上海纳尔实业股份有限公司 投资者关系活动记录表 证券代码：002825 证券简称：纳尔股份 编号：2025-005 上海纳尔实业股份有限公司 上海纳尔实业股份有限公司 投资者关系活动记录表 二、交流环节 1. 公司 2025 年 1 季度销售收入、净利仍保持高速增长，具体是 哪些业务增长所致？ 公司 2025 年 1 季度收入同比增长 24%、净利增长 201%、扣非 净利润同比增长 38%。收入增长主要来源与汽车保护膜的高速增 长所致；净利增长较大主要是公司公司投资业务产生的收益，一 季度将参股公司墨库新材料 3.5%股权以人民币 9,100 万元的价格 出售取得的投资收益所致；扣非净利润同比增长较大主要是公司 汽车保护膜业务发展较快、毛利率稳定带来的扣非净利增长。 2. 公司未来增长的机会有哪些？ 公司数码喷绘材料仍将保持平稳增长，随着公司泰国工厂的 平稳运行，有望对国外销售的增长带来积极影响； 公司汽车保护膜项目仍处于行业高速增长阶段，并且在聚氨 酯弹性体的研发及创新上持续投入，有较多新机会。公司正与国 内知名上市公司合作开发的"风电前缘保护膜项目"，市场及行 业应用前景广阔。 投资者关系活动记录表 | ...

5月2日，泓力新能源（成都）有限公司无尘车间里，一块块锂电池顺利下线。此时距离2月6日项目签约 仅86天，这个细分市场产销量全球第一的锰酸锂电池企业，在成都邛崃市跑出了从空地建厂到产品下线 的"新速度"。 走进已投产的锂离子电池生产车间，偌大的全自动化厂房运转有序，配料、涂布、滚压分切、制片卷 绕、组装、封口等核心设备正高速运转。工人们身着无尘服，穿梭于各设备之间，进行调试、监控等工 作。在自动化与智能化的协同下，经过十多道生产工序后，一块块锂电池在严格标准化生产中顺利诞 生。 "我们2月就达成了协议，政府专班全力保障，确保产线5月完成调试，5月2号第一批产品便正式下线。 下一步，将争取8月份实现满产的目标。"总经理黄凯介绍，"生产24小时不停歇，二季度计划完成3000 万产值。" （文章来源：每日经济新闻） 据悉，该项目总投资约11亿元，建设年产10亿只锰酸锂电池生产线及配套设施。作为填补西部产能缺口 的关键布局，邛崃项目24小时运转的生产线正朝着年产值25亿元目标冲刺。 据介绍，天新产业园快速启动"泓力新能源项目建设攻坚行动计划"，落实专班服务制，项目专员"一对 一"全程跟踪服务，在注册登记审批、要素保障 ...

Core Viewpoint - ST Gauss reported a significant decline in revenue and an increase in losses for 2024, indicating ongoing financial difficulties despite efforts in digital television and new materials sectors [1] Digital Television Business - ST Gauss has a comprehensive product line in the digital television sector, including front-end devices, software systems, wireless transmission, and user terminals, but faced a substantial revenue drop due to shrinking market demand and intensified competition [4] - The company's revenue from digital television plummeted, with gross profit falling to 828,700 yuan from 21.27 million yuan the previous year, highlighting a severe decline in profitability despite maintaining some technical advantages [4] New Materials Business - In the new materials sector, ST Gauss focuses on high-frequency, high-speed, and IC packaging materials, with high-frequency materials achieving bulk shipments in 5G communications and base station antennas, yet overall revenue contribution remains limited [5] - Progress has been made in high-speed materials and packaging substrates, but market demand has not fully materialized, posing challenges to profitability due to rising raw material costs and increased competition [6] Financial Challenges - The financial situation of ST Gauss worsened in 2024, with negative net cash flow from operating activities and a significant reduction in cash reserves, alongside increased inventory and accounts receivable [6] - The company's liquidity ratios are below 1, indicating insufficient short-term debt repayment capacity, necessitating business transformation and capital operations to improve financial health [7] - Frequent changes in the shareholder structure reflect mixed market sentiment regarding the company's future, with some investors optimistic but overall caution prevailing due to financial struggles and poor performance [6][7]

本报告导读： 保持显著优于行业的水泥发货能力。产销方面，全年公司水泥及熟料销量2075 万吨，同比-3.30%，根 据统计局数据全国水泥2024 年产量下滑9.50%，公司销量显著跑赢行业，25Q1 我们测算公司水泥销量 同比仍维持小幅正增。我们判断原因有以下几点：1）2023 年投产的西南都匀产能增加的影响；2） 25Q1 销量增长或来自于公司在西南、西北市场的客户拓展以及基建项目动工需求增加。 24Q4 华东水泥盈利筑底反弹，25Q1 延续高于同期的价格中枢。我们测算24Q4 公司水泥及熟料不含税 均价约250 元/吨，环比+30 元/吨，吨毛利约62 元，环比基本持平，我们判断主要是冬季西南、西北等 区域停窑带动综合成本抬升，抵消了部分华东提价的效果。2024年经过前三季度行业尤其华东水泥行业 亏损加剧，沿江区域在Q4的提价协同度有明显提升，25 年2 月以来华东价格继续提涨，我们预计公司 25Q1 盈利中枢仍高于同期，且逐月环比提升。 股权投资受益兑现，分红超预期。除水泥主业外，公司近年在股权投资上表现亮眼，公司聚焦半导体、 新能源、新材料领域，截至目前已投资24 个优质项目累计投资额超过17 亿元， ...

Core Viewpoint - The acquisition of 60% equity in Shanghai Huayi San Aifu New Materials Co., Ltd. by Huayi Group for approximately RMB 4.09 billion is a strategic move to enhance its presence in the new energy, new materials, and new environmental sectors [1][3][5]. Company Summary - Huayi Group plans to acquire 60% of San Aifu's equity from its controlling shareholder, Shanghai Huayi, for RMB 4.09 billion, based on the valuation of San Aifu's total equity as of December 31, 2024 [3]. - The transaction is classified as a related party transaction and does not constitute a major asset restructuring as per relevant regulations [3]. - The funding for the acquisition will come from the company's own or self-raised funds, without utilizing raised funds [3]. Business Overview - Huayi Group operates in five core business areas: energy chemicals, green tires, advanced materials, fine chemicals, and chemical services, with a dual-core development model of "manufacturing + services" [3]. - In 2024, Huayi Group achieved a revenue of RMB 44.645 billion, a year-on-year increase of 9.27%, and a net profit attributable to shareholders of RMB 911 million, up 5.76% [4]. Target Company Overview - San Aifu, established in 2016, is a leading fluorochemical technology enterprise in China, focusing on the R&D, production, and sales of various fluorinated chemicals [4]. - In 2024, San Aifu reported a revenue of RMB 4.619 billion and a net profit of RMB 253 million, showing a decline compared to 2023 due to market fluctuations affecting product prices [4]. Strategic Rationale - The acquisition is aimed at expanding Huayi Group's business in the fluorochemical sector, enhancing its competitive edge in emerging markets such as lithium batteries and aerospace [5]. - This move is expected to facilitate Huayi Group's transition from a traditional chemical enterprise to a high-end manufacturing and high-tech company, optimizing its overall business structure [5]. Industry Context - The trend of state-owned enterprises engaging in mergers and acquisitions for business expansion and industry optimization is increasing, supported by policies from various government bodies [6]. - Shanghai aims to cultivate competitive listed companies in key industries through strategic mergers and acquisitions, with a target of achieving a transaction scale of RMB 300 billion by 2027 [6].

Group 1: Financial Performance - The company's 2024 operating revenue increased by 17.60%, while net profit decreased by 45.10% due to rising costs and slow accounts receivable recovery [4][5] - The gross profit margin for the main business in 2024 was 37.62%, indicating a good profitability level [4] - The net cash flow from operating activities increased by 121.62% year-on-year, reflecting improved cash flow management [4] Group 2: Business Strategy and Market Position - The company aims to enhance its market share in water environment governance through technological innovation and project management [3][6] - In the waste incineration and solid waste resource recovery sector, revenue grew by 15.07%, with strategies to broaden waste sources and improve operational efficiency [3][4] - The company plans to optimize its debt structure and reduce financial costs by replacing high-interest loans with lower-rate options [5] Group 3: Research and Development - In 2024, the company invested CNY 22.11 million in R&D, a year-on-year increase of 18.95%, to strengthen its competitive edge [6] - The company focuses on integrating modern information technology with core environmental technologies to provide comprehensive pollution control solutions [3][6] Group 4: Industry Outlook and Challenges - The environmental protection industry is expected to face greater opportunities and challenges as China accelerates the development of a green, low-carbon economy [5][6] - The company is committed to maintaining a stable growth trajectory in its dual main businesses of water and solid waste management [4][5]

丨证券研究报告丨 公司研究丨点评报告丨凯盛科技（600552.SH） [Table_Title] 经营改善，期待新业务放量 报告要点 [Table_Summary] 2025Q1 公司实现收入 12.65 亿，同比增长 0.1%；实现归属净利润 0.24 亿，同比增长 73.0%； 实现扣非归属净利润 0.12 亿，去年同期亏损 0.31 亿。 分析师及联系人 [Table_Author] [Table_Title2] 经营改善，期待新业务放量 [Table_Summary2] 事件描述 范超 李浩 SAC：S0490513080001 SAC：S0490520080026 SFC：BQK473 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 凯盛科技（600552.SH） cjzqdt11111 2025Q1 公司实现收入 12.65 亿，同比增长 0.1%；实现归属净利润 0.24 亿，同比增长 73.0%； 实现扣非归属净利润 0.12 亿，去年同期亏损 0.31 亿。 事件评论 风险提示 请阅读最后评级说明和重要声明 丨证券研究报告丨 2025-05-0 ...

并且， 这种材料具有与传统聚乙烯相同的耐用性和性能，并且可在现有的聚乙烯回收流程中完全回收 利用 。两家公司还表示，其生物基含量可测量、可追溯，并且符合行业标准。 Braskem生物聚合物业务发展总监古斯塔沃・隆巴迪表示："我们很高兴将下一代'I'm green™'生物基 HDPE 产品推向市场。这款产品是布拉斯科'I'm green™'生物基产品系列在非织造布应用领域的重大进 展，体现了我们对创新、可持续发展以及以市场为导向目标的承诺。" 声明： 因水平有限，错误不可避免，或有些信息非最及时，欢迎留言指出。本文仅作生物基新材料相关领域介绍，本文不构成任何 投资建议！转载请注明来源！ Braskem 和无纺布制造商 Fitesa 宣布，将把 Braskem的 "I'm green™" 生物基高密度聚乙烯 （HDPE） 应用于 无纺布领域。两家公司表示，这种特定等级的生物基 HDPE 是专为无纺布生产工艺 而开发的。 Braskem和 Fitesa指出，这一进展标志着他们在双组分 无纺布市场上的影响力进一步扩大。这种材料专 为纺粘工艺优化， 其生物基原料来自甘蔗生物乙醇 ，据报道具有负碳足迹 。 该材料展现出更 ...

Core Viewpoint - The commencement of the 60,000 tons/year formaldehyde project by Xinjiang Xinye Energy Chemical Co., Ltd. marks a significant step in the company's strategy to expand into high-end new materials and strengthen its position in the coal chemical industry [3][4]. Group 1: Project Development - The 60,000 tons/year formaldehyde project broke ground in April 2025, following the successful completion of a 40,000 tons/year project in July 2023, which filled a historical gap in Xinjiang's formaldehyde sector [3][4]. - The new project aligns with the regional strategic initiatives, aiming to leverage opportunities from the "Ten Industrial Clusters" and "Three Bases and One Corridor" development plans [3]. Group 2: Industry Significance - Formaldehyde, as one of the five major engineering plastics, is widely used in automotive and electronics sectors, serving as an ideal substitute for metal materials and other plastics [3]. - The successful production of formaldehyde by Xinjiang Xinye Energy Chemical Co. since 2021 has established it as one of the first local companies in Xinjiang to produce this product, achieving full production and sales with considerable profits [3]. Group 3: Future Outlook - Upon full production, the total capacity for formaldehyde will reach 100,000 tons/year, with an expected annual output value exceeding 1 billion yuan, positioning the company as the largest and most efficient formaldehyde production base in Northwest China [4].

Core Insights - The article highlights the ranking of the top 10 fluorosilicon chemical industrial parks in China, with Quzhou Intelligent Manufacturing New City High-tech Zone taking the first place [1] - Quzhou Intelligent Manufacturing New City is recognized as a key hub for the fluorosilicon new materials industry, featuring a complete industrial chain from fluorite resource development to high-end fluorosilicon products [1][2] - The park is home to 78 fluorosilicon new materials enterprises, with an expected annual output value of 68.04 billion yuan in 2024, forming a modern industrial cluster with international competitiveness [2][3] Industrial Overview - The fluorosilicon chemical industry is characterized by high-performance new materials centered around fluorine and silicon, encompassing fluorochemical and organic silicon sectors [3] - The industry relies on upstream resources such as fluorite and silicon ore, with midstream production of fluoropolymers and organic silicon monomers, and downstream applications in renewable energy, electronics, high-end manufacturing, and medical consumption [3] - Quzhou Intelligent Manufacturing New City has established a full-cycle innovation ecosystem, integrating basic research, pilot transformation, and industrial application, supported by high-level platforms and research institutions [2][3]