Core Viewpoint - The company plans to acquire 100% of Shandong Daon Titanium Industry Co., Ltd. through a combination of issuing shares and cash payment, along with raising supporting funds [1] Group 1 - The company received an inquiry letter from the Shenzhen Stock Exchange on November 14, 2025, requiring a written response within 30 days [1] - Due to the need for further clarification on some issues raised in the inquiry letter, the company has applied for an extension to submit the written response within 30 days after the original deadline [1] - The transaction is subject to approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission, introducing uncertainty regarding the approval and registration timeline [1]

证券代码：002838 证券简称：道恩股份 公告编号：2025-143 敬请广大投资者注意投资风险。 特此公告。 山东道恩高分子材料股份有限公司董事会 关于延期回复《关于山东道恩高分子材料股份有限公司发行股份 及支付现金购买资产并募集配套资金申请的审核问询函》的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 山东道恩高分子材料股份有限公司（以下简称"公司"）拟通过发行股份及支付现 金的方式收购山东道恩钛业股份有限公司 100%股份并募集配套资金（以下简称"本次 交易"）。 2025 年 11 月 14 日，公司收到深圳证券交易所出具的《关于山东道恩高分子材料 股份有限公司发行股份及支付现金购买资产并募集配套资金申请的审核问询函》（审核 函〔2025〕130024 号）（以下简称"《审核问询函》"），要求公司在 30 日内对审核 问询函中所列问题逐项落实并提交书面回复。 根据《审核问询函》的要求，公司会同中介机构就《审核问询函》的反馈意见进行 逐项核查、落实和回复。鉴于《审核问询函》涉及的部分事项还需进一步落实，以上事 项的完成所需工作时间较长，预计无法在 ...

Core Viewpoint - The company, Daon Co., Ltd. (002838.SZ), has announced the acquisition of 80% equity in Ningbo Aisikai Synthetic Rubber Co., Ltd. for a total cash consideration of approximately 515.97 million RMB, which will make Ningbo Aisikai a subsidiary of Daon and included in its consolidated financial statements [1][2]. Financial Performance of Ningbo Aisikai - For the first half of 2025, Ningbo Aisikai reported revenue of 56.85 million RMB and a net profit of 10.67 million RMB, showing a significant increase from the previous year's revenue of 90.08 million RMB and net profit of 7.35 million RMB [1][2]. - The operating cash flow for the first half of 2025 was 18.83 million RMB, compared to 20.52 million RMB in 2024 [2]. Asset Valuation - As of June 30, 2025, Ningbo Aisikai's total assets were valued at 78.30 million RMB, with total liabilities of 43.92 million RMB, resulting in a net asset value of 34.38 million RMB [2]. - The assessed total asset value is 108.65 million RMB, reflecting an appreciation of 30.35 million RMB, which corresponds to a 38.76% increase [2]. Shareholding and Pledge Information - As of July 26, 2023, Daon Group, the controlling shareholder, has pledged a total of 150,399,998 shares, representing 31.44% of the company's total share capital [3][4]. - The total number of pledged shares by Daon Group is 198,034,041, which constitutes 41.40% of its holdings [4].

Core Viewpoint - The acquisition of 80% stake in Ningbo Aisikai by Daon shares is aimed at extending the industrial chain, enhancing business synergy, and enriching the product variety in the elastomer sector, which is expected to positively impact the company's future development [1] Group 1: Acquisition Details - Daon shares plans to acquire 80% of Ningbo Aisikai for 516 million yuan, making it a subsidiary and consolidating it into the company's financial statements [1] - The acquisition is based on an assessed net asset value of 647 million yuan for Ningbo Aisikai as of June 30, 2025, reflecting an 88.27% increase in value [2] - The payment for the acquisition will be made in three installments, contingent upon the completion of business registration changes [2] Group 2: Strategic Importance - The acquisition will enhance Daon shares' product structure and improve its comprehensive value and industry influence in the polymer materials sector [2] - By acquiring the EPDM business, Daon shares will gain critical core technologies in elastomer polymerization, improving both the breadth and depth of its technological capabilities [1][2] Group 3: Financial Performance - Ningbo Aisikai reported a revenue of 569 million yuan and a net profit of 107 million yuan for the first half of 2025, indicating strong profitability and cash flow [3] - The integration of Ningbo Aisikai is expected to significantly boost Daon shares' profits and enhance its financial performance, despite a potential short-term cash flow contraction due to the use of self-owned funds for the acquisition [3]

Key Points - Yonghui Supermarket's stock may face significant decline risks after a short-term surge [1] - Fuzhijing Technology's actual controller reduced holdings by 1.0429 million shares during abnormal stock fluctuations [1] Investment Projects - Ninghu Expressway plans to invest 9 billion yuan in the construction of the Nanyang Yangtze River Bridge southern connection project [1] - China Shipbuilding Special Gas plans to invest approximately 870 million yuan to build an annual production facility for 3,383 tons of high-purity hydrogen sulfide and other electronic gases [1] Contract Wins - Jicheng Electronics won contracts totaling approximately 215 million yuan for multiple State Grid projects [1] - Beixin Road and Bridge secured a 180 million yuan engineering project [1] - Beijing Kerui won a 498 million yuan State Grid project [1] Equity Acquisitions - Blues Technology intends to acquire 100% of Peimei Gao International to expand into the AI computing infrastructure sector [1] - Daon Co. plans to acquire 80% of Ningbo Aisikai [1] - Alibaba Travel Investment intends to subscribe for 20% equity in Zhongxin Youyou through a 55% stake in Hangzhou Aixin [1] Share Buybacks - Xingyu Co. plans to repurchase shares with an investment of 200 million to 300 million yuan [1]

Group 1 - Dingyang Technology has launched the SPB3000X series source load simulator, which includes three models: SPB3100X, SPB3200X, and SPB3300X, featuring high precision, low ripple noise, and fast transient response [1] - Ningbo Huaxiang plans to acquire 40% of Fengmei Power's equity from SAIC Volkswagen, with the total acquisition involving 100% equity [2] - ST Jiaotou will implement a capital reserve conversion to increase share capital, with a total of 267 million shares to be converted [3] Group 2 - Century Huatong's subsidiary Guosheng Capital holds 19.5887 million shares of Moer Thread, accounting for 4.8968% of the total share capital before the IPO [4] - Meidike intends to introduce strategic investors to its subsidiary, with an investment of 200 million yuan at a pre-investment valuation of 2.18 billion yuan [5] - Baiyun Airport reported a 12.58% year-on-year increase in passenger throughput in November, totaling 7.3228 million passengers [6] Group 3 - Shengda Resources' subsidiary Honglin Mining has received approval for a three-month extension for trial production [7] - ST Yigou's subsidiary Suning International is expected to increase net profit by approximately 992 million yuan from the sale of eight subsidiaries [8][9] - Huayi Brothers reported overdue debts totaling 52.5 million yuan, exceeding 10% of its audited net assets for 2024 [10] Group 4 - Wanshun New Materials plans to acquire 100% of Eurofoil Luxembourg for 12.3889 million euros, enhancing its aluminum foil production capabilities [11] - Wuhan Tianyuan's subsidiary plans to invest approximately 600 million yuan in two energy storage projects [12] - Maike Biological's subsidiary has received a product registration certificate for a new automatic cell morphology analyzer [13] Group 5 - CATL intends to register for the issuance of bonds not exceeding 10 billion yuan, primarily for project construction and working capital [14] - Yuntianhua plans to acquire 100% of Tianyao Chemical for 36.8858 million yuan, enhancing its fine phosphorus chemical product line [15] - Fucheng Technology's controlling shareholder has reduced its stake by 1.0429 million shares [16] Group 6 - Zhili Fang plans to reduce its stake by up to 1.2% of the company's total shares [17][18] - Qianzhao Optoelectronics' chairman intends to reduce his stake by up to 0.02% [19] - Sanmu Group's subsidiary plans to sell 75 office properties for 24.1068 million yuan [20] Group 7 - Zhuangyuan Pasture's director plans to reduce his stake by up to 3% of the company's total shares [21] - Chongqing Pharmaceutical's subsidiary has signed a licensing agreement with Pfizer, potentially earning up to 50 million USD in milestone payments [22] - Yongqing Environmental Protection's shareholder plans to reduce its stake by up to 1% [23] Group 8 - Lens Technology plans to acquire 100% of PMG International Co., Ltd., enhancing its capabilities in server cabinet business [24] - Xinbang Pharmaceutical is facing prosecution for alleged unit bribery, but its control remains unchanged [25] - Meian Health's shareholders plan to reduce their stake by up to 3% of the company's total shares [26] Group 9 - Central Plaza's subsidiary has decided to suspend operations due to ongoing operational difficulties [27] - Dawn Co. plans to acquire 80% of Ningbo Aisikai for 516 million yuan, including the transfer of related patents and technologies [28] - Kweichow Moutai will distribute over 30 billion yuan in cash dividends based on its 2025 mid-term profit distribution plan [29] Group 10 - Baiyun Airport has received approval from the CSRC for a stock issuance to specific targets [29] - Zai Sheng Technology reported that revenue from aerospace-related products will account for less than 0.5% of its total revenue in 2024 [30]

证券研究报告 | 公司点评报告 2025 年 12 月 11 日 道恩股份（002838.SZ） 拟收购韩国 SK 集团旗下公司股权，产业链布局完善的 同时有望增厚业绩 公司发布公告，以自有资金 5.2 亿元收购爱思开致新投资香港有限公司（以下 简称"SK 香港"）持有的宁波爱思开合成橡胶有限公司（以下简称"宁波爱思 开"、"标的公司"）80%股权。本次收购完成后，宁波爱思开将成为公司控 股子公司，纳入公司合并报表范围内。此外，交易对手方 SK 香港的关联方 SK Geo Centric Co., Ltd.和/或 SK Innovation Co., Ltd.拟转让给上市公司其持 有的标的公司产品相关的专利、专有技术及商标，前述知识产权转让价格不超 过人民币 0.65 亿元。 ❑ 不超过 5.8 亿元收购 EPDM 厂商 80%股权及知识产权，完善产业链布局的同 时增厚业绩。宁波爱思开是一家三元乙丙橡胶生产工厂，由韩国第二大企业 集团——SK 集团旗下爱思开致新投资香港有限公司（香港 SK）投资设立。 三元乙丙橡胶为乙烯、丙烯和少量的非共轭二烯烃第三单体的共聚物，以 EPDM 表示。本次交易完成后宁波爱思开将 ...

Key Points - Yonghui Supermarket (601933.SH) may face significant downside risk after a large short-term price increase [2] - Fuzhijun Technology (002222.SZ) saw its actual controller reduce holdings by 1.0429 million shares during the period of abnormal stock fluctuations [2] - Ninghu Expressway (600377.SH) plans to invest 9 billion yuan in the construction of the Nanyang Yangtze River Bridge southern approach project [2] - Jicheng Electronics (002339.SZ) won contracts totaling approximately 215 million yuan for multiple State Grid projects [2] - Lens Technology (300433.SZ) intends to acquire 100% of Peimei Gao International to expand into the AI computing infrastructure sector [2] - Xingyu Co., Ltd. (601799.SH) plans to repurchase shares with an investment of 200 million to 300 million yuan [2] - Zhuangyuan Pasture (002910.SZ) board member Ma Hongfu plans to reduce holdings by no more than 3% [2] - Ruili Kemi (001285.SZ) has received project designation from clients [3] - Guangliwei (301095.SZ) plans to establish a wholly-owned subsidiary in Singapore focused on application research and global sales [3]

Group 1: Federal Reserve and Market Reactions - The Federal Reserve lowered interest rates by 25 basis points and announced the purchase of short-term bonds, interpreted by the market as "not QE's QE" with a slightly dovish tone from Chairman Powell [1] - U.S. stock indices closed higher, with small-cap stocks leading the market; the S&P 500 rose by 0.67%, the Dow Jones increased by 1.05%, and the Nasdaq gained 0.33% [2] Group 2: Company Performance - Tesla, Broadcom, and Google saw stock increases of over 1%, while Oracle's post-earnings drop exceeded 10%, negatively impacting Nvidia, which fell over 1% in after-hours trading [3] - U.S. storage companies, including Micron Technology and Seagate Technology, reached new highs [4] Group 3: Chinese Market Developments - The Nasdaq Golden Dragon China Index rose by 0.64%, with notable gains from companies like Chuangzhi Global (over 47%), Junfu Capital (over 35%), and Fangduoduo (over 22%) [5] Group 4: Economic Indicators and Policies - U.S. Treasury yields fell across the board, with the two-year yield dropping over 7.6 basis points; the dollar decreased nearly 0.6%, marking its lowest level since October 29 [6] - China's satellite industry is rapidly developing, with successful launches of nine satellites, indicating a pressing need for satellite internet [7] Group 5: Sector Insights - The MLCC market is expected to grow significantly, with demand for AI servers projected to increase by 3.3 times by 2030 compared to 2025, driven by advancements in AI and automotive technologies [10] - The AI application "Qianwen" has surpassed 30 million monthly active users within 23 days of its public release, indicating strong growth potential in the AI sector [11] Group 6: Strategic Developments - Blueway Technology plans to acquire 100% of Peimeigao International, expanding into AI computing infrastructure [15] - Huasheng Co. intends to purchase 97.4% of AIDC company Yixin Technology for 6.62 billion yuan, focusing on green computing infrastructure services [15]

Core Viewpoint - The article discusses significant acquisitions in the new materials sector, highlighting the strategic moves by companies like Daon and Jiangsu Shuangxiang to enhance their market positions and capabilities in the elastomer and acrylic resin industries [1][2][3]. Group 1: Daon Acquisition - Daon plans to acquire 80% of Ningbo Aisikai Synthetic Rubber Co., Ltd. from SK Group, focusing on expanding its presence in the elastomer sector [2]. - The acquisition of the EPDM business is crucial for Daon as EPDM is a core raw material for its dynamic vulcanization platform products, enhancing product performance and reducing reliance on external raw materials [2][3]. - Daon is also establishing a wholly-owned subsidiary in Singapore to accelerate its global expansion strategy [2]. Group 2: Jiangsu Shuangxiang Acquisition - Jiangsu Shuangxiang Group has signed an agreement to acquire 100% of the shares of Kolon Industries' subsidiary, Kolon Acrylic (Zhangjiagang) Co., Ltd., which specializes in methyl methacrylate (MMA) casting sheets [3][4]. - The acquisition is part of Kolon’s mid-term business plan "PASSION 2026," which includes reducing MMA production capacity by half, from 67,000 tons/year to 33,500 tons/year [4]. - This move allows Jiangsu Shuangxiang to fill a gap in the high-end casting sheet market and achieve vertical integration from raw materials to end products [4].