Group 1 - Meibang Technology focuses on the research and production of epoxy propane and downstream polyether polyols, benefiting from a clean production process and stable capacity, which enhances business profitability when epoxy propane prices rise [1][29] - Hongqiang Co., Ltd. produces concrete additives that utilize epoxy propane-derived polyether polyols, allowing for cost transfer to customers when prices rise, while also benefiting from the green building certification and infrastructure investment cycles [2][30] - Weiyuan Co., Ltd. has a large capacity for epoxy propane and integrates its production with other chemicals, which helps mitigate raw material price fluctuations and enhances profitability [3][31] Group 2 - Hongbaoli is a leading supplier of polyurethane insulation materials, with its core product being rigid polyether polyols, directly linked to epoxy propane prices, allowing for price adjustments through long-term agreements [4][32] - Yinuowei relies heavily on epoxy propane for its polyurethane products, maintaining stable relationships with downstream customers and benefiting from the rapid expansion of the new energy sector [5][33] - Yida Co., Ltd. has developed its own epoxy propane production technology and offers a range of solvents, benefiting from the green development policies and enhancing cost control through efficient procurement [6][34] Group 3 - Bohai Chemical leverages its location in the Beijing-Tianjin-Hebei petrochemical cluster to enhance its epoxy propane production, benefiting from regional supply advantages and low-carbon transformation initiatives [7][35] - China Chemical, as a state-owned enterprise, benefits from the rising demand for engineering services related to epoxy propane production, supported by its global project experience and technological capabilities [8][36] - Weixing Chemical has a complete C3 industrial chain layout, with significant cost advantages in epoxy propane production, and is actively expanding into new energy materials [9][36] Group 4 - Huaitai Co. integrates its chemical production with green paper-making concepts, enhancing profitability through the rising prices of epoxy propane while maintaining a focus on sustainable practices [10][38] - Kent Catalysts specializes in catalysts for epoxy propane production, benefiting from the industry's growth and focusing on high-end catalyst development for new energy applications [11][39] - Dongfang Shenghong has a vertically integrated "refining-polyester" chain, leveraging the high demand for epoxy propane to enhance profitability while expanding into photovoltaic materials [12][40]

东吴证券股份有限公司 关于山东一诺威聚氨酯股份有限公司 使用闲置募集资金暂时补充流动资金的核查意见 东吴证券股份有限公司（以下简称"东吴证券"或"保荐机构"）作为山东 一诺威聚氨酯股份有限公司（以下简称"一诺威"或"公司"）股票向不特定合 格投资者公开发行的保荐机构，根据《证券发行上市保荐业务管理办法》《北京 证券交易所上市公司持续监管办法（试行）》《北京证券交易所证券发行上市保 荐业务管理细则》《北京证券交易所股票上市规则》《上市公司募集资金监管规 则》等有关规定，对一诺威使用闲置募集资金暂时补充流动资金的事项进行了核 查，有关情况如下： 一、募集资金基本情况 2023 年 3 月 20 日，山东一诺威聚氨酯股份有限公司发行普通股 29,932,748 股，发行方式为向不特定合格投资者公开发行，发行价格为 10.81 元/股，募集资 金总额为 323,573,005.88 元，募集资金净额为 287,390,679.20 元，到账时间为 2023 年 3 月 23 日。 二、募集资金使用情况 （一）募集资金使用情况和存储的具体情况 截至 2025 年 11 月 30 日，公司上述发行股份募集资金的使用情况具 ...

证券代码：920261 证券简称：一诺威 公告编号：2025-103 山东一诺威聚氨酯股份有限公司 第四届董事会第十四次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 5.会议主持人：董事长徐军先生 6.会议列席人员：高级管理人员 7.召开情况合法合规的说明： 2.会议召开地点：公司会议室 3.会议召开方式：现场方式 4.发出董事会会议通知的时间和方式：2025 年 12 月 25 日以通讯方式发出 本次会议的召集、召开、表决程序及出席会议的董事人数符合法律、法规及 《公司章程》的有关规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 二、议案审议情况 1.会议召开时间：2025 年 12 月 30 日 2.议案表决结果：同意 9 票；反对 0 票；弃权 0 票。 本议案已经公司第四届董事会审计委员会第十二次会议审议通过。 3.回避表决情况： 本议案不涉及关联交易，无需回避表决。 4.提交股东会表决情况： 本议案无需 ...

证券代码：920261 证券简称：一诺威 公告编号：2025-104 山东一诺威聚氨酯股份有限公司 使用闲置募集资金暂时补充流动资金公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、募集资金基本情况 2023 年 3 月 20 日，山东一诺威聚氨酯股份有限公司发行普通股 29,932,748 股，发行方式为向不特定合格投资者公开发行，发行价格为 10.81 元/股，募集资 金总额为 323,573,005.88 元，募集资金净额为 287,390,679.20 元，到账时间为 2023 年 3 月 23 日。 二、募集资金使用情况 （一）募集资金使用情况和存储的具体情况 截至 2025 年 11 月 30 日，公司上述发行股份的募集资金使用情况具体如下： 单位：元 | 序 | 募集资金 | 实施主 | 募集资金计划 | 累计投入募集 | 投入进度（%） | | --- | --- | --- | --- | --- | --- | | 号 | 用途 | 体 | 投资总额（调整 | 资金金额 | ...

证券代码：920261 证券简称：一诺威 公告编号：2025-105 山东一诺威聚氨酯股份有限公司高级管理人员变动公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法律责任。 一、高级管理人员任命的基本情况 山东一诺威聚氨酯股份有限公司（以下简称"公司"）于 2025 年 12 月 30 日召开第 四届董事会第十四次会议，审议通过了《关于聘任公司财务总监的议案》。 聘任王亚军先生为公司财务总监，任职期限至第四届董事会届满之日止，自 2025 年 12 月 30 日起生效。该人员持有公司股份 0 股，占公司股本的 0%，不是失信联合惩 戒对象。 （上述人员简历详见附件） 二、高级管理人员离任的基本情况 四、提名委员会的意见 公司第四届董事会提名委员会第四次会议审议通过了《关于聘任公司财务总监的议 案》。经审阅被提名人员的个人简历及相关资料，提名委员会委员一致认为王亚军先生 的任职资格符合《公司法》《北京证券交易所股票上市规则》《公司章程》的相关规定， 具备担任财务总监所必需的专业素养、管理经验及履职能力，同意聘任王 ...

证券代码：920261 证券简称：一诺威 公告编号：2025-106 统一社会信用代码：91370303MA3DNKLH73 企业类型：有限责任公司 注册地址：山东省淄博市张店区昌国东路 218 号淄博市张店东部化工区创业 园 1016(1018)房间 山东一诺威聚氨酯股份有限公司 关于拟注销全资子公司的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 2025 年 12 月 30 日，公司第四届董事会第十四次会议审议并通过了《关于 拟注销全资子公司的议案》，本议案无需提交股东会审议。相关议案提交董事会 审议前已经公司第四届董事会战略委员会第三次会议审议通过并发表了一致同 意的意见。公司全资子公司山东一诺威精细化工有限公司（以下简称"一诺威精 细化工"）未实际开展经营，基于公司整体经营规划的考虑，为了更好的整合公 司资源，优化组织结构，提高公司整体管理效率及经营效益，公司董事会同意注 销全资子公司一诺威精细化工。 一、拟注销全资子公司的基本情况 公司名称：山东一诺威精细化工有限公司 法定代表人：徐军 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on its market position and growth potential [5][8]. Core Insights - The company specializes in polyurethane materials and has over 20 years of technical expertise, focusing on three main product categories: polyurethane elastomers, polyester/polyether polyols, and other downstream derivatives [6][15]. - The company achieved revenue of 3.55 billion yuan in the first half of 2025, with a year-on-year growth of 6.98%, and a significant increase in net profit by 54.98% to 112 million yuan [6][25]. - The company is positioned as a national manufacturing champion in the CPU segment, with a market share of 35% in 2021, and is expanding its production capacity to enhance its competitive edge [6][10]. Summary by Sections 1. Business Overview - The company is a leading manufacturer of polyurethane raw materials and derivatives, with a diverse product range that includes elastomers, polyols, and other fine chemical materials [15][22]. - The company has established a robust R&D framework, holding over 520 patents and participating in the formulation of more than 20 national standards [17][19]. 2. Industry Context - China is a major producer and consumer of polyurethane, accounting for approximately 50% of global production, with the market expected to grow to 237.9 billion yuan by 2027 [6][40]. - The industry is characterized by increasing concentration, with major players dominating the upstream raw materials market, particularly in MDI and TDI [43][48]. 3. Competitive Advantages - The company has a leading position in the polyurethane sector, with ongoing capacity expansion projects that will significantly increase its production capabilities [6][10]. - The company is focusing on high-end product development and expanding its applications in various industries, including automotive and renewable energy [10][64]. 4. Financial Projections - The company is projected to achieve net profits of 202 million yuan, 233 million yuan, and 268 million yuan from 2025 to 2027, with corresponding P/E ratios of 21.7, 18.8, and 16.3 [8][29]. - Revenue is expected to grow steadily, with a forecasted increase in operating income from 7.48 billion yuan in 2025 to 9.39 billion yuan in 2027 [7][8].

Group 1 - The core transaction on November 28 involved a block trade of 100,000 shares of Yinuowei at a transaction value of 1.042 million yuan, with a transaction price of 10.42 yuan, representing a discount of 29.78% compared to the closing price of the day [2][3] - In the past month, Yinuowei has recorded a total of 5 block trades, with a cumulative transaction value of 5.8007 million yuan [3] - The closing price of Yinuowei on the day of the transaction was 14.84 yuan, reflecting a decrease of 0.27%, with a daily turnover rate of 0.49% and a total transaction amount of 12.3383 million yuan [3] Group 2 - Yinuowei, officially known as Shandong Yinuowei Polyurethane Co., Ltd., was established on December 3, 2003, with a registered capital of 2.9113 billion yuan [3]

Core Points - A block trade occurred for the company Yinuowei (stock code: 920261) on November 28, 2025, at a closing price of 14.84 yuan per share [1] - The transaction price was 10.42 yuan per share, with a total volume of 100,000 shares, resulting in a transaction amount of 1.042 million yuan, reflecting a discount of 29.78% [1] Company Summary - The buying brokerage was Zhongtai Securities Co., Ltd., located in Zibo, while the selling brokerage was Dongwu Securities Co., Ltd., based in Jinan [1]

关于闲置募集资金暂时补充流动资金归还的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 山东一诺威聚氨酯股份有限公司（以下简称"公司"）于 2024 年 12 月 12 日 召开第四届董事会第九次会议、第四届监事会第九次会议，审议通过了《关于使 用闲置募集资金暂时补充流动资金的议案》，同意公司使用最高额度不超过人民 币 5,000 万元（含本数）的闲置募集资金用于暂时补充流动资金，使用期限自董 事会审议通过之日起不超过 12 个月。具体内容详见公司于 2024 年 12 月 13 日在 北京证券交易所信息披露平台（https://www.bse.cn）披露的《使用闲置募集资金 暂时补充流动资金公告》（公告编号：2024-096）。 证券代码：920261 证券简称：一诺威 公告编号：2025-102 截至 2025 年 11 月 28 日，公司已将用于暂时补充流动资金的 5,000 万元全 部归还至募集资金专用账户，使用期限自公司董事会审议通过之日起未超过 12 个月。公司已将上述募集资金归还情况及 ...