中邮证券有限责任公司 关于康达新材料（集团）股份有限公司 中邮证券有限责任公司（以下简称"中邮证券"或"保荐机构"）作为康达 新材料（集团）股份有限公司（以下简称"康达新材"或"公司"）2022年非公 开发行A股股票的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证 券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第13号——保 荐业务》 《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运 作》《上市公司募集资金监管规则》等有关法律法规和规范性文件的要求，保荐 机构及其指定保荐代表人对康达新材2025年半年度募集资金存放与使用情况进 行了专项核查，核查情况与意见如下： 一、 募集资金基本情况 经中国证券监督管理委员会《关于核准康达新材料（集团）股份有限公司非 公开发行股票的批复》（证监许可〔2022〕684 号）核准，并经深圳证券交易所 同意，由主承销商中邮证券有限责任公司（以下简称"中邮证券"）采用非公开 方式发行人民币普通股（A 股）52,910,052 股，每股面值 1 元，发行价格为 13.23 元/股。本次发行募集资金总额为人民币 699,999,987.96 元，扣除 ...

会上，临沂市林业局相关负责人介绍，高端板材和绿色智能家居产业链是临沂市重点培育的13条产业链之一，随着产业发展，现已形成 了板材、全屋定制(家俱)、浸渍纸(装饰纸)、木业机械、胶黏剂等5条细分产业链。 目前临沂市高端板材和绿色智能家居产业链专班已主动对接国家林业和草原局，邀请行业权威专家深入兰山、费县、平邑县等重点县区 的产业链企业调研，结合国家产业政策导向与地方资源禀赋，形成《临沂市高端板材和绿色智能家居产业链建设行动方案》，用于指导 全市产业发展。 同时，产业链专班划分了综合协调、产业服务、招商引资3个专项工作组，研究制定三年年度目标和重点任务，制定《临沂市高端板材和 绿色智能家居产业加快转型升级实现高质量发展意见》，梳理24条政策措施，全面支持产业发展；围绕原材料方面，积极引入东方国源 等产业基金，搭建木材集采平台，目前已完成线上首单测试；围绕市场开拓方面，响应市委"百团千企商城出海"号召，率先发动产业链 企业参加马来西亚国际出口家具展，组织与刚果(布)开展经贸洽谈活动、参加广州建博会等重点展会；围绕融资方面，开展产业链融资 对接活动，新增授信5.88亿元、完成贷款4.8亿元；围绕人才科技方面，组织举办 ...

格隆汇8月12日丨松井股份(688157.SH)在互动平台表示，公司的主要业务是以高端消费电子、乘用车、 特种装备领域为目标市场，通过"交互式"自主研发、"定制化柔性制造"模式，为客户提供涂料、油墨、 胶黏剂等多类别新型功能涂层材料的系统解决方案。如公司此前披露：在防尘涂料方面，公司自主研发 的水性防水涂料具备优异的防尘、防水、气密性、水密性能，并具有良好的施工便利性和稳定性，可应 用于多种材料如铝合金、不锈钢和塑胶基材；在抗紫外线涂料方面，公司拥有抗辐射（紫外、可见及红 外）功能性涂料技术，可用于特殊产品上起到保温隔热及其它光学功能。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 53.19, based on a 40x PE for 2026 [1][6]. Core Views - The company is transitioning from incremental to stock demand in the domestic market, focusing on three new retail formats to enhance brand strength and drive sustainable revenue growth [1][14]. - The company is expected to see a profit margin inflection point and operational performance elasticity due to steady market share gains in the small B and C-end markets, alongside improved product and channel offerings [1][14]. Summary by Sections Retail Business - The company is targeting a total home decoration demand area of approximately 1.7 billion square meters from 2024 to 2026, with a compound annual growth rate (CAGR) of 5.0% for stock renovation demand, leading to a retail paint market exceeding RMB 60 billion annually [2][14]. - The company's retail market share is projected to reach about 7.9% in 2024, indicating significant room for growth compared to competitors [2][14]. Engineering Coatings - The company has shifted its channel strategy towards engineering distribution, with small B distribution revenue maintaining steady growth at a CAGR of 13.1% from 2020 to 2024, despite a decline in large B direct sales [3][16]. - The engineering coatings market is estimated to be around RMB 50-60 billion annually, with the company's market share expected to stabilize around 13% [3][16]. Market Positioning - The company is evolving from a single paint manufacturer to a comprehensive service provider, integrating paint, consulting, and construction services, which is expected to become a new growth driver [4][15]. - The company has established a solid position in the engineering market, with a stable market share and improved accounts receivable turnover, indicating a controlled risk environment [14][16]. Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025-2027 to RMB 7.8 billion, RMB 9.8 billion, and RMB 12.1 billion, respectively, reflecting a CAGR of 54.0% [5][14]. - The target price of RMB 53.19 is based on a 40x PE for 2026, with the company expected to benefit from the rapid replication of new business formats and reduced impairment risks [5][14].

Group 1 - Carbon Technology completed several million yuan in Pre-B round financing, led by CICC Capital, with existing shareholder Wuyuefeng Capital participating [3] - The funds will be used for the industrialization of energy storage battery products, strengthening R&D capabilities, and diversifying product offerings [3] - Carbon Technology aims to transition from an energy battery materials company to an advanced composite materials enterprise [3] Group 2 - Qingxie Huahuo, a new type of modified PEEK materials developer, completed several million yuan in Pre-A round financing, led by Chuangdong and Tongchuang Weiye, with Kunshan Institute of Technology participating [4] - The modified PEEK material shows nearly 10 times improvement in wear resistance, 5-8 times increase in toughness, and 20% cost savings [4] - The raised funds will primarily be used for R&D and production line construction of high-performance special modified PEEK materials [4] Group 3 - Tiel New Materials, focused on adhesives, sealants, and new materials, has received a new round of financing exclusively from Junding Private Equity Fund [5] - The company’s core products include six major series of adhesives, widely used in various industries such as electronics, automotive, aerospace, and construction [5] - Tiel New Materials also develops conductive, thermal, wave-absorbing, sealing, and electromagnetic shielding materials tailored to different needs [5]

Core Viewpoint - The sixth Multinational Corporation Leaders Qingdao Summit highlighted the "Investment in China" investment exchange cooperation meeting, showcasing typical cases of multinational companies aiding Shandong's green, low-carbon, and high-quality development [1][4]. Group 1: Investment Projects - The investment exchange meeting presented 10 typical cases selected from 52 submissions across 16 cities in Shandong, demonstrating the collaborative efforts between multinational companies and Shandong in pursuing green development [4]. - SKF Group, the world's largest bearing manufacturer, invested 500 million yuan in Jinan to expand its factory and establish a global commercial vehicle R&D center [4]. - AstraZeneca, a Fortune 500 company, invested 750 million USD in Qingdao to build a zero-carbon inhalation aerosol production base and regional headquarters [4]. - Hexagon, the largest manufacturer of coordinate measuring instruments globally, invested 2.1 billion yuan in Qingdao to create a technology R&D center and Greater China headquarters [4]. Group 2: Strategic Partnerships - Kuwait Petroleum Company acquired a 25% stake in Wanhua Chemical through capital increase and merger, with foreign investment amounting to approximately 638 million USD [5]. - OSI Group, an American company, established its tenth factory in China in Weihai, with a total foreign investment exceeding 140 million USD over two years [6]. - Henkel, a Fortune 500 company, invested 120 million euros in Yantai to create its largest single investment project globally [7]. - Komatsu, another Fortune 500 company, invested 10.6 billion yuan to build a global smart manufacturing industrial base in Jining [8]. - Eagle Group from Singapore invested approximately 11 billion yuan in a 600,000-ton lyocell fiber project in Jining, while Asia Pacific Forestry's projects in Rizhao accumulated nearly 30 billion yuan in investment [8]. - ZF Friedrichshafen, a German Fortune 500 company, made three consecutive capital increases totaling 140 million euros to establish a safety airbag integrated project globally for the first time in Rizhao [8]. - Cigna Group, a Fortune 500 company, has cumulatively invested 580 million USD in a biotechnology project in Liaocheng, with 10 expansions since 2004 [9].

Core Insights - The conference highlighted that fine chemicals are not only the core driving force for high-quality development in the petrochemical industry but also a strategic support for industrial upgrading and the cultivation of new productive forces [1] Industry Structure - Fine chemicals refer to fine chemical products and new chemical materials, contrasting with basic chemicals, as defined in the "Implementation Plan for the Innovation and Development of the Fine Chemical Industry (2024-2027)" [2] - China's annual production capacity for fine chemicals is nearing 200 million tons, with a supply guarantee rate of 90% [2] - The industry has a strong global competitive position, with market shares of 75% in pesticides, 70% in rubber additives, and 60% in food organic acids and feed vitamins [2] - Structural contradictions exist, with self-sufficiency rates exceeding 130% for food additives and traditional pesticides, while rates for products like photoresists and specialty gases are below 20% [2] Technological Innovation - There is a significant gap between the performance of fine chemicals and downstream expectations, with 99% of fine chemicals producible but lacking stability and quality compared to international standards [3] - Continuous R&D innovation is essential for industry transformation, as exemplified by Shin-Etsu Chemical's evolution from a fertilizer plant to a leading global player in PVC and semiconductor silicon materials [3] - Market-driven technological advancements are crucial, with adhesives evolving from auxiliary materials to functional solutions in various industries [3] Innovation Trends - High-performance fibers, such as PBO fibers, are emerging as key materials, with a single 1mm diameter PBO fiber capable of lifting 450 kg [4] - Silicon carbide fibers are gaining attention for their high-temperature resistance and applications in various industrial sectors [4] - New high-performance materials, including ethylene-acrylic copolymers and carbon nanotubes, are showing promise in multiple applications due to their superior properties [5] - Silicon-based new materials are expected to disrupt the coatings and adhesives industries, with modified silicone resins capable of withstanding extreme temperatures [5]

Core Insights - The conference highlighted that fine chemicals are not only the core driving force for high-quality development in the petrochemical industry but also a strategic support for industrial upgrading and the cultivation of new productive forces [1] Industry Structure - Fine chemicals refer to fine chemical products and new chemical materials, contrasting with basic chemicals, as defined in the "Implementation Plan for the Innovation and Development of the Fine Chemical Industry (2024-2027)" [2] - China's annual production capacity for fine chemicals is nearing 200 million tons, with a supply guarantee rate of 90% for bulk products [2] - The country holds a significant competitive position in the global market, with a 75% market share in pesticides and synthetic sweeteners, 70% in rubber additives, and 60% in organic acids and feed vitamins [2] - Structural contradictions exist, with self-sufficiency rates exceeding 130% for food additives and traditional pesticides, while rates for products like photoresists and specialty gases are below 20% [2] Technological Innovation - There is a significant gap between the performance of fine chemicals and downstream expectations, with 99% of fine chemicals producible but lacking stability and quality compared to international standards [3] - Continuous R&D innovation is essential for industry breakthroughs, exemplified by companies like Shin-Etsu Chemical and 3M, which have transformed through sustained innovation [3] - Market-driven technological advancements are crucial, as seen in the evolution of adhesives from auxiliary materials to functional solutions in various industries [3] Innovation Trends - High-performance fibers, such as PBO fibers, are emerging as key materials, with PBO capable of lifting 450 kilograms with a 1mm diameter strand [4] - Silicon carbide fibers are also highlighted for their high-temperature resistance and applications in various industrial sectors [4] - New high-performance materials, including ethylene-acrylic copolymers and carbon nanotubes, are gaining traction due to their superior properties and cost-effectiveness [5] - Silicon-based new materials are expected to disrupt the coatings and adhesives industries, with modified silicone resins capable of withstanding extreme temperatures [5]

Core Viewpoint - DuPont is focusing on advanced mobility solutions to support the rapidly growing electric vehicle market in China, emphasizing electrification, lightweighting, and sustainability [1] Group 1: Market Trends and Growth - The Chinese automotive market is expected to see steady growth over the next five years, with electric vehicles being the main growth driver for the next decade [2] - The penetration rate of new energy vehicles in China is projected to increase from 64% in 2025 to 86% by 2030, with the Asia-Pacific region expected to account for approximately 63% of the global electric vehicle market by 2030 [2] Group 2: Local Production and Strategy - DuPont is accelerating local production to meet the increasing demand in the automotive market, particularly for electric vehicle electrification and lightweighting [2][3] - The company has established a production base in Zhangjiagang, which has been operational since May 2023, to cater to the growing demand for automotive adhesives [2] Group 3: Localization Initiatives - DuPont's localization strategy includes three key measures: accelerating local R&D, local procurement of raw materials, and enhancing technical services [4][5] - The company has invested in local R&D, focusing on battery adhesives and has developed a database of nearly a thousand formulations to quickly respond to customer needs [4] Group 4: Global Strategy and Support for Domestic Enterprises - DuPont's localization strategy is complemented by a global presence in the Americas, Europe, and Asia, facilitating a comprehensive supply chain [6] - The company assists domestic enterprises in expanding internationally by leveraging its strong supply chain and regulatory knowledge in Europe and South America [7]

Summary of the Conference Call for Shihua Technology Company Overview - **Company**: Shihua Technology - **Industry**: Optical materials and electronic engineering materials Key Financial Performance - **Q1 2025 Revenue**: 256 million yuan, a year-on-year increase of 92.04% and a slight quarter-on-quarter increase [3] - **Net Profit**: 87.16 million yuan, a year-on-year increase of 111.23% [3] - **Gross Margin**: 52.61%, slightly down from 53.41% year-on-year [3] - **Net Margin**: 34.09%, with a slight year-on-year increase [3] - **Total Assets**: 2.183 billion yuan; **Net Assets**: 2.046 billion yuan as of March 31 [3] Business Segments and Contributions - **Optical Business Contribution**: Approximately 100 million yuan in revenue, accounting for about 40% of total sales, significantly benefiting from polarizer-related films and traditional optical module materials [4][5] - **Functional Electronic Materials**: The remaining revenue primarily comes from this segment, with a gross margin expected to be between 50% and 60% in the long term [9] Investment and Expansion Plans - **New Projects**: Initiated a 2.05 billion yuan high-performance optical adhesive film project and a 500 million yuan market expansion phase II project [4][6] - **Fundraising Plan**: Announced a capital increase plan to raise 600 million yuan for new product directions including high-performance optical adhesive films and OLED protective films [6][7] Market Dynamics and Future Outlook - **Order Fulfillment**: Strong order backlog for optical materials, with expected revenue from polarizer-related films projected between 250 million to 400 million yuan [12] - **Market Focus**: Targeting smart hardware sectors including chips, cameras, and display panels, with applications in nearly all major automotive brands [4][20] - **Domestic Supply Chain**: Low domestic production rate for electronic engineering materials, with a significant reliance on overseas suppliers [26] Challenges and Strategic Focus - **Profitability of Optical Business**: Current gross margin for optical business has not yet reached the targeted 30%-35% but is improving [9] - **Impact of Tariffs**: Minimal impact on upstream supply chains, but ongoing monitoring of end-user demand is necessary [17] - **High-End Market Focus**: Concentrating on high-end flagship models in the smartphone market, which represent a significant opportunity for functional materials [34] Additional Insights - **OLED Market Potential**: The market size for core materials is estimated between 15 billion to 20 billion yuan, with a goal to capture 10% market share in the long term [39] - **Emerging Markets**: Monitoring new opportunities in AR/VR and humanoid robotics, which may significantly influence material demand [35] This summary encapsulates the key points from the conference call, highlighting Shihua Technology's financial performance, business strategies, market dynamics, and future outlook.