国金证券发布研报称，维持环球新材国际(06616)"买入"评级，并购进展和协同效应提升，出海并购德 国默克表面材料业务/CQV，培育全球珠光颜料龙头;产能投放+产品结构优化，量价齐升进行时;珠光颜 料行业化妆品+汽车等新消费市场前景可观，合成云母替代天然云母是明确趋势。 国金证券主要观点如下： 近期事件 定价调整赋能业务高质量发展 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。 2025年12月16日，公司宣布实施差异化定价调整，并拟发行10亿港元可转债。(1)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。(2)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1 ...

国金证券发布研报称，维持环球新材国际(06616)"买入"评级，并购进展和协同效应提升，出海并购德 国默克表面材料业务/CQV，培育全球珠光颜料龙头;产能投放+产品结构优化，量价齐升进行时;珠光颜 料行业化妆品+汽车等新消费市场前景可观，合成云母替代天然云母是明确趋势。 整合SUSONITY协同效应初步显现：组织与治理方面，完成"集团—事业部—区域"组织优化，建立跨区 域协同机制，提高治理效率;业务协同与供应链方面，公司加速与SUSONITY的交叉销售(新能源、化妆 品等)已开始显现协同效应;创新驱动方面，研发团队启动联合项目，将前沿技术与规模化生产结合，强 化"需求导向"的研发机制，以技术融合加速中长期增长。 定价调整赋能业务高质量发展 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。 近期事件 2025年12月16日，公司宣布 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Insights - The company is implementing differentiated pricing adjustments across various product groups to optimize its business structure and enhance operational quality and value creation [2][3]. - The issuance of HKD 1 billion convertible bonds at a coupon rate of 4.25% aims to strengthen the company's capital structure and support global market expansion and product development [4]. - The integration of SUSONITY is showing initial synergies, with improvements in organizational governance and cross-regional collaboration, enhancing operational efficiency [3]. Financial Projections - Revenue is projected to grow significantly, with estimates of HKD 1,056 million in 2023, increasing to HKD 6,702 million by 2027, reflecting a compound annual growth rate (CAGR) of 73.36% from 2025 to 2026 [10]. - Net profit is expected to rise from HKD 182 million in 2023 to HKD 864 million in 2027, with a notable growth rate of 161.40% in 2026 [10]. - The report adjusts the net profit forecasts for 2026 and 2027 to HKD 661 million and HKD 864 million, respectively, reflecting the positive impact of acquisitions and operational synergies [5]. Market Position and Strategy - The differentiated pricing strategy is designed to align product value with market demand, focusing on high-value-added businesses, with price adjustments ranging from 3% to 30% based on product characteristics [3]. - The company is actively pursuing global expansion through acquisitions, specifically targeting the surface materials business of Merck in Germany, to establish itself as a leader in the pearlescent pigment market [5].

Group 1: Construction Materials Industry - The central economic work conference emphasizes "internal strength" and highlights the contradiction of "strong supply and weak demand" in the construction materials industry, indicating a shift towards supply-side reforms and potential investment opportunities in the cement sector [2][6][9] - The policy focus has shifted from "extraordinary counter-cyclical adjustments" to "increasing counter-cyclical and cross-cyclical adjustment efforts," suggesting a more gradual adjustment in demand-side policies for the upcoming year [2][6] - The cement sector remains the most valuable investment area within the construction materials industry, with expectations for a new round of supply-side reform [2][6] Group 2: Cosmetics Raw Materials Industry - The Chinese cosmetics raw materials market is projected to grow from CNY 1147.80 billion in 2019 to CNY 1603.90 billion by 2024, with a compound annual growth rate (CAGR) of 6.9% [10] - The peptide raw materials market is expected to grow from CNY 11.2 billion in 2019 to CNY 21.7 billion by 2024, with a CAGR of 14.1% [10] - Leading companies in the industry include Weiqi Technology and Jiakai Biological, with Weiqi holding a 6.6% market share in the peptide raw materials sector [10][11] Group 3: Transportation Industry - The logistics demand in emerging markets is showing robust growth, with Jitu Express achieving record daily collection volumes in Brazil [15][16] - The international air transport association (IATA) forecasts a stable profit outlook for airlines, with a projected total net profit of USD 41 billion in 2026 [18] - The supply chain bottlenecks continue to restrict the growth of the aviation industry, with a structural mismatch between demand and available aircraft [18] Group 4: Agriculture, Forestry, Animal Husbandry, and Fishery Industry - The pig price is expected to remain weak, with a recent increase to CNY 11.54/kg, but overall industry losses persist [31][32] - The central economic work conference has introduced policies aimed at stabilizing pig prices and enhancing farmers' income, indicating a shift towards protecting farmers' rights and promoting innovation [32] - The chicken industry faces a "high capacity, weak consumption" dilemma, with leading companies likely to gain market share as they adapt to changing conditions [33]

Core Viewpoint - Fangzheng Securities initiates coverage on Global New Materials International (06616) with a "Buy" rating, projecting revenue of 910 million yuan in the first half of 2025, driven by a 34.5% increase in pearlescent pigment sales to 15,000 tons, following the acquisition of Merck's global surface solutions business in July 2025, which enhances the company's global R&D, production, and sales network [1][3] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 910 million yuan, a year-on-year increase of 17.7%, while net profit attributable to shareholders decreased by 41.9% to 62.2 million yuan [2] - Pearlescent pigment products dominate the company's revenue, contributing 850 million yuan, a 21.4% increase year-on-year, accounting for 93% of total revenue [2] - The sales volume of pearlescent pigments reached 15,000 tons, up 34.5% year-on-year, while mica functional fillers generated revenue of 49.04 million yuan, a 19.9% increase, accounting for 5% of total revenue [2] Group 2: Strategic Developments - The acquisition of Merck's global surface solutions business for 665 million euros (approximately 5.187 billion yuan) was announced in July 2024 and completed by the end of July 2025, facilitating international expansion and enhancing global brand influence [3] - The company now has a global R&D and production network covering five major regions: China, Germany, South Korea, Japan, and the United States, along with a sales network in over 150 countries and regions, strengthening its competitive position in the high-end pearlescent pigment market [3] Group 3: Capacity Expansion - The company is advancing its capacity expansion, with the second phase of the Seven Color Pearlescent project, which will add 30,000 tons of pearlescent materials, set to gradually commence production within the year [4] - The Tonglu project for 100,000 tons of surface performance materials is currently in the equipment installation phase, and the new capacity will further solidify the company's leading position in the global pearlescent materials market [4]

Core Viewpoint - Fangzheng Securities initiates coverage on Global New Materials International (06616) with a "recommended" rating, projecting revenue of 910 million yuan in the first half of 2025, driven by a 34.5% increase in pearlescent pigment sales to 15,000 tons, following the acquisition of Merck's global surface solutions business in July 2025, which enhances the company's global R&D, production, and sales network [1][3]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 910 million yuan, a year-on-year increase of 17.7%, while net profit attributable to shareholders decreased by 41.9% to 62.2 million yuan [2]. - Pearlescent pigment products dominate the company's revenue, contributing 850 million yuan in the first half of 2025, a 21.4% increase year-on-year, accounting for 93% of total revenue [2]. - The sales volume of pearlescent pigment products reached 15,000 tons, reflecting a 34.5% year-on-year increase, while the gross margin slightly improved to 52.0% due to product structure enhancement and declining raw material costs [2]. Group 2: Strategic Acquisitions - The company announced plans to acquire Merck's global surface solutions business for 665 million euros (approximately 5.187 billion yuan), completing the acquisition by the end of July 2025, which is expected to accelerate internationalization and enhance global brand influence [3]. - This strategic integration will establish a global R&D and production network covering five major regions: China, Germany, South Korea, Japan, and the United States, and a sales network spanning over 150 countries and regions, strengthening the company's competitive position in the high-end pearlescent pigment sector [3]. Group 3: Capacity Expansion - The company is progressing with the second phase of its seven-color pearlescent project, which will add 30,000 tons of pearlescent materials, while the Tonglu project for 100,000 tons of surface performance materials is in the equipment installation phase, further solidifying the company's leading position in the global pearlescent materials market [4].

Core Viewpoint - Global New Materials International (06616) has seen a stock price increase of over 4%, currently trading at HKD 9.69, with a transaction volume of HKD 93.31 million [1] Group 1: Acquisition Details - The company announced plans to acquire approximately 2.57% equity in Seven Color Pearl for HKD 69.02 million [1] - Following the acquisition, Global New Materials International's ownership in Seven Color Pearl will rise to 99.76% [1] Group 2: Business Impact - Seven Color Pearl primarily engages in the production and sales of pearlescent pigments and mica functional fillers, which are core business units for the company [1] - The increase in equity stake is aimed at consolidating more profit distributions and enhancing overall financial performance [1]

Core Viewpoint - Global New Materials International (06616) has seen a stock price increase of over 4%, currently trading at HKD 9.69, with a transaction volume of HKD 93.31 million [1] Group 1: Acquisition Details - The company plans to acquire approximately 2.57% equity in Seven Color Pearl for HKD 69.02 million [1] - Following the acquisition, Global New Materials International's ownership in Seven Color Pearl will rise to 99.76% [1] Group 2: Business Impact - Seven Color Pearl primarily engages in the production and sales of pearlescent pigments and mica functional fillers, which are core business units for the company [1] - The increase in equity stake is aimed at consolidating more profit distributions to enhance overall financial performance [1]

Core Viewpoint - Global New Materials International (06616) has seen its stock price increase by over 100% since October 30, with a current price of 9.27 HKD and a trading volume of 76.89 million HKD [1] Group 1: Stock Performance - The stock price of Global New Materials International rose by more than 5% recently, with a cumulative increase of over 100% since October 30 [1] - As of the latest report, the stock is trading at 9.27 HKD, with a trading volume of 76.89 million HKD [1] Group 2: Corporate Actions - The company announced a related transaction involving the acquisition of a 2.57% stake in Seven Color Pearlescent for 69.02 million RMB, to be paid through the issuance of 9.57 million shares at a price of 8.01 HKD per share [1] - Upon completion of this acquisition, Global New Materials International will hold 99.76% of Seven Color Pearlescent, which specializes in the production and sale of pearlescent pigments and mica functional fillers [1] Group 3: Strategic Intent - The board of Global New Materials International aims to increase its stake in Seven Color Pearlescent to enhance the integration of profits or a higher proportion of profit dividends into the group's financial performance, thereby improving investment returns [1]

Core Viewpoint - Global New Materials International (06616) has seen its stock price increase by over 100% since October 30, with a current price of 9.27 HKD and a trading volume of 76.89 million HKD [1] Group 1: Stock Performance - The stock has risen by more than 5% recently, contributing to a cumulative increase of over 100% since late October [1] - As of the latest update, the stock is trading at 9.27 HKD, with a trading volume of 76.89 million HKD [1] Group 2: Acquisition Details - Global New Materials International announced a related transaction to acquire a 2.57% stake in Seven Color Pearlescent for 69.02 million RMB, to be paid through the issuance of 9.57 million consideration shares at a price of 8.01 HKD per share [1] - Upon completion of the acquisition, the company will hold a 99.76% stake in Seven Color Pearlescent, which specializes in the production and sale of pearlescent pigments and mica functional fillers [1] Group 3: Strategic Intent - The board of Global New Materials International aims to increase its stake in Seven Color Pearlescent to enhance investment returns by consolidating more profits or a higher proportion of profit distributions into the group's financial performance [1]