国金证券发布研报称，维持环球新材国际(06616)"买入"评级，并购进展和协同效应提升，出海并购德 国默克表面材料业务/CQV，培育全球珠光颜料龙头;产能投放+产品结构优化，量价齐升进行时;珠光颜 料行业化妆品+汽车等新消费市场前景可观，合成云母替代天然云母是明确趋势。 国金证券主要观点如下： 近期事件 定价调整赋能业务高质量发展 本次差异化定价调整由七色珠光、SUSONITY及CQV三大业务平台分阶段实施，旨在顺应市场趋势、 强化核心竞争力。调整幅度介于3-30%之间，并非统一模式，而是依据产品特性、技术含量、应用场景 及客户类型，进行精细化、分批次的动态优化，核心目标是更好地匹配产品价值与市场需求，聚焦高附 加值业务，预计将在未来一段时间内逐步显现成效。 2025年12月16日，公司宣布实施差异化定价调整，并拟发行10亿港元可转债。(1)基于日常商业管理与 价值管理需求，公司已于近期在部分产品组别及细分应用领域，分阶段落实差异化商业定价调整措施， 以进一步优化业务结构，提升经营质量与价值创造能力。(2)公司拟发行本金总额10亿港元、票面利率 4.25%的可换股债券，期限至2027年1月4日，初步换股价为1 ...

国金证券发布研报称，维持环球新材国际(06616)"买入"评级，并购进展和协同效应提升，出海并购德 国默克表面材料业务/CQV，培育全球珠光颜料龙头;产能投放+产品结构优化，量价齐升进行时;珠光颜 料行业化妆品+汽车等新消费市场前景可观，合成云母替代天然云母是明确趋势。 整合SUSONITY协同效应初步显现：组织与治理方面，完成"集团—事业部—区域"组织优化，建立跨区 域协同机制，提高治理效率;业务协同与供应链方面，公司加速与SUSONITY的交叉销售(新能源、化妆 品等)已开始显现协同效应;创新驱动方面，研发团队启动联合项目，将前沿技术与规模化生产结合，强 化"需求导向"的研发机制，以技术融合加速中长期增长。 定价调整赋能业务高质量发展 本次差异化定价调整由七色珠光、SUSONITY及CQV三大业务平台分阶段实施，旨在顺应市场趋势、 强化核心竞争力。调整幅度介于3-30%之间，并非统一模式，而是依据产品特性、技术含量、应用场景 及客户类型，进行精细化、分批次的动态优化，核心目标是更好地匹配产品价值与市场需求，聚焦高附 加值业务，预计将在未来一段时间内逐步显现成效。 近期事件 2025年12月16日，公司宣布 ...

Group 1 - The core point of the article is that Global New Materials International (06616) has increased its stake in its non-wholly-owned subsidiary CQV from 42.45% to 50.75% by purchasing 1.1218 million shares between July and October 2025, aiming to enhance control over overseas core assets and improve global business synergy and governance stability [1][1][1] - Following the announcement, the company's stock price rose over 6%, with a current increase of 4.81%, trading at HKD 4.79 and a transaction volume of HKD 98.223 million [1][1][1] Group 2 - Guojin Securities reported that the combined market share of the two leading companies in the pearlescent pigment sector (Global New Materials and Kuncai) exceeds 30% [1][1][1] - The report expresses optimism about the company's overseas acquisition of Merck's surface materials business/CQV, aiming to cultivate a global leader in pearlescent pigments [1][1][1] - The industry outlook is positive, with expectations for capacity expansion and product structure optimization leading to simultaneous volume and price increases, as well as a clear trend of synthetic mica replacing natural mica in the cosmetics and automotive sectors [1][1][1]

Group 1 - The core viewpoint of the article highlights the promising prospects of the pearlescent pigment industry, particularly in the cosmetics and automotive sectors, which are expected to drive future growth due to double-digit growth rates and domestic substitution trends [1][2][20] - The company has a combined domestic market share of over 30% in the pearlescent pigment sector, with major players being Global and Kuncai [1][20] - The global market for pearlescent pigments is projected to grow from 23.5 billion yuan in 2023 to 44 billion yuan by 2030, with a compound annual growth rate (CAGR) of 9.4% [20][22] Group 2 - The company has made significant acquisitions, including a 42.45% stake in South Korea's largest pearlescent pigment manufacturer, CQV, for 466 million yuan, which is expected to enhance its market position [2][37] - The acquisition of CQV is projected to yield a revenue of 2.97 billion yuan in 2024, with a year-on-year growth of 18% and a net profit of 460 million yuan, reflecting a substantial increase of 170% [2][39] - The company is also set to acquire Merck's global surface solutions business for 665 million euros, which is anticipated to be completed by July 2025, further solidifying its position in the global market [2][42] Group 3 - The company plans to increase its pearlescent pigment production capacity from 33,000 tons to 48,000 tons in the long term, with the CQV facility contributing an additional 2,600 tons [3][47] - The production capacity expansion is expected to support sales growth, with the company projecting a revenue increase from 3.15 billion yuan in 2018 to 15.28 billion yuan in 2024, representing a CAGR of 30.1% [3][49] - The average selling price of pearlescent pigments is expected to rise from 37,300 yuan per ton in 2018 to 60,200 yuan per ton in 2024, driven by product structure optimization and increased demand in high-end consumer sectors [3][50] Group 4 - The company is focusing on synthetic mica as a substitute for natural mica, which is expected to become a clear trend in the industry [2][32] - Synthetic mica offers advantages such as stable supply, lower environmental impact, and superior properties compared to natural mica, making it increasingly popular in various applications, including cosmetics [2][34] - The company is also exploring potential applications in new energy batteries and building-integrated photovoltaics (BIPV), indicating a diversification of its product offerings [2][30]

Core Viewpoint - The acquisition of Merck's Surface Solutions business (SUSONITY) for €665 million is framed as a resonance of long-term values between two companies, emphasizing a commitment to employee welfare and sustainable business practices [1][2]. Group 1: Strategic Vision and Market Position - The acquisition is seen as a step towards becoming a global leader in high-performance materials, combining Eastern innovation with Western industrial rigor [1][8]. - After 14 years of development, the company has become the largest producer of pearlescent pigments in China, driven by demand in high-end markets such as automotive and cosmetics [2][7]. - The company is expanding its production capacity, with a new plant for 30,000 tons of pearlescent materials set to start operations in 2024, and a 100,000-ton surface performance materials project nearing completion [2][6]. Group 2: Long-term Commitment and Employee Focus - The negotiation process highlighted the company's long-term commitment, which reassured Merck about the future of its employees and the business [2][3]. - The company aims to ensure that all employees feel valued and secure, fostering a culture of trust and collaboration across its global workforce [3][6]. Group 3: Integration Philosophy - The integration strategy emphasizes flexibility and customer orientation, avoiding a one-size-fits-all approach and allowing business units to maintain some independence while focusing on core objectives [4][6]. - The company plans to leverage its market insights and Merck's global customer network to enhance service efficiency while creating a responsive global strategy for production and supply [4][5]. Group 4: Financial Performance and Synergies - The previous acquisition of CQV has shown positive results, with a revenue increase of 17.8% and a net profit surge of 171.3% in 2024, indicating successful integration and synergy [5]. - The collaboration has led to CQV's products entering the supply chains of major automotive manufacturers in China, enhancing the company's market presence [5][6]. Group 5: Future Aspirations - The company aims to lead the global market for synthetic and natural pearlescent pigments, addressing the supply chain challenges associated with natural mica, which is a limited resource [7][8]. - The vision includes positioning the company as a hub for innovation that connects global industrial advantages and shapes the future of the industry [8].