25H1扣非净利润同比增长54.4%，全球整合工作成效显著

25H1RecurringProfit +54.4%YoY &Significant achievements in global integration 最新动态 ➢25H1扣非净利润同比增长54.4%。25H1，公司实现营收9.12亿元，同比增长17.7%；归母净利润0.62亿元，同比减少41.9%；扣非净利润2.60亿元，同比增加54.4%。 ➢集团产能升级进展顺利。七色珠光二期年产3万吨的珠光材料工厂已逐步投产；杭州桐庐年产10万吨表面性能材料项目的基础设施已接近完工，并进入设备安装阶段。 ➢全球整合工作成效显著。1）自与韩国知名珠光材料企业CQV建立合作关系以来，双方已在市场渠道、产品研发及供应链管理等领域实现深度协同，推动经营业绩稳步增长；该协同不仅大幅提升集团的全球竞争力，亦推动汽车级高端珠光材料升级，并巩固集团在国际市场的竞争地位。2）2025年7月31日，集团完成收购MerckKGaA的全球表面解决方案业务。此次战略整合将为集团带来核心技术及市场资源，加速集团国际化进程，提升全球品牌影响力；同时将构建覆盖中国、德国、韩国、日及美国五大地区的全球研发与生产基地网络。凭借Merck成熟的全球业务网络，集团将进一步拓展新市场及业务领域，加强在全球表面性能材料、高端珠光颜料及化妆品活性成分领域的竞争地位。 动向解读 ➢公司财务成本和行政开支有所增长。25H1，公司财务成本1.45亿元，同比增长238.7%，有关增加主要由于银行贷款及其他借款增加；A批可换股债券、第一批初始债券及筹备拟收购全球表面解决方案业务的其他借款的利息开支。25H1，公司行政及其他经营开支为1.21亿元，同比增长12.8%，有关增加主要由于：就收购全球表面解决方案业务聘用专业服务所产生的开支约人民币18.4百万元，以及扩充并购团队的额外员工成本。 ➢推进合成云母绝缘及阻燃技术的发展。集团于功能材料上推进合成云母绝缘及阻燃技术的发展，增强新能源电池系统的安全基础材料的性能；通过将珠光材料融入BIPV彩色光伏组件，公司亦拓展技术在低碳场景的跨界应用。此举不仅提升美学价值，更标志着集团在绿色制造及表面性能材料领域取得技术突破，成为推动光伏建筑一体化普及的重要推动力。 风险提示 项目建设进度不及预期；下游需求不及预期；宏观经济下行。 What’s New ➢25H1recurring net profit increased by 54.4% year-on-year.In25H1,the company achieved a revenue of912 million yuan, a year-on-year increase of 17.7%; Net profitwas 62 million yuan, a year-on-year decrease of41.9%;Recurringnet profit of 260 million yuan, an increase of 54.4% year-on-year. ➢The upgrade to the group's production capacity is progressing smoothly.The 30,000-tonne-per-year pearlmaterial factory in the second phase ofGuangXi Chesir Pearl Materialhas gradually been put into operation.The infrastructure of the 100,000-tonne-per-year surface performance material project in Tonglu, Hangzhou, isnearing completion and has entered the equipment installation phase. ➢The global integration work has achieved significant results.Since establishing a cooperative relationshipwith CQV, a well-known pearl material company in South Korea, the two parties have achieved deepcollaboration in market channels, product research and development, and supply chain management. This hasdrivensteady growth in business performance and significantly enhanced the group's global competitiveness.It has also promoted the upgrading of automotive-grade, high-end pearl materials and consolidated the group'scompetitive position in the international market. On 31 July 2025, the group completed the acquisition of MerckKGaA's global surface solutions business. This strategic integration will bring core technology and marketresources to the Group, accelerating its internationalisation process and enhancing its global brand influence.At the same time, a global R&D and production base network will be established, covering five major regionsincluding China, Germany, South Korea, Japan and the United States. Leveraging Merck's robust globalbusiness network, the group will expand into new markets and business areas, strengthening its competitiveposition in the fields of global surface performance materials, high-end pearl pigments, and cosmetic activeingredients. What’s Different ➢The company's financial costs and administrative expenses have increased.In the first half of 2025, thecompany's financial costs amounted to 145 million yuan, marking a year-on-year increase of 238.7%. This wasprimarily driven by an increase in bank loans and other borrowings, as well as interest expenses related to thefirst batch of convertible bonds, the initial issuance of bonds, and other borrowings in preparation for theproposed acquisition of the Global Surface Solutions business. In 25H1, the company's administrative and otheroperating expenses totalled 121 millionyuan, marking a 12.8% year-on-year increase. This was primarily dueto approximately 18.4 million yuan in expenses incurred from hiring professional services for the acquisition ofthe Global Surface Solutions business, as well as additional staff costs for expanding the M&A team. ➢Promote the development of synthetic mica insulation andflame-retardanttechnology.The group ispromoting the development of this technology in functional materials to enhance the performance of basic safetymaterials for new energy battery systems. By integrating pearl materials into BIPV colour photovoltaic modules,the company is also expanding the cross-border application of this technology in low-carbon scenarios. This notonly enhances aestheticvalue but also represents a technological breakthrough for the group in greenmanufacturing and surface performance materials, driving the integration of photovoltaic buildings forward. Risks The project construction progress falls short of expectations; Downstream demand falls short of expectations;Macroeconomic downturn. 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。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114;