Core Viewpoint - The company has developed an integrated solution for all-solid-state battery insulation frame printing equipment and materials, addressing manufacturing challenges and enhancing efficiency in the industry [1] Industry Background - The production process of all-solid-state batteries involves techniques such as stacking and isostatic pressing, which can lead to deformation of battery cells and potential short-circuit risks [1] - To ensure good interface contact between battery cells and electrolytes, high pressure is often required, increasing the risk of edge deformation and internal short circuits [1] - The industry is gradually adopting insulation frame technology to enhance structural stability and insulation safety of batteries [1] Company Innovation - The company leverages its expertise in UV digital printing technology and continuous innovation in coating materials to successfully develop the integrated solution for all-solid-state battery insulation [1] - This innovation represents a significant process improvement and efficiency enhancement in battery manufacturing [1]

Core Points - Matsui Co., Ltd. announced the completion of a share reduction plan by several executives and key technical personnel, with specific reductions detailed [1] - The company's market capitalization is currently 5.2 billion yuan [2] Share Reduction Details - Wang Weiguo reduced approximately 360,000 shares, accounting for 0.23% of the total share capital - Miao Peikai reduced approximately 83,400 shares, accounting for 0.05% of the total share capital - Fu Raosheng reduced approximately 50,500 shares, accounting for 0.03% of the total share capital - Xu Ruihong reduced approximately 63,100 shares, accounting for 0.04% of the total share capital - Li Yuliang reduced approximately 46,800 shares, accounting for 0.03% of the total share capital [1] Revenue Composition - For the year 2024, the revenue composition of Matsui Co., Ltd. is as follows: - High-end consumer electronics: 81.46% - Passenger vehicle sector: 17.15% - Other businesses: 1.39% [1]

证券代码：688157 证券简称：松井股份 公告编号：2025-038 松井新材料集团股份有限公司 董监高及核心技术人员减持股份结果公告 本公司董事会、全体董事及相关股东保证本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： 董监高及核心技术人员持股的基本情况 本次减持计划实施前，松井新材料集团股份有限公司（以下简称"公司"） 部分董监高及核心技术人员持股情况如下： | 股东名称 | 股东身份 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | 王卫国 | 董事、副总经理 | 1,041,321 | 0.93% | | 缪培凯 | 董事、副总经理 | 238,734 | 0.21% | | FU RAOSHENG | 董事 | 144,985 | 0.13% | | 徐瑞红 | 监事 | 180,390 | 0.16% | | 李玉良 | 核心技术人员 | 133,802 | 0.12% | 减持计划的实施结果情况 2025 年 6 月 25 日，公司在上海证券交易所网站（www.sse.co ...

Core Viewpoint - Songjing Co., Ltd. (688157.SH) announced the results of share reductions by several shareholders, indicating a notable change in the company's shareholder structure [1] Shareholder Reduction Summary - Wang Weiguo reduced his holdings by 364,300 shares, accounting for approximately 0.23% of the company's total share capital [1] - Miao Peikai reduced his holdings by 83,400 shares, accounting for approximately 0.05% of the company's total share capital [1] - Fu Raosheng reduced his holdings by 50,500 shares, accounting for approximately 0.03% of the company's total share capital [1] - Xu Ruihong reduced her holdings by 63,100 shares, accounting for approximately 0.04% of the company's total share capital [1] - Li Yuliang reduced his holdings by 46,800 shares, accounting for approximately 0.03% of the company's total share capital [1] - The share reduction plan has reached its designated time frame [1]

Group 1 - Matsui New Materials Group Co., Ltd. experienced a 5.17% decline in stock price, trading at 33.20 CNY per share, with a total market capitalization of 5.194 billion CNY as of October 16 [1] - The company, established on March 20, 2009, and listed on June 9, 2020, focuses on high-end consumer electronics and passenger vehicles, providing systematic solutions such as coatings and specialty inks through interactive R&D and customized flexible manufacturing [1] - The revenue composition of the company includes coatings at 90.98%, inks at 4.97%, and adhesives and others at 4.05% [1] Group 2 - According to data, one fund from Huatai PineBridge holds a significant position in Matsui shares, with 222,300 shares held in the Huatai PineBridge Private New Power Stock Fund, representing 2.37% of the fund's net value [2] - The fund has experienced a year-to-date return of 41.74% and a one-year return of 50.41%, ranking 911 out of 4218 and 839 out of 3864 in its category, respectively [2] - The fund manager, Bian Zheng, has been in position for 3 years and 239 days, with the best fund return during this period being 50.64% [3]

Group 1 - Matsui New Materials Group Co., Ltd. has experienced a stock price decline of 3.73% on October 14, with a current price of 34.35 CNY per share and a total market capitalization of 5.373 billion CNY [1] - The company has seen a cumulative decline of 6.4% over the past four days, with a trading volume of 59.6021 million CNY and a turnover rate of 1.10% [1] - Matsui's main business involves providing systematic solutions in the high-end consumer electronics and automotive sectors, with revenue composition of 90.98% from coatings, 4.97% from inks, and 4.05% from adhesives and others [1] Group 2 - Huatai Fund holds a significant position in Matsui, with its Huatai Private New Power Stock Fund (001541) maintaining 222,300 shares, representing 2.37% of the fund's net value [2] - The fund has incurred a floating loss of approximately 295,700 CNY today and a total floating loss of 522,400 CNY during the four-day decline [2] - The Huatai Private New Power Stock Fund has achieved a year-to-date return of 41.88% and a one-year return of 51.11%, ranking 1012 out of 4220 and 873 out of 3857 respectively [2]

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]