深耕有机颜料着色剂，供应链资源丰富

⚫⚫⚫⚫ Seethe last page for disclaimerAPPENDIX 1Summary➢Deeply rooted in the organic pigment industry for 30 years, with a well-established business model.Founded in 1996,the companyis one of the most important suppliers in the global organic pigmentindustry. Organic pigments have a wide range of applications in fields such as inks, coatings and plastics.Due to the numerous downstream segments and customers, there is a high demandfor customised andpersonalised organic pigments. The company understands its customers' product requirements, developingsolutions and products to meet their needs. It also manages supply chain resources to enable productproduction, conducts applied testing, controls product quality and provides brand assurance through itsown brand sales.➢Dynamic management of supply chain resources and further enrichment of the supply structure. Thecompany primarily integrates upstream supply chain resources through product development, qualitymanagement and testing capabilities, providing customers withcomprehensive and professional organicpigment products and services. It has over 450 pigment product specifications, characterised by light, heat,weather and migration resistance, environmental friendliness and high safety performance. According tothecompany's prospectus, the company's supply resources include major domestic organic pigmentsuppliers such as Ruian Baoyuan Chemical,Lily Group, ZhejiangShengdaCharterWinChemicals,Anshan HifichemandWenzhou Jinyuan Chemicals. Construction projects at LiaoningTrust ChemandLiaoningTrust ChemZiyuanwill supplement and improve the company's existing supply chain resources.Following years of technological development, the company has established core technologies in areassuch as organic pigment surface treatment, organic pigment detection and organicpigment negativesubstance control. It can develop products according to the application needs of downstream customers.Regarding the 'green barrier' of REACH registration for chemicals sold in the EU, the company hasindependently completed registrationfor 89 organic pigments and related substances, placing it at theforefront of the domestic organic pigment industry in this respect.➢Global sales network layout and establishment of long-term cooperative relationships with majorinternational enterprises. Thanks to its product development and service capabilities, the company has astrong brand presence in the industry and counts DIC Corporation, Flint Group,SIEGWERK,Sherwin-Williams CompanyandAxalta Coating Systemsamong its major clients. It conducts business in over 70countries and regions worldwide and has subsidiaries in the Netherlands, the United States, Australia,Canada, Turkey, India and the United Kingdom. According to the Organic Pigment ProfessionalCommittee of the China Dyestuff Industry Association, the company has ranked first in the nationalorganic pigment export industry for several consecutive years, from 2015 to 2023.➢Risk warning. Downstream industries such as ink, coatings, and plastics experience cycles, marketcompetition, and fluctuations in raw material prices. 2 Seethe last page for disclaimer分析师介绍分析师庄怀超，本科毕业于北京航空航天大学，硕士毕业于香港大学金融学专业，主要覆盖化工和新材料行业。该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。该分析师曾在wind发布报告超过500篇，主要覆盖行业包括化肥、农药、气体、炸药、氟化工、分子筛、电解液和合成生物学等行业。覆盖的公司包括:东岳集团、环球新材国际、中国心连心化肥、中化化肥、阜丰集团、中国三江化工、中国联塑、浦林成山、米高集团、中国石油化学、中国旭阳集团、彩客新能源、天德化工、理文化工等。邮箱:charles.zhuang@gpf.com.hk电话:(852)97487114; (86) 188 01353 3537 3 SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 monthsRatingOutperform跑赢大市Neutral中性Underperform跑输大市DISCLOSURE OF INTERESTS(1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report.(2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report.(3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization of the issuermentioned in this Research Report.(4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuer mentioned in thisResearch Report within the preceding 12 months.(5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in thisResearch Report.(6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned inthis Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal Prosperity Financial Company Limitedand/or its subsidiaries.DISCLAIMERThis Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity Financial CompanyLimited. Glo