Core Viewpoint - Akole (603722) announced that its wholly-owned subsidiary, Akole Technology (Qianjiang) Co., Ltd., received a government subsidy of 47.13 million yuan for fixed asset investment, which was disbursed by the Qianjiang National Treasury Centralized Payment Center [1] Group 1 - The amount of the government subsidy received by the subsidiary is 47.13 million yuan [1] - The subsidy is intended for fixed asset investment [1] - The subsidiary received the government subsidy on October 14, 2025 [1]

格隆汇10月15日丨阿科力(603722.SH)公布，公司的全资子公司阿科力科技（潜江）有限公司(称"子公 司")收到潜江市国库集中收付中心拨付的人民币4713万元，用于固定资产投资。子公司于2025年10月14 日已收到该笔政府补助。 ...

阿科力公告，公司控股股东朱学军先生持有公司2191.27万股，占公司总股本的22.42%。截至2025年10 月15日，朱学军先生累计质押公司股份560万股，占其所持公司股份的25.56%，占公司总股本的 5.73%。本次新增质押280万股，占其所持公司股份的12.78%，占公司总股本的2.87%，质押起始日为 2025年10月15日，质押到期日为2026年10月15日，质权人为招商证券股份有限公司。此次质押融资资金 用途为个人资金需求。 ...

Core Points - Aokeli's stock price has declined for three consecutive days, with a total drop of 5.78% during this period, currently trading at 42.70 CNY per share [1] - The company specializes in the research, production, and sales of chemical new materials, including polyether amines and specialty epoxy resins, with a revenue composition of 59.70% from fatty amines and 40.01% from optical materials [1] Fund Holdings - Xiangcai Fund holds a position in Aokeli through its fund, Xiangcai New Energy Quantitative Selection Mixed A, which has 2.65% of its net value in Aokeli, ranking it as the fifth largest holding [2] - The fund has experienced a floating loss of approximately 2,163 CNY today and a total floating loss of 5,502 CNY over the three-day decline [2] Fund Manager Performance - The fund managers of Xiangcai New Energy Quantitative Selection Mixed A have varying tenures and performance records, with the best return for the longest-serving manager at 54.67% and the worst at -40.29% [3] - The fund's total asset size is 8.18 billion CNY, with a year-to-date return of 38.81% and a one-year return of 32.35% [3]

证券代码：603722 证券简称：阿科力 公告编号：2025-074 无锡阿科力科技股份有限公司 关于使用闲置自有资金进行委托理财到期赎回 的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 重要内容提示： ●赎回理财产品名称：中国工商银行区间累计型法人人民币结构性存款产品 -专户型 2025 年第 253 期 A 款、聚赢黄金-挂钩黄金 AU9999 看涨二元结构性存 款（SDGA252356V） 一、 公司使用闲置自有资金进行委托理财到期赎回的情况 公司于 2025 年 7 月 3 日购买了中国工商银行股份有限公司无锡安镇支行发 行的"中国工商银行区间累计型法人人民币结构性存款产品-专户型 2025 年第 253 期 A 款"，具体内容详见公司于 2025 年 7 月 5 日在上海证券交易所网站 （www.sse.com.cn）披露的《无锡阿科力科技股份有限公司关于使用闲置自有资 金进行委托理财到期赎回并继续进行委托理财的公告》（公告编号：2025-053）。 公司于 2025 年 8 月 8 ...

Investment Rating - Industry investment rating: Overweight [1] Core Views - The chemical sector's overall performance ranked 17th this week, with a decline of 0.95%, underperforming the Shanghai Composite Index by 1.16 percentage points and the ChiNext Index by 2.91 percentage points [4][22] - The chemical industry is expected to continue its trend of differentiated growth in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Summary by Sections Industry Performance - The chemical sector's performance this week was -0.95%, ranking it 17th among all sectors, while the top three performing sectors were power equipment, non-ferrous metals, and electronics [22][23] - The top three individual stocks in the chemical sector this week were Bluefeng Biochemical (61.16%), Shangwei New Materials (44.81%), and Huarsoft Technology (31.83%) [28] Key Industry Dynamics - A new plan for stable growth in the petrochemical industry was released by seven departments, aiming for an average annual growth of over 5% in value added from 2025 to 2026 [34] - The plan emphasizes the importance of technological innovation, digital empowerment, and environmental sustainability in the petrochemical sector [34] Investment Opportunities - Synthetic biology is highlighted as a key area for growth, with companies like Kasei Biotech and Huaheng Biological being recommended for investment [4][8] - The third-generation refrigerants are expected to enter a high prosperity cycle due to upcoming quota policies and stable demand growth from the air conditioning and cold chain markets [5] - The electronic specialty gases market presents significant domestic substitution opportunities, driven by rapid upgrades in the semiconductor and photovoltaic industries [6][8] - Light hydrocarbon chemicals are identified as a global trend, with a shift towards lighter raw materials expected to enhance the value of leading companies in this sector [8] - The COC polymer industry is accelerating its domestic industrialization process, with companies like AkzoNobel being recommended for attention [9] - Potash fertilizer prices are anticipated to rebound as supply tightens and demand increases due to rising agricultural planting intentions [10] - The MDI market is expected to improve due to oligopolistic supply dynamics and stable demand from polyurethane applications [12]

Summary of Conference Call Records Company and Industry Overview - **Companies Involved**: 新宙邦 (Xinjubang) and 阿科力 (Acoly) - **Industry**: New materials, specifically focusing on lithium battery materials, organic fluorine chemicals, and cooling technologies for data centers Key Points and Arguments Xinjubang's Business and Market Position - Xinjubang has a comprehensive industrial layout with 10 production bases globally by the end of 2024, including 9 in China and 1 in Europe, enhancing customer service and loyalty [2][5] - The company benefits from the growth in the new energy storage, automotive, and AI industries, with lithium battery materials expected to see both volume and price increases [2][5] - Current prices for new energy materials are at historical lows, with lithium hexafluorophosphate prices dropping significantly from 600,000 RMB/ton in 2021 to around 50,000-60,000 RMB/ton now [6] - Domestic apparent consumption of lithium hexafluorophosphate is projected to grow over 30% year-on-year in 2024, with further growth of 20%-30% expected in 2025 due to the development of new energy vehicles [2][6] Organic Fluorine Chemicals Market - The organic fluorine chemicals market is seen as a golden industry, with applications in pharmaceuticals, pesticides, and semiconductors [7] - Xinjubang aims to expand its market share as 3M plans to exit the market, which will create opportunities for domestic companies [7][11] Liquid Cooling Technology - Liquid cooling technology is emerging as a preferred solution for data centers, especially with the rise of AI, which increases cooling demands [9][10] - Immersion cooling is highlighted for its superior heat dissipation efficiency, making it suitable for high-power single-cabinet data centers [10] Acoly's Business Transformation - Acoly is transitioning from its original polyether amine business to focus on the development of cyclic olefin copolymer (COC) materials, which are crucial for optical lenses and pharmaceutical packaging [4][16] - Acoly plans to establish a 10,000-ton COC production facility by the end of 2026, with an additional 20,000-ton expansion planned for 2027 [4][18] - The company has already secured small orders for pharmaceutical packaging, indicating market interest and potential for growth [18][19] Competitive Landscape and Future Outlook - The COC market is characterized by high production difficulty, with only a few companies globally capable of producing it, giving Acoly a competitive edge [17][20] - Acoly is optimistic about its future growth potential, with expectations of significant market share and valuation increases due to successful technology breakthroughs [20] Financial Projections - Xinjubang is projected to achieve a compound annual growth rate (CAGR) of over 20%, potentially reaching 30% by 2026, driven by the demand for its products in the AI and new energy sectors [12] Additional Important Insights - The exit of 3M from the PFAS market, which generates approximately $1.3 billion annually, is expected to benefit domestic companies like Xinjubang and Acoly [11][12] - The overall new energy industry is currently facing challenges with overcapacity and slight losses, but improvements in supply dynamics are anticipated by 2026 [15]

Core Viewpoint - The company held a half-year performance briefing on September 18, 2025, to provide investors with insights into its performance and future strategies amid market challenges [1][2]. Group 1: Performance and Market Challenges - The company acknowledged that its existing polyether amine products are facing price pressures due to domestic overcapacity, leading to decreased profitability [2][3]. - The company is actively transitioning to new products, including COC, which has begun mass production and is being promoted in various downstream sectors, including medical packaging [2][3]. - The stock performance has been lackluster, with concerns raised about market management and shareholder protection, particularly regarding low-priced placements and stock incentives impacting performance [2][3]. Group 2: Product Development and Future Prospects - The company has developed three models of COC products, primarily targeting mobile camera, automotive HUD, and medical packaging applications [3][5]. - There is ongoing exploration of applications for COC in various fields, including robotics and energy storage, with suggestions for increased development efforts and potential strategic partnerships [5][6]. - The company is in the process of addressing quality issues related to COC products, with improvements reported and ongoing sales [7][8]. Group 3: Investor Engagement and Communication - The company emphasized its commitment to maintaining communication with investors and responding to regulatory calls to enhance shareholder value [2][3]. - The company expressed gratitude for investor participation and support during the briefing, highlighting the importance of transparency and ongoing updates regarding project developments [7][8].

证券代码：603722 证券简称：阿科力 公告编号：2025-073 无锡阿科力科技股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 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个别及连带责 任。 为使广大投资者更加全面、深入地了解公司2025年半年度业绩情况，根据 上海证券交易所的有关规定，公司于2025年9月18日15:00-16:00在上海证券交易 所上证路演中心平台（网址：http://roadshow.sseinfo.com/）以网络互动方式召开 公司2025年半年度业绩说明会，现将有关情况公告如下： 一、业绩说明会召开情况 公司于2025年9月10日披露了《无锡阿科力科技股份有限公司关于召开2025 年半年度业绩说明会的公告》（公告编号：2025-071），并于2025年9月18日 15:00-16:00 在 上 海 证 券 交 易 所 上 证 路 演 中 心 平 台 （ 网 址 ： http://roadshow.sseinfo.com/）以网络互动方式召开公司2025年半年度业绩说明会， 公司董事长、总经 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][10][18]. Core Views - The report highlights that the polyether amine industry is currently at a low point, with the company's performance under short-term pressure. However, there is optimism regarding the gradual ramp-up of COC (Cyclic Olefin Copolymer) products in the future [2][9][10]. - The company is actively exploring niche markets and has made progress in its COC production line, which has entered formal production, potentially opening a second growth curve for the company [9][10]. Financial Summary - **Revenue Projections**: The company is expected to generate revenues of 6.08 billion, 11.26 billion, and 16.31 billion yuan from 2025 to 2027, with year-on-year growth rates of 30.3%, 85.3%, and 44.8% respectively [10]. - **Net Profit Projections**: The projected net profits for the same period are 0.17 billion, 1.17 billion, and 2.70 billion yuan, with significant year-on-year growth rates of 185.9%, 593.0%, and 130.5% [10]. - **Earnings Per Share (EPS)**: The EPS is expected to be 0.18, 1.22, and 2.82 yuan for 2025, 2026, and 2027 respectively [10]. - **Price-to-Earnings (P/E) Ratio**: The P/E ratios are projected to be 252.8, 36.5, and 15.8 for the years 2025, 2026, and 2027 respectively [10]. Industry Context - The polyether amine industry is facing intense competition, leading to a decline in both sales volume and price. The report notes that the average selling price of the company's products has decreased, while raw material costs have increased significantly [2][8]. - The company is focusing on expanding its international market presence and enhancing relationships with high-quality clients to mitigate competitive pressures [8][9].