Core Viewpoint - Meilian New Materials is a leading manufacturer in the plastic masterbatch industry in China and the largest white masterbatch manufacturer in Asia, with a unique advantage as the sole supplier of EX electronic materials in the country [1] Group 1: Business Performance - In Q3 2025, Meilian New Materials reported revenue of 1.247 billion yuan, ranking 12th in the industry, significantly lower than the top competitor, Kingfa Technology, which had revenue of 49.616 billion yuan [2] - The company's net profit for the same period was -61.39 million yuan, placing it at the bottom of the industry rankings, while the industry average net profit was 119 million yuan [2] - The main business composition included color masterbatch at 334 million yuan (38.70%) and trichloroisocyanuric acid at 287 million yuan (33.23%) [2] Group 2: Financial Ratios - As of Q3 2025, Meilian New Materials had a debt-to-asset ratio of 39.14%, which is lower than the industry average of 45.98%, indicating relatively low debt pressure [3] - The gross profit margin for the same period was 6.02%, a significant decrease from 13.90% in the previous year and below the industry average of 14.74%, suggesting a need for improvement in profitability [3] Group 3: Management and Shareholder Information - The chairman, Huang Weishan, received a salary of 447,000 yuan in 2024, an increase of 48,500 yuan from 2023 [4] - As of September 30, 2025, the number of A-share shareholders decreased by 3.11% to 24,300, while the average number of circulating A-shares held per account increased by 3.21% to 22,000 [5] Group 4: Future Outlook - Despite short-term pressure from declining chemical material prices, the company has multiple business advantages that may create new growth opportunities [5] - Key business highlights include expected volume and price increases in trichloroisocyanuric acid consumption post-September, the potential for expanding downstream customers for EX electronic materials, and ongoing projects in the renewable energy and polymer materials sectors [5] - Forecasted revenues for 2025, 2026, and 2027 are 2.119 billion yuan, 3.436 billion yuan, and 5.166 billion yuan, respectively, with corresponding EPS of 0.11, 0.24, and 0.61 yuan [5]

Core Viewpoint - The company is experiencing an increase in its foreign customer base for EX electronic materials and is working to accelerate engineering testing processes with domestic clients to achieve early bulk procurement [1] Group 1 - The production and sales of EX electronic materials are currently ramping up [1] - The company is collaborating with domestic downstream clients to expedite the engineering testing process [1] - The goal is to enable domestic clients to start bulk purchasing and usage of the materials as soon as possible [1]

Core Viewpoint - The company is actively working with domestic downstream customers to validate its EX electronic materials, aiming for early mass procurement and usage by these clients [1] Group 1 - The validation cycle for electronic materials is lengthy, prompting the company to accelerate the engineering testing process [1] - The goal is to facilitate early bulk purchasing and usage by domestic customers [1]

Group 1 - The company is exploring expansion plans for its new EX electronic materials in response to market demand [1] - The new production capacity for EX electronic materials is being studied based on the development of the PCB industry [1]

Group 1 - The company held an earnings briefing on September 19, 2023, discussing project progress and business layout with investors [1] - The Dazhou project is expected to begin trial production in September 2026, with a focus on cost advantages despite rising raw material prices [1] - The company's color masterbatch business has a gross margin of only 11%, significantly lower than competitors, prompting efforts to enhance product competitiveness [2] Group 2 - The company is involved in a partnership with Starry Sodium Electric, which is exploring the use of Prussian blue cathode materials for sodium-ion batteries, although no procurement details were confirmed [3] - The EX electronic materials have been validated for HBM stacking packaging, with applications in high-frequency copper-clad laminates for AI servers, and are already part of the supply chain for NVIDIA [4] - The company plans to expand EX electronic materials production capacity in response to market potential, despite limited sales in the first half of the year [4][5] Group 3 - The company is making progress with Prussian blue cathode materials, aiming for mass production and sales in upcoming projects [5] - The company is implementing cost reduction and efficiency improvement measures at its Anhui subsidiary to enhance sales revenue [4] - The Sichuan Xuanhan project is currently under construction and has not yet commenced production [4]

Group 1 - The core point of the article is that Meilian New Materials (300586.SZ) has received bulk orders for EX electronic materials from well-known Taiwanese companies [1] Group 2 - The interaction took place on an investor communication platform, indicating active engagement with investors [1]

Core Insights - The company has confirmed that its subsidiary, Huihong Technology, has commenced industrial production of EX electronic materials, indicating a significant step towards scaling operations [1] - The company stated that the quality of EX electronic materials is ensured with a purity level of HPLC ≥ 97%, which guarantees product stability and consistency [1] Group 1 - The company's 200-ton capacity is part of a pilot production line, and the yield rate is not applicable as all products meet quality standards [1] - The company emphasizes that the acceptance rate of stored products is 100%, as intermediate products can be further refined if they do not meet initial quality standards [1]

格隆汇9月17日丨美联新材(300586.SZ)在投资者互动平台表示，公司控股孙公司辉虹科技投产的EX电子 材料已进入工业化生产阶段。由于EX电子材料中间产品不合格可继续精制，因此不存在良品率的概 念，入库产品的合格率均为100%。EX电子材料产品质量标准是按化学品检测，HPLC纯度≥97%，并能 确保产品质量的稳定性和一致性。 ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问现在公司EX电子材料产能有多少？后续有没有扩 大产能的计划？ 美联新材（300586.SZ）9月11日在投资者互动平台表示，公司控股孙公司辉虹科技已投产的EX电子材 料年产能200吨，新产能正在研究布局。 ...

Core Viewpoint - The company is advancing the industrialization of Prussian blue sodium-ion battery cathode materials and is focused on accelerating the construction of demonstration projects to achieve mass production and sales as soon as possible [1] Group 1: Product Development - The company is currently pushing forward the industrialization of Prussian blue sodium-ion battery cathode materials [1] - The company is working diligently on the construction of demonstration projects to expedite mass production and sales [1] Group 2: Customer Base and Orders - The company's EX electronic materials have established a stable customer base [1] - New customer orders are being steadily progressed [1]