Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance in H1 2025 met expectations, with revenue of CNY 2.995 billion, a year-on-year increase of 6.21%, and a net profit attributable to shareholders of CNY 241 million, up 9.60% year-on-year [1][3] - The sales of anti-aging additives showed steady growth, while the profitability of lubricant additives improved significantly [2][3] - The company is solidifying its leading position in the anti-aging agent industry and is actively developing major clients for lubricant additives, with emerging sectors poised for growth [3] Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of CNY 1.514 billion, a year-on-year increase of 3.29% and a quarter-on-quarter increase of 2.22%. The net profit attributable to shareholders was CNY 133 million, up 18.04% year-on-year and 23.59% quarter-on-quarter [1] - For H1 2025, the anti-aging additives business generated revenue of CNY 2.36 billion, a 3.1% increase year-on-year, with a shipment volume of 65,500 tons, up 4.3% year-on-year [2] - The lubricant additives business reported revenue of CNY 620 million, an 18.5% increase year-on-year, with a shipment volume of 34,200 tons, up 18.3% year-on-year [2] Cost and Profitability - The gross margin for lubricant additives improved by 5.5 percentage points to 13.5% due to increased capacity utilization and collaborative efforts across the supply chain [2] - Sales, management, and R&D expenses increased by 21.9%, 5.0%, and 17.2% respectively, while financial expenses decreased by 110.5% mainly due to currency fluctuations [2] Future Outlook - The company plans to invest in an overseas R&D and production base in Malaysia to enhance its product offerings and expand its international footprint [3] - The company forecasts net profits attributable to shareholders of CNY 503 million, CNY 612 million, and CNY 688 million for 2025, 2026, and 2027 respectively [3][5]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Views - The company has demonstrated steady performance with a year-on-year revenue increase of 6.21% to CNY 2.995 billion in the first half of 2025, and a net profit growth of 9.60% to CNY 241 million [3]. - The core business segments, including anti-aging additives and lubricant additives, have shown growth in both sales volume and revenue, with lubricant additives experiencing a significant revenue increase of 18.49% [3]. - The company is actively expanding into new business areas, including life sciences and polyimide materials, which are expected to drive future growth [4][5]. Financial Performance Summary - The company achieved a revenue of CNY 5.278 billion in 2023, with a projected growth rate of 9.00% [6]. - The net profit for 2023 is forecasted at CNY 362 million, with a significant increase of 23.90% expected in 2025 [6]. - The earnings per share (EPS) are projected to grow from CNY 1.58 in 2023 to CNY 3.11 by 2027, reflecting a strong upward trend [12]. Business Development - The company is expanding its lubricant additives business, with the second phase of its Jinzhou plant expected to enhance production capacity starting in 2024 [3]. - The life sciences segment is progressing well, with key products entering the market development phase and sales exceeding CNY 1 million monthly [4]. - The company is also investing up to USD 300 million to establish an overseas R&D and production base in Malaysia for high-performance polymer materials [4]. Market Position - The company is recognized as a leading supplier of anti-aging additives in the polymer materials sector, with a strong focus on innovation and customer development [7]. - The total market capitalization of the company is approximately CNY 77.13 billion, indicating a robust market presence [8]. Financial Projections - The company forecasts revenues of CNY 6.379 billion in 2025, with a growth rate of 12.16% [6]. - The projected net profit for 2025 is CNY 528 million, with a consistent growth trajectory expected through 2027 [6].

Core Insights - The company reported a revenue of 2.995 billion yuan for the first half of 2025, representing a year-on-year growth of 6.21%, and a net profit attributable to shareholders of 241 million yuan, up 9.6% year-on-year [1] - In Q2 2025, the company achieved a revenue of 1.514 billion yuan, with a year-on-year increase of 3.29%, and a net profit of 133 million yuan, reflecting an 18.04% year-on-year growth and a 23.59% quarter-on-quarter increase [1] - The company has maintained a compound annual growth rate (CAGR) of 24.59% in revenue over the past 14 years, demonstrating resilience against changes in the international business environment [1] Business Performance - The core business of anti-aging additives generated a revenue of 2.358 billion yuan in the first half of 2025, with a year-on-year growth of 3.06% and a shipment volume of 65,500 tons, up 4.30% year-on-year [2] - The lubricating oil additives segment reported a revenue of 618 million yuan, marking an 18.49% year-on-year increase, with a shipment volume of 34,200 tons, up 18.27% year-on-year [2] - The life sciences division has transitioned its bio-block business from R&D to market development, achieving monthly sales exceeding one million yuan for key products [2] Strategic Initiatives - The company has initiated an overseas capacity expansion plan, establishing a wholly-owned subsidiary in Malaysia to invest up to 300 million USD in a research and production base for high-performance polymer materials and lubricating oil additives [1][2] - The company is actively participating in the formulation of Chinese standards for engine lubricants and collaborating with major international and domestic players in the lubricating oil additives sector [2] - The company is also focusing on cross-border mergers and acquisitions to integrate polyimide technology and establish dual R&D centers and production bases domestically and internationally [2] Financial Projections - The company is projected to achieve revenues of 6.113 billion yuan, 6.603 billion yuan, and 7.593 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 495 million yuan, 505 million yuan, and 636 million yuan [3] - The expected earnings per share (EPS) for the same period are 2.16 yuan, 2.20 yuan, and 2.77 yuan, with corresponding price-to-earnings (PE) ratios of 15.6x, 15.3x, and 12.1x [3]

Group 1 - The company reported a revenue of 2.995 billion yuan for H1 2025, representing a year-on-year increase of 6.2%, and a net profit attributable to shareholders of 241 million yuan, up 9.6% year-on-year [1] - In Q2 2025, the company achieved a revenue of 1.514 billion yuan, which is a 3.3% increase year-on-year and a 2.2% increase quarter-on-quarter, with a net profit of 133 million yuan, reflecting an 18% year-on-year growth and a 23.6% quarter-on-quarter increase [1] - The company plans to issue medium-term notes worth 2 billion yuan to repay interest-bearing debts, supplement working capital, and invest in technology innovation and R&D [1] Group 2 - In H1 2025, the company's anti-aging agents and lubricant additives generated revenues of 2.358 billion yuan and 618 million yuan, respectively, with year-on-year growth rates of 3.06% and 18.49% [2] - The gross profit margins for anti-aging agents and lubricant additives were 23.66% and 13.48%, with year-on-year changes of -0.66 and +5.53 percentage points [2] - The life sciences division achieved significant milestones, with key projects reaching stable production and sales, and three products entering the pilot production phase [2] Group 3 - The company's sales gross margin and net margin for H1 2025 were 21.59% and 7.81%, reflecting year-on-year increases of 0.18 and 0.13 percentage points [2] - In Q2 2025, the sales gross margin and net margin were 21.65% and 8.56%, with quarter-on-quarter increases of 0.13 and 1.52 percentage points [2]

基础化工/化学制品 利安隆（300596.SZ） 2025 年 08 月 28 日 投资评级：买入（维持） 日期 2025/8/27 当前股价(元) 33.59 一年最高最低(元) 36.66/22.12 总市值(亿元) 77.13 流通市值(亿元) 75.47 总股本(亿股) 2.30 流通股本(亿股) 2.25 近 3 个月换手率(%) 133.91 ——公司信息更新报告 | 金益腾（分析师） 徐正凤（分析师） | | | | | | | --- | --- | --- | --- | --- | --- | | jinyiteng@kysec.cn xuzhengfeng@kysec.cn | | | | | | | 证书编号：S0790520020002 证书编号：S0790524070005 | | | | | | |  Q2 业绩同环比增长，盈利能力改善，看好公司多层次高质量发展 | | | | | | | 公司发布 2025 年中报，实现营收 29.95 亿元，同比+6.2%；归母净利润 2.41 亿 | | | | | | | 元，同比+9.6%。其中 Q2 实现营收 15.14 亿元，同比 ...

Core Viewpoint - The company reported its 1H25 performance, showing revenue and net profit growth, driven by new production capacity and improved profit margins [1] Financial Performance - 1H25 revenue reached 2.995 billion yuan, a year-on-year increase of 6.21% - Net profit attributable to shareholders was 241 million yuan, corresponding to an earnings per share of 1.05 yuan, up 9.6% year-on-year - The increase in net profit was mainly due to the revenue increment from new lubricant additive capacity and profit margin improvement [1] - 1H25 non-GAAP net profit was 236 million yuan, reflecting an 11.6% year-on-year growth - In terms of product performance, revenue from antioxidant agents and lubricant additives grew by 3.06% and 18.49% to 2.36 billion yuan and 620 million yuan, respectively [1] - Gross margins for antioxidant agents and lubricant additives changed by -0.66 percentage points and +5.53 percentage points to 23.66% and 13.48%, respectively [1] - 2Q25 revenue was 1.51 billion yuan, with year-on-year and quarter-on-quarter growth of 3.3% and 2.2% - 2Q25 net profit attributable to shareholders was 133 million yuan, with year-on-year and quarter-on-quarter growth of 18.0% and 23.6% [1] - 2Q25 gross margin improved by 0.2 and 0.1 percentage points to 21.6% [1] Development Trends - The second phase of Jinzhou Kangtai's lubricant additive capacity is expected to enhance production efficiency, with 1H25 lubricant additive revenue at 618 million yuan, up 18.49% year-on-year [2] - The company is actively involved in the formulation of Chinese standards for engine lubricants and has made significant progress in collaborations with major international and domestic additive companies [2] - The establishment of the Life Sciences Division in 2021 aims to cultivate a new growth curve, focusing on bio-blocks and synthetic biology [2] - The company has made investments in high-end electronic-grade PI materials through the acquisition of Korean IPI, with production expected to start in 2026 [2] - An overseas R&D and production base is planned in Malaysia with an investment of up to 300 million USD, aimed at enhancing international competitiveness [2] Profit Forecast and Valuation - The company maintains its profit forecasts for 2025/26, with the current stock price corresponding to price-to-earnings ratios of 14.0x and 11.9x for 2025/26 [3] - Due to an upward adjustment in industry valuation, the target price has been raised by 20% to 38 yuan, indicating a 13% upside potential and corresponding P/E ratios of 15.8x and 13.4x for 2025/26 [3]

证券代码：300596 证券简称：利安隆 公告编号：2025-060 天津利安隆新材料股份有限公司 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。 一、关联交易概述 天津奥瑞芙生物医药有限公司（以下简称"奥瑞芙"）及天津奥利芙生物技 术有限公司（以下简称"奥利芙"）均为天津利安隆新材料股份有限公司（以下 简称"公司"或"利安隆"）的控股子公司。鉴于当前市场经济环境及行业发展 趋势，为优化资源配置，提高公司的管理效率和竞争力，经公司第五届董事会第 二次会议审议通过，同意以奥瑞芙为主体吸收合并奥利芙，奥瑞芙在吸收合并完 成后减少注册资本。 奥瑞芙为吸收合并方，奥利芙为被吸收合并方，本次交易完成后，奥利芙将 终止并注销法人资格，奥瑞芙将承继及承接奥利芙公司的全部资产、负债、业务、 人员、合同及其他一切权利与义务，奥瑞芙在吸收合并完成后减少注册资本。前 述交易完成后，公司对奥瑞芙的出资金额由 400 万元变为 650 万元，持股比例增 加至 50.71%，仍为奥瑞芙的控股股东。 天津聚康隆企业管理合伙企业（有限合伙）（以下简称"聚康隆"）是由公 司董事、高级管理人员及 ...

Summary of Key Points Core Viewpoint - Tianjin Lianlong New Materials Co., Ltd. has disclosed information regarding the pledge of shares by its controlling shareholder, Tianjin Lianlong Technology Group Co., Ltd., indicating a significant portion of shares are pledged as part of a repurchase transaction extension. Group 1: Shareholding and Pledge Details - The controlling shareholder, Tianjin Lianlong Technology Group, holds 32,461,290 shares, accounting for 14.14% of the company's total share capital. After the completion of the share pledge repurchase transaction extension, 16,086,200 shares are pledged, representing 49.56% of its holdings and 7.01% of the total share capital [1][2]. - Lianlong International Group, an action-in-concert party, holds 25,059,240 shares, which is 10.91% of the total share capital, with no shares pledged [1][2]. - As of the announcement date, the total number of pledged shares by the controlling shareholder and action-in-concert parties amounts to 16,086,200 shares, which is 7.01% of the company's total share capital [1][2]. Group 2: Pledge Extension and Impact - The announcement details the basic situation of the share pledge extension, with 4,840,000 shares pledged for financing, set to mature on August 26, 2025 [1][2]. - There is no risk of forced liquidation or transfer of pledged shares, and it is stated that this will not impact the company's operations or governance [2]. - The company will continue to monitor the situation regarding the pledged shares and fulfill its information disclosure obligations as required [2].

Core Insights - Lianlong (300596) reported a revenue of 2.995 billion yuan for the first half of 2025, representing a year-on-year growth of 6.21% [1] - The net profit attributable to shareholders reached 241 million yuan, up 9.60% year-on-year, with a basic earnings per share of 1.05 yuan, also reflecting a 9.61% increase [1] - The company has maintained a compound annual growth rate of 24.59% in revenue over the past fourteen years, demonstrating strong operational resilience despite international market challenges [1] Business Performance - The high polymer material anti-aging business generated 2.358 billion yuan in revenue, a 3.06% increase year-on-year, with a shipment volume of 65,500 tons, up 4.30% [2] - The lubricant additive business saw significant growth, achieving 618 million yuan in revenue, an 18.49% increase year-on-year, with a shipment volume of 34,200 tons, up 18.27% [2] - The life sciences business has transitioned to a market development phase, with key products achieving stable production and sales, and three products entering mass production [3] Strategic Developments - The company is expanding its global footprint, having established a wholly-owned subsidiary in Singapore and a subsidiary in Malaysia, with plans to invest up to 300 million USD in an overseas R&D and production base [3] - A new management team, primarily composed of individuals born in the 1980s, has taken over daily operations and innovation efforts, marking a significant generational transition for the company [4]

Core Viewpoint - Lianlong announced the approval of multiple proposals, including the 2025 semi-annual report and its summary, during the second meeting of the fifth board of directors [2] Group 1 - The company held its second meeting of the fifth board of directors on August 27 [2] - The meeting resulted in the approval of the proposal regarding the 2025 semi-annual report and its summary [2]