| 证券代码：002408 | 证券简称：齐翔腾达 | 公告编号：2025-058 | | --- | --- | --- | | 债券代码：128128 | 债券简称：齐翔转 2 | | 淄博齐翔腾达化工股份有限公司 关于预计触发转股价格向下修正条件的提示性公告 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。 特别提示： 1、证券代码：002408 证券简称：齐翔腾达 2、债券代码：128128 债券简称：齐翔转 2 3、转股价格：5.37 元/股 4、转股期限：2021 年 2 月 26 日至 2026 年 8 月 19 日 5、根据《淄博齐翔腾达化工股份有限公司公开发行可转换公司债券募集说明书》 （以下简称"《募集说明书》"）的规定，在淄博齐翔腾达化工股份有限公司（以下 简称"公司"）本次发行可转债存续期间，当公司股票在任意连续二十个交易日中至 少有十个交易日的收盘价低于当期转股价格的 90%时，公司董事会有权提出转股价格 向下修正方案并提交公司股东会表决。自 2025 年 10 月 30 日至 2025 年 11 月 25 日， 公司股票已有 5 个交 ...

Market Overview - The refining and trading sector experienced a decline of 2.15% on November 24, with Heshun Petroleum leading the drop [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Stock Performance - Notable gainers in the refining and trading sector included: - Compton (603798) with a closing price of 15.16, up 4.84% [1] - Unified Shares (600506) at 26.35, up 3.09% [1] - Runbei Aerospace (001316) at 33.89, up 3.01% [1] - Major decliners included: - Heshun Petroleum (603353) at 29.01, down 5.17% [2] - Rongsheng Petrochemical (002493) at 9.52, down 2.96% [2] - China Petroleum (601857) at 9.78, down 2.49% [2] Capital Flow - The refining and trading sector saw a net outflow of 449 million yuan from main funds, while retail funds had a net inflow of 262 million yuan [2] - The following stocks had significant capital flows: - Rongsheng Petrochemical had a main fund net inflow of 42.31 million yuan, but retail funds saw a net outflow of 22.34 million yuan [3] - Compton had a main fund net inflow of 7.05 million yuan, with retail funds experiencing a net outflow of 9.01 million yuan [3]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to benefit from the ongoing "anti-involution" measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift is anticipated to enhance cash flow and dividend yields for companies in the sector, transforming them from cash-consuming entities to cash-generating ones [7][27] - The report highlights the potential for domestic substitutes for Japanese semiconductor materials due to rising tensions in Sino-Japanese relations, which could accelerate the domestic market's growth in this area [6] Summary by Sections Recent Trends - The chemical industry has shown a relative performance increase of 16.1% over the past 12 months, outperforming the CSI 300 index, which increased by 11.6% [4] Key Price Movements - DMC (Dimethyl Carbonate) prices rose to 4400 CNY/ton, up 14.29% week-on-week, driven by strong demand from the electrolyte sector [14] - Lithium battery electrolyte prices increased to 27000 CNY/ton, up 8.00% week-on-week, although profit margins for manufacturers are under pressure due to rising raw material costs [14] - Diammonium phosphate prices in East China reached 3850 CNY/ton, up 5.48% week-on-week, amid rising production costs [14] Investment Opportunities - The report identifies four key opportunities in the chemical sector: 1. Low-cost expansion, focusing on companies like Wanhua Chemical and Hualu Hengsheng [9] 2. Improved industry conditions, particularly in chromium salts and phosphate rock [10] 3. New materials with high growth potential, such as electronic chemicals and aerospace materials [11] 4. High dividend yields from state-owned enterprises in the chemical sector, including China Petroleum and China National Chemical [11] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with many rated as "Buy" [28]

Core Viewpoint - Qixiang Tengda's stock price has shown a slight decline this year, with a recent drop of 2.17% on November 20, 2023, reflecting ongoing challenges in its financial performance and market position [1][2]. Financial Performance - For the period from January to September 2025, Qixiang Tengda reported a revenue of 18.212 billion yuan, a year-on-year decrease of 0.77%, and a net profit attributable to shareholders of -146 million yuan, representing a significant decline of 174.19% [2]. - Cumulatively, since its A-share listing, Qixiang Tengda has distributed a total of 2.643 billion yuan in dividends, with 908 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 20, 2023, Qixiang Tengda's stock was trading at 4.97 yuan per share, with a total market capitalization of 14.129 billion yuan. The stock has experienced a year-to-date decline of 0.60% and a 5-day decline of 2.36% [1]. - The company had a total of 56,700 shareholders as of October 20, 2025, with an average of 48,502 circulating shares per shareholder, which decreased by 0.21% compared to the previous period [2]. Shareholder Composition - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which increased its holdings by 8.6957 million shares to 26.4683 million shares. New entrants among the top shareholders included Penghua Zhongzheng Fine Chemical Industry Theme ETF and Guangfa Advantage Growth Stock A [3].

Core Viewpoint - The announcement from Qixiang Tengda highlights that anti-involution policies will help curb low-level redundant construction in the chemical industry, promote the elimination of backward production capacity, and facilitate the industry's transition from price competition to technological, efficiency, and green development [1] Industry Summary - The anti-involution policies are expected to enhance industry concentration, benefiting leading enterprises through improved market order [1] - The company has minimal old production capacity over 20 years and has completed equipment upgrades, indicating a low risk of short-term impact from policies [1] - The company’s production facilities for phthalic anhydride, MMA, and propylene oxide utilize advanced and environmentally friendly technologies, maintaining technical competitiveness for an extended period [1] Company Strategy - The company plans to leverage its advanced production capacity to optimize product structure and increase the proportion of high value-added products [1] - The company will closely monitor policy directions and market changes, actively adjusting its business strategies, enhancing cost control and operational efficiency [1] - Continuous optimization of existing resources will be pursued to solidify the company's leading position in niche markets, aiming for higher quality development during the industry's recovery phase [1]

Core Viewpoint - The company reported a performance trend of high earnings in the first half of the year followed by significant losses in the third quarter, primarily due to declining prices of key chemical products and supply-demand mismatches [1] Company Summary - The company maintained profitability in the first half of the year but experienced substantial losses in the third quarter [1] - The losses in the third quarter were attributed to a continuous decline in the prices of major chemical products and a mismatch in supply and demand [1] Industry Summary - The implementation of national anti-involution policies has led to better control over new and expanded production capacities, as evidenced by reduced capital expenditures among most listed companies [1] - Industry inventory levels are trending towards reasonable levels as the market gradually digests new capacities [1] - There are signs of recovery in certain sub-sectors, with an increase in the operating rates of enterprises [1] - The demand for stocking in the fourth quarter is expected to positively drive the chemical industry's recovery, supported by ongoing stimulus policies and improving market confidence [1]

Core Viewpoint - Qixiang Tengda announced stable growth in its export business, with a total export volume of 545,000 tons and export earnings of 35 million USD in the first three quarters of 2025, effectively alleviating domestic market competition pressure [1] Group 1 - The company currently exports over ten types of products [1] - The export business has shown a stable growth trend [1] - The exit of some chemical production capacity in Europe provides strategic opportunities for the company to further expand its overseas market [1] Group 2 - The company plans to continuously optimize its international market layout [1] - It aims to leverage the regional advantages of its international trade business to further increase the proportion of product exports [1] - The goal is to enhance profitability levels [1]

Core Insights - The company has noted the positive outcomes achieved in the caprolactam industry through collaborative efforts, highlighting the importance of this model for optimizing resource allocation and enhancing overall competitiveness in the chemical industry [1] Industry Developments - The company plans to conduct a comprehensive assessment of its own supply chain layout and regional collaboration potential, actively seeking opportunities for cooperation with upstream and downstream enterprises [1] - The company has already initiated capacity collaboration with peers in several key product areas, contributing to the industry's transition from disorderly expansion to high-quality development [1]

Core Viewpoint - The chemical industry is currently at the bottom of its cycle, and companies with mature technologies are valued at low levels, making it an ideal time for strategic acquisitions and integrations [1] Group 1: Industry Insights - The chemical industry is experiencing a cyclical downturn, presenting opportunities for companies to acquire undervalued assets [1] - Companies are encouraged to focus on high-quality targets that are highly synergistic with their core business and have complementary technologies [1] Group 2: Company Strategy - The company is closely monitoring potential acquisition opportunities to expand its high-value product lines and strengthen its leading position in niche markets [1] - Through mergers and acquisitions, the company aims to achieve efficient resource allocation and economies of scale [1]

Core Viewpoint - The company emphasizes the importance of shareholder concerns and market value management, committing to a principle of standardized operations to enhance profitability and maintain market stability [1] Group 1: Company Strategy - The company is actively working to improve its main business profitability, optimize product structure, and reduce production costs [1] - The company is enhancing information disclosure and investor communication as part of its strategy to maintain market value stability [1] Group 2: Market Influences - The current stock price is influenced by multiple external factors, including industry cycles and market sentiment [1] - The company believes that sustainable value enhancement can only be achieved through solid operational management combined with effective capital operations [1]