东兴证券股份有限公司（以下简称"东兴证券"或"保荐机构"）作为惠柏 新材料科技（上海）股份有限公司（以下简称"惠柏新材"或"公司"）首次公 开发行股票并在创业板上市的保荐机构履行持续督导职责，根据《证券发行上市 保荐业务管理办法》《深圳证券交易所上市公司自律监管指引第13号——保荐业 务》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监 管指引第2号——创业板上市公司规范运作》等相关规定，对惠柏新材新增2025 年度日常关联交易预计的事项进行了认真、审慎的核查，核查情况及核查意见如 下： 一、日常关联交易的基本情况 （一）公司已预计的 2025 年度日常关联交易情况 公司于 2024 年 11 月 20 日召开第四届董事会第五次会议和第四届监事会第 五次会议，审议通过了《关于 2025 年度日常关联交易预计的议案》，公司预计 主要内容为：购买原材料、燃料、动力产品、加工服务 3,300.00 万元，销售产品、 商品、提供或者接受劳务委托 260.00 万元，关联租赁 540.00 万元，公司独立董 事 2024 年第四次专门会议对前述议案发表了同意的审核意见。具体内容详见公 司在巨潮资讯网（ ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for the period decreased by 14% to R52 billion, reflecting a challenging macroeconomic environment [15][30] - Free cash flow improved by more than 70% compared to the prior year, reaching almost ZAR 12.6 billion, a 75% increase [33][34] - Net debt was reduced to $3.7 billion, achieving the target of staying under $4 billion, marking the lowest level since 2016 [12][31] Business Line Data and Key Metrics Changes - In the South African business, mining EBITDA increased by 15%, while gas EBITDA rose by 35% due to higher gas prices and sales volumes [37] - Fuels segment saw a decline of 38% due to weaker rand oil prices and lower refining margins [37] - International Chemicals increased its share of group adjusted EBITDA from 9% to 15%, driven by improved U.S. Ethylene margins and stronger palm kernel oil pricing [38] Market Data and Key Metrics Changes - The macroeconomic environment was highly volatile, influenced by global tariffs and geopolitical tensions, impacting various business segments differently [32] - The chemical segments benefited from stronger U.S. Ethylene margins and a 5% uplift in the overall chemicals basket price [32] Company Strategy and Development Direction - The company is focused on strengthening its foundation, resetting international chemicals, and restoring the South African value chain [8][26] - A commitment to a 30% reduction in greenhouse gas emissions by 2030 is part of the strategic roadmap, with significant progress in renewable energy initiatives [47][50] - The company aims to improve cash generation to accelerate deleveraging while advancing its growth and transformation agenda [27][40] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the operating environment but expressed confidence in the execution of strategic plans [9][26] - The focus remains on safety, operational reliability, and optimizing capital allocation to navigate ongoing macro volatility [28][41] - Future guidance includes maintaining cost and capital discipline while targeting further reductions in net debt [43][44] Other Important Information - The company invested R600 million in social programs globally, supporting over 250 students and contributing to community infrastructure projects [24][25] - The upcoming retirement of key executives marks a transition in leadership, with new appointments aimed at addressing both short and long-term goals [19][20] Q&A Session Summary Question: CapEx savings and guidance for FY 2026 - The company achieved CapEx below guidance due to a rigorous approach, deferring low-risk activities and optimizing capital spend [56][64] - Guidance for FY 2026 remains similar to FY 2025 despite no shutdown, with expectations for increased volumes from the destoning plant [56][64] Question: Gas volumes and impairment calculations - Gas volumes from Mozambique are expected to ramp up, but total recoverable gas volumes were revised down due to changes in the WACC rate [58][66] - The commissioning of the integrated processing facility is on track, but delays in the CTT project have been encountered [58][73] Question: Outlook for chemical prices and debt reduction - The company is focused on deleveraging, using excess cash to reduce gross debt and improve net debt position [92] - The effective tax rate has increased due to non-permissible deductions, impacting overall tax payments [80]

Group 1 - The core viewpoint of the article indicates that Hong Kong's retail sales showed a slight year-on-year increase in June 2025, but the growth rate has narrowed, with total sales value estimated at HKD 30.1 billion, up 0.7% year-on-year [1] - In the first half of 2025, the total retail sales value decreased by 3.3% compared to the same period in 2024 [1] - Online sales accounted for 8.5% of total retail sales in June, with an estimated value of HKD 2.5 billion, reflecting an 8.4% year-on-year increase, although online sales value for the first half of 2025 decreased by 0.4% [1] Group 2 - In the second quarter of 2025, the seasonally adjusted total retail sales value increased by 0.3% quarter-on-quarter, while the seasonally adjusted total retail sales volume rose by 2.7% [1] - By category, jewelry, watches, and luxury gifts saw a 6.8% year-on-year increase in sales value, while other unclassified consumer goods rose by 7.2% [1] - Conversely, clothing sales value fell by 4.3%, and sales of food, alcoholic beverages, and tobacco decreased by 1.5% [1] Group 3 - A government spokesperson noted that the retail sector is stabilizing, with expectations of continued support from rising employment income, a strong stock market, and government initiatives to promote tourism and diverse experiences [2]

Core Viewpoint - President Trump's ultimatum to Russia has been significantly shortened from 50 days to 10 days, creating heightened tensions and impacting global oil prices [1][3][11]. Group 1: Ultimatum and Sanctions - Trump has set a new deadline of August 8 for Russia to reach a ceasefire agreement regarding the Ukraine conflict, a reduction from the previous deadline of September 2 [1]. - The potential "secondary sanctions" could target countries that continue to purchase Russian oil, which may affect major buyers like India [1][7]. - Trump's warning of imposing "very severe, approximately 100% tariffs" on Russia if no agreement is reached within the stipulated time frame indicates a serious escalation in trade tensions [2]. Group 2: Oil Price Impact - Following Trump's announcement, international crude oil futures saw significant increases, with WTI crude rising nearly 4.6% to $69.76 and Brent crude increasing over 4.3% to $73.08, marking the largest intraday gains in over six weeks [3]. - Analysts express concerns that the new deadline could tighten the supply of Russian oil and fuel in the global market, potentially leading to further price increases [6]. Group 3: Geopolitical Reactions - The EU has recently announced new sanctions against Russia, which includes penalties against Indian company Nayara Energy, indicating a broader geopolitical response to the conflict [6]. - Trump's remarks about not worrying about the impact of sanctions on the oil market suggest confidence in increasing domestic oil production to offset any potential supply disruptions [8]. - Political analysts speculate that India and other major oil-importing countries may reduce their imports of Russian energy, either voluntarily or due to tariff pressures, which could financially impact the Russian government [9].

Core Insights - The company reported strong financial results for Q2 2025, with sales of goods and services reaching ISK 43,579 million, a year-on-year increase of 20.9% [3][4] - Profit for the quarter amounted to ISK 1,419 million, reflecting a 49.0% increase from the previous year [4][5] - The company raised its EBITDA guidance for 2025 to ISK 15,200 – 15,600 million due to better-than-expected results [4][5] Financial Performance - Sales of goods and services increased by 20.9% year-on-year, with a 7.3% increase when excluding the impact of Lyfja [4] - EBITDA for the quarter was ISK 3,938 million, a 35.1% increase year-on-year, or 21.6% excluding Lyfja [4] - Profit margin improved to 25.3%, up by 1.5 percentage points from Q2 2024 [4] Operational Highlights - The company experienced a 23.1% increase in operating expenses year-on-year, with a notable increase in full-time equivalents by 271, primarily due to Lyfja [4] - Digital sales channels are gaining traction, with new technology and payment solutions enhancing customer service [6] - The company is focused on cost reduction through improved efficiency and product development [5] Strategic Developments - The company initiated a share buyback program on June 30th, planning to purchase up to 2,500,000 shares, not exceeding ISK 800 million in total [4] - Festi signed agreements for the sale of plots in Reykjavík for around ISK 1.0 billion, with a book value of ISK 0.5 billion [4] - New store openings and renovations are underway, including a large format store in Reykjanesbær and a renovated store at Vallakór [10] Market Position - The company maintains a strong position in the market, with increasing sales volumes across all product categories [5] - The summer season is critical for operations, with a focus on meeting customer expectations in both local communities and tourist areas [8] - The company is committed to delivering a cost-efficient product selection to enhance customer satisfaction [8]

Core Viewpoint - The South Korean government, led by Lee Jae-myung, is facing significant challenges regarding tariffs and trade relations with the United States, particularly after a planned high-level economic meeting was abruptly canceled by U.S. Treasury Secretary Janet Yellen [1][3]. Group 1: Trade Relations and Tariffs - South Korea is attempting to negotiate tariff exemptions with the U.S. by offering deeper industrial cooperation in sectors like shipbuilding and semiconductors [1][3]. - The South Korean government has previously struggled to convince the Trump administration to ease tariffs, indicating a history of diplomatic challenges in this area [3]. - In response to U.S. pressure, South Korea is considering opening its fuel market and encouraging domestic companies to present a substantial investment package to the U.S. [3][4]. Group 2: Domestic and International Implications - South Korea has decided to impose temporary anti-dumping duties on hot-rolled steel plates imported from China, which is seen as a move to protect domestic industries during an investigation [4][6]. - The decision to impose tariffs on Chinese imports is coupled with similar measures against Japanese steel, suggesting a broader strategy rather than a direct attack on China [6]. - The South Korean media has reported that the U.S. is pressuring South Korea to expand the scope of the U.S.-Korea Mutual Defense Treaty to include the entire Indo-Pacific region, particularly concerning Taiwan [6][8]. Group 3: Economic Consequences - China remains South Korea's largest trading partner, with bilateral trade expected to exceed $310 billion in 2024, raising concerns about the economic impact of tariff measures against Chinese goods [8][10]. - The potential involvement of South Korea in Taiwan-related issues could severely damage the political foundation of Sino-Korean relations, reminiscent of past tensions caused by the THAAD missile defense system [8][10]. Group 4: Strategic Considerations - The South Korean business community generally favors maintaining good relations with China, while the government faces pressure from the U.S. to take actions that may harm these relations [10][12]. - Analysts suggest that while South Korea may increase military spending under U.S. pressure, direct involvement in Taiwan conflicts is unlikely due to regional security concerns [10][12]. - The Chinese government has firmly stated its opposition to any agreements that compromise its interests, warning South Korea against using Chinese interests as leverage in negotiations with the U.S. [12][14].

Core Viewpoint - Oil prices are likely to remain in a range-bound fluctuation unless substantial driving factors emerge [1] Group 1: Market Assessment - The market is currently evaluating the impact of the EU's new sanctions on Russian oil [1] - Current oil prices are relatively stable due to this assessment [1] Group 2: Future Demand Concerns - U.S. President Trump's tariff threats may impact future fuel demand [1]

Core Viewpoint - The Indian Oil Minister indicated that if crude oil prices remain at current levels for the next two to three months, fuel prices are likely to be reduced [1] Group 1 - The Indian government is monitoring crude oil prices closely and is prepared to adjust fuel prices accordingly [1] - Current crude oil price levels are seen as stable, which could lead to potential reductions in fuel costs for consumers [1]

Group 1 - The UK's June CPI unexpectedly rose to its highest level in over a year, increasing from 3.4% in May to 3.6%, surpassing economists' expectations of 3.4% [1] - Core CPI also increased from 3.5% in May to 3.7% in June, indicating persistent inflationary pressures [1] - Food prices rose by 4.4%, marking the highest increase since February 2024, driven by wage tax and minimum wage hikes [1][2] Group 2 - The rise in inflation may complicate the Bank of England's decision-making regarding interest rate cuts in August, as traders have reduced their bets on rate cuts [1][5] - The retail sector is significantly impacted by the government's budget changes, leading to increased prices and hiring constraints [2] - Fuel prices have also contributed to inflation, with only a slight decrease compared to last year, influenced by geopolitical tensions affecting oil prices [2][3] Group 3 - Service sector inflation remains at 4.7%, above expectations, indicating domestic inflationary pressures [3] - The Bank of England has already cut rates four times since August last year, but the unexpected rise in inflation may lead to a more nuanced decision in August [4][5] - Economists predict that the Bank of England may still proceed with a rate cut, despite the inflation data, as the economy has contracted for two consecutive months [5]

Core Viewpoint - The recent tariff measures imposed by the Trump administration on imports from Mexico and Canada are primarily aimed at addressing drug trafficking issues, but their actual impact may be limited due to exemptions for products that comply with the USMCA rules [1][5]. Group 1: Tariff Details - Starting August 1, a 30% tariff will be imposed on goods imported from Mexico, while a 35% tariff will be applied to goods from Canada [1]. - The tariffs are justified by Trump's claims of insufficient action by both countries in controlling fentanyl trafficking [1][6]. - The tariffs are expected to raise prices by approximately 1.2% due to direct and indirect effects on the economy [6]. Group 2: Economic Impact - The US imports over $100 billion annually in industrial goods from Canada and Mexico, which includes machinery, electronics, and agricultural products [5]. - The tariffs may create new negotiation leverage for the US in trade discussions, particularly regarding dairy and aluminum tariffs [4][6]. - The potential for retaliatory tariffs from Canada and Mexico exists, but both countries are currently focused on demonstrating compliance with USMCA to mitigate the impact [7][8]. Group 3: Political Context - Trump's administration has sent letters to 24 countries and the EU regarding tariff adjustments, indicating a broader strategy of using tariffs as a negotiation tool [3]. - The political implications of these tariffs could lead to public dissatisfaction if prices for well-known consumer goods rise significantly [6]. - Both Canada and Mexico have expressed intentions to negotiate rather than retaliate, given their economic dependence on the US market [8].