Investment Rating - The report maintains a "Buy-B" rating for the company [3] Core Views - The company reported a significant increase in sales in the pharmaceutical and basic chemical sectors, with a notable recovery in profitability in Q2 2025 [4][5] - The company achieved a revenue of 1.014 billion yuan in the first half of 2025, representing a year-on-year growth of 24.86%, and a net profit of 61 million yuan, up 30.83% year-on-year [4] - The sales volume of catalyst products increased by 122.33% year-on-year, with the pharmaceutical sector growing by 49.26% and the basic chemical sector by 185.54% [5] - The prices of key raw materials, palladium and rhodium, have started to recover, leading to a significant improvement in profitability, with a gross margin of 18.26% in Q2 2025 [6] Financial Performance - The company is projected to achieve revenues of 2.201 billion yuan, 2.606 billion yuan, and 3.014 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 30.5%, 18.4%, and 15.6% [8] - The net profit is expected to reach 167 million yuan, 235 million yuan, and 297 million yuan for the same years, with growth rates of 80.3%, 40.7%, and 26.5% [8] - The earnings per share (EPS) are projected to be 1.28 yuan, 1.80 yuan, and 2.27 yuan for 2025, 2026, and 2027, respectively [8] Market Data - As of August 22, 2025, the closing price of the company's stock was 39.96 yuan, with a year-to-date high of 41.01 yuan and a low of 20.86 yuan [2]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603227 | 雪峰科技 | 9.79 | 10.00% | 107.06万 | 10.28亿 | | 300225 | *ST全泰 | 5.15 | 9.11% | 50.17万 | 2.56亿 | | 301617 | 博苑股份 | 48.70 | 8.61% | 12.66万 | 5.98亿 | | 600160 | 巨化股份 | 33.00 | 5.40% | 63.41万 | 20.53亿 | | 688398 | 赛特新材 | 21.74 | 4.72% | 5.90万 | 1.28亿 | | 688269 | 凯立新材 | 39.96 | 4.09% | 3.94万 | 1.56亿 | | 688129 | 东来技术 | 25.59 | 3.73% | 2.71万 | 6969.02万 | | 603110 | 东方材料 | 16.69 | 3.66% | 25.13万 | 4.16亿 | | 605077 | 华康股份 | 18. ...

Core Insights - The social security fund has disclosed its stock holdings as of the end of Q2, appearing in the top ten circulating shareholders of 18 stocks, with a total holding of 61.61 million shares valued at 3.172 billion yuan [1] Group 1: Stock Holdings - The social security fund has newly entered 5 stocks, increased holdings in 6 stocks, and reduced holdings in 4 stocks, with 3 stocks remaining unchanged [1] - The stocks with the highest holdings by the social security fund include Daotong Technology with 9.27 million shares, Nanwei Medical with 9.18 million shares, and Kaili New Materials with 6.36 million shares [1] - The highest holding ratio is in Nanwei Medical at 4.89%, followed closely by Kaili New Materials at 4.87% [1] Group 2: Financial Performance - Among the stocks held by the social security fund, 15 companies reported year-on-year net profit growth in the first half of the year, with the highest growth seen in Rongzhi Rixin at 2063.42% [2] - Other notable net profit growth includes Jingfeng Mingyuan and Dingtong Technology, with increases of 151.67% and 134.06% respectively [2] Group 3: Industry Focus - The social security fund's holdings are primarily concentrated in the pharmaceutical, electronics, and computer industries, with 5, 5, and 3 stocks respectively [3] - Since July, the average increase in the stocks held by the social security fund has been 22.09%, with Dingtong Technology showing the highest cumulative increase of 66.39% [3]

Group 1 - The core viewpoint of the article highlights the movements of social security funds in the stock market, particularly their investments in 18 stocks on the Sci-Tech Innovation Board, with a total holding of 61.6075 million shares valued at 3.172 billion yuan [1][2] - In the second quarter, social security funds entered 5 new stocks, increased holdings in 6 stocks, and reduced holdings in 4 stocks, while 3 stocks remained unchanged in their holdings [1][2] - The stocks with the highest holdings by social security funds include Daotong Technology with 9.2709 million shares, followed by Nanwei Medical and Kaili New Materials with 9.1785 million and 6.3642 million shares respectively [1][2] Group 2 - Among the stocks held by social security funds, 15 companies reported year-on-year net profit growth in the first half of the year, with Rongzhi Rixin showing the highest increase of 2063.42% [2] - The sectors where social security funds are concentrated include pharmaceuticals and biotechnology, electronics, and computers, with 5, 5, and 3 stocks respectively [2] - The average increase in the stock prices of the Sci-Tech Innovation Board stocks held by social security funds since July is 22.09%, with Ding Tong Technology leading at a cumulative increase of 66.39% [2]

Group 1 - The chemical products sector increased by 0.71% on August 21, with Feilu Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] - Notable gainers in the chemical products sector included Feilu Co., Ltd. with a closing price of 12.85, up 10.40%, and Boyuan Co., Ltd. with a closing price of 44.84, up 10.25% [1] Group 2 - The chemical products sector experienced a net outflow of 449 million yuan from institutional funds, while retail investors saw a net inflow of 500 million yuan [2] - The top individual stock performers in terms of net inflow included Wanhua Chemical with a net inflow of 4.24 billion yuan, while retail investors showed significant outflows in several stocks [3] - The overall trading volume and turnover in the chemical products sector reflected mixed investor sentiment, with some stocks experiencing substantial declines [2][3]

Core Viewpoint - The company has experienced a significant increase in profits and market share in the second quarter, despite a notable decline in revenue compared to previous quarters due to changes in business structure and sales volume [1][2][3]. Group 1: Financial Performance - As of August 15, 2025, the company reported a 38% decrease in revenue in the second quarter compared to the previous quarter, primarily due to a 14% reduction in other business income and a 31% decline in sales revenue from high-priced products [2][3]. - The company’s recent fund, Quan Guo Xu Yuan Mixed A, achieved a return of 40.15% over the past year, indicating strong performance in the fund market [1][2]. Group 2: Business Segments - The company operates in various sectors, with the fine chemical sector accounting for 70.48% of total revenue in the first half of 2025, driven by a 49.26% increase in sales in the pharmaceutical segment [4][5]. - The basic chemical sector contributed 25.35% to revenue, with a remarkable 185.54% increase in sales, largely due to a 113.22% rise in sales of mercury-free PVC catalysts [4][5]. - The environmental and new energy sector represented 2.90% of revenue, with an astonishing 1,497.06% increase in sales, attributed to advancements in hydrogen catalysts [4][5]. Group 3: Product Development and Market Expansion - The company has successfully developed and sold over ten types of catalysts in the basic chemical sector, with significant market potential in PVC and BDO catalysts [6]. - The hydrogenated nitrile rubber project is progressing well, with the first phase planned for 1,000 tons/year capacity, expected to release 30%-40% of its capacity in 2025 [7]. - The company is actively pursuing opportunities in the metallocene catalyst field, which is crucial for the domestic production of high-end polyolefins [8]. Group 4: Strategic Decisions - The company has decided to deregister a subsidiary, Keli Platinum, due to uncertainties in its future operations and to optimize resource allocation [8]. - The company reported a fair value loss of nearly 4 million due to gold leasing activities, which are part of its processing business [8].

（文章来源：每日经济新闻） 凯立新材（688269.SH）8月20日在投资者互动平台表示，公司目前未在固态电池领域开展相关技术布 局与技术储备。公司也在持续关注并紧跟市场发展趋势。在新兴电池行业中氢化丁腈橡胶有望替代 PVDF成为最优潜力的电池胶黏剂之一。公司控股子公司彬州凯泰氢化丁腈橡胶产业化项目主体及配套 设施建设、设备安装已经完成，目前进入调试，联动，收尾阶段，整个项目稳定有序的推进，项目落地 将为公司后续下游高端新材料的发展和新型催化技术的成果落地转化奠定坚实的基础。 每经AI快讯，有投资者在投资者互动平台提问：公司在固态电池有无布局？公司的HNBR产品是否可用 于固态电池？ ...

Group 1 - The company stated that its catalyst products can be used in the development of innovative drugs, pharmaceutical intermediates, and active pharmaceutical ingredients [2] - By the first half of 2025, the revenue from the pharmaceutical sector is expected to account for 40.51% of the company's total catalyst income [2]

Group 1 - The core viewpoint of the article is that Kaili New Materials (688269.SH) has developed catalyst products that can be utilized in the research and development of innovative drugs, as well as in the production of pharmaceutical intermediates and active pharmaceutical ingredients [1] - By the first half of 2025, the revenue from the pharmaceutical sector for the company’s catalyst products is expected to account for 40.51% of total revenue [1]

Core Viewpoint - The company focuses on catalyst preparation and application technology, while gradually expanding into basic chemicals and environmental new energy sectors [1] Group 1 - The company's main business revolves around catalyst preparation and application technology [1] - The company is deepening its efforts in the fine chemical field [1] - The company has not yet developed relevant technology layout and reserves in the solid-state battery field [1] Group 2 - The company is continuously monitoring and keeping pace with market development trends [1]