Core Viewpoint - The internal control evaluation report of Shanghai Jinlitai Chemical Co., Ltd. indicates that as of December 31, 2024, there are no significant deficiencies in financial reporting internal controls, and the company has maintained effective internal controls in all material aspects [1][2][5]. Internal Control Evaluation Conclusion - The company has not identified any significant deficiencies in financial reporting internal controls as of the evaluation report date [2][5]. - There are no factors affecting the effectiveness of internal control evaluations from the evaluation report date to the report issuance date [2][5]. Internal Control Evaluation Work Evaluation Scope - The evaluation covers all major units, businesses, and high-risk areas, with total assets and revenue of the evaluated units accounting for 100% of the consolidated financial statements [3][5]. Identified Deficiencies - The company identified one important deficiency in non-financial reporting internal controls related to funds management, with a total of 930.24 million yuan involved [5][6]. - The company has implemented corrective measures to address the identified deficiencies and enhance compliance awareness [6]. Internal Control System Overview - The company has established a comprehensive internal control system that operates effectively, although there are notable deficiencies in funds and procurement management [6][12]. - The company has received an audit report with a disclaimer of opinion regarding its financial statements and internal control [6]. Control Environment - The company has established a governance structure with a general meeting of shareholders, a board of directors, and a supervisory board, ensuring clear responsibilities and checks and balances [8][9]. Risk Identification and Assessment - The company's main business revenue is derived from automotive coatings, which are closely tied to the automotive industry's economic conditions [9][10]. - Fluctuations in raw material prices significantly impact production costs and overall business performance [10][11]. Control Activities - The company has implemented various control measures across different operational processes, including sales, procurement, production, and financial management [12][13]. - The company has established a performance evaluation system linked to employee compensation and promotions [14]. External Investment Management - The company has a structured approach to external investment management, ensuring compliance with its development strategy and enhancing competitive capabilities [15]. - A recent acquisition of 34% equity in Shenzhen Yitai Technology Co., Ltd. was approved by the board of directors [15]. Information Disclosure Control - The company has established a management system for information disclosure to ensure accurate and timely reporting [16][17]. - The company has not engaged in any related party transactions in 2024 [16]. Internal Supervision - The supervisory board oversees the company's operations, ensuring compliance with laws and regulations [18][19]. - An internal audit department operates independently to monitor and evaluate the company's activities and internal controls [19]. Improvement Measures - The company plans to continuously improve its internal control system to adapt to changing environments and ensure sustainable development [20].

本次会议由中国涂料工业协会主办，以"前沿引领，数字赋能"为主题，深入探讨涂料技术创新发展、新 型智能涂层及特种功能性涂料、新型绿色低碳涂料的应用研究、AI技术赋能涂料工业前沿探索等相关 前沿技术及未来科研创新发展议题，落实国家工业战略性新兴产业政策对涂料行业科技创新的要求，推 动涂料行业高水平科技自立自强，推进涂料相关关键核心技术协同攻关，推动科技创新和产业创新融合 发展，加速涂料行业"人工智能＋"行动，深化产学研用对接交流，深化产学研用结合，以数字赋能推动 发展涂料行业新质生产力。 会上，陈德分享了"双碳目标下涂料行业低碳减排技术路径与产业化实践"的主题演讲。陈德认为，未 来，电池涂料、电动汽车涂料、光伏涂层等新能源涂料领域将有爆发性市场增长，多功能集成涂层是发 展方向，低碳涂料的核心竞争力在于"环保性能×政策合规×循环生态=可持续市场渗透"。企业应锚定水 性、粉末涂料普及、生物基材料创新、纳米功能化发展，提前布局ESPR、CBAM、REEAM等国际认证 要求，形成从原材料（秸秆、微藻）到回收（可降解包装）的全链路减碳的生态闭环。 中证报中证网讯（王珞）近日，2025中国涂料工业未来技术发展大会在苏州召开。 ...

画出一条第二增长曲线。 在自主品牌新能源汽车崛起的时代，国产涂料厂商也迎来了发展机遇，本期要介绍的这家公司正是国 产品牌的代表。 与其他涂料板块相比，汽车涂料行业准入难度大、客户粘性高、竞争格局有序。 （来源：2024年报） PPG、关西、巴斯夫、艾仕得、立邦、KCC等外资企业长期占据着国内汽车涂料市场约70%以上市场 份额。 在汽车工业中，汽车涂料必须具备超过15年以上的耐候保护功能，同时汽车涂料也是外观颜值的担 当，对品牌形象有重要影响。 汽车涂料一般分为汽车售后修补涂料、汽车内外饰件涂料、新车车身涂料（原厂OEM涂料）三大 类。 （来源：2024年报） | 作者 | | 塔山 | | --- | --- | --- | | 编辑 | | 小白 | ...

Core Viewpoint - Jiangsu Kuangshun Photosensitivity New-Material Stock Co., Ltd. plans to issue shares to specific investors to raise funds for its projects, particularly focusing on the production of electronic photosensitive materials and related products. Group 1: Company Overview - The company was established on May 12, 2006, and listed on August 30, 2016, with a registered capital of 200,395,122 RMB [13]. - The company specializes in the research, development, and production of photosensitive materials, including anti-corrosion inks and UV-curable coatings for printed circuit boards [13]. - The company's headquarters is located in Jiangyin City, Jiangsu Province, China [13]. Group 2: Fundraising Details - The company plans to raise a maximum of 300 million RMB through the issuance of shares, which will not exceed 20% of its net assets as of the end of the previous year [2]. - The funds raised will be allocated to a project with a total investment of 525.38 million RMB, specifically for the annual production of 50,000 tons of electronic photosensitive materials [2][3]. - The issuance price is set at 18.13 RMB per share, based on the average trading price of the company's shares over the 20 trading days prior to the pricing date [2]. Group 3: Financial Performance - In 2024, the company reported a revenue of 518.23 million RMB but incurred a net loss of 32.07 million RMB, primarily due to a decline in sales of photovoltaic glue products [3][4]. - The company recognized significant impairment losses, including 29.91 million RMB for goodwill and 13.44 million RMB for accounts receivable [3]. Group 4: Industry Context - The company operates within the electronic chemical materials sector, which is characterized by market-driven competition and significant government oversight [15]. - Recent policies from various government departments have encouraged the development of electronic chemical products, particularly in the context of energy transition and environmental sustainability [15]. Group 5: Risks and Challenges - The company faces risks related to the potential underperformance of its new projects, including the possibility of negative net profits in the first two years post-launch due to high depreciation costs [4][5]. - There are uncertainties regarding the successful development and market acceptance of new products, particularly in the field of photolithography materials [5][6]. - Environmental regulations may impact production capabilities, especially if the company is required to relocate or reduce output due to compliance issues [8].

继今年2月17日宣布已与巴斯夫集团达成最终协议，计划以11.5亿美元的全现金交易收购巴斯夫的巴西建筑涂料业务后， 全球最大的涂料企业美国宣伟 （Sherwin-Williams）欲联合国际资本竞购巴斯夫涂料部门。如果成功竞购巴斯夫涂料部门，将是宣伟历史上继 2017年6月以113亿美元交易价格收购威士 伯后的第二大并购案。那么，宣伟缘何对巴斯夫涂料业务感兴趣？ 巴斯夫（BASF）首席财务官本月早些时候表示，这家德国化学品制造商将在第二季度试探市场，寻找潜在买家对其涂料部门的兴趣。巴斯夫发言人对彭 博新闻社表示："我们正在接近市场，为剩余的涂料业务探索战略选择。"彭博社无法立即核实该报道，巴斯夫也没有立即回应置评请求。 彭博社此前援引知情人士的信息报道称，巴斯夫聘请了美国银行（America Corp.）和摩根大通（JPMorgan Chase & Co.）就其涂料业务的潜在出售事项提 供建议。知情人士表示，这一过程预计将在今年第二季度末开始，一些银行一直在考虑为该交易提供约25亿欧元债务融资的可能性。 涂界记者注意到， 随着世界经济发展疲软，特别是高昂的能源价格，巴斯夫集团早在2023年就在酝酿着一项重大的出 ...

2025 年 5 月 27 日投资者关系活动记录表 编号： 2025-018 投资者关系 活动类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他： 参与单位名称及 人员姓名 吉富创投 罗华灶 时间 2025 年 5 月 27 日 13:30-14:30 地点 公司三楼会议室 上市公司 接待人员姓名 董事会秘书 张启斌； IR 经理 焦昱嘉； 投资者关系活动 主要内容介绍 一、公司 IR 经理焦昱嘉介绍公司及子公司的基本情况和产品情况，简要介绍公 司及行业发展情况等。 二、公司董事会秘书张启斌、IR 经理焦昱嘉就以下问题和参与者进行了交流： 问：请简要介绍公司主要产品及未来发展前景和增长潜力？ 答：公司在产品应用领域发展战略上，以传统优势的 PCB 光刻胶（PCB Photoresist）、3C 消费电子涂料（3C Coatings）等电子材料为基本盘，根据产业 发展趋势扩展光伏胶（PV Materials）、显示光刻胶（FPD Photoresist）、汽车涂料 （Automotive coatings）等国内发展优势产业应用领域，重点发展工业防护涂料 ...

Group 1: Industry Overview - The global top ten paint manufacturers generated total sales revenue of $81.0099 billion in 2024, a decrease of 11.30% year-on-year, accounting for 40.00% of the global paint market revenue, down 4.1 percentage points from the previous year [2] - The ranking is compiled by the Chinese paint industry media "Coating Industry" and is based on the sales revenue of the paint business of manufacturing enterprises, with an entry threshold of $2.7 billion for this year [2] Group 2: Nippon Paint Company Profile - Nippon Paint, founded in 1881 and listed in 1949, is Japan's first paint company, involved in various segments including architectural, automotive, industrial, wood, marine, and protective coatings [4] - The company has seen its sales revenue grow from 260.6 billion yen in 2015 to 1,638.7 billion yen in 2024, marking a 5.29-fold increase over nearly a decade, with a compound annual growth rate of 23.35% [8] Group 3: Financial Performance - In 2024, Nippon Paint achieved sales revenue of 1,638.72 billion yen (approximately $1.07669 billion), a year-on-year increase of 13.6%, with a net profit attributable to shareholders of 127.34 billion yen, up 7.5% [8] - For the first quarter of 2025, the company reported sales of 405.72 billion yen (approximately $2.6834 billion), a 5.6% increase year-on-year, and a net profit of 36.998 billion yen, up 25.7% [8] Group 4: Market Strategy and Growth - Nippon Paint plans to focus on expanding its business into adjacent markets, particularly in adhesives and other paint-related sectors, which are estimated to be three times the size of the paint market [14] - The company has been actively acquiring businesses to accelerate growth in these adjacent markets, including the recent acquisition of AOC for $2.194 billion [14] Group 5: China Market Contribution - China contributed over 30% to Nippon Paint's revenue in 2024, with sales revenue in China growing from over 3 billion yuan in 2004 to 25.84 billion yuan in 2024, a more than 7.6-fold increase over twenty years [11][12] - The company has established 75 factories and 10 R&D centers in China, with ongoing investments to expand production capacity, including a new automotive paint factory in Tianjin [12][13] Group 6: Future Outlook - Nippon Paint aims to enhance its market share through strategic investments and acquisitions, particularly in the Chinese market, which remains a key focus for future growth [13][17] - The company is also working on building operational bases in various regions to increase its market presence in key segments, including sealants and adhesives, which have a global market size of approximately $60 billion [17]

立邦中国IU事业群总裁徐杰称，企业将依托全球38个生产基地和5大研发中心，通过积极扩大本土产 能，提供高效、优质的供货方案，与中国汽车产业共创价值。(完) 该基地位于天津经开区南港工业区，占地19.3万平方米，专注于汽车涂料及汽车涂料配套树脂等产品的 研发与生产。通过引入自动化投料系统、智能仓储物流及数字化管理平台，基地实现从原料到成品的全 流程智能化管控。其环保体系包含电泳废水与浓盐水专线处理、光伏发电与绿电组合应用，目前绿色电 力使用比例已达50%。 "立邦选择在天津经开区落户，看中的是区域雄厚的产业基础、政策支持以及辐射华北市场的区位优 势。"立邦投资有限公司副董事长、立邦中国供应链管理总部高级副总裁邢荣华表示，将以该基地为新 起点，继续深化与区域合作伙伴的协作，不断推动技术创新与产业升级。 天津经开区相关负责人指出，该项目是天津经开区南港工业区打造世界一流绿色化工新材料产业基地的 又一标志性成果，未来将吸引更多智能制造、绿色创新项目落地，以"新智造"驱动区域高质量发展。 5月22日，立邦涂料全球布局中规模最大的汽车涂料生产基地在天津经开区正式投产。(天津经济技 术开发区管理委员会供图) 中新社天津5月 ...

丨证券研究报告丨 行业研究丨点评报告丨建材 [Table_Title] 收入维持稳健，竞争缓和盈利回升 ——立邦中国 2025 年一季报点评 报告要点 [Table_Summary] 日涂控股公布 2025 年一季报：立邦中国业务 2025 年一季度实现销售收入 1276 亿日元，折合 61 亿人民币，同比增长 4%；营业利润 193 亿日元，折合约 9.3 亿人民币，同比增长 13%。 分析师及联系人 1 [Table_Author] 范超 张佩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490523030002 SFC：BQK473 [Table_Title 收入维持稳健，竞争缓和盈利回升 2] ——立邦中国 2025 年一季报点评 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Summary2] 事件描述 日涂控股公布 2025 年一季报：立邦中国业务 2025 年一季度实现销售收入 1276 亿日元，折合 61 亿人民币，同比增长 4%；营业利润 193 亿日元，折合约 9.3 亿人民币，同 ...

丨证券研究报告丨 行业研究丨点评报告丨建材 [Table_Title] 收入维持稳健，竞争缓和盈利回升 ——立邦中国 2025 年一季报点评 报告要点 [Table_Summary] 日涂控股公布 2025 年一季报：立邦中国业务 2025 年一季度实现销售收入 1276 亿日元，折合 61 亿人民币，同比增长 4%；营业利润 193 亿日元，折合约 9.3 亿人民币，同比增长 13%。 分析师及联系人 [Table_Author] 范超 张佩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490523030002 SFC：BQK473 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 行业研究丨点评报告 [Table_Rank]投资评级 看好丨维持 [Table_Title 收入维持稳健，竞争缓和盈利回升 2] ——立邦中国 2025 年一季报点评 [Table_Summary2] 事件描述 日涂控股公布 2025 年一季报：立邦中国业务 2025 年一季度实现销售收入 1276 亿日元，折合 61 亿人民币，同比 ...