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].

Core Viewpoint - The company, Guangdong Siquan New Materials Co., Ltd., has announced a delay in the completion of two major projects, extending their expected operational status from October 18, 2025, to October 18, 2026, while overall fundraising utilization has reached 90.82% [1][2]. Group 1: Project Delay and Fund Utilization - The two delayed projects are the "High-Performance Thermal Conductive Products Construction Project (Phase I)" and the "New Materials R&D Center Construction Project," with a total planned investment of 472.98 million yuan [2]. - As of September 30, 2025, the actual funds used amount to 429.56 million yuan, representing 90.82% of the total planned investment [2]. - The "High-Performance Thermal Conductive Products Construction Project" has a planned investment of 269.98 million yuan, with 254.06 million yuan already invested, achieving a utilization rate of 94.10% [2]. - The "New Materials R&D Center Construction Project" has a planned investment of 82 million yuan, with 54.51 million yuan invested, resulting in a utilization rate of 66.47% [2]. Group 2: Reasons for Delay - The delay is attributed to two main factors: the need to adjust the introduction of remaining equipment for the "High-Performance Thermal Conductive Products Construction Project" based on downstream customer demands, and the rapid development of the new materials industry requiring targeted adjustments in the R&D project [2][3]. - The company has confirmed that the delay only affects project timelines and does not change the project implementation entities, investment purposes, or scales [3]. Group 3: Asset Utilization and Future Plans - The company has rented out some temporarily idle properties, with a total rental area of 31,607.79 square meters, accounting for 44.64% of the total construction area of 70,807.16 square meters [4]. - The rental properties include office buildings, factories, and supporting facilities, aimed at improving asset utilization and avoiding idleness [4]. - The company emphasizes that the construction progress of production lines is clear, with a year-on-year revenue growth of 57.93% from January to September 2025, and a capacity utilization rate of 94.85% for artificial synthetic graphite thermal films [5].

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 ...

广东思泉新材料股份有限公司 二〇二四年度 审计报告 致同会计师事务所 (特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.gex.cn）"进行查 "进行查 | | | | 审计报告 | 1-6 | | --- | --- | | 合并及公司资产负债表 | 1-2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-102 | 6-1-2 Grant Thornton 载信 审计报告 致同审字(2025)第 441A011771 号 广东思泉新材料股份有限公司全体股东: 一、审计意见 我们审计了广东思泉新材料股份有限公司(以下简称思泉新材公司)财务 报表,包括 2024年 12月 31日的合并及公司资产负债表,2024年度的合并及公 司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及相关财务 报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制, 公允反映了思泉新材公司 2024年 12月 31日的合并及公司财务状况以及 2024年 度的 ...

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：301489 证券简称：思泉新材 公告编号：2025-073 广东思泉新材料股份有限公司 关于申请向特定对象发行股票的第二轮审核问询函 回复及募集说明书等申请文件更新的提示性公告 2025 年 11 月 20 日 广东思泉新材料股份有限公司（以下简称"公司"）于 2025 年 11 月 14 日 收到深圳证券交易所（以下简称"深交所"）出具的《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第二轮审核问询函》（审核函〔2025〕020070 号）。公司按照问询函的要求，会同相关中介机构对问询函所列问题已经进行了 逐项落实并作出回复，具体内容详见公司在巨潮资讯网（www.cninfo.com.cn）披 露的相关公告。 鉴于公司《2025 年第三季度报告》已公开披露，公司会同相关中介机构对 募集说明书、问询函回复等申请文件中涉及的财务数据等内容进行了相应的更新， 具体内容详见与本公告同日披露的相关公告。 公司本次向特定对象发行股票的事宜尚需通过深交所审核，并获得中国证券 监督管理委员会（以下简称"中 ...