惠州仁信新材料股份有限公司投资者关系活动记录表 证券代码： 301395 证券简称：仁信新材 | 投资者关系活动 √ | 特定对象调研 分析师会议 □ | | --- | --- | | 类别 □ | 媒体采访 业绩说明会 □ | | □ | 新闻发布会 路演活动 □ | | □ | 现场参观 | | □ | 其他 | | 参与单位名称及 人员姓名 | 远希私募基金 王培、刘光皓 | | 时间 2025 | 年 月 日 (周三) 11 26 15:00~16:00 | | 地点 | 线上会议 | | 上市公司接待人 员姓名 | 副总经理、董事会秘书 李广袤 | | 1. | 公司近期毛利率和净利率的波动，在多大程度上是由产品结 | | | 构升级、原材料价格波动、还是市场竞争导致的定价压力所 | | | 驱动？各类因素的量化影响是多少？ | | | 公司 2025 年前三季度实现营业收入 16.41 亿元，同比小幅增 | | 长 | 4.72%，实现归属于上市公司的净利润 3,206.53 万元，同比小 | | 幅下降 | 2.81%，扣非后净利润 3,051.92 万元，同比增长 37.64%， | | | ...

Core Insights - The report titled "2026-2032 China Polysulfone Industry Panorama Research and Future Development Trend Report" provides essential reference for decision-makers and investors in the polysulfone industry [1] - The report is based on comprehensive data collection and analysis, including interviews with industry experts and executives, ensuring accuracy and relevance [4] - Polysulfone is a thermoplastic resin suitable for high-temperature, insulating, and medical device applications, with three main types: PSF, polyarylsulfone, and polyethersulfone [6] Industry Overview - The polysulfone industry is characterized by its ability to produce materials with high strength, heat resistance, and corrosion resistance, making it suitable for high-end applications in aerospace, automotive, and electronics [13] - The global trend towards stricter environmental policies is driving the adoption of zero discharge industrial wastewater projects, with polysulfone membranes being key components in filtration systems [8] Market Trends - By 2029, China's polysulfone production and demand are projected to reach approximately 13,635 tons and 17,920 tons, respectively [8] - The polysulfone market in China is expected to grow significantly, with a projected market size of 1.611 billion yuan by 2029, driven by increasing demand in the medical device sector, which is expected to grow at over 8% annually [11] Competitive Landscape - The report analyzes the competitive landscape of the polysulfone industry, including key players and their operational strategies, providing insights into market dynamics and competitive positioning [20] - It emphasizes the importance of customized solutions and platform development capabilities for domestic companies to enhance their market competitiveness [13] Future Projections - The report outlines future trends in the polysulfone industry, including expected production capacity, demand forecasts, and market size predictions for 2021-2025 [21] - It highlights the need for technological advancements and policy adaptations to meet the evolving demands of the industry [18]

Company Information - Victory Co., Ltd. (SZ 000407) announced that its stock will resume trading on November 11, 2025 [1] - As of the latest report, the market capitalization of Victory Co., Ltd. is 3.3 billion yuan [1] Revenue Composition - For the first half of 2025, the revenue composition of Victory Co., Ltd. is as follows: natural gas and value-added services account for 76.33%, while other plastic manufacturing accounts for 23.67% [1]

Group 1 - The Guangdong Province live-streaming recruitment event will take place from July to December 2025, featuring 40 online job fairs [1] - The 29th session of the event will focus on university graduates and is scheduled for November 8, 2025, from 10:00 to 12:00 [2] - The event is organized by various governmental and educational institutions in Guangdong Province [1] Group 2 - Shenzhen Zhongshen Ai's Bedding Technology Co., Ltd. is a leading ODM manufacturer of mattresses in China, established in 2005, with an annual production capacity of 3 million mattresses [2] - Shenzhen Pincheng Metal Products Co., Ltd. specializes in aluminum, magnesium, and zinc alloy die-casting mold design and manufacturing, recognized as a major exporter in China [4] - Shenzhen Dongzheng Optical Technology Co., Ltd. is a global optical technology company founded in 2013, known for its innovative optical products and solutions [5] - Guangzhou Jusa Long Engineering Plastics Co., Ltd. focuses on advanced polymer material modification and has an annual production capacity of 400,000 tons [7] - Guangdong Lingzhuo Energy Technology Co., Ltd. provides comprehensive services in the energy engineering sector, including construction and maintenance of gas stations and charging stations [8] Group 3 - Various job positions are available across different companies, with monthly salaries ranging from 4,000 to 15,000 RMB depending on the role [4][5][7][8] - The recruitment includes positions such as quality management trainees, engineering trainees, and manufacturing trainees, among others [4][5][8]

Group 1 - The core product of the company, polyvinyl chloride (PVC), is one of the five major general-purpose synthetic resins [1] - PVC is widely used in the production of construction materials, packaging, electronic materials, and consumer goods [1]

Core Viewpoint - The Chinese government is actively fulfilling its commitments under the Minamata Convention on Mercury, emphasizing the need for the PVC industry, particularly the acetylene method, to undergo transformation and upgrade due to environmental pressures and supply-demand imbalances [1][2][3] Group 1: Environmental Pressure - The Minamata Convention, effective since August 16, 2017, aims to control and reduce mercury emissions, with the acetylene method for PVC production using mercury chloride as a catalyst, accounting for approximately 60% of national mercury usage [1] - The deadline for the complete ban on primary mercury mining is approaching in 2032, posing a risk of forced exit for acetylene method PVC companies that fail to upgrade to mercury-free technologies [1] - The acetylene method is characterized by high energy consumption, requiring 8,500 kWh of electricity to produce one ton of PVC, and has been listed in the "High Pollution Process Elimination Directory" by the National Development and Reform Commission, mandating a 50% capacity replacement by 2027 [1] Group 2: Supply-Demand Imbalance - The PVC industry has been facing low profit margins due to supply-demand imbalances, exacerbated by the bundling of caustic soda profits, leading to high PVC inventory levels, which increased by 24.48% year-on-year as of October 2025 [2] - The real estate market's deep adjustments have significantly impacted demand, resulting in low PVC prices, while acetylene method producers have been suffering losses due to low calcium carbide prices [2] - New PVC production capacity is expected to add 2.5 to 3.5 million tons in 2023, bringing total domestic capacity to around 30 million tons, further worsening the supply-demand imbalance [2] Group 3: Industry Restructuring - The PVC industry is experiencing a squeeze effect, with the ethylene method gradually capturing market share from the acetylene method, which has historically dominated with 70-80% of total capacity [3] - The cost structure of the ethylene method is more favorable in the current low international oil price environment, leading to a significant increase in new capacity for this method, which is expected to account for over 70% of new capacity in 2023 [3] - By 2030, the ethylene method's capacity share is projected to rise to around 40%, intensifying competition for acetylene method PVC producers [3]

Group 1 - The core point of the article highlights the urgent need for the calcium carbide method PVC industry to undergo transformation and upgrade due to environmental pressures and supply-demand imbalances [1][2][3] Group 2 - The Minamata Convention on Mercury, effective since August 16, 2017, aims to control and reduce mercury emissions, with the calcium carbide method PVC industry being a key area of focus [1] - The calcium carbide method uses mercury chloride as a catalyst, accounting for approximately 60% of the total mercury consumption in the country, facing mandatory upgrades to avoid forced exit as the 2032 deadline for banning native mercury mining approaches [1] - The National Development and Reform Commission has listed the calcium carbide method PVC in the "High Pollution Process Elimination Directory," requiring a 50% capacity replacement by 2027 [1] - PVC industry has been suffering from low profits due to supply-demand imbalances, with domestic PVC social inventory increasing by 24.48% year-on-year as of October 2025 [2] - The real estate market's deep adjustment has led to significant supply-demand imbalances, causing PVC prices to remain low [2] - New PVC production capacity is expected to reach 2.5 to 3.5 million tons this year, bringing total domestic PVC capacity to around 30 million tons, further exacerbating the supply-demand imbalance [2] - The market is experiencing a squeezing effect, with the ethylene method gradually taking market share from the calcium carbide method, which has historically dominated the PVC industry [3] - Ethylene method PVC production is expected to account for about 40% of total capacity by 2030, driven by cost advantages and environmental pressures [3] - The combination of environmental regulations, supply-demand imbalances, and competitive pressures will accelerate the elimination of inefficient capacities in the calcium carbide method PVC industry, pushing towards a more environmentally friendly and ethylene-based production structure [3]

Report Industry Investment Rating - Not provided in the document Core Views - Polyolefins face significant upward pressure and are expected to trade within a range. Key factors to watch include downstream demand, Fed rate cuts, China-US talks, the Middle East situation, and crude oil price fluctuations. The cost side provides short-term support at the bottom, but due to insufficient supply-demand improvements, upward pressure remains high. The PE main contract is expected to oscillate within a range, with support at 6900, while the PP main contract is expected to weaken with support at 6600. The LP spread is expected to widen [8][9] - Plastics still have supply-demand contradictions and are expected to move in a sideways pattern [10] - PP faces significant trend pressure and is expected to weaken in the short term [51] Summary by Directory Plastic Market Review - On October 31, the closing price of the plastic main contract was 6,899 yuan/ton, a month-on-month decrease of 3.55%. The average price of LDPE was 9,136.67 yuan/ton, a month-on-month decrease of 2.92%. The average price of HDPE was 7,650 yuan/ton, a month-on-month decrease of 3.32%. The average price of LLDPE (7042) in South China was 7,421.76 yuan/ton, a month-on-month decrease of 1.70%. The South China basis of LLDPE closed at 522.76 yuan/ton, a month-on-month increase of 31.68%. The 1-5 month spread was -75 yuan/ton (-178) [12] Key Data Tracking - **Month Spread**: The 1-5 month spread was -75 yuan/ton (-178), the 5-9 month spread was -53 yuan/ton (-39), and the 9-1 month spread was 128 yuan/ton (+217) [19] - **Spot Price**: The spot prices of various polyethylene products in different regions showed different degrees of change, with some prices rising and some falling [20][21] - **Cost**: In October, WTI crude oil closed at $60.88 per barrel, a decrease of $1.55 from the previous month, and Brent crude oil closed at $64.58 per barrel, a decrease of $1.57 from the previous month. The quotation of anthracite at the Yangtze River port was 1,090 yuan/ton (+10) [23] - **Profit**: The profit of oil-based PE was -357 yuan/ton, an increase of 9 yuan/ton from the previous month, and the profit of coal-based PE was 201 yuan/ton, a decrease of 320 yuan/ton from the previous month [28] - **Supply**: The production start-up rate of polyethylene in China this month was 80.86%, a decrease of 0.98 percentage points from the end of last month. The weekly output of polyethylene was 643,500 tons, a month-on-month decrease of 0.71%. The maintenance of petrochemical enterprise equipment remained at a high level this week, with a maintenance loss of 112,100 tons, an increase of 54,000 tons from last week [33] - **2025 Production Plan**: A total of 5.43 million tons of new polyethylene production capacity is planned to be put into operation in 2025, with some already in operation and some still under construction [36] - **Maintenance Statistics**: Multiple polyethylene production lines of various enterprises are under maintenance, with some having uncertain restart times [38] - **Demand**: The overall start-up rate of domestic agricultural film this week was 49.53%, an increase of 16.67% from the end of last month; the start-up rate of PE packaging film was 51.30%, a decrease of 1.07% from the end of last month; the start-up rate of PE pipes was 32.17%, unchanged from the end of last month [39] - **Downstream Production Ratio**: Currently, the production ratio of linear film is the highest, accounting for 33.5%, which is 1.8% different from the annual average level. The difference between the high-pressure film and the annual average data is significant, currently accounting for 8.8%, which is 1.8% different from the annual average level [43] - **Inventory**: The social inventory of plastic enterprises this week was 527,400 tons, a decrease of 7,400 tons from the end of last month, a month-on-month decrease of 1.38% [45] - **Warehouse Receipts**: The number of polyethylene warehouse receipts was 12,706 lots, a decrease of 30 lots from the end of last month [48] PP Market Review - On October 31, the closing price of the polypropylene main contract was 6,590 yuan/ton, a decrease of 262 yuan/ton from the end of last month, a month-on-month decrease of 3.82% [52] Key Data Tracking - **Downstream Spot Price**: The prices of various polypropylene products showed different degrees of change, with some prices rising and some falling [54][56] - **Basis**: On October 31, the spot price of polypropylene reported by Business Society was 6,723.33 yuan/ton (-2.84). The PP basis was 133 yuan/ton (+65), and the basis widened. The 1-5 month spread was -40 yuan/ton (-19), and the month spread narrowed [58] - **Month Spread**: The 1-5 month spread was -84 yuan/ton (-128), the 5-9 month spread was -19 yuan/ton (-85), and the 9-1 month spread was 103 yuan/ton (+213) [63] - **Cost**: In October, WTI crude oil closed at $60.88 per barrel, a decrease of $1.55 from the previous month, and Brent crude oil closed at $64.58 per barrel, a decrease of $1.57 from the previous month. The quotation of anthracite at the Yangtze River port was 1,090 yuan/ton (+10) [68] - **Profit**: The profit of oil-based PP was -606.91 yuan/ton, a decrease of 113.03 yuan/ton from the end of last month, and the profit of coal-based PP was -269.20 yuan/ton, a decrease of 607.60 yuan/ton from the end of last month [73] - **Supply**: The start-up rate of Chinese PP petrochemical enterprises this week was 77.06%, an increase of 1.54 percentage points from the end of last month. The weekly output of PP pellets reached 789,200 tons, a week-on-week increase of 1.48%, and the weekly output of PP powder reached 78,200 tons, a week-on-week increase of 4.82% [77] - **Maintenance Statistics**: Multiple PP production lines of various enterprises are under maintenance, with some having uncertain restart times [80] - **Demand**: The average start-up rate of downstream industries this week was 52.61% (+0.30). The start-up rate of plastic weaving was 44.20% (-0.20%), the start-up rate of BOPP was 61.57% (+0.16%), the start-up rate of injection molding was 59.06% (+0.72%), and the start-up rate of pipes was 36.807% (-0.07%) [82] - **Import and Export Profit**: The import profit of polypropylene this week was -$337.83 per ton, an increase of $208.99 from last month, and the export profit was -$31.12 per ton, a decrease of $23.89 from last month [87] - **Inventory**: The domestic inventory of polypropylene this week was 595,100 tons (-6.80%); the inventory of the two major state-owned oil companies decreased by 9.19% month-on-month, the inventory of traders decreased by 2.91% month-on-month, and the port inventory decreased by 2.25% month-on-month [90] - **Warehouse Receipts**: The number of polypropylene warehouse receipts was 14,569 lots, an increase of 471 lots from the end of last month [103]

Core Insights - PEEK (Polyether Ether Ketone) is experiencing continuous demand growth in the global high-end manufacturing wave, with the market dominated by UK-based Victrex, Belgium's Solvay, and Germany's Evonik, forming a "one strong, many strong" pattern [1] - China is becoming a core force in global PEEK capacity growth, with its share expected to rise from 17.3% in 2021 to 42% by 2025, and the market size projected to reach 1.9 billion yuan in 2024, with a compound annual growth rate (CAGR) of 15.5% from 2018 to 2024, significantly higher than the global average [1] Company Layouts - **Zhongyan Co., Ltd.**: Currently has a PEEK pure resin capacity of approximately 1,000 tons/year, making it the largest PEEK producer in China and the fourth globally in the thousand-ton category. The company expects a revenue of 277 million yuan in 2024, with PEEK accounting for 58.95% of its main business [3][6] - **Water Co., Ltd.**: Has a 1,000 tons/year PEEK resin production line in Chongqing, with a full-chain capability from key monomer DFBP to modification. In the first three quarters of 2023, R&D investment was 71.5 million yuan, accounting for 6.46% of revenue [6][8] - **Jinfa Technology**: Owns proprietary PEEK polymerization technology and plans a large capacity of 5,000 tons/year. In the first three quarters of 2023, the company reported over 10 billion yuan in revenue, though specific data on PEEK's contribution is not disclosed [8][10] - **Ningbo Huaxiang**: Plans to establish the largest known single PEEK capacity globally, totaling 12,000 tons, with the first phase of 4,000 tons expected to be operational by the end of 2026 [10][12] - **Guoen Co., Ltd.**: Plans to invest 960 million yuan to build a 1,000 tons/year PEEK polymerization and modification capacity, focusing on vertical integration from resin to modified materials to finished products [12][14] Applications and Market Trends - PEEK materials are being applied in various sectors, including humanoid robots (joint bearings, harmonic reducer friction plates), new energy vehicles (battery pack components, connectors), and medical applications (orthopedic implants) [7][19] - The domestic PEEK industry has formed a multi-path development pattern, with companies advancing industrialization processes based on their strengths in different application scenarios [24]

Core Viewpoint - The article discusses the recent developments in the production and application of cyclic olefin copolymers (COC) in China, highlighting investments, production capacities, and market trends in the COC industry. Group 1: Investment and Production Capacity - Sinopec (Tianjin) has filed for a fixed asset investment project for a COC facility, which includes a 850 tons/year NBE unit and a 1000 tons/year COC unit, with an operational time of 8000 hours per year, expecting a COC capacity of 1000 tons/year [2] - AkzoNobel plans to expand its production with a 20,000 tons/year fatty amine project and a new 10,000 tons/year high-transparency material project, set to enter production by June 30, 2025 [4] - Topkin Technology's first phase of 3000 tons/year SOOC® production has been successfully launched, with a total capacity of 10,000 tons/year expected after the second phase [4] - Liaoning Luhua Hongjin's COC facility has successfully produced 500 tons of COC and 1000 tons of NBE, with plans for further capacity expansion [5] Group 2: Market Trends and Applications - COC is a high-value thermoplastic engineering plastic with applications in optics, medical fields, and mobile devices, with global consumption expected to reach 90,000 tons in 2024, and China's consumption projected to grow to 29,000 tons by 2025 [3] - Japan currently dominates the global COC market, with major players including Japan's Zeon, Polyplastics, and Mitsui Chemicals, among others [3] - The article notes the increasing support from policies and investments in the COC sector, leading to significant advancements by various companies in production and technology [3][5]