投资者关系活动 类别 ☑ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 电话会议 □ 其他 参与单位名称及 人员姓名 中信证券 任丹 永盈基金 张杰 合晟资管 徐华 太平洋证券 柴景煦 山西证券 崔晓雁 时间 2025 年 9 月 2 日 地点 公司会议室 上市公司接待人 员姓名 董事会秘书 姜能成 证券事务代表 车俊侠 投资者关系活动 主要内容介绍 一、公司董事会秘书姜能成先生就公司基本情况和主要产 品结构情况进行介绍。 二、调研的主要问题： 1、请介绍一下公司控股子公司齐鲁科力投资建设的催化剂 项目的相关情况？ 回复：公司控股子公司齐鲁科力的主营业务为工业、石油化 工催化剂的研发、生产、销售及技术服务。齐鲁科力目前拥有五 大系列催化剂的成熟技术，主要涵盖制氢系列、耐硫变换系列、 硫磺回收系列、油品加氢系列以及化工系列催化剂等。这些催化 剂广泛应用于石油炼制、石油化工、煤化工、精细化工、环保等 领域。齐鲁科力现具备 8500 吨/年的催化剂生产能力。本次投资 新建的 8000 吨/年高性能催化新材料项目，主要包含 3000 吨/ 年铜系列催化剂项 ...

此次开车过程中，技术团队化身工艺"精调师"，对核心工艺流程进行了系统梳理与优化，精细调整关键 参数，在降低能耗的同时，为装置的长期高效稳定运行打下基础。他们积极与国内技术伙伴深入合作， 实现了关键设备及备件的国产化替代，一举打破了国外技术垄断，设备运行的可靠性和自主保障能力得 到质的飞跃。在核心化工材料领域，国产催化剂、溶剂、助剂成功"上岗"，大幅降低了对外依存度。此 外，对过滤器滤芯等主要耗材的科学选型升级，也提升了过滤效率和使用寿命，规避了非计划停车风 险。 中化新网讯 近日，齐翔腾达（002408）环氧丙烷装置启动开工程序。该公司机电动力部(信息中心)、生 产调度指挥中心、安全环保部等紧密协同，各级管理人员靠前指挥，全体操作人员日夜坚守、全程管 控，全力保障开车任务高效推进。历时一年的环氧丙烷装置技术改造项目圆满收官，并实现了一次性开 车成功。 ...

截至7月20日，齐翔腾达股东户数5.91万，较上期减少0.32%；人均流通股46524股，较上期增加0.32%。 2025年1月-6月，齐翔腾达实现营业收入122.08亿元，同比减少4.09%；归母净利润2315.42万元，同比减 少83.34%。 分红方面，齐翔腾达A股上市后累计派现26.43亿元。近三年，累计派现9.08亿元。 机构持仓方面，截止2025年6月30日，齐翔腾达十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1777.26万股，相比上期减少358.91万股。南方中证1000ETF（512100）位居第六大流通股 东，持股1309.67万股，为新进股东。华夏中证1000ETF（159845）位居第十大流通股东，持股773.90万 股，为新进股东。南方中证500ETF（510500）退出十大流通股东之列。 责任编辑：小浪快报 8月27日，齐翔腾达跌2.50%，成交额1.45亿元。两融数据显示，当日齐翔腾达获融资买入额896.38万 元，融资偿还2126.54万元，融资净买入-1230.16万元。截至8月27日，齐翔腾达融资融券余额合计4.41 亿元。 融资方面，齐翔腾达当日融资买入 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 12.208 billion yuan for the first half of 2025, a year-on-year decrease of 4.09% [2][6] - The net profit attributable to the parent company was 0.023 billion yuan, down 83.34% year-on-year, while the net profit after deducting non-recurring gains and losses was 0.022 billion yuan, down 82.14% year-on-year [2][6] - In Q2 2025, the company achieved a revenue of 6.590 billion yuan, a year-on-year decrease of 9.10% but a quarter-on-quarter increase of 17.29% [2][6] - The net profit for Q2 2025 was 0.018 billion yuan, down 83.38% year-on-year but up 228.72% quarter-on-quarter [2][6] Summary by Sections Company Overview - The company focuses on deep processing of C4 raw materials, forming four product lines including butene, isobutylene, butane, and isobutane, with major products like methyl ethyl ketone, maleic anhydride, MMA, and nitrile latex [6] - The company is the largest producer of methyl ethyl ketone in the world, holding a market share of approximately 70% in China [6] Industry Analysis - The C4 industry is experiencing a phase of capacity expansion, with the domestic butanone industry entering a growth period from 2020 to 2024 [6] - The company has a competitive advantage due to its location in Shandong, which has abundant refining resources [6] Financial Performance - The company expects net profits attributable to the parent company to be 0.32 billion yuan, 0.76 billion yuan, and 1.21 billion yuan for 2025, 2026, and 2027 respectively [6] - The projected price-to-earnings ratios for these years are 45.4 times, 19.1 times, and 12.0 times based on the closing price on August 22, 2025 [6] Market Conditions - The company is expected to benefit from a decrease in raw material prices, which will alleviate cost pressures and improve operating conditions [6] - Despite global trade tensions impacting end-demand, the alleviation of cost pressures is anticipated to lead to significant improvements in operational performance [6]

Core Viewpoint - Qi Xiang Teng Da (002408) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 12.208 billion yuan, a decrease of 4.09% year-on-year [1] - Net profit attributable to shareholders was 23.1542 million yuan, down 83.34% year-on-year [1] - In Q2 2025, total revenue was 6.59 billion yuan, a decline of 9.1% year-on-year, with net profit of 17.7534 million yuan, down 83.38% year-on-year [1] - Gross margin was 4.9%, a decrease of 19.6% year-on-year, while net margin was 0.24%, down 77.88% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 250 million yuan, accounting for 2.05% of revenue, a decrease of 3.38% year-on-year [1] Key Financial Ratios - Return on Invested Capital (ROIC) for the previous year was 1.13%, indicating weak capital returns [3] - The median ROIC over the past 10 years was 7.23%, with the worst year being 2023 at -0.88% [3] - The company's net profit margin last year was 0.18%, suggesting low added value for products or services [3] Cash Flow and Debt Analysis - Cash flow from operating activities decreased by 45.64% due to increased purchases of long-term assets [3] - The net increase in cash and cash equivalents dropped by 57.19% due to reduced cash flows from operating, investing, and financing activities [3] - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 35.71% and average operating cash flow to current liabilities at 13.28% over the past three years [4] - The interest-bearing debt ratio reached 43.51%, indicating potential debt concerns [4] Accounts Receivable Concerns - Accounts receivable amounted to 1.263 billion yuan, with a ratio of accounts receivable to profit at 3985.61%, highlighting significant collection issues [1][4]

Group 1 - The core viewpoint of the article is that Qixiang Tengda (002408) reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Group 2 - In the first half of 2025, the company achieved an operating income of 12.208 billion yuan, a year-on-year decrease of 4.09% [1] - The net profit for the same period was 23.1542 million yuan, reflecting a significant year-on-year decline of 83.34% [1] - The basic earnings per share were reported at 0.01 yuan, with a weighted average return on equity (ROE) of 0.20% [1]

Core Viewpoint - Qixiang Tengda (002408.SZ) reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [2] Financial Performance - The company's operating revenue for the first half of 2025 was 12.208 billion yuan, a year-on-year decrease of 4.09% [2] - The net profit attributable to shareholders of the listed company was 23.1542 million yuan, representing a significant year-on-year decline of 83.34% [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 22.2263 million yuan, down 82.14% year-on-year [2] - Basic earnings per share were reported at 0.01 yuan [2]

Project Investment - Qihang Tenda plans to invest 70 million in an 8000 tons/year high-performance catalytic new materials project [2] - Jingwang Electronics intends to invest 5 billion in expanding its Zhuhai Jinwan base [2] - Hualu Hengsheng plans to invest 3.039 billion in upgrading its gasification platform [2] Operating Data - China Electric Power Construction Company signed new contracts totaling 736.133 billion from January to July, representing a year-on-year increase of 4.3% [2] H-share Listing - Kexing Pharmaceutical plans to prepare for an H-share listing [2] - Huqin Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange [2] Equity Acquisition - Chongqing Water intends to acquire 100% equity of Yujing Water for 354 million [2] Share Buyback - Jingao Technology plans to repurchase shares worth 200 million to 400 million [2] - Wandong Medical intends to repurchase shares worth 30 million to 60 million [2] Performance - Longi Green Energy reported a net loss of 2.569 billion in the first half of the year [2] - Hengsheng Electronics achieved a net profit of 261 million in the first half, a year-on-year increase of 771.57% [2] Increase/Decrease of Holdings - Zijin Investment plans to reduce its holdings by no more than 3% in Shun'an Environment [2] - Changjiang Electric's controlling shareholder intends to increase holdings by 4 billion to 8 billion [2] Other - Jin Yi Technology plans to raise no more than 1 billion through a private placement to its actual controller Luo Ruifa and his controlled enterprises [2] - Longhua New Materials plans to issue convertible bonds to raise no more than 960 million [2]

Core Viewpoint - Qixiang Tengda (002408.SZ) reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first half of 2025 was 12.208 billion yuan, a year-on-year decrease of 4.09% [1] - The net profit attributable to shareholders of the listed company was 23.1542 million yuan, representing a significant year-on-year decrease of 83.34% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 22.2263 million yuan, also down 82.14% year-on-year [1] - Basic earnings per share were reported at 0.01 yuan [1]

Group 1 - The company, Qihang Tengda (002408.SZ), announced that its subsidiary, Shandong Qilu Keli Chemical Research Institute Co., Ltd., plans to invest in a new project to enhance its core competitiveness and achieve sustainable development [1] - The project involves the construction of a high-performance catalytic new materials facility with an annual capacity of 8,000 tons [1] - The total investment for the project is estimated at 70 million yuan, which will be funded through the subsidiary's own resources [1]