately RMB 369,433,000 in the first half of 2025, significantly higher than RMB 138,906,000 in the same period of 2024[35] - The company reported an increase in construction prepayments of approximately RMB 371,121,000, reflecting advance payments for new production facilities in Tonglu, Hangzhou[37] - The company’s capital commitments for property, plant, and equipment increased to RMB 803,462,000 as of June 30, 2025, compared to RMB 686,063,000 as of December 31, 2024[47] - The net proceeds from the global offering amounted to HKD 970.2 million, with 55.6% allocated to the construction of the second-phase production plant[80][82] - The company plans to invest RMB 330.8 million from unutilized proceeds for the settlement of the acquisition cost[81] Corporate Governance - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[108] - The roles of the chairman and CEO are currently held by the same individual, which the board believes ensures consistent leadership and effective strategic planning[109] - The company has adopted the standard code of conduct for securities trading by directors and confirmed compliance for the first half of 2025[110] - The board will continue to review and strengthen corporate governance practices to ensure compliance with applicable codes[109] Acquisitions - The company completed the acquisition of the global surface solutions business from Merck KGaA for a total consideration of €665,000,000 (approximately RMB 5,588,000,000) on July 31, 2025[48] - The acquisition of Merck KGaA's global surface solutions business was completed on July 31, 2025, enhancing the company's core technology and market resources[51] - The company has entered into a capital increase agreement for RMB 500 million, which will dilute its stake in a subsidiary from approximately 52.22% to 47.48%[99] - The company increased its stake in CQV from 42.45% to 44.59% by acquiring 342,715 shares for approximately 1,519,768,000 KRW (equivalent to about RMB 8,055,000)[106] Environmental Initiatives - The company installed a 5.9 MW photovoltaic system, expected to generate approximately 6 million kWh annually, saving millions in electricity costs and reducing CO2 emissions by over 5,120 tons[56] Legal Matters - The company faced a pending lawsuit related to patent infringement, with a claim for approximately RMB 1.1 million, but the board believes that any potential liability will not have a significant impact on the financial position[95] Miscellaneous - The company has established a global team and is conducting regular technical training and knowledge-sharing activities to support long-term development and innovation[89] - The audit committee reviewed the unaudited consolidated financial statements for the first half of 2025, which were also reviewed by an external auditor[107] - The company has not reported any significant events affecting the group since June 30, 2025[106] - The mid-term report for the first half of 2025 will be sent to shareholders and published on the stock exchange and company websites[111]

Core Insights - The acquisition of SUSONITY by Global New Materials International for €665 million marks the largest cross-border merger in China's pearlescent materials industry, signifying a breakthrough in the company's global high-end materials market strategy [1] - The merger aims to achieve deep synergy in technology, market, and product integration, propelling the surface performance materials industry into a higher quality development phase [1][2] - SUSONITY holds a leading position in the surface performance materials sector, particularly in pearlescent pigments and cosmetic active substances, with a mature global R&D-production-sales system [1][2] Company Strategy - Global New Materials International, as a leader in synthetic mica-based pearlescent materials, has a comprehensive industry chain capability, addressing the depletion of natural mica resources while excelling in cost control and environmental performance [2] - The integration of both companies will create a complete product system covering all fields, enhancing product value and customer reach in core sectors like automotive and cosmetics [2][3] Global Expansion - The merger will accelerate the company's globalization process, shifting its market focus from primarily China and South Korea to include deep penetration into the high-end markets of Europe and America [3] - Leveraging SUSONITY's established cross-border e-commerce channels and local service networks will significantly enhance the efficiency of reaching international customers, potentially leading to exponential growth in global market share and brand influence [3] Integration and Future Plans - The integration process has commenced, with a focus on retaining SUSONITY's core team and business structure to ensure a smooth transition [3] - An integration committee comprising executives from both companies will be established to create a detailed integration plan, fostering deep collaboration in technology development, manufacturing, and market channels [3] - The company's Asia-Pacific headquarters in Tonglu, Hangzhou, and a synthetic mica production base with an annual capacity of 100,000 tons are progressing, expected to be operational by the end of 2025, providing robust support for the integrated supply chain [3] Industry Impact - The completion of this acquisition is a significant milestone in the company's globalization strategy and is set to reshape the competitive landscape of global surface performance materials [4] - Through resource optimization and complementary advantages, the merger aims to offer innovative and high-performance material solutions to global customers, leading the industry to new heights [4]

格隆汇8月18日丨环球新材国际(06616.HK)公布，公司将于2025年8月28日召开董事会会议，以（其中包 括）审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议 （如有）。 ...