Core Viewpoint - The company is experiencing significant growth in the passenger vehicle sector, driven by the rapid development of the new energy vehicle market in China, which presents substantial opportunities for domestic alternatives in the automotive coatings market [2][3]. Group 1: Passenger Vehicle Sector - The new energy vehicle market in China saw production and sales of 8.232 million and 8.22 million units respectively from January to July 2025, marking year-on-year growth of 39.2% and 38.5%, with new energy vehicles accounting for 45% of total new car sales [2]. - The company's passenger vehicle business achieved a year-on-year growth of 109.60% in the first half of 2025, establishing it as a crucial "second growth curve" for the company [2]. - The company is implementing a strategy of "full product range layout + full lifecycle service," covering all scenarios from new vehicle production to maintenance [2]. Group 2: Competitive Strategies - The company is focusing on differentiated competition strategies, particularly in the passenger vehicle parts coating market, emphasizing customization and higher functional requirements for new energy vehicles [3]. - The company is expanding its partnerships with leading manufacturers and component suppliers, moving from single-point supply to deep collaboration, participating in the development and supply of mainstream vehicle models [3]. - The company is actively developing core raw materials such as resins and color pastes for original factory paints and aftermarket repair paints, enhancing product performance and cost control [3]. Group 3: High-End Consumer Electronics - The company is deepening cooperation with downstream clients to expand business value, focusing on high-quality, personalized, and intelligent products in the high-end consumer electronics sector [4]. - The company is leveraging its technological innovations to penetrate the market, with its proprietary techniques being applied in products from major clients like Honor and Xiaomi [5]. - The company is targeting the emerging wearable device market, particularly smart glasses, to capture early advantages and diversify its growth trajectory [6]. Group 4: Ink Business - The ink business has become a key driver of the company's revenue growth, with a 107.15% year-on-year increase in revenue for the first half of 2025 [8]. - The company has developed UV insulation inks that are gaining traction among new energy vehicle manufacturers and battery producers, with successful mass supply to end customers [8]. - The company has established a diverse product matrix in the ink sector, with several innovative products achieving stable mass production across various applications [8]. Group 5: Financial Performance - The company's main revenue for the first half of 2025 was 348 million yuan, a year-on-year increase of 7.48%, while net profit attributable to shareholders decreased by 69.84% to 12.2795 million yuan [9]. - The second quarter of 2025 saw a main revenue of 194 million yuan, a 3.35% increase year-on-year, but net profit dropped by 70.4% to 8.4744 million yuan [9]. - The company's debt ratio stands at 23.09%, with a gross profit margin of 42.63% [9].

Core Viewpoint - The company has made significant progress in its "Quality Improvement and Efficiency Enhancement" action plan for 2025, focusing on optimizing operations, enhancing market competitiveness, and ensuring investor rights [1][11]. Business Performance - The company achieved a revenue of 347.53 million yuan in the first half of 2025, representing a year-on-year increase of 7.48%. In Q2 alone, revenue reached 194.42 million yuan, a quarter-on-quarter growth of 26.97% [1]. - The passenger vehicle sector showed strong performance, with revenue of 97.83 million yuan from January to June 2025, a year-on-year increase of 109.60%, accounting for 28.15% of total revenue, up 13.71 percentage points from the previous year [2]. - The high-end consumer electronics sector generated revenue of 243.56 million yuan in the first half of 2025, with mobile phone and accessory sales growing by 3.27% year-on-year [3]. Innovation and R&D - The company invested 50.92 million yuan in R&D in the first half of 2025, a 6.73% increase year-on-year, representing 14.65% of total revenue. It also obtained 12 new national patents during this period [4]. - The company has developed environmentally friendly technologies and innovative products, such as UV insulation inks and advanced coatings for automotive interiors, which are gradually replacing existing products [5]. Investor Communication - The company adheres to strict information disclosure regulations, ensuring the authenticity and accuracy of its communications. It utilizes various channels, including performance briefings and social media, to engage with investors [6][7]. Corporate Governance and Social Responsibility - The company complies with relevant laws and regulations, continuously improving its internal governance structure. It has published its first ESG report, achieving significant improvements in ESG ratings [8]. - The company has implemented an employee stock ownership plan to enhance motivation among key personnel, which was completed on July 2, 2025 [9]. Shareholder Returns - The company has adopted a stable cash dividend policy, proposing a cash dividend of 2.3211 yuan per 10 shares for the 2024 fiscal year, totaling 25.94 million yuan, along with a capital reserve increase of 4 shares for every 10 shares held [10].

Core Insights - Matsui Co., Ltd. reported a record high revenue of 348 million yuan for the first half of 2025, marking a year-on-year increase of 7.48% [1] - The passenger vehicle segment saw significant growth, with revenue reaching 97.83 million yuan, a remarkable increase of 109.60% year-on-year [1] Financial Performance - The company's R&D expenses amounted to 50.92 million yuan, reflecting a year-on-year growth of 6.73% [1] - The R&D expense ratio slightly decreased to 14.65% of total revenue compared to the same period last year [1] - The R&D team expanded to 291 members, representing 33.33% of total employees, with a year-on-year growth of 21.76% [1] Strategic Initiatives - Matsui is advancing its "three verticals and three horizontals" strategic framework to enhance multi-field collaborative innovation [2] - The company is focusing on upgrading existing technologies and developing new products, including eco-friendly printing technologies and innovative coatings for automotive interiors [2] - Key strategic projects, such as body paint and aftermarket repair paint, are progressing towards market application [2] Technological Advancements - Matsui has developed integrated solutions for insulation frame printing and materials for all-solid-state batteries, addressing manufacturing challenges and enhancing battery performance and safety [2] - The new technology is currently in the joint verification phase with leading downstream companies, aiming for commercial breakthroughs [2] Industry Context - The company is strengthening its core competitiveness in the new functional coating sector amid the global manufacturing industry's shift towards high-end and green transformation [2]