本报讯(记者徐冠英张宣)2025江苏产学研合作对接大会将于9月11日在南京国际展览中心开幕。此次大 会将发布江苏近3年200余项产业科技创新标志性成果，呈现江苏在人工智能、生物医药、集成电路、新 能源、新材料、低空经济、深海深空深地等领域的创新突破。 江苏已连续两年在9月11日举办产学研合作对接大会，推动创新侧和产业端对接合作，不仅成果丰硕， 也产生广泛影响。今年大会已邀请到180多位国内外高层次专家，包括50多位两院院士、70多位省内外 高校院所领导，参会的国内外知名高校院所达到100余家。 作为促进科技成果转化应用的重要平台，本次大会更加注重"对接"——发布4100多项高校院所科技成 果、3600多项企业技术需求，并首次设置3000多平方米的超大规模对接洽谈区，组织4000多家企业与专 家教授、技术经理人、金融机构等开展线下洽谈。 为推动高校院所的硬成果与科技企业的真需求高效"碰撞"，大会设置4个专场活动：重大科技成果发布 对接专场，邀请中国科学院系统研究院所发布最新科技成果、科技部新质生产力促进中心发布国家科技 计划主导形成的重大科研成果，组织江苏企业与科研团队对接洽谈；高新区新质转型行动暨"双高协 同 ...

Core Viewpoint - The company reported a significant increase in net profit for the first half of 2025, indicating strong financial performance and growth potential in its operations, particularly in Vietnam and the differentiated polyester industrial yarn sector [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.921 billion yuan, a year-on-year increase of 1.55%, and a net profit attributable to shareholders of 296 million yuan, up 56.16% year-on-year [1]. - For Q2 2025, the company reported operating revenue of 1.468 billion yuan, a year-on-year decrease of 1.85% but a quarter-on-quarter increase of 1.06%, with a net profit of 156 million yuan, reflecting a year-on-year growth of 36.14% and a quarter-on-quarter increase of 12% [1]. Growth Drivers - The revenue from the Vietnam base increased by 196% year-on-year, driven by the successful operation of the differentiated polyester industrial filament project and favorable tax policies [2]. - The company’s products have seen a rise in differentiation rates, and a green sustainable product matrix has been established, with commercial supply of recycled industrial yarns [2]. - The company is expanding its production capacity in Vietnam, with plans for new projects that are expected to generate significant revenue and profit upon completion [2]. Industry Trends - The polyester industrial yarn industry is experiencing improved gross margins for standard yarns, with a reported gross profit of 624 yuan per ton, an increase of 762 yuan year-on-year [3]. - The demand for automotive yarns is strong, driven by the growth of the electric vehicle market and inventory replenishment needs from overseas tire manufacturers [3]. Research and Development - The company is advancing in new materials technology, including breakthroughs in PPS, LCP, PEEK, PLA, and RAYON fibers, positioning itself as a provider of integrated high-tech solutions [3][4]. - The research institute has made progress in core technologies and industrialization, with plans for customized product development in response to industry needs [3]. Investment Outlook - The company is projected to achieve revenues of 5.907 billion yuan, 6.119 billion yuan, and 6.414 billion yuan from 2025 to 2027, with corresponding net profits of 595 million yuan, 650 million yuan, and 706 million yuan, indicating strong growth potential [5]. - The earnings per share (EPS) are expected to be 0.51 yuan, 0.56 yuan, and 0.61 yuan, with a price-to-earnings (PE) ratio of 12.33, 11.30, and 10.40 times, respectively [5].

Investment Rating - The report upgrades the investment rating of the company to "Buy-B" [1][7] Core Views - The company achieved a net profit growth of 56% year-on-year in the first half of 2025, with total revenue reaching 2.921 billion yuan, an increase of 1.55% [1] - The revenue from the Vietnam base grew by 196% year-on-year, indicating strong performance and growth potential in the new materials sector [1][3] - The company is transitioning towards becoming a platform-type new materials enterprise, with significant advancements in product technology and commercialization [5][6] Financial Performance - In the first half of 2025, the company reported a revenue of 2.921 billion yuan and a net profit of 296 million yuan [1] - For Q2 2025, the company achieved a revenue of 1.468 billion yuan, a decrease of 1.85% year-on-year, but a net profit of 156 million yuan, reflecting a year-on-year increase of 36.14% [1] - The company forecasts revenues of 5.907 billion yuan, 6.119 billion yuan, and 6.414 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 595 million yuan, 650 million yuan, and 706 million yuan [7][9] Market Data - As of September 1, 2025, the closing price of the company's stock was 6.14 yuan, with a market capitalization of 7.136 billion yuan [3] - The company has a basic earnings per share (EPS) of 0.26 yuan and a diluted EPS of 0.26 yuan [3][4] Industry Insights - The polyester industrial yarn industry is experiencing improved gross margins, with the average gross profit per ton of ordinary yarn increasing by 762 yuan year-on-year [4] - The demand for automotive yarns is strong, driven by the rapid growth of the new energy vehicle market and the replenishment needs of overseas tire manufacturers [4]

Company Overview - Established in 2003, the company specializes in the R&D, production, and sales of differentiated, functional biaxially oriented polyester (BOPET) films [1] - Main products include colored optoelectronic base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [1] - Future focus on expanding product series and application fields, particularly in high-performance carbon fiber projects for sustainable development [1] Market and Industry Insights - The high-performance carbon fiber project is progressing as planned, with future production capacity to be evaluated based on strategic development and market demand [2] - The consumer electronics sector is undergoing a transformation, driven by AI technology and new product launches from industry leaders, prompting the company to innovate continuously [3] - The BOPET film industry is expected to grow, focusing on high value-added and high-tech products, enhancing overall innovation and market competitiveness [4] Business Growth and Expansion Plans - Current growth points include enhancing optical film base business through increased R&D investment, product diversification, and efficient capacity utilization [5] - The high-performance carbon fiber project is a strategic initiative aimed at creating stable profit growth and improving core competitiveness [5]

Company Overview - Dongfang Tantalum Industry Co., Ltd. is located in Shizuishan City, Ningxia Hui Autonomous Region, established on April 30, 1999, and listed on January 20, 2000. The company specializes in the research, production, and sales of tantalum, niobium, and beryllium metal and alloy products [1][2]. Financial Performance - For the first half of 2025, Dongfang Tantalum achieved operating revenue of 797 million yuan, representing a year-on-year growth of 34.45%. The net profit attributable to the parent company was 145 million yuan, up 29.08% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 358 million yuan in dividends, with 66.66 million yuan distributed over the past three years [3]. Stock Performance - As of September 2, Dongfang Tantalum's stock price was 22.09 yuan per share, with a year-to-date increase of 62.15%. In the last five trading days, the stock rose by 5.14%, 28.73% over the last 20 days, and 34.10% over the last 60 days [1]. - The company had a market capitalization of 11.152 billion yuan, with a trading volume of 78.65 million yuan and a turnover rate of 0.70% [1]. Shareholder Information - As of August 20, the number of shareholders increased to 50,200, a rise of 9.05%. The average circulating shares per person decreased by 8.30% to 9,990 shares [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the seventh-largest circulating shareholder, holding 3.2572 million shares, a decrease of 1.7171 million shares from the previous period. Huaxia Stable Growth Mixed Fund entered as the tenth-largest shareholder with 2.1124 million shares [3]. Market Position - Dongfang Tantalum is classified under the non-ferrous metals industry, specifically in the small metals sector, and is associated with concepts such as superconductors, niobium, supercapacitors, nuclear fusion, and new materials [1].

Group 1: Economic Indicators - The Purchasing Managers' Index (PMI) for manufacturing, non-manufacturing business activity index, and comprehensive PMI output index all showed improvement in August, indicating overall economic expansion in China despite complex external conditions [1] - Manufacturing PMI rose slightly, with production index remaining in the expansion zone for four consecutive months, reflecting sustained acceleration in manufacturing activities [1] - The service sector's business activity index reached 50.5%, the highest level this year, indicating a significant recovery in service sector sentiment driven by increased consumer activity during the summer [2] Group 2: Price Trends - The manufacturing purchase and factory price indices have risen for three consecutive months, reflecting a gradual market recovery amid structural adjustments in the economy [2] - Price increases in industries such as coal, steel, photovoltaic, and new energy vehicles demonstrate the positive effects of both policy and market dynamics [2] Group 3: Sector Performance - High-tech manufacturing PMI and equipment manufacturing PMI were reported at 51.9% and 50.5% respectively, significantly above the overall level, indicating strong growth potential in these sectors [3] - The pharmaceutical manufacturing and computer communication electronics industries showed particularly strong performance, with production and new order indices significantly exceeding the overall manufacturing level [1] Group 4: Policy Implications - Macro policies need to focus on precision and continuity to sustain economic stability, with an emphasis on tax reductions and financing support for small and medium-sized enterprises [4] - The recent release of the "Opinions on Promoting High-Quality Urban Development" aims to activate existing resources and support the real estate sector, which is crucial for urban development and economic transformation [4]

Core Viewpoint - The construction of "good houses" is recognized as a new direction for the building materials industry, emphasizing the importance of high-quality materials, standards, and services in housing development [1][4]. Group 1: Building Materials Industry Development - The implementation of the "Residential Project Specification" on May 1 supports high-quality development in residential projects [1]. - The Chinese government has proposed to enhance the entire chain of housing design, construction, maintenance, and service levels, promoting the construction of safe, comfortable, green, and smart "good houses" [1]. - The building materials industry in China has developed a comprehensive system covering over 30 sub-industries and more than 1,000 products, with a focus on advanced materials such as energy-saving, functional, and intelligent materials [1][2]. Group 2: Trends in Energy-Saving Materials - Key trends in energy-saving materials include high performance, such as aerogel glass with superior insulation and soundproofing properties, and composite materials like graphene heating materials that combine multiple functions [2]. - The development of biomass materials, which utilize natural materials like bamboo and wood, is also gaining traction [2]. - The core factor for the promotion of new energy-saving materials is the high adaptability of performance to cost [2]. Group 3: New Materials Industry Growth - The output value of China's new materials industry has increased from 1 trillion yuan in 2012 to 6.8 trillion yuan in 2022, with expectations to reach 10 trillion yuan this year [3]. - The new materials sector is transitioning from a focus on solving basic availability issues to meeting major national strategic needs and enhancing international competitiveness [3]. - Future developments will focus on strategic and future industry demands, including advanced basic materials and innovative functional materials [3]. Group 4: Transformations in Material Development - The development of new materials is undergoing three transformations: changes in research paradigms, performance requirements, and preparation scenarios [3]. - The integration of artificial intelligence in material design and research is shifting the paradigm from data-driven to AI-driven approaches [3]. - New manufacturing systems and extreme manufacturing requirements are redefining material preparation and performance expectations [3].

Investment Rating - The report maintains a recommendation for SAF and epoxy resin, indicating a positive outlook for these materials in the chemical industry [1]. Core Insights - The new materials sector outperformed the broader market and the basic chemical sector, with the wind new materials index showing a weekly change of 2.53%, compared to 0.43% for the basic chemical index [8][9]. - The first global 6G chip has been launched, utilizing photonic technology to achieve a transmission speed of 100Gbps, which is expected to bridge the digital divide between urban and rural areas [4][11]. - The report highlights significant price increases for SAF in Europe (+11.01%) and China (+5.00%), as well as epoxy resin (+3.93%), while prices for threonine (-3.07%), lysine (-1.01%), and valine (-0.76%) saw declines [4][19]. Industry Updates - The report notes that the chemical industry is experiencing a recovery in prices due to easing trade tensions between China and the U.S., leading to a replenishment window in trade [9]. - The report emphasizes the importance of domestic production capabilities in new materials, particularly in light of ongoing trade tensions and the need for self-sufficiency [10]. - The report suggests that the new materials sector, particularly those with high growth potential and strong technological barriers, is poised for significant investment opportunities [14]. Trading Data - The Huachuang Chemical Industry Index stands at 71.65, reflecting a week-on-week increase of 0.59% but a year-on-year decrease of 21.87% [15][20]. - The industry price percentile is at 17.84% over the past decade, indicating a slight increase, while the industry inventory percentile is at 80.18%, suggesting a relatively high level of inventory [15]. Subsector Tracking - In the new energy materials sector, the report mentions the pricing of the SAIC MG4 semi-solid-state battery version at 99,800 yuan [27]. - The report also highlights the expected growth in the global robotics market, projected to exceed $400 billion by 2029, with China capturing nearly half of that market share [11].

Financial Performance - The company reported an EBITDA of 1.86 billion RMB for the first half of 2025, representing a quarter-on-quarter increase of 2.8% [1] - Net profit reached 87 million RMB, showing a significant quarter-on-quarter increase of 325% [1] - Overall gross profit was 1.69 billion RMB, with a quarter-on-quarter increase of 5.7% [1] - Total assets amounted to 63.26 billion RMB, reflecting a quarter-on-quarter increase of 3.1% [1] Business Segments - The revenue from the coke segment was 6.36 billion RMB, accounting for 63.6% of total revenue [20] - The revenue from operational management services was 5.10 billion RMB, representing 30.9% of total revenue [20] - The chemical segment generated revenue of 9.10 billion RMB, contributing 14.8% to total revenue [20] - The gross profit from the coke segment was 760 million RMB, making up 44.8% of total gross profit [21] - The operational management segment's gross profit was 170 million RMB, accounting for 44.9% of total gross profit [21] - The chemical segment's gross profit was 103 million RMB, contributing 10.3% to total gross profit [21] Industry Position - The company is recognized as the largest independent coke producer and supplier globally, as well as a leading processor of crude benzene [10] - It ranks as the second-largest producer of caprolactam and high-temperature coal tar in the world [12] - The company is also the largest producer of coke oven gas for methanol production in China [12] - It holds the position of the second-largest high-purity hydrogen supplier in China [13] Global Expansion - The company has established a global marketing network with subsidiaries in Hong Kong, Indonesia, Singapore, and Japan, and has opened seven offices in various countries [26] - The operational management services have expanded significantly, with a total capacity of 7.66 million tons [27] - The company aims to enhance its global supply chain network and is focused on transitioning to a service-oriented manufacturing model [49] Innovation and R&D - The company has developed a non-nitration process for producing 2-amino-2-methyl-1-propanol, positioning itself as the largest supplier of this product in China and the second-largest globally [30] - It has achieved EU REACH certification, allowing access to the European market [32] - The company is committed to innovation in new materials and aims to lead in green hydrogen production technologies [35]

Financial Performance - The company achieved a revenue of 2.921 billion CNY in the first half of 2025, representing a year-on-year growth of 1.55% [3] - Net profit attributable to shareholders reached 296 million CNY, a significant increase of 56.16% [3] - Deducting non-recurring gains and losses, the net profit was 345 million CNY, up by 84.88% [3] - The net cash flow from operating activities was 447.4 million CNY, showing a remarkable growth of 183.43% [3] - The core products, polyester industrial filament and tire cord fabric, contributed 71.49% of total revenue [3] Business Strategy - The company focuses on three main business areas: polyester industrial filament, plastic materials, and tire cord fabric [3] - It aims to optimize its customer structure, targeting mid-to-high-end clients to provide high-quality products and services [3] - The company is committed to product structure optimization and differentiation strategies, with over 70% of its main business in polyester (PET) materials [3] Future Outlook - The company plans to enhance its R&D investment in high-performance materials and strengthen its core technology capabilities [3] - Capital expenditures in the next three years will focus on expanding overseas production capacity and developing new material products [4] - The company is advancing projects in new materials, including PPS fiber materials, which have already achieved mass production [4] Market Dynamics - The Vietnam factory reported a net profit of 125 million CNY in the first half of 2025, reflecting a year-on-year growth of 197% [3] - The company anticipates a rational price adjustment in the U.S. market due to the impact of global trade policies [3] Corporate Governance - The company has established clear performance targets and internal assessment mechanisms for its research institute [4] - It emphasizes cautious investment and acquisition strategies, focusing on core business and knowledge system development [4]