Market Performance - The non-metal materials sector increased by 2.99% on September 11, with Lianrui New Materials leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - Lianrui New Materials (688300) closed at 55.04, up 6.34% with a trading volume of 73,300 shares and a turnover of 393 million yuan [1] - Quartz Co. (603688) closed at 38.79, up 4.27% with a trading volume of 173,400 shares and a turnover of 663 million yuan [1] - Strength Diamond (301071) closed at 30.49, up 2.73% with a trading volume of 60,900 shares and a turnover of 184 million yuan [1] - Other notable stocks include Suotong Development (603612) at 27.77, up 2.43%, and Qilu Huaxin (830832) at 8.91, up 1.25% [1] Capital Flow - The non-metal materials sector saw a net inflow of 25.82 million yuan from institutional investors, while retail investors experienced a net outflow of 72.27 million yuan [2][3] - The main capital inflow was observed in Quartz Co. with a net inflow of 35.55 million yuan from institutional investors [3] - Lianrui New Materials experienced a net outflow of 19.01 million yuan from institutional investors [3]

Group 1 - The core viewpoint of the article highlights the current state and future trends of the non-metallic mineral products industry in China, as reported by Zhiyan Consulting [1] - As of January to July 2025, the number of enterprises in the non-metallic mineral mining and selection industry is 4,002, which represents a decrease of 41 compared to the same period last year, reflecting a year-on-year decline of 1.01% [1] - The proportion of non-metallic mineral mining and selection enterprises in the total industrial enterprises is 0.77% [1] Group 2 - The report indicates that the threshold for large-scale industrial enterprises has been raised from an annual main business income of 5 million to 20 million yuan since 2011 [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [1] - The consulting firm emphasizes its commitment to delivering quality services and market insights to empower investment decisions [1]

Group 1 - The company is holding its second extraordinary general meeting of shareholders in 2025 on September 11, 2025, at 14:30, at the office building of its wholly-owned subsidiary, Zhengtai New Materials Technology Co., Ltd. [1][2] - The meeting will utilize a combination of on-site and online voting methods, with specific voting times outlined for both platforms [2][3] - Shareholders are required to apply for speaking rights and are limited to five minutes for their remarks during the meeting [2][3] Group 2 - The first agenda item involves the proposal to transfer a 5.8975% equity stake in Pingyang Rural Commercial Bank, which aims to optimize the company's asset structure and resource allocation [4] - The second agenda item is a proposal for a capital increase of 1.1 billion yuan (110,000.00 million yuan) to its wholly-owned subsidiary, Zhengtai New Materials, raising its registered capital to 2 billion yuan (200,000.00 million yuan) [5]

Market Overview - On September 4, the non-metal materials sector declined by 1.71% compared to the previous trading day, with Lianrui New Materials leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable gainers in the non-metal materials sector included: - Changjiang Materials, up 10.00% to 26.40, with a trading volume of 183,900 shares and a turnover of 470 million yuan [1] - Ningxin New Materials, up 7.58% to 19.88, with a trading volume of 265,300 shares and a turnover of 528 million yuan [1] - Tianma New Materials, up 4.44% to 40.69, with a trading volume of 104,800 shares and a turnover of 419 million yuan [1] - Lianrui New Materials saw a decline of 4.45% to 50.50, with a trading volume of 74,900 shares and a turnover of 385 million yuan [2] Capital Flow - The non-metal materials sector experienced a net inflow of 147 million yuan from institutional investors, while retail investors saw a net outflow of 59.57 million yuan [2] - The capital flow for key stocks showed: - Changjiang Materials had a net inflow of 157 million yuan from institutional investors, while retail investors had a net outflow of 78.39 million yuan [3] - Lianrui New Materials had a net outflow of 17.98 million yuan from institutional investors, with a net inflow of 27.89 million yuan from retail investors [3]

福建坤彩材料科技股份有限公司 2025 年第二次临时股东会 会 议 资 料 福建•福州 二〇二五年九月 | | | 福建坤彩材料科技股份有限公司 2025 年第二次临时股东会会议资料 福建坤彩材料科技股份有限公司 2025 年第二次临时股东会参会须知 为维护投资者的合法权益，保障股东在福建坤彩材料科技股份有限公司（以下 简称"公司"）2025 年第二次临时股东会期间依法行使权利，确保股东会的正常秩 序和议事效率，根据《中华人民共和国公司法》（以下简称"《公司法》"）《公司章 程》《股东会议事规则》的有关规定，特制定本须知： 一、请按照本次股东会会议通知（详见公司于 2025 年 8 月 26 日刊登于上海证 券交易所网站（www.sse.com.cn）的《关于召开 2025 年第二次临时股东会的通知》） 中规定的时间和登记方法办理参加会议手续，证明文件不齐或手续不全的，谢绝参 会。 二、本公司设立股东会秘书处，具体负责会议有关各项事宜。 三、本次股东会以现场投票和网络投票相结合的方式召开。 四、股东参加股东会依法享有发言权、质询权、表决权等权利，同时也应履行 法定义务，自觉维护会场秩序，尊重其他股东的合法权益 ...

Market Overview - The non-metal materials sector experienced a decline of 1.57% on September 3, with Changjiang Materials leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable gainers included Ningxin New Materials, which rose by 10.79% to a closing price of 18.48, and Tianma New Materials, which increased by 4.12% to 38.96 [1] - Conversely, Changjiang Materials fell by 5.88% to 24.00, and other stocks like Bingyang Technology and Qilu Huaxin also saw declines of 5.53% and 3.08% respectively [2] Trading Volume and Capital Flow - The non-metal materials sector saw a net inflow of 54.54 million yuan from institutional investors, while retail investors experienced a net outflow of 34.45 million yuan [2] - The trading volume for Ningxin New Materials was 234,800 hands, with a transaction value of 427 million yuan, indicating strong investor interest [1] Individual Stock Capital Flow - Key stocks such as Suotong Development and Longgao Co. had significant capital movements, with Suotong Development seeing a net inflow of 89.68 million yuan from institutional investors [3] - In contrast, Changjiang Materials had a net outflow of 9.39 million yuan from institutional investors, indicating a lack of confidence among larger investors [3]

Market Overview - The non-metal materials sector experienced a decline of 3.75% on September 2, with Lianrui New Materials leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers in the non-metal materials sector included: - Changjiang Materials: Closed at 25.50, up 2.74% with a trading volume of 246,300 shares and a turnover of 613 million yuan [1] - Bingyang Technology: Closed at 13.01, up 2.12% with a trading volume of 35,000 shares [1] - Major decliners included: - Lianrui New Materials: Closed at 53.13, down 7.16% with a trading volume of 93,600 shares and a turnover of 510 million yuan [2] - Quartz Shares: Closed at 40.04, down 4.62% with a trading volume of 199,800 shares and a turnover of 814 million yuan [2] Capital Flow - The non-metal materials sector saw a net outflow of 316 million yuan from institutional investors, while retail investors contributed a net inflow of 238 million yuan [2] - The detailed capital flow for selected stocks showed significant outflows for: - Lianrui New Materials: Net outflow of 56.86 million yuan from institutional investors [3] - Quartz Shares: Net outflow of 84.32 million yuan from institutional investors [3] - Retail investors showed a net inflow into several stocks, including: - Longgao Co.: Net inflow of 6.11 million yuan [3] - Changjiang Materials: Net inflow of 43.57 million yuan [3]

Core Viewpoint - KunCai Technology (603826) reported a year-on-year increase in total revenue and net profit for the first half of 2025, indicating positive financial performance despite challenges in gross margin and accounts receivable levels [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 572 million yuan, a 7.61% increase compared to 2024 [1]. - Net profit attributable to shareholders was 49.41 million yuan, up 11.93% year-on-year [1]. - In Q2 2025, total revenue was 315 million yuan, reflecting a 13.6% increase year-on-year, while net profit for the quarter was 25.56 million yuan, a 7.21% increase [1]. Key Financial Ratios - Gross margin decreased to 28.75%, down 13.73% year-on-year [1]. - Net margin improved to 9.1%, an increase of 3.36% compared to the previous year [1]. - The ratio of selling, general, and administrative expenses to revenue decreased to 14.97%, down 20.31% year-on-year [1]. Cash Flow and Receivables - Operating cash flow per share improved significantly to -0.01 yuan, a 91.06% increase year-on-year [1]. - Accounts receivable represented 675.29% of net profit, indicating a high level of receivables relative to profit [1][6]. Changes in Financial Items - Cash and cash equivalents decreased by 55.56% to 157.01 million yuan due to improved sales collections [2]. - Prepayments increased by 39.01% due to higher advance payments for raw materials [2]. - Other receivables surged by 179.95% due to increased financing guarantees [2]. Cost and Expenses - Operating costs rose by 15.0%, driven by increased revenue from pearl materials, titanium dioxide, and iron oxide [3]. - Financial expenses decreased by 34.17% due to increased exchange gains [3]. Investment and Financing Activities - Cash flow from investing activities improved by 82.71% as cash outflows for fixed asset investments decreased [3]. - Cash flow from financing activities dropped by 81.04% due to increased debt repayments [4]. Business Model and Historical Performance - The company's return on invested capital (ROIC) was 2.8%, indicating weak capital returns, with a historical median ROIC of 12.72% since its listing [5]. - The business relies heavily on research and marketing efforts, necessitating further analysis of these drivers [5].

Market Overview - The non-metal materials sector experienced a decline of 0.52% on August 26, with Quartz Co. leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Individual Stock Performance - Quartz Co. (603688) closed at 40.47, down 4.17% with a trading volume of 313,300 shares [1] - Ningxin New Materials (839719) closed at 16.14, down 1.82% with a trading volume of 44,800 shares [1] - Lianrui New Materials (688300) closed at 62.96, down 1.01% with a trading volume of 58,300 shares [1] - Dongfang Xiayuan (832175) closed at 12.86, down 1.00% with a trading volume of 33,100 shares [1] - Power Diamond (301071) closed at 31.54, down 0.76% with a trading volume of 48,800 shares [1] - Kuncai Technology (603826) closed at 20.60, down 0.68% with a trading volume of 58,500 shares [1] - Qilu Huaxin (830832) closed at 8.71, down 0.46% with a trading volume of 24,900 shares [1] - Bingyang Technology (836675) closed at 12.80, up 0.87% with a trading volume of 21,500 shares [1] - Tianma New Materials (838971) closed at 39.39, up 2.15% with a trading volume of 65,900 shares [1] - Longgao Co. (605086) closed at 29.34, up 2.48% with a trading volume of 59,100 shares [1] Capital Flow Analysis - The non-metal materials sector saw a net outflow of 168 million yuan from institutional investors, while retail investors contributed a net inflow of 148 million yuan [1] - Speculative funds recorded a net inflow of 19.89 million yuan into the sector [1]

Core Viewpoint - The company is focusing on high-quality development through technological and industrial innovation, particularly in the fields of pearlescent materials and titanium dioxide production, amidst a challenging global economic environment [2][3]. Group 1: Company Overview - The company achieved a revenue of 572.41 million yuan in the first half of 2025, representing a year-on-year increase of 7.61% [3]. - The net profit attributable to shareholders was 49.41 million yuan, reflecting an increase of 11.93% compared to the previous year [3]. - The sales revenue from titanium dioxide, iron oxide, and pearlescent materials all showed growth, although the overall gross profit decreased by 12.4 million yuan due to falling titanium dioxide prices [3][4]. Group 2: Financial Performance - The company reported an increase in tax expenses by 1.48 million yuan due to higher sales revenue [3]. - Financial expenses decreased by 13.26 million yuan, primarily due to reduced interest expenses and increased foreign exchange gains [3]. - The total profit decreased by 4.08 million yuan, while the net profit increased by 5.26 million yuan, indicating a mixed financial performance [6]. Group 3: Technological Advancements - The company has made significant breakthroughs in the extraction method for producing titanium dioxide, enhancing efficiency and sustainability [7]. - The product range has expanded to include various grades for different applications, establishing a comprehensive product matrix [7]. Group 4: Sustainability Initiatives - The company is committed to green development, launching innovative products that align with low-carbon principles, such as powder coatings that are more environmentally friendly [8]. - It has received a carbon footprint certification from SGS, marking a significant step in its sustainability journey and enhancing its market competitiveness [8]. Group 5: Brand Development - The company is actively promoting its brand globally, leveraging its technological advantages and innovative product offerings to enhance brand recognition [9][10]. - Participation in major industry exhibitions and the use of new media for brand promotion have been key strategies for increasing brand visibility [10]. Group 6: Asset Management - The company plans to transfer its 5.8975% stake in Pingyang Rural Commercial Bank for 119 million yuan to optimize its asset structure [19][21]. - This transaction is expected to enhance the company's focus on its core business and improve resource allocation [31]. Group 7: Capital Increase - The company intends to increase its wholly-owned subsidiary, Zhengtai New Materials, by 1.1 billion yuan to support its business development [51][54]. - This capital increase is aligned with the company's long-term strategic goals and is not classified as a related party transaction or a major asset restructuring [56].