Core Viewpoint - The domestic carbon black industry is facing dual challenges of continuously declining prices and high raw material costs, leading to significant pressure on the performance of leading listed companies in the first three quarters of 2025 [1] Group 1: Company Performance - Leading carbon black companies such as Longxing Technology, Yongdong Co., and Heimao Co. reported substantial declines in net profits for Q3 2025, with Heimao Co. posting a net loss of 55 million yuan, Yongdong Co. achieving a net profit of 48.89 million yuan (down 40.46% year-on-year), and Longxing Technology's net profit declining by 45.59% to 60.99 million yuan [1] - Heimao Co. reported a revenue of 6.417 billion yuan for the first three quarters, a year-on-year decrease of 12.1%, with a net loss expanding to 213 million yuan [4] - Longxing Technology achieved a revenue of 3.241 billion yuan, a year-on-year increase of 3.76%, but its net profit fell by 45.59% to 60.99 million yuan [4] Group 2: Market Price Trends - As of September 29, 2025, the mainstream market price for carbon black N330 in Shandong was between 6,300 and 6,500 yuan per ton, with an average increase of 100 yuan per ton since early July, but a decline of 146 yuan per ton (2.2%) compared to Q2 [2] - The average price for Q3 2025 was 6,465 yuan per ton, down 1,624 yuan per ton (20.08%) compared to the same period in 2024 [2] - Analysts predict that the carbon black market will experience weak fluctuations in Q4 2025, with supply exceeding demand remaining a significant factor influencing pricing [3] Group 3: Industry Challenges - The carbon black industry's profitability is under pressure due to declining market prices, with many companies reporting losses in Q3 2025 [4] - The average theoretical profit level for carbon black N330 products in Shandong was -315.69 yuan per ton in Q1 2025, a significant drop from the average profit level of 266.57 yuan per ton in Q3 2024 [4] - The ongoing supply-demand imbalance is expected to persist, leading to continued low pricing and reduced bargaining power for carbon black companies [3]

Market Overview - The rubber sector experienced a decline of 0.23% on October 31, with Tongcheng New Materials leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable gainers in the rubber sector included: - Fengwu Co., Ltd. (301459) with a closing price of 43.79, up 8.39% and a trading volume of 46,700 shares, totaling 201 million yuan [1] - Sanwei Equipment (920834) closed at 17.72, up 5.73% with a trading volume of 90,700 shares, totaling 156 million yuan [1] - Yuanxiang New Materials (301300) closed at 42.60, up 4.72% with a trading volume of 26,400 shares, totaling 111 million yuan [1] Capital Flow - The rubber sector saw a net outflow of 188 million yuan from main funds, while retail investors contributed a net inflow of 198 million yuan [2] - The capital flow for specific stocks indicated: - Sanwen Co., Ltd. (002068) had a main fund net inflow of 23.82 million yuan, while retail saw a net outflow of 2.17 million yuan [3] - Longxing Technology (002442) experienced a main fund net inflow of 1.27 million yuan, with retail investors seeing a net outflow of 3.63 million yuan [3]

Core Viewpoint - Black Cat Holdings' stock price has shown fluctuations, with a recent increase of 2.53% to 10.15 CNY per share, while the company has faced a year-to-date decline of 4.61% [1] Financial Performance - For the period from January to September 2025, Black Cat Holdings reported a revenue of 6.417 billion CNY, representing a year-on-year decrease of 12.10% [2] - The company experienced a net profit attributable to shareholders of -212 million CNY, a significant decline of 284.55% year-on-year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Black Cat Holdings was 38,800, a decrease of 0.36% from the previous period [2] - The average circulating shares per shareholder increased by 0.36% to 18,951 shares [2] Stock Market Activity - The stock has seen a net inflow of 10.51 million CNY from main funds, with large orders accounting for 23.52% of total purchases [1] - Black Cat Holdings has appeared on the trading leaderboard once this year, with a net purchase of 365,400 CNY on January 21 [1] Business Overview - Black Cat Holdings, established on July 12, 2001, and listed on September 15, 2006, primarily engages in the production and sales of carbon black, coal tar refined products, and white carbon black [1] - The revenue composition is as follows: carbon black 75.93%, coal tar refined products 13.13%, other 8.51%, and white carbon black 2.43% [1] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 6.8214 million shares, an increase of 3.3645 million shares from the previous period [3] - The Southern CSI 1000 ETF has reduced its holdings by 29,700 shares, now holding 4.0392 million shares [3]

Economic Information - The People's Bank of China emphasizes a cautious approach towards the development of stablecoins and will continue to combat domestic virtual currency operations to maintain financial order [2] - The China Securities Regulatory Commission (CSRC) has issued guidelines to strengthen the protection of small investors in the capital market, enhancing monitoring of abnormal trading behaviors and ensuring transparency regarding delisting risks [2][6] - October's polysilicon production is expected to reach approximately 134,000 tons, exceeding market expectations, while some leading companies plan to reduce production in November [3] Company Updates - Victory Technology reported a net profit of 1.102 billion yuan for Q3, a year-on-year increase of 260.52%, but a quarter-on-quarter decrease of 9.88% [5] - Taicheng Light's Q3 revenue was 386 million yuan, a year-on-year decrease of 4.98%, while net profit was 86.9765 million yuan, a year-on-year increase of 31.20% but a quarter-on-quarter decrease of 7.5% [5] - Several companies, including Tongrun Equipment and Jingji Agriculture, announced plans to reduce their shareholdings by up to 3% [7] Overseas Market Updates - International precious metal futures saw a significant decline of over 3%, with COMEX gold futures dropping 3.4% to $3,997 per ounce and silver futures falling 3.61% to $46.83 per ounce [5] - The UK government has cut the support scale for offshore wind farms by 18% to £900 million, while providing an £1.1 billion budget for renewable energy support auctions [5]

Core Viewpoint - Black Cat Co., Ltd. (002068) announced the election of Mr. Qi Lunhui as the employee representative director of the eighth board of directors during a recent employee representative meeting [1] Summary by Categories - **Company Announcement** - The company held an employee representative meeting where Mr. Qi Lunhui was elected as the employee representative director [1]

江西黑猫炭黑股份有限公司 投资者关系管理制度 （2025 年 10 月） 第一章 总则 第一条 为规范江西黑猫炭黑股份有限公司（以下简称"公司"）投资者关系管 理工作，加强公司与投资者及潜在投资者之间的有效沟通，加深投资者对公司的 了解和认同，切实保护投资者特别是中小投资者合法权益，根据《中华人民共和国 公司法》《中华人民共和国证券法》《深圳证券交易所股票上市规则》（以下简称 "《上市规则》"）、《上市公司投资者关系管理工作指引》《深圳证券交易所上市 公司自律监管指引第 1 号——主板上市公司规范运作》等法律法规和规范性文件， 以及《江西黑猫炭黑股份有限公司章程》（以下简称"公司章程"）的规定，制定 本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动交 流和诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资者对公 司的了解和认同，以提升公司治理水平和企业整体价值，实现尊重投资者、回报 投资者、保护投资者目的的相关活动。 第二章 投资者关系管理的基本原则与目的 第三条 投资者关系管理的基本原则： （一）合规性原则。公司投资者关系管理应当在依法履行信息披露义务的 基础上开展，符 ...

| 公司/本公司/上市公司 | 指江西黑猫炭黑股份有限公司（简称"黑猫股份"）。 | | --- | --- | | | 根据条款上下文理解，亦包含其下属子公司 | | 股东会 | 指本公司的股东会 | | 董事会 | 指本公司的董事会 | | 薪酬与考核委员会 | 指董事会下设的专门委员会 | | 高级管理人员 | 指本公司的总经理、财务总监、董事会秘书和本公司章 | | | 程规定的其他高级管理人员 | | 核心员工 | 根据本办法规定有资格参与跟投的公司员工 | | 跟投 | 指公司投资新建项目时，核心员工通过跟投平台跟进投 资，持有创新业务子公司的权益并承担相应风险的行为 | | 跟投方案 | 指公司组织核心员工通过跟投平台跟投公司投资新建 | | | 项目子公司，由参与跟投的员工共享该子公司未来收益 、共担风险的方案 | | 跟投平台 | 指核心员工通过认购跟投方案份额直接或间接出资设 立的法律实体，包括有限合伙企业等形式，用于直接或 | | | 间接投资创新业务子公司 | | 创新业务子公司 | 从事本办法第四条所述创新业务的，由本公司及跟投平 | | | 台直接或间接投资的子公司 | | 执委会 ...

子公司管理制度 （2025 年 10 月） 第一章 总则 江西黑猫炭黑股份有限公司 第一条 为了加强对江西黑猫炭黑股份有限公司（以下简称"公司"）子公司 的管理控制，促进子公司的规范运作，有效降低子公司经营风险，根据《中华人 民共和国公司法》（以下简称《公司法》）、《深圳证券交易所股票上市规则》 （以下简称《上市规则》）、《江西黑猫炭黑股份有限公司章程》（以下简称《公 司章程》）等法律、法规和规章，特制定本制度。 第二条 本制度所称子公司是指根据公司总体发展战略规划、提高公司竞争 力需要而依法设立的具有独立法人资格主体的公司主体，包括全资子公司、控 股子公司。 全资子公司是指公司投资且在该子公司中持股比例为 100%的公司。 控股子公司是指公司与其他单位或自然人共同出资设立的，公司持有其 50% 以上股份，或者持有其股份在 50%以下但能决定其董事会半数以上成员的组成， 或者能通过协议或其他安排能够实际控制的具有独立法人资格的公司。 第三条 本制度适用于公司的下属各级子公司。子公司董事及高级管理人员 应严格执行本制度，并应依照本制度及时、有效地做好管理、指导、监督等工作。 公司各职能部门应依照本制度及公司相关 ...

江西黑猫炭黑股份有限公司 重大信息内部报告制度 (2025 年 10 月） 第一章 总则 第一条 为加强江西黑猫炭黑股份有限公司（以下简称公司）重大信息内部 报告工作，明确公司内部各部门和各分支机构的信息收集和管理办法，确保公司 及时、真实、准确、完整地披露所有对公司股票及其衍生品种交易价格可能产生 较大影响的信息，根据《中华人民共和国公司法》、《中华人民共和国证券法》、 《深圳证券交易所股票上市规则》（以下简称《上市规则》）、《上市公司信息披露管 理办法》、《江西黑猫炭黑股份有限公司章程》（以下简称《公司章程》）、《江西黑猫炭 黑股份有限公司信息披露制度》（以下简称《信息披露制度》）及其他有关法律、法 规和规范性文件的规定，结合公司实际情况，制订本制度。 第二条 公司重大信息内部报告制度是指当出现、发生或即将发生可能对公 司股票及其衍生品种的交易价格产生较大影响的情形或事件时，按照本制度规定 负有报告义务的有关人员和公司，应及时将有关信息向公司董事长、经理层和董 事会秘书报告的制度。 第三条 本制度适用于公司及其各部门、全资子公司、控股子公司（以下简 称"子公司"）。本制度所述信息报告义务人系指按照本制度规 ...

江西黑猫炭黑股份有限公司 总经理工作细则 （2025 年 10 月） 第五条 董事受聘可兼任公司总经理或者其他高级管理人员。 在公司控股股东单位担任除董事、监事以外其他行政职务的人员，不得担任公 司的高级管理人员。 公司高级管理人员仅在公司领薪，不由控股股东代发薪水。 第六条 法律、行政法规及《公司章程》对公司高级管理人员的任职资格要 求、离职管理制度及忠实、勤勉义务的规定，适用于总经理及其他高级管理人 第一章 总则 第一条 江西黑猫炭黑股份有限公司（以下简称"公司"）按照建立现代企业 制度的要求，提高总经理及公司总经理领导下的经营层的工作效率和科学决策 水平，根据《中华人民共和国公司法》《中华人民共和国证券法》等相关法律、 法规、规范性文件以及《江西黑猫炭黑股份有限公司章程》（以下简称《公司 章程》）的有关规定，制订本制度。 第二条 经理层是指公司总经理和其他高级管理人员，接受公司党委领导和 公司董事会管理以及审计委员会监督，并依照《公司章程》及有关规定行使职 权。经理层要充分发挥在生产经营上的重要作用，确保公司股东会、董事会各 项决策部署扎实有效落实。 第二章 任职要求 第三条 公司设总经理 1 名，由董 ...