色母粒业务竞争力提升与布局 对比美联与宁波色母、宝丽迪业绩，美联色母粒业务毛利率仅11%，低于后两者20%以上，公司被问及 提升产品竞争力措施及产品布局。公司表示，其色母料产品与宁波色母、宝丽迪应用方向差异大，导致 毛利率不同。公司将尽快完成达州项目投产，以产品成本优势提升竞争力。 星空钠电合作与普鲁士蓝正极材料采购 9月19日15:30 - 17:00，广东美联新材料股份有限公司以网络远程方式，通过全景网"投资者关系互动平 台"（https://ir.p5w.net）举办业绩说明会，参与单位为参加广东辖区上市公司2025年投资者网上集体接 待日活动的投资者。公司董事长黄伟汕、总裁兼财务总监易东生、副总裁兼董事会秘书段文勇等相关人 员出席。活动就公司项目进展、业务布局等方面进行交流，以下为主要内容： 达州项目成本优势与投产时间 投资者提问，在钛白价格下降、原材料价格上涨，特别是硫磺价格涨幅较大且钛矿需外采的情况下，美 联达州项目建成后的成本优势及投产时间。公司回应称，达州项目产品为色母粒制品，与钛白市场无直 接关系，预计2026年9月建成试生产。 其他业务相关问题回应三聚氯氰价格：近期三聚氯氰价格已开始回升。 ...

格隆汇9月18日丨美联新材(300586.SZ)在投资者互动平台表示，已有台系知名企业批量采购EX电子材 料。 ...

（记者 曾健辉） 每经AI快讯，有投资者在投资者互动平台提问：请问：一、公司200吨产能属于中试线吗、良率如何？ 二、苊烯单体的合成工艺控制纯度多少，能确保产品稳定性吗？ 美联新材（300586.SZ）9月17日在投资者互动平台表示，您好！ 1、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%。 2、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。 感谢您的关注！ ...

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]

Core Viewpoint - Meilian New Materials (300586) reported a mixed financial performance for the first half of 2025, with revenue growth but significant losses in net profit and declining margins [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 878 million yuan, a year-on-year increase of 3.1% compared to 851 million yuan in 2024 [1]. - The net profit attributable to shareholders was -16.19 million yuan, a decline of 146.89% from a profit of 34.54 million yuan in the previous year [1]. - The gross margin decreased to 7.73%, down 54.11% from 16.84% in 2024, while the net margin turned negative at -3.12%, a drop of 155.54% [1]. - The company reported a significant increase in accounts receivable, which reached 286 million yuan, up 28.24% from 223 million yuan in 2024, representing 799.11% of the net profit [1]. Cash Flow and Debt Analysis - Operating cash flow per share fell to 0.0 yuan, a decrease of 97.81% from 0.14 yuan in the previous year, primarily due to reduced government subsidies received by a subsidiary [1][2]. - Financing cash flow net amount decreased by 102.84%, attributed to a decline in new bank loans [3]. - The company’s cash and cash equivalents saw a net decrease of 307.57%, linked to reduced government subsidies and lower new bank loans [3]. Business Model and Market Position - The company relies heavily on R&D for its business model, with a historical return on invested capital (ROIC) of 1.79% last year, indicating weak capital returns [4]. - Meilian New Materials has entered the M8-level semiconductor materials market through its subsidiary, Huihong Technology, which has developed EX materials [4][5]. - The company is currently the sole provider of EX electronic materials in China, maintaining a high patent barrier against competitors [8]. Product Development and Market Demand - The company plans to expand its production capacity of EX materials to 500 tons per year, adjusting based on market demand [8]. - The performance of EX materials is critical for large enterprises' computing centers, with expected cost savings in power and reduced cooling requirements [10]. - The company’s main products, including color masterbatches and triethyl cyanamide, have seen increased sales volumes, although the price drop in triethyl cyanamide negatively impacted overall performance [11]. Customer Engagement and Future Outlook - The company is currently sending samples to downstream customers, primarily CCL companies, with limited direct supply to PCB manufacturers [12]. - The pricing strategy for EX electronic materials is to maintain stability, with expectations for gradual market adoption as customers complete their testing phases [13].

Group 1: Company Overview and Market Position - Guangdong Meilian New Materials Co., Ltd. has entered the M8-level semiconductor materials market through the acquisition of Huihong Technology, which has been producing EX materials since 2023 [2][3]. - The company is currently the sole provider of EX electronic materials in China, benefiting from high patent barriers [3][4]. Group 2: Product Development and Supply Chain - The EX monomer has been in production for a longer time, with major Japanese and Taiwanese companies purchasing it for M8-level CCL production [3]. - EX resin was developed around the Spring Festival of 2025, with 2-3 clients currently in the engineering testing phase, and expected demand growth in Q4 2025 [3][4]. Group 3: Production Capacity and Future Plans - The company plans to expand its production capacity to 500 tons per year, with adjustments based on market demand and industry trends [3][4]. - The conversion rate from monomer to resin is approximately 50% [3]. Group 4: Competitive Advantages and Market Trends - The EX electronic materials are characterized by low dielectric loss (Df value of 0.0005-0.0006) and low dielectric constant (Dk value of approximately 2.54), making them attractive for large enterprises [4]. - The use of EX materials in CCL is expected to reduce power costs by 30% and lower construction and operational costs for computing centers [4]. Group 5: Financial Performance and Market Outlook - Despite a net profit loss in the first half of the year, the company saw growth in the production and sales of key products, with market share increasing [4]. - The price of key products, particularly trichloroisocyanuric acid, has stabilized after a significant drop, which could positively impact business in the second half of the year [4].

Core Viewpoint - Meilian New Materials (300586) has developed a new generation of high-frequency, high-speed, and high-transmission electronic materials through its subsidiary, Huihong Technology, which enhances data transmission speed and reduces signal loss [1] Group 1: Product Development - The EX electronic material, which is a type of polyolefin resin, is crucial for producing high-end copper-clad laminates (CCL), an essential material for printed circuit boards [1] - The new material is primarily used in the electrical insulation layer of high-frequency and high-speed copper-clad laminates [1] Group 2: Application Areas - The end applications of this new material include the robotics sector, indicating its potential in advanced technological fields [1]

Group 1 - The core viewpoint of the article highlights that Meilian New Materials' subsidiary, Huihong Technology, produces EX electronic materials, which are essential for high-end copper-clad laminates [2] - EX electronic materials are primarily used in the dielectric layer of high-frequency copper-clad laminates, indicating their significance in the PCB manufacturing process [2] - Copper-clad laminates are identified as a fundamental core material in PCB manufacturing, positioning EX electronic materials in the upstream segment of the PCB industry chain [2]