新瀚新材分析师会议-20250912

Report Summary 1. Reported Industry Investment Rating No information provided in the document. 2. Core Viewpoints The report mainly presents the results of a research on Xinhan New Materials, covering the company's basic information, research institutions, and answers to investors' questions about the company's operations, including project progress, cash management, product sales, investment purposes, R & D directions, and the impact of trade protection measures [16][23][28]. 3. Summary by Directory 3.1 Research Basic Situation - Research object: Xinhan New Materials [16] - Industry: Chemical raw materials [16] - Reception time: September 12, 2025 [16] - Listed company reception personnel: Chairman and General Manager Yan Liuxin, Financial Controller Wang Zhongyan, Board Secretary Li Xiangfei, Independent Director Huang Hefa [16] 3.2 Detailed Research Institutions - Institutions: Investors who participated in the company's 2025 semi - annual performance briefing online [19] 3.3 Main Content Data - Project Progress: The equipment of the third workshop of the 8000 - ton project is being installed and is expected to reach the intended use state and be put into production in December 2025 [23] - Cash Management: The company's cash management is mainly used to purchase cash management products with high safety, good liquidity, and a maximum term of no more than twelve months, such as RMB structured deposits and time deposits [24] - Foreign Exchange Hedging: The company did not actually carry out specific foreign exchange hedging business during the reporting period and plans to conduct it within the board - authorized limit according to exchange rate fluctuations [26] - Product Sales: The sales of the company's main products such as medical and agricultural intermediates, DFBP, and photoinitiators have all increased to varying degrees [27] - Investment Purpose: The company invests in Mingxi Equity Investment Fund and Zhejiang Pengfulong Technology to layout fields related to its main business, achieve industrial synergy and capital appreciation, and strengthen its influence in the special engineering plastics field [28] - R & D Direction: The company's main R & D direction is focused on the R & D and process improvement of aromatic ketone core products, including special engineering plastic core raw materials and cosmetic raw materials [28] - Product Situation: The penetration rate of the company's HAP product as a cosmetic raw material is gradually increasing, and the HDO production line is under construction. The HDO product can be directly used as a cosmetic raw material with moisturizing and bactericidal effects [30] - Trade Protection Impact: The company will closely monitor international market trends, actively explore new international markets, develop new products, and expand the domestic market to reduce the impact of export business risks [30] - Medical and Agricultural Intermediate Business: The company's medical and agricultural intermediate products have a large variety. After the new workshop of the 8000 - ton project is put into operation, new customers and markets are developed, resulting in rapid growth [30]