Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for its stock performance [8]. Core Insights - The company, Kingfa Technology, has solidified its leading position in the modified plastics industry, achieving record sales in 2024 with modified plastic sales reaching 2.66 million tons, a year-on-year increase of 23.71% [2]. - The company is actively expanding into emerging fields such as humanoid robots and low-altitude economy, enhancing collaborations with major global players in automotive, home appliances, and consumer electronics [2]. - The company has significantly increased its R&D investment, reaching 2.49 billion yuan in 2024, a 26.20% increase year-on-year, which supports new technology and product development [3]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 60.514 billion yuan, a year-on-year growth of 26.23%, and a net profit attributable to shareholders of 825 million yuan, up 160.36% [1]. - The Q4 2024 revenue was 20.050 billion yuan, reflecting a 46.88% year-on-year increase, while the Q1 2025 revenue was 15.666 billion yuan, a 49.06% year-on-year growth [1]. Market Position - Kingfa Technology is recognized as one of the most comprehensive companies in the global chemical new materials industry, with the largest scale and variety of modified plastics [2]. - The modified plastics segment contributed 32.075 billion yuan in revenue, with a gross margin of 22.07% [2]. R&D and Innovation - The company is committed to enhancing its product structure through increased R&D efforts, which is expected to improve product value and market competitiveness [3]. - The company is also focusing on developing high-value products in the medical health sector, achieving a revenue of 563 million yuan, a 46.36% increase year-on-year [2]. Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 1.415 billion, 1.856 billion, and 2.287 billion yuan respectively, with corresponding PE ratios of 20.7, 15.8, and 12.8 [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The modified plastics and specialty engineering plastics sectors have shown remarkable performance, leading to significant improvements in the company's financial results for 2024, with a revenue of 60.5 billion yuan, a year-on-year increase of 26%, and a net profit attributable to shareholders of 0.825 billion yuan, a year-on-year increase of 160% [2][3] - The company has effectively enhanced its operational quality through upstream and downstream integration in the green petrochemical sector, optimizing product structure and steadily improving capacity utilization [2] Financial Performance Summary - In 2024, the modified plastics segment achieved revenue of 32.1 billion yuan, a year-on-year increase of 19%, with a gross margin of 22.1% [3] - The new materials segment generated revenue of 3.7 billion yuan, a year-on-year increase of 16%, with a gross margin of 15.8% [3] - The green petrochemical segment reported revenue of 11.4 billion yuan, a year-on-year increase of 22%, although it had a negative gross margin of -6.4% [3] - The medical health segment achieved revenue of 0.056 billion yuan, a year-on-year increase of 46%, but with a gross margin of -34.2% [3] - In Q1 2025, the company reported revenue of 15.7 billion yuan, a year-on-year increase of 49%, and a net profit of 0.25 billion yuan, a year-on-year increase of 138% [4][7] Segment Performance Summary - The modified plastics segment's sales volume increased by 21% to 2.55 million tons in 2024 [3] - The new materials segment's sales volume increased by 33% to 240,000 tons in 2024 [3] - The green petrochemical segment's sales volume increased by 12% to 1.54 million tons in 2024 [3] - The medical health segment's sales volume increased by 46% in 2024 [3] Future Projections - The company is projected to achieve revenues of 64.6 billion yuan, 73.7 billion yuan, and 82.8 billion yuan for the years 2025, 2026, and 2027, respectively [9] - The net profit attributable to shareholders is expected to be 1.366 billion yuan, 1.820 billion yuan, and 2.337 billion yuan for the years 2025, 2026, and 2027, respectively [9] - The company is recognized as a leader in the modified plastics industry, with continuous growth in sales volume for modified and specialty engineering plastics [8]

Industry Overview - The toy and baby products industry is a significant part of the light industry, playing a crucial role in nurturing children and meeting family expectations [1][3] - The industry is experiencing growth, with the domestic toy retail sales expected to reach CNY 97.85 billion in 2024, a year-on-year increase of 7.9% [1][13] - The retail sales of children's strollers are projected to be CNY 16.98 billion, growing by 17.5%, while children's safety seats and bottles are expected to see increases of 13.2% and 8.1% respectively [1][13] Policy Support - The Chinese government has implemented various policies to support high-quality development and regulation in the toy and baby products sector [5][6] - Key policies include the "Guiding Opinions on Accelerating the Transformation and Upgrading of Traditional Manufacturing" and the approval of national standards for baby products [5][6] Market Dynamics - The industry is characterized by a diverse supply chain, including raw material suppliers, manufacturers, wholesalers, and retailers [7] - The macroeconomic environment, consumer disposable income, and preferences significantly influence demand for baby products [7] Export Performance - China is the largest toy producer and exporter globally, with toy exports (excluding games) projected to reach USD 39.87 billion in 2024 [9][10] - The United States remains the primary export destination, accounting for 26.39% of toy exports in early 2025 [10] Quality Control - The number of recalls for Chinese-made toys in the U.S. decreased by 6.4% in 2024, while the EU saw a 34.1% increase in recalls [15][17] - The Chinese government reported 1,121 batches of non-compliant products in 2024, reflecting increased regulatory scrutiny [17] Key Players - Major global players include Mattel, Hasbro, Bandai, and LEGO, while domestic companies like Aofei Entertainment and Pop Mart are significant in the Chinese market [19][21] - Aofei Entertainment reported a 4.85% increase in baby product revenue, while Pop Mart's revenue surged by 106.92% in 2024 [21][23] Future Trends - The integration of technology in toys is expected to accelerate, with a growing demand for smart toys and educational products [25] - Environmental concerns are driving the use of sustainable materials, with a focus on safety and compliance with international standards [26] - Personalization and IP collaborations are becoming key drivers for consumer engagement and product differentiation [27][28]

Core Viewpoint - Jinfa Technology has shown significant improvement in its financial performance, with a strong growth trajectory in its core businesses, particularly in modified plastics and new materials, indicating a positive outlook for future growth opportunities [2][3][4]. Financial Performance - In 2024, Jinfa Technology achieved an operating revenue of 60.514 billion yuan, representing a year-on-year increase of 26.23%, and a net profit attributable to shareholders of 0.825 billion yuan, up 160.36% year-on-year [2][3]. - The fourth quarter of 2024 saw an operating revenue of 20.050 billion yuan, a 46.9% increase year-on-year, and a net profit of 0.142 billion yuan, marking a return to profitability [3]. - For the first quarter of 2025, the company reported a net profit of 0.247 billion yuan, reflecting a year-on-year growth of 138.20% [2]. Business Segments - The modified plastics segment remains a leader, with sales of 2.5515 million tons in 2024, a 20.78% increase, and revenue of 32.075 billion yuan, up 18.95% [3]. - The green petrochemical segment improved its performance, achieving revenue of 11.436 billion yuan, a 22.30% increase, despite a negative gross margin of -6.36% [3]. - The new materials segment, particularly in specialty engineering plastics, saw sales of 236,000 tons, a 32.51% increase, with revenue of 3.654 billion yuan, up 15.73% [3]. Growth Drivers - The new materials segment is becoming a significant profit growth point, with advancements in specialty engineering plastics such as LCP, high-temperature nylon, and PPSU/PES, which are being applied in emerging fields like AI servers and electric vehicles [4]. - The company is expanding its production capacity with new projects, including a 0.6 million ton PPSU/PES facility and a 1.5 million ton LCP project expected to commence in Q2 2025 [4]. - Jinfa Technology is also enhancing its global footprint by establishing production bases in Poland, Mexico, and Indonesia, which will help mitigate tariff risks and leverage local resources [4]. Investment Outlook - Jinfa Technology is positioned as one of the largest and most diverse modified plastics manufacturers globally, capitalizing on new opportunities in areas such as smart driving and AI [5]. - Earnings per share (EPS) forecasts for 2025, 2026, and 2027 are projected to be 0.55 yuan, 0.74 yuan, and 0.91 yuan, respectively, supporting a "buy" rating [5].

Group 1 - The PEEK materials concept saw a significant increase of 5.60%, leading the sector in gains, with 25 stocks rising, including notable performers like Juxailong and Xinhang New Materials, which hit the 20% limit up [1] - The top gainers in the PEEK materials sector included Zhongxin Fluorine Materials with a limit up, and other stocks like Fuheng New Materials and Zhongyan Co., which rose by 15.07%, 9.55%, and 7.92% respectively [1] - Conversely, the stocks that experienced the largest declines included China General Nuclear Power Technology, Shuanglin Co., and Brothers Technology, which fell by 2.96%, 0.92%, and 0.21% respectively [1] Group 2 - The PEEK materials sector attracted a net inflow of 400 million yuan from main funds, with 19 stocks receiving net inflows, and 5 stocks seeing inflows exceeding 30 million yuan [1] - Zhongxin Fluorine Materials led the net inflow with 171 million yuan, followed by Water Co., Xinhang New Materials, and Juxailong with net inflows of 159 million yuan, 129 million yuan, and 52.82 million yuan respectively [1] - The top three stocks by net inflow ratio were Zhongxin Fluorine Materials at 23.56%, Juxailong at 19.87%, and Water Co. at 17.38% [2]

Core Viewpoint - The company reported significant revenue and profit growth in 2024, with total operating income reaching 60.514 billion yuan, a year-on-year increase of 26.23%, and a net profit attributable to shareholders of 0.825 billion yuan, up 160.36% [1] Group 1: Financial Performance - In Q1 2025, the company achieved total operating income of 15.666 billion yuan, a year-on-year increase of 49.06%, but a quarter-on-quarter decline of 21.86%. The net profit attributable to shareholders was 0.247 billion yuan, up 138.2% year-on-year and 74.19% quarter-on-quarter [1] - The company's revenue from major business segments in 2024 included modified plastics (32.075 billion yuan), materials trading (12.371 billion yuan), green petrochemicals (11.436 billion yuan), and new materials (3.654 billion yuan), with respective year-on-year growth rates of 18.95%, 61.77%, 22.30%, and 15.73% [2] Group 2: Business Segments - The modified plastics segment remains the largest, with a production capacity of 3.72 million tons per year and sales volume of 2.5515 million tons in 2024, reflecting a year-on-year increase of 20.78% [3] - The company is actively expanding its market share in emerging fields such as humanoid robots and low-altitude economy, leveraging its competitive advantages in modified plastics [3] Group 3: International Expansion - In 2024, the company's revenue from mainland China and overseas was 51.306 billion yuan and 8.792 billion yuan, respectively, with year-on-year growth of 29.68% and 10.73% [4] - The company is accelerating local supply and service capabilities in overseas markets, achieving significant results in the U.S., Europe, India, Vietnam, and Malaysia [4] Group 4: Strategic Development - The company is a leading domestic player in the special engineering plastics sector, achieving import substitution in markets such as LED lighting and new energy vehicles, with sales of 23,900 tons, a year-on-year increase of 16.59% [5] - The company has plans to increase production capacity for various specialty resins, with projects expected to come online between 2025 and 2026 [5] Group 5: Profit Forecast and Investment Rating - The company is expected to see net profits attributable to shareholders of 1.451 billion yuan, 2.069 billion yuan, and 2.460 billion yuan for 2025-2027, with corresponding PE ratios of 19.4, 13.6, and 11.4 [6] - The company is rated as "overweight" based on its competitive position and comprehensive product offerings in the global chemical new materials industry [6]

1 目录 Contents | 报告编制说明 | 01 | | --- | --- | | 致利益相关方 | 03 | | 走进金发科技 | 05 | | 我们的可持续发展管理 | 13 | | 专题：数智赋能，加快发展新质生产力 | 25 | | 附录 | | | GRI 指标索引 | 129 | | 交易所《指引》对标索引 | 134 | | 关键绩效表 | 135 | | 参与的主要国内协会与组织 | 139 | | 认证证书总览 | 141 | 环境责任 01 | 应对气候变化 | 35 | | --- | --- | | 环境合规管理 | 44 | | 污染物排放与废弃物处理 | 49 | | 能源利用 | 53 | | 水资源利用 | 56 | | 循环经济 | 61 | | 化学品安全 | 65 | | 原材料与包装材料管理 | 68 | 社会责任 02 | 创新驱动和知识产权 | 71 | | --- | --- | | 产品和服务安全与质量 | 80 | | 供应链安全 | 84 | | 助力行业发展 | 89 | | 平等、包容与多元化 | 93 | | 人才吸引与留任 | 95 | | ...

证券代码：600143 证券简称：金发科技 公告编号：2025-048 金发科技股份有限公司 关于召开2024年度暨2025年一季度业绩说明会的公告 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： 金发科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 22 日发布公司 2024 年年度报告、2025 年第一季度报告，为便于广大投资者更全面深入地了解 公司 2024 年年度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 05 月 13 日（星期二）15:00-16:00 在"价值在线"（www.ir-online.cn）举办 2024 年度暨 2025 年一季度业绩说明会，与投资者进行沟通和交流，广泛听取投资者 的意见和建议。 会议召开时间：2025 年 05 月 13 日（星期二）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn），投资者可访问网址 https://eseb.cn/1nPMmtjAMhO 或使用微信扫描下方小程序码参会。 会议召 ...

证券代码：600143 证券简称：金发科技 公告编号：2025-049 金发科技股份有限公司 关于股东大会开设网络投票提示服务的公告 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。 金发科技股份有限公司（以下简称"公司"）拟于 2025 年 5 月 20 日 14:00 召开公司 2024 年年度股东大会，本次会议采用现场投票和网络投票相结合的表 决方式。具体内容请见《金发科技股份有限公司关于召开 2024 年年度股东大会 的通知》（公告编号：2025-042）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 便利投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供 的股东大会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日的股 东名册主动提醒股东参会投票，向每一位投资者主动推送股东大会参会邀请、议 案情况等信息。投资者在收到智能短信后，可根据《上市公司股东会网络投票一 键通服务用户使用手册》（链接：https://vote.sseinfo.com/i/yjt_help.pdf）的 ...

证券代码：600143 证券简称：金发科技 公告编号：2025-047 金发科技股份有限公司 审议通过《2024 年环境、社会及公司治理（ESG）报告》 公司编制了《2024 年环境、社会和公司治理（ESG）报告》，旨在将可持续 发展理念融入公司治理，全面呈现公司在 ESG 方面的实践信息和相关绩效。 本议案已经公司第八届董事会战略与可持续发展委员会 2025 年第一次会议 审议通过。 表决结果为：同意 11 票，反对 0 票，弃权 0 票。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《金 发科技 2024 年环境、社会和公司治理（ESG）报告》。 第八届董事会第十五次（临时）会议决议公告 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。 一、会议召开情况 金发科技股份有限公司（以下简称"公司"）第八届董事会第十五次（临时） 会议通知于 2025 年 4 月 23 日以电子邮件、企业微信和短信方式发出。会议于 2025 年 4 月 28 日以通讯表决方式召开，会议应出席董事 11 人，实际出席 ...