Core Viewpoint - The company reported that the prices of its anti-aging agents and lubricant additives have remained stable in the first three quarters of the year, with no significant price increases observed [2] Group 1: Price Trends - The company indicated that there have been no substantial price increases for lubricant additives from 2025 to the present [2] - The prices of anti-aging agents have also shown stability throughout the year [2] Group 2: Sales Data - The sales data for the fourth quarter will be reflected in the company's annual report [2]

据，并按照《非金融企业债务融资工具注册发行规则》、《非金融企业债务融资工 具注册工作规程》、《非金融企业债务融资工具信息披露规则》及有关规则指引规 定，履行信息披露义务。 特此公告。 证券代码：300596 证券简称：利安隆 公告编号：2025-079 天津利安隆新材料股份有限公司 关于中期票据科技创新债券获准注册的公告 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。 天津利安隆新材料股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开第五届董事会第二次会议，于 2025 年 9 月 15 日召开 2025 年第三次临时 股东会，审议通过了《关于拟注册和发行中期票据的议案》，同意公司向中国银 行间市场交易商协会（以下简称"交易商协会"）申请注册并发行总额不超过（含） 人民币 20 亿元的中期票据，并根据市场情况以及自身资金需求状况在注册额度 内择机一次性或分期发行，并授权董事会全权负责并办理本次注册发行中期票据 的相关事宜，授权管理层处理与中期票据的注册、发行及存续、兑付兑息有关的 具体执行工作，具体内容详见公司于 2025 年 8 月 28 ...

Group 1: Conference Information - The 9th International Carbon Materials Conference and Industry Exhibition (Carbontech 2025) will be held from December 9-11 at the Shanghai New International Expo Center, featuring the Carbontech2025 Diamond Annual Meeting with renowned experts and companies invited to participate [1][4]. - The conference will include various activities such as opening ceremonies, user tours, and specialized sessions on diamond applications and carbon materials [11][12]. Group 2: Company Investment - Lianlong announced a strategic investment of 50 million yuan in Shenzhen Stof New Materials Technology Co., Ltd., acquiring a 25% stake, while Tianjin Tiankai Haihe Haitang Higher Education Venture Capital Partnership contributed 10 million yuan for a 5% stake, valuing Stof at 200 million yuan post-investment [3]. - Lianlong's investment aligns with its strategy to expand into new materials, leveraging synergies between its existing electronic-grade PI materials and Stof's electronic adhesives, which are critical in semiconductor packaging and display panels [4]. Group 3: Market Trends - The demand for electronic adhesives, particularly high-end products, is growing in sectors such as semiconductors and new energy vehicles, with a significant reliance on imports for advanced products [3]. - Stof is one of the few domestic companies mastering core technologies like anisotropic conductive adhesives and nano-imprinting adhesives, establishing R&D systems in multiple locations including Tianjin, Shenzhen, Shanghai, and Yokohama, Japan [3].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to benefit from a shift in supply chain dynamics due to geopolitical tensions, particularly in semiconductor materials, leading to accelerated domestic replacements [5][6] - The chromium salt industry is experiencing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with significant price increases noted [8][9] - The report highlights a potential upturn in the chemical industry as supply-side constraints and rising demand could enhance profitability and dividend yields for leading companies [6][10] Summary by Sections Industry Performance - The basic chemical sector has shown a 24.0% increase over the past 12 months, outperforming the CSI 300 index, which increased by 16.9% [3] Key Opportunities - Focus on low-cost expansion opportunities in companies such as Wanhua Chemical and Hualu Hengsheng, as well as sectors like tire manufacturing and pesticide formulations [6][9] - Emphasis on sectors with improving market conditions, including chromium salts, phosphate rock, and polyester filament [9][10] Price Trends - Recent price increases for key products include chromium oxide green at 35,500 CNY/ton and metallic chromium at 84,000 CNY/ton, both up by 1,000 CNY/ton from the previous week [8][16] - The report notes a tightening supply for isooctanol, with prices rising due to increased demand and production disruptions [13] Company Focus - The report identifies several key companies for investment, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical, with positive earnings forecasts and attractive price-to-earnings ratios [28]

Core Viewpoint - The company Lianlong (300596.SZ) is accelerating its strategic investment in the high-end electronic adhesive market, marking a significant step in its domestic substitution strategy for electronic materials, particularly in the context of increasing demand for localized production in China [1][3]. Company Summary - Lianlong is a leading enterprise in the polymer materials sector, with its main business covering core areas such as aging-resistant additives and lubricant additives. Recently, the company has been expanding into high-value electronic-grade new materials [2]. - The company has made a strategic investment of 50 million yuan in Shenzhen Stofe New Materials Technology Co., Ltd., acquiring a 25% stake, which is a continuation of its efforts to enhance its electronic materials product matrix [1][2]. - The investment in Stofe is seen as a critical step in extending Lianlong's electronic materials product offerings and aligns with its strategy to penetrate the high-end adhesive market [2][3]. Industry Summary - The global electronic adhesive market is projected to grow from 5.1 billion USD in 2023 to 12.1 billion USD by 2033, with a compound annual growth rate (CAGR) of 9%. In China, the market is expected to exceed 17 billion yuan by 2025, with a growth rate of 12%-15% [3]. - Currently, the domestic market for electronic adhesives has a low localization rate of 20-30%, with high-end products accounting for less than 10%, indicating a significant opportunity for domestic substitution [3]. - Stofe, as a key player in the domestic electronic adhesive sector, has established multiple R&D centers and holds 87 patents, positioning itself to break foreign technology monopolies [4]. Strategic Implications - The investment is part of Lianlong's dual approach of "technology introduction + local cultivation" to advance the localization of electronic materials, focusing on high-end applications in flexible displays, semiconductor packaging, and new energy vehicles [5]. - The collaboration with Stofe aims to enhance production capacity for high-end products, addressing the urgent demand for domestic substitutes in the electronic adhesive market [4][6]. - The strategic investment reflects the company's commitment to supporting the domestic supply chain and addressing the challenges of high-end material dependency on foreign technologies [6].

Core Viewpoint - Lianlong's investment in Shenzhen Stof New Materials Technology Co., Ltd. marks a strategic move into the electronic adhesive market, enhancing its product matrix and addressing the challenge of high-end material supply in China [1][2]. Group 1: Market Opportunity - The electronic adhesive market is valued at over 40 billion yuan, with a current domestic localization rate of only 20%-30% and high-end products below 10%, indicating significant room for domestic alternatives [2]. - The global electronic adhesive market is projected to grow from $5.1 billion in 2023 to $12.1 billion by 2033, with a compound annual growth rate (CAGR) of 9% [2]. - China's electronic adhesive market is expected to exceed 17 billion yuan by 2025, with a CAGR of 12%-15%, outpacing global growth rates [2]. Group 2: Technological Advancements - Stof has established itself as a key player in the electronic adhesive sector, with 87 patents covering essential resin systems [3]. - The company has achieved significant technological breakthroughs, including the development of anisotropic conductive adhesives that break foreign monopolies and high-refractive-index nano-imprinting adhesives that overcome industry barriers [3]. - Stof's core products are widely used across over 300 leading clients in high-end sectors such as smart terminals, new energy, and semiconductors [3]. Group 3: Strategic Collaboration - The investment will enable deep collaboration across the entire industry chain, with Lianlong providing its fine chemical industry chain and global marketing resources to support Stof's production and market expansion [4]. - Stof plans to use the investment to expand production capacity for high-end products, addressing domestic demand for electronic adhesives [4]. - Both companies share technological foundations in specialty polymer materials, allowing for shared R&D experiences and reduced market development costs due to overlapping customer channels [4].

Group 1: Company Announcements - Derun Electronics announced the appointment of Qiu Yang as the new president, succeeding Liu Biao who resigned for personal reasons [1] - Zhongyuan Tong plans to invest 5 million yuan to establish a wholly-owned subsidiary in Hong Kong and set up a branch and research institute in Xi'an to enhance R&D capabilities [2][3] - FAW Jiefang intends to increase capital by 1.91 billion yuan in its joint venture with CATL and Teld, with a total investment of 4.12 billion yuan from all parties [4][5] - Yuanli Co. plans to acquire 100% of Tongsheng Co. for 471 million yuan, aiming to enhance its strategic layout in the silicon dioxide sector [6][7] - Hangfa Technology received a government subsidy of 8 million yuan, accounting for 11.63% of its audited net profit for 2024 [8] - Saiwei Electronics reported that the National Integrated Circuit Fund reduced its shareholding to below 5% [9] - Tianpu Co. announced a stock suspension for investigation due to significant price fluctuations, with a cumulative increase of 451.80% over the past months [10] - Chen'an Technology is planning to issue shares to Hefei Guotou, which may lead to a change in control, resulting in a stock suspension [11] - Yinlun Co. intends to acquire over 55% of Deep Blue Electronics for approximately 133 million yuan [12] - Lianlong plans to invest 50 million yuan to acquire 25% of Stof Co. to expand its electronic materials business [13] - Qianyuan High-Tech's vice president plans to reduce his stake by up to 0.31% [14] - Juzi Technology's major shareholder plans to reduce his stake by up to 0.22% [15] - Perfect World’s actual controller plans to reduce his stake by up to 1.7% [16] - China CRRC intends to spin off its subsidiary CRRC Qichao for listing on the Shenzhen Stock Exchange [17] - Jingrui Electric Materials plans to acquire 76.1% of Hubei Jingrui for 595 million yuan, focusing on high-purity chemicals [18] - Zhejiang Construction Investment's asset purchase and fundraising plan has been approved by the Shenzhen Stock Exchange [19] - Tail Co. received a government subsidy of 2 million yuan, representing 13.71% of its audited net profit for 2024 [20] - Jiangsu Boyun's shareholder plans to reduce his stake by up to 1% [21] - Yonghe Intelligent Control's shareholders plan to reduce their stakes by up to 3.29% [22] - Yuhua Development reached a debt restructuring agreement involving 241 million yuan [23] Group 2: Industry Overview - Derun Electronics operates in the electronic connector and precision components sector [2] - Zhongyuan Tong is involved in the research, production, and sales of various power products [3] - FAW Jiefang is focused on the research, production, and sales of commercial vehicles [5] - Yuanli Co. specializes in the research, production, and sales of chemical products [7] - Hangfa Technology operates in the aerospace engine and gas turbine components sector [8] - Saiwei Electronics is engaged in MEMS chip development and semiconductor equipment [9] - Tianpu Co. is involved in the production of polymer materials for automotive applications [10] - Chen'an Technology focuses on public safety and emergency platform software and equipment [11] - Yinlun Co. specializes in heat exchange products and automotive air conditioning systems [12] - Lianlong operates in the polymer materials and life sciences sectors [13] - Qianyuan High-Tech is involved in seed research and agricultural services [14] - Juzi Technology focuses on machine vision equipment and control systems [15] - Perfect World is engaged in the development and operation of online games and related media [16] - China CRRC specializes in railway equipment and urban infrastructure [17] - Jingrui Electric Materials is involved in high-purity chemicals and lithium battery materials [18] - Zhejiang Construction Investment operates in construction and engineering services [19] - Tail Co. focuses on high-end equipment and smart operation services [20] - Jiangsu Boyun specializes in modified plastic products [21] - Yonghe Intelligent Control operates in water valve fittings and precision radiation therapy [22] - Yuhua Development is involved in real estate development and sales [23]

Core Viewpoint - The company, Lianlong, has announced a strategic investment in Shenzhen Stof New Materials Technology Co., Ltd., acquiring a 25% equity stake through a capital increase agreement [1] Group 1: Investment Details - Lianlong will invest a total of 50 million RMB, with 17.85714 million RMB allocated to subscribe for the new registered capital of Stof [1] - The remaining 48.214286 million RMB will be recorded as capital reserves following the completion of the capital increase [1] Group 2: Ownership Structure - After the completion of this capital increase, Lianlong will hold a 25.00% equity interest in Shenzhen Stof [1]

Core Viewpoint - The company, Lianlong (300596), has announced a capital increase in Shenzhen Stof New Materials Technology Co., Ltd. by investing 50 million yuan, acquiring a 25% stake, which is part of its strategy to expand its electronic materials business into new product categories [1] Group 1: Investment Details - On November 26, the company signed a shareholder agreement and a capital increase agreement with Shenzhen Stof and Sun Siyuan [1] - The company will invest 50 million yuan, with 17.85714 million yuan allocated to the new registered capital and the remaining 48.214286 million yuan added to the capital reserve [1] Group 2: Strategic Expansion - This capital increase is aimed at expanding the company's electronic materials business, following its acquisition of Korean IPITECH INC. to enter the electronic-grade PI materials sector [1] - The new investment will facilitate the company's entry into core electronic-grade new materials used in flexible OLED displays, flexible printed circuits (FPC), chip packaging, and new energy vehicles [1]

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]