Summary of the Conference Call for Zhangguang Co., Ltd. Company Overview - Zhangguang Co., Ltd. is a leading enterprise in the domestic ion exchange resin sector, particularly strong in nuclear industry applications, and is actively expanding into high-end niche markets such as electronic-grade and biopharmaceuticals, benefiting from accelerated domestic substitution [2][4][5] Industry Position and Market Dynamics - The company has a significant market position in the ion exchange resin industry, being a standard setter and holding a market share of approximately 70% in domestic sales, with 20%-30% in overseas sales [2][10] - The impact of the US-China trade war on the company is limited, with sales to the US accounting for only about 20 to 30 million yuan, presenting new opportunities through domestic substitution, especially in thermal power, nuclear power, and supercritical fluid sectors [7][8] Capacity Expansion and Production - The company has been continuously expanding its production capacity, with new products launched in 2024 including 2,300 tons of macroporous adsorption resin and 15,000 tons of food-grade refined treatment resin. In Q4 2025, the Jinmen project will add 55,000 tons of capacity, with gradual ramp-up expected in 2026 [2][6] - The Ningbo base has maintained full production and sales status, with new capacity expected to optimize product structure and enhance the proportion of mid-to-high-end products, leading to potential improvements in gross margin and pricing [11][12] Product Portfolio and Applications - The main products include acrylic resins and styrene-based resins, widely used in semiconductor manufacturing and biopharmaceuticals [10][20] - The company is focusing on electronic-grade polishing resins, having achieved stable supply for panels and testing samples for downstream suppliers like Yangtze Memory Technologies [3][23] Financial Performance and Future Outlook - The company has shown steady growth since 2011, with current annual revenue from the Ningbo base around 500 to 600 million yuan and profits between 110 to 130 million yuan, primarily from industrial water treatment and food-grade applications [16] - The company anticipates a significant performance increase with the full production of the Jinmen project, potentially doubling or tripling its earnings in the medium to long term [26] Shareholding Structure and Management - The shareholding structure is concentrated, with the major shareholder holding approximately 52% and the core management team holding about 60% to 70%. There are no short-term plans for share reduction, but future capital market operations may support new projects [9] Competitive Landscape - The ion exchange resin industry is characterized by a three-tier competitive structure, with top-tier companies being established overseas brands, followed by domestic firms like Zhangguang and Blue Sky Technology, and a third tier of numerous small enterprises [18] Strategic Initiatives and Collaborations - The company is making strides in domestic substitution across various sectors, including food-grade and electronic semiconductors, with significant progress in nuclear industry applications [15][24] - Collaborations in the biopharmaceutical sector are ongoing, with laboratory product samples already sent to downstream customers, indicating positive feedback [25] Valuation and Profitability Forecast - The company is projected to have a PE ratio of 34 times in 2025, above the industry average of 23 times, but with a PEG ratio of 0.3 times in 2026, indicating better value compared to the industry average of 0.8 times. Earnings are expected to reach around 200 million yuan in 2026 and 260 million yuan in 2027, suggesting significant growth potential [27]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - The company has traditional advantages in the nuclear power field and has launched import - substitution products in cooperation with relevant national nuclear technology authorities, which have entered into practical application. It is also carrying out R & D and promotion in the battery recycling and solar polysilicon fields [21]. - The company aims to gain more market share in the mid - high - end water treatment market, as there is a large space for import substitution in high - value - added products for condensate water treatment [21]. - The completion of the company's fundraising projects will enhance its core competitiveness, reduce labor costs, increase production efficiency, and meet market demand [22]. - The company's Jingmen production base focuses on new energy, environmental protection, and biomedicine fields, and is expected to start trial production by the end of 2025 and reach the intended use state by the end of April 2026 [22]. - According to the 2024 annual profit distribution plan, the company plans to distribute a cash dividend of 2.60 yuan per 10 shares (tax - included) to all shareholders, and future dividend plans will be determined based on specific circumstances [22][23]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Zhengguang Co., Ltd., belonging to the chemical products industry. The reception time was May 15, 2025. The listed company's reception personnel included the deputy general manager, board secretary, financial director Wu Yafei, and the securities affairs representative Che Cheng [16]. 3.2. Detailed Research Institutions - The research institutions include Huian Fund (represented by Wang Minglu), Huihong Asset (represented by Zhang Li), Nuoyan Fund (represented by Zhou Xiaoqi), CITIC Securities (represented by Sun Chenxing), PICC Asset (represented by Tian Lei), Guotai Haitong (represented by Wang Ruijian), and CICC (represented by Ye Endong) [17]. 3.3. Research Institutions Proportion There is no information about the research institutions proportion in the provided content. 3.4. Main Content Data - **Company Introduction**: The board secretary introduced the company's basic and operating conditions, as well as industry and product information [21]. - **New Energy Progress**: The company has advantages in the nuclear power field, and is also involved in battery recycling and solar polysilicon R & D [21]. - **Mid - High - End Water Treatment Market Goals**: The company aims to gain more share in this market, with large import substitution space for condensate water treatment resin [21]. - **Fundraising Project Completion**: As of the end of 2024, some projects have been completed, which will enhance the company's competitiveness [22]. - **Jingmen Production Base**: Focuses on new energy, environmental protection, and biomedicine, expected to start trial production by the end of 2025 and reach normal operation by April 2026 [22]. - **Dividend Situation**: Plans to distribute a cash dividend of 2.60 yuan per 10 shares in 2024, and future dividends will be determined according to circumstances [22][23].

Investment Rating - The report maintains a rating of "Increase" for the industry, indicating a positive outlook for investment opportunities in the sector [6]. Core Insights - The demand for ion exchange resins is expanding across various sectors, including semiconductors, nuclear power, and pharmaceuticals, with a particular focus on leading companies like Bluestar Technology and ZG Co [4][5]. - In the semiconductor industry, ion exchange resins are crucial for producing ultra-pure water, which is essential for the manufacturing of electronic components. The production of a single integrated circuit requires approximately 3 to 5 liters of ultra-pure water, with a 6-inch wafer consuming about 1.2 tons [1]. - In the nuclear industry, ion exchange resins are used in the water treatment systems of reactors, ensuring the provision of high-quality ultra-pure water, which is vital for the stable operation of steam generators [2]. - In the biopharmaceutical sector, ion exchange resins are widely utilized for the separation and purification of various biological drugs, including antibiotics and traditional Chinese medicine components, due to their high efficiency and product purity [3]. Summary by Sections Semiconductor Industry - Ion exchange resins are primarily used in ultra-pure water production for cleaning and processing electronic components, with stringent quality requirements as technology advances [1]. Nuclear Industry - The use of nuclear-grade resins in reactor water treatment systems is critical for maintaining operational efficiency and reducing fouling in steam generators [2]. Pharmaceutical Industry - Ion exchange and adsorption resins are extensively applied in the extraction and purification of a wide range of biopharmaceuticals, benefiting from their simple operation and high product purity [3]. Company Focus - Bluestar Technology is recognized as a leading domestic player in the adsorption separation materials and technology sector, with a current production capacity of 50,000 tons per year and plans for expansion [4]. - ZG Co is also highlighted for its significant production capabilities in ion exchange and adsorption resins, with ongoing investments in new projects to enhance its production capacity [4].

Investment Rating - The report maintains a rating of "Increase" for the industry, indicating a positive outlook for investment opportunities in the sector [6]. Core Insights - The demand for ion exchange resins is expanding across various sectors, including semiconductors, nuclear industry, and pharmaceuticals, with a particular focus on leading companies like Bluestar Technology and ZG Co [4][5]. - In the semiconductor sector, ion exchange resins are crucial for producing ultra-pure water, which is essential for the manufacturing of electronic components. The production of a single integrated circuit requires approximately 3 to 5 liters of ultra-pure water, with a 6-inch wafer consuming about 1.2 tons [1]. - In the nuclear industry, ion exchange resins are used in the water treatment systems of reactors, ensuring the provision of high-quality ultra-pure water, which is vital for the stable operation of steam generators [2]. - The pharmaceutical sector utilizes ion exchange resins for the separation and purification of various biopharmaceuticals, including antibiotics and traditional Chinese medicine components, due to their high purity and operational efficiency [3]. Summary by Sections Semiconductor Industry - Ion exchange resins are primarily used in ultra-pure water production for semiconductor manufacturing, with stringent quality requirements as technology advances [1]. Nuclear Industry - The use of nuclear-grade ion exchange resins in reactor water treatment systems is critical for maintaining operational efficiency and reducing fouling in steam generators [2]. Pharmaceutical Industry - Ion exchange and adsorption resins are widely applied in the pharmaceutical industry for the extraction and purification of various drugs, benefiting from their simple operation and high product purity [3]. Company Focus - Bluestar Technology is recognized as a leading domestic player in the adsorption separation materials and technology sector, with a current production capacity of 50,000 tons per year and plans for expansion [4]. - ZG Co is actively investing in the ion exchange and adsorption resin field, with a designed production capacity of 19,750 tons and plans for a new project in Hubei with a total investment of 1 billion RMB [4].

Group 1: Company Overview - The company specializes in nuclear power applications and has established collaborations with national nuclear technology authorities to enhance product offerings [2][3] - The company is actively involved in battery recycling, extracting valuable metals such as manganese, cobalt, and nickel from production waste [3] Group 2: Market Goals - The company aims to capture a larger share of the mid-to-high-end water treatment market, focusing on high-parameter, high-capacity power plants [3] - Condensate water treatment accounts for over 90% of boiler feed water, making its quality critical for safe power plant operations [3] Group 3: Investment Projects - As of the end of 2024, several projects have been completed, including the ion exchange resin technology R&D center and automation upgrades [3] - The annual production line for food-grade resin, capable of processing 15,000 tons, was completed by the end of 2023 [3] - The large-pore adsorption resin technology upgrade project, with a capacity of 2,300 tons, was completed by the end of 2022 [3] Group 4: Production Base Development - The Jingmen production base will focus on applications in new energy, environmental protection, and biomedicine, complementing the Ningbo production capacity [4] - The Jingmen project is expected to begin trial production by the end of 2025 and reach operational status by April 2026 [4] Group 5: Dividend Policy - The company plans to distribute a cash dividend of 2.60 yuan (including tax) for every 10 shares based on the 2024 profit distribution plan, with no stock dividends or capital reserve conversions [4]

Core Viewpoint - The company has established a strong position in the ion exchange and adsorption resin industry, focusing on technological advancements and market expansion to become a global leader in adsorption separation materials. Group 1: Company Overview - The company was founded in 1996 and has nearly 30 years of experience in the ion exchange and adsorption resin sector, integrating R&D, production, and sales [2] - It currently has 6 subsidiaries and 3 main production bases, maintaining a leading position in the domestic market and participating in drafting national and industry standards [2] - The company is recognized internationally as a member of the Water Quality Association (WQA), enhancing its technical strength and brand influence [2] Group 2: Production Capacity and Future Projects - The company has a designed production capacity of 19,750 tons for ion exchange and adsorption resins, 2,300 tons for macroporous adsorption resins, and 15,000 tons for food-grade treatment resins [3] - A new functional polymer material project is being developed in Jingmen, Hubei, with a total investment of 1 billion RMB, aiming for a total production capacity of 54,880 tons per year [3] - The first phase of this project is expected to produce 39,000 tons per year and is projected to commence production in the second half of 2025, which will further enhance the company's market position [3] Group 3: Market Trends and Competitive Advantages - The electronic-grade polishing resin market in China has grown from 2.7 billion RMB in 2018 to 4.5 billion RMB in 2023, with a compound annual growth rate (CAGR) of approximately 10.5%, expected to reach 6 billion RMB by 2025 [4] - The company is actively promoting domestic substitution in high-end fields such as semiconductors within the electronic-grade polishing resin sector [4] - The global nuclear-grade resin market was approximately 12.9 million USD in 2023, projected to grow to 16.4 million USD by 2030, with a CAGR of 3.49% [4] - The company holds a significant competitive advantage in the nuclear-grade resin field, being the first domestic enterprise to obtain access qualifications in the nuclear power sector [4]

Macro Insights - US inflation continues to decline, with April CPI data showing a drop below expectations, indicating a weakening inflation risk due to tariff adjustments [3] - The reduction in tariffs suggests a decrease in recession risks for the US, allowing the Federal Reserve to adopt a more patient approach in observing economic changes [3] Industry Insights - MXD6, a high-performance engineering plastic, is experiencing high demand for lightweight and barrier packaging materials, indicating a broad market potential [4] - The company has been a leader in ion exchange and adsorption resin for nearly 30 years, focusing on R&D, production, and sales [5] - The company has achieved the top market share in the ADAS integrated machine market in 2024, with expectations for hardware shipments to exceed ten million units in 2025 [8] Company Performance - JD Group reported a 1Q2025 revenue of 301.08 billion yuan, a year-on-year increase of 15.8%, and a GAAP net profit of 10.89 billion yuan, up 52.7% year-on-year [9] - The company also reported a Non-GAAP net profit of 12.76 billion yuan, reflecting a 43.4% year-on-year growth [9]

Group 1: Company Overview and Market Position - The company has achieved import substitution in high-end industrial water treatment, food and drinking water, and nuclear industries, gradually replacing international brands like Dow Chemical in various applications [2][3] - The company has developed a complete independent intellectual property system and industrialization capability for ion exchange and adsorption resin products, expanding from general industrial water to high-end applications [6][7] Group 2: Growth in Pharmaceutical Sector - The rapid growth in the pharmaceutical sector is attributed to the increasing demand for biopharmaceuticals, which rely on various separation and purification processes, enhancing the application prospects for ion exchange and adsorption resins [4] Group 3: Technological Advancements and Product Development - The company has decades of experience in electronic-grade ultrapure water applications, with plans to enhance production capacity for electronic-grade resins to meet the rising quality standards in the semiconductor industry [5] - In 2024, the company invested CNY 29.7981 million in R&D, accounting for 5.21% of its revenue, adopting a "self-research + cooperative development" model to accelerate product development cycles [7]

Investment Rating - The report gives a "Buy" rating for the company [4]. Core Viewpoints - The company has been deeply engaged in the ion exchange and adsorption resin industry for nearly 30 years, leading technological advancements and industry development [1][16]. - The company is set to expand its production capacity significantly with the upcoming launch of the Jingmen project, which will enhance its competitive advantage in the market [2][24]. - The company is well-positioned to drive domestic substitution in various high-end sectors, including electronics and nuclear industries, due to its competitive advantages [3][4]. Summary by Relevant Sections Company Overview - The company, Zhejiang Zhangguang Industrial Co., Ltd., was established in 1996 and has developed a comprehensive layout integrating R&D, production, and sales in the ion exchange and adsorption resin field [1][16]. - It has six subsidiaries and three main production bases, maintaining a leading position in the domestic market and participating in drafting multiple national and industry standards [1][18]. Production Capacity and Expansion - The company currently has a designed production capacity of 19,750 tons for ion exchange and adsorption resins, 2,300 tons for macroporous adsorption resins, and 15,000 tons for food-grade resins [2][24]. - The Jingmen project, with a total investment of 1 billion RMB, is expected to produce 54,880 tons per year, with the first phase set to launch in the second half of 2025 [2][24]. Market and Competitive Landscape - The ion exchange resin market in China has grown from 2.7 billion RMB in 2018 to 4.5 billion RMB in 2023, with a compound annual growth rate (CAGR) of approximately 10.5% [3]. - The company has a diverse product matrix, including over 400 types of ion exchange resins and various adsorption resins, catering to multiple industries such as industrial water treatment, food and beverage, nuclear, and electronics [23][25]. Financial Performance and Forecast - The company’s revenue is projected to grow from 572 million RMB in 2024 to 1.196 billion RMB in 2027, with net profits expected to increase from 103 million RMB in 2024 to 265 million RMB in 2027 [5][4]. - The report anticipates a steady growth trajectory, supported by the new production capacity and ongoing domestic substitution efforts [4][28]. R&D and Innovation - The company emphasizes R&D, with a focus on differentiated functional products, and has invested significantly in innovation, holding 22 patents [36][28]. - It has been recognized as a national high-tech enterprise and continues to enhance its technological capabilities [36][28].

国信证券股份有限公司 关于浙江争光实业股份有限公司 首次公开发行股票并在创业板上市的保荐总结报告书 国信证券股份有限公司（以下简称"国信证券"或"保荐人"）作为浙江争 光实业股份有限公司（以下简称"争光股份""公司"或"发行人"）首次公开发 行股票并在创业板上市的保荐人，持续督导期限至 2024 年 12 月 31 日。目前， 持续督导期限已届满。国信证券根据《证券发行上市保荐业务管理办法》《深圳 证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等相关法规规定，出具本保荐总结报告书： 保荐人名称 国信证券股份有限公司 保荐人编号 Z27074000 一、保荐人及保荐代表人承诺 1、保荐总结报告书及其相关资料的内容不存在虚假记载、误导性陈述或重 大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性承担法律责任。 2、保荐人及保荐代表人自愿接受中国证券监督管理委员会（以下简称"中 国证监会"）对保荐总结报告书相关事项进行的任何质询与调查。 3、保荐人及保荐代表人自愿接受中国证监会按照《证券发行上市保荐业务 管理办法》的有关规定采取的监管措施。 二、保荐人基本情况 | 目 ...