Core Insights - The report from the Shanghai Stock Exchange compiles 16 representative cases of cross-border mergers and acquisitions (M&A) by companies listed on the Shanghai Stock Exchange, showcasing how these companies leverage global resources and drive industrial upgrades through M&A [1][7]. Summary by Sections Cross-Border M&A Cases - The compilation includes diverse industries such as chemicals, semiconductors, mining, home appliances, and environmental protection, with various acquisition methods like cash purchases, cross-border share swaps, and privatizations [1][7]. - Companies like Haier Smart Home have achieved a 50% overseas revenue share through multiple cross-border acquisitions, while Zijin Mining has strengthened its leading position in the gold mining sector through a series of acquisitions [1][7]. Strategic Objectives of M&A - The core objectives of cross-border M&A are diverse, including technology upgrades (e.g., OmniVision's acquisition of a top image sensor company) and global market expansion (e.g., Haier's establishment of a global R&D and manufacturing system) [1][7]. - Companies also aim to enhance their industrial chains, as seen with Wencan's acquisition of a French foundry group to complete its casting process chain [1][7]. Innovative Transaction Structures - Companies like Wanhua Chemical have adopted innovative step-by-step strategies to reduce M&A risks, while Longi Green Energy has utilized cross-border share swaps to acquire overseas semiconductor assets [2][7]. - Funding sources for these M&A activities often combine self-funding and acquisition loans, with some cases involving industry funds or strategic investors to optimize financing structures [2][7]. Post-Merger Integration - Successful integration post-M&A is crucial, with companies employing management output, technology sharing, and cultural integration to realize synergies [2][7]. - For instance, Wanhua Chemical's integration of BC Company turned losses into profits, exceeding performance commitments, while Luoyang Molybdenum's decade-long M&A journey resulted in a 25-fold revenue increase [2][7]. Lessons Learned - The report emphasizes that successful cross-border M&A requires clear strategic guidance, flexible transaction design, and efficient resource integration, while also addressing challenges such as regulatory differences and cultural disparities [2][7].

Core Viewpoint - BASF has signed a long-term contract with Air Liquide's subsidiary SCIPIG and Shanghai Shenji Energy Environmental Technology Co., Ltd. to produce low-carbon footprint MDI using biogas, marking a significant step in sustainable chemical production in Shanghai [2]. Group 1: Collaboration and Production - The collaboration aims to utilize biogas for the production of bio-based hydrogen and carbon monoxide, which will be used by BASF to produce MDI and its derivatives with reduced carbon footprint characteristics [2]. - This partnership is the first of its kind in Shanghai, utilizing biogas for local production of bio-hydrogen and carbon monoxide, fully compliant with ISCC Plus standards [2]. Group 2: Industry Leadership in Bio-based MDI - BASF is a leader in the production of bio-based MDI, having successfully produced the world's first biomass-balanced MDI in October 2023 and forming strategic partnerships for further development [3]. - Covestro has also made significant strides in the bio-based MDI market, securing its first ISCC PLUS certified commercial order for low-carbon footprint MDI in November 2023 [3]. Group 3: Market Dynamics and Competition - The MDI market is characterized by high technical barriers and limited global producers, with major players including Wanhua Chemical, BASF, and Covestro, among others [6]. - The MDI prices are subject to fluctuations due to maintenance and external factors, with significant maintenance scheduled for major producers in late 2025 [7]. - The industry is undergoing a transformation with increased domestic capacity in China, positioning the country as a net exporter of MDI [6].

本公司董事会及全体董事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、准确性和完整性承担个别及连带责任。 上海汇得科技股份有限公司（以下简称"公司"或"汇得科技"）根据上海证券交 易所《上市公司自律监管指引第 3 号行业信息披露：第十三号—化工》及相关要求，现 将公司 2025 年前三季度主要经营数据披露如下： 一、主要产品的产量、销售量及收入实现情况 | 主要产品 | 2025 年 | 1-9 月 | 2025 年 | 1-9 月 | 2025 年 1-9 月 | | --- | --- | --- | --- | --- | --- | | | 产量（吨） | | 销售量（吨） | | 营业收入（万元） | | 革用聚氨酯 | | 132,028.79 | | 133,897.01 | 123,480.49 | | 弹性体及原液 | | 15,252.28 | | 15,121.60 | 17,428.11 | | 聚酯多元醇 | | 27,194.63 | | 27,740.87 | 31,127.41 | 证券代码：603192 证券简称：汇得科技 公告编号：2025- ...

Core Viewpoint - The U.S. Department of Commerce announced a preliminary anti-dumping ruling against Chinese MDI, with a maximum dumping margin of 511.75% [2][3]. Group 1: Anti-Dumping Ruling - The preliminary ruling determined the weighted average dumping margins for specific companies, with Wanhua Chemical Group and Covestro Polymers (China) Co., Ltd. both facing a margin of 376.12% [2]. - Other Chinese entities face the maximum dumping margin of 511.75% [2]. Group 2: MDI Export Data - In 2022, 2023, and 2024, China's exports of pure MDI to the U.S. were 4,700 tons, 2,600 tons, and 1,700 tons, with transaction values of $21 million, $11 million, and $5 million respectively [3]. - For polymer MDI, exports were 225,600 tons, 230,200 tons, and 268,000 tons, with transaction values of $473 million, $319 million, and $392 million respectively [3]. - The U.S. is the largest export market for Chinese MDI, but the anti-dumping measures are expected to significantly reduce exports, with a projected drop of 82.48% in the first half of 2025 [3]. Group 3: Future Implications - If the U.S. Department of Commerce issues a final affirmative ruling, the impact on Chinese MDI manufacturers is expected to be limited [4]. - Other regional suppliers, such as those in East Asia, may increase exports to the U.S., tightening the supply in the Asia-Pacific market [4]. - Wanhua Chemical has the potential to offset risks by increasing exports from its European production facilities [4].

上海汇得科技股份有限公司 关于公司 2025 年一季度主要经营数据的公告 本公司董事会及全体董事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、准确性和完整性承担个别及连带责任。 上海汇得科技股份有限公司（以下简称"公司"或"汇得科技"）根据上海证券交 易所《上市公司自律监管指引第 3 号行业信息披露：第十三号—化工》及相关要求，现 将公司 2025 年第一季度主要经营数据披露如下： 一、主要产品的产量、销售量及收入实现情况 | 主要产品 | 2025 年 1-3 月 | 2025 年 | 1-3 月 | 2025 年 1-3 月 | | --- | --- | --- | --- | --- | | | 产量（吨） | 销售量（吨） | | 营业收入（万元） | | 革用聚氨酯 | 40,031.88 | | 40,535.88 | 39,190.23 | | 弹性体及原液 | 4,775.71 | | 4,804.44 | 5,454.62 | | 聚酯多元醇 | 8,762.11 | | 8,796.12 | 10,377.71 | 二、主要产品和原材料的价格变动情况 证 ...