Market Overview - The Shanghai Composite Index is at 3852.31 points with a decline of -0.21% as of 10:32 AM, and the total trading volume of A-shares is 1,075.764 billion yuan [1] Stocks with Death Cross - A total of 152 A-shares have seen their 5-day moving average cross below the 10-day moving average, indicating potential bearish trends [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Songjing Co., Ltd. (688157) with a distance of -1.61% - Chunguang Technology (603657) with a distance of -1.02% - Pilin Bio (000403) with a distance of -0.93% [1] Detailed Stock Performance - Key stock performances include: - Songjing Co., Ltd. (688157): Today's change is -0.67% with a latest price of 40.09 yuan, which is -3.28% from the 10-day moving average [1] - Chunguang Technology (603657): Today's change is -3.47% with a latest price of 38.70 yuan, which is -6.79% from the 10-day moving average [1] - Pilin Bio (000403): Today's change is -0.52% with a latest price of 17.32 yuan, which is -2.64% from the 10-day moving average [1] Additional Stocks with Notable Changes - Other stocks showing significant changes include: - Jiangsu New Energy (603693): Today's change is -1.38% with a latest price of 12.87 yuan, which is -2.29% from the 10-day moving average [2] - Yongan Pharmaceutical (002365): Today's change is -1.04% with a latest price of 18.11 yuan, which is -1.45% from the 10-day moving average [2] - Mosi Co., Ltd. (001323): Today's change is -1.95% with a latest price of 28.16 yuan, which is -2.96% from the 10-day moving average [2]

Group 1 - The core viewpoint of the news is that 聚胶股份 (Jujiao Co., Ltd.) has seen a stock price increase of 5.19%, reaching 44.39 yuan per share, with a total market capitalization of 3.57 billion yuan as of the report date [1] - 聚胶股份 specializes in the research, production, and sales of hot melt adhesives specifically for absorbent hygiene products, with 99.31% of its main business revenue coming from hot melt pressure-sensitive adhesives [1] - The company was established on October 19, 2012, and went public on September 2, 2022, indicating a relatively recent entry into the public market [1] Group 2 - 西部利得量化优选一年持有期混合A (West China Li De Quantitative Preferred One-Year Holding Mixed A) fund holds 38,100 shares of 聚胶股份, representing 0.45% of the fund's net value, making it the tenth largest holding [2] - The fund has achieved a year-to-date return of 37.11% and a one-year return of 76.75%, ranking 980 out of 8178 and 596 out of 7978 respectively in its category [2] - The fund manager, 翟梓舰, has been in the position for 1 year and 321 days, with the best fund return during this period being 38.66% and the worst being 34.13% [3]

证券日报网讯 9月3日晚间，聚胶股份发布2025年半年度权益分派实施公告称，公司2025年半年度权益 分派方案为每10股派2元人民币现金（含税），股权登记日为2025年9月9日，除权除息日为2025年9月10 日。 （编辑 任世碧） ...

Core Viewpoint - The company has announced its profit distribution plan for the first half of 2025, which includes a cash dividend of RMB 2.00 per 10 shares, totaling RMB 15,913,304.40, to be distributed to shareholders [2][3][4]. Summary by Sections Profit Distribution Plan - The company will distribute a cash dividend of RMB 2.00 per 10 shares, amounting to a total of RMB 15,913,304.40, based on a total share capital of 80,417,822 shares, excluding 851,300 shares repurchased [2][3][4]. - The distribution will be adjusted if the total share capital changes due to various corporate actions such as convertible bond conversions or share buybacks [3][4][6]. Shareholder Meeting - A shareholder meeting is scheduled for May 7, 2024, to authorize the board to determine the mid-term dividend for 2025 [2][3]. Key Dates - The record date for the dividend distribution is September 9, 2025, and the ex-dividend date is September 10, 2025 [5][6]. Dividend Payment Method - Cash dividends will be directly credited to shareholders' accounts through their securities companies on the ex-dividend date [5][6]. Taxation Information - The company will not withhold individual income tax on dividends at this stage; tax will be calculated based on the holding period when shares are sold [5].

证券代码：301283 证券简称：聚胶股份 公告编号：2025-050 聚胶新材料股份有限公司 2025 年半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。 特别提示： 1、聚胶新材料股份有限公司（下称"公司"或"本公司"）于 2025 年 5 月 7 日召开 2024 年年度股东大会，审议通过《关于提请股东大会授权董事会制 定 2025 年中期分红事项的议案》，于 2025 年 8 月 22 日召开第二届董事会第十 八次会议、第二届监事会第十八次会议，审议通过《关于 2025 年半年度利润分 配预案的议案》，审议通过的 2025 年半年度利润分配预案为：以公司董事会审 议利润分配方案当日的总股本 80,417,822 股扣除截至当日公司股票回购专用证 券账户已回购股份 851,300 股后的股本 79,566,522 股为基数（最终以实施 2025 年半年度利润分配方案时股权登记日公司总股本扣除库存股后的股数为准），向 全体股东每 10 股派发现金股利人民币 2.00 元（含税），合计拟派发现金股利人 民币 15,913,304.40 ...

Core Viewpoint - The company, JuJiao Co., announced that its headquarters factory is set to be completed by June 2024, with an overall production capacity utilization rate of approximately 68% for the year 2024 across its three factories [2] Group 1: Production Capacity - The total designed production capacity for the company's hot melt adhesive products across its headquarters, Xian Village, and Poland factories is approximately 240,000 tons per year [2] - The Malaysian factory, which is under construction, has a designed production capacity of 60,000 tons per year and is expected to be completed and operational in the fourth quarter of this year [2] - Once the Malaysian factory is operational, the total designed production capacity for the company's hot melt adhesive products will increase to approximately 300,000 tons per year [2] Group 2: Market Strategy - The company plans to release its production capacity in an orderly manner based on order and market demand [2] - There is an emphasis on increasing market and customer development efforts to actively absorb the newly added production capacity [2]

Market Overview - On August 29, the chemical products sector rose by 0.89%, with Aipu Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Gainers in Chemical Sector - Aipu Co., Ltd. (603020) closed at 10.87, up 10.02% with a trading volume of 402,700 shares and a turnover of 424 million yuan [1] - Jianye Co., Ltd. (603948) closed at 29.17, up 9.99% with a trading volume of 49,200 shares and a turnover of 144 million yuan [1] - AkzoNobel (603722) closed at 56.46, up 8.16% with a trading volume of 63,500 shares and a turnover of 347 million yuan [1] - JuHua Co., Ltd. (600160) closed at 38.69, up 6.88% with a trading volume of 792,300 shares and a turnover of 3.027 billion yuan [1] Top Losers in Chemical Sector - ST Quantai (300225) closed at 5.16, down 7.03% with a trading volume of 300,300 shares and a turnover of 159 million yuan [2] - Matsui Co., Ltd. (688157) closed at 40.36, down 6.57% with a trading volume of 55,000 shares and a turnover of 226 million yuan [2] - Kaimete Gas (002549) closed at 15.98, down 4.65% with a trading volume of 1,144,000 shares and a turnover of 1.873 billion yuan [2] Fund Flow Analysis - The chemical products sector experienced a net outflow of 1.219 billion yuan from institutional investors, while retail investors saw a net inflow of 701 million yuan [2] - The sector's overall fund flow indicates a mixed sentiment, with institutional selling and retail buying [2] Individual Stock Fund Flow - Sanmei Co., Ltd. (603379) had a net inflow of 90.6979 million yuan from institutional investors, while retail investors had a net outflow of 11.25% [3] - Newhan New Materials (301076) saw a net inflow of 90.5876 million yuan from institutional investors, with a retail net outflow of 8.07% [3] - Silicon Treasure Technology (300019) had a net inflow of 78.6861 million yuan from institutional investors, but retail investors experienced a net outflow of 5.19% [3]

Investment Rating - The report maintains a "Buy-B" rating for the company [1][6] Core Views - The company achieved a record high quarterly performance in Q2 2025, with revenue of 990 million yuan, a year-on-year increase of 5.5%, and a net profit attributable to shareholders of 80 million yuan, a significant increase of 41.4% year-on-year [4] - The competitive landscape for hot melt adhesives is favorable, with the industry reaching a turning point, supported by the introduction of a child-rearing subsidy policy that is expected to boost the sanitary materials industry [5][6] Financial Performance - For the first half of 2025, the company reported a revenue of 990 million yuan, with a net profit of 80 million yuan, and a net profit excluding non-recurring items of 73 million yuan, reflecting a year-on-year growth of 37.2% [4] - The company’s revenue for Q2 2025 was 490 million yuan, showing a year-on-year increase of 6.2% [4] - The company’s earnings per share (EPS) for 2025 is projected to be 2.69 yuan, with a net profit forecast of 216 million yuan, representing a year-on-year growth of 176.6% [11] Market Position and Strategy - The company has successfully captured market share from major competitors and has expanded its production capacity significantly, with new facilities in Poland, Guangzhou, and Malaysia totaling approximately 240,000 tons [4][5] - The company has enhanced its research and development capabilities, achieving product performance and cost advantages that meet the standards of developed countries [5] Future Outlook - The company’s net profit forecasts for 2025, 2026, and 2027 are 216 million yuan, 280 million yuan, and 324 million yuan respectively, with corresponding price-to-earnings (P/E) ratios of 16, 13, and 11 times [6][11] - The introduction of the child-rearing subsidy policy is expected to gradually stabilize birth rates, benefiting the domestic hot melt adhesive industry [5]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by a decrease in raw material prices and international shipping costs, alongside expansion in domestic and international markets [1][2]. Financial Performance - In 1H25, the company achieved total revenue of 993 million yuan, a year-on-year increase of 5.47% [1] - The net profit attributable to shareholders reached 81 million yuan, up 41.38% year-on-year [1] - The net profit excluding non-recurring items was 73 million yuan, reflecting a 37.21% increase year-on-year [1] - In Q2 2025, total revenue was 490 million yuan, a 6.17% increase year-on-year [1] - The net profit attributable to shareholders for Q2 was 46 million yuan, showing a substantial increase of 74.59% year-on-year [1] - The net profit excluding non-recurring items for Q2 was 40 million yuan, up 61.30% year-on-year [1] Market Dynamics - The growth in performance is attributed to a decline in raw material prices and international shipping costs, as well as increased sales from expanding domestic and international markets [1] - The average value of China's export container freight index in 1H25 was 1252.63, down 8.2% year-on-year [1] - As of August 22, 2025, the index was 1174.87, reflecting a decrease of 24.1% since the beginning of the year, indicating potential for continued benefit to the company's performance [1] Global Expansion and Innovation - The company is actively promoting its global capacity layout, with overseas sales revenue accounting for 59.73% of total revenue, an increase of 6.56% year-on-year [2] - The company emphasizes independent innovation and has strengthened its research and development efforts to upgrade product formulations and accelerate new product commercialization [2] - The company is expanding its experienced overseas professional team and enhancing market promotion and brand building efforts [2] Future Outlook - The company is one of the four major suppliers of hot melt adhesives in the industry and has entered the supply chains of leading domestic and international hygiene product companies [2] - Future performance is expected to maintain rapid growth, with projected net profits for 2025-2027 of 163 million, 205 million, and 247 million yuan, representing year-on-year growth rates of 108.72%, 25.81%, and 20.18% respectively [2] - Corresponding price-to-earnings ratios are projected to be 21X, 17X, and 13X for the respective years [2]

Core Insights - The company reported a total revenue of 993 million yuan for the first half of 2025, representing a year-on-year increase of 5.47% [1] - The net profit attributable to shareholders reached 81.12 million yuan, up 41.38% year-on-year [1] - The gross margin improved by 27.16% to 18.04%, while the net margin increased by 32.88% to 8.1% [1] Financial Performance - The second quarter revenue was 490 million yuan, showing a 6.17% increase year-on-year, with a net profit of 45.61 million yuan, up 74.59% [1] - Total expenses for sales, management, and finance amounted to 51.07 million yuan, accounting for 5.14% of revenue, with a year-on-year increase of 7.52% [1] - Earnings per share rose to 1.02 yuan, reflecting a 41.78% increase year-on-year [1] Cash Flow and Assets - Cash and cash equivalents saw a significant increase of 202.2%, attributed to improved management of funds, payments, and inventory [11] - The net cash flow from operating activities surged by 911.97%, driven by supply chain financing and enhanced inventory management [10] - The company experienced a 144.31% increase in cash funds due to better management practices [2] Liabilities and Financing - Short-term borrowings increased by 388.06% as the company engaged in supply chain financing [6] - Contract liabilities decreased by 30.87%, indicating a reduction in customer prepayments [7] - The company’s financial expenses rose by 47.91%, influenced by significant foreign exchange gains from the previous period [10] Competitive Position - The company holds a competitive advantage in the market due to high entry barriers for potential domestic competitors, including stringent customer certification processes and established global supply chains [15] - The management team possesses over ten years of experience in the industry, enhancing the company's ability to navigate international markets [15]