二、交流问答环节 1、半年度公司光伏硅胶毛利率提升了一些，主要是什么原因？现在国家反 内卷情况下，下半年光伏硅胶毛利率是不是能持续改善？ 证券代码：300041 证券简称：回天新材 湖北回天新材料股份有限公司 投资者关系活动记录表 编号：2025-04 投资者关系活 动类别 □ 特定对象调研 ☑ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 ☑ 其他 电话会 参与单位及人 员 申万宏源证券、中信证券、国海证券、浙商证券、东吴证券、嘉实基金、 民生加银基金、东海基金、鹏华基金、博时基金、景顺长城基金、招商基金、 九泰基金、太平基金、中原英石基金、中信资管、平安养老保险、北大方正人 寿、友邦股票部、平安理财、北银理财、华宝信托、上海国际信托、上海原泽 私募基金、上海灏象资产、上海度势投资、景领投资、正圆私募基金等约 30 家 机构投资者代表。 时间 2025 年 8 月 20 日—2025 年 8 月 21 日 地点 公司会议室（电话会） 上市公司接待 人员姓名 公司董事会秘书章宏建，证券事务代表张彦，投关经理陈慧敏 投资者关系活 动主要内容介 绍 公司首先介绍了 2025 ...

Core Viewpoint - The company has demonstrated strong performance in a challenging market environment, achieving growth in both revenue and net profit while making significant advancements in key areas [1][2]. Financial Performance - The company reported a revenue of 2.168 billion yuan, representing a year-on-year increase of 7.72% - The net profit attributable to shareholders reached 143 million yuan, up by 4.18% - Sales volume of the main adhesive products reached approximately 160,000 tons, marking a growth of 25.56% [2]. Business Segments and Innovations - In the automotive sector, the company capitalized on the rapid growth of the new energy vehicle market, with lithium battery adhesive product sales doubling and negative electrode adhesive PAA achieving full production and sales - The sales of thermal conductive structural adhesives surged year-on-year, showcasing the company's strong competitive edge in new energy materials [3]. - In the electronics sector, the company successfully launched several high-end chip packaging materials, entering mass production with clients, thereby solidifying its leading position in the electronic adhesive market [3]. - In the photovoltaic sector, the company implemented effective measures to address industry challenges, resulting in a year-on-year sales increase of approximately 9.3% for photovoltaic adhesives, maintaining a leading market share [3]. Research and Development - The company increased its R&D investment to approximately 85.2243 million yuan, a year-on-year growth of 17.39% - It initiated 22 key R&D projects covering high-end fields such as chip thermal adhesives and magnetic adhesives, with 14 projects already in mass production, supporting future revenue growth [4]. - The construction of a project with an annual production capacity of 36,000 tons for lithium battery negative electrode adhesives is progressing steadily, enhancing production capacity and market responsiveness [4]. Future Outlook - The company is optimistic about the industry's prospects, anticipating new growth opportunities in the adhesive sector supported by national policies and upgrades in downstream industry structures - It plans to continue its innovation-driven development strategy, increasing R&D investments in high-end electronics, new energy vehicles, and green packaging to enhance product value and technology content [5]. - The company aims to deepen collaborations with strategic major clients, expand into emerging markets, and improve market share, striving for higher quality development [5]. - The company is positioned to lead and drive the development of the adhesive and new materials sector, leveraging its advantages in technology R&D, brand influence, and customer resources [5].

回天新材8月21日在互动平台表示，公司当前主要围绕液冷超冲模块进行高导热灌封胶产品布局，产品 尚未应用于液冷服务器中。 ...

华经产业研究院为助力企业、科研、投资机构等单位了解结构胶行业发展态势及未来趋势，特重磅推出 《2025-2031年中国结构胶行业市场全景分析及投资规划建议报告》，本报告由华经产业研究院研究团 队对结构胶行业进行多年跟踪研究，使用桌面研究与定量调查、定性分析相结合的方式，全面解读结构 胶行业市场，深度挖掘行业潜在商机；科学运用研究模型，多维度对行业投资风险进行评估后精心研究 编制。 行业产业链基础化工原料和助剂的供应相对集中，部分原材料如环氧树脂、聚氨酯等的产量呈现增长态 势，为结构胶行业提供了稳定的发展基础。产业链下游为建筑领域、汽车领域、新能源领域、电子工程 等领域。 随着城市化进程的加快基础设施建设和建筑维修市场的扩大，结构胶作为一种高效、可靠的粘接材料， 其应用范围和需求量持续增加，2024年中国加固材料结构胶市场规模约485亿元。近年来，中国工业与 交通建筑结构复杂化持续提升，新型结构胶品类持续涌现，行业呈现标准化发展，预计2025年市场规模 突破500亿元。 中国加固材料结构胶行业横跨多个细分赛道，企业分布广泛，市场集中度尚未形成规模化主导。中国加 固材料结构胶行业正处于快速发展阶段，虽市场规模逐年 ...

根据高盟新材2025年一季度报告披露，高盟新材2025年一季度实现营业收入28,616.70万元，同比下降 11.85%；实现归属于上市公司股东的扣除非经常性损益的净利润3,602.19万元，同比下降24.52%。第二 季度，公司实现营业收入31,085.56万元，同比增长4.30%，实现归属于上市公司股东的扣除非经常性损 益的净利润3,846.04万元，同比增长24.05%。 在产能布局方面，公司也在持续加大资源投入。据高盟新材于2025年4月披露的公告，公司全资子公司 南通高盟的年产12.45万吨胶粘剂新材料及副产4800吨二乙二醇技改项目、年产4.6万吨电子新能源胶粘 剂项目尚在建中，根据两个项目建设进展及市场发展需要，为提升南通生产基地自动化和智能化水平、 更好适应市场发展，上述两个项目在原计划投资基础上追加投资，其中，年产12.45万吨胶粘剂新材料 及副产4800吨二乙二醇技改项目合计建设投资36,205.45万元，年产4.6万吨电子新能源胶粘剂项目合计 建设投资11,509.45万元。根据半年报最新披露，年产12.45万吨胶粘剂新材料及副产4800吨二乙二醇技 改项目的二期工程，三车间改造正在进行 ...

证券代码：300041 证券简称：回天新材 公告编号：2025-51 债券代码：123165 债券简称：回天转债 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 公司是否具有表决权差异安排 □是 √否 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 4、控股股东或实际控制人变更情况 控股股东报告期内变更 □适用 √不适用 公司报 ...

Summary of Kanda New Materials Conference Call Company Overview - **Company**: Kanda New Materials - **Industry**: New materials and electronic technology, focusing on adhesive and specialty resin sectors, particularly in the wind power industry Key Points and Arguments Financial Performance - Kanda New Materials expects a net profit attributable to shareholders between 50 million to 55 million yuan for the first half of 2025, representing a year-on-year increase of 188.48% to 197.33% [3] - The adhesive segment generated revenue of 870 million yuan in Q1 2025, showing significant growth [3] - The wind power epoxy resin sales are projected to exceed last year's total sales, with an expected market demand for structural adhesives reaching approximately 90,000 tons in 2025 [2][7] Market Position - Kanda maintains a domestic market share of 65% to 70% and a global market share of 35% to 40% in the wind power blade structural adhesive sector [2][3] - The company has a strong competitive position in the wind power adhesive market, with plans to enhance its market share further [24] Strategic Focus - The company is focusing on two main pillars: new materials and electronic technology, with expansions into semiconductor materials, including ITO targets and CMP polishing liquids [2][4] - Kanda has acquired Chengdu Zhongke Huawai, which specializes in high-reliability integrated circuit research and development, aiming for net profits of 40 million, 50 million, and 60 million yuan from 2025 to 2027 [2][5] Product Development and Innovation - Kanda is expanding its product lines in the semiconductor materials sector, with a market space for ITO targets estimated at 100 billion yuan [16] - The company is also developing high-frequency and high-speed specialty resins, although specific details are not disclosed [21] Operational Efficiency - Kanda has optimized resource allocation and reduced management costs, contributing to significant profit recovery in 2025 [3] - The company has divested from underperforming assets, which has positively impacted financial expenses and overall performance [3] Future Outlook - Kanda plans to continue its strategic focus on innovation and upgrading its operations, aiming to capture new market opportunities in the new materials and electronic technology sectors [28] - The company is set to enhance its production capacity with an 80,000-ton resin project expected to be operational by November 2026 [15] Collaborations and Synergies - Kanda has established a collaborative relationship with Huawei, focusing on power modules and customized chips, enhancing competitiveness in the special equipment sector [19] - The acquisition of Zhongke Huawai is expected to create synergies in semiconductor materials, benefiting both companies [18][20] Challenges and Competition - The wind power adhesive market remains competitive, with Kanda striving to maintain its leading position against competitors like Daosheng Tianhe [24] - Despite the competitive landscape, Kanda is committed to providing integrated material solutions to domestic wind power blade customers [24] Additional Important Information - Kanda's gross margin for specialty resins is maintained between 25% to 30%, supported by a cost-plus pricing strategy [2][8][9] - The company has a diverse range of adhesive products, with a significant portion of raw materials sourced from Da Ren Group [10]

Core Viewpoint - Kangda New Materials (002669.SH) is making a significant move in its "new materials + electronic technology" strategy by planning to acquire 51% of Chengdu Zhongke Huamei Electronics Co., Ltd. for 275 million yuan, which will make Zhongke Huamei a subsidiary of Kangda New Materials [1][2]. Group 1: Acquisition Details - The acquisition involves a cash payment of 275 million yuan, and it has been approved by the company's board without requiring shareholder voting [2]. - After the acquisition, Zhongke Huamei will be included in the consolidated financial statements of Kangda New Materials [2]. - Zhongke Huamei has committed to achieving net profits of no less than 40 million, 50 million, and 60 million yuan for the years 2025 to 2027, respectively [3]. Group 2: Strategic Implications - The acquisition is aimed at expanding Kangda New Materials' presence in the semiconductor integrated circuit sector, particularly in special integrated circuit design and testing, which is expected to create new profit growth points and enhance the company's profitability and sustainability [1][3]. - The existing semiconductor materials business of Kangda, such as CMP polishing liquids and sputtering targets, will synergize with Zhongke Huamei's integrated circuit design business, contributing to a complete industry chain from design to manufacturing and packaging testing [3]. Group 3: Financial Performance and Future Outlook - Kangda New Materials anticipates turning a profit in the first half of 2025, projecting a net profit of 50 to 55 million yuan, compared to a loss in the previous year [1][6]. - The company reported a revenue of 877 million yuan in the first quarter of 2025, marking a year-on-year increase of 63.74%, with a net profit growth of 125.70% [6]. - The sales of adhesive and specialty resin products have steadily increased, driven by strong demand in the wind power sector, which has become a key growth driver for the company's business [6].

Group 1 - The core viewpoint of the article is that Kangda New Materials (002669) anticipates steady growth in sales volume of adhesive and specialty resin products in the first half of 2025, which will drive an increase in net profit [1] - The demand for wind turbine blade series products is robust, primarily due to the improved prosperity of the wind power industry, serving as the main driver for the growth of the segment's business [1]

Core Viewpoint - The announcement from Huitian New Materials (回天新材) regarding the criminal conviction of its significant shareholder, Zhang Feng, for manipulating the securities market, is a personal matter that does not affect the company's operations or financial performance [1][5]. Company Overview - Huitian New Materials is a leading enterprise in China's adhesive industry with a history of 48 years, focusing on R&D and innovation in adhesive materials [6]. - The company offers a comprehensive product range with over 2,000 products across six major disciplines, serving various sectors including new energy, transportation, 5G communication, consumer electronics, and aerospace [6]. - The company has established itself as a key player in high-end manufacturing by providing one-stop solutions for new materials through sustainable R&D investment and efficient production capabilities [6]. Shareholder Background - Zhang Feng, the founder of Huitian New Materials, has held various leadership roles within the company, including Chairman and General Manager, and has been instrumental in its transformation and success [5][6]. - He was sentenced to seven years and nine months in prison along with a fine of 150 million RMB for his actions, which are classified as personal and do not impact the company's management or operations [1][5]. Leadership Transition - In January 2022, Zhang Feng stepped down as Chairman, and his son, Zhang Li, took over the role, indicating a planned succession within the company [7]. - Zhang Feng was appointed as the honorary chairman for life, acknowledging his contributions to the company's growth and development [7]. Recent Developments - In March 2023, Huitian New Materials announced that Zhang Feng was detained by law enforcement for suspected market manipulation, which is still under investigation [9].