日科化学分析师会议 调研日期：2025年05月15日 调研行业：塑料制品 参与调研的机构：投资者网上提问等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的 ...

Report Summary 1. Report Industry Investment Rating - No information provided 2. Report's Core View - No information provided 3. Summary by Relevant Catalogs 3.1.调研基本情况 - 调研对象为坤泰股份，接待时间是2025年5月15日，上市公司接待人员有董事、副总经理、财务总监耿佳辉，副总经理、董事会秘书王翔宇，证券事务代表孙兆学 [17] 3.2.详细调研机构 - 接待对象类型有投资者网上提问等，机构相关人员包括接待对象 [20] 3.3.调研机构占比 - No information provided 3.4.主要内容资料 - 墨西哥生产基地主要生产汽车簇绒地毯、汽车针刺地毯等产品 [24] - 截止目前，墨西哥生产基地已实现小批量量产，公司将根据客户订单安排稳健经营，争取早日全面量产 [24] - 2024年坤泰股份母公司实现净利润78,279,898.72元，2023年为55,459,795.81元，较去年增加22,820,102.91元，同比增长41.15% [24]

迪威尔分析师会议 调研日期：2025年05月15日 调研行业：专用设备 参与调研的机构：上证路演中心公司2024年度暨2025第一季度 业绩说明会等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | STAR ...

Group 1: Report Basic Information - The research object is Taihe New Material, belonging to the chemical fiber industry, and the reception time is May 15, 2025. The listed company's reception staff includes Chief Accountant Gu Yumei and Board Secretary Dong Xuhai [17] Group 2: Investor Questions and Company Responses Market Value Management - The company aims to achieve a dynamic balance between intrinsic value and market value by strengthening core business competitiveness, optimizing capital structure, and enhancing investor communication and returns [24] Cooperation with Xingyuan Materials - The aramid-coated separator products have entered the technical certification systems of multiple leading battery companies in China. The specific number of customers and business progress are confidential. Xingyuan Materials has leading technical strength and support capabilities in the separator field, and both parties are jointly promoting customer introduction [24] Business Performance - For information on the losses of spandex and profits of aramid in the first quarter, and the profitability of aramid in the second quarter, please refer to the regular reports [24][30] Demolition Compensation - The company has signed demolition compensation agreements in batches. Specific content can be found in relevant announcements. The company will recognize the gains and losses from asset disposal according to accounting standards based on the progress of land recovery and compensation received [26] Shareholder Number Inquiry - The company will consider the suggestion of not disclosing the specific number of shareholders and instead referring to the regular reports [26] Response to Battery New Regulations - The company will actively follow up on the new battery safety standards, which are conducive to promoting the implementation of relevant safety solutions and providing better safety experiences for consumers [27] Other Business Cooperation - The company has established a strategic cooperation with Xingyuan Materials in the separator coating field, jointly investing in the establishment of Yantai Xinghe Battery Material Technology Co., Ltd. They are promoting customized development with multiple leading battery companies, covering full-scenario requirements such as power, energy storage, and 3C [27] Business Outlook - For the company's business situation this year and next year, please refer to the future regular reports [29] Application in Solid-State Batteries - The company's aramid-coated products are being verified in semi-solid batteries, and the company is researching relevant materials for application in all-solid-state batteries [30][34] Senior Management Shareholding Reduction - The reason for the senior management's shareholding reduction is personal capital needs, which has nothing to do with the company's prospects [30] Business Plan for 2025 - The company's overall business goal in 2025 is to sell approximately 100,000 tons of various fibers and deep-processed products, accelerate the implementation of incremental business results, and increase the proportion of high-value-added products in the company's profit sources. In terms of incremental business, it will strengthen market development and verification, and promote the early effectiveness of projects such as aramid-coated separators, Ecody green printing and dyeing, and composite paper for new energy vehicles. There should be no major safety and environmental protection accidents throughout the year [31] Restricted Stock Repurchase - The restricted stock repurchase targets the restricted stocks held by the grantees of the company's equity incentive, not the unrestricted tradable shares [33] Ammonia Price and Performance - The statement about the spandex price increase during the research was an immediate reflection of industry price changes, while the regular reports are a comprehensive reflection of the company's multiple business operating results, and the comparison is made with the same period of the previous year [34]

Group 1: Research Basic Information - The research object is Kaisheng New Materials, belonging to the chemical raw materials industry, and the reception time was on May 15, 2025. The company's reception staff included Wang Ronghai, the director, deputy general manager, and board secretary, and Yang Ziguang, the director of the board office and the representative of securities affairs [17] Group 2: Detailed Research Institutions - The reception objects include investors' online questions and others [20] Group 3: Main Content Company Product and Business - Since the PEKK project was put into production, both the production and shipment volume have been increasing. The product has been applied by terminal customers in fields such as general profiles, spraying, new energy vehicles, and military aerospace. The company is also paying close attention to the market demand for lightweight special materials in fields such as electronic information (semiconductor), rehabilitation medical devices, and robots [24][27][28] - In 2025, the demand from the downstream agro - chemical sector for the company's products has increased, and the company's overall business situation has improved quarter - on - quarter. For details of the fundraising projects, refer to the company's annual report and special report on the use of raised funds [25] - The company's revenue and net profit in the first quarter of 2025 increased both year - on - year and quarter - on - quarter, mainly due to the increased demand from the downstream agro - chemical sector and the increase in product gross profit [27] Company Financial Policy - The company's 2024 annual general meeting of shareholders has authorized the board of directors to decide whether to conduct an appropriate mid - year dividend in 2025 based on the actual operating performance, capital use plan, and undistributed profit situation [26] Product Comparison - PEKK and PEEK are both polyaryletherketone polymers. PEKK is a copolymer with an adjustable melting temperature between 280 - 390°C, has a wider processing window, lower production cost, and slower crystallization speed compared to PEEK [29]

同大股份分析师会议 调研日期：2025年05月15日 调研行业：化学制品 参与调研的机构：投资者网上提问等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的 ...

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating in the given content. 2. Core Viewpoints - The company's cellulose ether exports in May 2025 were in good condition, and the current price is basically stable without significant fluctuations [26][27][28]. - The US plant construction is in progress, and the company will disclose the progress according to regulatory requirements [24][25]. - The US factory only plans to build a plant - based capsule production line, and cellulose ether will be sourced through a combination of domestic imports and US procurement [31]. - The company's repurchased shares are for converting convertible corporate bonds, and it will choose an appropriate time to implement the repurchase plan after completing the approval procedures [30]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Shandong Hedda, belonging to the chemical products industry. The reception time was May 15, 2025, and the company's reception staff included the chairman, board secretary, financial director, and securities affairs representative [17]. 3.2. Detailed Research Institutions - The reception objects include investors' online questions and others [20]. 3.3. Research Institution Proportion - No information provided on the research institution proportion in the given content. 3.4. Main Content Data - **US Plant Construction**: It is in progress, and the company will disclose the progress as required. The US factory only plans a plant - based capsule production line, and cellulose ether will be sourced from domestic imports and US procurement [24][25][31]. - **Cellulose Ether**: Exports in May 2025 were good, and the current price is stable [26][27][28]. - **2025 Performance**: Details of the 2025 business plan can be found in the 2024 annual report [29]. - **Inventory Accounting**: The inventory of plant - based capsules reserved in the US warehouse is recorded under accounts receivable in the company's statements, and relevant revenues and costs have been offset [29]. - **Share Repurchase**: The repurchased shares are for convertible corporate bonds. After completing the approval procedures on May 14, 2025, the company will choose an appropriate time to implement the plan [30].

1. Report Industry Investment Rating - No information available 2. Core View of the Report - The company is a leading enterprise in the domestic water - based acrylic emulsion industry, with a market share of about 15%. In 2025, it aims to "consolidate the domestic market foundation and explore the overseas market future", continue to improve the production capacity layout, and increase R & D efforts [21]. - Benefiting from various factors, the water - based acrylic emulsion industry chain will be more complete, the application scope will expand, and market demand will grow. The company will improve relevant layouts and expand new application channels [22]. - The domestic acrylic emulsion industry is highly market - oriented. Leading enterprises with core technologies can maintain their advantages, and market concentration will increase, which is beneficial for the company to improve its market share [23]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - Research object: Baolijia; Industry: Chemical products; Reception time: May 15, 2025; Reception personnel: Chairman and General Manager Yang Wenyu, Independent Director Liu Shuguo, Board Secretary Li Yanhao, and Financial Controller Li Wenqing [16]. 3.2 Detailed Research Institutions - The reception object is investors who participated in the 2025 annual report collective performance briefing of listed companies in Shanghai through the Shanghai Stock Exchange Roadshow Center (https://roadshow.sseinfo.com/), and the type is "other" [17]. 3.3 Research Institution Proportion - No information available 3.4 Main Content Data - **Question about market share and performance**: The company is a leading enterprise in the domestic water - based acrylic emulsion industry, with a market share of about 15%. In 2024, the company's operating income was 2.151 billion yuan, and the emulsion accounted for 93.16%. In 2025, it will focus on consolidating the domestic market and exploring overseas markets, and continue to improve production capacity and R & D [21]. - **Question about business strategy**: In 2024, the construction materials industry was in the repair period. The company's products include various functional acrylic emulsions and additives. The water - based acrylic emulsion industry chain will improve, and the company will improve relevant layouts and expand new application channels. For example, the demand for water - based coatings in the container field has increased greatly [22][23]. - **Question about company's competitiveness**: The company adheres to the "Technology Baolijia" strategy, has a "One Academy and Five Centers" R & D layout, and has core competitiveness in technology, R & D, production capacity, etc. [24]. - **Question about company's status and advantages**: The company is a leading enterprise in the acrylic emulsion industry and a core supplier to many well - known coating companies. It operates in accordance with regulations, has a complete business system, and will improve internal governance in the future [24].

Group 1: Basic Information - The research object is Licheng Industry, belonging to the chemical products industry, and the reception time was May 15, 2025. The company's reception staff included the board secretary, CFO Zheng Gang, and the securities affairs representative Liu Zenghui [17] - The institution participating in the research is Caitong Securities [2] Group 2: Company Business and Performance - The company is based in the fine chemical field, with its main business being the R & D, production, and sales of surfactants and detergents. It has three production bases in Changsha, Shanghai, and Dongguan, with an annual surfactant production capacity of approximately 550,000 tons and an annual detergent production capacity of about 250,000 tons [22] - The anionic surfactant business is the company's main source of revenue and profit. In 2024, the company achieved an operating income of 3.377 billion yuan from surfactant products, a year - on - year increase of 12.68%, accounting for 92.23% of the company's operating income. The production and sales volume of the company's main surfactant products ranked among the top two in the country in 2024 [23] Group 3: Dividend Policy - In 2024, the company's profit distribution plan proposed to distribute cash dividends of 5.10 yuan per 10 shares (tax - included) based on the total share capital of 130,178,260 shares at the end of 2024, totaling 66,390,912.60 yuan. The remaining undistributed profits will be carried forward to the next year [25] - The company will formulate its profit distribution plan in accordance with the "Future Three - Year (2024 - 2026) Shareholder Return Plan" [26] Group 4: Incentive Expenses - According to the company's 2023 restricted stock incentive plan (draft revised version), the company's share - based payment expense amortization in 2024 was 33.17 million yuan, with management expenses accounting for 68.03% and sales expenses accounting for 25.09% [27] Group 5: Project Progress - The first phase of the 250,000 - ton new green surfactant production base and headquarters construction project of Shanghai Aowei entered the trial production stage in early May 2024. The second phase's 57,500 - ton new green surfactant production lines entered the trial production stage in late February and early April 2025 [28]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - The company has traditional advantages in the nuclear power field and has launched import - substitution products in cooperation with relevant national nuclear technology authorities, which have entered into practical application. It is also carrying out R & D and promotion in the battery recycling and solar polysilicon fields [21]. - The company aims to gain more market share in the mid - high - end water treatment market, as there is a large space for import substitution in high - value - added products for condensate water treatment [21]. - The completion of the company's fundraising projects will enhance its core competitiveness, reduce labor costs, increase production efficiency, and meet market demand [22]. - The company's Jingmen production base focuses on new energy, environmental protection, and biomedicine fields, and is expected to start trial production by the end of 2025 and reach the intended use state by the end of April 2026 [22]. - According to the 2024 annual profit distribution plan, the company plans to distribute a cash dividend of 2.60 yuan per 10 shares (tax - included) to all shareholders, and future dividend plans will be determined based on specific circumstances [22][23]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Zhengguang Co., Ltd., belonging to the chemical products industry. The reception time was May 15, 2025. The listed company's reception personnel included the deputy general manager, board secretary, financial director Wu Yafei, and the securities affairs representative Che Cheng [16]. 3.2. Detailed Research Institutions - The research institutions include Huian Fund (represented by Wang Minglu), Huihong Asset (represented by Zhang Li), Nuoyan Fund (represented by Zhou Xiaoqi), CITIC Securities (represented by Sun Chenxing), PICC Asset (represented by Tian Lei), Guotai Haitong (represented by Wang Ruijian), and CICC (represented by Ye Endong) [17]. 3.3. Research Institutions Proportion There is no information about the research institutions proportion in the provided content. 3.4. Main Content Data - **Company Introduction**: The board secretary introduced the company's basic and operating conditions, as well as industry and product information [21]. - **New Energy Progress**: The company has advantages in the nuclear power field, and is also involved in battery recycling and solar polysilicon R & D [21]. - **Mid - High - End Water Treatment Market Goals**: The company aims to gain more share in this market, with large import substitution space for condensate water treatment resin [21]. - **Fundraising Project Completion**: As of the end of 2024, some projects have been completed, which will enhance the company's competitiveness [22]. - **Jingmen Production Base**: Focuses on new energy, environmental protection, and biomedicine, expected to start trial production by the end of 2025 and reach normal operation by April 2026 [22]. - **Dividend Situation**: Plans to distribute a cash dividend of 2.60 yuan per 10 shares in 2024, and future dividends will be determined according to circumstances [22][23].