Investment Rating - The industry investment rating is maintained at "Outperform the Market - A" [5] Core Insights - The chemical industry is at the bottom of a four-year down cycle, with indicators suggesting it has nearly bottomed out, and 2026 is expected to be a turning point for the cycle [17] - The price index for Chinese chemical products (CCPI) was reported at 3930 points on December 31, 2025, a 39% decrease from the peak in 2021, indicating the industry is in a historically low range [17] - The net profit of the basic chemical sector for the first three quarters of 2025 was 112.7 billion yuan, a year-on-year increase of 7.5%, showing initial signs of stabilization [17] - Capital expenditure in the industry has decreased by 18.3% year-on-year, marking seven consecutive quarters of negative growth since Q4 2023, indicating the end of the supply expansion phase [17] Summary by Sections 1. Core Views - The chemical industry is experiencing a significant shift, with European chemical companies reducing capacity due to high energy costs and environmental compliance pressures, while Chinese companies are rapidly gaining market share due to cost advantages [18] - In the first eight months of 2025, 60% of monitored chemical products had export volumes in the top 80% of the last six years, with 40% in the top 100% [18] - The report suggests focusing on leading chemical companies with cost advantages, such as Wanhua Chemical, Hualu Hengsheng, and others [18] 2. Industry Performance - The basic chemical industry index rose by 2.3% in the week of March 20-27, outperforming the Shanghai Composite Index by 3.4 percentage points [25] - Year-to-date, the basic chemical industry index has increased by 9.1%, surpassing the Shanghai Composite Index by 10.5 percentage points [25] 3. Stock Performance - Among 424 stocks in the basic chemical sector, 246 stocks rose, while 171 fell during the week [31] - The top gainers included Jinmei Technology (+36.3%) and Foshan Plastics (+24.5%), while the biggest losers included Wanlang Magnetic Plastic (-12.4%) and Sanfangxiang (-12.2%) [31][32] 4. Key News and Company Announcements - AnDuoMai A reported a revenue of 28.945 billion yuan for 2025, a decrease of 1.84% year-on-year, with a net profit attributable to shareholders of -1.046 billion yuan, an increase of 63.98% year-on-year [34] - ST Shenhua reported a revenue of 5.610 billion yuan for 2025, an increase of 11.76% year-on-year, with a net profit attributable to shareholders of -0.1 billion yuan, an increase of 93.51% year-on-year [34]

会通新材料股份有限公司 关于变更持续督导保荐代表人的公告 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、准确性和完整性依法承担法律 责任。 会通新材料股份有限公司（以下简称"公司"）于近日收到中信证券股份有 限公司（以下简称"中信证券"）出具的《关于更换保荐代表人的函》。 中信证券为公司 2022 年可转债项目的持续督导机构，原指派王家骥先生、 刘纯钦先生担任公司保荐代表人负责保荐工作及持续督导工作，法定持续督导期 至 2025 年 12 月 31 日。截至持续督导期届满，公司尚有部分募集资金未使用完 毕，保荐机构将就其募集资金使用情况继续履行持续督导的责任。 近日，因刘纯钦先生工作变动，不再负责公司持续督导工作。为保证持续督 导工作的有序进行，中信证券委派彭淳懿先生（简历见附件）接替刘纯钦先生担 任公司持续督导保荐代表人，继续履行持续督导职责。 证券代码：688219 证券简称：会通股份 公告编号：2026-011 本次变更后，公司 2022 年可转债项目的持续督导项目的保荐代表人为王家 骥先生和彭淳懿先生，本次变更不影响中信证券对公司的持续督导工作。 ...

Core Viewpoint - The "2026 Advanced Nylon Industry Innovation and Application Development Conference" successfully gathered over 200 representatives from leading companies, experts, and end-users in the nylon industry, focusing on high-quality development paths for the nylon industry under the theme of "Big Materials, Big Markets, Big Changes" [2][6]. Group 1: Conference Overview - The conference was hosted by DT New Materials and supported by XPeng Motors, featuring over 20 thematic reports and activities aimed at exploring the innovative applications of nylon materials [2][6]. - Key topics included bio-based polyamides, special nylon innovations, and emerging application scenarios, emphasizing the importance of collaboration and innovation in the industry [6][9]. Group 2: Key Reports and Innovations - A report by Tang Zhaobin from the Ningbo Institute of Materials Technology and Engineering focused on the development of bio-based polyamides, highlighting the successful creation of high-temperature, transparent, and elastic nylon products with tensile strengths reaching 170 MPa and light transmittance over 90% [9]. - Li Shupeng from Guangzhou Automobile Group discussed the application of nylon engineering plastics in the new energy vehicle sector, outlining trends towards localization, low carbon emissions, and lightweight materials [11]. - Qin Huaili from Huitong New Materials emphasized the shift in the nylon industry from scale expansion to technology-driven, value-prioritized approaches, detailing a comprehensive product matrix from basic to high-end nylon materials [14]. Group 3: Market Trends and Applications - Reports highlighted the growing demand for special nylon materials in various sectors, including automotive, electronics, and consumer goods, with a focus on performance enhancements and sustainability [17][19][32]. - The application of MXD6 special nylon was analyzed, showcasing its core performance and potential in food packaging, automotive manufacturing, and high-end equipment [19][32]. - The conference also addressed the challenges and opportunities in the nylon industry, particularly in the context of energy system restructuring and trade environment adjustments [6][11]. Group 4: Future Directions - The conference concluded with discussions on the future of nylon materials, emphasizing the need for innovation in response to market demands and technological advancements [6][69]. - DT New Materials plans to continue facilitating industry collaboration through future events and conferences, focusing on new materials and technological innovations [69].

中信证券股份有限公司 关于会通新材料股份有限公司 使用闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为会通新材料 股份有限公司（以下简称"会通股份"或"公司"）向不特定对象发行可转换公司债 券及后续持续督导保荐人，根据《上海证券交易所科创板股票上市规则》《上海 证券交易所科创板上市公司自律监管指引第 1 号——规范运作》及《上市公司募 集资金监管规则》等有关法律法规和规范性文件的要求，对会通股份使用闲置募 集资金进行现金管理进行了审慎核查，核查情况及核查意见如下： 一、投资情况概述 （一）投资目的 本次使用暂时闲置募集资金进行现金管理是在确保不影响募集资金投资项 目建设、不变相改变募集资金使用用途、不影响公司正常运营及确保资金安全并 有效控制风险的前提下，为了提高资金使用效率，利用公司闲置募集资金进行现 金管理，以更好地实现公司募集资金的保值增值，增加公司收益，维护公司全体 股东的利益。 （二）投资金额 在保证不影响公司募集资金投资计划正常进行的前提下，公司拟使用最高额 度不超过人民币 5,000 万元的暂时闲置可转换公司债券募集资金进行现金管理， 使用期限不超 ...

会通新材料股份有限公司 关于使用闲置募集资金进行现金管理的公告 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： 投资种类：购买安全性高、流动性好的保本型投资产品（包括但不限于 结构性存款、定期存款、通知存款、大额存单等） 投资金额：不超过人民币 5,000.00 万元（含本数） 证券代码：688219 证券简称：会通股份 公告编号：2026-010 已履行及拟履行的审议程序：会通新材料股份有限公司（以下简称"公 司"或"会通股份"）于 2026 年 3 月 20 日召开第三届董事会审计委员会 2026 年第三次会议及第三届董事会第二十一次会议，分别审议通过了《关于使用部分 闲置募集资金进行现金管理的议案》，保荐机构对该事项出具了明确同意的核查 意见。该事项在董事会审批权限范围内，无需提交股东会审议。 特别风险提示：尽管公司拟投资安全性高、满足保本要求、流动性好的 投资产品，但金融市场受宏观经济影响较大，公司将根据经济形势以及金融市场 的变化适时适量介入，但不排除受到市场波动的影响，存在一定的系统性风险。 一、投 ...

证券代码：688219 证券简称：会通股份 公告编号：2026-009 会通新材料股份有限公司 关于完成工商变更登记并换发营业执照的公告 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、准确性和完整性依法承担法律 责任。 统一社会信用代码：91340100677597662Y 注册资本：伍亿肆仟玖佰陆拾万圆整 类型：其他股份有限公司（上市） 成立日期：2008 年 07 月 31 日 法定代表人：李健益 会通新材料股份有限公司（以下简称"公司"）于 2026 年 1 月 19 日召开公 司第三届董事会第二十次会议、2026 年 2 月 4 日召开公司 2026 年第一次临时股 东会，审议通过了《关于修订〈公司章程〉及公司治理制度的议案》，同意公司 变更公司注册资本、修订《公司章程》并办理工商变更登记等事宜。具体内容详 见公司分别于 2026 年 1 月 20 日、2026 年 2 月 5 日在上海证券交易所网站 （www.sse.com.cn）披露的《会通新材料股份有限公司关于修订<公司章程>等公 司治理制度暨授权办理工商变更登记的公告》（公告编号：202 ...

Core Viewpoint - The article highlights the significant investment in high-end chemical and new materials projects in Shanghai, with a focus on the development of advanced nylon and PEEK materials, indicating a strong growth trajectory for the industry [2][3]. Group 1: Investment and Project Development - On February 27, 2026, a total investment exceeding 11 billion yuan was signed at the Shanghai Jinshan Investment Promotion Service Conference, with nearly 3 billion yuan allocated for high-end chemical and new materials projects [2]. - The project includes the second phase of the Filicos recycling-based new materials project and supporting projects such as high-temperature nylon and PEEK polymer production [2]. - The first phase of the high-temperature nylon and PEEK polymer project has a total investment of approximately 30 million yuan, with a construction period from October 2025 to September 2026, aiming for an annual production capacity of 3,000 tons of high-temperature nylon and 600 tons of PEEK [2]. Group 2: Company Performance and Financials - The company reported an operating income of approximately 6.477 billion yuan for the fiscal year 2025, representing a year-on-year increase of 6.4% [3][5]. - The net profit attributable to shareholders was approximately 206 million yuan, up by 5.99% year-on-year, while the basic earnings per share decreased by 4.65% to 0.41 yuan [3][5]. - The total assets at the end of the reporting period were approximately 7.058 billion yuan, showing a slight increase of 0.87% compared to the beginning of the period [5]. Group 3: Technological Advancements and Applications - The company has mastered core technologies for controlling the molecular weight and distribution of PEEK resin, developing high-performance materials for various applications including robotics, new energy, and telecommunications [3]. - High-temperature nylon materials have been successfully applied in industries such as new energy charging stations, low-altitude economy, and military applications [3]. - The company is conducting pilot studies on high-temperature nylon materials for applications in heat-resistant electrical enclosures and LED displays, with some clients already using these materials in bulk [3]. Group 4: Industry Events and Future Directions - The 2026 Advanced Nylon Industry Innovation and Application Development Conference will be held on March 19-20, focusing on the latest developments in nylon monomers, polymers, and modifications [13][18]. - The conference aims to explore new demands and solutions in various application fields such as automotive, electronics, and humanoid robotics, facilitating discussions on industry challenges and strategies for high-quality development [16][18].

Group 1 - The company reported a total operating revenue of 6,477,316,678.26 yuan for the year 2025, representing a year-on-year growth of 6.40% [2] - The net profit attributable to the owners of the parent company reached 205,684,419.90 yuan, showing a year-on-year increase of 5.99% [2]

Core Viewpoint - The company reported a steady growth in revenue and profit for the year 2025, driven by market expansion and product optimization [1] Financial Performance - The company achieved an operating revenue of 6.477 billion yuan, representing a year-on-year increase of 6.40% [1] - The net profit attributable to the parent company was 206 million yuan, reflecting a year-on-year growth of 5.99% [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 181 million yuan, with a year-on-year increase of 6.86% [1] Market Strategy - The company has intensified efforts in both domestic and international market expansion [1] - There is a focus on extending the upstream industrial chain to enhance cost efficiency across the entire value chain [1] - The company is optimizing its product structure, with high-end engineering materials experiencing rapid growth, contributing to the overall increase in revenue and profit [1]

Financial Performance - Total operating revenue for 2025 reached RMB 6,477,316,678.26, a year-on-year increase of 6.40%[4] - Net profit for the period was RMB 207,779,184.89, reflecting a growth of 3.80% compared to the previous year[4] - The net profit attributable to shareholders of the parent company was RMB 205,684,419.90, up by 5.99% year-on-year[4] - The net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was RMB 181,321,042.00, an increase of 6.86%[4] - Basic earnings per share decreased to RMB 0.41, down 4.65% from the previous year[4] - The weighted average return on net assets was 8.06%, a decrease of 1.50 percentage points compared to the previous year[4] Assets and Equity - The company's total assets at the end of the reporting period were RMB 7,057,646,805.54, a slight increase of 0.87% from the beginning of the period[4] - Shareholders' equity attributable to the parent company increased by 39.43% to RMB 3,008,436,128.97, primarily due to the conversion of convertible bonds[4][8] Strategic Focus - The company focused on expanding both domestic and international markets, optimizing product structure, and enhancing efficiency across the value chain[7] Financial Reporting - The financial data presented is preliminary and unaudited, with final figures to be confirmed in the annual report[5][9]