Group 1 - The company, Jinfa Technology, is the largest and most comprehensive modified plastic producer globally, with products widely used in automotive, home appliances, electronics, consumer electronics, and new energy sectors [1] - The current revenue contribution from humanoid robots and solid-state batteries is relatively small as these businesses are still in the development stage [1] - In the fully biodegradable plastic sector, the company's PBAT production capacity ranks first in Asia, achieving a sales volume of 43,300 tons in Q1 2025, representing a year-on-year growth of 17.34% [1]

Core Viewpoint - The article discusses the production and market potential of bio-based 1,4-butanediol (BDO), highlighting the shift towards sustainable chemical production methods in response to environmental concerns and regulatory pressures. Group 1: Bio-based BDO Production - Cargill and HELM AG's joint venture Qore has officially launched the production of bio-based BDO using locally grown dent corn, with a total investment of $300 million, aiming for an annual production capacity of 66,000 tons [3] - BDO is a crucial organic chemical and fine chemical raw material with extensive downstream applications across various industries, including textiles, pharmaceuticals, and biodegradable plastics [4] - The production of bio-based BDO is primarily achieved through fermentation processes, with Qore utilizing a proprietary one-step fermentation technology developed by Genomatica [8] Group 2: Industry Developments and Collaborations - LYCRA plans to use QIRA to enhance the sustainability of its fibers, potentially reducing its carbon footprint by up to 44% [5] - BASF has entered a long-term supply agreement with Qore to incorporate QIRA into its product portfolio, aiming for sustainable chemical production [5] - Several companies are investing in bio-based BDO production, including the Korean company Xinying Group, which plans to build a $1 billion facility in Vietnam, and Jinfa Technology, which has launched a 10,000-ton bio-based BDO project in Liaoning [9][10] Group 3: Market Trends and Future Outlook - The traditional BDO production methods face challenges due to high carbon emissions, necessitating the development of greener, low-carbon production processes [7] - Despite the current higher costs of bio-based BDO compared to petroleum-based BDO, its competitive advantage is expected to grow as oil prices remain high and production technologies improve [12] - The upcoming SynBioCon 2025 conference will focus on the development and industrial collaboration of key products that can replace petrochemical raw materials, indicating a strong industry shift towards sustainable practices [13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6]. Core Views - The company is expected to achieve a significant year-on-year increase in net profit for the first half of 2025, with estimates ranging from 5.50 billion to 6.50 billion yuan, reflecting a growth of 44.82% to 71.15% [4][2]. - The modified plastics business is performing well, with increased market share and sales in sectors such as automotive, electronics, and new energy, driven by new product development and optimization of product structure [2][4]. - The green petrochemical segment is enhancing synergy with the modified plastics sector, focusing on cost reduction and efficiency improvements through technological upgrades [2][4]. - The new materials segment is benefiting from the rising demand for self-controlled domestic supply chains, with significant growth in sales and gross profit from specialty engineering plastics [2][4]. Summary by Sections Financial Performance - The company anticipates a net profit of 5.01 billion to 6.01 billion yuan for the first half of 2025, indicating a year-on-year increase of 43.48% to 72.12% [2]. - For Q2 2025, the expected net profit is between 3.03 billion and 4.03 billion yuan, representing a year-on-year growth of 9.78% to 46.01% and a quarter-on-quarter increase of 22.67% to 63.16% [2][4]. Business Segments - The modified plastics segment is expected to continue its growth trajectory, with a focus on expanding into new markets and achieving strategic goals [2]. - The green petrochemical business is set to optimize its product structure and improve operational efficiency [2]. - The new materials segment has initiated a project for specialty polyamide production, expected to commence in March 2026, laying a solid foundation for future growth [2][4]. Earnings Forecast - The forecast for total revenue in 2025 is approximately 76.78 billion yuan, with a net profit of around 1.4 billion yuan, translating to a basic earnings per share of 0.53 yuan [5][4].

Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 5.50 to 6.50 billion yuan in the first half of 2025, representing a year-on-year growth of 45% to 71%, with a median estimate of 6.00 billion yuan [6] - The growth in net profit is attributed to the steady increase in modified plastics and special engineering plastics, as well as significant reduction in losses in the petrochemical sector [6] - The company is actively expanding its global footprint and enhancing its product structure, particularly in the automotive, electronics, and new energy sectors [6] - The demand for domestically controlled supply chains is driving growth in special engineering plastics, with significant innovations in high-frequency communication and AI devices [6] - The petrochemical segment is expected to continue improving profitability through cost reduction and efficiency enhancement initiatives [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 60,514 million yuan in 2024 to 95,355 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 14.3% [5][8] - The net profit attributable to shareholders is forecasted to increase from 1,486 million yuan in 2025 to 2,633 million yuan in 2027, reflecting a CAGR of approximately 32.1% [5][8] - The earnings per share (EPS) is expected to rise from 0.56 yuan in 2025 to 1.00 yuan in 2027 [5][8] - The company's return on equity (ROE) is projected to improve from 7.7% in 2025 to 11.6% in 2027 [5][8]

Core Viewpoint - The modified plastics industry is expected to thrive in 2023, particularly driven by the automotive sector, which has seen significant growth in production and sales in China [1]. Group 1: Industry Performance - In the first half of the year, major companies such as Prilit (+66.65%), Yinhui Technology (+83%), Xinhengcheng (+70%), and Daon Co. (+48%) reported substantial earnings growth, indicating a positive trend for other companies like Kingfa Technology, Nanjing Julong, and Huitong Co. [2]. - Kingfa Technology anticipates a net profit of 550 million to 650 million yuan for the first half of 2025, representing a year-on-year increase of 44.82% to 71.15% [3]. Group 2: Company Developments - Kingfa Technology reported a total revenue of 15.666 billion yuan in Q1 2025, a 49.06% increase year-on-year, with a net profit of 247 million yuan, up 138.20% [4]. - The company attributes its performance to three main factors: increased product development, optimization of product structure, and accelerated global expansion [4][5]. - Kingfa's production capacity for modified plastics is projected to reach 3.72 million tons per year, with significant contributions from automotive and electronic sectors [4]. Group 3: Strategic Goals - Kingfa Technology aims for a total output value of 1 trillion yuan, with specific targets of 800 billion yuan from modified plastics, 300 billion yuan from new materials, 400 billion yuan from green petrochemicals, and 100 billion yuan from healthcare [8].

本报讯(记者丁蓉)7月14日晚，化工新材料领域龙头企业金发科技（600143）股份有限公司(以下简称： 金发科技)发布2025年半年度业绩预增公告。报告显示，2025年上半年，金发科技预计实现归属于上市 公司股东的净利润5.50亿元到6.50亿元，与上年同期相比，将增加1.70亿元到2.70亿元，同比增长 44.82%到71.15%。 改性塑料业务的持续强势增长，是金发科技业绩增长的核心推动力。不同于市场对基础化工"周期行 业"的传统认知，近年来，金发科技的改性塑料业务展现出持续的成长性。公司业绩预告显示，金发科 技持续加大新产品开发力度，改性塑料产品结构持续优化，市场份额稳步提升，在汽车、电子电工、新 能源等行业的销量和毛利均实现稳步增长。 在技术研发领域，今年上半年，金发科技成功推出新一代低碳LCP材料。此外，金发科技计划攻克新型 长碳链聚酰胺、透明聚酰胺、聚酰胺弹性体、超高耐热LCP等材料的产业化关键技术，并加速LCP薄膜 深加工产业链的国产化替代进程。当前，金发科技新增LCP在建产能1.5万吨，特种聚酰胺0.8万吨。 对于当前资本市场关注度较高的PEEK材料，金发科技同样进行了领先布局，公司拥有自主研 ...

Core Viewpoint - Jinfa Technology (600143.SH) is expected to achieve a net profit of 5.50 billion to 6.50 billion yuan in the first half of 2025, reflecting a year-on-year increase of 44.82% to 71.15% [1] Group 1: Financial Performance - The company anticipates a non-recurring net profit of 5.01 billion to 6.01 billion yuan, representing a year-on-year growth of 43.48% to 72.12% [1] - The growth is attributed to the steady increase in sales and gross profit from modified plastics, improved operational quality in green petrochemicals, and growth in sales and gross profit from special engineering plastics [1] Group 2: Business Segments - The modified plastics business is a core driver of Jinfa Technology's stable growth, with continuous product development and market share expansion in sectors such as automotive, electronics, and new energy [2] - The special engineering plastics segment has become a significant performance driver, with a 91% year-on-year increase in sales volume in Q1 2025 [3] Group 3: Technological Advancements - Jinfa Technology has launched a new generation of low-carbon LCP materials and is the second company globally to receive ISCC PLUS certification for LCP materials [4] - The company is focusing on the industrialization of new materials such as long-chain polyamide and PEEK, with applications in high-end sectors like robotics and aerospace [4] Group 4: Global Expansion - The company is actively pursuing global expansion, with successful establishment of overseas bases in Vietnam and Spain, and ongoing construction in Poland, Mexico, and Indonesia [2] Group 5: Future Outlook - With the recovery of the manufacturing sector and the acceleration of new production capabilities, Jinfa Technology is positioned to strengthen its leading position in the chemical new materials sector [5] - The company maintains a stable cash dividend policy, having distributed a total of 67.53 billion yuan in dividends since its listing, indicating a commitment to returning value to investors [4][6]

证券代码：600143 证券简称：金发科技 公告编号：2025-062 金发科技股份有限公司 关于拟计提资产减值准备的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 金发科技股份有限公司（以下简称"公司"）根据《企业会计准则》及公司 会计政策、会计估计等相关规定，为真实、准确、公允地反映公司财务状况、资 产价值及经营成果，基于谨慎性原则，对截至 2025 年 6 月 30 日合并报表中的应 收票据、应收账款、其他应收款、贷款、存货等出现减值迹象的相关资产进行了 减值测试，2025 年 1-6 月预计计提相应的资产减值准备合计 1.50 亿元至 1.80 亿 元。具体情况公告如下： 一、计提资产减值准备的具体说明 （一）计提金融资产减值准备的情况说明 二、计提资产减值准备对公司的影响 2025 年上半年，公司预计计提资产减值准备合计 1.50 亿元至 1.80 亿元，相 应减少公司 2025 年半年度利润总额 1.50 亿元至 1.80 亿元。本次拟计提资产减值 准备符合《企业会计准则》及公司会计政策等相关规定，符合 ...

Group 1 - The company expects to achieve a net profit attributable to shareholders of 550 million to 650 million yuan for the first half of 2025, representing an increase of 170 million to 270 million yuan compared to the same period last year, with a year-on-year growth of 44.82% to 71.15% [1][2] - The company anticipates a net profit attributable to shareholders after deducting non-recurring gains and losses of 501 million to 601 million yuan, which is an increase of 152 million to 252 million yuan compared to the same period last year, reflecting a year-on-year growth of 43.48% to 72.12% [1][2] - The previous year's net profit attributable to shareholders was 380 million yuan, and the profit before tax was 518 million yuan [2] Group 2 - The main reasons for the expected profit increase include advanced material research and application innovation capabilities, strengthened industry chain collaboration, and improved global layout, leading to steady growth in revenue and significant increase in net profit [2] - The company has seen steady growth in sales and gross profit in sectors such as automotive, electronics, and new energy, while accelerating its global expansion with rapid growth in overseas business [2] - Cost reduction and efficiency improvement through process optimization, along with the development of high-end specialty materials and acceleration of integrated synthesis and modification projects, have contributed to the continuous improvement in operational quality [2]

[Core Summary of Performance Forecast](index=1&type=section&id=Important%20Content%20Notice) The company forecasts net profit attributable to shareholders for H1 2025 to be RMB 550 million to RMB 650 million, a 44.82% to 71.15% year-over-year increase, with non-recurring adjusted net profit also showing substantial growth 2025 Semi-Annual Performance Forecast | Metric | 2025 H1 Forecast | 2024 H1 (Prior Period) | YoY Growth | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | 550 - 650 RMB Million | 380 RMB Million | +44.82% to +71.15% | | **Non-recurring Adjusted Net Profit** | 501 - 601 RMB Million | 349 RMB Million | +43.48% to +72.12% | [Details of Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast%20Status) This performance forecast covers January 1 to June 30, 2025, with preliminary financial estimates indicating substantial growth in both net profit attributable to shareholders and non-recurring adjusted net profit, pending audit - The performance forecast period is from January 1, 2025, to June 30, 2025[4](index=4&type=chunk) Detailed 2025 Semi-Annual Performance Forecast Data | Item | Forecasted Amount (RMB Million) | YoY Change (RMB Million) | YoY Growth Rate | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | 550 - 650 | 170 - 270 | 44.82% - 71.15% | | **Non-recurring Adjusted Net Profit** | 501 - 601 | 152 - 252 | 43.48% - 72.12% | - This performance forecast is a preliminary estimate by the finance department and has not been audited by a certified public accountant[4](index=4&type=chunk) [Review of Prior Period Performance](index=2&type=section&id=II.%20Operating%20Performance%20and%20Financial%20Status%20in%20Prior%20Period) In H1 2024, the company achieved a net profit attributable to shareholders of RMB 380 million and non-recurring adjusted net profit of RMB 349 million, serving as the baseline for the current forecast 2024 Semi-Annual (Prior Period) Financial Data | Metric | Amount | | :--- | :--- | | Total Profit | 518 RMB Million | | Net Profit Attributable to Listed Company Shareholders | 380 RMB Million | | Non-recurring Adjusted Net Profit Attributable to Shareholders | 349 RMB Million | | Earnings Per Share | 0.1422 RMB Yuan | [Analysis of Performance Growth Drivers](index=2&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period%20Performance%20Increase) H1 2025 performance growth is primarily driven by strong performance across three key segments: modified plastics, green petrochemicals, and special engineering plastics, benefiting from product optimization, cost reduction, and increased market penetration in emerging fields - Modified Plastics Segment: Product structure optimization led to steady growth in sales and gross profit in automotive, electronics, and new energy sectors, alongside rapid expansion of overseas business[6](index=6&type=chunk) - Green Petrochemical Segment: Achieved cost reduction and efficiency improvement through industrial chain synergy with modified plastics, technological upgrades, and process optimization, actively developing high-end specialty materials[6](index=6&type=chunk) - Special Engineering Plastics Segment: Benefited from domestic supply chain autonomy demand, accelerating application in high-frequency communication and AI equipment fields due to technological advantages, leading to rapid growth in customer penetration and gross profit[6](index=6&type=chunk) [Risk Warning and Uncertainties](index=2&type=section&id=IV.%20Risk%20Warning) The company emphasizes that this performance forecast is a preliminary, unaudited estimate, with final accurate financial data subject to the officially disclosed 2025 semi-annual report, confirming no other significant uncertainties affecting its accuracy - This performance forecast has not been audited by an accounting firm, indicating inherent uncertainties[7](index=7&type=chunk) - Final financial data will be based on the company's officially disclosed 2025 semi-annual report, advising investors to be aware of investment risks[8](index=8&type=chunk)