江苏常青树新材料科技股份有限公司 证券代码：603125 证券简称：常青科技 公告编号：2025-050 江苏常青树新材料科技股份有限公司 关于泰州高分子新材料生产基地（一期）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。 江苏常青树新材料科技股份有限公司（以下简称"公司"）于 2024 年 5 月 31 日召开 2024 年第一次临时股东大会，审议通过《关于常青树泰州拟投资建设 高分子新材料生产基地（一期）的议案》等，同意通过全资子公司江苏常青树新 材料科技（泰州）有限公司（以下简称"常青树泰州"）建设高分子新材料生产 基地（一期）（以下简称"本项目""泰州项目（一期）""泰州生产基地"）。 本项目总投资额约 30 亿元，具体内容详见《关于投资泰州高分子新材料生产基 地（一期）的公告》（公告编号：2024-028）及《常青科技 2024 年第一次临时 股东大会决议公告》（公告编号：2024-034）。 近日，公司全资子公司常青树泰州收到由泰州市应急管理局出具的《安全设 施设计审查意见书》：泰州项目（一期）安全设施 ...

Investment Rating - The report maintains a "Positive" investment rating for the basic chemical industry [4] Core Viewpoints - The exit of overseas bulk chemicals is expected to accelerate the growth of China's fine chemicals [6][21] - China's petrochemical capacity has rapidly increased since 2018, surpassing the US in refining capacity in 2023, leading to a stronger competitive position compared to Europe and Northeast Asia [15][6] - The reduction in imports of phenol and the expansion of downstream products like PC and epoxy resins in China have significantly decreased overseas demand for phenol, creating opportunities for domestic fine chemical companies [15][6] Summary by Sections 1. Impact of Overseas Bulk Chemical Exit - The exit of European bulk chemical capacity is driven by the rapid enhancement of China's chemical industry competitiveness [10] - China's share in bulk chemicals has been increasing, with significant capital expenditure leading to output growth [10][18] - The exit of marginal capacity in Europe and Japan is expected to accelerate supply-demand balance restoration in the industry [23][24] 2. Opportunities for Domestic Fine Chemicals - China's technological breakthroughs and industry chain expansion are forcing European upstream bulk chemicals to exit [25] - The trend of European chemical industry exit is unlikely to reverse, providing growth opportunities for China's fine chemical enterprises [25][39] - The exit of bulk chemicals will lead to supply issues in fine chemical products, prompting demand for stable suppliers from China [39][44] 3. Investment Recommendations - Recommended companies include: - Huangma Technology (603181, Buy): A leader in specialty polyether with a total capacity of approximately 225,000 tons and new projects adding 330,000 tons [47] - Changqing Technology (603125, Not Rated): A leader in specialty monomers with a projected capacity increase from 35,000 tons to 90,500 tons by the end of 2024 [47] - Lianlong (300596, Buy): A leader in polymer materials with a focus on anti-aging agents and lubricant additives [47]

Core Viewpoint - The company, Changqing Technology, is a leader in the research, production, and sales of specialty monomers and additives in the polymer new materials sector, benefiting from solid technical barriers and significant capacity expansion [4]. Group 1: Financial Performance - From 2019 to 2024, the company is expected to see steady growth in revenue and cash flow, with projected revenue of 1.08 billion yuan in 2024, a year-on-year increase of 6.0%, and a net profit of 204 million yuan, a decrease of 3.9% [4]. - The operating cash flow net amount is projected to be 212 million yuan in 2024, reflecting a year-on-year increase of 3.3% [4]. Group 2: Specialty Monomers - The company's specialty monomer products, including divinylbenzene, α-methylstyrene, methylstyrene, and diisopropenylbenzene, have broad applications in various fields such as ion exchange resins and insulation materials [5]. - The production volume of specialty monomers is expected to grow at a CAGR of 17.9% from 2019 to 2024, with revenue growing at a CAGR of 20.1%, indicating good market absorption of the new capacity [5]. - After the completion of fundraising projects and the seventh phase project, an additional capacity of 90,500 tons per year for specialty monomers and intermediates will be added, significantly enhancing production capacity [5]. Group 3: Specialized Additives - The company leads in the quality of phosphonate esters, which are excellent auxiliary heat stabilizers benefiting from the growth in PVC production [6]. - The company has developed environmentally friendly production technology for triphenyl phosphate esters and their derivatives, maintaining a leading position in product richness within the industry [6]. - The capacity utilization rate for specialized additives is expected to exceed 100% in both 2023 and 2024, indicating that capacity constraints are a major factor limiting the development of the specialized additives business [6].

江苏常青树新材料科技股份有限公司 证券代码：603125 证券简称：常青科技 公告编号：2025-048 江苏常青树新材料科技股份有限公司 关于使用暂时闲置募集资金进行现金管理的进展公告 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： 履行的审议程序：公司于 2025 年 4 月 11 日召开第二届董事会第十次会 议和第二届监事会第九次会议，审议通过《关于公司拟使用暂时闲置募集资金进 行现金管理的议案》，同意使用不超过人民币 55,000.00 万元(含本数）的暂时闲 置募集资金进行现金管理，该额度自董事会审议通过之日起 12 个月内有效。独 立董事对该事项召开了独立董事专门会进行讨论，保荐人发表了无异议的核查意 见。 特别风险提示：公司本次购买的理财产品均为保证本金的低风险产品， 但企业大额存单可能面临多重风险因素，包括但不限于政策风险、市场风险、流 动性风险、产品不成立风险、信息传递风险、管理风险、产品提前终止风险、不 可抗力及意外事件风险、信用风险、估值风险、欠缺投资经验风险、数据来源风 险、观察日调整风 ...

江苏常青树新材料科技股份有限公司 证券代码：603125 证券简称：常青科技 公告编号：2025-049 江苏常青树新材料科技股份有限公司 关于使用暂时闲置自有资金进行现金管理的进展公告 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： 履行的审议程序：公司于 2025 年 4 月 11 日召开的第二届董事会第十次 会议及第二届监事会第九次会议，审议通过了《关于公司拟使用暂时闲置自有 资金进行现金管理的议案》，同意公司在不超过人民币 50,000 万元的额度内使 用闲置自有资金进行现金管理，上述额度自董事会审议通过之日起 12 个月内可 滚动计算。该事项在董事会审批权限内，无须提交股东大会审议。 特别风险提示：公司本次购买的理财产品均为保证本金的低风险产品， 但结构性存款产品可能面临多重风险因素，包括但不限于政策风险、市场风险、 流动性风险、产品不成立风险、信息传递风险、管理风险、产品提前终止风险、 不可抗力及意外事件风险、信用风险、估值风险、欠缺投资经验风险、数据来 源风险、观察日调整风险等。敬请广大投资者谨慎 ...

常青科技（603125.SH）7月30日在投资者互动平台表示，七期项目主要规划年产能40,000吨甲基异丙基 苯系列、二异丙苯系列等特种单体中间体产品，目前项目进展顺利。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司七期项目试生产也有2个月了，目前一切顺利吗？ 主要有哪些具体产品，设计产能多少？ ...

Group 1 - The core viewpoint of the article is that Changqing Technology (603125.SH) is developing new products through independent research and collaboration with well-known domestic universities and research institutions, with some products applicable for high-end photoresist production [1] - The company's product matrix does not include any products developed in collaboration with semiconductor companies [1]

Core Viewpoint - Changqing Technology (603125.SH) focuses on the research, production, and sales of specialty monomers and additives in the high polymer new materials sector, aiming to support downstream product manufacturing and performance enhancement in the fine chemical industry [1] Company Overview - The company is engaged in the development of high polymer new materials, specifically in the fine chemical industry's sub-sector [1] - The fundraising project includes products that can be used to produce high-end photoresists, which officially commenced production at the end of June this year [1] Market Application - Most new products are currently in the market application promotion stage, with some customer feedback potentially involving commercial secrets [1] - The company is committed to providing product technical services based on customer needs, driving demand potential for the products from the fundraising project [1]

江苏常青树新材料科技股份有限公司 证券代码：603125 证券简称：常青科技 公告编号：2025-047 江苏常青树新材料科技股份有限公司 关于使用暂时闲置自有资金进行现金管理到期赎回的公告 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。 江苏常青树新材料科技股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日召开的第二届董事会第十次会议及第二届监事会第九次会议，审议通过了《关 于公司拟使用暂时闲置自有资金进行现金管理的议案》，同意公司在不超过人 民币 50,000 万元的额度内使用闲置自有资金进行现金管理，上述额度自董事会 审议通过之日起 12 个月内可滚动计算。该事项在董事会审批权限内，无须提交 股东大会审议。 二、截至本公告日，连续 12 个月内滚动使用自有资金现金管理的情况 一、使用闲置自有资金进行现金管理到期赎回的情况 序 号 受托方 产品名称 产品性质 投资 金额 （万元） 预计年 化收益 率 产品 期限 起息日 到期日 实际 收益 （万元） 1. 中国银行 镇江大港 支行 公司客户结构性存款 产品 ...

江苏常青树新材料科技股份有限公司 江苏常青树新材料科技股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日召开第二届董事会第十次会议和第二届监事会第九次会议，审议通过《关 于公司拟使用暂时闲置募集资金进行现金管理的议案》，同意使用不超过人民币 55,000.00 万元(含本数）的暂时闲置募集资金进行现金管理，该额度自董事会审 议通过之日起 12 个月内有效。独立董事对该事项召开了独立董事专门会进行讨 论，保荐人发表了无异议的核查意见。 一、使用闲置募集资金进行委托理财到期赎回的情况 近日，公司使用暂时闲置募集资金购买的部分理财产品到期赎回，具体情况 如下： | 序 | 受托方 | 产品名称 | 产品性质 | 投资金额 | 预计年化 | 产品 期限 | 产品 | 产品 | 实际收益 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | | | （万元） | 收益率 | （天） | 起息日 | 到期日 | （万元） | | 1 | 中国银行 镇江大港 | 公司客户结构性存款 产品 | 保本最低 收益型 | 4, ...