一、董事会会议召开情况 青岛国恩科技股份有限公司（以下简称"公司"或"国恩股份"）第五届董 事会第十五次会议于 2025 年 10 月 28 日下午 15:00 在青岛市城阳区棘洪滩街道 青大工业园 2 号路公司办公楼四楼会议室召开。本次会议由公司董事长王爱国先 生召集并主持，会议通知于 2025 年 10 月 24 日以专人送达、电子邮件、电话等 形式发出。本次会议采取现场及通讯表决的方式召开，应参加本次会议表决的董 事 7 人，实际参加本次会议表决的董事为 7 人，公司高级管理人员列席了本次会 议。本次会议的召集、召开和表决程序符合《中华人民共和国公司法》（以下简 称《公司法》）和《青岛国恩科技股份有限公司章程》（以下简称《公司章程》） 的有关规定，合法有效。 二、董事会会议审议情况 审议通过《2025 年第三季度报告》 公司《2025 年第三季度报告》系根据《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《深圳 证券交易所上市公司自律监管指南第 1 号——业务办理》《企业会计准则》等要 求编制，内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 ...

Group 1 - The core viewpoint of the article highlights the financial performance of Guo'en Co., with significant growth in both revenue and net profit for the third quarter and the first three quarters of the year [1] Group 2 - In the third quarter, Guo'en Co. reported revenue of 5.743 billion, representing a year-on-year increase of 18.81% [1] - The net profit for the third quarter was 269 million, showing a year-on-year growth of 46.67% [1] - For the first three quarters, the total revenue reached 15.497 billion, with a year-on-year increase of 9.44% [1] - The net profit for the first three quarters was 615 million, reflecting a year-on-year growth of 34.24% [1]

Financial Performance - The company's operating revenue for the third quarter reached ¥5,743,042,782.83, representing an increase of 18.81% compared to the same period last year[5] - Net profit attributable to shareholders was ¥269,229,752.22, up 46.67% year-on-year[5] - The basic earnings per share increased by 50.00% to ¥1.02, while diluted earnings per share also rose by 50.00% to ¥1.02[5] - The company reported a net profit of CNY 696,523,994.56 for the current period, compared to CNY 440,767,808.25 in the previous period, showing a significant increase of 58.03%[20] - The total comprehensive income for the current period is CNY 609,337,090.28, up from CNY 482,482,725.62 in the previous period, reflecting a growth of 26.3%[22] - Basic and diluted earnings per share for the current period are both CNY 2.32, compared to CNY 1.69 in the previous period, representing a 37.3% increase[22] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥19,462,234,365.22, reflecting a growth of 6.05% from the end of the previous year[5] - The total current assets increased to CNY 11,957,611,473.66 from CNY 11,013,600,939.55, reflecting a growth of 8.56%[17] - The total liabilities rose to CNY 11,964,107,240.61 from CNY 11,319,117,568.76, marking an increase of 5.69%[19] - The company’s non-current assets totaled CNY 7,504,622,891.56, up from CNY 7,337,845,553.00, indicating a growth of 2.27%[18] Cash Flow - Cash and cash equivalents saw a net increase of ¥549,238,218.21, a rise of 79.65% compared to the same period last year[9] - Cash flow from operating activities generated a net amount of CNY 402,812,683.33, slightly down from CNY 405,574,121.00 in the previous period[23] - Cash flow from investing activities resulted in a net outflow of CNY 291,599,898.37, an improvement from a net outflow of CNY 517,109,385.79 in the previous period[24] - Cash flow from financing activities generated a net inflow of CNY 444,483,669.43, compared to CNY 419,241,120.77 in the previous period, indicating a 6.0% increase[24] - The total cash and cash equivalents at the end of the period amounted to CNY 2,564,001,753.51, up from CNY 2,050,517,654.12 at the end of the previous period, marking a 25.0% increase[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 12,679[10] - The largest shareholder, Wang Aiguo, holds 46.45% of the shares, totaling 126,000,000 shares, with 94,500,000 shares pledged[10] - The company distributed a cash dividend of 2.80 RMB per 10 shares, totaling 74,200,000 RMB[12] - The company repurchased 6,250,000 shares, accounting for 2.30% of the total share capital, with a total transaction amount of 130,271,978.81 RMB[13] - The maximum repurchase price was adjusted to 23.82 RMB per share after the 2023 dividend distribution[13] - The company has not disclosed any related party relationships among the top shareholders[11] - The total number of preferred shareholders is not applicable, indicating no preferred shares are currently issued[12] Research and Development - The company reported a 30.77% increase in R&D expenses, totaling ¥485,852,989.16, indicating a focus on innovation and development[8] - The company plans to establish two PEEK polymer production lines with an annual production capacity of 1,000 tons, enhancing its competitive edge in high-end engineering plastics[15] - The company has completed the development of PEEK material production technology and core processes, collaborating with leading academic teams[15] - The company is expanding its application of high-performance engineering plastics in sectors such as aerospace, medical, new energy vehicles, and humanoid robots[15] - The company has obtained project registration from the Zhoushan High-tech Industrial Park Management Committee for its new materials project[15] Equity and Return - The weighted average return on equity increased to 5.01%, up 1.09% from the previous year[5] - The company’s total equity attributable to shareholders rose by 10.80% to ¥5,507,361,874.34 compared to the end of the previous year[5] Other Financial Metrics - The company experienced a significant reduction in other receivables by 57.11%, down to ¥10,692,225.28, due to the recovery of outstanding amounts[8] - The company’s investment activities generated a net cash outflow of ¥291,599,898.37, an improvement of 43.61% from the previous year[9] - The company reported a foreign exchange loss of CNY 6,458,236.18, compared to a loss of CNY 1,979,595.54 in the previous period[24] - The company experienced a credit impairment loss of CNY 7,679,395.24, compared to a gain of CNY 1,203,061.17 in the previous period[21] - The company recorded a fair value change gain of CNY 1,347,089.31, compared to a gain of CNY 355,347.30 in the previous period[21] Future Plans - The company plans to issue H shares and apply for listing on the Hong Kong Stock Exchange, with the application submitted on June 26, 2025[14] - The company has authorized management to initiate the preparatory work for the H share issuance and listing[14] - The repurchased shares will be used for employee stock ownership plans or equity incentives[13]

Core Viewpoint - The "street vendor economy" sector saw a 0.55% increase on October 24, with Penghui Energy leading the gains. The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1]. Group 1: Market Performance - The street vendor economy sector's stocks showed varied performance, with Penghui Energy (300438) closing at 38.39, up 12.19%, and a trading volume of 675,000 shares, amounting to 2.528 billion yuan [1]. - Other notable performers included Haorun Technology (002963) with a 6.30% increase, Digital Zhengtong (300075) up 5.65%, and Guoen Co., Ltd. (002768) rising by 5.17% [1]. Group 2: Capital Flow - The street vendor economy sector experienced a net outflow of 209 million yuan from institutional investors, while retail investors saw a net inflow of 293 million yuan [2]. - The capital flow data indicates that Penghui Energy had a net inflow of 172 million yuan from institutional investors, while Digital Zhengtong faced a net outflow of 440 million yuan from retail investors [3].

Market Overview - The plastic sector experienced a decline of 0.51% on October 23, with Nal shares leading the drop [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Notable gainers in the plastic sector included: - Huibai New Materials (code: 301555) with a closing price of 32.39, up 4.52% [1] - Bofei Electric (code: 001255) with a closing price of 32.90, up 3.39% [1] - Yinggelinian (code: 688087) with a closing price of 30.20, up 3.35% [1] - Nal shares (code: 002825) led the declines with a closing price of 11.33, down 3.82% [2] - Other significant decliners included: - Guoen shares (code: 002768) down 3.66% [2] - Daon shares (code: 002838) down 3.58% [2] Capital Flow - The plastic sector saw a net outflow of 492 million yuan from institutional investors, while retail investors contributed a net inflow of 407 million yuan [2][3] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors remained active [2][3] Individual Stock Capital Flow - C Daosheng (code: 601026) had a net inflow of 55.96 million yuan from institutional investors, while retail investors showed a net outflow [3] - Xiangyuan New Materials (code: 300980) saw a net inflow of 14.10 million yuan from institutional investors [3] - Yinggelinian (code: 688087) experienced a net inflow of 5.25 million yuan from retail investors despite a net outflow from institutional investors [3]

Core Viewpoint - Guoen Co., Ltd. has shown significant stock price growth this year, with a 122.71% increase, indicating strong market performance and investor interest [1][2]. Company Overview - Guoen Co., Ltd. is located in Qingdao, Shandong Province, and was established on December 22, 2000. The company was listed on June 30, 2015, and specializes in the research, production, and sales of modified plastic particles and various modified plastic products [1]. - The company's main business revenue composition includes: organic polymer modified materials (50.38%), green petrochemical materials and new materials (20.11%), organic polymer composite materials (17.71%), others (8.02%), biomedicine and health products (2.05%), and gelatin, collagen, and their derivatives (1.73%) [1]. Financial Performance - For the first half of 2025, Guoen Co., Ltd. achieved a revenue of 9.754 billion yuan, representing a year-on-year growth of 4.58%. The net profit attributable to shareholders was 346 million yuan, showing a year-on-year increase of 25.94% [2]. - Since its A-share listing, Guoen Co., Ltd. has distributed a total of 477 million yuan in dividends, with 190 million yuan distributed in the last three years [2]. Stock Market Activity - As of October 22, Guoen Co., Ltd.'s stock price was 50.77 yuan per share, with a market capitalization of 13.771 billion yuan. The stock has seen a recent trading volume of 68.0605 million yuan and a turnover rate of 0.77% [1]. - The stock has experienced a net outflow of 417,400 yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Guoen Co., Ltd. was 16,000, a decrease of 16.60% from the previous period. The average number of circulating shares per person increased by 19.90% to 11,066 shares [2]. - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 5.4534 million shares, an increase of 2.5965 million shares from the previous period [2].

Core Insights - The total number of electric vehicle charging infrastructure in China reached 18.063 million by the end of September 2025, representing a year-on-year growth of 54.5% [1][2] - The rapid growth of charging infrastructure is driven by increasing market demand, supportive policies, and advancements in charging technology [2][4] Charging Infrastructure Growth - Public charging facilities accounted for 4.476 million units, a 40% increase year-on-year, while private charging facilities reached 13.587 million units, growing by 60% [2] - The number of charging facilities has significantly increased from 12.818 million at the end of 2024 to 18.063 million in less than a year [2] - The ratio of electric vehicles to charging stations has improved to approximately 2.21:1, indicating a more balanced growth [2] Market Development - The number of charging operators has surged from around 10 to over 30,000, with the top five operators holding more than 60% market share [3] - The charging service capacity has doubled, with 11.228 million electric vehicles sold in the first nine months of the year, marking a 34.9% increase [3] Policy and Future Plans - The National Development and Reform Commission has introduced a three-year action plan aiming to establish 28 million charging facilities by the end of 2027, providing over 300 million kilowatts of public charging capacity [4] - The action plan emphasizes the need for balanced and innovative development, including enhancing urban fast-charging networks and improving rural charging infrastructure [4] Company Opportunities - Companies in the charging infrastructure sector, such as Guoen Co., are positioned to benefit from the rapid expansion, with advancements in composite materials for charging stations [5][6] - Guoen Co. has upgraded its technology for non-metallic charging station components, which enhances performance and reduces costs compared to traditional materials [5] - Huawei is focusing on efficient and integrated charging solutions to address challenges related to land and power resources, indicating a shift towards more sustainable charging technologies [6]

Core Viewpoint - The company Guoen Co., Ltd. has transitioned its PHB project from the laboratory research phase to the model development phase, indicating significant progress in its production capabilities [1] Group 1: Project Development - The PHB project has completed the kilogram-level preparation of epoxy propylene carbonylation reaction catalysts and PHB materials [1] - A small-scale production line has been established, and the company is simultaneously advancing the optimization of catalysts and the construction of the PHB grade matrix [1] Group 2: Vertical Integration and Supply Chain - The company leverages the vertical integration advantages of its subsidiary Guoen Chemical (Dongming), which has a production capacity of 200,000 tons/year of styrene and 80,000 tons/year of epoxy propylene [1] - This integration allows the company to meet the core raw material needs for PHB through a self-sufficient raw material system, creating a closed-loop value chain from basic chemicals to high-end functional new materials [1]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights a recovery opportunity at the bottom of the chemical cycle, particularly in the titanium dioxide sector, with major companies expanding globally and focusing on asset acquisitions [3][4]. - Global oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable with a projected global GDP growth of 2.8% [4][5]. - The report emphasizes the importance of various chemical chains, including textiles, agriculture, and exports, as well as the potential for recovery in profitability for titanium dioxide due to easing trade tensions and improved overseas real estate conditions [3][4]. Summary by Sections Industry Dynamics - Oil supply is anticipated to rise, with OPEC+ expected to increase production, while demand is stable but may slow due to tariffs [4]. - Coal prices are expected to stabilize at a low level, and natural gas exports from the U.S. are likely to increase, reducing import costs [4]. Chemical Product Prices and Trends - The report notes that the PPI for all industrial products fell by 2.3% year-on-year in September, indicating a narrowing decline compared to August [5]. - Manufacturing PMI rose to 49.8%, suggesting a continued recovery in manufacturing activity [5]. Investment Analysis - The report suggests focusing on four key areas for investment: textiles, agriculture, export-related chemicals, and sectors benefiting from reduced competition [3]. - Specific companies to watch include Lu Xi Chemical, Tongkun Co., and Huafeng Chemical in the textile chain, and various firms in the agricultural sector such as Hualu Hengsheng and Baofeng Energy [3][4]. Key Company Valuations - The report provides a valuation table for key companies, indicating their market capitalization and projected earnings for the coming years [14].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights the global expansion of major titanium dioxide manufacturers, emphasizing the opportunity for industry recovery from the bottom of the cycle. The acquisition of Venator UK's titanium dioxide assets and the establishment of subsidiaries in Malaysia and the UK are key developments [4][5]. - The macroeconomic outlook for the chemical sector indicates stable oil demand despite a slight slowdown due to tariffs, with global GDP growth projected at 2.8%. The report also notes that coal prices are stabilizing and natural gas export facilities in the U.S. are expected to accelerate [4][5]. - The report suggests investment strategies across various sectors, including textiles, agriculture, and chemicals, with a focus on companies benefiting from the "anti-involution" policies [4][5]. Summary by Sections Industry Dynamics - The report discusses the current macroeconomic conditions affecting the chemical industry, including oil supply and demand dynamics, with a forecast of increased production from non-OPEC sources and stable global oil demand [5][6]. - It notes that the PPI for industrial products decreased by 2.3% year-on-year in September, indicating a stabilization in prices due to improved supply-demand structures [6]. Investment Analysis - The report recommends a diversified investment approach focusing on sectors such as textiles, agriculture, and export-oriented chemicals, highlighting specific companies for potential investment [4][18]. - Key materials for growth are identified, including semiconductor materials and packaging materials, with specific companies mentioned for each category [4][18]. Price Movements - The report provides detailed price movements for various chemical products, including titanium dioxide, fertilizers, and pesticides, indicating a mixed outlook with some prices stabilizing while others show slight declines [11][14][20]. - It highlights the impact of external factors such as raw material costs and international trade dynamics on pricing trends within the chemical sector [11][14].