江西黑猫炭黑股份有限公司董事会 根据《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》《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》等要求， 并结合独立董事出具的《独立董事关于独立性自查情况的报告》，江西黑猫炭黑 股份有限公司（以下简称"公司"）董事会就公司 2024 年度在任独立董事方彬福 先生（2024 年 12 月换届离任）、骆剑明先生、夏晓华先生、江国强先生（2024 年 12 月任职）的独立性情况进行评估并出具如下专项意见： 二〇二五年四月二十五日 江西黑猫炭黑股份有限公司董事会 关于独立董事独立性评估的专项意见 经核查，根据公司 2024 年度在任独立董事方彬福先生（2024 年 12 月换届 离任）、骆剑明先生、夏晓华先生、江国强先生（2024 年 12 月任职）自查及其 在公司的履职情况，董事会认为公司独立董事均能够胜任独立董事的职责要求， 其未在公司担任除独立董事以外的任何职务，也未在公司主要股东公司担任任何 职务，与公司以及主要股东之间不存在妨碍我们进行独立客观判断的关系，不存 在影响独立董事独立性的情况，符合《上市公司独立董事管理办法》等法律法规 及《 ...

Financial Performance - The company's revenue for Q1 2025 was ¥2,180,225,925.43, representing a decrease of 8.58% compared to ¥2,384,891,152.51 in the same period last year[4] - The net profit attributable to shareholders was a loss of ¥35,518,062.63, a significant decline of 1,046.17% from a profit of ¥3,753,861.20 in the previous year[4] - The net cash flow from operating activities was negative at ¥253,762,749.80, a decrease of 434.00% compared to a positive cash flow of ¥75,976,735.77 in the same period last year[4] - Total operating revenue for the current period was ¥2,180,225,925.43, a decrease of 8.5% from ¥2,384,891,152.51 in the previous period[19] - Operating profit for the current period was -¥32,840,615.04, compared to a profit of ¥8,244,939.21 in the previous period[19] - The company reported a net loss of ¥33,095,975.96 for the current period, compared to a profit of ¥8,095,667.50 in the previous period[19] - The company reported a net loss of ¥38,058,929.16, compared to a net profit of ¥2,749,984.87 in the previous period[20] - The total comprehensive income amounted to ¥-38,097,738.47, compared to ¥2,789,597.32 in the prior period[20] Assets and Liabilities - The total assets at the end of the reporting period were ¥8,000,544,660.96, down 3.70% from ¥8,308,265,711.86 at the end of the previous year[4] - Current assets totaled ¥3,991,536,068.18, down 6.6% from ¥4,272,121,357.60 at the beginning of the period[16] - Non-current assets totaled ¥4,009,008,592.78, slightly down from ¥4,036,144,354.26[16] - Total liabilities decreased to ¥5,006,772,068.33 from ¥5,195,875,424.40, a reduction of 3.6%[17] - The company's cash and cash equivalents decreased to ¥314,345,764.89 from ¥461,660,741.87, a decline of 31.9%[15] - Cash and cash equivalents at the end of the period were ¥248,779,856.83, down from ¥608,189,564.30 at the end of the previous period[22] Shareholder Information - The total number of common shareholders at the end of the reporting period is 35,192[10] - The largest shareholder, Jingdezhen Black Cat Group Co., Ltd., holds 36.64% of the shares, totaling 269,450,720 shares[10] - The controlling shareholder, Jingdezhen Black Cat Group, has increased its shareholding from 34.64% to 36.64% by acquiring 14,706,900 shares[12] - The top ten shareholders do not participate in margin trading or securities lending[11] - The company maintains its shareholding structure without any known relationships among the top ten shareholders[10] Financing Activities - Short-term borrowings increased by 39.77% to ¥1,619,657,910.61, attributed to an increase in bank loans[8] - The company raised ¥1,264,360,000.00 through borrowings, compared to ¥894,308,000.00 in the prior period[22] - The net cash flow from financing activities was ¥321,407,400.85, a decrease from ¥401,702,456.76 year-over-year[22] - The company incurred cash outflows of ¥918,560,000.00 for debt repayment, up from ¥473,038,231.75 in the previous period[22] Other Information - The company reported a total of ¥6,892,780.85 in non-recurring gains and losses for the period[6] - The company plans to repurchase shares with a total amount not less than RMB 100 million and not exceeding RMB 150 million, with a maximum repurchase price of RMB 11.95 per share[11] - As of the announcement date, the company has repurchased 13,989,800 shares, accounting for 1.90% of the total share capital[11] - The increase in shareholding by the controlling shareholder is part of a plan with a total investment of not less than RMB 100 million and not exceeding RMB 200 million[12] - The company has decided to waive its preferential right to acquire 33% equity in its subsidiary, Anhui Black Cat New Materials Co., Ltd.[13] - The company is focused on sustainable development and recognizes the value of its stock based on future growth prospects[11] - The company did not undergo an audit for the first quarter report[23] - The new accounting standards will not be applicable for the company starting from 2025[24]

Financial Performance - The company's operating revenue for 2024 was CNY 10,131,697,631.62, representing a 7.20% increase compared to CNY 9,451,120,155.17 in 2023[17]. - The net profit attributable to shareholders for 2024 was CNY 25,134,712.16, a significant turnaround from a loss of CNY 242,942,816.36 in 2023, marking a 110.35% improvement[17]. - The basic earnings per share for 2024 was CNY 0.0342, compared to a loss of CNY 0.3308 per share in 2023, reflecting a 110.34% increase[17]. - The total operating revenue for the four quarters was approximately CNY 10.13 billion, with the highest revenue in Q4 at CNY 2.83 billion[22]. - The net profit attributable to shareholders for Q4 was CNY 80.13 million, marking a recovery from losses in Q1, Q2, and Q3[22]. - The company reported a significant decrease in net profit after deducting non-recurring gains and losses, amounting to negative CNY 29,289,103.23 for 2024[17]. - The company received government subsidies amounting to CNY 16.82 million in 2024, contributing to its financial performance[23]. - The total non-recurring gains and losses for 2024 amounted to CNY 54.42 million, a significant increase from CNY 21.27 million in 2023[23]. Assets and Liabilities - Total assets at the end of 2024 were CNY 8,308,265,711.86, up 4.63% from CNY 7,940,740,028.55 at the end of 2023[17]. - The net assets attributable to shareholders decreased by 1.46% to CNY 2,975,537,541.60 at the end of 2024 from CNY 3,019,524,292.34 at the end of 2023[17]. - Short-term borrowings increased to ¥1,158,775,630.45 in 2024, representing 13.95% of total assets, up from 11.88% in 2023[80]. Production and Capacity - In 2024, the company's carbon black production capacity utilization rate reached 89.61%, significantly higher than the industry average of 56.1%[27]. - The main product, carbon black, has a designed capacity of 1.162 million tons with a capacity utilization rate of 89.61%[47]. - The company produced 1,041,300 tons of carbon black and sold 1,043,600 tons in 2024, achieving a sales rate of 100.22%[56]. - The company has established eight production bases across China, enhancing its production capacity to 1,162,000 tons annually, maintaining its leading position in the domestic carbon black industry[56]. Research and Development - The company has applied for 78 invention patents and holds 368 utility model patents, showcasing its strong R&D capabilities[47]. - The company reported a significant increase in research and development expenses, which rose by 100.27% to ¥46,239,981.75, indicating a focus on innovation[72]. - R&D investment amounted to ¥569,242,436.71 in 2024, up 10.58% from ¥514,784,782.29 in 2023[75]. - The company is developing new products such as superconducting carbon black for power batteries and eco-friendly water-based coating carbon black, which have completed pilot tests and begun industrial production[51]. Environmental Compliance - The company adheres to environmental regulations, including the Environmental Protection Law and the Air Pollution Prevention Law[163]. - The company has implemented environmental impact assessments for all construction projects[163]. - The company has installed online monitoring facilities and established a dynamic monitoring system for environmental compliance[181]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[183]. Governance and Shareholder Relations - The company has a governance structure that complies with legal requirements, ensuring transparency and protection of shareholder rights[111]. - The company has established a complete independent legal entity with full control over its assets, ensuring no damage to its interests from shareholder actions[119]. - The company has implemented a stock incentive plan, with a reduction of 120,000 shares for a director due to the repurchase and cancellation of restricted stock[124]. - The company plans to implement a three-year shareholder return plan for 2024-2026[144]. Market Position and Strategy - The company aims to become an international leader in specialty chemicals and high-performance materials, focusing on technological innovation and industry chain extension[58]. - The company is positioned to capitalize on the consolidation of the tire industry, as only large-scale carbon black producers can meet the stable supply demands of leading tire manufacturers[50]. - The company is actively expanding into new materials, with projects like the 5,000 tons/year carbon nanotube powder and a 20,000 tons/year superconducting carbon black project completed[56]. Social Responsibility - The company actively participates in social responsibility initiatives, including disaster relief and public welfare projects, while promoting green development[187]. - In 2024, the company invested 145,600 yuan in rural revitalization, benefiting a total of 1,255 people[189]. - The company has engaged in strategic partnerships with universities to enhance talent cultivation and innovation[149].

证券代码：002068 证券简称：黑猫股份 公告编号：2025-010 为满足江西黑猫炭黑股份有限公司（以下简称"黑猫股份"或"公司"）全资子 公司江西黑猫高性能材料有限公司（以下简称"黑猫高性能"）的经营发展需要， 促进黑猫高性能整体的良性运营和可持续发展，黑猫股份拟以自有资金向黑猫高 性能增资 2,000 万元。本次增资完成后，黑猫高性能的注册资本将由 4,500 万元 增加至 6,500 万元，黑猫高性能仍为公司的全资子公司。 根据《深圳证券交易所股票上市规则》等法律、法规、规范性文件及《公司 章程》等有关规定，本次增资事项在董事长审批权限范围内，无需提交董事会、 股东大会审议。本次增资事项不涉及关联交易，亦不构成《上市公司重大资产重 组管理办法》规定的重大资产重组。 二、增资标的的基本情况 1、企业名称：江西黑猫高性能材料有限公司 2、住所：江西省景德镇市昌江区吕蒙乡历尧村古老山地块 3、企业类型：有限责任公司（非自然人投资或控股的法人独资） 江西黑猫炭黑股份有限公司 关于对全资子公司增资的公告 本公司及董事会保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、增资情况概述 ...

事件：公司发布关于控股股东增持公司股份实施结果的公告。公司控股股东黑猫集团以集中竞价交易方 式累计增持公司股份1470.69 万股，增持股份占公司总股本的比例为2.00%，增持金额为1.64 亿元。本 次增持计划已实施完毕，黑猫集团持有公司股份2.69 亿股，占公司总股本的比例由增持前的34.64%变 动至36.64%。股份增持也进一步体现控股股东对于公司未来发展前景的坚定信心及中长期价值的认 可。 大宗原料价格高位回落，看好公司成本改善。炭黑上游原材料包括高温煤焦油、乙烯焦油等，分属于煤 化工和石油化工，以煤炭、原油为首的大宗原料自2024 年以来呈现出高位回落趋势。进入4 月以来，由 于中美之间贸易摩擦有升温迹象，导致全球宏观经济需求预期悲观，大宗原料加速走弱。2025 年二季 度焦煤市场均价环比Q1 下滑12.7%，动力煤较Q1 环比下滑7.8%，布伦特原油较Q1 环比下滑10.2%，大 宗原料高位回落有利于公司炭黑产品成本端改善。 关税背景下炭黑产品有望实现利润修复。根据百川数据显示，截至2024年12 月国内炭黑总产能约为 912.7 万吨，行业平均开工率约为61%。根据中国橡胶工业协会炭黑分会统计 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Bromine prices continue to rise, with a 15.12% increase this week, reaching 33,385 RMB/ton, following a 20.83% rise last week, and showing an 85.47% year-on-year increase [3][4] - The refrigerant sector remains strong, with R32 prices at 48,000 RMB/ton, up 5.49% from last week, driven by seasonal demand [4][5] - EVA prices have stabilized and slightly rebounded, with an average market price of 11,443 RMB/ton, reflecting a 5.47% increase since the beginning of the year [4][5] Summary by Sections 1. Sub-industry and Product Tracking - Bromine prices have shown a significant increase due to seasonal demand and supply constraints, with a current price of 33,385 RMB/ton [3][4] - Refrigerant prices are on the rise, with R32 at 48,000 RMB/ton and R125 at 45,000 RMB/ton, indicating strong market performance [4][9] - EVA prices have stabilized, with a slight rebound observed, maintaining a market average of 11,443 RMB/ton [4][42] 2. Key Industry Trends - The fluorochemical sector is experiencing a demand surge, particularly in refrigerants, with major price increases noted [5][11] - The low-altitude economy and robotics industry are expected to drive demand for new materials, such as carbon fiber and ultra-high molecular weight polyethylene [5][25] - The semiconductor materials market is growing, with China's market size increasing from 52.5 billion RMB to 95.1 billion RMB from 2017 to 2023, reflecting a CAGR of 10% [16][19] 3. Company Announcements and Industry News - Key companies in the bromine market include those involved in the production of flame retardants and pharmaceutical intermediates [3][4] - Companies like Juhua Co. and Sanmei Co. are recommended for investment due to their strong performance in the fluorochemical sector [5][11] - The report highlights the importance of domestic semiconductor material manufacturers as the industry moves towards greater localization [18][19]

Core Viewpoint - The PVDF concept sector has shown a significant increase of 1.84%, leading the market in terms of growth, with notable stocks such as Heimao Co., Jinming Precision Machinery, and Sanmei Co. experiencing substantial gains [1][2]. Market Performance - The PVDF concept sector ranked first in today's market performance, with 12 stocks rising, including Heimao Co. (+6.83%), Jinming Precision Machinery (+5.82%), and Sanmei Co. (+3.09%) [1][2]. - Other notable sectors included Noise Control (+1.57%) and Camping Economy (+1.54%), while sectors like Combustible Ice and Controlled Nuclear Fusion saw declines of -1.62% and -1.15%, respectively [2]. Capital Flow - The PVDF concept sector attracted a net inflow of 144 million yuan, with eight stocks receiving significant capital inflows. Heimao Co. led with a net inflow of approximately 52.89 million yuan [2][3]. - Other companies with notable net inflows included Juhua Co. (48.30 million yuan), Jinming Precision Machinery (22.38 million yuan), and Putailai (11.17 million yuan) [2][3]. Capital Inflow Ratios - Heimao Co., Jinming Precision Machinery, and Juhua Co. had the highest net inflow ratios at 11.43%, 10.01%, and 7.81%, respectively [3]. - The detailed capital inflow data for the top stocks in the PVDF concept sector indicates varying performance, with Heimao Co. showing a daily increase of 6.83% and a turnover rate of 5.21% [3].

证券代码：002068 证券简称：黑猫股份 公告编号：2025-009 江西黑猫炭黑股份有限公司 关于控股股东增持公司股份实施结果的公告 公司控股股东景德镇黑猫集团有限责任公司保证向本公司提供的信息内容 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、江西黑猫炭黑股份有限公司（以下简称"公司"或"黑猫股份"）于 2024 年 12 月 05 日披露了《关于控股股东增持公司股份计划的公告》（公告编号： 2024-042），公司控股股东景德镇黑猫集团有限责任公司（以下简称"黑猫集团"） 基于对公司未来发展前景的坚定信心及中长期价值的认可，拟通过深圳证券交易 所交易系统以集中竞价交易方式增持公司股份。增持计划的实施期限为自 2024 年 12 月 05 日起 6 个月，增持股份金额不低于人民币 10,000 万元（含本数）， 不超过人民币 20,000 万元（含本数），且增持数量不超过公司总股本的 2%。 2、截至本公告日，公司控股股东黑猫集团通过深圳证券交易所交易系统以 集中竞价交易方式累计增持公司股份 14,706,90 ...

上海市锦天城律师事务所 关于景德镇黑猫集团有限责任公司 免于以要约方式增持股份事宜的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于景德镇黑猫集团有限责任公司 免于以要约方式增持股份事宜的 法律意见书 致：江西黑猫炭黑股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受江西黑猫炭黑股份有限公 司（以下简称"公司"）委托，根据《中华人民共和国公司法》《中华人民共和国 证券法》《上市公司收购管理办法》等法律、行政法规、规范性文件的有关规定， 就景德镇黑猫集团有限责任公司（以下简称"黑猫集团"）通过深圳证券交易所 交易系统以集中竞价交易方式增持不超过 2%的公司股份免于发出要约事宜，出 具本法律意见书。 为出具本法律意见书，本所及本所经办律师声明如下： 1、本所仅依据本法律意见书出具日以前已经发生或存在的事实和中华人民 共和国境内（以下简称"中国"，为出具本法律意见书目的，不包括香港特别行 政区、澳门特别行政区和台湾地区） ...

公司控股股东景德镇黑猫集团有限责任公司保证向本公司提供的信息内容 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 基于对公司未来发展前景的坚定信心及中长期价值的认可，拟通过深圳证券交易 所交易系统以集中竞价交易方式增持公司股份。增持计划的实施期限为自 2024 年 12 月 05 日起 6 个月，增持股份金额不低于人民币 10,000 万元（含本数）， 不超过人民币 20,000 万元（含本数），且增持数量不超过公司总股本的 2%。 （公告编号：2025-006），2025 年 03 月 07 日披露了《关于控股股东股份增持计 划实施期限过半的进展公告》（公告编号：2025-007），黑猫集团自 2025 年 01 月 24 日至 2025 年 03 月 05 日期间，通过集中竞价交易方式累计增持公司股份 公司股份前的 34.64%增加至 35.00%。 知函》，黑猫集团于 2025 年 03 月 19 日至 2025 年 03 月 24 日期间，通过集中竞 价交易方式累计增持公司股份 8,890,900 股，增持股份占公 ...