Core Insights - Changhong Gaoke (605008.SH) released its semi-annual report for 2025 on August 28, 2025, indicating significant institutional ownership [1] Institutional Ownership - As of August 27, 2025, three institutional investors disclosed holdings in Changhong Gaoke A-shares, totaling 526 million shares, which represents 81.43% of the company's total share capital [1] - The institutional investors include Ningbo Dinghong Venture Capital Partnership, Shenzhen Junshengfeng Stone Equity Investment Fund Partnership, and Shanghai Sixiao Investment Management Co., Ltd. [1] - Compared to the previous quarter, the total institutional ownership percentage decreased by 0.44 percentage points [1]

Group 1 - The company reported a revenue of 1.843 billion yuan for the first half of 2025, representing a year-on-year growth of 16.25% [1] - The net profit attributable to shareholders was 1.6766 million yuan, with the second quarter showing a revenue of 1.125 billion yuan, a quarter-on-quarter increase of 56.79% [1] - The company has established a dual-driven industrial development pattern in the fields of thermoplastic elastomers (TPES) and thermoplastic biodegradable plastics (PBAT) [1] Group 2 - The company has completed the second phase of the 250,000 tons/year solution styrene-butadiene rubber expansion project and the 50,000 tons/year TPE black masterbatch technical transformation project [2] - The production capacity and quality of the company's subsidiary, Changhong Biological, have been improved following the technical transformation of the PBT device in the first quarter [2] - The Guangdong Changhong Acrylic Acid Industrial Park project has commenced construction, laying the foundation for future production [3] Group 3 - Despite a temporary decline in profits, the company completed several key projects in the first half of the year and plans to continue releasing production capacity in the second half [3]

Core Viewpoint - Longhong High-Tech's stock has experienced fluctuations, with a year-to-date increase of 22.86% but a recent decline of 8.03% over the past five trading days [2]. Company Overview - Longhong High-Tech, established on June 15, 2012, and listed on August 21, 2020, is located in Ningbo, Zhejiang Province. The company specializes in the research, production, and sales of styrene thermoplastic elastomers (TPES) [2]. - The company operates within the basic chemical industry, specifically in plastics and other plastic products, and is involved in sectors such as photovoltaic film, energy conservation and environmental protection, biodegradable materials, new materials, and small-cap stocks [2]. Financial Performance - For the first half of 2025, Longhong High-Tech reported a revenue of 1.843 billion yuan, representing a year-on-year growth of 16.25%. However, the net profit attributable to shareholders was 1.6766 million yuan, showing a significant decline of 98.26% compared to the previous year [2]. - As of June 30, 2025, the company had 8,979 shareholders, a slight decrease of 0.04% from the previous period, while the average circulating shares per person increased by 0.04% to 71,542 shares [2]. Dividend Information - Since its A-share listing, Longhong High-Tech has distributed a total of 314 million yuan in dividends, with 199 million yuan distributed over the past three years [3]. Market Activity - As of August 28, Longhong High-Tech's stock price was 14.67 yuan per share, with a market capitalization of 9.476 billion yuan. The stock saw a net outflow of 2.1672 million yuan in principal funds, with large orders accounting for 7.56% of purchases and 14.85% of sales [1].

Core Viewpoint - Changhong Gaoke (605008.SH) has decided to terminate its investment plan to establish a joint venture with Panjin Shengteng Industrial Development Co., Ltd due to the ongoing downturn in the photovoltaic industry and the uncertainty in future profitability [1] Summary by Relevant Sections - **Investment Plan Details** - The original investment plan involved a total investment of 500 million yuan, with Changhong Gaoke contributing 225 million yuan for a 45% stake and Panjin Shengteng contributing 275 million yuan for a 55% stake [1] - **Market Conditions** - Since the third quarter of 2023, the photovoltaic industry chain has been in continuous decline, leading to POE film prices dropping to historical lows without signs of recovery [1] - **Decision Rationale** - The decision to terminate the investment was made to protect the interests of the company and its shareholders, as the future profitability of the project is highly uncertain [1]

Core Viewpoint - The company has released its 2025 semi-annual report, highlighting its financial performance, operational status, and future plans, while ensuring the accuracy and completeness of the information provided [1][4][6]. Group 1: Company Overview - The company is named Ningbo Changhong High Polymer Technology Co., Ltd. and is listed under the stock code 605008 [4]. - The company has confirmed that all board members attended the board meeting where the semi-annual report was approved [1][4]. Group 2: Financial Data - The company reported a total fundraising amount of RMB 484.84 million from its initial public offering in 2020, with a net amount of RMB 445.47 million after deducting issuance costs [11]. - In 2022, the company raised RMB 50 million through a targeted issuance, with a net amount of RMB 41.74 million after costs [11]. Group 3: Fund Management - The company has established a dedicated fund management system to ensure the proper use of raised funds, adhering to relevant laws and regulations [12][14]. - The company has not used idle funds for temporary working capital or invested in cash management products during the reporting period [18][19]. Group 4: Investment Decisions - The company has decided to terminate its plan to establish a joint venture due to unfavorable market conditions in the photovoltaic industry, which has seen a significant decline in prices [28]. - The termination of this investment will not have a significant impact on the company's operations or financial status [28]. Group 5: Asset Impairment - The company has recognized an asset impairment provision of RMB 12.27 million for the first half of 2025, which includes credit impairment losses and inventory write-downs [48][50]. - This provision will reduce the company's total profit for the reporting period by the same amount [50]. Group 6: Upcoming Events - The company plans to hold a performance briefing on September 16, 2025, to discuss its semi-annual results and address investor inquiries [30][31].

Core Insights - The company reported a revenue of 1,842,925,858.43 yuan for the first half of 2025, representing a year-on-year growth of 16.25% [1] - The net profit attributable to shareholders of the listed company was 1,676,574.82 yuan, showing a significant decline of 98.26% compared to the previous year [1] Financial Performance - Revenue for the first half of 2025: 1,842.93 million yuan, up 16.25% year-on-year [1] - Net profit for the same period: 1.68 million yuan, down 98.26% year-on-year [1]

Group 1 - The company Changhong Gaoke announced on the evening of August 27 that its third supervisory board's fifteenth meeting approved the proposals regarding certain matters and their summaries [2]

Group 1 - The company, Changhong Gaoke, announced the termination of its plan to establish a joint venture through a resolution passed in the 20th meeting of its third board of directors [2]

Core Viewpoint - The company reported a revenue of 1.843 billion yuan for the first half of 2025, marking a year-on-year increase of 16.25%, with a net profit attributable to shareholders of 1.6766 million yuan, indicating a recovery in the second quarter after a challenging first quarter [1][2]. Group 1: Financial Performance - In Q2, the company achieved a revenue of 1.125 billion yuan and a net profit of 18.1054 million yuan, successfully turning around from a loss [1][2]. - The overall performance in the first half was impacted by a slow macroeconomic recovery and operational challenges, particularly due to a technical upgrade at a subsidiary that affected production [2][3]. Group 2: Project Progress - Several key projects made substantial progress, including the completion of the 250,000 tons/year solution styrene-butadiene rubber expansion project and the TPE black masterbatch technical upgrade project [3]. - The company is also advancing the construction of the Guangdong Longhong acrylic acid industrial park and has initiated the acquisition of 100% equity in Guangxi Changke, expanding its product matrix [3]. Group 3: Business Segment Performance - The PBAT/PBT business saw a revenue increase of 23.05% year-on-year, with a gross margin improvement of 2.12 percentage points [4]. - The calcium carbonate business emerged as a significant highlight, with a revenue increase of 842.33% year-on-year, benefiting from high-purity mineral resources and expected market growth [4]. - Despite short-term challenges in the black masterbatch business due to technical upgrades, long-term competitiveness is expected to improve with enhanced production processes [4]. Group 4: Industry Outlook - Analysts predict that the company is likely to achieve a growth pattern of "increased revenue in the first half and improved profits in the second half" as industry recovery trends continue and new capacities are released [5].

证券代码：605008 证券简称：长鸿高科 公告编号：2025-052 宁波长鸿高分子科技股份有限公司 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、董事会会议召开情况 宁波长鸿高分子科技股份有限公司（以下简称"公司"）第三届董事会第二 十次会议于 2025 年 8 月 27 日在公司会议室以现场结合通讯方式召开。本次会议 通知已于 2025 年 8 月 22 日通过电子邮件的方式送达公司全体董事。本次会议应 出席董事 9 人，实际出席会议的董事 9 人。会议由公司董事长陶春风先生主持， 部分监事、高管列席会议。本次会议的召开符合《公司法》和《公司章程》的规 定。 二、董事会会议审议情况 （二）审议通过《关于 <宁波长鸿高分子科技股份有限公司 ensp="ensp" 年半年度="年半年度"> 募集资金存放与使用情况的专项报告>的议案》 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《宁 波长鸿高分子科技股份有限公司关于 2025 年半年度募集资金存放与使用情况的 专项报告》（公告编号：20 ...