Core Viewpoint - The company is experiencing significant growth in the passenger vehicle sector, driven by the rapid development of the new energy vehicle market in China, which presents substantial opportunities for domestic alternatives in the automotive coatings market [2][3]. Group 1: Passenger Vehicle Sector - The new energy vehicle market in China saw production and sales of 8.232 million and 8.22 million units respectively from January to July 2025, marking year-on-year growth of 39.2% and 38.5%, with new energy vehicles accounting for 45% of total new car sales [2]. - The company's passenger vehicle business achieved a year-on-year growth of 109.60% in the first half of 2025, establishing it as a crucial "second growth curve" for the company [2]. - The company is implementing a strategy of "full product range layout + full lifecycle service," covering all scenarios from new vehicle production to maintenance [2]. Group 2: Competitive Strategies - The company is focusing on differentiated competition strategies, particularly in the passenger vehicle parts coating market, emphasizing customization and higher functional requirements for new energy vehicles [3]. - The company is expanding its partnerships with leading manufacturers and component suppliers, moving from single-point supply to deep collaboration, participating in the development and supply of mainstream vehicle models [3]. - The company is actively developing core raw materials such as resins and color pastes for original factory paints and aftermarket repair paints, enhancing product performance and cost control [3]. Group 3: High-End Consumer Electronics - The company is deepening cooperation with downstream clients to expand business value, focusing on high-quality, personalized, and intelligent products in the high-end consumer electronics sector [4]. - The company is leveraging its technological innovations to penetrate the market, with its proprietary techniques being applied in products from major clients like Honor and Xiaomi [5]. - The company is targeting the emerging wearable device market, particularly smart glasses, to capture early advantages and diversify its growth trajectory [6]. Group 4: Ink Business - The ink business has become a key driver of the company's revenue growth, with a 107.15% year-on-year increase in revenue for the first half of 2025 [8]. - The company has developed UV insulation inks that are gaining traction among new energy vehicle manufacturers and battery producers, with successful mass supply to end customers [8]. - The company has established a diverse product matrix in the ink sector, with several innovative products achieving stable mass production across various applications [8]. Group 5: Financial Performance - The company's main revenue for the first half of 2025 was 348 million yuan, a year-on-year increase of 7.48%, while net profit attributable to shareholders decreased by 69.84% to 12.2795 million yuan [9]. - The second quarter of 2025 saw a main revenue of 194 million yuan, a 3.35% increase year-on-year, but net profit dropped by 70.4% to 8.4744 million yuan [9]. - The company's debt ratio stands at 23.09%, with a gross profit margin of 42.63% [9].

Group 1 - Feng Liu's Gao Yi Lin Shan No.1 Fund entered the top ten circulating shareholders of 12 A-shares with a total holding value of approximately 15.445 billion [1] - The fund increased its positions in Angel Yeast, Songjing Co., and Tongrentang, while reducing holdings in Hikvision, Ruifeng New Materials, Zhongju High-tech, Guoci Materials, Dongcheng Pharmaceutical, and Titan Technology [1][5] - Deng Xiaofeng's Gao Yi Xiaofeng No.2 Fund entered the top ten circulating shareholders of 5 A-shares with a total holding value of approximately 6.768 billion, while the Xiaofeng Hongyuan Trust Plan entered 2 A-shares with a total holding value of approximately 3.754 billion [9] Group 2 - Feng Liu's investment philosophy includes three types: investing in well-known good companies, lesser-known good companies, and unknown good companies, each with varying levels of risk and return [6][7] - Deng Xiaofeng emphasizes assessing a company's capacity and space, profit margin based on business characteristics, and the importance of forward-looking investment strategies in rapidly changing industries [18] - The current market trend shows a migration of funds from low-yield deposits to capital markets, driven by the pursuit of higher potential returns [25][27]

Core Insights - The company Matsui Co., Ltd. reported a total revenue of 348 million yuan for the first half of 2025, representing a year-on-year increase of 7.48%, while the net profit attributable to shareholders decreased by 69.84% to 12.28 million yuan [1] - The second quarter revenue was 194 million yuan, up 3.35% year-on-year, but the net profit attributable to shareholders fell by 70.4% to 8.47 million yuan [1] - The company's accounts receivable are significantly high, with accounts receivable accounting for 404.81% of the latest annual net profit [1] - The gross margin was 42.63%, down 14.85% year-on-year, and the net profit margin was 3.61%, down 70.98% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 81.76 million yuan, representing 23.53% of revenue, an increase of 5.29% year-on-year [1] - The company’s cash flow per share was -0.04 yuan, a decrease of 125.69% year-on-year, and earnings per share were 0.11 yuan, down 70.27% year-on-year [1] Business Evaluation - The company's return on invested capital (ROIC) for the previous year was 6.19%, indicating average capital returns, with a historical median ROIC of 9.96% since its listing [2] - The net profit margin last year was 11.76%, suggesting average added value for its products or services [2] - The company’s cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 77.17% [2] - The accounts receivable to profit ratio has reached 404.81%, indicating potential liquidity issues [2] Strategic Planning - The company aims to become a global leader in the new functional coating materials sector, focusing on customer-centricity and continuous innovation [4] - The strategic framework includes a "single focus + multiple fields" approach, with a focus on three product lines: coatings, inks, and adhesives [4] - The company plans to deepen its presence in high-end consumer electronics, passenger vehicles, and specialized equipment sectors while enhancing R&D investment and digital transformation [4]

Core Viewpoint - Matsui New Materials Group Co., Ltd. has announced the cancellation of a portion of the unvested restricted stock granted under the 2024 incentive plan due to the departure of one incentive object, resulting in a total of 48,416.5 thousand shares being voided [1][3][5]. Group 1: Decision and Disclosure - The company held meetings to review and approve the relevant proposals regarding the 2024 restricted stock incentive plan, including the draft and management measures [1][2]. - The list of incentive objects was publicly disclosed, and no objections were raised during the public notice period [2][3]. Group 2: Specifics of Stock Cancellation - One incentive object who left the company no longer qualifies for the incentive plan, leading to the cancellation of 16,900 shares that were granted but not vested [3][4]. - A total of 46,726.5 thousand shares were canceled due to not meeting the performance assessment targets for the first vesting period, which included 44,023.5 thousand shares from the initial grant and 2,703.0 thousand shares from the reserved grant [5]. Group 3: Impact on the Company - The cancellation of the restricted stock will not materially affect the company's financial status or operational results, nor will it impact the stability of the management team or the continuation of the equity incentive plan [5][6]. Group 4: Supervisory Board Opinion - The supervisory board concluded that the cancellation of the unvested restricted stock complies with relevant regulations and does not harm the interests of the company or its shareholders, particularly minority shareholders [5][6]. Group 5: Legal Opinion - The legal opinion confirms that the cancellation of the unvested restricted stock has received the necessary approvals and complies with applicable laws and regulations [6].

Core Points - The report details the fundraising and usage status of Matsui New Materials Group Co., Ltd. for the first half of 2025, confirming compliance with regulatory requirements and accurate disclosures [1][6][8] Fundraising Overview - The total amount raised from the public offering was RMB 686,152,000, with 1,990,000 shares issued at a price of RMB 34.48 per share [1][2] - After deducting underwriting and related fees totaling RMB 51,760,236.35, the net proceeds amounted to RMB 634,391,763.65, which was fully deposited into a designated account on June 2, 2020 [1][2] Fund Usage and Surplus - As of June 30, 2025, the company had invested RMB 407,116,710.56 into fundraising projects and used RMB 118,000,000 of over-raised funds to permanently supplement working capital [1][3] - The remaining balance of unused fundraising was RMB 149,295,240.96, with RMB 30,000,000 allocated to financial products [2][3] Fund Management - The company established a fundraising management system to ensure efficient use and protection of investor rights, including opening special accounts for fundraising [1][2] - A tripartite supervision agreement was signed with several banks and the underwriting institution to clarify responsibilities and obligations regarding the management of the funds [1][2] Cash Management - The company has utilized temporarily idle fundraising for cash management, with a maximum limit of RMB 580,000,000 approved for investment in low-risk financial products [2][3] - As of June 30, 2025, the balance of idle funds under cash management was RMB 30,000,000, invested in structured deposits [3][4] Use of Over-raised Funds - The company has used RMB 59,000,000 of over-raised funds for permanent working capital supplementation, approved by the board and shareholders [3][4] - The remaining over-raised funds were also allocated for similar purposes without affecting the funding needs of investment projects [4][7] Project Adjustments - The company has made adjustments to the investment amounts and timelines for certain fundraising projects to enhance efficiency and adapt to market conditions [4][7] - The total planned investment for adjusted projects increased by RMB 84,012,500, funded entirely by over-raised funds [4][7] Surplus Fund Usage - The company reported a surplus of RMB 91,724,400 as of December 31, 2024, due to cost savings from improved operational efficiencies and strategic procurement decisions [7][8] - The surplus funds will be allocated to new projects and permanent working capital, as approved by the board and shareholders [7][8]

Group 1 - The board of directors of Matsui New Materials Group Co., Ltd. held its ninth meeting of the third session on August 28, 2025, with all seven directors present, confirming compliance with relevant laws and regulations [1][2] - The board approved the 2025 semi-annual report and its summary, ensuring that the information disclosed is true, accurate, and complete [2] - The board also approved the semi-annual evaluation report of the "Quality Improvement and Efficiency Enhancement" action plan for 2025, with unanimous support [2] - The board approved a special report on the storage and actual use of raised funds for the first half of 2025, again with unanimous support [2] Group 2 - The board decided to annul part of the unvested restricted stock granted in 2024, totaling 484,165 shares, due to one incentive target's departure and failure to meet performance assessment goals [3]

Meeting Overview - The third meeting of the Supervisory Board of Matsui New Materials Group Co., Ltd. was held on August 28, 2025, with all three supervisors present, and the meeting complied with relevant laws and regulations [1] Financial Reporting - The Supervisory Board approved the 2025 Half-Year Report and its summary, confirming that the report's preparation and review process met legal and regulatory requirements, and accurately reflected the company's operational results and financial status for the first half of 2025 [2] - The report is available on the Shanghai Stock Exchange website [2] Fund Management - The Supervisory Board approved the Special Report on the storage and actual use of raised funds for the first half of 2025, affirming that the management of raised funds complied with relevant regulations and that there were no violations in the use of these funds [2][3] - The report is also available on the Shanghai Stock Exchange website [3] Stock Incentive Plan - The Supervisory Board approved the proposal to invalidate part of the unvested restricted stock granted in 2024, stating that this action aligns with the relevant regulations and does not harm the interests of the company or its shareholders [3] - Further details can be found in the announcement published on the Shanghai Stock Exchange website [3]

Core Viewpoint - The legal opinion letter confirms the cancellation of certain unvested restricted stocks granted under the 2024 incentive plan of Matsui New Materials Group Co., Ltd, due to specific conditions not being met [1][5][7] Group 1: Approval and Authorization - The cancellation of the unvested restricted stocks has received necessary approvals and authorizations as per the company's internal procedures and relevant regulations [5][7] - The company has conducted necessary meetings and resolutions to approve the cancellation of the unvested stocks, including the review by the supervisory board [4][5] Group 2: Specific Circumstances of Cancellation - One of the incentive recipients has left the company, resulting in the cancellation of 16,900 shares that were granted but not vested [5][6] - The company did not meet the performance targets set for the first vesting period, which required a revenue growth rate of at least 20% for 2024, leading to the cancellation of a total of 486,465 shares [6][7] Group 3: Conclusion - The legal opinion concludes that the cancellation of the unvested restricted stocks complies with the relevant laws, regulations, and the company's incentive plan [6][7]

Core Viewpoint - The company has made significant progress in its "Quality Improvement and Efficiency Enhancement" action plan for 2025, focusing on optimizing operations, enhancing market competitiveness, and ensuring investor rights [1][11]. Business Performance - The company achieved a revenue of 347.53 million yuan in the first half of 2025, representing a year-on-year increase of 7.48%. In Q2 alone, revenue reached 194.42 million yuan, a quarter-on-quarter growth of 26.97% [1]. - The passenger vehicle sector showed strong performance, with revenue of 97.83 million yuan from January to June 2025, a year-on-year increase of 109.60%, accounting for 28.15% of total revenue, up 13.71 percentage points from the previous year [2]. - The high-end consumer electronics sector generated revenue of 243.56 million yuan in the first half of 2025, with mobile phone and accessory sales growing by 3.27% year-on-year [3]. Innovation and R&D - The company invested 50.92 million yuan in R&D in the first half of 2025, a 6.73% increase year-on-year, representing 14.65% of total revenue. It also obtained 12 new national patents during this period [4]. - The company has developed environmentally friendly technologies and innovative products, such as UV insulation inks and advanced coatings for automotive interiors, which are gradually replacing existing products [5]. Investor Communication - The company adheres to strict information disclosure regulations, ensuring the authenticity and accuracy of its communications. It utilizes various channels, including performance briefings and social media, to engage with investors [6][7]. Corporate Governance and Social Responsibility - The company complies with relevant laws and regulations, continuously improving its internal governance structure. It has published its first ESG report, achieving significant improvements in ESG ratings [8]. - The company has implemented an employee stock ownership plan to enhance motivation among key personnel, which was completed on July 2, 2025 [9]. Shareholder Returns - The company has adopted a stable cash dividend policy, proposing a cash dividend of 2.3211 yuan per 10 shares for the 2024 fiscal year, totaling 25.94 million yuan, along with a capital reserve increase of 4 shares for every 10 shares held [10].

松井新材料集团股份有限公司2025 年半年度报告 公司代码：688157 公司简称：松井股份 松井新材料集团股份有限公司 松井新材料集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述经营过程中可能面临的各种风险，请查阅本报告第三节"管理层 讨论与分析"之"四、风险因素"。敬请投资者注意投资风险。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人凌云剑、主管会计工作负责人严军及会计机构负责人（会计主管人员）曾丽芳 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司未来规划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺， 敬请投资者注意投资风险。 九、 是否存在被控股股东及其他 ...