Core Viewpoint - Zhejiang Longsheng has successfully completed an overseas acquisition to resolve a dispute, spending approximately $702 million (over 4.9 billion RMB) to acquire the remaining 37.57% stake in Dystar Global Holdings, a global leader in dye production [1][4]. Group 1: Acquisition Details - The acquisition was prompted by a court ruling requiring the overall sale of Dystar's shares, leading Zhejiang Longsheng to act as the controlling shareholder [1][3]. - Dystar is a profitable company, with projected earnings of approximately $116 million and $62.96 million for 2024 and the first three quarters of 2025, respectively [4]. - The acquisition is expected to enhance Zhejiang Longsheng's net profit attributable to shareholders [2][5]. Group 2: Financial Impact - The acquisition will not significantly impact Zhejiang Longsheng's cash flow, as the company had cash reserves of 20.72 billion RMB and interest-bearing liabilities of around 18 billion RMB as of September 2025 [2]. - Zhejiang Longsheng's net profit attributable to shareholders for the first three quarters of 2025 was approximately 1.4 billion RMB, indicating a 3.23% year-on-year increase [10]. - The company has maintained a strong financial position, with a debt-to-asset ratio of 51.18% and negative financial expenses of 147 million RMB for the first three quarters of 2025 [10]. Group 3: Historical Performance - Zhejiang Longsheng has demonstrated strong profitability, with annual net profits exceeding 1 billion RMB for 12 consecutive years from 2013 to 2024 [9]. - Despite fluctuations in performance, the company achieved a net profit of 2.03 billion RMB in 2024, marking a 32.36% year-on-year increase [8]. - The company has consistently generated positive operating cash flow, with a net cash flow of 5.56 billion RMB for the first three quarters of 2025, reflecting a 46.71% year-on-year growth [10].

The settlement was concluded through several agreements, including a Share Buy-Back Agreement and a Framework Agreement, both dated 12 December 2025, as well as an Amended and Restated Share Purchase Agreement finalised on 13 December 2025. These agreements amended the original Share Purchase Agreement signed on 29 May 2025. The transaction involved the purchase of a 37.5% shareholding previously held by KIRI Industries for a total sum of $688.88m. DyStar provided $426.52m of the payment while Zhejiang ...

一份来自新加坡的股权交割证明，让这场跨越数年的国际商业纠纷与资本博弈画上了句号。 1月5日，浙江龙盛集团股份有限公司（证券代码：600352，简称：浙江龙盛）发布公告，宣布其控股子公司德司达全球控股（新加坡）有限公司已成为其 100%持股的全资子公司。这笔总金额达7.02亿美元的交易于2025年12月30日正式完成交割。 作为国内染料行业的龙头企业，浙江龙盛通过此次资本操作，不仅彻底解决了一项旷日持久的跨国诉讼，更将这家全球领先的特殊化学品公司完全纳入麾 下，离其 "全球一流特殊化学品生产服务商" 的战略目标更近一步。 实现全资控股 浙江龙盛2025年5月启动了对德司达剩余37.57%股份的收购程序。根据公告，浙江龙盛原本持有德司达62.43% 的股份，为控股股东。 整个交易由两部分组成：德司达自身定向回购其20% 的股份并注销；同时，浙江龙盛通过其全资子公司盛德国际资本有限公司收购剩余的17.57% 股份。 两项交易合计支付7.0247亿美元。交易完成后，德司达的股东结构变更为浙江龙盛旗下三家全资子公司，实现了完全控股。 | 投资标的名称 | 德司达定向回购 20%股份,公司收购德司达 | | --- | ...

Core Viewpoint - The Zhejiang Provincial Department of Science and Technology has announced the project list for the 2026 "Pioneer Leading Goose + X" technology plan, which includes a total of 441 projects, comprising 69 "Pioneer" projects, 309 "Leading Goose" projects, and 63 technology cooperation projects [1][2]. Group 1: Project Overview - The 2026 "Pioneer Leading Goose + X" technology plan includes 441 projects in total [1][2]. - The projects are categorized into three types: "Pioneer" projects, "Leading Goose" projects, and technology cooperation projects [1][2]. Group 2: Project Details - The "Pioneer" projects include advanced technologies such as high-consistency diamond NV sensor mass production technology and quantum sensor preparation research [5][6]. - The "Leading Goose" projects focus on environmental technology, including key technologies for the treatment of new pollutants in various industries [8][9]. Group 3: Implementation Guidelines - Project units are required to submit project task books through the Zhejiang Provincial Science and Technology Management Platform by specified deadlines, with penalties for late submissions [3][4]. - The management of funds must adhere to specific regulations to ensure proper allocation and usage [4].

证券代码：600352 证券简称：浙江龙盛 公告编号：2026-001 浙江龙盛集团股份有限公司 鉴于新加坡国际商事法庭对公司购买德司达少数股东权益资产的交易有一 定的时间限制，为确保公司能实现全资控股德司达，公司于 2025 年 12 月 12 日 以通讯方式召开第十届董事会第四次会议，审议通过《关于控股子公司德司达定 向回购股份及公司收购德司达少数股东权益的议案》。公司决定同步启动德司达 定向回购股份以及公司收购德司达少数股东权益事项，具体内容详见公司于 第 1页 共 2 页 2025 年 12 月 16 日披露的《关于控股子公司德司达定向回购股份及公司收购德 司达少数股东权益的公告》（公告编号：2025-049 号）。 二、本次交易完成情况 2025 年 12 月 30 日，德司达向指定账户支付 20%股份回购款 426,519,921.56 美元；公司全资子公司盛德国际资本有限公司向指定账户支付德司达 17.57%股 份收购款 275,954,485.13 美元（包含前期已向托管账户支付的金额），本次交易 合计金额 702,474,406.69 美元（最终的交割金额待接管人分配完成后会略微调 整），经 ...

Core Viewpoint - The consumption of disperse ink in China is expected to grow significantly from 6,300 tons in 2015 to 36,000 tons by 2024, with a compound annual growth rate (CAGR) of 21%, driven by the increasing penetration of digital printing technology and the optimization of disperse ink performance [1][7]. Industry Overview - Disperse ink is primarily made from disperse dyes and is mainly used for printing on polyester fabrics, offering advantages such as vibrant colors, excellent wash fastness, and short dyeing times [3][6]. - The market is divided into two main segments: sublimation ink, which accounts for 90% of the market, and high-temperature disperse ink, which is expected to gain market share due to its environmental benefits [1][7]. Market Segmentation - Sublimation ink is the most widely used due to its efficiency and ability to detect defects during the transfer process, thus reducing production costs [1][7]. - High-temperature disperse ink, while currently holding a smaller market share, is more environmentally friendly as it eliminates the need for transfer paper, which is expected to enhance its market presence in the future [1][11]. Competitive Landscape - The disperse ink market has seen a shift from foreign dominance to a more competitive landscape with domestic companies like Zhejiang Lanyu Digital Technology Co., Ltd. and Zhengzhou Hongsheng Digital Technology Co., Ltd. gaining significant market share [2][9]. - Companies are focusing on R&D and local production to meet the growing demand for high-quality disperse inks [9][10]. Industry Development Trends 1. **Increase in High-Temperature Disperse Ink Market Share** - High-temperature disperse ink is becoming a preferred choice due to its compliance with environmental regulations and its ability to solve issues related to color migration in sublimation inks [11][12]. 2. **Product Functionalization and Value Addition** - Companies are integrating additional functionalities into disperse inks, such as flame retardancy and UV resistance, to meet diverse market needs, particularly in sportswear and outdoor applications [12][13]. 3. **Market Consolidation and Focus on Leading Enterprises** - The industry is moving towards consolidation, with leading companies expanding their market share while smaller firms face challenges due to rising costs and regulatory pressures [13].

Core Viewpoint - The demand for active ink in China's market is increasing due to the growth in downstream applications, innovations in digital inkjet printing technology, and stricter environmental policies promoting sustainable alternatives to traditional dyes [1][7]. Industry Overview - The active ink industry in China has seen a rise in consumption from 1,400 tons in 2015 to an expected 8,100 tons by 2024, indicating a stable growth trend [1][7]. - Active ink is primarily used in digital inkjet printing, which includes dye-based and coating inks, with active dye ink being a significant component due to its superior performance [3][4]. Industry Chain - The upstream of the active ink industry includes raw materials such as active dyes, surfactants, and deionized water, while the midstream involves the manufacturing of active ink products, and the downstream focuses on applications in textiles and printing [4][5]. Competitive Landscape - The high-end market for active ink is dominated by companies from Europe, the United States, Japan, and South Korea, while China's industry is characterized by smaller firms with varying capabilities, although some strong domestic manufacturers are emerging [8]. Related Companies - Key players in the active ink market include Blue Universe Co., Ltd., Honghua Digital Technology Co., Ltd., and Zhejiang Longsheng Group, among others, which are involved in the research, production, and sales of digital printing inks [9][10]. Development Trends - The active ink industry is expected to expand beyond textile printing into flexible electronics and smart packaging, with a focus on multifunctionality and environmental sustainability [12][13].

一、合作投资基本概述情况 2025 年 11 月 28 日，公司与普通合伙人上海卿云私募基金管理有限公司（以 下简称"卿云私募"）、有限合伙人上海静安产业引导股权投资基金有限公司、上 海卿云一号创业投资合伙企业（有限合伙）、上海未来启点私募投资基金合伙企 业（有限合伙）、安徽金扁担股权投资有限公司及特殊有限合伙人上海复瓴智辉 企业管理合伙企业（有限合伙）签署《上海相辉一号创业投资合伙企业（有限合 伙）之合伙协议》，共同投资设立上海相辉一号创业投资合伙企业（有限合伙） （以下简称"相辉一号"），本次募集资金 7.427 亿元，公司作为有限合伙人以自 有资金认缴出资 2 亿元，首次出资 8,000 万元，占合伙企业认缴出资额的 26.93%。 根据公司《章程》等有关规定，本次交易未达到董事会及股东会审议标准，无需 提交董事会或股东会审议。具体内容详见公司 2025 年 11 月 29 日披露于上海证 券交易所官网（www.sse.com.cn）的《浙江龙盛与私募基金合作投资公告》（公 告编号：2025-048）。 第 1页 共 4 页 二、投资私募基金的进展情况 公司于近日收到基金管理人卿云私募的通知，相辉一号所 ...

Group 1 - Zhejiang Longsheng Group Co., Ltd. is located in Shaoxing, Zhejiang Province, and was established on March 23, 1998, with its listing date on August 1, 2003 [1] - The company's main business involves dyes, intermediates, water-reducing agents, as well as inorganic chemical products like soda ash and synthetic ammonia. The revenue composition is as follows: dyes 55.83%, intermediates 23.14%, additives 7.33%, inorganic products 5.08%, real estate 3.48%, other businesses 1.88%, automotive parts 1.23%, color standards and sustainable development solutions 1.22%, and others 0.81% [1] Group 2 - The fund "Shangyin Value Growth 3-Month Holding Period Mixed A" (013284) holds 42,100 shares of Zhejiang Longsheng, accounting for 2.61% of the fund's net value, ranking as the seventh largest holding [2] - The fund has a total scale of 1.9204 million, with a year-to-date return of 24.56%, ranking 3769 out of 8087 in its category, and a one-year return of 24.17%, ranking 3616 out of 8085 [2] Group 3 - The fund manager Zhao Zhiyue has a tenure of 10 years and 235 days, with a total asset scale of 1.768 billion. The best fund return during his tenure is 138.78%, while the worst is -42.27% [3] - The co-manager Chen Bo has a tenure of 5 years and 333 days, with a total asset scale of 791 million. The best fund return during his tenure is 88.39%, while the worst is -8.38% [3]

（文章来源：证券日报） 证券日报网讯 12月26日，浙江龙盛发布公告称，截至本公告披露日，公司未对控股股东和实际控制人 及其关联人提供担保，公司及控股子公司不存在逾期担保的情形。 ...