Market Overview - The rubber sector increased by 2.34% on November 17, with Kexin Innovation leading the gains [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Key Performers in Rubber Sector - Kexin Innovation (300731) closed at 47.90, up 8.40%, with a trading volume of 175,500 shares and a transaction value of 828 million [1] - Litong Technology (920225) closed at 46.30, up 6.19%, with a trading volume of 94,200 shares [1] - Tiantie Technology (300587) closed at 8.02, up 5.53%, with a trading volume of 524,600 shares and a transaction value of 414 million [1] - Yuanchang New Materials (301300) closed at 47.10, up 5.11%, with a trading volume of 158,200 shares and a transaction value of 267 million [1] - Heimao Co. (002068) closed at 11.12, up 4.71%, with a trading volume of 608,700 shares and a transaction value of 682 million [1] Fund Flow Analysis - The rubber sector saw a net inflow of 142 million from institutional investors, while retail investors experienced a net inflow of 55.86 million [2] - Retail funds showed a net outflow of 198 million, indicating a mixed sentiment among different investor types [2] Individual Stock Fund Flow - Heimao Co. (002068) had a net inflow of 56.24 million from institutional investors, while retail investors had a net outflow of 5.97 million [3] - Kexin Innovation (300731) experienced a net inflow of 30.32 million from institutional investors, with retail investors showing a net outflow of 3.65 million [3] - Tiantie Technology (300587) had a net inflow of 29.78 million from institutional investors, while retail investors had a net outflow of 20.93 million [3]

Core Viewpoint - The company has triggered the conditional redemption clause for its convertible bonds, "Tongcheng Convertible Bonds," due to the stock price exceeding 130% of the conversion price for 15 trading days, leading to an early redemption decision by the board of directors [2][3]. Redemption Details - The company announced the early redemption of "Tongcheng Convertible Bonds" at a price of 101.44 yuan per bond, which includes accrued interest [7]. - The total amount for the redemption is 1,572,320.00 yuan, covering 15,500 bonds, with the payment date set for November 14, 2025 [5][10]. - The redemption registration date is November 13, 2025, and the bonds will be delisted on the same day [6][10]. Impact on Company - The redemption will not significantly impact the company's cash flow, as the total redemption amount is relatively small compared to the company's financial position [10]. - Following the redemption, the company's total share capital will increase to 616,141,306 shares, which may dilute earnings per share in the short term but is expected to strengthen the company's capital structure and reduce future interest expenses [10]. Shareholder Changes - The controlling shareholder, RED AVENUE INVESTMENT GROUP LIMITED, and its concerted party, Virgin Holdings Limited, hold a combined total of 375,570,200 shares, representing 60.96% of the total share capital after the redemption [12]. - Virgin Holdings Limited has fully released its pledged shares, and there are currently no pledged shares held by the controlling shareholder or its concerted parties [12].

| 股票代码：603650 | 股票简称：彤程新材 | 编号：2025-091 | | --- | --- | --- | | 债券代码：113621 | 债券简称：彤程转债 | | 彤程新材料集团股份有限公司 关于"彤程转债"赎回结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 一、本次可转债赎回的公告情况 （一）有条件赎回条款满足情况 彤程新材料集团股份有限公司（以下简称"公司"）股票自 2025 年 9 月 24 日至 2025 年 10 月 22 日期间，已有 15 个交易日的收盘价不低于"彤程转债"当期转股价格 的 130%（即 40.443 元/股），根据《彤程新材料集团股份有限公司公开发行可转换公 司债券募集说明书》（以下简称"《募集说明书》"）的约定，已触发"彤程转债"的有条 件赎回条款。 （二）本次赎回事项公告披露情况 公司于 2025 年 10 月 22 日召开第四届董事会第二次会议，审议通过了《关于提 前赎回"彤程转债"的议案》，公司董事会决定行使"彤程转债"的提前赎回权 ...

公司近日收到 Virgin Holdings Limited 的通知，获悉其质押的公司股份已全 部办理了股份解除质押业务，具体事项如下： 一、股东本次股份解除质押情况 | 股票代码：603650 | 股票简称：彤程新材 编号：2025-092 | | --- | --- | | 债券代码：113621 | 债券简称：彤程转债 | 彤程新材料集团股份有限公司 关于控股股东之一致行动人股份解除质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 ●彤程新材料集团股份有限公司（以下简称"公司"）控股股东 RED AVENUE INVESTMENT GROUP LIMITED之一致行动人Virgin Holdings Limited持有公司 股份 80,162,700 股，占公司总股本（以 2025 年 11 月 13 日总股本 616,141,306 股 计算，下同）的 13.01%；控股股东及其一致行动人合计持有公司股份 375,570,200 股，占公司总股本的 60.96%；本次办理解除质押业务后，Virg ...

Group 1 - The core point of the news is that Tongcheng New Materials announced the release of share pledges by its major shareholder, Virgin Holdings Limited, which now holds approximately 80.16 million shares, accounting for 13.01% of the total share capital [1] - The controlling shareholder and its concerted parties collectively hold about 376 million shares, representing 60.96% of the total share capital [1] - After the release of the pledges, there are no pledged shares held by the controlling shareholder and its concerted parties [1] Group 2 - For the fiscal year 2024, the revenue composition of Tongcheng New Materials is as follows: rubber additives account for 74.67%, electronic materials account for 22.77%, biodegradable materials account for 2.47%, and other businesses account for 0.09% [1] - The current market capitalization of Tongcheng New Materials is 22.4 billion yuan [2]

Core Viewpoint - The company, Tongcheng New Materials, announced that its shareholder, Virgin Holdings Limited, has completed the release of all pledged shares, totaling 40,000,000 shares, which represents 49.90% of Virgin Holdings' holdings and 6.49% of the company's total share capital [1] Summary by Categories - **Share Pledge Release** - Virgin Holdings Limited has released all pledged shares, amounting to 40,000,000 shares [1] - This release accounts for 49.90% of the shares held by Virgin Holdings Limited [1] - The released shares represent 6.49% of the total share capital of the company [1] - **Current Shareholding Status** - Following the release, Virgin Holdings Limited and its concerted parties have no pledged shares remaining [1]

Market Overview - The rubber sector increased by 1.99% on November 13, with Kexin Innovation leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Key Stocks Performance - Kexin Innovation (300731) closed at 44.20, up 5.94% with a trading volume of 102,700 shares and a turnover of 448 million yuan [1] - Quancheng Co. (605183) closed at 20.72, up 5.55% with a trading volume of 68,900 shares and a turnover of 140 million yuan [1] - Heimao Co. (002068) closed at 10.45, up 4.81% with a trading volume of 376,800 shares and a turnover of 390 million yuan [1] - Other notable performers include Sanwei Equipment (920834) and Yuanxiang New Materials (301300), with increases of 4.13% and 3.89% respectively [1] Capital Flow Analysis - The rubber sector saw a net inflow of 4.0468 million yuan from main funds, while retail funds experienced a net inflow of 35.5246 million yuan [2][3] - Speculative funds had a net outflow of 39.5714 million yuan, indicating a shift in investment strategies among different types of investors [2][3] Individual Stock Capital Flow - Sanqiang Co. (002068) had a main fund net inflow of 28.2787 million yuan, while speculative funds saw a net outflow of 18.2234 million yuan [3] - Kexin Innovation (300731) experienced a main fund net inflow of 10.3333 million yuan, with a significant outflow from speculative funds [3] - Other stocks like Haida Co. (300320) and Lian Ke Technology (001207) also showed varying capital flows, reflecting investor sentiment [3]

Core Viewpoint - Tongcheng New Materials has shown a mixed performance in stock price and financial results, with a notable increase in revenue and profit year-on-year, while facing fluctuations in stock price over recent trading periods [1][2]. Financial Performance - As of September 30, 2025, Tongcheng New Materials reported a revenue of 2.523 billion yuan, representing a year-on-year growth of 4.06% [2]. - The net profit attributable to shareholders for the same period was 494 million yuan, reflecting a year-on-year increase of 12.65% [2]. - Cumulatively, the company has distributed 1.493 billion yuan in dividends since its A-share listing, with 847 million yuan distributed over the past three years [3]. Stock Market Activity - On November 13, the stock price of Tongcheng New Materials increased by 2.01%, reaching 39.15 yuan per share, with a trading volume of 183 million yuan and a turnover rate of 0.79% [1]. - The company’s market capitalization stands at 23.449 billion yuan [1]. - Year-to-date, the stock price has risen by 13.57%, but it has seen a decline of 1.26% over the last five trading days and a 7.38% drop over the last 20 days [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 60,200, up by 27.61%, while the average number of circulating shares per person decreased by 21.42% to 9,914 shares [2]. - Notable institutional shareholders include Penghua Zhongzheng Subdivision Chemical Industry Theme ETF and Southern Zhongzheng 500 ETF, with changes in their holdings noted [3].

Core Insights - The semiconductor photoresist industry is crucial for chip manufacturing, directly impacting chip resolution, yield, and cost, and is characterized by high technical barriers [1][2] - China is prioritizing the development of photoresists through multi-dimensional policy support, aiming for a market size of approximately $13.46 billion by 2024 [1][8] - Domestic companies are forming a multi-tiered industrial structure, with leading firms like Nanda Optoelectronics and Tongcheng New Materials achieving mass production and integration into supply chains [1][12] Industry Overview - Semiconductor photoresists, also known as photoresists, are materials that change solubility when exposed to radiation, playing a key role in accurately transferring circuit patterns onto wafers [2][3] - The market for semiconductor materials in China is projected to reach $13.46 billion in 2024, with a growth rate of approximately 2.85% [8][12] Policy Support - The Chinese government has established a comprehensive policy framework to support the semiconductor industry, including tax incentives and application demonstrations, to accelerate the development of photoresists [5][6] - Key policy documents include the "14th Five-Year Plan for the Development of Raw Materials Industry" and the "Action Plan for Stable Growth of Electronic Information Manufacturing Industry 2025-2026" [6][8] Industry Chain - The semiconductor photoresist industry chain in China is characterized by strong collaboration across upstream, midstream, and downstream sectors, with a clear path towards domestic production [6][8] - Domestic companies have achieved high self-sufficiency in mid-to-low-end raw materials, while high-end materials still require breakthroughs [6][10] Market Dynamics - The demand for high-end photoresists is increasing as chip manufacturing processes advance, with the market for photoresists expected to reach approximately 5.63 billion yuan in 2024 [12][14] - The domestic market is seeing a shift towards local alternatives, with KrF photoresists becoming the mainstay for mid-to-high-end applications and ArF photoresists achieving significant breakthroughs [12][14] Competitive Landscape - The global photoresist market is dominated by foreign giants, with Japanese and American companies holding about 87% of the market share [12][14] - Domestic companies are gradually increasing their market share in mature processes, with firms like Nanda Optoelectronics leading in ArF photoresists and Tongcheng New Materials dominating KrF photoresists [14][16] Future Trends - The semiconductor photoresist industry in China is expected to evolve along three main lines: technological breakthroughs, ecological collaboration, and competitive restructuring [15][16] - Future developments will focus on enhancing the performance of KrF and ArF photoresists, advancing EUV photoresist technology, and fostering vertical integration within the industry [15][16]

Core Points - The company announces the redemption and delisting of "Tongcheng Convertible Bonds" [1][4] - The redemption price is set at 101.44 CNY per bond, including accrued interest [2][8] - The last trading day for the bonds is November 10, 2025, and they will stop trading from November 11, 2025 [2][12] Redemption Details - Redemption registration date is November 13, 2025 [2][7] - The last conversion date for the bonds is also November 13, 2025 [3][12] - The company has triggered the conditional redemption clause due to the stock price being above 130% of the conversion price for 15 trading days [5][6] Financial Implications - The accrued interest calculation results in 1.44 CNY per bond, leading to a total redemption amount of 101.44 CNY [8][13] - Investors who do not convert their bonds by the deadline will face forced redemption at the specified price [4][15] - The market price of the bonds on the last trading day is significantly higher than the redemption price, indicating potential losses for investors who do not convert [15]