然而，这场骗局的崩塌始于2019年1月，当时康得新因无法按期兑付15亿元短期融资券，其业绩真实性引发广泛质疑，随后被证监会立案调查。随着调查深 入，造假事实被彻底揭开。 近日，康得新发布公告称，收到江苏省高级人民法院的终审刑事裁定书，驳回上诉，维持原判。这一裁定标志着这起涉案金额巨大、持续时间长的财务造假 与欺诈发行案，在法律程序上画上了句号。 根据中国证监会2020年作出的行政处罚决定，康得新在2015年至2018年期间，通过虚构销售业务、虚增营业成本等方式，累计虚增利润总额高达115.3亿 元。 康得新曾是一家主要从事高分子复合材料、功能膜材料研发与生产的企业，在2010年上市后一度因业绩增长迅猛而备受瞩目，市值最高时接近800亿元。 根据终审裁定，被告单位康得新因犯欺诈发行证券罪、骗购外汇罪，被判处罚金人民币4.1亿元。康得新原董事长、实际控制人钟玉因犯违规披露、不披露 重要信息罪、欺诈发行证券罪、骗购外汇罪及背信损害上市公司利益罪，数罪并罚，被决定执行有期徒刑十五年，并处罚金人民币2020万元。一同被定罪量 刑的还包括康得新原董事徐曙、原财务总监王瑜等其他核心责任人员。 ...

当智能玻璃自动调节光线，当折叠屏幕融入生活，当更高清的镜头捕捉世界——这些改变的背后，都源自同一场 静默的革命：光电材料的创新。光电技术正以前所未有的速度重塑显示、传感、能源与通信的边界。从穿戴设备到车 载显示，从光伏发电到虚拟现实，材料的每一次突破，都在为产业打开一扇新的视窗。看懂材料，才能抓住光的轨 迹；把握趋势，方能照亮前行的方向。 AMEC 主持人 主持人 周宓 宁波市柔性电子学会秘书长 宁波天璇新材料科技有限公司总经理 周宓博士于2010年从新加坡国立大学物理系毕业，其后长期在国际化工巨头巴斯夫公司工作，担任研发科学家及高级管理职务。回国后成 功入选浙江省高层次人才项目、浙江省钱江人才等多个项目。他领衔团队创办了宁波天璇新材料科技有限公司，专注于高性能折光材料的 开发和市场化。周宓博士多年来持续深耕光电材料，发表和授权国际国内专利70余篇，期刊论文10余篇。 AMEC 主报告人一 "新材料 创未来"2025新材料创业者大会 光电材料及应用趋势论坛 特邀学界、产业界与投资界领袖，论坛聚焦电 致变色、柔性电子、陶瓷光学、高折率材料、光电显示与投资研判等前沿议题，从电致变色材料器件技术及产业前 景，到陶瓷 ...

Core Viewpoint - Longhua Technology is a leading enterprise in the new materials and energy-saving environmental protection sector in China, with a focus on electronic new materials, polymer composite materials, and energy-saving environmental protection business [1] Group 1: Business Performance - In Q3 2025, Longhua Technology achieved a revenue of 2.326 billion yuan, ranking 6th among 51 companies in the industry, with the industry leader, Juxing Technology, generating 11.156 billion yuan [2] - The net profit for the same period was 189 million yuan, placing the company 10th in the industry, while the top performer had a net profit of 2.211 billion yuan [2] - The company reported a year-on-year revenue growth of 20.49% and a net profit increase of 16.64% for Q1-Q3 2025 [5] Group 2: Financial Ratios - As of Q3 2025, Longhua Technology's asset-liability ratio was 40.75%, down from 48.14% year-on-year, but still above the industry average of 38.24% [3] - The gross profit margin for Q3 2025 was 23.20%, slightly down from 23.92% year-on-year and below the industry average of 26.36% [3] Group 3: Management Compensation - The chairman, Li Zhanqiang, received a salary of 1.45 million yuan in 2024, an increase of 150,000 yuan from 2023 [4] - The general manager, Liu Yufeng, saw his salary rise to 1.35 million yuan in 2024 from 1.1 million yuan in 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 11.74% to 47,000, with an average holding of 20,800 circulating A-shares [5] - Hong Kong Central Clearing Limited became the fifth-largest circulating shareholder, increasing its holdings by 11.09 million shares [5] Group 5: Future Outlook - Zhongyuan Securities raised its earnings forecast for Longhua Technology, projecting revenues of 3.087 billion yuan, 3.411 billion yuan, and 3.786 billion yuan for 2025 to 2027, respectively [6] - The company is actively developing new products and expanding its business in the photovoltaic sector, with significant growth expected from its new materials and water treatment businesses [6]

Core Insights - Michelin illuminated giant moon art installations in Shanghai, Guangzhou, and Chengdu, celebrating innovation and cultural heritage on the Mid-Autumn Festival night [1] - The company emphasizes its commitment to innovation across various sectors, including transportation, aerospace, low-carbon energy, and healthcare, showcasing its century-long exploration in composite materials [1][2] Group 1: Innovation and Technology - Michelin has a history of innovation, starting with the invention of the first detachable bicycle tire in 1891, which significantly improved convenience [2] - The company has continuously pushed the boundaries of technology, exemplified by the latest Michelin Hao Yue V tire, which features 17 patents and superior wet braking performance [2] - Michelin's advancements extend to aviation, where it has equipped approximately half of the world's commercial aircraft with its tires, ensuring passenger safety [2] Group 2: Cultural Significance and Brand Vision - The moon symbolizes reunion and exploration in Chinese culture, aligning with Michelin's brand ethos of "Innovation Beyond Roads" [3] - The moon art installation serves as a medium to express Michelin's commitment to innovation and its vision for future travel [3] - Michelin aims to leverage its polymer composite solutions for future projects, such as developing airless tires for lunar rovers, showcasing its forward-thinking approach [3] Group 3: Research and Development - Michelin's research and innovation span over 350 professional fields, including aerospace, low-carbon energy, and healthcare [4] - The company has developed advanced materials for various applications, such as a revolutionary automatic wing sail system to reduce greenhouse gas emissions in maritime transport [4] - In the medical field, Michelin has created biocompatible polymer composites for artificial intervertebral discs, mimicking the mechanical properties of natural cartilage [5] Group 4: Commitment to Sustainability - Michelin is dedicated to producing high-tech, innovative, and environmentally friendly products, reflecting its commitment to sustainability [5] - The company aims to reduce carbon emissions while maintaining structural strength in its lightweight building components [5] - Michelin's innovation journey is aligned with humanity's pursuit of a better future, emphasizing collaboration with Chinese users for a sustainable world [5]

Group 1 - The stock price of Qide New Materials as of August 26, 2025, is 59.55 yuan, down 1.73% from the previous trading day [1] - The stock experienced significant volatility during the day, with a high of 61.27 yuan and a low of 59.02 yuan, resulting in an amplitude of 3.71% [1] - The trading volume for the day was 28,351 hands, with a total transaction amount of 170 million yuan [1] Group 2 - Qide New Materials specializes in the research, production, and sales of polymer composite materials, which are widely used in the automotive, electronics, and home appliance sectors [1] - The company's segments include plastic products, carbon fiber, and biodegradable plastics [1] - On the morning of August 26, Qide New Materials saw a rapid rebound, with a price increase of over 2% within 5 minutes, reaching a price of 61.2 yuan at 9:39 AM [1] - The net inflow of main funds for the day was 9.4 million yuan, while the net outflow over the past five days was 59.4 million yuan [1]

Group 1 - The stock price of Qide New Materials as of August 13, 2025, is 49.17 yuan, down 0.87% from the previous trading day, with a trading volume of 208 million yuan [1] - The stock experienced significant volatility during the day, reaching a high of 50.22 yuan and a low of 48.80 yuan, resulting in an amplitude of 2.86% [1] - Qide New Materials specializes in the research, production, and sales of polymer composite materials, with applications in the automotive and electronics sectors [1] Group 2 - On the morning of August 13, Qide New Materials' stock price quickly retraced, with a decline of over 2% within 5 minutes, followed by a period of consolidation [1] - The net outflow of main funds on that day was 8.1221 million yuan, with a cumulative net outflow of 22.1469 million yuan over the past five days [1]

Group 1 - The stock price of Qide New Materials is reported at 44.95 yuan, down 0.11% from the previous trading day, with an intraday fluctuation of 4.47% and a trading volume of 145 million yuan [1] - Qide New Materials specializes in the research and production of polymer composite materials, with applications in baby products and automotive parts. The company's segments include plastic products, carbon fiber, and biodegradable plastics [1] - Recently, the government has introduced a childcare subsidy policy, providing 3,600 yuan per child per year for children under three years old. This policy may have a long-term impact on companies related to the maternal and infant consumption chain [1] Group 2 - Data shows that Qide New Materials experienced a net outflow of 11.35 million yuan in main funds today, with a cumulative net outflow of 11.17 million yuan over the past five days [1]

Core Viewpoint - Kangde Tai (002450) is set to delist from the A-share market due to a major financial fraud scandal, marking the end of its trading journey with a market value of only 744 million yuan as of May 27, 2023 [1][2]. Summary by Sections Company Background - Kangde Tai was established in 2001 and listed on the A-share market in 2010, focusing on high polymer composite materials and related technologies [4]. - The company was once regarded as a "billion-dollar white horse stock," reaching a peak market value of nearly 100 billion yuan in November 2017 [2][4]. Financial Fraud and Delisting - The company was found to have fabricated profits exceeding 11.53 billion yuan from 2015 to 2018, leading to significant financial misreporting [5]. - Kangde Tai's annual reports from 2015 to 2018 contained false records, resulting in a continuous negative net profit after restatement [3][5]. - The company faced two consecutive years of audit reports with disclaimers, leading to its suspension from trading on July 10, 2020, and ultimately to its delisting due to major violations [3][5]. Current Status and Legal Issues - As of April 21, 2023, Kangde Tai is entangled in nearly 500 lawsuits, with a total involved amount of 11.737 billion yuan [6][7]. - The company reported a revenue of 341 million yuan in the first quarter of 2023, with a net loss of 279 million yuan, a year-on-year decline of 30.54% [7]. - The ongoing legal disputes include various civil lawsuits related to bond trading and construction contracts, with 59 cases involving amounts over 5 million yuan [7].