持续深化全球化战略 构筑独特的竞争壁垒 信凯科技自1996年成立以来，始终以全球化视野布局产业生态，实现从出口到本土化运营的全方位转型。目前，公司已在全球70多个国家和地区建立业务 网络，在荷兰、美国、澳大利亚等核心市场设立7家子公司，并构建了覆盖欧洲、北美、亚洲的本地化仓储与销售体系。这一网络不仅实现了对客户需求 的快速响应，更通过深度参与国际标准制定，打破了欧美国家长期主导的技术壁垒。 面对欧盟REACH法规的严苛要求，信凯科技以先发优势完成了89项有机颜料及相关物质的注册，成为国内行业合规标杆。公司产品通过严格的国际接触 安全标准，成功打入食品包装、儿童玩具等高端应用领域。随着各地环保法规趋严以及消费者对产品安全性的重视程度不断提高，公司在绿色有机颜料领 域的布局将进一步强化其市场领先优势。 中国作为全球有机颜料产业的主要市场，经过多年产业升级与技术创新，产量规模与出口份额连续多年领跑全球市场。 2025年上半年，伴随着欧盟REACH法规新增12项限制物质、美国《生物技术法案》强化供应链审查，倒逼有机颜料行业向高端化、绿色化加速转型。在 这场席卷全球的技术与合规的产业变革大考中，中国有机颜料出口龙头浙江 ...

百合花集团股份有限公司2025 年半年度报告 公司代码：603823 公司简称： 百合花 百合花集团股份有限公司 百合花集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人陈立荣、主管会计工作负责人蒋珊及会计机构负责人（会计主管人员）戚亚仙 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述可能存在的相关风险，敬请查阅第三 ...

在2025年德国纽伦堡涂料展、中国国际橡塑展等国际性平台上，信凯科技以创新技术赋能塑料着色领 域，通过丰富的产品矩阵与深度定制化服务，精准匹配客户需求，进一步巩固了"值得信赖的全球合作 伙伴"品牌形象。通过提升应用创新能力，针对不同行业和客户需求提供定制化色彩解决方案，满足客 户的个性化、多样化需求。 高性能产品突破天花板，引领颜料产业高端化浪潮 中国作为全球有机颜料产业的核心引擎，经过多年产业升级与技术创新，已稳居全球有机颜料生产领域 的龙头地位，产量规模与出口份额连续多年领跑全球市场。 2025年上半年，伴随着欧盟REACH法规新增12项限制物质、美国《生物技术法案》强化供应链审查， 倒逼有机颜料行业向高端化、绿色化加速转型。在这场席卷全球的技术与合规的产业变革大考中，中国 有机颜料出口龙头浙江信凯科技集团股份有限公司（以下简称"信凯科技"）以营业收入6.99亿元，同比 上升4.91%；归母净利润5456.51万元，同比上升18.47%；扣非净利润6131.66万元，同比上升37.96%的 亮眼成绩，交出了公司上市后的首份高质量发展答卷。作为连续十年蝉联国内有机颜料出口榜首的领军 企业，信凯科技再次印证了 ...

具体来看，以公司披露的近20项主要研发项目为例，其中开发的"适用于UV光固化技术的新型红色颜料 剂型"已完成新剂型验证，目标切入高增长UV固化市场，提升高附加值产品占比；开发的"满足客户定 制光谱特性的功能材料"目前处于客户试用中，该材料可实现目标波段吸收率≥95%，是公司布局特种材 料市场，提升技术壁垒的重要布局。 长期以来，联合化学凭借卓越的产品稳定性、优异的色彩表现和严格的质量控制，已成为国内外大中型 油墨生产企业的核心供应商。尤其是作为全球油墨行业巨头DIC株式会社(旗下SUN CHEMICAL)在中国 最大的供应商及战略合作伙伴，公司与DIC建立了超过10年的稳定合作关系，彰显公司在技术、品质和 供应链管理上的国际竞争力。报告显示，今年上半年，公司在新加坡还设立了全资子公司新龙国际贸易 有限公司。 中证报中证网讯(记者张鹏飞)8月25日晚间，联合化学（301209）披露了2025年上半年业绩报告。数据 显示，公司上半年实现营业收入2.69亿元，同比增长4.15%；实现净利润3375.70万元，同比增长 21.62%。颜料及基墨毛利率均保持20%以上；经营活动产生的现金流量净额4424.06万元，同比 ...

未来规划方面，参股公司卓光芮一方面保持研发攻关；另一方面已通过全资子公司罡景光学科技（上 海）有限公司（简称"罡景光学"）实现高、中、低端光学系统产品的全覆盖。半年报显示，罡景光学今 年以来产品销售增速明显，已销售产品预收账款已超5000万元。 从有机颜料主业发展情况来看，联合化学所处的偶氮类有机颜料作为传统的有机着色剂，近两年随着环 保法规趋严、下游产业升级以及新兴市场需求增长，行业呈现出向环保化、高性能化、功能化方向发展 的趋势。 （文章来源：证券日报） 作为应对环保法规以高标准领先布局的联合化学，目前已有产品满足欧盟2028年后环保法规要求。此外 在新兴应用场景方面，公司历来重视研发投入，布局绿色工艺和高附加值产品，并与下游产业协同创 新，以巩固市场份额。 本报讯 （记者王僖）8月25日晚，龙口联合化学股份有限公司（以下简称"联合化学"）披露2025年半年 度报告，数据显示，公司上半年实现营业收入2.69亿元，同比增长4.15%；实现归属于上市公司股东的 净利润3375.7万元，同比增长21.62%。追溯2024年以来公司单季度业绩表现发现，本次报告为联合化学 单季度营收和净利润指标双双实现同比六连涨。 ...

| 中德证券有限责任公司 | | | --- | --- | | 关于龙口联合化学股份有限公司 | | | 保荐机构名称：中德证券有限责任公司 | 被保荐公司简称：联合化学 | | 保荐代表人姓名：缪兴旺 | 联系电话：010-59026928 | | 保荐代表人姓名：张少伟 | 联系电话：010-59026829 | | 一、保荐工作概述 | | | 项目 工作内容 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0次 | | （1）是否督导公司建立健全规章制度（包括但不限于防止 | | | 关联方占用公司资源的制度、募集资金管理制度、内控制度、 | 是 | | 内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | （1）查询公司募集资金专户次数 | 6次 | | 需求规模整体保持相对稳定，市 | | | 场竞争态势激烈，呈现出产能充 | | | 足的特征，预计未来行业产能增 | | | 速将高于需求增速，供过于求的 | | | 特征将进一步凸显。基于对市场 | | | 需求及公司产能最新情况的整 | | | ...

今年上半年，公司在有机颜料领域，持续深耕新技术开发与应用，加大研发投入，加速产品升级迭代， 以更好地满足市场需求。其中，颜料产品实现营收2.62亿元，较上年同期增长4.49%；毛利率为 20.50%，保持稳健增长。 据了解，公司颜料产品在油性油墨中颜料具有色彩鲜艳、润湿性好、流平性好，在水性油墨中粘度低、 分散性好、粘度存放稳定性优异的性能。凭借颜料表面处理的核心技术，优化合成工艺、环保工艺、添 加不同多组分反应物，使公司产品具有很强的竞争优势。主要产品经专家认定达到国内领先水平，部分 产品性能达到国际先进水平。 与此同时，基于行业发展趋势和自身技术优势，公司通过控股子公司启辰半导体新材料(盘锦)有限公司 开展光刻胶领域业务，聚焦于半导体光刻胶上游材料苯乙烯类光刻胶单体、树脂的研发与生产。主要应 用于KrF光刻胶、紫外光固化胶粘剂、电子级溶剂与OLED半导体化学品等，以高纯度单体为突破口， 迈出布局光刻胶单体等高纯电子材料的第一步。 事实上，联合化学深耕颜料行业多年，已经积累了丰富的精细化工合成、表面处理等经验，与部分电子 化学品存在技术协同。公司可通过技术迁移快速切入电子化学品细分领域，再逐步向更高端环节拓 ...

Investment Rating - The report does not explicitly state the investment rating for Trust Chem (001335.CH) Core Insights - Trust Chem has been deeply rooted in the organic pigment industry for 30 years, establishing a mature business model and becoming a significant supplier globally. The company specializes in organic pigments used in inks, coatings, and plastics, catering to a wide range of customized demands from numerous downstream segments and customers [2][3] - The company effectively manages its supply chain resources, integrating upstream suppliers to offer a comprehensive range of over 450 pigment product specifications characterized by various resistance properties and environmental friendliness. Trust Chem has completed REACH registration for 89 organic pigments, positioning itself as a leader in this aspect within the domestic industry [4][3] - Trust Chem has developed a global sales network, establishing long-term relationships with major international clients such as DIC Corporation and Sherwin-Williams Company. The company operates in over 70 countries and has ranked first in the national organic pigment export industry from 2015 to 2023 [4][3] Summary by Sections Company Overview - Trust Chem was founded in 1996 and has become a key player in the organic pigment industry, focusing on understanding customer needs and developing tailored solutions [2][3] Supply Chain Management - The company has a dynamic approach to managing supply chain resources, enhancing its supply structure through product development and quality management. It has established core technologies in pigment surface treatment and detection, allowing for customized product development [4][3] Global Presence - Trust Chem has a strong brand presence and operates subsidiaries in various countries, contributing to its extensive global reach and consistent export leadership in the organic pigment sector [4][3]

Market Overview - The A-share market recently saw the Shanghai Composite Index break through the psychological barrier of 3500 points, closing at 3516.83 points, up 0.37% as of July 17 [1][2] - This breakthrough is viewed as a positive market signal, indicating a shift towards bullish sentiment and increased investor confidence, which may attract more capital into the market [1][2] Economic and Policy Support - The overall recovery of the Chinese economy in the first half of the year has provided policy support for the index's return to 3500 points, with a structural upward trend observed in the market [2] - Despite external tariff disruptions, China's export resilience remains strong, particularly with high growth rates in exports to the EU and ASEAN [2] Market Liquidity - The liquidity in the market has improved significantly, with daily trading volumes consistently exceeding 1 trillion yuan, and margin financing balances showing a systematic increase of approximately 300 billion yuan compared to the previous year [2] - The number of newly established funds and the scale of capital raised have also seen substantial growth, indicating a trend of household savings being redirected into the stock market [2] Market Sentiment and Investor Behavior - The continuous rise in the stock market has created a notable wealth effect, leading to a 32.79% increase in new investor accounts in the first half of the year compared to the same period last year [3] - The technology sector, particularly companies involved in AI, semiconductors, and 5G, has attracted significant investment, contributing to the index's upward movement [3] Performance of Shandong Stocks - Shandong stocks have shown a robust performance, with 310 listed companies having a total market capitalization of 3.86 trillion yuan, and over 70% of these companies reporting gains [4] - Leading companies such as Haier Smart Home and Wanhua Chemical have shown strong financial performance, with Haier's revenue growing by 10.06% year-on-year in Q1 2025 [4][5] Investment Opportunities - Following the index's rise above 3500 points, investors are cautiously optimistic, focusing on policy support, liquidity, and earnings performance [6] - Various institutions suggest that sectors such as technology, manufacturing, and new consumption are promising areas for investment, particularly in light of easing export controls and growth in military and industrial sectors [6]

Company Overview - The main business of the company includes the research, production, and sales of azo organic pigments and water-based inks, primarily used in food packaging inks, UV inks, educational supplies, children's toys, plastics, and leather [2][3]. - The company has established a subsidiary, Qichen Semiconductor, focusing on the development and production of styrene-based photoresist monomers and OLED semiconductor chemicals [3]. Investment in Zhaoguangrui Technology - The company plans to invest CNY 120 million in Zhaoguangrui, acquiring 19.35% of its increased registered capital, which will enhance its competitiveness in the semiconductor industry [3][4]. - The investment will be made using self-owned and raised funds, with an option to invest an additional CNY 120 million within six months after the initial investment [4]. Semiconductor Industry Strategy - The semiconductor industry is rapidly developing in China, supported by national policies, presenting significant market opportunities and high added value [4]. - The company aims to leverage its existing pigment business experience to enter the semiconductor sector, seeking a second growth curve [4][7]. Financial Performance - In 2024, the company achieved a revenue of CNY 534.62 million, a year-on-year increase of 24.80%, with a net profit of CNY 56.43 million, up 66.81% [9]. - For Q1 2025, the revenue was CNY 130.06 million, a slight increase of 0.52%, and the net profit was CNY 16.54 million, up 17.97% [9]. Talent and R&D Capabilities - The company employs approximately 200 people, with around 60% holding master's degrees or higher, and has a strong R&D team with over five years of experience in relevant fields [5][6]. - Zhaoguangrui's team has extensive experience in optical systems and exposure equipment, with a focus on system design and integration [8]. Future Financing Plans - Zhaoguangrui has expressed strong interest from various investment institutions for future financing, with the company prioritizing these investors for subsequent funding rounds [7][9]. - The company has no current plans for additional investment in Qichen Semiconductor, but future decisions will depend on its business progress [9].