Core Viewpoint - The recent criminal judgment in the commercial secret infringement case between Kobot and Saipu marks a significant breakthrough in the protection of intellectual property rights in China's high-end filtration membrane sector, which has been dominated by foreign companies for a long time [1][2]. Group 1: Case Details - Kobot, a domestic representative in the filtration membrane industry, won a lawsuit against Saipu for infringing on its commercial secrets, resulting in criminal penalties for Saipu's legal representative and former Kobot employees involved [1][2]. - The court sentenced individuals involved to prison terms ranging from one year and eleven months to two years and nine months, along with a total fine and compensation of 14.5 million yuan [1]. - This case reflects the internal competition and challenges faced by domestic companies in the high-tech sector, emphasizing the need for robust intellectual property protection to ensure that R&D investments translate into market competitiveness [2][3]. Group 2: Industry Context - The filtration membrane market is highly concentrated globally, with major players including Cytiva and Merck dominating the sector, while domestic companies like Kobot are striving to catch up [7]. - In 2023, China's production of virus removal filters reached 0.30 million units, marking a 55.7% increase, driven by local companies' efforts to scale up production [7]. - Kobot's products cover over 90% of domestic microelectronics and large pharmaceutical enterprises, with exports to over 100 countries, indicating its significant market presence [7]. Group 3: Implications for the Industry - The criminal judgment sends a strong signal against technology theft and is expected to deter similar unfair competition practices, particularly among smaller firms that rely on rapid expansion through talent poaching [5][6]. - The case is likely to prompt upstream and downstream companies in the industry to reassess their partners' compliance with intellectual property regulations, leading to a preference for domestic firms with clear technology sources and strict compliance management [6]. - The ongoing strengthening of intellectual property protection in China is anticipated to enhance domestic companies' willingness to invest in innovation, moving the industry from low-end substitution to high-end breakthroughs [8].

Core Viewpoint - The recent criminal judgment against Saipu for infringing on the trade secrets of Kebaite marks a significant breakthrough in the protection of high-end filtration membrane technology in China, which has long been dominated by foreign companies like Cytiva and Merck-Millipore [1][2]. Group 1: Legal Developments - The Hangzhou Xiaoshan District People's Court ruled that Saipu (a subsidiary of Dongfulong Life Technology) committed corporate crime by infringing on Kebaite's trade secrets, resulting in prison sentences for involved individuals ranging from 1 year and 11 months to 2 years and 9 months, along with fines and compensation totaling 14.5 million yuan [1][2]. - Kebaite has previously engaged in multiple intellectual property disputes with Saipu, including cases of trade secret and patent infringement, with a notable civil judgment in 2025 ordering Saipu to cease sales of its RC virus removal membranes and pay 5.25 million yuan in damages [3]. Group 2: Industry Context - The filtration membrane industry is highly concentrated globally, with major players including Kebaite, Sartorius AG, Pall Corporation, and Cytiva. The domestic market has seen a significant increase in production, with China's virus removal filter output reaching 0.30 million units in 2023, a growth rate of 55.7% [6]. - Kebaite's filtration products cover over 90% of domestic microelectronics and large pharmaceutical companies, and the company exports to over 100 countries, indicating its strong market presence [6]. Group 3: Implications for the Industry - The court's decision sends a strong signal against technology theft, which could deter similar competitive practices in the industry, particularly among smaller firms that rely on aggressive talent poaching and copying [5]. - The case is expected to prompt upstream and downstream players in the industry to reassess the intellectual property compliance of their partners, potentially leading to a shift towards collaborating with domestic companies that have clear technology sources and strict compliance management [5].

Core Viewpoint - The company has approved a guarantee amount of RMB 500 million for its subsidiaries, with a current external guarantee balance of RMB 360.4 million, representing 69.98% of the company's latest audited net assets [1][22]. Summary by Sections Guarantee Review Overview - The company held board meetings on April 25 and May 16, 2025, to approve the guarantee amount for its subsidiaries, which is set at RMB 500 million, effective until the next annual general meeting [1]. Guarantee Amount Adjustment - The company adjusted the unused guarantee amounts of its wholly-owned subsidiaries, transferring RMB 20 million from Cangzhou Mingzhu Lithium Battery Diaphragm Co., Ltd. and RMB 10 million from Wuhu Mingzhu Plastic Co., Ltd. to Cangzhou Mingzhu Diaphragm Technology Co., Ltd., resulting in new available amounts of RMB 47.5 million, RMB 0 million, and RMB 34 million respectively [2]. Guarantee Progress - On September 26, 2025, the company signed a maximum guarantee contract with China Bank for a loan of RMB 10 million for its subsidiary, Dezhou Donghong Membrane Technology Co., Ltd. [3] - On September 28, 2025, the company signed two maximum guarantee contracts with Shanghai Pudong Development Bank for Cangzhou Diaphragm Technology Co., Ltd. and Cangzhou Lithium Battery Diaphragm Co., Ltd., each for RMB 10 million [3]. Basic Information of Guaranteed Entities - Cangzhou Mingzhu Diaphragm Technology Co., Ltd. was established on January 21, 2014, with a registered capital of RMB 62.66 million and is wholly owned by the company [5]. - Cangzhou Mingzhu Lithium Battery Diaphragm Co., Ltd. was established on February 17, 2016, with a registered capital of RMB 50 million and is also a wholly-owned subsidiary [7]. - Dezhou Donghong Membrane Technology Co., Ltd. was established on June 29, 2009, with a registered capital of RMB 8 million and is a wholly-owned subsidiary of Cangzhou Mingzhu Diaphragm Technology Co., Ltd. [9]. Main Content of Guarantee Agreements - The guarantee agreements for Cangzhou Diaphragm Technology and Cangzhou Lithium Battery Diaphragm include a maximum guarantee amount of RMB 10 million each, with a guarantee period extending three years after the debt fulfillment period [10][14]. - The guarantee agreement for Dezhou Donghong Membrane Technology includes a maximum guarantee amount of RMB 1 million, with a similar three-year guarantee period [18][19]. Board of Directors' Opinion - The board believes that the subsidiaries have stable operations and good asset quality, and the guarantee will support their business development and improve operational efficiency, benefiting the company's overall interests [21]. Company’s Cumulative External Guarantee Situation - As of the announcement date, the company has provided guarantees totaling RMB 500 million, which is 66.08% of the total audited assets and 97.08% of the audited net assets as of the end of 2024 [22]. - The current external guarantee balance is RMB 360.4 million, representing 47.63% of total audited assets and 69.98% of audited net assets as of the end of 2024 [22]. Additional Information - The company has no overdue guarantees or litigation related to guarantees as of the announcement date [23].

Group 1 - The collaboration between Hangzhou Lingbo Precision Machinery Co., Ltd. and Kobot is a significant achievement, marking the entry of Lingbo into Kobot's supplier list after a rigorous selection process [2][3] - Kobot, a global leader in the filtration membrane industry, is experiencing a surge in orders due to the domestic semiconductor industry's push for localization, leading to an urgent need for high-quality local suppliers [3][4] - The local government, specifically the Xiaoshan Economic and Information Bureau, played a crucial role in facilitating this partnership by identifying and matching potential suppliers with Kobot's stringent requirements [3][4] Group 2 - Kobot aims to replace over 1,000 imported components in integrated circuit processes and plans to open 40% of its 3,000 R&D tasks to domestic collaboration, which presents significant opportunities for local manufacturers [4] - The integration of local companies like Lingbo into Kobot's supply chain is expected to drive the transformation and upgrading of Xiaoshan's manufacturing sector, enhancing the overall competitiveness of local enterprises [4] - The Xiaoshan Economic and Information Bureau is shifting its focus from merely linking product supply chains to fostering deeper technological collaboration among local manufacturers, research institutions, and universities [5]