[Jiangxi Black Cat Carbon Black Inc. Co., Ltd. 2025 Semi-Annual Performance Forecast](index=1&type=section&id=Jiangxi%20Black%20Cat%20Carbon%20Black%20Inc.%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast) [Current Period Performance Forecast](index=1&type=section&id=Item%20I.%20Current%20Period%20Performance%20Forecast) The company anticipates a significant increase in net loss for the first half of 2025, with net profit attributable to shareholders projected to be a loss of RMB 95 million to RMB 120 million, compared to a loss of RMB 54.4836 million in the prior year period Key Financial Performance Indicators | Item | Current Period Forecast | Prior Year Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of the Listed Company** | Loss RMB 95.00 million to RMB 120.00 million | Loss RMB 54.4836 million | | **Net Profit After Deducting Non-Recurring Gains and Losses** | Loss RMB 110.00 million to RMB 135.00 million | Loss RMB 70.9558 million | | **Basic Earnings Per Share** | Loss RMB 0.1292/share to RMB 0.1632/share | Loss RMB 0.0740/share | [Pre-Audit Status of Performance Forecast](index=1&type=section&id=Item%20II.%20Pre-Audit%20Status%20of%20Performance%20Forecast) The performance forecast data has not been pre-audited by a certified public accountant, and its accuracy awaits final audit confirmation - The company explicitly states that this performance forecast has not undergone pre-communication or pre-audit by an accounting firm[4](index=4&type=chunk) [Explanation of Performance Change](index=1&type=section&id=Item%20III.%20Explanation%20of%20Performance%20Change) The primary reason for the performance decline is a year-over-year decrease in the gross profit margin of the main product, carbon black, attributed to factors such as raw material price fluctuations, supply-demand imbalance, weak downstream demand, and intensified industry competition, with the company implementing measures to improve operations - The core factors contributing to the performance decline are the decrease in carbon black product gross profit margin, specifically due to: - Raw material price fluctuations - Supply-demand imbalance - Weak downstream demand - Intensified industry competition[5](index=5&type=chunk) - To address these challenges, the company plans to implement measures such as optimizing product structure, strengthening cost control, and expanding market channels[5](index=5&type=chunk) [Other Relevant Information](index=1&type=section&id=Item%20IV.%20Other%20Relevant%20Information) The company advises investors that this forecast is a preliminary estimate by the finance department, with final data subject to the 2025 semi-annual report, and cautions regarding investment risks - This performance forecast represents preliminary estimates, with final financial data to be disclosed in the 2025 semi-annual report, and investors are advised to be aware of investment risks[6](index=6&type=chunk)

Group 1 - The PVDF concept sector experienced a decline of 1.65%, ranking among the top declines in concept sectors, with major declines seen in companies like Sanmei Co., Ltd., Juhua Co., Ltd., and Shenzhen New Star [1][2] - Among the PVDF concept stocks, only two stocks saw price increases, with Jinming Precision Machinery rising by 1.46% and ST Lianchuang by 0.59% [1][2] - The main capital outflow from the PVDF concept sector today was 297 million yuan, with 12 stocks experiencing net outflows, and six stocks seeing outflows exceeding 10 million yuan [2][3] Group 2 - Juhua Co., Ltd. had the highest net capital outflow of 123.45 million yuan, followed by Dongyangguang with 99.37 million yuan and Putailai with 22.80 million yuan [2][3] - The stocks with the highest net capital inflow included Haohua Technology, Jinming Precision Machinery, and Sanmei Co., Ltd., with inflows of 23.99 million yuan, 5.89 million yuan, and 3.76 million yuan respectively [2][3] - The trading volume for Juhua Co., Ltd. was 2.10%, while the trading volume for Jinming Precision Machinery was 4.04% [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a potential stock price increase of 5% to 15% over the next six months [12]. Core Insights - The company is advancing in the production of superconductive carbon black, with products currently being tested across various downstream industries, suggesting a broadening of application directions [1][2]. - Amidst the backdrop of US-China trade tensions, the domestic substitution process for superconductive carbon black is expected to accelerate, as the country remains heavily reliant on imports for specialty carbon blacks [2]. - The competitive landscape is improving, with a forecasted recovery in the carbon black industry due to stable downstream demand and the potential exit of low-end producers, enhancing market concentration [3]. Summary by Sections Company Overview - The company has a production capacity of 30,000 tons per year for superconductive carbon black and has launched 4-6 product variants, with several more in development [2]. Market Dynamics - China is the largest carbon black producer, with an estimated production of 5.608 million tons in 2024, but still faces a high import dependency for specialty carbon blacks [2]. - The carbon black industry in China has a low concentration level, with the top five companies holding only 41% of the market share, indicating significant room for consolidation [3]. Financial Projections - The company is projected to achieve net profits of 205 million, 260 million, and 303 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 43.71X, 34.38X, and 29.54X [3][4]. - Revenue is expected to grow from 10.132 billion yuan in 2024 to 10.955 billion yuan in 2027, reflecting a compound annual growth rate [4]. Stock Performance - The company's stock closed at 12.16 yuan, with a 12-month price range between 5.25 and 12.89 yuan, and a total market capitalization of approximately 8.942 billion yuan [5].

Core Viewpoint - The company has developed various models of superconductive carbon black products that can be used in fast-charging and solid-state battery applications [1] Group 1 - The superconductive carbon black products are currently in the testing phase, with the 6010 product still undergoing sample testing [1]

上海市锦天城律师事务所 关于江西黑猫炭黑股份有限公司 2024 年度股东大会的 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 关于江西黑猫炭黑股份有限公司 2024 年度股东大会的 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，就公司召开 2024 年度股东大会（以下简称"本次股 东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简称《公司法》）、 《上市公司股东会规则》等法律、法规、规章、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，出具本法律意见书。 为出具本法律意见书，本所律师对本次股东大会所涉及的相关事项进行了必 要的核查和验证，审查了本所律师认为出具该法律意见书所需审查的相关文件、 资料，并参加了公司本次股东大会现场会议的全过程。 鉴此，本所律师根据上述法律、法规、规章及规范性文件的 ...

证券代码：002068 证券简称：黑猫股份 公告编号：2025-025 江西黑猫炭黑股份有限公司 2024年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 特别提示 1、本次股东大会没有出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： （1）现场会议时间：2025年05月19日（星期一）下午2:00； （2）网络投票时间：通过深圳证券交易所交易系统进行投票的时间为2025 年05月19日9:15—9:25,9:30—11:30和13:00—15:00；通过深圳证券交易所互联网 投票系统投票的时间为2025年05月19日9:15-15:00期间的任意时间。 2、现场会议召开的地点：江西省景德镇市昌南大道紫晶路9号紫晶宾馆会议 室。 3、会议的召开方式：本次会议采取现场投票和网络投票相结合的方式。 4、会议召集人：公司董事会 5、会议主持人：公司董事李毅先生 证券代码：002068 证券简称：黑猫股份 公告编号：2025-025 其中：通过现场投票的股东 ...

Group 1 - The company held an online performance briefing for the 2024 fiscal year on May 16, 2025, focusing on performance, new product development, and market conditions [1] - In Q1 2025, the company reported a loss of 0.048 yuan per share, while competitors like Yongdong Co. and Longxing Technology achieved profitability, attributing the loss to raw material price fluctuations and a lag in product pricing adjustments [1] - The company's inventory increased by 212 million yuan and accounts receivable rose by 73.62 million yuan in Q1 2025, primarily due to a production and sales rate below 100%, leading to higher product stock [1] Group 2 - The first phase of the carbon nanotube powder project has been completed, with products mainly sold to lithium battery companies and conductive paste manufacturers, and the company is actively pursuing customer collaborations amid industry supply-demand changes [2] - The company has maintained close cooperation with leading domestic enterprises in the tire sector, including joint development of new products [2] - The company is advancing new product research and industrialization despite performance pressures, indicating a positive future development outlook [2]

Group 1: Financial Performance - In Q1 2025, the company reported a loss of 0.048 CNY per share, while competitors Yongdong and Longxing achieved profitability [2] - The increase in inventory was 212 million CNY, and accounts receivable rose by 73.62 million CNY, raising concerns about potential impairment risks [2] - The primary reason for the Q1 loss was fluctuations in raw material prices and a lag in adjusting product pricing mechanisms, which pressured profit margins [2] Group 2: Product Development and Sales - The sales revenue from conductive carbon black products was not separately disclosed for 2024, as it constituted a small portion of total sales [2] - The current production capacity for superconductive carbon black is 30,000 tons, with 4-6 product types available and several more in development [3] - Major customers for conductive carbon black include well-known domestic lithium battery companies, although specific names cannot be disclosed [3] Group 3: Market and Competitive Landscape - The company has not exported products to the U.S., thus the impact of the U.S.-China trade war on sales is minimal [3] - Compared to competitors, the company has a larger production capacity for carbon black, which affects sales flexibility and cost structure [3] - There is a growing trend of domestic substitutes for imported specialty carbon black products due to advancements in domestic technology [4] Group 4: Operational Strategies - The company is implementing cost reduction and efficiency improvement measures through supply chain collaboration, technological innovation, and product upgrades [4] - The average gross margin for conductive carbon black products is not disclosed, but the company acknowledges that current margins are low [4] - The company is actively pursuing various applications for its superconductive carbon black, including potential uses in robotics [4]

为进一步加强与投资者的互动交流，江西黑猫炭黑股份有限公司（以下简称"公司"） 将参加由江西省上市公司协会举办的"2025年江西辖区上市公司投资者网上集体接待日活 动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站（http://rs.p5w.net/）， 或关注微信公众号：全景财经，或下载全景路演APP，参与本次互动交流，活动时间为2025 年05月21日（周三）15:30-17:00。届时公司董事兼总经理李毅先生、董事兼财务总监汪晓芳 女士、董事会秘书张志景先生将在线就公司2024年度业绩、公司治理、发展战略、经营状况、 融资计划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广 大投资者踊跃参与！ 证券代码：002068 证券简称：黑猫股份 公告编号：2025-024 二〇二五年五月十日 江西黑猫炭黑股份有限公司 关于参加江西辖区上市公司 2025 年投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 特此公告！ 江西黑猫炭黑股份有限公司 ...

江西黑猫炭黑股份有限公司（以下简称"公司"）已于 2025 年 04 月 25 日在巨潮资讯 网披露了《2024 年年度报告》。为便于广大投资者更加全面深入地了解公司经营业绩、发 展战略等情况，公司定于 2025 年 05 月 16 日（星期五）15:00-17:00 在"价值在线" （http://www.ir-online.cn）举办 2024 年度网上业绩说明会，与投资者进行沟通和交流，广泛 听取投资者的意见和建议。公司现向投资者提前征集 2024 年度业绩说明会相关问题，提问 通道自发出公告之日起开放。 本次网上业绩说明会将采用网络远程的方式举行，出席说明会的人员为公司董事兼总经 理李毅先生、董事兼财务总监汪晓芳女士、独立董事骆剑明先生、董事会秘书张志景先生。 投资者可通过以下两种方式，依据相关提示进行提问。 证券代码：002068 证券简称：黑猫股份 公告编号：2025-023 江西黑猫炭黑股份有限公司 关于举办2024年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 二〇二五年五月十日 参与方式一：登录网址 https:// ...