本报讯 （记者陈潇）12月16日，环球新材国际控股有限公司（以下简称"环球新材国际"）发布公告称，拟发行价值10亿港 元的可换股债券，所得资金将用于补充运营资金、现有债项再融资以及一般企业用途，为公司长期战略落地提供坚实资本支 撑。此次发行不仅是公司优化资本结构的重要举措，更彰显其把握新材料产业发展机遇、深化全球化布局的战略决心。 公告显示，此次可换股债券面值设定为20亿港元，并可按10亿港元的整数倍数递增，扣除相关估计开支后，实际所得款项 净额约为9.81亿港元。债券条款显示，持有人有权在到期时将债券兑换成公司普通股，初始换股价定为10.19港元/股，按此计 算，该批债券最高可转换为9813万股换股股份，占公司目前已发行股份总数的7.92%，转股完成后占总发行股份总数的7.34%。 本次可转债发行由香港上海汇丰银行有限公司及德意志银行香港分行联合经办，彰显国际资本市场对公司发展前景的认 可。同时公司拟向维也纳证券交易所营运的ViennaMTF（或其他国际认可证券交易所）申请债券上市，并向香港联交所申请换 股股份上市，进一步拓宽国际资本对接渠道。 根据财报显示，2025年上半年环球新材国际实现收入9.12亿元 ...

智通财经APP获悉，方正证券发布研报称，首次覆盖，给予环球新材国际(06616)"推荐"评级，2025年上 半年实现营收9.1亿元，珠光颜料销量增长34.5%至1.5万吨，公司于2025年7月完成对德国默克全球表面 解决方案业务的收购，显著增强了其全球研发、生产与销售网络，综合考虑公司整合默克原有业务及渠 道网络后的降本提价措施，以及新产能扩张所带来的成长空间。 方正证券主要观点如下： 公司现已逐渐成为全球表面材料解决方案供应商 公司深耕珠光材料核心主业，主要从事珠光材料和合成云母的研发、生产及销售，其珠光颜料产品作为 着色剂广泛应用于工业涂料、塑料、纺织品和皮革、化妆品和汽车涂料等多个领域。随着公司完成 CQV和德国默克的收购，以及自身产品结构升级，公司逐渐向高端化发展，并成为全球表面材料解决 方案供应商。 珠光颜料产品销量进一步增加，产品结构改善带动毛利率小幅提升 风险提示 产能建设不及预期;产品价格大幅波动;业务整合不及预期等 2025年上半年公司实现营业收入9.1亿元，同比增长17.7%;实现归母净利润6220万元，同比下降41.9%。 其中，珠光颜料产品占公司主导，2025年上半年公司实现珠光颜料产 ...

Core Insights - Synthetic mica is emerging as a key alternative to natural mica due to its high purity, excellent thermal resistance (over 1200℃), and strong electrical insulation properties, making it a critical non-metallic insulation material in modern industry [1][5][6] - The demand for synthetic mica is significantly increasing, particularly in the rapidly growing electric vehicle market, with projections indicating substantial market growth in the global new energy sector by 2027 [1][7] - The Chinese synthetic mica industry is expected to develop steadily towards high-end, green, and centralized high-quality growth, driven by technological innovation and application expansion [1][16] Overview of Synthetic Mica Industry - Synthetic mica, also known as artificial fluorophlogopite, is produced through high-temperature melting and crystallization processes, offering advantages such as high purity (over 99.95%), superior thermal resistance, and excellent chemical stability [2][5] - It can be categorized based on performance characteristics (e.g., golden mica, lithium mica) and product forms (e.g., single crystal sheets, powders, ceramics) [3][4] Industry Policies in China - The Chinese government has introduced multiple policies to support the synthetic mica industry, including guidelines for new material applications and plans for the development of the raw materials industry, which collectively enhance the industry's research and application capabilities [6][7] Global Development of Synthetic Mica - The global market for synthetic mica in the new energy sector reached 4.66 billion yuan in 2024, with expectations to grow to 12.37 billion yuan by 2027, reflecting a compound annual growth rate of 38.46% [7][8] - The industry is experiencing dual opportunities for technological upgrades and market expansion, particularly in high-end applications such as aerospace and electronics [7][10] Industry Chain of Synthetic Mica in China - The synthetic mica industry chain in China is characterized by clear upstream, midstream, and downstream divisions, with upstream relying on chemical raw materials and midstream focusing on the production of synthetic mica products [8][9] Demand and Application Trends - The demand for synthetic mica is rapidly increasing in the new energy sector, particularly for applications in power battery insulation and heat management, with significant adoption by leading companies like Tesla and CATL [12][13] - The pearl pigment industry, which utilizes synthetic mica as a core material, is also experiencing rapid growth, providing substantial market opportunities [14] Competitive Landscape of Synthetic Mica Industry - The Chinese synthetic mica industry features a tiered competitive structure, with leading companies dominating high-end markets while smaller firms focus on mid- to low-end segments [15][16] - Major players like Ping An Electric and Zhejiang Rongtai leverage their technological capabilities and customer relationships to secure positions in high-end applications [15] Future Development Trends - The synthetic mica industry is expected to focus on technological innovation, expanding applications in high-value sectors, and optimizing industry structure towards higher concentration and sustainability [16][17][18] - Key trends include the drive for product upgrades through technological breakthroughs, deeper penetration into high-value applications, and a shift towards green production practices [16][17][18]

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]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time recommendation [11]. Core Insights - The pearl materials industry is experiencing steady growth, driven by increasing demand in high-end sectors such as automotive and cosmetics. The industry is undergoing a transformation, with domestic companies accelerating their entry into high-end markets through mergers and acquisitions and technological advancements. As a global leader, the company leverages its integrated advantages in synthetic mica, core technology research and development, and capacity expansion to ensure rapid internal growth. The acquisition of Korean CQV and Merck's surface solutions business fills gaps in high-end products and channels, achieving diversified synergy. With deepening integration and capacity release, the company is expected to solidify its global leadership position and fully benefit from the industry's high-endization [3][6][8]. Summary by Sections Pearl Materials: Demand Growth and Structural Upgrade - Pearl materials are special optical effect materials that display a pearl-like luster, produced by coating substrates with one or more layers of metal oxides. They are used in high-color-requirement fields such as automotive, cosmetics, and coatings. Compared to other pigments, pearl materials are safe, non-toxic, vibrant in color, and have strong weather resistance. The global pearl materials market is rapidly growing, with a compound annual growth rate (CAGR) of 14.0% from 2016 to 2023, reaching sales of 23.5 billion in 2023. Emerging substrate pearl materials, such as synthetic mica, silica, and alumina, have significantly outpaced overall growth, with CAGRs of 45.7%, 33.1%, and 25.0% respectively from 2016 to 2020 [6][7][28]. Application Scenarios and High-End Demand - Pearl materials have broad downstream applications categorized into industrial-grade, cosmetic-grade, and automotive-grade. The automotive and cosmetic sectors primarily focus on mid-to-high-end products. In 2023, the market shares for cosmetic and automotive pearl materials were approximately 6.8% and 16.2%, with CAGRs of 33.9% and 15.6% from 2016 to 2023, respectively. The high-end demand is expected to maintain around 15% growth, driven by stable industry demand and increased penetration from product upgrades [7][28][32]. Industry Landscape Transformation - The industry is witnessing a shift towards high-end markets, with domestic brands making significant strides. The market concentration of the top five companies (CR5) is projected to be around 19% in 2024, with the company achieving a market share close to 12% after acquiring Merck's pearl business and CQV, making it the global leader. Historically, the high-end market has been dominated by overseas brands, with a CR5 concentration of 52% [7][8][28]. Company Overview - The company, established in 2011, focuses on the production and sale of pearl materials and synthetic mica. It went public in Hong Kong in 2021. The second phase of its pearl materials project, with an annual capacity of 30,000 tons, is set to commence in 2024, making it the largest pearl materials factory in China. The company is also concentrating on synthetic mica, with a 100,000-ton project in Tonglu starting in 2025. The acquisitions of CQV and Merck's surface solutions business in 2023 and 2025, respectively, are expected to facilitate rapid global expansion and growth [8][9][28]. Capacity Expansion and Growth Acceleration - The company currently has a total capacity of 48,000 tons for pearl pigments across its two factories in Guangxi. The ongoing construction of a 100,000-ton synthetic mica facility in Hangzhou will further support revenue growth. The company aims to enhance its market share through capacity expansion and leverage the advantages of its acquisitions to penetrate high-end markets [9][28]. Strategic Synergy and Future Outlook - The company anticipates achieving a synergistic effect from its acquisitions, optimizing costs and enhancing product integration. The expected net profits for 2026 and 2027 are projected to be approximately 490 million and 720 million, respectively, corresponding to price-earnings ratios of 17.73 and 11.99 [9][28].

Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time coverage due to its position as a global leader in pearlescent pigments and the potential underestimation of its performance [6][9]. Core Insights - The company has established itself as a leader in the global pearlescent pigment industry through strategic acquisitions, including the integration of Korean CQV and German Merck's surface solutions business (SUSONITY), which positions it well for future growth [8][11]. - The report highlights the high growth potential of the pearlescent pigment market, driven by increasing demand in high-end applications such as cosmetics and automotive coatings, with a projected CAGR of 13.99% from 2016 to 2023 [48][54]. - The company is expected to see significant revenue growth, with projected revenues of RMB 3.52 billion in 2025, reflecting a year-on-year growth rate of 114.85% [7][9]. Summary by Sections Company Overview - The company, originally founded as Guangxi Qise Pearlescent Effect Materials Co., Ltd. in 2011, has grown to become a global leader in pearlescent pigments, successfully listing on the Hong Kong Stock Exchange in 2021 and expanding its global footprint through acquisitions [17][24]. Financial Performance - The company has maintained a strong revenue growth trajectory, with a CAGR of 36.58% from 2017 to 2024, and an increase in gross margin from 43.99% in 2017 to 53.34% in 2024 [32][37]. - The report forecasts net profits of RMB 1.91 billion, RMB 5.29 billion, and RMB 10.05 billion for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 41, 15, and 8 [9][10]. Market Dynamics - The pearlescent pigment industry is characterized by high growth potential, low price sensitivity, and strong brand loyalty, making it a unique investment opportunity [11][45]. - The report emphasizes the importance of synthetic mica as a superior alternative to natural mica, addressing supply chain challenges and enhancing product quality [67][74]. Growth Drivers - Key growth drivers include the successful integration of acquired brands, expansion of production capacity, and the increasing demand for high-end applications in cosmetics and automotive sectors [8][11][61]. - The company plans to expand its domestic production capacity to approximately 48,700 tons, which is expected to support revenue growth and improve operational efficiency [61][79]. Competitive Landscape - The competitive landscape is dominated by major players such as Merck and BASF, with the company positioned to capture market share through its strategic acquisitions and product innovations [54][56]. - The report notes that the high-end market for pearlescent pigments is characterized by significant barriers to entry, making it difficult for new brands to penetrate [54][56].

Core Viewpoint - Global New Materials International (06616) is experiencing a significant stock price increase, attributed to its plans for bond redemption and strategic acquisitions in the market [1] Group 1: Stock Performance - The stock of Global New Materials International rose nearly 9%, with a current increase of 8.49%, trading at HKD 6.52 and a transaction volume of HKD 181 million [1] Group 2: Corporate Actions - The company plans to redeem USD 40 million of convertible bonds that are due on November 8 [1] - From July to October, the company purchased a total of 1.1218 million shares of its non-wholly owned subsidiary CQV, increasing its total holdings to 5.5118 million shares, representing approximately 50.75% of CQV's total issued shares [1] Group 3: Production Capacity and Future Plans - According to Guojin Securities, the domestic operating entity of Global New Materials has a current production capacity of 33,000 tons for pearlescent pigments, with a long-term plan to increase this capacity to 48,000 tons [1] - The CQV facility in South Korea has a combined production capacity of 2,600 tons [1] - The Tonglu factory's synthetic mica production capacity of 100,000 tons is expected to be completed and operational in the second half of 2025 [1] - The company anticipates that the expansion in Guangxi and the acquisition of CQV/Merck will provide channels for capacity digestion in synthetic mica, while the current domestic synthetic mica base cost remains higher than that of natural mica, indicating potential for cost reduction and efficiency improvements in the future [1]

Core Viewpoint - Global New Materials International (06616) is experiencing a significant stock price increase, attributed to its plans for bond redemption and strategic share acquisitions in its subsidiary CQV [1] Company Developments - The company plans to redeem $40 million convertible bonds due on November 8 [1] - From July to October, the company purchased a total of 1.1218 million shares of its non-wholly owned subsidiary CQV, increasing its total holdings to 5.5118 million shares, representing approximately 50.75% of CQV's total issued shares [1] Industry Insights - According to Guojin Securities, the domestic operational entity of Global New Materials has a current production capacity of 33,000 tons for pearlescent pigments, with a long-term plan to increase this capacity to 48,000 tons [1] - The CQV facility in South Korea has a combined production capacity of 2,600 tons [1] - The Tonglu factory's synthetic mica production capacity of 100,000 tons is expected to be completed and operational by the second half of 2025, with expectations for expansion in Guangxi and acquisitions of CQV/Merck to provide channels for capacity digestion [1] - Current domestic synthetic mica production costs remain higher than those of natural mica, with expectations for cost reduction following capacity expansion [1]

Core Viewpoint - Global New Materials International (06616) is increasing its stake in its non-wholly owned subsidiary, CQV, from 42.45% to 50.75% to enhance control over overseas core assets and improve global business synergy and governance stability [1] Company Summary - The company's stock rose over 6% in the afternoon trading session, with a current price of 4.79 HKD and a trading volume of 98.22 million HKD [1] - The acquisition of 1.1218 million shares is scheduled between July and October 2025 [1] Industry Summary - Guojin Securities reports that the combined market share of the two leading companies in the pearlescent pigment sector (Global New Materials and Kuncai) exceeds 30% [1] - The firm is optimistic about the company's overseas acquisition of Merck's surface materials business/CQV, aiming to cultivate a global leader in pearlescent pigments [1] - The industry is experiencing simultaneous growth in both volume and price due to capacity expansion and product structure optimization [1] - The pearlescent pigment market has promising prospects in new consumer sectors such as cosmetics and automotive, with a clear trend of synthetic mica replacing natural mica [1]

Group 1 - The core viewpoint of the article highlights the promising prospects of the pearlescent pigment industry, particularly in the cosmetics and automotive sectors, which are expected to drive future growth due to double-digit growth rates and domestic substitution trends [1][2][20] - The company has a combined domestic market share of over 30% in the pearlescent pigment sector, with major players being Global and Kuncai [1][20] - The global market for pearlescent pigments is projected to grow from 23.5 billion yuan in 2023 to 44 billion yuan by 2030, with a compound annual growth rate (CAGR) of 9.4% [20][22] Group 2 - The company has made significant acquisitions, including a 42.45% stake in South Korea's largest pearlescent pigment manufacturer, CQV, for 466 million yuan, which is expected to enhance its market position [2][37] - The acquisition of CQV is projected to yield a revenue of 2.97 billion yuan in 2024, with a year-on-year growth of 18% and a net profit of 460 million yuan, reflecting a substantial increase of 170% [2][39] - The company is also set to acquire Merck's global surface solutions business for 665 million euros, which is anticipated to be completed by July 2025, further solidifying its position in the global market [2][42] Group 3 - The company plans to increase its pearlescent pigment production capacity from 33,000 tons to 48,000 tons in the long term, with the CQV facility contributing an additional 2,600 tons [3][47] - The production capacity expansion is expected to support sales growth, with the company projecting a revenue increase from 3.15 billion yuan in 2018 to 15.28 billion yuan in 2024, representing a CAGR of 30.1% [3][49] - The average selling price of pearlescent pigments is expected to rise from 37,300 yuan per ton in 2018 to 60,200 yuan per ton in 2024, driven by product structure optimization and increased demand in high-end consumer sectors [3][50] Group 4 - The company is focusing on synthetic mica as a substitute for natural mica, which is expected to become a clear trend in the industry [2][32] - Synthetic mica offers advantages such as stable supply, lower environmental impact, and superior properties compared to natural mica, making it increasingly popular in various applications, including cosmetics [2][34] - The company is also exploring potential applications in new energy batteries and building-integrated photovoltaics (BIPV), indicating a diversification of its product offerings [2][30]