Summary of the Conference Call for Zhongchu Coal Company Overview - **Company**: Zhongchu Coal - **Industry**: Catalysts and Chemical Products Key Financial Performance - **Net Profit**: In the first half of 2025, net profit attributable to shareholders increased by 31.52% to 127 million yuan, while non-recurring net profit rose by 33.41% to 123 million yuan [2][3] - **Earnings Per Share**: Basic earnings per share increased to 0.72 yuan, a rise of 30.91% year-on-year [3] - **Revenue**: Total revenue reached 461 million yuan, a 16.46% increase compared to the previous year [3] Research and Development - **R&D Investment**: R&D expenses increased by 11.43% to 23.4351 million yuan in the first half of 2025 [4] - **Patents**: The company holds a total of 241 patents, including 191 domestic invention patents [4] Business Segments Mobile Source De-NOx Molecular Sieves - **Revenue Contribution**: This segment accounts for approximately 75% of total revenue [2][5] - **Sales Volume**: In the first half of 2025, cumulative shipments reached 1,395 tons, with a target of 2,400 tons for the year [5] - **Future Projections**: Expected to reach 2,800 tons in 2026 and over 3,000 tons in subsequent years [5][7] Collaboration with BASF - **Product Supply**: Zhongchu Coal supplies various grades of products to BASF, including new grades suitable for Euro 7 standards [8][9] - **Market Exclusivity**: All sales in the Asia-Pacific region must go through Zhongchu Coal, establishing it as a potential global exclusive supplier if all products transition to new grades [8][9] Epoxy Propane Catalysts - **Sales Performance**: Nearly 100 tons sold in the first half of 2025, with an expected total of 200 to 300 tons for the year [16][17] - **Pricing**: Prices range from 500,000 to 600,000 yuan per ton, with margins comparable to mobile source products [18] Market Dynamics - **Demand Stability**: Despite the rise of new energy vehicles, the demand for diesel vehicles remains stable, supporting the mobile source de-NOx market [11] - **Competitive Advantage**: Zhongchu Coal has significant cost advantages over BASF's German factory due to lower raw material and production costs [15] Future Growth Opportunities - **High-Purity Products**: Plans to prioritize high-purity quartz sand for quartz crucibles, with initial production expected by the end of 2025 [20][26] - **Sales Targets**: Internal revenue targets for 2025 are set between 800 million to 1 billion yuan, with net profit goals of 180 million to 220 million yuan [30] Conclusion Zhongchu Coal is positioned for significant growth in the catalyst industry, driven by strong financial performance, strategic partnerships, and a focus on innovation and R&D. The company is well-prepared to meet future market demands while maintaining competitive advantages in production costs and product quality.

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 461 million yuan in the first half of 2025, representing a year-on-year increase of 16.46%. The net profit attributable to shareholders was 127 million yuan, up 31.52% year-on-year, driven by increased sales and lower raw material and energy costs [5][8] - The company is expected to grow rapidly, with projected revenues of 1.026 billion yuan, 1.226 billion yuan, and 1.467 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 227 million yuan, 272 million yuan, and 324 million yuan for the same years [10][11] Financial Performance - In Q2 2025, the company reported a revenue of 262 million yuan, a year-on-year increase of 33.03%, and a net profit of 86 million yuan, up 40.34% year-on-year [6][15] - The gross profit margin for the first half of 2025 was 46.92%, an increase of 7.24 percentage points year-on-year, while the net profit margin was 27.50%, up 3.15 percentage points year-on-year [5][8] Product Performance - The sales of titanium-silicon series catalysts and pyridine catalysts contributed significantly to revenue growth in the first half of 2025, with the special molecular sieve and catalyst series generating 413 million yuan in revenue, a year-on-year increase of 19.53% [7][10] - The non-molecular sieve catalyst series, however, saw a revenue decline of 39.75%, generating 29 million yuan [7] Research and Development - The company invested approximately 23.44 million yuan in R&D in the first half of 2025, reflecting an increase of 11.43% year-on-year, focusing on enhancing product innovation and upgrading core technologies [9][10] Market Position and Strategy - The company is positioned as a leading domestic catalyst manufacturer, with a focus on expanding its product offerings and enhancing its competitive edge through vertical and horizontal integration strategies [10][11] - The company has successfully completed trial production of several projects, including special molecular sieves and environmental catalysts, which are expected to contribute to future revenue growth [10]

Core Insights - The article highlights the recent movements of social security funds in the stock market, revealing that 11 new stocks were added to their portfolio in the second quarter [1] - A total of 187 companies have released their semi-annual reports, and the top ten circulating shareholders' data indicates the actions of institutional investors [1] Group 1: Social Security Fund Holdings - The social security fund has invested in 32 stocks, with 11 new entries, 6 increased holdings, and 8 reduced holdings, while 7 stocks remained unchanged in their holdings [1] - The stock with the highest number of social security fund shareholders is Su Shi Shi Yan (300416), with 3 funds appearing in the top ten circulating shareholders [1] - The total holding of Su Shi Shi Yan by social security funds is 14.862 million shares, accounting for 2.94% of the circulating shares [1] Group 2: Performance of Newly Acquired Stocks - Among the newly acquired stocks, the highest holding percentage by social security funds is in Zhong Chumai, with a holding ratio of 3.45% [2] - The stock with the largest number of shares held by social security funds is Su Shi Shi Yan, with 14.862 million shares, followed by Zhongyuan Expressway (600020) and Ta Pai Group (002233) with 13 million and 12.166 million shares, respectively [2] - In terms of performance, 10 out of the newly acquired stocks reported a year-on-year increase in net profit, with Ta Pai Group achieving the highest growth rate of 92.47% [2]

Group 1 - The core viewpoint of the articles highlights the movements of social security funds in the stock market, particularly their investments in five stocks on the Sci-Tech Innovation Board, with a total holding of 11.2563 million shares valued at 443 million yuan [1][2] - The social security fund increased its holdings in three stocks and entered one new stock, while maintaining its position in one stock [1] - The stocks with the highest holding ratios by the social security fund include Zhongchumai at 3.45%, Rongzhi Rixin at 2.25%, and others like Yingse Network, Dingtong Technology, and Jingfeng Mingyuan [1] Group 2 - The average increase in the share prices of the Sci-Tech Innovation Board stocks held by the social security fund since July is 15.76%, with Dingtong Technology showing the highest cumulative increase of 46.96% [2] - The net profit growth for the stocks held by the social security fund shows significant increases, with Rongzhi Rixin achieving a net profit of 14.2355 million yuan, a year-on-year increase of 2063.42% [1][2] - Other companies with notable net profit growth include Jingfeng Mingyuan and Dingtong Technology, with increases of 151.67% and 134.06% respectively [1]

Group 1 - The core point of the article highlights the financing activities of Zhong Chumei, indicating a net sell-off in the recent trading days [1] - On August 8, Zhong Chumei had a financing buy amount of 0.14 billion yuan, ranking 1057th in the two markets, with a financing repayment amount of 0.16 billion yuan, resulting in a net sell of 2.1014 million yuan [1] - Over the last three trading days (August 6-8), Zhong Chumei experienced financing buys of 0.06 billion yuan, 0.36 billion yuan, and 0.14 billion yuan respectively [1] Group 2 - On the same day, there were no shares sold or net sold in the securities lending market for Zhong Chumei, indicating no activity in this area [1]

半年报密集披露，机构最新持仓动向曝光!二季度社保基金新进股共有10只。 目前共有156家公司已经公布半年报，前十大流通股东数据透露出机构行踪。证券时报·数据宝统计显 示，社保基金共现身30只股，调仓动向方面，二季度社保基金新进10股、增持6股、减持8股，社保基金 持股量保持不变的有6股。 社保基金新建仓股票中，从前十大流通股东名单中社保基金家数来看，社保基金家数最多的是苏试试 验，共有3家社保基金出现在前十大流通股东名单中，即全国社保基金六零二组合、全国社保基金六零 一组合、全国社保基金五零二组合，分别位列公司第5大、第7大、第10大流通股东，持股量合计为 1486.20万股，占流通股比例为2.94%。 从持股比例看，新进股中社保基金持有比例最多的是中触媒，持股量占流通股比例为3.45%，其次是北 鼎股份，社保基金持股比例为3.16%，持股比例居前的还有苏试试验、果麦文化、塔牌集团等。 从持股量统计，社保基金新进的个股中，持股量最多的是苏试试验，共持有1486.20万股，塔牌集团、 北鼎股份等紧随其后，持股量分别为1216.58万股、1000.00万股。 业绩方面，社保基金新进股中，半年报净利润同比增长的有9 ...

Core Viewpoint - Zhongchumai (688267) reported significant growth in revenue and profit for the first half of 2025, indicating strong operational performance and effective cost control [2][3]. Operational Overview - Total revenue reached 461 million yuan, a year-on-year increase of 16.46% - Net profit attributable to shareholders was 127 million yuan, up 31.52% - Non-recurring net profit was 123 million yuan, growing by 33.41% - In Q2 alone, revenue was 262 million yuan, a 33.03% increase year-on-year, with net profit at 86.12 million yuan, up 40.34% [2]. Profitability Analysis - The gross margin improved to 46.92%, an increase of 18.26% year-on-year - The net margin rose to 27.5%, up 12.93% - These improvements are attributed to effective cost control and a 2.48% increase in operating costs due to lower prices of key raw materials and energy [3]. Expense Control - Total operating expenses amounted to 29.99 million yuan, accounting for 6.51% of revenue, which is a 31.2% increase year-on-year - The rise in sales expenses is primarily due to increased salaries for sales personnel and stock-based compensation [4]. Cash Flow Situation - Operating cash flow per share was 0.88 yuan, a significant increase of 318.73% - This improvement is due to adjustments in payment credit policies, reducing cash payments for purchases, and the timing of bank acceptance bills [5]. Main Business Composition - Main revenue sources include special molecular sieves and catalyst products, generating 413 million yuan, which constitutes 89.46% of total revenue with a gross margin of 48.21% - The overseas market contributed 59.61% of revenue, with a gross margin of 51.91%, indicating strong competitiveness in international markets [6]. Development Prospects - As a developer, manufacturer, and seller of special molecular sieves and catalytic new materials, the company benefits from national strategies like "Manufacturing Power" and "Dual Carbon" goals, positioning the catalyst industry for significant growth - The company plans to increase R&D investment to maintain technological innovation and strengthen its leading position in the industry [7]. Items to Watch - Despite strong performance, attention is needed on accounts receivable, which stands at 272 million yuan, representing 186.63% of profit, indicating potential bad debt risks [8].

Group 1 - The stock price of Zhong Chuang Mei closed at 29.70 yuan on August 7, 2025, down 0.34% from the previous trading day, with a trading volume of 85,767 hands and a transaction amount of 262 million yuan, showing a volatility of 12.11% [1] - Zhong Chuang Mei primarily engages in the manufacturing of chemical reagents and additives, with this business accounting for 98.82% of its operations in 2024. The company is located in Liaoning and operates within the chemical raw materials industry [1] - For the first half of 2025, the company reported a revenue of 461 million yuan and a net profit attributable to shareholders of 127 million yuan, reflecting a year-on-year growth of 31.52% [1] Group 2 - An announcement indicated that approximately 83.39 million shares of the company's initial restricted shares will be unlocked on August 18, 2025, representing 47.33% of the total share capital. The original lock-up period was extended from 6 months to 12 months due to the fulfillment of conditions triggering the extension [1] - As of the end of the second quarter, the National Social Security Fund's 503 portfolio has become the fourth largest circulating shareholder of the company, holding 3.2 million shares, which accounts for 3.45% of the circulating shares [1][2] - On August 7, the net inflow of main funds was 13.96 million yuan, with a cumulative net inflow of 15.32 million yuan over the past five days [2]

Group 1 - The company Zhongchumai announced the listing of its shares, which will be a first-time public offering of restricted shares [1] - The total number of shares to be listed is 83,392,841 shares [1] - The shares will be available for trading starting from August 18, 2025, due to the preceding non-trading day on August 16, 2025 [1]

证券代码：688267 证券简称：中触媒 公告编号：2025-031 中触媒新材料股份有限公司 首次公开发行部分限售股上市流通公告 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。 重要内容提示： ? 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 本次股票上市流通总数为83,392,841股。 ? 本次股票上市流通日期为2025 年 8 月 18 日。 （因 2025 年 8 月 16 日为非交 易日，故顺延至下一交易日）。 一、本次上市流通的限售股类型 （一）根据中国证券监督管理委员会于2022年1月5日出具的《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）， 公司获准向社会公众公开发行人民币普通股（A股）44,050,000股，并于2022年2 月16日在上海证券交易所科创板挂牌上市。本公司首次公开发行A股前总股本为 件流通股139,426,818股，占本公司发行后总股本的79.13%，无限售条件流通股 （二）本次上市流通的限售股为公司首次公开发行部分限售股 ...