齐鲁晚报.齐鲁壹点张文珂 8月26日，淄博市人民政府新闻办公室召开"产业链上的山东好品牌"淄博聚氨酯产业链记者见面会，邀请市传统产业发展中心、中化东大(淄博)有限公 司、山东一诺威聚氨酯股份有限公司、山东隆华新材（301149）料股份有限公司相关负责人，共同交流聚氨酯产业创新发展、积极打造领先优势的发展故 事。 山东隆华新材料股份有限公司副总经理、董事会秘书徐伟介绍，隆华新材专注于聚醚多元醇、聚合物多元醇、端氨基聚醚的研发、生产与销售，致力于以 创新成熟的技术和稳定可靠的产品服务全球市场。在聚合物多元醇(POP)领域处于行业领先地位，拥有多项发明专利和实用新型专利。 其中，隆华新材自主研发的"无需脱除链转移剂法生产POP"专利技术，突破性解决了长期制约国内产业发展的两大关键技术瓶颈——产品遇水增稠及粘度 控制问题，填补了该领域国内技术空白，达到国际领先水平。依托此项技术，公司持续进行技术创新，提升生产效率，降低生产成本，实现了聚合物多元 醇产品性能的突破性提升，构建起聚合物多元醇优势地位。 目前，隆华新材聚合物产品全国市场占有率约为30%，位居行业首位。 徐伟表示，未来，隆华新材将持续深化全球研发协作，推动聚 ...

目前，链上企业延链成群，淄博高新区获批建设"国家火炬淄博高新区聚氨酯特色产业基地""淄博聚氨酯产业集群"入围山东省"十强"产业"雁阵形"集群。 中化东大(淄博)、一诺威聚氨酯分别作为中国聚氨酯工业协会多元醇、铺装材料专业委员会主任委员单位，领导国内同行业企业共同发展。 淄博聚氨酯产业链条完备，形成从各类聚醚多元醇、聚酯多元醇、聚合物多元醇到聚氨酯组合料、聚氨酯预聚体、热塑性弹性体，再到下游管道保温材 料、夹心板材、塑胶跑道工程施工服务等一条完整的产业链条。拥有国家级专精特新小巨人企业2家，国家级制造业单项冠军企业3家。2025年上半年，全 市24家聚氨酯规模以上企业实现营业收入176亿元。 代丽丽表示，淄博是国内最早引进聚氨酯原材料生产技术的地区，产业发展早、技术水平国内领先，涌现出了以中化东大、一诺威、隆华新材为代表的诸 多领军企业。 齐鲁晚报.齐鲁壹点张文珂 8月26日，淄博市人民政府新闻办公室召开"产业链上的山东好品牌"淄博聚氨酯产业链记者见面会，邀请市传统产业发展中心纪委书记代丽丽，中化东大 (淄博)有限公司党委副书记、纪委书记胡永贺，山东一诺威聚氨酯股份有限公司总经理李健，山东隆华新材（301149 ...

Group 1 - Longhua New Materials (301149.SZ) plans to issue convertible bonds to unspecified investors, with a total fundraising target not exceeding 960 million yuan [1] - The funds raised will be allocated to three projects, including a 200 million yuan investment in the end amino polyether technology transformation project and a 560 million yuan investment in the construction of an environmentally friendly polyether series product project [1] - The convertible bonds will have a priority subscription for existing shareholders, who may waive this right [1] Group 2 - In the first half of 2025, the company reported revenue of 2.83 billion yuan, a year-on-year increase of 2.00%, while net profit attributable to shareholders decreased by 15.94% to 76.1 million yuan [2] - The net profit after deducting non-recurring gains and losses was 66.9 million yuan, down 19.68% compared to the same period last year [2] - The net cash flow from operating activities significantly declined by 78.33% to 9.48 million yuan [2]

Core Viewpoint - Longhua New Materials (隆华新材) plans to issue convertible bonds to unspecified investors, with a total fundraising target of up to 960 million yuan, aimed at financing several projects related to polyether production [1][2]. Group 1: Convertible Bond Issuance - The convertible bonds will be issued at face value of 100 yuan each, with a maturity of six years from the issuance date [1]. - The initial conversion price will be determined based on the average trading price of the company's A-shares over the 20 trading days prior to the announcement [1]. - The issuance will be authorized by the company's shareholders' meeting, and the final interest rate will be negotiated with the underwriters based on market conditions [1][2]. Group 2: Fundraising Allocation - The total investment for the projects funded by the bond issuance is 110 million yuan, with 96 million yuan expected to be raised through this issuance [3]. - Specific projects include: - End Amino Polyether Technological Transformation Project: 20 million yuan - 80,000 tons/year End Amino Polyether Project (Phase II): 30 million yuan - 200,000 tons/year Environmentally Friendly Polyether Series Product Construction Project: 60 million yuan [3]. Group 3: Shareholder Information - Existing shareholders will have priority in the bond issuance, but they can waive this right [3]. - The bonds will not be secured, and a qualified credit rating agency will conduct credit ratings and annual tracking reports during the bond's term [3]. Group 4: Company Financial Performance - For the first half of 2025, the company reported revenue of 2.83 billion yuan, a year-on-year increase of 2% [6][7]. - The net profit attributable to shareholders decreased by 15.94% to 76.1 million yuan, while the net profit after excluding non-recurring gains and losses fell by 19.68% to 66.9 million yuan [6][7]. - The net cash flow from operating activities dropped significantly by 78.33% to 948,080 yuan [6][7].

2025年上半年，隆华新材业绩呈现"营收微增、利润下滑"的态势。报告期内，公司实现营业收入28.32 亿元，同比增长2.00%；但归属于上市公司股东的净利润7610.14万元，同比下滑15.94%；归属于上市公 司股东的扣除非经常性损益的净利润6690.65万元，同比下滑19.68%。利润下滑的背后，是公司核心产 品盈利能力的持续承压。2025年上半年，经营活动现金流净额仅为948.08万元，主要因增加备货导致材 料款支付增加。从产品盈利来看，公司核心业务聚醚多元醇产品2025年上半年实现营业收入27.74亿 元，同比增长5.84%，营业成本26.56亿元，同比增长6.23%，毛利率4.27%，同比下降0.35个百分点。 南方财经8月25日电，隆华新材（301149.SZ）公告，拟向不特定对象发行可转换公司债券，募集资金不 超过9.6亿元，主要用于扩展聚醚产能。此次募投项目包括端氨基聚醚技改项目、8万吨/年端氨基聚醚 项目（二期）以及年产20万吨环保型聚醚系列产品建设项目。公司现有端氨基聚醚产能4万吨/年，已达 到瓶颈，此次募投将使总产能提升至14万吨/年。其中，端氨基聚醚技改项目计划扩产6万吨/年至10万 ...

Core Viewpoint - 隆华新材 (301149) reported mixed financial results for the first half of 2025, with a slight increase in total revenue but a significant decline in net profit compared to the previous year. Financial Performance Summary - Total revenue for the first half of 2025 reached 2.832 billion yuan, a year-on-year increase of 2.0% [1] - Net profit attributable to shareholders was 76.1014 million yuan, down 15.94% year-on-year [1] - In Q2 2025, total revenue was 1.323 billion yuan, a decrease of 7.05% year-on-year, while net profit dropped 55.6% to 18.9767 million yuan [1] - The gross profit margin was 4.55%, a decrease of 1.73% year-on-year, and the net profit margin was 2.69%, down 17.59% [1] - Total operating expenses (selling, administrative, and financial expenses) amounted to 42.5465 million yuan, accounting for 1.5% of revenue, an increase of 19.83% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased significantly by 74.10% to 121 million yuan, indicating a larger volume of receivables [1][2] - Cash and cash equivalents decreased by 44.36% to 278 million yuan, attributed to increased investments in bank wealth management [1] - Interest-bearing liabilities rose by 7.48% to 830 million yuan [1] Cash Flow Analysis - Operating cash flow per share fell to 0.02 yuan, a decrease of 78.33% year-on-year, primarily due to increased inventory and material payments [1][5] - Net cash flow from financing activities decreased by 97.26%, reflecting loan repayments [6] - The net increase in cash and cash equivalents dropped by 755.26%, also due to loan repayments [7] Investment and R&D Insights - R&D expenditure increased by 79.61%, indicating a focus on enhancing research and development capabilities [4] - The company is investing in a project to expand production capacity for polyether polyols, with construction work increasing by 58.31% [3] Business Model and Market Position - The company's return on invested capital (ROIC) was 7.15%, indicating average capital returns, with a historical median ROIC of 13.66% since its listing [8] - The business model relies heavily on capital expenditures, necessitating careful evaluation of the profitability of these investments [8] - Analysts project a net profit of 188 million yuan for 2025, with an average earnings per share estimate of 0.4 yuan [8]

声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 此次自查是公司为顺利推进向不特定对象发行可转换公司债券工作的重要环节，这一公告也向市场传递 了公司规范运营的积极信号。 点击查看公告原文>> 山东隆华新材料股份有限公司近日发布公告，鉴于公司拟向不特定对象发行可转换公司债券，根据相关 法律法规要求，公司对最近五年是否存在被证券监管部门和交易所采取处罚或监管措施的情况进行了自 查。 自查结果显示，公司在最近五年期间，不存在被证券监管部门和交易所采取处罚或监管措施的情形。 责任编辑：小浪快报 ...

Group 1 - The stock price of Longhua New Materials closed at 12.37 yuan on August 22, 2025, down 1.51% from the previous trading day [1] - The company operates in the chemical raw materials sector, focusing on the research, production, and sales of new materials such as polyether polyols and polyamide resins [1] - Longhua New Materials reported a total operating revenue of 2.832 billion yuan for the first half of 2025, representing a year-on-year increase of 2.00% [1] Group 2 - The net profit attributable to the parent company was 76.1014 million yuan, showing a year-on-year decline of 15.94% [1] - The net cash flow from operating activities was 9.4808 million yuan, down 78.33% year-on-year [1] - On August 22, the net outflow of main funds for Longhua New Materials was 1.9191 million yuan, with a cumulative net outflow of 11.6962 million yuan over the past five days [1]

Core Viewpoint - The company, ShanDong Longhua New Material Co., Ltd., plans to issue convertible bonds to enhance its capital strength and profitability, aligning with its long-term development strategy [1][21]. Group 1: Issuance Details - The total amount to be raised from the convertible bond issuance is not more than 960 million yuan, which will be used for fixed asset investment projects related to the company's main business [2]. - The convertible bonds will be convertible into the company's A-shares and will be listed on the Shenzhen Stock Exchange's Growth Enterprise Market [2][4]. - The issuance is deemed necessary as it aligns with national industrial policies and the company's strategic direction, helping to extend the industrial chain and enhance core competitiveness [2][21]. Group 2: Financing Necessity - The high funding requirement for the investment projects makes bank loans unsuitable, as they could lead to increased financial risk and pressure on repayment [4]. - Compared to regular corporate bonds, convertible bonds provide the option for bondholders to convert their bonds into shares, alleviating repayment obligations if conversion occurs [4]. - The long-term nature and relatively low interest rates of convertible bonds will help reduce the company's financial burden and financing costs [4]. Group 3: Issuance Object and Standards - The issuance will target natural persons, legal entities, and other qualified investors, with existing shareholders given priority in the allocation [5][7]. - The selection criteria for investors ensure they possess adequate risk recognition and financial capability [7]. Group 4: Pricing and Adjustment Mechanisms - The initial conversion price will be determined based on the average trading price of the company's A-shares over the previous twenty trading days and the last trading day before the announcement [8][10]. - The conversion price will be adjusted in response to stock dividends, capital increases, or cash dividends, ensuring fair treatment for bondholders [9][10]. Group 5: Compliance and Fairness - The issuance complies with relevant laws and regulations, including the Company Law and Securities Law, ensuring a sound corporate governance structure [11][14]. - The funding will be used strictly for projects that align with the company's main business and will not be diverted for non-productive expenditures [12][17]. - The issuance plan is designed to be fair and reasonable, with measures in place to protect the rights of all shareholders, including priority allocation for existing shareholders [20][21].

Summary of Key Points Core Viewpoint - The company, ShanDong Longhua New Material Co., Ltd., plans to issue convertible bonds to raise up to 960 million yuan to enhance its capital strength and profitability, supporting long-term development [2][15]. Fundraising Overview - The company intends to raise no more than 960 million yuan through the issuance of convertible bonds, with the specific amount to be determined by the board of directors [2][4]. - The net proceeds from the fundraising will be allocated to projects related to the company's main business, specifically the end amino polyether technology upgrade project and the construction of a 200,000-ton environmentally friendly polyether series product project [4][9]. Project Details - The end amino polyether project consists of two phases, with the first phase already completed, and the second phase aiming to increase production capacity to 100,000 tons per year [5][6]. - The environmentally friendly polyether series product project aims to expand the product line and create new profit growth points, with an investment of 560 million yuan planned [9][10]. Market Context - The end amino polyether industry is experiencing rapid growth due to increasing demand in various sectors, including wind energy and construction, driven by national carbon neutrality goals [7][10]. - The company has established a strong market position and aims to further enhance its competitiveness by expanding production capacity and reducing marginal costs [6][8]. Feasibility and Compliance - The projects are designed to utilize existing resources and infrastructure, minimizing implementation risks and ensuring alignment with national industrial policies [12][13]. - The company has a robust management system for fundraising, ensuring compliance with regulatory requirements and effective use of funds [12][14]. Financial Impact - The fundraising is expected to improve the company's asset structure and enhance its debt repayment capacity, positively impacting financial health [14]. - The projects are anticipated to boost operational performance and profitability, contributing to the company's long-term growth strategy [14][15].