近日，黑猫股份（002068.SZ）、龙星科技（002442.SZ）、永东股份（002753.SZ）三家国内炭黑行业 上市龙头企业相继发布2025年度业绩预告，净利润均出现大幅下滑或亏损。其中，黑猫股份预计全年归 母净利润亏损4.2亿至4.7亿元。 炭黑行业分析人士向《中国经营报》记者指出，2025年国内炭黑行业呈现"供强需弱"格局，整体陷 入"量增利减"的困境。展望2026年，行业新增产能仍将集中释放，而需求端复苏乏力，行业盈利压力可 能持续，结构性调整与洗牌或将加速。 炭黑行业盈利能力下滑，背后是供需失衡与成本传导机制失灵的结构性矛盾。 卓创资讯炭黑分析师刘宵向记者表示，2025年炭黑市场价格呈现"宽幅上涨—宽幅下行—窄幅波动超预 期下行—小幅回涨"走势。以山东地区炭黑N330为例，2025年全年均价为6624.8元/吨，同比2024年下跌 1443.33元/吨，跌幅为17.89%。 从供应端来看，2024—2025年，国内炭黑行业新增产能集中释放，成为供需失衡的主要推手。永东股份 在业绩预告中提及，2024—2025年全国炭黑行业新增产能集中释放，加剧了市场"供强需弱"的格局。 整体盈利水平承压 1月3 ...

中证智能财讯永东股份（002753）1月29日晚间披露2025年度业绩预告，预计2025年归母净利润3000万元至4000万元，同比下降64.09%-73.07%；扣非净利润 预计2600万元-3600万元，同比下降67.34%-76.41%；基本每股收益0.081元/股-0.108元/股。以1月29日收盘价计算，永东股份目前市盈率（TTM）约为83.06 倍-110.74倍，市净率（LF）约1.25倍，市销率（TTM）约0.84倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况 (倍) 120 112.77 週00 80 68a78 60 40 30 54 20 19- 15,87 18:67 10034 0 2021-06-30 | 2027-12-37 1 2020-12-37 1 2022-72-37 1 J23-06-30 ' 4-06-30 ' 2022-06-30 23-12-37 , 2n- ○- 行业均值 公司 - )- 公司 -○- 行业均值 制图数据来自恒生聚源数据库 100 ହ 90 85 73 80 70 64-09 60 54318 50 ...

本年度公司主要产品炭黑价格和原材料煤焦油价格整体处于下降趋势，降幅较大，产品价格的降幅大于 原料价格的降幅，炭黑产品的收入和吨毛利下降，导致公司收入和净利润下滑。 格隆汇1月29日丨永东股份(002753.SZ)发布2025年度业绩预告，预计2025年度归属于上市公司股东的净 利润3,000万元～4,000万元，同比下降64.09%-73.07%；扣除非经常性损益后的净利润2,600万元～3,600 万元，同比下降67.34%-76.41%。 2024-2025年全国炭黑行业新增产能集中释放，而下游轮胎等行业开工率下降、成品库存高企，对炭黑 仅维持刚需采购，社会库存全年处于近年高位，市场供强需弱。 公司主要产品炭黑的产销量实现了增长，煤焦油加工产品的产销量也实现了增长，公司的市场地位保持 稳定，在销售市场上仍处于扩张状态。 ...

南财智讯1月29日电，永东股份发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为 3000万元—4000万元，同比预减64.09%—73.07%；预计2025年全年归属于上市公司股东的扣除非经常 性损益的净利润为2600万元—3600万元，同比预减67.34%—76.41%。业绩变动原因说明：2024-2025年 全国炭黑行业新增产能集中释放，而下游轮胎等行业开工率下降、成品库存高企，对炭黑仅维持刚需采 购，社会库存全年处于近年高位，市场供强需弱。本年度公司主要产品炭黑价格和原材料煤焦油价格整 体处于下降趋势，降幅较大，产品价格的降幅大于原料价格的降幅，炭黑产品的收入和吨毛利下降，导 致公司收入和净利润下滑。公司主要产品炭黑的产销量实现了增长，煤焦油加工产品的产销量也实现了 增长，公司的市场地位保持稳定，在销售市场上仍处于扩张状态。 ...

山西永东化工股份有限公司 | 证券代码：002753 | 证券简称：永东股份 | 公告编号：2026-005 | | --- | --- | --- | | 债券代码：127059 | 债券简称：永东转 2 | | 关于使用部分闲置募集资金进行现金管理的进展公告 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、误导性陈述或重大遗漏。 山西永东化工股份有限公司（以下简称"公司"）于第六届董事会审计委员 会第十次会议、第六届董事会第七次会议和 2026 年第一次临时股东会审议通过 了《关于使用闲置募集资金进行现金管理的议案》，同意公司在不影响正常经营 的情况下，使用额度不超过 2 亿元人民币的闲置募集资金进行现金管理，购买保 本型现金管理产品，未到期产品额度在不超过 2 亿元前提下资金可滚动使用，期 限自公司股东会审议通过之日起一年内有效。保荐机构发表了明确同意意见。具 体内容详见公司 2025 年 12 月 23 日刊登于《证券时报》、《上海证券报》和巨潮 资讯网（www.cninfo.com.cn）的《关于使用闲置募集资金进行现金管理的公告》 （2025-072）。 公司购买现金管理 ...

Financial Projections - The company expects a net profit of 3,000 to 4,000 thousand yuan for 2025, representing a decline of 64.09% to 73.07% compared to the previous year[7]. - The net profit after deducting non-recurring gains and losses is projected to be between 2,600 and 3,600 thousand yuan, a decrease of 67.34% to 76.41% year-on-year[7]. - The basic earnings per share are estimated to be between 0.0810 and 0.1080 yuan, down from 0.2995 yuan in the previous year[7]. Market Conditions - The decline in profit is attributed to a significant drop in carbon black prices and raw material costs, with product price declines outpacing raw material price declines[8]. - Despite the price decline, the company achieved growth in both production and sales volume of its main product, carbon black, as well as in coal tar processing products[8]. - The company maintains a stable market position and is still in an expansion phase in the sales market[8]. Caution in Forecasting - The forecast is based on preliminary estimates by the finance department and has not been audited by an external agency, emphasizing the need for cautious investment decisions[9].

Market Overview - The rubber sector experienced a slight decline of 0.04% on January 28, with Keqiang Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Stock Performance - Black Cat Co. (002068) saw a significant increase of 5.65%, closing at 9.72 with a trading volume of 599,300 shares and a turnover of 582 million yuan [1] - Other notable performers included Yongdong Co. (002753) with a 1.05% increase, closing at 7.70, and Yanggu Huatai (300121) with a 1.03% increase, closing at 13.73 [1] - Conversely, Keqiang Co. (920665) led the declines with a drop of 3.31%, closing at 14.60, alongside Zhen'an Technology (300767) which fell by 2.35% [2] Capital Flow - The rubber sector experienced a net outflow of 106 million yuan from institutional investors, while retail investors saw a net inflow of 16.39 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed some interest [2] Individual Stock Capital Flow - Black Cat Co. (002068) had a net inflow of 58.11 million yuan from institutional investors, but a net outflow from retail investors of 36.35 million yuan [3] - Yongdong Co. (002753) saw a net inflow of 7.16 million yuan from institutional investors, while retail investors had a net outflow of 10 million yuan [3] - Other stocks like Yanggu Huatai (300121) and Fengmao Co. (301459) also showed varied capital flows, reflecting differing investor sentiments across the sector [3]

Core Viewpoint - The company has approved the use of up to 200 million RMB of idle raised funds for cash management, specifically to purchase principal-protected cash management products, ensuring that normal operations are not affected [1][2]. Group 1: Cash Management Product Purchase - The company has recently purchased cash management products using part of its idle raised funds [2]. - The approval for using idle funds for cash management was granted during the sixth board's audit committee meeting and the first extraordinary shareholders' meeting of 2026 [2]. Group 2: Approval Process - The decision to use idle funds for cash management was reviewed and approved by the board and the sponsor institution provided a verification opinion [2]. - The amount and duration of the cash management products purchased are within the approved limits, eliminating the need for further board or shareholder approval [2]. Group 3: Risk Management - The company has established a risk control framework, including authorizing the chairman to make investment decisions and the finance director to oversee implementation [5]. - The finance department is responsible for analyzing and monitoring the investment's progress and will take protective measures if risks to fund safety are identified [6]. Group 4: Impact on Daily Operations - The cash management initiative is designed to enhance fund utilization efficiency and improve overall company performance without affecting daily operational needs or core business activities [5]. - The company has not utilized idle raised funds for cash management in the twelve months prior to this announcement [7].

| 证券代码：002753 | 证券简称：永东股份 | 公告编号：2026-004 | | --- | --- | --- | | 债券代码：127059 | 债券简称：永东转 2 | | 山西永东化工股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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、误导性陈述或重大遗漏。 山西永东化工股份有限公司（以下简称"公司"）于第六届董事会审计委员 会第十次会议、第六届董事会第七次会议和 2026 年第一次临时股东会审议通过 了《关于使用闲置募集资金进行现金管理的议案》，同意公司在不影响正常经营 的情况下，使用额度不超过 2 亿元人民币的闲置募集资金进行现金管理，购买保 本型现金管理产品，未到期产品额度在不超过 2 亿元前提下资金可滚动使用，期 限自公司股东会审议通过之日起一年内有效。保荐机构发表了明确同意意见。具 体内容详见公司 2025 年 12 月 23 日刊登于《证券时报》、《上海证券报》和巨潮 资讯网（www.cninfo.com.cn）的《关于使用闲置募集资金进行现金管理的公告》 （2025-072）。 近日，公司使用部 ...

Core Insights - The article discusses the growth and development of the plant-based carbon black industry in China, highlighting its potential to replace traditional carbon black due to its eco-friendly properties and increasing market demand [1][5][9]. Group 1: Industry Overview - Plant-based carbon black is produced from agricultural and forestry waste through pyrolysis, offering a natural low-carbon alternative to traditional carbon black, which is derived from fossil fuels [1][5]. - The total production capacity of carbon black in China is projected to reach 9.02 million tons per year by 2024, with a production rebound to 6.6673 million tons in 2024, reflecting a year-on-year growth of 6.55% [1][7]. - The market size for plant-based carbon black is expected to reach 1.48 billion yuan in 2024, with a forecast to exceed 1.8 billion yuan by 2025, driven by environmental standards and consumer preferences [1][9]. Group 2: Industry Chain - The upstream of the plant-based carbon black industry relies on agricultural waste such as wood chips and coconut shells, with raw material and energy costs accounting for over 60% of total costs [6]. - The midstream involves production processes including pre-treatment, pyrolysis, and quality control, with leading companies leveraging continuous production and advanced modification technologies [6][10]. - The downstream applications span food, industrial, and environmental sectors, with increasing demand for natural ingredients in food and rapid growth in the environmental sector due to carbon reduction policies [6][10]. Group 3: Competitive Landscape - The competitive landscape of the carbon black industry is becoming more concentrated, with leading companies like Heimao Co., Longxing Chemical, and Jinneng Technology dominating the market [9][10]. - By 2024, Jinneng Technology is expected to lead the industry with a production capacity of 820,000 tons per year, followed by Shanxi Sanqiang New Energy and Shanxi Anlun Chemical [9][10]. - The industry is characterized by a low overall concentration, with many small to medium-sized enterprises focusing on lower-end markets, while leading firms are expanding their market share through technological advancements and international certifications [9][10]. Group 4: Development Trends - The plant-based carbon black industry is expected to evolve along three main lines: technological upgrades, application expansion, and industry consolidation [11][12]. - Technological innovations will focus on green and efficient production methods, with a shift towards high-value products through advanced activation and modification techniques [11][12]. - The application scope is broadening from traditional uses to include new sectors such as renewable energy materials and high-end cosmetics, driven by consumer preferences for natural products [13][14]. - The industry is likely to see increased consolidation as stricter environmental and food safety standards push smaller players out, while leading firms expand through mergers and acquisitions [14].