EP548R作为高端专用聚丙烯材料，具有优良的力学性能与加工稳定性。本次千吨级订单的顺利落地， 体现了会通新材料对金能化学产品品质与供应体系的充分肯定，也证明了金能化学产品在力学性能、加 工稳定性及一致性方面的卓越表现。 会通股份基于多品类高分子材料产品体系，致力于为"千行百业"提供多样化高性能新材料的整体解决方 案与产品。其在汽车、家电、新能源、电子电气（含消费电子）等领域已取得领先地位，产品广泛服务 于轨道交通、家居建材、安防、医疗、储能等多个国家支柱性产业领域，以及航空航天、低空经济等领 域，为客户带来极致轻量化、节能减排及高安全等级的应用体验。 金能化学与会通新材料将以此次千吨级订单为起点，持续深化战略合作伙伴关系。双方将针对改性塑料 企业对高流动、高抗冲、低气味等特性的核心需求，共同研发高端新材料，推动行业向高端化、精细化 方向发展。 金能化学拥有先进的丙烷脱氢（PDH）及聚丙烯生产工艺，为合作提供强有力的原料保障。值得一提的 是，该公司已与全球能源巨头建立长期丙烷供应合作关系。 会通新材料是首家在科创板上市的材料企业，2023年销售总额突破53亿元，位列行业前三。公司专注于 高分子材料的研发、生产 ...

会通股份专注于高分子材料研发、生产和销售，是国家高新技术企业，致力于为"千行百业"提供高性能 多样化新材料整体解决方案和产品，在汽车、家电、新能源、消费电子、电子电气等领域已取得领先地 位，产品广泛服务于轨道交通、家居建材、安防、医疗、储能等多个国家支柱性产业，以及航空航天、 低空经济等领域。 本报讯(记者王僖)近日，金能科技（603113）股份有限公司子公司金能化学(青岛)有限公司(以下简 称"金能化学")与会通新材料股份有限公司(以下简称"会通股份")宣布达成重要战略合作，成功实现首批 1000吨高性能聚丙烯产品EP548R的订单签订。此次合作源于双方团队前期大量的技术对接、寄样小 试、产品中试和生产调试等准备工作，标志着金能化学在产品市场化和高端客户合作方面取得突破性进 展。 金能化学拥有先进的丙烷脱氢(PDH)及聚丙烯生产工艺，为合作提供了强有力的原料保障。值得一提的 是，金能化学已与全球能源巨头建立了长期的丙烷供应伙伴关系。 EP548R作为一种高端专用聚丙烯材料，具有优良的力学性能和加工稳定性。本次千吨级订单的顺利落 地，不仅体现了会通股份对金能化学产品品质与供应体系的充分肯定，也证明了金能化学产 ...

行 业 及 产 业 行 业 研 究 / 行 业 点 评 2025 年 09 月 14 日 美联储降息与金九银十共振，印度 GFL R32 泄露或助我国出口，我国 发起对美模拟芯片反倾销调查 看好 ——《化工周报 25/09/08-25/09/12》 证 券 研 究 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230123090004 zhouchao@swsresearch.com 李绍程 A0230525070002 lisc@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 联系人 马昕晔 (8621)23297818× maxy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： 请 ...

中信证券股份有限公司 关于会通新材料股份有限公司 2025 年半年度持续督导跟踪报告 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《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》等相关规定，中信证券履行持续督导职责， 并出具本持续督导半年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 8 月 29 日现场查看了公司及募投项目情况。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度等文件； （3）查阅公司关联交易明细及相关内 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][8] Core Views - The company achieved a revenue of 3.021 billion yuan in H1 2025, representing a year-on-year growth of 10.63%, with a net profit attributable to shareholders of 105 million yuan, also up by 10.19% [2] - The company's main business focuses on modified plastics, with a significant revenue increase of 48.77% in niche markets such as lightweight electric vehicles and renewable energy [3] - The company is actively expanding its global presence, with overseas revenue growing by 39.03%, supported by a new subsidiary in North America and a base in Thailand [3] - The company has a robust R&D framework that has led to a 60.51% increase in revenue from its specialty materials subsidiary, indicating strong growth potential in emerging markets [4] Financial Summary - Revenue projections for 2025-2027 are estimated at 6.516 billion, 7.834 billion, and 9.581 billion yuan, respectively, with net profits expected to be 240.90 million, 308.17 million, and 408.90 million yuan [5][7] - The company’s gross margin for H1 2025 was 13.58%, and the net margin was 3.52%, indicating stable profitability [2] - The projected P/E ratios for 2025, 2026, and 2027 are 29.5, 23.1, and 17.4, respectively, suggesting an attractive valuation as earnings grow [5][7]

Core Viewpoint - The global chemical industry is undergoing profound changes, with anxiety, confusion, and hope being the real state of many companies. The rise of emerging industries in China is expected to lead the polymer sector in the next decade [2]. Group 1: Event Overview - The 2025 Polymer Industry Annual Conference will explore new opportunities in materials, technologies, and equipment related to emerging industries such as AI, embodied robotics, low-altitude economy, aerospace, new energy vehicles, new energy, data centers, and next-generation communications [2]. - The conference will be held at the Sheraton Hotel in Hefei, with various accommodation options available for attendees [3][4]. Group 2: Organizers and Support - The event is organized by Ningbo Detai Zhongyan Information Technology Co., Ltd. (DT New Materials) and chaired by Qian Xigao, an academician of the Chinese Academy of Engineering [5]. - The conference is supported by various institutions, including the China New Materials Industry Technology Innovation Platform and the Anhui Composite Materials Industry Association [5]. Group 3: Attendee List - Notable attendees include representatives from companies such as Guangzhou Xiaopeng Motors, Lantu Automotive Technology, and the China Petroleum and Chemical Industry Federation, among others [6][7]. Group 4: Conference Agenda - The agenda includes a series of forums and discussions on topics such as the development of polymer materials, innovations in embodied robotics, and the impact of AI on polymer material development [18][21][27]. - Specific sessions will focus on the application of polymer materials in aerospace, low-altitude economy, and new energy vehicles [29][31]. Group 5: Registration and Participation - Registration fees are set at 3,500 RMB per representative from companies, with discounts available for educational institutions and DT members [35][40].

Group 1 - Wanhua Chemical's subsidiary BorsodChem Zrt. has resumed normal production of MDI (400,000 tons/year) after maintenance, while another TDI (250,000 tons/year) facility also returned to normal operations on August 19 [2] - Wanhua Chemical's new TDI Phase II facility (360,000 tons/year) in Fujian has recently been completed and is producing qualified products [2] - Mitsui Chemicals announced that its TDI facility in Japan will resume production around September 8 after a gas leak incident that halted operations since July 27 [2] Group 2 - Covestro has issued an emergency notice to reduce TDI supply to China by 10% to support the European market, marking the second supply cut this month, totaling a 25% reduction [3] - The TDI market in China experienced a "high-to-low" trend in August, with prices peaking at around 17,500 yuan/ton before dropping to a range of 14,500-15,000 yuan/ton by the end of August [3] - As of September, TDI prices have further declined to a range of 13,500-14,100 yuan/ton, with low-price rumors circulating and the market experiencing significant fluctuations [3]

Core Viewpoint - The global chemical industry is undergoing profound changes, with anxiety, confusion, and hope being the real states of many companies. The rise of emerging industries in China is expected to lead the polymer sector in the next decade [2]. Group 1: Conference Overview - The 2025 Polymer Industry Annual Conference will take place from September 10 to September 12, focusing on new opportunities in materials, technologies, and equipment related to emerging industries such as AI, low-altitude economy, aerospace, and new energy vehicles [2][3]. - The conference will gather international leading companies, industry experts, government representatives, and capital from the entire industry chain to explore new opportunities [2]. Group 2: Venue and Accommodation - The conference will be held at Sheraton Hotel in Hefei, located at 1666 Tongling North Road, Hefei [5]. - Special accommodation rates are available for attendees, with some hotels already fully booked [6][7]. Group 3: Agenda Highlights - The conference will feature various forums, including a closed-door meeting on polymer industry development and project roadshows on September 10 [28]. - Keynote speeches and discussions will cover topics such as domestic polymer industry policies, global trends in new materials, and strategic insights into special polymers [16][20]. Group 4: Supporting Organizations - The conference is organized by Ningbo Detai Zhongyan Information Technology Co., Ltd. and supported by various institutions, including the Chinese Academy of Sciences and several industry associations [9][38]. Group 5: Target Audience - The conference aims to attract participants from various sectors, including eVTOL, drones, large aircraft, humanoid robots, and automotive manufacturers, all of which require engineering plastics [38].

证券日报网讯9月3日晚间，会通股份发布公告称，2025年8月份，公司通过上海证券交易所交易系统以 集中竞价交易方式累计回购股份0股。 ...

Summary of Key Points Core Viewpoint - The company, Huitong Co., Ltd. (688219.SH), has reported its share repurchase activities, indicating a strategic move to enhance shareholder value through buybacks [1] Group 1: Share Repurchase Details - As of August 31, 2025, the company has repurchased a total of 5,087,505 shares, which represents 0.9243% of its total share capital of 550,437,553 shares [1] - The total amount spent on the share repurchase is approximately RMB 50,381,128.94, excluding transaction commissions and transfer fees [1] - The highest price at which shares were repurchased was RMB 10.00 per share, while the lowest price was RMB 9.06 per share [1]