证券代码：920261 证券简称：一诺威 公告编号：2026-014 山东一诺威聚氨酯股份有限公司股票解除限售公告 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、本次股票解除限售数量总额为 697,011 股，占公司总股本 0.24%，可交易时 间为 2026 年 3 月 11 日。 二、本次股票解除限售的明细情况及原因 单位：股 | | | 是否为控 | | | | 本次解 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 股东姓名 | 股股东、 | | 本次解限 | 本次解除 | 除限售 股数占 | 尚未解除 | | 序号 | 或名称 | 实际控制 | 任职情况 | 售原因 | 限售登记 | 公司总 | 限售的股 | | | | 人或其一 | | | 股票数量 | | 票数量 | | | | 致行动人 | | | | 股本比 | | | | | | | | | 例 | | | 1 | 董建国 | 否 | 原董事、 | B | 6 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 21.25 CNY, compared to the current price of 16.54 CNY [5][11]. Core Insights - The company has been deeply engaged in the polyurethane core industry chain and is advancing major projects to release production capacity. It has also implemented a long-term incentive mechanism through employee stock ownership [2][11]. - The company focuses on three major industry chains: epoxy propane, epoxy ethane, and hexanedioic acid, aiming for diversified product development through vertical and horizontal expansion [11]. - The company achieved steady growth in 2025, with revenue reaching 7.5 billion CNY, a year-on-year increase of 9.37%, and a net profit of 190 million CNY, up 7.75% year-on-year [11]. Financial Summary - Total revenue projections for 2023A to 2027E are as follows: 6,296 million CNY (2023A), 6,857 million CNY (2024A), 7,500 million CNY (2025E), 8,675 million CNY (2026E), and 9,772 million CNY (2027E), with growth rates of -0.2%, 8.9%, 9.4%, 15.7%, and 12.6% respectively [4][12]. - Net profit attributable to the parent company is projected to be 127 million CNY (2023A), 177 million CNY (2024A), 190 million CNY (2025E), 248 million CNY (2026E), and 298 million CNY (2027E), with growth rates of -33.4%, 38.7%, 7.4%, 30.6%, and 20.3% respectively [4][12]. - Earnings per share (EPS) are forecasted to be 0.44 CNY (2023A), 0.61 CNY (2024A), 0.65 CNY (2025E), 0.85 CNY (2026E), and 1.02 CNY (2027E) [4][12]. Project Development - The company is investing 721 million CNY in a project for 300,000 tons/year of epoxy propane and epoxy ethane downstream derivatives, expected to start production in early 2026, with an annual output of 200,000 tons of high-end functional polyether polyols and 100,000 tons of high-end polymer polyols [11]. - Another project, with an investment of 500 million CNY, aims to expand the production capacity of polyurethane series products by 340,000 tons/year, expected to be operational by the end of June 2026 [11]. Market Performance - The stock has shown a 52-week price range of 9.99 CNY to 18.10 CNY, with a total market capitalization of 4,815 million CNY [6]. - The company has a net asset per share of 5.57 CNY and a price-to-book ratio of 3.0 [7]. Comparative Analysis - The report references comparable companies and assigns a PE ratio of 25 times for 2026, supporting the target price of 21.25 CNY [11][15].

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 21.25 CNY, compared to the current price of 16.54 CNY [5][11]. Core Insights - The company has been deeply engaged in the polyurethane core industry chain and is advancing major projects to release production capacity. The employee stock ownership plan enhances the long-term incentive mechanism [2][11]. - The company focuses on three major industry chains: epoxy propane, epoxy ethane, and hexanedioic acid, aiming for diversified product development through vertical and horizontal expansion [11]. - The company achieved steady growth in 2025, with revenue reaching 7.5 billion CNY, a year-on-year increase of 9.37%, and a net profit of 190 million CNY, up 7.75% year-on-year [11]. Financial Summary - Total revenue projections for 2023A to 2027E are as follows: 6,296 million CNY (2023A), 6,857 million CNY (2024A), 7,500 million CNY (2025E), 8,675 million CNY (2026E), and 9,772 million CNY (2027E), with growth rates of -0.2%, 8.9%, 9.4%, 15.7%, and 12.6% respectively [4][12]. - Net profit (attributable to the parent company) is projected to be 127 million CNY (2023A), 177 million CNY (2024A), 190 million CNY (2025E), 248 million CNY (2026E), and 298 million CNY (2027E), with growth rates of -33.4%, 38.7%, 7.4%, 30.6%, and 20.3% respectively [4][12]. - Earnings per share (EPS) are forecasted to be 0.44 CNY (2023A), 0.61 CNY (2024A), 0.65 CNY (2025E), 0.85 CNY (2026E), and 1.02 CNY (2027E) [4][12]. Project Development - The company is investing 721 million CNY in a project for 300,000 tons/year of epoxy propane and epoxy ethane downstream derivatives, expected to start production in early 2026, with an annual output of 200,000 tons of high-end functional polyether polyols and 100,000 tons of high-end polymer polyols [11]. - An expansion project for 340,000 tons/year of polyurethane series products is also underway, with an investment of 500 million CNY, expected to be operational by June 2026 [11]. Market Performance - The stock has shown a 52-week price range of 9.99 CNY to 18.10 CNY, with a total market capitalization of 4,815 million CNY [6]. - The company has a net asset per share of 5.57 CNY and a price-to-book ratio of 3.0 [7]. Business Segmentation - Revenue from PPG and polyurethane rigid foam products is projected to grow from 2,562.4 million CNY in 2023A to 3,728.0 million CNY in 2027E, with a gross margin increasing from 6.45% to 7.70% [14]. - Revenue from polyurethane elastomer products is expected to rise from 2,029.4 million CNY in 2023A to 3,373.4 million CNY in 2027E, with gross margins improving from 8.85% to 9.30% [14]. - Revenue from EO, PO, and other downstream fine chemical materials is anticipated to grow from 338.6 million CNY in 2023A to 659.0 million CNY in 2027E, maintaining a gross margin of around 9% [14].

山东一诺威聚氨酯股份有限公司 回购进展情况公告 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。 证券代码：920261 证券简称：一诺威 公告编号：2026-013 本次拟回购股份数量不少于 2,600,000 股，不超过 5,200,000 股，占公司目前总股 本的比例为 0.89%-1.79%，根据本次拟回购数量及拟回购价格上限测算预计回购资金总 额区间为 4,940 万-9,880 万，资金来源为自有资金。 一、 回购方案基本情况 (一)审议及表决情况 山东一诺威聚氨酯股份有限公司（以下简称"公司"）于 2026 年 1 月 22 日召开公 司第四届董事会第十五次会议，审议通过了《关于公司回购股份方案的议案》，该议案 已经第四届董事会独立董事专门会议第三次会议审议通过，无需提交股东会审议。 (二)回购股份的目的 基于对公司未来发展的信心和对公司价值的认可，并结合公司经营情况、主营业务 发展前景、公司财务状况以及未来的盈利能力等因素，公司拟以自有资金回购公司股份， 并将用于股权激励，以此进一步完善公司 ...

Core Viewpoint - Shandong Yinuowei Polyurethane Co., Ltd. reported a revenue increase of 9.37% for the year 2025, driven by new product development and market strategy optimization [1] Financial Performance - The company achieved an operating revenue of 7,499,862,948.82 yuan for 2025, reflecting a year-on-year growth of 9.37% [1] - Net profit attributable to shareholders was 190,248,352.55 yuan, up 7.75% compared to the previous year [1] - The net profit after deducting non-recurring gains and losses was 170,963,824.15 yuan, representing a 5.16% increase [1] - Basic earnings per share reached 0.65 yuan, marking a 7.18% growth year-on-year [1] Asset and Equity Growth - Total assets at the end of the reporting period were 2,857,280,888.17 yuan, an increase of 13.60% from the beginning of the period [1] - Shareholders' equity attributable to the company was 1,648,625,778.10 yuan, showing a year-on-year growth of 7.09% [1] Strategic Initiatives - The growth in performance is attributed to the company's efforts in advancing new product research and development, expanding into new application areas, and optimizing sales strategies to enhance market share [1]

2025 年度现场检查报告 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"）的保荐机构，负 责公司的持续督导工作。根据《证券发行上市保荐业务管理办法》《北京证券交 易所股票上市规则》《北京证券交易所上市公司持续监管指引第 14 号——保荐 机构持续督导》等有关法律法规、规范性文件的规定，对公司进行定期现场核 查并出具定期现场核查报告。 | 保荐机构名称：东吴证券股份有限公司 | 被保荐公司简称：一诺威 | | | | --- | --- | --- | --- | | 保荐代表人姓名：李海宁 | 联系电话：0512-62938583 | | | | 保荐代表人姓名：李俊 | | | | | 现场检查人员姓名：李海宁、刘蕴松 | | | | | 现场检查对应期间：2025 年度 | | | | | 现场检查时间：2026 年 月 日 1 28 | | | | | 一、现场检查事项 | 现场检查意见 | | | | （一）公司治理和内部控制情况，股东会、董事会 是 | | 否 | 不适用 | | 运作情况 | | | | | 现场检查手段 ...

Financial Performance - The company achieved operating revenue of ¥7,499,862,948.82, representing a year-on-year growth of 9.37%[4] - The total profit amounted to ¥221,313,179.98, reflecting a 6.50% increase compared to the previous year[4] - Net profit attributable to shareholders reached ¥190,248,352.55, up by 7.75% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥170,963,824.15, showing a growth of 5.16%[4] - Basic earnings per share increased to ¥0.65, a rise of 7.18% from the previous year[4] Assets and Equity - Total assets at the end of the reporting period were ¥2,857,280,888.17, a 13.60% increase from the beginning of the period[5] - Shareholders' equity attributable to the company was ¥1,648,625,778.10, up by 7.09% from the start of the period[5] Strategic Initiatives - The company attributed its performance growth to ongoing new product development and expansion into new application areas[7] - The company has optimized its sales strategy in response to market conditions, effectively increasing market share[7] Reporting and Auditing - The financial data presented is preliminary and unaudited, with final figures to be disclosed in the official annual report[8]

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 开展外汇套期保值业务的核查意见 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《北京证券交易所股票上市规则》《北京证 券交易所上市公司持续监管指引第 14 号——保荐机构持续督导》等有关规定， 对一诺威开展外汇套期保值业务事项进行了核查，有关情况如下： 一、业务开展的背景及目的 二、本次套期保值业务概述 （一）交易金额 根据公司资产规模及业务需求情况，公司及控股子公司拟在不超过 6,000 万 美元或等值外币的额度内与银行等金融机构开展外汇套期保值业务，在有效期内， 上述额度可循环滚动使用，任一时点外汇套期保值业务金额（含前述投资的收益 进行再投资的相关金额）将不超过上述已审议额度，因开展外汇套期保值业务预 计占用的金融机构授信额度不超过 2,000 万元人民币。 （二）交易方式 1、交易品种：远期结售汇、人民币与外币掉期、即期/远期外汇买卖、外汇 掉期、人民币与外汇期权、外汇期权、人民币外汇货币掉期等。 2、交易涉及的币种：公司 ...

证券代码：920261 证券简称：一诺威 公告编号：2026-009 山东一诺威聚氨酯股份有限公司 外汇套期保值业务管理制度 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、 审议及表决情况 本制度经公司 2026 年 2 月 11 日第四届董事会第十六次会议审议通过，无需 提交股东会审议。 二、 分章节列示制度主要内容： 山东一诺威聚氨酯股份有限公司 外汇套期保值业务管理制度 第一章 总则 第一条 为规范山东一诺威聚氨酯股份有限公司（以下简称"公司"） 及控股子公司外汇套期保值业务，加强对外汇套期保值业务的管理，防范汇 率波动风险，根据《中华人民共和国公司法》《中华人民共和国证券法》《 北京证券交易所股票上市规则》《北京证券交易所上市公司持续监管指引第 15号——交易与关联交易》等法律、行政法规、规范性文件及《山东一诺威 聚氨酯股份有限公司章程》（以下简称《公司章程》）等规定，结合公司实 际情况，制定本制度。 第二条 本制度所称的外汇套期保值业务是指是以正常的生产经营为基 础，在具有相关业务经营资 ...

山东一诺威聚氨酯股份有限公司 关于开展外汇套期保值业务的公告 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。 证券代码：920261 证券简称：一诺威 公告编号：2026-007 山东一诺威聚氨酯股份有限公司（以下简称"公司"）于 2026 年 2 月 11 日召开第四届董事会第十六次会议，审议通过了《关于开展外汇套期保值业务的 议案》，同意公司开展外汇套期保值业务。现将外汇套期保值业务相关情况说明 如下： 一、业务开展的背景及目的 （一）交易金额 根据公司资产规模及业务需求情况，公司及控股子公司拟在不超过 6,000 万美元或等值外币的额度内与银行等金融机构开展外汇套期保值业务，在有效期 内，上述额度可循环滚动使用，任一时点外汇套期保值业务金额（含前述投资的 收益进行再投资的相关金额）将不超过上述已审议额度，因开展外汇套期保值业 务预计占用的金融机构授信额度不超过 2,000 万元人民币。 （二）交易方式 1、交易品种：远期结售汇、人民币与外币掉期、即期/远期外汇买卖、外汇 掉期、人民币与外汇期权、外 ...