国泰海通证券股份有限公司 关于聚合顺新材料股份有限公司 新增日常关联交易预计的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐机构"）作为聚合 顺新材料股份有限公司（以下简称"聚合顺"、"公司"）的保荐机构，根据《证券 发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《上海证券交易所上 市公司自律监管指引第 1 号——规范运作》及《上海证券交易所上市公司自律监管 指引第 11 号——持续督导》等有关规定，对聚合顺 2025 年度新增日常关联交易预 计事项进行了核查，情况如下： 一、新增日常关联交易基本情况 经第四届董事会第三次会议和第四届监事会第三次会议审议通过，公司或公司 控股子公司将向关联方永昌（天门）新材料有限公司（以下简称"永昌天门"）销 售公司产品，该事项将构成新增日常关联交易。本次交易基本情况和预计金额如下： | | | | 本年年初至披露 | | 本次预计金额 | | --- | --- | --- | --- | --- | --- | | 关联交易 | 关联交易对 | 2025年预计 | 日与该关联方累 | 2024年实际 | 与上年实际发 | | 类别 | 象 | ...

日常关联交易对上市公司的影响：本次新增日常关联交易系公司及合并 报表范围内的子公司与永昌（天门）新材料有限公司日常经营相关。关联 交易的发生符合公司业务发展的需求，关联交易符合法律法规及制度的规 定，交易行为是在公平原则下合理进行，有利于公司的发展，没有损害本 公司及股东的利益，不会对关联人形成依赖，亦不会对公司独立性构成影 响。 | 证券代码：605166 | 证券简称：聚合顺 | 公告编号：2025-056 | | --- | --- | --- | | 转债代码：111003 | 转债简称：聚合转债 | | | 转债代码：111020 | 转债简称：合顺转债 | | 聚合顺新材料股份有限公司 关于 2025 年度日常关联交易预计的公告 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： 是否需要提交股东会审议：预计公司及合并报表范围内的子公司发生的 日常关联交易总额不超过人民币 9,000 万元，该金额未超过公司 2024 年度 经审计归属于母公司股东净资产的 5%，无需提交公司股东大会审议。 一、日常关联交 ...

| 证券代码：605166 | 证券简称：聚合顺 | 公告编号：2025-057 | | --- | --- | --- | | 转债代码：111003 | 转债简称：聚合转债 | | | 转债代码：111020 | 转债简称：合顺转债 | | 聚合顺新材料股份有限公司 第四届监事会第三次会议决议公告 本公司监事会及全体监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。 聚合顺新材料股份有限公司（以下简称"公司"）第四届监事会第三次会 议于 2025 年 06 月 11 日在公司会议室以现场方式召开。会议通知于 2025 年 06 月 05 日以通讯方式发出。本次会议由监事会主席沈红燕女士召集和主持，会议 应出席监事 3 名，实际出席监事 3 名。本次会议的召集、召开及表决程序符合 《中华人民共和国公司法》和《公司章程》的有关规定，会议形成的决议合法、 有效。本次会议作出决议如下： 一、审议通过了《关于2025年度日常关联交易预计的议案》 经审核，监事会认为：公司及合并报表范围内的子公司与关联方永昌（天 门）新材料有限公司发生的日常关联交易是在公平 ...

| 证券代码：605166 | 证券简称：聚合顺 | 公告编号：2025-055 | | --- | --- | --- | | 转债代码：111003 | 转债简称：聚合转债 | | | 转债代码：111020 | 转债简称：合顺转债 | | | 〔分同例: 永百八 | | --- | | 長筒称: 聚合转债 | | 長筒称: 合顺转债 | 聚合顺新材料股份有限公司 关于实施 2024 年度权益分派时可转债停止转股 的提示性公告 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： 证券停复牌情况：适用 因实施 2024 年度权益分派,聚合顺新材料股份有限公司（以下简称"公司" 或"本公司"）的相关可转债转股停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | 日 | 期间 | | | | 111003 | 聚合转债 | 可转债转股停牌 | 2025 ...

| 证券代码：605166 | 证券简称：聚合顺 | 公告编号：2025-053 | | --- | --- | --- | | 转债代码：111003 | 转债简称：聚合转债 | | | 转债代码：111020 | 转债简称：合顺转债 | | 聚合顺新材料股份有限公司 ●上述被担保公司存在资产负债率超过 70%的情形，公司及子公司对外担保 总额超过最近一期经审计净资产 100%，敬请广大投资者充分关注担保风险。 一、担保情况概述 （一）本次担保事项履行的内部决策程序 关于为合并报表范围内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。 重要内容提示： ●被担保人名称及是否为上市公司关联人：山东聚合顺鲁化新材料有限公司 （以下简称"聚合顺鲁化"），属于聚合顺新材料股份有限公司（以下简称"公 司"）控股子公司，不存在关联担保；杭州聚合顺特种材料科技有限公司（以下 简称"特种材料"），属于公司全资子公司，不存在关联担保；山东聚合顺鲁化 经贸有限公司（以下简称"鲁化经贸"），属于公司控股孙公司，不存在关联担 保 ...

| 证券代码：605166 | 证券简称：聚合顺 | 公告编号：2025-054 | | --- | --- | --- | | 转债代码：111003 | 转债简称：聚合转债 | | | 转债代码：111020 | 转债简称：合顺转债 | | 聚合顺新材料股份有限公司 关于取得专利证书的公告 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。 | 序 | 发明名称 | 专利号 | 授权 | 专利 | 专利 | | --- | --- | --- | --- | --- | --- | | 号 | | | 公告日 | 权人 | 类型 | | | 具有高气体阻隔性和 高回弹的聚酰胺弹性 | ZL202411531833.0 | 2025 年 5 月 23 日 | 山东聚合顺鲁化 新材料有限公司； | 发明型 | | 1 | 体及其制备方法 | | | 武汉纺织大学 | | 备注：专利权自授权公告之日起生效。专利权有效性及专利权人变更等法律信息以专利登记簿记载为准。 上述专利是公司及子公司重要核心技术的体现和延伸，本次发明会对公司及子 ...

Core Viewpoint - The company, 聚合顺, is actively expanding its production capacity in the nylon new materials sector, with several projects underway that are expected to enhance its market share and competitiveness in the industry [1][2][3]. Production Capacity and Projects - As of the end of 2024, the company has four projects under construction, including a technical transformation project in 常德 with a designed annual capacity of 92,000 tons for nylon 6 [2][3]. - The 滕州基地二期 project aims for an annual production of 220,000 tons of nylon 6 new materials, with some production lines already operational [2]. - The 杭州基地 and 淄博基地 projects are also progressing steadily, with designed capacities of 124,000 tons and 80,000 tons of nylon new materials, respectively [2]. Competitive Advantages - The 常德技改项目 is a core component of the company's nylon 6 production capacity, featuring advanced imported equipment and a focus on high-performance nylon 6(P) products [3]. - The project is expected to significantly boost the company's market share and competitiveness in the nylon new materials sector [3]. Market Demand and Consumption - The company anticipates that the growth in domestic nylon 6 chip market demand will be driven by exports, overall macroeconomic growth, and consumption upgrades in key application areas [4][5]. - The nylon 6 chips are increasingly competitive in international markets, with applications spanning various industries including electronics, military, automotive, and textiles [5]. Product Segmentation - Nylon 6 chips are categorized into three main types: fiber-grade, engineering plastic-grade, and film-grade, with fiber-grade chips seeing significant demand in high-value textile applications [5]. - The engineering plastic segment benefits from the durability and versatility of modified nylon products, while the film segment primarily utilizes nylon 6 for packaging applications [5]. Entry into Nylon 66 Market - The company is set to enter the nylon 66 market, which involves a different production process and offers superior properties compared to nylon 6, making it suitable for a wider range of industrial applications [6]. Financial Performance - In Q1 2025, the company reported a main revenue of 1.563 billion yuan, a year-on-year decrease of 4.63%, while net profit attributable to shareholders increased by 15.04% to 80.79 million yuan [7]. - The company’s debt ratio stands at 65.07%, with a gross margin of 8.17% [7]. Earnings Forecast - Various institutions have provided earnings forecasts for the company, with projected net profits for 2025 ranging from 396 million yuan to 421 million yuan, indicating a positive outlook for future performance [8].

Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, specifically recommending Minsheng Chemical's "Five Tigers": Shengquan Group, Guocera Materials, Guoguang Co., Anli Co., and Polymeric Co. [1][4] Core Insights - The chemical market is active, with growth stocks presenting a favorable allocation opportunity. The demand for phosphate fertilizers remains stable, and the high price of phosphate rock is expected to continue due to supply-demand balance. [1] - The domestic production capacity of polycarbonate (PC) is projected to grow significantly from 875,000 tons in 2018 to 3,810,000 tons by 2024, with an expected improvement in supply-demand dynamics from 2025 to 2029. [2] - The organic silicon industry is experiencing a recovery in the supply-demand balance, with a compound annual growth rate of 22.4% in production capacity from 2021 to 2024, driven by demand from emerging industries such as new energy vehicles and photovoltaics. [2] Summary by Sections Chemical Market Overview - The basic chemical industry index closed at 3,406.53 points, down 1.23% from the previous week, underperforming the CSI 300 index by 1.05%. [10] - Among 462 stocks in the chemical sector, 31% rose while 67% fell during the week. [18] Key Chemical Sub-Industries - **Polyester Filament**: The market is stable with slight price increases, and the average industry operating rate is approximately 89.96%. [26][27] - **Tires**: The operating rate for all-steel tires is 60.12%, down 2.88 percentage points from the previous week. [40] - **Refrigerants**: Prices for refrigerants like R22 and R134a are stable to strong, with R22 averaging 36,000 CNY/ton and R134a at 48,000 CNY/ton. [45][47] Price Trends - The top price increases for chemical products include cotton short velvet (up 15%), trichloromethane (up 14%), and domestic naphtha (up 13%). [24] - Conversely, the largest price drops were seen in liquid chlorine (down 71%) and TMA (down 9%). [25] Company Profit Forecasts - Guoguang Co. is projected to have an EPS of 0.78 CNY in 2024, with a PE ratio of 19, while Shengquan Group is expected to have an EPS of 1.03 CNY with a PE ratio of 25. Both companies are rated as "Recommended." [4]

Summary of 聚合顺 Conference Call Company Overview - 聚合顺 is a leading domestic Nylon 6 enterprise with a focus on high-end differentiated products, achieving rapid growth through capacity expansion, currently at 520,000 tons, expected to reach 600,000 tons this year, and actively expanding into Nylon 66 and specialty nylon to enhance product quality and profit margins [2][5][10] Financial Performance - The company has a solid financial position with cash reserves of 2.7 billion yuan and a total market capitalization of approximately 4 billion yuan. Profit for 2024 is reported at 300 million yuan, with an expectation to reach around 400 million yuan in 2025, based on a processing fee of approximately 650 yuan per ton for 600,000 tons of capacity [2][7][8][15] Product Structure - 聚合顺's product portfolio includes fiber chips, engineering plastic chips, and film-grade chips. Fiber chips have stable demand and good growth trends, while engineering plastic chips are more volatile. Film-grade chips are also significant products, contributing to the company's ability to adapt to market changes [2][9] Capacity Expansion and Future Outlook - The company plans to continue expanding capacity, aiming for 600,000 tons in 2025 and additional Nylon 66 capacity in 2026. There is potential in emerging applications such as robotics materials, which will drive diversification [2][10][14] Competitive Advantages - 聚合顺 holds a leading advantage in full-matte nylon chip technology and flexible production capabilities to meet customer demands promptly. The company is adjusting its industrial lines in Shandong and plans to produce high-margin products in Hangzhou [4][12] Market Dynamics - The Nylon 6 market has seen rapid growth over the past two decades, with increasing demand in various applications, including yoga wear and lingerie. Despite competitive pressures, 聚合顺 has maintained a strong position due to its robust capacity expansion and customer resources [11] Nylon 66 Development - Nylon 66 is still maturing, with limited raw material capacity. However, 聚合顺 has positioned itself for future growth by collaborating with Chinese natural gas resources, expecting to produce 800 tons in 2025, with significant contributions anticipated as market demand rebounds [13][14] Stock Performance and Market Sentiment - Recent stock price increases are attributed to a recovery from a previous decline due to export tariffs and renewed interest in the company's potential in robotics applications. The market perceives further upside potential based on stable operations and growth logic focused on domestic demand [3][15][16] Conclusion - 聚合顺 is well-positioned for future growth with a strong financial foundation, diverse product offerings, and strategic capacity expansions. The company’s focus on high-quality, low-cost products and its ability to adapt to market demands will likely sustain its competitive edge in the Nylon industry [2][10][15]

Market Overview - A-shares opened higher but closed lower, with major indices showing mixed results; Shanghai Composite, CSI 300, and SSE 50 slightly up, while Shenzhen Component, STAR 50, and Beijing Stock Exchange 50 slightly down [1] - Trading volume decreased to 1.33 trillion yuan [1] Sector Performance - Solar energy, shipping, banking, and chemical sectors led the gains, while defense, reducer, 6G concept, and marine economy sectors faced declines [1] - The banking sector saw a net inflow of over 4.2 billion yuan, while pharmaceuticals and basic chemicals each received over 2 billion yuan in net inflows [1] Capital Flow - Main capital outflows were observed in electronics (over 6.4 billion yuan), defense (over 5.3 billion yuan), and computers (over 3.7 billion yuan) [1] Future Market Outlook - Huatai Securities suggests that short-term market may benefit from improved risk appetite, potentially leading to a phase of upward movement; however, mid-term index performance will depend on fundamental improvements and supportive domestic policies [1] - The market is expected to focus on technology and export chains in the short term, while mid-term strategies should consider internal certainty cues [1] Trade Relations Impact - Huazhong Securities notes that the easing of China-US trade tensions has led to a positive market outlook, although risks remain due to ongoing negotiations with other trade partners and potential tariff increases on specific goods [2] - The shipping sector saw significant gains, with the A-share shipping index rising over 2%, nearing historical highs, driven by positive sentiment from trade negotiations [2] Chemical Sector Dynamics - Galaxy Futures indicates that the recent reduction in tariffs from US-China negotiations exceeded expectations, coupled with the seasonal increase in container shipments, suggesting a potential short-term surge in shipping and inventory replenishment [4] - Chemical stocks experienced rapid gains, with specific segments like daily chemicals and polyurethane seeing significant increases, including a 20% surge in Longhua Chemical [4] Price Trends in Chemical Market - Recent reports indicate rising prices in the chemical market, with specific products like dibutyl phthalate seeing a price increase of 900 yuan per ton, reflecting a nearly 60% rise year-to-date [7] - Dongguan Securities highlights that the basic chemical sector is currently undervalued, with a PB ratio of 1.97, suggesting potential investment opportunities in domestic replacement products and well-positioned price-increasing products [7]