涂布技术可将大宗高性能材料转化成为市售制成品。涂布在几乎每个高价值材料分部均属决定性工序， 决定零件的成败或表现。涂布技术不单止重要，更为高性能材料生产的基础，往往成就革新。此一关键 赋能技术让基本材料发挥远超其固有能力的表现，实际上创造出"全新"的复合材料。涂布是材料与环境 之间的介面。透过此介面的工程设计，公司能在不改变大宗材料本身的情况下，彻底改变其表现，往往 实现超乎寻常的成本效益。 凭借过去两年在自有品牌"Yes!Star"S2胶片相机精细生产所积累提升产品品质及效率的经验，公司将持 续投资于升级研究及开发设备，以期成为其中一间高性能材料工程公司及制造商，同时通过材料研究及 开发的协同效应，多元发展业务分部。 董事会预期高性能材料将于起始阶段用于油气、氢及新能源行业，并可能视适用情况应用及使用于不同 行业。 （原标题：巨星医疗控股(02393)：正探索及建议投资于高性能材料业） 智通财经APP讯，巨星医疗控股(02393)发布公告，公司现正探索及建议投资于高性能材料业。该行业属 于制造分部，从事设计、建造及商业化在关键特性的表现较传统同类产品超出至少一个数量级的物质。 董事会注意到，全球的高性能材料 ...

巨星医疗控股(02393)发布公告，公司现正探索及建议投资于高性能材料业。该行业属于制造分部，从 事设计、建造及商业化在关键特性的表现较传统同类产品超出至少一个数量级的物质。 凭借过去两年在自有品牌"Yes!Star"S2胶片相机精细生产所积累提升产品品质及效率的经验，公司将持 续投资于升级研究及开发设备，以期成为其中一间高性能材料工程公司及制造商，同时通过材料研究及 开发的协同效应，多元发展业务分部。 董事会预期高性能材料将于起始阶段用于油气、氢及新能源行业，并可能视适用情况应用及使用于不同 行业。 董事会注意到，全球的高性能材料市场现正蓬勃增长，升势不断。为于东南亚抢占此市场，尤其在中 国，集团现正积极物色及购买涂布生产线、高性能材料的研究及开发设备以及相关专利。 涂布技术可将大宗高性能材料转化成为市售制成品。涂布在几乎每个高价值材料分部均属决定性工序， 决定零件的成败或表现。涂布技术不单止重要，更为高性能材料生产的基础，往往成就革新。此一关键 赋能技术让基本材料发挥远超其固有能力的表现，实际上创造出"全新"的复合材料。涂布是材料与环境 之间的介面。透过此介面的工程设计，公司能在不改变大宗材料本身的情况下 ...

格隆汇12月15日丨 巨星医疗控股(02393.HK)公告，公司现正探索及建议投资于高性能材料业。该行业 属于制造分部，从事设计、建造及商业化在关键特性的表现较传统同类产品超出至少一个数量级的物 质。 董事会注意到，全球的高性能材料市场现正蓬勃增长，升势不断。为于东南亚抢占此市场，尤其在中 国，集团现正积极物色及购买涂布生产线、高性能材料的研究及开发设备以及相关专利。 涂布技术可将大宗高性能材料转化成为市售制成品。涂布在几乎每个高价值材料分部均属决定性工序， 决定零件的成败或表现。涂布技术不单止重要，更为高性能材料生产的基础，往往成就革新。此一关键 赋能技术让基本材料发挥远超其固有能力的表现，实际上创造出"全新"的复合材料。涂布是材料与环境 间的介面。透过此介面的工程设计，公司能在不改变大宗材料本身的情况下，彻底改变其表现，往往实 现超乎寻常的成本效益。 凭藉过去两年在自有品牌"Yes!Star"S2胶片相机精细生产所积累提升产品品质及效率的经验，公司将持 续投资于升级研究及开发设备，以期成为其中一间高性能材料工程公司及制造商，同时通过材料研究及 开发的协同效应，多元发展业务分部。 董事会预期高性能材料将于起 ...

精细化工技术的创新与发展，是推动我国石化工业高质量发展的关键一步。要建立稳定长效的技术创新 机制，提高国内高端精细化工产品的自给率。 从世界范围看，美国、德国等发达国家凭借强大的科研实力和产业基础，持续保持精细化工技术的高水 平，进一步巩固其在全球市场的主导地位。德国的巴斯夫、美国陶氏和杜邦等企业长期垄断高分子材 料、电子化学品、高效催化剂等高端精细化工产品的供应。相较之下，我国的精细化工产业在高端产品 自给、科技成果转化、绿色低碳技术推广等方面仍然存在一定的差距。对此，须采取有力举措。 建立稳定长效的技术创新机制。设立专项扶持基金，重点支持关键技术研发，并对企业研发给予税收优 惠，提高研发费用加计扣除比例，鼓励企业增加研发投入。引导社会资本投入精细化工科研项目，为精 细化工企业提供多元化的融资渠道。加强高校精细化工相关专业学科建设，培养一批适应产业发展需求 的高素质人才；吸引海外高层次人才和创新团队回国创业，为精细化工产业发展提供智力支持。企业应 建立健全人才激励机制，充分调动人才的创新积极性。支持高校、科研机构和企业开展自主生产设备的 研发工作，共同攻克设备研发中的关键技术难题。在引进国外先进技术基础上， ...

Core Insights - Jurong Island, as the core of Singapore's energy and chemical industry, has achieved an annual output value exceeding 80 billion SGD on a land area of 30 square kilometers [1] Group 1: Strategic Collaborations and Developments - On November 24, Singapore's Deputy Prime Minister announced strategic collaborations between Jurong Island and six international enterprises and academic institutions to advance its transformation into a sustainable energy and chemical hub [1] - The Economic Development Board of Singapore proposed a creative concept of an integrated petrochemical cluster, consolidating seven small islands into Jurong Island to support a resource-circular, low-carbon industrial system [2] Group 2: Industrial Ecosystem and Employment - Jurong Island's industrial layout follows ecological principles, creating a diverse and symbiotic development structure, extending its business scope from traditional chemicals to innovative low-carbon fields such as biomanufacturing and carbon capture [2] - The island currently supports over 25,000 jobs and is transitioning its industrial structure towards low-carbon solutions, focusing on high-value, low-emission segments [2] Group 3: Infrastructure and Cost Efficiency - Jurong Island's unique advantage lies in its comprehensive, low-carbon-oriented infrastructure, which includes a shared facility system that reduces material circulation costs by at least 30% [3] - The island is enhancing its infrastructure through digital monitoring and flexible energy grids to optimize carbon efficiency [3] Group 4: Future Focus and Innovation - The development priorities for Jurong Island include specialty chemicals and sustainable materials, with investments in low-carbon technology testing facilities to support the commercialization of clean energy solutions [4] - By 2030, Jurong Island aims to increase its sustainable product output by 1.5 times compared to 2019 and plans to capture 2 million tons of CO2 annually [4]

Core Viewpoint - Junsheng Electronics is set to accelerate value discovery and revaluation as it is expected to enter the Hong Kong Stock Connect list on December 4, attracting significant mainland capital due to its unique positioning in both the automotive and robotics sectors [1][9]. Group 1: Business Overview - Junsheng Electronics, established in 2004, initially focused on automotive components and has since expanded internationally through multiple acquisitions, establishing over 25 R&D centers and 60 production bases globally by April 30 this year [2]. - The company has successfully transitioned into the robotics sector, leveraging its automotive expertise to develop key components for humanoid robots, including controllers and sensors [4]. Group 2: Financial Performance - For the first three quarters of this year, Junsheng Electronics reported revenue of 45.844 billion, a year-on-year increase of 11.45%, with Q3 revenue reaching 15.497 billion, up 10.25% year-on-year [4]. - The overall gross margin improved by 2.7 percentage points to 18.3% for the first three quarters, with Q3 gross margin at 18.6%, reflecting ongoing enhancements in profitability [4][5]. Group 3: Business Segmentation - The automotive safety segment showed significant gross margin improvement, reaching approximately 16.4% for the first three quarters, up 2.4 percentage points year-on-year, with Q3 margin at 17.2% [5]. - New order acquisition has accelerated, with a total of 71.4 billion in new orders for the first three quarters, including 40.2 billion in Q3 alone, indicating strong demand across automotive safety and electronics [5]. Group 4: Strategic Positioning - Junsheng Electronics aims to cultivate long-term competitiveness globally by integrating its supply chain, production strategies, and R&D efforts, focusing on cost optimization and operational efficiency [8]. - The company is positioned as a Tier 1 supplier in both automotive and robotics sectors, leveraging synergies between the two fields to enhance its market presence and support global robotics companies [8]. Group 5: Market Outlook - With its upcoming inclusion in the Hong Kong Stock Connect, Junsheng Electronics is expected to attract more investors, improving liquidity and accelerating its value revaluation process [9].

Core Insights - The event "Working Together for a Win-Win Future" was held by the China Machinery Instrumentation Group in Chongqing, coinciding with the 60th anniversary of Chuan Yi Co., Ltd. and its formal integration into the China Machinery Group [1][1][1] - The aim of the event is to promote the construction of the Chongqing instrumentation industry cluster, focusing on technological innovation and industrial upgrading to create industry leaders and improve the industrial ecosystem for high-quality development in China's instrumentation sector [1][1][1] Company Developments - Chuan Yi Co., Ltd. has undergone a change in actual control to the China Machinery Group, which will manage it under the China Machinery Instrumentation Group [1][1][1] - The China Machinery Group, as a state-owned backbone enterprise in the machinery industry, possesses strong research platforms, abundant industrial resources, and extensive market channels, while Chuan Yi Co., Ltd. has a rich technical foundation and a complete industrial chain advantage built over 60 years [1][1][1] Strategic Initiatives - The newly established China Machinery Instrumentation Group has significantly enhanced its comprehensive strength, forming a complete R&D and manufacturing system covering high-performance materials, advanced sensors and components, high-end instruments, and intelligent control systems [1][1][1] - During the strategic cooperation signing session, the China Machinery Instrumentation Group reported on its establishment process and future development outlook, showcasing new achievements and products in core technology and innovation [1][1][1] Future Directions - The China Machinery Instrumentation Group aims to focus on intelligent, green, and integrated development, continuously strengthening original innovation and key core technology breakthroughs, optimizing forward-looking research layouts, and promoting deep integration of technological and industrial innovation to fully support national strategies [1][1][1] - Chuan Yi Co., Ltd. plans to leverage the central enterprise platform to enhance its core competitiveness and investment value, solidifying its leading position in the process automation industry and expanding its competitive advantages [1][1][1]

Core Viewpoint - The event "Working Together for a Win-Win Future" held by the China Machinery Instrumentation Group aims to promote the development of the Chongqing instrumentation industry cluster, focusing on technological innovation and industrial upgrading to support high-quality development in China's instrumentation sector [1][3]. Group 1: Company Developments - The actual controller of Chuan Yi Co., Ltd. has changed to China Machinery Industry Group Co., Ltd., marking a significant step in the integration of central and local enterprises in the instrumentation industry [3]. - Chuan Yi Co., Ltd. has a rich history of 60 years, possessing deep technical expertise and a complete industrial chain advantage, which will synergize with the resources of the China Machinery Instrumentation Group [3]. - The newly established China Machinery Instrumentation Group has significantly enhanced its comprehensive strength, forming a complete R&D and manufacturing system covering high-performance materials, advanced sensors, high-end instruments, and intelligent control systems [3]. Group 2: Strategic Initiatives - During the strategic cooperation signing, the China Machinery Instrumentation Group showcased its journey and future outlook, highlighting new achievements in core technology and product development [4]. - The group signed strategic cooperation agreements to explore innovative paths with important state-owned enterprises in Chongqing and to expand overseas marketing channels with e-commerce platforms [4]. - The focus for the future includes intelligent, green, and integrated development, emphasizing original innovation and key technology breakthroughs to support national strategic needs and industrial transformation [4]. Group 3: Market Positioning - Chuan Yi Co., Ltd. aims to leverage the central enterprise platform to enhance its core competitiveness and investment value, solidifying its leading position in the process automation industry [4]. - The company is accelerating its internationalization process, striving to become a world-class brand and positioning "Chuan Yi Intelligent Manufacturing" as a pioneer in serving the new type of industrialization [4].

Group 1 - The modern coal chemical industry is focusing on high-quality development under the dual carbon goals, emphasizing green, low-carbon, and intelligent trends [1] - Experts suggest achieving green and low-carbon development through raw material lightening, low-carbon production processes, industrial clustering, green hydrogen industrialization, and resource utilization of waste and CO2 [1] - The new 15 million tons/year clean and efficient coal conversion demonstration project by Shaanxi Coal Group aims to produce high-value products, including battery electrolyte solvents and biodegradable plastics, leveraging low-rank coal [2] Group 2 - The development of diversified and high-end products is seen as the direction for upgrading coal-to-oil processes, with technologies like Fischer-Tropsch synthesis enhancing economic viability [2] - The "Guoning Furnace" gasification technology has been successfully applied in a 4 million tons/year indirect liquefaction project, yielding significant economic and social benefits [2] - Reports on renewable electricity production of green hydrogen and its conversion into low-carbon fuels and chemicals were presented, highlighting advancements in energy efficiency and intelligent development in the industry [3]

Financial Data and Key Metrics Changes - The company achieved all-time high EBITDA margins of 27% in electronic materials, reflecting improved cost structure and operational performance [5] - Sales increased by approximately 1% year-over-year, with adjusted earnings per share at $1.41, flat compared to the prior year and up 3% sequentially [12][13] - Adjusted EBITDA was $55.5 million, down 2% year-over-year, primarily due to lower volume from equipment downtime in Performance Materials [13][14] Business Line Data and Key Metrics Changes - Performance Materials reported value-added sales of $157.1 million, down 4% year-over-year, impacted by equipment downtime [14] - Electronic materials saw value-added sales of $79.7 million, up 2% from the prior year and up 7% organically, with EBITDA margins reaching a record 27.1% [15][16] - Precision Optics experienced value-added sales of $27.1 million, up 21% year-over-year, returning to double-digit EBITDA margins [16][17] Market Data and Key Metrics Changes - Semiconductor sales, excluding China, increased by 7% year-to-date, with high-performance memory applications growing over 30% [7] - The defense market saw record bookings up roughly 40% year-to-date, with about $150 million in RFQs being worked on [10] - The commercial space sector has seen a fivefold increase in sales over three years, driven by macro trends in AI and connectivity [11] Company Strategy and Development Direction - The company is focusing on high-growth markets such as semiconductor, defense, space, and energy, with a strong order book and improved operational performance expected to drive growth [6][11] - Strategic partnerships, such as with Kairos Power and Commonwealth Fusion Systems, are aimed at expanding into new energy solutions [9][25] - The company aims to achieve midterm target margins of 23% and is actively addressing operational reliability issues in Performance Materials [14][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in finishing 2025 positively, driven by strong order rates and market demand [11][18] - There is uncertainty regarding the impact of geopolitical tensions, particularly concerning China, which has seen a 20% year-over-year decline in business [71][87] - The company anticipates continued growth in high-demand sectors, despite challenges in the automotive market [56][44] Other Important Information - The company ended the quarter with a net debt position of approximately $441 million and authorized a new $50 million stock repurchase program [17] - Free cash flow is expected to be roughly 70% of adjusted net income, with strong cash generation year-to-date [17] Q&A Session Summary Question: Why didn't the company narrow the full-year outlook range? - Management cited uncertainty around China and potential impacts from the government shutdown as reasons for maintaining the range [24] Question: What financial impact is expected from the new agreement with Commonwealth Fusion Systems? - Initial shipments are expected to contribute a few million this year, with a more significant annualized run rate anticipated next year [25][27] Question: What is the nature of the equipment downtime in Performance Materials? - The downtime was due to issues with equipment in the largest plant, but it has been resolved, and the company expects to catch up on sales in Q4 [35][36] Question: What are the expectations for 2026 growth? - Management is optimistic about growth in key markets, despite challenges in China, and expects to leverage high-growth opportunities [44][46] Question: How is the company addressing operational reliability? - The company is focused on capital improvements and maintenance to minimize future disruptions in Performance Materials [39][40] Question: What is the expected impact of tariffs on financial results? - The China business is down about 20% year-over-year, with some tariff impacts being manageable through pricing strategies [70][71] Question: Will beryllium be stockpiled by the government? - With increased U.S. defense spending, there is a likelihood of increased usage of beryllium, and the company is prepared to meet that demand [95][96]