含硫硅烷领先企业，牵手迈图丰富硅烷产品矩阵

含硫硅烷领先企业，牵手迈图丰富硅烷产品矩阵 Leading sulfur-containing silane enterprise& Partnering with Maitu to enrich the silane product matrix 最新动态 ➢成立迈图宏柏子公司，与美国迈图加强合作。2025年2月，公司与美国迈图下属的迈图上海等签署了正式合资协议，成立了“迈图宏柏高新材料（江西）有限公司”，其中公司占51%股权比例，迈图方面占49%股权比例。公司与美国迈图汇聚在各自领域的综合竞争优势，加速新产品、新技术的突破和应用。2025年12月，迈图宏柏拟与美国迈图签署《技术许可与业务转移协议》，通过授权许可方式取得美国迈图相关关键核心技术和专利、知名品牌商标以及工艺等无形资产的使用权。 ➢成立泰国宏柏，拓展海外市场。产品主要外销国家包括欧洲、泰国等，近年对公司毛利润贡献较大，2024年受行业竞争加剧影响，公司外销收入及毛利率有所下滑。为拓展东南亚市场及完善海外功能性硅烷产业供应体系，公司与泰国投资方成立了泰国宏柏，公司持股90.00%。公司产品的生产成本主要是直接材料成本，2024年直接材料占营业成本的比重为65.13%。公司从外部采购的主要原材料包括硅块、氯丙烯、无水乙醇、炭黑等。 动向解读 ➢含硫硅烷领先企业，丰富产品矩阵。公司主要从事功能性硅烷、纳米硅材料等硅基新材料及其他化学助剂的研发、生产与销售，含硫硅烷偶联剂产品已经连续六年在全球和国内的市场均排名第一，已成为全球规模最大的含硫硅烷生产企业。近两年新增建设并投产了氨基硅烷、环氧基硅烷、苯基硅烷、巯基硅烷、酰氧基硅烷、高温硅橡胶、二氧化硅气凝胶等系列功能性硅烷产品及硅基新材料产线，大大丰富了产品矩阵。 风险提示 ➢宏观经济波动及市场竞争的风险；原材料、能源价格波动的风险；安全生产的风险。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和有色材料行业。 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，覆盖能源化工和有色材料行业。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600篇，主要覆盖标的包括： 1）化工&化肥：东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、龙蟠科技、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技； 2）能源&公用事业：中创新航、中集安瑞科、新奥能源、长江基建集团、中煤能源、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、绿色动力环保、首钢资源、新特能源； 3）有色&材料：中国宏桥、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、信义光能、华新水泥、华润建材科技、大明国际。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 188 01353 3537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months 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 ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research 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 this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen orresident of or locatedin any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which wouldsubjectGlobal Prosperity Financial Company Limitedand its group companies to any registration or licensing requirement within suchjurisdiction.