Core Viewpoint - The report outlines the independent financial advisory opinion regarding Anhui Guofeng New Materials Co., Ltd.'s plan to issue shares and pay cash to acquire assets while raising supporting funds, emphasizing the transaction's compliance with legal and regulatory requirements [1][2][3]. Group 1: Transaction Overview - The transaction involves issuing shares and paying cash to acquire a total of 46,263,796 shares of Taohua Jinzhan Technology Co., Ltd., representing 58.33% of the company's total shares after the cancellation of treasury shares [6][9]. - The transaction aims to enhance the company's control over Jinzhan Technology and facilitate industrial integration, promoting synergy in the new materials sector [9][10]. Group 2: Financial Impact - The total assets of the company are projected to increase from 433,770.00 million to 570,341.76 million after the transaction, while total liabilities will rise from 154,630.55 million to 189,546.54 million [10]. - The net profit attributable to the parent company is expected to improve from -6,972.25 million to -3,767.22 million, indicating a reduction in losses post-transaction [10][11]. Group 3: Regulatory Compliance - The independent financial advisor confirms that the transaction complies with relevant laws and regulations, ensuring that the disclosed information is true, accurate, and complete [2][3]. - The transaction has undergone internal review and has received necessary approvals, with further approvals required before implementation [11]. Group 4: Shareholder Structure - Post-transaction, the controlling shareholder, Chuangtou Group, will see its ownership percentage decrease from 29.11% to 26.98%, while new shareholders from the transaction will include various parties [9][10]. - The overall shareholding structure will remain stable, with no change in the actual controller of the company [9]. Group 5: Use of Proceeds - The raised funds will primarily be used for cash consideration related to the acquisition, intermediary fees, and other expenses, with a total fundraising amount not exceeding 35,100.00 million [8][9]. - Approximately 95.72% of the funds will be allocated to pay for the cash consideration of the transaction [8].

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1] Core Viewpoints - DuPont is under antitrust investigation in China, which is expected to benefit domestic alternatives in semiconductor materials and ion exchange membranes [3][6] - DuPont's major growth areas include electronics and water treatment, with a significant portion of sales coming from the Asia-Pacific region [4] - The investigation may accelerate the domestic substitution process for ion exchange resins, particularly in industrial water treatment [6] - The U.S. has imposed "reciprocal tariffs," which may further promote the domestic substitution of new materials [7] - Investment suggestions include focusing on leading companies in ion exchange resins and semiconductor materials [8] Summary by Sections Industry Overview - DuPont's sales in FY2023 reached $12.1 billion, with the Asia-Pacific region accounting for 43% of total sales [4] - The company plans to spin off its electronics business by November 2025 [4] Business Segments - DuPont's semiconductor solutions generated approximately $1.9 billion in sales, representing 15.7% of total sales, with 80% of this revenue from the Asia-Pacific region [5] - The water treatment and protection business achieved sales of $5.6 billion in 2023, with a slight decline expected in 2024 [6] Market Impact - The antitrust investigation is seen as a catalyst for accelerating the domestic production of ion exchange resins, benefiting companies like Bluestar Technology and Zhengguang Co. [6] - The introduction of higher tariffs on U.S. imports is expected to make domestic new materials more competitive [7]