Investment Rating - The report maintains a "Buy" rating for Chanhen (002895 CH), Yuntianhua (600096 CH), and NHU (002001 CH), while Skshu (603737 CH) and Yuhong (002271 CH) are rated "Hold" [3][4][8]. Core Insights - The phosphate sector is experiencing strong performance, with companies like NHU expecting a profit increase of 50-70% in 1H25, driven by resilient agricultural demand and rising prices [3]. - Chanhen and Yuntianhua are highlighted as top picks due to their earnings momentum and robust dividend profiles, with expected earnings growth of over 40% year-on-year for Chanhen in 2Q and around 10% for Yuntianhua [3][8]. - The report notes potential catalysts for growth, including rising fertilizer export prices and elevated phosphate rock prices during the peak planting season [3]. Summary by Sections Phosphate Sector - Phosphate companies are expected to lead the sector, with Chanhen and Yuntianhua showing strong earnings growth and dividend yields exceeding 6% in 2025 [3][8]. - NHU's profit guidance indicates overall sector strength, with a projected increase of 50-70% [3]. Building Materials - Skshu has issued positive profit guidance for 2Q, projecting earnings growth of 69-118% year-on-year, but the report maintains a "Hold" rating due to the growth being largely priced in [4]. - Yuhong is expected to face ongoing weakness in earnings due to challenges in new housing and engineering construction [4]. Commodity Chemicals - Satellite Chemical is facing headwinds with expected earnings declines due to turbulence in ethane/propane imports and operational risks [5]. - Wanhua and LB Group are also under pressure from anti-dumping duties affecting their core products, leading to a negative outlook for their 2Q earnings [5].

Investment Rating - The report maintains a positive outlook on the chemical industry, with specific buy and hold recommendations for various companies [2][20]. Core Insights - The report highlights the closure of Dow's organic silicon production capacity in Barry, UK, which is expected to increase domestic export demand and support the upstream industrial silicon costs, indicating a potential reversal in the organic silicon industry [4][5]. - The demand for high-end AI PCBs is projected to surge due to the continuous growth in computing power requirements, driven by GPU, ASIC, and 800G switch technologies [4]. - The report notes that the recent tariff announcements from the US on imports from Southeast Asia are lower than expected, stabilizing pessimistic market sentiments [4]. Industry Dynamics - The macroeconomic outlook for the chemical industry indicates a significant increase in oil supply led by non-OPEC countries, with a stable global GDP growth rate of 2.8% [5]. - The report mentions that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream sectors [5]. - Natural gas exports from the US are anticipated to accelerate, potentially lowering import costs [5]. Company Recommendations - Companies to watch in the organic silicon sector include Dongyue Silicon Materials, Xin'an Chemical, and Xingfa Group [4]. - In the PCB sector, recommended companies include Shengquan Group, Dongcai Technology, Lianrui New Materials, Yake Technology, Tiancheng Technology, and Jiuri New Materials [4]. - For traditional cyclical stocks, the report suggests focusing on leading companies in various segments such as Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy [4]. Price Trends - The report provides specific price movements for various chemical products, such as PTA prices decreasing by 2.8% to 4715 RMB/ton, while MEG prices increased by 0.7% to 4409 RMB/ton [11]. - Urea prices rose by 2.9% to 1800 RMB/ton, while phosphate prices remained stable [12]. - The report notes that the price of DMC increased by 1.9% to 11000 RMB/ton, indicating a recovery in the organic silicon market [15].

Group 1 - The ChiNext Index (399006) has seen a strong increase of 2.07% as of July 8, 2025, with notable gains in constituent stocks such as Sungrow Power (300274) up 9.32%, Ruijie Networks (301165) up 9.31%, and Guocera Materials (300285) up 8.76% [1] - Since June 24, the ChiNext Index and technology leaders have performed well, driven by trends such as "anti-involution" and the AI industry, with sectors like steel, new energy, building materials, media, communication, and electronics leading the gains [1] - The mid-term outlook suggests that "anti-involution" is a key driver for the index's bullish trend, as it encourages listed companies to reduce capital expenditures and eliminate excess capacity, improving the economic supply-demand relationship and enhancing corporate profitability [1] Group 2 - AI is identified as a crucial force driving the current technological revolution, with investment opportunities emerging from infrastructure development and applications related to AI, impacting multiple industries and themes within the A-share market [1] - The ChiNext ETF (159956) closely tracks the ChiNext Index, which consists of 100 stocks with large market capitalization and good liquidity, reflecting the performance of the ChiNext market [2]

Financial Performance - In 2024, the company achieved revenue of 4.047 billion yuan, a year-on-year increase of 4.86%, and a net profit attributable to shareholders of 605 million yuan, up 6.27% year-on-year [1] - For Q1 2025, the company reported revenue of 975 million yuan, a year-on-year increase of 17.94%, while the net profit attributable to shareholders was 136 million yuan, up 1.80% year-on-year [1] Electronic Materials - The electronic materials segment generated revenue of 624 million yuan in 2024, a year-on-year increase of 4.22%, with a sales volume of 9,539 tons, up 19.25% [2] - The company is focusing on new applications in automotive electronics and AI servers, with successful development and mass production of various high-capacity and specialized electronic pastes [2] Catalytic Materials - The catalytic materials segment achieved revenue of 787 million yuan in 2024, a year-on-year increase of 10.01%, with a sales volume of 16.24 million liters, up 4.77% [3] - The company has made advancements in ultra-thin wall and low thermal expansion carrier technologies, meeting stringent emission standards [3] Biomedical Materials - The biomedical materials segment reported revenue of 911 million yuan in 2024, a year-on-year increase of 6.53%, with a sales volume of 3,040 tons, up 12.68% [4] - The company is enhancing its product offerings and has received compliance certification for several products under EU medical device regulations [4] New Energy Materials - Revenue from new energy materials surged from 272 million yuan in 2023 to 404 million yuan in 2024, marking a 48.34% year-on-year increase [5] - The company is strategically positioned in the new energy sector, focusing on lithium battery additives [5] Precision Ceramics - The precision ceramics segment achieved revenue of 351 million yuan in 2024, a year-on-year increase of 41.68%, with a sales volume of 739.62 million pieces, up 18.51% [7] - The company is expanding its applications in the new energy vehicle sector, particularly with ceramic bearings [7] Architectural Ceramics - The architectural ceramics segment reported revenue of 914 million yuan in 2024, a year-on-year decrease of 15.65%, due to reduced demand in the domestic real estate market [8] - The company is exploring overseas market opportunities and developing new products to strengthen its position [8] Investment Outlook - The company is positioned as a platform enterprise in new materials, with a diversified product portfolio across six major business segments [9] - Revenue projections for 2025-2027 are adjusted to 4.965 billion, 5.985 billion, and 7.104 billion yuan, with corresponding net profits of 754 million, 901 million, and 1.060 billion yuan [9]

Core Viewpoint - The company has approved a profit distribution plan for the year 2024, proposing a cash dividend of RMB 1.50 per 10 shares, with a total cash dividend amounting to approximately RMB 148.69 million based on the adjusted share base [1][2][6] Group 1: Profit Distribution Plan - The company plans to distribute cash dividends to shareholders at a rate of RMB 1.50 per 10 shares, based on a total of 991,287,699 shares after excluding repurchased shares [1][3] - The total cash dividend amount is calculated as 991,287,699 shares multiplied by RMB 0.15 per share, resulting in RMB 148,693,154.85 [2][6] - The distribution will not include stock dividends or capital reserve transfers, and adjustments will be made if there are changes in the total share capital before the implementation of the plan [1][3][4] Group 2: Authorization for Mid-term Dividend - The board of directors is authorized to determine the mid-term dividend plan for 2025, contingent upon meeting cash distribution conditions without affecting the company's normal operations [2][4] - The authorization includes decisions on whether to distribute profits, formulate distribution plans, and implement specific amounts and timing for the distribution [2][4] - The authorization period extends from the approval date of the 2024 annual shareholders' meeting until the completion of the authorized matters [2][4] Group 3: Key Dates and Methods - The record date for the profit distribution is set for June 6, 2025, and the ex-dividend date is June 9, 2025 [5] - The cash dividends will be directly credited to shareholders' accounts through their custodial securities companies [5] - The company holds 5,760,600 shares in its repurchase account, which do not participate in the profit distribution [4][6]

证券代码：300285 证券简称：国瓷材料 公告编号：2025-028 山东国瓷功能材料股份有限公司 2024 年年度权益分派实施的公告 本公司及董事会全体人员保证信息披露的内容真实、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、山东国瓷功能材料股份有限公司（以下简称"公司"）2024年年度股东会 审议通过的2024年度利润分配预案及提请股东会授权董事会制定中期分红方案的 具体内容为：公司拟以991,287,699股（总股本扣除回购专户上已回购股份数）为 基数，向全体股东每10股派发现金红利人民币1.50元（含税），不送红股，不以资 本公积转增股本。若在利润分配方案公告后至实施前，出现股权激励行权、可转 债转股、股份回购等股本总额发生变动情形时，将公司按照"分红比例不变"的 原则进行调整。 公司股东会授权董事会在满足现金分红条件，不影响公司正常经营和持续发 展的情况下，拟于2025年半年度或第三季度结合未分配利润与当期业绩进行分红， 以公司总股本扣除利润分配方案实施时股权登记日公司回购专户上已回购股份后 的总股本为基数，派发现金红利总金额不超过相应期间归属于上市公司股东的净 利润。相关授权 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, specifically recommending Minsheng Chemical's "Five Tigers": Shengquan Group, Guocera Materials, Guoguang Co., Anli Co., and Polymeric Co. [1][4] Core Insights - The chemical market is active, with growth stocks presenting a favorable allocation opportunity. The demand for phosphate fertilizers remains stable, and the high price of phosphate rock is expected to continue due to supply-demand balance. [1] - The domestic production capacity of polycarbonate (PC) is projected to grow significantly from 875,000 tons in 2018 to 3,810,000 tons by 2024, with an expected improvement in supply-demand dynamics from 2025 to 2029. [2] - The organic silicon industry is experiencing a recovery in the supply-demand balance, with a compound annual growth rate of 22.4% in production capacity from 2021 to 2024, driven by demand from emerging industries such as new energy vehicles and photovoltaics. [2] Summary by Sections Chemical Market Overview - The basic chemical industry index closed at 3,406.53 points, down 1.23% from the previous week, underperforming the CSI 300 index by 1.05%. [10] - Among 462 stocks in the chemical sector, 31% rose while 67% fell during the week. [18] Key Chemical Sub-Industries - **Polyester Filament**: The market is stable with slight price increases, and the average industry operating rate is approximately 89.96%. [26][27] - **Tires**: The operating rate for all-steel tires is 60.12%, down 2.88 percentage points from the previous week. [40] - **Refrigerants**: Prices for refrigerants like R22 and R134a are stable to strong, with R22 averaging 36,000 CNY/ton and R134a at 48,000 CNY/ton. [45][47] Price Trends - The top price increases for chemical products include cotton short velvet (up 15%), trichloromethane (up 14%), and domestic naphtha (up 13%). [24] - Conversely, the largest price drops were seen in liquid chlorine (down 71%) and TMA (down 9%). [25] Company Profit Forecasts - Guoguang Co. is projected to have an EPS of 0.78 CNY in 2024, with a PE ratio of 19, while Shengquan Group is expected to have an EPS of 1.03 CNY with a PE ratio of 25. Both companies are rated as "Recommended." [4]

Group 1: Core Insights - Tough ceramics are advanced materials that significantly enhance fracture toughness and impact resistance through techniques such as phase transformation toughening and fiber whisker reinforcement [1][15] - The market for tough ceramics in China is expected to exceed 30 billion yuan by 2030, driven by technological advancements and increasing demand in various sectors [1][15] Group 2: Industry Overview - Tough ceramics are designed to overcome the brittleness of traditional ceramics while maintaining high hardness, heat resistance, and corrosion resistance [2][3] - The classification of tough ceramics includes phase transformation toughened ceramics, fiber whisker toughened ceramics, and micro-crack toughened ceramics, with applications ranging from cutting tools to biomedical devices [3][5] Group 3: Policy Environment - The "14th Five-Year Plan" identifies advanced ceramics as a key strategic material, highlighting their importance in national manufacturing development [7] - Local policies, such as Henan Province's carbon peak action plan, emphasize the development of advanced ceramic materials, creating unprecedented opportunities for tough ceramics [7] Group 4: Industry Chain - The industry chain for tough ceramics includes upstream raw materials like alumina and zirconia, which directly affect product quality [9][10] - The downstream applications are diverse, spanning automotive, consumer electronics, biomedical, aerospace, and new energy sectors, each with unique performance requirements [9][13] Group 5: Market Applications - The consumer electronics sector is a major market for tough ceramics, accounting for approximately 35%-40% of end applications, driven by the growth of 5G, AI, and IoT technologies [13] - The overall consumer electronics market in China is projected to grow from 1.66 trillion yuan in 2018 to 1.98 trillion yuan in 2024, with a compound annual growth rate of 3% [13] Group 6: Competitive Landscape - The competitive landscape of the tough ceramics industry is characterized by a tiered structure, with leading companies like Guocer Materials and Sanhuan Group dominating the market [19] - The market exhibits a "head concentration and long tail dispersion" pattern, where leading firms leverage technology and market expansion while smaller firms focus on niche markets [19] Group 7: Development Trends - The tough ceramics industry is entering a new phase of high-quality development characterized by technological breakthroughs, market expansion, and green transformation [21] - Future trends include enhanced performance through technological advancements, increased market demand driven by consumer upgrades, and a shift towards sustainable practices in production [21][22][24]

北京天达共和律师事务所 关于山东国瓷功能材料股份有限公司 2024 年年度股东会的法律意见书 山东国瓷功能材料股份有限公司： 根据中国证券监督管理委员会发布的《上市公司股东会规则》（下称"《股 东会规则》"）的要求，北京天达共和律师事务所（下称"本所"）接受山东国 瓷功能材料股份有限公司（下称"国瓷材料"）的委托，指派杜国平、杨洋律师 （下称"本所律师"）出席国瓷材料 2024 年年度股东会（下称"本次股东会"）， 对本次股东会的召集与召开程序、出席会议人员与召集人的资格、表决程序与表 决结果等重要事项出具法律意见书。 本所及本所律师依据《中华人民共和国公司法》（下称"《公司法》"）、 《中华人民共和国证券法》《律师事务所从事证券法律业务管理办法》和《律师 事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日以前已经 发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则， 进行了充分的核查验证，保证本法律意见书所认定的事实真实、准确、完整，所 发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并 承担相应法律责任。 一、本次股东会的召集与召开 （一）本次股东会的召集 ...

2、本次股东会不涉及变更以往股东会已通过的决议； 3、中小股东（持股5%以下）表决情况中，未计算山东国瓷功能材料股份有限 公司（以下简称"公司"或"国瓷材料"）现任董事、监事、高级管理人员的持 股表决情况。 一、会议召开和出席情况 （一）现场会议召开时间：2025年5月19日（星期一）14:00。网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年5月19日上午 9:15～9:25，9:30～11:30和下午1:00～3:00；通过深圳证券交易所互联网投票系统 进行投票的具体时间为：2025年5月19日上午9:15至下午3:00期间的任意时间。 山东国瓷功能材料股份有限公司 2024年年度股东会决议公告 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。 特别提示： 1、本次股东会无增加、变更、否决议案的情况； （二）现场会议召开地点：山东省东营市国瓷材料会议室。 证券代码：300285 证券简称：国瓷材料 公告编号：2025-027 行政法规、部门规章、规范性文件的规定。 （六）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份总 ...