Summary of Conference Call for Xianhe Co., Ltd. (2026) Industry Overview - The specialty paper industry is facing phase-specific competition, but due to lengthy process research and customer validation cycles, rapid internal competition is difficult. Recent price hikes in the industry are pushing prices back to reasonable levels, but the transmission of specialty paper prices is slower than that of bulk paper, typically lagging by about 3 months. Once price increases are implemented, the likelihood of a significant drop in the short term is low, with profit improvement largely dependent on companies' cost control capabilities [2][4]. Company Insights - Xianhe Co., Ltd. benefits from its strategic layout during the 14th Five-Year Plan, with new projects in Guangxi and Hubei having lower construction costs and entering production and efficiency release phases. The company has strong self-produced pulp capabilities, making it less sensitive to market pulp price fluctuations and providing a cost advantage over purchased raw materials. By 2026, the company aims to achieve dual benefits from cost reduction and efficiency improvement, alongside rising paper prices and pulp business profits [2][3]. - The Hubei base has stabilized its self-produced pulp process, leading to product structure adjustments that bring incremental growth. New products are well-received in the market, and the company is continuously establishing low-cost raw material channels, expecting to turn profitable in 2026. The Guangxi base achieved profitability in its first month of production, and with rising paper prices and new capacity releases in 2026, there is potential for rapid recovery [2][7]. Pricing Strategy - In early 2026, Xianhe initiated price increases for major products like glassine, with a total increase of 1,000 RMB/ton planned. By January, 300 RMB/ton was implemented, with another 300 RMB/ton in February and the remaining 400 RMB/ton expected to be gradually implemented in March. There is a strong consensus in the industry regarding the price increase for glassine, which is believed to be at a low point [2][8]. Market Dynamics - The macro supply-demand balance remains skewed, particularly after the concentrated release of bulk paper capacity, leading to an oversupply in the domestic market. However, specialty paper does not equate to bulk paper, and while some segments may see intensified competition, most segments maintain relative balance due to the nature of specialty paper's process research [3][4]. - Xianhe has become the largest thermal transfer supplier in China, holding about 60% market share. This scale and share advantage lead to lower overall production costs and stronger profitability. The company plans to gradually implement price adjustments in this category starting in March [3][9]. Cost Control and Profitability - The company emphasizes a "price increase + cost reduction" strategy, where the speed of cost reduction may outpace that of price increases. The rise in pulp prices is expected to improve paper profits, while the company can still sell some pulp products externally. The specific revenue and profit figures for 2026 will depend on the dynamics of pulp and paper prices, but the company will continue to push for price increases and cost optimization [5][10]. Future Projects and Expansion - The Sichuan project is still in the approval phase, with plans to proceed once all necessary permits are obtained. The company conducts precise internal assessments before project investments, and the results from Guangxi and Hubei validate these assessments. If no major obstacles arise, the project is expected to have significant profit potential [6][10]. - The Guangxi base primarily produces chemical and mechanical pulp, with a current paper capacity of about 50,000 tons. There is still about 20,000 tons of pulp available for external sale, which can generate additional reasonable profits [11][12]. Capital Expenditure and Financial Outlook - The capital expenditure rhythm for 2025-2027 is expected to be moderate, with 2026 focusing on profit and sales release rather than large-scale investments. The company anticipates some capital expenditures in the latter half of 2026, with new capacity gradually being released [13][17]. - The company aims to enhance its dividend policy in line with profit growth, maintaining a good dividend rate while ensuring compliance with governance requirements [14][15]. Conclusion - Xianhe Co., Ltd. is positioned to benefit from strategic cost control and market dynamics in the specialty paper industry. The company is focused on optimizing its operations, expanding its product offerings, and maintaining profitability through effective pricing strategies and cost management. The outlook for 2026 appears positive, with expectations for improved financial performance and potential for increased dividends.

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company is positioned as a leading player in the engineered wood panel industry, benefiting from the growing demand for customized furniture and the shift towards B-end customers [3][4]. - The engineered wood panel market in China is projected to reach a consumption volume of 330 million cubic meters by 2024, with a market size of approximately 725.3 billion yuan [1]. - The company has a strong reputation for environmental sustainability, achieving a formaldehyde release level that is one-third of the industry's highest recognized standard [2]. Summary by Sections Company Overview - The company, 德华兔宝宝装饰新材股份有限公司 (Rabbit Baby), was established in 1992 and is the first listed company in China's decorative panel industry, focusing on decorative materials and customized home furnishings [14]. Market Dynamics - The engineered wood panel industry is entering a mature phase, with significant growth opportunities in specific segments like particleboard, driven by the rapid development of the custom furniture sector [1][40]. - The market is characterized by a high degree of fragmentation, with over 8,600 companies operating in the sector as of the end of 2024 [1]. Environmental Commitment - The company emphasizes its commitment to environmental standards, which has become a primary criterion for consumers when selecting wood panels [2]. Business Strategy - The company is actively transforming its sales channels towards B-end customers, focusing on partnerships with small and medium-sized custom furniture manufacturers to enhance brand differentiation [3]. - The company is also expanding its product offerings to include high-margin auxiliary materials, which are expected to drive revenue growth [4]. Financial Projections - The company is expected to achieve net profits of 764 million yuan, 900 million yuan, and 1.046 billion yuan for the years 2025, 2026, and 2027, respectively, with a projected annual growth rate exceeding 21% [4]. - The company maintains a strong cash flow and generous dividend policy, with a historical dividend payout ratio exceeding 50% [38].

Core Viewpoint - The stock price of Jolly Culture has shown a significant increase this year, with a notable rise in recent trading days, indicating positive market sentiment towards the company [2]. Group 1: Stock Performance - As of November 13, Jolly Culture's stock price rose by 2.22% to 3.23 CNY per share, with a trading volume of 54.98 million CNY and a turnover rate of 2.69%, resulting in a total market capitalization of 2.748 billion CNY [1]. - Year-to-date, Jolly Culture's stock price has increased by 26.67%, with a 3.19% rise over the last five trading days, 17.45% over the last 20 days, and 14.95% over the last 60 days [2]. Group 2: Company Overview - Jolly Culture, established on January 18, 2000, and listed on June 12, 2008, is located in Hangzhou, Zhejiang Province, and specializes in the research, design, production, and sales of mid-to-high-end architectural decorative materials [2]. - The company's revenue composition includes decorative paper (41.13%), impregnated paper (21.17%), PVC decorative materials (19.55%), decorative paper veneer panels (16.22%), and other (1.92%) [2]. - Jolly Culture is classified under the building materials industry, specifically in the renovation materials sector, and is associated with concepts such as micro-cap stocks, low-priced stocks, small-cap stocks, QFII holdings, and the Yangtze River Delta integration [2]. Group 3: Financial Performance - For the period from January to September 2025, Jolly Culture reported a revenue of 588 million CNY, representing a year-on-year decrease of 6.45%, while the net profit attributable to shareholders decreased by 80.88% to 42.17 million CNY [2]. - Since its A-share listing, Jolly Culture has distributed a total of 310 million CNY in dividends, with no dividends paid in the last three years [3].

Core Viewpoint - The stock of Zhejiang Jule Culture Development Co., Ltd. has seen a 5.37% increase, reaching 3.14 CNY per share, with a total market capitalization of 2.672 billion CNY as of November 3 [1] Company Overview - Zhejiang Jule Culture Development Co., Ltd. was established on January 18, 2000, and listed on June 12, 2008 [1] - The company specializes in the research, design, production, and sales of mid-to-high-end architectural decorative facing materials [1] - The revenue composition of the company includes: decorative paper (41.13%), impregnated paper (21.17%), PVC decorative materials (19.55%), decorative paper panels (16.22%), and other (1.92%) [1] Fund Holdings - Industrial Bank of China Credit Fund has a significant holding in Jule Culture, with the fund "ICBC Joy Mixed A" (011729) owning 287,900 shares, representing 0.18% of the fund's net value, making it the fifth-largest holding [2] - The fund has achieved a year-to-date return of 29.91%, ranking 3061 out of 8223 in its category [2] Fund Manager Performance - The fund manager, Jiao Wenlong, has a tenure of 10 years and 173 days, with a total fund asset size of 8.548 billion CNY, achieving a best return of 60.43% during his tenure [3] - Co-manager He Shun has been in position for 2 years and 16 days, managing assets of 8.558 billion CNY, with a best return of 62.02% [3]

证券代码：603725 证券简称：天安新材 公告编号：2025-046 广东天安新材料股份有限公司 二、高分子复合饰面材料主要产品的价格变动情况（不含税） | 主要产品 | 2025 | 年 1-9 | | | | | 三季度均 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 月平均售 | 2024 | 年 1-9 | 月平均 | 价同比变 | 季度均价环比 | | | | | 价 | | | 售价 | | 动比率 | 变动比率（%） | | | | | | | | | | （%） | | | | 家居装饰 饰面材料 | | 23,535.79 | 元/吨 | | 25,130.17 | 元/吨 | -6.34 | | 5.08 | 一、2025 年 1-9 月高分子复合饰面材料主要产品的产量、销量及收入实现情况 主要产品 产量 销量 营业收入（万元） 家居装饰饰面材料 6,978.00 吨 6,647.54 吨 15,645.52 汽车内饰饰面材料 12,573.21 吨 11,586.56 吨 48,9 ...

Core Viewpoint - The company, Huawang Technology, has received a final anti-dumping tax ruling from the European Commission, imposing a tax rate of 26.4% to 26.9% on decorative paper originating from China, with the company securing the lower rate of 26.4% [1] Group 1 - The company has managed to mitigate the impact of the anti-dumping tax by reaching agreements with some EU customers to shift sales regions and develop new clients, resulting in a relatively small effect on actual sales volume [1] - The company is focused on developing high value-added products as part of its market diversification strategy [1] - The company leverages its global layout and technological advantages to maintain stable development in its overall export business [1]

Core Viewpoint - Shenglong Jinxiu International (08481) reported a revenue of 271 million yuan for the six months ending June 30, 2025, representing a year-on-year increase of 3.8% [1] - The profit attributable to the company's owners was 19.954 million yuan, a year-on-year increase of 31.85%, with earnings per share of 4.47 cents [1] Revenue Breakdown - The increase in revenue was driven by growth in both overseas and Chinese markets [1] - Revenue from overseas markets increased by approximately 7.2%, primarily due to rising demand from the United Arab Emirates, India, and other international markets [1] - Demand from Chinese customers remained stable, with a slight increase of about 2.2% compared to the same period [1] Product Performance - The revenue growth was mainly attributed to increased sales of key products such as decorative paper, melamine-impregnated paper, and PVC flooring film [1]

Group 1 - The core viewpoint of the article highlights the financial performance of Shenglong Jinxiu International (08481) for the six months ending June 30, 2025, showing a revenue of 271 million yuan, an increase of 3.8% year-on-year [1] - The profit attributable to the company's owners reached 19.954 million yuan, reflecting a significant increase of 31.85% compared to the same period last year [1] - Earnings per share for the company stood at 4.47 cents [1] Group 2 - The revenue growth was driven by increases in both overseas and domestic markets, with overseas revenue rising approximately 7.2%, primarily due to increased demand from the United Arab Emirates, India, and other international markets [1] - Demand from Chinese customers remained stable, with a slight increase of about 2.2% compared to the corresponding period [1] - The main contributors to revenue growth during this period were sales increases in key products such as decorative paper, melamine-impregnated paper, and PVC flooring film [1]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司行业信息披露指引第十三号——化工》、《关 于做好主板上市公司 2025 年半年度报告披露工作的重要提醒》的要求，广东天 安新材料股份有限公司（以下简称"公司"）现将 2025 年半年度高分子复合饰 面材料业务主要经营数据披露如下： 二、高分子复合饰面材料主要产品的价格变动情况（不含税） | 主要产品 | 2025 | 年 1-6 | 月平均售 | 2024 | 年 1-6 | 月平均 | 半年度均 价同比变 | 季度均价环比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 价 | | | 售价 | | 动比率（%） | 变动比率（%） | | | 家居装饰 | | 23,184.42 | 元/吨 | | 25,292.04 | 元/吨 | -8.33 | | -1.15 | | 饰面材料 | | | | | | | | | | 一、2025 年 1-6 月高 ...

Group 1 - The stock price of Shenglong Jinxiu International (08481.HK) closed at 0.500 HKD on August 6, reflecting a 1.01% increase from the previous trading day, with an intraday low of 0.206 HKD, marking a new low for the past year [1] - The net capital inflow for the day was 95,385 HKD, with no recorded outflow [1] - Shenglong Jinxiu International, founded in 1993 in Hangzhou, Lin'an, is one of the few global leaders in providing comprehensive solutions for decorative materials, including color design, plate-making technology, ink technology, printing technology, and immersion glue technology [1] Group 2 - The company has developed a significant manufacturing base in China's decorative paper industry, with its first factory covering an area of 47,850 square meters and the second factory covering 100,000 square meters [1] - Shenglong has pioneered the introduction of the world's most advanced original imported decorative paper printing lines, owning multiple unique professional printing production lines [1]