Investment Rating - Industry Rating: Recommended [4] Core Insights - The establishment of China Yajiang Group marks the orderly advancement of major engineering projects, with significant investment opportunities in geotechnical engineering and civil explosives [1][8] - The demand for civil explosives is expected to concentrate further, benefiting companies like Guangdong Hongda and Xuefeng Technology [1] - The traditional industry is experiencing a "anti-involution" trend, with recommendations for cement leaders such as Conch Cement and Huaxin Cement [1][9] - Domestic substitution is gaining momentum, with recommendations for companies like Maijia Xincai and Songjing Co., which are expected to benefit from tariff relief and increased shipping demand [1][10] Summary by Sections 1. Market Trends - In the 29th week, new housing and second-hand housing market transaction volumes showed a downward trend, with new housing transaction area in 30 major cities down by 25% year-on-year [2][23] - The average price of cement in the national market is 356 RMB/ton, continuing to decline with a drop of 1% [3][27] 2. Investment Opportunities - Major water conservancy and hydropower projects are expected to generate substantial demand for engineering, building materials, and civil explosives, with total investment in the Yarlung Hydropower Project estimated at approximately 1.2 trillion RMB [8] - The civil explosives industry is undergoing consolidation, with the Ministry of Industry and Information Technology aiming to reduce the number of production enterprises to 50 by 2025 [8] 3. Cement Industry Analysis - Cement prices are under downward pressure, particularly in East and Southwest China, with average shipment rates around 43.2% [3][27] - The cement market is expected to continue experiencing price fluctuations due to weak overall demand and high inventory levels [27][54] 4. Recommendations - Recommended companies include Conch Cement, Huaxin Cement, and companies in the waterproofing sector like Dongfang Yuhong and Keshun Co. [1][9] - For domestic substitution, companies like Maijia Xincai and Songjing Co. are highlighted for their growth potential in the ship coating sector [1][10]

Key Points - The company has completed the listing and circulation of all strategic placement shares from its initial public offering [1] - Each share will be increased by 0.40 shares through a capital increase [1] - The total number of shares after the distribution will be 156,431,080 shares [7] Distribution and Capital Increase Plan - The profit distribution and capital increase plan was approved at the annual shareholders' meeting on May 20, 2025 [3] - Cash dividends of RMB 0.23211 per share (before tax) will be distributed, totaling RMB 25,935,155.77 [3][7] - A total of 44,694,594 shares will be increased from the capital reserve [3][7] Taxation and Dividend Distribution - Individual shareholders holding shares for over one year will be exempt from personal income tax on dividends [4][6] - For shares held for less than one year, the tax will be calculated upon transfer of the shares [4][6] - Qualified foreign institutional investors (QFIIs) will have a withholding tax of 10% on dividends [6][7] Share Structure Changes - The number of unrestricted circulating shares will increase from 111,736,486 to 156,431,080 shares [7] - The diluted earnings per share for the fiscal year 2024 is projected to be RMB 0.55 after the capital increase [7]

证券代码：688157 证券简称：松井股份 公告编号：2025-030 松井新材料集团股份有限公司 2025 年员工持股计划第一次持有人会议决议公告 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、持有人会议召开情况 松井新材料集团股份有限公司（以下简称"公司"）2025 年员工持股计划第 一次持有人会议于 2025 年 7 月 10 日在公司会议室以现场方式召开，全体持有人 均出席会议，代表公司 2025 年员工持股计划份额 9,024,666.00 份，占公司 2025 年员工持股计划总份额的 100.00%。会议由公司董事会秘书召集和主持。会议的 召集、召开和表决程序符合公司 2025 年员工持股计划的有关规定，所作决议合 法有效。 二、持有人会议审议情况 （一）审议通过《关于设立公司 2025 年员工持股计划管理委员会的议案》 根据公司《2025 年员工持股计划》及《2025 年员工持股计划管理办法》等 有关规定，同意设立 2025 年员工持股计划管理委员会，作为公司 2025 年员工持 股计划日常监督和管理机构， ...

证券代码：688157 证券简称：松井股份 公告编号：2025-029 松井新材料集团股份有限公司2024年年度权益分派实施公告 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： | 股权登记日 | 除权（息）日 | 新增无限售条件流 | 现金红利发放日 | | --- | --- | --- | --- | | | | 通股份上市日 | | | 2025/7/16 | 2025/7/17 | 2025/7/17 | 2025/7/17 | 一、 通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经公司2025 年 5 月 20 日的2024年年度股东大会 审议通过。 二、 分配、转增股本方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配及转增股本以方案实施前的公司总股本111,736,486股为基数，每 股派发现 ...

松井新材料集团股份有限公司 关于调整 2024 年度利润分配每股现金分红金额及资 本公积转增股本总额的公告 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： 证券代码：688157 证券简称：松井股份 公告编号：2025-028 截至 2025 年 4 月 29 日，公司通过回购专用账户所持有本公司股份 426,900 股，不参与本次利润分配及资本公积转增股本。 如在公司披露 2024 年度利润分配及资本公积转增股本预案之日至实施权益 分派股权登记日期间，公司总股本扣减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。 具 体 内 容 详 见 公 司 于 2025 年 4 月 29 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《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》（公告编号：2025-006）。 每股现金分红金额：松井 ...

根据本员工持股计划参与对象实际认购和最终缴款的审验结果，本员工持股 计划认购资金已全部实缴到位，最终缴纳的认购资金总额为 9,024,666.00 元，认 购份额对应的股份数量为 426,900 股，股份来源为公司回购专用证券账户的公司 A 股普通股股票。 2025 年 7 月 3 日，公司收到中国证券登记结算有限责任公司出具的《证券 过户登记确认书》，公司回购专用证券账户中所持有的 426,900 股公司股票已于 2025 年 7 月 2 日非交易过户至"松井新材料集团股份有限公司—2025 年员工持 股计划"证券账户（证券账户号码：B887406777），过户价格为 21.14 元/股。截 至本公告披露日，本员工持股计划证券账户持有公司股票 426,900 股，占公司目 前总股本的比例为 0.38%。 根据公司《2025 年员工持股计划（草案）》，本员工持股计划的存续期为 60 证券代码：688157 证券简称：松井股份 公告编号：2025-027 松井新材料集团股份有限公司 关于 2025 年员工持股计划非交易过户完成的公告 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， ...

Summary of Key Points Core Viewpoint - The announcement details a share reduction plan by certain directors, supervisors, and core technical personnel of Matsui New Materials Group Co., Ltd, indicating their intention to sell a portion of their shares within a specified timeframe for personal financial needs [1][5]. Shareholding Situation - As of the announcement date, the shareholding details of key personnel are as follows: - Wang Weiguo: 1,041,321 shares (0.93%) - Miao Peikai: 238,734 shares (0.21%) - Fu Raosheng: 144,985 shares (0.13%) - Xu Ruihong: 180,390 shares (0.16%) - Li Yuliang: 133,802 shares (0.12%) [2][4]. Reduction Plan Details - The planned share reductions are as follows: - Wang Weiguo: Up to 260,330 shares (up to 0.23%) - Miao Peikai: Up to 59,683 shares (up to 0.05%) - Fu Raosheng: Up to 36,246 shares (up to 0.03%) - Xu Ruihong: Up to 45,097 shares (up to 0.04%) - Li Yuliang: Up to 33,450 shares (up to 0.03%) [5][6]. Reduction Period - The reduction period is set from July 17, 2025, to October 16, 2025, with the selling price determined by market conditions [5][6]. Shareholding Source and Reason for Reduction - The shares to be reduced were acquired through non-trading transfers and the reason for the reduction is personal financial needs [5][6]. Compliance with Regulations - The share reduction plan complies with relevant laws and regulations, including the Company Law and Securities Law, ensuring that the shareholders will adhere to disclosure obligations during the reduction period [7][8].

证券代码：688157 证券简称：松井股份 公告编号：2025-026 松井新材料集团股份有限公司 部分董监高及核心技术人员减持股份计划公告 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 截至本公告披露之日，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） | 持股数量占公司总 股本比例 | | --- | --- | --- | --- | | 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% | 减持计划的主要内容 | 股东名称 | 计划减持数量（股） | 计划减持数量占公司 ...

Group 1 - The company announced that several executives and key technical personnel plan to reduce their shareholdings [1] - Wang Weiguo intends to reduce holdings by no more than 260,300 shares, accounting for 0.23% of the total share capital [1] - Miao Peikai plans to reduce holdings by no more than 59,683 shares, representing 0.05% of the total share capital [1] - Fu Raosheng aims to reduce holdings by no more than 36,246 shares, which is 0.03% of the total share capital [1] - Xu Ruihong will reduce holdings by no more than 45,097 shares, making up 0.04% of the total share capital [1] - Li Yuliang plans to reduce holdings by no more than 33,450 shares, equivalent to 0.03% of the total share capital [1] - The reduction will be conducted through centralized bidding or block trading, with the reduction period starting 15 trading days after the announcement and lasting for three months [1]

Core Viewpoint - Matsui New Materials Group Co., Ltd. plans to introduce a strategic investor through capital increase and expansion of its subsidiary, Hunan Sandi Digital Coating System Co., Ltd., with an investment of RMB 28.6725 million for a 20% equity stake [1][2][3] Summary by Sections 1. Overview of Related Transactions - Hunan Sandi aims to accelerate its development and optimize its integrated development model by introducing the New Materials Industry Fund as a strategic investor [2][3] - The transaction does not constitute a major asset restructuring as per relevant regulations [2][3] 2. Related Party Information - The New Materials Industry Fund is a related entity, with Matsui holding a 20% stake in the fund [3] - The fund's management is controlled by the company's chairman, who is also a related director in this transaction [3] 3. Basic Information of the Transaction Target - The target of the transaction is Hunan Sandi, which specializes in manufacturing and selling coating equipment and related technologies [5][6] - Prior to the capital increase, Hunan Sandi had total assets of RMB 1,899.56 million and liabilities of RMB 953.29 million as of December 31, 2023 [5] 4. Pricing of the Related Transaction - The market value of Hunan Sandi's total equity was assessed at RMB 114.69 million as of December 31, 2024, using market and asset-based valuation methods [7][8] 5. Necessity and Impact of the Transaction - The capital increase is aligned with Hunan Sandi's strategic development goals, enhancing its market presence in sectors like energy storage batteries and PCB industries [12][13] - The transaction will not alter the consolidation scope of Matsui's financial statements and is not expected to adversely affect its financial condition or operational capabilities [13][14] 6. Review Procedures for Related Transactions - The transaction was approved by the independent directors and the board of directors, with related directors abstaining from voting [13][14]