双乐颜料股份有限公司 第一章 总则 第一条 为提高双乐颜料股份有限公司（以下简称"公司"）的规范运作水 平，确保公司年度报告信息（以下简称"年报信息"）披露的真实性、准确性、 完整性和及时性，加大对年报信息披露责任人的问责力度，提高年报信息披露的 质量和透明度，依据《中华人民共和国公司法》《中华人民共和国证券法》《深 圳证券交易所创业板股票上市规则》等法律、法规、规范性文件的相关规定以及 《双乐颜料股份有限公司章程》（以下简称"《公司章程》"），结合公司实际 情况，制定本制度。 第二条 本制度适用于公司董事、高级管理人员、公司控股股东、实际控制 人、持股 5%以上的股东、各部门及各下属子公司、分公司的负责人、财务负责 人以及与年报信息披露工作有关的其他人员。 第三条 本制度所指的责任追究是指年报信息披露工作中有关人员不履行 或者不正确履行职责、义务或其他个人原因，导致公司年报信息披露重大差错， 对公司造成重大经济损失或造成不良社会影响时的追究与处理。 本制度所称年报信息披露的重大差错，包括年度财务报告存在重大会计差错、 其他年度报告信息披露存在重大错误或重大遗漏、业绩预告或业绩快报存在重大 差异等情形，或出现 ...

双乐颜料股份有限公司 第一章 总则 第一条 为加强双乐颜料股份有限公司（以下简称"本公司"或"公司"） 关联交易管理，规范关联交易行为，明确管理职责和分工，维护公司股东和债权 人的合法利益，保护中小投资者的合法权益，保证公司与关联方之间订立的关联 交易合同符合公平、公开、公允的原则，根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《深圳证券交易所创业板股票上市规则》《双乐颜料股份有限公司章程》（以下 简称"《公司章程》"）的相关规定，特制订本办法。 第二条 公司与关联方之间的关联交易行为除遵守有关法律、法规、规范性 文件和《公司章程》的规定外，还需遵守本办法的有关规定。 第二章 关联方和关联交易 第三条 公司的关联人包括关联法人和关联自然人。 具有以下情形之一的法人，为公司的关联法人： （一）直接或者间接控制公司的法人或者其他组织； （二）由前项所述主体直接或者间接控制的除公司、控股子公司及控制的其 他主体以外的法人或者其他组织； （三）关联自然人直接或者间接控制的、或者担任董事（不含同为双方的独 立董事）、高级管理人员的，除公司、控股子公司及控 ...

Core Viewpoint - 环球新材国际 (06616) reported strong financial performance for the fiscal year 2024, with significant growth in revenue and net profit, although cash flow from operating activities showed a slight decline [2]. Financial Performance - The company achieved total revenue of 1.662 billion yuan, representing a year-on-year increase of 51.15% [2]. - The net profit attributable to shareholders was 242 million yuan, reflecting a year-on-year growth of 33.37% [2]. - The net cash flow from operating activities was 272 million yuan, which decreased by 3.93% compared to the previous year [23]. Earnings and Ratios - Basic earnings per share were 0.19 yuan, and the weighted average return on equity was 7.34%, an increase of 0.79 percentage points from the previous year [2][19]. - As of April 29, the price-to-earnings ratio (TTM) was approximately 18.52 times, the price-to-book ratio (TTM) was about 1.33 times, and the price-to-sales ratio (TTM) was around 2.72 times [2]. Revenue Composition - For 2024, the revenue composition indicated that operations in China contributed 1.3322 billion yuan, while operations in South Korea accounted for 316.6 million yuan [14]. Cash Flow and Financing - The net cash flow from financing activities was 1.502 billion yuan, an increase of 250 million yuan compared to the previous year [23]. - The net cash flow from investment activities was -1.549 billion yuan, compared to -55.07 million yuan in the same period last year [23]. Asset and Liability Changes - As of the end of 2024, cash and cash equivalents increased by 7.41%, while the proportion of cash to total assets decreased by 13.36 percentage points [32]. - Long-term borrowings increased by 1,090.94%, and short-term borrowings rose by 159.15%, indicating a significant increase in leverage [36]. - The current ratio was 2.79, and the quick ratio was 2.59, suggesting a strong liquidity position [39].

Core Viewpoint - Shuangle Co., Ltd. reported significant growth in 2024, with total revenue reaching 1.575 billion yuan, a year-on-year increase of 9.90%, and net profit attributable to shareholders soaring by 155.30% to 121 million yuan, despite facing market pressures in the fourth quarter where net profit declined by 4.8% year-on-year [1][4]. Group 1: Business Performance - The company maintained stable development in its main business areas, particularly in phthalocyanine and chromium-based pigments, while enhancing brand image through participation in various international and domestic exhibitions [4]. - Despite the overall annual profit growth, the fourth quarter showed a decline in net profit, indicating market pressures and intensified competition [4][7]. Group 2: Technological Innovation - The company has increased investment in technological innovation, optimizing production processes and promoting new product development, and has been recognized as a "high-tech enterprise" [5]. - Continuous R&D investment is crucial for the company to address market competition and technological changes [5]. Group 3: Digitalization and Cost Control - Shuangle Co., Ltd. actively advanced digitalization and intelligent production in 2024, implementing refined management and enhancing safety production levels [6]. - Despite improvements in production efficiency, the fourth quarter's net profit decline highlighted the need for stronger cost control measures [6][7].

Core Viewpoint - Zhejiang Xinkai Technology Group Co., Ltd. (hereinafter referred to as "Xinkai Technology") officially listed on the Shenzhen Stock Exchange on April 15, raising approximately 299 million yuan through the issuance of 23.43 million shares at a price of 12.80 yuan per share, marking a significant milestone for the company in the organic pigment industry [1][3]. Financial Performance - Xinkai Technology's stock opened at 51.00 yuan, experiencing a remarkable increase of 298.44%, closing at 52.81 yuan, which represents a 312.58% rise, with a total market capitalization of 4.95 billion yuan [3]. - The company expects a revenue increase of 31.57% in 2024, projecting total revenue of 1.406 billion yuan, with net profit anticipated to reach 105.5 million yuan, a growth of 26.44% [4][9]. - For the first half of 2024, Xinkai Technology reported total assets of 1.629 billion yuan and a net profit of 42.49 million yuan, indicating stable financial performance over recent years [7]. Business Overview - Established in 1996, Xinkai Technology specializes in the development, sales, and service of organic pigments, with key products including azo pigments, heterocyclic pigments, and phthalocyanine pigments, primarily used in inks, coatings, and plastics [5]. - The company has formed long-term partnerships with major international firms such as DIC Corporation and AkzoNobel, enhancing its market presence [5]. Market Position - Xinkai Technology has been the largest exporter of organic pigments in China for nine consecutive years, with a significant share of the global market, achieving sales of 1.145 billion yuan in 2022 [12][15]. - The company has established a strong international presence, with 14 subsidiaries across various countries, contributing to 86.26% of its revenue from overseas markets in 2024 [13][14]. Strategic Initiatives - The company plans to focus on the development and sales of organic pigments, leveraging its technological innovations and global market strategies to enhance its competitive edge [17]. - Xinkai Technology aims to improve its production capabilities through smart factory initiatives and increased R&D investment, targeting high-value functional chemicals to maintain its market position [18].

Group 1: Company Developments - Xinkai Technology will be listed on April 15, with an issue price of 12.8 yuan per share, corresponding to a price-to-earnings ratio of 14.38 times [1] - Xinkai Technology has been in the pigment industry for nearly 30 years and is a significant supplier in the global organic pigment market, holding market shares of approximately 2.71%, 3.39%, and 3.11% from 2020 to 2022 [1] - The company is gradually releasing production capacity at its Liaoning project, with the main construction of the Liaoning Ziyuan project completed, expected to begin trial production in 2025 [1] Group 2: Industry Trends - Baihehua is investing in a high-performance organic pigment project in Hangzhou, planning to produce 2,000 tons of high-performance organic pigments and other materials annually [2] - Qicai Chemical is expanding its new materials capacity, with a project producing 3,000 tons of PPDI polyurethane elastomer materials expected to release capacity in the first half of 2024 [2] - The acquisition of German pigment business by Sudarshan Chemical indicates ongoing industry consolidation, benefiting domestic high-performance organic pigment substitutes [3] - The high-performance organic pigment sector is becoming a new trend due to the saturation of classic organic pigment capacity and the high technical barriers that favor leading companies [3]

Core Viewpoint - Zhejiang Xinkai Technology Group Co., Ltd. (referred to as "Xinkai Technology") plans to officially debut on the Shenzhen Stock Exchange on April 15, aiming to raise funds to enhance its competitive and profitability capabilities in the organic pigment industry [1] Group 1: Company Overview - Founded in 1996, Xinkai Technology has nearly 30 years of experience in the pigment industry, primarily engaged in the development, sales, and service of organic pigments and other coloring agents [1] - The company has ranked first in China's organic pigment export industry from 2015 to 2023, establishing itself as a leading supplier in the global organic pigment market [1][2] - Xinkai Technology's public offering will consist of no more than 23.43 million shares at a price of 12.80 yuan per share, aiming to raise approximately 299 million yuan [1] Group 2: Product and Market - The main products of Xinkai Technology include over 450 specifications of azo pigments, heterocyclic pigments, and phthalocyanine pigments, which are widely used in inks, coatings, and plastics [2] - The company has established long-term partnerships with major international enterprises such as DIC Corporation and AkzoNobel, enhancing its market presence [2] Group 3: Business Model and Customization - Xinkai Technology's business model focuses on meeting the differentiated and customized needs of downstream customers, involving customer demand analysis, product development, supply chain management, and quality control [2][3] - The company has a robust product development process that allows for both simple modifications of existing products and the initiation of new product research and development when necessary [3] Group 4: Financial Performance - Xinkai Technology has shown stable financial performance, with revenues of 12.06 billion yuan, 11.92 billion yuan, and 10.69 billion yuan from 2021 to 2023, totaling 34.67 billion yuan over three years [3] - The audited net profits for the same period were 890.23 million yuan, 876.50 million yuan, and 880.62 million yuan, totaling over 249 million yuan, indicating strong profitability [3] Group 5: Future Projections - For 2024, Xinkai Technology expects to achieve revenues of 1.417 billion yuan, a year-on-year increase of 32.55%, and a net profit of 111 million yuan, up 26.31% [4] - The company anticipates revenue growth of 6.94% to 16.37% in the first quarter of 2025, with projected net profits increasing by 18.23% to 35.53% [4] Group 6: Global Market Presence - Xinkai Technology is the largest exporter of organic pigments in China, with subsidiaries in countries such as the Netherlands, the USA, Australia, and Canada, covering over 70 countries and regions [5] - The company generates over 80% of its revenue from international markets, with foreign income accounting for 84.90%, 86.45%, 88.20%, and 86.26% of total revenue from 2021 to 2024 [5]

Core Viewpoint - The company has signed a project investment agreement with the Hangzhou Qiantang New District Management Committee to invest in the high-performance organic pigment and supporting materials industrialization project in Qiantang District, Hangzhou [1] Group 1: Project Details - The total investment for the new project is expected to be 1 billion yuan [1] - The funding sources will be from the company's own funds and self-raised funds [1] - The projected annual output value after reaching production is approximately 1.7 billion yuan [1] Group 2: Industry Focus - The project will focus on products used in high-end coatings, inks, and polymer materials coloring fields [1] - The implementation entity for the project is Baihehua Group Co., Ltd. [1]

Company Overview - Xinkai Technology, established in 1996, is a significant supplier in the global organic pigment industry, focusing on the development, sales, and service of organic pigments and colorants [2][4] - The company offers over 450 specifications of pigment products, including azo pigments, heterocyclic pigments, and phthalocyanine pigments, which are known for their durability and environmental friendliness [2][4] Financial Performance - In 2024, Xinkai Technology achieved a revenue of approximately 1.417 billion yuan, representing a year-on-year increase of 32.55%, and a net profit of about 111 million yuan, up 26.31% [5] - The revenue growth is attributed to stable macroeconomic conditions and increased consumer confidence, leading to higher downstream demand [5] - For Q1 2025, the company expects revenue between 340 million to 370 million yuan, reflecting a year-on-year growth of 6.94% to 16.37%, and a net profit of 20.5 million to 23.5 million yuan, indicating a growth of 18.23% to 35.53% [5] Market Position - Xinkai Technology has been the top exporter of organic pigments in China for several consecutive years, with a significant presence in over 70 countries and regions [6][7] - The company has established long-term partnerships with major international firms, enhancing its brand influence in the industry [7] Industry Insights - The global organic pigment market maintains a balanced demand and supply, with an annual production of approximately 400,000 to 500,000 tons, and China being the largest producer and exporter [7][8] - In 2022, the global organic pigment market size was approximately 368.62 million yuan, with Xinkai Technology's sales amounting to 1.145 billion yuan, capturing about 3.11% of the market share [8] - The industry is expected to see increased competitiveness and profitability for leading companies like Xinkai Technology due to rising environmental regulations and industry upgrades [8]

双乐股份: 双乐颜料股份有限公司前次募集资金使用情况报告的鉴证报告 双乐颜料股份有限公司 截至 2024 年 12 月 31 日止 前次募集资金使用情况报告及鉴证报告 页次 一、 前次募集资金使用情况报告的鉴证报告 1-2 二、 前次募集资金使用情况报告 1-5 关于双乐颜料股份有限公司 截至2024年12月31日止 前次募集资金使用情况报告的鉴证报告 信会师报字2025第ZA10234号 双乐颜料股份有限公司全体股东： 我们接受委托，对后附的双乐颜料股份有限公司（以下简称"双乐 股份"）截至2024年12月31日止前次募集资金使用情况报告（以下简称 "前次募集资金使用情况报告"）执行了合理保证的鉴证业务。 一、管理层的责任 双乐股份管理层的责任是按照中国证券监督管理委员会《监管规 则适用指引——发行类第7号》的相关规定编制前次募集资金使用情 况报告。这种责任包括设计、执行和维护与前次募集资金使用情况报 告编制相关的内部控制，确保前次募集资金使用情况报告真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏。 二、注册会计师的责任 我们的责任是在执行鉴证工作的基础上对前次募集资金使用情 况报告发表鉴证结论。 ...