Group 1: Songzi Co., Ltd. (松井股份) - Songzi Co., Ltd. is steadily advancing its business in the passenger car coating sector, deepening collaborations with BYD and North American T Company, and expanding its product line to include exterior large component coating materials, with a year-on-year revenue growth of 78.17% in Q1 2025 [1] - To maintain its gross margin, the company is enhancing product competitiveness and optimizing costs [1] - In the high-end consumer electronics sector, Songzi is deepening cooperation with leading clients, leveraging innovative processes to explore incremental space and improve its product system [1] - The company has significant technical advantages in its power battery insulation coating project, with smooth commercialization progress and policy support driving market demand for insulation technology [1] - In response to changes in tariff policies, Songzi is focusing on the global trade environment, deepening domestic substitution processes, and strengthening its international market layout [1] - The ink and adhesive business has made progress, with plans to meet diverse future demands [1] Group 2: Anyi Food (安井食品) - Anyi Food is adjusting its 2025 new product strategy, focusing on extreme cost performance for B-end and quality-price ratio for C-end, with key product launches including fresh-keeping 6.0 strip products, tender fish balls, black tiger shrimp slides, tiger skin fried eggs, and a series of lucky bag products [2] - To consolidate its market position against competition in frozen prepared foods and frozen noodle products, Anyi is amplifying the advantages of its frozen prepared food flagship products and making breakthroughs in new-style pastries [2] - The acquisition of Dingwei Thai aims to complement product categories and channels, focusing on developing high-end cod fish paste products, segmented categories of Kanto stew, and the frozen baking track [2] - The company is embracing customization for supermarkets to adapt to the needs of supermarket systems and new retail formats, currently in the early stages of strategy implementation [2] - The total cash dividend for 2024 is projected to be 1,040,059,864.54 yuan, with plans to continue sharing operational results and boosting investor confidence in 2025 [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has experienced rapid revenue growth in the 3C and passenger vehicle sectors, driven by new coating solutions [6][8] - The company reported a revenue of 746 million yuan in 2024, a year-on-year increase of 26.41%, and a net profit attributable to shareholders of 86.4 million yuan, up 6.52% year-on-year [5] - The company is focusing on high-end consumer electronics and passenger vehicle markets, with significant partnerships with major clients [6][7] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 746 million yuan, with a net profit of 86.4 million yuan, and a quarterly revenue of 2.19 billion yuan in Q4 2024, reflecting a 25.23% year-on-year growth [5] - For Q1 2025, the company reported a revenue of 1.53 billion yuan, a 13.24% year-on-year increase, but a net profit of 381 thousand yuan, down 68.52% year-on-year [5][6] Revenue Growth Drivers - The 3C sector saw a revenue increase of 26.9% in 2024, attributed to deepened cooperation with North American clients and expanded product offerings [6] - The passenger vehicle sector achieved a revenue of 1.28 billion yuan in 2024, a 29.6% increase, with Q4 2024 showing a 51.6% year-on-year growth [6] Strategic Initiatives - The company is advancing new coating solutions and has successfully launched a new molecular coating material solution [7] - The company is also expanding into strategic emerging fields such as aerospace, with ongoing collaborations and product development [7] Profitability and Valuation - The report projects net profits of 127 million yuan for 2025, down from a previous estimate of 154 million yuan, with continued growth expected in the 3C and passenger vehicle sectors [8][9] - The company’s gross margin is expected to decline to 48.9% in 2025, with an increase in operating expenses impacting profitability [12]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The new housing market is showing signs of recovery, with a notable increase in new home transactions in major cities, indicating a potential boost in demand for construction materials [2][20] - The cement market is experiencing a slight price decline, but demand is expected to improve as weather conditions stabilize and construction activities pick up [3][23] - The report emphasizes the importance of domestic consumption and infrastructure investment, particularly in light of the "equal tariff" environment, which is expected to strengthen domestic demand [7][9] Summary by Sections Housing Market - In the 18th week of the year, new home transaction area in 30 major cities reached 165.19 million square meters, up 21% year-on-year and 6.19% month-on-month [2][20] - The total transaction area for new homes in these cities is 29.32 million square meters, showing no year-on-year change [2][20] - Second-hand home transactions in 15 monitored cities increased by 56% year-on-year but saw a significant month-on-month decline [21] Cement Market - The national average cement price is 390.83 yuan per ton, down 0.8% from the previous week, with price increases mainly in Liaoning and Jilin [3][23] - The cement market is expected to stabilize as demand improves and companies engage in peak-shifting production practices [23] Investment Recommendations - Recommended companies include: - **Oriental Yuhong**, **Weixing New Materials**, and **Tubaobao** for their strong operational resilience and high dividends [7] - **China Construction** and **China Communications Construction** as beneficiaries of increased infrastructure investment [7] - **Jinchengxin** for its strong performance in copper resource development [7] - **Heilongjiang Hongda** and **Xuefeng Technology** in the civil explosives sector due to high demand [7] Industry Trends - The report highlights the ongoing trend of domestic substitution in various sectors, particularly in ship coatings and industrial coatings, with companies like **Maijia Xincai** and **Songjing Coatings** positioned to benefit [7] - The "Belt and Road" initiative is expected to gain momentum, benefiting international engineering companies such as **China Construction** and **China Metallurgical** [7]

Core Viewpoint - Matsui New Materials Group Co., Ltd. reported a record high revenue of 746 million yuan for 2024, marking a year-on-year growth of 26.41%, alongside a net profit of approximately 86.4 million yuan, reflecting a growth of 6.52% [1][2] Group 1: Financial Performance - The company achieved a total revenue of 746 million yuan, which is a 26.41% increase compared to the previous year, continuing a trend of steady growth for four consecutive years [1] - The net profit attributable to shareholders reached 86.4 million yuan, with a non-recurring net profit of 79.0 million yuan, representing year-on-year increases of 6.52% and 7.18% respectively [1] Group 2: Market Position and Strategy - Matsui has established itself as one of the few domestic companies capable of competing with international giants like PPG and AkzoNobel, focusing on technological advancements to create a strong competitive edge [1][2] - The company has developed a series of advanced coating technologies, including organic silicone touch coatings and PVD coatings, which have achieved scale production and sales capabilities, breaking the monopoly of foreign brands in the high-end market [1][2] Group 3: Industry Trends and Opportunities - The rapid growth of the new energy vehicle industry has allowed Matsui to form deep collaborations with leading automotive companies, positioning its products to meet or exceed international competitors' performance metrics [2] - Analysts suggest that domestic coating material companies with core technological barriers are poised for significant growth amid global industrial chain adjustments, with Matsui expected to expand its market share through strategic positioning in high-end consumer electronics and automotive sectors [2]

Core Viewpoint - Matsui Co., Ltd. reported a record revenue of 746 million yuan for the fiscal year 2024, marking a year-on-year growth of 26.41%, while net profit attributable to shareholders reached 86.4 million yuan, reflecting a growth of 6.52% [2] Financial Performance - The company achieved an operating income of 746 million yuan, a 26.41% increase year-on-year, setting a new historical revenue record [2] - The net profit attributable to shareholders was 86.4 million yuan, with a non-recurring net profit of 79.0 million yuan, representing year-on-year growths of 6.52% and 7.18% respectively [2] Research and Development - Matsui Co., Ltd. increased its R&D investment to over 105 million yuan, a 16.79% increase compared to the previous year [2] - The R&D expense ratio improved to 14.14%, a decrease of 1.17 percentage points from the previous year [2] - The company obtained 52 new national patents during the year, including 19 invention patents, and participated in the formulation of one industry standard [2] Market Performance and Innovation - The company’s innovative coating materials have gained traction in the high-end consumer electronics sector, establishing benchmarks with major domestic clients and expanding to brands like Xiaomi, Honor, OPPO, and vivo [3] - The successful launch of the sub-molecular coating material project has added growth momentum to the high-end consumer electronics business [3] Strategic Development - Matsui Co., Ltd. has established a multi-field collaborative development framework under its "three verticals and three horizontals" strategic layout [3] - The company has successfully extended its PVD technology from high-end consumer electronics to the passenger vehicle sector since 2019, developing differentiated solutions such as radar wave-permeable PVD and luminous PVD [3] - The innovative technology aligns with the trends of intelligent and personalized upgrades in new energy vehicles, expanding application scenarios from interior and exterior parts to key components like smart sensors [3] Historical Development - Matsui Co., Ltd. started in 2009 with 3C coating business and has gradually gained trust and cooperation from international technology giants due to its strong technical strength and innovation capabilities [4] - The company has successfully captured market opportunities, expanding its business into the passenger vehicle sector and strategic emerging fields such as special equipment [4]

本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 松井新材料集团股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召 开第三届董事会第六次会议，审议通过《关于独立董事任期届满暨补选独立董事 并调整董事会专门委员会委员的议案》。现将相关情况公告如下： 证券代码：688157 证券简称：松井股份 公告编号：2025-011 松井新材料集团股份有限公司 关于独立董事任期届满暨补选独立董事并调整董事 会专门委员会委员的公告 一、独立董事任期届满情况 公司独立董事颜爱民先生、黄进先生、沈辉先生自 2019 年 6 月起担任公司 独立董事，连续任职时间即将满六年，根据《上市公司独立董事管理办法》等相 关规定，独立董事在同一家上市公司连续任职时间不得超过六年，因此颜爱民先 生、黄进先生、沈辉先生任期届满后将不再担任公司独立董事及董事会专门委员 会中相关职务。截至本公告披露日，上述人员均未持有公司股份。 在公司股东大会选举产生新任独立董事前，颜爱民先生、黄进先生、沈辉先 生将继续履行其作为独立董事及董事会专门委员会委员的相关职责 ...

召开日期时间：2025 年 5 月 20 日 14 点 00 分 召开地点：湖南宁乡经济技术开发区三环北路 777 号公司科创大楼 2 楼 B210 会议室 证券代码：688157 证券简称：松井股份 公告编号：2025-014 松井新材料集团股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （四） 现场会议召开的日期、时间和地点 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 20 日 至2025 年 5 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 股东大会召开日期：2025年5月20日 本次股东大会采用的网络投票系统：上海证券交易所股 ...

证券代码：688157 证券简称：松井股份 公告编号：2025-005 松井新材料集团股份有限公司 第三届监事会第四次会议决议公告 本公司监事会及全体监事保证本公告内容不存在虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 松井新材料集团股份有限公司（以下简称"公司"）第三届监事会第四次会 议于 2025 年 4 月 25 日在公司科创大楼二楼 B210 会议室以现场方式召开。本次 会议通知以书面、电子邮件方式于 2025 年 4 月 15 日发出。本次会议应出席监事 3 人，实际出席监事 3 人，由监事会主席贺刚先生主持，会议的召集、召开和表 决程序符合《公司法》《公司章程》等规定。 二、监事会会议审议情况 （一）审议通过《2024 年度监事会工作报告》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 本议案尚需提交至公司 2024 年年度股东大会审议。 本议案全体监事回避表决，直接提交至公司 2024 年年度股东大会审议。 2025 年度，公司内部监事的薪酬根据其本人在公司所担任的具体职务，并 按公司有关薪酬与绩效考核管理制度领取，不再 ...

（一）审议通过《2024 年度董事会工作报告》 证券代码：688157 证券简称：松井股份 公告编号：2025-004 松井新材料集团股份有限公司 第三届董事会第六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 松井新材料集团股份有限公司（以下简称"公司"）第三届董事会第六次会 议于 2025 年 4 月 25 日上午在公司科创大楼二楼 B210 会议室以现场方式召开。 本次会议通知以书面、电子邮件方式于 2025 年 4 月 15 日发出。本次会议应出席 董事 7 人，实际出席董事 7 人。本次会议由董事长凌云剑先生召集并主持，会议 的召集、召开和表决程序符合《公司法》《公司章程》等规定。 二、董事会会议审议情况 表决结果：同意 7 票，反对 0 票，弃权 0 票。 本议案尚需提交至公司 2024 年年度股东大会审议。 报告期内，公司董事会严格遵守《公司法》《证券法》《上海证券交易所科 创板股票上市规则》等有关法律法规、规范性文件以及公司制度的规定，切实履 行董事会职责，认真贯彻执行股 ...

证券代码：688157 证券简称：松井股份 公告编号：2025-006 松井新材料集团股份有限公司 关于 2024 年度利润分配及资本公积转增股本 预案的公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 每股分配比例及每股转增比例：A 股每 10 股派发现金红利 2.33 元（含 税），同时以资本公积每 10 股转增 4 股，不送红股。 本次利润分配及资本公积转增股本以实施权益分派股权登记日登记的松 井新材料集团股份有限公司（以下简称"公司"）总股本扣减公司回购专用账户 中的股份为基数，具体日期将在权益分派实施公告中明确。 在实施权益分派股权登记日前公司总股本扣减公司回购专用账户中的股 份发生变动的，公司拟维持现金分配总额不变，相应调整每股分配比例；同时维 持每股转增比例不变，相应调整转增股本总额，并将另行公告具体调整情况。 本次利润分配及资本公积转增股本预案未触及《上海证券交易所科创板 股票上市规则（2024 年 4 月修订）》（以下简称"《科创板股票上市规则》"） 第 12.9.1 条第一款第（八）项规 ...