| 证券代码：002442 | 证券简称：龙星科技 公告编号：2026-006 | | --- | --- | | 债券代码：127105 | 债券简称：龙星转债 | 龙星科技集团股份有限公司 关于 2026 年第一季度可转换公司债券转股情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或者重大遗漏。 特别提示： 一、可转换公司债券发行上市情况 （一）可转债发行情况 经中国证券监督管理委员会《关于同意龙星化工股份有限公司（现更名为"龙 星科技集团股份有限公司"）向不特定对象发行可转换公司债券注册的批复》（证 监许可〔2023〕2920 号）核准，公司于 2024 年 2 月 1 日向不特定对象发行了 7,547,539 张可转换公司债券，每张面值为人民币 100 元，期限 6 年，募集资金 总额为人民币 754,753,900 元。 | 股票代码：002442 | | | | 股票简称：龙星科技 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券代码：127105 | | | ...

Investment Rating - The report maintains a "Recommendation" rating for the domestic carbon black industry, expecting it to outperform the benchmark index by over 5% in the next 3-6 months [15]. Core Insights - International carbon black giants have issued price increase notices, with Cabot China raising prices for specialty carbon black products by 1,800 CNY/ton effective March 15, 2026, marking the second price increase in 2026 [2]. - The carbon black industry is experiencing a price surge due to rising energy costs influenced by geopolitical events, with Brent oil prices increasing by 49.9% and NYMEX natural gas prices by 9.5% since late February [7]. - Domestic carbon black production capacity and output are projected to reach 9.507 million tons/year and 6.08 million tons, respectively, in 2025, reflecting year-on-year increases of 4.2% and 8.4% [7]. - The domestic carbon black market price as of March 19, 2026, is 8,252 CNY/ton, up 28.94% from the beginning of 2026 and 40.1% from the Q4 2025 low [7]. - The domestic carbon black industry is consolidating, with leading companies like Black Cat Holdings and Longxing Chemical gaining market share due to stricter environmental policies and increased entry barriers [7]. - The tire industry, which accounts for approximately 58.7% of carbon black consumption, continues to support stable demand for carbon black as global vehicle ownership grows [7]. - The report highlights key domestic carbon black companies to watch, including Black Cat Holdings, Longxing Technology, Yongdong Shares, and Lian Ke Technology, as they are expected to benefit from rising oil and natural gas prices [7].

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：持有龙星科技集团股份有限公司（曾用名"龙星化工股份有限公 司"，以下简称"龙星科技"、"龙星化工"或"公司"）股份72,512,372股（ 占公司总股本比例14.41%）的大股东渤海国际信托股份有限公司（以下简称" 渤海信托"）计划自本公告披露之日起15个交易日后的3个月内通过集中竞价 方式减持其持有的公司股份不超过5,032,897 股（占本公司总股本比例不超过 1%）。 公司于近日收到渤海信托出具的《关于股份减持计划的告知函》，现将有关 情况公告如下： 一、减持股东的基本情况 股东名称：渤海国际信托股份有限公司（代表渤海国际信托股份有限公司－ 冀兴三号单一资金信托） 证券代码：002442 证券简称：龙星科技 公告编号：2026-005 龙星科技集团股份有限公司 关于持股5%以上股东减持股份的预披露公告 持股5%以上股东渤海国际信托股份有限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。 6、减持价格：根据减持时的市场价格确定。 7、股东承诺及履行情况：2017年1月，渤海信托在披露的《简 ...

Group 1 - The core viewpoint of the article is that Longxing Technology (002442) is strategically acquiring other carbon black companies despite current market challenges, focusing on long-term industry trends rather than short-term market conditions [1] - The company's acquisitions are aimed at optimizing capacity and regional layout, as well as enhancing core competitiveness within the carbon black industry [1] - The emphasis is on seizing industry consolidation opportunities as part of the company's prudent strategic planning [1]

Core Viewpoint - The domestic carbon black industry is facing significant profit declines and potential losses in 2025, with major companies like Heimao Co., Longxing Technology, and Yongdong Co. forecasting substantial net profit drops or losses due to a "strong supply and weak demand" situation [1][2]. Group 1: Company Performance - Heimao Co. expects a net profit loss of 420 million to 470 million yuan for 2025, compared to a profit of 25.13 million yuan in the previous year [2]. - Longxing Technology anticipates a net profit of 32 million to 48 million yuan for 2025, representing a year-on-year decline of 66.22% to 77.48% [2]. - Yongdong Co. projects a net profit of 30 million to 40 million yuan for 2025, down 64.09% to 73.07% from the previous year [2]. Group 2: Industry Dynamics - The carbon black market is experiencing a "volume increase but profit decrease" dilemma, with analysts indicating that the industry will continue to face pressure in profitability due to an imbalance between supply and demand [1][3]. - The average profit level for carbon black in Shandong for January to October 2025 is projected to be -137.1 yuan per ton, indicating a significant decline compared to 2024 [3]. - The price of carbon black in Shandong is expected to average 6624.8 yuan per ton in 2025, down 1443.33 yuan per ton or 17.89% from 2024 [4]. Group 3: Supply and Demand Factors - The carbon black industry is set to see a concentrated release of new production capacity from 2024 to 2025, exacerbating the "strong supply and weak demand" scenario [4]. - Demand for carbon black is primarily driven by the production of all-steel tires, while the production of semi-steel tires is declining due to trade frictions and the transfer of overseas capacity [4]. - The disconnect between raw material oil prices and carbon black prices is widening, leading to a situation where price increases for carbon black are difficult to achieve despite rising costs [4]. Group 4: Future Outlook - The carbon black market is expected to face further supply-demand imbalances in 2026, with prices likely to exhibit a "difficult to rise" trend [5]. - The average price for carbon black in Shandong in 2026 is predicted to fluctuate between 5300 and 7200 yuan per ton, with an average of approximately 6127.5 yuan per ton [5]. - Analysts believe that the carbon black market will remain under pressure in 2026, maintaining a relatively weak state [5].

Group 1 - The company expects a significant decline in net profit for the year 2025, projecting a decrease of over 50% compared to the previous year [1][2] - The performance forecast period is from January 1, 2025, to December 31, 2025, with the expected net profit being a positive value [1] - The company has communicated with its auditing firm regarding the performance forecast, and there are no significant discrepancies between the company and the auditors [1][2] Group 2 - The decline in profitability is attributed to a complex international environment, leading to reduced profit margins for carbon black enterprises due to increased competition and a slowdown in demand from the downstream tire market [2] - Fluctuations in upstream raw material oil prices have resulted in a situation where the price increase of carbon black products is significantly lower than that of raw materials, further squeezing profit margins [2] - The company is committed to sustainable high-quality development and is implementing measures such as technological innovation, product structure optimization, and resource recycling to enhance efficiency [2]

Core Viewpoint - Longxing Technology is expected to report a significant decline in net profit for 2025, with projections indicating a decrease of 66.22% to 77.48% year-on-year, primarily due to challenging market conditions in the carbon black industry [1] Financial Performance - The estimated net profit attributable to shareholders for 2025 is projected to be between 32 million and 48 million yuan [1] - The estimated net profit after deducting non-recurring gains and losses is expected to be between 19 million and 28.5 million yuan, reflecting a year-on-year decrease of 79.12% to 86.08% [1] Industry Context - The carbon black industry is facing significant pressure from a complex international environment, leading to a notable contraction in profit margins [1] - Demand growth in the downstream tire market is slowing, exacerbated by intensified competition within the industry [1] - Fluctuations in upstream raw material oil prices have resulted in a failure of cost transmission mechanisms, causing carbon black product prices to rise at a much lower rate than raw material prices [1] Company Strategy - In response to the challenging market environment, the company is committed to sustainable high-quality development, focusing on technological innovation, product structure optimization, lean management, energy conservation, and resource recycling [1] - Despite these efforts, the gross profit margin for carbon black products has significantly declined compared to the same period last year due to the aforementioned factors [1]

Core Viewpoint - Longxing Technology expects a net profit of 32 million to 48 million yuan for the year 2025, representing a year-on-year decline of 66.22% to 77.48% due to various pressures in the international landscape [1] Group 1: Company Performance - The projected net profit for 2025 is significantly lower compared to previous years, indicating a challenging financial outlook for Longxing Technology [1] - The decline in profit is attributed to a combination of factors including a slowdown in demand from the downstream tire market and intensified industry competition [1] Group 2: Industry Challenges - The carbon black industry is facing a significant contraction in profit margins due to complex international conditions and economic policies affecting both domestic and foreign markets [1] - Fluctuations in upstream raw material oil prices have led to a situation where the price increase of carbon black products is much lower than that of raw materials, further squeezing profit margins [1] - The adjustment of inventory strategies by the downstream tire industry has made it difficult for carbon black products to be sold at high prices, resulting in substantial profit reductions [1]

Financial Performance - The company expects a net profit of approximately 32 million yuan, representing a decline of 77.48% compared to the same period last year, where it was 142.09 million yuan[4] - The net profit after deducting non-recurring gains and losses is projected to be around 19 million yuan, down 86.08% from 136.47 million yuan in the previous year[4] - Basic earnings per share are estimated at 0.0651 yuan, a decrease from 0.2907 yuan in the same period last year[4] Market Conditions - The decline in profitability is attributed to a slowdown in demand in the downstream tire market and intensified industry competition, leading to significant pressure on profit margins[6] - The fluctuation in raw material oil prices has adversely affected profit margins, with product price increases lagging behind raw material cost increases[7] Strategic Focus - The company is committed to sustainable high-quality development, focusing on technological innovation, product structure optimization, and lean operation management[7] Risk Awareness - The company emphasizes the importance of risk awareness, noting that the financial data provided is preliminary and unaudited, urging investors to make cautious decisions[8]

Core Viewpoint - Longxing Technology Group Co., Ltd. will pay the second-year interest on its convertible bonds, "Longxing Convertible Bonds," on February 2, 2026, at a rate of 0.40% for the period from February 1, 2025, to January 31, 2026 [2][10]. Group 1: Bond Payment Details - The interest payment for every 10 "Longxing Convertible Bonds" (face value 100 CNY per bond) will be 4.00 CNY (including tax) [2][10]. - The bond registration date is set for January 30, 2026, and the ex-dividend date is also February 2, 2026 [2][14]. - The next interest period will start on February 1, 2026, with an interest rate of 0.80% [2][10]. Group 2: Bond Issuance Information - The total issuance of "Longxing Convertible Bonds" is 754,753,900 CNY, consisting of 7,547,539 bonds [4][10]. - The bonds were approved for issuance by the China Securities Regulatory Commission and are listed on the Shenzhen Stock Exchange since March 6, 2024 [2][4]. - The bonds have a maturity period from February 1, 2024, to January 31, 2030, with annual interest payments [4][10]. Group 3: Taxation and Payment Method - Individual bondholders will have a 20% tax withheld on interest income, resulting in a net payment of 3.20 CNY for every 10 bonds [10][14]. - Qualified foreign institutional investors (QFII and RQFII) will be exempt from corporate income tax and value-added tax on interest income from January 1, 2026, to December 31, 2027 [10][14]. - The company will not withhold taxes for other bondholders, who are responsible for their own tax payments [10][14].