Core Insights - The coating materials industry in China is experiencing steady growth, with a projected market size of 463.71 billion yuan in 2024, representing a year-on-year increase of 2.62% [1][15] - Industrial coating materials account for 58.90% of the market, driven by the demand from high-end industries such as new energy vehicles and display panels [1][15] - The industry is characterized by technological barriers, requiring a multidisciplinary approach for development and innovation [6][7] Industry Overview - Coating materials are essential in various sectors, including construction, automotive, aerospace, and electronics, serving functions such as protection, surface enhancement, and new functionalities [2][14] - The classification of coating materials includes solvent-based, water-based, and solvent-free types, as well as industrial, architectural, and auxiliary materials [4][5] Market Policies - Recent policies in China, such as the "14th Five-Year Plan" and various environmental regulations, provide a supportive framework for the development of the coating materials industry [9][10] Industry Chain - The upstream of the coating materials industry includes suppliers of resins, solvents, additives, and pigments, while the downstream encompasses applications in automotive, marine, machinery, new energy, electronics, and construction [11][12] Demand Structure - The automotive sector is the largest consumer of coating materials, accounting for 16.8% of the market, with significant growth in new energy vehicles, which saw a year-on-year increase of 37.3% in production and sales [13][14] Competitive Landscape - The global coating materials market is dominated by foreign companies, with the top three being Sherwin-Williams, PPG, and AkzoNobel, while the domestic market is characterized by numerous small players and a lack of large-scale leading companies [16][17] - Domestic companies like Songyi and Donglai Technology are focusing on high-end applications and customized solutions, with significant revenue contributions from automotive and consumer electronics sectors [16][18][19] Development Trends - Future trends indicate a shift towards high-performance coating materials with enhanced properties such as temperature resistance and environmental friendliness, driven by the dual carbon goals and stricter environmental regulations [20][21]

Core Insights - The light lithography machine concept sector has seen significant stock price increases, with 100 out of 105 stocks rising this year, averaging a 49.18% increase [1] - The light lithography machine is a critical device in wafer manufacturing, with low current domestic production rates, but notable progress has been made since the implementation of the "02 Special" project in 2009 [1][2] - The semiconductor industry's recovery and the demand for advanced process capacity driven by artificial intelligence are key factors contributing to the market's interest in light lithography machines [2] Company Performance - United Chemical has the highest stock price increase at 346.74% this year, with a net profit of 34 million yuan, up 21.62% year-on-year [3] - Kai Mei Teqi has seen a stock price increase of 207.83%, with a net profit of 55.84 million yuan, reflecting a significant year-on-year growth of 199.82% [3][4] - Tengjing Technology and Kent Catalysis also reported substantial stock price increases of 186.67% and 180.20%, respectively, with net profits of 37 million yuan and 39 million yuan [3] Industry Trends - The international semiconductor industry association predicts that capital expenditure for advanced process equipment will surge to over $50 billion by 2028, a 94% increase from $26 billion in 2024, with a compound annual growth rate of 18% [2] - The Ministry of Industry and Information Technology's 2024 guidance includes domestic KrF and ArF lithography machines, indicating progress in DUV lithography machine technology [1]

Group 1 - Matsui Co., Ltd. executed a block trade on September 19, with a transaction volume of 180,000 shares and a transaction amount of 5.67 million yuan, at a price of 31.50 yuan, representing a discount of 18.96% compared to the closing price of the day [2] - The buyer of the block trade was First Capital Securities Co., Ltd. Changsha Branch, while the seller was Founder Securities Co., Ltd. Changsha Furong Middle Road Securities Branch [2] - Over the past three months, Matsui Co., Ltd. has recorded a total of three block trades, with a cumulative transaction amount of 19.79 million yuan [2] Group 2 - On the same day, Matsui Co., Ltd. closed at 38.87 yuan, down 0.28%, with a daily turnover rate of 0.84% and a total transaction amount of 51.01 million yuan, indicating a net outflow of main funds amounting to 3.92 million yuan [2] - In the last five days, the stock has decreased by 2.75%, while the total net inflow of funds during this period was 2.93 million yuan [2] - The latest margin financing balance for Matsui Co., Ltd. is 95.52 million yuan, which has increased by 21.08 million yuan over the past five days, reflecting a growth rate of 28.32% [2]

Summary of Matsui Co., Ltd. Conference Call Company Overview - Matsui Co., Ltd. reported a revenue of approximately 200 million yuan in Q2, representing a 27% quarter-over-quarter increase. The automotive business showed exceptional performance, with revenue nearing 100 million yuan in the first half of the year, a year-over-year increase of 109.6%, accounting for 28.15% of total revenue. Q2 automotive revenue grew by 136% year-over-year [2][3] Key Points Industry Focus - Matsui Co., Ltd. is primarily engaged in the production of functional coating materials, including paints, inks, and adhesives, with applications in 3C, automotive, and emerging sectors [3][4] Solid-State Battery Developments - The company provides comprehensive solutions in the solid-state battery sector, including printing equipment and UV insulating adhesives, and has entered the pilot testing phase with leading downstream manufacturers. The solid-state battery production process requires isostatic pressing technology for insulation and support [2][5] - The solid-state battery coating process is a standard step to address insulation issues after electrode contact, and Matsui's solution integrates process, equipment, and materials, creating a system with significant technical barriers [2][8] Financial Performance - In the first half of 2025, Matsui's R&D expenses were approximately 50 million yuan, a year-over-year increase of 6.73%, accounting for about 14% of revenue. The management expense ratio, excluding depreciation and amortization, decreased by 0.9 percentage points year-over-year [2][7] Production Capacity and Equipment - The current production line is planned for a monthly output of 20 MWh, with a doubling of line speed. The new equipment's value has significantly increased, starting from several million yuan [4][18] - Customers are focused on line speed and precision, with ongoing efforts to meet acceptance criteria as they transition from experimental to mass production phases [12][27] Market Trends and Future Outlook - Full solid-state battery production is expected to commence in 2027, with small batch pilot production lines being established in 2026. There is anticipation of sample vehicles being used soon [4][23] - The company is strategically focused on the new energy sector and is extending its digital printing technology into high-end fields, including automotive glass printing in collaboration with Fuyao [4][26] Challenges and Competitive Landscape - The solid-state battery coating process has high equipment compatibility requirements, and while other companies are exploring UV adhesives, achieving full compatibility remains challenging due to various parameters affecting production costs and quality [11][10] - The industry is exploring alternatives to laser etching technology, but significant challenges remain, and current solutions are still reliant on laser etching processes [19] Material Costs and Pricing - Material prices are expected to decrease significantly once production processes stabilize and variability in material acquisition is reduced, although this may take time [28][29] Additional Insights - There is potential for large-scale bidding demands from downstream customers before the Spring Festival, with ongoing projects for sample lines and experimental lines [27] - The company is actively researching and developing in the PCB sector, with main solder inks entering small batch verification stages [26]

Group 1 - Matsui Co., Ltd. executed a block trade on September 18, with a transaction volume of 220,000 shares and a transaction amount of 7.15 million yuan, at a price of 32.50 yuan, which represents a discount of 16.62% compared to the closing price of the day [2] - The buyer of the block trade was First Capital Securities Co., Ltd. Changsha Branch, while the seller was Founder Securities Co., Ltd. Changsha Furong Middle Road Securities Branch [2] - Over the past three months, Matsui Co., Ltd. has recorded a total of two block trades, with a cumulative transaction amount of 14.13 million yuan [2] Group 2 - On the same day, Matsui Co., Ltd. closed at 38.98 yuan, down 3.11%, with a turnover rate of 1.79% and a total transaction amount of 110 million yuan, resulting in a net inflow of main funds of 5.97 million yuan [2] - In the last five days, the stock has decreased by 7.08%, with a total net inflow of funds amounting to 14.98 million yuan [2] - The latest margin financing balance for Matsui Co., Ltd. is 89.92 million yuan, which has increased by 24.29 million yuan over the past five days, reflecting a growth rate of 37.02% [2]

Group 1 - The core viewpoint of the news is that Matsui Group's stock has experienced fluctuations, with a recent decline in price despite a significant year-to-date increase [1][2] - As of September 18, Matsui Group's stock price was 39.41 yuan per share, with a market capitalization of 6.165 billion yuan [1] - The company has seen a year-to-date stock price increase of 41.19%, but has faced a decline of 6.05% in the last five trading days and 6.81% in the last twenty days [2] Group 2 - Matsui New Materials Group Co., Ltd. was established on March 20, 2009, and went public on June 9, 2020, focusing on high-end consumer electronics and automotive markets [2] - The company's main business revenue composition includes coatings (90.98%), inks (4.97%), and adhesives and others (4.05%) [2] - As of June 30, the number of shareholders increased by 5.03% to 3,175, while the average circulating shares per person decreased by 4.79% to 35,192 shares [2] Group 3 - Matsui Group has distributed a total of 131 million yuan in dividends since its A-share listing, with 75.1715 million yuan distributed over the past three years [3]

Group 1 - The core viewpoint of the news highlights the recent stock performance of Matsui Group, showing a year-to-date increase of 41.69% but a decline of 10.22% in the last five trading days and 10.42% in the last twenty days [2] - Matsui Group specializes in high-end consumer electronics and automotive sectors, providing systematic solutions such as coatings and specialty inks, with revenue composition being 90.98% from coatings, 4.97% from inks, and 4.05% from adhesives and others [2] - As of June 30, the number of shareholders increased by 5.03% to 3,175, while the average circulating shares per person decreased by 4.79% to 35,192 shares [2] Group 2 - The company has distributed a total of 1.31 billion yuan in dividends since its A-share listing, with 75.17 million yuan distributed over the past three years [3] - As of September 16, the stock price was reported at 39.55 yuan per share, with a market capitalization of 6.187 billion yuan [1] - The net inflow of main funds was 1.8128 million yuan, with significant buying and selling activities recorded [1]

Market Overview - The Shanghai Composite Index is at 3852.31 points with a decline of -0.21% as of 10:32 AM, and the total trading volume of A-shares is 1,075.764 billion yuan [1] Stocks with Death Cross - A total of 152 A-shares have seen their 5-day moving average cross below the 10-day moving average, indicating potential bearish trends [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Songjing Co., Ltd. (688157) with a distance of -1.61% - Chunguang Technology (603657) with a distance of -1.02% - Pilin Bio (000403) with a distance of -0.93% [1] Detailed Stock Performance - Key stock performances include: - Songjing Co., Ltd. (688157): Today's change is -0.67% with a latest price of 40.09 yuan, which is -3.28% from the 10-day moving average [1] - Chunguang Technology (603657): Today's change is -3.47% with a latest price of 38.70 yuan, which is -6.79% from the 10-day moving average [1] - Pilin Bio (000403): Today's change is -0.52% with a latest price of 17.32 yuan, which is -2.64% from the 10-day moving average [1] Additional Stocks with Notable Changes - Other stocks showing significant changes include: - Jiangsu New Energy (603693): Today's change is -1.38% with a latest price of 12.87 yuan, which is -2.29% from the 10-day moving average [2] - Yongan Pharmaceutical (002365): Today's change is -1.04% with a latest price of 18.11 yuan, which is -1.45% from the 10-day moving average [2] - Mosi Co., Ltd. (001323): Today's change is -1.95% with a latest price of 28.16 yuan, which is -2.96% from the 10-day moving average [2]

Market Overview - The chemical products sector experienced a decline of 0.49% on September 12, with Matsui Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Top Performers in Chemical Sector - Hongqiang Co., Ltd. saw a significant increase of 8.85%, closing at 13.16 with a trading volume of 387,700 shares and a turnover of 505 million [1] - Jinghua New Materials rose by 4.46%, closing at 28.56 with a trading volume of 94,700 shares and a turnover of 270 million [1] - ST Hongda increased by 4.17%, closing at 3.75 with a trading volume of 133,600 shares and a turnover of 49.29 million [1] Underperformers in Chemical Sector - Matsui Co., Ltd. led the decline with a drop of 4.53%, closing at 40.05 with a trading volume of 27,600 shares and a turnover of 112 million [2] - Xinchao New Materials fell by 4.27%, closing at 59.57 with a trading volume of 178,400 shares and a turnover of 1.087 billion [2] - Taihe Technology decreased by 3.84%, closing at 28.32 with a trading volume of 198,200 shares and a turnover of 561 million [2] Capital Flow Analysis - The chemical products sector saw a net outflow of 1.041 billion from institutional investors, while retail investors contributed a net inflow of 901 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Juhua Co. experienced a net inflow of 15.5 million from institutional investors, while retail investors had a net outflow of 72.12 million [3] - Hongqiang Co. had a net inflow of 12.5 million from institutional investors, with retail investors also seeing a net outflow of 60.04 million [3] - Newhe Chemical saw a net inflow of 66.41 million from institutional investors, while retail investors had a net outflow of 79.58 million [3]

证券代码：688157 证券简称：松井股份 公告编号：2025-037 松井新材料集团股份有限公司 关于参加 2025 年湖南辖区上市公司投资者网上集体 接待日暨半年度业绩说明会活动的公告 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： 投资者可在 2025 年 9 月 19 日（星期五）下午 14:00-17:00 登录"全景路 演"网站（http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与本次互动交流；也可于 2025 年 9 月 12 日（星期五）至 9 月 18 日（星 期四）通过公司邮箱 zqb@sokan.com.cn 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 松井新材料集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 29 日 披露《2025 年半年度报告》。为便于广大投资者更全面深入地了解公司 2025 年 半年度的经营成果、财务状况，公司计划于 2025 年 9 月 19 日（星期五）下午 14:00-17:00 参加 ...