Summary of Conference Call Notes Company and Industry Involved - The conference call discusses H.B. Fuller (FUL), a leading company in the adhesive industry, particularly focusing on the hygiene and packaging sectors [1][2]. Core Points and Arguments - H.B. Fuller reported strong growth in the hygiene sector, with a pricing discipline leading to an approximate 1% price increase in the HHC (Hygiene and Packaging) segment [1]. - The company achieved nearly a 30% year-over-year increase in EBITDA for the quarter, with EBITDA margin improving by approximately 380 basis points to 17.5% [1]. - For 2025, the combined contribution from pricing and raw materials is estimated to be around $30 million, with expectations for this positive contribution to increase to about $35 million in 2026 [1]. Additional Important Content - The demand for hot melt adhesives remains stable, supported by strong pricing and a decline in costs, creating favorable conditions for 聚胶股份 [2]. - 聚胶股份 is highly focused on adhesives for hygiene materials, and the significant improvement in HHC margins by Fuller, despite challenges in packaging demand, suggests that 聚胶股份 may achieve better profitability and performance in the hygiene adhesive sector, with continued margin improvement expected in 2026 [2].

Summary of Key Points Core Viewpoint - On January 7, several A-share listed companies disclosed their shareholding changes, with some announcing plans to increase their holdings while others indicated intentions to reduce their stakes. Group 1: Shareholding Increases - Zhenxin Technology's directors Yang Zhang, Yang Guoyong, and Mo Ran plan to increase their shareholdings [2] - Anfu Technology's certain directors and senior management intend to increase their holdings by approximately 11.9 million to 13.4 million yuan [2] - Aidi Precision has received a commitment letter for a stock repurchase loan of 180 million yuan from CITIC Bank [2] Group 2: Shareholding Reductions - Yili Group's chairman Pan Gang plans to reduce his holdings by no more than 0.98% [3] - Jiao Cheng Ultrasonic's shareholder Jianlin Management intends to reduce its stake by no more than 1.64% [3] - Tianhe Magnetic Materials' shareholder Nantong Yuanlong plans to reduce its holdings by no more than 3% [3] - New Link Electronics' controlling shareholder intends to reduce its stake by no more than 3% [3] - Beidou Star's certain directors and executives plan to collectively reduce their holdings by no more than 0.012% [3] - Aili Home's shareholders Zexing and Zehui plan to reduce their holdings by no more than 1.8947% [3] - Rutong Co.'s senior management member plans to reduce his holdings by no more than 0.0097% [3] - Hengshang Energy's Qian Lirong plans to reduce his holdings by no more than 1.8384%, and Lu Fengxian plans to reduce by no more than 1% [3] - Saiteng Co.'s shareholders plan to reduce their holdings by no more than 3% [3] - Longhua New Materials' executive Xu Wei plans to reduce his holdings by no more than 0.01% [3] - Six other companies, including Siquan New Materials and Tianhong Co., have also announced various reductions in shareholdings [3]

Core Viewpoint - The company, 聚胶股份, has shown a mixed performance in terms of financing activities and stockholder metrics, with notable growth in revenue and net profit year-over-year, indicating potential investment opportunities. Financing Activities - On December 31, 聚胶股份 experienced a financing buy-in of 6.17 million yuan, while financing repayments amounted to 8.76 million yuan, resulting in a net financing outflow of 2.58 million yuan [1] - The total financing and margin trading balance as of December 31 was 41.45 million yuan, with the financing balance of 41.14 million yuan representing 1.75% of the circulating market value, which is below the 10th percentile level over the past year, indicating a low financing level [1] - The company had no short-selling activity on December 31, with a short-selling balance of 310,600 yuan, which is above the 90th percentile level over the past year, suggesting a high level of short interest [1] Financial Performance - For the period from January to September 2025, 聚胶股份 reported a revenue of 1.539 billion yuan, reflecting a year-over-year growth of 6.28% [2] - The net profit attributable to the parent company for the same period was 142 million yuan, showing a significant year-over-year increase of 111.68% [2] Shareholder Metrics - As of September 30, 2025, the number of shareholders for 聚胶股份 was 6,404, a decrease of 19.47% compared to the previous period [2] - The average number of circulating shares per shareholder increased by 24.11% to 7,155 shares [2] - Cumulatively, the company has distributed 187 million yuan in dividends since its A-share listing [3] - Among the top ten circulating shareholders, the fund 鹏华弘嘉混合A (003165) held 745,100 shares, a decrease of 132,100 shares from the previous period [3]

Core Viewpoint - JuJiao Co., Ltd. (301283.SZ) is currently experiencing a decline in stock price, closing at 46.98 yuan with a drop of 3.17%, indicating that the stock is in a state of underperformance since its IPO [1] Group 1: IPO Details - JuJiao Co., Ltd. was listed on the Shenzhen Stock Exchange's ChiNext board on September 2, 2022, with an initial public offering (IPO) of 20 million shares, representing 25% of the total share capital post-issuance [1] - The IPO price was set at 52.69 yuan per share, and the total funds raised amounted to 1,053,800,000 yuan, with a net amount of 962,204,275.57 yuan after expenses [1] - The final net fundraising amount exceeded the original plan by 481.50 million yuan [1] Group 2: Fund Allocation - According to the prospectus disclosed on August 30, 2022, the company intended to use the raised funds for three main projects: the production and R&D headquarters for 120,000 tons of high polymer new materials, the construction of a hot melt adhesive production base in Poland, and to supplement working capital [1] Group 3: Underwriting Fees - The total issuance expenses amounted to 91,595,724.43 yuan, with Guotai Junan Securities Co., Ltd. receiving underwriting and sponsorship fees of 76,266,000 yuan [1]

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term lithium prices are expected to remain volatile, with a positive outlook on antimony, cobalt, tungsten, and tin due to a reassessment of strategic metal values [1][2][7] - Supply concerns in the nickel market are supported by the lack of new approvals from Indonesia's RKAB, which may lead to price stabilization [1][28] - The cobalt market is expected to see continued price increases due to structural supply tightness, with Congo's export regulations impacting availability [2][5][16] - Antimony prices are anticipated to converge towards higher overseas prices due to export controls and tight domestic supply [6][17] - The lithium market is experiencing a strong demand backdrop, with expectations of continued inventory depletion supporting prices [7][17] - The rare earth market is tightening due to Vietnam's export ban, which is expected to support prices [9][18] - Tin prices are supported by ongoing supply concerns from overseas sources, particularly from Myanmar and Congo [11][20] - Tungsten prices are expected to remain supported due to supply constraints and regulatory controls [12][21] - The uranium market is facing supply tightness, which is likely to support prices amid geopolitical uncertainties [14][22] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are under pressure due to stable demand but cautious purchasing from smelters, with LME nickel closing at $14,420 per ton, down 2.04% [1][28] - Cobalt prices are expected to rise further, with Congo's export regulations causing supply constraints [2][5][16] Antimony Industry Update - Domestic antimony prices are lower compared to international prices, but supply tightness is expected to support future price increases [6][17] Lithium Industry Update - Lithium carbonate prices have increased, with a strong demand outlook from the electric vehicle sector [7][17] Rare Earth Industry Update - Vietnam's recent export ban on rare earths is expected to tighten global supply and support prices [9][18] Tin Industry Update - Tin prices are supported by supply concerns from Myanmar and Congo, with LME tin prices rising to $41,905 per ton [11][20] Tungsten Industry Update - Tungsten prices are expected to remain high due to supply constraints and regulatory measures [12][21] Uranium Industry Update - The uranium market is facing supply tightness, with prices supported by geopolitical factors and production delays [14][22]

证券代码：301283 证券简称：聚胶股份 公告编号：2025-068 聚胶新材料股份有限公司 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。 聚胶新材料股份有限公司（以下简称"公司"）于 2025 年 12 月 4 日召开 2025 年第二次临时股东大会，审议通过了《关于变更公司注册资本、经营范围及修订 <公司章程>的议案》。根据修订后的《公司章程》规定，公司设职工代表董事 1 名，由公司职工代表大会选举产生。 公司于 2025 年 12 月 4 日召开职工代表大会，经与会职工代表表决，选举逄 万有先生（简历详见附件）为公司第二届董事会职工代表董事，任期自本次职工 代表大会选举通过之日起至第二届董事会任期届满之日止。逄万有先生原为公司 第二届董事会非职工代表董事，本次选举完成后变更为第二届董事会职工代表董 事，公司第二届董事会成员及专门委员会成员构成不变。 逄万有先生符合《公司法》《公司章程》规定的有关职工代表董事任职资格 和条件。逄万有先生当选公司职工代表董事后，公司第二届董事会中兼任公司高 级管理人员以及由职工代表担任的董事人数未超过公司董事总数的二分之 ...

证券代码：301283 证券简称：聚胶股份 公告编号：2025-067 聚胶新材料股份有限公司 2025 年第二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。 重要提示： 1、本次股东大会未出现否决议案的情况； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）股东大会届次：2025 年第二次临时股东大会 （二）股东大会的召集人：公司董事会 （三）股东大会现场会议主持人：公司董事长陈曙光先生主持本次股东大会。 （四）会议召开时间： 1、现场会议时间：2025 年 12 月 4 日（星期四）下午 14:30。 2、网络投票起止时间：通过深圳证券交易所交易系统进行网络投票的具体 时间：2025 年 12 月 4 日上午 9:15-9:25、9:30-11:30，下午 13:00-15:00；通过深 圳证券交易所互联网投票系统投票的具体时间为：2025 年 12 月 4 日 9:15 至 15:00 期间的任意时间。 出席本次股东大会现场会议和网络投票的有表决权股东共 38 名，于股权登 记日合计代表股份数为 ...

广州市天河区珠江新城珠江西路 21 号 粤海金融中心 28 层 邮编：510627 电话：(86-20) 2805-9088 传真：(86-20) 2805-9099 本法律意见书仅供公司为本次股东大会之目的使用，不得用于其他任何目的或 用途。本所同意，公司可以将本法律意见书作为公司本次股东大会公告材料，随其 1 他需公告的信息一起向公众披露，本所依法对其中发表的法律意见承担法律责任。 关于聚胶新材料股份有限公司 2025 年第二次临时股东大会的 法律意见书 致：聚胶新材料股份有限公司 北京市君合（广州）律师事务所（以下简称"本所"）接受聚胶新材料股份有限 公司（以下简称"公司"）的委托，指派本所经办律师出席了公司于 2025 年 12 月 4 日在广州市增城区宁西街创强路 97 号公司会议室召开的 2025 年第二次临时股东 大会（以下简称"本次股东大会"）的现场会议。本所现根据《中华人民共和国公 司法》《中华人民共和国证券法》《上市公司股东会规则》《深圳证券交易所创业板 股票上市规则》等中国现行法律、法规和规范性文件（以下简称"法律、法规"，为 本法律意见书之目的，未包括香港特别行政区法律、法规、澳门特别 ...

证券代码：301283 证券简称：聚胶股份 公告编号：2025-065 聚胶新材料股份有限公司 关于召开 2025 年第二次临时股东大会通知的更正公告 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。 聚胶新材料股份有限公司（以下简称"公司"）于 2025 年 11 月 18 日在巨潮 资讯网（www.cninfo.com.cn）上披露了公司《关于召开 2025 年第二次临时股东 大会的通知》（公告编号：2025-064），经事后核查发现，该公告存在部分文字错 误，现将相关内容予以更正。本次更正不涉及原通知的实质性变更，具体内容如 下（更改部分加粗表示）： 一、会议审议事项： | 更正前： | | --- | | | | | 备注 | | --- | --- | --- | --- | | 提案编 | 提案名称 | 提案类型 | 该列打勾的 | | 码 | | | 栏目可以投 | | | | | 票 | | 100 | 总议案：除累积投票提案外的所有提案 | 非累积投 | √ | | | | 票提案 | | | 1.00 | 《关于使用部分闲置自有资金和闲置 | ...

聚胶新材料股份有限公司（以下简称"公司"或"本公司"）于 2025 年 11 月 17 日召开第二届董事会第二十次会议，审议通过了《关于提议召开公司 2025 年 第二次临时股东大会的议案》，定于 2025 年 12 月 4 日（星期四）下午 14:30 召 开公司 2025 年第二次临时股东大会（以下简称"本次会议"或"会议"）。现将本 次会议有关事宜通知如下： 一、会议召开基本情况 （一）股东大会届次：2025 年第二次临时股东大会 聚胶新材料股份有限公司 关于召开 2025 年第二次临时股东大会的通知（更正后） 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。 证券代码：301283 证券简称：聚胶股份 公告编号：2025-066 （二）召集人：董事会 （三）本次股东大会的召开符合有关法律、行政法规、部门规章、规范性文 件和《聚胶新材料股份有限公司章程》（以下简称"《公司章程》"）等规定。 （四）会议召开日期和时间： 1、现场会议召开时间：2025 年 12 月 4 日（星期四）下午 14:30。 2、网络投票起止时间：通过深圳证券交易所交易系统进行网络投 ...