Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The report suggests focusing on companies in rapidly developing downstream industries, particularly in electronic materials and new energy materials [1] - It emphasizes the importance of high-quality development and shareholder returns, recommending large energy state-owned enterprises and related oil service companies [1] - The report highlights the high prosperity of leading companies in the refrigerant and vitamin industries [1] - It notes an overall improvement in macroeconomic expectations, suggesting attention to undervalued leading companies and those in the light hydrocracking sub-industry [1] Summary by Sections Industry Dynamics - During the week of February 10-16, 2025, among 101 tracked chemical products, 43 saw price increases, 26 saw declines, and 32 remained stable [7] - The average price of WTI crude oil was $70.74 per barrel, with a weekly increase of 0.18%, while Brent crude oil was $74.74 per barrel, with a weekly increase of 0.11% [31] - The report indicates a tightening supply of potassium chloride due to reduced production and limited import availability, with prices rising to 2797 CNY/ton, up 4.19% week-on-week [32] Investment Recommendations - The report recommends focusing on companies in the rapidly developing electronic materials and new energy materials sectors [8] - It suggests that the oil and gas extraction sector will continue to see high prosperity, with energy state-owned enterprises improving quality and efficiency [8] - The report identifies specific companies to recommend, including China Petroleum, China National Offshore Oil Corporation, and several others in the new materials and chemical sectors [8] Price Changes - The average price of DMF increased to 4300 CNY/ton, up 4.24% week-on-week, despite a year-on-year decrease of 12.65% [33] - The report notes that the overall market for chemical products is experiencing a mixed trend, with some products seeing significant price increases while others decline [30]

| 证券代码：603650 | 证券简称：彤程新材 公告编号：2025-006 | | --- | --- | | 债券代码：113621 | 债券简称：彤程转债 | 彤程新材料集团股份有限公司股东减持股份计划公告 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： | 股东名称 | 股东身份 | 持股数量（股） | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | 舟山市宇彤创业 | 5%以上非第 | | IPO | 前取得：30,206,723 | | 投资合伙企业（有 | 一大股东 | 31,394,623 | 5.24% 股 | | | 限合伙） | | | 集 中 竞价 交易 | 取 得： | 一、减持主体的基本情况 1 大股东持股的基本情况: 截至本公告披露日，彤程新材料集团股份有 限公司（以下简称"公司"）持股 5%以上股东舟山市宇彤创业投资合伙 企业（有限合伙）（以下简称"宇彤投资"）持有公司股份 31,394,623 股，占公司股份总 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company announced that its associate, Zhongce Rubber Group Co., Ltd., has received approval for its initial public offering (IPO) on the Shanghai Stock Exchange, which is expected to enhance the company's investment returns [3][4]. - Zhongce Rubber is one of the largest tire manufacturers in China, with significant revenue growth observed in recent years. The company reported revenues of 30.6 billion, 31.9 billion, 35.3 billion, and 18.5 billion yuan for the years 2021, 2022, 2023, and the first half of 2024, respectively [8]. - The company is a leading supplier of specialty rubber additives and photoresists, with a strong market position in both sectors. It is the largest producer of rubber phenolic resin in China and has a comprehensive electronic materials business [8]. - The company has robust R&D capabilities, allowing it to expand its product offerings and enter new markets, such as semiconductor polishing pads [8]. - The projected net profits for the company are expected to be 5.3 billion, 6.1 billion, and 7.2 billion yuan for the years 2024 to 2026, respectively [8]. Summary by Sections Company Overview - The company holds an 8.9% stake in Zhongce Rubber, which is expected to contribute significantly to its investment income [3][4]. - The company is recognized as a dual leader in specialty rubber additives and photoresists, with a strong focus on R&D and product innovation [8]. Financial Performance - The company reported investment income from associates of 1.36 billion, 0.96 billion, 2.27 billion, and 2.08 billion yuan for the years 2021, 2022, 2023, and the first half of 2024, primarily from Zhongce Rubber [8]. - The financial forecasts indicate a steady increase in total revenue, with projections of 29.44 billion, 35 billion, 37 billion, and 41.17 billion yuan for the years 2023 to 2026 [11]. Market Position - The company is positioned as a leading domestic supplier in the semiconductor photoresist market, with a comprehensive product range that includes G-line, I-line, KrF, and ArF photoresists [8]. - The company is also expanding its production capacity for semiconductor polishing pads, with a projected annual output of 250,000 pieces and expected sales of approximately 800 million yuan upon reaching full capacity [8].

| 股票代码：603650 | 股票简称：彤程新材 | 编号：2025-005 | | --- | --- | --- | | 债券代码：113621 | 债券简称：彤程转债 | | 彤程新材料集团股份有限公司董事会 首次公开发行股票并在主板上市申请 2025 年 2 月 14 日 获得上海证券交易所上市审核委员会审核通过的公告 中策橡胶成立于 1992 年，主要从事全钢胎、半钢胎、斜交胎和车胎等轮胎产品 的研发、生产和销售，自成立以来致力于为国内外消费者提供高质量、高性能、绿色 节能的多样化轮胎产品，是国内外销售规模最大的轮胎制造企业之一。截至本公告日， 中策橡胶总股本为 78,703.7038 万股，公司持有其 7,020.0000 万股股份，占其首次公 开发行前总股本的 8.92%。 彤程新材料集团股份有限公司 中策橡胶首次公开发行股票上市尚需履行中国证券监督管理委员会注册程序，存 在不确定性。公司将根据相关事项进展情况，严格按照相关法律法规及规则要求，及 时履行信息披露义务，敬请广大投资者注意投资风险。 关于参股公司中策橡胶集团股份有限公司 特此公告。 本公司董事会及全体董事保证本公告内容不存在任何虚 ...

| 股票代码：603650 | 股票简称：彤程新材 | 编号：2025-004 | | --- | --- | --- | | 债券代码：113621 | 债券简称：彤程转债 | | 彤程新材料集团股份有限公司 关于年度预计融资担保进展的公告 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。 重要内容提示 ●担保人名称：彤程新材料集团股份有限公司（以下简称"公司"或"彤程新材"） ●被担保人名称：彤程化学（中国）有限公司（以下简称"彤程化学"） ●是否为上市公司关联人：否 ●本次担保金额及已实际为其提供的担保余额：公司本次为彤程化学提供的担保 金额为人民币 25,000 万元，其实际为彤程化学提供的担保余额为 43,942 万元。 ●本次担保是否有反担保：无 ●对外担保逾期的累计数量：截至本公告披露日，公司无逾期对外担保事项。 一、担保情况概述 （一）担保基本情况 为满足子公司日常经营及业务发展需要，公司为全资子公司彤程化学与债权人交 通银行股份有限公司上海奉贤支行在 2025 年 1 月 15 日至 2030 年 1 月 15 ...

（一）债券名称：彤程新材料集团股份有限公司可转换公司债券 （七）票面金额和发行价格：本次发行的可转换公司债券每张面值为人民币 100 元，按面值发行。 | 股票代码：603650 | 股票简称：彤程新材 | 编号：2025-003 | | --- | --- | --- | | 债券代码：113621 | 债券简称：彤程转债 | | 彤程新材料集团股份有限公司 关于可转换公司债券付息公告 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： 彤程新材料集团股份有限公司（以下简称"公司"）于 2021 年 1 月 26 日公 开发行的可转换公司债券（以下简称"本次可转债"或"彤程转债"）将于 2025 年 1 月 27 日开始支付自 2024 年 1 月 26 日至 2025 年 1 月 25 日期间的利息。根 据《彤程新材料集团股份有限公司公开发行可转换公司债券募集说明书》（以下 简称"《募集说明书》"）有关条款的规定，现将有关事项公告如下： 一、彤程转债的基本情况 （八）债券期限：本次发行的可转换公司债券的期限为自 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [7][12]. Core Insights - The company is the largest global supplier of specialty materials for tires and has been actively developing its electronic materials business, particularly in the photolithography sector [7]. - The electronic materials segment is expected to drive a second growth curve for the company, with significant revenue growth observed in recent periods [7][9]. - The company has made strategic acquisitions in the photolithography field, holding significant stakes in leading domestic firms, which positions it favorably in the semiconductor supply chain [7][9]. Company Overview - The company operates primarily in the chemical industry, focusing on specialty rubber additives, electronic materials, and fully biodegradable materials [2][7]. - As of January 9, 2025, the company's stock price was 32.38 RMB, with a target price set at 39 RMB, reflecting a potential upside [2][12]. - The company has a market capitalization of approximately 192.87 billion RMB and has seen a year-on-year revenue increase in its electronic materials segment [2][7]. Financial Performance - The company reported a net profit of 298 million RMB in 2022, with projections of 407 million RMB in 2023 and 539 million RMB in 2024, indicating a strong growth trajectory [12][16]. - Revenue from the electronic materials segment reached 3.42 billion RMB in the first half of 2024, a year-on-year increase of 36% [7][9]. - The company’s revenue from rubber additives and other products was 12.05 billion RMB in the first half of 2024, reflecting a year-on-year growth of 12.7% [11][12]. Market Position - The company is recognized as a leader in the specialty rubber additives market, serving major global tire manufacturers [7][9]. - The domestic semiconductor photolithography market is increasingly important, with the company positioned to benefit from the accelerated domestic substitution of imported materials [9][14]. - The company is also expanding its capabilities in the display panel photolithography market, with significant revenue growth reported in this segment [9][14].

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。 ●累计转股情况："彤程转债"的转股期为 2021 年 8 月 2 日起至 2027 年 1 月 25 日。截至 2024 年 12 月 31 日，累计已有 263,825,878.38 元"彤程转债"转换为 彤程新材料集团股份有限公司（以下简称"公司"）股份，累计转股股数为 8,088,010 股，占"彤程转债"转股前公司已发行股份总额的 1.3802%。 ●未转股可转债情况：截至 2024 年 12 月 31 日，"彤程转债"尚未转股金额 为 536,354,121.62 元，占可转债发行总量的 67.0292%。 ●本季度转股情况：自 2024 年 10 月 1 日至 2024 年 12 月 31 日期间，"彤程 转债"转股的金额为 114,428.20 元，因转股形成的股份数量为 3,620 股，占"彤程 转债"转股前公司已发行股份总额的 0.0006%。 | 股票代码：603650 | 股票简称：彤程新材 | 编号：2025-001 | | --- | --- | --- ...

| 证券代码：603650 | 证券简称：彤程新材 | 公告编号：2024-099 | | --- | --- | --- | | 债券代码：113621 | 债券简称：彤程转债 | | 彤程新材料集团股份有限公司 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 569 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 412,258,930 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 69.1618 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 2024 年第二次临时股东大会决议公告 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。 (一) 股东大会召开的时间：2024 年 12 月 19 日 (二) 股东大会召开的地点：中国上海市浦东新区银城中路 501 号上海中心大 厦 25 层 2501 室 (三) 出席会议的普通股股东和恢复表决权的优先 ...

上海市锦天城律师事务所 关于彤程新材料集团股份有限公司 2024年第二次临时股东大会的 法律意见书 上海市锦天城律师事务所 关于彤程新材料集团股份有限公司 2024 年第二次临时股东大会的法律意见书 致:彤程新材料集团股份有限公司 上海市锦天城律师事务所〈以下简称"本所"〉接受彤程新材料集团股份有 限公司(以下简称"公司")委托,就公司召开 2024 年第二次临时股东大会〈以 下简称"本次股东大会"）的有关事宜,根据《中华人民共和国公司法》〈以下 简称"《公司法》"）《上市公司股东大会规则》等法律、法规和其他规范性文 件以及《彤程新材料集团股份有限公司章程》（以下简称"《公司章程》"）的 有关规定,出具本法律意见书。 为出具本法律意见书,本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则(试行)》等规定,严格履行 了法定职责,遵循了勤勉尽责和诚实信用原则,对本次股东大会所涉及的相关事 项进行了必要的核查和验证,审查了本所认为出具该法律意见书所需审查的相关 文件、资料,并参加了公司本次股东大会的全过程。本所保证本法律意见书所认 定的事实真实、准确、完整,所发表的结论性意 ...