Group 1 - The Indian Ministry of Finance's tax department announced a definitive anti-subsidy duty on "pearl effect" pigments or mica pearl pigments imported from China, following a recommendation from the Ministry of Commerce on March 28, 2025 [1] - The anti-subsidy duty will be imposed for a period of five years, with rates ranging from 11.18% to 25.76% based on the cost, insurance, and freight (CIF) price [1]

【一周一议】 新材料方向，看好珠光颜料。珠光颜料市场具有小而分散的特点，当前化妆品、汽车及电池等新消费场景提升利润空 间，同时行业收并购整合频繁，供给侧加速集中。国内珠光颜料下游应用领域构成：涂料占比 25.5％、塑料 17.6％、 油墨 12.7％、汽车 8％、化妆品 14.9％。其中，汽车级+化妆品级属于高端市场。整体看来，2023 年全球珠光颜料市 场空间为 235 亿元（其中国内市场空间为 65 亿元），预计 2030 年达到 440 亿元，2023-2030 年行业空间 CAGR 达 9.4%。 重视非洲出海预期差，继续看好建材出海第一股科达制造。非洲是出海的热门区域，市场认知仍存在较大预期差。出 海不等同于出口，出海更关注海外的本地消纳，对本地的运营能力、管理能力、融入本地文化等软实力+硬实力，均提 出了更高的要求，而出口经历的环节复杂性不及出海。非洲因相距较远，国家构成更加多元，相对东南亚，非洲的关 注度一直偏低。但非洲尤其是东非，多个国家当前的发展吸引力正在提升，例如坦桑尼亚、肯尼亚、卢旺达、赞比亚 等国家，经济稳中有增、政局相对稳定。 中国-中亚峰会即将召开，关注中亚投资机遇。2023 年 ...

Core Viewpoint - 环球新材国际 (06616) reported strong financial performance for the fiscal year 2024, with significant growth in revenue and net profit, although cash flow from operating activities showed a slight decline [2]. Financial Performance - The company achieved total revenue of 1.662 billion yuan, representing a year-on-year increase of 51.15% [2]. - The net profit attributable to shareholders was 242 million yuan, reflecting a year-on-year growth of 33.37% [2]. - The net cash flow from operating activities was 272 million yuan, which decreased by 3.93% compared to the previous year [23]. Earnings and Ratios - Basic earnings per share were 0.19 yuan, and the weighted average return on equity was 7.34%, an increase of 0.79 percentage points from the previous year [2][19]. - As of April 29, the price-to-earnings ratio (TTM) was approximately 18.52 times, the price-to-book ratio (TTM) was about 1.33 times, and the price-to-sales ratio (TTM) was around 2.72 times [2]. Revenue Composition - For 2024, the revenue composition indicated that operations in China contributed 1.3322 billion yuan, while operations in South Korea accounted for 316.6 million yuan [14]. Cash Flow and Financing - The net cash flow from financing activities was 1.502 billion yuan, an increase of 250 million yuan compared to the previous year [23]. - The net cash flow from investment activities was -1.549 billion yuan, compared to -55.07 million yuan in the same period last year [23]. Asset and Liability Changes - As of the end of 2024, cash and cash equivalents increased by 7.41%, while the proportion of cash to total assets decreased by 13.36 percentage points [32]. - Long-term borrowings increased by 1,090.94%, and short-term borrowings rose by 159.15%, indicating a significant increase in leverage [36]. - The current ratio was 2.79, and the quick ratio was 2.59, suggesting a strong liquidity position [39].