辽宁鼎际得石化股份有限公司 问询函专项说明 录 | 一、关于非经营性资金占用及非标意见………………………………………… 第 1―14 页 | | --- | | 二、关于在建工程……………………………………………………………… 第 14―26 页 | | 三、关于其他非流动资产… | | 四、关于主营业务… | | 五、关于偿债能力 | | 六、关于其他应收款 | 问询函专项说明 天健函〔 2025 〕11–22 号 上海证券交易所: 由辽宁鼎际得石化股份有限公司(以下简称鼎际得公司或公司)转来的《关 于辽宁鼎际得石化股份有限公司 2024年年度报告的信息披露监管问询函》（上 证公函(2025) 0752 号,以下简称问询函)奉悉。我们已对问询函中需要我们 说明的财务事项进行了审慎核查,现汇报说明如下。 一、关于非经营性资金占用及非标意见 年报及相关公告显示, 公司 2024年财务报告和内控报告分别被出具保留意 见、带强调事项段的无保留意见,系因公司控股子公司辽宁鼎际得石化科技有限 公司（以下简称石化科技）以支付货款等方式将 3.05 亿元划转给营口卫通商贸 有限公司（以下简称卫通商贸）等 9 家商贸公司用于 ...

Summary of Key Points Core Viewpoint - The company, Liaoning Dingjide Petrochemical Co., Ltd., has announced a guarantee for its subsidiary, Liaoning Dingjide Petrochemical Technology Co., Ltd., amounting to 145 million RMB, which is part of a larger total guarantee of 3.86 billion RMB for the subsidiary [1][8]. Group 1: Guarantee Details - The company provides a joint guarantee for a loan of 100 million RMB to the subsidiary, with a guarantee period of three years from the loan's maturity [2][6]. - The total external guarantee amount provided by the company and its subsidiaries is 4.31 billion RMB, which represents 272.76% of the audited net assets attributable to shareholders for the year 2024 [8]. - The company has not provided guarantees to its controlling shareholders or related parties, and there have been no overdue guarantees [8]. Group 2: Subsidiary Information - Liaoning Dingjide Petrochemical Technology Co., Ltd. is a controlled subsidiary, with the company holding a 52.67% stake [5][7]. - The subsidiary was established on November 9, 2022, with a registered capital of 150 million RMB [5][6]. - The subsidiary's business includes the manufacturing of new membrane materials and specialized chemical products [5][6]. Group 3: Internal Decision-Making - The guarantee has been approved by the company's board of directors and the annual general meeting, falling within the authorized limits set during the 2024 annual shareholders' meeting [7][8]. - The company plans to adjust the guarantee limits based on the actual operational needs of its subsidiaries, which is also within the approved scope [4][5]. Group 4: Financial Health - The subsidiary has a good credit status and is not listed as a dishonest executor [6][7]. - The financial indicators show that the total assets of the subsidiary are approximately 3.60 billion RMB, with total liabilities of about 2.46 billion RMB [6].

证券代码：603255 证券简称：鼎际得 公告编号：2025-028 辽宁鼎际得石化股份有限公司 关于为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。 1、因经营发展需要，辽宁鼎际得石化股份有限公司（以下简称"公司"或 "鼎际得"）控股子公司石化科技与中国民生银行股份有限公司大连分行（以下 简称"民生银行大连分行"）签订《综合授信合同》（以下简称"主合同一"），石 化科技向民生银行大连分行申请贷款人民币 10,000 万元，贷款期限 12 个月。公 司为石化科技在主合同一项下人民币 10,000 万元的债务提供连带保证责任，担 保期限为自主合同一项下的债务履行期限届满之日起三年。 同时，石化科技的股东辽宁鼎际德企业管理有限公司和辽宁峻盛企业管理有 限公司为石化科技提供不超过人民币 10,000 万元的最高额保证担保。 2、公司控股子公司石化科技、委托人东北中小企业融资再担保股份有限公 司大连分公司（以下简称"东北再担保公司大连分公司"）与受托人吉林省信托 有限责任公司（以下简称"吉林信托"）签订《信托 ...

Core Viewpoint - On June 30, a total of 31 listed companies had their restricted shares unlocked, with a total market value of approximately 31.50 billion yuan [1]. Group 1: Unlocking Details - The specific details of the restricted share unlocks include: - Meili Ecology (000010): 239 million shares from A-share issuance to original shareholders - Xingrong Environment (000598): 4.926 million shares from equity incentive lock-up - Yueyang Xinchang (000819): 526,800 shares from equity incentive lock-up - Gaohong Co., Ltd. (000851): 4.944 million shares from equity incentive lock-up - Zhongyan Chemical (600328): 470,460 shares from equity incentive lock-up - Yangnong Chemical (600486): 115,480 shares from equity incentive lock-up - Kangyuan Pharmaceutical (600557): 2.6093 million shares from equity incentive lock-up - Keda Technology (002518): 1.3953 million shares from equity incentive lock-up - Longci Technology (300835): 562,700 shares from equity incentive lock-up - Weiming Environmental Protection (603568): 3.129 million shares from equity incentive lock-up - Dongrui Co., Ltd. (001201): 486,400 shares from A-share issuance to original shareholders - Sanwei Co., Ltd. (603033): 1.183 million shares from equity incentive lock-up - Naer Co., Ltd. (002825): 140,000 shares from equity incentive lock-up - Jinyinhe (300619): 1.6248 million shares from A-share issuance to legal persons - Tianyuan Environmental Protection (301127): 14.6 million shares with extended lock-up period - Youningwei (301166): 40.6188 million shares with extended lock-up period - Xutian Salt Industry (600929): 3.033 million shares from equity incentive lock-up - Keli Sensor (603662): 722,800 shares from equity incentive lock-up - Gongniu Group (603195): 641,200 shares from equity incentive lock-up - Fuyuan Pharmaceutical (601089): 27.5 million shares from pre-issue lock-up - Xinbang Intelligent (301112): 7.4097 million shares from pre-issue lock-up - Shanghai Port Bay (605598): 29,400 shares from equity incentive lock-up - Dingjide (603255): 507,500 shares from equity incentive lock-up - United Precision (001268): 6.154 million shares from pre-issue lock-up - Pinggao Co., Ltd. (688227): 48.9585 million shares - Chunli Medical (688236): 20.9 million shares - Zhongwulian (688297): 40.3 million shares - Lais Information (688631): 163,480 shares - Shichuang Energy (688429): 200,000 shares - Xindong Link (688582): 220,840 shares - Aike Saibo (688719): 100,000 shares [2].

Group 1 - The core viewpoint of the news is that the construction of the high-end new material project for POE by Liaoning Dingjide has reached a significant milestone with the successful installation of the T1402 stripping tower, marking the project entering the full construction phase of the main device [1] - The project includes the largest ethane-to-alpha-olefin facility in the country, with a capacity of 300,000 tons per year, and the installation process was completed in just six days through meticulous planning and execution [1] - The project team has implemented innovative management practices and established a strict quality control system to ensure high-quality and efficient construction, addressing challenges such as tight timelines and large engineering volumes [1] Group 2 - The Liaoning Dingjide POE high-end new material project is being constructed in two phases, with the first phase including a 200,000 tons per year POE joint device, a 300,000 tons per year alpha-olefin device, and a 400 Nm³/h electrolytic water hydrogen production unit [2] - Alpha-olefin is a key raw material for producing POE, and the project aims to address the domestic supply shortage of high-end products, which has long relied on imports [2] - The new process adopted in the project effectively resolves critical technical issues related to the impact of solid oligomers on heat and mass transfer in the polymerization reaction [2]

Core Viewpoint - Dongjide (603255) has been assigned an "Accumulate" rating by Shenwan Hongyuan, with expectations of significant profit growth driven by its POE projects, which are projected to yield lower PE valuations compared to industry averages by 2026 [1][2]. Company Overview - Dongjide specializes in high polymer catalysts and antioxidants, with a focus on developing its POE business as a second growth curve. The company has established a strong foundation in catalyst and antioxidant production since its inception in 2004 and 2006, respectively [2]. - As of the end of 2024, Dongjide's existing production capacity includes 400 tons of catalysts, 38,500 tons of single antioxidants, and 28,500 tons of compound agents, with additional capacities under construction [2]. POE Project Development - Dongjide is advancing its POE project with a planned capacity of 400,000 tons/year for POE and 300,000 tons/year for α-olefins. The first phase, which includes a 200,000 tons/year POE unit, is expected to commence production in 2025 [2]. - The performance of POE products is highlighted as superior, with domestic demand currently reliant on imports. The company aims to capitalize on the trend of domestic production breakthroughs in the POE market [2][3]. Market Context - In 2024, domestic POE consumption is estimated at 910,000 tons, primarily sourced from imports, with the photovoltaic sector's demand for POE on the rise. Major overseas producers include Dow Chemical, ExxonMobil, and LG Chem [3]. - Dongjide is positioned to become the second domestic company, after Wanhua Chemical, to establish a POE production facility exceeding 100,000 tons, thus participating in the growing trend of domestic production [3].

Summary of Key Points from Conference Call Records Industry or Company Involved - **AI Glasses**: Multiple significant products are set to be released, including those from Meta and Xiaomi [2][15] - **Liquid Cooling**: National standards for liquid cooling are about to be published, indicating growth in this sector [3] - **Superconductors**: Shanghai Superconductor's IPO application has been accepted, aiming to raise 1.2 billion yuan for high-temperature superconducting materials [4][17] - **POE Particles**: Domestic production of POE particles is being initiated to replace imports [5][16] - **High-end PCB**: Companies like Zhongjing Electronics and Yihua New Materials are involved in high-end PCB production for various applications [6][10] - **Air Conditioning Components**: Shunwei Co. is a leading supplier of air conditioning fan blades, indirectly supplying Xiaomi [7][16] - **Laser Defense Systems**: New developments in lightweight laser defense systems are being tested [12][17] Core Points and Arguments - **AI Glasses Market**: - Meta plans to release new AI glasses with expected sales of 4-5 million units in 2025 [15] - Xiaomi's AI glasses are in small-scale production with projected sales of 300,000-500,000 units [15] - Companies like Biyi Co. and Lianchuang Optoelectronics are heavily involved in AR/VR technologies [15] - **Liquid Cooling Industry**: - The market for liquid cooling servers in China is projected to reach $16.2 billion by 2029, with a CAGR of 46.8% from 2024 to 2029 [3] - Current penetration in data centers is below 10%, indicating significant growth potential [3] - **Superconductors**: - Shanghai Superconductor holds over 80% market share in domestic high-temperature superconducting materials [17] - The company reported a revenue increase of 189% year-on-year, reaching 240 million yuan in 2024 [17] - **POE Particles**: - The domestic market for POE is expected to reach 50-60 billion yuan in 2025, with significant import substitution potential [16] - The company anticipates net profits of 0.5 billion yuan in 2025, increasing to 5.2 billion yuan by 2027 [16] - **High-end PCB**: - Companies are focusing on high-end applications in AI, VR, and gaming, with significant demand for flexible circuit boards [16] - The domestic high-end PCB market is experiencing rapid growth due to increased demand from tech companies [16] - **Air Conditioning Components**: - Shunwei Co. has a global market share of over 35% in plastic air conditioning fan blades [7] - The company is also involved in the low-altitude economy through partnerships in agricultural drone technology [16] Other Important but Possibly Overlooked Content - **Market Dynamics**: The AI glasses market is highly competitive, with major players like Meta and Xiaomi launching new products [15] - **Regulatory Environment**: The upcoming national standards for liquid cooling may streamline the industry and enhance growth prospects [3] - **Investment Opportunities**: Companies involved in superconductors and liquid cooling are positioned for significant growth due to technological advancements and market demand [4][3] - **Financial Performance**: Many companies are reporting substantial year-on-year growth, indicating a robust recovery and expansion in their respective sectors [17][16] This summary encapsulates the critical insights from the conference call records, highlighting the evolving landscape of various industries and the companies poised to benefit from these trends.

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][7]. Core Views - The company focuses on high-performance polymer catalysts and antioxidants, with a strategic expansion into POE (Polyolefin Elastomer) projects, which are expected to drive future growth [6][7]. - The domestic demand for POE is currently reliant on imports, presenting a significant opportunity for local production as the company aims to become a key player in this market [6][10]. Summary by Sections 1. Polymer Catalysts and Chemical Additives - The company has been deeply engaged in the polymer catalyst and antioxidant sectors since its establishment in 2004, gradually establishing a dual focus on catalysts and antioxidants [18][21]. - As of the end of 2024, the company has a production capacity of 400 tons for catalysts, 38,500 tons for single antioxidants, and 28,500 tons for compound additives, with additional capacities under construction [21][25]. 2. Expansion of Polymer Materials and Chemical Additives - The market for polymer materials and their chemical additives is expanding, driven by increasing domestic production and a shift towards local sourcing [44]. - The average annual growth rates for primary forms of plastics, chemical fibers, and synthetic rubber in China from 2014 to 2023 were 6.8%, 6.2%, and 6.3%, respectively, indicating a robust market for domestic catalysts and additives [44]. 3. Strategic Positioning in POE - The company is strategically positioned in the POE market, with plans for a 400,000 tons/year POE joint facility and a 300,000 tons/year α-olefin facility, with the first phase expected to commence production in 2025 [6][10]. - The domestic POE consumption is projected to reach approximately 910,000 tons in 2024, all of which is currently imported, highlighting a significant opportunity for local production [6][63]. 4. Profit Forecast and Valuation - The company is expected to achieve a net profit of 92 million yuan in 2025, with projections of 177 million yuan in 2026 and 360 million yuan in 2027, corresponding to PE ratios of 42, 22, and 11, respectively [2][7]. - The average PE ratios for comparable companies in the industry for the same period are 36, 25, and 21, indicating that the company's valuation may be attractive as its POE projects come online [7].

Core Viewpoint - The successful pilot production of the POE project by Dingjide marks a significant breakthrough in domestic production capabilities, demonstrating the company's advanced self-developed metallocene catalyst technology and its potential to reduce reliance on imports [1][2][4]. Group 1: Company Developments - Dingjide's pilot production facility for POE has commenced operations and is producing stable outputs, validating the performance of its self-developed metallocene catalyst [1][2]. - The company has achieved a significant milestone by overcoming key production challenges associated with metallocene catalysts, high carbon α-olefins, and polymerization processes, which have historically hindered domestic POE production [2][4]. - Dingjide's self-developed metallocene catalyst has reached industry-leading standards, enhancing its production capabilities and cost control, thereby improving its profit margins and risk resilience [2][4][5]. Group 2: Market Dynamics - The POE market has seen price increases from major players like LG Chem and Dow Chemical, attributed to rising demand in sectors such as photovoltaic cells and electric vehicles, alongside limited domestic production capacity [3][4]. - The high cost of raw materials, including metallocene catalysts and α-olefins, has been a significant factor in the pricing dynamics of POE, with domestic production still heavily reliant on imports [3][4]. - Despite concerns about potential overcapacity and price declines in the POE market, the production process for POE is complex and lengthy, suggesting that new entrants will face significant challenges in achieving commercial viability [6][7]. Group 3: Future Outlook - The long-term outlook for the POE market remains positive, with expectations of reduced production costs and increased market competitiveness as domestic capacities gradually come online [7][8]. - Dingjide's strategic positioning as a supplier of key materials, including metallocene catalysts, is expected to provide it with a competitive edge in the evolving market landscape [5][8]. - The company's advancements in technology and comprehensive industry chain layout are likely to position it favorably in the upcoming market transformations, potentially leading the domestic POE industry to new heights [8].

Group 1 - The core viewpoint of the news is that the construction of Liaoning Dingjide's high-end POE material project has reached a significant milestone with the successful installation of the T1402 stripping tower, marking the transition to the full construction phase of the α-olefin facility [1] - The project includes a total capacity of 30,000 tons/year for the α-olefin facility, which is crucial for producing POE, addressing the domestic supply shortage that has long relied on imports [2] - The project team utilized a combination of a 1,400-ton crawler crane and a 260-ton crawler crane to complete the installation process in just six days, demonstrating effective project management and execution [1] Group 2 - The first phase of the project will establish a 200,000 tons/year POE joint facility, a 300,000 tons/year α-olefin facility, and a 400 Nm³/h electrolysis hydrogen production unit [2] - The innovative process adopted in the project aims to resolve key technical issues related to the impact of solid oligomers on heat and mass transfer during the polymerization reaction [2] - The project team has implemented a strict quality control system, ensuring comprehensive supervision from raw material inspection to various construction stages [1]