YONGDONG(SZ:002753) Zheng Quan Shi Bao Wang·2025-09-11 04:11Core Viewpoint - Yongdong Co., Ltd. has received approval from the Shenzhen Stock Exchange for its application to issue shares to specific targets, aiming to raise no more than 365 million yuan for a deep processing project of coal tar and to supplement working capital, marking a significant step in the company's strategy for extending and upgrading its coal tar deep processing industry chain [1][2]. Group 1 - The core project, "2×100,000 tons/year anthracene oil deep processing project," has a total investment of 266 million yuan and is expected to produce 190,000 tons of decrystallized anthracene oil, 5,000 tons of anthraquinone, and 2,000 tons of carbazole annually [1]. - Decrystallized anthracene oil will serve as a key raw material for producing high-end carbon black, enabling the company to achieve self-sufficiency in critical raw materials and mitigate quality fluctuations from external sourcing, which is expected to lower procurement costs and enhance product quality stability [1][2]. - Anthraquinone and carbazole are high-value fine chemical products that will open new profit growth points for the company [1]. Group 2 - The project has three core advantages: first, it strengthens the synergy of the industrial chain by creating a complete circular model of "coal tar processing + carbon black production + flue gas power generation + fine chemical new materials," further enhancing the industrial closed loop [2]. - Second, it accelerates the transformation towards high-end products, as the new project will provide quality raw materials to support the increase in the proportion of specialty carbon black, aiding entry into high-end markets such as green tires [2]. - Third, it practices the concept of green development by employing advanced environmental protection technologies, achieving flue gas incineration treatment and zero wastewater discharge, aligning with the "dual carbon" policy direction [2]. Group 3 - As a leading enterprise in the coal tar deep processing field, this capital increase will further solidify the company's industrial advantages, while the supplementation of working capital will optimize its capital structure and enhance risk resistance [2]. - The implementation of the project is expected to consolidate the company's market share in the mid-to-high-end carbon black sector and promote the realization of the "circular economy green development" concept [2]. - With the new project coming online and the release of specialty carbon black production capacity, Yongdong Co., Ltd. is anticipated to enhance its core competitiveness and profitability under the dual drive of raw material self-control and product structure upgrading [2].