Core Viewpoint - Kangda New Materials (002669) is a leading supplier of epoxy structural adhesives for wind turbine blades in China, holding the largest market share in this segment [1] Group 1: Market Position - The company is the top supplier of epoxy structural adhesives for wind turbine blades in the domestic market [1] - Kangda New Materials also leads in the domestic market share for wind epoxy infusion resin [1] Group 2: Raw Material Impact - Epoxy resin diluents are a key raw material for the company's epoxy structural adhesives and infusion resins, and fluctuations in their prices can impact the company's products [1] - The company's market share advantage in niche segments provides pricing flexibility, allowing the sales team to adjust pricing strategies in response to raw material price increases [1]

Production Capacity and Market Position - The company's subsidiary, Dalian Qihua New Materials Co., Ltd., has an epoxy resin diluent production capacity of 4,000 tons/year (single shift) [2] - The company is a leading supplier of epoxy structural adhesives and infusion resins for wind turbine blades in China, holding the largest market share in this segment [3] - The adhesive and specialty resin segment's sales volume has steadily increased in the first three quarters of 2025, significantly boosting net profit due to rising demand in the wind power sector [3] Expansion and Production Strategy - The company currently focuses on improving existing capacity utilization and product quality rather than expanding production capacity due to strict environmental and safety regulations in the epoxy diluent industry [2] - There are no current plans for capacity expansion, with an emphasis on developing high-value specialty epoxy diluents [2] Supply Chain and Pricing Strategy - The company sources raw materials for epoxy products from both internal and external suppliers, with plans to increase the internal supply ratio in the future [3] - The pricing strategy is flexible, allowing the sales team to adjust prices in response to fluctuations in raw material costs [3] Strategic Development in Electronics - The company has transitioned from a traditional chemical adhesive manufacturer to an advanced new materials R&D enterprise, focusing on high-end electronic information materials [3] - A 51% stake in Chengdu Zhongke Huayi Microelectronics Co., Ltd. has been acquired, which has developed four product lines, including microcontroller chips and integrated circuits, with a performance commitment of at least RMB 40 million in net profit for the first year [4] Semiconductor Industry Transition - The company is accelerating its strategic transformation towards the semiconductor industry, leveraging its existing materials layout to create a third growth curve [4] - The strategic layout aligns with national industrial policy directions, supporting the company's long-term development goals [4]

Core Viewpoint - Kangda New Materials Co., Ltd. has terminated its acquisition plan of Beiyi Semiconductor Technology Co., Ltd. after only two and a half months, reflecting challenges in its strategic transition to the semiconductor industry [1][9][10]. Group 1: Acquisition Details - On August 28, Kangda New Materials signed a letter of intent to acquire at least 51% of Beiyi Semiconductor, a high-tech enterprise focused on power semiconductor modules [7]. - The acquisition was intended to accelerate Kangda's strategic transition to the semiconductor industry and create a "third growth curve" [8]. - The acquisition process faced difficulties, leading to its abrupt termination on November 13, with the company citing "work progress not meeting expectations" and "lack of consensus" as reasons [9][10]. Group 2: Financial Performance - Kangda New Materials has faced significant financial challenges, including a substantial goodwill impairment that led to losses in the previous year [3][14]. - The company's revenue increased from 1.932 billion in 2020 to 2.793 billion in 2023, but net profit declined from 215 million to 30 million during the same period [13]. - By the end of 2024, revenue was projected to reach 3.101 billion, while net profit was expected to drop to -294 million, primarily due to goodwill impairment provisions [14][15]. Group 3: Capital Operations - Kangda has engaged in frequent capital operations, attempting to transition from traditional adhesive materials to the semiconductor sector [2][12]. - The company has made several acquisitions since 2018, including companies like Biko Technology and Crystal Technology, but has struggled with profitability, leading to goodwill impairments [13][19]. - Kangda has raised significant capital through multiple rounds of financing, totaling 1.88 billion, to support its growth initiatives [21].

Group 1 - The core point of the article is that Kangda New Materials (SZ 002669) held its 12th meeting of the 6th board of directors on November 14, 2025, to review proposals including adjustments to the expected daily related transactions for 2025 [1] - For the first half of 2025, the revenue composition of Kangda New Materials is as follows: Adhesive industry accounts for 87.98%, electronic products business accounts for 4.43%, synthetic resin accounts for 2.98%, other businesses account for 2.16%, and LTCC materials account for 1.97% [1] - As of the report date, the market capitalization of Kangda New Materials is 4.1 billion yuan [1]

Core Viewpoint - Konda New Materials (002669.SZ) announced the termination of its acquisition of semiconductor assets due to insufficient progress in due diligence and lack of consensus among parties involved [2][3]. Group 1: Acquisition Details - Konda New Materials signed a Letter of Intent on August 28 to acquire at least 51% of Beiyi Semiconductor Technology (Guangdong) Co., Ltd. for cash, aiming to gain control [2]. - The acquisition was in the preliminary planning stage, with specific terms requiring further negotiation and validation among the parties [2][3]. - The termination agreement was signed by all parties involved, indicating a formal end to the acquisition process [2]. Group 2: Business Overview - Konda New Materials operates primarily in three sectors: adhesives and specialty resin materials, electronic information materials, and electronic technology, with adhesives accounting for over 80% of total revenue as per the 2025 semi-annual report [3]. - The planned acquisition of Beiyi Semiconductor was a strategic move for Konda New Materials to transition into the semiconductor industry [3][4]. Group 3: Future Prospects - Despite the termination of the Beiyi Semiconductor acquisition, Konda New Materials is pursuing another semiconductor-related transaction, aiming to acquire at least 51% of Chengdu Zhongke Huamei Electronics Co., Ltd. for 275 million yuan [5]. - The company expressed its commitment to continue seeking suitable acquisition targets to enhance its growth trajectory [4].

Group 1 - The company will continue to focus on core sectors such as electronics, automotive, photovoltaics, and packaging to deepen market penetration and expand market share [1] - The company aims to enhance research and development innovation, accelerate new product iterations, and achieve breakthroughs in key technologies to create new business growth points [1] - The company plans to accelerate the implementation of digital transformation and comprehensively promote lean supply chain management to optimize cost control and improve overall operational efficiency [1]

Core Viewpoint - Kanda New Materials announced the termination of the acquisition agreement with Beiyi Semiconductor and its shareholders due to unmet expectations in the progress of the transaction and lack of consensus among parties involved [1][3] Company Overview - Kanda New Materials primarily engages in the production of adhesives and specialty resin materials, with applications in wind turbine blade manufacturing, packaging materials, and rail transportation [1] - The company had planned to acquire at least 51% of Beiyi Semiconductor to gain control and integrate its power semiconductor module capabilities with Kanda's existing semiconductor materials business [1] Acquisition Details - The acquisition aimed to enhance Kanda's strategic transition into the semiconductor industry by leveraging Beiyi Semiconductor's research, packaging, testing, and wafer manufacturing capabilities [1] - Beiyi Semiconductor focuses on the development, production, and sales of new power semiconductor modules, with core products including IGBT, PIM, and IPM, applicable in sectors like electric vehicles, industrial control, and renewable energy [1] Financial Performance - Kanda New Materials has pursued external acquisitions as a key growth strategy, having acquired several companies since 2017 to expand into various sectors [2] - Despite these acquisitions, the company has faced declining profitability, with revenues of 2.466 billion yuan in 2022, 2.793 billion yuan in 2023, and projected 3.101 billion yuan in 2024, while net profits have decreased from 48 million yuan in 2022 to a projected loss of 246 million yuan in 2024 [2] Asset Sales - To improve its financial situation, Kanda has been selling significant assets to its controlling shareholder, including a 67% stake in Cai Jing Optoelectronics and a 51% stake in Biko Technology [2] Termination of Acquisition - The termination of the acquisition was a mutual decision among the parties involved, with no breach of contract or disputes reported [3]

Core Viewpoint - The company emphasizes that its energy storage business is a significant application direction for its industrial adhesive products, with established relationships with several well-known domestic energy storage enterprises [1] Summary by Categories Company Insights - The company has not disclosed the specific revenue proportion from its energy storage business, despite having a diverse client base in this sector [1]

Investment Rating - The investment rating for the company is maintained as "Buy" [4] Core Insights - The company reported a revenue of 3.285 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8.49%, and a net profit attributable to the parent company of 216 million yuan, up 32.38% year-on-year [1] - In Q3 2025, the company achieved a revenue of 1.117 billion yuan, a year-on-year increase of 10.02% and a quarter-on-quarter increase of 1.80%, with a net profit of 73 million yuan, reflecting a significant year-on-year increase of 179.06% [1][2] - The company's gross margin improved to 23.69% in Q3, up 6.97 percentage points year-on-year, and the net margin reached 6.67%, an increase of 3.99 percentage points year-on-year [2] Summary by Sections Revenue and Profitability - The company’s main adhesive products, including electronic adhesives, automotive adhesives, photovoltaic adhesives, and packaging adhesives, all showed steady growth in sales [2] - The improvement in profitability is attributed to the rising gross margins of lithium battery, packaging, and photovoltaic adhesives, with the lithium battery segment benefiting from increased production and cost reduction [2][3] Market Position and Future Prospects - The company is a leader in the photovoltaic adhesive market, with a strong market share, and is expected to stabilize its profitability due to effective cost management and new product breakthroughs [3] - The company’s electronic and automotive segments saw revenue growth exceeding 20% and 30% year-on-year, respectively, driven by new project outputs and ongoing business expansion [3] Financial Forecast - The projected net profits for the company from 2025 to 2027 are 241 million, 306 million, and 402 million yuan, with year-on-year growth rates of 137.05%, 26.74%, and 31.32% respectively [4] - The current price-to-earnings (P/E) ratios are projected to be 28.41, 22.41, and 17.07 for the years 2025, 2026, and 2027 [4]

Group 1 - The core viewpoint of the article highlights the strategic collaboration between Huayuan New Materials and Chongqing Tailan New Energy in the field of solid-state batteries and key materials, aiming to tackle technical challenges in adhesive applications for solid-state batteries [2] - Solid-state batteries present unique requirements for ionic conductivity, solid-solid interfaces, and the adhesion of powder anodes and cathodes, creating new application scenarios for adhesives while posing higher technical challenges [2] - Huayuan New Materials, established in 1977, is a leading domestic enterprise in the engineering adhesive industry, with a comprehensive product range and a strong presence in photovoltaic, new energy vehicles, and electronics sectors [2] Group 2 - In the first three quarters of 2025, the company achieved operating revenue of 3.285 billion yuan, a year-on-year increase of 8.49%, and a net profit attributable to shareholders of 216 million yuan, up 32.38% year-on-year [3] - The company’s lithium battery anode adhesive PAA has an existing capacity of approximately 15,000 tons/year, currently operating at full capacity, with an additional 36,000 tons/year under construction, expected to be fully operational next year [3] - The company is focusing on thermal conductive products in the electronics sector, particularly in semiconductor, consumer electronics, and automotive electronics applications, while also exploring liquid cooling technologies for energy storage and data centers [3]