Group 1 - Jineng Chemical and Huitong New Materials have signed a strategic cooperation agreement, marking a significant breakthrough in product commercialization and high-end customer collaboration [1] - Jineng Chemical has advanced propane dehydrogenation (PDH) and polypropylene production processes, ensuring strong raw material support for the partnership [1] - Huitong New Materials, the first materials company listed on the Sci-Tech Innovation Board, achieved a sales total of over 5.3 billion yuan in 2023, ranking among the top three in the industry [1] Group 2 - The EP548R high-performance polypropylene material has excellent mechanical properties and processing stability, reflecting Huitong New Materials' confidence in Jineng Chemical's product quality and supply system [1] - Huitong New Materials aims to provide diversified high-performance new material solutions across various industries, including automotive, home appliances, and renewable energy [2] - The partnership will focus on developing high-end new materials to meet the core demands of modified plastic enterprises, promoting the industry's advancement towards high-end and refined directions [2]

Core Insights - Jineng Technology's subsidiary, Jineng Chemical, has entered a strategic partnership with Huitong New Materials, marking a significant milestone with the signing of an initial order for 1,000 tons of high-performance polypropylene product EP548R [1][2] - The collaboration is a result of extensive technical exchanges and product trials, showcasing Jineng Chemical's advancements in marketization and high-end customer partnerships [1] - Jineng Chemical's advanced propane dehydrogenation (PDH) and polypropylene production processes provide strong raw material support for the partnership [1] Company Overview - Jineng Chemical has established long-term propane supply partnerships with global energy giants, ensuring a reliable supply chain for its production needs [1] - Huitong New Materials focuses on the research, production, and sales of polymer materials, recognized as a national high-tech enterprise, and aims to provide diverse high-performance material solutions across various industries [1] Product Characteristics - EP548R is a high-end specialized polypropylene material known for its excellent mechanical properties and processing stability, which has been validated by the successful order from Huitong New Materials [2] - The successful execution of the 1,000-ton order reflects Huitong's confidence in Jineng Chemical's product quality and supply system [2] Future Collaboration - The partnership aims to deepen their strategic relationship, focusing on the development of high-end new materials that meet the demands of modified plastic enterprises for high flow, high impact resistance, and low odor characteristics [2] - The collaboration will also establish a new factory-to-factory cooperation ecosystem, expanding high-end application fields and contributing to the high-quality development of China's new materials industry [2]

Investment Rating - The report maintains a "Positive" rating for the chemical industry [6][12]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected to remain at 2.8%, with stable oil demand, although the growth rate may slow due to tariff policies [6][7]. - The expectation of a Federal Reserve interest rate cut is likely to boost demand during the peak season of September and October. Additionally, the leakage incident of GFL R32 in India may enhance China's export opportunities [6][12]. - The report highlights the ongoing investigation into anti-dumping practices against imported semiconductor chips from the U.S., which may benefit domestic semiconductor materials [6][12]. Summary by Sections Macroeconomic Analysis - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable despite potential slowdowns due to tariffs. Geopolitical factors, including U.S.-China tariff relief and the Russia-Ukraine situation, are influencing oil prices [6][7]. - Coal prices are anticipated to stabilize at a low level, and natural gas export facilities in the U.S. may accelerate, leading to lower import costs [6][7]. Chemical Sector Configuration - The report suggests a strategic focus on four areas: textile and apparel chain, agricultural chemicals, export chain, and sectors benefiting from "de-involution" policies. Specific companies are recommended for investment based on their market positions and growth potential [6][12]. Key Material Focus - Emphasis is placed on the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, with specific companies highlighted for their potential in these sectors [6][12]. Price Trends - Recent data indicates fluctuations in various chemical prices, with PTA prices down by 0.3% and MEG down by 2.0%. The report notes that the overall industrial product PPI has shown a year-on-year decline of 2.9% [12][13][16]. Company Valuations - A detailed valuation table is provided, showcasing various companies in the agricultural chemicals and chemical sectors, with ratings ranging from "Buy" to "Increase" based on their market performance and projected earnings [20].

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].

Group 1 - The company announced that it repurchased a total of 0 shares through the Shanghai Stock Exchange trading system in August 2025 [1]

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]