表决结果：同意 35,436,420.63 份，占出席持有人会议的持有人所持份额总数 的 100%；反对 0 份，占出席持有人会议的持有人所持份额总数的 0%；弃权 0 份，占 出席持有人会议的持有人所持份额总数 0%。 2、 审议通过《关于选举公司 2025 年员工持股计划管理委员会委员的议案》 经审议表决，选举张宴成、薛林燕和成卫为公司 2025 年员工持股计划管理委员 会委员，任期为本持股计划的存续期。管理委员会委员与公司控股股东、实际控制 人、董事、高级管理人员不存在关联关系。 | 证券代码：300429 | 证券简称：强力新材 | 公告编号：2025-042 | | --- | --- | --- | | 债券代码：123076 | 债券简称：强力转债 | | 常州强力电子新材料股份有限公司 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。 常州强力电子新材料股份有限公司（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 9 月 22 日以现场结合通讯表决的方式召开。会议由公 ...

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector [1]. Core Viewpoints - Geopolitical risks in the Middle East and Ukraine are supporting oil prices, which are expected to remain volatile in the short term. The report notes that WTI crude futures saw a slight increase of 0.03%, while Brent crude futures decreased by 0.33% during the specified period [6]. - OPEC+ is pushing for increased production despite low international oil prices, aiming to regain market share, which may lead to further pressure on global oil supply [6]. - The demand side shows significant crude oil inventory reductions in the U.S., with gasoline also experiencing a drawdown, providing some support for oil prices. However, as the summer travel season ends, refined oil consumption is expected to shift from peak to off-peak [6]. - In the fluorochemical sector, popular refrigerants like R32 and R134a continue to see price increases due to tight supply and steady demand from downstream industries such as automotive and air conditioning [6]. - The report highlights the strong growth in China's automotive production and sales, which increased by 13.0% and 16.4% year-on-year, respectively, in August 2025, boosting demand for refrigerants [6]. Summary by Sections Oil and Petrochemical - Geopolitical tensions are providing short-term support for oil prices, with WTI and Brent prices showing mixed trends [6]. - OPEC+ discussions on production capacity are ongoing, with a focus on regaining market share despite low prices [6]. - U.S. crude oil inventory reductions and seasonal shifts in refined oil consumption are influencing market dynamics [6]. Fluorochemical - The market for refrigerants remains tight, with prices for R32 and R134a continuing to rise [6]. - Demand from the automotive and air conditioning sectors is supported by government policies promoting consumption [6]. - The reduction in production quotas for second-generation refrigerants is expected to tighten supply further [6]. Investment Recommendations - The report suggests focusing on the oil and petrochemical sector, fluorochemical sector, and semiconductor materials. It highlights the resilience of major domestic oil companies in the face of price volatility and recommends monitoring companies like China National Petroleum, Sinopec, and CNOOC [7]. - In the fluorochemical sector, companies leading in third-generation refrigerant production and upstream fluorite resources are recommended for investment [7]. - The semiconductor materials sector is also highlighted for its positive trends in inventory reduction and domestic substitution [7].

Market Overview - The electronic chemicals sector increased by 2.04% on September 19, with Tongyu New Materials leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Key stocks in the electronic chemicals sector showed significant price increases, with Tongyu New Materials rising by 12.14% to a closing price of 212.40 [1] - Other notable performers included Tiantong Co., which increased by 10.03%, and Xilong Science, which rose by 10.02% [1] Capital Flow - The electronic chemicals sector saw a net inflow of 1.073 billion yuan from institutional investors, while retail investors experienced a net outflow of 579 million yuan [2] - Tiantong Co. attracted the highest net inflow from institutional investors at 732 million yuan, while retail investors had a net outflow of 387 million yuan [2] - Xilong Science also saw significant institutional support with a net inflow of approximately 297 million yuan [2]

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Strongly New Materials, indicating a significant increase in trading volume and financing activities on September 18, with a net financing purchase of 3.86 million yuan [1] - As of September 18, the total balance of margin trading for Strongly New Materials reached 405 million yuan, with a financing balance of 404 million yuan, accounting for 5.41% of the circulating market value, which is above the 60th percentile level over the past year [1] - The company reported a decrease in operating revenue for the first half of 2025, amounting to 458 million yuan, a year-on-year decline of 1.58%, and a net profit attributable to shareholders of -17.09 million yuan, a decrease of 1733.02% year-on-year [2] Group 2 - Strongly New Materials has a diverse revenue structure, with the largest contributions coming from other-purpose photoinitiators (27.33%), PCB photolithography photoinitiators (18.98%), and LCD photolithography photoinitiators (17.93%) [2] - The company has distributed a total of 205 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] - As of June 30, 2025, the number of shareholders for Strongly New Materials increased by 20.23% to 75,300, while the average circulating shares per person decreased by 16.83% to 5,297 shares [2]

| 证券代码：300429 | 证券简称：强力新材 | 公告编号：2025-041 | | --- | --- | --- | | 债券代码：123076 | 债券简称：强力转债 | | 常州强力电子新材料股份有限公司 2025年第一次临时股东大会决议公告 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。 特别提示： 1.本次股东大会未出现否决议案的情形。 2.本次股东大会不涉及变更前次股东大会决议的情形。 一、会议召开情况 （一）召集人 本次股东大会由公司董事会召集。 （二）召开时间 2025年9月16日（星期二）下午3：00 （三）现场会议召开地点 江苏省常州市武进区遥观镇常州强力电子新材料股份有限公司研发中心大楼 三楼会议室 （四）表决方式 本次会议采用现场投票和网络投票相结合的方式，公司通过深圳证券交易所 交易系统和网络投票系统向公司股东提供网络形式的投票平台。 （五）会议主持人 本次股东大会由公司董事长钱晓春先生主持。 （六）合法有效性 本次股东大会的召开符合《中华人民共和国公司法》、《上市公司股东会规则》 等有关法律、行政法规、部门规章及《常州强力电 ...

2025 年第一次临时股东大会的法律意见 京天股字（2025）第 597 号 致：常州强力电子新材料股份有限公司 常州强力电子新材料股份有限公司（以下简称"公司"）2025 年第一次临时 股东大会（以下简称"本次股东大会"）采取现场投票与网络投票相结合的方式， 其中现场会议于 2025 年 9 月 16 日在江苏省常州市武进区遥观镇常州强力电子新材 料股份有限公司研发中心大楼三楼会议室召开。北京市天元律师事务所（以下简称 "本所"）接受公司聘任，指派本所律师参加本次股东大会现场会议，并根据《中 华人民共和国公司法》《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）以及《常州强力电子新 材料股份有限公司章程》（以下简称"《公司章程》"）等有关规定，就本次股东 大会的召集、召开程序、出席现场会议人员的资格、召集人资格、会议表决程序及 表决结果等事项出具本法律意见。 为出具本法律意见，本所律师审查了《常州强力电子新材料股份有限公司第五 届董事会第十八次会议决议公告》《常州强力电子新材料股份有限公司第五届监事 会第十次会议决议公告》《常州强力电子新材料股份有限公 ...

Core Viewpoint - The article highlights the growing importance and demand for PSPI (photo-sensitive polyimide) materials in the semiconductor and OLED display industries, with significant investments and advancements being made by both domestic and international companies to enhance production capacity and meet market needs [2][3][4]. Group 1: Company Developments - Jilin Aolai De Optical Materials Co., Ltd. plans to raise up to 299.8 million yuan, with approximately 239.8 million yuan allocated for the construction of a PSPI materials production base, aiming for an annual capacity of 1,000 tons after three years [2]. - Asahi Kasei, a Japanese giant, plans to invest 16 billion yen (approximately 1 billion euros) to double its PIMEL™ PSPI production capacity by 2030 to meet the surging demand from advanced technologies [2]. - Domestic companies such as Wanrun Co., Ltd. and Aolai De have successfully validated their PSPI materials with leading panel manufacturers, indicating a shift towards local production and reduced reliance on imports [4][5]. Group 2: Market Trends and Innovations - PSPI is increasingly recognized as a critical material in high-end manufacturing sectors, including semiconductor packaging and flexible displays, with major suppliers being Asahi Kasei, Toray, and JSR [3]. - Recent innovations include Toray's STF-2000 PSPI, which allows for high-resolution patterning on films up to 200 micrometers thick, targeting new MEMS device applications [3]. - Companies like Ba Yi Space and Dinglong Co., Ltd. are advancing their PSPI products, with Ba Yi Space entering trial production and Dinglong Co., Ltd. achieving significant client certifications for their PSPI offerings [5][6]. Group 3: Investment and Future Outlook - Ba Yi Space is expected to generate orders in the second half of the year as it completes its PSPI production line, while Dinglong Co., Ltd. is focusing on expanding its patent database and product offerings in the semiconductor materials sector [5][6]. - Aisen Co., Ltd. has secured its first wafer factory order for its positive PSPI, with plans to achieve a production capacity of 2,000 tons, potentially generating over 3 billion yuan in revenue [8]. - The domestic PSPI industry is accelerating commercialization, with multiple companies reporting progress from production to client validation, indicating a robust growth trajectory in the sector [4][5].

Company Overview - Strongly New Materials Co., Ltd. is located in Changzhou, Jiangsu Province, and was established on November 22, 1997. The company was listed on March 24, 2015. Its main business involves the research, production, and sales of various photoresist specialty electronic chemicals in the electronic materials sector [2]. - The revenue composition of the company includes: 27.33% from other-purpose photoinitiators, 18.98% from PCB photoinitiator, 17.93% from LCD photoinitiator, 11.18% from chemical raw material trading, 10.14% from PCB photoinitiator resin, 6.96% from semiconductor photoinitiator, 6.81% from other compounds, and 0.68% from other sources [2]. Financial Performance - For the first half of 2025, the company achieved an operating income of 458 million yuan, a year-on-year decrease of 1.58%. The net profit attributable to the parent company was -17.09 million yuan, a year-on-year decrease of 1733.02% [2]. - As of June 30, 2025, the number of shareholders was 75,300, an increase of 20.23% compared to the previous period. The average circulating shares per person were 5,297, a decrease of 16.83% [2]. Market Activity - On September 1, the stock price of Strongly New Materials increased by 1.00%, with a trading volume of 306 million yuan. The margin trading data indicated a financing purchase amount of 36.61 million yuan and a financing repayment of 37.51 million yuan, resulting in a net financing buy of -0.90 million yuan [1]. - The total margin trading balance as of September 1 was 454 million yuan, with the financing balance accounting for 5.95% of the circulating market value, which is above the 80th percentile level over the past year, indicating a high level [1]. - In terms of securities lending, on September 1, the company repaid 100 shares and sold 3,900 shares, with a selling amount of 55,300 yuan. The remaining securities lending volume was 56,600 shares, with a balance of 803,200 yuan, also above the 60th percentile level over the past year, indicating a relatively high level [1]. Dividend Distribution - Since its A-share listing, Strongly New Materials has distributed a total of 205 million yuan in dividends. However, there have been no dividend distributions in the past three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, holding 2.1431 million shares, a decrease of 830,100 shares compared to the previous period [3].

Core Insights - The photoinitiator industry is characterized by dual features of "technology iteration driving demand upgrade and supply contraction reshaping market structure" [1] - The global manufacturing industry's shift towards precision and intelligence is increasing the penetration of photopolymerization technology, with China expected to see its production rise from 50,500 tons in 2022 to 59,000 tons in 2024 [1][11] - The market is projected to exceed 9 billion yuan by 2030, with a compound annual growth rate of 9.3% from 2024 to 2030 [1][12] Industry Overview - Photoinitiators are key compounds that absorb energy under specific wavelengths of light to initiate chemical reactions, transforming liquid resins into solid polymer networks [2][3] - The industry is experiencing significant growth due to innovations such as the widespread adoption of UV LED light sources and breakthroughs in water-based systems [1][9] Supply and Demand Dynamics - The supply side is facing a contraction of 12%-18% due to environmental regulations and safety incidents leading to the shutdown of companies like Ningxia Wokailong and Yangfan New Materials [1][11] - The demand side is driven by the transition of global manufacturing towards precision and intelligence, with demand expected to reach approximately 45,000 tons by 2025 [1][11] Competitive Landscape - The market is dominated by leading companies such as Jiu Ri New Materials and Qiangli New Materials, which hold a combined market share of 52.7% in the mid-to-low-end market [1][12] - Foreign companies like IGM dominate over 30% of the profit space through high-end products, creating a "low-end internal competition, high-end monopoly" scenario [1][12] Future Trends - The industry is expected to evolve along three main paths: technological advancement (visible light response and bio-based materials), market globalization (accelerated domestic substitution and deepening Southeast Asia layout), and ecological industrialization (low-carbon process transformation and regional standard co-construction) [1][15] - Innovations in photoinitiators are anticipated to enhance curing efficiency by 30% and reduce energy consumption by 40% [1][15]

Market Overview - The electronic chemicals sector experienced a decline of 0.3% on August 29, with Qiangli New Materials leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Stock Performance - Notable gainers in the electronic chemicals sector included: - Siquan New Materials (code: 301489) with a closing price of 208.00, up 10.58% [1] - Tianyan Technology (code: 688603) with a closing price of 91.18, up 7.78% [1] - Tiantong Co., Ltd. (code: 600330) with a closing price of 9.50, up 4.74% [1] - Conversely, significant decliners included: - Qiangli New Materials (code: 300429) with a closing price of 14.05, down 6.21% [2] - Shanghai Xinyang (code: 300236) with a closing price of 56.40, down 6.16% [2] - Weiteou (code: 301319) with a closing price of 29.85, down 3.46% [2] Capital Flow - The electronic chemicals sector saw a net outflow of 328 million yuan from institutional investors, while retail investors contributed a net inflow of 67.0063 million yuan [2] - The capital flow for specific stocks showed: - Tiantong Co., Ltd. had a net inflow of 10.7 million yuan from institutional investors [3] - Qiangli New Materials experienced a net outflow of 1.08 billion yuan from institutional investors [3] - Guoci Materials had a net inflow of 87.2449 million yuan from institutional investors [3]