根据公司公告，该行测算珠光颜料双龙头(环球+坤彩)国内市占率合计超30%，高端消费级化妆品+汽车 领域(均为新消费，彩妆+汽车行业均为双位数增速)将成为未来行业增长的主要动能，同时叠加国产替 代趋势，国产化妆品/汽车厂商更有动力优先采购国内供应链。 出海并购正当时，培育全球珠光颜料龙头 ①2023年1月，公司以5亿元价格收购韩国最大珠光颜料制造商CQV42.45%的股份，2024年CQV营收 2.97亿元、同比+18%，净利润0.46亿元、同比+170%。②2025年7月，公司完成收购默克全球表面解决 方案业务，天然云母采购是困扰默克表面解决方案业务最核心的问题，公司有望在供应链为默克赋能。 产能投放+产品结构优化，量价齐升可期 国金证券发布研报称，首次覆盖，给予环球新材国际(06616)"买入"评级，预计公司2025-2027年归母净 利润分别为2.75、4.67和5.76亿元，现价对应动态PE分别为21x、12x、10x，给以2026年16倍估值，目标 价6.19港元。该行看好公司：①出海并购德国默克表面材料业务/CQV，培育全球珠光颜料龙头，②产 能投放+产品结构优化，量价齐升进行时，③珠光颜料行业化妆 ...

出海并购正当时，培育全球珠光颜料龙头 珠光颜料行业：化妆品+汽车等新消费市场前景可观 根据公司公告，该行测算珠光颜料双龙头(环球+坤彩)国内市占率合计超30%，高端消费级化妆品+汽车 领域(均为新消费，彩妆+汽车行业均为双位数增速)将成为未来行业增长的主要动能，同时叠加国产替 代趋势，国产化妆品/汽车厂商更有动力优先采购国内供应链。 智通财经APP获悉，国金证券发布研报称，首次覆盖，给予环球新材国际(06616)"买入"评级，预计公司 2025-2027年归母净利润分别为2.75、4.67和5.76亿元，现价对应动态PE分别为21x、12x、10x，给以 2026年16倍估值，目标价6.19港元。该行看好公司：①出海并购德国默克表面材料业务/CQV，培育全 球珠光颜料龙头，②产能投放+产品结构优化，量价齐升进行时，③珠光颜料行业化妆品+汽车等新消 费市场前景可观，合成云母替代天然云母是明确趋势。 国金证券主要观点如下： ①2023年1月，公司以5亿元价格收购韩国最大珠光颜料制造商CQV 42.45%的股份，2024年CQV营收 2.97亿元、同比+18%，净利润0.46亿元、同比+170%。②2025年7月， ...

截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 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 第 1 頁 共 10 頁 v 1.1.1 FF301 公司名稱: 環球新材國際控股有限公司 呈交日期: 2025年10月3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 ...

| 表格序號 | | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 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 相關法 | | | --- | --- | --- | --- | --- | --- | --- | | | 개발 | 原因 | 股份數目 | | （ 詩参関上述 * 註 | | | | | | | | 解 份自分比 年) | | | | | | | | | 96 ) | | IS20250929E00044 | 十双 | 1101(L) | 1,305,000(L | HKD 4.4385 | 439.019.948(L) | 35.43(L)26/09/2025 | | DA20250929E00042 | 苏尔田 | 1101(L) | 1,305,000(L | HKD 4.4385 | 439,019,948(L) | 35.43(L)26/09/2025 | 格隆汇9月30日丨根据联交所最新权益披露资料显示，2025年9月26日，环球新材国际(06616.HK)获执行董事、主席兼行政总裁苏尔田在场内以每股均价 4.4385港元增持130.5 ...

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]