Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a steady revenue growth, but the increase in cost inputs has led to a year-on-year decline in performance. For the first half of 2025, the company achieved a revenue of 203 million yuan, up 6.49% year-on-year, while the net profit attributable to shareholders was 17 million yuan, down 18.57% year-on-year [2] - The revenue from rubber and plastic materials and products has increased, with a significant rise in the revenue from rubber and plastic products, which grew by 24% year-on-year [3] - The company is focusing on dual expansion in materials and products, with plans for capacity expansion and high-end market layout expected to bring additional growth [4] Summary by Sections Revenue and Profitability - In the first half of 2025, the company reported a revenue of 203 million yuan, a 6.49% increase year-on-year, and a net profit of 17 million yuan, an 18.57% decrease year-on-year. The decline in net profit is attributed to a decrease in sales gross margin and increased costs from new product development and investment projects [2] - The sales gross margin decreased by 0.73 percentage points to 29.59%, while the net profit margin fell by 2.38 percentage points to 8.40% [2] Business Segments - Revenue from rubber and plastic materials reached 148 million yuan, a 1.28% increase year-on-year, while the revenue from rubber and plastic products was 55 million yuan, a 23.71% increase year-on-year. The gross margin for rubber and plastic products was 39.97%, down 3.74 percentage points year-on-year [3] Future Outlook - The company has invested 120 million yuan to establish a special rubber and plastic industry technology research institute, expected to be operational by the end of 2025. The company is also expanding production capacity, with a utilization rate of over 90% for rubber materials and about 70% for rubber and plastic products [4] - The company is collaborating with the Chinese Academy of Sciences to develop high-end materials and is in the customer verification stage for PEEK materials [4] Earnings Forecast - The net profit forecasts for 2025 to 2027 have been adjusted to 39 million, 47 million, and 63 million yuan respectively, with corresponding P/E ratios of 125.20, 105.13, and 77.93 [4]

Core Viewpoint - Changqing Technology (603125.SH) focuses on the research, production, and sales of specialty monomers and additives in the high polymer new materials sector, aiming to support downstream product manufacturing and performance enhancement in the fine chemical industry [1] Company Overview - The company is engaged in the development of high polymer new materials, specifically in the fine chemical industry's sub-sector [1] - The fundraising project includes products that can be used to produce high-end photoresists, which officially commenced production at the end of June this year [1] Market Application - Most new products are currently in the market application promotion stage, with some customer feedback potentially involving commercial secrets [1] - The company is committed to providing product technical services based on customer needs, driving demand potential for the products from the fundraising project [1]

Product Overview - The company offers two main product series: GPPS and HIPS, with HIPS being a high-value, environmentally friendly material used in high-end applications such as electronics and medical devices. In 2024, HIPS sales revenue reached 100,729.93 million CNY, a 14.05% increase from the previous year [1] - GPPS is primarily used in toys, daily plastic products, packaging materials, and optical materials [1] Profitability and Cost Structure - HIPS products have a higher gross margin compared to GPPS due to their enhanced properties and higher sales prices. The production process for HIPS includes rubber modification, which increases product value [2] - Styrene, the main raw material, accounts for approximately 90% of production costs [2] Production Capacity and Flexibility - The company operates three interchangeable polystyrene production lines that can flexibly adjust to market demand for either HIPS or GPPS products [2] Pricing Strategy - The company employs a daily pricing strategy based on market supply and demand, competitor pricing, inventory levels, production costs, and logistics considerations, maintaining a policy of payment before delivery [2] Future Development Plans - The company is focused on exploring new technologies and materials, aiming to develop high-value, high-tech polymer materials. It also plans to consider mergers and acquisitions to enhance profitability and competitive strength [2] Risk Disclosure - Any forward-looking statements regarding future plans or performance do not constitute a commitment to investors, who should remain aware of the associated risks [2]

Company Overview - Founded in 2002, Daon Co., Ltd. specializes in high-performance thermoplastic elastomers, modified plastics, color masterbatches, and polyester materials, with a focus on R&D, production, sales, and service [2] - The company has an annual production capacity of 500,000 tons for modified plastics, 90,000 tons for thermoplastic elastomers, 30,000 tons for color masterbatches, and 60,000 tons for copolyester materials [2] - Daon has established a comprehensive R&D system with four major platforms and nine production R&D bases, emphasizing innovation and collaboration with academia [2] Performance Growth Factors - The company's first-quarter performance growth was driven by a decrease in raw material prices, leading to lower production costs [3] - Strong growth in the automotive, home appliance, and electronics sectors, supported by government policies promoting product upgrades, contributed to record sales volumes [3] Acquisition Strategy - The acquisition of Daon Titanium Industry is aimed at enhancing synergy between the two companies, leveraging Daon Titanium's products in the inorganic chemical sector to complement Daon's polymer materials business [4] - The integration of high polymer new materials and titanium industries is expected to improve management efficiency and extend the industrial chain [4] Acquisition Progress - On April 28, the board approved the asset purchase and fundraising plan for the acquisition of Daon Titanium, with a shareholder meeting scheduled for May 16 to review the matter [5] Product Applications - Daon’s modified materials are utilized in robotics, including nylon and alloy materials for robotic arms, and elastic materials for bionic robots [6] - The company is actively developing high polymer composite materials for the robotics sector [6] Expansion Plans - Daon plans to expand its TPU and polyol projects, anticipating a growing market demand, with the domestic TPU market accounting for over 70% of global capacity [7] - The company aims to establish a phased production capacity of 100,000 tons of TPU and 60,000 tons of polyol to enhance its product chain and meet future market needs [7]

Industry Overview - The polystyrene industry in China continues to experience rapid growth, driven by expanding downstream market demand and increasing competition from new entrants [2] - The overall consumption scale of the polystyrene industry is expected to maintain a growth trend due to stable growth in traditional application areas and emerging demand fields [3] Financial Performance - In 2024, the company achieved a revenue of CNY 2.209 billion and a net profit of CNY 53.24 million [9] - In Q1 2025, the company reported a revenue of CNY 538 million, a year-on-year increase of 20.46%, with a net profit of CNY 21.61 million, and a significant increase of 532.49% in net profit after deducting non-recurring gains and losses [11] Accounts Receivable Management - The company's accounts receivable increased by 79.47% year-on-year in Q1, attributed to extended credit terms for long-term, quality-assured clients [3] Production Capacity and Projects - The company currently has an annual production capacity of 300,000 tons of polystyrene, ranking second in South China [12] - With the completion of the third-phase project in 2025, the total production capacity will reach 480,000 tons, positioning the company as the leading polystyrene producer in South China and second nationwide [12] Research and Development - As of the end of 2024, the company has obtained 13 core product formulas, including 2 invention patents and 9 utility model patents, establishing itself as a specialized producer in the industry [7] Market Strategy - The company aims to enhance its market competitiveness by expanding its product range and developing new applications, particularly in emerging fields such as electronics, new energy vehicles, and medical devices [8] - The company is committed to maintaining strong communication with the capital market to present its true value [6] Share Buyback - As of April 30, 2025, the company has repurchased 3,075,808 shares, accounting for 1.516% of the total share capital, with a total transaction amount of CNY 35.15 million [13]

江苏常青树新材料科技股份有限公司 （Jiangsu Evergreen New Material Technology Incorporated Company） 声明 （镇江新区青龙山路 3 号） 首次公开发行股票并在主板上市 招股说明书 保荐人（主承销商） （上海市静安区新闸路 1508 号） 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 本次发行概况 | 发行股票类型 | 人民币普通股（A 股） | | | | | | --- | --- | --- | --- | --- | --- | | 发行股数 | 本次向社会公众公开发行 股）股票； | | | | 4,814.00 万股人民币 ...

江苏常青树新材料科技股份有限公司 （Jiangsu Evergreen New Material Technology Incorporated Company） （镇江新区青龙山路 3 号） 首次公开发行股票并在主板上市 招股意向书 保荐人（主承销商） （上海市静安区新闸路 1508 号） 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 本次发行概况 | 发行股票类型 | 人民币普通股（A 股） | | | | --- | --- | --- | --- | | 发行股数 | 本次拟向社会公众公开发行 4,814.00 股）股票； | | 万股人民币普通股（A | | | 本次发行全部为 ...

江苏常青树新材料科技股份有限公司 （Jiangsu Evergreen New Material Technology Incorporated Company） （镇江新区青龙山路 3 号） 首次公开发行股票并在主板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招股说明书 不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股说明书 全文作为作出投资决定的依据。 保荐机构（主承销商） （上海市静安区新闸路 1508 号） 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 本次发行概况 | 发行股票类型 | 人民币普通 ...

江苏常青树新材料科技股份有限公司 （Jiangsu Evergreen New Material Technology Incorporated Company） （镇江新区青龙山路 3 号） 首次公开发行股票并在主板上市 招股说明书 （申报稿） 声明：本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招股说明书 不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股说明书 全文作为作出投资决定的依据。 保荐机构（主承销商） （上海市静安区新闸路 1508 号） 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 本次发行概况 | 发行股票类型 | 人民币普通 ...