Core Insights - The company reported a revenue of 40.22 billion yuan for 2024, a year-on-year increase of 17.36%, but a net profit attributable to shareholders of 1.47 billion yuan, a decrease of 24.64% [1] - In Q4 2024, the company experienced a revenue of 10.06 billion yuan, a year-on-year increase of 24.46%, but a significant drop in net profit by 74.41% year-on-year [1][2] - Q1 2025 showed a recovery with a revenue of 10.79 billion yuan, a year-on-year increase of 16.09%, and a net profit of 308 million yuan, down 18.88% year-on-year but up 114.66% quarter-on-quarter [1][2] Financial Performance - Q4 2024 saw a gross margin of 10.85%, a decrease of 1.26 percentage points quarter-on-quarter, and a net margin of 1.40%, down 3.46 percentage points [2] - In Q1 2025, the gross margin improved to 11.94%, an increase of 1.09 percentage points, and the net margin rose to 3.14%, up 1.74 percentage points [2] - Return on equity (ROE) in Q4 2024 was 0.71%, down 1.59 percentage points, while in Q1 2025, ROE increased to 1.52%, up 0.81 percentage points [2] Market Position - The company maintained its leading market share in the precursor industry, with a 20.3% market share in ternary precursors for 2024, and a 28% market share in cobalt tetroxide, both for five consecutive years [2] - The sales volume of positive precursors reached 302,100 tons in 2024, a year-on-year increase of 10.83% [2] - The average gross margin for positive precursors in 2024 was 17.85%, an increase of 1.10 percentage points year-on-year, with ternary precursor gross margin at 19.97%, up 2.01 percentage points [2] Production Capacity - The company reported successful new capacity construction and delivery in 2024, including several domestic and international projects [3] - Notable achievements include the delivery of 4N electric cobalt from the Qinzhou base and the production of battery-grade lithium carbonate at the Tongren base [3] - The company also established a ternary production base in Morocco, marking a significant expansion in overseas operations [3] Profit Forecast and Valuation - The company adjusted its profit forecast due to slower sales growth, projecting net profits of 1.94 billion, 2.54 billion, and 3.03 billion yuan for 2025-2027 [3] - The corresponding price-to-earnings (PE) ratios are estimated at 15, 12, and 10 times for the respective years [3]

Core Viewpoint - After achieving revenue and net profit growth in 2024, Zhonghe Titanium White is increasing capital expenditure to create a "second growth curve" beyond titanium dioxide [1] Group 1: Project Development - Zhonghe Titanium White has established a new investment entity and signed a strategic cooperation framework agreement with Guizhou Phosphate Group to invest in a "phosphorus-sulfur-titanium-copper-iron-lithium-fluorine" coupling cycle project in Guiyang [1][4] - The project aims to develop a new model of coupling development between traditional industries and emerging strategic industries, focusing on the R&D and production of competitive global new energy battery materials [1][3] - The project will be constructed in three phases with a total investment exceeding 30 billion yuan, and upon completion, it is expected to generate an annual output value of 63.2 billion yuan and provide 3,000 jobs [5][8] Group 2: Financial Performance - In 2024, Zhonghe Titanium White achieved a historical revenue high of 6.875 billion yuan, representing a year-on-year growth of 38.98% [5] - The company reported significant growth in its yellow phosphorus business, with sales revenue reaching 391 million yuan, marking nearly a hundredfold increase [11] - The company’s annual production capacity for yellow phosphorus has been upgraded to 120,000 tons, contributing to its second growth curve strategy [11][14] Group 3: Industry Positioning - Zhonghe Titanium White is a leading enterprise in the rutile titanium dioxide industry, with an annual production capacity of 550,000 tons, ranking second in China [11] - The company is pioneering a multi-dimensional "symbiotic and win-win" coupling development model, which has allowed it to maintain stable performance despite market pressures [3][8] - The coupling cycle project will position Zhonghe Titanium White as the largest single-scale sulfuric acid titanium dioxide and yellow phosphorus manufacturer globally [8][16]

Core Viewpoint - Tengyuan Cobalt Industry plans to expand its copper and cobalt production capacity overseas to ensure raw material supply for domestic cobalt smelting enterprises, with a new wet smelting plant project in the Democratic Republic of Congo (DRC) [1] Group 1: Company Expansion Plans - Tengyuan Cobalt Industry intends to build a wet smelting plant in DRC with an annual production capacity of 30,000 tons of copper and 2,000 tons of cobalt [1] - The company expects to produce approximately 20,000 tons of cobalt and 54,500 tons of copper in 2024, indicating significant capacity expansion [1] - The project will be funded through a joint venture with Kenvista, and the total investment for the project is estimated at 980 million yuan, with a construction period of 18 months [1] Group 2: Market Outlook - Global cobalt consumption is projected to reach 200,200 tons in 2024, a year-on-year increase of 7.15%, with continued growth expected in 2025 [2] - The global refined copper market is anticipated to face a supply shortage of 553,900 tons in 2024, with tight copper supply likely to persist into 2025, supporting higher copper prices [2] Group 3: Strategic Positioning - Tengyuan Cobalt Industry aims to become a leading competitor in the new energy battery materials sector, focusing on securing resources and expanding its product offerings in cobalt, nickel, lithium, copper, and manganese [2] - The DRC holds over 70% of the world's cobalt reserves and production, making it a critical area for Tengyuan's resource strategy [2] Group 4: Partnership and Local Relations - The partnership with SAWA Group is significant due to its extensive experience and established relationships with the local government in DRC, which may facilitate smoother project execution [3] - SAWA Group has been operating in DRC for over 20 years, covering various sectors including mining, real estate, and international trade, enhancing its influence in the local mining market [3]

科创板风险提示：本次发行股票拟在科创板上市，科创板公司具有研发 投入大、经营风险高、业绩不稳定、退市风险高等特点,投资者面临较大的市 场风险。投资者应充分了解科创板的投资风险及本公司所披露的风险因素， 审慎作出投资决定。 上海康鹏科技股份有限公司 Shanghai Chemspec Corporation 上海市普陀区祁连山南路 2891 弄 200 号 1 幢 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 上海康鹏科技股份有限公司 招股说明书 发行概况 | 发行股票类型 | 股） 人民币普通股（A | | | | | | --- | --- | --- | --- | --- | --- | | | 本次公开发行股票数量为 | | | | 10,387.50 万股，占发行后总股本的比 | | 发行股数 | 例为 | | | | 20%。本次发行全部为发行新股，不涉及公司股东公开发售 | | | 股份。 | | | | | | 每股面值 | 人民币 元 1.00 | | | | | | 每股发行价格 | 人民币 8.66 | | | 元 | | | ...

科创板风险提示：本次发行股票拟在科创板上市，科创板公司具有研发 投入大、经营风险高、业绩不稳定、退市风险高等特点,投资者面临较大的市 场风险。投资者应充分了解科创板的投资风险及本公司所披露的风险因素， 审慎作出投资决定。 上海康鹏科技股份有限公司 Shanghai Chemspec Corporation 上海市普陀区祁连山南路 2891 弄 200 号 1 幢 首次公开发行股票并在科创板上市 招股意向书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 上海康鹏科技股份有限公司 招股意向书 上海康鹏科技股份有限公司 招股意向书 目 录 | 发行概况 … | | --- | | 目 求…… | | 第一节 释 义 | | 一、一般释义……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 7 | | 二、专业释义……………………………………………………………………………………………………………………………………………………… ...

科创板风险提示：本次发行股票拟在科创板上市，科创板公司具有研发 投入大、经营风险高、业绩不稳定、退市风险高等特点,投资者面临较大的市 场风险。投资者应充分了解科创板的投资风险及本公司所披露的风险因素， 审慎作出投资决定。 上海康鹏科技股份有限公司 Shanghai Chemspec Corporation 上海市普陀区祁连山南路 2891 弄 200 号 1 幢 首次公开发行股票并在科创板上市 （北京市朝阳区安立路 66 号 4 号楼） 上海康鹏科技股份有限公司 招股说明书（注册稿） 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》的规定，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。 | 发行股票类型 | 人民币普通股（A 股） | | | --- | --- ...

科创板风险提示：本次发行股票拟在科创板上市，科创板公司具有研发 投入大、经营风险高、业绩不稳定、退市风险高等特点,投资者面临较大的市 场风险。投资者应充分了解科创板的投资风险及本公司所披露的风险因素， 审慎作出投资决定。 cao 上海康鹏科技股份有限公司 Shanghai Chemspec Corporation 上海市普陀区祁连山南路 2891 弄 200 号 1 幢 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 声明: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作为投资决定的依据。 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 上海康鹏科技股份有限公司 招股说明书（注册稿） 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》的规定，股票依法发行后，发行人经营与收益的 ...