Group 1 - The company emphasizes the importance of protecting the legal rights of all investors, particularly small and medium-sized investors [1] - All financing and incentive measures are strictly in compliance with the Company Law, Securities Law, and relevant regulatory requirements from the Securities Regulatory Commission [1] - The company aims to promote long-term development while ensuring a win-win situation for shareholders [1]

证券代码：605589 证券简称：圣泉集团 公告编号：2025-088 济南圣泉集团股份有限公司 关于变更保荐机构后重新签署募集资金监管协议 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。 济南圣泉集团股份有限公司（以下简称"公司"）于 2025 年 10 月 17 日披露了《圣泉集团关于变更保荐机构及保荐代表人的公告》 （公告编号：2025-085），公司因聘请国金证券股份有限公司（以下 简称"国金证券"）担任公司向不特定对象发行可转换公司债券（以 下简称"本次发行"）的保荐机构，具体负责公司本次发行的保荐工 作及持续督导工作。公司与原保荐机构中信证券股份有限公司（以下 简称"中信证券"）以及相关募集资金存储银行签订的《募集资金专 户存储三方监管协议》及《募集资金专户存储四方监管协议》相应终 止，中信证券未完成的持续督导工作由国金证券承接。 鉴于公司保荐机构已发生更换，并为进一步规范公司募集资金管 理，保护投资者权益，根据中国证监会《上市公司募集资金监管规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运 ...

Core Viewpoint - The company has developed an industry-leading spherical porous carbon technology, which enhances the performance of silicon-carbon anodes for various battery types [1] Group 1: Technology Development - The company has created silicon-carbon anodes with excellent expansion resistance and high capacity properties, suitable for semi-solid, gel, and solid-state battery anode materials [1] - The spherical porous carbon technology is positioned as a significant advancement in the battery materials sector [1] Group 2: Market Engagement - The company has secured orders from downstream customers for resin-based porous carbon materials intended for silicon-carbon anodes [1] - The company is actively collaborating with other battery cell manufacturers to expand its market share and promote the application of silicon-carbon anode materials in the solid-state battery industry [1]

Investment Rating - The investment rating for the chemical industry is "Positive (Maintain)" [1] Core Viewpoints - The chemical industry is expected to benefit from the "anti-involution" policy, leading to a favorable supply-demand balance and potential dual improvement in performance and valuation [6] - The basic chemical sector has shown revenue and profit growth in the first three quarters of 2025, with significant profitability in sub-sectors like fluorochemicals and agricultural chemicals [4][6] Summary by Sections Industry Overview - In the first three quarters of 2025, the basic chemical industry index outperformed the CSI 300 index by 7.46%, while the petroleum and petrochemical industry index underperformed by 21.06% [14] - The basic chemical industry achieved a revenue of CNY 17,645.8 billion, a year-on-year increase of 3.0%, and a net profit of CNY 1,097.5 billion, up 6.3% [4][35] Basic Chemicals - The basic chemical sector's net profit growth rate exceeded revenue growth, with capital expenditures continuing to decline year-on-year [4][36] - In Q3 2025, the sector's revenue was CNY 6,051.5 billion, a year-on-year increase of 2.1%, while net profit reached CNY 366.4 billion, up 16.8% [4][35] Sub-sector Analysis - In the first three quarters of 2025, sub-sectors such as pesticides, adhesives, fluorochemicals, and potassium fertilizers saw significant year-on-year net profit growth [4][37] - The top ten sub-sectors by net profit growth included pesticides (174%) and fluorochemicals, with substantial increases in profitability observed [38]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year increase in performance, with a 12.87% rise in revenue to 8.072 billion yuan and a 30.81% increase in net profit attributable to shareholders to 760 million yuan for the first three quarters of 2025 [4][9] - The production and sales of synthetic resin and new material products continue to improve, with advanced electronic materials and battery materials experiencing a boom due to rising demand from AI server markets [6][8] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 8.072 billion yuan, a 12.87% increase year-on-year, and a net profit of 760 million yuan, up 30.81% year-on-year [4] - The third quarter alone saw revenue of 2.722 billion yuan, a 7.75% increase year-on-year, but a 5.89% decrease quarter-on-quarter [4] - The production and sales of synthetic resin products reached 585,500 tons and 588,700 tons respectively, marking a year-on-year growth of 15.03% and 15.74% [6] - Advanced electronic materials and battery materials saw production and sales of 61,600 tons and 61,100 tons respectively, with year-on-year growth of 23.61% and 23.18% [6] Product and Market Insights - The company has made significant advancements in the production of advanced electronic materials, particularly PPO resin, driven by the surge in AI server demand [6][8] - The Daqing biomass project has shown substantial production and sales improvements, with ongoing expansions at the Zhangqiao base expected to contribute to future growth [8] - The company has developed a dual technology route for porous carbon materials, enhancing its competitiveness in the battery materials market [7][8] Future Profitability Forecast - The company is projected to achieve net profits of 1.157 billion yuan, 1.656 billion yuan, and 2.010 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 19.92, 13.92, and 11.47 [9][12]

Core Points - The Shanghai Composite Index closed at 3960.19 points, with a decline of 0.41% and a total trading volume of 1,938.395 billion yuan [1] - A total of 107 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] Group 1: Stocks with Significant Death Cross - Hongyuan Electronics (603267) had a 5-day moving average of 52.69 yuan, down 1.97% from the 10-day moving average of 53.74 yuan, with a current price of 48.86 yuan, representing a deviation of -9.09% [1] - Zhongjian Technology (002779) reported a 5-day moving average of 123.82 yuan, down 1.88% from the 10-day moving average of 126.19 yuan, with a current price of 117.70 yuan, showing a deviation of -6.73% [1] - ST Huizhou (002122) showed a 5-day moving average of 3.56 yuan, down 1.41% from the 10-day moving average of 3.62 yuan, with a current price of 3.23 yuan, indicating a deviation of -10.65% [1] Group 2: Additional Stocks with Death Cross - Chao Hongji (002345) had a 5-day moving average of 13.02 yuan, down 1.33% from the 10-day moving average of 13.20 yuan, with a current price of 11.69 yuan, reflecting a deviation of -11.43% [1] - Kema Technology (301611) reported a 5-day moving average of 54.35 yuan, down 1.30% from the 10-day moving average of 55.06 yuan, with a current price of 52.30 yuan, showing a deviation of -5.02% [1] - Chuangyi Tong (300991) had a 5-day moving average of 40.78 yuan, down 1.26% from the 10-day moving average of 41.30 yuan, with a current price of 39.27 yuan, indicating a deviation of -4.91% [1]

Group 1 - The core point of the news is that Shengquan Group's stock has experienced a decline of 12.18% over the past four days, with a current price of 26.69 CNY per share and a market capitalization of 22.59 billion CNY [1] - Shengquan Group, established on January 24, 1994, is located in Jinan, Shandong Province, and specializes in the research, production, and sales of synthetic resins, composite materials, and biomass chemical materials [1] - The main revenue composition of Shengquan Group includes synthetic resins and derivatives at 87.89%, biomass products at 9.64%, and other products at 2.46% [1] Group 2 - Xiangcai Fund has a significant holding in Shengquan Group through its fund, with 100,000 shares held in the Xiangcai Innovation Growth One-Year Holding Period Mixed A Fund, representing 3.88% of the fund's net value [2] - The fund has incurred a floating loss of approximately 54,000 CNY today and a total floating loss of 370,000 CNY during the four-day decline [2] - The Xiangcai Innovation Growth One-Year Holding Period Mixed A Fund was established on March 24, 2021, with a current scale of 77.14 million CNY and a year-to-date return of 22.39% [2]

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in both revenue and net profit, indicating robust operational efficiency and market demand [1]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 8.072 billion yuan, a year-on-year increase of 12.87% [1]. - The net profit attributable to shareholders reached 760 million yuan, reflecting a year-on-year growth of 30.81% [1]. - In Q3 2025, revenue was 2.722 billion yuan, up 7.75% year-on-year but down 5.89% quarter-on-quarter [1]. - The net profit for Q3 was 259 million yuan, showing a year-on-year increase of 3.73% but a quarter-on-quarter decrease of 12.10% [1]. Product Sales and Market Expansion - Sales of synthetic resin showed steady growth, with a total volume of 588,700 tons in the first three quarters, up 13.90% year-on-year, and sales revenue of 4.096 billion yuan, an increase of 4.64% [2]. - The company is expanding its product range, developing new applications in phenolic resin and casting materials, which enhances its market position and brand influence [2]. Capacity and Future Growth - The demand for advanced electronic materials and battery materials is expected to maintain high growth, with sales volume reaching 61,100 tons and revenue of 1.237 billion yuan, marking increases of 19.01% and 32.23% year-on-year, respectively [3]. - The company is enhancing its capacity with several expansion projects, including a 2,000 tons/year PPO/OPE resin project and a 25 billion yuan convertible bond issuance aimed at funding green energy battery material projects [3]. - The anticipated annual sales revenue from the battery material project is 3.610 billion yuan, with an average net profit of 757 million yuan [3]. Biomass Sector Development - Biomass product sales reached 171,800 tons in the first three quarters, a year-on-year increase of 30.17%, with sales revenue of 660 million yuan, up 25.22% [4]. - The Daqing production base's biomass refining project is operating steadily, with expansion projects for xylose and xylitol expected to enhance the company's competitiveness in the biomass sector [4]. Investment Outlook - Revenue projections for 2025 to 2027 are 11.786 billion yuan, 13.049 billion yuan, and 14.216 billion yuan, with year-on-year growth rates of 17.6%, 10.7%, and 8.9% respectively [5]. - Net profit forecasts for the same period are 1.181 billion yuan, 1.449 billion yuan, and 1.681 billion yuan, with corresponding growth rates of 36.1%, 22.7%, and 16.0% [5]. - The expected earnings per share (EPS) are 1.40 yuan, 1.71 yuan, and 1.99 yuan, with price-to-earnings (PE) ratios of 20.1, 16.4, and 14.1 [5].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [2][8]. Core Views - The company is expected to benefit from the rapid growth in advanced electronic materials and battery materials, driven by increasing demand from AI servers and the rising penetration of new energy battery materials [5]. - The company has shown robust growth in synthetic resin sales and continues to expand its product categories, effectively responding to market changes [4]. - The company is enhancing its production capacity, with several projects underway that are expected to contribute significantly to future revenue and profit growth [5][6]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 8.072 billion yuan, a year-on-year increase of 12.87%, and a net profit attributable to shareholders of 760 million yuan, up 30.81% year-on-year [3]. - In Q3 2025, the company reported revenue of 2.722 billion yuan, a 7.75% increase year-on-year, but a 5.89% decrease quarter-on-quarter [3]. Product and Market Development - The company’s synthetic resin sales reached 588,700 tons in the first three quarters of 2025, representing a 13.90% year-on-year increase, with sales revenue of 4.096 billion yuan, up 4.64% year-on-year [4]. - The company is focusing on high-end product development and expanding its product applications in various sectors, including phenolic resin and casting materials [4]. Capacity Expansion and Future Outlook - The company is expanding its production capacity for advanced electronic materials and battery materials, with several projects expected to be completed by Q3 2026 [5]. - The company plans to raise up to 2.5 billion yuan through convertible bonds, with 2 billion yuan allocated for the industrialization of green new energy battery materials, projected to generate significant annual revenue and profit [5]. Financial Projections - The company is projected to achieve revenues of 11.786 billion yuan, 13.049 billion yuan, and 14.216 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 1.181 billion yuan, 1.449 billion yuan, and 1.681 billion yuan [8][10].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company reported Q3 results with revenue of 8.072 billion yuan, a year-on-year increase of 13%, and a net profit attributable to shareholders of 760 million yuan, up 31% year-on-year. The performance is generally in line with expectations [7] - The company is focusing on expanding its production capacity in advanced electronic materials and battery materials, which are expected to benefit from the growing demand in AI servers and increased penetration of battery materials [7] - The company plans to issue convertible bonds totaling up to 2.5 billion yuan to invest in green energy battery material projects, which will significantly enhance its production capacity in silicon-carbon anode materials [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 11.179 billion yuan, with a year-on-year growth rate of 11.6% [6] - The net profit attributable to shareholders is projected to be 1.068 billion yuan in 2025, reflecting a year-on-year growth of 23% [6] - The company’s gross margin for Q3 was 24.95%, with a year-on-year increase of 1.81 percentage points [7]