（记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：中科院大连化学物理研究所开发出一种被称为"铠甲催 化剂"的电解水制绿氢新型催化剂，它由铂原子、石墨烯壳、钴镍合金颗粒组成，单位质量铂的产氢能 力是传统催化剂的90倍，具备超高的稳定性耐久性让电解水制绿氢降本增效水平达到前所未有的高度。 请问公司目前电解水制氢催化剂研制有何进展？是否会参与到该新型催化剂的研发生产中？ 凯立新材（688269.SH）10月10日在投资者互动平台表示，公司布局的制氢业务正在有序推进，PEM电 解水制氢催化剂完成试产，不断优化生产工艺设备，进行市场推广。公司一直密切关注行业发展动态， 包括新型催化剂的设计与制备新技术，持续开展催化剂制备工艺开发与优化，公司始终以产业化为导 向，积极推动新技术产业化应用。 ...

资料显示，西安凯立新材料股份有限公司位于陕西省西安市经济技术开发区高铁新城尚林路4288号，成 立日期2002年3月15日，上市日期2021年6月9日，公司主营业务涉及主要从事贵金属催化剂的研发与生 产、催化应用技术的研究开发、废旧贵金属催化剂的回收及再加工等业务。主营业务收入构成为：催化 剂销售86.14%，其他(补充)7.16%，催化剂加工6.67%，技术服务费0.03%。 分红方面，凯立新材A股上市后累计派现3.72亿元。近三年，累计派现2.22亿元。 融券方面，凯立新材10月9日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年50%分位水平，处于较高位。 责任编辑：小浪快报 10月9日，凯立新材跌5.09%，成交额1.96亿元。两融数据显示，当日凯立新材获融资买入额4007.84万 元，融资偿还1903.47万元，融资净买入2104.37万元。截至10月9日，凯立新材融资融券余额合计1.54亿 元。 截至6月30日，凯立新材股东户数5848.00，较上期减少2.17%；人均流通股22350股，较上期增加 2.22%。20 ...

在化学工业的产业链条中，催化剂如同"芯片"般占据核心地位，它不仅决定着化工产品的转化效率与品 质，更直接影响着整个产业链的安全与竞争力。凯立新材以十年磨一剑的坚守，在高端催化剂领域书写 了中国科技突围的精彩篇章。 二十年前，我国高端催化剂被国外垄断，不仅价格高昂、供货周期长，更卡住了我国化学工业的脖子。 凯立新材瞄准行业痛点，从零起步攻克技术难题，在精细化工、基础化工、环保新能源等领域不断开 拓，开发的多种催化剂产品实现进口替代，一举填补国内空白。 从打破国外垄断到引领行业创新，从守护产业链安全到推动产业升级，凯立新材用二十年的坚守与创 新，向世界证明了中国贵金属催化剂领域的硬核实力。 如今，凯立新材的技术创新持续领跑行业。在等效基础上，催化剂的贵金属含量一路降低，每年为下游 企业减少贵金属采购成本超亿元，推动整个行业向高效低耗方向转型；PVC无汞催化剂，助力全球首家 电石法聚氯乙烯产线实现无汞化生产，实现了以科技创新驱动产业革命的企业愿景；更以自主研发的催 化剂为核心，向下游延伸，布局HNBR特种橡胶市场，进一步拓宽了我国高端化工材料的自主供给渠 道。 ...

催化剂被誉为现代化学工业的"心脏"，在众多化学反应中发挥着不可替代的加速作用。贵金属是催化剂的关键组分，其用量关乎化工过程的节能增效。 天津大学新能源化工团队创新提出"原子抽提"策略，将在催化中起关键作用的贵金属铂原子全部抽提到表面参与催化反应，利用率逼近100%。相关研究成 果9月26日在线发表在国际期刊《科学》上。 在传统催化反应中，贵金属原子易聚集成较大颗粒，导致大量原子埋藏在颗粒内部，无法参与表面反应，催化效率在低位徘徊。这一问题在丙烯生产的 关键工艺，丙烷脱氢中尤为突出。丙烯是世界上产量最大的化工品之一，是塑料、橡胶、纤维、医药等领域重要的基础原料，2024年中国丙烯产量占全球总 产量三分之一，总产值超过6000亿元人民币。丙烷脱氢生产中约有高达三分之二的工艺采用贵金属催化剂，但传统催化剂依赖稀缺贵金属、原子利用率低， 严重制约了行业可持续发展。 面对这一挑战，天津大学教授巩金龙带领研究团队经过近十年研究，开创性研发出"原子抽提"技术：通过在颗粒表面构造可选择性吸引贵金属原子的结 构单元，将包埋在颗粒内部的贵金属原子逐一吸引到表面。 新能源化工团队负责人巩金龙教授（右一）与团队成员交流讨论实验方案 ...

融券方面，中触媒9月25日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元；融 券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，中触媒新材料股份有限公司位于辽宁省大连普湾新区松木岛化工园区，成立日期2008年8月8 日，上市日期2022年2月16日，公司主营业务涉及特种分子筛及催化新材料产品的研发、生产、销售及 化工技术、化工工艺服务。主营业务收入构成为：特种分子筛及催化剂系列89.46%，非分子筛催化剂 系列6.28%，其他(补充)3.12%，技术收入1.14%。 9月25日，中触媒跌2.18%，成交额5386.22万元。两融数据显示，当日中触媒获融资买入额531.91万 元，融资偿还308.78万元，融资净买入223.13万元。截至9月25日，中触媒融资融券余额合计1.16亿元。 融资方面，中触媒当日融资买入531.91万元。当前融资余额1.16亿元，占流通市值的2.38%，融资余额 超过近一年90%分位水平，处于高位。 截至6月30日，中触媒股东户数5707.00，较上期增加5.14%；人均流通股16261股，较上期减少4.89%。 20 ...

Group 1 - The core viewpoint of the articles highlights the financial performance and market activity of Zhongzi Technology, including its stock performance and financing activities [1][2] - As of September 25, Zhongzi Technology's stock increased by 1.78%, with a trading volume of 56.36 million yuan, and a net financing outflow of 2.51 million yuan [1] - The company has a total financing and securities balance of 110 million yuan, which accounts for 4.21% of its market capitalization, indicating a high level of financing activity compared to the past year [1] Group 2 - For the first half of 2025, Zhongzi Technology reported a revenue of 780 million yuan, representing a year-on-year growth of 5.65%, while the net profit attributable to shareholders was a loss of 11.92 million yuan, a significant decrease of 313.86% compared to the previous period [2] - The number of shareholders increased by 14.82% to 8,563, with an average of 13,962 circulating shares per person, which is a 47.78% increase [2] - Since its A-share listing, Zhongzi Technology has distributed a total of 25.81 million yuan in dividends, with no dividends paid in the last three years [2]

Group 1 - The core viewpoint of the article is that Kent Catalysts (603120.SH) has indicated that some of its produced catalytic materials can be applied in the field of supercapacitor electrolytes [1] - Currently, the revenue contribution from these products is relatively small and has not reached a significant proportion of the company's overall revenue [1]

Core Viewpoint - Kent Catalysts, a leading domestic catalyst manufacturer, demonstrated strong operational resilience and maintained stable profitability in its first half of 2025, achieving revenue of 296 million yuan and a net profit of approximately 39.35 million yuan, despite a challenging market environment and raw material price fluctuations [1][2]. Financial Performance - In Q1 2025, the company reported revenue of 144 million yuan, a year-on-year increase of 6.75%, and a net profit of approximately 17.56 million yuan, up 20.27% year-on-year [2]. - For the first half of 2025, the operating cash flow net amount reached approximately 53.81 million yuan, a year-on-year increase of 23.72%, indicating improved cash flow conditions [3]. - The company's asset-liability ratio was 11.95%, down 5.69 percentage points year-on-year, reflecting a further reduction in debt levels [3]. Product and Market Expansion - Kent Catalysts has diversified its product offerings beyond phase transfer catalysts to include molecular sieve template agents, curing accelerators, and electrolyte additives, enhancing its competitive edge across various sectors such as fine chemicals, molecular sieves, polymer materials, battery electrolytes, and oilfield chemicals [1][2]. - The company’s main products include quaternary ammonium salts, quaternary ammonium bases, quaternary ammonium salts, and crown ethers, with significant contributions to revenue and varying gross profit margins [3]. R&D and Technological Advancements - The company has invested in R&D, with expenses increasing by 7.68% year-on-year, and holds a total of 53 authorized invention patents, 178 utility model patents, and 15 software copyrights, establishing a strong technological moat in the quaternary ammonium compound sector [3][4]. - Kent Catalysts is committed to green catalysis and has developed advanced process technologies aimed at achieving efficient and environmentally friendly production [4]. Industry Context - The catalyst industry in China has seen significant growth, with the market size expected to increase from 843.9 billion yuan in 2019 to 1,042.7 billion yuan by 2024, reflecting a compound annual growth rate of 4.32% [6]. - The industry is moving towards professionalization and scale, with a focus on low-carbon and environmentally friendly practices, leading to the gradual elimination of less competitive firms [6]. Future Growth Opportunities - Kent Catalysts is targeting emerging markets, particularly in the battery electrolyte sector, where demand for electrolyte additives is driven by the booming electric vehicle and consumer electronics markets [9]. - The company is also developing electronic-grade quaternary ammonium bases for use in semiconductor and display panel cleaning, etching, and developing processes, with significant market potential in the wet electronic chemicals sector [10][11].

Investment Rating - The report maintains a "Buy-B" rating for the company [3] Core Views - The company reported a significant increase in sales in the pharmaceutical and basic chemical sectors, with a notable recovery in profitability in Q2 2025 [4][5] - The company achieved a revenue of 1.014 billion yuan in the first half of 2025, representing a year-on-year growth of 24.86%, and a net profit of 61 million yuan, up 30.83% year-on-year [4] - The sales volume of catalyst products increased by 122.33% year-on-year, with the pharmaceutical sector growing by 49.26% and the basic chemical sector by 185.54% [5] - The prices of key raw materials, palladium and rhodium, have started to recover, leading to a significant improvement in profitability, with a gross margin of 18.26% in Q2 2025 [6] Financial Performance - The company is projected to achieve revenues of 2.201 billion yuan, 2.606 billion yuan, and 3.014 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 30.5%, 18.4%, and 15.6% [8] - The net profit is expected to reach 167 million yuan, 235 million yuan, and 297 million yuan for the same years, with growth rates of 80.3%, 40.7%, and 26.5% [8] - The earnings per share (EPS) are projected to be 1.28 yuan, 1.80 yuan, and 2.27 yuan for 2025, 2026, and 2027, respectively [8] Market Data - As of August 22, 2025, the closing price of the company's stock was 39.96 yuan, with a year-to-date high of 41.01 yuan and a low of 20.86 yuan [2]

Core Insights - Kent Catalysts (603120) reported a slight decline in total revenue and net profit for the first half of 2025 compared to the same period in 2024, with total revenue at 296 million yuan, down 0.71%, and net profit at 39.35 million yuan, down 1.73% [1] Financial Performance - Total revenue for Q2 2025 was 152 million yuan, a decrease of 6.88% year-on-year - Net profit for Q2 2025 was 21.79 million yuan, down 14.35% year-on-year - Gross margin improved to 28.82%, an increase of 6.56% year-on-year, while net margin decreased to 13.30%, down 1.03% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 29.60 million yuan, representing 10.01% of revenue, an increase of 24.14% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased by 80.80% to 310 million yuan - Accounts receivable rose by 7.28% to 149 million yuan, with accounts receivable to net profit ratio at 158.89% [1][5] - Interest-bearing liabilities increased by 94.22% to 781,100 yuan [1] Cash Flow and Investment Activities - Significant changes in cash flow included a 5784.23% decrease in net cash flow from investing activities due to increased purchases of financial products - A substantial increase of 18280.24% in net cash flow from financing activities was attributed to funds raised from the initial public offering [3] Return on Investment - The company's return on invested capital (ROIC) for the previous year was 11.24%, with a historical median ROIC of 15.53% since its listing [4]