股票代码：002768 股票简称：国恩股份 公告编号：2025-042 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、协议签署概况 为深化产学研协同创新，整合企业产业资源与尖端科研机构前沿创新能力， 推进青岛国恩科技股份有限公司（以下简称"公司"）香港研发中心建设。近 日，公司及下属子公司国恩集团（香港）有限公司、香港石油化学有限公司与 香港城市大学（吕坚创新团队）共同签署了《关于光伏增产及海水资源提取集 成项目之协议书》，基于已完成前期实验室验证并进入中试阶段的项目基础， 三方将本着资源共享、互惠互利、共同发展的原则，共同开发光伏增产及海水 资源提取集成（Enhanced Photovoltaic Output and Integrated Seawater Resource Extraction）项目。 本协议各方不存在关联关系，本次签署的协议不构成关联交易，亦不构成 《上市公司重大资产重组管理办法》规定的重大资产重组。根据《深圳证券交 易所股票上市规则》及《公司章程》的相关规定，签署本次协议无需提交公司 董事会和股东会审议。 二、合作方基本情况 香 ...

Core Viewpoint - The company has signed an agreement with the innovation team led by Professor Lu Jian from City University of Hong Kong for a project focused on photovoltaic efficiency enhancement and seawater resource extraction [1] Group 1: Project Details - The project will be funded through a joint application for "RAISE+" matching funds from the Hong Kong SAR government, with an initial funding request of 26.7 million HKD from both parties [1] - The total self-raised funds from both parties will also amount to 26.7 million HKD [1] - The collaboration is set to last for three years, starting from the effective date of the agreement [1] Group 2: Focus Areas - The project targets two main areas: "photovoltaic cooling efficiency" and "low-consumption lithium extraction from seawater" [1] - The anticipated outcomes of the project are expected to bring significant commercial value to the company [1]

Market Overview - On October 10, the plastic sector declined by 0.63% compared to the previous trading day, with Jun Ding Da leading the decline [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Notable gainers in the plastic sector included: - Nalco Co. (002825) with a closing price of 10.74, up 10.04% and a trading volume of 241,600 shares, totaling 253 million yuan [1] - Ningbo Color Masterbatch (301019) closed at 19.85, up 6.61% with a trading volume of 123,400 shares, totaling 241 million yuan [1] - Qide New Materials (300995) closed at 52.01, up 5.50% with a trading volume of 46,800 shares, totaling 241 million yuan [1] - Major decliners included: - Jun Ding Da (301538) closed at 91.16, down 5.26% with a trading volume of 21,900 shares, totaling 205 million yuan [2] - Jinfat Technology (600143) closed at 21.28, down 4.14% with a trading volume of 1,736,600 shares, totaling 3.737 billion yuan [2] - Dongcai Technology (601208) closed at 19.52, down 3.60% with a trading volume of 364,500 shares, totaling 716 million yuan [2] Capital Flow - The plastic sector experienced a net outflow of 361 million yuan from institutional investors, while retail investors saw a net inflow of 291 million yuan [2][3] - Notable capital flows included: - Foshan Plastics (000973) had a net inflow of 10.2 million yuan from institutional investors, but a net outflow of 15.74 million yuan from retail investors [3] - Shenkai Co. (002361) saw a net inflow of 66.57 million yuan from institutional investors, with retail investors experiencing a net outflow of 42.09 million yuan [3] - Nalco Co. (002825) had a net inflow of 65.37 million yuan from institutional investors, with retail investors also facing a net outflow of 33.06 million yuan [3]

Core Viewpoint - Guoen Co., Ltd. is facing significant financial challenges, including rising debt levels and stagnant profits, despite recent revenue growth. The company's management continues to increase their salaries while employee compensation has decreased. Financial Performance - In 2022, Guoen's revenue increased from less than 10 billion to over 13 billion RMB, with further growth expected to exceed 19 billion RMB in 2024 [3] - For the first half of 2025, the company reported revenue of 9.75 billion RMB, a year-on-year increase of 4.6%, and a net profit of 350 million RMB, up 25.9% [3] - Despite the revenue growth, net profit has not reached previous highs, with a peak of over 700 million RMB in 2020, and a decline in net profit in 2023 to less than 500 million RMB [3][4] Debt Situation - Guoen's debt levels have been increasing, with a debt-to-asset ratio reaching 62.4% in the first half of 2025, up from below 50% three years prior [4] - Short-term debt rose to 2.91 billion RMB in the first half of 2025, a nearly 50% increase from the previous year [4] - Total bank and other borrowings increased from 3.12 billion RMB at the end of 2022 to 6.24 billion RMB by April 2025, a nearly 90% rise [4] Profitability Issues - The company's gross profit margin has been declining, dropping from a high of 19.5% in 2020 to 10.1% in the first half of 2025 [3][4] - The low gross margin is attributed to an increase in lower-margin green petrochemical materials and declining market prices for key products [4] Management Compensation - Despite stagnant profits, Guoen's executives have seen significant salary increases, with the chairman's salary rising nearly 60% to over 1 million RMB in 2023 and further increases in 2024 [8] - The total annual compensation for executives rose from 8.88 million RMB in 2022 to over 12.37 million RMB in 2024, a growth of approximately 39.3% [8] - In contrast, the average employee salary decreased to 96,000 RMB in 2024, marking a three-year low [8]

Market Overview - In September, both A-shares and Hong Kong stocks exhibited a volatile pattern, with domestic economic recovery showing uneven momentum and real estate chain drag persisting[5] - The Federal Reserve's interest rate cut led to short-term market fluctuations, while sectors like batteries and semiconductors outperformed due to policy expectations and price rebounds[5] Investment Focus - The focus for October is on "technology growth," with A-shares confirming a tech narrative and Hong Kong stocks advancing in both technology and non-ferrous metals[5] - Key events include the unveiling of Xiaopeng's fifth-generation humanoid robot on October 24 and new drug progress announcements from Chinese pharmaceutical companies at the ESMO conference in mid-October[5] Policy and Economic Outlook - October is a critical policy layout window, with the 20th Central Committee's Fourth Plenary Session focusing on the "14th Five-Year Plan," leading to rising capital market expectations[5] - The market anticipates another interest rate cut from the Federal Reserve in October, which could benefit the Hong Kong market due to its linked exchange rate system[5] Key Investment Themes - **Technology Growth and High-End Manufacturing**: Emphasis on digital economy, aerospace information, and high-end equipment, with recommendations to focus on satellite internet and AI[5] - **Resource Cycle Optimization**: Global inventory cycles are bottoming out, with industrial metals like copper and cobalt expected to see price increases driven by demand from new energy[5] - **Structural Recovery in Consumption**: Anticipated strong consumption data during the Mid-Autumn Festival and National Day, with a focus on high-quality segments like medical consumption and travel chains[5] Risk Factors - Risks include unexpected policy changes, commercialization outcomes falling short of expectations, and delays in product development and market entry[5]

Investment Rating - The report maintains a "Buy" rating for the non-metallic building materials sector and an "Overweight" rating for the construction and engineering sector [5]. Core Insights - The Ministry of Industry and Information Technology and five other departments issued the "Building Materials Industry Steady Growth Work Plan (2025-2026)", focusing on quality and efficiency while prohibiting new capacity [2][3]. - The new plan emphasizes the need for coordinated efforts on both supply and demand sides, aiming to enhance profitability levels effectively [3]. - The plan sets a specific target for 2026, aiming for green building material revenue to exceed 300 billion yuan [2]. Summary by Sections Policy Background - The new plan is introduced against a backdrop of weak market demand and prominent structural issues in the building materials industry, contrasting with the previous plan which was released during the early recovery phase post-pandemic [2]. Overall Requirements - The current plan focuses on quality and efficiency, integrating technological and industrial innovation, and emphasizes strict control over new capacity while promoting traditional material upgrades and advanced inorganic non-metallic materials [2][3]. Main Goals - Unlike the previous plan, which set specific growth targets for industrial added value, the current plan does not set total industry targets but emphasizes improving profitability and achieving specific revenue goals for green materials [2]. Key Measures - The new plan prioritizes strengthening industry management and promoting the survival of the fittest, with a focus on strict capacity control in cement and glass production [2][3]. - It outlines specific development directions for advanced materials, including advanced glass, artificial crystals, and high-performance fibers, while promoting pilot platform construction and application verification [3]. Investment Recommendations - The report suggests focusing on companies in the new materials sector such as China Jushi, Guoen Co., Puyang Huicheng, Keda Manufacturing, Hongrun Construction, and Jiemai Technology, as well as companies in the infrastructure and real estate chain like China State Construction, Oriental Yuhong, and Anhui Conch Cement [4].

Summary of Key Points Core Viewpoint - On September 23, several A-share listed companies disclosed their shareholding changes, with notable increases in holdings by some companies and reductions by others [1]. Group 1: Companies Increasing Holdings - Baba Foods: Some directors and senior management plan to further increase their shareholdings [2]. - Huakai Yibai: Luo Chun plans to increase his shareholdings by no less than 20 million yuan within six months [2]. Group 2: Companies Decreasing Holdings - Yingfang Software: Good Hope Cape and its concerted actors plan to reduce their holdings by no more than 3% [2]. - Meili Technology: Shareholder Changjiang Capital plans to reduce holdings by no more than 2,110,746 shares [2]. - Zhongtian Rocket: Shareholders plan to reduce their holdings by no more than 3% [2]. - Fangyuan Co., Ltd.: Shareholder Zhongke Ziyun plans to reduce holdings by no more than 1% [2]. - Funeng Technology: Deputy General Manager Wang Zhigang plans to reduce holdings by no more than 100,000 shares [2]. - Chaoxun Communication: The company's management has completed their reduction plan [2]. - Zhongke Jiangnan: Shareholders holding more than 5% plan to reduce holdings by no more than 1.73% [2]. - Bozhong Precision: The controlling shareholder's concerted actors have cumulatively reduced 5,495,900 shares recently [2]. - Fulongma: Former supervisor Shen Jiaqing reduced holdings by 199,600 shares [2]. - Dongtianwei: Specific shareholder Xinyu Ruitian reduced holdings by 458,900 shares from September 19 to September 22 [2]. - ST Lutong: Senior management member Zhuang Xiaozheng plans to reduce holdings by no more than 671,700 shares [2]. - Lakala: Legend Holdings has cumulatively reduced its holdings by 8,078,100 shares recently [2]. - *ST Xingnong: Shareholder Li Weihong plans to reduce holdings by no more than 3% [2]. - Tianji Co., Ltd.: Some directors and senior management plan to reduce their holdings [2]. - Yashiguangdian: Shareholders plan to reduce holdings by a total of 2.46% [2]. - Zhejiang Zhengte: Supervisor Hou Xiaohua plans to reduce holdings by no more than 275,300 shares [2]. - Binglun Environment: Some directors and senior management plan to reduce their holdings [2]. - Zhejiang Lino: The actual controller and concerted actors plan to reduce holdings by no more than 3.25% [2]. - Zhejiang Shibao: The controlling shareholder Shibao Holdings has recently reduced 1.50% of its A-share holdings [2]. - Kuaijingtong: Due to a securities repurchase contract dispute, shareholders will passively reduce holdings by no more than 1% [2]. - Nanxing Co., Ltd.: Shareholders plan to reduce holdings by no more than 3.03% [2].

Market Performance - The PEEK materials concept declined by 2.65%, ranking among the top losers in the concept sector as of the market close on September 19 [1] - Key stocks within the PEEK materials sector included Jinfa Technology, which hit the daily limit down, and other notable decliners such as Changying Precision, Guoen Co., and Zhongyan Co. [1] - Conversely, eight stocks within the sector saw price increases, with Taihe Technology, Brother Technology, and China Jushi leading the gains at 3.43%, 2.96%, and 2.29% respectively [1] Capital Flow - The PEEK materials sector experienced a net outflow of 3.634 billion yuan, with 32 stocks seeing net outflows and seven stocks exceeding 100 million yuan in outflows [1] - Jinfa Technology led the outflows with a net outflow of 1.663 billion yuan, followed by Changying Precision, Guangqi Technology, and Shuanglin Co. with net outflows of 455 million yuan, 368 million yuan, and 242 million yuan respectively [1] - On the other hand, stocks such as Ningbo Huaxiang, Guoen Co., and Brother Technology saw net inflows of 71.36 million yuan, 51.19 million yuan, and 19.27 million yuan respectively [1][2] Sector Comparison - Among the concept sectors, the top gainers included photolithography machines at 2.09%, while the PEEK materials sector was among the top losers at -2.65% [1] - Other sectors with notable performance included civil explosives at 1.70% and lithium extraction from salt lakes at 1.11%, contrasting with the decline in the PEEK materials sector [1]

Group 1 - The PEEK material concept stocks have weakened significantly, with Jinfa Technology hitting the daily limit down [1] - Guoen Co., Ltd. has seen a decline of over 8% [1] - Changying Precision, Yokogawa Precision, and Weike Technology are among the stocks with the largest declines [1]

Group 1 - The plastic sector saw a slight increase of 0.23% on September 18, with Jinfa Technology leading the gains [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] - Jinfa Technology and Guoen Co., Ltd. both experienced a 10% increase in their stock prices, closing at 24.08 and 52.47 respectively [1] Group 2 - The plastic sector experienced a net outflow of 1.115 billion yuan from major funds, while retail investors saw a net inflow of 1.035 billion yuan [2] - The trading volume for Jinfa Technology reached 575.86 thousand shares, contributing to a significant market presence [1] - The stock performance of various companies in the plastic sector showed mixed results, with some companies like Jiangsu Boyun and Pan-Asia Micro透 experiencing declines of over 4% [2][3]