金能科技：炭黑领域独创循环模式 打造行业标杆

Core Viewpoint - Jineng Technology (603113) reported a significant increase in revenue and a turnaround in net profit for the first half of 2025, highlighting its strong position in the green transformation of the chemical industry through its unique circular economy model [1] Financial Performance - The company achieved an operating income of 8.547 billion yuan, representing a year-on-year growth of 24.13% [1] - The net profit attributable to shareholders was 26 million yuan, marking a return to profitability compared to the previous year [1] Industry Position - Jineng Technology has established a comprehensive technical system from raw materials to end products, positioning its carbon black products as benchmarks in the global market due to superior quality, environmental performance, cost advantages, and geographical benefits [1] Competitive Advantage - The company's core competitiveness lies in its globally leading "3+3" circular economy industrial chain, which maximizes resource utilization value through innovative production processes [1] - The production model includes "coking - chemical production - coal tar - carbon black production - tail gas re-coking" and "propane dehydrogenation - carbon black production - boiler steam generation - propane dehydrogenation" [1] Raw Material Synergy - The Qihe plant utilizes self-produced coal tar as a raw material for carbon black and coke oven gas as fuel, creating a dual cycle of raw materials and energy [1] - The Qingdao plant uses hydrogen produced as a byproduct of propane dehydrogenation as fuel, enhancing carbon black yield by over 5% due to its high calorific value [1] Technological Innovation - The company employs advanced equipment such as 7-meter top-loading coke ovens and gas turbine cogeneration, with carbon black reactors equipped with the ECS-700 advanced control system for precise process control [1] - Key equipment is sourced from international brands like Fisher and Emerson, ensuring high standards in operational precision [1]