格隆汇8月22日丨合丰集团(02320.HK)公告，截至2025年6月30日止6个月，收益6910万港元，同比减幅 达35.9%，源于客户订单减少及竞争激烈。销售成本的下降由于公司减少了箱板纸采购。2025年上半年 录得期间亏损3840万港元，而2024年上半年录得期间亏损4370万港元。董事不建议派付截至2025年6月 30日止6个月中期股息(截至2024年6月30日止6个月：无)。 目前，集团持续与地方政府协调办理燃煤锅炉许可证年检手续。同时，集团正在按地方政府的环保政策 与地方政府进行协调燃煤锅炉改燃气锅炉项目及预期在完成相关协调后恢复生产。为确保集团下游瓦楞 包装业务的稳定供应，集团向第三方供应商采购箱板纸。由2022年开始无上游业务的对外收入。 于2025年上半年，由于客户订单的减少，集团的收入下跌了35.9%。环球经济的不景气及市场的激烈的 竞争令瓦楞包装行业面临较大压力。自2021年10月起，集团上游箱板纸业务暂时停产。 ...

编号： 2025-005 | | ☑特定对象调研 | | □分析师会议 | | --- | --- | --- | --- | | | □媒体采访 | | □业绩说明会 | | 投资者活动类别 | □新闻发布会 | | □路演活动 | | | □现场参观 | | | | | □其他 | | | | | 国金证券 上海云脊资产 | 吕良兴 眭悦 | | | 参与单位名称及 | 上海睿华资本 | 雷世俊 | | | 人员姓名 | 上海元寸资产 | 冯玮 | | | | 浙江蓝林科技有限公司 | 朱琼 | | | | 浙江蓝林科技有限公司 | 胡建冈 | | | | （以上排名不分先后） | | | | 时间 | 2025 年 8 月 20 日 | | | | 地点 | 苏州宝丽迪材料科技股份有限公司会议室 | | | | 接待人员姓名 | 董事会秘书 袁晓锋 | | | | | 证券事务代表 尤心远 | | | | | 公司介绍了公司基本情况，并就调研机构及投资者关心的问题进行了问答 | | | | | 交流。 Q1：目前化纤色母粒行业竞争态势是怎样的？ | | | | | 答：中国现已成为亚洲最大的色母粒生产国 ...

Group 1 - The core viewpoint is that Yingfeng Co., Ltd. has seen a significant stock price increase, with a 9.95% rise and consecutive trading day limits, indicating strong market interest and potential investor confidence [1] - The company is benefiting from a joint initiative by the Ministry of Industry and Information Technology and the Ministry of Commerce aimed at enhancing the textile and apparel industry through quality improvement and brand creation, which aligns with the company's operations as a dyeing enterprise [1] - As of July 2025, the company has repurchased 4.55 million shares, representing 1.03% of its total share capital, with an expenditure of 22.72 million yuan for employee stock ownership plans, reflecting management's confidence in the company's long-term prospects [1] - Yingfeng Co., Ltd. is located in the core area of the Yangtze River Delta integration and common prosperity demonstration zone, benefiting from local economic policies that support intelligent manufacturing upgrades [1] - The textile dyeing sector is experiencing a boost from environmental upgrades and expected capacity consolidation, with market expectations for increased industry concentration, positioning Yingfeng Co., Ltd. to secure more high-end orders due to its national-level green factory certification [1] Group 2 - The company is primarily involved in the textile and apparel sector, share repurchase activities, regional economic development, environmental policies, and industry consolidation [2]

Core Insights - The heavy truck market in China experienced a significant increase in sales, with approximately 83,000 units sold in July 2025, marking a 42% year-on-year growth despite a 15% month-on-month decline [1][4] - This growth trend has been consistent since April 2025, with monthly sales showing increasing year-on-year growth rates: 6.5% in April, 13.6% in May, 37% in June, and 42% in July [1][4] - The cumulative sales for the first seven months of 2025 reached about 622,000 units, reflecting an 11% year-on-year increase [4] Market Performance - July's heavy truck sales represent the second-highest level in the past eight years, only surpassed by July 2020's sales of 139,000 units [4] - The domestic terminal heavy truck sales also saw a year-on-year increase of over 20% in July, although the growth rate compared to June has narrowed [4][8] - The decline in month-on-month sales is attributed to the unique circumstances in June, where electric heavy trucks saw a surge in registrations, and the market is entering a "low season" [4][7] Policy Impact - The growth in heavy truck sales is largely driven by environmental policies, particularly the differentiated subsidies for scrapping older trucks, which have been implemented across various regions [4][8] - The "old-for-new" policy has stimulated demand for new heavy trucks, contributing to the four consecutive months of sales growth [4][8] Segment Performance - The export of heavy trucks in July is expected to grow by over 20% year-on-year, indicating strong performance in this segment [7] - Electric heavy trucks continue to perform well, with July sales exceeding 15,000 units, representing a year-on-year increase of over 120%, despite a month-on-month decline [9] - Diesel heavy trucks also showed robust growth, with July sales expected to increase by over 25% year-on-year, although they experienced a significant month-on-month decline [9] Future Outlook - The heavy truck market is anticipated to maintain its upward trajectory in the third quarter, with expectations of substantial year-on-year growth, particularly in September, which may see a growth rate of over 50% [9]

Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the pig farming sector, particularly the impact of policies, environmental regulations, and market dynamics on the industry [1][2][3]. Core Insights and Arguments - **Policy Impact**: Government policies aim to stabilize pig prices and CPI through measures like production limits and environmental regulations, which may extend the industry's profitability cycle [1][2][3]. - **Environmental Regulations**: Nationwide environmental rectification is being implemented, requiring companies to meet compliance standards to avoid penalties or shutdowns. Compliance is crucial for sustainable development [1][5]. - **Price Forecast**: Future pig prices are expected to fluctuate between 14-16 RMB/kg, influenced by breeding increments, weight reduction effects, market demand, and frozen meat indicators. Effective production limits could extend the profitability cycle into next year [1][6]. - **Company Performance**: Companies like DeKang, Muyuan, and Bangji Technology are performing well under current conditions. DeKang has cost and volume advantages, Muyuan is reducing costs and exceeding profit expectations, while Bangji is expanding its industry chain [1][7]. - **Industry Transition**: Pig farming enterprises should actively adjust and transform by utilizing idle capacity, optimizing production structures, and enhancing environmental compliance to adapt to new policies and improve competitiveness [1][8]. Additional Important Content - **Agricultural Sector Growth**: Recent surges in agricultural stocks and futures are attributed to intensified policy support aimed at eliminating inefficient production capacity and stabilizing the industry [2]. - **Current Pig Cycle**: The current pig cycle began in March 2024, with a peak in August 2024. The cycle has been compressed due to African swine fever, but limited production increases and ongoing de-capacity efforts may prolong profitability [3][9]. - **Innovative Models**: The industry is seeing innovative models such as partnerships with farmers, family farm arrangements, and light-asset models, which are becoming standardized and cost-effective [10][11]. - **Core Competitiveness**: Cost control is identified as the core competitiveness for pig farming enterprises, with a focus on seed resources, management levels, feed quality, and innovative models [12]. - **Company Recommendations**: DeKang is highlighted for its robust gene pool and policy alignment, with a potential market space of 500-1,000 billion RMB. Muyuan is noted for its strong innovation and profitability, while Bangji Technology is expected to grow its market value significantly [13][15]. - **Future Price Trends**: The pig farming sector is expected to see stock price increases in the next three months, driven by strong policy support and company innovations [16]. - **Environmental Policy Trends**: The ongoing environmental policies are expected to continue shaping the industry, with gradual implementation rather than abrupt shutdowns [19]. - **Market Dynamics**: The slight increase in the number of breeding sows aligns with market trends, and the sector's performance is influenced by policy and environmental factors rather than solely by breeding dynamics [21]. Company-Specific Insights - **DeKang's Growth Potential**: DeKang is projected to have a market potential exceeding 1,000 billion RMB, with significant growth in output expected in the coming years [26][29]. - **Muyuan's Profitability**: Muyuan's strong profitability and dividend potential make it a suitable candidate for investment, especially as the industry consolidates [20]. - **Bangji's Strategic Development**: Bangji is focused on establishing a complete industry chain, with significant growth potential in both feed and pig farming sectors [14][15][22]. This summary encapsulates the critical insights and developments within the pig farming industry as discussed in the conference call, highlighting the interplay between policy, environmental factors, and company performance.

Summary of Conference Call Notes Industry Overview - The conference call discusses the **soda ash industry** in China, focusing on production capacity, supply-demand dynamics, and pricing trends [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32]. Key Points and Arguments Production Capacity and Supply - The production capacity of soda ash has been steadily increasing over the past five years, with significant contributions from various production methods, including **soda ash from natural sources** and **soda ash from soda-lime** [1][5]. - The **Henan region** is highlighted as a major production base, with new projects contributing to supply growth [2][3]. - The total production capacity in the industry is reported to be around **525 million tons**, with a projected supply surplus expected to continue into **2025** [7][19][21]. Demand Dynamics - Soda ash is primarily used in industries such as **power generation, coking, and steel**, which are experiencing varying levels of demand [2][11]. - The demand for soda ash is influenced by environmental regulations, particularly in the steel and coking sectors, which have increased the need for soda ash in **desulfurization processes** [11][12]. Pricing Trends - The average monthly supply of soda ash in **2023** is around **180,000 tons**, with expectations for growth in **2024** and **2025** [7][19]. - Pricing trends indicate a downward trajectory, with prices fluctuating between **1800 to 2500 RMB** per ton, influenced by production costs and market dynamics [10][14][18][20]. - The correlation between raw material prices and soda ash prices is strong, with a correlation coefficient of **0.9244** [9]. Export Dynamics - Exports of soda ash are significant, with approximately **60,000 tons** exported annually, contributing to domestic price stability [21][22]. - Major export destinations include **South Korea, Brazil, and India**, with a growing demand from these markets [24][25][26]. Future Outlook - The industry is expected to face challenges due to overcapacity and fluctuating demand, with potential price rebounds dependent on upstream production adjustments and market conditions [20][30][31][32]. - The relationship between soda ash and soda-lime production is critical, as the latter's capacity expansion could impact the former's market dynamics [27][28][29]. Additional Insights - The conference notes emphasize the importance of monitoring international market trends and raw material costs, as these factors significantly influence domestic pricing and competitiveness [26][30]. - The potential for further production capacity increases in the soda ash sector is acknowledged, which may exacerbate supply-demand imbalances in the future [19][30]. This summary encapsulates the key insights from the conference call regarding the soda ash industry, highlighting production, demand, pricing, export dynamics, and future outlook.

Group 1 - The main contract for rebar futures experienced a rapid increase, reaching a peak of 3071.00 yuan, closing at 3065.00 yuan with a rise of 2.61% [1] - Institutions have differing views on the future market trends for rebar, with expectations of slight rebounds in prices [2][3][4] Group 2 - Zhonghui Futures predicts a slight rebound in rebar prices due to improving policy expectations and support from supply-side policies, despite the overall weak market conditions [2] - New Century Futures notes that while there is a slight rebound in prices, the overall demand is expected to decline seasonally, leading to a weak supply-demand structure [3] - Guoxin Futures highlights that the supply side is recovering slightly with increased production, while demand shows resilience, suggesting a stable supply-demand balance [4]

Core Viewpoint - The Ministry of Ecology and Environment has proposed a ban on the production of polyurethane products using HCFC-141b as a foaming agent, effective from January 1, 2026, with specific exceptions for certain products [1] Group 1: Regulatory Changes - Starting January 1, 2026, the production of polyurethane products using HCFC-141b as a foaming agent will be prohibited, excluding spray polyurethane foam products [1] - For refrigerator, cold storage container, and electric water heater products, manufacturers must comply with the regulations outlined in the 2018 announcement regarding HCFC-141b [1] - The ban on spray polyurethane foam products using HCFC-141b will take effect on July 1, 2026 [1] Group 2: Product-Specific Regulations - The production of insulation pipe products and solar water heater products must adhere to the guidelines set forth in the 2023 announcement regarding HCFC-141b [1]

Core Points - The Ministry of Ecology and Environment has issued a draft announcement to prohibit the use of HCFC-141b as a foaming agent in the production of polyurethane products, with specific timelines for compliance [1][2] - The prohibition will take effect in two phases: first for certain polyurethane products starting January 1, 2026, and then for spray polyurethane foam products starting July 1, 2026 [1][2] Summary by Sections - **Prohibition Timeline** - From January 1, 2026, the production of combination polyether and polyurethane products using HCFC-141b as a foaming agent will be banned, excluding spray polyurethane foam products [1] - From July 1, 2026, the production of spray polyurethane foam products using HCFC-141b will be prohibited [2] - **Product Definition** - Spray polyurethane foam products are defined as polyurethane foam materials that are sprayed on-site and possess thermal insulation and waterproof functions, as specified in the attached standards [2] - **Enforcement and Compliance** - Environmental authorities at all levels are tasked with ensuring that companies comply with the new regulations and effectively eliminate HCFC-141b from the polyurethane foam industry [2] - Companies that violate these regulations by using HCFC-141b will face legal penalties from environmental authorities in conjunction with relevant departments [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Rebar**: The main contract price oscillated at a low level with a daily decline of 0.20%, and both volume and open interest contracted. Currently, the supply pressure of rebar is increasing while demand is weak. In this situation of increasing supply and weak demand, the fundamentals continue the seasonal weakness, and steel prices are under pressure. The positive factor is that the inventory inflection point has not appeared yet, and the real - world contradictions are not significant. It is expected that steel prices will continue to oscillate, and attention should be paid to demand changes [4]. - **Hot - rolled coil**: The main contract price rebounded after hitting the bottom, with a daily increase of 0.06%, and both volume and open interest contracted. At present, production restriction disturbances have reappeared, and hot - rolled coil prices are oscillating upwards. However, supply is stabilizing at a high level while demand is weakening, and the fundamental contradictions are accumulating. Steel prices are still prone to pressure, and the upward driving force should be viewed with caution. Attention should be focused on production restriction situations [4]. - **Iron ore**: The main contract price weakened, with a daily decline of 1.32%, and both volume and open interest contracted. Currently, the demand for iron ore shows good resilience, providing strong support for ore prices. However, supply remains at a high level, and the improvement of demand is questionable. The fundamentals have not improved substantially. It is expected that ore prices will continue to oscillate, and attention should be paid to the performance of finished products [4]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - **Manufacturing PMI**: In June, the Caixin China Manufacturing PMI was 50.4, up 2.1 percentage points from the previous month and returning to the expansion range. This is the 8th time the index has been above the boom - bust line in the past 9 months, indicating a slight improvement in manufacturing sentiment [6]. - **Heavy - truck sales**: In June 2025, China's heavy - truck market sold about 92,000 vehicles (wholesale basis, including exports and new energy), a month - on - month increase of 4% from May and a year - on - year increase of about 29%. The main reason for the increase is the environmental protection policy, specifically the implementation of the differential subsidy policy for the scrapping and replacement of old operating trucks [7]. - **Steel raw material procurement costs**: In May 2025, except for the slight month - on - month increase in the procurement costs of metallurgical coke, domestic pellets, and imported pellets, the procurement costs of other varieties decreased month - on - month, but the decline narrowed. Among them, the procurement costs of pulverized coal injection, steam coal, and alloys decreased relatively significantly [8]. 3.2 Spot Market - **Black metal spot prices**: The spot prices of rebar, hot - rolled coil, and other products are provided, along with their price changes. For example, the national average price of rebar (HRB400E, 20mm) was 3,205 yuan, down 6 yuan; the national average price of hot - rolled coil (4.75mm) was 3,224 yuan, down 7 yuan [9]. 3.3 Futures Market - **Futures prices of main contracts**: The closing prices, price changes, trading volumes, and open interest of rebar, hot - rolled coil, and iron ore futures are presented. For instance, the closing price of rebar futures was 3,003 yuan, down 0.20%; the closing price of hot - rolled coil futures was 3,136 yuan, up 0.06%; the closing price of iron ore futures was 708.5 yuan, down 1.32% [11]. 3.4 Relevant Charts - **Steel inventory**: Charts show the weekly changes and total inventory (steel mills + social inventory) of rebar and hot - rolled coil, as well as the inventory of iron ore in 45 ports, 247 steel mills, and domestic mines [13][18][25]. - **Steel mill production**: Charts display the blast furnace operating rate, capacity utilization rate, and profitability of 247 sample steel mills, as well as the operating rate of 87 independent electric furnaces and the profit - loss situation of 75 building material independent electric arc furnace steel mills [28][31][36]. 3.5 Market Outlook - **Rebar**: The supply - demand pattern has not changed significantly. The production of construction steel mills has increased, and the weekly output of rebar has increased by 5.66 tons, reaching a relatively high level this year. Demand is weakly stable, and the weekly apparent demand has slightly increased by 0.72 tons. The weak demand restricts steel prices. It is expected that steel prices will continue to oscillate, and attention should be paid to demand changes [37]. - **Hot - rolled coil**: There are changes in both supply and demand. The production of plate steel mills is stable, and the weekly output of hot - rolled coil has increased by 1.79 tons, remaining at a high level this year. Demand resilience is weakening, and the weekly apparent demand has decreased by 4.44 tons. Although the downstream cold - rolled production is at a high level, the end of the Sino - US tariff "exemption period" may lead to external risks. It is expected that steel prices will be under pressure, and attention should be paid to production restriction situations [37]. - **Iron ore**: The supply - demand pattern has changed. Steel mills are actively producing during the off - season, and the terminal consumption of iron ore continues to rise. However, the arrival at ports has unexpectedly declined, and miners' shipments have also decreased. The supply pressure remains relatively high. It is expected that ore prices will continue to oscillate, and attention should be paid to the performance of finished products [38].