Core Viewpoint - Company Lianlong (300596.SZ) plans to invest 50 million RMB in Stofor, acquiring a 25% stake, to expand its electronic materials business and enhance its product offerings in the core electronic-grade new materials industry [1] Group 1: Investment Details - The company will use its own funds of 50 million RMB to subscribe to Stofor's newly registered capital of 1.785714 million RMB, with the remaining 48.214286 million RMB allocated to capital reserves [1] - After the completion of this capital increase, the company will hold a 25% equity stake in Stofor [1] Group 2: Stofor Overview - Stofor is a key player in the domestic electronic adhesive industry, with four major R&D centers located in Tianjin, Shenzhen, Shanghai, and Yokohama, Japan [1] - The company has formed a research team with over 40 university professors and holds 87 patents covering core resin system adhesives such as epoxy, polyurethane, acrylic, and silicone [1] - Stofor's innovative products, including anisotropic conductive adhesives and high-refractive-index nano-imprint adhesives, have successfully broken foreign technology monopolies and overcome technical barriers in the display industry, supplying over 300 leading customers in downstream industries [1] Group 3: Strategic Importance - The investment in Stofor is aimed at expanding the company's electronic materials business, following its acquisition of Korean IPITECHINC. to enter the electronic-grade PI materials sector [1] - This move represents a significant strategic expansion into core electronic-grade new materials for applications in flexible OLED displays, flexible printed circuits (FPC), chip packaging, and new energy vehicles [1]

Core Viewpoint - The company plans to invest 50 million RMB in Stodaf, acquiring a 25% stake, to expand its electronic materials business and enhance its product offerings in key sectors such as flexible OLED displays and electric vehicles [1] Group 1: Investment Details - The company will use its own funds of 50 million RMB to subscribe to Stodaf's newly registered capital of 1.785714 million RMB, with the remaining 48.214286 million RMB allocated to capital reserves [1] - After the investment, the company will hold a 25% equity stake in Stodaf [1] Group 2: Stodaf Overview - Stodaf is a leading domestic electronic adhesive manufacturer with four R&D centers located in Tianjin, Shenzhen, Shanghai, and Yokohama, Japan [1] - The company has formed a research team with over 40 university professors and holds 87 patents covering core resin systems such as epoxy, polyurethane, acrylic, and silicone [1] - Stodaf's innovative products, including anisotropic conductive adhesives and high-refractive-index nano-imprint adhesives, have successfully broken foreign technology monopolies and overcome technical barriers in the display industry, supplying over 300 leading clients in downstream industries [1] Group 3: Strategic Importance - The investment in Stodaf is part of the company's strategy to expand its electronic materials business, following its acquisition of Korean IPITECHINC. to enter the electronic-grade PI materials sector [1] - This move represents a significant step in the company's efforts to diversify into core electronic-grade new materials used in flexible OLED displays, flexible printed circuits (FPC), chip packaging, and new energy vehicles [1]

Core Insights - Lianlong's strategic investment in Shenzhen Stof New Materials Technology Co., Ltd. aims to enhance its electronic materials business and tap into a global market exceeding 40 billion yuan for electronic adhesives [1][2] - The investment reflects Lianlong's commitment to the domestic substitution strategy, addressing the low localization rates of high-end electronic adhesives in China, which are only 20%-30% for general products and below 10% for high-end products [1] Company Overview - Stof is a key player in China's electronic adhesive sector, with four R&D centers located in Tianjin, Shenzhen, Shanghai, and Yokohama, Japan, and a research team comprising over 40 university professors [1] - The company holds 87 patents covering core resin systems such as epoxy, polyurethane, acrylic, and silicone adhesives, with innovative products like anisotropic conductive adhesives and high-refractive-index nano-imprinting adhesives [1] Market Potential - The global electronic adhesive market is projected to grow from $5.1 billion in 2023 to $6 billion by 2025, and further to $12.1 billion by 2033, with a conservative annual growth rate of 9% [2] - China accounts for approximately 40% of the global electronic adhesive market, with domestic market size expected to exceed 17 billion yuan by 2025, reflecting a compound annual growth rate of 12%-15% [2] Strategic Implications - The investment represents a strategic partnership between industry and capital, allowing Lianlong to expand its product matrix in electronic materials and integrate resources from China, Japan, and South Korea [2] - Lianlong's electronic materials business will focus on high-end applications in semiconductor packaging, consumer electronics, and advanced displays, accelerating the development and commercialization of high-end products [2]

Group 1 - Company Li'anlong (300596.SZ) aims to expand its electronic materials business through a strategic investment in Shenzhen Stof New Materials Technology Co., Ltd. to enhance its product matrix and capitalize on the domestic substitution opportunity [1] - The company signed a shareholder agreement and a capital increase agreement with Stof and other parties, planning to invest 50 million RMB to acquire 25% equity in Stof after the capital increase [1] - The investment will strengthen the company's ability to control its supply chain and improve its self-sufficiency in the industry [1] Group 2 - Stof is a key player in the domestic electronic adhesive market, with four R&D centers located in Tianjin, Shenzhen, Shanghai, and Yokohama, Japan, and a research team comprising over 40 university professors [2] - The company holds 87 patents covering core resin systems such as epoxy, polyurethane, acrylic, and silicone adhesives [2] - Stof's innovative products, including anisotropic conductive adhesives and high-refractive-index nano-imprint adhesives, have successfully broken foreign technology monopolies and are supplied to over 300 leading clients in downstream industries [2]

Group 1 - Company Li'anlong (300596.SZ) aims to expand its electronic materials business through a strategic investment in Shenzhen Stof New Materials Technology Co., Ltd. to enhance its product matrix and capitalize on the domestic substitution opportunity [1] - The company signed a shareholder agreement and a capital increase agreement with Stof and other parties, planning to invest 50 million RMB to acquire 25% equity in Stof after the capital increase [1] - The investment will strengthen the company's ability to control its supply chain and improve its self-sufficiency in the industry [1] Group 2 - Stof is a key player in the domestic electronic adhesive market, with four R&D centers located in Tianjin, Shenzhen, Shanghai, and Yokohama, Japan, and a research team comprising over 40 university professors [2] - The company holds 87 patents covering core resin systems such as epoxy, polyurethane, acrylic, and silicone adhesives [2] - Stof's innovative products, including anisotropic conductive adhesives and high-refractive-index nano-imprint adhesives, have successfully broken foreign technology monopolies and are supplied to over 300 leading customers in downstream industries [2]

证券代码：300596 证券简称：利安隆 公告编号：2025-078 天津利安隆新材料股份有限公司 关于对外投资的公告 本公司及全体董事会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。 一、对外投资概述 为拓展天津利安隆新材料股份有限公司（以下简称"公司"或"利安隆"） 电子材料业务，进一步延伸电子材料产品矩阵战略布局，更好地把握国产替代窗 口期，提升产业链自主可控能力，公司于 2025 年 11 月 26 日与深圳斯多福新材 料科技有限公司（以下简称"斯多福"）、深圳斯多福德源投资合伙企业(有限 合伙)（以下简称"斯多福德源投资"）、孙思严、娄妍、李江波、肖敏、庄继 里、周漫辉、天津天开海河海棠高教创业投资合伙企业（有限合伙）（以下简称 "天开海棠"）签署了《关于深圳斯多福新材料科技有限公司之股东协议》和《关 于深圳斯多福新材料科技有限公司之增资协议》（以下简称"《股东协议》"和 "《增资协议》"），公司拟以自有资金 5,000.00 万元人民币认购斯多福新增 注册资本人民币 178.5714 万元,剩余款项 4,821.4286 万元计入资本公积金。本 次增资完成后，公司持 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 49.50 CNY, based on an average P/E ratio of 18 times for comparable companies in 2026 [3][5]. Core Insights - The company's main business is gradually recovering after hitting a low point, leading to a slight downward adjustment in revenue and profit forecasts. The projected net profits for 2025, 2026, and 2027 are 542 million CNY, 631 million CNY, and 716 million CNY respectively [3][4]. - The company achieved a revenue of 4.509 billion CNY in the first three quarters of 2025, representing a year-on-year increase of 5.72%, with a net profit of 392 million CNY, up 24.92% year-on-year [9]. - The company is actively expanding into new business areas, including a partnership with Jima Gene for bioblock products and the acquisition of IPITECH INC. to enter the electronic-grade PI materials market [9]. Financial Performance Summary - Revenue projections for the years 2023 to 2027 are as follows: 5,278 million CNY (2023), 5,687 million CNY (2024), 6,297 million CNY (2025), 6,862 million CNY (2026), and 7,414 million CNY (2027), with respective growth rates of 9.0%, 7.7%, 10.7%, 9.0%, and 8.1% [4][11]. - The company's gross profit margin is expected to improve from 19.8% in 2023 to 24.0% in 2027, while the net profit margin is projected to increase from 6.9% to 9.7% over the same period [4][11]. - The earnings per share (EPS) are forecasted to rise from 1.58 CNY in 2023 to 3.12 CNY in 2027 [4][11].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to benefit from the ongoing "anti-involution" measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift is anticipated to enhance cash flow and dividend yields for companies in the sector, transforming them from cash-consuming entities to cash-generating ones [7][27] - The report highlights the potential for domestic substitutes for Japanese semiconductor materials due to rising tensions in Sino-Japanese relations, which could accelerate the domestic market's growth in this area [6] Summary by Sections Recent Trends - The chemical industry has shown a relative performance increase of 16.1% over the past 12 months, outperforming the CSI 300 index, which increased by 11.6% [4] Key Price Movements - DMC (Dimethyl Carbonate) prices rose to 4400 CNY/ton, up 14.29% week-on-week, driven by strong demand from the electrolyte sector [14] - Lithium battery electrolyte prices increased to 27000 CNY/ton, up 8.00% week-on-week, although profit margins for manufacturers are under pressure due to rising raw material costs [14] - Diammonium phosphate prices in East China reached 3850 CNY/ton, up 5.48% week-on-week, amid rising production costs [14] Investment Opportunities - The report identifies four key opportunities in the chemical sector: 1. Low-cost expansion, focusing on companies like Wanhua Chemical and Hualu Hengsheng [9] 2. Improved industry conditions, particularly in chromium salts and phosphate rock [10] 3. New materials with high growth potential, such as electronic chemicals and aerospace materials [11] 4. High dividend yields from state-owned enterprises in the chemical sector, including China Petroleum and China National Chemical [11] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with many rated as "Buy" [28]

证券代码：300596 证券简称：利安隆 公告编号：2025-074 ● 本次日常关联交易为公司正常经营活动所需，是在平等、互利的基础上进行 的，没有损害公司及股东的利益，对于公司的财务情况、经营成果不会产生重大影响， 也不会影响公司的独立性。 一、日常关联交易基本情况 （一）日常关联交易概述 天津利安隆新材料股份有限公司 关于 2026 年度日常关联交易预计的公告 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。 重要内容提示： ● 本次日常关联交易事项已经公司第五届董事会第四次会议审议通过，关联董 事已经回避表决。 ● 本次日常关联交易预计金额约占公司最近一期经审计净资产的 4.48%，本次日 常关联交易预计金额后，公司连续十二个月与同一关联人进行的交易金额累计未达到 公司最近一期经审计净资产的 5%，根据深圳证券交易所《深圳证券交易所创业板股票 上市规则》和《公司章程》的相关规定，本议案无需提交股东会审议。 天津利安隆新材料股份有限公司（以下简称"公司"）及合并报表范围内各级子 公司根据日常生产经营的需要，预计 2026 年度将与关联方河北凯徳生物材料有限 ...

天津利安隆新材料股份有限公司 关于公司第三期员工持股计划相关内容调整及存续期展期的公告 证券代码：300596 证券简称：利安隆 公告编号：2025-075 1.公司于2023年1月3日召开第四届董事会第五次会议、第四届监事会第五次 会议，审议通过了《关于<天津利安隆新材料股份有限公司第三期员工持股计划（ 草案）及其摘要>的议案》、《关于<天津利安隆新材料股份有限公司第三期员工 持股计划管理办法>的议案》等议案，相关议案于2023年1月19日召开的2023年第 一次临时股东大会审议通过，同意公司实施第三期员工持股计划（以下简称"本 次员工持股计划"），并授权公司董事会办理本次员工持股计划的相关事宜，具 体内容详见公司于2023年1月3日、2023年1月19日在巨潮资讯网披露的相关公告（ 公告编号：2023-001、2023-002、2023-006）。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 2.公司于2023年4月25日召开第四届董事会第七次会议、第四届监事会第七次 会议，审议通过了《关于<天津利安隆新材料股份有限公司第三期员工持股计划（ 草案）修订 ...