Group 1 - The company has a long-term strategic partnership with BASF, serving as a supplier of catalyst products such as mobile source denitrification molecular sieves [1] - BASF has recently raised prices on some products, but the company does not have information on how this will positively impact the demand for its products [1] - The partnership between the company and BASF is stable, and any inquiries regarding BASF's downstream product price changes should be directed to BASF's official communications [1]

Group 1 - The company, Zhongchumai, has established a long-term strategic partnership with BASF, serving as a supplier of catalysts such as mobile source denitrification molecular sieves [2] - The collaboration between Zhongchumai and BASF is described as stable, indicating a reliable business relationship [2] - Zhongchumai does not currently have information regarding the price fluctuations of BASF's downstream products, suggesting that stakeholders should refer to official BASF communications for such details [2]

Core Viewpoint - The company has a long-term strategic partnership with BASF, serving as a supplier of catalyst products for BASF's mobile source denitration molecular sieves. The collaboration is stable, but the company does not have information on BASF's downstream product price changes, which should be verified through official BASF communications [1]. Group 1 - The company is a supplier of BASF's mobile source denitration molecular sieve catalyst products [1]. - The partnership between the company and BASF is described as stable and long-term [1]. - The company does not have access to information regarding price changes of BASF's downstream products [1].

Group 1 - The core viewpoint of the article is that Zhongchumai (688267.SH) has established a long-term strategic partnership with BASF, positioning itself as a supplier of catalysts such as mobile source denitrification molecular sieves [1] - The collaboration between Zhongchumai and BASF is described as stable, indicating a reliable business relationship [1] - Currently, Zhongchumai does not have information regarding the price fluctuations of BASF's downstream products [1]

Market Trends - The domestic market indices showed a slight decline, with the Shanghai Composite Index closing at 4,129.10, down 0.10%, while the Shenzhen Component Index fell by 0.63% [4][5]. Industry Commentary Chemical Raw Materials - The new materials sector experienced a decline of 5.28%, underperforming the ChiNext Index by 2.83%. Key segments such as semiconductor materials and electronic chemicals saw significant drops of 9.92% and 7.39%, respectively [6]. - The disruption of commercial shipping in the Strait of Hormuz due to geopolitical tensions has led to increased prices in the vitamin and amino acid sectors. For instance, the price of vitamin E rose by 11.76% to 66,500 CNY/ton, and methionine surged by 24.54% to 23,850 CNY/ton [6][7]. Communication Industry - Nvidia's strategic investment of $4 billion in optical communication firms Lumentum and Coherent highlights the importance of optical chips and modules in AI infrastructure. This investment aims to enhance domestic manufacturing capabilities in the U.S. [8]. - The "14th Five-Year Plan" emphasizes the significance of AI computing and satellite internet as key investment areas, with plans for large-scale projects in integrated circuits and satellite internet [8][9]. Textile and Apparel - The textile and apparel sector saw a decline of 2.8%, with specific sub-sectors like textile manufacturing and home textiles also experiencing downturns. Notably, On Running reported a 30% revenue increase for FY2025, with a projected 23% growth for FY2026 [11][15]. - Adidas reported record global revenue of 24.8 billion euros for 2025, marking a 13% increase, with significant growth in the Greater China region [14][15]. Company Commentary Zhongchumai (688267.SH) - Zhongchumai reported a historical high in performance, with a revenue of 856 million CNY for 2025, reflecting a 28.37% year-on-year increase, and a net profit of 212 million CNY, up 45.55% [18][20]. - The company is benefiting from increased demand for tail gas catalysts and has successfully expanded its product line through continuous R&D innovation [20][21].

Investment Rating - The report assigns a "Buy-B" rating for the company, indicating a positive outlook for its stock performance in the near term [4]. Core Insights - The company has achieved record-high performance in 2025, with total revenue reaching 856 million yuan, a year-on-year increase of 28.37%, and a net profit attributable to shareholders of 212 million yuan, up 45.55% year-on-year [2][3]. - The demand for exhaust catalysts is steadily increasing, driven by new emission regulations in Europe and the U.S., which are expected to boost the sales of the company's products significantly [3]. - The company has successfully expanded its product line through continuous R&D innovation, leading to increased sales of various catalysts, including titanium-silicon series catalysts and mobile source denitrification molecular sieves [3]. Financial Performance Summary - The company forecasts net profits for 2025, 2026, and 2027 to be 214 million yuan, 269 million yuan, and 326 million yuan, respectively, with corresponding price-to-earnings (PE) ratios of 25X, 20X, and 17X [4]. - Revenue projections for the years 2023 to 2027 are as follows: 550 million yuan in 2023, 667 million yuan in 2024, 854 million yuan in 2025, 1.096 billion yuan in 2026, and 1.408 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 28.5% [6][14]. - The gross profit margin is expected to improve from 32.8% in 2023 to 45.0% in 2027, indicating enhanced operational efficiency [6][14].

Investment Rating - The report assigns a "Buy-B" rating for the company, indicating a positive outlook for its stock performance in the near term [4]. Core Insights - The company has achieved record-high performance in 2025, with total revenue reaching 856 million yuan, a year-on-year increase of 28.37%, and a net profit attributable to shareholders of 212 million yuan, up 45.55% year-on-year [2][3]. - The demand for exhaust catalysts is steadily increasing, driven by new emission regulations in Europe and the U.S., which are expected to boost the sales of the company's products significantly [3]. - The company has successfully expanded its product line through continuous R&D innovation, leading to increased sales of various new catalysts, particularly in the environmental protection sector [3]. Financial Performance - The company forecasts net profits of 210 million yuan, 270 million yuan, and 330 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 25X, 20X, and 17X [4]. - Revenue projections for 2025 to 2027 are 854 million yuan, 1.096 billion yuan, and 1.408 billion yuan, reflecting a compound annual growth rate (CAGR) of approximately 28.5% [6][14]. - The gross profit margin is expected to improve from 45.1% in 2025 to around 45.0% by 2027, indicating strong operational efficiency [12][14].

申万宏源证券承销保荐有限责任公司 关于中触媒新材料股份有限公司 使用部分暂时闲置募集资金及自有资金进行现金管 理的核查意见 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"或"保 荐机构"）作为中触媒新材料股份有限公司（以下简称"中触媒"、"公司"）首次 公开发行股票并在科创板上市及进行持续督导的保荐机构，根据《证券发行上市 保荐业务管理办法》、《上市公司募集资金监管规则》、《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》、《上海证券交易所科创板股票上市规 则》、《科创板上市公司持续监管办法（试行）》等有关法律法规和规范性文件的 要求，就中触媒使用部分暂时闲置募集资金及自有资金进行现金管理的事项进行 了审慎核查，并发表如下核查意见： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意中触媒新材料股份有限公司 首次公开发行股票注册的批复》（证监许可[2022]10 号），公司发行人民币普通 股（A 股）4,405 万股，发行价格为人民币 41.90 元/股，募集资金总额为人民币 184,569.50 万元，扣除与发行有关的费用人民币 15,454.86 万元（不含 ...

关于公司使用部分暂时闲置募集资金及自有资金进 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：中触媒新材料股份有限公司（以下简称"公司"）拟使用 暂时闲置募集资金用于购买安全性高、流动性好、满足保本要求的投资产品 （包括但不限于协定性存款、结构性存款、定期存款、通知存款、大额存单、 收益凭证、国债逆回购等）；拟使用部分自有资金用于购买安全性高、流动 性好的、具有合法经营资格的金融机构销售的中低风险投资产品。 投资金额：公司拟使用最高不超过人民币 80,000.00 万元（含本数） 的暂时闲置募集资金及最高不超过人民币 80,000.00 万元（含本数）的暂时 闲置自有资金进行现金管理，使用期限不超过 12 个月，自董事会审议通过之 日起 12 个月之内有效。在前述额度及期限范围内，公司可以循环滚动使用资 金。 已履行及拟履行的审议程序：公司于 2026 年 3 月 5 日召开第四届董 事会审计委员会第六次会议，于 2026 年 3 月 6 日召开第四届董事会第八次会 议，审议通过了《 ...

(一)审议通过《关于公司使用部分暂时闲置募集资金及自有资金进行现金管 理的议案》 在保证不影响公司募集资金投资计划正常进行的前提下，公司拟使用最高不 超过人民币 80,000.00 万元（含本数）的暂时闲置募集资金进行现金管理，使用 期限不超过 12 个月，自董事会审议通过之日起 12 个月之内有效。在前述额度及 期限范围内，公司可以循环滚动使用资金。 公司拟使用最高不超过人民币 80,000.00 万元（含本数）的暂时闲置自有资 金进行现金管理，使用期限不超过 12 个月，自董事会审议通过之日起 12 个月之 1 证券代码：688267 证券简称：中触媒 公告编号：2026-008 中触媒新材料股份有限公司 第四届董事会第八次会议决议公告 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。 一、董事会会议召开情况 中触媒新材料股份有限公司（以下简称"公司"）第四届董事会第八次会议 于 2026 年 3 月 6 日在公司会议室通过现场和通讯相结合的形式召开。本次会议 的通知于 2026 年 2 月 27 日通过电话及邮件方式通 ...