Core Viewpoint - The company is leveraging its integrated biomass refining industry chain to develop a new energy project focused on hard carbon anode materials, which is gaining traction in the sodium-ion battery market [1] Group 1: Company Developments - The hard carbon anode materials project has completed adaptations for various applications, including energy storage batteries and 3C consumer batteries, and has entered the supply chain of leading battery cell manufacturers [1] - The company aims to steadily release production capacity by utilizing its technological advantages, industry chain collaboration, and early customer advantages [1] Group 2: Industry Trends - The industrialization process of sodium-ion batteries is accelerating in sectors such as energy storage and low-speed electric vehicles, leading to a rapid expansion in market demand for hard carbon as a core material for sodium-ion anodes [1] - The company is positioned to capitalize on the growth opportunities in the new energy materials industry, aiming to create greater value for shareholders [1]

Summary of Conference Call Records Industry Overview - The basic chemical sector is likely at the bottom of its cycle, with no need to wait for significant improvements in fundamentals before investing. Stock prices often lead the market, indicating potential investment opportunities when future fundamental changes are anticipated [2][4]. Key Investment Opportunities - Investment opportunities in 2026 are concentrated in traditional cyclical industries and technology materials, particularly in AI-related sectors such as energy storage materials (e.g., lithium carbonate) and storage materials (e.g., Yake Technology) [1][6]. - Recommended leading companies in the chemical industry include Wanhua Chemical, Hualu Hengsheng, and Juhua Co., due to their low valuations and high profit elasticity [1][8]. Company-Specific Insights Wanhua Chemical - Strongly recommended as a top investment choice due to its outlier effect and continuous growth catalysts. Expected revenue for 2026 is projected to reach 400 billion yuan, with a net profit forecast of 16 billion yuan [1][12][14]. - The company has a significant profit increase potential with every 1,000 yuan increase in MDI and TDI prices, translating to a net profit increase of 3.4 billion yuan [12][14]. Hualu Hengsheng - The company is expected to achieve annualized quarterly performance exceeding 5 billion yuan in 2026, supported by multi-category layout and technological upgrades [1][17][18]. Dongcai Technology - Notable for its advantages in new energy materials, with expectations to turn losses into profits as the overall profitability in the new energy sector improves [1][13][15]. Baofeng Energy - Expected to maintain stable annual profits between 12 billion to 13 billion yuan following the release of new capacity at its Ningxia base. The company benefits from the cyclical changes in the coal chemical industry and has diversified its product offerings [3][19][20]. Industry Trends and Signals - The potassium fertilizer industry is expected to experience tight supply and demand in 2026, maintaining high prices, while the phosphate market outlook remains stable with manageable supply increases [3][22][23]. - The tire industry is impacted by EU anti-dumping policies, prompting leading companies to expand overseas to increase market share [3][27][28]. - The spandex industry is at a cyclical bottom, with potential supply-side clearing effects anticipated due to the bankruptcy of a major player, which could improve market conditions [3][34][35]. Additional Insights - Investment in underperforming sectors is justified as they have likely reflected most negative factors in their stock prices, presenting potential for positive marginal changes [11]. - The refrigerant industry, while considered an "old story," shows strong certainty and potential for long-term investment due to ongoing price support [24]. - The organic silicon industry is expected to see price increases driven by domestic demand and external supply constraints, with companies like Dongyue showing significant elasticity [25][26]. Conclusion - The conference call highlighted a range of investment opportunities across various sectors within the chemical industry, emphasizing the importance of leading companies and emerging trends. Investors are encouraged to consider both cyclical recovery and technological advancements when making investment decisions.

Core Viewpoint - The straw industry in China is deeply integrated with agriculture, energy, chemicals, and building materials, forming various industrial chains that enhance rural employment and farmers' income while creating indirect economic value through the substitution of petrochemical and wood resources [2][10]. Market Policy - The Chinese government has implemented a series of policies to promote comprehensive utilization of straw, including subsidies, market construction, and incentive measures, providing a favorable policy environment for the development of the straw recycling and processing industry [2][10][12]. - Key policies include the "Air Quality Continuous Improvement Action Plan," which emphasizes the comprehensive utilization of straw and the prohibition of burning, aiming to stabilize the comprehensive utilization rate of straw above 86% [12][10]. Utilization Volume and Rate - The comprehensive utilization of straw in China is projected to increase from 555 million tons in 2024 to 647 million tons, with feed usage accounting for approximately 18.4%, raw material and substrate fields about 1.8%, edible fungus substrate around 2.3%, and fuel fields about 8.2% [2][10]. - The comprehensive utilization rate of straw is expected to rise from 77.7% in 2024 to 88.3%, with the market size growing from 147.63 billion yuan to 205.10 billion yuan [2][10]. Industry Chain - The straw industry chain in China consists of three levels: upstream resource supply and equipment manufacturing, midstream processing and technology conversion, and downstream diversified applications, moving towards scale, high value, and intelligence [13][14]. - The upstream includes straw resource sources, collection, storage, and machinery, while the midstream focuses on processing and technology conversion, leading to applications in agriculture, energy, building materials, and environmental protection [13][14]. Related Companies - Listed companies involved in the straw industry include Sierte (002538), Yili Group (600887), Huarui Agriculture (833462.NQ), Xuerong Biological (300511), Shouxiangu (603896), Disen Co. (300335), Changqing Group (002616), Sun Paper (002078), and Shengquan Group (605589) [2].

Core Viewpoint - Shengquan Group reported its product sales figures for the first three quarters, indicating a strong performance in various segments [2] Group 1: Sales Performance - The company sold 578,700 tons of synthetic resin products [2] - Advanced electronic materials and battery materials sales reached 61,100 tons [2] - Biomass product sales totaled 223,500 tons [2] Group 2: Future Outlook - Detailed information regarding the company's production and sales for the year 2025 will be available in the periodic reports and announcements disclosed on the Shanghai Stock Exchange designated website [2]

Group 1 - The core point of the news is that Shandong Shengquan New Materials Co., Ltd., a subsidiary of Shengquan Group, has received preliminary approval for an environmental impact assessment for its formaldehyde expansion project, which has an annual capacity of 260,000 tons and a total investment of 149 million yuan [1][3]. Group 2 - The "A-share Green Report" project aims to enhance the transparency of environmental information for listed companies, utilizing authoritative environmental regulatory data from 31 provinces and 337 cities [1]. - The project involves monitoring the environmental performance of listed companies and their subsidiaries, providing professional data analysis and insights, and regularly updating environmental risk rankings [1]. - The previous issue of the A-share Green Weekly Report indicated that four listed companies recently exposed environmental risks [3].

Group 1 - The core point of the article is that Shandong Shengquan New Materials Co., Ltd., a subsidiary of Shengquan Group, has received preliminary approval for its high-performance resin pilot project, with a total investment of 124 million yuan [1] - The environmental impact assessment (EIA) approval information was disclosed by regulatory authorities on December 24, 2025 [1] - The "A-share Green Report" project aims to enhance transparency in environmental information of listed companies, utilizing authoritative environmental regulatory data from 31 provinces and 337 cities [1] Group 2 - The project involves monitoring the environmental performance of listed companies and their subsidiaries, providing professional data analysis and insights [1] - The latest issue of the A-share Green Weekly Report indicated that four listed companies recently exposed environmental risks [1]

Core Insights - The report emphasizes the growth opportunities in the electronic materials sector driven by rapid downstream development, technological advancements, and domestic substitution [3][5] - The semiconductor materials market is projected to grow significantly, with a forecasted sales revenue of USD 67.5 billion in 2024, reflecting a year-on-year increase of 3.8% [7][34] - The report maintains a "stronger than market" rating for the industry, indicating a positive outlook for investments in electronic materials [3][5] Semiconductor Materials - The global semiconductor materials market is expected to exceed USD 87 billion by 2029, with a compound annual growth rate (CAGR) of 4.5% from 2024 to 2029 [7][34] - China's semiconductor materials domestic substitution rate is currently around 15%, with significant reliance on imports for high-end materials [38][42] - Key materials such as CMP polishing materials, photoresists, and electronic specialty gases are seeing increased domestic production efforts, which are expected to enhance the domestic substitution rate [38][42] PCB Materials - The PCB industry is evolving towards high-frequency and high-speed applications, with increasing demand for electronic resins and fabrics [7][34] - The global market for electronic resins and fabrics used in PCB production is estimated at approximately USD 33.02 billion and USD 24.13 billion, respectively, in 2023 [7][34] - The transition to high-frequency and high-speed PCBs is driven by advancements in 5G technology and the rapid growth of data centers and cloud computing [7][34] OLED Materials - The demand for OLED materials is expected to grow rapidly due to increasing terminal application needs and the acceleration of high-generation line capacity release [7][34] - The global OLED display materials market is projected to reach USD 2.44 billion in 2024, with a CAGR of 19.8% expected from 2025 to 2031 [7][34] - Domestic OLED organic materials currently have a low substitution rate of around 12%, indicating significant growth potential as local manufacturers expand their capabilities [7][34] Investment Recommendations - The report recommends investing in companies benefiting from the semiconductor market recovery, such as Anji Technology, Yake Technology, and Jiangfeng Electronics, among others [5][34] - For AI server demand, companies like Shengquan Group and Dongcai Technology are highlighted as key players in the electronic resin market [5][34] - In the OLED sector, companies like Lite-On Optoelectronics and Wanrun Co., Ltd. are recommended due to their strong market positions [5][34] Industry Performance - The semiconductor materials index has shown a cumulative increase of 37.87% in 2025, outperforming the CSI 300 index by 18.72 percentage points [26] - The electronic chemicals index has increased by 54.98% in the same period, surpassing the CSI 300 index by 35.83 percentage points [26] - Overall, the electronic materials industry is experiencing stable growth, with significant improvements in revenue and profitability metrics [16][26]

股票简称：圣泉集团 股票代码：605589 济南圣泉集团股份有限公司 Jinan Shengquan Group Share Holding Co.,Ltd. （山东省济南市章丘区刁镇工业经济开发区） 向不特定对象发行可转换公司债券 募集说明书 （修订稿） 保荐人（主承销商） （注册地址：成都市青羊区东城根上街 95 号） 二零二五年十二月 济南圣泉集团股份有限公司 向不特定对象发行可转换公司债券募集说明书 声 明 本公司全体董事、高级管理人员承诺本募集说明书不存在任何虚假、误导性 陈述或重大遗漏，并保证所披露信息的真实、准确、完整。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证 本募集说明书中财务会计报告真实、完整。 中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不表明 其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何 与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决 ...

7-2-1 信永中和会计师事务所 | 北京市东城区朝阳门北大街| 8 号富华大厦A座9 房 联系申话: +86 (010) 6554 2288 telephone: +86 (010) 6554 2288 Shine certified public accountants 100027 P R China 信永中和会计师事务所(特殊普通合伙) 关于济南圣泉集团股份有限公司向不特定对象 发行可转换公司债券申请文件的审核问询函的回复 XYZH/2025QDAA3F0091 济南圣泉集团股份有限公司 上海证券交易所: 济南圣泉集团股份有限公司(以下简称"圣泉集团"、"公司"、"发行人")申请向不 特定对象发行可转换公司债券,并于 2025年 11 月 05 日收悉贵所下发的《关于济南圣 泉集团股份有限公司向不特定对象发行可转换公司债券申请文件的审核问询函》(上证 上审(再融资)(2025)349号,以下简称"问询函")。 根据问询函的要求,信永中和会计师事务所(特殊普通合伙)(以下简称"申报会计 师")对问询函所列问题进行了逐项核查,现回复如下: | 项目 | 字体 | | --- | --- | | 问询函所列 ...

关于济南圣泉集团股份有限公司 向不特定对象发行可转换公司债券申请文件 的审核问询函之回复 保荐人（主承销商） （注册地址：成都市青羊区东城根上街 95 号） 二零二五年十二月 关于济南圣泉集团股份有限公司 向不特定对象发行可转换公司债券申请文件 的审核问询函之回复 上海证券交易所： 贵所下发的《关于济南圣泉集团股份有限公司向不特定对象发行可转换公司 债券申请文件的审核问询函》（上证上审（再融资）〔2025〕349 号）（以下简称 "问询函"）已收悉。 根据贵所要求，济南圣泉集团股份有限公司（以下简称"圣泉集团"、"公司"、 "发行人"或"申请人"）已会同国金证券股份有限公司（以下简称"国金证券"、 "保荐机构"或"保荐人"）、信永中和会计师事务所（特殊普通合伙）（以下简 称"会计师"）等对问询函中所提问题逐项核查，作如下回复，请予审核。 除特别说明外，本核查报告中相关用语具有与《济南圣泉集团股份有限公司 向不特定对象发行可转换公司债券募集说明书》中相同的含义。本回复中所有数 值保留两位小数，如出现总数与各分项数值之和不符的情形，均为四舍五入原因 造成。本回复的字体具体如下： | 项目 | 字体 | | --- ...