Core Points - The company announces a temporary suspension of the conversion of its convertible bonds "Jingrui Convertible Bond" and "Jingrui Convertible Bond 2" from May 23, 2025, until the annual equity distribution registration date in 2024 [1][2] - The conversion period for "Jingrui Convertible Bond 2" is from February 21, 2022, to August 15, 2027 [1] - The company will issue an announcement regarding the implementation of the 2024 annual equity distribution soon [1] Summary by Sections Announcement Details - The company guarantees that the information disclosed is true, accurate, and complete, with no false records or misleading statements [1] - During the suspension period, both convertible bonds will continue to trade normally [2] Conversion Price Adjustment - The adjustment of the conversion price will occur if the company distributes stock dividends, increases capital, issues new shares, or distributes cash dividends [4][6] - Specific formulas for adjusting the conversion price are provided, including scenarios for stock dividends, new share issuance, and cash dividends [4][6] - The company will publish announcements regarding conversion price adjustments in accordance with relevant regulations [5][7]

Investment Rating - The report maintains a rating of "B" for the new materials sector, indicating a positive outlook for the industry [2]. Core Insights - The new materials sector has shown an upward trend, with the new materials index increasing by 0.57%, although it underperformed compared to the ChiNext index, which rose by 0.81% [2]. - The report highlights the anticipated growth in the foldable device market, driven by the upcoming launches of Huawei's foldable PC and Apple's foldable iPhone, which are expected to significantly boost demand for upstream optical adhesive materials [5]. - The report cites IDC's forecast that China's foldable smartphone market will see shipments reach approximately 10 million units in 2025, representing a year-on-year growth of 8.3% and a compound annual growth rate (CAGR) of 10.6% from 2025 to 2028 [5]. Summary by Sections 1. Market Performance - The new materials sector experienced a rise this week, with the synthetic biology index up by 2.35%, while semiconductor materials and electronic chemicals saw declines of 3.52% and 3.58%, respectively [2][16]. - The overall performance of the basic chemicals and new materials sectors was positive, with the Shanghai Composite Index increasing by 0.76% and the ChiNext Index by 1.38% during the same period [12]. 2. Industry Chain Data Tracking - Prices for amino acids remained stable, with valine at 13,450 CNY/ton and arginine at 25,500 CNY/ton, while vitamin E saw a decrease of 1.82% to 108,000 CNY/ton [3]. - The report tracks the prices of biodegradable plastics, with PLA (injection grade) priced at 17,500 CNY/ton, remaining unchanged [3]. 3. Industry News - The report notes the successful holding of the semi-marathon for humanoid robots, indicating a growing interest in lightweight PEEK materials, which are expected to see rapid development [2]. - The report emphasizes the potential benefits for upstream companies producing optical adhesive materials as the foldable device market expands [5]. 4. Investment Recommendations - The report suggests focusing on domestic optical adhesive manufacturers like Stik and upstream monomer suppliers such as Dinglong Co., which are expected to benefit from the growth in foldable device shipments [5].

Core Viewpoint - The legal opinion letter confirms the legality and validity of the procedures, qualifications of attendees, and voting results of Hangzhou Glinda Electronic Materials Co., Ltd.'s 2024 annual general meeting [1][2][4]. Group 1: Meeting Procedures - The annual general meeting was proposed and convened by the board of directors, with the notice published on April 26, 2025, in compliant media and on the Shanghai Stock Exchange website [2][3]. - The meeting utilized a combination of on-site and online voting methods, with specific time slots for online voting on May 20, 2025 [3][4]. - The meeting was chaired by the company's chairman, and the convening qualifications were deemed valid [3][4]. Group 2: Attendee Qualifications - Attendees included all shareholders registered with the company's Shanghai branch, with the option to appoint proxies who do not need to be shareholders [4][5]. - A total of 5 attendees were present at the on-site meeting, representing 96,424,133 shares, which accounted for 48.32% of the total voting shares [5]. - Additionally, 156 shareholders participated in online voting, representing 49,637,564 shares, or 24.87% of the total voting shares [5]. Group 3: Voting Procedures and Results - The voting process adhered to legal and regulatory requirements, combining on-site and online voting, with results announced immediately [6][9]. - The voting results showed overwhelming support for the proposed resolutions, with approval rates exceeding 99.9% for all resolutions presented [6][9]. - The results included specific numbers of votes for and against each resolution, confirming the legitimacy of the voting process [6][9]. Group 4: Conclusion - The legal opinion concludes that the meeting's convening, attendee qualifications, and voting procedures complied with relevant laws and regulations, affirming the validity of the voting results [10].

2025年5月16日晚间，广信材料发布定增预案（四次修订稿），继续推动1.43亿元的定增。 自2021年以来，广信材料频繁调整募资计划，暴露资金链紧绷。2021年，公司拟拟募资5.7亿元用于年 产5万吨电子感光材料项目，实际仅募得9999.99万元，完成率不足20%。 责任编辑：AI观察员 并且，公司实控人李有明还因违规减持收罚单。2017年7月17日至2020年12月31日期间，李有明及其妻 子曾燕云（一致行动人）合计持有广信材料股份比例由54.62%降至了40.98%，其中因非公开发行股票 被动稀释9.35%、因集中竞价交易增持0.14%、因集中竞价交易和大宗交易减持4.43%。但李有明及曾燕 云曾在合计持有广信材料股份比例变动达到5%时，未及时履行报告公告义务。2021年6月，深交所对李 有明、曾燕云出具了监管函。 近两年，广信材料业绩呈现剧烈波动，核心矛盾集中于"营收微增但净利润断崖式下跌"。 2024年营收 5.18亿元，同比仅增长1.63%；2025年一季度营收1.07亿元，同比下滑8.58%。 2024年亏损3207万元，同 比骤降564.96%，扣非净利润亏损3009万元，降幅高达11943. ...

其中，半导体行业以76次调研居首，成为当之无愧的"最受宠赛道"。灿瑞科技、德明利（001309）、东 芯股份等10家产业链企业获得公募机构调研。通用设备行业以60次调研位居其次，恒而达（300946）、 江苏神通（002438）、宇环数控（002903）等多股获公募机构调研。光学光电子、电子化学品、医疗器 械和化学制药等行业获公募机构调研次数不低于50次。 在存量资金博弈的市场环境下，A股市场持续呈现震荡盘整走势。不过，公募基金调研的热情仍保持高 涨状态，半导体等领域成为资金聚焦的核心赛道。 公募排排网数据显示，上周（5月12日—5月18日）共有125家公募机构参与到A股公司调研，调研范围 覆盖到76个申万二级行业中的210只个股，合计调研频次达972次。 具体来看，69只个股上周获调研不少于5次，其中46只个股获调研5次—9次，16只个股获调研10次—19 次，7只个股获调研不少于20次。 电子化学品行业中的安集科技以57次调研次数高居榜首，吸引了超过30%的公募机构参与，成为当之无 愧的"调研王"。光学光电子行业中的奥比中光，获得30家公募机构调研，包括汇添富、银华、易方达等 头部基金公司。化学制药行业中 ...

Group 1 - The company, Crystal Clear Electronic Material Co., Ltd., issued convertible bonds totaling RMB 523 million, approved by the board and shareholders [2][3][25] - The net proceeds from the bond issuance amounted to RMB 514.70 million after deducting underwriting fees [3][23] - The bonds have a maturity period of 6 years, with an annual interest rate starting at 0.2% in the first year and increasing to 2.0% in the sixth year [4][5][25] Group 2 - The company achieved significant operational results, breaking the long-standing technological and market monopolies of international giants in the semiconductor high-purity chemical sector [18][19] - The company reported a revenue increase of 10.44% year-on-year, reaching RMB 1.44 billion, with a significant rise in operating cash flow by 81.13% [19][20] - The company has established itself as a leading supplier in the domestic market, with over 40% market share in high-purity hydrogen peroxide [18][19] Group 3 - The company faced its first loss since listing, with a net profit attributable to shareholders of -RMB 179.59 million due to significant goodwill impairment and increased R&D expenses [20][21] - R&D expenses grew by 39.74%, reflecting the company's commitment to innovation and product development [21][22] - The company maintains a strong competitive position in the industry, with no significant adverse changes in its core business or market conditions [21][22] Group 4 - The company has a robust plan for utilizing the raised funds, focusing on high-end product development and capacity expansion [23][24] - The company has adjusted the implementation of certain projects to optimize resource allocation and achieve strategic business integration [23][24] - The company has not provided any guarantees for the bonds, which may increase repayment risks if significant negative events occur [25]

Core Viewpoint - Jiangsu Guangxin Photoelectric Materials Co., Ltd. plans to issue shares through a simplified procedure to specific targets, which may dilute immediate returns for shareholders, but the company has committed to measures to mitigate this impact [2][26][30] Financial Impact Analysis - The company estimates that the total amount raised from the share issuance will be 143.5 million yuan, with 7,915,057 shares to be issued [3][4] - The projected net profit for 2024 is estimated at -32.07 million yuan, with a net profit of 23.53 million yuan after adjustments for goodwill impairment and deferred tax assets [4][5] - Various scenarios for 2025 net profit have been analyzed, including maintaining, increasing, or decreasing profits by 15%, affecting earnings per share accordingly [5][6] Issuance Necessity and Reasonableness - The funds raised will be used for a project to produce 50,000 tons of electronic photosensitive materials and related materials, enhancing production capacity and optimizing existing operations [8][11] - The project aims to establish a major production base in South China, improving market supply stability and increasing market share [11][25] Business Growth and Product Development - The company is expanding into new product areas such as photovoltaic materials and advanced coatings, which are expected to drive future growth [9][12] - The project will enhance the company's ability to produce core raw materials in-house, improving profit margins [8][11] Financial Structure Optimization - The share issuance is expected to alleviate external financing pressures and improve the company's capital structure, enhancing financial stability and risk resistance [10][26] Commitment to Shareholder Returns - The company has outlined measures to protect shareholder interests, including accelerating project implementation and ensuring efficient use of raised funds [27][28] - A commitment to adhere to dividend policies and enhance investor return mechanisms has been made to safeguard shareholder interests [28][29]

Fundraising Plan - The company plans to raise a total of 143.5 million yuan through stock issuance, with the net proceeds allocated to projects including the annual production of 50,000 tons of electronic photosensitive materials and supporting materials [1][8][31] - The total investment for the aforementioned project is 525.38 million yuan, with previous fundraising efforts covering 95.985 million yuan, indicating a significant funding gap that necessitates this new issuance [1][8] Background and Purpose of the Issuance - The issuance is driven by the rapid development of the domestic PCB manufacturing industry, with the company emerging as a leading supplier of PCB photoresists in China, reducing reliance on imported materials [1][4][20] - The project aims to establish a production base in Jiangxi Province to optimize capacity and meet the growing demand in the South China market, enhancing the company's competitive position [1][9][15] Market Trends and Opportunities - The UV curing coating market is expanding due to its excellent performance and low environmental impact, positioning it as a key alternative to traditional solvent-based coatings [2][3][22] - The PCB industry is projected to grow significantly, with the global market expected to reach $73.565 billion in 2024, driven by advancements in technology and increasing demand for electronic products [19][20] Technological Advancements - The company has developed new materials for photovoltaic applications, including photovoltaic insulating glue and encapsulation glue, leveraging its expertise in photosensitive materials [10][17][30] - The company is focusing on R&D to enhance its product offerings in the semiconductor and photovoltaic sectors, aligning with national strategies for technological advancement [28][29] Economic Viability - The project is expected to generate an average annual revenue of 1.44676 billion yuan and a profit margin that supports a favorable internal rate of return (IRR) of 18.20% over a 10-year operational period [31] - The construction of the new production facility is anticipated to significantly improve the company's asset structure and financial stability, reducing reliance on external financing [10][31] Regulatory and Environmental Considerations - The project aligns with national environmental policies promoting the use of low-VOC and eco-friendly materials, positioning the company favorably in a market increasingly focused on sustainability [16][22][25] - The establishment of the new facility in a designated chemical industry park will help mitigate potential regulatory risks associated with environmental compliance [17][32]

Core Viewpoint - Tiancheng Technology (688603.SH) has faced delays in its fundraising projects, with significant implications for its operational strategy and future growth [1][2]. Group 1: Financial Performance and Fundraising - Tiancheng Technology disclosed a total investment of 112.61 million yuan in fundraising by the end of 2024, with a cumulative investment progress of 15.92% [1]. - The company raised a total of 799.38 million yuan through its IPO, with a net amount of 707.38 million yuan after deducting issuance costs, which was 306.29 million yuan more than originally planned [2]. - The IPO was conducted at a price of 55.00 yuan per share, with 14.53 million shares issued, representing 25% of the total share capital post-issuance [2]. Group 2: Project Development and Delays - The "Annual Production of 30,000 Tons of Special Electronic Materials and Electronic Chemicals Project" and the "Zhuhai R&D Center Construction Project" both have a progress rate of 0%, with completion dates postponed to April 2027 [1]. - The slow progress of the projects is attributed to the company's strategy of unified project planning and design, which requires land acquisition for the Zhuhai R&D Center, which has been delayed due to policy changes [1]. - The company aims to improve the efficiency of fundraising usage and avoid resource duplication, leading to the decision to synchronize the development of related projects [1]. Group 3: Strategic Partnerships - Minsheng Securities Investment Co., a subsidiary of the lead underwriter, participated in a strategic allocation, acquiring 726,711 shares, which is 5% of the total issuance, with an investment amount of approximately 39.97 million yuan [3]. - The shares acquired by Minsheng Investment are subject to a holding period of 24 months from the date of the IPO [3].

Group 1: Haida Group - Haida Group has set short-term and medium-term goals for its feed business, targeting an increase of 3 million tons by 2025 and 51.5 million tons by 2030 [1] - The company emphasizes the importance of core technological capabilities, particularly in breeding technology, farming models, and feed technology [1] - The overseas strategy focuses on Southeast Asia, Africa, and South America, with capital expenditures aimed at overseas capacity construction and domestic equipment upgrades [1] - The company is exploring a light-asset, low-risk pig farming model and aims to maintain procurement advantages through technological research and development [1] - In aquaculture, factory-based shrimp farming will be a key focus, with plans for future expansion [1] - The company anticipates distributing 1.8 billion yuan in cash dividends for the fiscal year 2024 [1] Group 2: Jingsheng Technology - Jingsheng Technology experienced profit declines in Q4 2024 and Q1 2023 due to changes in product sales structure and reduced gross margins in the photovoltaic business [2] - The company is responding to these challenges by enhancing automation levels in control systems and advancing equipment upgrades [2] - Despite the profit decline, R&D expenses for 2024 are expected to increase by 16.39% compared to 2023, as the company views R&D investment as essential for enhancing core competitiveness [2] - The company aims to balance long-term investments with short-term benefits through cost optimization and efficiency improvements [2] - Jingsheng Technology plans to focus on top-tier enterprise clients in the silicon carbide industry to help them enhance market competitiveness while exploring other product demands [2] Group 3: Anji Technology - Anji Technology continues to invest in R&D in the fields of electroplating solutions and additives, with local production progressing smoothly in 2024 [3] - The company reports significant growth in functional wet electronic chemicals, particularly in post-etching and post-polishing cleaning solutions, with an increased proportion of advanced process products [3] - Anji Technology adheres to a globalization strategy, with ongoing collaboration projects with overseas clients [3] - The company expects an improvement in gross margins in 2024 due to product diversification and enhanced production efficiency [3] - In Q1 2025, revenue may not align with some clients' performance due to a broad business scope and low customer concentration, leading to cautious demand outlook in the second half of the year [3] - The company is strengthening its ability to supply core raw materials independently to enhance product stability and competitiveness [3]