Company Highlights - Longhua New Materials announced the completion and production of a 150 million yuan (approximately 21.5 million USD) expansion project for 330,000 tons/year of polyether polyols, increasing total production capacity to 1.29 million tons/year [1] - The new project focuses on high-activity soft foam polyether polyols and CASE (Coatings, Adhesives, Sealants, and Elastomers) polyether polyols, which are used in automotive interiors, thermal insulation materials for footwear, adhesives, and foams [1] - Longhua has established stable partnerships with several well-known automotive manufacturers and component suppliers, aligning its capacity expansion with the growing demand in the new energy vehicle sector [1] Industry Context - The capacity expansion by Longhua coincides with a structural adjustment period in the polyether polyols industry, where market concentration has been increasing [1] - The top five companies in the domestic polyether polyols market hold a significant market share, with leading firms benefiting from integrated upstream propylene oxide supply advantages [1] - Cost pressures from raw materials are gradually easing, as the market price of propylene oxide, a core raw material for polyether production, has shown a year-on-year decline, and ethylene oxide prices are also decreasing due to ample ethylene supply, providing cost support for new capacity [1]

Company Overview - Longhua New Material (隆华新材) has completed the construction of a 150 million yuan project to expand its annual production capacity of polyether polyols to 330,000 tons, increasing its total capacity to 1.29 million tons per year [1] - The new project focuses on high-activity soft foam polyether polyols and CASE (Coatings, Adhesives, Sealants, and Elastomers) polyether polyols, which are widely used in automotive interiors, thermal insulation materials for footwear, adhesives, and foams [1] Industry Context - The expansion of Longhua New Material's capacity coincides with a structural adjustment period in the polyether polyol industry, where market concentration has been increasing, with the top five companies holding a significant market share [2] - Major players like Wanhua Chemical dominate the market due to their integrated supply chain advantages in upstream propylene oxide (PO) [2] - Recent price declines in key raw materials, such as propylene oxide and ethylene oxide, are providing cost support for the release of new production capacity [2] Product Development and Innovation - Longhua New Material has strong R&D capabilities, having developed core technologies for high solid content, low viscosity, water-resistant, ultra-low VOC, and high whiteness polyether products, enhancing its technical standards [3] - The company has established stable raw material supply channels, ensuring multiple suppliers for key materials, which reduces dependency on any single supplier [3] - This strategic approach may mitigate the direct impact of raw material price fluctuations on the polyether market [3]

Core Points - Pingtan Development and Haixia Innovation have completed their suspension review and will resume trading on November 21, 2025 [1][2] - Eddy Precision and Hangcai Co. plan to repurchase shares [3] - Wenfeng Co.'s deputy general manager has been placed under investigation [4] - Kesi Co. has undergone a change in its actual controller [6][7] - Major events include the completion of restructuring investments by *ST Lian Shi and acquisitions by Jun Ting Hotel and Lek Electric [8][9] Group 1: Resumption of Trading - Pingtan Development's stock will resume trading on November 21, 2025, after confirming no significant changes in its operations or undisclosed major matters [1] - Haixia Innovation's stock will also resume trading on November 21, 2025, with similar confirmations regarding its operational status [2] Group 2: Share Repurchase Plans - Eddy Precision plans to repurchase shares with a total amount between 100 million and 200 million yuan, at a price not exceeding 27 yuan per share [3] - Hangcai Co. intends to repurchase shares using excess funds, with a total amount between 50 million and 100 million yuan, at a price not exceeding 80 yuan per share [3] Group 3: Investigations and Changes in Management - Wenfeng Co.'s deputy general manager, Qin Guofen, is under investigation, but the company states this will not significantly impact its operations [4] - Kesi Co. has changed its actual controller from Zhou Jiuqing and Zhou Xuming to Zhou Xuming alone following the death of Zhou Jiuqing [6][7] Group 4: Major Events - *ST Lian Shi has received a total of 1.238 billion yuan in restructuring investments from all investors [8] - Jun Ting Hotel has agreed to acquire the remaining 21% stake in Junlan Management for 79.8 million yuan, making it a wholly-owned subsidiary [9] - Lek Electric plans to transfer 90% of its subsidiary's equity to Chuangyuan Resources, with a target valuation of 235 million yuan [9]

证券日报网讯 11月20日晚间，隆华新材发布公告称，公司投资建设的年产33万吨聚醚多元醇扩建项目 已经全部建设完成，试生产经专家评审通过，并报高青县应急管理局备案，具备试生产条件。目前年产 33万吨聚醚多元醇扩建项目已正式进入试生产阶段，并于2025年11月20日顺利产出合格产品，产品指标 全部达到优等品级，实现一次开车成功。 （文章来源：证券日报） ...

Group 1 - EVE Energy signed a procurement framework agreement with its affiliate, Smoore International, for continuous procurement of battery cells starting from January 1, 2026 [1] - Zhaoyi Information plans to issue H-shares and list on the Hong Kong Stock Exchange [1] - Fuke Environmental announced a change in its stock abbreviation to "Fuke Technology" effective November 26 [1] Group 2 - Dajia Weikang's shareholder and director terminated a share reduction plan ahead of schedule, having reduced 1% of total shares [2] - Aohong Electronics received approval from the China Securities Regulatory Commission for the issuance of convertible bonds [2] - Yingfeng Environment's controlling shareholder plans to issue exchangeable bonds not exceeding 1 billion yuan [2] Group 3 - Longshen Rongfa's subsidiary obtained a renewed drug production license covering various pharmaceutical products [4] - Xinhua News' subsidiary invested 15 million yuan in a fund with a total commitment of 221 million yuan [5] - Guang'an Aizhong appointed two new deputy general managers [6] Group 4 - Fosun Pharma's subsidiary's drug for gastric cancer treatment was included in the breakthrough therapy program by the National Medical Products Administration [7] - Nanjiao Foods reported a significant decline in October net profit due to rising raw material costs [8] - Nanfeng Co. won two nuclear power project bids totaling 928.7 million yuan [10] Group 5 - Puluo Pharmaceutical received a drug registration certificate for its Cefdinir capsules [11] - Liming Co.'s subsidiary received environmental approval for a new pesticide raw material project [12] - Longhua New Materials' expansion project for polyether polyols has commenced trial production [13] Group 6 - Pumen Technology's products received IVDR CE certification from TÜV Rheinland [15] - China Chemical reported new contracts worth 312.67 billion yuan from January to October [18] - China Nuclear Construction achieved new contracts totaling 123.84 billion yuan as of October [19] Group 7 - Changshu Bank's executives plan to purchase at least 550,000 shares of the bank [20] - Shandong Steel's subsidiary is applying for bankruptcy liquidation to focus on core business [21] - Huakang Clean is expected to win a bid for a purification system project worth 176 million yuan [23] Group 8 - Huawu Co. plans to internally transfer subsidiary equity [24] - Tianen Kang's subsidiary received clinical trial acceptance for a new drug [26] - Tianyi Medical's subsidiary obtained a medical device registration certificate for a blood dialysis product [27] Group 9 - Xuelang Environment is facing a pre-restructuring application from creditors [27] - Chitianhua's subsidiary resumed production after passing safety inspections [28] - Huaping Co.'s director plans to reduce 0.03% of company shares [30] Group 10 - Xizhuang Co. plans to establish a wholly-owned subsidiary in Singapore [31] - Ruisheng Intelligent's subsidiary won a 60.23 million yuan ICT project bid [32] - Junyi Digital plans to invest 120 million yuan in Guanghong Precision [33] Group 11 - Fuguang Co.'s controlling shareholder plans to increase holdings between 80 million to 150 million yuan [34] - Ganyue Express reported a 13.68% increase in logistics revenue in October [39] - Jiangsu Sop terminated its 2025 private placement plan [41] Group 12 - Langke Intelligent's shareholders plan to reduce a total of 1.68% of company shares [42] - Yuantong Express reported an 8.97% increase in express product revenue in October [45] - Jinbei Automotive plans to invest 158 million yuan to acquire 52% of Zhongtuo Technology [46]

Company Overview - Longhua New Material has completed a 150 million yuan project to expand its annual production capacity of polyether polyols to 330,000 tons, increasing its total capacity to 1.29 million tons per year [1] - The new project focuses on high-activity soft foam polyether polyols and CASE polyether polyols, which are widely used in automotive interiors, thermal insulation materials for footwear and clothing, adhesives, and foams [1] - The company has established stable partnerships with several well-known automotive manufacturers, including Mercedes-Benz, BMW, BYD, and Tesla, to meet the growing demand in the new energy vehicle sector [1] Industry Context - The expansion of Longhua New Material's capacity coincides with a structural adjustment period in the polyether polyol industry, which has seen increasing concentration, with the top five companies holding a significant market share [2] - Major players like Wanhua Chemical dominate the market due to their integrated supply chain advantages in upstream propylene oxide [2] - Recent price declines in key raw materials, such as propylene oxide and ethylene oxide, are alleviating cost pressures, providing support for the release of new production capacity [2] Product Development and Innovation - Longhua New Material has strong R&D capabilities and has developed core technologies for high solid content, low viscosity, water-resistant, ultra-low VOC, and high whiteness polyether products, enhancing its technical standards [3] - The company has established its own production facilities for polyether products and holds independent intellectual property rights in key production technologies [3] - By maintaining stable raw material supply channels with multiple suppliers, the company reduces reliance on any single supplier, which may mitigate the direct impact of raw material price fluctuations on the polyether market [3]

证券代码：301149 证券简称：隆华新材 公告编号：2025-060 山东隆华新材料股份有限公司 大华会计师事务所（特殊普通合伙）已于 2021 年 11 月 5 日对公司募集资金 到位情况进行了审验，并出具了"大华验字[2021]000748 号"验资报告。上述 募集资金已全部存放于公司开立的募集资金专项账户，并与保荐机构、存放募集 资金的商业银行签署了相关监管协议。 二、募集资金存放和管理情况 为规范公司募集资金管理和使用，保护投资者权益，根据中国证监会《上市 公司募集资金监管规则》《深圳证券交易所创业板股票上市规则》和《深圳证券 交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》（以下简称 "《创业板规范运作》"）等有关法律法规及公司《募集资金管理制度》的规定， 公司对募集资金实行专户存储，公司在银行设立募集资金专户，并与开户银行、 保荐机构签订募集资金三方监管协议，对募集资金的使用实施严格审批，以保证 专款专用。 1、募集资金投资项目先期投入及置换情况：截至 2021 年 11 月 19 日止，公 司募集资金投资项目在募集资金实际到位之前以自筹资金预先投入募集资金投 资项目的实际投资金 ...

证券代码：301149 证券简称：隆华新材 公告编号：2025-061 山东隆华新材料股份有限公司 关于年产 33 万吨聚醚多元醇扩建项目建成投产的公告 二、项目进展情况 公司投资建设的年产 33 万吨聚醚多元醇扩建项目已经全部建设完成，试生 产经专家评审通过，并报高青县应急管理局备案，具备试生产条件。目前年产 33 万吨聚醚多元醇扩建项目已正式进入试生产阶段，并于 2025 年 11 月 20 日顺 利产出合格产品，产品指标全部达到优等品级，实现一次开车成功。 三、对公司的影响 本项目建设聚醚多元醇产能 33 万吨/年，主要产品包括高活性软泡聚醚多元 醇和 CASE 用聚醚多元醇，主要应用于汽车、鞋服、胶粘剂、发泡胶等领域。特 别是在汽车领域，面对全球新能源汽车产业快速发展及国家扩大内需消费、实施 汽车更新置换补贴政策等，公司凭借产品在下游应用中，支撑力强、舒适性好， 气孔均匀、细腻柔和，熟化速度快，兼顾撕拉强度高以及安全环保等优势，与诸 多知名汽车主机厂或零部件、饰件厂商建立稳定合作关系，应用于奔驰、宝马、 上汽、比亚迪、长城、奇瑞、吉利、广汽、东风、长安以及特斯拉、理想、小鹏 等。项目投产后，公司聚醚系 ...

隆华新材（301149）(301149.SZ)公告，公司投资建设的年产33万吨聚醚多元醇扩建项目已经全部建设 完成，试生产经专家评审通过，并报高青县应急管理局备案，具备试生产条件。目前年产33万吨聚醚多 元醇扩建项目已正式进入试生产阶段，并于2025年11月20日顺利产出合格产品，产品指标全部达到优等 品级，实现一次开车成功。 ...

格隆汇11月20日丨隆华新材(301149.SZ)公布，公司投资建设的年产33万吨聚醚多元醇扩建项目已经全 部建设完成，试生产经专家评审通过，并报高青县应急管理局备案，具备试生产条件。目前年产33万吨 聚醚多元醇扩建项目已正式进入试生产阶段，并于2025年11月20日顺利产出合格产品，产品指标全部达 到优等品级，实现一次开车成功。 ...