Group 1 - The core viewpoint of the news is that Matsui Group's stock has experienced fluctuations, with a recent decline in price despite a significant year-to-date increase [1][2] - As of September 18, Matsui Group's stock price was 39.41 yuan per share, with a market capitalization of 6.165 billion yuan [1] - The company has seen a year-to-date stock price increase of 41.19%, but has faced a decline of 6.05% in the last five trading days and 6.81% in the last twenty days [2] Group 2 - Matsui New Materials Group Co., Ltd. was established on March 20, 2009, and went public on June 9, 2020, focusing on high-end consumer electronics and automotive markets [2] - The company's main business revenue composition includes coatings (90.98%), inks (4.97%), and adhesives and others (4.05%) [2] - As of June 30, the number of shareholders increased by 5.03% to 3,175, while the average circulating shares per person decreased by 4.79% to 35,192 shares [2] Group 3 - Matsui Group has distributed a total of 131 million yuan in dividends since its A-share listing, with 75.1715 million yuan distributed over the past three years [3]

Group 1 - The core point of the news is that Letong Co., Ltd. experienced a stock price increase of 5.19%, reaching 11.95 CNY per share, with a total market capitalization of 2.503 billion CNY [1] - Letong Co., Ltd. is primarily engaged in the manufacturing of chemical inks, with the main revenue sources being gravure inks (98.02%), special inks (0.89%), and other inks [1] - The company is located in Zhuhai, Guangdong Province, and was established on November 13, 1996, with its listing date on December 11, 2009 [1] Group 2 - From the perspective of fund holdings, one fund under Caitong Fund has a significant position in Letong Co., Ltd., with 2,300 shares held, representing 0.05% of the fund's net value [2] - The fund, Caitong Yixiang Steady Pension One-Year Holding Period Mixed Initiation (FOF) (021166), has a total scale of 54.72 million CNY and has achieved a year-to-date return of 5.71% [2] - The fund manager, Chen Xi, has been in position for 3 years and 211 days, with the best fund return during this period being 8.39% [3]

Group 1 - The core viewpoint of the news highlights the recent stock performance of Matsui Group, showing a year-to-date increase of 41.69% but a decline of 10.22% in the last five trading days and 10.42% in the last twenty days [2] - Matsui Group specializes in high-end consumer electronics and automotive sectors, providing systematic solutions such as coatings and specialty inks, with revenue composition being 90.98% from coatings, 4.97% from inks, and 4.05% from adhesives and others [2] - As of June 30, the number of shareholders increased by 5.03% to 3,175, while the average circulating shares per person decreased by 4.79% to 35,192 shares [2] Group 2 - The company has distributed a total of 1.31 billion yuan in dividends since its A-share listing, with 75.17 million yuan distributed over the past three years [3] - As of September 16, the stock price was reported at 39.55 yuan per share, with a market capitalization of 6.187 billion yuan [1] - The net inflow of main funds was 1.8128 million yuan, with significant buying and selling activities recorded [1]

Group 1 - Matsui New Materials Group Co., Ltd. experienced a stock decline of 5.06% on September 10, with a share price of 41.82 yuan and a total market capitalization of 6.542 billion yuan [1] - The company, established on March 20, 2009, and listed on June 9, 2020, focuses on high-end consumer electronics and passenger vehicles, providing systematic solutions including coatings and specialty inks [1] - The revenue composition of the company is as follows: coatings account for 90.98%, inks for 4.97%, and adhesives and others for 4.05% [1] Group 2 - The Qianhai Kaiyuan Fund holds Matsui shares in its portfolio, with the Qianhai Kaiyuan Hong Kong-Shenzhen Innovation Growth Mixed A Fund (002666) owning 169,000 shares, representing 1.56% of the fund's net value [2] - The fund has reported a floating loss of approximately 376,800 yuan due to the decline in Matsui's stock price [2] - The Qianhai Kaiyuan Hong Kong-Shenzhen Innovation Growth Mixed A Fund was established on June 24, 2016, with a current scale of 319 million yuan and a year-to-date return of 6.34% [2]

Company Overview - Matsui New Materials Group Co., Ltd. is located in Ningxiang Economic and Technological Development Zone, Hunan, and was established on March 20, 2009. The company went public on June 9, 2020. Its main business focuses on high-end consumer electronics and passenger vehicles in the 3C industry, providing systematic solutions such as coatings and specialty inks through "interactive" independent research and "customized flexible manufacturing" [1]. Business Composition - The revenue composition of Matsui includes coatings at 90.98%, inks at 4.97%, and adhesives and others at 4.05% [1]. Stock Performance - On September 10, Matsui shares fell by 5.06%, trading at 41.82 yuan per share, with a transaction volume of 135 million yuan and a turnover rate of 2.03%. The total market capitalization is 6.542 billion yuan [1]. Fund Holdings - According to data, one fund under Southern Fund holds a significant position in Matsui shares. The Southern Specialized and New Mixed A Fund (014189) held 193,800 shares in the second quarter, accounting for 4.05% of the fund's net value, making it the third-largest holding. The estimated floating loss today is approximately 432,200 yuan [2]. Fund Performance - The Southern Specialized and New Mixed A Fund was established on January 5, 2022, with a current scale of 156 million yuan. Year-to-date returns are 27.98%, ranking 2396 out of 8177 in its category. Over the past year, returns are 57.7%, ranking 2007 out of 7982. Since inception, the fund has a loss of 5.19% [2]. Fund Manager Background - The fund manager, Luo An'an, has a cumulative tenure of 10 years and 66 days, with the current total asset scale of 4.225 billion yuan. The best fund return during his tenure is 204.05%, while the worst is -20.95%. Co-manager Lei Jiayuan has a tenure of 5 years and 22 days, with a total asset scale of 1.631 billion yuan, achieving a best return of 82.14% and a worst return of -7.85% during his tenure [2].

Group 1 - Matsui New Materials Group Co., Ltd. is located in Ningxiang Economic and Technological Development Zone, Hunan, and was established on March 20, 2009, with its listing date on June 9, 2020 [1] - The company focuses on high-end consumer electronics and passenger vehicles in the 3C industry, providing systematic solutions such as coatings and specialty inks through interactive R&D and customized flexible manufacturing [1] - The revenue composition of the company is as follows: coatings account for 90.98%, inks for 4.97%, and adhesives and others for 4.05% [1] Group 2 - Southern Fund's Southern Specialized and New Mixed A Fund (014189) holds 193,800 shares of Matsui, representing 4.05% of the fund's net value, making it the third-largest holding [2] - The fund has achieved a year-to-date return of 28.08% and a one-year return of 54.45%, ranking 2453 out of 8248 and 2086 out of 8051 respectively [2] Group 3 - The fund manager, Luo An'an, has a tenure of 10 years and 64 days, with a total asset scale of 4.225 billion, achieving a best return of 204.05% during his tenure [3] - Co-manager Lei Jiayuan has a tenure of 5 years and 20 days, managing assets of 1.631 billion, with a best return of 77.17% during his tenure [3]

Company Overview - Matsui New Materials Group Co., Ltd. is located in Ningxiang Economic and Technological Development Zone, Hunan, established on March 20, 2009, and listed on June 9, 2020 [1] - The company focuses on high-end consumer electronics and passenger vehicles, providing systematic solutions including coatings and specialty inks through interactive R&D and customized flexible manufacturing [1] - The main business revenue composition includes coatings (90.98%), inks (4.97%), and adhesives and others (4.05%) [1] Financial Performance - As of June 30, the number of shareholders increased by 5.03% to 3,175, while the average circulating shares per person decreased by 4.79% to 35,192 shares [2] - For the first half of 2025, the company achieved operating revenue of 348 million yuan, a year-on-year increase of 7.48%, while the net profit attributable to shareholders decreased by 69.84% to 12.28 million yuan [2] Stock Performance - On September 8, Matsui's stock price increased by 2.20% to 43.15 yuan per share, with a total market value of 6.75 billion yuan [1] - Year-to-date, the stock price has risen by 54.59%, with a 2.96% increase over the last five trading days, 4.89% over the last 20 days, and 53.06% over the last 60 days [1] - The net outflow of main funds was 1.07 million yuan, with large orders buying 6.71 million yuan (19.37%) and selling 9.49 million yuan (27.40%) [1] Dividend Information - Since its A-share listing, Matsui has distributed a total of 131 million yuan in dividends, with 75.17 million yuan distributed over the past three years [3]

Market Overview - The PCB photoresist market is characterized by a tripartite structure among Mainland China, Japan, and Taiwan, with domestic companies holding over 90% market share in the wet film photoresist segment [2] - The company's products account for approximately 50% of the domestic market in wet film photoresist, while in the photoresist solder mask segment, Japanese companies dominate with around 50% market share, and the company holds about 25% [2] - The dry film photoresist market in Mainland China is heavily reliant on imports, with the company's products just entering the market [3] Company Position and Orders - The company is one of the earliest private enterprises in China engaged in the R&D, production, and sales of photosensitive electronic chemical materials, recognized as a national high-tech enterprise [4] - The company expects its 2025 order situation to remain stable, with major customer sales ratios comparable to the previous year [4] Future Business Development - The company plans to strengthen its existing PCB photoresist market while expanding into photoresist dry film, display/semiconductor photoresist, specialty inks, and photovoltaic photoresist markets [5] - The goal is to cultivate at least one additional market segment comparable in size to the PCB photoresist market [5] Profitability and Business Segmentation - The company's product gross margin is currently at a historically favorable level, driven by consistent R&D investment exceeding 5% of revenue over the past three years [6] - Sales composition as per the 2024 annual report: PCB photoresist (liquid) at 86.12%, photoresist dry film at 7.8%, and display/semiconductor photoresist at 3.51% [6] Key Areas for Expansion - Future focus areas include PCB photoresist dry film, flat panel display photoresist, semiconductor photoresist, and photovoltaic photoresist [7] M&A Strategy - The company employs a dual strategy of organic growth and external acquisitions, ensuring that acquired companies complement existing operations and maintain high operational standards [9] - A notable acquisition was in 2019, enhancing the company's competitive edge through synergies with the acquired entity [9] Performance Forecast - The PCB market is projected to grow, with a compound annual growth rate (CAGR) of 6.5% from 2025 to 2030, potentially exceeding 400 billion yuan by 2030 [10] - The company's sales are closely aligned with the development of the electronic information industry, and it aims to leverage market opportunities through innovation and expansion [10] Demand and AI Integration - The PCB photoresist market is expected to see stable growth, with the liquid photoresist market valued at approximately 3.7 billion yuan and the dry film photoresist market at around 7 billion yuan [11] - The company is open to integrating AI to optimize production processes, enhance quality control, and improve R&D efficiency [11]

Financial Performance - In 2024, the company achieved a revenue growth of 18.77% compared to the previous year, with a net profit increase of 43.13% [2] - The company plans to distribute a cash dividend of RMB 0.9 per 10 shares (including tax) and issue 2 bonus shares for every 10 shares from capital reserves [2] Production and Development - The Zhuhai production base is being developed in two phases, with the first phase's construction nearly complete and trial production of the photoresist production line expected in the second half of the year [3] - The second phase will involve the construction of two high-end photoresist production lines, with funding expected to be in place by January 2025 and a construction period of 2.5 years [3] Research and Development - In 2024, the company invested RMB 51.8 million in R&D, marking a 17% increase year-on-year, leading to breakthroughs in various photoresist products [6] Sustainability Initiatives - The company is advancing the high-end photoresist project in Zhuhai and has established a subsidiary in Thailand to enhance international business and sustainability [4] Accounts Receivable Management - The company emphasizes accounts receivable management, which constitutes a significant portion of total assets, through customer background checks, credit limit controls, and regular risk assessments [5] Market Expansion - The company has established a subsidiary in Thailand with an investment of USD 7 million to enhance its overseas market presence and meet the needs of PCB customers [8]