Industry Overview - As of late May 2025, the price of soft foam polyether in China is 0.73 million yuan per ton, a year-on-year decrease of 19.65% [1][9] - The decline in prices is attributed to the fluctuation and decrease in upstream raw material prices, such as propylene oxide, and rapid expansion of domestic production capacity, which reached 9.5 million tons per year by February 2025, with expectations to exceed 11 million tons per year [1][9][10] - The rapid increase in production capacity has led to a significant rise in market supply, while demand growth has not kept pace, resulting in an imbalance between supply and demand [1][9] Industry Development History - The soft foam polyether industry in China has undergone four main stages: the initial stage (1989-1993), rapid development (1993-1999), technological innovation (2000-2010), and green development (2010-present) [3][4][5] - The initial stage saw the establishment of the first large-scale polyether production facility in Tianjin, marking the beginning of industrial production [3] - The rapid development phase was characterized by the introduction of new products and significant increases in production capacity, with a focus on high-end applications [3] - The technological innovation phase involved advancements in production technology and increased government support for new materials [4] - The current green development phase emphasizes technological breakthroughs in catalysts and sustainable practices due to stricter environmental regulations [5] Industry Supply Chain - The upstream of the soft foam polyether industry includes basic chemical raw materials (propylene oxide, ethylene oxide), initiators (glycerol, propylene glycol), catalysts, and production equipment [7] - The midstream involves the manufacturing of soft foam polyether, while the downstream applications span across furniture, automotive, footwear, construction insulation, waterproof coatings, and packaging materials [7] Current Industry Status - The total production capacity of soft foam polyether in China was 9.413 million tons in 2024, with a year-on-year growth of 2.34% [10] - Major companies like Wanhua Chemical, Longhua New Materials, and Changhua Chemical dominate the market, leveraging their technological and scale advantages [10][14] - The consumption of soft foam polyether in the first four months of 2025 reached 122.56 thousand tons, a year-on-year increase of 7.15%, driven by recovery in downstream sectors like furniture and automotive [12] Key Companies' Performance - Wanhua Chemical Group, established in 1978, is a significant player in the global polyether market, focusing on technological innovation and expanding its production capacity [18] - Longhua New Materials, founded in 2011, has become a leading company in the domestic soft foam polyether industry, achieving a market share of 30% in polymer polyols [16] - In 2024, Longhua New Materials reported a revenue of 5.624 billion yuan, a year-on-year increase of 12.01% [16] Industry Development Trends - The industry is expected to see optimization of production capacity and increased concentration, with leading companies like Wanhua Chemical and Longhua New Materials driving capacity consolidation [20] - There is a strong emphasis on technological innovation and green transformation, with companies adopting low-VOC formulations and developing bio-based polyethers [21][22] - Downstream demand is diversifying, with traditional markets slowing while new sectors like automotive and cold chain logistics are emerging as key growth areas [23]

Industry Overview - Polyether polyols are essential raw materials for polyurethane, widely used in furniture, automotive, home appliances, and building insulation industries [1][12] - In 2024, China's polyether polyol production is projected to reach 5.48 million tons, a year-on-year increase of 7.07% [1][12] - Despite reaching a record high, the industry's capacity utilization rate remains below 70%, with intense competition in low-end products [1][12] - High-end specialty polyethers account for less than 30% of the market, with an import dependency exceeding 15%, indicating significant room for industrial upgrades [1][12] Industry Development History - The development of China's polyether polyol industry has gone through four stages, starting from 1980 to 1992, with the establishment of the largest polyether facility in Tianjin [4] - From 1993 to 1999, the industry experienced rapid growth, with production capacity reaching 260,000 tons per year by the end of 1996, a nearly 50% increase from 1994 [4] - The period from 2000 to 2010 focused on technological innovation, with significant advancements in production techniques and government support for new materials [4] - Since 2010, the industry has entered a phase of green development, with production capacity reaching 7.85 million tons by 2023, but with a capacity utilization rate of only about 63.16% [5][6] Industry Chain - The upstream of the polyether polyol industry includes basic chemical raw materials such as propylene oxide and ethylene oxide, as well as initiators and catalysts [8] - The midstream involves the production and manufacturing of polyether polyols, while the downstream applications span automotive, soft furniture, and footwear sectors [8] Current Industry Status - The demand for polyether polyols is driven by the continuous growth of the Chinese economy and consumption upgrades, leading to a steady increase in production [12] - The industry faces challenges such as low-end product homogenization and a need for higher-end product development [12] Key Companies' Performance - Wanhua Chemical, as a leading player, holds a 7% market share in the domestic polyether polyol market, with a production capacity of 1.59 million tons per year [14][16] - Longhua New Material focuses on high solid content and low VOC products, achieving a revenue of 5.513 billion yuan in 2024, a year-on-year increase of 12.28% [18] Industry Development Trends 1. **Accelerated Green Transformation and High-end Development** - The industry is moving towards green low-carbon transformation, with leading companies investing in bio-based raw material technologies [20] - Wanhua Chemical plans to establish a 100,000-ton/year bio-based polyether facility by 2025, reducing carbon emissions by 40% compared to traditional methods [20] 2. **Diversification of Market Demand and Structural Upgrades** - The demand structure is evolving, with traditional soft foam polyols growing slowly while new applications in cold chain logistics and electric vehicles are surging [21][22] 3. **Integration of Industry Chain and Deepening Global Layout** - The industry concentration is increasing, with leading companies enhancing cost advantages through vertical integration [23] - Wanhua Chemical has achieved over 80% self-sufficiency in propylene oxide, significantly reducing costs compared to purchasing raw materials [23]

Group 1 - Aike Cyber (688719.SH) shareholders Dachen Chuangtong and Dachen Chuanghong reduced their holdings by 2,298,151 shares, accounting for 1.99% of the total share capital, and did not complete the planned reduction [1] - Benchuan Intelligent (300964.SZ) controlling shareholder Dong Xiaojun reduced his holdings by 355,787 shares, accounting for 0.4582% of the total share capital, bringing his shareholding down to 21.64% [1] - Changlian Co., Ltd. (603648.SH) completed its reduction plan by selling 3,624,050 shares, which is 1% of the total share capital [1] Group 2 - Chuan Yi Technology (002866.SZ) controlling shareholder Zou Weimin and his concerted party reduced their holdings, with Zou's shareholding dropping to 48.53% [2] - Daoshi Technology (300409.SZ) controlling shareholder Rong Jihua plans to reduce his holdings by up to 15,416,611 shares, accounting for 1.97% of the total share capital [2] - Electric Alloy (300697.SZ) completed its reduction plan by selling 2,741,390 shares, which is 0.63% of the total share capital [2] Group 3 - Fujirei (688272.SH) shareholders Suzhou Kongkong, Suzhou Zhaorong, and Shanghai Zhaoren reduced their holdings by 1,215,618 shares, 1,463,490 shares, and 44,944 shares, accounting for 1.60%, 1.93%, and 0.06% of the total share capital respectively [3] - Gaoweida (300465.SZ) controlling shareholder Yingtan Yinggao Investment Consulting Co., Ltd. reduced its holdings by 4,261,700 shares, accounting for 0.96% of the total share capital, bringing its shareholding down to 22.00% [3] - Haizheng Materials (688203.SH) shareholder Sinopec Capital plans to reduce its holdings by up to 3,525,600 shares, accounting for 1.74% of the total share capital [3] Group 4 - Hangyu Micro (300053.SZ) shareholder Yan Jun reduced his holdings by 3,930,000 shares, accounting for 0.56% of the total share capital [4] - He Shi Eye Hospital (301103.SZ) shareholder Advanced Manufacturing Industry Investment Fund plans to reduce its holdings by up to 3,106,074 shares, accounting for 2% of the total share capital [4] - He Yuan Gas (002971.SZ) shareholder Baishide Chuangye completed its reduction plan by selling 854,064 shares, which is 0.415% of the total share capital [4] Group 5 - Huaren Health (301408.SZ) shareholder Saifu Investment reduced its holdings by 2,107,696 shares, accounting for 0.53% of the total share capital [5] - Jiangsu Boyun (301003.SZ) shareholder Gong Wei reduced his holdings by 1,558,900 shares, accounting for 1.57% of the total share capital [5] - Jeya Co., Ltd. (301108.SZ) shareholders Mingyuan Fund and its concerted party did not reduce their holdings, and the reduction plan period expired [5] Group 6 - Longxin General (603766.SH) directors plan to reduce their holdings by up to 350,000 shares and 100,000 shares, accounting for 0.0170% and 0.0049% of the total share capital respectively [6] - Ruchuang Micro-Nano (688002.SH) shareholder Li Weicheng plans to reduce his holdings by up to 8,000,000 shares, accounting for 1.75% of the total share capital [6] - Shilan Micro (600460.SH) shareholder Luo Huabing plans to reduce his holdings by up to 500,000 shares, accounting for 0.03005% of the total share capital [6] Group 7 - Tongfu Microelectronics (002156.SZ) shareholder National Integrated Circuit Industry Investment Fund reduced its holdings by 15,175,969 shares, accounting for 1% of the total share capital [7] - Wangzi New Materials (002735.SZ) controlling shareholder Wang Jinjun reduced his holdings by 9,717,874 shares, accounting for 2.54% of the total share capital [7] - Xingye Co., Ltd. (603928.SH) shareholder Shen Genzhen reduced his holdings by 2,620,000 shares, accounting for 1.00% of the total share capital [7] Group 8 - Yikang Co., Ltd. (301085.SZ) controlling shareholder concerted party reduced its holdings by 633,700 shares, accounting for 0.73% of the total share capital [8] Group 9 - Yiming Pharmaceutical (002826.SZ) major shareholder Zhou Zhan reduced his holdings by 3,586,777 shares, accounting for 1.88% of the total share capital [9] - Yiming Pharmaceutical (002826.SZ) director Xi Ke reduced his holdings by 283,862 shares, accounting for 0.15% of the total share capital [9] - Youyan Powder Materials (688456.SH) concerted party reduced its holdings by 1,030,000 shares, accounting for 0.99% of the total share capital [9] Group 10 - Zhongma Transmission (603767.SH) directors plan to reduce their holdings through block trading and centralized bidding [10] - Zhongqi Co., Ltd. (301215.SZ) shareholder Jiangsu Yueda Group did not reduce its holdings, and the reduction plan period expired [10]

Group 1 - The company, Shandong Longhua New Material Co., Ltd., disclosed a share reduction plan by senior management, specifically Mr. Xu Wei, who held 245,562 shares, representing 0.06% of the total share capital [1] - Mr. Xu Wei executed a reduction of 61,000 shares through centralized bidding at an average price of 11.3865 yuan per share, which is 0.0142% of the total share capital [1] - After the reduction, Mr. Xu Wei's total shareholding decreased to 184,562 shares, representing 0.0429% of the total share capital, with no change in control of the company [2] Group 2 - The share reduction plan was fully implemented in accordance with previously disclosed commitments, and the actual number of shares reduced did not exceed the planned amount [2] - The company confirmed compliance with relevant regulations and guidelines regarding shareholding and reduction by senior management [2]

山东隆华新材料股份有限公司 2024 年年度权益分派实施公告 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，并对其内容的真实性、准确性和完整性承担 个别及连带责任。 山东隆华新材料股份有限公司（以下简称"公司""隆华新材"）2024 年年度 权益分派方案已获 2025 年 5 月 15 日召开的 2024 年年度股东大会审议通过，现将权 益分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、公司 2024 年年度股东大会审议通过的 2024 年年度权益分派方案为：公司拟 以 2024 年 12 月 31 日的总股本 430,000,018 股为基数，向全体股东每 10 股派发现 金红利 0.80 元（含税），预计派发 34,400,001.44 元（含税），剩余未分配利润结 转下一年度。本次利润分配不送红股，不进行资本公积金转增股本。在本次利润分 配预案披露日至实施权益分派股权登记日期间公司总股本因新增股份上市、股权激 励授予行权、股份回购等事项发生变动的，公司将按照分配比例不变的原则对分配 总额进行调整。 2、本次利润分配方案披露至实施期间公司股本 ...

本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 证券代码：301149 证券简称：隆华新材 公告编号：2025-031 山东隆华新材料股份有限公司 关于高级管理人员股份减持完成的公告 公司副总经理、董事会秘书徐伟先生保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 山东隆华新材料股份有限公司（以下简称"公司"）于2025年6月9日在巨潮资 讯网（www.cninfo.com.cn）披露了《山东隆华新材料股份有限公司关于持股5%以上 股东及部分高级管理人员减持股份的预披露公告》（公告编号：2025-029）。公司 高级管理人员徐伟先生持有公司245,562股，占本公司总股本比例0.06%，自预披露 公告之日起15个交易日后的3个月内（根据法律法规禁止减持的期间除外、窗口期不 减持），以集中竞价方式减持本公司股份不超过61,000股（占公司总股本比例 0.0142%）。 近日，公司收到高级管理人员徐伟先生出具的《关于减持股份计划实施完毕的 告知函》，现将相关实施情况公告如下： | 股东名称 | 股份来源 | 减持方式 | 减持时间 | 减持均价 | 减持数量 ...

Core Viewpoint - The announcement details the share reduction plans of major shareholders and senior management of Shandong Longhua New Materials Co., Ltd, including specific quantities and percentages of shares to be sold [1][2]. Shareholder Information - Major shareholder Newyu Longzhen Investment Partnership holds 22,486,585 shares, representing 5.23% of the total share capital [2]. - Vice General Manager and Board Secretary Xu Wei holds 245,562 shares, accounting for 0.06% of the total share capital [2]. Reduction Plan Details - Newyu Longzhen plans to reduce its holdings by up to 990,000 shares, which is 0.2302% of the total share capital [2]. - Xu Wei plans to reduce his holdings by up to 61,000 shares, representing 0.0142% of the total share capital [2]. - The reduction period for both parties is set from 15 trading days after the announcement until September 29, 2025 [2]. Commitments and Compliance - Newyu Longzhen has committed not to transfer or manage its shares for 12 months post-IPO and will adhere to relevant regulations for any future reductions [3][4]. - Xu Wei has made similar commitments regarding his shareholdings, including a potential extension of the lock-up period under certain conditions [4]. - As of the announcement date, both parties have complied with their commitments without any violations [5].

证券代码：301149 证券简称：隆华新材 公告编号：2025-029 公司持股 5%以上股东新余隆振投资合伙企业（有限合伙），副总经理、董事 会秘书徐伟先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有山东隆华新材料股份有限公司（以下简称"公司"或"本公司"）5%以上 股东新余隆振投资合伙企业（有限合伙）（以下简称"新余隆振"）持有公司股份 22,486,585 股，占本公司总股本比例 5.23%，计划自本公告发布之日起 15 个交易日 后的 3 个月内以集中竞价方式减持其持有的公司股份不超过 990,000 股（占公司总 股本比例 0.2302%）。 山东隆华新材料股份有限公司 关于持股5%以上股东及部分高级管理人员减持股份的 预披露公告 公司副总经理、董事会秘书徐伟先生持有公司股份 245,562 股，占本公司总股 本比例 0.06%，计划自本公告发布之日起 15 个交易日后的 3 个月内以集中竞价方式 减持其持有的公司股份不超过 61,000 股（占公司总股本比例 0.0142%） ...

Group 1 - The major shareholder, Xinyu Longzhen Investment Partnership, plans to reduce its holdings by up to 990,000 shares, representing 0.2302% of the company's total share capital within three months after the announcement [1] - The Vice General Manager and Secretary of the Board, Mr. Xu Wei, intends to reduce his holdings by up to 61,000 shares, accounting for 0.0142% of the company's total share capital [1] - The reason for the reduction in holdings is due to the shareholders' personal funding needs [1]

Project Overview - The company has obtained project registration for the "End Amino Polyether Technical Transformation Project" from the Zibo Administrative Approval Service Bureau on June 3, 2025 [1] - The project will enhance the existing 40,000 tons/year end amino polyether production facility to a total capacity of 100,000 tons/year, adding 60,000 tons/year of end amino polyether and approximately 100,000 tons/year of ammonia water as a byproduct [1][4] - The project will utilize existing industrial land and will not require additional land acquisition [1] Financial and Operational Details - The total investment for the project is 200 million yuan, funded through self-owned or self-raised capital [2] - The project is scheduled to commence in 2025 and conclude in 2026 [2] Internal Review and Impact - The project requires approval from the company's board of directors before implementation [3] - End amino polyether is a crucial chemical raw material with applications in various industries, including wind energy, automotive, and polyurethane, indicating a stable and growing market demand [3] - The project aims to optimize production processes, enhance automation, and improve production efficiency while reducing energy consumption and emissions [4][5] Strategic Alignment - The project aligns with the company's long-term strategic plan to deepen its presence in the new materials sector and diversify its product offerings in the polyurethane field [5]