Summary of Jinfa Technology Conference Call Company Overview - Jinfa Technology has shown steady revenue growth, with revenue increasing from 35.061 billion CNY in 2020 to 60.514 billion CNY in 2024, representing a compound annual growth rate (CAGR) of approximately 14.62% [2][3] - In the first three quarters of 2025, the company achieved revenue of 49.616 billion CNY, a year-on-year increase of 22.62%, and turned a profit with a net profit attributable to shareholders of 1.065 billion CNY, up 55.86% year-on-year [2][4] Industry Insights - The modified plastics market in China is highly dependent on imports, with a consumption of approximately 174,000 tons in 2023 and a production of only 85,000 tons [6] - The special engineering plastics market in China is expected to maintain rapid growth from 2023 to 2028, with a CAGR of about 7.2%, reaching a consumption of 246,000 tons by 2028 [6] Key Points Core Competencies 1. **Production Capacity and Cost Advantage**: Jinfa Technology's total production capacity for modified plastics is 3.72 million tons, with domestic capacity at 3.35 million tons and overseas capacity at 370,000 tons, leading the domestic market [4] 2. **Research and Development**: The company has a robust R&D system with 6,813 domestic and international patents filed by the end of 2024, positioning it at the forefront of the manufacturing industry [4] 3. **Diverse Product Matrix**: Jinfa Technology offers a one-stop solution with a diversified business layout including high-performance recycled plastics, biodegradable plastics, and special engineering plastics [4] 4. **Strong Customer Relationships**: The company has established strategic partnerships with top manufacturers in the automotive, home appliance, and electronics sectors, and has production bases in the US, Germany, and India [4] 5. **Upstream Raw Material Integration**: Jinfa Technology has built an integrated supply chain from propane to polypropylene resin, which, despite recent losses in the petrochemical sector, is strategically beneficial for long-term raw material supply [4] New Material Business Development - Jinfa Technology's new materials business is expected to benefit from domestic substitution and industrial upgrades, with a projected average CAGR of over 7% for chemical new materials consumption in China from 2023 to 2030 [5] Special Engineering Plastics - The company is actively expanding its capacity in special engineering plastics, with current production capacity at 39,000 tons per year, including high-temperature nylon, LCP, and PPSU [7] - Plans include launching a 10,000 tons per year LCP resin project and a 40,000 tons per year special polyamide project, with the first phase of 8,000 tons expected to be operational in Q1 2026 [8] Innovations in New Materials - Jinfa Technology has made significant innovations in biodegradable plastics, achieving a design capacity of 330,000 tons per year, with sales of 161,300 tons in the first three quarters of 2025, a 27% increase year-on-year [9] Carbon Fiber and Composite Materials - The company has a production capacity of 52,000 tons per year for carbon fiber and composite materials, with revenue of 210 million CNY in the first half of 2025, a 15.93% increase year-on-year [10] - The demand for carbon fiber in emerging fields such as electric vertical takeoff and landing vehicles is expected to rise significantly [10][11] Future Outlook - EPS forecasts for Jinfa Technology are 0.54 CNY, 0.66 CNY, and 0.85 CNY for 2025 to 2027, corresponding to a price-to-earnings ratio of 19 to 22 times [12] - The company is transitioning from a broad modified plastics leader to a high-end chemical new materials platform, with a positive long-term growth outlook despite recent stock price adjustments [12] - Risks to monitor include underperformance of subsidiaries, cost fluctuations, and changes in the overseas trade environment [12]

Core Viewpoint - Jinfa Technology's stock has shown significant performance this year, with a year-to-date increase of 116.23%, despite recent fluctuations in trading volume and price [1][2]. Financial Performance - For the period from January to September 2025, Jinfa Technology achieved a revenue of 49.616 billion yuan, representing a year-on-year growth of 22.62%. The net profit attributable to shareholders was 1.065 billion yuan, reflecting a year-on-year increase of 55.86% [2]. - The company has distributed a total of 6.740 billion yuan in dividends since its A-share listing, with 1.136 billion yuan distributed over the past three years [3]. Stock Market Activity - As of November 27, Jinfa Technology's stock price was 18.47 yuan per share, with a market capitalization of 48.698 billion yuan. The stock experienced a trading volume of 2.69 billion yuan and a turnover rate of 0.56% [1]. - The stock has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on September 19, where it recorded a net buy of -864 million yuan [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Jinfa Technology reached 395,400, an increase of 94.23% from the previous period. The average number of circulating shares per shareholder decreased by 47.77% to 6,662 shares [2]. - The top ten circulating shareholders include new entrants such as Penghua CSI Sub-Segment Chemical Industry Theme ETF and South China CSI 500 ETF, with notable changes in their holdings [3].

Core Insights - The recent selection of three private enterprise scientists as academicians of the Chinese Academy of Engineering signals a shift in China's technological innovation from academia to market-oriented applications, indicating a more pragmatic approach to resource allocation in technology [1][2][3] - The inclusion of these scientists, such as Lian Yubo from BYD and Wu Kai from CATL, highlights the significant contributions of private enterprises in key technological breakthroughs and the commercialization of innovations [1][2] Group 1: Recognition of Private Enterprises - The election of these academicians reflects the recognition of private enterprises' contributions to new productive forces, with statistics showing that private enterprises account for 70% of national technological innovation achievements and 80% of specialized "little giant" companies [2][3] - The new academicians are not only top scientists but also practical innovators who can transform technology into products, showcasing the importance of private enterprises in driving technological advancements [2][3] Group 2: Evolution of China's Innovation System - The addition of industry practitioners to the academician ranks indicates a shift in China's research evaluation criteria, moving from a focus on publications to valuing technological and industrial contributions [3] - The honor of being an academician serves as a form of "technical certification" for private enterprises, motivating their research and innovation personnel to strive for excellence [3] - The trend suggests that as private enterprises continue to innovate, more researchers from these backgrounds may achieve academician status, fostering a positive cycle of market-oriented research and high-quality economic development [3]

Core Insights - The article emphasizes the rapid growth and potential of polylactic acid (PLA) biodegradable plastics as a sustainable alternative to traditional petroleum-based plastics, driven by global green initiatives and domestic policies in China [1][7][10]. Industry Overview - PLA is derived from renewable plant resources, such as corn and cassava, through fermentation to produce lactic acid, which is then polymerized into biodegradable polyester [2][3]. - PLA offers advantages over traditional plastics, including lower carbon emissions, good biocompatibility, and adaptability to various applications like packaging and medical devices [5][6]. Market Dynamics - The global biodegradable plastics market is projected to grow significantly, with production capacity expected to reach approximately 573 million tons by 2029, reflecting a compound annual growth rate (CAGR) of over 18% [8][10]. - In China, the biodegradable materials market is anticipated to reach 29.9 billion yuan in 2024, with a year-on-year growth of 29.59%, and is expected to exceed 48 billion yuan by 2025 [10][11]. Competitive Landscape - Leading domestic companies such as Fengyuan Group, Haizheng Biomaterials, and Jindan Technology are actively expanding their production capacities and integrating the supply chain from raw materials to PLA production [11][12]. - International players like NatureWorks and TotalCorbion are also establishing a presence in China, creating a differentiated competitive landscape [11]. Future Trends - The PLA industry is expected to focus on overcoming technical barriers, enhancing product performance, and expanding into high-value applications such as medical materials and engineering plastics [13][14]. - There is a strong emphasis on building a sustainable circular economy, utilizing non-food biomass resources, and improving recycling technologies to align with carbon neutrality goals [15].

金发科技股份有限公司 关于为全资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。 重要内容提示： 证券代码：600143 证券简称：金发科技 公告编号：2025-094 （一）基本情况 1、广东金发科技有限公司 ● 担保对象及基本情况 （一）担保的基本情况 2025年11月24日，因金发科技股份有限公司（以下简称"金发科技"或"公司"）全资子公司向银行申请融 资、结算等事宜，公司与中国进出口银行广东省分行（以下简称"进出口银行"）签订了《最高额保证合 同》，为广东金发科技有限公司（以下简称"广东金发"）提供最高额连带责任保证，被担保的最高债权 额为本外币折合人民币44,000.00万元。同日，公司与广发银行股份有限公司清远分行（以下简称"广发 银行"）签订了《最高额保证合同》，为广东金发提供连带责任保证，被担保债权之最高本金余额为人 民币9,000.00万元。 同日，公司全资子公司珠海金发生物材料有限公司（以下简称"珠海生物"）与浙商银行股份有限公司沈 阳分行（以下简称"浙商银行"）签订了《最高额保证合 ...

证券代码：600143 证券简称：金发科技 公告编号：2025-094 金发科技股份有限公司 关于为全资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。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | | 广东金发科技有限公司 | | | --- | --- | --- | --- | --- | | | 本次新增担保金额 | 人民币 | 53,000.00 | 万元 | | 担保对象 | 实际为其提供的担保余额 | 104,330.65 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | | 担保对象 | 被担保人名称 | | 辽宁金发生物材料有限公司 | | | | 本次新增担保金额 | 人民币 | 5,000.00 | 万元 | | | 实际为其提供的担保余额 | 52,967.28 | 万元 | | | | 是否在前期预计额度内 | 是 | ...

Core Viewpoint - The recent election of 144 experts as academicians in China emphasizes the importance of talent in driving innovation and highlights the increasing recognition of private enterprise contributions to national strategic needs [2][4]. Group 1: Election of Academicians - The 2025 election of academicians particularly favors frontline scientific and engineering personnel, with a notable inclusion of three experts from private enterprises: Wu Kai from CATL, Lian Yubo from BYD, and Huang Xianbo from Jinfat [2][4]. - This year's addition of three private enterprise experts marks the highest number of private academicians elected in a single session, reflecting a significant shift in the composition of the academic community [4][5]. Group 2: Contribution of Private Enterprises - Private enterprises account for over 92% of all companies in China and contribute more than 70% of technological innovations, including over 80% of the "little giant" enterprises and over 92% of national high-tech enterprises [6]. - The election results indicate a growing importance of private sector innovation in the national innovation system, showcasing a shift from traditional reliance on universities and research institutions [5][6]. Group 3: Profiles of Newly Elected Academicians - Wu Kai has made significant advancements in high-performance power battery technology, leading innovations in key materials and manufacturing processes [9]. - Lian Yubo has focused on the development of electric vehicles and core systems, contributing to the rapid growth of the industry [9]. - Huang Xianbo specializes in the research and commercialization of environmentally friendly materials, playing a crucial role in the development of high-performance polymers [9]. Group 4: Implications for Future Innovation - The election of these academicians from private enterprises sends a strong signal that scientific research and innovation can thrive within the private sector, potentially attracting more top talent to these companies [9]. - The increased recognition of private enterprise contributions to academia is expected to enhance the appeal of these companies to top-tier talent, fostering the emergence of more world-class private enterprises [9].

Core Viewpoint - The increasing global competition in technology necessitates the cultivation of leading private technology enterprises and continuous emergence of technological leaders in China [1] Group 1: Recognition of Private Enterprises - Three leaders from private enterprises were elected as academicians of the Chinese Academy of Engineering, highlighting the recognition of their contributions to technology innovation [1][2] - Private enterprises contribute 70% of the country's technological innovation results and encompass 80% of the national specialized "little giant" enterprises, establishing themselves as key players in technological innovation [1] Group 2: Research and Development Advantages - The elected academicians specialize in fields such as artificial intelligence, new energy, semiconductors, and biomedicine, which are crucial for high-quality development [2] - Private enterprises possess advantages in seamlessly linking theoretical design, experimental products, and market-ready products, making their research value and market value hard to match by traditional research institutions [2] Group 3: Policy and System Changes - The decision to break the "public over private" resource allocation pattern reflects a commitment to building a collaborative research and innovation system between public and private sectors [3] - The recent guidelines for the election of academicians indicate a shift towards supporting candidates from private technology enterprises, demonstrating ongoing institutional innovation in the research evaluation system [3] Group 4: Future Expectations and Support - The implementation of the Private Economy Promotion Law emphasizes the state's encouragement and support for private enterprises in driving technological innovation and developing modern industrial systems [4] - To foster more technological leaders from private enterprises, it is essential to strengthen their role in technological innovation and industrial development [4] Group 5: Collaborative Efforts - There is a need for enhanced "two-way openness" between private enterprises and traditional research institutions, with policies supporting capable private enterprises in undertaking major national technological tasks [6] - The newly elected academicians have both research institution experience and achievements in private enterprises, indicating a model for future collaboration [6] Group 6: Long-term Goals - The election of academicians is just a stage; the focus should be on achieving breakthroughs in deeper fields, with continued efforts required to implement specific support measures for private enterprise technological innovation [7]

Core Points - Three experts from private enterprises, including Wu Kai from CATL, Lian Yubo from BYD, and Huang Xianbo from Jinfat Technology, have been elected as academicians of the Chinese Academy of Engineering, highlighting the innovation capabilities of China's private sector [1][2][3] - The Chinese Academy of Engineering has introduced special quotas for private enterprise candidates in its 2025 academician election, indicating a policy shift to support private sector contributions to technological innovation [1][2] - The number of national high-tech enterprises in China has surged from 28,000 in 2012 to over 420,000 by January 2023, with private enterprises now accounting for over 92% of this total, reflecting the growing importance of the private sector in the national economy [2] Group 1 - The election of private enterprise experts as academicians signifies a breakthrough in the traditional academician selection process, which has historically favored public institutions [1][3] - The research areas of the newly elected academicians are closely related to new productive forces, including high-performance batteries, new energy vehicles, and advanced materials [3] - The Chinese government has been actively promoting policies to enhance the role of private enterprises in technological innovation, including the recent Private Economy Promotion Law [2][3] Group 2 - The focus on private enterprise candidates in the academician election reflects a broader strategy to foster innovation in key industries such as artificial intelligence, new energy, semiconductors, and biomedicine [2][3] - The successful election of these experts is expected to optimize the structure of the academician community and inject new vitality into China's technological innovation landscape [1][2] - The recognition of private sector contributions to science and technology is seen as a crucial step in enhancing China's competitiveness in the global technology arena [2][3]

中新社记者 刘亮 中国科学院、中国工程院日前公布2025年院士增选结果，宁德时代首席科学家吴凯、比亚迪首席科学家 廉玉波、金发科技首席科学家黄险波三位来自民营科技领军企业的专家榜上有名，当选中国工程院院 士。 截至今年1月底，国家高新技术企业中，民营企业从2012年的2.8万家增长至42万多家，占比由62.4%扩 大到92%以上。为助力民企在推动国家科技创新发展中发挥重要作用，近年来中国动作频频。 《中共中央关于进一步全面深化改革、推进中国式现代化的决定》提出，支持有能力的民营企业牵头承 担国家重大技术攻关任务，向民营企业进一步开放国家重大科研基础设施。今年5月20日正式施行的民 营经济促进法中提到，国家鼓励、支持民营经济组织在推动科技创新、培育新质生产力、建设现代化产 业体系中积极发挥作用。 中新社北京11月22日电 题：三民企专家获评院士 中国民营经济锻造创新"硬实力" 此前，中国工程院发布的2025年院士增选有效候选人名单中，共有十余位候选人来自民营企业，彰显民 企在科技创新领域具备与各路高手"掰手腕"的硬实力。 观察人士认为，目前，中国工程院为民营企业科技人才新增专项名额的政策刚起步。未来，这项创新政 ...