Group 1 - The core point of the news is that Siquan New Materials has seen a stock price increase of 5.04%, reaching 188.24 CNY per share, with a trading volume of 584 million CNY and a turnover rate of 6.68%, resulting in a total market capitalization of 15.201 billion CNY [1] - Siquan New Materials, established on June 2, 2011, and listed on October 24, 2023, specializes in the research, production, and sales of thermal management materials, magnetic materials, and nano-protective materials [1] - The revenue composition of Siquan New Materials is as follows: thermal management materials account for 88.60%, other materials 8.69%, magnetic materials 1.99%, and nano-protective materials 0.72% [1] Group 2 - From the perspective of fund holdings, Pengyang Fund has a significant position in Siquan New Materials, with its Pengyang Digital Economy Pioneer Mixed A Fund holding 92,800 shares, representing 3.03% of the fund's net value, making it the eighth largest holding [2] - The Pengyang Digital Economy Pioneer Mixed A Fund, established on September 7, 2021, has a current scale of 466 million CNY and has achieved a return of 43.41% this year, ranking 986 out of 8134 in its category [2] - The fund has a one-year return of 51.38%, ranking 638 out of 8056 in its category, but has experienced a loss of 8.13% since its inception [2]

Core Insights - The 2025 European Thermal Management Exhibition recently concluded in Stuttgart, Germany, showcasing advanced thermal management solutions from Guangdong Siquan New Materials Co., Ltd. [1] - The exhibition is the only professional platform in Europe focused on thermal management systems, components, and materials, covering key sectors such as automotive, aerospace, electronics, and data centers, with over 60% of attendees from the automotive and electronics industries [1] Company Highlights - Siquan New Materials presented comprehensive solutions in three main areas: thermal management, electronic protection, and electromagnetic shielding, including thermal simulation design, liquid cooling plates, uniform temperature plates, bottom filling adhesives, UV protective coatings, and absorbing materials [1] - The company expressed a desire to collaborate with more international partners to advance global electronics industry towards a more efficient, reliable, and intelligent future using their leading thermal control and protection technologies [1]

Core Viewpoint - The consumer electronics sector experienced a significant surge on the 25th, with notable stock performances from various companies, indicating a positive market sentiment driven by strong sales and cost control measures [1] Group 1: Stock Performance - Continental Technology (300870) reached a 20% limit up, while Juguang Technology saw an increase of nearly 15% [1] - Other companies such as Siquan New Materials (301489), Defu Technology (301511), and Dongtian Micro (301183) all rose over 10% [1] Group 2: Market Insights - According to Galaxy Securities, major consumer electronics manufacturers indicated during earnings calls that cost control is manageable due to long-term partnerships [1] - The consumer electronics sector has become more attractive after adjustments, presenting good value opportunities [1] Group 3: Sales Data - iPhone 17 sales have shown a significant year-on-year increase, suggesting strong demand and potential for related supply chain investments [1] - There is a recommendation to focus on low-position investments in Apple supply chain-related stocks [1] Group 4: Future Opportunities - Continuous attention is advised for investment opportunities in new consumer electronics categories, such as AI glasses [1]

Core Viewpoint - The Google concept sector experienced a significant surge, with multiple companies reaching their daily limit up [1] Group 1: Company Performance - Companies such as 欧陆通 (Oulutong) and 博杰股份 (Bojie Co.) hit the daily limit up [1] - Other notable performers include 易点天下 (Yidian Tianxia), 思泉新材 (Siquan New Materials), 紫建电子 (Zijian Electronics), and 歌尔股份 (Goer Tech), which showed substantial gains [1]

Core Viewpoint - The electronic chemicals sector experienced a significant decline, with a drop of 3.46% on November 21, led by a notable decrease in Siquan New Materials, which fell by 10.18% [1][2]. Market Performance - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1]. - The electronic chemicals sector saw various individual stock performances, with Shanghai Xinyang increasing by 3.20% and Siquan New Materials decreasing by 10.18% [1][2]. Trading Volume and Capital Flow - The electronic chemicals sector had a net outflow of 800 million yuan from institutional investors, while retail investors saw a net inflow of 560 million yuan [2]. - The trading volume for key stocks included Shanghai Xinyang with 208,700 shares and Siquan New Materials with 67,400 shares [1][2]. Individual Stock Highlights - Notable declines included: - Siquan New Materials: 160.61 yuan, down 10.18%, with a trading volume of 67,400 shares and a turnover of 1.112 billion yuan [2]. - Hongchang Electronics: 7.01 yuan, down 10.01%, with a trading volume of 940,400 shares and a turnover of 677 million yuan [2]. - Positive performers included: - Shanghai Xinyang: 58.30 yuan, up 3.20%, with a trading volume of 208,700 shares [1]. Capital Flow Analysis - The capital flow analysis indicated that: - Nanda Optoelectronics had a net inflow of 82.65 million yuan from institutional investors, while retail investors had a net outflow of 29.20 million yuan [3]. - Xilong Science saw a net inflow of 32.24 million yuan from institutional investors, with retail investors experiencing a net outflow of 21.41 million yuan [3].

登录新浪财经APP 搜索【信披】查看更多考评等级 广东思泉新材料股份有限公司（以下简称"思泉新材"）前次募集资金投资的两大项目近日确定延期。公 司公告显示，"高性能导热散热产品建设项目(一期)"与"新材料研发中心建设项目"原计划于2025年10月 18日达到预定可使用状态，现均延长至2026年10月18日。致同会计师事务所核查后认为，项目延期系公 司基于实际情况作出的审慎决策，具有合理性，且前次募集资金整体投入进度已达90.82%。 由于前次募投项目主体厂房已建设完成但项目尚未完全达产，公司将部分暂时闲置房产对外出租。截至 2025年9月30日，出租情况如下： 对全资及控股子公司出租面积合计31,607.79平方米，占募投项目总建筑面积（70,807.16平方米）的 44.64%，主要包括办公楼、厂房（14,950.51平方米，占比21.11%）及餐厅、宿舍等配套设施 （16,657.28平方米，占比23.52%），系集团内部分工管理需要。 对合并报表范围外公司出租面积合计7,304.11平方米，占总建筑面积的10.32%，其中办公楼、厂房 3,758.11平方米（占比5.31%），配套设施3,546.00平 ...

Group 1 - The company, Guangdong Siquan New Materials Co., Ltd., has completed its response to the second round of inquiry from the Shenzhen Stock Exchange regarding its application for a specific object stock issuance [1] - The inquiry letter was received on November 14, 2025, and the company, along with relevant intermediaries, addressed the questions listed in the inquiry [1] - The company updated its fundraising prospectus and related application documents with financial data from its third-quarter report, which was publicly disclosed on the same day [1] Group 2 - The stock issuance is subject to approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission, indicating uncertainty in the approval process and timeline [1] - The company will fulfill its information disclosure obligations based on the progress of the matter, urging investors to be aware of investment risks [1]

Core Viewpoint - Guangdong Siquan New Materials Co., Ltd. reported a significant increase in revenue for 2024 but faced a decline in net profit due to subsidiary losses and rising expenses [1][2]. Group 1: Financial Performance - The company achieved an operating income of 656 million yuan in 2024, representing a year-on-year growth of 51.10% [1]. - The net profit attributable to shareholders decreased to 50.39 million yuan, down 6.2% year-on-year, while the net profit was 52.46 million yuan, a decline of 3.88% [1]. - The losses from subsidiaries, including Siquan Thermal Management, Kemin Precision, and Siquan Electronic Glass, totaled approximately 22.72 million yuan, significantly impacting overall net profit [2]. Group 2: Margin Fluctuations - The gross margin for core products, such as magnetic materials and nano-protective materials, exhibited significant volatility, with magnetic materials' gross margin ranging from -2.61% to 34.69% over the reported period [2]. - The negative gross margin for magnetic materials in 2024 was attributed to competitive pricing strategies adopted by Korean clients, with expectations of recovery in 2025 due to increased orders in the smartphone sector [2]. Group 3: Compliance and Risk Management - The company has rectified compliance issues related to labor dispatching, reducing the proportion of dispatched workers to 0% as of September 30, 2025 [3]. - The company received a customs audit notice regarding discrepancies in product classification but has not faced administrative penalties as of the report date [3]. - Environmental assessments for newly established subsidiaries are ongoing, with limited impact on overall performance expected [3]. Group 4: Fundraising and Investment Projects - The company plans to raise up to 466 million yuan for projects focused on core business areas, including a heat dissipation product project in Vietnam [4]. - The Vietnam project, with a total investment of 369 million yuan, is expected to generate annual sales of 599 million yuan upon reaching full production [4]. - The company aims to improve asset utilization by leasing out some idle space while ensuring that new fundraising projects will be for self-use only [4].

Core Viewpoint - The company, Shouhang New Energy, announced the approval of a proposal to provide guarantees for its subsidiary during the 16th meeting of the second board of directors held on November 20, 2025 [2] Group 1 - The board meeting took place on November 20, 2025 [2] - The proposal approved involves the company providing guarantees for its subsidiary [2]

关于广东思泉新材料股份有限公司 申请向特定对象发行股票的审核问询函 中有关财务会计问题的专项说明 致同会计师事务所 (特殊普通合伙) Grant Thornton 47 15 关于广东思泉新材料股份有限公司 申请向特定对象发行股票的审核问询函中 有关财务会计问题的专项说明 致同专字(2025) 第 441A022918 号 深圳证券交易所: 贵所关于《关于广东思泉新材料股份有限公司申请向特定对象发行股票的 审核问询函》(以下简称反馈意见)收悉。对反馈意见所提财务会计问题,致 同会计师事务所(特殊普通合伙)(以下简称"我们")对广东思泉新材料股份 有限公司(以下简称"思泉新材""发行人"申请人"或"公司")相关资料进行了核 查。 本专项说明中 2025年 1-9 月及 2025年 9 月 30 目的财务数据未经审计,以 下所述的核查程序不构成审计或审阅。按照问询函的要求,基于发行人对问询 函相关问题的说明以及我们对问询函中相关事项的核查,现有关事项说明如下: 问题 1: 报告期内,公司热管理材料毛利率基本保持,磁性材料毛利率分别为 17.01%、34.69%、-2.61%和 29.61%，纳米防护材料毛利率分别 ...