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聚和材料: 关于开展金融衍生品交易业务的公告
Zheng Quan Zhi Xing· 2025-07-10 12:17
证券代码:688503 证券简称:聚和材料 公告编号:2025-031 常州聚和新材料股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示: ? 交易目的:常州聚和新材料股份有限公司(以下简称"公司")及子公 司拟开展白银期货、期权合约的金融衍生品交易业务。上述金融衍生品交易业务 仅限于实需背景之下,从事与公司日常经营产品原材料银粉有关的金融衍生品的 交易,以规避原材料银价大幅波动给公司经营带来的不利影响。 ? 交易金额及期限:公司及子公司使用自有资金开展金融衍生品交易业务 预计动用的交易保证金和权利金上限(包括为交易而提供的担保物价值、预计占 用的金融机构授信额度、为应急措施所预留的保证金等)不超过4亿元人民币, 预计任一交易日持有的最高合约价值不超过25亿元人民币。上述额度自公司股东 会批准通过之日起十二个月内有效,有效期内可以循环滚动使用。 ? 公司于2025年7月09日召开的第四届董事会第七次会议,审议通过了《关 于开展金融衍生品交易业务的议案》,本议案尚需提交公司股东会审议。 特别风险提示: ...
新股消息 | 建邦高科拟港股上市 中国证监会要求补充说明陈箭的基本信息等情况
智通财经网· 2025-07-04 12:10
一、公司境内实体建邦新材在2022年8月前由陈箭间接持有全部股权;2022年7月至8月,陈箭控制的持 股主体将所持股权全部无偿转给其子陈子淳(公司目前的实际控制人),备案材料表示无偿转让系因建 邦新材当时的净资产为负数。(1)请结合公司2022年末经审计净资产额、2023年4月增资时的净资产评 估值说明上述转让时净资产为负数的合理性;(2)请说明陈箭的基本信息,陈箭、陈子淳及其控制的 主体是否存在大额逾期债务或纠纷、重大诉讼或仲裁及资产冻结、是否属于失信主体,并请结合上述事 项以及陈箭在报告期内曾为公司实际控制人的情况,说明公司是否存在《境内企业境外发行证券和上市 管理试行办法》第八条规定的境外发行上市禁止性情形。 二、请说明:(1)公司股权架构搭建及返程并购过程符合当时有效的外汇管理、境外投资、外商投 资、税务管理等监管规定的结论性意见;(2)公司2025年4月取得境内运营实体建邦新材全部股权的定 价依据、支付手段、支付期限及其合规性、收购定价的公允性,上述股权转让环节相关转让方纳税申 报、缴税情况,是否符合《关于外国投资者并购境内企业的规定》;(3)公司及主要境内运营实体设立 及历次股权变动合规性的结论性 ...
【IPO一线】贝特利创业板IPO获受理 募资7.92亿元投建电子材料等项目
Ju Chao Zi Xun· 2025-06-25 02:41
Core Viewpoint - The company, Suzhou Beteli High Polymer Materials Co., Ltd., has officially submitted its IPO application to the Shenzhen Stock Exchange, aiming to raise funds for strategic projects and enhance its market position in the electronic materials and chemical new materials sectors [1][4]. Group 1: Company Overview - Beteli is a customer-oriented new materials enterprise focused on innovative research and development, specializing in electronic materials and chemical new materials [1]. - The company's product range includes conductive materials, silicone materials, and coating materials, with applications in photovoltaic, 3C electronics, silicone deep processing, electronic packaging, medical, and new energy vehicle sectors [1]. - Major clients in the 3C electronics sector include Lenovo, Huawei, and Xiaomi, while in the electronic packaging sector, key customers include Mulinsen and Zhaochi [1]. Group 2: Financial Performance - For the years 2022 to 2024, Beteli's projected revenues are approximately 635 million yuan, 2.273 billion yuan, and 2.521 billion yuan, with corresponding net profits of about 16.53 million yuan, 85.63 million yuan, and 97.50 million yuan [1]. - In 2023, the company's net profit attributable to shareholders increased significantly by 71.22 million yuan, a growth rate of 547.13%, primarily driven by a gross profit increase of 104.62 million yuan [2]. - The revenue growth in 2023 was led by the conductive materials segment, which saw a revenue surge of 1.536 billion yuan, while silicone materials grew by 88.92 million yuan [2]. Group 3: IPO and Fund Utilization - Beteli plans to raise 792 million yuan through its IPO to invest in projects including the annual production of 500 tons of special conductive materials, expansion of its Dongguan facility, and the establishment of a research and marketing center in Wuxi [3][4]. - The investment projects are closely aligned with the company's core business and aim to enhance technological advantages and industry upgrades, focusing on innovation in electronic materials and chemical new materials [4]. - The special conductive materials project aims to expand into low-temperature photovoltaic slurry production, while the Dongguan expansion will focus on high-end silicone product development [4].
多家明星资本突击入股,ROE超过茅台,收入增速达40%:建邦高科真是“隐形巨人”吗?
市值风云· 2025-06-18 10:02
2025年5月,建邦高科香港递表,准备在港股IPO。 沙特阿美、晶科能源已经入股,2023年、2024年营业收入分别增长58%、42%,2022年ROE甚至高达 191%,比茅台还优秀。 但仔细研究之后,风云君不看好这家公司。 高度依赖特定客户,有利润没现金流,最大风险是光伏"贱金属化"。 | 作者 | | 木盒 | | --- | --- | --- | | 编辑 | | 小白 | 主要原因,是整个光伏产业的趋势——贱金属化。 公司短期看似利好,长期却是极大的利空…… 中国光伏银粉第三名 目前建邦高科的实际控制人是1992年出生的陈子淳,2022年从其父陈箭受让全部股权而成。 递表港交所前一个月,多家资本突然入股,包括沙特阿美的全资子公司、晶科能源的关联公司、鼎晖 投资元老级人物焦树阁等。 建邦高科所处的行业是光伏银粉,上游原材料供应商是银矿企业,下游是光伏银浆制造商。 从整个光伏产业的发展历程来看,是中国企业不断精进,并取得全球第一的地位。 银粉行业也不例外: 早期中国光伏银粉主要依赖进口,随着国内厂家银粉质量和性能逐渐接近国际水平,光伏进口 量不断下降,进口量 / 中国总消耗量的比例从 2 020 年的 ...
2025-2031年中国银粉银浆行业深度研究与发展前景报告
Sou Hu Cai Jing· 2025-06-16 03:45
报告目录: 第一部分行业发展现状 第一章 银粉银浆行业发展概述 第一节 银粉银浆行业定义及分类 一、行业定义 二、行业主要产品分类 三、行业主要商业模式 第二节 银粉银浆行业特征分析 一、产业链分析 二、银粉银浆行业在国民经济中的地位 第三节 银粉银浆行业产业链分析 第二章 银粉银浆行业技术现状与趋势 第一节 银粉银浆材料与外延技术现状及趋势 第二节银粉银浆工艺现状及趋势 第三章 全球银粉银浆行业发展分析 第一节 全球银粉银浆行业特点分析 第二节 全球银粉银浆行业规模分析 第三节 国外银粉银浆典型企业分析 第四章 我国银粉银浆行业发展分析 第一节 我国银粉银浆行业发展状况分析 一、我国银粉银浆行业发展阶段 二、我国银粉银浆行业发展总体概况 三、我国银粉银浆行业发展特点分析 四、我国银粉银浆行业商业模式分析 第二节 我国银粉银浆行业市场供需状况 一、2020-2024年我国银粉银浆行业市场供给分析 二、2020-2024年我国银粉银浆行业市场需求分析 三、2020-2024年我国银粉银浆所属行业产品价格分析 第三节 我国银粉银浆所属行业市场价格走势分析 一、银粉银浆市场定价机制组成 二、银粉银浆市场价格影响因素 ...
博迁新材(605376):电子粉体龙头技术领先,拓展新能源第二增长极
Soochow Securities· 2025-06-11 02:17
Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 57.3 CNY based on a 30x PE for 2026 [7]. Core Views - The company is positioned as a leader in electronic powder materials, leveraging its advanced technology to expand into the new energy sector, which is expected to become a second growth driver [12]. - The company has a strong management team with a dual focus on technology and market development, continuously investing in R&D to enhance its competitive edge [17]. - The recovery of the MLCC (Multi-layer Ceramic Capacitor) market is anticipated in 2024, driven by the demand from AI servers and high-end consumer electronics, which will positively impact the company's revenue and profitability [38]. Summary by Sections 1. Focus on Electronic Powders and New Energy - The company has deepened its expertise in nano metal powder materials and is accelerating its entry into the new energy sector, aiming to establish a dual main business structure of high-end electronics and photovoltaics [12]. - The company has made significant advancements in nickel powder technology, which is crucial for MLCC production, and is expected to see a recovery in net profit starting in 2024 [23]. 2. AI Server Driven MLCC High-End Development - The MLCC industry is entering a new growth cycle, with a projected global market size increase of 7% in 2024, reaching 104.2 billion CNY [38]. - AI servers are expected to significantly increase the demand for MLCCs, with each server using 4000-6000 MLCCs, which is 2-3 times more than traditional servers [40]. 3. Technological Strength and Market Position - The company is recognized for its leading technology in electronic powders, particularly in the PVD (Physical Vapor Deposition) process, which creates a competitive barrier in the market [12]. - The company has established strong relationships with key clients, benefiting from the recovery of high-end consumer electronics and AI server demand [17]. 4. Financial Forecast and Investment Recommendations - The company is projected to achieve a net profit of 249.5 million CNY in 2025, with a year-on-year growth of 185.23%, and an EPS of 0.95 CNY [7]. - The report emphasizes the company's strong market position and technological capabilities, justifying the "Buy" rating and the target price based on future earnings potential [7].
博迁新材:电子粉体龙头技术领先,拓展新能源第二增长极-20250611
Soochow Securities· 2025-06-11 01:48
Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 57.3 CNY based on a 30x PE for 2026 [7]. Core Insights - The company is positioned as a leader in electronic powder materials, leveraging its advanced technology in nickel powder production for MLCCs and expanding into the renewable energy sector, which is expected to drive its second growth phase [7][12]. - The company has a strong management team with a dual focus on technology and market development, which has led to significant R&D investments and a robust product pipeline [12][17]. - The recovery of the MLCC market is anticipated in 2024, with a projected revenue increase driven by the demand from AI servers and high-end consumer electronics [7][38]. Summary by Sections 1. Focus on Electronic Powders and Dual Growth Drivers - The company has deepened its expertise in nano metal powder materials and is expanding into the renewable energy sector, establishing a dual business model focused on high-end electronics and photovoltaic materials [12]. - The company has transitioned from a focus on nano metal powder technology to a broader product range, including copper paste for photovoltaic applications, which is expected to contribute significantly to future revenues [12][28]. 2. AI Server-Driven MLCC High-End Market - The MLCC industry is entering a new growth cycle, with a projected global market size increase of 7% in 2024, reaching 104.2 billion CNY, and further growth expected in 2025 [38]. - AI servers are significantly increasing the demand for MLCCs, with usage per server expected to rise dramatically, thus driving the need for high-performance, small-sized components [40][41]. 3. Technical Strength and Market Position - The company has established itself as a hidden champion in electronic powder materials, with its PVD process creating significant barriers to entry for competitors [7][12]. - The company is deeply integrated with major clients, such as Samsung Electro-Mechanics, which accounts for over 50% of its sales, positioning it well to benefit from the recovery in high-end MLCC demand [7][12]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve a net profit of 249.5 million CNY in 2025, with a growth rate of 185%, and further increases projected for 2026 and 2027 [7]. - The report emphasizes the company's strong market position and technological capabilities, justifying the "Buy" rating and the target price based on future earnings potential [7][12].
银粉世家的别样传承:创始人多家企业失信,上市前紧急交班
Sou Hu Cai Jing· 2025-06-06 00:45
太阳底下没有新鲜事。光储新能源企业排队赴港上市,大有当年内房股的势头。 当光伏产业链从资本市场融资的故事在A股中讲不下去的时候,一些企业把目光投向海外。在主材领域,晶澳科技2018年从海外资本市场退 市,回A股上市,短短5年中在A股先后融资260多亿以后,现在竟然又准备到境外上市了。 在光伏主材以外,同样有一些企业怀着和晶澳一样的梦想,比如光伏银粉企业——建邦高科。这本是一家毛利率只有3个多点的光伏辅材企 业,在严酷的行业洗牌中,当然更加需要资本市场的助力,这都无可厚非。但问题在于,这家企业的创始人,其名下企业已经是失信被执行 人。然而就在赴港上市前,建邦高科被迅速转到创始人其子名下,而就在提交招股书前一个星期,二代接班人才被任命为执行董事、董事会主 席兼首席执行官。 就像当年的内房股,因为债务违约等失去海外投资者的信任。这家被房企孵化出来的银粉企业,会重走当年香港内房股的老路吗? 建邦高科创始人 陈箭 山东建邦集团是一家老牌民企。公司官网介绍,山东建邦集团创立于1995年,在近30年的探索发展中,持续深耕基础设施、文化商业、金融资本、大健康 等领域,目前已成为具有较大资产规模和较强经济实力的综合性投资集团。 ...
研判2025!中国银粉银浆行业市场政策、产业链、发展现状、竞争格局及发展趋势分析:国产化替代空间仍然巨大[图]
Chan Ye Xin Xi Wang· 2025-05-30 02:02
Overview - The silver powder and silver paste industry in China is experiencing rapid growth due to the development of downstream industries such as photovoltaics and electronic information. In 2024, silver powder production is expected to reach 13,465.8 tons, and silver paste production is projected to be 22,028.9 tons. The demand for silver powder is estimated at 16,445.3 tons, while silver paste demand is expected to be 22,037.1 tons. The market size for silver powder is projected to be 49.32 billion yuan, and for silver paste, it is expected to reach 122.13 billion yuan. The "dual carbon" goals are anticipated to further boost market demand in the photovoltaic sector [1][12]. Market Policies - The Chinese government has implemented various policies to support the development of the new energy industry, which indirectly benefits the silver powder and silver paste market. Key policies include guidelines for promoting photovoltaic power generation, managing land use, and enhancing renewable energy consumption. These initiatives create a broader market space for silver powder and silver paste in the photovoltaic sector [5][7]. Industry Chain - The silver powder and silver paste industry consists of an upstream segment that includes silver mining, silver recycling, and the production of glass oxides and organic solvents. The midstream involves the manufacturing of silver powder and silver paste, while the downstream applications primarily focus on photovoltaics and electronic information sectors, with photovoltaics being the most significant market for silver powder and paste [8][10]. Development Status - The silver powder and silver paste industry is in a golden period of rapid development, driven by the booming photovoltaic and electronic information sectors. In 2024, the silver powder market size is expected to reach 49.32 billion yuan, and the silver paste market size is projected to be 122.13 billion yuan. The growth in the clean energy sector is expected to further enhance the demand for silver powder and paste [12][14]. Competitive Landscape - The domestic market for silver powder and silver paste has historically been dominated by foreign companies, but local firms are increasingly breaking this monopoly through enhanced R&D and improved product quality. Key players in the industry include Suzhou Guder, Dike, Boqian New Materials, and others, primarily located in Jiangsu, Zhejiang, and Guangdong provinces. The trend indicates a growing market share for domestic products in the global market [16][18]. Industry Representative Companies - Dike Electronic Materials Co., Ltd. has become a leading supplier of photovoltaic metallization paste, significantly contributing to the domestic market's growth. In 2024, the company's revenue is expected to reach 15.35 billion yuan, with photovoltaic conductive silver paste accounting for 83.81% of its total revenue [18]. - Suzhou Guder Electronic Co., Ltd. is recognized as a pioneer in the domestic production of photovoltaic cell conductive paste, with a comprehensive product range. The company's revenue in 2024 is projected to be 5.638 billion yuan, with its new energy materials business contributing 4.609 billion yuan [20]. Development Trends - The silver powder and silver paste industry is expected to see continuous technological innovation, focusing on developing new high-efficiency conductive materials and techniques. There will be an emphasis on green production and circular economy practices, with companies increasing investments in environmentally friendly materials and processes to reduce pollution and enhance resource recycling [22].
趋势研判!2025年中国光伏银粉行业产业链图谱、市场规模、竞争格局及未来前景:国内外光伏新增装机持续增长,不断推动光伏银粉市场规模扩容[图]
Chan Ye Xin Xi Wang· 2025-05-27 01:18
Industry Overview - Photovoltaic silver powder is a crucial component of silver paste, accounting for over 74% of its cost, and its quality directly affects the resistance of electrode materials and the photoelectric efficiency [1][4] - The silver powder market in China is projected to grow from 10.4 billion yuan in 2020 to 38.7 billion yuan in 2024, with expectations to exceed 50 billion yuan by 2025 [1][8] Global Market - The global photovoltaic silver powder market is expected to grow from 12.6 billion yuan in 2020 to 41.9 billion yuan in 2024, reflecting a year-on-year increase of 36.93%, with a forecast of reaching 57 billion yuan by 2025 [6] Domestic Market - The domestic market is experiencing accelerated growth due to the increasing demand for silver paste driven by the transition from P-type to N-type batteries, which has led to higher silver paste consumption [8][19] - The average price of photovoltaic silver powder in China rose from 4,700 yuan per kilogram in 2020 to 6,500 yuan per kilogram in 2024, with a compound annual growth rate of 8.4% [12] Competitive Landscape - The global market for photovoltaic silver powder is relatively concentrated, with fewer than 20 manufacturers, including dominant players like Japan's DOWA and America's AMES [14] - Domestic companies such as Suzhou Simit, Ningbo Jinxin, and Shandong Jianbang are increasing their market share and improving product quality, gradually breaking the monopoly of foreign firms [14][19] Development Trends 1. **Accelerated Localization**: The domestic photovoltaic silver powder industry is rapidly advancing in localization, with production increasing from 0.3 thousand tons in 2020 to 5.1 thousand tons in 2024, a compound annual growth rate of 103.1% [19] 2. **Technological Advancements**: The demand for low-temperature silver powder is rising due to technological advancements, particularly for HJT batteries, which are becoming mainstream [20] 3. **Growing Market Demand**: The global demand for renewable energy is driving the expansion of the photovoltaic silver powder market, with projections for the Chinese market to reach 52.9 billion yuan in 2025 and potentially exceed 102.9 billion yuan by 2029 [21]