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)

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has shown better performance than the market, with a year-to-date increase of 8.9%, outperforming the Shanghai Composite Index by 4.2 percentage points [4][16] - The global potash market is characterized by oligopoly, with major producers controlling supply and prices. Recent production cuts by key players are expected to sustain potash market conditions [5][27] - Phosphate supply remains tight, with stable prices and potential improvements in export opportunities as demand increases [5][27] Summary by Sections 1. Core Viewpoints - Policies are expected to improve supply-demand dynamics in the chemical sector, with a focus on cyclical investment opportunities [13] - The chemical industry is entering a new long-term prosperity cycle, driven by improved fundamentals and reduced risks [13][14] 2. Overall Performance of the Chemical Sector - The basic chemical industry index increased by 1.5% during the week, outperforming the Shanghai Composite Index by 0.4 percentage points [16] - Year-to-date, the basic chemical industry index has increased by 8.9%, significantly outperforming both the Shanghai Composite and ChiNext indices [16][18] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 298 stocks rose while 123 fell during the week [25] - The top performers included companies like Shangwei New Materials (+72.9%) and Hongbo New Materials (+24.7%) [25][26] 4. Key News and Company Announcements - The autumn fertilizer preparation has begun, with a focus on investment opportunities in potash and phosphate fertilizers [27] - Major potash producers have announced production cuts, which are expected to tighten supply and support prices [5][27] - Phosphate prices remain stable, with potential for improved export conditions as demand increases [5][27] 5. Product Price Changes - The report highlights significant price increases in various chemical products, with notable gains in dimethylamine (+16.7%) and fatty alcohol (+8.2%) [6] - Conversely, urea prices have seen a significant decline (-15%) [6]

Core Viewpoint - The bio-based industry is rapidly developing under the dual drive of policy and demand, aiming for a collaborative upgrade towards non-grain raw materials, large-scale production, and diversified application scenarios [1] Group 1: Industry Development - Bio-based products are expected to continuously replace fossil raw materials due to their renewable nature, lower carbon emissions during production, and energy savings [2] - BASF views bio-based materials as a crucial part of its carbon management strategy, with sustainable sales accounting for 41% in 2023 and a target of over 50% by 2030 [2] - The Chinese government emphasizes the development of the bio-based industry as a strategic emerging industry and a key support for achieving carbon neutrality goals [2] Group 2: Challenges and Recommendations - The bio-based industry in China faces challenges in raw material costs, key technology, and application development, making it difficult to disrupt the dominance of petroleum-based products in the short term [3] - Experts recommend accelerating the transition from grain to non-grain raw materials, improving key technologies to enhance product performance, and expanding market application scenarios [3] Group 3: Future Directions of Bio-Manufacturing - Future bio-manufacturing will focus on six areas: biofuels, bio-based chemicals, bio-based materials, biopharmaceuticals, food industry products, and enzyme preparations [4][5] - Biofuels, such as bio-aviation fuel and biogas, are expected to gradually replace petroleum due to their low carbon and cost-effective characteristics [4] - The production of bio-based chemicals like succinic acid and pentamethylenediamine shows significant energy and greenhouse gas emission reductions compared to petrochemical routes [4]

Summary of Key Points Core Viewpoint - The announcement details the completion of a share reduction plan by shareholder Xiong Haitao, who reduced her holdings in Jinfat Technology Co., Ltd. by approximately 26.36 million shares, representing 0.9998% of the company's total share capital [1][4]. Group 1: Shareholder Information - Before the reduction plan, Xiong Haitao held 69,601,359 shares, accounting for 8.2015% of the total share capital [1]. - The reduction plan was initially disclosed on March 21, 2025, with a maximum intended reduction of 26,360,000 shares [1]. - The actual reduction occurred between April 25, 2025, and July 8, 2025, with a total of 26,359,900 shares sold [1][4]. Group 2: Reduction Details - The shares were sold through centralized bidding, with a price range of 10.26 to 11.22 CNY per share [3]. - The total amount raised from the share reduction was approximately 281.81 million CNY [3]. - After the reduction, Xiong Haitao and her concerted actions still hold a combined total of 189,881,459 shares, which is 7.2017% of the total share capital [3][4]. Group 3: Compliance and Confirmation - The actual reduction was consistent with the previously disclosed plan, and the minimum reduction quantity was achieved [4]. - The reduction plan was not terminated early and was fully implemented as intended [4].

证券代码：600143 证券简称：金发科技 公告编号：2025-060 金发科技股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东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： 1 股东名称 熊海涛 股东身份 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 □是 √否 董事、监事和高级管理人员 □是 √否 其他：与一致行动人合计持股 5%以上股东 持股数量 69,601,359股 持股比例 2.6398% 一、减持主体减持前基本情况 | 当前持股股份来源 | | --- | 当前持股股份来源 大宗交易取得：57,385,999股 其他方式取得：12,215,360股 注: 本次减持计划实施前，熊海涛女士未持有 IPO 前取得的股份，其此前已将其持有的 全部 IPO 前取得的股份转让给其一致行动人。 | 股东名称 | 持股数量 | 持股比 | 一致行动关系形 | | --- | --- | --- | --- | | | （股） | 例 | 成原因 | | 熊海涛 | 69,601,359 | 2. ...