Investment Rating - The report maintains a positive outlook on the basic chemical industry [1] Core Insights - The prices of bio-jet fuel (SAF) and bio-diesel have increased, with SAF reaching $2230 per ton, up 9.85% week-on-week and 20.28% year-to-date [3][11] - Refrigerant prices remain strong, with R32 and R134a showing slight increases of 0.96% and 1.03% respectively [4][11] - The demand for high-performance fibers and lightweight materials is expected to rise due to advancements in robotics and the low-altitude economy [5][28] Summary by Sections 1. Sub-industry Tracking - Bio-jet fuel (SAF) and bio-diesel prices are on the rise, with SAF priced at $2230 per ton and bio-diesel at 8100 RMB per ton [3][11] - Refrigerant prices are stable, with R32 at 52500 RMB per ton and R134a at 49000 RMB per ton [4][11] - Prices for vitamins, multi-crystalline silicon, and other materials have declined [4][11] 2. Electronic Chemicals - The electronic chemicals sector focuses on materials for the electronics industry, including wet electronic chemicals and photolithography materials [13][16] - The market for semiconductor materials is projected to grow, with a significant increase in domestic production capabilities [20][23] 3. New Quality Productivity - Carbon fiber and ultra-high molecular weight polyethylene (UHMWPE) are highlighted as key materials benefiting from the low-altitude economy and robotics [28][30] - PEEK materials are gaining traction in humanoid robotics, with demand expected to grow significantly [33] 4. Lithium Battery/Storage Materials - Conductive agents like carbon black and carbon nanotubes are essential for lithium battery materials, with current market prices showing a downward trend [36][39] - Sodium-ion battery materials are also gaining attention due to their cost advantages [39] 5. Renewable and Modified Plastics - The demand for recycled plastics is increasing, with a notable rise in the proportion of recycled materials used in packaging [55][58] - Specialty engineering plastics are in demand across various industries, including automotive and aerospace [55][60] 6. Coatings, Inks, and Pigments - The demand for new functional coating materials is growing, driven by the automotive and consumer electronics sectors [62][64] 7. Market Performance - The basic chemical index has shown a 4.15% increase, outperforming the overall market [66][67]

Group 1 - The State Intellectual Property Office of China has published a patent application titled "A Succinic Acid Composition and Its Preparation Method and Application" by Jinfa Technology Co., Ltd., Zhuhai Jinfa Biomaterials Co., Ltd., and Liaoning Jinfa Biomaterials Co., Ltd. The application date is March 2025 [1] - The patent describes a succinic acid composition that includes a combination of succinic acid and fumaric acid, with fumaric acid content ranging from 10 to 200 ppm. This composition is derived from biomass and is designed to enhance storage stability, maintaining high purity and low impurity levels over time [1] - The succinic acid composition is intended for polyester synthesis, effectively inhibiting side reactions during polymerization, thereby improving polymerization efficiency and yielding high-quality polyester products [1] Group 2 - Jinfa Technology Co., Ltd. was established in 1993 in Guangzhou, primarily engaged in the rubber and plastic products industry, with a registered capital of 2.636 billion RMB. The company has invested in 35 enterprises and participated in 122 bidding projects, holding 279 trademark records and 3,532 patent records [2] - Zhuhai Jinfa Biomaterials Co., Ltd. was founded in 2009 in Zhuhai, focusing on chemical fiber manufacturing, with a registered capital of 316.3 million RMB. The company has invested in 3 enterprises and participated in 58 bidding projects, holding 7 trademark records and 264 patent records [2] - Liaoning Jinfa Biomaterials Co., Ltd. was established in 2022 in Panjin, primarily engaged in the manufacturing of chemical raw materials and products, with a registered capital of 500 million RMB. The company has participated in 21 bidding projects, holding 1 trademark record and 65 patent records [2]

Industry Overview - Biodegradable materials are high molecular materials that can undergo chemical, biological, or physical degradation in the natural environment through microbial metabolic activities, ultimately breaking down into harmless substances like water and carbon dioxide [1][4] - The industry can be categorized into natural biodegradable materials, synthetic biodegradable materials, and blended biodegradable materials based on their sources [4] Industry Development History - The biodegradable materials industry in China has gone through four stages: the budding phase (1990s to 2005), the initiation phase (2006 to 2014), the rapid growth phase (2015 to 2020), and the adjustment and optimization phase (2020 to present) [4][5] - The implementation of the "strictest plastic ban" in 2018 significantly boosted the demand for biodegradable materials, expanding their application from agriculture to packaging, takeaway, and medical fields [4][5] Industry Chain - The upstream of the biodegradable materials industry includes raw materials (biobased and petroleum-based) and production equipment, while the midstream involves the manufacturing of biodegradable materials [7] - The downstream applications encompass packaging, agriculture, modern medicine, 3D printing, and textiles [7] Market Size - The market size of China's biodegradable materials industry is projected to reach 29.9 billion yuan in 2024, with a year-on-year growth of 29.59% [11] - The increasing environmental awareness among consumers is driving the demand for green and eco-friendly materials across various sectors [11] Key Companies' Performance - The market is segmented into four tiers based on production capacity, with leading companies like Hengli Petrochemical and Kingfa Technology having capacities exceeding 200,000 tons per year [13] - Kingfa Technology has developed a complete industrial chain technology for biodegradable materials, holding over 6,800 patents and achieving significant breakthroughs in high-temperature resistant materials [15][17] - Hengli Petrochemical is expanding its production capacity with a planned 600,000 tons per year for biodegradable materials, aiming to become the largest production base in China [17] Industry Development Trends 1. **Technological Innovation and Cost Optimization** - The industry is focusing on technological breakthroughs in biomanufacturing, chemical technology integration, and raw material diversification to reduce production costs [19] 2. **Policy Drivers and Market Demand** - The upcoming 2025 "plastic ban" and increasing market demand for high-end biodegradable products are reshaping the industry landscape [20][21] 3. **Industry Chain Integration and Internationalization** - Companies are pursuing vertical integration and international expansion to enhance competitiveness, with notable collaborations and certifications aiding market entry [22]

Group 1 - The core viewpoint is that Jinfa Technology has shown significant growth since its IPO 21 years ago, with a market capitalization increase from 2.845 billion to 26.129 billion, reflecting the development of the modified plastics industry [1][5] - Jinfa Technology's main business includes the research, production, and sales of modified plastics, with modified plastics accounting for 53.00% of revenue and trade products at 20.44% [3] - The company has achieved a cumulative profit growth of 687.95% from a net profit of 1.05 billion in 2004 to 8.25 billion in 2024, with 61.9% of the years showing profit growth [3] Group 2 - Revenue has steadily increased from 35.061 billion in 2020 to 60.514 billion in 2024, with a compound annual growth rate of 14.65% over five years [3] - Profitability has been volatile, with net profit dropping from 4.588 billion in 2020 to 8.25 billion in 2024, experiencing significant declines in 2021 and 2023 [3] - The company's market value has increased 8.18 times since its IPO, peaking at 84.415 billion in February 2021, but has since decreased by 69.05% to 26.129 billion [5]

证券代码：600143 证券简称：金发科技 公告编号：2025-057 金发科技股份有限公司 关于实施 2024 年度权益分派后调整股份回购价格上限的公告 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。 重要内容提示： 一、 股份回购的基本情况 金发科技股份有限公司（以下简称"公司"）于 2024 年 7 月 27 日召开公司 第八届董事会第五次（临时）会议审议通过了《关于以集中竞价交易方式回购股 份方案的议案》，同意公司以自有资金通过集中竞价交易方式回购公司股份，回 购价格不超过 9.58 元/股（含），回购金额为不低于人民币 3 亿元（含）且不超 过人民币 5 亿元（含），回购期限为自董事会审议通过本次回购股份方案之日起 12 个月内，详情请见公司在上海证券交易所网站 www.sse.com.cn 上发布的《金 发科技股份有限公司关于以集中竞价交易方式回购股份方案公告》《金发科技股 份有限公司关于以集中竞价交易方式回购股份的回购报告书》以下简称"《回购 报告书》"（公告编号分别为：2024-052、2024-053）。 二 ...

Core Viewpoint - Japanese chemical giants are actively investing in bio-based chemicals and materials while simultaneously withdrawing from other sectors, indicating a strategic shift towards sustainable materials [1] Group 1: Industry Developments - Sumitomo Chemical has successfully established mass production technology for bio-based liquid crystal polymers (LCP), with plans to launch the product by 2027 [2] - Kaneka Corporation is the first in China and the second globally to launch a new generation of low-carbon LCP materials, Vicryst® LCP CER-B, certified by ISCC PLUS [3] - Kaneka is a strong advocate for bio-based materials, showcasing its commitment at international exhibitions [4] Group 2: Product Characteristics and Applications - LCPs are specialized engineering plastics known for their excellent mechanical properties, chemical resistance, flame retardancy, and high thermal stability (200-240°C, short-term up to 300°C) [7] - LCPs are crucial for high-end applications in 5G communication, automotive power devices, and medical equipment, with over 70% market share in downstream applications [7] - LCPs are categorized into solution-oriented (L-LCP) and thermoplastic (T-LCP) types, with varying heat distortion temperatures (HDT) [8] Group 3: Market Potential and Future Trends - The demand for LCPs is expected to rise significantly with advancements in 5.5G/6G technology, increased penetration of electric vehicles, and the mass production of humanoid robots [13][15] - The anticipated demand for LCPs in high-frequency communication could reach tens of billions of square meters, indicating a potential 1000-fold increase in production capacity [14] - In the automotive sector, the need for larger connectors and improved signal quality will drive the demand for high-end LCPs [15]

Summary of Key Points Core Viewpoint - The company has announced the adjustment of guarantee limits and the provision of guarantees for its subsidiaries, indicating a strategic move to support their financing needs while maintaining control over associated risks [1][29]. Group 1: Guarantee Overview - The company has signed guarantee contracts with China Minsheng Bank for its subsidiaries, including a maximum guarantee of RMB 39.5 million for Ningbo Jinfa New Materials Co., Ltd. and RMB 7 million for Guangdong Jinfa Technology Co., Ltd. [2][19] - The total new guarantee amount provided by the company is RMB 39.05 million, with existing guarantees totaling RMB 6.081 billion [3][4]. Group 2: Financial Details - As of June 10, 2025, the company's total external guarantees amount to RMB 232.2 billion, which exceeds 129.27% of the audited net assets for 2024 [29]. - The company has adjusted the guarantee limit for its subsidiary Liaoning Jinfa Technology Co., Ltd. from RMB 9.5 billion to RMB 9.48 billion, while providing a new guarantee of RMB 2 million to Guangdong Hengqin Jinfa Supply Chain Management Co., Ltd. [4][5]. Group 3: Subsidiary Information - Ningbo Jinfa New Materials Co., Ltd. is a wholly-owned subsidiary with a registered capital of RMB 3.43 billion, focusing on the production of polypropylene synthetic resin and related products [6][7]. - Guangdong Jinfa Technology Co., Ltd. is also a wholly-owned subsidiary with a registered capital of RMB 355.06 million, specializing in modified plastics and protective equipment [8][9]. - Guangdong Hengqin Jinfa Supply Chain Management Co., Ltd. is a controlled subsidiary with a registered capital of RMB 50 million, engaged in supply chain management services [10]. Group 4: Risk Management and Approval - The guarantees provided are within the limits approved by the company's shareholders, and no additional board or shareholder meetings are required for this adjustment [5][28]. - The company maintains effective management and oversight of its subsidiaries, ensuring that the risks associated with these guarantees are manageable [27][28].

金发科技股份有限公司 关于担保额度调剂及为控股子公司提供担保的进展公告 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。 证券代码：600143 证券简称：金发科技 公告编号：2025-056 重要内容提示: 特别风险提示：截至 2025 年 6 月 10 日，公司及其子公司对外担保总额 超过 2024 年经审计净资产 100%，对外担保余额超过 2024 年经审计净资产 50%， 均系公司对控股子公司提供的担保；本次被担保人资产负债率均超过 70%，敬请 广大投资者注意相关风险。 一、担保情况概述 （一）担保情况 近日，因金发科技股份有限公司（以下简称"公司"或"金发科技"）控股 子公司向银行申请融资、结算、外汇及金融衍生品交易等事宜，公司与中国民生 银行股份有限公司宁波分行（以下简称"民生银行宁波分行"）签署《最高额保 证合同》，为宁波金发新材料有限公司（以下简称"宁波金发"）提供最高额连 1 被担保人：（1）宁波金发新材料有限公司；（2）广东金发科技有限公 司；（3）广东横琴金发供应链管理有限公司 本次担保是否为关联担保： ...

关于金发科技股份有限公司 差异化权益分派事项的 法 律 意 见 书 广东南国德赛律师事务所 关于金发科技股份有限公司 差异化权益分派事项的 法律意见书 广东南国德赛律师事 致：金发科技股份有限公司 广东南国德赛律师事务所接受金发科技股份有限公司（简称"公司"）的委托，根据 《中华人民共和国公司法》（简称"《公司法》"）、《中华人民共和国证券法》（简称 "《证券法》"）、《上市公司股份回购规则》（简称"《回购规则》"）、《上海证券 交易所上市公司自律监管指引第 7 号——回购股份》（简称"《监管指引第 7 号》"）等 有关法律、法规和规范性法律文件以及《金发科技股份有限公司章程》（简称"《公司章 程》"）的相关规定，就本次差异化权益分派相关事宜出具本法律意见书。 本所为出具本法律意见书，特就有关事项声明如下： 1、本所律师根据《公司法》《证券法》《律师事务所从事证券法律业务管理办法》 《律师事务所证券法律业务执业规则》等有关法律、法规和规范性文件的有关规定，按照 律师行业公认的业务标准、道德规范和勤勉尽责精神出具本法律意见书。 2、本所律师承诺，已依据本法律意见书出具日以前已发生或存在的事实和我国现行 法律、法 ...

证券代码：600143 证券简称：金发科技 公告编号：2025-055 金发科技股份有限公司 2024年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利0.1元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放 | | --- | --- | --- | --- | --- | | | | | | 日 | | Ａ股 | 2025/6/17 | － | 2025/6/18 | 2025/6/18 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东大会审议通过。 二、 分配方案 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易 所上市公司自律监管指引第 7 号——回购股份》等相关法律、行政法规、部门规 章及其他规范性文件以及《公司章程》的有关规定，公司存放于回购专用证券账 户的股份不参与利润分配。 3. 差异 ...