第一大股东江苏宝源投资管理有限公司及实际控制人芮敬功先生保证向本公司 提供的信息内容真实、准确、完整、无虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 公司第一大股东江苏宝源投资管理有限公司（下简称"宝源投资"）持有公司股 份144,584,000股，占公司总股本比例19.66%；公司实际控制人芮敬功先生及一致行动 人芮益民先生合计直接持有公司股份8,049,124 股，占公司总股本比例1.09%；芮敬功 先生及芮益民先生、芮益华先生是宝源投资实际控制人，通过宝源投资直接间接合计 持有公司20.75%股份。 证券代码：002165 证券简称：红宝丽 公告编号：临 2025-039 红宝丽集团股份有限公司关于 第一大股东、实际控制人减持公司股份的预披露公告 公开发行取得的股份（含该等股份进行权益分派而相应增加的股份），均为无限售流 通股。（2）芮敬功先生系红宝丽首次公开发行前持有的公司股份（含该等股份进行权 益分派而相应增加的股份），均为无限售流通股。 除外）。 宝源投资与芮敬功先生拟减持的公司股份合计不超过 14, ...

第一大股东江苏宝源投资管理有限公司及实际控制人芮敬功先生保证向本公司 提供的信息内容真实、准确、完整、无虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 公司第一大股东江苏宝源投资管理有限公司（下简称"宝源投资"）持有公司股 份144,584,000股，占公司总股本比例19.66%；公司实际控制人芮敬功先生及一致行动 人芮益民先生合计直接持有公司股份8,049,124 股，占公司总股本比例1.09%；芮敬功 先生及芮益民先生、芮益华先生是宝源投资实际控制人，通过宝源投资直接间接合计 持有公司20.75%股份。 证券代码：002165 证券简称：红宝丽 公告编号：临 2025-039 红宝丽集团股份有限公司关于 第一大股东、实际控制人减持公司股份的预披露公告 宝源投资计划在本公告披露之日起15个交易日后的三个月内以集中竞价交易方式 减持公司股份不超过5,752,698股，占公司总股本不超过0.7824%；以大宗交易方式减 持公司股份不超过7,352,698股，占公司总股本不超过 1%。 芮敬功先生计划在本公告披露之日起 ...

红宝丽（002165）公告，公司第一大股东江苏宝源投资管理有限公司及实际控制人芮敬功先生计划在公 告披露之日起15个交易日后的三个月内减持公司股份。宝源投资计划减持不超过575.27万股，占总股本 0.7824%；大宗交易减持不超过735.27万股，占总股本1%。芮敬功先生计划减持不超过160万股，占总 股本0.2176%。减持原因包括归还借款减轻债务压力和家庭资金需求。 ...

红宝丽集团股份有限公司（以下简称"公司"）近日接到第一大股东江苏宝 源投资管理有限公司（以下简称"宝源投资"）的函告，宝源投资将其所持有的 公司607万股无限售股办理了质押登记手续，具体事项如下： 一、股东股票质押情况 宝源投资和南京银行股份有限公司高淳支行（以下简称"南京银行高淳支 行"）于2025年7月14日签署了《人民币流动资金借款合同》和《股票质押合同》， 宝源投资以持有的公司607万股无限售股向南京银行高淳支行质押融资。双方已 于2025年7月15日在中国证券登记结算有限责任公司深圳分公司办理完毕了宝源 投资持有的公司607万股无限售股的股份质押登记手续。对应融资借款到期日期， 质押权利到期日为2026年7月20日。 | 股 | 是否为 | | 本次质 | 占公 | 是否为 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一大 | | | | 限售股 | 是否为 | | | | | | 东 | | 质押股数 | 押占其 | 司总 | | | 质押开 | 质押到 | | 用 | | ...

Group 1: Company Overview - The company has a production capacity of 190,000 tons for rigid polyurethane polyether, primarily used in refrigerators and refrigerated containers [1] - The pricing model for polyether products is based on binding raw material costs plus service fees, with a focus on cost reduction through technological innovation and lean production [1] - A technical transformation project for 40,000 tons of polyether was successfully trial-produced in the first half of the year, with plans for ongoing R&D to develop high-value-added polyether products [1] Group 2: Isopropanolamine Production - The company produces a full range of isopropanolamine products, including mono-, di-, and tri-isopropanolamine, with applications in surfactants, agricultural intermediates, and cement additives [2] - Continuous technological innovation and refined internal management are employed to enhance product competitiveness [2] Group 3: Epoxy Propane Industry - The domestic epoxy propane industry has seen rapid capacity expansion due to the elimination of outdated processes and the launch of integrated refining projects, leading to increased competition and lower prices [2] - The company is constructing a technical transformation project for epoxy propane at its Taixing base, aiming to increase capacity to 160,000 tons while improving operational efficiency [2] - The company utilizes a self-developed isopropylbenzene method for epoxy propane production, which offers advantages in safety, environmental protection, and quality [2] Group 4: Future Outlook - The company is focusing on technical upgrades at the epoxy propane base and aims to strengthen its core business while actively developing new products through technological innovation [2]

Performance Forecast - The company expects a net profit of 20 million to 26 million yuan for the current reporting period, a decrease of 47.11% to 31.25% compared to the same period last year, where the net profit was 37.8176 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be a loss of 10 million to 5 million yuan, a significant decline of 138.27% to 119.14% from the previous year's profit of 26.1297 million yuan [1] - Basic earnings per share are projected to be between 0.0272 yuan and 0.0354 yuan, compared to 0.0514 yuan per share in the same period last year [1] Reasons for Performance Change - The company has focused on innovation and customer value creation, actively developing new technologies and expanding markets for its main products, which include hard foam composite polyether and isopropanol amine [1] - Despite an increase in sales volume for the two main products compared to the previous year, the average purchase price of the main raw material, propylene oxide, decreased by over 10%, leading to a corresponding reduction in product prices [1] - The overall gross profit margin declined due to rising prices of some raw materials and increased sales expenses, resulting in a decrease in operating profit compared to the previous year [1]

Summary of Key Points Core Viewpoint - Hongbaoli (002165) expects a significant decline in net profit for the first half of 2025, with projections indicating a drop of 47.11% to 31.25% compared to the same period last year [1] Financial Performance - The net profit attributable to shareholders is estimated to be between 20 million yuan and 26 million yuan, down from 37.82 million yuan in the previous year [1] - The net profit after deducting non-recurring gains and losses is expected to incur a loss of between 10 million yuan and 5 million yuan, a decrease of 138.27% to 119.14% from 26.13 million yuan last year [1] - Basic earnings per share are projected to be between 0.0272 yuan and 0.0354 yuan [1] Operational Insights - The company adheres to an innovation-driven approach, actively developing new technologies and markets [1] - Despite an increase in total sales volume of main products, the average procurement price of the main raw material, propylene oxide, has decreased, leading to a reduction in product prices [1] - Rising costs of certain raw materials and increased sales expenses have contributed to a decline in operating profit compared to the previous year [1]

证券代码：002165 证券简称：红宝丽 公告编号：临 2025－037 红宝丽集团股份有限公司 2025年半年度业绩预告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日-2025 年 6 月 30 日 | 项 目 | 本报告期 | | | | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司股 东的净利润 | 盈利： | 2,000 | 万元 | - | 2,600 | 万元 | 盈利：3,781.76 | 万元 | | | 比上年同期下降：47.11% | | | | - | 31.25% | | | | 扣除非经常性损益 后的净利润 | 亏损： | 1,000 | 万元 | - | 500 万元 | | 盈利：2,612.97 | 万元 | | | 比上年同期下降：138.27% | | | | - | 119.14% | | | | 基本每股收益 | 盈利：0.0272 - | ...

Industry Overview - As of late May 2025, the price of soft foam polyether in China is 0.73 million yuan per ton, a year-on-year decrease of 19.65% [1][9] - The decline in prices is attributed to the fluctuation and decrease in upstream raw material prices, such as propylene oxide, and rapid expansion of domestic production capacity, which reached 9.5 million tons per year by February 2025, with expectations to exceed 11 million tons per year [1][9][10] - The rapid increase in production capacity has led to a significant rise in market supply, while demand growth has not kept pace, resulting in an imbalance between supply and demand [1][9] Industry Development History - The soft foam polyether industry in China has undergone four main stages: the initial stage (1989-1993), rapid development (1993-1999), technological innovation (2000-2010), and green development (2010-present) [3][4][5] - The initial stage saw the establishment of the first large-scale polyether production facility in Tianjin, marking the beginning of industrial production [3] - The rapid development phase was characterized by the introduction of new products and significant increases in production capacity, with a focus on high-end applications [3] - The technological innovation phase involved advancements in production technology and increased government support for new materials [4] - The current green development phase emphasizes technological breakthroughs in catalysts and sustainable practices due to stricter environmental regulations [5] Industry Supply Chain - The upstream of the soft foam polyether industry includes basic chemical raw materials (propylene oxide, ethylene oxide), initiators (glycerol, propylene glycol), catalysts, and production equipment [7] - The midstream involves the manufacturing of soft foam polyether, while the downstream applications span across furniture, automotive, footwear, construction insulation, waterproof coatings, and packaging materials [7] Current Industry Status - The total production capacity of soft foam polyether in China was 9.413 million tons in 2024, with a year-on-year growth of 2.34% [10] - Major companies like Wanhua Chemical, Longhua New Materials, and Changhua Chemical dominate the market, leveraging their technological and scale advantages [10][14] - The consumption of soft foam polyether in the first four months of 2025 reached 122.56 thousand tons, a year-on-year increase of 7.15%, driven by recovery in downstream sectors like furniture and automotive [12] Key Companies' Performance - Wanhua Chemical Group, established in 1978, is a significant player in the global polyether market, focusing on technological innovation and expanding its production capacity [18] - Longhua New Materials, founded in 2011, has become a leading company in the domestic soft foam polyether industry, achieving a market share of 30% in polymer polyols [16] - In 2024, Longhua New Materials reported a revenue of 5.624 billion yuan, a year-on-year increase of 12.01% [16] Industry Development Trends - The industry is expected to see optimization of production capacity and increased concentration, with leading companies like Wanhua Chemical and Longhua New Materials driving capacity consolidation [20] - There is a strong emphasis on technological innovation and green transformation, with companies adopting low-VOC formulations and developing bio-based polyethers [21][22] - Downstream demand is diversifying, with traditional markets slowing while new sectors like automotive and cold chain logistics are emerging as key growth areas [23]

Market Overview - The Shanghai Composite Index rose by 0.32% on July 4, with 13 out of the 28 sectors experiencing gains, led by the banking and media sectors, which increased by 1.84% and 0.91% respectively [1] - The sectors that saw the largest declines were beauty care and non-ferrous metals, with decreases of 1.87% and 1.60% respectively [1] - The basic chemical industry ranked third in terms of decline today [1] Capital Flow Analysis - The net outflow of capital from the two markets was 21.74 billion yuan, with 8 sectors experiencing net inflows [1] - The computer industry had the largest net inflow of capital, totaling 2.81 billion yuan, despite a slight decline of 0.05% in its stock price [1] - The banking sector also saw a net inflow of 758 million yuan, with a daily increase of 1.84% [1] Basic Chemical Industry Performance - The basic chemical industry fell by 1.22%, with a total net outflow of 2.174 billion yuan [2] - Out of 401 stocks in this sector, 41 stocks rose, and 354 stocks fell, with 4 stocks hitting the daily limit down [2] - The top three stocks with the highest net inflow in the basic chemical sector were Huafeng Super Fiber (1.62 billion yuan), Dongcai Technology (1.39 billion yuan), and Limin Co., Ltd. (1.24 billion yuan) [2] Basic Chemical Industry Capital Inflow and Outflow - The top stocks with capital inflow included: - Huafeng Super Fiber: +1.83%, 16.59% turnover, 161.85 million yuan inflow - Dongcai Technology: +10.01%, 11.12% turnover, 138.64 million yuan inflow - Limin Co., Ltd.: +5.83%, 22.57% turnover, 124.30 million yuan inflow [2][3] - The top stocks with capital outflow included: - Dazhongnan: +2.55%, 38.91% turnover, -195.83 million yuan outflow - Wanhua Chemical: -0.86%, 0.72% turnover, -137.99 million yuan outflow - Yanhai Co., Ltd.: -2.43%, 0.88% turnover, -98.39 million yuan outflow [3]