● 本报记者 罗京 比如，项目新增的中间体乙烯基三氯硅烷（A150）除用于生产硅烷偶联剂外，也可用于生产现有硅烷 交联剂；副产氯化氢则可应用于羟胺盐和甲氧胺盐酸盐的生产，实现产业链协同。此外，该项目产品与 公司现有主要产品下游客户重叠，形成市场协同。 "公司通过内部生产可消化约66%的功能硅烷中间体产能，其余部分可对外销售。"周强表示，依托现有 客户储备与贸易商资源，新建产能的消化无需担忧。 "从强链补链到绿色循环，我们走的是一条既要效益也要责任的产业升级之路。"锦华新材总经理兼总工 程师周强在接受中国证券报记者专访时如是说。这家在精细化学品领域深耕18年的企业，于2025年9月 登陆北交所，实现了从区域龙头到公众公司的跨越。由巨化集团控股的锦华新材，正通过持续的技术迭 代打破国外垄断，从传统化学品供应商向高端电子化学品供应商转型，步入高质量发展的新阶段。 打造绿色循环产业链 成立于2007年的锦华新材，专注于酮肟系列精细化学品的研发、生产和销售，主要产品包括硅烷交联 剂、羟胺盐、甲氧胺盐酸盐和乙醛肟等，广泛应用于建筑建材、5G/6G、高铁地铁等轨道交通、能源电 力、电子、新能源汽车以及铜、稀土等金属萃取剂等 ...

Summary of JinHua New Materials Conference Call Company Overview - JinHua New Materials was established in 2007 and focuses on continuous innovation in the copper foil industry chain, enhancing product offerings and technical capabilities [3][4] - The company has achieved a compound annual growth rate (CAGR) of 28% in revenue from 2018 to 2024 [2][3] Key Products - Main products include silane crosslinking agents, strong ammonium salts, methoxyamine hydrochloride, and acetaldehyde oxime, used in construction, energy, electronics, and new energy vehicles [2][3] - Silane crosslinking agents are utilized in organic silicone sealants and adhesives, while strong ammonium salts are used in pesticides and pharmaceuticals [3] Market Position and Competitive Advantage - JinHua is the only company in China capable of industrially producing hydroxylamine aqueous solution, breaking BASF's monopoly [2][5] - The hydroxylamine solution is a key raw material for chip cleaning agents, widely used in wafer manufacturing [5][11] - The company has established stable partnerships with major multinational corporations such as Bayer and Brenntag [5][17] Financial Projections - Expected revenues for 2025, 2026, and 2027 are projected to be CNY 1.04 billion, CNY 1.31 billion, and CNY 1.66 billion, respectively, with net profits of CNY 200 million, CNY 250 million, and CNY 320 million [2][6] - Revenue and net profit are expected to experience stable growth from 2022 to 2024, although a decline is anticipated in 2025 due to lower demand in downstream industries and macroeconomic factors [7] Industry Insights - The global functional silane market is expected to reach 719,000 tons by 2028, with China accounting for over 80% of production [2][8] - The strong ammonium salt market is projected to grow from CNY 16 billion in 2023 to CNY 21.6 billion by 2029, with a CAGR of approximately 5% [10] - The hydroxylamine salt market in China is expected to grow significantly, with a market size of CNY 16 billion in 2023 [10] Technological Innovations - JinHua has developed a green production process for hydroxylamine aqueous solution, obtaining five related patents, which may lead to domestic substitution of imports [14] - The company has invested in automation, information technology, and digitalization to enhance production efficiency and product quality [16] Future Growth Potential - The hydroxylamine aqueous solution market is projected to grow from USD 203 million in 2024 to USD 378 million by 2037, with a CAGR of approximately 4.9% [13] - The company is expanding its product matrix towards high-value-added products, including a new high-purity hydroxylamine aqueous solution project [17] Valuation and Investment Rating - JinHua New Materials is expected to maintain stable growth in its core business, with projected revenues for silane crosslinking agents of CNY 460 million, CNY 600 million, and CNY 770 million from 2025 to 2027 [18] - The company is rated as "Buy" with a valuation slightly above the industry average, indicating strong future growth potential [19]

Core Viewpoint - The oil safflower bean industry in Xinjiang's Tumushuke City is transforming desert land into arable land, creating a green miracle and contributing to local economic development through a comprehensive industrial chain [1][10]. Group 1: Agricultural Development - The oil safflower bean has been recognized as the "king of desert crops," with its entire plant being utilized for various products such as oil, flour, and high-quality animal feed [3]. - The introduction of advanced agricultural techniques has significantly increased the yield of oil safflower beans from 100 kg per mu in 2017 to over 600 kg per mu in 2024, with a record yield of 886 kg [3][8]. Group 2: Economic Impact - The automation in processing has improved efficiency, with a production line capable of processing oil safflower beans from raw material to finished product in just 7 minutes [5]. - The local processing company has shifted from selling raw materials to producing finished products, achieving a monthly sales revenue of 1.5 million yuan [6]. Group 3: Environmental Benefits - The cultivation of oil safflower beans has led to a significant increase in annual rainfall from less than 30 mm to 130 mm, and the number of days with winds above level 7 has decreased by one-third [8]. - Soil organic matter content has improved from 0 to between 1.3 and 1.4, and the greening coverage rate has risen to 50% [8]. Group 4: Infrastructure and Investment - The establishment of an e-commerce incubation park aims to promote the scale, branding, and industrialization of the local e-commerce sector, facilitating the distribution of agricultural products [7]. - A complete industrial chain has been developed, including an oil safflower research institute, initial processing plants, deep processing facilities, and a brewery [9].

Core Viewpoint - The oil sand bean industry in Xinjiang's Tumushuke City is transforming the desert into arable land, creating a sustainable green circular economy that benefits local farmers and contributes to ecological restoration [2][8]. Group 1: Agricultural Development - The oil sand bean, known as the "king of desert crops," is being cultivated on 54,000 acres in Xinjiang, with advanced harvesting technology leading to increased efficiency and productivity [1][2]. - The yield of oil sand beans has significantly improved from 100 kg per acre in 2017 to over 600 kg per acre in 2024, with a record yield of 886 kg [2]. Group 2: Economic Impact - The oil sand bean industry has created a comprehensive value chain that includes planting, processing, and ecological restoration, providing a stable income for local farmers [2][8]. - The processing company in Tumushuke has upgraded its equipment, allowing for a production capacity of 10 tons per day and monthly sales reaching 1.5 million yuan [5]. Group 3: Environmental Benefits - The introduction of oil sand beans has led to an increase in annual rainfall from less than 30 mm to 130 mm, a reduction in strong wind days by one-third, and an increase in soil organic matter content from 0 to 1.3-1.4 [8]. - Continuous cultivation of oil sand beans has transformed sandy land into fertile fields, with wheat yields exceeding 400 kg per acre [10]. Group 4: Industry Infrastructure - The establishment of an e-commerce incubation park aims to scale and brand the local agricultural products, facilitating the last mile of e-commerce for local farmers [8]. - A series of projects related to the oil sand bean industry, including research institutes and processing facilities, have been developed, enhancing the overall industry ecosystem [10].

Core Insights - The oilseed plant, known as oil莎豆, has transformed the desert landscape into a thriving green ecosystem, creating a sustainable industry that encompasses planting, processing, breeding, and ecological restoration [1][11]. Group 1: Agricultural Impact - Oil莎豆, originating from Africa, has shown remarkable adaptability since its successful trial in 2017, thriving in extreme conditions such as high temperatures, drought, and saline-alkaline soils [2][6]. - The introduction of oil莎豆 has significantly improved local environmental conditions, with annual rainfall increasing from less than 30mm to 130mm, and the number of days with winds above level 7 decreasing by one-third [5][6]. Group 2: Technological Advancements - The rise of the oil莎豆 industry in 兴安镇 is driven by technological innovations and collaborative efforts with universities, leading to enhanced cultivation techniques that have increased yields from 100 kg per mu in 2017 to over 600 kg by 2024, with a record of 886 kg [6][7]. Group 3: Economic Development - The oil莎豆 industry has established a closed-loop industrial chain, generating an annual output value exceeding 150 million yuan and increasing the average income of workers by 23,000 yuan [7][10]. - The industry has attracted 13 enterprises, promoting a comprehensive approach that includes seed breeding, large-scale planting, machinery manufacturing, deep processing, and organic fertilizer production [7][10]. Group 4: Ecological Benefits - The cultivation of oil莎豆 not only provides economic benefits but also serves as a model for desertification control, with the land transforming from desert to arable land, achieving wheat yields exceeding 400 kg per mu after three years of continuous planting [8][11]. - The oil莎豆 fields have become a natural habitat for migratory birds, contributing to biodiversity and ecological balance in the region [8][11].

Core Viewpoint - The article highlights the transformation journey of corn at Henan Jindan Lactate Technology Co., Ltd., showcasing its innovative processes that enhance the value of corn while addressing environmental concerns through a green circular economy [1][2][3] Group 1: Company Overview - Henan Jindan Lactate Technology Co., Ltd. has developed a complete circular industrial chain that maximizes the utilization of corn [1] - The company has achieved significant technological advancements, including the development of L-lactic acid production technology that has reached international advanced levels and won a national science and technology progress award [1][2] Group 2: Technological Innovations - The transformation process involves multiple stages: extracting starch, converting starch to glucose, fermenting glucose to lactic acid, and polymerizing lactic acid into polylactic acid (PLA) [1][2] - The company invests over 50 million yuan annually in research and development, holding 54 national patents, with three technologies filling global gaps [2] Group 3: Environmental Impact - The production process is designed to achieve near-zero waste, with a focus on energy conservation and emission reduction [3] - The annual production of 75,000 tons of PLA utilizes advanced green catalytic synthesis technology, resulting in zero emissions of waste gas, wastewater, and waste residue [3] Group 4: Future Goals - The company aims to explore further transformations of corn and steadily progress towards becoming a leader in the international biobased materials industry [3]

Group 1 - The 23rd China International Meat Industry Exhibition (CIMIE 2025) will be held from September 15 to 17, 2025, at the Xiamen International Convention and Exhibition Center, attracting over 2,000 global enterprises [3] - Jinluo, a leading brand in China's meat industry, showcased its products under the theme "Healthy China, Quality Jinluo," featuring six divisions including meat products, fresh products, and seasonings [3][5] - Jinluo's products received unanimous praise from attendees and industry experts, making the company a focal point of the exhibition, and its booth was awarded the best display [5] Group 2 - Since its establishment, Jinluo has adhered to the core value of "Everything for Human Health" and aims to provide safe and high-quality products, establishing a stringent product quality safety control system [7] - Over 30 years, Jinluo has evolved from a regional brand to a national leader in the meat industry, with a brand value of 35.602 billion yuan, ranking among the top 500 private enterprises and the top 500 most valuable brands in China [9] - Jinluo continuously develops modern meat processing by introducing advanced technologies and equipment, achieving international management standards through certifications like ISO9001, HACCP, and ISO22000 [11]

Company Overview - Zhejiang Jinhua New Material Co., Ltd. is a leading enterprise in the field of silane crosslinking agents and hydroxylamine salts in China, focusing on the research, production, and sales of ketoxime series fine chemicals [2][9] - The company was established on December 27, 2007, and transformed into a joint-stock company on July 13, 2009 [2] - The registered capital is 98 million yuan, and the company is located in the Quzhou High-tech Industrial Park, Zhejiang Province [2] Financial Performance - Total assets reached 1.322 billion yuan in 2024, up from 1.184 billion yuan in 2023 and 859.68 million yuan in 2022 [3] - The company reported a net profit of 210.94 million yuan in 2024, an increase from 172.51 million yuan in 2023 and 79.59 million yuan in 2022 [3] - The gross profit margin improved to 27.94% in 2024 from 27.65% in 2023 and 17.72% in 2022 [3] Business Model - The company employs a sales-driven production model, adjusting production plans based on sales forecasts [17] - The procurement strategy includes on-demand purchasing of raw materials like acetone and hydrogen peroxide, with a focus on supplier qualification and regular evaluations [17] - The sales model is primarily trade-based, with 78.40% of sales through traders and 21.60% through direct sales in 2024 [17] Industry Position - The fine chemical industry in China is projected to grow from 1.27 trillion yuan in 2008 to 6.5 trillion yuan in 2024, with a CAGR of 10.74% [14] - The silane crosslinking agent market is expected to see a production capacity increase from 288.37 million tons in 2024 to 365.40 million tons by 2028 [14][20] - The company holds a significant market share in the silane crosslinking agent and hydroxylamine salt sectors, with a market share of 38.16% and 42.37% respectively in 2024 [8][20] Research and Development - The company invests approximately 4.62% of its revenue in R&D, focusing on innovative products and sustainable practices [3][17] - It has established several provincial and ministerial-level research platforms, including a key research institute for ketoxime and silane new materials [17] Major Clients and Suppliers - The top five clients have a long-term cooperation history, with no single client accounting for more than 19.66% of total sales [22] - The primary supplier is Juhua Group, providing essential raw materials and energy, with a procurement share of 28.93% to 37.88% [23]

Core Insights - The article discusses the transformation of millet from a staple grain to a high-yield crop, driven by technological innovations and changing consumer preferences [1][5][9] - The "Zhangza" millet series has been developed to enhance yield and adaptability, significantly increasing production levels [2][5][8] Industry Overview - Millet, once a primary food source in China, has seen a drastic reduction in planting area from approximately 1.3 million acres in 1978 to less than 1 million acres in 2022 due to low yields and lack of mechanization [1][2] - The introduction of hybrid varieties has led to a yield increase, with some varieties achieving up to 800 kg per acre, marking a significant turnaround for the millet industry [2][5] Market Trends - There is a growing market demand for whole grain products, with millet being recognized for its health benefits, including reducing risks of chronic diseases [5][9] - New product forms such as meal replacements, grain bars, and beverages are emerging, catering to modern dietary preferences [6][9] Global Impact - The "Zhangza" millet has been successfully introduced in over ten African countries, significantly increasing local yields and contributing to poverty alleviation [8][9] - The millet has been recognized as a key project for global food security, with substantial contributions to both domestic and international agricultural productivity [8][9]

Group 1: Report General Information - The research object is Chenguang New Materials, and the industry is chemical products [17] - The reception time is May 22, 2025, and the listed company's reception personnel include the director and general manager Ding Bing, the director, board secretary and deputy general manager Liang Qiuhong, the financial director Lu Jianping, the independent director Yang Pinghua, and the securities affairs representative Feng Yifan [17] Group 2: Core Views - In the long - term, technological iteration and downstream demand growth drive the industry to expand, and strict environmental and energy policies accelerate industrial upgrading and integration. Currently, the industry faces structural over - supply, and the survival space of small and medium - sized enterprises is narrowing, while leading enterprises will dominate globally [25] - The company is transforming from a single silane supplier to a silicon - based new material solution service provider, and expects to form a gradient development pattern with the full production of three bases [26][27] - The company's future profit growth is mainly driven by four modules: market development, project construction, technology R & D, and human resources development [29] Group 3: Industry and Company Performance - In 2024, the organic silicon market was relatively sluggish, and the price of functional silanes decreased year - on - year due to weak demand and domestic capacity release [28] - In 2024, the company achieved an operating income of 115,965.35 million yuan, a net profit attributable to shareholders of listed companies of 4,136.01 million yuan, a net profit attributable to shareholders of listed companies after deducting non - recurring gains and losses of 895.06 million yuan, and an earnings per share of 0.13 yuan [31] Group 4: Company Business - The company is mainly engaged in the R & D, production and sales of functional silane basic raw materials, intermediates and finished products, with a complete product matrix and a wide range of downstream application fields [25][26] - The company's main products are divided into amino silane, epoxy silane, chloropropyl silane, sulfur - containing silane, orthosilicate, methacryloxy silane, vinyl silane, alkyl silane, hydrogen - containing silane, etc., covering fields such as automobiles, wind power, photovoltaics, tires, and construction [26]