Core Viewpoint - The completion of a €665 million acquisition by Global New Materials International marks the largest cross-border merger in China's pearlescent materials industry, reflecting a shift from being a technology follower to a global rule-maker in the cosmetics and industrial pigments sector [2][4]. Company Overview - Global New Materials International is a leader in the global surface performance materials sector, uniquely covering the entire industry chain from raw materials to high-end pearlescent materials, holding the largest market share in synthetic mica [3]. - The acquired company, SUSONITY, specializes in surface solutions for coatings, cosmetics, and industrial applications, holding a significant position in the high-quality market, particularly in the automotive and cosmetics sectors [3]. Strategic Development - The acquisition of SUSONITY is a significant milestone in Global New Materials International's external development strategy, enhancing its global operational system and transitioning from "Asian manufacturing" to "global operations" [4]. - The integration of production bases in Germany, Japan, and the United States is expected to strengthen the company's strategic depth and cyclical resilience [4]. Financial Impact - Following the acquisition, Global New Materials International anticipates long-term revenue and profit growth, reinforcing its global leadership position in the pearlescent pigment market [4]. - In 2024, the company expects a revenue growth of 55% with a gross margin maintained above 50% [3].

Core Viewpoint - Zhongrun Optical plans to acquire 51% of Hunan Dais Optical Co., Ltd. to enhance its optical technology research and product development platform, accelerating strategic implementation [1] Group 1: Acquisition Details - The total funding required for the acquisition is 158.10 million yuan, with part of the funds coming from over-raised capital and the rest from self-owned funds and acquisition loans [1] - Dais Optical's projected revenue and net profit for 2024 are 122 million yuan and 1.62 million yuan, respectively, while for Q1 2025, they are expected to be 28.61 million yuan and 1.07 million yuan [1] - The profit commitment for Dais Optical from 2025 to 2027 is a total of 90 million yuan, with specific annual commitments of 21 million yuan for 2025, 29 million yuan for 2026, and 40 million yuan for 2027 [1] Group 2: Dais Optical's Market Position - Dais Optical has established stable partnerships with well-known domestic and international clients across various sectors, including industrial lasers, optical communications, and biomedical applications [2] - The company’s products, such as high-power cylindrical lenses and polarization beam splitters, are widely used in industrial laser applications and automotive LiDAR markets, with major clients including Chuangxin Laser and KAPL [2] - Dais Optical collaborates with numerous research institutions, including Tsinghua University and the Chinese Academy of Sciences, in cutting-edge fields like quantum communication and biomedical applications [2] Group 3: Strategic Implications for Zhongrun Optical - The acquisition is expected to enhance Zhongrun Optical's technical capabilities and core competitiveness in the optical field, allowing for mutual support in product design and manufacturing [3] - The transaction aligns with the company's strategy to strengthen its supply chain and pursue external growth opportunities, which is in line with capital market trends [3] - Zhongrun Optical aims to leverage its platform and resources to seek complementary acquisition targets that can enhance operational efficiency and drive growth [4]