IP经济热度持续火爆，带动 3D打印概念活跃，午后 海正生材20CM涨停，此前 金橙子20CM涨停， 爱 司凯、 科翔股份涨超10%， 思看科技、 金运激光、 长江材料、 金太阳等涨幅靠前。消息面上， LABUBU的热度居高不下，一些直呼"根本抢不到"的消费者开始将目光放到了3D打印上。在 MakerWorld、THANGS、Thingiverse等国内3D打印网络社区上，均出现了大量LABUBU相关的3D打印 模型。 ...

Investment Rating - The report maintains a recommendation for the chemical industry, particularly focusing on new materials, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - The report highlights a recovery in prices for chemical products, driven by a recent easing of tariffs in the US-China trade war, which has led to increased foreign trade inquiries and shipping prices [8]. - The chemical industry is currently experiencing a dual bottom in profitability and valuation, with a projected ROE-PB of 6.19% and 1.77 for 2024, and a recovery to 7.55% and 1.85 in Q1 2025 [8]. - The report emphasizes the importance of domestic production capabilities in new materials, particularly in light of the ongoing trade tensions and the need for self-sufficiency [9]. - The new materials sector has shown strong performance, outpacing the broader market indices, with a weekly change of 1.98% compared to a decline in major indices [10]. Industry Updates - The report notes that the new materials sector is expected to benefit from a shift towards domestic production and the reduction of import dependencies, particularly in critical areas [9]. - The report identifies specific new materials with high growth potential, including ETO, nucleating agents, aramid paper, PI films, industrial coatings, and ion exchange resins [9]. - The report also mentions the investigation into DuPont China by the National Market Supervision Administration, which could create opportunities for domestic companies in the same sector [11]. Trading Data - The Huachuang Chemical Industry Index stands at 75.23, reflecting a decrease of 1.08% week-on-week and a year-on-year decline of 24.76% [18]. - The report provides detailed statistics on price changes for various materials, indicating a mixed performance with some materials like SAF Europe FOB prices increasing by 3.00% while high-purity hydrogen saw a decrease of 10.00% [19][22]. New Materials Subsector Tracking - The report tracks various subsectors within new materials, including advancements in battery safety standards, which are set to be enforced in 2026, potentially impacting the materials used in electric vehicle batteries [12]. - The report highlights the growth in the smartphone market, with a 3.3% year-on-year increase in shipments, benefiting the consumer electronics materials sector [13]. - The report discusses funding initiatives in Shenzhen aimed at supporting AI terminal technology, which may influence the materials used in smart devices [14].

Core Points - The total margin financing balance of the Sci-Tech Innovation Board decreased by 7.30 billion yuan compared to the previous trading day, while the margin short selling balance decreased by 3.50 million yuan [1] - As of June 13, the total margin balance reached 154.51 billion yuan, with financing balance at 153.97 billion yuan and short selling balance at 0.0534 billion yuan [1] - A total of 245 stocks saw an increase in financing balance, while 80 stocks experienced an increase in short selling balance [1] Financing Balance Summary - The stock with the highest financing balance is SMIC, with a balance of 7.28 billion yuan, followed by Cambrian and Haiguang Information with balances of 4.18 billion yuan and 3.65 billion yuan respectively [1] - Significant increases in financing balance were observed in Jin Chengzi, Hai Zheng Sheng Cai, and Jing Pin Te Zhuang, with increases of 60.15%, 55.61%, and 27.58% respectively [1] - The stocks with the largest decreases in financing balance included Jingjin Electric, Kejie Intelligent, and Bei Qingsong, with decreases of 21.80%, 21.32%, and 15.39% respectively [1] Short Selling Balance Summary - The stock with the highest short selling balance is Haiguang Information at 0.16 billion yuan, followed by Cambrian and SMIC, both at 0.15 billion yuan [2] - A total of 80 stocks saw an increase in short selling balance, while 183 stocks experienced a decrease [2] - The largest increases in short selling balance were seen in Anheng Information, Tianzhihang, and Foxit Software, with increases of 347.79%, 126.65%, and 102.29% respectively [2] - The stocks with the largest decreases in short selling balance included Aolaide, KQ Biology, and Jiayuan Technology, with decreases of 100.00%, 85.69%, and 42.72% respectively [2]

Core Insights - LABUBU, a core IP under Pop Mart, has become a phenomenon in the collectible toy market, with significant demand leading to sold-out events globally, particularly in South Korea and the UK [1][10][12] - The surge in popularity has raised safety concerns, prompting Pop Mart to temporarily halt sales of LABUBU products in both South Korea and the UK due to potential safety risks at crowded sales events [10][12] - The brand's strategy of creating limited edition products has led to a speculative market, with some experts warning that this could result in a financial bubble [17][21] Sales and Market Performance - Pop Mart's LABUBU series has seen explosive sales, with reports of long queues and even altercations among customers in various locations [1][11][19] - The company's overseas revenue increased dramatically from 1.066 billion RMB to 5.07 billion RMB, a growth of 375.2% from 2023 to 2024 [25] - LABUBU's popularity has also positively impacted related industries, such as 3D printing, with a notable increase in stock prices for companies involved in this sector [29][32] Brand Value and IP Strategy - Pop Mart's brand value rose significantly, reaching 10.344 billion RMB in 2025, up from 5.091 billion RMB in 2024, reflecting a 103.2% increase [22][23] - The company operates a unique IP model, treating each product line as an individual brand, akin to managing artists in a talent agency [24][26] - Pop Mart's approach to IP development is distinct from traditional models, focusing on product-first strategies that leverage social media and digital marketing [24][26] Consumer Behavior and Market Trends - The appeal of LABUBU is linked to emotional engagement and the desire for unique collectibles among younger consumers, particularly Generation Z [19] - The phenomenon of LABUBU has led to a rise in 3D printing models, as consumers seek alternatives to purchasing the physical toys [27] - The brand's success is attributed to its ability to resonate with cultural trends and consumer desires, positioning itself as a leader in the collectible toy market [26]

Core Viewpoint - The popularity of LABUBU has surged, leading to increased interest in 3D printing and benefiting related companies in the PLA (polylactic acid) industry, particularly Haizheng Biomaterials [1][4]. Group 1: LABUBU Popularity and Market Impact - LABUBU has become a trending item, with consumers expressing frustration over its scarcity, prompting interest in 3D printing alternatives [1]. - The LABUBU 3D printing topic has garnered over 660,000 views on social media, indicating significant consumer engagement [2]. - Haizheng Biomaterials' stock price rose by 10.11% and 13.20% on June 12 and 13, respectively, due to the increased demand for PLA materials linked to LABUBU [1][4]. Group 2: 3D Printing Costs and Consumer Behavior - The cost of 3D printing a LABUBU figure is minimal, with material costs for a 13.4 cm model estimated at around 3 yuan [3]. - Users have uploaded 674 LABUBU models on MakerWorld, with the most popular model nearing 20,000 downloads [2]. Group 3: Haizheng Biomaterials Company Overview - Haizheng Biomaterials, established in 2004 and listed in 2022, is a leading company in the PLA sector, focusing on R&D, production, and sales [4]. - The company expects a 25.70% increase in PLA resin sales in 2024, reaching a historical high, while maintaining the largest market share in China [4]. - Despite challenges in traditional markets, the 3D printing segment is experiencing rapid growth, with a projected 180% increase in sales for 2024 [5].

证券代码：688203 证券简称：海正生材 公告编号：2025-31 浙江海正生物材料股份有限公司 关于股份回购进展公告 本公司董事会及全体董事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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/8/29 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 8 月 28 8 月 | 日~2025 | 年 | 27 | 日 | | 预计回购金额 | 2,000万元~3,000万元 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 1,422,364股 | | | | | | 累计已回购股数占总股本比例 | 0.702% | | | | | | 累计已回购金额 | 13,673,623.13元 | | | | | | 实际回购价格区间 | 7.76元/股~10.53元 ...

证券代码：688203 证券简称：海正生材 公告编号：2025-30 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： ? 是否涉及差异化分红送转：是 ? 每股分配比例 每股现金红利0.06005元 ? 相关日期 股权登记日 除权（息）日 现金红利发放日 公司于 2025 年 5 月 8 日召开了 2024 年年度股东会，会议审议通过了《2024 年度利润分配预案》，具体分配方案如下： 公司 2024 年度拟以实施权益分派股权登记日登记的总股本扣除公司回购专用 证券账户股份数后的股本为基数分配利润，拟向全体股东每 10 股派发现金 0.60 元（含税）。截至公司 2024 年度利润分配方案披露日，公司总股本 202,678,068 股扣除公司回购专用证券账户股份 1,256,874 股后的股本基数为 201,421,194 股， 以此计算合计拟派发现金红利 12,085,271.64 元（含税）。本年度以现金为对价， 采用集中竞价方式已实施的股份回购金额 8,998,849.64 元（不含印花税、交易佣 金等交 ...

中信建投证券股份有限公司 关于浙江海正生物材料股份有限公司 差异化分红事项的核查意见 自公司2024年年度利润分配方案披露之日至本核查意见出具日，公司通过上 海证券交易所交易系统以集中竞价交易方式实施回购，公司回购专用证券账户中 的股份数由1,256,874股增至1,422,364股，因此，扣减公司回购专用证券账户的股 份数量后，公司本次实际参与权益分派的股份数量为201,255,704股。公司按照现 金分配总额不变的原则，相应调整每股分配比例，每股派发现金红利由0.06元（含 税）调整至0.06005元（含税）。 中信建投证券股份有限公司（以下简称"保荐机构"、"中信建投证券"）作为 浙江海正生物材料股份有限公司（以下简称"公司"或"海正生材"）首次公开发行 股票并在科创板上市及进行持续督导的保荐机构，根据《上海证券交易所科创板 股票上市规则》《证券发行上市保荐业务管理办法》《上海证券交易所上市公司 自律监管指引第7号——回购股份》等有关法律法规和规范性文件的要求，对海 正生材2024年度利润分配涉及的差异化分红事项进行了核查，并发表核查意见如 下： 一、本次实施差异化权益分派的原因 2024年8月28日， ...

| 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/5 | 2025/6/6 | 2025/6/6 | 证券代码：688203 证券简称：海正生材 公告编号：2025-30 浙江海正生物材料股份有限公司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： 每股现金红利0.06005元 相关日期 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 8 日的2024年年度股东会审议通过。 二、 分配方案 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 （浙江海正生物材料股份有限公司回购专用证券账户除外）。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 是否涉及差异化分红送转：是 每股分配比例 1. 发放年度：2024年年度 2. 分派对象： 上市公司自律监管指引第 7 号——回 ...

Group 1 - Huate Gas plans to reduce its shareholding by up to 2% through block trading from June 9, 2025, to September 8, 2025, totaling no more than 2.4 million shares [1] - Huazhong Co. reported April sales of 208,200 pigs, with a revenue of 375 million yuan, showing a month-on-month decrease of 4.28% [2] - Haizheng Biomaterials intends to reduce its shareholding by up to 1% starting from June 9, 2025, due to funding needs [3] Group 2 - Lisheng Sports plans to repurchase shares worth between 20 million and 40 million yuan for employee stock ownership plans [5] - Hongjing Technology signed a service contract worth 563 million yuan for a smart computing project, lasting five years [6] - Ugreen Technology aims to participate in the pre-restructuring of Zhongzhi Real Estate, targeting 100% equity acquisition [8] Group 3 - Jingquan Hua plans to reduce its shareholding by up to 1.67% starting from June 6, 2025 [9] - New Times plans to reduce its shareholding by up to 0.3% starting from June 6, 2025 [10] - Baofeng Energy intends to repurchase shares worth between 1 billion and 2 billion yuan, with a maximum price of 22.80 yuan per share [10] Group 4 - Yuanli Co. plans to reduce its shareholding by up to 3% starting from June 6, 2025 [14] - Huakai Yibai intends to reduce its shareholding by up to 3% starting from June 6, 2025 [15] - Guangshengtang's innovative hepatitis B drug GST-HG131 has completed Phase II clinical trials, showing significant efficacy [17] Group 5 - Electric Media plans to invest 115 million yuan in a cultural technology venture capital fund, which has a total expected scale of 2 billion yuan [21] - China Merchants Port reported a total of 17.059 million TEUs in April, a year-on-year increase of 6% [23] - Changguang Huaxin plans to reduce its shareholding by up to 2% starting from June 9, 2025 [25] Group 6 - Huace Film plans to reduce its shareholding by up to 1.11% starting from June 6, 2025, to reduce debt [26] - BeiGene's HHLR Fund reduced its shareholding from 6.03% to 4.89% after selling 16 million shares [27] - Heertai plans to reduce its shareholding by up to 2.05% starting from June 6, 2025 [28] Group 7 - Biyin Lefen's director plans to reduce his shareholding by up to 491,300 shares starting from June 6, 2025, due to personal funding needs [29]