松井股份首次公开发行股票的发行费用（不含税）总额为67,125,685.24元，其中德邦证券股份有限 公司获得保荐费用和承销费用总额50,245,505.99元。 （责任编辑：何潇） 中国经济网北京11月25日讯 松井股份（688157.SH）日前发布2025年三季度报告。2025年前三季 度，该公司实现营业收入5.53亿元，同比增长5.05%；实现归属于上市公司股东的净利润2515.73万元， 同比下降64.68%；实现归属于上市公司股东的扣除非经常性损益的净利润2242.39万元，同比下降 65.46%；经营活动产生的现金流量净额为2876.18万元，同比下降19.08%。 松井股份于2020年6月9日在上交所科创板上市，发行股份数量为1,990万股，占发行后总股本的 25.00%，全部为公司公开发行新股，发行价格为34.48元/股，保荐机构（主承销商）为德邦证券股份有 限公司，保荐代表人为吕雷、刘平。 松井股份首次公开发行股票募集资金总额为686,152,000.00元；扣除发行费用后，募集资金净额为 619,026,314.76元。松井股份最终募集资金净额较原计划多1.97亿元。2020年6月2日，松 ...

Core Insights - The chemical products sector experienced a slight increase of 0.05% on November 24, with Qiaoyuan Co. leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Stock Performance - Qiaoyuan Co. (301286) saw a significant rise of 11.97%, closing at 36.30 with a trading volume of 96,900 shares and a transaction value of 346 million [1] - Letong Co. (002319) increased by 9.98%, closing at 12.78 with a trading volume of 82,400 shares and a transaction value of 102 million [1] - Changhua Chemical (301518) rose by 9.83%, closing at 41.79 with a trading volume of 96,300 shares and a transaction value of 391 million [1] - Other notable gainers include Kangda New Materials (002669) up 5.43% and Xinxun Technology (001335) up 5.30% [1] Declining Stocks - Chenguang New Materials (6635399) fell by 10.02%, closing at 15.35 with a trading volume of 87,300 shares and a transaction value of 134 million [2] - Yahua Group (002497) decreased by 5.99%, closing at 21.35 with a trading volume of 1,155,700 shares and a transaction value of 2.436 billion [2] - Yongtai Technology (002326) dropped by 5.36%, closing at 23.83 with a trading volume of 1,041,600 shares and a transaction value of 2.503 billion [2] Capital Flow - The chemical products sector saw a net outflow of 1.318 billion from institutional investors, while retail investors contributed a net inflow of 1.303 billion [2][3] - Notable net inflows from retail investors were observed in stocks like Kangda New Materials (002669) and Wanhua Chemical (600309) [3] - Institutional investors showed significant interest in stocks such as Kangda New Materials and Wanhua Chemical, with net inflows of 80.76 million and 74.46 million respectively [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 550 million yuan for the first three quarters of 2025, representing a year-on-year increase of 5.0%. However, the net profit attributable to shareholders was 25 million yuan, down 64.7% year-on-year [2][6] - In Q3 2025, the company achieved a revenue of 210 million yuan, which is a 1.2% increase year-on-year and a 5.9% increase quarter-on-quarter. The net profit for the quarter was 13 million yuan, down 57.8% year-on-year but up 52.0% quarter-on-quarter [2][6] - The company is a leading domestic high-end 3C coating manufacturer and is actively expanding into the automotive coating market, benefiting from the rapid development of new energy vehicles [6][12] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 550 million yuan, with a net profit of 25 million yuan and a net profit excluding non-recurring items of 22 million yuan [2][6] - In Q3 2025, the company reported a revenue of 210 million yuan, with a net profit of 13 million yuan and a net profit excluding non-recurring items of 12 million yuan [2][6] Market Position and Strategy - The company focuses on high-end consumer electronics and passenger vehicles, providing a range of coating solutions through innovative R&D and flexible manufacturing [6][12] - In Q3 2025, the company generated 150 million yuan in revenue from the high-end consumer electronics sector, while the automotive sector contributed 50 million yuan, marking a 56.0% year-on-year increase [6][12] Future Outlook - The company is expected to continue expanding its market presence in the automotive coating sector, with projected net profits of 40 million yuan, 100 million yuan, and 180 million yuan for 2025, 2026, and 2027 respectively [6][12]

Core Viewpoint - Matsui Co., Ltd. has demonstrated steady revenue growth and significant investment in R&D, positioning itself well in the competitive landscape of the new energy battery materials sector [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, Matsui Co., Ltd. achieved operating revenue of 553 million yuan, representing a year-on-year increase of 5.05%, marking a historical high for the same period [1]. - The company's R&D expenses from January to September reached 82.0623 million yuan, an increase of 11.71% year-on-year, with an R&D expense ratio of 14.83%, exceeding the industry average [1]. Group 2: Technological Advancements - Matsui Co., Ltd. has developed a proprietary UV inkjet printing solution for battery cell insulation, which has gained recognition from more downstream customers. This solution enhances safety and insulation while meeting the dual requirements of safety and efficiency for large-scale production of power batteries [1]. - The company has also ventured into next-generation battery technology, successfully developing an integrated solution for insulation frame printing equipment and materials aimed at all-solid-state batteries, transitioning from laboratory to industrial application [1]. Group 3: Market Positioning - The forward-looking technological layout in the new energy battery materials sector provides Matsui Co., Ltd. with a competitive edge in the coating materials market for special equipment [2]. - The full implementation of the "New National Standard" and the advancement of related product commercialization processes are expected to enhance the company's future development potential, warranting continued market attention [2].

Core Points - Matsui Co., Ltd. announced the adjustment of its core technical personnel based on business development and strategic planning [1] - The company has newly recognized Su Mei, Li Rong, and Chen Gan as core technical personnel [1] - Former core technical personnel Wu Song, Yang Bo, and Fu Raosheng are no longer recognized as core technical personnel [1]

Core Viewpoint - Matsui Co., Ltd. announced the nomination of Mr. Roger Yao as a candidate for the non-independent director of the third board of directors [1] Summary by Categories - **Company Announcement** - The board of directors of Matsui Co., Ltd. has approved the nomination of Mr. Roger Yao for the position of non-independent director [1]

Core Viewpoint - Matsui New Materials Group Co., Ltd. reported a historical high revenue of 553 million yuan for the first three quarters of 2025, with a year-on-year growth of 5.05% [1] Group 1: Financial Performance - The company's revenue from the high-end consumer electronics sector reached 395 million yuan, with a year-on-year increase of 2.48% [1] - The overall industry environment improved, with global smartphone shipments reaching 322.7 million units in Q3, a year-on-year growth of 2.6% [1] Group 2: Market Trends - High-end models like the iPhone 17 and Samsung Galaxy foldable phones are driving growth in the smartphone market [1] - Domestic policies such as "trade-in" programs have stimulated consumer demand, providing broader market opportunities for upstream industry chain companies [1] Group 3: Technological Advantages - Matsui's technological edge is crucial for seizing market opportunities, particularly in surface treatment technology for smartphone back covers [1] - The company has developed a diversified coating solution matrix for various terminal brands, achieving large-scale applications in major domestic clients like Honor and Xiaomi [2] Group 4: Future Growth Potential - Matsui is actively exploring emerging application fields such as smart glasses and robots, with global smart glasses shipments expected to reach 4.065 million units in the first half of 2025, a year-on-year growth of 64.2% [2] - The company aims to leverage its technological innovations to capture growth in these rapidly expanding markets [2][3] Group 5: Strategic Focus - The company's strategy emphasizes technological innovation and the development of scalable new products, enhancing its competitive product matrix [3] - Continuous material innovation and process iteration allow Matsui to adapt to downstream industry upgrades and emerging application demands, laying a solid foundation for sustained revenue growth [3]

Core Viewpoint - Matsui Co., Ltd. is a leading domestic high-end 3C coating company, established in 2009 and listed on the Shanghai Stock Exchange in 2020, providing systematic solutions for high-end consumer electronics and passenger vehicles [1] Group 1: Business Performance - In Q3 2025, Matsui's revenue was 553 million yuan, ranking 9th in the industry, below the industry leader Baihehua's 1.638 billion yuan and the average of 769 million yuan [2] - The main business composition includes coatings at 316 million yuan (90.98%), inks at 17.27 million yuan (4.97%), and adhesives and others at 14.08 million yuan (4.05%) [2] - The net profit for the same period was 24.48 million yuan, also ranking 9th, below the industry leader Maijiaxin's 165 million yuan and the average of 44.4 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Matsui's debt-to-asset ratio was 22.13%, lower than the industry average of 36.42%, indicating good solvency [3] - The gross profit margin for Q3 2025 was 43.48%, higher than the industry average of 23.67%, although it decreased from 50.12% in the previous year [3] Group 3: Leadership and Shareholder Information - The chairman and general manager, Ling Yunjian, received a salary of 1.0969 million yuan in 2024, a decrease of 10,700 yuan from 2023 [4] - As of September 30, 2025, the number of A-share shareholders increased by 45.80% to 4,629, with an average holding of 33,800 circulating A-shares, a decrease of 3.97% [5] Group 4: Business Highlights and Future Outlook - In H1 2025, Matsui achieved total revenue of 348 million yuan, a year-on-year increase of 7.48%, but the net profit decreased by 69.84% [5] - The passenger vehicle coating business saw revenue double, reaching 98 million yuan, a year-on-year increase of 109.6% [5] - The company is actively expanding into emerging fields such as solid-state batteries and aerospace, with solutions for solid-state battery insulation already in downstream verification stages [5][6]

第一条 为进一步完善松井新材料集团股份有限公司（以下简称"公司"） 董事及高级管理人员的薪酬管理，建立和完善经营者的激励约束机制，保持核心 管理团队的稳定性，有效地调动董事及高级管理人员的工作积极性，提高公司经 营管理水平，促进公司健康、持续、稳定发展，根据《中华人民共和国公司法》 《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律 监管指引第 1 号——规范运作》等有关法律法规的规定和《松井新材料集团股份 有限公司章程》（以下简称"《公司章程》"或"公司章程"）等有关规定，结 合公司的实际情况，特制定本制度。 松井新材料集团股份有限公司 董事和高级管理人员薪酬管理制度 第一章 总则 第二条 本制度适用于公司董事及高级管理人员。高级管理人员指公司总经 理、副总经理、董事会秘书、财务负责人。 第三条 公司薪酬制度遵循以下原则： （一）按岗位确定薪酬原则：公司内部各岗位薪酬体现各岗位对公司的价值， 体现责任、权力、贡献、利益相一致的原则； （二）实行薪酬水平与公司目标、效益相挂钩的原则； （三）按绩效考核标准、流程体系原则； （四）激励与约束并重、奖罚对等的原则。 第二章 薪酬管理机构 第四条 ...

松井新材料集团股份有限公司 募集资金管理制度 第一章 总则 第一条 为完善松井新材料集团股份有限公司（以下简称"公司"）治理， 规范公司对募集资金的使用和管理，提高募集资金的使用效率和效益，维护公司、 股东、债权人及全体员工的合法权益，特制定本管理制度。 第二条 本管理制度制定依据：根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《中华人民共和国证券法》《上海证券交易所科创板股票上 市规则》（以下简称"《股票上市规则》"）等法律、法规、规范性文件及《松 井新材料集团股份有限公司章程》（以下简称"《公司章程》"或"公司章程"） 的规定。 第三条 本管理制度所指"募集资金"是指公司通过向不特定对象发行证券 （包括首次公开发行股票、配股、增发、发行可转换公司债券、发行分离交易的 可转换公司债券等）以及向特定对象发行证券募集的资金，但不包括公司实施股 权激励计划募集的资金。 第四条 公司董事、高级管理人员应当勤勉尽责，督促公司规范使用募集资 金，自觉维护公司募集资金安全，不得参与、协助或纵容公司擅自或变相改变募 集资金用途。 第五条 公司控股股东、实际控制人及其他关联人不得直接或者间接占用或 者挪用公司募集 ...