Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 28 Dec 2025 含硫硅烷领先企业，牵手迈图丰富硅烷产品矩阵 Leading sulfur-containing silane enterprise & Partnering with Maitu to enrich the silane product matrix 最新动态 动向解读 ➢ 含硫硅烷领先企业，丰富产品矩阵。公司主要从事功能性硅烷、纳米硅材料等硅基新材料及 其他化学助剂的研发、生产与销售，含硫硅烷偶联剂产品已经连续六年在全球和国内的市场 均排名第一，已成为全球规模最大的含硫硅烷生产企业。近两年新增建设并投产了氨基硅烷、 环氧基硅烷、苯基硅烷、巯基硅烷、酰氧基硅烷、高温硅橡胶、二氧化硅气凝胶等系列功能 性硅烷产品及硅基新材料产线，大大丰富了产品矩阵。 风险提示 环球富盛理财有限公司 宏柏新材 Jiangxi Hungpai New Material (605366.SH) ➢ 宏观经济波动及市场竞争的风险；原材料、能源价格波动的风险；安全生产的 ...

投资者对ST宏达（002211）的诉讼事项迎来新进展。 12月8日晚，ST宏达公告称，近日，公司收到上海高级人民法院下发的《民事判决书》，判决驳回上 诉，维持原判。公司需向相关三位投资者合计支付投资差额损失超百万元，同时，相关方在一定范围内 承担连带赔偿责任。 此前，部分投资者以"证券虚假陈述责任纠纷"为由，向公司提出索赔。截至12月8日，公司累计收到228 件相关案件材料，涉案金额超2916万元，其中尚未赔付案件涉案金额近2728万元。 中国证券报记者注意到，前三季度净亏损超1065万元的ST宏达，近期还因信息披露违反有关规定收到 上海证监局警示函。 累计涉案金额超2916万元 根据ST宏达公告，公司需向张*、叶*杰、赵*琴分别支付投资差额损失24.38万元、6.43万元和77.49万 元。 同时，杨鑫对ST宏达上述付款义务在20%的范围内承担连带赔偿责任；乐美彧对ST宏达上述付款义务 在3%的范围内承担连带赔偿责任；公证天业会计师事务所（特殊普通合伙）对ST宏达上述付款义务在 20%的范围内承担连带赔偿责任。 图片来源：公司公告 ST宏达12月2日晚公告称，公司近日收到上海证监局出具的警示函。公告显示，经 ...

Core Viewpoint - The recent personnel changes at ST Hongda involve a "role swap" between the chairman and the general manager, which aims to address the company's previous issues related to being listed as a "dishonest executor" due to legal disputes and financial misconduct [1][2]. Group 1: Personnel Changes - The chairman Huang Jun has been appointed as the general manager, while the former general manager Xu Guoxing has taken over as chairman and legal representative of the company [1]. - This change allows the company to move away from the embarrassment of having a "dishonest executor" as its legal representative [1]. Group 2: Legal and Financial Issues - The company was listed as a "dishonest executor" in May 2023 due to unpaid debts related to a court case involving Shanghai Aoying Investment Management Co., which demanded repayment of 42.22 million yuan [2]. - In March 2023, the company received a court order to pay 8.485 million yuan to the applicant, Aoying Investment, as part of the ongoing legal disputes [3]. - The company is facing further legal actions, including the auction of its equity in Dongguan New Oriental Technology Co., valued at 12 million yuan [4]. Group 3: Financial Performance - ST Hongda has experienced continuous losses for two and a half years, attributed to previous financial misconduct and legal issues [6][7]. - In the first half of 2025, the company reported revenue of 211 million yuan, marking an increase of 87.39% year-on-year, although it still recorded a net loss of 9.2972 million yuan, which is a 37.10% reduction in losses compared to the previous year [8]. - The revenue growth is primarily due to the expansion of new business in the East China market [9].

Core Viewpoint - ST Hongda announced a significant personnel change involving the swapping of roles between the Chairman and the General Manager, with Huang Jun resigning as Chairman and Xu Guoxing being elected as the new Chairman, while Huang Jun takes over as General Manager [1] Group 1: Personnel Changes - Huang Jun resigned from the position of Chairman due to work changes but will continue as a board member [1] - Xu Guoxing was elected as the new Chairman of the Board, effective immediately, and will also serve as the legal representative of the company [1] - Xu Guoxing also resigned from his role as General Manager, with Huang Jun being appointed as the new General Manager [1] Group 2: Company Background - ST Hongda primarily focuses on the research, production, and sales of high-temperature silicone rubber, with main products including raw rubber, compounded rubber, and liquid rubber [4] - As of now, Xu Guoxing and Huang Jun do not hold any shares in the company [3][4] Group 3: Financial Performance - In the first half of the year, the company achieved a revenue of 211 million yuan, representing a year-on-year increase of 87.39% [4] - The company reported a net loss attributable to shareholders of 9.2972 million yuan, with a basic earnings per share of -0.0215 yuan [4]

Group 1 - The core viewpoint of the article highlights the classification of the company's silicone rubber products into high-temperature silicone rubber and room-temperature silicone rubber [1] - High-temperature silicone rubber is traditionally used in composite insulators and power cables, while emerging applications include automotive, high-speed rail, photovoltaic power stations, and nuclear power [1] - Room-temperature silicone rubber is primarily utilized in domestic construction, automotive, and photovoltaic sectors [1]

Overview - Shanghai Hongda New Materials Co., Ltd. has been listed as a dishonest executor due to unpaid execution amounts related to a dispute with Shanghai Aoying Investment Management Co., Ltd. [1][2] - The company has received an execution ruling from the Shanghai Huangpu District People's Court regarding the sale of a 12 million yuan equity stake in Dongguan New Oriental Technology Co., Ltd. [1][2] Company Response and Potential Impact - The company is unable to initiate civil claims against its former controlling shareholder, Shanghai Hongzi Enterprise Development Co., Ltd., due to ongoing criminal proceedings [2] - The company has engaged Shanghai Zhuojun Law Firm to assist in handling related matters and is actively asserting its rights with judicial authorities [2] - The company's high-temperature silicone rubber business is operating normally without significant impact [2] - The 12 million yuan equity stake represents 15% of Dongguan New Oriental's shares, and judicial disposal of this stake may affect the company's financial data, though the specific impact is currently indeterminate [2] Other Litigation Matters - As of the announcement date, the company and its subsidiary, Dongguan New Oriental Technology Co., Ltd., are involved in litigation, with no undisclosed significant lawsuits or arbitration matters [2] - The company has received 226 lawsuits related to alleged information disclosure violations, with a total claimed amount of 2.57163 million yuan [2] - The company is also involved in a contract dispute with Beijing Fuyou Hangdian Technology Co., Ltd., with a court ruling requiring Shanghai Guanfeng Information Technology Co., Ltd. to pay 4.49289 million yuan [3]

Investment Rating - The report does not explicitly state an investment rating for the rubber products industry or the specific company being analyzed [1]. Core Insights - The company focuses on the research, production, and sales of specialty rubber and plastic materials, with a dedicated research institute for product development from materials to finished products [10]. - The company plans to expand both its material and product lines, with a current rubber material capacity utilization rate of over 90% and a product utilization rate of around 70% [11]. - The company is expanding its production capacity based on customer demand, particularly in the automotive, high-speed rail, engineering machinery, oil and petrochemical, and aerospace sectors [13]. - The company’s customized products have higher margins compared to standard products, and they continuously develop new products to maintain profitability [14]. - The company’s new production lines for specialty rubber materials are expected to double capacity, with gradual release starting in 2026 [16]. - The company anticipates stable gross margins in 2025, despite fluctuations in raw material costs, by maintaining inventory during low price periods [17]. - The company is focusing on special functional materials, particularly high-temperature and low-temperature resistant materials, which are expected to see significant growth [23]. - The high-end organic silicon product line is currently in trial production, primarily for the aerospace sector [24]. Summary by Sections Company Overview - The company operates in the rubber products industry and has a strong focus on specialty materials [4]. Research and Development - The company has established a research institute dedicated to the development of specialty rubber and plastic products [10]. Production Capacity and Expansion - The company is expanding its production capacity in response to customer needs across various sectors, including automotive and aerospace [13][14]. Financial Performance - The company expects stable gross margins in 2025, with strategies in place to mitigate raw material cost fluctuations [17]. Market Trends - The company is targeting growth in special functional materials and high-end applications, particularly in the automotive and high-speed rail industries [23][24].