证券日报网讯1月8日，华正新材（603186）在互动平台回答投资者提问时表示，公司主要从事覆铜板及 粘结片、复合材料和膜材料等产品的设计、研发、生产及销售，产品广泛应用于5G通讯、服务器、数 据中心、半导体封装、新能源汽车、智慧家电、医疗设备、轨道交通、绿色物流等领域，公司直接下游 客户为PCB企业，其覆盖的应用领域，公司均有相应的产品适配。 ...

近日，位于常州的江海环保有限公司（以下简称"江海环保"）凭借其在能源低碳化、资源高效化、生产洁净化等方面的卓越实践，获评2025年常州市"绿 色工厂"。 而在今年年初，艺康（太仓）科技有限公司（以下简称"艺康太仓工厂"）也获评成为2024年江苏省绿色工厂。这是全球水、卫生、感染预防解决方案和服 务领域的领导者艺康集团（纽交所代码：ECL），全球第三大、亚太区最大，也是设备最先进的产品生产基地。 2025年的年头与年尾，旗下两家企业分别成为市级、省级绿色工厂，再一次佐证：在艺康，"可持续"不是一句口号，而是每一天的行动指南。 如何成为绿色工厂？ 当前，在全球气候治理深化和能源革命加速的背景下，制造业绿色低碳转型已成为国际社会的普遍共识。 作为制造业大国，中国近年来构建了以绿色工厂、绿色工业园区、绿色供应链和绿色产品为关键载体的绿色制造体系，将绿色发展理念融入工业生产全过 程。截至目前，中国培育了6430家绿色工厂、491家绿色工业园区、727家绿色供应链企业，推广超4万种绿色产品。其中，绿色工厂产值占制造业总产值 比重从2020年的9%提高到20%。 根据工信部发布的信息，绿色工厂评价要求涉及能源低碳化、资源高 ...

上海唯一聚焦新材料的高质量孵化器 新材料的产业下游可以链接到各种各样的应用行业，其产业特征被形容为"三高三长"——高投入、高难 度、高门槛；长研发周期、长验证周期、长应用周期。这既体现了新材料企业产业化的痛点和难点，也 更彰显了孵化器的必要价值。 上 来源：智通财经记者 蒋乐来 上海新一轮高质量孵化器名单再次扩容。 智通财经（www.thepaper.cn）记者12月11日从上海市科委获悉，巢生上海创新孵化平台、司南脑机智能 孵化器、上海埃米三江新材料产业创新中心、"数通链谷"区块链应用创新孵化器、"大零号湾"科创策源 孵化器、张江高科895孵化器等6家"新生力量"被纳入其中。 2023年6月，上海发布《上海市高质量孵化器培育实施方案》。截至2024年底，已在浦东张江、徐汇西 岸以及临港、嘉定、杨浦等区域，围绕大模型、光电量子、智能传感、人形机器人、合成生物、细胞与 基因治疗等新兴产业领域等前沿赛道，陆续启动建设了12家高质量孵化器。此次扩容后，这一数量达到 18家。 巢生上海创新孵化平台位于浦东张江，重点聚焦生物医药产业合成生物、细胞与基因治疗等领域。该平 台致力于寻找具有颠覆性可能的生命科学底层技术，开展 ...

Core Business and Financial Performance - Jiangsu Sruida Material Technology Co., Ltd. specializes in the research, production, and sales of functional polymer materials, primarily focusing on high polymer coating materials for consumer electronics and new energy vehicles [2][11] - The company reported significant revenue growth, with operating income increasing from 96.26 million yuan in 2022 to 313.44 million yuan in 2024, and net profit rising from 5.04 million yuan to 84.67 million yuan during the same period [2][11] - The main revenue drivers include electronic multifunctional composite materials, precision protection materials for optoelectronic processes, and functional materials for new energy battery modules, with the precision protection materials segment showing the most substantial growth [3][12][13] Customer Dependency and Market Risks - Sruida's revenue is heavily reliant on a single major customer, Visionox, which accounted for 36.44% and 50.91% of total revenue in 2023 and 2024, respectively [4][14] - The concentration of sales to the top five customers represents 64.98% and 72.35% of total revenue for the same years, raising concerns about the sustainability of these relationships [4][14] - The company's international revenue share has decreased significantly from 13.11% in 2022 to 3.06% in 2024, indicating challenges in expanding its global market presence [5][14] Governance and Internal Control Issues - Sruida is a family-controlled enterprise, with the actual controllers holding 46% of the shares, which may lead to governance and financial control issues [5][15] - The company has engaged in significant fund transfers, totaling 93.5 million yuan from 2022 to 2023, with a portion being used for personal consumption by the controlling family [6][15] - Internal control deficiencies have been identified, including irregularities in salary payments and the use of third-party entities for financial transactions, which could pose compliance risks [8][17] Future Outlook and Regulatory Scrutiny - The company faces intense scrutiny from regulators regarding the sustainability of its business model and the potential risks associated with its customer concentration and internal controls [1][9] - Sruida has stated that it has implemented measures to improve its internal controls and governance practices, but the effectiveness of these measures remains to be seen [8][17] - The ability to demonstrate sustainable operations and robust governance will be critical for Sruida's success in its IPO process [9][18]

深圳商报·读创客户端记者 梁佳彤 11月28日，据北交所官网，江苏斯瑞达材料技术股份有限公司（下称"斯瑞达"）回复首轮问询，公司转贷、关联方资金占用、第三方代发职工薪酬等财务内 控不规范情况受到监管层的关切。 | 代码 | 874570 | | | --- | --- | --- | | 公司全称 | 江苏斯瑞达材料技术股份有限公司 | 류 | | 审核状态 | 已问询 | ਦੇਵ | | 保荐机构 | 国海证券股份有限公司 | 保存 | | 会计师事务所 | 容诚会计师事务所 (特殊普通合伙) | 签字 | | 律师事务所 | 国浩律师（北京）事务所 | 容 | | 评估机构 | 中水致远资产评估有限公司 | 종후 | 招股书介绍，斯瑞达主要从事功能高分子材料研发、生产及销售，产品主要是以高分子涂层为核心的功能胶带材料和膜材料，为消费电子、新能源汽车等终 端行业领域的客户提供全方位、深层次的电子胶粘、电磁兼容与屏蔽、转移保护、耐老化等系统化解决方案。 公司以OLED制程保护膜材料为突破口，成功帮助国内显示屏龙头企业维信诺实现该材料的供应链本土化；公司开发的新能源电池模组功能材料已稳定向比 亚迪、宁德时代等国 ...

在停牌10个交易日后，潍坊亚星化学（600319）股份有限公司（以下简称"亚星化学"）于11月17日晚间 披露重大资产重组预案。公司拟通过发行股份及支付现金方式，收购山东天一化学股份有限公司（以下 简称"天一化学"）100%股权，并募集配套资金。公司股票将于11月18日起复牌。 收购标的为细分领域"隐形冠军" 根据预案，亚星化学拟向山东天一控股集团股份有限公司等24名股东购买其持有的天一化学100%股 权。交易对价将由发行股份及支付现金两部分组成，具体比例尚未确定。经交易各方友好协商，本次交 易发行股份的价格为5.83元/股，不低于定价基准日前120个交易日上市公司A股股票交易均价的80%。 亚星化学主业承压并购谋变 对于亚星化学而言，此次收购具有战略转型意义。 预案指出，亚星化学自2019年底生产厂区实施整体搬迁以来，主营业务氯化聚乙烯（CPE）的行业竞争 格局被重塑，公司处于产能恢复期，经营成效承压。财务数据显示，公司2025年前三季度净利润为亏损 1.44亿元，资产负债率高达85.15%，亟需通过外延式发展提升盈利能力。 与此同时，公司拟向包括控股股东潍坊市城投集团在内的不超过35名特定投资者募集配套资 ...

Core Viewpoint - Yaxing Chemical (600319) has announced a major asset restructuring plan to acquire 100% equity of Shandong Tianyi Chemical Co., Ltd. through a combination of share issuance and cash payment, aiming to deepen its presence in the salt chemical sector and enhance its product matrix [1][2] Group 1: Acquisition Details - The acquisition involves issuing shares at a price of 5.83 yuan per share, based on 80% of the average trading price over the previous 120 trading days [2] - The company will also raise supporting funds to cover cash payments, transaction taxes, integration costs, and to enhance liquidity for both the listed company and the target asset [2] - Upon completion, Tianyi Chemical will become a wholly-owned subsidiary of Yaxing Chemical, with the controlling shareholder remaining as Weifang City Investment Group [2] Group 2: Tianyi Chemical's Strengths - Tianyi Chemical is recognized as a "hidden champion" in the brominated flame retardant sector, holding over 50% market share in China [3] - The company has established strong technical barriers in its membrane materials business, contributing to national supply chain security [3] - Tianyi Chemical's financials show robust revenue and profit projections, with expected revenues of 1.283 billion yuan in 2023 and net profits of 54 million yuan [3] Group 3: Strategic Development Framework - Yaxing Chemical aims to build a multi-polar development framework focusing on "chlor-alkali + PVDC new materials + brominated flame retardants," enhancing business synergy and risk diversification [4][5] - The company is currently in a capacity recovery phase following a relocation of its production facilities, and the acquisition is seen as a strategic move to optimize operations and achieve growth [4][5] Group 4: Future Growth Potential - Yaxing Chemical's new projects, including a 45,000-ton high-end new materials (PVDC) project, are expected to enhance its sustainable development capabilities [6] - The restructuring is positioned as a strategic layout during a critical transformation period for the traditional chemical industry, aimed at improving operational strength and opening up growth opportunities [6]

Core Viewpoint - SanDa Membrane (688101.SH) announces its first special dividend since its listing, indicating stable operations and a commitment to shareholder returns [1][2]. Financial Performance - In 2023 and 2024, SanDa Membrane achieved revenues of 1.451 billion yuan and 1.391 billion yuan, with year-on-year changes of 15.20% and -4.11% respectively. Net profit attributable to shareholders was 254 million yuan and 315 million yuan, showing growth rates of 16.55% and 23.97% [1]. - Historical data shows that from 2019 to 2023, the company's net profit exceeded 200 million yuan annually, with 2024 marking the first time it surpassed 300 million yuan, reflecting rapid growth [2]. - For the first three quarters of 2025, the company reported revenues of 1.156 billion yuan, a year-on-year increase of 11%, and a net profit of 298 million yuan, up 40.20% from the previous year [2]. - The operating cash flow for the first three quarters of 2025 was 147 million yuan, representing a significant increase of 133.82% year-on-year [2]. R&D Investment - SanDa Membrane has consistently increased its R&D investment since its establishment in 1996. In 2019, R&D expenditure was approximately 39.42 million yuan, rising to 66.85 million yuan by 2024. For the first three quarters of 2025, R&D investment was 50.33 million yuan, reflecting a year-on-year growth of 14.27% [2]. Financial Health - As of September 2025, SanDa Membrane's debt-to-asset ratio stood at 28.59%, with total cash and financial assets amounting to 1.665 billion yuan, while interest-bearing debt was only 58 million yuan [3].

Core Insights - The company reported a revenue of 144.23 billion yuan for the first three quarters of 2025, a year-on-year decrease of 2.3%, and a net profit attributable to shareholders of 9.16 billion yuan, down 17.5% year-on-year [1] - In Q3 2025, the company achieved a revenue of 53.32 billion yuan, reflecting a year-on-year increase of 5.5% and a quarter-on-quarter increase of 11.5% [1] Group 1: Financial Performance - For Q3 2025, the net profit attributable to shareholders was 3.03 billion yuan, a year-on-year increase of 4.0% but a slight quarter-on-quarter decrease of 0.2% [1] - The company’s gross margin and net margin for Q3 2025 were 12.8% and 6.3%, with changes of +0.6 percentage points and -0.7 percentage points respectively [2] - The company’s operating expenses ratio decreased by 0.3 percentage points year-on-year but increased by 1.4 percentage points quarter-on-quarter [2] Group 2: Business Segments - In Q3 2025, the sales volume for the polyurethane, petrochemical, fine chemicals, and new materials segments changed by +9.9%, +32.6%, and +30.0% year-on-year, respectively [2] - Revenue from these segments experienced year-on-year changes of -2.8%, +8.9%, and -16.6%, respectively, due to declining product prices [2] Group 3: Market Conditions and Future Outlook - The company anticipates improvements in profitability for certain products in Q4 2025, with MDI and TDI prices expected to stabilize due to ongoing supply constraints [3] - The company is expanding its fine chemicals and new materials segments, successfully launching several key technologies and products [3] - The company plans to reduce its capital expenditure significantly in 2025 to 25.24 billion yuan, which is expected to lead to improved cash flow [4]

Group 1 - The chemical ETF (516020) showed active performance with a price increase of 2.0% and a trading volume of 63.99 million yuan, bringing the fund's latest scale to 2.755 billion yuan [1] - Key performing stocks included Yangnong Chemical, Guangdong Hongda, and Yuntianhua, with increases of 8.92%, 7.73%, and 4.99% respectively [1] - Wanhu Chemical reported record high revenue for Q3 2025, with a net profit increase of 4% year-on-year to 3 billion yuan, while Baofeng Energy's profit for the first three quarters reached 8.95 billion yuan, a year-on-year increase of over 97% [1] Group 2 - The basic chemical industry is seeing strong performance in sub-sectors such as electronic chemicals and potassium fertilizers, driven by demand expansion and domestic substitution in semiconductor materials [1] - The market for OLED organic materials is expected to grow by 30% year-on-year by 2025, supported by increased market share from domestic panel manufacturers [1] - The "14th Five-Year Plan" emphasizes technological self-reliance, presenting accelerated opportunities for domestic substitution in new materials like photoresists and high-end engineering plastics [2]