（一）审议通过《关于对外投资设立境外孙公司的议案》 为进一步拓展海外市场，提升公司持续发展能力，实现公司 全球化布局战略目标，董事会同意通过全资子公司上海海顺医用 新材料有限公司投资设立巴基斯坦全资孙公司。董事会同时授权 经理层及其合法授权人全权办理公司在境外设立孙公司的全部事 宜。 本次对外投资事项在公司董事会审批权限内，无需提交股东 大会审议。本次设立境外孙公司事项尚需取得相关主管部门的备 案或批准。 证券代码：300501 证券简称：海顺新材 公告编号：2025-067 债券代码：123183 债券简称：海顺转债 上海海顺新型药用包装材料股份有限公司 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。 一、董事会会议召开情况 上海海顺新型药用包装材料股份有限公司（以下简称"公司"） 于 2025 年 8 月 8 日以电话、微信、电子邮件等通讯方式发出召开 第五届董事会第三十九次会议的通知，会议于 2025 年 8 月 12 日 以通讯会议方式召开，应出席董事 7 人，实际出席董事 7 人，监 事和高级管理人员列席会议。本次董事会会议的召集、召开和表 决程序符 ...

Summary of Conference Call for Hai Luo Co., Ltd. Industry Overview - Hai Luo Co., Ltd. is a leading player in the refractory materials industry in China, holding a market share of approximately 5% [2][3]. - The company is currently facing challenges due to the downturn in the steel industry, influenced by macroeconomic factors and real estate market conditions [3]. Key Points and Arguments Overseas Expansion - Hai Luo has shifted its strategy from product export to capacity export, establishing factories in the United States and Serbia, each with a capacity of 20,000 tons [2][4]. - The overseas revenue now accounts for over 20% of total income, which is higher than its peers [2][4]. - The factories are expected to enter a profit release phase by 2025, potentially contributing 200-300 million yuan in profit when fully operational [2][6]. Profitability in Overseas Markets - The profitability of overseas markets is significantly higher than that of domestic markets, with prices in the U.S. and Europe reaching 10,000 to 20,000 yuan per ton, compared to 4,000 to 5,000 yuan domestically [5]. - If production targets are met, the gross margin will substantially increase, positively impacting overall profitability [5]. Active Magnesium Oxide Business - Hai Luo has become the third-largest supplier of active magnesium oxide globally, leveraging high-quality mineral resources from Tibet [7]. - The global demand for active magnesium oxide is expected to double, from 300,000 tons to 600,000 tons, due to the increasing use in hydrometallurgy [7]. Future Growth Potential - The company plans to expand its production capacity in Europe, driven by increased infrastructure projects and post-war reconstruction in regions like Ukraine [8]. - Estimated sales volume in overseas markets could reach 300,000 to 400,000 tons, potentially generating over 1 billion yuan in profit [9][10]. 2025 Progress and Supply Agreements - In 2025, the company has entered a formal supply phase, with significant orders already secured, including a 500,000-ton contract with Gree for four years [11]. - This contract provides a strong endorsement and security for the company's supply chain, with expectations for further expansion into other regions [11]. Domestic Market Outlook - The domestic market is currently at a low point but is not expected to deteriorate further. Cost reduction and efficiency improvements could yield over 100 million yuan in profit if the steel industry improves [12]. Contribution of Magnesium Oxide Business - The magnesium oxide business is projected to contribute 250-300 million yuan in profit in 2025, with expectations to reach 500 million yuan in 2026 [14]. Valuation Assessment - The company's valuation is contingent on investor perceptions of its pricing model, with a potential growth space if profits of 20 million yuan are valued at a 10x P/E ratio [15]. Additional Important Insights - The company is actively exploring new markets and products, particularly in active magnesium oxide, which has shown significant growth potential [3]. - The high barriers to entry in the active magnesium oxide market due to resource scarcity and processing costs provide a competitive advantage for Hai Luo [7].

格隆汇8月12日丨集泰股份(002909.SZ)公布半年度报告，2025上半年，公司实现营业收入为53,274.34万 元，同比下降10.70%；总销量达4.88万吨，同比下降4.09%；归属于上市公司股东的净利润为-830.16万 元，同比下降245.98%；总资产达22.20亿元，同比下降1.51%。业绩下滑主要受下游海运集装箱制造及 建筑工程市场周期性波动的影响，其中，海运集装箱制造市场受到全球贸易增速放缓影响，对新箱需求 阶段性收缩；虽然家装市场业务继续保持增长，但建筑工程市场业务则受新开工公建项目开工不足、终 端需求释放不足等因素制约，传统主业短期承压。细分市场来看，尽管传统工程胶需求有所下滑，但公 司深化渠道下沉，积极聚焦规模大、增长快、品牌集中度低的存量家装市场，推动渠道家装胶销售收入 达5,504.76万元，同比增长51.98%；工业用胶方面，虽集装箱板块受周期波动影响需求不足，但公司凭 借在新能源领域的强劲开拓，推动两轮电动车用胶与新能源用胶实现高速增长，销售收入达1,519.78万 元，同比增幅达116.50%；海外市场方面，公司持续发力国际化拓展，亮相第137届广交会、邀请越南 经销商团 ...

海顺新材（300501）(300501.SZ)发布公告，为进一步拓展海外市场，提升公司持续发展能力，实现公 司全球化布局战略目标，公司拟通过全资子公司上海海顺医用新材料有限公司投资设立巴基斯坦全资孙 公司，总投资额不超过100万美元，实际投资金额以中国及当地主管部门批准金额为准。 ...

Group 1 - The company, Haishun New Materials (300501.SZ), announced plans to expand its overseas market presence and enhance its sustainable development capabilities [1] - The investment involves establishing a wholly-owned subsidiary in Pakistan through its fully-owned subsidiary, Shanghai Haishun Medical New Materials Co., Ltd [1] - The total investment amount is not to exceed 1 million USD, with the actual investment subject to approval by Chinese and local authorities [1]

格隆汇8月12日丨海顺新材(300501.SZ)公布，为进一步拓展海外市场，提升公司持续发展能力，实现公 司全球化布局战略目标，公司拟通过全资子公司上海海顺医用新材料有限公司投资设立巴基斯坦全资孙 公司，总投资额不超过100万美元，实际投资金额以中国及当地主管部门批准金额为准。 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [4][19]. Core Insights - The company reported strong performance in the first half of 2025, with revenue reaching 1.565 billion yuan, a year-on-year increase of 17.36%, and a net profit of 363 million yuan, up 17.04% year-on-year. The growth was driven by accelerated overseas market expansion and favorable foreign exchange gains [6]. - The overseas business has shown significant growth, with revenue from international markets reaching 899 million yuan, a 45% increase year-on-year, accounting for 58% of total revenue [6]. - The company is actively pursuing product innovation, establishing a second growth curve with visual products, and has made progress in various innovative projects [6]. Financial Performance Summary - For 2023A, the company reported revenue of 2,411 million yuan, with a year-on-year growth rate of 22%. The projected revenue for 2024A is 2,755 million yuan, with a growth rate of 14% [4]. - The net profit for 2023A was 486 million yuan, with a year-on-year growth of 47%. The forecast for 2024A is 553 million yuan, reflecting a 14% growth [4]. - The company's gross margin for the first half of 2025 was 64.89%, down 3.04 percentage points year-on-year, while the net profit margin was 24.26%, showing a slight increase of 0.27 percentage points [6]. Revenue and Profit Forecast - The company expects revenue to reach 3.313 billion yuan in 2025E, with a growth rate of 20.2%, and net profit to be 641 million yuan, reflecting a growth rate of 15.9% [4][6]. - For the years 2026E and 2027E, revenue is projected to be 3.939 billion yuan and 4.762 billion yuan, with growth rates of 18.9% and 20.9% respectively. Net profit is expected to be 780 million yuan and 968 million yuan, with growth rates of 21.7% and 24.1% respectively [4][6].

"海外市场调研和门店反馈表明，海外市场潜力十分可观。"蜜雪冰城中亚五国总经理冯豪说，上海合作组织成员国市场具备良好的文化和经 贸基础，未来将是重点开拓领域，蜜雪冰城将用一杯杯茶饮，为更多消费者带去甜蜜与快乐。 新华社郑州7月26日电（记者牛少杰 徐正源）7月23日至27日，上海合作组织媒体智库峰会在河南省郑州市举行。在峰会"大使茶座"活动现 场，来自俄罗斯、哈萨克斯坦、巴基斯坦等多个国家的大使、媒体人士品茶香赏茶艺话合作。而在会场门口，河南本土品牌"蜜雪冰城"在售卖现 制茶饮，为到会嘉宾提供不一样的味蕾体验。 这是7月24日在河南省郑州市拍摄的上海合作组织媒体智库峰会智库论坛现场。新华社记者 郝源 摄 蜜雪冰城于1997年在河南创立，为消费者提供高质平价的现制果饮、茶饮、冰淇淋和咖啡等产品。截至2024年底，该品牌在中国及海外共拥 有46479家门店，已超过星巴克成为全球门店规模第一的现制饮品企业。 当前，蜜雪冰城正不断加快海外市场拓展。今年4月9日，蜜雪冰城中亚首店在哈萨克斯坦阿拉木图市塞福林大街Forum购物中心试营业，冰 淇淋仅售200坚戈（约合2.8元人民币）、珍珠奶茶900坚戈。正式开业首日营业额即 ...

Core Viewpoint - Dongfeng Motor Group Co., Ltd. (00489.HK) has issued a profit warning, expecting a significant decline of 90% to 95% in net profit attributable to shareholders for the first half of 2025, with a profit range of 30 million to 70 million yuan [2] Group 1: Performance Decline Reasons - The decline in Dongfeng Group's performance is attributed to two main factors: a shrinking non-luxury brand market affecting joint ventures like Dongfeng Nissan and Dongfeng Honda, which saw sales drop by 23.5% and 37.4% respectively [4] - Despite a 33.0% year-on-year increase in new energy vehicle sales, reaching 204,400 units, the overall sales for Dongfeng Group fell by 14.7% to 823,900 units in the first half of the year [4] Group 2: Strategic Initiatives - In response to performance pressures, Dongfeng Group and its controlling shareholder, Dongfeng Motor Corporation, have taken several actions since June, including the establishment of Yipai Automotive Technology Company to focus on the development of independent passenger vehicles [4] - The company aims for a total annual sales target of 3 million units, including 1 million new energy vehicles and 900,000 independent new energy vehicles [4] Group 3: Recent Sales Performance - Dongfeng Motor has reported a strong start in the second half of the year, with July sales reaching 205,000 units, a year-on-year increase of 27.5%, including 172,000 passenger vehicles and 33,000 commercial vehicles [5] - New energy and independent brands continue to lead, with new energy vehicle sales of 90,000 units, up 19.7%, and independent brand sales of 132,000 units, up 26.8% [5] Group 4: Future Plans - Dongfeng Yipai Technology plans to launch over 20 models by 2028, including a high-end smart SUV developed in collaboration with Huawei, targeting the mid-to-high-end market [6] - The company aims to introduce over 30 overseas models by 2027 and plans to establish over 2,000 global outlets by 2027, with a localization manufacturing target of over 20% by 2026 [6]

Core Insights - The HPV vaccine market in China is experiencing significant growth, with a total of 322 batches approved in the first half of 2023, representing a year-on-year increase of 79.20% [1] - Watson Bio's 2-valent HPV vaccine achieved 414.39 million doses approved, marking a staggering year-on-year growth of 368.42% [1] - The sales of HPV vaccines are contributing positively to the financial performance of related companies, with Watson Bio reporting a net profit of 455 million yuan, an increase of 8.13% year-on-year [1] Group 1: Market Performance - Watson Bio's 2-valent HPV vaccine had a successful first half of 2023, winning government procurement projects for 1.686 million doses [3] - WanTai Bio reported sales of over 10 million doses of its 2-valent HPV vaccine during the same period [3] - The penetration rate of the 2-valent HPV vaccine among eligible women is estimated to be less than 10%, indicating substantial growth potential as health awareness increases [3] Group 2: Competitive Landscape - The market for 2-valent HPV vaccines is primarily driven by women aged 9 to 45, but competition from imported 9-valent vaccines is increasing, particularly in the market for women over 30 [3][4] - Five Chinese manufacturers have entered the clinical phase III trials for 9-valent HPV vaccines, indicating a potential surge in domestic competition [4] Group 3: International Expansion - Domestic vaccine companies are accelerating their international market expansion, with WanTai Bio successfully exporting its 2-valent HPV vaccine to Thailand and obtaining licenses in Cambodia and Ethiopia [5] - Watson Bio is collaborating with Indonesian partners for local production of 2-valent HPV vaccines, laying the groundwork for future cooperation [5] - The expansion into international markets is expected to enhance brand value and increase revenue streams for these companies [6]