44只个股公募定增获配金额逾1亿元，其中21只个股公募定增获配金额1亿元~1.99亿元，11只个股公募 定增获配金额2亿元~4.99亿元，10只个股公募定增获配金额5亿元~9.99亿元，还有2只个股公募定增获 配金额超10亿元。昊华科技（600378）最受公募定增青睐，共有财通基金、大成基金和诺德基金3家公 募机构参与到该股定增，合计获配金额达16.28亿元。芯原股份紧随其后，吸引到易方达基金、财通基 金、诺德基金、诺安基金和国泰基金5家公募机构参与到该股定增，合计获配金额达12.66亿元。国联民 生（601456）排名第三，吸引到财通基金、华宝基金、华商基金和诺德基金4家公募机构参与到该股定 增，合计获配金额达9.16亿元。 【深圳商报讯】（记者 陈燕青）今年，公募基金参与定增的热情较高。公募排排网数据显示，按定增 上市日统计，截至8月底，年内共有25家公募机构参与到17个行业中的55家A股公司定增，合计获配金 额达173.53亿元。 ...

Summary of Conference Call Records Company and Industry Overview - **Company**: 中华蓝天 (Zhonghua Lantian) and 昊华科技 (Haohua Technology) - **Industry**: Refrigerants, Lithium Battery Electrolytes, Civil Aviation Tires, Specialty Coatings, Carbon Reduction Technologies Key Points and Arguments Refrigerants Market - Zhonghua Lantian's refrigerant business benefits from quota policies and strong downstream demand, especially in the export market, with expectations for the market to remain at high levels despite potential price fluctuations due to policy changes [2][5] - Prices for products like 134a and 32 continue to rise, indicating a robust market environment [2][5] Liquid Cooling Technology - Zhonghua Lantian is actively developing liquid cooling technology for data centers, with products like YL-1-10 and YL-70 designed for silent liquid cooling applications [2][6] - The company has identified 134a as suitable for data center cooling plates and has begun limited sales, indicating a proactive approach to meet growing cooling demands [2][6] Electrolyte Research and Development - Zhonghua Lantian has invested in solid and semi-solid electrolyte research, boasting a production capacity of 250,000 tons and establishing a research institute for sulfide research [2][7] Civil Aviation Tires - The company has achieved significant milestones in civil aviation tires, obtaining airworthiness certificates for various aircraft models and beginning large-scale production [2][10] - Anticipated explosive growth in market supply by the end of 2025 or early 2026 due to successful trials and partnerships with major airlines [2][10][13] Specialty Coatings - Zhonghua Lantian's specialty coatings focus on functional coatings for civil aviation, shipping, and industrial applications, emphasizing high value and customization [2][14] - The company is targeting marine coatings as a key area for future breakthroughs [2][16] Carbon Reduction Business - The carbon reduction segment is benefiting from previous strategic investments, with significant orders nearing 4 billion yuan and a strong market outlook [2][18][19] - The company is recognized for its advanced gas separation technologies and is positioned as a leading provider in the carbon reduction field [2][18] Financial Performance - Haohua Technology reported a sales revenue of 7.76 billion yuan in the first half of 2025, a year-on-year increase of 19.45%, with net profit rising by 20.85% to 645 million yuan [3][4] - The fluorochemical segment saw a revenue increase of 24.99% and a gross profit increase of 40.73%, indicating strong performance across various business units [3][4] Market Dynamics in Lithium Battery Industry - The lithium battery industry is experiencing intense competition and overcapacity, leading to a challenging market environment [2][8][9] - The electrolyte and lithium additive sectors are currently in a downturn, with prices significantly lower than previous highs, necessitating a focus on technological advancements for competitive advantage [2][9] Future Outlook - Haohua Technology aims to become a leading enterprise in the gas sector, focusing on capacity expansion, technological development, and market exploration [2][24] - The company is set to complete a new production line for trifluorine nitrogen by the end of September 2025, which is expected to enhance profitability in the southwest region [2][22][23] Additional Important Insights - The civil aviation tire market is dominated by a few major players, but Zhonghua Lantian has positioned itself as a competitive fourth player with significant production capabilities [2][10] - The specialty coatings business is expected to grow due to increasing demand in various sectors, including renewable energy projects [2][15][16]

证券研究报告 昊华科技 (600378 CH) 25H1 稳健增长，蓝天贡献逐步显现 2025 年 9 月 01 日│中国内地 化学制品 25H1 公司氟化工板块受氟碳化学品行情带动，整体表现较好，销售收入同 比增长 25%至 46.5 亿元，毛利率同比+2pct；电子化学品板块市场竞争较 为激烈，公司以量补价，收入同比增长 17%至 5.8 亿元，毛利率维持稳定。 高端制造化工材料板块受需求周期和政策性因素影响，部分产品价格出现下 滑，公司以量补价，收入同比增长 7%至 15.1 亿元。碳减排暨工程技术服务 板块保持稳定增长，整体板块收入同比增长 30%至 9 亿元，毛利同比增长 11.6pct。公司综合毛利率同比下降 4pct 至 23.5%；受管理与研发费用下降 影响，综合费用率同比-3%至 13.3%。 氟化工主要产品景气延续改善，特气与化工材料产销有望持续释放 25Q2 公司多数产品出货实现较大增长，其中氟碳化学品/含氟锂电材料/橡 胶密封制品 / 特 种 轮 胎 / 特 种 涂 料 销 量 环 比 增 长 分 别 为 53%/108%/105%/106%/32%。受氟碳化学品、特种涂料、聚氨酯新材 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][4]. Core Views - The company has shown good performance in the first half of 2025, achieving a revenue of 7.76 billion yuan, a year-on-year increase of 19.45%. The net profit attributable to shareholders reached 645 million yuan, up 20.85% year-on-year [3]. - All business segments have experienced solid growth, with the fluorochemical segment benefiting from favorable market conditions, resulting in a sales revenue increase of 24.99% and a gross profit increase of 40.73% [3]. - The electronic chemicals segment achieved a sales revenue growth of 17.49% despite intense market competition, maintaining stable gross profit margins [3]. - The high-end manufacturing chemical materials segment saw a revenue increase of 7.22%, driven by volume despite some price declines [3]. - The carbon reduction and engineering technology services segment reported a revenue growth of 29.58%, with average prices for copper and nickel catalysts increasing by 9.9% and 7.6%, respectively [3]. - Key projects are progressing as planned, with a diverse product system being developed. The company is a technology platform under Sinochem, with efficient project construction and several major projects set to launch [4]. Financial Forecasts - The company forecasts net profits of 1.145 billion yuan, 1.284 billion yuan, and 1.418 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.89 yuan, 1.00 yuan, and 1.10 yuan [4][5]. - The current stock price corresponds to P/E ratios of 34, 31, and 28 for the years 2025, 2026, and 2027, respectively [4][5]. Company Overview - The company has undergone significant asset restructuring from 2018 to 2019, enhancing its asset scale and profitability, and has established a multi-dimensional business model centered on high-tech products and services [6]. - Its main business segments include fluorinated materials, specialty gases, specialty rubber and plastics, fine chemicals, and technical services, serving various core industries [6].

Group 1 - The company achieved operating revenue of 7.76 billion yuan in the first half of 2025, a year-on-year increase of 19.45% [1] - The net profit attributable to the parent company was 645 million yuan, reflecting a year-on-year growth of 20.85% [1] - All business segments experienced good growth, with the fluorochemical segment seeing a revenue increase of 24.99% and a gross profit increase of 40.73% [1] - The electronic chemicals segment achieved a revenue growth of 17.49% and maintained stable gross profit margins despite intense market competition [1] - The high-end manufacturing chemical materials segment reported a revenue increase of 7.22% due to price declines in some products [1] - The carbon reduction and engineering technology service segment grew by 29.58% in revenue, with average prices for copper and nickel catalysts increasing by 9.9% and 7.6% respectively [1] Group 2 - The company is a new materials technology platform under China Sinochem, with a rich product system developed from over 10 national research institutes [2] - Key projects are progressing as planned, including the commissioning of several major projects such as the 26,000 tons/year high-performance organic fluorine materials project [2] - The company is advancing its "14th Five-Year" overall plan and six special plans for technological innovation, which are expected to gradually implement the company's development strategy [2] - Profit forecasts for the company are maintained, with net profits projected at 1.145 billion, 1.284 billion, and 1.418 billion yuan for 2025 to 2027, corresponding to EPS of 0.89, 1.00, and 1.10 yuan [2] - The current stock price corresponds to P/E ratios of 34, 31, and 28 times for the years 2025, 2026, and 2027 respectively, with a strong buy rating maintained [2]

Core Viewpoint - The recent financial report of Haohua Technology (600378) shows strong growth in revenue and net profit for the first half of 2025, indicating a positive performance trend despite some concerns regarding accounts receivable and cash flow [1][3]. Financial Performance - The total revenue for the first half of 2025 reached 7.76 billion yuan, a year-on-year increase of 19.45% compared to 6.496 billion yuan in 2024 [1]. - The net profit attributable to shareholders was 645 million yuan, up 20.85% from 533 million yuan in the previous year [1]. - In Q2 2025, total revenue was 4.603 billion yuan, reflecting a 26.07% increase year-on-year [1]. - The net profit for Q2 2025 was 460 million yuan, a rise of 25.56% compared to the same quarter last year [1]. - The gross margin was 23.53%, a slight decrease of 1.42% from the previous year, while the net margin improved to 9.35%, an increase of 8.56% [1]. Accounts Receivable and Cash Flow - Accounts receivable increased significantly, with a year-on-year growth of 60.83%, reaching 3.615 billion yuan [1]. - The cash flow situation showed improvement, with operating cash flow per share rising to 0.21 yuan, a substantial increase of 136% [1]. Cost Management - Total selling, administrative, and financial expenses amounted to 652 million yuan, which is 8.4% of revenue, down 13.97% year-on-year [1]. - The company’s net asset per share increased by 42.91% to 13.5 yuan [1]. Investment Insights - The company’s return on invested capital (ROIC) was reported at 6.24%, indicating average capital returns [3]. - The historical data shows a median ROIC of 9.16% over the past decade, with two years of losses since its IPO, suggesting a relatively fragile business model [3]. Fund Holdings - Haohua Technology is held by several funds, with the largest being Huaxia Military Safety Mixed A, which has increased its holdings [6]. - The fund manager of Huaxia Military Safety Mixed A has demonstrated strong stock-picking abilities, particularly in growth stocks [5].

格隆汇8月29日丨昊华科技(600378.SH)发布中报，2025上半年实现营业总收入77.6亿元，同比增长 19.45%；归属母公司股东净利润6.45亿元，同比增长20.85%；基本每股收益为0.4997元。 ...

Group 1 - The core viewpoint of the news is that Haohua Technology has seen an increase in shareholder accounts and a slight rise in stock price over the recent quarter, indicating potential investor interest [1][2] - As of June 30, 2025, Haohua Technology had 18,633 shareholders, an increase of 2,330 accounts or 14.29% compared to March 31, 2025 [1][2] - The average shareholding value per account for Haohua Technology is 1.8741 million yuan, which is higher than the industry average of 300,600 yuan [1][2] Group 2 - From March 31, 2025, to June 30, 2025, Haohua Technology's stock price increased by 2.67%, while the number of shareholders rose by 14.29% during the same period [1][2] - The company experienced a net inflow of 68.5365 million yuan from institutional investors and a net inflow of 13.8987 million yuan from retail investors, while retail investors had a net outflow of 82.4353 million yuan [2]

证券代码：600378 证券简称：昊华科技 公告编号：临 2025-066 昊华化工科技集团股份有限公司 关于全资子公司吸收合并暨变更部分募集资金投资项目 实施主体的公告 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。 昊华化工科技集团股份有限公司（以下简称"公司"或"昊华科技"）于 2025 年 8 月 28 日召开第八届董事会第三十四次会议及第八届监事会第二十五次会议，审议通过 了《关于审议全资子公司吸收合并暨变更部分募集资金投资项目实施主体的议案》，为 全面深化国企改革，优化氟化工业务法人结构，提升运营管理效率，公司全资子公司湖 南中蓝新材料科技有限公司（以下简称"中蓝新材料"）拟吸收合并公司全资子公司郴 州中化氟源新材料有限公司（以下简称"郴州氟源"），吸收合并完成后，湖南新材料 将承继郴州氟源的全部资产、债权、债务及其他一切权利与义务，郴州氟源的法人资格 将被注销。董事会同意公司全资子公司吸收合并暨将募集资金投资项目"扩建 3000 吨/ 年 CTFE 和 10000 吨/年 R113a 联产项目"的实施主体由郴州氟 ...

Group 1 - The PVDF concept sector rose by 1.74%, ranking 7th among concept sectors, with 9 stocks increasing, including Puxin Technology and Dongyang Sunshine hitting the daily limit [1][2] - Notable gainers in the PVDF sector included Juhua Co., which increased by 6.88%, Sanmei Co. by 3.83%, and Yonghe Co. by 3.69% [1][4] - The sector experienced a net inflow of 485 million yuan from main funds, with Puxin Technology leading the inflow at 205 million yuan [2][3] Group 2 - The top stocks by net inflow ratio included Puxin Technology at 11.52%, Huahua Technology at 9.25%, and Heimao Co. at 8.54% [3] - The trading volume for Puxin Technology was 20,509.85 million yuan, with a daily turnover rate of 3.84% [3] - The stocks with the largest declines included Zhongchuang Environmental Protection, which fell by 5.58%, and Jinming Precision Machinery, which decreased by 2.21% [1][4]