南华丰利量化选股混合A（023365）成立日期2025年3月7日，最新规模4240.51万。成立以来收益 8.82%。 南华丰利量化选股混合A（023365）基金经理为黄志钢、康冬。 截至发稿，黄志钢累计任职时间13年188天，现任基金资产总规模5.16亿元，任职期间最佳基金回报 196.59%， 任职期间最差基金回报-28.86%。 9月23日，宁波色母涨5.59%，截至发稿，报17.95元/股，成交5903.17万元，换手率3.13%，总市值30.16 亿元。 资料显示，宁波色母粒股份有限公司位于浙江省宁波市鄞州区潘火街道金辉西路168号，成立日期1999 年10月21日，上市日期2021年6月28日，公司主营业务涉及色母粒的研发、生产、销售和技术服务。主 营业务收入构成为：色母粒98.95%，其他(补充)1.05%。 从基金十大重仓股角度 数据显示，南华基金旗下1只基金重仓宁波色母。南华丰利量化选股混合A（023365）二季度持有股数 19.53万股，占基金净值比例为1.86%，位居第五大重仓股。根据测算，今日浮盈赚取约18.55万元。 康冬累计任职时间2年26天，现任基金资产总规模3.08亿元，任职期 ...

Core Viewpoint - Meilian New Materials Co., Ltd. has shown a mixed performance in stock price and financial results, with a notable increase in stock price year-to-date but a decline in net profit for the recent period [1][2]. Financial Performance - As of September 10, 2025, Meilian New Materials reported a revenue of 878 million yuan, representing a year-on-year growth of 3.10%. However, the net profit attributable to shareholders was -16.19 million yuan, a significant decrease of 146.89% compared to the previous year [2]. - The company has distributed a total of 121 million yuan in dividends since its A-share listing, with 35.56 million yuan distributed over the last three years [3]. Stock Market Activity - On September 22, the stock price of Meilian New Materials increased by 2.01%, reaching 11.15 yuan per share, with a trading volume of 101 million yuan and a turnover rate of 1.72%. The total market capitalization stood at 7.93 billion yuan [1]. - The stock has experienced a year-to-date increase of 36.98%, a 5-day increase of 3.24%, a 20-day decline of 12.82%, and a 60-day increase of 4.50% [1]. Shareholder Information - As of September 10, 2025, the number of shareholders increased to 25,400, reflecting a rise of 7.51%. The average number of circulating shares per person decreased by 6.99% to 21,014 shares [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited exited the list of the top ten circulating shareholders [3]. Business Overview - Meilian New Materials, established on June 20, 2000, and listed on January 4, 2017, specializes in the research, production, sales, and technical services of polymer composite coloring materials, providing integrated solutions for plastic coloring [1]. - The company's main revenue sources include color masterbatches (38.70%), melamine (33.23%), other (17.88%), battery separators (6.55%), and high-performance colorants (3.63%) [1].

Group 1 - The company held an earnings briefing on September 19, 2023, discussing project progress and business layout with investors [1] - The Dazhou project is expected to begin trial production in September 2026, with a focus on cost advantages despite rising raw material prices [1] - The company's color masterbatch business has a gross margin of only 11%, significantly lower than competitors, prompting efforts to enhance product competitiveness [2] Group 2 - The company is involved in a partnership with Starry Sodium Electric, which is exploring the use of Prussian blue cathode materials for sodium-ion batteries, although no procurement details were confirmed [3] - The EX electronic materials have been validated for HBM stacking packaging, with applications in high-frequency copper-clad laminates for AI servers, and are already part of the supply chain for NVIDIA [4] - The company plans to expand EX electronic materials production capacity in response to market potential, despite limited sales in the first half of the year [4][5] Group 3 - The company is making progress with Prussian blue cathode materials, aiming for mass production and sales in upcoming projects [5] - The company is implementing cost reduction and efficiency improvement measures at its Anhui subsidiary to enhance sales revenue [4] - The Sichuan Xuanhan project is currently under construction and has not yet commenced production [4]

Company Overview - Meilian New Materials Co., Ltd. is located in Shantou, Guangdong Province, established on June 20, 2000, and listed on January 4, 2017. The company specializes in the research, production, sales, and technical services of polymer composite coloring materials, providing integrated plastic coloring solutions to customers [1]. Financial Performance - As of September 10, 2025, Meilian New Materials reported a revenue of 878 million yuan for the first half of 2025, representing a year-on-year increase of 3.10%. However, the net profit attributable to shareholders was -16.19 million yuan, a significant decrease of 146.89% compared to the previous year [2]. - The company has distributed a total of 121 million yuan in dividends since its A-share listing, with 35.56 million yuan distributed over the past three years [3]. Stock Performance - On September 19, Meilian New Materials' stock price decreased by 2.00%, trading at 10.77 yuan per share, with a total market capitalization of 7.66 billion yuan. The stock has increased by 32.31% year-to-date, but has seen a decline of 1.46% over the last five trading days and 11.72% over the last 20 days [1]. - The company had 25,400 shareholders as of September 10, 2025, an increase of 7.51% from the previous period, while the average number of circulating shares per person decreased by 6.99% to 21,014 shares [2]. Business Segments - The main revenue sources for Meilian New Materials include color masterbatches (38.70%), melamine (33.23%), other (17.88%), battery separators (6.55%), and high-performance colorants (3.63%) [1]. Shareholder Structure - As of June 30, 2025, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders of Meilian New Materials [3]. Market Position - Meilian New Materials is classified under the Shenwan industry as basic chemicals - plastics - modified plastics, and is associated with concepts such as small-cap, low-altitude economy, specialized and innovative, melt-blown fabric, and margin financing [1].

Group 1 - The core viewpoint is that the Chinese color masterbatch market is expected to maintain steady growth due to continuous industry expansion, support from national industrial upgrading policies, and increasing public awareness of environmental protection [2] Group 2 - The industry penetration rate of color masterbatch is anticipated to further increase [2]

Group 1: Company Overview - Suzhou Baolidi Materials Technology Co., Ltd. is a leading enterprise in the domestic chemical fiber masterbatch industry [1][3] - The company focuses on green technology, functional material innovation, and industrial ecological collaboration [3] Group 2: Market Expectations - The color masterbatch market in China is expected to maintain steady growth due to continuous industry expansion and national industrial upgrade policies [3] - The penetration rate of color masterbatch in the industry is anticipated to increase further [3] Group 3: Financial Health - The company's current asset-liability ratio is at a low level within the industry, indicating manageable liquidity risks [3] - Cash reserves are substantial, covering short-term debts effectively, with strong coverage of current assets over current liabilities [3] Group 4: Research and Development - Baolidi's R&D is centered on functionalization, greening, and diversification, expanding from traditional fiber masterbatch to films and plastics [3] - The company is actively constructing a production line project with an annual capacity of 200 tons for COFs (Covalent Organic Frameworks) [3] Group 5: Strategic Planning - Future strategies include a focus on technological R&D, deepening original liquid coloring technology, and enhancing production efficiency through smart upgrades [3] - The acquisition of Xiamen Luyi Color Masterbatch Co., Ltd. is expected to enhance profitability and operational capabilities through synergies and collaboration [3]

Core Viewpoint - The company, Shandong Dawn Polymer Materials Co., Ltd., reported steady growth in its business performance for the first half of 2025, highlighting significant advancements in various product segments and strategic initiatives for future expansion [2][5]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 288,130.14 million yuan, a year-on-year increase of 24.08% - The net profit attributable to shareholders was 8,404.47 million yuan, up 25.80% year-on-year - The net profit excluding non-recurring gains and losses reached 7,936.58 million yuan, reflecting a 41.69% increase - Basic earnings per share were 0.19 yuan, a growth of 26.67% - The weighted average return on equity was 2.57%, an increase of 0.38 percentage points compared to the same period last year - Total assets amounted to 679,521.55 million yuan, a 7.22% increase from the end of the previous year, while net assets attributable to shareholders rose to 354,988.02 million yuan, up 13.79% [2]. Business Segment Highlights - The company's business segments, including elastomers, modified plastics, and color masterbatches, all reported year-on-year revenue growth - Specifically, elastomers saw a revenue increase of 16.94%, modified plastics grew by 22.35%, and color masterbatches experienced a significant rise of 32.76% [2]. DVA Product Development - The DVA product, considered a disruptive innovation in the tire industry, has begun batch road testing since Q1 of this year, with steady progress in collaboration with partners - The company has a pilot production line with a capacity of 5,000 tons and is constructing a dedicated production line with a capacity of 20,000 tons - If successful, DVA products could replace traditional tire gas barrier layers, offering a 50% reduction in thickness, an 80% weight decrease, and a 7-10 times improvement in gas impermeability [3]. Technological Breakthroughs - The company has made significant technological advancements in core products, including the development of new thermoplastic elastomers for tire gas barrier layers in collaboration with well-known tire manufacturers - It has also developed various biodegradable polyester materials and completed pilot tests for high-performance TPV products, which have been successfully applied in several leading electric vehicle manufacturers [4]. Strategic Expansion - In the first half of 2025, the company initiated a new materials expansion project in Longkou, Shandong, which includes a 100,000-ton TPU project and a 60,000-ton polyol project - The company fully acquired Anhui Bost New Materials Co., Ltd., which has been included in the consolidated financial statements since June, optimizing its product layout and enhancing its product system [5]. R&D and Market Management - The company emphasizes research and development, with R&D expenditures of 11,411.79 million yuan, a year-on-year increase of 17.98%, and holds 273 effective patents - In terms of market management, the company has disclosed a "Quality Return Dual Improvement" action plan, which includes share buybacks for employee stock ownership or equity incentives, and aims to strengthen communication with investors [6].

Company Overview - Meilian New Materials Co., Ltd. is located in Shantou, Guangdong Province, established on June 20, 2000, and listed on January 4, 2017. The company specializes in the research, production, sales, and technical services of polymer composite coloring materials, providing integrated plastic coloring solutions to customers [1]. Financial Performance - For the period from January to June 2025, Meilian New Materials achieved operating revenue of 878 million yuan, representing a year-on-year growth of 3.10%. However, the net profit attributable to the parent company was -16.19 million yuan, a decrease of 146.89% compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 121 million yuan in dividends, with 35.56 million yuan distributed over the past three years [3]. Stock Performance - As of September 12, Meilian New Materials' stock price was 11.06 yuan per share, with a market capitalization of 7.866 billion yuan. The stock has increased by 35.87% year-to-date, with a slight increase of 0.64% over the last five trading days, a decrease of 16.59% over the last 20 days, and an increase of 19.70% over the last 60 days [1]. - The stock experienced a net outflow of 7.36 million yuan in principal funds, with large orders accounting for 24.60% of purchases and 23.90% of sales [1]. Shareholder Information - As of September 10, the number of shareholders of Meilian New Materials was 25,400, an increase of 7.51% from the previous period. The average circulating shares per person decreased by 6.99% to 21,014 shares [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited exited the list of the top ten circulating shareholders [3]. Business Segmentation - The main business revenue composition of Meilian New Materials includes: color masterbatch (38.70%), melamine (33.23%), other (17.88%), battery separators (6.55%), and high-performance colorants (3.63%) [1].

Group 1 - The core viewpoint of the news is that Meilian New Materials has shown a mixed performance in stock price and financial results, with a notable increase in stock price year-to-date but a decline in net profit [1][2] - As of September 11, Meilian New Materials' stock price increased by 2.07% to 11.34 CNY per share, with a total market capitalization of 8.065 billion CNY [1] - The company has experienced a 39.31% increase in stock price year-to-date, but a 12.02% decline over the past 20 days [1] Group 2 - For the first half of 2025, Meilian New Materials reported revenue of 878 million CNY, a year-on-year increase of 3.10%, while the net profit attributable to shareholders was a loss of 16.19 million CNY, a decrease of 146.89% [2] - The company has distributed a total of 121 million CNY in dividends since its A-share listing, with 35.56 million CNY distributed in the last three years [3] - As of June 30, 2025, the number of shareholders increased by 7.51% to 25,400, while the average circulating shares per person decreased by 6.99% to 21,014 shares [2][3]

Summary of the Conference Call for Meilian New Materials Company Overview - **Company**: Meilian New Materials - **Industry**: Specialty Chemicals and Materials Key Points and Arguments Financial Performance and Projections - Meilian New Materials expects to achieve a net profit of over 100 million yuan in 2025, with approximately 9 million yuan in ES sales in the first half of the year, and projected sales growth in the second half, potentially reaching 60 to 100 tons by year-end [2][34] - In 2026, prior to the launch of the Songwu project, the company anticipates a net profit of 150 to 200 million yuan, with ES market capacity expected to exceed 1,000 tons [2][34] - By 2027, the company projects that the Dazhou project will generate 5 billion yuan in revenue and 800 million yuan in net profit, positioning Meilian as the largest white masterbatch producer globally [2][6][35] Production Capacity and Cost Reduction - The Dazhou project is expected to significantly reduce production costs by 2,000 yuan per ton, with self-produced titanium dioxide saving 1,500 yuan per ton and local natural gas saving approximately 1 yuan per cubic meter [2][8] - The company plans to expand sodium-ion battery cathode material production from 1,000 tons to 4,500 tons, anticipating a market explosion post-2027, primarily for energy storage and commercial vehicle batteries [2][15] Market Position and Competitive Advantage - Meilian New Materials is currently the largest masterbatch producer in Asia, with annual revenue of 1 billion yuan and a net profit of 50 million yuan [5] - The company has a strong competitive edge in the EX materials sector, with a net profit margin exceeding 30% and a strategic partnership with a leading Japanese company for copper-clad laminate production [5][20] - The company is positioned as a unique player in the sodium-ion battery market, with no significant competitors in the Prussian blue technology route, which has high barriers to entry due to licensing requirements for cyanide production [19][25] Investment and Expansion Plans - Total investment for the company is 3 billion yuan, with over 2 billion yuan sourced from bank loans, which have all been approved [10] - The Dazhou project is planned in phases, with the first phase targeting 300,000 tons to be completed within two to three years, followed by further expansions to reach a total capacity of 800,000 to 900,000 tons [11] Customer Development and Market Demand - Approximately 50% of the masterbatch business is export-oriented, with plans to increase exports due to high global demand and a fragmented market [13] - The company is actively developing relationships with Japanese clients, who are key industry standard setters, and is also exploring opportunities with other major players in Taiwan and mainland China [22] Challenges and Strategic Responses - The company acknowledges the need for significant funding to support business expansion but aims to alleviate financial pressure through price increases, capacity expansion, and cost optimization [9] - Despite facing a loss in the first half of the year due to a drop in the price of cyanuric chloride, the company is optimistic about achieving its annual revenue and profit targets as prices recover [4] Future Outlook - By 2027, the company expects to produce approximately 4,000 tons of cathode materials quarterly, with revenue from these materials projected at around 200 million yuan and profits of about 50 million yuan [16] - The overall revenue from core and new industries is expected to reach a 1:1 ratio, with new industries contributing more significantly to profits, potentially achieving a 2:1 or 3:2 ratio [35] Additional Important Insights - The company has a comprehensive R&D team with expertise in the Prussian blue technology for sodium-ion batteries, which is crucial for maintaining its competitive edge [18] - Meilian's strategic focus on cost control and technological innovation across its product lines positions it well for future growth in the specialty chemicals market [17][26]