国金证券发布研报称，经测算珠光颜料双龙头（环球+坤彩）国内市占率合计超30%。该行表示，看好 公司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。 消息面上，环球新材国际公告，于2025年7月至10月期间，公司合共购买公司非全资附属公司112.18万 股股份。持股增加后，公司持有CQV股份比例由42.45%上升至50.75%通过此次持股增加，公司旨在加 强对海外核心资产的控制力，提升全球业务的协同效益，并强化治理稳定性。 智通财经APP获悉，环球新材国际(06616)午后涨超6%，截至发稿，涨4.81%，报4.79港元，成交额 9822.33万港元。 ...

来源：市场资讯 （来源：国金证券研究所） 作者：李阳、赵铭 ①2023年1月，公司以5亿元价格收购韩国最大珠光颜料制造商CQV 42.45%的股份，2024年CQV营收 2.97亿元、同比+18%，净利润0.46亿元、同比+170%。②2025年7月，公司完成收购默克全球表面解决 方案业务，天然云母采购是困扰默克表面解决方案业务最核心的问题，公司有望在供应链为默克赋能。 产能投放+产品结构优化，量价齐升可期 公司国内经营主体七色产能规划，目前珠光颜料产能3.3万吨，远期规划为珠光颜料产能4.8万吨，CQV 韩国基地合计产能0.26万吨。产能投放支撑销量增长。桐庐工厂合成云母产能10万吨计划于25H2竣工投 产，期待广西二期扩产+收购CQV/默克为合成云母提供产能消化渠道，以及当前国内合成云母基成本仍 高于天然云母基，期待扩产降本后、带来成本的奇点时刻。 风险提示 跨国收购风险；跨国业务协同不及预期；产品结构升级不及预期；宏观经济波动。 目录 摘要 珠光颜料行业：化妆品+汽车等新消费市场前景可观 根据公司公告，我们测算珠光颜料双龙头（环球+坤彩）国内市占率合计超30%，高端消费级化妆品+汽 车领域（均为新消费， ...

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].