Core Viewpoint - The company, Ningbo Jialian Technology Co., Ltd., is focused on the research, production, and sales of plastic products, biodegradable products, and plant fiber products, with a significant portion of its revenue coming from overseas sales, benefiting from the depreciation of the RMB [2][3]. Company Overview - Ningbo Jialian Technology Co., Ltd. was established on August 7, 2009, and went public on December 9, 2021. The company specializes in plastic products (74.96% of revenue), biodegradable products (12.82%), paper products and others (6.77%), and plant fiber products (5.45%) [7]. - The company is a leading player in the global plastic dining utensils manufacturing industry, with 70.47% of its sales coming from exports as of 2021, primarily to developed regions such as North America, Europe, and Oceania [2][3]. Financial Performance - For the first quarter of 2025, the company reported a revenue of 506 million yuan, representing a year-on-year growth of 1.29%. However, the net profit attributable to the parent company was a loss of 24.96 million yuan, a decrease of 157.54% year-on-year [7][8]. - The company's overseas revenue accounted for 55.43% of total revenue in the 2024 annual report, benefiting from the depreciation of the RMB [3]. Market Activity - On August 25, the company's stock price increased by 0.50%, with a trading volume of 74.49 million yuan and a turnover rate of 2.78%, bringing the total market capitalization to 3.834 billion yuan [1]. - The stock has seen a net inflow of 1.1256 million yuan from major investors today, with no significant trend in major investor positions observed [4][5]. Technical Analysis - The average trading cost of the stock is 19.07 yuan, with the current price fluctuating between resistance at 20.80 yuan and support at 18.75 yuan, indicating potential for range trading [6].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3][7]. Core Viewpoints - The company, Hengxin Life, specializes in paper and plastic dining utensils and is actively expanding its biodegradable product offerings, which opens up growth opportunities [7]. - The company has shown steady revenue and net profit growth, with a CAGR of 30.4% and 40.1% respectively from 2021 to 2024 [7][28]. - The market for dining utensils is benefiting from increased downstream demand, particularly for biodegradable products, which are becoming a significant trend in the industry [9][40]. Financial Data and Profit Forecast - Total revenue is projected to reach CNY 1,594 million in 2024, with a year-on-year growth rate of 11.9% [2]. - The net profit attributable to the parent company is expected to be CNY 220 million in 2024, reflecting a 2.8% increase year-on-year [2]. - The company’s gross margin is forecasted to be 26.3% in 2024, with a return on equity (ROE) of 21.0% [2][28]. Industry Overview - The dining utensils market is experiencing robust growth driven by increased consumer demand, with the retail sales of China's catering industry expected to reach CNY 5.57 trillion in 2024, a 5.3% increase year-on-year [9][40]. - The market for ready-to-drink coffee and new-style tea is rapidly expanding, with significant growth rates projected for the coming years [42][43]. - The industry is characterized by a low entry barrier and a fragmented market, with high-end products maintaining better profit margins due to brand loyalty and advanced production capabilities [48]. Company Competitive Advantages - The company possesses a comprehensive supply chain and core processing technologies, enabling it to meet diverse customer needs effectively [7][15]. - It has established strong relationships with high-profile clients such as Luckin Coffee, Starbucks, and major fast-food chains, which contribute to its revenue stability [7][15]. - The company’s biodegradable product revenue is expected to account for 54.7% of total revenue in 2024, highlighting its commitment to sustainability [9][17]. Profitability and Valuation - The forecasted net profits for 2025, 2026, and 2027 are CNY 262 million, CNY 321 million, and CNY 390 million respectively, with year-on-year growth rates of 19.4%, 22.4%, and 21.5% [2][7]. - The current market capitalization is estimated at CNY 7.1 billion, with corresponding price-to-earnings (PE) ratios of 27, 22, and 18 for the years 2025 to 2027 [7][28].

Summary of the Conference Call Industry Overview - The polylactic acid (PLA) market is experiencing a significant price decline due to supply and demand dynamics, with capacity utilization rates at only 30%-40% [2][5] - New capacity additions from domestic and international players are expected to further depress prices, although the decline may be limited as prices approach cost levels [2][5] - The global PLA market is dominated by NatureWorks and Total Corbion, with Haizheng Biomaterials holding a significant domestic market share of approximately 43% [2][6][8] Company Insights - Haizheng Biomaterials has seen substantial growth in its consumer-grade FDM 3D printing business since 2023, benefiting from technological innovations by Tuo Zhu Technology [2][11][12] - The company is expanding its production capacity, with plans for a new 150,000-ton biomass project, with the first phase of 75,000 tons expected to begin trial production by the end of the year [7][44] - The company maintains a competitive position in the domestic market, with a focus on enhancing its market share and exploring new applications for PLA [19][29][45] Financial Performance - The overall operational situation of Haizheng Biomaterials in Q2 2025 is reported to be normal, with improvements compared to Q1 [4] - Financial data for the first half of the year will be detailed in the upcoming semi-annual report, with expectations for revenue to remain stable year-on-year, although profit improvement is necessary [42][43] Market Dynamics - The demand for 3D printing materials is rapidly increasing, with projections suggesting a potential reach of 100,000 tons by 2026, driven by applications in industrial manufacturing and medical devices [2][16] - The domestic market for 3D printing materials is expected to grow significantly, with the majority of sales currently focused on the European and American markets [15][21] Competitive Landscape - The global PLA market is characterized by a stable competitive landscape, with major players holding significant market shares [6][19] - Haizheng Biomaterials faces competition from both domestic and international companies, but its focus on quality and service is seen as a way to enhance its market position [19][29] Regulatory and Environmental Factors - Environmental policies have a significant impact on PLA demand, although the implementation of these policies has not been as aggressive as initially anticipated [10][36] - The market for biodegradable products is shifting from a replacement focus to a supplementary one, indicating a high dependency on environmental policies [36] Future Outlook - The company views PLA as a high-quality material with substantial growth potential, particularly in the 3D printing sector [33][45] - The upcoming capacity expansion and ongoing technological advancements are expected to position Haizheng Biomaterials favorably in the market [44][45] Additional Considerations - The company is exploring new applications and high-value products to enhance margins amid cost pressures [37] - The competitive landscape is expected to remain challenging, with price wars and aggressive strategies from competitors [31][43]

Core Viewpoint - The demand for maleic anhydride in China is expected to grow significantly due to policy support for biodegradable plastics and advancements in technology, with production projected to reach 1.409 million tons by 2024, while the market size is anticipated to reach 8.379 billion yuan [1][4][6]. Group 1: Industry Definition and Classification - Maleic anhydride (MA) is a key organic compound, ranking third among anhydrides globally, primarily used in the production of unsaturated polyester resins and various chemical intermediates [2][4]. - The production methods for maleic anhydride can be classified based on raw materials, catalyst bed state, and post-treatment processes [2]. Group 2: Current Industry Status - Domestic maleic anhydride production capacity has remained high and stable, with production reaching 907,000 tons in 2019, although it lags behind the overcapacity in phthalic anhydride [4]. - The market faced challenges before 2020 due to environmental regulations and reduced demand from the real estate sector, leading to an oversupply situation [4]. - In 2020, demand for maleic anhydride increased significantly due to government policies promoting biodegradable plastics, with production capacity expected to grow [4][6]. Group 3: Industry Supply and Demand - By 2024, China's maleic anhydride production is projected to be 1.409 million tons, with a demand of 1.212 million tons, indicating a significant increase in both production and demand compared to previous years [4][10]. - The export volume is expected to reach 198,000 tons in 2024, reflecting a growth of 53,000 tons from 2023 [10]. Group 4: Industry Chain - The maleic anhydride industry chain involves raw material supply, production processing, and application markets, with upstream materials primarily sourced from petrochemical and coal chemical industries [8]. - The main production methods include n-butane oxidation and benzene oxidation, with n-butane oxidation being the dominant method due to its cost-effectiveness and environmental advantages [8]. Group 5: Competitive Landscape - Major domestic producers include Hengli Petrochemical, Qixiang Tengda, and Wanhua Chemical, with Hengli Petrochemical becoming the largest maleic anhydride producer globally with a capacity of 840,000 tons per year [12][13]. - Qixiang Tengda holds a 15% market share in domestic maleic anhydride production and 56% of the export market share, with projected revenues of 25.219 billion yuan in 2024 [15]. - Yuxin Co., Ltd. has a production capacity of 150,000 tons per year and is expanding its production capabilities, with a focus on technological innovation [17]. Group 6: Future Development Trends - The maleic anhydride market is expected to see increased competition as new companies enter the market, driven by advancements in production technology and environmental policies [19]. - The demand for maleic anhydride is anticipated to grow steadily due to its applications in high-tech fields and the increasing emphasis on environmentally friendly products [19].

Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings briefing held on May 16, 2025, from 15:00 to 16:30 [3] - The event took place on the "Investor Relations Interactive Platform" [3] - Key attendees included the Chairman, CFO, and other senior executives of the company [3] Group 2: Key Topics Discussed - The earnings briefing included a video interpretation of the annual report and an overview of the company's 2024 operational performance [4] - The catalyst project is expected to commence production in June 2025, with initial revenue and profit gradually increasing [5] - The company is actively monitoring the market for biodegradable plastics due to low demand and will disclose relevant updates [5] Group 3: Market Expansion and Future Projects - The company is expanding its overseas market presence, with ongoing orders from Russia and the Middle East [5] - A new production project in Shandong is planned with a capacity of 200,000 tons/year for PS, SAN, ASA, and MS, which has completed necessary approvals [6] - The company aims to become a globally competitive entity in the petrochemical technology sector through continuous innovation and international exploration [6] Group 4: Profitability and Stock Management - The company is implementing measures to maintain high gross margins on its process packages, including quality improvement and cost optimization [8] - The Chairman has consistently increased his stock holdings, totaling 457,735 shares as of April 30, 2025, indicating confidence in the company's potential [8]

Investment Rating - The investment rating for the company is "Accumulate" [1][6] Core Views - The company is expected to achieve a profit recovery in 2024, with a significant increase in revenue and net profit projected for the coming years [2][5] - The DVA (Dynamic Vapor Absorption) technology is nearing industrialization, with promising applications in tire manufacturing, which could enhance the company's market position [4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 5.301 billion yuan, a year-on-year increase of 16.65%, and a net profit of 141 million yuan, up 0.67% year-on-year [2][9] - The fourth quarter of 2024 saw a revenue of 1.532 billion yuan, representing a 29.77% year-on-year growth and a 5.87% quarter-on-quarter increase [2] Product Sales and Margins - The sales volume of key products such as modified plastics, thermoplastic elastomers, and color masterbatches increased in 2024, with respective sales volumes of 38.80, 4.72, and 2.60 million tons [3] - The gross margin for Q4 improved to 13.42%, an increase of 2.28 percentage points from Q3 [3] Research and Development - The company has made significant advancements in DVA technology, which is expected to start mass testing in early 2025, positioning it as a leader in this innovative field [4] - The company has increased its R&D expenditure by 39.75% in 2024, reflecting a commitment to innovation and product development [3] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are set at 57.03 billion yuan, 64.51 billion yuan, and 76.20 billion yuan respectively, with net profits projected at 2.06 billion yuan, 3.06 billion yuan, and 4.41 billion yuan [5][9] - The expected EPS for the same years is 0.45 yuan, 0.67 yuan, and 0.97 yuan, indicating a positive growth trajectory [5][9]

Core Viewpoint - Longhong High-Tech (605008) reported a significant increase in revenue and net profit for 2024, with revenue reaching 3.634 billion yuan, marking a historical high, and a non-GAAP net profit growth of 844% [1][2] Financial Performance - In 2024, Longhong High-Tech achieved a revenue of 3.634 billion yuan, a year-on-year increase of 157%, while net profit was 94 million yuan, a decline of 0.83% [1] - The company's non-GAAP net profit was 69 million yuan, reflecting an 844% increase year-on-year, primarily due to the economic benefits from its subsidiary's PBAT black masterbatch project [1][2] - Inventory decreased by 53.68% compared to the previous year, reaching the best level in nearly three years, and operating cash flow net amount was 349 million yuan, up 49.67% year-on-year [2] R&D and Innovation - Longhong High-Tech has consistently invested in technological innovation, solidifying its leading position in the industry [2][3] - The subsidiary, Longhong Bio, is the first in China to produce PBAT black masterbatch using aromatic oil as raw material, achieving superior product quality compared to market averages [2] - The company upgraded its PBT products to cover a full range of grades, enhancing product quality and diversifying its offerings [2] Market Position and Future Plans - Longhong High-Tech is a leading player in the TPES market, currently ranking third in production capacity nationwide [1] - The company plans to explore applications of TPES products in advanced fields such as robotics and automotive lightweighting, marking a new direction in its 2025 operational strategy [5] - Longhong High-Tech aims to expand its production capacity with new projects, including a 50,000-ton/year high-end fiber elastic material project and a 100,000-ton/year PBAT black masterbatch facility [4][5]

证券简称： 瑞华技术 证券代码： 872869 常州瑞华化工工程技术股份有限公司 常州市武进区科教城创研港 1 号 5 楼 常州瑞华化工工程技术股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股 票的法律效力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券 交易所主要服务创新型中小企业，上市公司具有经营风险高、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。投资者应充分了解北京证券交易所市场的投资风 险及本公司所披露的风险因素，审慎作出投资决定。 保荐人（主承销商） 0 （北京市朝阳区安立路 66 号 4 号楼） 中国证监会和北京证券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者保证。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 ...