1. Market Performance and Analysis of Various Commodities 1.1 Basic Metals - **Aluminum**: The closing price of the electrolytic aluminum 2507 contract decreased by 0.57% to 20,040 yuan/ton, with a domestic 0 - 3 month spread of 270 yuan/ton and an LME price of $2,444.5/ton. The electrolytic aluminum plants maintained high - load production, with a slight increase in operating capacity, while the aluminum product开工率 decreased slightly. The cost of electrolytic aluminum has recovered, and inventory has continued to decline. It is expected that the aluminum price will maintain a volatile trend, and the recommended operation is to wait and see [1]. - **Alumina**: The closing price of the alumina 2509 contract decreased by 1.37% to 3,018 yuan/ton, with a domestic 0 - 3 month spread of 245 yuan/ton. Some alumina plants have resumed production, and new production capacity has been released, leading to a slight increase in operating capacity. The situation at the Guinean mine end has eased, and the market's expectation of the resumption of some alumina production capacity has increased, causing the futures price to fall. However, the Guinean mining policy remains highly uncertain. It is recommended to wait and see [1]. - **Zinc**: The closing price of the zinc 2506 contract increased by 0.80% to 22,585 yuan/ton. The social inventory on May 26 was 78,800 tons, a decrease of 1,600 tons from May 22. The zinc industry in Guangxi has carried out a ten - year back - checking special action, but currently, there is no actual impact. The import volume of zinc concentrates in April exceeded expectations, and smelters' raw material inventories are high. The supply side is relatively loose, and apparent consumption shows resilience. Overall, the long and short positions are in a stalemate, and the zinc price is expected to be mainly volatile in the short term [1]. - **Lead**: The closing price of the lead 2506 contract increased by 0.15% to 16,805 yuan/ton. The social inventory on May 26 was 43,400 tons, a decrease of 6,900 tons from May 22. The new production capacity of recycled lead is being put into operation and resumed, increasing the demand for waste materials. The production of primary lead is relatively stable, and the supply in the spot market is loose. The demand for lead - acid batteries is weak. The contradiction between raw material supply and consumption has intensified, and the lead price is expected to maintain a small - range volatile trend. It is recommended to operate within the range [1][2]. 1.2 Industrial Silicon The main 07 contract closed at 7,440 yuan/ton, a decrease of 170 yuan/ton from the previous trading day, with an increase in positions. The supply side has not shown a significant contraction, and there is a high inventory pressure. The demand for polysilicon may decline in May, and the organic silicon industry has limited procurement of upstream products. The weekly output has declined to a new low after the festival, and the downward driving force is limited. It is recommended to wait and see and pay attention to the supply changes after the festival. For speculative purposes, one can wait for the market to rebound and then short the 07 contract or consider shorting the near - month contract and going long on the far - month contract [2]. 1.3 Lithium Carbonate The main 2507 contract closed at 60,920 yuan/ton, an increase of 1.36% from the previous trading day. In May, the supply was still in an oversupply situation, with a decrease in weekly production and a slower - than - expected growth in demand. Although the sales of new energy vehicles in May have recovered, the growth rate is still gentle. The social inventory is high but shows a slight decline. It is recommended to continue holding short positions or shorting far - month contracts on rallies [2]. 1.4 Polysilicon The main 07 contract closed at 35,290 yuan/ton, an increase of 405 yuan/ton from the previous trading day. The supply side's weekly production has been relatively stable in the past three weeks, and the production in May may decline compared to April. The inventory has decreased, but it is still relatively high. The demand side shows that the price of the component link has stopped falling, while the prices of the silicon wafer and battery cell links are still falling. It is expected that the production in June will decline by 5% - 7%. After the festival, the 06 - 07 contract may trade on the issue of warehouse receipts. After the warehouse receipt game is close to the end, one can consider shorting on the rebound of the 07 contract [2]. 1.5 Black Industry - **Rebar**: The main 2510 contract of rebar closed at 2,970 yuan/ton, a decrease of 39 yuan/ton from the previous trading day. The inventory of building materials in the Gangyin caliber decreased by 2.9% to 4.03 million tons, and the de - stocking margin has significantly slowed down. The supply - demand relationship of steel has weakened marginally but is in line with the seasonal pattern. It is recommended to wait and see, and aggressive investors can try to go long on the 2510 contract of rebar [3][4]. - **Iron Ore**: The main 2509 contract of iron ore closed at 696.5 yuan/ton, a decrease of 9 yuan/ton from the previous night - session closing price. The shipment of Australian iron ore to China increased, while that from Brazil decreased. Steel mills' profits have marginally narrowed, and future production will be mainly stable. The supply side is in line with seasonal rules, and the medium - term oversupply pattern remains unchanged. It is recommended to wait and see [4]. - **Coking Coal**: The main 2509 contract of coking coal closed at 798 yuan/ton, an increase of 3.5 yuan/ton from the previous night - session closing price. The iron water production has decreased, and steel mills' profits have marginally narrowed. The first round of price cuts has been implemented, and the second round has been proposed. The overall supply - demand situation is still relatively loose. It is recommended to wait and see [4]. 1.6 Agricultural Products - **Soybean Meal**: The overnight CBOT soybean price rose slightly. The supply side shows that South America is currently supplying abundantly in the near - term, and the sowing of new - crop US soybeans is progressing smoothly. The demand side is mainly dominated by South America in the short - term, and the high - frequency demand for US soybeans is seasonally weak. The US soybean price is expected to be volatile, and the medium - term driver lies in the yield game. The domestic soybean arrival volume will be high later, but the short - term demand for soybean meal is good, driving a rebound. It is necessary to pay attention to future trade policies and US soybean yields [5]. - **Corn**: The 2507 contract of corn fluctuated within a narrow range, and the price of deep - processed corn slightly decreased. The supply - demand relationship has tightened marginally this year. With farmers' grain sales basically completed, the bargaining power of channels has increased. The import volume of substitutes is expected to decrease significantly, which is beneficial to the demand for domestic corn. In the short - term, the supply - demand contradiction is not significant, and the spot price is expected to fluctuate and consolidate. The futures price has strong support near the minimum purchase price of wheat and is expected to gradually stabilize and rebound [5]. - **Sugar**: The 09 contract of Zhengzhou sugar closed at 5,805 yuan/ton, a decrease of 0.36%. The market expects an enhanced oversupply pattern in the global sugar market in the 25/26 crushing season, putting pressure on raw sugar prices. In May, the domestic market has entered the pure sales period. With the control of syrup and premixed powder and low inventory, the price is likely to rise and difficult to fall, following the trend of raw sugar. Recently, the profit of out - of - quota imports has opened, and domestic sugar mills' point - price operations will put pressure on far - month contracts. It is expected to rebound in the short - term and be bearish in the long - term [5]. - **Cotton**: The overnight US cotton price fell, and the international oil price weakened. As of May 25, the planting rate of new - crop US cotton was 52%, lower than the same period last year. The production in India in the 24/25 season decreased by 10.4% year - on - year. The domestic Zhengzhou cotton price continued to fluctuate. After the macro - level disturbances decreased, the market focus returned to the fundamentals. It is recommended to adopt a range - trading strategy [6]. - **Palm Oil**: The Malaysian palm oil market rebounded yesterday. The supply side is in the seasonal production - increasing period, and the estimated production in Malaysia from May 1 - 20 increased by 3.5% month - on - month. The demand side shows that the export has improved month - on - month. Although it is in the seasonal weak stage, there is no major contradiction. It is necessary to pay attention to future production in the producing areas and biodiesel policies [6]. - **Eggs**: The 2506 contract of eggs continued to decline, while the spot price rose. The farming is in a loss state, and the culling of old hens is expected to increase temporarily. However, the supply remains high, and with low vegetable prices and unfavorable storage conditions due to high - temperature and high - humidity weather, the supply is stronger than the demand. With cost support, the futures and spot prices are expected to fluctuate [6]. - **Pigs**: The 2509 contract of pigs fell, while the spot price rose. The supply of pigs continues to increase. With the narrowing of the price difference between standard and fattened pigs and rising temperatures, farmers' willingness to hold and fatten pigs has decreased, and they may gradually reduce the weight of pigs for sale. The utilization rate of pigsties has reached a high level, and the role of secondary fattening in boosting pig prices will gradually weaken. High - temperature weather has led to a seasonal decrease in pork consumption. The supply has increased while the demand has decreased, and the cost is low, so the pig price is expected to decline with fluctuations [6]. - **Apples**: The main contract closed at 7,583 yuan/ton, an increase of 0.13%. Due to the impact of extreme weather such as hot and dry winds and late frosts, the fruit - setting in apple - producing areas, especially in Shaanxi, has become a problem, raising concerns about the new - crop apple yield. With low current inventory and expected yield reduction, the apple price has temporarily remained at a high - level volatile state. The market has high expectations for the price of new - crop Gala apples, which supports the price of late - maturing Fuji apples. It is recommended to wait and see and pay attention to the fruit - bagging verification at the end of May and future apple consumption [6]. 1.7 Energy and Chemicals - **LLDPE**: The main contract of LLDPE fluctuated slightly yesterday. The low - price spot in North China was 7,060 yuan/ton, and the 09 basis weakened. New production facilities have been put into operation one after another, and the supply from domestic sources has increased. The import window has closed, and the import volume is expected to decrease slightly. The demand for agricultural films has entered the off - season, and other demands remain stable. It is recommended to pay attention to the actual situation of export - rush after the relaxation of Sino - US tariff negotiations. In the short - term, it is mainly volatile, and in the long - term, as new production facilities are put into operation, the supply - demand situation will gradually ease, and it is advisable to short far - month contracts on rallies [7][8]. - **PVC**: The V09 contract closed at 4,790 yuan, a decrease of 0.3%. The PVC spot price dropped by about 50 yuan, and the volume of spot - futures point - price transactions increased. The supply side is a combination of maintenance and new - facility commissioning, and the supply growth rate is expected to reach about 5%. The inventory de - stocking has slowed down. It is recommended to gradually exit short positions and wait and see, and sell call options above 4,850 [8]. - **PTA**: The CFR China price of PX is $840/ton, equivalent to 6,959 yuan/ton in RMB at the current exchange rate. The spot price of PTA in East China is 480 yuan/ton, and the spot basis is 178 yuan/ton. The supply of PX has increased to a neutral level, and the import supply remains low. The supply of PTA has increased marginally, and the medium - to - long - term supply pressure is still large. The polyester load has decreased slightly, and the polyester factories have announced production - cut plans. PX and PTA will continue to see inventory reduction. For PX, one can pay attention to buying opportunities after a pullback, and for PTA, it is advisable to short the processing margin on rallies [8]. - **Rubber**: The main 2509 contract of natural rubber closed at 14,495 yuan/ton, an increase of 0.87%. The raw material prices have slightly loosened, and the inventory in Qingdao has increased slightly. The continuous large - scale cancellation of 20 - rubber warehouse receipts has led to a significant increase in the NR price, driving up the RU price. The fundamental situation is weak, and the expected increase in supply during the peak season suppresses the price. The RU price lacks upward driving force but has strong support around 14,000 yuan, and it is expected to enter a platform period. It is recommended to wait and see [8]. - **Methanol**: The closing price of the methanol 2509 contract decreased by 0.72% to 2,208 yuan/ton, hitting a new low of 2,181 yuan. The coal price has continued to decline, providing weak cost support for methanol. The supply side has seen multiple large - scale domestic methanol plants restart, increasing the supply pressure. The overseas Iranian plants have all restarted, and the import volume is expected to gradually recover. The demand side shows that the olefin sector has been weak this year, and traditional demand has been lackluster after the May Day holiday. The inventory in coastal areas has increased. It is expected that the supply will be stronger than the demand in the short - term, and the methanol price will be weak. A short - selling strategy is recommended for the 09 contract [8][9]. - **Glass**: The FG09 contract of glass closed at 1,028 yuan, an increase of 0.3%. There are rumors that a production line in Hubei may stop production due to excessive petroleum - coke emissions, leading to a small - scale rebound in the market. The supply is rigid, and the daily melting volume is 157,500 tons. The inventory is at a high level, and the downstream deep - processing enterprises' operating rate is lower than in previous years. The glass price is likely to continue to decline. It is recommended to sell call options above 1,250 [9]. - **PP**: The main contract of PP fell slightly yesterday. The spot price of PP in East China was 7,030 yuan/ton, and the basis remained stable. The short - term maintenance of production facilities is gradually ending, and new facilities are being commissioned, leading to an increase in domestic supply. The export window has opened, and the downstream home - appliance production plan for May is still good, while the automobile production plan is average. In the short - term, the supply and demand will both increase, and the market will be mainly volatile and slightly weak. In the long - term, as new facilities are put into operation, the supply - demand situation will gradually ease, and it is advisable to short far - month contracts on rallies [9]. - **MEG**: The spot price of MEG in East China is 4,512 yuan/ton, and the spot basis is 148 yuan/ton. The supply is at a moderately low level. Overseas, some plants are scheduled for restart or maintenance. The inventory in East China ports has decreased to around 680,000 tons. The polyester load has decreased slightly, and polyester factories have announced production - cut plans. The short - term supply and demand situation of MEG shows significant inventory reduction, and the price is expected to be strong, but the valuation has reached a high level, so it is advisable to be cautious when going long [9]. - **Crude Oil**: The oil price slightly declined yesterday. The overall supply pressure in the crude oil market is large, and the probability of oversupply is high. There are many potential negative factors for crude oil, such as the return of Iranian supply, recession risks, and the risk of OPEC+ continuing to increase production by 410,000 barrels per day until the end of the year. It is recommended to use crude oil as a short - position allocation [9][10]. - **Styrene**: The main contract fluctuated slightly yesterday. The inventory of pure benzene is at a normal level and is expected to slightly increase in June, while the styrene inventory is at a low level and is also expected to slightly increase in June. The downstream is in a loss state, and the finished - product inventory is being reduced. The home - appliance production plan for May is acceptable. It is necessary to pay attention to whether the relaxation of Sino - US tariff negotiations will lead to an increase in export - rush demand. In the short - term, the market will be mainly volatile, and in the medium - term, the supply - demand situation will gradually ease, and it is advisable to short on rallies [10]. - **Soda Ash**: The SA09 contract of soda ash closed at 1,232 yuan, a decrease of 0.7%. The supply side features a combination

Revenue and Profit Trends - In April 2025, industrial enterprises' cumulative revenue increased by 3.2% year-on-year, down from 3.4% in the previous month[7] - Cumulative profit for April 2025 rose by 1.4% year-on-year, an increase from 0.8% in March[7] - The profit growth rate for April improved by 0.4 percentage points to 2.9% compared to the previous month[2] Cost and Profit Margin Analysis - The overall cost rate for industrial enterprises was 86% in April, showing a marginal decline of 12.6 basis points year-on-year[15] - The contribution of cost improvement to overall profit was +2.7 percentage points, while expenses contributed +0.5 percentage points[2] - The profit margin for downstream consumer manufacturing improved, with a cost rate increase of 59.7 basis points to 84.3%[15] Sector Performance Insights - The coal and metallurgy sectors, along with downstream consumer industries, provided significant revenue support due to infrastructure investment and export activities[20] - The actual revenue growth rate for the petrochemical sector fell by 3 percentage points to 2.1% in April, while the consumer manufacturing sector maintained a relatively high growth rate of 7.8%[20] - Foreign and joint-stock enterprises saw profit growth rates increase by 1.7 and 0.4 percentage points to 1.9% and 4.1%, respectively, while state-owned enterprises experienced a significant decline of 10.2 percentage points to -17.4%[32]

Group 1: Soybean Oil - Current spot price of Zhangjiagang Yijiang Grade 1 soybean oil is 8,260 yuan/ton, down 50 yuan/ton from the previous trading day [1] - South American new - crop soybeans are likely to achieve a bumper harvest, and the USDA May report shows that the estimated soybean yield per acre in the 2025/26 season is 52.5 bushels, up from 50.7 bushels in the 2024/25 season [1] - The medium - term destocking cycle of soybean oil may be coming to an end, and the inventory may rebound from a low level after the arrival of South American imported soybeans and customs clearance [1] - The short - term trend of the soybean oil 2509 contract may be range - bound [1] Group 2: Soybean Meal - Spot prices of 43% soybean meal in different regions: Zhangjiagang 2,860 yuan/ton (+30), Tianjin 2,950 yuan/ton (+20), Rizhao 2,880 yuan/ton (+20), Dongguan 2,900 yuan/ton (+10) [2] - Although a phase - one agreement has been reached in China - US trade, long - term contradictions still exist; US soybeans have risen due to weather speculation caused by rainfall in the production areas [2] - The supply of soybeans is gradually recovering, the oil mill operating rate is increasing, and the supply of soybean meal is expected to shift from tight to loose. Downstream enterprises will adopt a just - in - time procurement strategy [2] - The short - term trend of soybean meal may be oscillating strongly [2] Group 3: Corn - The mainstream purchase prices of new corn in key deep - processing enterprises in Northeast China and Inner Mongolia are 2,195 yuan/ton, and in North China and the Huang - Huai region are 2,414 yuan/ton. The purchase prices in Jinzhou Port and Bayuquan Port are 2,260 - 2,270 yuan/ton [3] - The Sino - US joint statement has led to expectations of looser corn imports in the medium and long term, and the May USDA report has increased the US production and ending stocks, which is bearish for US corn futures prices [3] - In China, the supply pressure has been relieved, but downstream demand is weak, and the futures price has declined due to market sentiment [3] - The short - term futures price will oscillate weakly, and mid - term investors should focus on band - trading long opportunities [3] Group 4: Electrolytic Copper - The price of Shanghai 1 electrolytic copper is 78,290 - 78,630 yuan, up 230 yuan, with a premium of 200 - 350 yuan. The imported copper ore index is - 43.05, up 0.06 [4] - The gradual easing of global tariffs and domestic policy support are beneficial to the market, but raw material issues and inventory declines have complicated the market [4] - Copper prices have not completely shaken off the influence of the moving average, and the upper limit of the moving average system is set as the overall defense line [4] Group 5: Lithium Carbonate - The market price of battery - grade lithium carbonate (99.5%) is 63,000 yuan/ton, and that of industrial - grade lithium carbonate (99.2%) is 60,850 yuan/ton, with a price difference of 2,150 yuan/ton, remaining unchanged from the previous trading day [5] - Cost support has weakened, supply is high, demand has improved but not enough to drive prices up, and inventory has increased. The spot and futures prices have declined, and attention should be paid to the 60,000 yuan/ton support level [6] - The lithium carbonate 2507 contract may oscillate weakly, and investors can go short on rallies [7] Group 6: Steel Rebar - The price of Shanghai steel rebar is 3,190 yuan, the Tangshan operating rate is 83.69%, the social inventory is 416.46 million tons, and the steel mill inventory is 187.76 million tons [8] - The fundamentals of steel have improved, the contango structure has weakened, and the current valuation is moderately low. Policy support has increased the apparent demand, and the cost is dynamically adjusted. The inventory is at a low level [8] - The short - term market is dominated by macro - policy expectations, and the fundamentals are also improving. The market shows a pattern of strong supply and demand. Investors should focus on the switching rhythm between macro - policy expectations and fundamental data and conduct range trading [8] - The negative feedback in the black market has been gradually reflected in the market, and investors can take a long position at low levels [8] Group 7: Coking Coal and Coke - The price of main coking coal (Meng 5) is 1,155 yuan/ton, and the price of quasi - first - grade metallurgical coke in Rizhao Port is 1,290 yuan/ton. The port inventory of imported coking coal is 301.56 million tons, and the port inventory of coke is 223.10 million tons [9] - The supply is relatively loose, the demand is weak, the inventory is slightly increasing, and the average profit per ton of coke is approaching the break - even point [9] - Due to the loose supply, coking coal and coke will oscillate weakly at low levels [9] Group 8: Iron Ore - The Platts iron ore index is 100.15, the price of Qingdao PB (61.5%) powder is 765 yuan, and the price of Australian iron ore powder (62% Fe) is 764 yuan [10] - The global iron ore shipment volume has slightly decreased, the port inventory has decreased, the domestic demand has increased but procurement is still cautious, and overseas demand is differentiated. The US tariff policy has restricted the upward space of iron ore prices [10] - The short - term trend of the iron ore 2509 contract will be range - bound, and investors are advised to be cautious [10] Group 9: Crude Oil - The resurgence of twists and turns in the US - Iran negotiations has reduced the expectation of supply increase, but the downgrade of the US sovereign credit rating has led to the overall oscillation of crude oil prices. In the medium and long term, the price center will move down [11] - OPEC+ will increase production by 411,000 barrels per day in June, and the market expects an oversupply [11] - The WTI main contract will oscillate between 55 - 65 US dollars per barrel [11] Group 10: Rubber - With the improvement of the Sino - US trade situation, the fundamentals have improved slightly, but the rebound height is restricted. The supply is loose, and the market is affected by macro - factors [12][13] - The overall supply of rubber exceeds demand, and the market will oscillate [13] Group 11: PVC - The mainstream price of East China Type 5 PVC is 4,830 yuan/ton, remaining unchanged; the mainstream price of ethylene - based PVC is 5,000 yuan/ton, down 50 yuan/ton; the price difference between ethylene - based and calcium - carbide - based PVC is 170 yuan/ton, up 50 yuan/ton [14] - The PVC production enterprise operating rate has decreased, the downstream demand has not improved significantly, and the social inventory has decreased. The futures price has rebounded, but the fundamentals have not improved significantly, and the upward space is limited [14] - The fundamentals are still weak, and the futures price will oscillate at low levels [15] Group 12: Soda Ash - The national mainstream price of heavy soda ash is 1422.19 yuan/ton, remaining unchanged. The mainstream prices in East China, North China, and Central China are also unchanged [16] - The weekly operating rate of soda ash has decreased, the production has decreased, the inventory has decreased, and the demand is average. The market is expected to continue wide - range oscillation [16] - The 09 contract oscillated narrowly yesterday, and the market is expected to continue wide - range oscillation in the short term [16]

Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Core Views - Cotton is expected to show a moderately strong upward trend in the short - to medium - term, especially during the Sino - US "honeymoon period" in May and June. However, caution is needed in July and August. The 09 contract is relatively strong, while the 01 contract may face supply pressure due to expected new cotton production. The price is also highly affected by macro factors [1]. - PTA is likely to operate under pressure. With the weakening of demand and the restart of some production enterprises, the PTA market may continue to be under pressure in the short term without new positive factors [2][3]. - Ethylene glycol is expected to trade in a range. Although the cost is decreasing and the supply - demand situation is favorable, there may be a price correction due to the rapid short - term increase [3]. - Short - fiber is expected to trade in a range. The price may be strong in the near term but weak in the long term due to the approaching terminal off - season and the end of upstream spring maintenance [4]. - Sugar is expected to trade sideways. Internationally, there are expectations of increased production in Brazil, while domestically, the market is influenced by both positive and negative factors [4][5]. - Apples are expected to trade at a high level. With low inventory, the price is likely to remain in a high - level range, although the market may be affected by the listing of seasonal fruits [5]. Summary by Related Catalogs Cotton - As of the end of April, the commercial inventory was 415 million tons, and the industrial inventory was 95 million tons. By the end of August, the commercial inventory is expected to be 155 million tons, lower than the same period last year and in 2023. The 09 contract is strong, and the new cotton in the 01 contract may lead to a supply increase. The short - to medium - term price is expected to rise, especially in May and June, but caution is needed in July and August. The price is affected by macro factors, and it is advisable to hedge at the rebound high [1]. - On May 22, the China Cotton Price Index was 14,621 yuan/ton, up 54 yuan/ton from the previous trading day. The cotton yarn index was 20,520 yuan/ton, unchanged from the previous day. The total cotton warehouse receipts were 11,757 (- 14) sheets [8]. - As of early May, Brazil's 2025 new cotton harvest has not started, with an expected total output of 3.95 million tons. In April, Brazil exported 239,000 tons of cotton, and the cumulative export volume this year is at a historical high [8]. - On May 22, the Xinjiang cotton road transportation price index was 0.1311 yuan/ton·km, down 1.35% month - on - month [8]. PTA - As of May 14, the average PTA processing margin was 390.88 yuan/ton, down 10.5% month - on - month and up 7.68% year - on - year. As of May 15, the weekly average PTA capacity utilization rate was 74.63%, down 0.35% month - on - month and up 4.68% year - on - year. The PTA output was 1.2967 million tons, a slight decrease from last week [8][9]. - The PTA market is under pressure due to weakening demand and the restart of production enterprises. The price is affected by factors such as crude oil and polyester production cuts [2][3]. Ethylene Glycol - The total ethylene glycol capacity utilization rate in China was 61.04%, down 2.42% month - on - month. The production was 368,300 tons, down 1.32% from last week [10][13]. - The price is expected to trade in a range. Although the cost is decreasing and the supply - demand situation is favorable, there may be a price correction [3]. Short - fiber - As of the 8th, the weekly output of domestic short - fiber was 166,900 tons, up 1.52% month - on - month, and the average capacity utilization rate was 88.24%, up 1.30% month - on - month. The average polymerization cost was 5,706.60 yuan/ton, up 7.35% month - on - month, and the industry cash flow was - 361.60 yuan/ton, down 86.41% month - on - month [11]. - The price is expected to be strong in the near term but weak in the long term due to the approaching terminal off - season and the end of upstream spring maintenance [4]. Sugar - The NFCSF expects India's 2024/25 sugar production to be about 2.611 million tons, lower than the previous season. The ISO has raised the global sugar shortage estimate for the 2024/25 season to 5.47 million tons. In April 2025, China imported 130,000 tons of sugar, and the cumulative import from January to April was 278,400 tons, a significant decrease year - on - year [12][13][14]. - The sugar price is expected to trade sideways. Internationally, there are expectations of increased production in Brazil, while domestically, the market is influenced by both positive and negative factors [4][5]. Apples - As of May 21, the total apple cold - storage inventory in the main production areas was 1.7085 million tons, down 242,500 tons from the previous week. The prices in Shaanxi Luochuan and Shandong Qixia are provided [15]. - Apples are expected to trade at a high level. With low inventory, the price is likely to remain in a high - level range, although the market may be affected by the listing of seasonal fruits [5]. Macro Information - Trump's tax - cut bill has passed the House of Representatives and will be reviewed by the Senate. The bill plans to cut taxes by over $4 trillion in the next decade and reduce spending by at least $1.5 trillion [8]. - The Eurozone's May manufacturing PMI improved slightly, but the service PMI declined significantly, dragging down the composite PMI. The market is increasing bets on the ECB to cut interest rates twice this year [8].

定状态，但个别企业为控制库存增长，排产小幅下调，限制了整体产能利用率提升幅度，少数企业将在月 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 底存检修计划，或将对整体产能利用率形成拖拽。br2507合约短线关注12000附近支撑情况，建议暂以观 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 望为主。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 合成橡胶产业日报 2025-05-22 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价:合成橡胶(日,元/ ...

Group 1: Company Overview and Product Capacity - The company produces various products with capacities as follows: Special Polyether 19,000 tons/year, Polyether Amine 31,000 tons/year, Alkyl Glycoside 35,000 tons/year, Flame Retardants 34,800 tons/year, Silicone Oil 4,600 tons/year, and Silicone Rubber 8,500 tons/year [2] - The current capacity utilization rate is good, and the company is focused on capturing market opportunities to secure more orders [2] Group 2: Dividend Policy and Historical Performance - Since its listing in 2017, the company has distributed a total of 308 million RMB in dividends, with the total funds raised at 264 million RMB [3] - The dividend payout ratios from 2016 to 2023 have shown a consistent increase: 18%, 19%, 19%, 24%, 44%, 48%, 59%, and 63% respectively [3] - For the 2024 profit distribution, the company plans to distribute 2.00 RMB (including tax) per 10 shares, totaling 43,001,596 RMB [3] Group 3: Share Buyback Plan - The share buyback will commence on May 13, 2025, and will last for 12 months [4] - The company will adhere to information disclosure requirements during the buyback period [4] Group 4: Market Trends and Future Outlook - In the surfactant sector, the company aims to strengthen its product line and enhance quality, maintaining deep cooperation with renowned companies [5] - The flame retardant business is expected to see a slight decline in scale due to oversupply in the domestic market [5] - The organic silicone rubber materials are projected to have a slight increase in gross profit due to leading technology and brand advantages [5] - The market trends for 2025 are expected to follow the development patterns observed in 2024 [5]

1. Report Industry Investment Ratings No relevant information provided. 2. Core Views - Soybean oil 2509 contract may fluctuate within a range in the short - term [1] - Soybean meal may oscillate with a slight upward trend in the short - term [1] - Corn futures prices may oscillate weakly in the short - term, and mid - term investors should watch for band - buying opportunities [1][2] - Copper prices have not completely shaken off the influence of moving averages, with the upper limit of the moving average system as the overall defense line [3] - The lithium carbonate 2507 contract may oscillate weakly, and investors can short at high prices [5][6] - For black commodities, negative feedback is gradually reflected in the market, and investors can take a long position at low levels [7] - Coking coal and coke may oscillate weakly at low levels due to ample supply [8] - Iron ore 2509 may oscillate in the short - term, and traders are advised to be cautious [9] - WTI crude oil may oscillate between $55 and $65 per barrel [10] - Rubber may oscillate, with an overall supply exceeding demand [11][12] - PVC futures prices may oscillate at low levels due to weak fundamentals [13][14] - Soda ash futures may continue to oscillate widely in the short - term [15] 3. Summary by Related Catalogs 3.1 Soybean Oil - **Spot Market**: The price of first - grade soybean oil in Zhangjiagang Yijiang is 8310 yuan/ton, unchanged from the previous trading day [1] - **International Soybeans**: In the current time frame, it is the season for US soybean sowing and growth and South American soybean harvesting and export. Brazil's soybean harvest is almost complete, and the new South American soybean crop is likely to be a bumper harvest. The USDA May 2025 report shows that the estimated soybean yield per acre in the 2025/26 season is 52.5 bushels, compared to 50.7 bushels in the 2024/25 season [1] - **Domestic Industry**: The medium - term de - stocking cycle of soybean oil may be ending. After the arrival of imported South American soybeans and customs clearance, soybean oil inventory may rebound from a low level [1] 3.2 Soybean Meal - **Spot Information**: The spot prices of 43% soybean meal in Zhangjiagang, Tianjin, and Dongguan are 2830 yuan/ton (- 20), 2930 yuan/ton (- 10), and 2890 yuan/ton (+ 20) respectively [1] - **Market Analysis**: Macroscopically, China and the US have reached a phased trade agreement, but long - term contradictions remain. Internationally, US soybean prices have risen due to weather speculation caused by rainfall in the producing areas. Domestically, soybean supply is gradually recovering, oil mill operating rates are increasing, and the supply of soybean meal is expected to shift from tight to loose. As downstream enterprises build safety stocks, they will switch to a just - in - time procurement and rolling replenishment model. Oil mill soybean inventories have risen to a high level, and the speed of soybean meal inventory accumulation is slow in the short term [1] 3.3 Corn - **Spot Information**: The average purchase price of new corn in key deep - processing enterprises in the three northeastern provinces and Inner Mongolia is 2195 yuan/ton; in key enterprises in North China and the Huanghuai region, it is 2414 yuan/ton. The purchase prices in Jinzhou Port (15% moisture/content 680 - 720) and Bayuquan (content 680 - 730/15% moisture) are 2260 - 2270 yuan/ton [1] - **Market Analysis**: Externally, the China - US joint statement on tariff reduction has led to expectations of looser long - term corn imports, which affects short - term prices emotionally but has limited negative impact on domestic futures prices. The May USDA report has raised US corn production and ending stocks, which is negative for US corn futures. Domestically, as the weather warms and the planting season approaches, the remaining grain in the producing areas has basically been sold. The north - south ports have started the de - stocking process, reducing short - term supply pressure. Downstream demand is weak, with cautious purchasing by downstream enterprises, low breeding profits leading to on - demand procurement by breeding enterprises, and low operating rates of corn deep - processing enterprises due to losses. Under the influence of the easing of China - US relations and the news of policy grain release, futures prices have declined periodically [1][2] 3.4 Copper - **Spot Information**: The price of Shanghai 1 electrolytic copper is 78290 - 78630 yuan/ton, up 230 yuan/ton, with a premium of 200 - 350 yuan/ton. The imported copper ore index is - 43.05, up 0.06 [3] - **Market Analysis**: Globally, the gradual easing of tariff confrontations is conducive to a positive outlook for the commodity market, in line with the international background and the possible end of the interest - rate cut cycle in 2025. Domestically, continuous policy support from the central bank, the CSRC, and the finance department has boosted market sentiment. However, raw material shocks are intensifying, and the mining problem has not been completely resolved. With the rapid decline of domestic copper inventories, the game between reality and expectation, as well as between the domestic and foreign markets, has intensified, complicating market analysis [3] 3.5 Lithium Carbonate - **Spot Information**: The market price of battery - grade lithium carbonate (99.5%) is 63000 yuan/ton (- 300), and that of industrial - grade lithium carbonate (99.2%) is 60850 yuan/ton (- 450). The price difference between battery - grade and industrial - grade lithium carbonate is 2150 yuan/ton (+ 100) [4] - **Market Analysis**: Fundamentally, the prices of various ores in the cost side have dropped significantly. Although the production cost of lithium carbonate has decreased, the profit margin has not expanded due to the rapid decline in lithium salt prices. In terms of supply, the weekly operating rate of the lithium carbonate industry has slightly decreased, but the overall output remains high. As the temperature rises, the production capacity of salt - lake lithium extraction will further increase, and the supply of low - cost lithium salt will increase, potentially suppressing market prices. In terms of demand, the production of cathode materials is stable, and the power battery market is growing steadily. The terminal consumer market has potential due to the launch of new technology models and policy incentives, but it is not strong enough to drive prices up. In terms of inventory, the weekly inventory has continued to accumulate. As of May 16, the weekly inventory is 131920 (+ 351) physical tons, including 56522 (+ 1670) physical tons in smelters, 41428 (- 728) physical tons in downstream enterprises, and 33970 (- 591) physical tons in other sectors. The monthly inventory in April is 96202 physical tons, a year - on - year increase of 51% and a month - on - month increase of 7%, with downstream inventory at 45169 (+ 5876) physical tons and smelter inventory at 51033 (+ 256) physical tons. Overall, due to the weakening cost support and macro - disturbances, both spot and futures prices have declined, and the subsequent focus is on the 60,000 yuan/ton integer support level [5] 3.6 Steel - **Spot Information**: The price of Shanghai rebar is 3170 yuan/ton, the operating rate in Tangshan is 83.56%, the social inventory of rebar is 532.76 million tons, and the inventory in rebar steel mills is 200.4 million tons [7] - **Market Analysis**: The fundamentals of the steel industry are gradually improving, with a weaker near - term and stronger long - term outlook, and the contango structure has weakened. The current valuation of steel is moderately low. In terms of cost and inventory, policy support for the real estate industry is helping it to stabilize. The apparent demand for steel has decreased year - on - year, and raw material prices have oscillated weakly this week. The cost center of steel is dynamically changing. Both social and steel mill inventories of steel are decreasing, and the overall inventory level is low. In the short term, macro - policy expectations dominate the market, and the fundamentals are also improving, showing a situation of strong supply and demand. Attention should be paid to the switching rhythm between macro - policy expectations and fundamental data [7] 3.7 Coking Coal and Coke - **Spot Information**: The price of main coking coal (clean coal, Mongolia 5) is 1205 yuan/ton; the price of metallurgical coke (quasi - first - grade) at Rizhao Port is 1340 yuan/ton; the inventory of imported coking coal at ports is 337.38 million tons; and the inventory of coke at ports is 246.10 million tons [8] - **Market Analysis**: In terms of supply, domestic production capacity is steadily recovering, and the capacity utilization rate of coking plants is stable. Although there are some disturbances in Mongolian coal imports, the overall volume remains high. In terms of demand, steel mills are reducing production, and there is an expectation of a decline in hot metal production, resulting in weak overall demand. In terms of inventory, independent coking enterprises maintain a low - inventory strategy for raw materials, and the overall inventory is slightly increasing. In terms of profit, the average profit per ton of coke is stable and approaching the break - even point [8] 3.8 Iron Ore - **Spot Information**: The Platts iron ore index is 100.1, the price of Qingdao PB (61.5%) powder is 763 yuan/ton, and the price of Australian iron ore powder (62% Fe) is 765 yuan/ton [9] - **Market Analysis**: The iron ore market is currently influenced by both positive and negative factors. On the supply side, Australian shipments have decreased after the end of the quarterly rush, while Brazilian shipments have continued to increase, and the global total shipments have slightly decreased. The port inventory has decreased by 112.39 million tons to 1.48 billion tons, indicating a short - term reduction in arrival pressure. On the demand side, the domestic steel mill's hot metal production has increased to 240.22 million tons per day, and the resumption of blast furnaces has led to a 2.46 - million - ton increase in the daily consumption of imported ore. However, steel mills are still cautious in raw material procurement and mainly replenish inventory as needed. Overseas demand is divided, with increased production in Indian steel mills supporting some demand, but the substitution effect of Southeast Asian electric arc furnaces is strengthening, reducing the dependence on iron ore. In addition, the repeated adjustment of US tariff policies has intensified the volatility of global commodity prices, and market concerns about the trade war have limited the upward space for iron ore prices [9] 3.9 Crude Oil - **Market Analysis**: The resurgence of波折 in the US - Iran negotiations has reduced the expectation of increased supply, supporting oil prices. However, the downgrade of the US sovereign credit rating by institutions has led to continued oscillation in crude oil prices. In the medium - to - long - term, the upside of oil prices is restricted. In terms of supply and demand, OPEC+ will increase production by 411,000 barrels per day in June, and the market expects an oversupply. In the long - term, the price center of crude oil will shift downward, but the WTI main contract has technical support at $55 per barrel and may oscillate around this level. OPEC has significantly lowered the global demand growth rate for the next two years. The escalation of the US trade war and the unpredictable policies of the Trump administration have raised concerns about global demand. The repeated delays in the Russia - Ukraine peace talks and the resurgence of波折 in the US - Iran negotiations have increased uncertainty [10] 3.10 Rubber - **Market Analysis**: Attention should be paid to overseas orders and domestic demand. The limited improvement in the fundamentals and the repeated situation after the positive news of the easing of the China - US trade war have restricted the rebound of rubber prices, which are mainly in a weak oscillation. Fundamentally, the tapping of domestic whole - latex has started, with 70% of the areas in Yunnan tapped and the supply of glue in Hainan increasing. In Southeast Asian producing areas, the tapping in northeastern Thailand has started, and the southern part will start tapping after May, resulting in an overall loose supply. Currently, the global supply and demand of rubber are both loose. Market speculation about the trade war and other macro - narratives, as well as the possible US automobile tariff, may seriously suppress global rubber demand, and rubber prices are generally weak. Attention should be paid to factors such as domestic rubber imports and inventory changes [11][12] 3.11 PVC - **Spot Information**: The mainstream price of East China 5 - type PVC is 4830 yuan/ton, unchanged from the previous period; the mainstream price of ethylene - based PVC is 5000 yuan/ton, down 50 yuan/ton; the price difference between ethylene - based and calcium - carbide - based PVC is 170 yuan/ton, up 50 yuan/ton [13] - **Market Analysis**: In terms of supply, the operating rate of PVC production enterprises last week was 77.70%, a week - on - week decrease of 2.64% and a year - on - year decrease of 0.85%. Among them, the operating rate of calcium - carbide - based PVC was 77.69%, a week - on - week decrease of 3.64% and a year - on - year increase of 0.18%, and the operating rate of ethylene - based PVC was 77.73%, a week - on - week decrease of 0.02% and a year - on - year decrease of 3.87%. In terms of demand, there has been no significant improvement in domestic downstream product enterprises, and transactions are mainly based on rigid demand. In terms of inventory, as of May 15, the PVC social inventory (47 samples) decreased by 3.07% week - on - week to 64.15 million tons, a year - on - year decrease of 26.96%. Among them, the inventory in East China was 58.39 million tons, a week - on - week decrease of 4.11% and a year - on - year decrease of 26.84%, and the inventory in South China was 5.77 million tons, a week - on - week increase of 8.86% and a year - on - year decrease of 28.09%. On May 21, the futures price rebounded. Previously, affected by macro - sentiment, the PVC futures price rebounded significantly, but there has been no obvious improvement in the fundamentals, and the upward space may be limited, with the futures price oscillating at a low level [13] 3.12 Soda Ash - **Spot Information**: The national mainstream price of heavy soda ash is 1421.25 yuan/ton, unchanged from the previous period. The mainstream prices in East China, North China, and Central China are 1450 yuan/ton, 1500 yuan/ton, and 1400 yuan/ton respectively, all unchanged from the previous period [15] - **Market Analysis**: In terms of supply, the overall operating rate of soda ash last week was 80.27%, a week - on - week decrease of 7.47%. The soda ash production was 67.77 million tons, a week - on - week decrease of 6.31 million tons, a decline of 8.52%. The scheduled maintenance has led to a decrease in supply. In terms of inventory, the manufacturer's inventory last week was 171.20 million tons, a week - on - week decrease of 1.07 million tons, a decline of 0.63%, and the enterprise inventory has not fluctuated much. It is understood that the social inventory is on a downward trend, with a decline of more than 1 million tons and a total of more than 36 million tons. The demand is average, and downstream enterprises replenish inventory for low - priced goods on a rigid - demand basis but still resist high - priced goods. Overall, due to the combination of plant maintenance and the realization of new production capacity, the futures market is expected to continue to oscillate widely in the short term. Attention should be paid to plant maintenance dynamics and unexpected events [15]

Group 1: DFBP Industry Overview - DFBP is primarily used in the polymerization of PEEK, which has applications in electronics, transportation, aerospace, energy, healthcare, and 3D printing [2] - The supply of DFBP is limited, with major production concentrated in China, and the company is currently the largest domestic producer [3] Group 2: Production Capacity and Utilization - The company has added 2,500 tons of DFBP capacity, which has been validated by both domestic and overseas PEEK manufacturers [3] - Current capacity utilization rates for HAP and DFBP are steadily increasing, with ongoing construction of the second phase of the project [4] Group 3: Market Dynamics and Pricing - Product prices will be adjusted based on raw material costs and market competition, with expected fluctuations in 2025 [4] - In Q1 2025, the company experienced a significant increase in sales volume, leading to higher revenue compared to the previous year [5] Group 4: Profit Margins and Competitive Strategy - The decline in product gross margin in 2024 is attributed to competitive pricing strategies and increased fixed costs per unit due to production ramp-up [5] - The company is focusing on flexible production capacity adjustments to optimize product offerings and enhance profitability [5] Group 5: Future Product Development - HAP is used in high-end cosmetics, with new brands beginning to adopt the product, while HDO is expected to have a larger market demand due to its versatile applications [5] - The company plans to optimize the production structure of its aromatic ketone products and adjust capacity based on market demand [5]

Group 1: Soybean Oil - Current spot price of Zhangjiagang Yijiang first - grade soybean oil is 8310 yuan/ton, up 40 yuan/ton from the previous trading day [1] - South American new - crop soybean is likely to have a bumper harvest. The USDA May report shows the 2025/26 soybean yield forecast is 52.5 bushels/acre, compared to 50.7 bushels/acre in 2024/25 [1] - The mid - term destocking cycle of soybean oil may be ending. After the arrival of South American imported soybeans and customs clearance, soybean oil inventory may rebound from a low level [1] - The soybean oil 2509 contract may fluctuate within a range in the short term [1] Group 2: Soybean Meal - Spot prices of 43 soybean meal in Zhangjiagang, Rizhao, and Dongguan are 2850 yuan/ton (-30), 2860 yuan/ton (-30), and 2870 yuan/ton (-10) respectively [2] - A phased Sino - US trade agreement has been reached, but long - term contradictions remain. The market focus has shifted to the North American sowing season, and Brazilian soybeans are in the peak export period [2] - Soybean supply is gradually recovering, and the oil mill operating rate is increasing. The supply of soybean meal is expected to change from tight to loose. The inventory of soybean meal is accumulating slowly in the short term [2] - Soybean meal may fluctuate within a range in the short term [2] Group 3: Corn - Spot prices of new corn vary in different regions, such as 2198 yuan/ton in Northeast and Inner Mongolia, 2419 yuan/ton in North China and Huanghuai [3] - The Sino - US joint statement on tariff reduction has a short - term impact on corn prices, and the USDA May report is bearish for US corn futures. Domestically, the supply pressure has eased, but downstream demand is weak [3] - The price of domestic corn is mainly determined by its own fundamentals, and the short - term decline is expected to be limited [3] Group 4: Copper - The price of Shanghai 1 electrolytic copper is 78210 - 781470, up 230, with a premium of 340 - 440. The imported copper ore index is - 43.05, up 0.06 [4] - Global tariff tensions are easing, and domestic policies are supportive. However, raw material issues persist, and copper inventory in China is declining rapidly, making the market more complex [4] - Copper prices have not completely escaped the influence of moving averages, and the upper limit of the moving average system is set as the overall defense line [4] Group 5: Lithium Carbonate - The market price of battery - grade lithium carbonate (99.5%) is 63350 (-900) yuan/ton, and that of industrial - grade lithium carbonate (99.2%) is 62850 (-1550) yuan/ton. The price difference is 2050 (+650) yuan/ton [5] - The cost of lithium carbonate production has decreased, but the profit margin has not expanded. Supply is high, demand is improving but not strong enough, and inventory is accumulating [6] - The lithium carbonate 2507 contract may oscillate weakly, and short - selling on rallies is recommended [7] Group 6: Steel - The price of Shanghai rebar is 3170, the Tangshan operating rate is 83.56%, the social inventory is 532.76 million tons, and the steel mill inventory is 200.4 million tons [8] - The fundamentals of steel are improving, and the cost is fluctuating. Social and mill inventories are decreasing, and the market shows a pattern of strong supply and demand [8] - A long - position strategy at low levels is recommended as the negative feedback of the black market is gradually reflected in the price [8] Group 7: Coking Coal and Coke - Spot prices of main coking coal and metallurgical coke are 1205 yuan/ton and 1340 yuan/ton respectively. The port inventory of imported coking coal is 337.38 million tons, and that of coke is 246.10 million tons [9] - Supply is relatively loose, demand is weak, inventory is slowly accumulating, and the profit of coke is approaching the break - even point [9] - Coking coal and coke may oscillate weakly at low levels due to the loose supply [9] Group 8: Iron Ore - The Platts iron ore index is 100.35, and the prices of Qingdao PB (61.5) powder and Australian powder ore (62% Fe) are 762 and 763 respectively [10] - Supply is slightly decreasing, demand is mixed, and the US tariff policy adds uncertainty. The market is influenced by multiple factors [10] - The iron ore 2509 contract may oscillate in the short term, and investors are advised to be cautious [10] Group 9: Crude Oil - The OPEC+ will increase production by 411,000 barrels per day in June. The market expects oversupply, and the price may decline in the long - term. The WTI main contract may oscillate around 55 - 65 dollars/barrel [11] - The resurgence of the US - Iran negotiation and the downgrade of the US sovereign credit rating add uncertainty to the oil market [11] Group 10: Rubber - The supply of rubber is abundant as domestic and Southeast Asian production areas are in the production season. The US auto tariff may suppress global demand [12][13] - Rubber may oscillate weakly, and attention should be paid to the downstream operating rate and inventory changes [12][13] Group 11: PVC - The spot price of East China 5 - type PVC is 4830 yuan/ton, down 10 yuan/ton. The production enterprise operating rate has decreased, demand is still weak, and inventory has decreased [14] - The PVC futures price may oscillate at a low level due to the weak fundamentals [14][15] Group 12: Soda Ash - The national mainstream price of heavy soda ash is 1422.5 yuan/ton, unchanged. The operating rate and production of soda ash have decreased, and inventory is slightly decreasing. Demand is average [16] - The soda ash futures may continue to oscillate widely in the short term, and attention should be paid to device maintenance and emergencies [16]

Core Viewpoint - Zhejiang Zhigao Machinery Co., Ltd. is facing its third round of inquiry from the Beijing Stock Exchange regarding the authenticity of its sales revenue, raising concerns about the company's financial practices and its upcoming IPO [1][4]. Company Overview - Zhigao Machinery, established in 2003, specializes in providing comprehensive solutions for rock drilling and air power, with its main products being drilling rigs and screw compressors [4]. - The company primarily employs a distribution model for sales, with distributors contributing significantly to its revenue [4]. Financial Performance - Revenue from distributors for the years 2022 to 2024 was reported as 622 million, 643 million, and 704 million yuan, accounting for approximately 79% of total revenue during the same period [4]. - Net profits for the same years were 89 million, 104 million, and 105 million yuan, reflecting year-on-year growth rates of 32.93%, 16.31%, and 1.49% respectively [4]. Shareholder and Dividend Practices - The company has a deep binding relationship with its distributors, who hold a 9% stake, contributing 13.14%, 12.19%, and 12.94% to revenue from 2022 to the first half of 2024 [4]. - Zhigao Machinery has distributed over 200 million yuan in dividends since its listing, with more than 16 million yuan paid to the holding platform of its distributors [4]. IPO and Fundraising Plans - Prior to its IPO, the company announced a cash dividend of 64.44 million yuan, which is 62.3% of its 2023 net profit, raising questions about the rationale behind its fundraising adjustments [5]. - The company plans to raise 536 million yuan through its IPO, with funds allocated for the construction of a production line for 300 intelligent drilling rigs, an engineering technology research center, and working capital [5][6]. Production Capacity and Utilization - In the first half of 2024, the company reported a drilling rig capacity utilization rate of 175.23%, but its sales rate had dropped to 87.19% [7]. - The progress of the production line project is only at 5%, with self-funding accounting for just 3.23% of the budget [7].