Core Viewpoint - Japanese chemical giants are actively investing in bio-based chemicals and materials while simultaneously withdrawing from other sectors, indicating a strategic shift towards sustainable materials [1] Group 1: Industry Developments - Sumitomo Chemical has successfully established mass production technology for bio-based liquid crystal polymers (LCP), with plans to launch the product by 2027 [2] - Kaneka Corporation is the first in China and the second globally to launch a new generation of low-carbon LCP materials, Vicryst® LCP CER-B, certified by ISCC PLUS [3] - Kaneka is a strong advocate for bio-based materials, showcasing its commitment at international exhibitions [4] Group 2: Product Characteristics and Applications - LCPs are specialized engineering plastics known for their excellent mechanical properties, chemical resistance, flame retardancy, and high thermal stability (200-240°C, short-term up to 300°C) [7] - LCPs are crucial for high-end applications in 5G communication, automotive power devices, and medical equipment, with over 70% market share in downstream applications [7] - LCPs are categorized into solution-oriented (L-LCP) and thermoplastic (T-LCP) types, with varying heat distortion temperatures (HDT) [8] Group 3: Market Potential and Future Trends - The demand for LCPs is expected to rise significantly with advancements in 5.5G/6G technology, increased penetration of electric vehicles, and the mass production of humanoid robots [13][15] - The anticipated demand for LCPs in high-frequency communication could reach tens of billions of square meters, indicating a potential 1000-fold increase in production capacity [14] - In the automotive sector, the need for larger connectors and improved signal quality will drive the demand for high-end LCPs [15]

Industry Overview - Aerogel is a new generation of highly efficient thermal insulation material, characterized by its nano-porous network structure and being the lightest solid in the world. Its commercial applications mainly focus on its excellent thermal insulation capabilities across various sectors including petrochemicals, thermal pipelines, lithium batteries, construction materials, outdoor clothing, aerospace, and military [4][41]. - The thermal insulation principle of aerogel is based on its unique structure, which leads to effects such as no convection, infinite blocking, and long path effects. The thermal conductivity of aerogel ranges from 0.012 to 0.024 W/(m·K), which is 2 to 3 orders of magnitude lower than traditional insulation materials [5][24]. Aerogel Classification - Aerogels can be classified into several categories based on their precursors, including oxides, carbides, polymers, biomass, semiconductors, non-oxides, and metals. Among these, SiO2 aerogel has the most mature commercial application, accounting for 69% of the global market share in 2019 [13][19]. Aerogel Composite Materials - Commercial aerogels are often composite materials to enhance strength and toughness. Common forms include aerogel blankets, papers, fabrics, boards, powders, slurries, and coatings. The most widely used is SiO2 aerogel blanket, which improves mechanical properties through fiber reinforcement [19][20]. Aerogel Performance - Aerogel composite materials exhibit several advantages, including: - Ultra-long service life with a hydrophobic rate of 99%, making them waterproof and easy to store - Superior thermal insulation performance, with thickness 1/4 to 1/2 that of traditional materials for the same insulation effect - Excellent fire resistance, classified as A-level safety, protecting pipelines and equipment during fires - Outstanding mechanical properties, including flexibility, toughness, and compressive strength [21][24]. Market Analysis - The largest application field for aerogel is petrochemicals, accounting for 56% of consumption, followed by industrial insulation at 18% [41][58]. - The market for aerogel insulation sheets is expected to grow at a rate of 1.5 times annually, driven primarily by the expansion of ternary battery production [72]. Policy Support - The government has introduced multiple policies to encourage the development of the aerogel industry, recognizing its strategic importance in reducing carbon emissions and achieving "dual carbon" goals [55][56]. Aerogel Industry Chain - The upstream of the aerogel industry includes silicon sources, which can be categorized into inorganic and organic types. Organic silicon sources like TMOS and TEOS are more expensive but purer, while inorganic sources like water glass are cheaper but contain more impurities [60][61]. - The midstream involves the production of aerogel products, which are often reinforced with organic polymers or fiber materials to enhance their insulation properties [62][64]. - The downstream applications are diverse, with significant involvement from major companies in the oil and gas pipeline insulation sector, as well as in the battery industry [66][68].

Core Viewpoint - Daoshengtianhe Materials Technology (Shanghai) Co., Ltd. has successfully passed the IPO review by the Shanghai Stock Exchange, marking it as the 25th company to be approved for listing this year [1] Company Overview - Daoshengtianhe is a national high-tech enterprise focused on the research, production, and sales of new materials, particularly high-performance thermosetting resin materials [1] - The company’s product lines include materials for wind turbine blades, new composite materials, and adhesives for new energy vehicles and industrial applications [1] Shareholding Structure - The controlling shareholder is Yicheng Industrial, with the actual controllers being the couple Ji Gang and Zhang Ting, who collectively control 60.47% of the company's shares [2] IPO Details - Daoshengtianhe plans to publicly issue no less than 58.62 million shares on the main board of the Shanghai Stock Exchange, with a fundraising target of 693.55 million yuan [2] - The funds will be allocated to projects including the annual production of 56,000 tons of high-end adhesives for new energy and power batteries, and repayment of bank loans [3] Financial Information - The total investment for the high-end adhesive project is 570.70 million yuan, while the bank loan repayment is set at 135 million yuan, totaling 705.70 million yuan [3] Market Position and Risks - The company is expected to address questions regarding its operational performance, including raw material supply, market competition in wind energy and new energy vehicles, and the declining gross profit margin [4] - There are inquiries about the execution of a settlement agreement and its potential impact on Ji Gang's position as the actual controller of the company [4]

Core Viewpoint - The article discusses the transition in the cooling liquid materials market due to environmental concerns and the shift from fluorinated liquids to non-fluorinated alternatives like synthetic hydrocarbons and organosilicon compounds, driven by major chemical companies' innovations and market demands [1][2][3]. Group 1: Market Dynamics - The demand for cooling liquid materials is increasing as liquid cooling systems are rapidly adopted in AI servers, high-density data centers, energy storage, and electric vehicles [1]. - The market for non-fluorinated cooling liquids is expected to grow at a compound annual growth rate (CAGR) of over 25% from 2024 to 2027, with the market size projected to exceed $1 billion by 2027 [3]. - Data center applications are anticipated to account for more than 40% of the market share for synthetic hydrocarbons and organosilicon cooling liquids by 2027 [3]. Group 2: Key Players and Innovations - WACKER has introduced a liquid cooling medium based on organosilicon structures, with its SLM 28016 CN product demonstrating excellent performance in viscosity, flash point, and dielectric properties [4]. - DOW is set to release its second-generation organosilicon single-phase cooling liquid, which boasts a flash point exceeding 200°C and improved low-temperature flow properties [5]. - Shell and Castrol have launched several synthetic hydrocarbon cooling liquid products, with Castrol's offerings covering a complete product line for various cooling applications [6]. Group 3: Technical Advantages - Non-fluorinated cooling liquids offer superior insulation and thermal properties, are environmentally friendly, and meet global data center green certification requirements [7]. - These materials are customizable, allowing for tailored viscosity, specific heat, and thermal conductivity based on application needs [7]. - The cost advantages of non-fluorinated liquids make them suitable for large-scale integration and maintenance [7]. Group 4: Industry Trends and Events - The cooling liquid market is evolving from being merely a chemical product to a system engineering material, emphasizing the need for understanding application scenarios and integrated processes [8]. - The 2025 Liquid Cooling Industry Innovation and Application Forum will serve as a platform for cooling liquid material manufacturers to connect with end-users, including system integrators and data center operators [8].

Core Viewpoint - The company, Nanjing Julong, is investing 130 million yuan to establish a production project for 40,000 tons of special materials annually, focusing on flame-retardant products to enhance its product structure and market competitiveness [1][2]. Investment and Project Development - The project will utilize approximately 5,800 square meters of space, including 15 production lines and a 2,500-slot storage facility [1]. - The specific materials to be produced have not been disclosed, but they are likely to include modified products of special engineering plastics such as PPA, PEEK, and PPS, expanding the company's offerings beyond modified nylon and polypropylene [2]. Product Focus and Market Demand - The company is concentrating on automotive applications, particularly in battery packs and other critical components, having developed various flame-retardant and high-temperature materials for these uses [3]. - Ongoing projects include a production line for 50,000 tons of special engineering plastics and modified materials, expected to be operational by December 31, 2025 [4]. Emerging Fields and Strategic Direction - The company is also developing materials for emerging fields such as hydrogen storage, robotics, medical health, and communication radar, aligning with its "4 + 2" development strategy focused on high-end equipment, new materials, and aerospace applications [5]. Financial Performance - In 2024, the company achieved a revenue of 2.387 billion yuan, a 30.53% increase year-on-year, marking its first time exceeding 2 billion yuan [6]. - The net profit attributable to shareholders was approximately 84.34 million yuan, reflecting a 16.25% growth compared to the previous year [6]. Sales Breakdown - Sales of modified plastic products for automotive and new energy vehicles reached 1.782 billion yuan, up 31.24% year-on-year [7]. - The aerospace and low-altitude economy sector saw a remarkable revenue increase of 263.80%, generating 30 million yuan [7].

General Overview - The implementation details of the cumulative voting system for Jiangsu Lianrui New Materials Co., Ltd. aim to enhance corporate governance and protect minority shareholders' interests [2][3]. Cumulative Voting System - The cumulative voting system allows shareholders to allocate their voting rights equally among the number of directors to be elected, enabling them to concentrate votes on specific candidates if desired [2][3]. - This system applies to the election or change of two or more directors, with the board required to announce the candidates' profiles [2][3]. Election Process - The election process involves calculating the cumulative voting rights based on the total shares held and the number of directors to be elected, with separate voting for independent and non-independent directors [3][4]. - Shareholders must indicate the number of votes allocated to each candidate, and any invalid votes will be considered as abstentions [3][4]. Election Outcomes - A director is elected based on the number of votes received, with a requirement that the votes must exceed half of the valid voting rights present at the meeting [4][5]. - If the number of elected directors is less than required, a second round of voting will occur, and if still unresolved, a new meeting will be called within two months to fill the vacancies [4][5]. Additional Provisions - The implementation details will be explained to shareholders before voting to ensure proper exercise of voting rights [7]. - In case of conflicts with national laws or the company's articles of association, the latter will prevail [7]. - The new implementation details will take effect upon approval by the shareholders' meeting, rendering previous rules invalid [7].

Core Points - The document outlines the management system for the shares held by the shareholders, directors, senior management, and core technical personnel of Jiangsu Lianrui New Materials Co., Ltd. [2][3] - The system aims to strengthen the management of shareholding changes and maintain market order in accordance with relevant laws and regulations [2][3][4] Shareholding Management - The system applies to actual controllers, major shareholders, directors, senior management, and core technical personnel [2] - Shareholders must be aware of laws prohibiting insider trading and market manipulation before trading [3][4] - Major shareholders and directors are restricted from selling shares under specific conditions, including within one year of the company's stock listing and during investigations [5][6] Restrictions on Share Transfers - Directors and senior management cannot transfer shares within three complete accounting years if the company has not yet achieved profitability [4][5] - Major shareholders are also restricted from reducing their holdings under certain conditions, such as ongoing investigations or administrative penalties [6][7] Reporting and Disclosure - Directors and senior management must report their shareholding changes to the company and relevant authorities within specified timeframes [10][12] - The company is responsible for ensuring the accuracy and timeliness of the reported information [10][11] Penalties and Responsibilities - Violations of the shareholding management rules may result in disciplinary actions, including warnings, demotions, or legal consequences [37][38] - The company must document any violations and report them to regulatory authorities as required [28][39]

Core Viewpoint - The company has established a management system for external information users to enhance information disclosure practices, ensure fair disclosure, and prevent insider trading [1][2]. Group 1: Information Disclosure Management - The management system applies to the company, its departments, subsidiaries, and relevant personnel including directors and senior management [1]. - "Information" refers to any data that could significantly impact the trading price of the company's stock, including periodic reports, interim reports, financial data, and major planned or pending matters [1]. - The company implements a hierarchical and categorized management approach for external information disclosure, with the board of directors as the highest management authority [1][2]. Group 2: Confidentiality Obligations - Directors, senior management, and relevant personnel must adhere to legal and regulatory requirements regarding information disclosure and maintain confidentiality before formal public disclosures [2][3]. - The company is prohibited from providing annual statistical reports to external parties without legal basis prior to the annual report disclosure [2]. - In special circumstances requiring the disclosure of undisclosed major information during business negotiations, the company must obtain a confidentiality agreement from the other party [3]. Group 3: Approval and Accountability - Before disclosing information, departments and subsidiaries must submit an "External Information Disclosure Approval Form" for review and approval by relevant authorities [3][4]. - The individuals responsible for the information disclosure are accountable for its authenticity, accuracy, and completeness, while the board secretary is responsible for compliance with disclosure procedures [3][4]. Group 4: Record Keeping and Compliance - Confidentiality agreements and related materials from external information users are to be kept by the board office for a period of 10 years [4][5]. - External parties receiving undisclosed information must not disclose or trade based on that information and must notify the company immediately if any breach occurs [5]. - The company reserves the right to seek compensation for economic losses caused by violations of confidentiality obligations by external parties [5].

Core Points - The company establishes an investor relations management system to enhance communication with investors and protect their rights [2][3] - The management principles include compliance, equality, proactivity, and honesty [3][4] - The company emphasizes the importance of confidentiality regarding undisclosed information to prevent insider trading [4][5] Group 1: Investor Relations Management Principles - The investor relations management should comply with laws and regulations [3] - The company must treat all investors equally, especially small and medium-sized investors [3][4] - The company should proactively engage with investors and respond to their needs [3][4] Group 2: Communication Channels and Methods - The company will utilize multiple channels such as the official website, new media platforms, and investor education bases for communication [5][6] - Various methods like shareholder meetings, investor briefings, and roadshows will be employed to facilitate communication [5][6] - The company will establish dedicated contact points for investor inquiries and feedback [5][6] Group 3: Information Disclosure - The company is required to disclose information accurately, clearly, and in a timely manner [10][11] - Investor briefings should be held after annual reports to discuss industry status, strategies, and financial conditions [7][8] - The company must not disclose information to the media before it is made public through designated channels [10][11] Group 4: Organizational Structure - The board of directors is responsible for the investor relations management system and its implementation [8][9] - The board secretary will oversee the daily operations of investor relations management [8][9] - The investor relations management team must possess strong communication skills and knowledge of the company and industry [9][10] Group 5: Training and Compliance - The company will provide training for staff involved in investor relations to ensure compliance with regulations [11][12] - Employees are prohibited from disclosing undisclosed significant information or making misleading statements [11][12] - The company will maintain a comprehensive archive of investor relations activities and communications [12]

江苏联瑞新材料股份有限公司 年报信息披露重大差错责任追究制度 第一章 总则 第一条 为进一步提高江苏联瑞新材料股份有限公司（以下简称"公司"）规 范运作水平，提高年报信息披露的质量和透明度，增强年报信息披露的真实性、 准确性、完整性和及时性，根据有关法律、法规和规范性文件的规定，特制定本 制度。 第二条 本制度所称重大差错责任追究是指在年报信息编制和披露工作中， 有关人员不履行或者不正确履行职责、义务或其他过错，导致年报信息披露延迟、 内容存在重大差错或由于其他个人原因，对公司造成重大经济损失或不良社会影 响时的追究与处理制度。 第三条 本制度适用范围是公司董事、高级管理人员和其它与年报信息披露 工作有关的人员。 第四条 本制度遵循实事求是、客观公正、有错必究、过错与责任相适应， 责任与权利对等原则。 第五条 公司信息披露职能部门会同相关部门在董事会秘书领导下负责收 集、汇总与追究责任有关的资料，按制度规定提出相关处理方案，上报公司董事 会批准。 第二章 责任的认定及追究 第六条 本制度所指年报信息披露重大差错包括年度财务报告存在的重大 会计差错、其他年报信息存在的重大错误、年度业绩预告和业绩快报存在重大差 ...