Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Insights - The company is implementing differentiated pricing adjustments across various product groups to optimize its business structure and enhance operational quality and value creation [2][3]. - The issuance of HKD 1 billion convertible bonds at a coupon rate of 4.25% aims to strengthen the company's capital structure and support global market expansion and product development [4]. - The integration of SUSONITY is showing initial synergies, with improvements in organizational governance and cross-regional collaboration, enhancing operational efficiency [3]. Financial Projections - Revenue is projected to grow significantly, with estimates of HKD 1,056 million in 2023, increasing to HKD 6,702 million by 2027, reflecting a compound annual growth rate (CAGR) of 73.36% from 2025 to 2026 [10]. - Net profit is expected to rise from HKD 182 million in 2023 to HKD 864 million in 2027, with a notable growth rate of 161.40% in 2026 [10]. - The report adjusts the net profit forecasts for 2026 and 2027 to HKD 661 million and HKD 864 million, respectively, reflecting the positive impact of acquisitions and operational synergies [5]. Market Position and Strategy - The differentiated pricing strategy is designed to align product value with market demand, focusing on high-value-added businesses, with price adjustments ranging from 3% to 30% based on product characteristics [3]. - The company is actively pursuing global expansion through acquisitions, specifically targeting the surface materials business of Merck in Germany, to establish itself as a leader in the pearlescent pigment market [5].

Core Viewpoint - Global New Materials International Holdings Limited plans to issue HKD 1 billion convertible bonds to support operational funding, refinance existing debts, and general corporate purposes, reflecting its strategic commitment to capitalize on opportunities in the new materials industry and deepen its global layout [1] Group 1: Convertible Bond Issuance - The convertible bonds will have a face value of HKD 2 billion, with actual net proceeds estimated at approximately HKD 981 million after estimated expenses [1] - The initial conversion price is set at HKD 10.19 per share, allowing for the potential conversion into approximately 98.13 million shares, representing 7.92% of the currently issued shares and 7.34% of the total shares post-conversion [1] - The issuance is managed by HSBC and Deutsche Bank, indicating international capital market recognition of the company's growth prospects [1] Group 2: Business Performance - For the first half of 2025, the company reported revenue of HKD 912 million, a year-on-year increase of 17.7%, maintaining a robust double-digit growth rate [2] - The net profit excluding non-recurring items reached HKD 260 million, a significant year-on-year increase of 54.4%, showcasing improved profitability [2] - The growth is attributed to the optimization of product structure, with a steady increase in the proportion of high-margin high-end products, aligning with industry trends towards high-end, green, and collaborative development [2] Group 3: Strategic Development - The company employs a dual strategy of external mergers and acquisitions alongside internal development, with a recent acquisition of Merck's surface solutions business enhancing its technological and market resources [3] - The management emphasizes a "materials + innovation + full scene" strategy to drive breakthroughs in core technologies and enhance international brand integration [3] - As the only leading player in pearl pigments on the Hong Kong stock market, the company is positioned for high-quality development amid a restructuring of valuation systems and accelerated domestic substitution in the new materials industry [3]

Group 1 - The company, Global New Materials International (06616), announced a subscription agreement with HSBC and Deutsche Bank to issue convertible bonds totaling HKD 1 billion, with a conversion price set at HKD 10.19 per share [1] - The convertible bonds will be issued at 100% of their principal amount, with each bond having a face value of HKD 2 million, and can be increased in multiples of HKD 1 million [1] - If fully converted at the initial conversion price, the bonds could convert into approximately 98.14 million shares, representing about 7.92% of the total shares issued as of the announcement date [1] Group 2 - The net proceeds from the issuance are expected to be approximately HKD 981 million, which the company plans to use for working capital, refinancing existing debts, and general corporate purposes [2]

Group 1 - The company, Global New Materials International, announced a subscription agreement to issue convertible bonds totaling HKD 1 billion, with the issuance price set at 100% of the principal amount [1] - Each convertible bond will have a face value of HKD 2 million, and can be increased in multiples of HKD 1 million [1] - The initial conversion price is set at HKD 10.19 per share, which would allow the bonds to convert into approximately 98.14 million shares, representing about 7.92% of the total shares issued as of the announcement date [1] Group 2 - The net proceeds from the bond issuance are expected to be approximately HKD 981 million, which the company plans to use for working capital, refinancing existing debts, and general corporate purposes [2]

Group 1 - The company announced the issuance of convertible bonds totaling HKD 1 billion, with an agreement signed with underwriters HSBC and Deutsche Bank [1] - The bonds will have a face value of HKD 2 million each, and the conversion price is set at HKD 10.19 per share, allowing for the conversion into approximately 98.14 million shares, representing about 7.92% of the total shares issued as of the announcement date [1] - The company plans to apply for the listing and trading of the convertible bonds on the Vienna MTF and the Hong Kong Stock Exchange for the shares issued upon conversion [2] Group 2 - The net proceeds from the bond issuance are expected to be approximately HKD 981 million, which will be used to supplement working capital, refinance existing debts, and for general corporate purposes [2] - The shares issued upon conversion will be fully paid and will rank equally with existing shares in all respects [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成在任何司法管轄區內出售任何證券的要約、購買任何證券的要約招攬、 包銷、認購或以其他方式收購或處置任何證券的邀請，亦不構成任何投資建議。本公告及其中任何 內容均不構成任何合約或承諾的基礎。本公告及其任何副本均不得帶入美國或於美國分派。 本公告所指證券並未亦將不會根據經修訂的一九三三年美國證券法（經修訂）（「美國證券法」）、美國 任何州的證券法或其他司法轄區的相關法律登記；除非根據美國證券法登記，或根據美國證券法或 適用的州或本地證券法的登記規定獲得適用豁免，或屬不受該等登記規定規限的交易，否則不得在 美國提呈發售或出售該等證券。 本公告所指證券正依據美國證券法項下的S規例，於美國境外進行提呈發售及出售。本公司不會在 美國或其他禁止或限制有關證券發售的司法轄區進行公開發售證券。 公 告 根據一般授權 擬發行港元計值可換股債券 GLOBAL NEW MATERIAL INTERNATI ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 – 1 – 本公告採用香港時間及日期。 （於開曼群島註冊成立的有限公司） （股份代號：06616） 暫停辦理股份過戶登記手續 本公告由環球新材國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）作出。 董事會提述本公司日期為二零二五年十一月二十八日的公告（「首次公告」）。除文義 另有所指外，本公告所用詞彙與首次公告所界定者具有相同涵義。 董事會謹此宣佈，本公司擬於二零二六年一月五日（星期一）舉行股東特別大會，藉 以考慮並酌情批准收購事項、《七色珠光少數股權收購協議》及其項下擬進行的交易 （包括根據特定授權按發行價配發及發行代價股份）。本公司將於適當時候向股東寄 發通函、股東特別大會通告以及相關代表委任表格。 為釐定可出席股東特別大會並於會上投票的股東，本公司將於二零二五年十二月 三十日（星期二）至二零二六年一月五日（星期一）（包括首尾兩天）暫停辦理股份過戶 登記手續，期間將不會辦理任何股份過戶 ...

Core Viewpoint - Fangzheng Securities initiates coverage on Global New Materials International (06616) with a "Buy" rating, projecting revenue of 910 million yuan in the first half of 2025, driven by a 34.5% increase in pearlescent pigment sales to 15,000 tons, following the acquisition of Merck's global surface solutions business in July 2025, which enhances the company's global R&D, production, and sales network [1][3] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 910 million yuan, a year-on-year increase of 17.7%, while net profit attributable to shareholders decreased by 41.9% to 62.2 million yuan [2] - Pearlescent pigment products dominate the company's revenue, contributing 850 million yuan, a 21.4% increase year-on-year, accounting for 93% of total revenue [2] - The sales volume of pearlescent pigments reached 15,000 tons, up 34.5% year-on-year, while mica functional fillers generated revenue of 49.04 million yuan, a 19.9% increase, accounting for 5% of total revenue [2] Group 2: Strategic Developments - The acquisition of Merck's global surface solutions business for 665 million euros (approximately 5.187 billion yuan) was announced in July 2024 and completed by the end of July 2025, facilitating international expansion and enhancing global brand influence [3] - The company now has a global R&D and production network covering five major regions: China, Germany, South Korea, Japan, and the United States, along with a sales network in over 150 countries and regions, strengthening its competitive position in the high-end pearlescent pigment market [3] Group 3: Capacity Expansion - The company is advancing its capacity expansion, with the second phase of the Seven Color Pearlescent project, which will add 30,000 tons of pearlescent materials, set to gradually commence production within the year [4] - The Tonglu project for 100,000 tons of surface performance materials is currently in the equipment installation phase, and the new capacity will further solidify the company's leading position in the global pearlescent materials market [4]

Core Viewpoint - Fangzheng Securities initiates coverage on Global New Materials International (06616) with a "recommended" rating, projecting revenue of 910 million yuan in the first half of 2025, driven by a 34.5% increase in pearlescent pigment sales to 15,000 tons, following the acquisition of Merck's global surface solutions business in July 2025, which enhances the company's global R&D, production, and sales network [1][3]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 910 million yuan, a year-on-year increase of 17.7%, while net profit attributable to shareholders decreased by 41.9% to 62.2 million yuan [2]. - Pearlescent pigment products dominate the company's revenue, contributing 850 million yuan in the first half of 2025, a 21.4% increase year-on-year, accounting for 93% of total revenue [2]. - The sales volume of pearlescent pigment products reached 15,000 tons, reflecting a 34.5% year-on-year increase, while the gross margin slightly improved to 52.0% due to product structure enhancement and declining raw material costs [2]. Group 2: Strategic Acquisitions - The company announced plans to acquire Merck's global surface solutions business for 665 million euros (approximately 5.187 billion yuan), completing the acquisition by the end of July 2025, which is expected to accelerate internationalization and enhance global brand influence [3]. - This strategic integration will establish a global R&D and production network covering five major regions: China, Germany, South Korea, Japan, and the United States, and a sales network spanning over 150 countries and regions, strengthening the company's competitive position in the high-end pearlescent pigment sector [3]. Group 3: Capacity Expansion - The company is progressing with the second phase of its seven-color pearlescent project, which will add 30,000 tons of pearlescent materials, while the Tonglu project for 100,000 tons of surface performance materials is in the equipment installation phase, further solidifying the company's leading position in the global pearlescent materials market [4].

Core Viewpoint - Global New Materials International (06616) has seen a stock price increase of over 4%, currently trading at HKD 9.69, with a transaction volume of HKD 93.31 million [1] Group 1: Acquisition Details - The company announced plans to acquire approximately 2.57% equity in Seven Color Pearl for HKD 69.02 million [1] - Following the acquisition, Global New Materials International's ownership in Seven Color Pearl will rise to 99.76% [1] Group 2: Business Impact - Seven Color Pearl primarily engages in the production and sales of pearlescent pigments and mica functional fillers, which are core business units for the company [1] - The increase in equity stake is aimed at consolidating more profit distributions and enhancing overall financial performance [1]