5 September 2025 | 6:14PM HKT Rianlon (300596.SZ): Asia Leaders Conference 2025 — Key Takeaways: Scope for margin recovery; more favorable S/D We hosted Rianlon's management at our GS Asia Leaders Conference 2025 on Sep 4. Bottom line: 1) Polymer stabilizers saw improved industry supply-demand dynamics this year on industry capacity closures together with steady demand, and management expects the segment's GPM to further recover to a normalized level of 30%+ (vs. 20+% currently); 2) management guides for +M ...

Core Viewpoint - The company has shown growth in both revenue and net profit in the first half of 2025, driven by the expansion of its lubricant additive segment and the successful implementation of differentiated products in the polymer materials sector [1][2][5]. Financial Performance - In H1 2025, the company achieved revenue of 3.0 billion yuan, a year-on-year increase of 6.2%, and a net profit attributable to shareholders of 240 million yuan, up 9.6% year-on-year [1]. - In Q2 2025, the company reported revenue of 1.51 billion yuan, representing a year-on-year growth of 3.3% and a quarter-on-quarter increase of 2.2%. The net profit for the same period was 133 million yuan, up 18% year-on-year and 23.6% quarter-on-quarter [1]. Product Segment Analysis - The polymer materials anti-aging additives segment generated revenue of 2.36 billion yuan in H1 2025, a year-on-year increase of 3.1%, with a gross margin of 23.7%, down 0.7 percentage points. The shipment volume was 66,000 tons, up 4.3% year-on-year [2]. - The lubricant additives segment achieved revenue of 620 million yuan in H1 2025, a year-on-year increase of 18.5%, with a gross margin of 13.5%, up 5.5 percentage points. The shipment volume was 34,000 tons, up 18.3% year-on-year [2]. Market Expansion and New Projects - The company has initiated an overseas capacity expansion plan, establishing a wholly-owned subsidiary in Singapore and planning to invest up to 300 million USD in a research and production base in Malaysia for anti-aging and lubricant additives [3]. - The lubricant additives segment has seen successful collaboration with major international and domestic companies, enhancing production capacity and operational efficiency [3]. Industry Trends and Demand Drivers - The demand for anti-aging additives and lubricant additives is expected to rise due to the growth of the AI industry, particularly in data centers and robotics, where specialized materials are required to ensure durability and performance [4]. - The company is positioned to benefit from the increasing need for high-performance materials in various applications, including electronics and robotics [4]. Profit Forecast and Investment Outlook - Revenue projections for the company are 6.45 billion yuan in 2025, 7.67 billion yuan in 2026, and 8.42 billion yuan in 2027, with net profits expected to be 510 million yuan, 600 million yuan, and 710 million yuan respectively, indicating a positive growth trajectory [5].

Group 1 - The report highlights that SAIC Motor Corporation achieved a total revenue of 299.59 billion yuan in H1 2025, representing a year-on-year increase of 5.2%, while the net profit attributable to shareholders was 6.02 billion yuan, a decrease of 9.2% [4][5] - The company reported a significant increase in non-recurring net profit, which reached 5.43 billion yuan, up 432.2% year-on-year, indicating strong operational performance despite challenges [4][5] - The sales volume of SAIC Motor's vehicles in H1 2025 was 2.053 million units, an increase of 12.4% year-on-year, with a notable 40.2% increase in new energy vehicle sales [5][6] Group 2 - Shenzhou Taiyue's H1 2025 revenue was 2.685 billion yuan, down 12.05% year-on-year, with a net profit of 509 million yuan, reflecting a decline of 19.26% [11][12] - The gaming segment contributed 75.53% of total revenue, with a significant drop in revenue from major titles, indicating a need for new product launches to drive growth [12][13] - The company is expected to enter a three-year product cycle from 2025 to 2027, with multiple new games set to launch, which could enhance revenue streams [12][14] Group 3 - Lemon Film's H1 2025 revenue reached 401 million yuan, a remarkable increase of 108.5% year-on-year, with a net profit of 10.82 million yuan, compared to a loss in the previous year [17][18] - The growth was driven by overseas distribution and short drama business expansion, alongside effective cost control measures [18][19] - The company is positioned as a leader in the long drama industry, with strong content production capabilities and a focus on overseas and short drama markets [21][22] Group 4 - Jinshi Resources reported a revenue of 1.726 billion yuan in H1 2025, a year-on-year increase of 54.24%, primarily due to the release of production capacity in fluorochemical products [23][24] - The company faced a net profit decline of 24.74% due to operational challenges and increased costs associated with mining projects [24][25] - The strategic shift towards global resource integration is expected to yield long-term benefits, with projected revenues of 3.727 billion yuan in 2025 [27][28] Group 5 - Zhongke Chuangda's H1 2025 revenue was 3.299 billion yuan, up 37.44% year-on-year, with a net profit of 158 million yuan, reflecting a growth of 51.84% [29][30] - The smart IoT business saw a remarkable growth of 136%, becoming the fastest-growing segment, while the smart automotive and software businesses maintained steady expansion [30][31] - The company is expected to continue leading in the edge AI sector, with projected revenues of 6.533 billion yuan by 2027 [35] Group 6 - Sound Group Inc. achieved a total revenue of 1.358 billion yuan in H1 2025, a 46.9% increase year-on-year, with a net profit of 68 million yuan, marking a turnaround from losses [39][42] - The audio entertainment segment remains the core revenue driver, while AI-related services are expected to enhance growth potential [39][40] - The company is focusing on user engagement and content creation to improve monetization and user retention [41][42] Group 7 - Beautiful Field Medical Health reported a revenue of 1.459 billion yuan in H1 2025, a 28.2% increase year-on-year, with a net profit of 171 million yuan, reflecting a growth of 35.5% [44][45] - The growth was driven by an increase in active members and the expansion of health services, particularly in the sub-health sector [45][46] - The company is expected to maintain a strong growth trajectory, with projected revenues of 3 billion yuan by 2027 [46]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9][17] Core Views - The company is expected to benefit from the growth in the lubricant additive sector and the demand for anti-aging additives driven by the AI industry chain explosion [2][8] - The company has shown a year-on-year revenue growth of 6.2% in H1 2025, with a net profit increase of 9.6% [2][3] - The company is positioned as a leader in the domestic anti-aging additive market, with significant growth potential from new production capacities and international expansion [9][4] Financial Performance - In H1 2025, the company achieved operating revenue of 3.0 billion yuan, with a net profit attributable to shareholders of 240 million yuan [2] - The gross profit margin for sales was 21.6%, showing a slight increase of 0.2 percentage points year-on-year [2] - In Q2 2025, the company reported operating revenue of 1.51 billion yuan, a year-on-year increase of 3.3% and a quarter-on-quarter increase of 2.2% [2] Product Segments - The anti-aging additive segment generated revenue of 2.36 billion yuan in H1 2025, with a gross margin of 23.7%, although it saw a decline of 0.7 percentage points year-on-year [3] - The lubricant additive segment achieved revenue of 620 million yuan in H1 2025, with a gross margin of 13.5%, an increase of 5.5 percentage points year-on-year [3] Market Expansion - The company has initiated an overseas capacity expansion plan, establishing a wholly-owned subsidiary in Singapore and planning to invest up to 300 million USD in Malaysia for a new research and production base [4] - Collaborations with major international lubricant additive companies are progressing well, enhancing the company's market presence [4] Future Projections - Revenue projections for 2025-2027 are 6.45 billion, 7.67 billion, and 8.42 billion yuan respectively, with net profits of 510 million, 600 million, and 710 million yuan [9][11] - The company is expected to maintain a strong growth trajectory, supported by new production capacities and market expansion efforts [9]

Core Viewpoint - The aerospace industry heavily relies on high-performance materials to ensure efficiency, safety, and sustainability, with increasing demand for engineering plastics that can withstand extreme conditions while being lightweight and durable [2]. Group 1: Aerospace Materials - Advanced plastics are crucial for optimizing logistics and reducing waste in aerospace applications, including reusable transport packaging and pallets [2]. - The current engineering plastics used in aerospace include PC, PA, PEEK, PEAK, LCP, PI, and ABS, each serving specific functions such as cabin covers, gears, bearings, and engine components [2]. - High-performance polymer materials are fundamental to modern aerospace equipment, significantly contributing to the lightweighting of aerospace gear [2]. Group 2: Future Developments - The next generation of aerospace plastics will push the limits of possibilities, driven by advancements in composite materials, automation, and AI in manufacturing [3]. - The 2025 Polymer Industry Annual Conference will feature a presentation on the application of high-performance polymer materials in the aerospace industry, highlighting the importance of collaboration among enterprises [3][6]. Group 3: Conference Details - The 2025 Polymer Industry Annual Conference will take place from September 10-12 in Hefei, focusing on emerging industries such as AI, low-altitude economy, and aerospace [6]. - The conference aims to explore new opportunities in materials, technology, and equipment across various sectors, inviting international leading enterprises and industry experts [6].

天津利安隆新材料股份有限公司 证券代码：300596 证券简称：利安隆 公告编号：2025-064 关于参加 2025 年天津辖区上市公司投资者网上 集体接待日暨半年报业绩说明会活动的公告 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、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，天津利安隆新材料股份有限公司（以下 简称"公司"）将参加由天津证监局指导、天津上市公司协会及深圳市全景网络 有限公司联合举办的"2025 年天津辖区上市公司投资者网上集体接待日暨半年 报业绩说明会活动"，现将有关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP， 参与本次互动交流。活动时间为 2025 年 9 月 11 日（周四）15:00-17:00。 出席本次活动的有公司董事长、总裁李海平先生，副总裁、董事会秘书谢金 桃女士，财务总监阎文嘉先生，证券事务代表刘佳女士，届时相关人员将在线就 公司 2025 半年度业绩、公司治理、发展战略、经营状况等投资者关心的问题， ...

为进一步加强与投资者的互动交流，天津利安隆新材料股份有限公司（以下 简称"公司"）将参加由天津证监局指导、天津上市公司协会及深圳市全景网络 有限公司联合举办的"2025 年天津辖区上市公司投资者网上集体接待日暨半年 报业绩说明会活动"，现将有关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP， 参与本次互动交流。活动时间为 2025 年 9 月 11 日（周四）15:00-17:00。 出席本次活动的有公司董事长、总裁李海平先生，副总裁、董事会秘书谢金 桃女士，财务总监阎文嘉先生，证券事务代表刘佳女士，届时相关人员将在线就 公司 2025 半年度业绩、公司治理、发展战略、经营状况等投资者关心的问题， 与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告！ 天津利安隆新材料股份有限公司 证券代码：300596 证券简称：利安隆 公告编号：2025-064 天津利安隆新材料股份有限公司 关于参加 2025 年天津辖区上市公司投资者网上 集体接待日暨半年报业绩说明会活动的公告 本公 ...

Core Viewpoint - The article emphasizes the transformative impact of AI on the chemical materials industry, marking a shift from traditional methods to AI-driven approaches that enhance efficiency and innovation in material development [1][6][10]. Group 1: AI and Industry Transformation - AI models and applications have rapidly evolved, leading to a surge of innovative products and marking a technological turning point for the industry [1]. - The integration of AI, embodied intelligence (EI), and big data is accelerating the onset of the Fourth Industrial Revolution in the chemical materials sector [1]. - China is positioned as the largest market and manufacturing base, with abundant application scenarios for AI in material science [1]. Group 2: Collaboration Between Material and AI Companies - Material companies are increasingly collaborating with AI firms to enhance research and development processes [3]. - The shift from traditional experimental methods to AI-enabled approaches is expected to streamline the entire material development chain from research to industrialization [1][6]. Group 3: Expert Insights and Reports - Experts from various institutions shared insights on the opportunities and challenges posed by AI in the chemical materials industry during the 2025 Polymer Industry Annual Conference [4][6][10]. - The reports highlighted the need for companies to overcome technical bottlenecks, data silos, and high costs to fully leverage AI in material development [6][8]. Group 4: AI-Driven Innovations in Material Development - AI is reshaping production optimization and predictive maintenance across seven key areas, contributing to cost reduction and efficiency gains [6]. - The development of high-performance catalytic materials is crucial for sustainable development, with AI facilitating faster and more cost-effective research processes [7]. - AI and automation are being combined to enhance process development, significantly improving research and development efficiency [8]. Group 5: Infrastructure and Case Studies - The construction of "AI + Materials" infrastructure is essential for transitioning to data-driven and model-assisted material development [9]. - Specific case studies demonstrate the successful application of AI in predicting material properties and optimizing formulations, showcasing the potential of AI in polymer research [10]. Group 6: Upcoming Events and Opportunities - The 2025 Polymer Industry Annual Conference will explore new opportunities in emerging industries such as AI, embodied robots, and new energy vehicles [11][12]. - The conference aims to gather industry leaders, experts, and stakeholders to discuss the future of polymer materials and technology [11][12].

Core Viewpoint - The company reported steady revenue growth in its anti-aging additives and improved gross margins in its lubricant additives segment, indicating resilience in a competitive market [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 2.995 billion yuan, a year-on-year increase of 6.21%, and a net profit attributable to shareholders of 241 million yuan, up 9.6% year-on-year, with a gross margin of 21.59%, an increase of 0.18 percentage points [1]. - In Q2 2025, the company recorded revenue of 1.514 billion yuan, a year-on-year increase of 3.29% and a quarter-on-quarter increase of 2.22%; net profit attributable to shareholders was 133 million yuan, up 18.04% year-on-year and 23.59% quarter-on-quarter, with a gross margin of 21.65%, an increase of 0.22 percentage points year-on-year and 0.13 percentage points quarter-on-quarter [1]. Business Segments - In the anti-aging additives segment, the company generated revenue of 2.358 billion yuan, a year-on-year increase of 3.06%, with a shipment volume of 65,500 tons, up 4.30% year-on-year, driven by the development of high-margin products and entry into higher technical barrier downstream fields [2]. - In the lubricant additives segment, the company achieved revenue of 618 million yuan, a year-on-year increase of 18.49%, with a shipment volume of 34,200 tons, up 18.27% year-on-year, supported by increased capacity utilization following the commissioning of the Jinzhou Kangtai Phase II project in 2024 [2]. Market Position and Future Outlook - The company is advancing its domestic production capacity for electronic-grade polyimide through cross-border mergers and acquisitions, with ongoing construction of production bases and R&D centers, aiming for trial production in 2026 [3]. - The company is expected to achieve net profits attributable to shareholders of 505 million yuan, 598 million yuan, and 680 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 15.3, 12.9, and 11.3 times [3]. - The company is recognized as a leading player in the domestic anti-aging materials industry, being the only supplier capable of covering a wide range of polymer materials including plastics, rubber, fibers, adhesives, and coatings [3].

据证券之星公开数据整理，近期利安隆（300596）发布2025年中报。截至本报告期末，公司营业总收入 29.95亿元，同比上升6.21%，归母净利润2.41亿元，同比上升9.6%。按单季度数据看，第二季度营业总 收入15.14亿元，同比上升3.29%，第二季度归母净利润1.33亿元，同比上升18.04%。本报告期利安隆盈 利能力上升，毛利率同比增幅0.84%，净利率同比增幅1.67%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率21.59%，同比增0.84%，净利率7.81%，同比增 1.67%，销售费用、管理费用、财务费用总计2.16亿元，三费占营收比7.22%，同比减3.88%，每股净资 产20.1元，同比增8.44%，每股经营性现金流-0.24元，同比减146.28%，每股收益1.05元，同比增9.61% | 利安隆 最新财务摘要 | | --- | | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 28.2亿 | 29.95 Z | 6.21% | | 归母净利润(元) | 2.2 Z | 2.41亿 ...