证券代码：002669 证券简称：康达新材 康达新材料（集团）股份有限公司 投资者关系活动记录表 编号：2025-006 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 银河证券：靳学侠；东兴证券：李科融；中原证券：顾敏豪； | | | 东方财富证券：朱晋潇；东北证券：濮阳；上海华邻资产：郭晋； | | 参与单位名称及 | 上海海能投资：王瑞、徐习瑶；四川大决策投资：龚晓豹、罗雅静； | | 人员姓名 | 上海弈术投资：孙宏廷；上海远翰基金：刘月茹；上海尚欣投资：宋 | | | 明；上海睿沣私募基金：丁颖；北京俊远投资：梁阳平；约调研&投关 | | | 易：曹田。 | | 时间 | 年 月 日 2025 7 8 10:00—11:30 | | 地点 | 上海市浦东新区五星路 707 弄御河企业公馆 A 区 3 号楼公司会议室 | | 上市公司接待人 | 副总经理、董事会秘书：沈一涛；投资者关系专员：安琪 | | 员姓名 | | | | 董事会秘书沈一涛 ...

Group 1: Market Overview - The resistive OCA optical adhesive market is categorized into different product types and applications, with significant growth expected from 2019 to 2031 [3][4]. - The market is segmented into various thickness categories, including 25um and 50um, which are projected to show distinct growth trends [4]. - Key applications for resistive OCA optical adhesives include electronic paper, consumer electronics, and aerospace, with each segment expected to grow at varying rates [4][5]. Group 2: Industry Development Status - The overall development of the resistive OCA optical adhesive industry is characterized by specific trends and influencing factors, including market demand and technological advancements [4][5]. - Barriers to entry in the industry are identified, which may affect new entrants and competition levels [4][5]. - The supply-demand dynamics for resistive OCA optical adhesives globally and in China are analyzed, with forecasts extending to 2031 [4][5]. Group 3: Regional Analysis - The global market for resistive OCA optical adhesives is analyzed by major regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with sales revenue and market share data provided for 2019, 2025, and 2031 [5][6]. - China is highlighted as a significant player in the market, with detailed insights into production capacity, output, and market demand trends [5][6]. Group 4: Competitive Landscape - The competitive landscape of the global resistive OCA optical adhesive market includes major manufacturers, their market shares, production capacities, and sales revenues from 2019 to 2025 [5][6]. - The market concentration and competitive intensity are assessed, identifying leading companies and their respective market positions [5][6]. Group 5: Product and Application Analysis - Different product types of resistive OCA optical adhesives are analyzed for their sales volume and revenue trends from 2019 to 2031, with forecasts indicating future market dynamics [5][6]. - The application analysis reveals the sales volume and revenue contributions from various sectors, with projections for growth in each application area [5][6]. Group 6: Supply Chain and Industry Environment - The supply chain for the resistive OCA optical adhesive industry is outlined, detailing key raw materials, procurement modes, and production processes [5][6]. - The industry environment is examined, including technological trends, driving factors, and regulatory frameworks affecting the market [5][6]. Group 7: Company Profiles - Major companies in the resistive OCA optical adhesive market, such as 3M, Mitsubishi Chemical, and Samsung SDI, are profiled, including their production bases, market positions, and financial performance from 2019 to 2025 [5][6]. - Each company's product specifications, applications, and recent developments are summarized to provide insights into their competitive strategies [5][6].

Core Insights - The organic silicone pressure-sensitive adhesive market in China has historically been dominated by international giants, leading to a high dependency on imports. However, recent advancements in domestic R&D and technology have allowed for the development of products with independent intellectual property rights, gradually achieving import substitution [1][11][15]. Industry Overview - Organic silicone pressure-sensitive adhesives are polymer-based adhesives that exhibit permanent adhesion after curing, with excellent properties such as weather resistance, skin-friendliness, moisture resistance, UV resistance, electrical insulation, and easy peeling [3][5]. - The market for organic silicone pressure-sensitive adhesives is expected to grow, with production projected to reach 260,000 tons by 2024, reflecting an 8.33% year-on-year increase [1][11]. Market Size and Growth - The market size for organic silicone pressure-sensitive adhesives in China was approximately 2.628 billion yuan in 2018, and it is expected to grow to 3.858 billion yuan by 2024, with a compound annual growth rate (CAGR) of 6.6% [13]. Competitive Landscape - Foreign companies like Mitsui Chemicals and Wacker Chemie hold significant advantages in technology, branding, and market channels. Domestic companies such as Silbond Technology, Kangde Xin, and Shanghai Jinghua are gradually increasing their market share by improving product quality and leveraging local advantages [15][17]. Industry Chain - The upstream of the organic silicone pressure-sensitive adhesive industry includes raw materials such as silicone rubber, MQ resin, organic solvents, and additives. The downstream applications span various sectors, including automotive, aerospace, construction, and consumer electronics [7][9]. Development Trends - The future of the industry is expected to focus on solvent-free, low-energy radiation-crosslinked organic silicone pressure-sensitive adhesives, particularly electron beam crosslinked types, which are environmentally friendly and energy-efficient [22]. - The pace of domestic substitution is anticipated to accelerate, especially in high-end products, as companies increase R&D investments and achieve greater technological independence [23].

靠近客户做服务是所有高科技进入用户场景的入口，是企业服 务的起点，也是终点。基于AI等新技术打造新的使用场景，从 而形成数字资产、技术品牌，这将会是企业新的竞争力与红利 窗口。 作者：谢泓 封图：图虫创意 作为胶粘剂行业的头部企业，中山金利宝新材料股份有限公司（下称"金利宝"）是国内从事胶粘剂 行业时间最长、数据库最完整、配方最齐全的企业之一。金利宝人曾引以为豪地说："经常被模 仿，从未被超越。" 但如今， 金利宝因对手模仿其产品带 来的价格 竞争，不断退出一些原本具有明显技术优势的赛 道。 对此，2024年金利宝的策略是：重新梳理客户，贴近头部客户做服务。 金利宝的客户涵盖世界知名手机、电脑等头部企业，为其提供高端电子产品的电子标签。在业内， 金利宝具有一定技术优势。当贴近客户、充分理解用户的使用场景时，金利宝可以针对客户做特定 产品的研发，也可以通过技术优势，开发适配客户特殊需求的产品，增加客户黏性。在全面理解客 户需求后，企业还可以选择合适供应链，避免质量冗余，降低采购成本。 作为一家典型的ToB企业，金利宝通过贴近客户做服务，解决了增加用户粘性、提升利润等问题。 而对拥有100万直接用户的ToC企业广 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：IPO再融资组/郑权 6月20日，康达新材发布收购中科华微51%股权的公告，延续近期频繁的资本运作。6月19日，康达新材发布定增预案，拟募资不超过5.85亿元，用于募投项 目建设和补充流动资金。 事实上，康达新材最近几天发布的收购公告及融资的公告只是公司近期资本运作的冰山一角。近些年，康达新材频繁并购及融资，但2023年和2024年的扣非 归母净利润连续为负值，陷入亏损泥潭。康达新材不少高溢价并购后业绩承诺未达标、巨额商誉减值等问题。 尤其是近期康达新材两笔与控股股东的关联交易，存在"高买低卖"的特征，并且交易的是重要资产。比如康达新材全资子公司合计耗费40970.33万元取得的 彩晶光电66.9996%的股权，以40，588万元出售给控股股东唐山工控的全资子公司裕隆光电，康达新材看似只亏了几百万元，但彩晶光电是上市公司的电子 信息材料板块的核心资产，并且上市公司收购彩晶光电后投资2.85亿元建设的新项目距离投产越来越近。 又比如康达新材合计以45740万元获得必控科技100%股份，但近日将必控科技5 ...

Group 1: Company Overview - JINLIBAO is a leading company in the adhesive industry in China, known for its extensive experience and comprehensive database [2] - The company has faced challenges due to price competition from imitators, leading to a strategic shift in 2024 to focus on serving key clients [2] Group 2: Client Engagement Strategy - JINLIBAO aims to enhance customer loyalty by closely understanding client needs and developing tailored products [2] - The company serves major global brands in electronics, providing high-end electronic labels [2] Group 3: Market Trends in Beauty Industry - AUZIMEI, a typical ToC enterprise, has adapted to market changes by integrating online and offline sales strategies to stabilize operations [3][4] - The beauty market in China has evolved from imitation to repositioning, with local brands gaining competitiveness through technology and cultural elements [4][5] Group 4: Technological Integration in Beauty - The beauty industry is increasingly leveraging electronic technology, with innovations in home beauty devices that offer professional-grade results [8][9] - The integration of AI and electronic technology is reshaping the beauty market, enhancing user experience and creating new consumer value [10][11] Group 5: Future Outlook - The beauty industry is expected to see a shift towards high-end and specialized products, driven by technological advancements [9] - As consumer expectations rise with economic growth, companies must focus on customer engagement and service to maintain competitiveness [12][14]

Core Viewpoint - The company, Hubei Huitian New Materials Co., Ltd., is a leading player in the domestic engineering adhesive industry, with strong R&D capabilities and a promising outlook for downstream industries, which supports future business growth [2][5]. Financial Performance - The company's total assets as of March 2025 are 65.86 billion, with equity attributable to shareholders at 28.94 billion [2]. - The company's total debt has increased, leading to weaker debt repayment indicators, indicating rising repayment pressure [6]. - Revenue for 2024 is reported at 39.89 billion, a slight increase from 39.02 billion in 2023, while net profit decreased from 2.98 billion in 2023 to 1.04 billion in 2024 [4][16]. Market Position and Growth - The company has maintained a high production and sales rate, with significant growth in the sales volume of its main products, particularly in the electronic and automotive sectors, which saw increases of 45.56% and 41.23% respectively [2][5]. - The company is focusing on expanding its market share in the renewable energy sector, particularly in photovoltaic silicone and solar cell back membranes, despite facing a 58.34% decline in sales in this segment due to increased competition and market saturation [18][19]. Risks and Challenges - The company faces risks related to changes in control, as the actual controller's shareholding is relatively low, which could impact governance [5][6]. - The profitability is sensitive to fluctuations in the downstream industry, with pressures from declining raw material prices and increased competition affecting profit margins [5][11]. - The company has a high proportion of receivables, which could strain working capital and increase the risk of bad debts, particularly in the photovoltaic sector where payment cycles are longer [6][18]. Industry Outlook - The adhesive industry in China is expected to grow, driven by demand from emerging sectors such as new energy vehicles and lithium batteries, although sales growth has not met expectations due to various challenges [11][12]. - The industry is projected to have an average annual growth rate of 4.2% in production and 4.3% in sales during the 14th Five-Year Plan period [12]. - The company is well-positioned to benefit from the ongoing transition to clean energy and the increasing demand for high-performance adhesives in various applications [14][15].

Core Viewpoint - Kangda New Materials plans to acquire at least 51% of Zhongke Huawai's equity in a cash transaction, aiming to gain control over the company and expand into the semiconductor integrated circuit sector [2][4]. Group 1: Acquisition Details - The acquisition agreement was signed on June 19, with the final valuation of Zhongke Huawai's 100% equity yet to be determined based on an assessment report [2]. - The acquisition is not classified as a related party transaction and is not expected to constitute a major asset restructuring [4]. - This marks Kangda New Materials' ongoing strategy of acquisitions, with at least five announced since 2021 [8]. Group 2: Financial Performance - Despite the frequent acquisitions, Kangda New Materials has experienced significant declines in net profit, with a loss of 246.2 million yuan in 2024 and a cumulative loss of 308.3 million yuan in non-recurring net profit [11][12]. - The company's revenue structure shows that adhesive products contribute the most, with projected revenue of 2.252 billion yuan in 2024, accounting for over 72% of total revenue [7]. Group 3: Company Background - Zhongke Huawai specializes in high-reliability integrated circuit products and has established a strong market presence in the field of microcontroller chips (MCU) for special equipment [6]. - The company has been recognized as a national-level "little giant" enterprise and holds various qualifications in its field [6].

【导读】康达新材拟现金收购中科华威不低于51%的股权 中国基金报记者 南深 近年来收购不断的康达新材，又有新的收购动作，这次瞄准了芯片资产。 6月19日 晚康达新材公告称 ，公司 当日 与中科华微及其股东辽宁四和微、赵峰、孙丽娜签署 了 《投资合作意向协议》， 拟以现金方式 收购中科华微不低于51%的股权，实现对标的公司的控股 。 标的公司100%股权的整体估值 暂未定， 最终以评估报告和正式签署的收购 协议为准。 康达新材称， 本次签署的《收购意向协议》系各方就收购事宜达成的初步意向协议，相关事项尚存在重大不确定性。本次交易不构成关联 交易，经初步测算， 交易预计不构成重大资产重组 。 记者注意到，康达新材近年来收购不断，2021年至今已至少公告五起。不过，公司频繁的收购似乎并未体现到业绩上，2021年至今康达新 材净利润经历了大幅下滑到亏损的过程。此外，就在此次意向收购前一天的6月18日晚，公司还公告了一则定向增发预案，拟 发行股票不 超过9102 万 股，募集资金不超过5 . 85 亿 元，投向两个项目及补充流动资金 。 拟" 形成新的利润增长点" 康达新材的公告显示， 中科华微是一家专业从事高可靠集成 ...

Core Viewpoint - Kangda New Materials plans to raise up to 585 million yuan through a private placement to enhance its competitiveness, supported by state-owned assets from Tangshan [1][2][3] Group 1: Fundraising Details - The company intends to issue no more than 91.02 million shares to up to 35 specific investors, including its controlling shareholder, Tangshan Gongkong [3] - The raised funds will be allocated to an 80,000 tons/year electronic-grade epoxy resin expansion project, the Kangda Northern R&D Center, and to supplement working capital [3][8] - Following the issuance, Tangshan Gongkong's indirect stake in Kangda New Materials will decrease to 23.84%, while other investors will hold a combined 18.71% [3] Group 2: Historical Context - Since Tangshan Gongkong took control in 2019, it has consistently increased its stake through both secondary market purchases and private placements, spending approximately 104 million yuan in the past year and a half [1][4][6] - The company previously completed a private placement in August 2022, raising around 700 million yuan, with Tangshan Gongkong being the largest subscriber [4] Group 3: Financial Performance - Kangda New Materials has faced significant financial challenges, reporting a cumulative loss of approximately 458 million yuan over the past two years, with net profits of 30.31 million yuan in 2023 and a loss of 246 million yuan in 2024 [7][8] - The decline in performance is attributed to reduced market demand, asset impairment provisions, and increased expenses [7] Group 4: Strategic Adjustments - The company has divested two assets in the past six months to optimize resource allocation, selling a 66.9996% stake in Cai Jing Optoelectronics for 496 million yuan and a 61% stake in Biko Technology for 188 million yuan [8] - The fundraising aims to implement a "new materials + electronic technology" dual-drive strategy, focusing on high polymer new materials and enhancing the electronic technology segment [2][8]