事件 2025 年 12 月 16 日，公司宣布实施差异化定价调整，并拟发行 10 亿港元可转债。（1）基于日常商业管理与价值管理需求，公司已 于近期在部分产品组别及细分应用领域，分阶段落实差异化商业 定价调整措施，以进一步优化业务结构，提升经营质量与价值创 造能力。（2）公司拟发行本金总额 10 亿港元、票面利率 4.25%的 可换股债券，期限至 2027 年 1 月 4 日，初步换股价为 10.19 港元， 较前一交易日收盘价溢价约 7.49%。 经营分析 整合 SUSONITY 协同效应初步显现：组织与治理方面，完成"集团 —事业部—区域"组织优化，建立跨区域协同机制，提高治理效 率；业务协同与供应链方面，公司加速与 SUSONITY 的交叉销售（新 能源、化妆品等）已开始显现协同效应；创新驱动方面，研发团 队启动联合项目，将前沿技术与规模化生产结合，强化"需求导 向"的研发机制，以技术融合加速中长期增长。 定价调整赋能业务高质量发展：本次差异化定价调整由七色珠光、 SUSONITY 及 CQV 三大业务平台分阶段实施，旨在顺应市场趋势、 强化核心竞争力。调整幅度介于 3-30%之间，并非统一模式，而是 ...

近日，华夏银行作为联合牵头行，成功发放欧元并购银团贷款，助力中国市场最大、全球市场排名第四 的珠光颜料生产商环球新材，实现对德国默克集团旗下全球珠光颜料资产的收购。 这不仅是珠光材料行业规模最大的跨境并购，也是华夏银行在跨境并购金融领域的一次突破性亮相。 "这不仅是并购，更是一场卓越基因的延续。"环球新材负责人如是说。 这场"联姻"让中国企业直接获得了默克在全球的表面解决方案核心技术、成熟销售网络和优质客户资 源，快速弥补自身在高端产品研发与全球市场覆盖的短板，实现"龙头企业+核心业务"的战略升级，进 一步巩固在全球新材料领域的竞争地位，成为中国企业"走出去"的新典范。 25国、40个法律实体的极限挑战 这笔对价约合人民币60亿元的并购交易，面临着非常复杂的局面： 资产横跨美、英、德、法、日等25个国家 涉及40个法律实体 各国对资产剥离要求千差万别 严格的交割时间窗口 "这就像同时下25盘快棋，每一步还都要精准无误。"项目团队成员这样形容。 21天完成不可能的任务 面对如此复杂的交易结构，华夏银行打出了一套漂亮的"跨境金融组合拳"： 创新"分区拆解+统筹推进"模式 针对25国40个法律实体的复杂架构，创新采 ...

Core Viewpoint - The pearl materials market is experiencing rapid growth driven by increasing demand and structural upgrades, with a projected sales revenue of 23.5 billion in 2023 and a compound annual growth rate (CAGR) of 14.0% from 2016 to 2023 [1][2] Market Growth - The global pearl materials market is expected to reach 23.5 billion in 2023, with a CAGR of 14.0% from 2016 to 2023 [1] - Emerging substrate pearl materials, such as synthetic mica, silica, and alumina, have shown significantly higher growth rates, with CAGRs of 45.7%, 33.1%, and 25.0% respectively from 2016 to 2020 [1] Application Scenarios - Pearl materials are widely used in three main sectors: industrial, cosmetics, and automotive, with the latter two primarily serving mid-to-high-end products [2] - In 2023, the market shares for cosmetic and automotive pearl materials are approximately 6.8% and 16.2%, with CAGRs of 33.9% and 15.6% from 2016 to 2023 [2] - Future growth in high-end demand is expected to maintain around 15%, driven by stable industry demand and product upgrades [2] Industry Structure - The market concentration for the top five companies (CR5) is projected to be around 19% in 2024, with a leading company achieving nearly 12% market share after acquiring Merck's pearl business and CQV [2] - Historically, the high-end market has been dominated by foreign brands, with a CR5 concentration of 52% and Merck holding a 28% market share [2] Company Overview: Global Leader in Pearl Materials - The company, established in 2011, focuses on the production and sale of pearl materials and synthetic mica, and went public in 2021 [3] - A new project to produce 30,000 tons of pearl materials is set to commence in 2024, positioning the company as the largest pearl materials factory in China [3] Strategic Expansion - The company is focusing on synthetic mica, with a project to produce 100,000 tons starting in 2025 [3] - Recent acquisitions of CQV and Merck's surface solutions business are aimed at global expansion and entering a high-growth phase [3] Technological Leadership - The company holds multiple patents in key production technologies, particularly in mica processing and hydrolysis coating, leading industry standards [3] - The shift towards synthetic mica, which offers higher purity and stable performance, is expected to increase its market share as costs decrease [3] Capacity Expansion - The company has established a total capacity of 48,000 tons for pearl pigments across two factories in Guangxi, with an additional 100,000 tons of synthetic mica capacity under construction in Hangzhou [3] High-End Market Strategy - The acquisitions of CQV and Merck are expected to create synergies in channel collaboration, cost optimization, and technology complementarity, leading to enhanced market positioning [4] - Projected net profits for 2026 and 2027 are estimated at approximately 490 million and 720 million, corresponding to price-to-earnings ratios of about 17.73 and 11.99 [4]

Core Viewpoint - The acquisition of Merck's Surface Solutions business (SUSONITY) for €665 million is framed as a resonance of long-term values between two companies, emphasizing a commitment to employee welfare and sustainable business practices [1][2]. Group 1: Strategic Vision and Market Position - The acquisition is seen as a step towards becoming a global leader in high-performance materials, combining Eastern innovation with Western industrial rigor [1][8]. - After 14 years of development, the company has become the largest producer of pearlescent pigments in China, driven by demand in high-end markets such as automotive and cosmetics [2][7]. - The company is expanding its production capacity, with a new plant for 30,000 tons of pearlescent materials set to start operations in 2024, and a 100,000-ton surface performance materials project nearing completion [2][6]. Group 2: Long-term Commitment and Employee Focus - The negotiation process highlighted the company's long-term commitment, which reassured Merck about the future of its employees and the business [2][3]. - The company aims to ensure that all employees feel valued and secure, fostering a culture of trust and collaboration across its global workforce [3][6]. Group 3: Integration Philosophy - The integration strategy emphasizes flexibility and customer orientation, avoiding a one-size-fits-all approach and allowing business units to maintain some independence while focusing on core objectives [4][6]. - The company plans to leverage its market insights and Merck's global customer network to enhance service efficiency while creating a responsive global strategy for production and supply [4][5]. Group 4: Financial Performance and Synergies - The previous acquisition of CQV has shown positive results, with a revenue increase of 17.8% and a net profit surge of 171.3% in 2024, indicating successful integration and synergy [5]. - The collaboration has led to CQV's products entering the supply chains of major automotive manufacturers in China, enhancing the company's market presence [5][6]. Group 5: Future Aspirations - The company aims to lead the global market for synthetic and natural pearlescent pigments, addressing the supply chain challenges associated with natural mica, which is a limited resource [7][8]. - The vision includes positioning the company as a hub for innovation that connects global industrial advantages and shapes the future of the industry [8].

Group 1 - The core point of the article is the completion of the acquisition of Merck Group's surface solutions business (SUSONITY) by Global New Materials International for over 5.5 billion RMB, marking the largest overseas merger in China's pearlescent materials industry [2][3] - The acquisition is expected to enhance Global New Materials' international brand presence, advanced technology, and global distribution channels, while also allowing the company to replace natural mica with self-produced synthetic mica, addressing raw material depletion risks and rising energy costs [2][4] - The acquisition includes seven subsidiaries of Merck located in Germany, Japan, and the United States, covering 18 countries and primarily targeting the coatings, cosmetics, and industrial surface solutions markets [4] Group 2 - Global New Materials International aims to create a "global surface materials ecosystem platform," leveraging SUSONITY's established cross-border e-commerce channels and localized service systems to accelerate international market expansion and sales growth [5] - The company plans to achieve synergies in raw material collaboration, capacity optimization, process integration, and cost control post-acquisition, enhancing supply chain resilience and overall operational efficiency [5] - The financial performance of Global New Materials International shows a projected total revenue of 1.662 billion RMB for 2024, representing a year-on-year growth of 51.15%, with a net profit of 242 million RMB, up 33.37% [2]

Core Insights - The acquisition of Merck's Surface Solutions business by Global New Materials International marks a significant strategic breakthrough for Chinese new materials companies in the global high-end market [1] - The transaction, valued at €665 million (approximately ¥5.584 billion), represents 3.4 times the acquirer's projected revenue for 2024, making it the largest cross-border deal in China's pearlescent materials industry [1][2] - The establishment of the Asia-Pacific headquarters in Tonglu is a critical step in integrating the acquired business and enhancing the local manufacturing landscape [1][3] Company Overview - Global New Materials International specializes in the research, production, and sales of pearlescent materials and synthetic mica, having overcome key technological barriers to break the Western monopoly on high-end mica materials [2] - The acquired Merck Group, with over 350 years of history, is a renowned multinational corporation with a significant presence in the high-quality pearlescent pigment market, particularly in the automotive and cosmetics sectors [2] Strategic Implications - Post-acquisition, Global New Materials International will gain access to international brands, technologies, and global distribution channels, while also mitigating raw material supply risks by replacing natural mica with self-produced synthetic mica [2] - The integration of research and development systems will facilitate the joint development of new applications in electric vehicle coatings and sustainable beauty materials, as well as the commercialization of innovative technologies [2] - The acquisition is expected to enhance Tonglu's position as a hub for international surface performance materials and active materials, creating a dual-cycle system of "overseas high-end applications + Tonglu core materials" [2][3] Regional Development - Tonglu's strategic location in the Yangtze River Delta provides advantages in market access, natural resources, and transportation, which are crucial for the project's success [3] - The local government has actively supported the project by integrating resources and expediting infrastructure development, demonstrating a commitment to optimizing the industrial structure and advancing the manufacturing sector [3] - Future plans include reserving land for downstream enterprises in automotive coatings and beauty raw materials, further extending the industrial chain and enhancing value-added services [3]

Core Viewpoint - The establishment of the Asia-Pacific headquarters in Hangzhou marks a strategic milestone for the company, aiming to link global innovation and serve global customers in the new materials industry [1][2]. Group 1: Asia-Pacific Headquarters - The Asia-Pacific headquarters will leverage the innovation hub of Hangzhou and the advantages of the Yangtze River Delta industrial cluster to integrate resources from China, Germany, South Korea, the United States, and Japan [2]. - The headquarters aims to create a global high-end market-oriented R&D innovation and business collaboration platform, supporting the company's goal of becoming a "global new materials technology platform enterprise" [2]. Group 2: Recent Acquisition - The company recently completed the acquisition of Merck's surface solutions business, SUSONITY, with a total investment of €665 million, marking the largest overseas acquisition in China's pearlescent materials industry [2]. - This acquisition is seen as a milestone in the company's globalization strategy and a key turning point for the Chinese materials industry from "technology following" to "value co-creation" [2]. Group 3: Global Integration and Collaboration - The launch ceremony facilitated the first gathering of management teams from SUSONITY, CQV, and Qisec Pearl, promoting global integration and collaboration [2]. - The company emphasizes that the blending of diverse cultures and management philosophies will enhance synergy and accelerate its expansion and innovation in global high-end markets [2]. Group 4: Future Plans - The company plans to use the Asia-Pacific headquarters as a new starting point to increase R&D investment and promote the innovative application of functional materials [3]. - The company aims to actively participate in industry standard formulation and support green transformation and high-quality development [3]. - The company will continue to deepen strategic collaboration with global customers and partners to create a new chapter in leading and integrating the Chinese new materials industry [3].

Core Insights - The acquisition of SUSONITY by Global New Materials International for €665 million marks the largest cross-border merger in China's pearlescent materials industry, signifying a breakthrough in the company's global high-end materials market strategy [1] - The merger aims to achieve deep synergy in technology, market, and product integration, propelling the surface performance materials industry into a higher quality development phase [1][2] - SUSONITY holds a leading position in the surface performance materials sector, particularly in pearlescent pigments and cosmetic active substances, with a mature global R&D-production-sales system [1][2] Company Strategy - Global New Materials International, as a leader in synthetic mica-based pearlescent materials, has a comprehensive industry chain capability, addressing the depletion of natural mica resources while excelling in cost control and environmental performance [2] - The integration of both companies will create a complete product system covering all fields, enhancing product value and customer reach in core sectors like automotive and cosmetics [2][3] Global Expansion - The merger will accelerate the company's globalization process, shifting its market focus from primarily China and South Korea to include deep penetration into the high-end markets of Europe and America [3] - Leveraging SUSONITY's established cross-border e-commerce channels and local service networks will significantly enhance the efficiency of reaching international customers, potentially leading to exponential growth in global market share and brand influence [3] Integration and Future Plans - The integration process has commenced, with a focus on retaining SUSONITY's core team and business structure to ensure a smooth transition [3] - An integration committee comprising executives from both companies will be established to create a detailed integration plan, fostering deep collaboration in technology development, manufacturing, and market channels [3] - The company's Asia-Pacific headquarters in Tonglu, Hangzhou, and a synthetic mica production base with an annual capacity of 100,000 tons are progressing, expected to be operational by the end of 2025, providing robust support for the integrated supply chain [3] Industry Impact - The completion of this acquisition is a significant milestone in the company's globalization strategy and is set to reshape the competitive landscape of global surface performance materials [4] - Through resource optimization and complementary advantages, the merger aims to offer innovative and high-performance material solutions to global customers, leading the industry to new heights [4]

Core Viewpoint - The completion of a cross-border acquisition by Global New Materials International for €665 million marks a significant milestone in the pearl pigment industry, positioning the company among the global leaders and enhancing its international market presence [1][2]. Acquisition Details - The acquisition, finalized in July, involves the transfer of Surface Solutions business assets from Merck, including subsidiaries and production bases in Germany, Japan, and the United States, primarily serving the automotive, cosmetics, and industrial sectors [2][4]. - The transaction price of €665 million is approximately 3.4 times Global New Materials International's projected revenue of 1.649 billion yuan for 2024 [2]. - The acquired assets generated a revenue of €402 million in 2024, indicating a potential tripling of Global New Materials International's revenue post-acquisition [2][11]. Strategic Implications - The acquisition is likened to Geely's purchase of Volvo, showcasing a strategic move to capitalize on favorable market conditions and enhance competitive positioning in high-end markets [3][4]. - Global New Materials International aims to maintain the original management team and brand identity of the acquired business, fostering a collaborative environment to leverage existing strengths [4][8]. - The company anticipates achieving synergies that will strengthen its supply chain, reduce production costs, and enhance its global market reach [4][12]. Market Context - The global pearl materials market was valued at 23.5 billion yuan in 2023, with a compound annual growth rate (CAGR) of 14.1% from 2016 to 2023, projected to reach 44 billion yuan by 2030 [9]. - The automotive coatings market is expected to grow from $23.72 billion in 2023 to $57.27 billion by 2032, with a CAGR of 10.4% [11]. - The acquisition positions Global New Materials International to capitalize on the growing demand in the automotive coatings sector, particularly with the rise of electric vehicles [11][12]. Company Evolution - Founded in 2011, Global New Materials International has rapidly ascended from a local manufacturer to a significant player in the international market, completing multiple strategic acquisitions to enhance its capabilities [7][8]. - The company has established a comprehensive production capacity for synthetic mica and is expanding its operations to meet the growing demand for high-end materials [11].

Core Viewpoint - The acquisition of SUSONITY by Global New Materials International Holdings Limited marks the largest cross-border merger in the pearl material industry in China, valued at €665 million (approximately ¥5.187 billion or HK$5.586 billion) [1] Group 1: Acquisition Details - The acquisition was completed on July 31, with the delivery ceremony held in Frankfurt, Germany, and SUSONITY will operate as a subsidiary under an independent brand [1] - This strategic acquisition is a significant step in the company's globalization strategy, positioning it at the center of the global surface performance materials competition [1][4] Group 2: Market Position and Synergies - Global New Materials International is a leading player in the global synthetic mica-based pearl material market, while SUSONITY has established expertise in surface solutions for coatings, cosmetics, and industrial applications [2][3] - The integration of SUSONITY is expected to enhance the company's market position and customer-centric strategies, particularly in high-end markets such as automotive coatings and cosmetics [3][4] Group 3: Global Expansion and Operational Efficiency - The acquisition will expand the company's geographic coverage and sales channels, particularly in the automotive and cosmetics sectors, enhancing its competitive edge [4] - New production facilities in Germany, Japan, and the United States will contribute to the company's operational efficiency and supply chain strengthening [4] - The company aims to leverage SUSONITY's established sales network and customer resources in Europe, America, and Asia to drive sales growth [4] Group 4: Future Outlook and Strategic Goals - The company plans to enrich its product matrix and deepen key technology areas while expanding its global high-end customer market [5] - Recent acquisitions, such as the 42.45% stake in South Korea's CQV, have shown positive financial results, indicating a successful strategy for growth and collaboration [5]