消息面上，环球新材国际近期发布公告称，拟发行本金总额为10亿港元的可换股债券。按初步换股价每 股10.19港元计算，可换股债券将可转换为约9813.54万股换股股份，相当于现有已发行股份的约 7.92%。所得款项净额约9.81亿港元将主要用于补充营运资金、现有债项再融资及一般企业用途。 环球新材国际(06616)上日一度闪崩，今日早盘再跌超10%，截至发稿，跌9.09%，报9.4港元，成交额 3082.13万港元。 国金证券表示，此次融资不仅将优化公司资本结构、提升现金流稳定性，还将为公司核心产品研发升 级、全球市场拓展以及产业链整合提供坚实资金保障，进一步巩固其在全球珠光材料领域的领先地位。 ...

国金证券表示，此次融资不仅将优化公司资本结构、提升现金流稳定性，还将为公司核心产品研发升 级、全球市场拓展以及产业链整合提供坚实资金保障，进一步巩固其在全球珠光材料领域的领先地位。 消息面上，环球新材国际近期发布公告称，拟发行本金总额为10亿港元的可换股债券。按初步换股价每 股10.19港元计算，可换股债券将可转换为约9813.54万股换股股份，相当于现有已发行股份的约 7.92%。所得款项净额约9.81亿港元将主要用于补充营运资金、现有债项再融资及一般企业用途。 智通财经APP获悉，环球新材国际(06616)上日一度闪崩，今日早盘再跌超10%，截至发稿，跌9.09%， 报9.4港元，成交额3082.13万港元。 ...

12月30日，由全球商报联盟、香港商报、香港经济导报联合主办的2025年度上市公司卓越ESG价值榜颁 奖盛典在香港隆重举行。环球新材国际控股有限公司（股票代码：06616.HK，以下简称"环球新材国 际"）凭借其在全球化拓展、可持续发展和价值创造方面的突出表现，斩获"ESG卓越投资价值上市公司 奖"；董事长苏尔田则依托其卓越的战略领导力与行业影响力，荣膺"ESG卓越影响力商界领袖奖"。 据了解，该价值榜以"战略治理力、环境友好度、社会责任感、价值共创性、创新引领力、可持续发 展"六大维度为核心评判体系，结合严谨的数据分析与科学的评价指标，全面评估企业在ESG方面的综 合表现。 环球新材国际双奖加身，体现公司实力以及资本市场的高度认可，更彰显其在新材料行业可持续发展领 域的标杆地位。 出海并购+创新升级 赋能业绩协同增长 全球化战略布局 助力打开企业价值空间 当前，环球新材国际并购整合效应持续释放，为ESG长期发展奠定坚实基础：在组织与治理层面，跨区 域协同机制已初步建立，全球研发团队实现技术共享，提升治理效率；业务协同与供应链层面，新能源 汽车涂层、可持续美妆材料等交叉销售业务已显现成效；创新驱动层面，研发团 ...

该行续指，本次差异化定价调整由七色珠光、SUSONITY及CQV三大业务平台分阶段实施，旨在顺应 市场趋势、强化核心竞争力。调整幅度介于3-30%之间，并非统一模式，而是依据产品特性、技术含 量、应用场景及客户类型，进行精细化、分批次的动态优化，核心目标是更好地匹配产品价值与市场需 求，聚焦高附加值业务，预计将在未来一段时间内逐步显现成效。 环球新材国际(06616)涨超3%，截至发稿，涨2.69%，报10.29港元，成交额5791.22万港元。 消息面上，2025年12月16日，环球新材国际宣布实施差异化定价调整，并拟发行10亿港元可转债。国金 证券指出，基于日常商业管理与价值管理需求，公司已于近期在部分产品组别及细分应用领域，分阶段 落实差异化商业定价调整措施，以进一步优化业务结构，提升经营质量与价值创造能力。公司拟发行本 金总额10亿港元、票面利率4.25%的可换股债券，期限至2027年1月4日，初步换股价为10.19港元，较前 一交易日收盘价溢价约7.49%。 ...

Core Viewpoint - Global New Materials International Holdings Limited plans to issue HKD 1 billion convertible bonds to support operational funding, refinance existing debts, and general corporate purposes, reflecting its strategic commitment to capitalize on opportunities in the new materials industry and deepen its global layout [1] Group 1: Convertible Bond Issuance - The convertible bonds will have a face value of HKD 2 billion, with actual net proceeds estimated at approximately HKD 981 million after estimated expenses [1] - The initial conversion price is set at HKD 10.19 per share, allowing for the potential conversion into approximately 98.13 million shares, representing 7.92% of the currently issued shares and 7.34% of the total shares post-conversion [1] - The issuance is managed by HSBC and Deutsche Bank, indicating international capital market recognition of the company's growth prospects [1] Group 2: Business Performance - For the first half of 2025, the company reported revenue of HKD 912 million, a year-on-year increase of 17.7%, maintaining a robust double-digit growth rate [2] - The net profit excluding non-recurring items reached HKD 260 million, a significant year-on-year increase of 54.4%, showcasing improved profitability [2] - The growth is attributed to the optimization of product structure, with a steady increase in the proportion of high-margin high-end products, aligning with industry trends towards high-end, green, and collaborative development [2] Group 3: Strategic Development - The company employs a dual strategy of external mergers and acquisitions alongside internal development, with a recent acquisition of Merck's surface solutions business enhancing its technological and market resources [3] - The management emphasizes a "materials + innovation + full scene" strategy to drive breakthroughs in core technologies and enhance international brand integration [3] - As the only leading player in pearl pigments on the Hong Kong stock market, the company is positioned for high-quality development amid a restructuring of valuation systems and accelerated domestic substitution in the new materials industry [3]

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].

Group 1 - The controlling shareholder of Kuncai Technology, Mr. Xie Bingkun, and his concerted party, Mr. Xie Liang, hold approximately 24.68 million shares, accounting for 3.77% of the total share capital, with a cumulative pledge of 10.46 million shares, representing 42.37% of their holdings and 1.6% of the total share capital [1] - After the additional pledge, Mr. Xie Liang's total pledged shares amount to 12.46 million, which is 50.48% of his holdings and 1.9% of the total share capital [1] - As of the announcement date, the controlling shareholder and concerted parties collectively hold about 395 million shares, representing 60.26% of the total share capital, with a cumulative pledge of approximately 77.85 million shares, accounting for 19.72% of their holdings and 11.88% of the total share capital [1] Group 2 - For the fiscal year 2024, Kuncai Technology's revenue composition is as follows: pearlescent materials sales account for 90.5%, titanium dioxide for 7.86%, other products for 0.84%, iron oxide for 0.71%, and other businesses for 0.1% [1] - The market capitalization of Kuncai Technology is currently 11.6 billion yuan [2] - Kuncai Technology's core product has been significantly impacted, with its largest customer reducing purchases due to self-supply, leading to a loss exceeding 100 million yuan shortly after its IPO [2]

Core Viewpoint - Cathay Pacific Haitong maintains a "Buy" rating for Universal New Materials International (06616), projecting net profits of 304 million, 376 million, and 488 million yuan for 2025-2027, with a target price of 5.27 HKD [1] Group 1: Production Capacity and Projects - The company’s second phase of the Seven Color Pearl material factory, with an annual production capacity of 30,000 tons, has gradually commenced production [1] - The infrastructure for the Hangzhou Tonglu project, which will produce 100,000 tons of surface performance materials annually, is nearing completion and has entered the equipment installation phase [1] - These large-scale capacities will further solidify the company's leadership position in global production capacity [1] Group 2: Share Acquisition and Strategic Goals - Between July and October 2025, the company purchased 1,121,800 shares of its non-wholly owned subsidiary CQV, increasing its holdings from 4,390,000 shares (42.45% of CQV's total issued shares) to 5,511,800 shares (50.75% of CQV's total issued shares) [1] - This share acquisition aims to enhance control over overseas core assets, improve global business synergies, and strengthen governance stability [1] - CQV, possessing a mature technology system, quality customer resources, and stable profitability, is a key component of the group's merger and acquisition strategy, supporting the "Materials + Innovation + Full Scenario" overseas expansion strategy [1] Group 3: Strategic Acquisition and Market Expansion - The board of directors announced that the transaction was completed on July 31, 2025, marking a significant step in the group's global layout [2] - The strategic acquisition of global business allows the group to further expand its geographic coverage and sales channels [2] - The integration of complementary businesses will accelerate the group's penetration into key global markets, particularly in the automotive and cosmetics sectors [2]

Company Overview - Kuncai Technology (SH 603826) announced its fourth board meeting on October 24, 2025, where it reviewed proposals including asset impairment provisions and asset write-offs [1] - As of the report, Kuncai Technology has a market capitalization of 12.1 billion yuan [1] Revenue Composition - For the year 2024, Kuncai Technology's revenue composition is as follows: - Pearl pigment sales account for 90.5% - Titanium dioxide accounts for 7.86% - Other products account for 0.84% - Iron oxide accounts for 0.71% - Other business segments account for 0.1% [1]