| 序号 | 子项目名称 | 项目明细 | 最新进展及后期计划 | | --- | --- | --- | --- | | | PCB光刻胶 | PCB外层油墨9.000t/a | 已于2024年3月获得试生产批复进行试生产,并于 2025年2月获得龙南市应急管理局批复进行正式 生产。 | | | (PCB油墨) | | | | | 16.000t/a | | 已于2025年4月取得试生产批复进行试生产,并于 | | | | PCB内层油墨7,000t/a | 2025年12月获得龙南市应急管理局批复进行正式 | | | | | 生产。 | | 2 | 自制树脂 | PCB光刻胶等成品的重要原 | 已于2025年4月取得试生产批复进行试生产,并于 2025年12月获得龙南市应急管理局批复进行正式 | | | 12.000t/a | 材料 | | | | | | 生产。 | | 3 | 除料 | UV涂料8,000t/a 水性涂料2,000t/a | 目前已通过消防验收阶段,正在进行设备调试等 | | | 15,000t/a | | 工作,预计于2026年上半年提交涂料试生产申请。 | | | | 配套材料5, ...

一起并购落地后，锡山国投董事长盛汉平多了一重身份——上市公司洪汇新材董事长。 正是这份对实业艰辛的体会，让他更读懂了实体企业的坚韧底色。"洪汇新材是众多实体企业的一个缩 影。即便面对原材料价格剧烈波动、外贸形势变化等外部冲击，依然能主动求变、多措并举，在风浪中 站稳脚跟、稳健经营。"上任仅五个月，盛汉平对洪汇新材的未来充满信心。在"国有平台管理者"与"上 市公司掌舵人"双重身份的赋能下，他与洪汇新材的前行之路，走得更加坚实。 闯技术关： 水性化材料打开增长新空间 洪汇新材专注于特种氯乙烯共聚物的研发，已形成氯乙烯-醋酸乙烯共聚树脂二元系列、羧基三元系 列、羟基三元系列，以及氯乙烯共聚乳液及其改性的水性丙烯酸系列、环氧系列、氯醋乳液系列等多元 产品矩阵。 这些上游原材料，经过与水、引发剂、助剂的一系列化学反应，再通过沉析、离心分离、包装等工艺， 最终化身为日常生活中随处可见的材料——用于食品包装的涂料、各类胶粘剂、金属防腐底漆，以及家 电、电动车塑料配件表面处理等。 值得一提的是，洪汇新材是全球少数实现特种氯乙烯共聚物水性化并成功推广应用的企业之一。公司水 性系列产品，是下游环保型水性涂料所需不可或缺的核心成膜 ...

"兼任洪汇新材董事长，是我从未有过的职业体验，百感交集。"近日在接受上海证券报记者专访时，盛 汉平直言切身感受到实业经营的千钧之重：市场竞争如逆水行舟，产品与业务模式需直面多重挑战，从 研发、制造到品控、销售，环环相扣、步步为营，唯有全链条贯通无虞，方能让实体企业行稳致远。 正是这份对实业艰辛的体会，让他更读懂了实体企业的坚韧底色。"洪汇新材是众多实体企业的一个缩 影。即便面对原材料价格剧烈波动、外贸形势变化等外部冲击，依然能主动求变、多措并举，在风浪中 站稳脚跟、稳健经营。"上任仅五个月，盛汉平对洪汇新材的未来充满信心。在"国有平台管理者"与"上 市公司掌舵人"双重身份的赋能下，他与洪汇新材的前行之路，走得更加坚实。 闯技术关： 水性化材料打开增长新空间 盛汉平 目前，洪汇新材已在资金、治理与战略层面完成基础铺垫。"未来，公司将着力构建'稳固基本盘+强劲 新引擎'的健康业务架构，让洪汇新材成长为一家更具韧性、更富创新活力、更受市场认可的行业领军 企业。"盛汉平说。 ◎邱思雨 记者 操子怡 一起并购落地后，锡山国投董事长盛汉平多了一重身份——上市公司洪汇新材董事长。 洪汇新材专注于特种氯乙烯共聚物的研发，已形 ...

Core Viewpoint - The company, Beijing Oriental Yuhong Waterproof Technology Co., Ltd., is optimizing its asset structure by selling non-production real estate assets, which is seen as a strategic move to focus on its core business and enhance its competitive position in the market [1] Group 1: Asset Optimization - The company plans to sell non-production real estate assets held by its subsidiaries, which is interpreted as a proactive choice for strategic focus rather than a loss [1] - Continuous asset disposals are aimed at concentrating resources on the main business, thereby strengthening its core operations [1] Group 2: Global Expansion - The company is accelerating its global strategy through a combination of trade, investment, and acquisitions, with significant actions taken since November [2] - It intends to acquire 60% of Brazilian Novakem for approximately 144 million yuan and is constructing a production and R&D base in Mexico, expected to be operational by 2026 with an annual capacity of 100,000 tons of sand powder and 20,000 tons of water-based coatings [2] - The company completed the acquisition of Chilean construction retail leader Construmart S.A. for about 123 million USD, establishing a dual support layout in the Latin American market [2] - International production capacity has been established in key regions including Houston, USA, Saudi Arabia, and Malaysia, with the Malaysian factory expected to begin trial production in the first half of 2025 [2] - Overseas revenue has increased from 246.7 million yuan in 2020 to 877 million yuan in 2024, representing a growth of 255%, with further growth expected in 2025 [2] Group 3: Sand Powder Business Development - The sand powder business has achieved significant scale, with production capacity increasing from 1.8 million tons in 2021 to a target of 10 million tons by 2025, supported by 68 production and logistics bases nationwide [3] - The company is extending its operations upstream by investing in a new materials industrial park in Jiangxi and acquiring marble mining rights, which will lower production costs and allow entry into high-margin sectors [3] - The establishment of a silica sand production base in Guangdong is expected to generate an annual output value of 135 million yuan, positioning the company among the leading glass sand processing enterprises in the country [3] Group 4: Market Recognition and Future Strategy - The company's strategic adjustments have been recognized by the capital market, with over 50 domestic and foreign institutions acknowledging the long-term growth logic in its overseas expansion and sand powder business [4] - The company plans to continue investing in overseas capacity construction and the sand powder industry chain, aiming to become a global leader in building materials system services through a dual-driven development model [4] - This proactive strategic focus is expected to open up broader growth opportunities during a critical period of industry transformation [4]

Core Viewpoint - BYD is expanding its adhesive production capacity through a new project in Guangdong, which is expected to enhance its supply chain and reduce reliance on foreign brands [2][3][9]. Group 1: Project Overview - The total investment for the adhesive production project is 74.52 million yuan, with implementation planned from November 2025 to July 2026 [3]. - The project will cover an area of 12,000 square meters and aims to produce 25,000 tons of silicone encapsulant, 10,000 tons of PVC adhesive, and 40,000 tons of polyurethane adhesive annually [3]. Group 2: Company Background - The project is being developed by Shantou BYD Industrial Co., Ltd., a wholly-owned subsidiary of BYD, established in October 2016 with a registered capital of 50 million yuan [4]. - In addition to the adhesive project, this subsidiary is also involved in paint projects [4]. Group 3: Related Projects - In July, the special functional interface materials project by Shantou BYD was completed with an investment of 12.5 million yuan, designed to produce 1,460 tons of insulation powder coatings and special light-curing coatings annually [5]. - A water-based paint project with a total investment of 6 million yuan has also been completed, with an annual production capacity of 4,000 tons for both water-based and fireproof coatings [6]. Group 4: Strategic Investments - In May, BYD became the second-largest shareholder of Chongqing Huahui Coating Co., Ltd., which specializes in automotive coatings [7]. - Huahui's products include original factory coatings for vehicles and have established partnerships with several domestic automakers, enhancing BYD's supply chain [8]. Group 5: Future Plans - BYD plans to invest in a paint research and development center to create higher-performance coatings tailored to its needs [10].

Core Viewpoint - Yatu High-tech Materials Co., Ltd. has suspended its IPO process due to the need for supplementary auditing of its financial reports, which has been approved by the Beijing Stock Exchange, currently showing a status of "suspended" [1][2]. Company Summary - Yatu High-tech has shifted its IPO direction multiple times, initially targeting the ChiNext board in 2021, then the Shenzhen Main Board in 2023, and finally settling on the Beijing Stock Exchange, which focuses on serving innovative small and medium-sized enterprises [2]. - The company plans to raise 431 million yuan, with key investments allocated to four areas: 141 million yuan for building a water-based paint intelligent production line, increasing capacity from less than 1,000 tons to 8,000 tons; 106 million yuan for upgrading its R&D center; 83 million yuan for establishing a global marketing network; and the remainder for supplementing working capital [2]. Industry Summary - The market share of domestic coatings in the automotive repair paint sector is steadily increasing, and if Yatu High-tech successfully goes public, it will become the first listed company in this sector on the Beijing Stock Exchange [4]. - The company's involvement in revising national standards and expanding water-based paint production capacity may help break the foreign brands' monopoly in the high-end market, contributing to the "going global" of Chinese paint standards [4]. - Although Yatu High-tech has not disclosed updates on its financial data, the market generally believes that its continuous growth and clear strategic layout increase the likelihood of resuming the review and ultimately going public [4].

Core Viewpoint - Yatu High-tech is accelerating its entry into the capital market with a plan to issue up to 30.58 million new shares, supported by the North Exchange's focus on "specialized, refined, and innovative" enterprises [2][3] Group 1: Company Overview - Yatu High-tech is recognized as a national-level "little giant" enterprise focusing on functional coatings, driven by technological innovation and environmental transformation [2] - The company has accumulated 123 patents, including 81 invention patents, covering the entire industry chain from resin materials to testing methods [2] - R&D investment is increasing year-on-year, projected to reach approximately 24.45 million yuan in 2024, with core technology products accounting for over 80% of revenue for three consecutive years [2] Group 2: Environmental Strategy - In response to stricter environmental policies, Yatu High-tech has positioned itself in the low VOCs coatings sector, obtaining certifications for its main products [3] - The company has successfully applied water-based coatings in various scenarios, with a projected sales volume of 467.6 tons in 2024 and a current capacity utilization rate of 70.39% [3] - The growth of the water-based coatings business is expected to be driven by increasing demand in new energy commercial vehicles and rail transit markets [3] Group 3: Future Outlook - Yatu High-tech aims to strengthen its R&D and environmental product layout as it approaches the North Exchange [3] - The company is expected to maintain its leading position in automotive repair coatings while promoting the growth of water-based coatings and contributing to the domestic development of industrial coatings [3]

Core Viewpoint - Yatu High-tech (872924.BJ) is set to go public on the Beijing Stock Exchange, showcasing strong financial performance and a solid growth strategy in the automotive repair paint sector, highlighting its long-term investment value [2][3]. Financial Performance - The company's gross profit margin is projected to increase from 35.39% in 2022 to 44.00% in 2024, driven by revenue growth from high-margin regions (mainly the U.S. and Russia), product structure upgrades, and effective raw material cost control [2]. - By the end of 2024, the company expects to have cash reserves of 370 million yuan, ensuring sufficient funds for business expansion [2]. - The net cash flow from operating activities is expected to exceed 350 million yuan from 2022 to 2024, indicating robust cash flow health [2]. - For the first nine months of 2025, the company forecasts revenue between 570 million to 610 million yuan, with net profit expected to be between 115 million to 125 million yuan, reflecting a year-on-year growth of 9.68%-17.38% and 11.57%-21.27% respectively, indicating strong growth certainty [2]. Industry Position - Yatu High-tech ranks third in the "Top 5 Automotive Repair Paint Brands in China" published by "Coating World," following international giants PPG and Axalta, showcasing its strong market position as a leading domestic brand [3]. - The company plans to raise 431 million yuan for five core projects, including the construction of a water-based paint intelligent production line to alleviate current capacity bottlenecks, and an upgraded R&D center focusing on low VOCs and new energy vehicle coatings [3]. - The digital integration center project aims to enhance supply chain and customer service efficiency, creating a synergistic growth pattern of "capacity + technology + channels" to further solidify its advantage in the automotive repair paint sector and explore new market opportunities in automotive interiors and rail transit coatings [3].

Core Insights - The Asia-Pacific paint industry is experiencing a recovery, with a focus on "green" and "sustainable" development as key themes for future growth [2][3] Market Growth Trends - The Asia-Pacific region shows significant growth in the paint industry, with varying trends across countries. Vietnam's paint production is expected to reach 493 million liters in 2024, a year-on-year increase of 8.34% [3] - Malaysia's paint market has a compound annual growth rate (CAGR) of 13.6% since 2018, with an estimated total production of 495 million liters in 2024 [3] - Indonesia's paint market is projected to maintain steady growth, with an expected production of 105,860 tons in 2025, where water-based paints will account for nearly 70% [3] - The Philippines anticipates a growth of 4% to 6% in its paint industry by 2026, driven by protective, marine, and powder coatings [3] Global Market Projections - The global paint market is expected to see a CAGR of 3.0% in volume and 5.8% in sales revenue over the next five years, reaching 56.7 billion liters and $267 billion by 2029 [4] Policy and Demand Drivers - Government infrastructure and renovation projects are significant drivers for the paint industry in the Asia-Pacific region. Singapore's government has allocated SGD 60 million for promoting heat-reflective coatings by 2030 [5] - Indonesia's "3 million housing plan" aims to provide affordable housing for low-income groups, boosting local paint demand [5] - The Philippines' paint industry growth is supported by substantial government infrastructure investments, creating demand for high-performance protective coatings [5] Focus on Sustainability - The paint industry is increasingly emphasizing environmental friendliness. Australia's Paintback recycling program has processed over 56,000 tons of waste paint and packaging since its launch in 2016 [6] - Japan's paint industry is working towards carbon neutrality by 2050, with a focus on reducing CO2 emissions from the paint manufacturing sector, which is approximately 190,000 tons per year [7] - Several countries in the region are moving towards eliminating certain chemical components in paints, with Malaysia banning lead paints in 2020 and Indonesia and Vietnam progressing towards lead-free markets [7]

Group 1 - The Beijing Stock Exchange's listing committee approved the IPO applications of Weite Environment and Yatu High-tech, both recognized as national-level specialized "little giant" enterprises focusing on industrial coatings and drainage network operation services [1] - Yatu High-tech's revenue is projected to grow from 606 million yuan in 2022 to 769 million yuan in 2024, with a decreasing growth rate from 18.68% in 2023 to 6.95% in 2024, while net profit growth is expected to decline from 47.48% to 8.33% during the same period [1] - The company plans to raise 431 million yuan through its IPO to fund the construction of a water-based coating intelligent production line, R&D center upgrades, digital integration center, global marketing network demonstration stores, and to supplement working capital [2] Group 2 - Weite Environment is also recognized as a national-level specialized "little giant" enterprise, providing advanced services in drainage network detection, assessment, design, and smart operation using proprietary technologies [2] - The company has established partnerships with major state-owned enterprises and operates primarily in the Pearl River, Yangtze River, and Yellow River basins, focusing on water environment governance and urban flood management [2] - Weite Environment's revenue for 2024 is projected to be 329 million yuan, with a net profit of 53.24 million yuan, and the company plans to raise approximately 169 million yuan for regional operation center construction and technology R&D [3]