9 月 26 日，会通新材料股份有限公司（以下简称"会通股份"）发布《关于董事、高级管 理人员离任及聘任高级管理 人员的公告》，公司第三届董事会第十四次会议审议通过聘任议 案，同意聘任公司核心技术人员、首席技术官秦怀礼 为公司副总经理。 图源：会通股份公告 图源：会通股份 此次高管调整或为会通股份强化"技术驱动 "战略的重要举措。秦怀礼由核心技术岗位跻身 核心管理层，一方面将实 现技术研发与经营决策的深度协同，加速前沿技术成果向商业化产 品的转化效率；另一方面亦向市场传递出公司重视 研发管理的明确信号，有助于增强投资者 对公司长期技术竞争力的信心。 作为国内高分子改性材料领域的代表性企业，会通股份在汽车、家电、新能源、消费电子、 电子电气等领域已取得领 先地位，同时公司产品也广泛服务于轨道交通、家居建材、安防、 医疗、储能等多个国家支柱性产业。 核心产品的领先源于研发制度的优化，会通股份通过建立"三级研发体系 "衔接技术创新与 市场需求，布局未来 3-5 年 材料技术趋势，孵化新兴增长曲线，形成完整的产品技术生命周 期管理。其中，一级为中央研究院：作为研发体系的 核心，专注于创新改性产品技术研发、 新技术新项 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, indicating improved operational efficiency and financial health [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 23.32 billion yuan, a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 1.964 billion yuan, up 23.3% [1]. - The gross profit margin reached 17.54%, an increase of 0.71 percentage points year-on-year, while the expense ratio decreased by 0.51 percentage points [2]. - Interest expenses fell by 21.23% due to optimized debt structure, contributing to a 2.74 percentage point decrease in the asset-liability ratio [2]. Operational Efficiency - The company improved drilling operations, with a total of 9,906 days of platform operation in the first half of 2025, a 10.5% increase year-on-year [2]. - The average daily rate for platforms was $91,000, a 5.8% increase year-on-year, with semi-submersible platform rates rising by 27.6% [3]. Market Strategy - The company is focusing on high-potential markets and leveraging its integrated industry chain advantages to enhance core competitiveness [2]. - The oilfield technology service business is expected to grow steadily, with a gross profit margin of 23.98% in the first half of 2025, up 0.23 percentage points year-on-year [3]. Industry Outlook - The potential for offshore oil and gas resources is significant, with the company expected to benefit from ongoing projects in the South China Sea and Bohai Sea [4]. - The capital expenditure budget for China National Offshore Oil Corporation (CNOOC) is projected to be between 125 billion and 135 billion yuan for 2025, maintaining a high baseline from 2024 [4].

Financial Performance - In the first half of 2025, the company achieved operating revenue of 8.22 billion yuan, a year-on-year increase of 88.45% [2] - The net profit attributable to shareholders was 1.17 billion yuan, up 325.88% compared to the same period last year [2] - The net profit after deducting non-recurring gains and losses reached 508.65 million yuan, reflecting a growth of 9,930.10% year-on-year [2] Business Segments - The pharmaceutical preparations segment generated sales revenue of 4.21 billion yuan, marking a 54.23% increase year-on-year [3] - The veterinary raw materials segment saw sales revenue of 3.33 billion yuan, with a significant growth of 199.01% compared to the previous year [3] - The sales revenue from the raw material drug business increased its proportion by 15 percentage points compared to the previous year [6] Research and Development - The company invested 31.53 million yuan in R&D in the first half of 2025, an increase of 19.16% year-on-year [4] - A total of 19 new veterinary drug registration certificates were obtained, including 4 in the first half of 2025 [4] Pet Medicine Development - The company has established a dedicated R&D team for pet medicines and received 7 product approvals during the reporting period [5] - The pet medicine segment includes products for deworming, analgesics, dermatological treatments, internal diseases, and functional health products [5] Future Growth Strategies - The company aims to enhance profitability by focusing on technology-driven strategies and increasing R&D investments [7] - Plans include expanding the pet medicine segment, ensuring stable raw material supply, and exploring overseas markets to mitigate domestic business cycle impacts [8]

Group 1 - The core viewpoint of the news highlights the recent research conducted by Jiuge Investment on a listed company, Xiongdi Technology, showcasing significant growth in orders and revenue [1] - Xiongdi Technology reported a 92.68% year-on-year increase in orders for Q1 2025, with total revenue for 2024 projected at 552.03 million yuan, representing a 33.93% increase [1] - The net profit for Xiongdi Technology is expected to reach 29.15 million yuan in 2024, marking a substantial year-on-year growth of 223.78% [1] - The growth in performance is attributed to various business segments, including border control and comprehensive policing, overseas markets for security documents, smart delivery solutions, and innovations in smart transportation [1] - Future profit growth drivers for Xiongdi Technology include a technology-driven strategy and increased overseas strategic layout, with plans to promote security document projects in Southeast Asia, the Middle East, Africa, and South America [1] - The company's core competitive advantages lie in technological innovation, compliance with international standards, and capabilities in production and project implementation [1] - The second phase of the equity incentive plan requires a revenue growth rate of no less than 40% and a net profit of at least 20 million yuan by 2025 [1] Group 2 - Jiuge Investment Management Co., Ltd. was established in 2002 with a registered capital of 100 million yuan, making it one of the earliest private equity fund companies in China [2] - The company manages assets exceeding 5 billion yuan and has a diverse investment portfolio, including securities investment, stock block trading, directed issuance, merger funds, private equity, and fixed income investments [2] - Jiuge Investment adheres to a value investment philosophy and aims to achieve steady growth while providing excess returns to clients through fundamental research and active management [2]

Investment Rating - The investment rating for the company is "Buy" [9] Core Views - The company has demonstrated strong revenue growth with a projected revenue of 52.98 billion yuan for 2025, reflecting a growth rate of 9.67% compared to the previous year [9] - The net profit attributable to the parent company is expected to reach 4.23 billion yuan in 2025, indicating a significant increase of 34.76% [9] - The company is focusing on technological advancements to drive growth, with a notable increase in its oil technology services revenue [9] - The international market strategy is yielding results, with overseas revenue surpassing 10.88 billion yuan, marking a 14.9% increase [9] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 48.30 billion yuan, a year-on-year increase of 9.5%, and a net profit of 3.14 billion yuan, up 4.1% [9] - The earnings per share (EPS) for 2024 is 0.66 yuan, with projections of 0.89 yuan for 2025 and 1.00 yuan for 2027 [10] Business Segments - Drilling services generated revenue of 13.21 billion yuan in 2024, with a growth of 9.4%, while ship services saw a 20.9% increase to 4.77 billion yuan [9] - The company has successfully expanded its oil technology services, achieving a revenue of 27.66 billion yuan, up 7.4% [9] Market Strategy - The company is implementing an international strategy, with a focus on expanding its overseas contracts, which currently amount to approximately 36.06 billion USD [9] - The company has made significant technological advancements, enhancing its competitive edge in the international market [9]

Investment Rating - The report maintains a "Buy" rating for the A-shares and an "Accumulate" rating for the H-shares of the company [1]. Core Views - The company achieved a total operating revenue of 48.3 billion yuan in 2024, representing a year-on-year increase of 9.51%, and a net profit attributable to shareholders of 3.137 billion yuan, up 4.11% year-on-year [5][10]. - The report highlights the company's strong performance in the technology sector, which has become a core competitive advantage, contributing significantly to revenue growth [8][9]. - The company is expected to benefit from the ongoing growth in exploration and development investments in the oil and gas sector, particularly in deepwater projects [9]. Summary by Sections Financial Performance - In Q4 2024, the company reported an operating revenue of 14.6 billion yuan, a year-on-year increase of 0.27% and a quarter-on-quarter increase of 31.50% [5]. - The overall gross margin for 2024 was 15.7%, a slight decrease of 0.19 percentage points year-on-year, with domestic business gross margin at 18.1%, up 0.4 percentage points [6]. - The company’s return on equity (ROE) for 2024 was 7.16%, a decrease of 0.08 percentage points year-on-year [6]. Business Segments - The drilling services segment generated revenue of 13.2 billion yuan in 2024, an increase of 9.4% year-on-year, with a gross margin of 7.5% [7]. - The oilfield technology services segment achieved revenue of 27.655 billion yuan, up 7.4% year-on-year, with a gross margin of 22.9%, an increase of 0.80 percentage points [8]. Strategic Outlook - The company emphasizes a "technology-driven" strategy, which has led to an increase in the overall technology coverage to 81% and a significant rise in revenue from the technology segment from 13.3 billion yuan in 2020 to 27.7 billion yuan in 2024 [8]. - The report indicates that the company is well-positioned to capitalize on the industry's growth and the expansion of technology service markets, driven by increasing complexity in oil and gas exploration and development [9]. Profit Forecast and Valuation - The report projects net profits for 2025, 2026, and 2027 to be 3.509 billion yuan, 3.914 billion yuan, and 4.310 billion yuan respectively, with corresponding earnings per share (EPS) of 0.74 yuan, 0.82 yuan, and 0.90 yuan [10][11].