2025年9月19日，北京同益中新材料科技股份有限公司董事会收到董事长、总经理黄兴良的书面辞职报 告，因工作安排调整，其辞去总经理职务，但仍任董事长。黄兴良原定任期到2028年3月16日，截至公 告披露日，其持有公司569,100股。同日，公司第三届董事会第五次会议审议通过议案，经提名委员会 提名审查，董事会同意聘任陈艳华任总经理，任期与第三届董事会一致。陈艳华履历丰富，现任公司董 事，未持有公司股份，具备任职条件。 ...

Market Overview - On September 17, the chemical fiber sector declined by 0.63%, with Huilong New Materials leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Notable gainers in the chemical fiber sector included: - Tongyi Zhong: closed at 20.36, up 3.09% with a trading volume of 117,500 shares and a turnover of 239 million yuan [1] - Wanwei High-tech: closed at 5.98, up 1.36% with a trading volume of 561,900 shares and a turnover of 333 million yuan [1] - Major decliners included: - Huilong New Materials: closed at 26.33, down 5.93% with a trading volume of 39,400 shares and a turnover of 106 million yuan [2] - Shenma Co.: closed at 9.71, down 4.24% with a trading volume of 323,700 shares and a turnover of 318 million yuan [2] Capital Flow - The chemical fiber sector experienced a net outflow of 119 million yuan from institutional investors, while retail investors saw a net inflow of 112 million yuan [2][3] - The capital flow for key stocks showed: - Wanwei High-tech: net inflow of 20.83 million yuan from institutional investors, but a net outflow of 10.29 million yuan from speculative funds [3] - Huilong New Materials: significant net outflow of 18.21 million yuan from speculative funds [3]

Market Overview - The chemical fiber sector increased by 1.41% on September 16, with Tongyi Zhong leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Stock Performance - Key stocks in the chemical fiber sector showed the following performance: - Tongyi Zhong (688722) closed at 19.75, up 5.00% with a trading volume of 110,000 shares and a turnover of 215 million yuan [1] - Baogang Di (300905) closed at 36.61, up 3.92% with a trading volume of 141,600 shares and a turnover of 513 million yuan [1] - Nanjing Chemical Fiber (6888009) closed at 16.04, up 3.35% with a trading volume of 122,000 shares and a turnover of 192 million yuan [1] - Other notable stocks include Huafeng Chemical (002064) and Xinxiang Chemical Fiber (000949), which saw increases of 2.63% and 2.09% respectively [1] Capital Flow - The chemical fiber sector experienced a net outflow of 38.56 million yuan from institutional investors and 62.84 million yuan from speculative funds, while retail investors saw a net inflow of 101 million yuan [2] - Detailed capital flow for specific stocks indicates: - Baolidi (300905) had a net inflow of 60.63 million yuan from institutional investors [3] - Xinxiang Chemical Fiber (000949) saw a net inflow of 26.76 million yuan from institutional investors [3] - Tongyi Zhong (688722) had a net inflow of 14.72 million yuan from institutional investors [3]

Core Viewpoint - Tongyi Zhong (688722.SH) is a qualified supplier for Airbus, continuously supplying X-612N aramid paper for Airbus A320/A350 models [1] Company Developments - Chao Meisi is actively expanding its applications in domestic large aircraft, focusing on low-altitude economy by applying for and undertaking multiple projects [1] - The company is exploring the low-altitude economy application field, indicating a broad future prospect [1]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Recent price increases observed in bio-jet fuel, polysilicon, refrigerants, and EVA, while prices for Vitamin E and other materials have declined [5][9][46] - The demand for lightweight materials is expected to rise due to advancements in robotics and the low-altitude economy, suggesting potential investment opportunities in related companies [5][24][30] Summary by Sections 1. Subsector Tracking - Bio-jet fuel (SAF) price reached 2670 USD/ton, up 1.14% week-on-week, and up 44.01% year-to-date [9] - Polysilicon spot price at 53945 CNY/ton, up 2.65% week-on-week [9] - Refrigerant R32 price at 61500 CNY/ton, up 0.82% week-on-week [9] - EVA market average price at 11150 CNY/ton, up 2.76% week-on-week [9] - Vitamin E price at 55 CNY/kg, down 8.33% week-on-week [4] 2. Key Product Price Trends - The report highlights significant price fluctuations in key chemical materials, with some products experiencing substantial increases while others, like Vitamin E and PA66, have seen declines [4][10] 3. Industry Performance - The basic chemical index increased by 2.40% during the week, ranking 10th among 30 sectors [60] - The overall chemical industry performance has shown noticeable differentiation, with some sectors performing better than others [63] 4. Focus on Lightweight Materials - The report emphasizes the growing importance of lightweight materials in the context of robotics and low-altitude economic activities, indicating a potential increase in demand for materials like PEEK and carbon fiber [5][24][30] 5. Renewable and Modified Plastics - The report discusses the increasing application of renewable plastics and the growing market for special engineering plastics, driven by environmental concerns and technological advancements [48][55]

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].

Investment Rating - The investment rating for the company is "Outperform" [1] Core Views - The company reported a performance below expectations, with significant growth in fiber scale and contributions from the acquisition of Chaomeisi [1][6] - The company is focusing on product innovation and expanding into emerging markets, despite facing challenges in overseas trade and supply pressures in the civilian fiber sector [6] - The successful acquisition of Chaomeisi is expected to enhance the company's core competitiveness and facilitate the development of a high-performance fiber product matrix [6] - The profit forecast for 2025-2027 has been adjusted downwards due to competitive pressures in traditional civilian products and the need for time to develop new projects [6] Financial Data and Profit Forecast - Total revenue is projected to reach 1,135 million in 2025, with a year-on-year growth rate of 74.9% [2] - Net profit attributable to the parent company is expected to be 200 million in 2025, reflecting a growth rate of 53.3% [2] - Earnings per share are forecasted to be 0.89 in 2025, with a gross margin of 35.8% [2] - The return on equity (ROE) is expected to be 13.3% in 2025 [2] Market Data - The closing price of the stock is 19.47, with a price-to-earnings (PE) ratio of 34 [3] - The market capitalization is approximately 4,363 million [3] - The stock has a dividend yield of 0.34% based on the most recent dividend announcement [3] Company Performance - In the first half of 2025, the company achieved a revenue of 483 million, a year-on-year increase of 89.7%, and a net profit of 66 million, up 41.1% [6] - The company’s UHMWPE fiber revenue grew by 21.8%, while composite materials revenue increased by 57.5% [6] - The gross margin for UHMWPE fibers decreased by 5.46 percentage points to 27.96%, while the gross margin for composite materials increased by 10.06 percentage points to 52.29% [6]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **robotic materials industry**, particularly the development of **robotic tendons** and **high-performance polyethylene fibers** [1][2][3]. Core Insights and Arguments - **Demand Growth**: The demand for ultra-high molecular weight polyethylene (UHMWPE) fibers is steadily increasing, with global demand expected to reach approximately **54,700 tons** by 2028, reflecting a compound annual growth rate (CAGR) of over **10%** [1][8]. - **China's Market Share**: In 2023, China's demand for UHMWPE fibers was about **33,800 tons**, accounting for over **60%** of global demand [8][9]. - **Market Dynamics**: The high-end product technology for UHMWPE fibers is primarily monopolized by **three companies**: **Invista** (USA), **Honeywell** (USA), and **Toyobo** (Japan). However, domestic companies have captured about **70%** of global production capacity [10][11]. - **Key Players**: - **Tongyi Zhong** is identified as the leading domestic company in the UHMWPE fiber industry, with a production capacity of **7,960 tons** and **2,175 tons** for auxiliary materials by the end of 2024 [11][13]. - **Henghui Security** has a current capacity of **3,000 tons** and plans to expand to **12,000 tons**, with **4,800 tons** expected to be operational by 2025 [4][14]. - **Daye Co.** is a significant supplier of steel wire products, with projected sales of **436,000 tons** for tire beads and **361,800 tons** for steel cord in 2024, playing a crucial role in robotic tendon transmission [4][12][17]. Additional Important Content - **Robotic Hand Development**: The dexterous hand is a critical development direction for robots, featuring multiple degrees of freedom and human-like functions, which are essential for various operational capabilities [3]. - **Tendon Transmission Applications**: The tendon transmission method is a vital component in dexterous hands, allowing for aesthetically pleasing and efficient long-distance movement. The primary transmission schemes include **N-type**, **N+1-type**, and **2N-type** [6]. - **Material Advantages**: UHMWPE fibers are lightweight, high modulus, wear-resistant, and flexible, making them ideal for tendon applications. Initially used in military applications, they are now expanding into civilian uses [7][10]. - **Investment Opportunities**: The conference highlights potential investment targets in the domestic market, including **Tongyi Zhong**, **Henghui Security**, **Kanglongda**, and **Daye Co.**, each with unique strengths and growth prospects in the UHMWPE fiber sector [11][15][17].

Core Viewpoint - Tongyi Zhong's stock price has shown significant volatility, with a year-to-date increase of 51.30% but a recent decline over various trading periods, indicating potential market fluctuations and investor sentiment changes [1][2]. Company Overview - Beijing Tongyi Zhong New Material Technology Co., Ltd. was established on February 10, 1999, and listed on October 19, 2021. The company specializes in the research, production, and sales of ultra-high molecular weight polyethylene (UHMWPE) fibers and composite materials [1]. - The main revenue sources for the company are UHMWPE fibers (42.98%), composite products (26.15%), aramid fibers (16.63%), aramid paper (12.99%), and other minor categories [1]. Financial Performance - For the first half of 2025, Tongyi Zhong reported a revenue of 483 million yuan, representing a year-on-year growth of 89.70%. The net profit attributable to shareholders was 66.48 million yuan, reflecting a 41.13% increase compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 136 million yuan in dividends [3]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders increased by 12.67% to 9,456, while the average circulating shares per person decreased by 11.24% to 23,699 shares [2]. - The stock has seen significant trading activity, with a net inflow of 1.68 million yuan from major funds and notable buying and selling volumes in recent trading sessions [1]. Institutional Holdings - Among the top ten circulating shareholders, several new institutional investors have entered, including Penghua Carbon Neutral Theme Mixed A and others, indicating growing institutional interest in the company [3].

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by product optimization and market expansion in the ultra-high molecular weight polyethylene (UHMWPE) fiber sector [1][2] Financial Performance - In H1 2025, the company achieved revenue of 483 million yuan, an increase of 89.70%, and a net profit of 66 million yuan, up 41.13% [1] - The gross margin was 31.23%, down 4.97 percentage points, while the net margin improved to 14.09%, up 4.96 percentage points [1] - The revenue from UHMWPE fiber business was 207 million yuan, growing by 22.27%, but the gross margin decreased to 27.96%, down 5.46 percentage points [1] - Revenue from composite materials reached 126 million yuan, a growth of 57.44%, with a gross margin of 52.29% [1] Market and Product Development - The company focuses on the import substitution and independent innovation of UHMWPE fiber products, serving both military and civilian applications [1] - The demand for UHMWPE fibers is strong, with applications expanding in military and civilian sectors, particularly in personal ballistic protection [2] - The company is enhancing its market presence in traditional sectors like safety protection and marine rope fibers while exploring new applications in humanoid robot dexterous hands [1][2] Operational Efficiency - The company has implemented smart manufacturing upgrades, improving production process visibility and efficiency, leading to a significant reduction in production costs [1] - The operating expense ratio decreased to 8.24%, with management and sales expense ratios also declining [1] - R&D expenses increased by 65.25% to 24 million yuan, reflecting the company's commitment to enhancing innovation capabilities [1] Future Outlook - The company expects to benefit from the growth in military demand and the expansion of civilian applications, which will broaden its growth potential [2] - Projected revenues for 2025-2027 are estimated at 973 million yuan, 1.137 billion yuan, and 1.312 billion yuan, with net profits of 152 million yuan, 182 million yuan, and 212 million yuan respectively [2]