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 ...

证券代码：920261 证券简称：一诺威 公告编号：2025-101 山东一诺威聚氨酯股份有限公司 投资者关系活动记录表 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、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 三、 投资者关系活动主要内容 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 11 月 20 日 活动地点：中证网中证路演中心（https://www.cs.com.cn/roadshow/） 参会单位及人员：通过网络方式参加公司 2025 年第三季度业绩说明会的投 资者 上市公司接待人员：公司董事、总经理：李健先生；公司董事会秘书：高振 胜先生；公司财务总监：宋兵女士。 主要问题及回复如下： 问题 1：公司三季报经营活动现金流净额下降的原因？ 回复：尊敬的投资者，您好！公司 2025 年三季度经营活动产生的现金流量 净额 1,229.73 万元，较去年同期减少 9758.56 万元，降幅 88.81%，主要 ...

Summary of Key Points Core Viewpoint - A significant block trade occurred for Yinuowei (920261) on November 19, with a transaction volume of 100,000 shares and a transaction value of 1.088 million yuan, reflecting a discount of 29.76% compared to the closing price of the day [2] Group 1: Block Trade Details - The block trade was executed at a price of 10.88 yuan per share [2] - The buyer was Zhongtai Securities Co., Ltd., located at Zibo Zhongrun Avenue, while the seller was Dongwu Securities Co., Ltd., located at Jinan Haiyou Road [2] - In the past month, Yinuowei has recorded a total of 4 block trades, amounting to 4.7587 million yuan [2] Group 2: Stock Performance - Yinuowei's closing price on the day of the block trade was 15.49 yuan, with a decrease of 0.32% [2] - The stock's turnover rate for the day was 1.18%, with a total transaction amount of 31.229 million yuan [2] - Over the past five days, the stock has experienced a cumulative decline of 4.79% [2] Group 3: Company Background - Shandong Yinuowei Polyurethane Co., Ltd. was established on December 3, 2003, with a registered capital of 2.9113 billion yuan [2]

证券代码：920261 证券简称：一诺威 公告编号：2025-100 山东一诺威聚氨酯股份有限公司 2025 年第三季度业绩说明会预告公告 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、 说明会类型 为充分尊重投资者，提升交流的针对性，现就公司 2025 年第三季度业绩说 明会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2025 年 11 月 20 日（星期四）15:00 前访问 https://rs.cs.com.cn/dist/#/index?id=5b142cac14c74d564eeacb514599b99f 或扫描下方二维码，进入问题征集专题页面进行提问。公司将在 2025 年第三季 度业绩说明会上，在信息披露允许范围内对投资者普遍关注的问题进行回答。欢 迎广大投资者积极参与。 山东一诺威聚氨酯股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日在北京证券交易所信息披露平台（www.bse.cn）披露了公司《2025 年第三季 度报告》 （公告编号： ...

Group 1 - The core event involves a block trade of Yinuowei (stock code: 920261) on the Beijing Stock Exchange, with a closing price of 17.07 yuan per share [1] - The block trade was executed at a price of 11.39 yuan per share, representing a discount of 33.27% from the closing price [1] - The transaction involved 130,000 shares, amounting to a total value of 1.4807 million yuan [1] Group 2 - The buying brokerage was Guotai Junan Securities Co., Ltd., specifically the Shandong Zibo Hantai Dongyue Road branch [1] - The selling brokerage was Dongwu Securities Co., Ltd., specifically the Jinan Haiyou Road branch [1]

Core Viewpoint - A significant block trade occurred for Yinuowei (920261) on November 13, with a transaction volume of 130,000 shares and a transaction value of 1.4807 million yuan, reflecting a discount of 33.27% compared to the closing price of the day [2] Group 1: Block Trade Details - The block trade price was 11.39 yuan, which is substantially lower than the closing price of 17.07 yuan [2] - The buyer was Guotai Junan Securities Co., Ltd., Shandong Zibo Hantai Dongyue Road branch, while the seller was Dongwu Securities Co., Ltd., Jinan Haiyou Road branch [2] - In the past month, Yinuowei has recorded a total of three block trades, amounting to 3.6707 million yuan [2] Group 2: Stock Performance - Yinuowei's stock closed at 17.07 yuan on the day of the block trade, marking an increase of 4.92% [2] - The stock's turnover rate for the day was 4.27%, with a total transaction value of 123 million yuan [2] - Over the past five days, the stock has appreciated by 6.22% [2] Group 3: Company Background - Shandong Yinuowei Polyurethane Co., Ltd. was established on December 3, 2003, with a registered capital of 2.9113 billion yuan [2]

Group 1 - The core transaction of Yinuowei (920261) on November 7 involved a block trade of 100,000 shares, amounting to 1.125 million yuan, with a transaction price of 11.25 yuan, representing a discount of 31.74% compared to the closing price of the day [2][3] - In the past month, Yinuowei has recorded a total of 2 block trades, with a cumulative transaction amount of 2.19 million yuan [3] - The closing price of Yinuowei on the day of the report was 16.48 yuan, reflecting an increase of 2.55%, with a trading volume of 61.4886 million yuan and a 5-day cumulative decline of 2.83% [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]