Core Viewpoint - The court has sentenced Zhang Feng, a significant shareholder of Huitian New Materials, to seven years and nine months in prison for manipulating the securities market, which is a final ruling and does not affect the company's operations or profits [1]. 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 to solve critical issues and achieve domestic substitution [5]. - The company offers a comprehensive product range with over 2,000 products across six disciplines, widely used in sectors such as new energy, transportation, 5G communication, consumer electronics, and aerospace [5]. Leadership and Governance - Zhang Feng, the founder of Huitian New Materials, served as the chairman and general manager for many years before stepping down in January 2022, with his son taking over the leadership [7][8]. - Despite his legal issues, Zhang Feng was appointed as the company's lifetime honorary chairman, recognized for his significant contributions to the company's growth and its successful listing on the Shenzhen Stock Exchange [8]. Legal Issues - The court's ruling against Zhang Feng is based on his personal actions and is stated to have no impact on the company's business operations or current and future profits [1]. - Prior to this final ruling, Zhang Feng had already been sentenced to eight years in prison and fined 150 million yuan for similar charges in November 2022 [4].

Core Viewpoint - The court sentenced Zhang Feng, a significant shareholder of Huitian New Materials, to seven years and nine months in prison for manipulating the securities market, along with a fine of 150 million RMB, which is a final judgment that does not affect the company's operations or profits [1][4]. 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, providing over 2,000 products across various sectors including new energy, transportation, 5G communication, consumer electronics, and aerospace [5]. - The company has a comprehensive product range and aims to provide one-stop solutions for high-end manufacturing clients through sustainable R&D investment and efficient production capabilities [5]. Leadership and Governance - Zhang Feng, the founder of Huitian New Materials, served as chairman and general manager for many years, leading the company through significant reforms and establishing it as a key player in the industry [7][8]. - In January 2022, Zhang Feng stepped down from his position, and his son, Zhang Li, took over as chairman and general manager [7][8]. - Following his resignation, Zhang Feng was appointed as the company's lifetime honorary chairman, recognized for his contributions to the company's growth and its successful listing on the Shenzhen Stock Exchange [8]. Legal Issues - The court's ruling against Zhang Feng is based on his personal actions and is stated to have no impact on the company's business operations or financial performance [1][4]. - Prior to the final judgment, Zhang Feng had already been sentenced to eight years in prison and fined 150 million RMB in a first-instance ruling for the same offense [4].

编号：2025-05 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 ■业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观□其他 | | 活动参与人员 | 通过同花顺路演平台（网址：https://board.10jqka.com.cn/ir）参与公 | | | 司 2025 年半年度网上业绩说明会的投资者。 | | 时间 | 2025 年 8 月 15 日 15:00-17:00 | | 地点 | 同花顺路演平台（网址：https://board.10jqka.com.cn/ir） | | 形式 | 线上 | | 公司接待人员 | 邹珍凡（董事兼总经理） | | | 吴战篪（独立董事） | | | 吴珈宜（副总经理兼董事会秘书） | | | 胡亚飞（副总经理兼研发技术总监） | | | 李汩（副总经理兼财务负责人） | | | 公司以网络远程的方式召开 2025 年半年度业绩说明会，就投资者关 心的 2025 年半年度报告及公司经营发展等问题与投资者进行沟通交流。 | | | 相关问题和回复内容整理如下： | | 交流内容 ...

| 领 | | | | 司 | | | | | 符合 | | | 区 | 量检验 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 域 | | | | | | | | | 标准 | | | | 研究院 | | 流 | | | 青岛市四方区威 | | | | | | 所检 | | | 市 | 青岛市 | | 11 | 通 | 金鲸788中性硅 | 尔泰装饰材料总 | 92370203MA3E42NT6Q 山东亚之杰胶业 | | 2025-01-16/ | 590mL/支 | 威尔 | 项目 | / | 2025- | 北 | 产品质 | | 领 | | 酮结构胶 | 汇 | | 有限公司 | — | 黑色 | | 符合 | | 04-16 | 区 | 量检验 | | 域 | | | | | | | | | 标准 | | | | 研究院 | | 流 | | | | | | | | | 所检 | | | | 青岛市 | | 通 | | YSB-8000高级 | 青岛市四方区威 | | | ...

Core Viewpoint - The article discusses the strategic acquisitions and investments made by Kangda New Materials, highlighting its expansion into the semiconductor and adhesive materials sectors, as well as its internationalization efforts in Southeast Asia [2][3]. Group 1: Acquisition and Investment - On August 14, Kangda New Materials announced a cash acquisition of 51% equity in Chengdu Zhongke Huamei Electronics Co., Ltd. for 275 million RMB, aiming to enhance its capabilities in the semiconductor integrated circuit field [2]. - On August 9, Kangda New Materials decided to increase capital in its subsidiary, Kangda New Materials (Thailand) Co., Ltd., with a total investment of approximately 10 million THB (around 2 million RMB), indicating a significant commitment to its Southeast Asian operations [2]. Group 2: Strategic Rationale - The acquisition of Zhongke Huamei is intended to integrate high-quality assets in the special integrated circuit design and testing sector, thereby expanding Kangda's footprint in the semiconductor industry [2]. - The investment in Thailand is part of a broader strategy to establish a production base for adhesive new materials, targeting the ASEAN market and leveraging Thailand's favorable logistics and supply chain environment [3]. Group 3: Market Positioning - Kangda New Materials (Thailand) is currently in the investment phase, with total assets below 10 million RMB and no revenue generated yet. The capital increase will expand its capital base nearly 50 times, signaling an acceleration in construction and capacity ramp-up [3]. - The company is building a "domestic R&D + overseas manufacturing" dual-cycle model to enhance its risk resilience and competitiveness in international markets [3].

（记者 曾健辉） 截至发稿，康达新材市值为44亿元。 每经头条（nbdtoutiao）——调查：这类高频交易，一年佣金可达两个亿！监管明确禁止向投资者返佣 金，但禁令下暗藏博弈 每经AI快讯，康达新材（SZ 002669，收盘价：14.42元）8月8日晚间发布公告称，公司第六届第八次董 事会会议于2025年8月8日在公司会议室以现场结合通讯表决方式召开。会议审议了《关于向泰国控股子 公司增资暨关联交易的议案》等文件。 2024年1至12月份，康达新材的营业收入构成为：胶粘剂行业占比72.62%，电子产品业务占比8.48%， 合成树脂占比6.1%，其他业务占比4.28%，医药中间体占比3.31%。 ...

Investment Rating - The report does not explicitly provide an investment rating for the structural adhesive industry Core Insights - The structural adhesive market in China is expected to exceed 50 billion yuan by 2025, driven by urbanization and infrastructure expansion, with a compound annual growth rate (CAGR) of 6.8% from 2015 to 2024 [16] - The export sales of structural adhesives from China are projected to surpass 4.5 billion yuan by 2025, with a CAGR of 3.7% from 2022 to 2024 [17] - The industry is characterized by a diverse competitive landscape, with major players like Huitian New Materials, Hangzhou Zhijiang, and Silica Technology holding significant market shares [22][23] Market Size and Growth - The structural adhesive market in China was approximately 26.9 billion yuan in 2015 and is forecasted to reach around 50 billion yuan by 2025, indicating a strong growth trajectory [16] - The market size is expected to be about 48.5 billion yuan in 2024, reflecting the increasing demand for high-performance adhesive materials [16] Export Performance - In 2022, the export sales of structural adhesives from China reached over 4 billion yuan, with expectations to grow to 4.5 billion yuan by 2025 [17] - Key companies driving exports include Huitian New Materials, Silica Technology, and Kangda New Materials, each achieving over 100 million yuan in overseas sales by 2024 [17][24] Competitive Landscape - The market is fragmented, with a CR10 (concentration ratio of the top 10 companies) of approximately 40% in 2024, indicating a competitive environment [23] - Huitian New Materials, Hangzhou Zhijiang, and Silica Technology are the leading companies, with market shares of 9.5%, 6.2%, and 5.4% respectively in 2024 [23][24] Future Development Trends - The industry is expected to evolve towards high performance, green and environmentally friendly products, and systematized services [29][30] - There is a growing emphasis on customized solutions and comprehensive service offerings, moving from mere product sales to integrated solutions that include design, construction, and maintenance [30] - The trend of globalization is anticipated, with Chinese companies expanding into international markets, particularly along the Belt and Road Initiative [31]

Group 1 - The core viewpoint of the article highlights the features and applications of the construction adhesive products offered by the company, emphasizing their non-corrosive nature, excellent weather resistance, good elasticity, tensile strength, and ease of application [2] - The company's construction adhesive products are widely used in structural bonding of building curtain walls, energy-saving insulation of system windows and doors, and mold-proof sealing in home decoration [2] - The company plans to actively explore different application fields based on market conditions and its own production and operational situation [2]

Core Viewpoint - Tangshan Development Group has successfully transformed from a local government financing platform to an industry leader through strategic mergers and acquisitions and park-based construction, addressing local debt issues while promoting high-quality economic development [1] Transformation Path: Strategic Mergers Constructing New Industry Ecosystem - The transformation strategy of Tangshan Development Group is rooted in forward-looking capital operations and industrial layout, focusing on mergers and acquisitions to break through challenges and build a high-quality development path [2] - The acquisition of a 26% stake in leading adhesive manufacturer Kanda New Materials in November 2018 allowed the company to quickly enter the new materials sector, integrating key enterprises in the industry chain to create a specialized industrial cluster [2] - The acquisition of Changshu Windfan Electric Equipment Co., a leader in transmission towers, aims to accelerate the development of a synergistic energy industry pattern combining transmission and photovoltaics [2] Transformation Effect: Strengthening Local Economic Development - Tangshan Development Group has created a new market-oriented mechanism for debt resolution by acquiring quality operating assets, optimizing cash flow, and improving credit ratings, which enhances its debt resolution capabilities [4] - The company has activated over 3,000 acres of industrial land in Fengnan and Caofeidian districts through projects like the Caofeidian Fluorine-Chlorine-Silicon New Materials Technology Industrial Park, transforming low-efficiency land into high-end manufacturing clusters [5] - The establishment of a carbon fiber products pilot base and other projects has turned idle assets into innovation sources, setting a benchmark for resource regeneration [5] Innovation Ecosystem: Forging Competitive Industry Community - By implementing a global approach to sourcing technology, attracting talent, and pooling resources, Tangshan Development Group has effectively gathered key resources to accelerate the construction of a new fine chemical new materials park [7] - The integration of upstream and downstream supply chains in strategic emerging industries has significantly reduced costs and enhanced product competitiveness [7] Insights on Successful Transformation of Urban Investment Companies - The transformation of urban investment companies requires a clear functional positioning and a dual-track model of debt management and industrial investment, which is crucial for achieving high-quality transformation [8] - Utilizing market-oriented methods to attract talent and technology is essential for the deepening reform and optimization of state-owned enterprises [9] - Redefining and constructing a new type of government-enterprise relationship is vital for the debt resolution and transformation of enterprises, necessitating government support in policies and resources [10]

Group 1 - The company Kanda New Materials has established a complete supply chain for wind turbine blade materials, with expected sales of nearly 90,000 tons of wind power epoxy structural adhesives in 2024 [1] - In the first quarter of 2025, the sales volume of wind power structural adhesives is expected to maintain a leading market share [1] - The company is increasing R&D investment in adhesive and specialty resin new materials, as well as electronic information materials, with R&D expenses projected to reach 204 million yuan, accounting for 6.56% of operating revenue, and a R&D team of 376 people, representing 22.97% of total employees [1] - The company plans to acquire Chengdu Zhongke Huami, which focuses on the R&D of high-reliability integrated circuit products, and has formed four major product lines, with auditing and evaluation work for the transaction currently in progress [1] - The company aims to accelerate its strategic transformation towards the semiconductor industry through diversified investment models, constructing an industrial chain that includes integrated circuit design, manufacturing, and packaging testing [1]