● 回购股份的基本情况 东来涂料技术（上海）股份有限公司（以下简称"公司"）于2024年1月31日至2024年4月30日期间累计回 购公司股份5,815,348股。前述回购的股份拟用于维护公司价值及股东权益，将在披露回购结果暨股份变 动公告十二个月后采用集中竞价交易方式出售，并在披露回购结果暨股份变动公告后三年内完成出售， 公司如未能在上述期限内完成出售，尚未出售的已回购股份将予以注销。 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 减持计划的进展情况 2025年10月15日，公司在上海证券交易所网站（www.sse.com.cn）披露了《关于回购股份集中竞价减持 股份计划公告》（公告编号：2025-038），公司计划自该公告披露之日起15个交易日后的三个月内，通 过集中竞价交易方式，按市场价格累计减持不超过1,204,788股已回购股份，占公司总股本的1%。若此 期间公司有送股、资本公积金转增股本等导致公司股本数量变动的情形，公司将对减持数量进行相应调 整。 截至2025年12月31日，公 ...

Core Insights - The "2026 Shenzhen Enterprise New Product Launch" event showcased 15 innovative companies, highlighting Shenzhen's innovation strength and the momentum of its "first launch economy" [1] - The event featured a three-way collaboration model involving "hundred enterprises, hundred investments, and hundred media" to bridge technology research and industrial application [1] Group 1: Innovative Products - CIMC Vehicles introduced the world's first "pure electric head-mounted train + operational support base station" known as the "EV-RT ecosystem," aiming to collaboratively establish industry standards and address common challenges in the new energy commercial vehicle sector [1] - Dingjiang Technology launched the AI intelligent diagnostic platform TopFix and an industrial-grade AI tablet, achieving a significant increase in automotive fault diagnosis accuracy to 90% while improving hardware performance by 30% and reducing costs [3] - Tiandun Data presented the "Quantum Wave" computing platform, transforming computing resources into on-demand services to support various fields such as academic research, AIGC content creation, and biomedicine [3] Group 2: Application Solutions - Chuangmenglong Technology showcased a highly realistic customizable humanoid robot, integrating a self-developed cloud brain operating system and emotional interaction algorithms, targeting diverse scenarios in education, cultural tourism, and healthcare [5] - Xinkangfeng introduced "0 formaldehyde + formaldehyde removal" latex paint, utilizing a unique AOP-KF® solid alkali technology to actively decompose indoor formaldehyde, significantly shortening the safe occupancy period after renovation [5] - Huiming Glasses launched smart glasses for children's myopia management and an AI smart fitting terminal, providing real-time monitoring of youth eye habits and high-precision 3D modeling for an experience comparable to large professional stores [5] - Kaitai Bank, a key ASEAN financial institution headquartered in Shenzhen, plays a vital role in cross-border finance, offering efficient settlement, financing, and exchange rate risk management services to lower financial barriers and operational costs for enterprises expanding into Southeast Asia [5]

Summary of Key Points Core Viewpoint - Guanghua Co., Ltd. (001333.SZ) has experienced a significant decline in stock price, closing at 22.79 yuan with a drop of 3.64% as of January 6, 2023, indicating a bearish trend since its initial public offering [1]. Group 1: Company Overview - Guanghua Co., Ltd. was listed on the Shenzhen Stock Exchange on December 8, 2022, with an initial price of 27.76 yuan per share and an issuance of 32 million shares [1]. - The company achieved a first-day increase of 43.98%, closing at 39.97 yuan, and reached a peak of 43.97 yuan on December 9, 2022, marking its highest point since listing [1]. Group 2: Financial Details - The total funds raised by Guanghua Co., Ltd. amounted to 88.832 million yuan, with net proceeds of 77.32508 million yuan after deducting issuance costs of 11.50692 million yuan [1]. - The funds are intended for projects including the construction of a 120,000-ton annual production facility for powder coating polyester resin, a research and development center, and to supplement working capital [1]. Group 3: Underwriting Information - Dongxing Securities Co., Ltd. served as the lead underwriter for the public offering, earning underwriting and sponsorship fees totaling 7.61681 million yuan [1].

近年来，三河市始终把科技创新作为高质量发展的核心引擎，紧扣京津冀协同发展战略，持续优化科创 生态，完善政策扶持体系，全力支持企业建设高水平创新平台，深化产学研协同创新，推动创新链、产 业链、资金链、人才链深度融合。截至目前，三河市省级创新平台数量稳步增长，覆盖新材料、高端装 备、大健康、工程技术等多个重点领域，获批省、市级研发平台总数位居廊坊市首位，形成了"培育一 批、认定一批、壮大一批"的良性发展格局，创新能级持续提升，成为驱动产业转型升级的核心载体。 三河市将持续强化精准服务与政策赋能，全力支持新获批省级技术创新中心和重点实验室建好平台、引 育人才，鼓励企业加大研发投入，加速科技成果转化应用。以省级创新平台为抓手，辐射带动更多企业 投身创新实践，为建设京津冀协同创新示范区、打造高质量发展标杆城市注入源源不断的科创动能。 来源：廊坊日报 近日，河北省科学技术厅公布了2025年新建省重点实验室和省技术创新中心名单，三河市创新驱动发展 再传捷报，亮克威泽工业涂料有限公司、河北华勘地质勘查有限公司成功获批省级技术创新中心，河北 燕达医院、华北科技学院顺利通过省级重点实验室认定。4家企业同步跻身省级高端创新平台，彰 ...

Core Insights - After nearly 20 years of remarkable sales growth in the Chinese market, Nippon Paint faces challenges with a projected revenue decline in 2025, marking a potential shift from short-term fluctuations to long-term trends [1] Group 1: Revenue Decline Reasons - The primary reason for the revenue decline is attributed to the architectural coatings business, which accounts for over 80% of total revenue, particularly the engineering segment (TUB) that has shown a significant downward trend [2] - The TUB segment's decline is linked to an over-reliance on residential real estate, neglecting industrial real estate, as evidenced by a 23% decrease in new residential construction area in 2024 [2] - In contrast, industrial real estate is on the rise, with new construction expected to reach 700 million square meters by 2026, prompting Nippon Paint to pivot towards this sector [2] Group 2: Strategic Transformation - To regain growth, Nippon Paint recognizes the need for transformation, shifting focus from first- and second-tier cities to lower-tier markets and diversifying product offerings beyond latex paint [3] - The "More than Paint" strategy initiated in 2014 has evolved, with a new emphasis on innovation and service rather than solely product sales, exemplified by the introduction of "Magic Paint" [3][4] - The "Magic Paint" is a standardized artistic coating that addresses consumer demands for quality and consistency, supported by a network of certified applicators [4][5] Group 3: New Growth Opportunities - Despite revenue challenges, Nippon Paint maintains a double-digit profit margin, attributed to strategic adjustments and a refusal to engage in price wars [8] - The industrial coatings segment is emerging as a new growth driver, with strong demand in automotive, marine, and packaging coatings, projected to reach a market value of 302.4 billion yuan in 2024 [8][9] - Nippon Paint is expanding its technological ecosystem to meet the needs of the new energy sector, including solutions for low-altitude economy and electric vehicle battery coatings [9][12] Group 4: Organizational Changes and Future Outlook - Recent investments include a new automotive coatings production base in Tianjin, with an investment exceeding 700 million yuan, enhancing production capacity by over 30% [13] - Organizational restructuring is underway to support business expansion, transitioning to a model that integrates various business lines and enhances service delivery [13] - While growth may not be as rapid in 2026, significant progress is anticipated by 2027, with a focus on B2B opportunities as the market evolves [13]

Core Viewpoint - The Ministry of Ecology and Environment and the National Health Commission have jointly issued the "Priority Control Chemical List (Third Batch)," which includes 23 chemical substances such as 1,1,2,2-tetrachloroethane and bisphenol A, focusing on high-risk chemicals with significant environmental and health impacts [1][2]. Group 1: Chemical Substances and Their Risks - The list includes 23 chemical substances, particularly those with persistent, bioaccumulative, and aquatic chronic toxicity properties, as well as carcinogenic, mutagenic, reproductive toxicity, and endocrine-disrupting characteristics [1][2]. - Notable substances in the list include 1,1,2,2-tetrachloroethane, bisphenol A, and various perfluoroalkyl and polyfluoroalkyl substances, which are linked to industries such as petrochemicals, plastics, pharmaceuticals, textiles, and pesticides [1][2]. Group 2: Regulatory Measures and Industry Response - The management of the chemicals listed is primarily based on environmental impact assessments for construction projects, pollution discharge permits, and soil and groundwater pollution prevention measures [1]. - Companies are encouraged to recognize the potential environmental and health risks associated with these chemicals and to proactively upgrade processes, enhance waste treatment, and develop environmentally friendly alternatives to minimize risks [2].

Group 1 - The core viewpoint of the article is the issuance of the "Priority Control Chemical List (Third Batch)" by the Ministry of Ecology and Environment and the National Health Commission, emphasizing the importance of managing new pollutants to protect ecological and public health [1][2] - The list aims to prioritize the management of chemical substances that pose significant environmental and health risks, serving as a foundational support for managing toxic pollutants in water, air, and soil [2][3] - The compilation of the list involved a comprehensive assessment of chemical substances based on their inherent hazards, potential exposure levels, and international control measures, focusing on high-risk chemicals such as persistent, bioaccumulative, and toxic substances [2][3] Group 2 - The list includes 23 categories of chemical substances, such as 1,1,2,2-tetrachloroethane and bisphenol A, which are recognized as carcinogens and endocrine disruptors, affecting various industries including petrochemicals, plastics, and pharmaceuticals [3][4] - Companies producing or using the listed chemicals are encouraged to enhance their environmental risk management practices, including upgrading processes and controlling emissions, to mitigate potential risks [4][5] - Current management of the chemicals in the list is based on existing regulations regarding environmental impact assessments, pollution permits, and soil and groundwater pollution prevention [5]

Core Viewpoint - The Ministry of Ecology and Environment and the National Health Commission have jointly issued the "Priority Control Chemical List (Third Batch)" to enhance the management of new pollutants and protect ecological and public health [2][5]. Group 1: Background and Purpose - The issuance of the list is part of a broader initiative by the Chinese government to address new pollutant management, as emphasized in various party meetings and documents, aiming for effective environmental risk control by 2035 [2]. - The list aims to provide foundational support for managing environmental risks associated with toxic pollutants in water, air, and soil, while also raising awareness among the public and enterprises regarding the environmental and health hazards of chemical substances [3]. Group 2: Compilation Process - The compilation of the list involved a comprehensive assessment of chemical substances based on their inherent hazards, potential exposure levels, and international control measures, focusing on high-risk chemicals such as persistent, bioaccumulative, and toxic substances [3][4]. - The process adhered to an "openness" principle, soliciting public opinions and conducting expert consultations to ensure a wide range of inputs were considered [4]. Group 3: Included Chemicals - The list includes 23 categories of chemical substances, such as carcinogens and endocrine disruptors, affecting various industries including petrochemicals, plastics, pharmaceuticals, and textiles [5]. - Notably, some high-concern persistent organic pollutants were not included in the list, indicating a need for compliance with existing environmental management regulations for new chemical substances [5]. Group 4: Management Requirements - The issuance of the list provides a framework for companies to proactively manage environmental risks associated with the listed chemicals, encouraging practices such as process upgrades and the development of environmentally friendly alternatives [6]. - Current management of the listed chemicals is guided by various regulations, including environmental impact assessments and pollution discharge permits [6][7].

Core Viewpoint - The electrophoretic paint market in China is characterized by moderate scale, technical intensity, and stable growth, driven by both domestic demand and global industry trends. The market is expected to grow from $1,504.1 million in 2024 to $1,855.5 million by 2031, with a CAGR of 2.80% from 2025 to 2031 [3][9]. Market Size and Growth Trends - The Chinese electrophoretic paint market is projected to reach $1,504.1 million in sales revenue by 2024 and $1,855.5 million by 2031, indicating a stable growth trend with a CAGR of 2.80% from 2025 to 2031 [3]. Demand Analysis - The automotive and home appliance sectors are the primary consumers of electrophoretic paint, with automotive applications requiring high corrosion resistance and compatibility with subsequent coatings. The demand from the home appliance sector is characterized by large-scale, standardized needs [9]. Competitive Landscape - The market features a mix of international giants and local specialized manufacturers. Multinational companies dominate the high-end market due to their advanced formulation technologies and relationships with major automotive manufacturers, while local firms excel in the mid-to-low-end market segments [10][13]. Key Players - Major players in the Chinese market include PPG Industries, BASF, Haolisen, Xiangjiang Kansai, Axalta, Nippon Paint, and Jinlitai, with the top three companies holding approximately 38.63% of the market share in 2024 [13]. Industry Chain Analysis - Upstream - Key raw materials for electrophoretic paint include resins, solvents, additives, and pigments, with the chemical industry being the primary upstream sector. The market is competitive, and product costs are closely linked to fluctuations in crude oil prices [16]. Industry Chain Analysis - Midstream - Foreign brands hold a strong position in the automotive OEM paint sector, with six major companies controlling about 90% of the market share in automotive coatings. Domestic companies are gradually gaining market share in non-passenger vehicle segments [17]. Industry Chain Analysis - Downstream - The downstream industries include automotive manufacturing and other sectors such as engineering machinery, motorcycles, hardware, and home appliances, which are closely tied to macroeconomic conditions and exhibit cyclical characteristics [18]. Development Drivers - Key drivers for the industry include government support for environmentally friendly coatings, advancements in technology leading to diverse and functional products, and stable growth in downstream industries such as automotive and home appliances [21]. Development Constraints - The industry faces challenges such as risks from macroeconomic fluctuations, volatility in raw material prices, and intense competition, particularly from foreign brands in the high-end market [21].

Core Viewpoint - Yatu High-Tech Materials Co., Ltd. has faced scrutiny regarding the authenticity of its financial performance and the sustainability of its revenue growth during its IPO process on the Beijing Stock Exchange, despite reporting significant revenue increases in recent years [1][2][3]. Group 1: Company Overview - Yatu High-Tech was established in April 1995 and specializes in the research, production, and sales of high-performance industrial coatings [2]. - The company reported main business revenues of 554 million, 635 million, and 741 million yuan for the years 2022, 2023, and 2024, respectively [2]. - The net profit attributable to the parent company, excluding non-recurring gains and losses, was 75.46 million, 116 million, and 145 million yuan for the same years [2]. Group 2: IPO Process and Challenges - Yatu High-Tech's IPO application was accepted on September 30, 2024, and it entered the inquiry phase on November 1, 2024 [3]. - The company has faced multiple inquiries from the Beijing Stock Exchange regarding the sustainability of its revenue growth and the authenticity of its sales figures [3][4]. - The company has changed its IPO path multiple times, initially aiming for the ChiNext board, then the Shenzhen main board, and finally applying to the Beijing Stock Exchange [2]. Group 3: Revenue Composition and Concerns - A significant portion of Yatu High-Tech's revenue comes from overseas sales, with overseas sales accounting for 50.28%, 55.10%, and 54.75% of total revenue from 2022 to 2024 [4]. - The revenue from overseas distribution centers has been a major contributor, reaching 112 million, 154 million, and 201 million yuan for the same years, with contributions to revenue growth of 51.54% and 45.05% in 2023 and 2024, respectively [4][5]. - The company has been questioned about the high gross margin of its overseas distribution centers, which reached 53.97% in 2024, and the overall gross margin increased from 31.79% in 2021 to 44.54% in the first quarter of 2024 [5]. Group 4: Third-Party Payment Issues - Yatu High-Tech has raised concerns regarding its reliance on third-party payments from overseas customers, which accounted for 10.19%, 10.76%, and 8.60% of total revenue from 2022 to 2024 [6]. - The company has faced scrutiny over the identity of third-party payment clients, with reports indicating that some clients have no registered capital or employees, raising questions about their legitimacy [7][8]. - The increase in third-party payments has led to regulatory concerns, particularly regarding the potential for financial misrepresentation [7].