自願公告 業務最新消息 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Yestar Healthcare Holdings Company Limited 巨星醫療控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2393） 的表現，實際上創造出「全新」的複合材料。塗布是材料與環境之間的介面。透過此 介面的工程設計，我們能在不改變大宗材料本身的情況下，徹底改變其表現，往往 實現超乎尋常的成本效益。 本公告由巨星醫療控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）自願 發表，旨在向本公司股東及潛在投資者提供有關本集團業務發展以及潛在業務策略 及方向的最新消息。 高性能材料業 本公司董事（「董事」）會（「董事會」）謹此提供最新消息，本公司現正探索及建議投資 於高性能材料業。該行業屬於製造分部，從事設計、建造及商業化在關鍵特性的表 現較傳統同類產品超出至少一個數量級的物質。 董事會注意到，全球的高性能材料市場現正蓬勃增長，升勢不斷。為 ...

都有良好相容性，常作为增韧剂、相容剂以及万能色母粒载体等使用。 内容概要：EBA树脂是乙烯与丙烯酸丁酯经高温高压自由基聚合而成的热塑性塑料，兼具强度、韧性与优异柔韧性、耐低温抗冲击性，热分解温度达 330℃，与多种聚合物相容性好，常作为增韧剂、相容剂等使用。相较于EVA，其耐温性、极性更优，适配汽车、电缆等场景，而EVA在成本敏感型领域占 优；与EAA相比，EBA侧重增韧改性，EAA则以强粘接性适配极性基材粘合场景。作为高性能基础材料，EBA在汽车、新能源、电子、光伏等关键领域不 可或缺，近年在环保政策与新能源产业驱动下，市场规模稳步增长，胶粘剂与塑料改性为核心需求，新能源应用成增长引擎。产业链上游，乙烯供应充足且 产能持续扩张，丙烯酸丁酯产能集中释放、产业链协同深化，为EBA生产提供稳定原料保障。下游方面，EBA是粘合剂领域核心材料，受益于全球及中国胶 粘剂市场增长；在光伏领域，伴随封装胶膜需求爆发式增长，市场空间持续拓宽。未来，行业将向多元化、绿色化、高性能化发展，专用牌号研发、应用场 景拓展、绿色材料创新及高端进口替代成为核心方向。 上市企业：万华化学（600309.SH）、中国石化（600028.SH ...

Company Overview - Sichuan Aoniu New Materials Co., Ltd. (Aoniu New Materials) officially launched its CPI project production on November 20, marking the start of production for this high-performance material [2] - Aoniu New Materials focuses on the research, production, and sales of transparent polyimide (CPI), a core material for flexible LED panels, with applications in foldable screens and aerospace [3] Product and Market Insights - CPI is a key material with high-temperature and high-weather resistance, widely used in tail lights, new display covers, photovoltaic cell substrates, and protective films, which have long relied on imports [2] - The company aims to become one of the leading manufacturers of transparent polyimide films, targeting to surpass the world's most advanced levels [2] - Aoniu New Materials has established a strong R&D team through collaboration with Sichuan University, focusing on formulation, production processes, and application research [2] Production Capacity and Future Plans - The first phase of the project plans to produce 1,730 tons of transparent polyimide slurry and 1 million square meters of transparent polyimide base film annually [2] - This production line is noted as the first in China capable of meeting high-end optoelectronic display applications [2] - Aoniu New Materials has plans for a second phase of construction, which is expected to double the production value [2]

Core Viewpoint - Ningbo Huaxiang's Q3 2025 report shows a significant profit recovery despite a revenue decline, indicating strong internal management and profitability improvement capabilities [1][2]. Financial Performance - For the first three quarters, the company achieved a revenue of 19.224 billion yuan, a year-on-year increase of 5.88%, while net profit attributable to shareholders was 88.7261 million yuan, a year-on-year decrease of 87.68% [1]. - In Q3 alone, revenue was 6.345 billion yuan, down 3.01% year-on-year, but net profit attributable to shareholders surged by 149.27% to 462 million yuan [1]. Business Operations - The fluctuation in performance was primarily due to the impact of the European business divestiture and non-recurring losses from North American buybacks in the first half of the year [1]. - The third quarter saw accelerated growth in self-owned brand business and effective cost reduction measures, leading to a significant profit recovery and improved gross margin [1]. Strategic Initiatives - Ningbo Huaxiang is actively pursuing expansion and smart manufacturing upgrades, with plans to raise up to 2.921 billion yuan through a specific A-share issuance to fund various projects, including smart manufacturing and digital upgrades [2]. - The company is also expanding into the humanoid robotics sector through the establishment of Ningbo Huaxiang Qiyuan Technology Co., focusing on hardware solutions and high-performance materials [2][3]. Technological Development - The company aims to become a leading global ODM in the intelligent robotics sector within three to five years, leveraging its lightweight material research capabilities [3]. - A joint venture was established to focus on the research and application of PEEK materials, with significant investments in technology and partnerships with academic institutions to enhance production capabilities [3].

Core Viewpoint - Daoshengtianhe Materials Technology (Shanghai) Co., Ltd. is set to list on the Shanghai Stock Exchange, marking a significant milestone in its development and reflecting the capital market's recognition of the potential of high-performance new materials in the clean energy sector [1] Group 1: Business Overview - Daoshengtianhe has focused on the research, production, and sales of new materials since its establishment in June 2015, with products including epoxy resins, polyurethanes, acrylics, and organic silicones [2] - The company has developed three main product lines: materials for wind turbine blades, resins for new composite materials, and adhesives for new energy vehicles and industrial applications [2] - Its high-performance materials are widely used in green energy sectors such as wind power, new energy vehicles, energy storage, and hydrogen energy, as well as in critical industrial fields like aviation and oil extraction [2] Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 is reported at 3.44 billion yuan, 3.20 billion yuan, and 3.24 billion yuan respectively, with net profits of 110.48 million yuan, 154.81 million yuan, and 154.83 million yuan during the same period [2] - The net profit attributable to the parent company, excluding non-recurring gains and losses, also shows steady growth, with figures of 103.97 million yuan, 132.81 million yuan, and 135.75 million yuan [2] Group 3: Future Growth Expectations - For the first nine months of 2025, the company anticipates a significant increase in operating performance, with projected revenue growth of 22.32% to 27.03% and net profit growth of 48.21% to 58.43% [3] - This expected growth is attributed to strong production and sales during that period, indicating a competitive advantage in the new energy application materials market [3] Group 4: Technological Innovation - As a national high-tech enterprise, Daoshengtianhe's core competitiveness lies in its continuous investment in research and development, having obtained 69 patents, including 38 invention patents [4] - The company holds a prominent market position in wind turbine blade materials, with its products significantly outperforming domestic competitors [4] - Daoshengtianhe is the only Chinese company supplying both epoxy resins and structural adhesives to the international wind turbine giant Vestas, showcasing its influence in the global wind energy market [4] Group 5: Expansion and Investment Plans - The IPO proceeds will be invested in key projects, including a high-end adhesive and composite materials resin system project with an annual production capacity of 56,000 tons [6] - This project is expected to generate an average annual revenue of 1.25 billion yuan and a net profit of 170.72 million yuan, with an internal rate of return of 19.24% [6] - The successful implementation of these projects is anticipated to enhance the company's production capacity, optimize product structure, and strengthen its core competitiveness [7] Group 6: Strategic Vision - Daoshengtianhe aims to continue its globalization strategy, focusing on technological innovation in key areas such as adhesives for new energy vehicles and materials for wind and solar applications [7] - The company plans to expand its market presence in sectors like photovoltaics, consumer electronics, semiconductors, and 5G communications, while establishing a global marketing network [7] - The successful IPO is expected to significantly support the company's goal of becoming a leading global comprehensive new materials enterprise [7]

Core Insights - The new materials market is valued at 1.3 trillion yuan and is growing at a rate exceeding 10% annually over the past decade [1] - There are significant material gaps in the market, with an overall self-sufficiency rate of less than 60% [1] - Major global players include Syensqo, BASF, Celanese, and Toray, while domestic companies like Kingfa Technology and Water Technology have a broader layout but still lag in product line and stability [1] - High-performance materials such as advanced polyolefins, engineering plastics, high-performance fibers, functional film materials, and electronic chemicals have self-sufficiency rates between 65% and 80%, indicating a heavy reliance on imports [1] - The profitability of general plastics has been marginal, while specialty engineering plastics maintain high profit margins, positioning them as "invisible champions" in the materials sector [1] - The rapid rise of nine strategic emerging industries and six future industries, including humanoid robots, quantum computing, 6G equipment, and brain-computer interfaces, will drive demand for high-performance materials, with an expected annual consumption growth rate of over 10% during the 14th Five-Year Plan period [1] Market Projections - The market size is projected to reach 1.8 trillion yuan by 2027 [2] - Challenges to seizing this opportunity include R&D innovation, core technology, talent shortages, process collaboration, international competition, and funding risks [2]

Core Insights - Shandong Province has announced the list of future industry acceleration parks and construction projects for 2025, with six parks selected, including the Metaverse Future Industry Acceleration Park in Weifang High-tech Zone [1][4] Group 1: Future Industry Acceleration Parks - The future industry acceleration parks are designed to promote the gathering of innovative resources and the efficient transformation of innovative achievements, focusing on the development needs of future industries [1] - The Metaverse Future Industry Acceleration Park in Weifang is centered around the city's electronic industry foundation, focusing on key areas such as virtual reality/augmented reality smart terminals, precision components, and digital content production [4] Group 2: Industry Development and Collaboration - The park has attracted over 90 key enterprises, including 2 national manufacturing champions, 3 specialized and innovative "little giants," 1 provincial manufacturing champion, and 27 provincial specialized and innovative companies [4] - Leading companies like Goer and other backbone enterprises are collaborating to support the development of the industry chain, forming a complete industry chain of "hardware manufacturing + software development + content production + application services" [4] Group 3: Future Plans and Policy Support - The Weifang Municipal Bureau of Industry and Information Technology plans to continuously optimize the policy environment, strengthen resource guarantees, and actively build a collaborative innovation system [4] - The goal is to promote deep integration of the upstream and downstream of the industry chain, providing efficient and professional core incubation platforms for future industries [4]

Core Viewpoint - The company is poised for a performance turning point and strategic opportunity due to breakthroughs in POE technology and capacity layout amidst a surge in demand for new energy and high-end manufacturing [1] Group 1: POE Project and Technological Advancements - The company's POE project is nearing production, with a 200,000 tons/year POE unit undergoing pipeline pressure testing and equipment debugging, expected to officially launch in September [2] - The self-developed metallocene catalyst has achieved international leading performance, with polymerization activity 1.1 times the industry average, and the product indicators surpassing those of international giants like Dow and LG Chem [2] - Cost advantages are a core competitive strength, with the total cost of catalysts for the 200,000 tons POE unit estimated at 70-80 million yuan, significantly lower than a well-known domestic competitor's 200 million yuan [2] Group 2: Financial Performance and Market Outlook - In the first half of 2025, the company achieved revenue of 438 million yuan, a year-on-year increase of 19.03%, but net profit decreased by 20.52% due to lower product prices and increased expenses [3] - Q2 showed significant improvement in both revenue and profit, indicating that internal operational strategy adjustments are beginning to yield results, with expectations for a performance turning point as POE capacity is released [3] - The current low price of POE is expected to rebound as demand from emerging markets increases, allowing the company to benefit from a "price + cost" dual effect, leading to substantial profit elasticity [3] Group 3: Applications in High-Performance Materials - The company is actively involved in the high-performance materials sector, utilizing "antioxidants + POE modified materials" to address challenges in PEEK processing and enhance its application in high-end scenarios [4] - In the robotics field, the company's POE special modified materials can provide flexible solutions for components, with a 30% increase in tensile strength and a 15-20% cost reduction compared to traditional TPU materials [4] - The demand for electronic skin in humanoid robots is projected to grow significantly, with the unique properties of POE materials offering extensive application potential [4] Group 4: Strategic Positioning and Future Growth - Since its establishment, the company has focused on technological innovation, industry chain extension, and global layout, creating a differentiated competitive advantage [5] - The upcoming production of the POE project and breakthroughs in PEEK applications are expected to drive a dual explosion in performance and market space [5] - With the release of capacity in Q3 and a rebound in POE prices, the company is anticipated to achieve a "turnaround + high growth" value reassessment [5]

Financial Performance - The company reported a total revenue of 468 million yuan for the first half of 2025, representing a year-on-year increase of 17.91% [1] - The net profit attributable to shareholders reached 66.44 million yuan, up 14.5% year-on-year [1] - In Q2 2025, total revenue was 252 million yuan, an increase of 18.86% compared to the same quarter last year [1] - The gross margin improved to 31.82%, up 4.74% year-on-year, while the net margin decreased to 14.2%, down 2.89% [1] - The company's accounts receivable increased by 30.88% year-on-year, reaching 206 million yuan [1] Key Financial Ratios - The company's return on invested capital (ROIC) was 8.59% last year, indicating average capital returns [3] - The net profit margin was reported at 15.15%, suggesting high added value in products or services [3] - The total of selling, administrative, and financial expenses amounted to 44.92 million yuan, accounting for 9.6% of revenue, which is a 21.01% increase year-on-year [1] Shareholder Information - The largest fund holding the company's shares is the Huafu Technology Momentum Mixed A fund, with 870,000 shares and a recent net value increase of 0.08% [4] - The fund has shown a significant annual increase of 164.07% [4] Strategic Focus - The company plans to focus on the development and application of modified polymer materials, particularly PEEK, which has excellent properties for high-temperature and high-performance applications [5] - A partnership with Discover Material Inc. aims to leverage over 30 years of experience in modified materials to create an industry-leading production line for high-performance materials [5] - The company seeks to provide customized and differentiated components to meet diverse market demands, bridging the gap between modified materials and precision manufacturing [5]

Core Viewpoint - The news highlights the rapid development and construction of various projects in Changle County, Shandong Province, showcasing the local government's effective support and service for enterprises, which boosts confidence in investment and expansion [1][2][3] Group 1: Project Developments - The Weifang Lijin Plastic Technology Co., Ltd. project focuses on high-performance material production, specifically ultra-high molecular weight polyethylene fiber products, which are expected to be widely used in landscaping and agriculture [1] - The Shandong Changxiao New Materials Technology Co., Ltd. project involves the construction of a facility with an annual capacity of 200,000 tons of molten salt and 100,000 tons of molten salt raw materials, with all main construction completed [1] - The Shandong Mining Machinery Group is developing an intelligent conveying high-end complete equipment and operation maintenance supporting industrial base, which will have an annual production capacity of 300 intelligent conveying systems and 15,000 tons of structural components once fully operational [3] Group 2: Government Support - The Changle County government has implemented a comprehensive service mechanism to support project development, including establishing project special classes and providing tracking services to resolve issues related to land, funding, and technology [2] - The innovative "five-line joint handling" reform model has been introduced to streamline the approval process for construction projects, allowing for simultaneous issuance of all necessary permits and facilitating immediate commencement of construction [2] - The service philosophy of "thinking what enterprises think, urgent for what enterprises are urgent, and solving what enterprises find difficult" has significantly boosted the confidence of enterprises in investment and expansion [3]