二、炭黑N539产品定价的影响因素 炭黑是一种广泛应用于橡胶、塑料、油墨等工业领域的重要添加剂，其中炭黑N539作为炭黑市场的主要品种之一，具有重要的市场地位和巨大的市场潜 力。为了更好地了解和分析炭黑N539产品的定价机制与规律，我们可以借助一些定价分析工具进行深入研究，并为市场定价提供有力的支持和依据。 一、炭黑N539产品的市场概况 炭黑N539作为一种高效的填充剂，广泛应用于橡胶行业。它具有优异的增强性能、改善耐磨性能和延长使用寿命的特点，因此在轮胎、皮带、密封件等领 域有着广泛的应用。炭黑N539还可以用于油墨、塑料等领域，为这些产品提供优秀的色素和抗紫外线性能。目前，炭黑N539市场需求旺盛，但也存在着激 烈的竞争压力和产品替代风险。 4. 产品属性：炭黑N539的产品属性包括颗粒度、表面积、电阻率等，这些属性直接影响到产品的使用效果和性能，也会对产品定价产生一定的影响。 5. 竞争环境：炭黑N539市场竞争激烈，产品的竞争对手众多。在市场定价时，需要考虑竞争对手的定价策略和产品性能，以保持自身的竞争优势。 三、炭黑N539产品定价分析工具 1. 成本法：通过分析炭黑N539产品的生产成本，并加上 ...

Financial Performance - In 2024, the company achieved a revenue of ¥4,227,644,015.85, a decrease of 7.35% compared to the previous year [1] - The total profit for 2024 was ¥126,057,903.72, an increase of 12.88% year-on-year [1] - The net profit attributable to shareholders in 2024 was ¥111,390,280.13, up by 9.90% from the previous year [1] - In Q1 2025, the revenue was ¥870,437,590.77, down by 9.34% year-on-year [1] - The total profit for Q1 2025 was ¥34,911,439.31, a decrease of 6.16% compared to the same period last year [1] - The net profit attributable to shareholders in Q1 2025 was ¥29,663,303.94, also down by 6.16% year-on-year [1] Profit Distribution - For 2024, the company plans to distribute a cash dividend of ¥1.50 per 10 shares (including tax) to all shareholders, pending approval at the 2024 annual general meeting [2] Business Expansion Strategy - The company is expanding its coal chemical deep processing products into new materials, with a current capacity of 200,000 tons/year for modified asphalt [3] - The "2×100,000 tons/year anthracene oil deep processing project" and "500,000 tons/year coal tar deep processing project" have been approved, which will enhance the product line in the new materials sector [3] - The company aims to extend its carbon black products into high-end markets, with a project for special carbon black production of 70,000 tons/year [3] - A new 500,000 tons/year coal tar deep processing project has been approved, aiming to achieve a processing capacity of one million tons [3] Future Growth Drivers - The company’s convertible bonds "Yongdong Convertible 2" projects are expected to release capacity in 2025 [4] - Ongoing construction of a 500,000 tons/year coal tar deep processing project and a 40,000 tons/year carbon black production line [5] - The 2024 stock issuance project for specific targets aims to enhance the coal tar deep processing capacity and industry chain [5] Production and Sales Data - In 2024, carbon black production was 360,334.81 tons, with sales of 360,566.25 tons [6] - Modified asphalt production reached 183,846.24 tons, with sales of 184,683.32 tons [6] - Industrial naphthalene production was 80,356.75 tons, with sales of 79,724.98 tons [6] Circular Economy Advantages - The company focuses on the continuous extension and efficient utilization of the coal tar deep processing industry chain, aiming for high-quality carbon black and fine chemical products [8] - The integration of coal tar processing, carbon black production, waste gas power generation, and fine chemical new materials forms a sustainable circular industry model [8] - The strategy aims to enhance high-end carbon black varieties and extend the fine processing chain, increasing the variety of high-value-added products [8]

Core Viewpoint - Yongdong Co., Ltd. has demonstrated strong operational resilience and growth potential in its 2024 annual report, achieving stable revenue and profit growth despite industry challenges [2][4]. Financial Performance - The company reported a total revenue of 4.228 billion RMB and a net profit attributable to shareholders of 111 million RMB, representing a year-on-year growth of 9.90% and 11.50% respectively [2]. - The non-recurring net profit reached 110 million RMB, indicating robust financial health [2]. Business Segments - The revenue from carbon black products accounted for 63.94%, while coal tar processing products contributed 35.55% to the total revenue [2]. - The company is transitioning towards high-end products through a circular industrial chain that includes coal tar processing, carbon black production, waste gas power generation, and fine chemical new materials [2]. Production Capacity and Projects - The company has completed the construction of a 70,000 tons/year specialty carbon black production line, with a 40,000 tons/year carbon black project currently under construction [2]. - Upon completion, the total carbon black production capacity will exceed 450,000 tons/year, with a significant increase in the proportion of specialty carbon black [2]. Strategic Initiatives - Yongdong Co., Ltd. has received environmental assessment approval for its 500,000 tons/year coal tar deep processing project and 200,000 tons/year anthracene oil deep processing project, which will enhance its capabilities in high-value fine chemicals [3]. - The establishment of a "Digital Center" aims to promote automation and intelligence in production, thereby improving operational efficiency [3]. Innovation and Technology - The company holds 32 patents, including 20 invention patents, showcasing its leading technological strength in the industry [3]. - Yongdong's self-developed coal tar-based conductive carbon black production technology has reached an internationally advanced level, breaking the dominance of foreign enterprises in this product category [3]. Market Position and Client Relationships - The company maintains stable partnerships with renowned tire manufacturers such as Bridgestone, Sumitomo, Hankook, and Sailun, enhancing its market presence [3]. - In 2024, overseas revenue reached 436 million RMB, reflecting an 11.78% year-on-year increase, indicating improved penetration in international markets [3]. Environmental Commitment - Yongdong Co., Ltd. actively responds to national green and low-carbon development policies by reducing pollutant emissions through technological upgrades [3].

Core Insights - Black Cat Co., Ltd. reported a significant decline in financial performance for Q1 2025, with total revenue of 2.18 billion yuan, down 8.58% year-on-year, and a net loss attributable to shareholders of 35.52 million yuan, a decrease of 1046.17% compared to the previous year [1][3] Financial Performance Summary - Total revenue for Q1 2025 was 2.18 billion yuan, a decrease of 8.58% from 2.385 billion yuan in Q1 2024 [1] - Net profit attributable to shareholders for Q1 2025 was -35.52 million yuan, compared to a profit of 3.75 million yuan in Q1 2024, marking a decline of 1046.17% [1] - Gross margin fell to 3.66%, down 24.68% from 4.85% in the previous year [1] - Net margin turned negative at -1.75%, a decrease of 1613.96% from 0.12% in Q1 2024 [1] - Total expenses (selling, administrative, and financial) amounted to 94.12 million yuan, representing 4.32% of revenue, an increase of 22.39% year-on-year [1] - Earnings per share for Q1 2025 was -0.05 yuan, a decline of 1047.06% from 0.01 yuan in Q1 2024 [1] Cash Flow and Debt Analysis - Cash and cash equivalents decreased significantly to 314 million yuan, down 62.61% from 841 million yuan [1] - Accounts receivable remained relatively stable at 1.911 billion yuan, a slight decrease of 0.25% [1] - Interest-bearing liabilities increased to 3.525 billion yuan, up 22.89% from 2.868 billion yuan [1] - The company's cash flow situation is concerning, with cash and cash equivalents representing only 3.93% of total assets and 9.84% of current liabilities [3] Investment and Market Position - The company has a low return on invested capital (ROIC) of 1.83%, indicating weak capital returns [3] - Cumulative financing since its IPO is 1.995 billion yuan, with total dividends of 753 million yuan, resulting in a dividend financing ratio of 0.38 [3] - Analysts project a performance of 270 million yuan for 2025, with an average earnings per share estimate of 0.36 yuan [3] Fund Holdings - The largest fund holding Black Cat Co., Ltd. is Guotai Juxin Value Advantage Mixed A, with 16.6 million shares and a recent increase in holdings [4] - Other funds have also increased their positions, indicating some level of confidence in the company's future despite current financial challenges [4]

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 9033.58万股，累计占流通股比： 37.21%，较上期变化： -5.80万 股。 | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 刘东良 | 2425.78 | 9.99 | 不变 | | 深圳市东方富海投资管理股份有限公司 | 2312.88 | 9.53 | 不变 | | 刘东杰 | 1582.03 | 6.52 | 不变 | | 范孜卓 | 862.11 | 3.55 | -20.00 | | 靳彩红 | 421.88 | 1.74 | 不变 | | 焦鹏 | 370.00 | 1.52 | 不变 | | 刘东梅 | 311.89 | 1.28 | 不变 | | 刘小龙 | 270.34 | 1.11 | 不变 | | 王巨才 | 259.00 | 1.07 | 14.20 | | 刘正龙 | 217.67 | 0.90 | 不变 | | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.2995 | 0.2698 | 11.01 | 0.1049 | | 每股净资产（元） | 6.16 | 6.08 | 1.32 | 5.59 | | 每股公积金(元) | 1.36 | 1.36 | 0 | 1.14 | | 每股未分配利润(元) | 3.37 | 3.24 | 4.01 | 3.01 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 42.28 | 45.63 | -7.34 | 45.04 | | 净利润(亿元) | 1.11 | 1.01 | 9.9 | 0.39 | | 净资产收益率(%) | 4.81 | 4.49 | 7.13 | 1.78 | | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 刘东良 | 2425.78 | ...

环保裂解炭黑市场价格趋势预测工具作为一种通过多维数据分析和模型拟合预测的工具，可以帮助企业和从业者更好地了解市场供求情况和价格变动趋势。 该工具主要包括以下几个方面的内容： 近年来，全球环保意识的崛起引发了对石化行业的关注，各国纷纷制定了更为严格的环保政策和标准。作为石化产业链中的重要组成部分，炭黑产业也面临 着新的挑战与机遇。环保裂解炭黑市场价格趋势预测工具的出现，为行业的可持续发展提供了有效的支持和指导。 炭黑是一种致密且磨蚀性强的黑色颗粒物质，广泛应用于橡胶、塑料、油墨等行业。传统的炭黑生产工艺却严重污染环境，给生态环境带来了巨大压力。为 了应对环境问题，越来越多的企业开始转向环保裂解炭黑生产技术。 环保裂解炭黑生产技术是利用石油焦化气排放中未经利用的裂解石脑油作为原料，通过高温裂解和物理处理等环保技术，有效降低了CO2和二氧化硫等有害 物质的排放，提高了炭黑产品的质量。环保裂解炭黑的出现不仅满足了市场对环保产品的需求，同时也带来了市场价格的变动。 价格波动因素分析。除了市场供求关系外，环保裂解炭黑价格还受到原材料价格、生产成本、政策法规、技术创新等多种因素的影响。通过对这些因素的分 析，可以深入了解价 ...

Group 1 - The core viewpoint is that China's carbon black industry is a global leader in production and export, continuously expanding its international market presence through high-quality products, advanced technology, and strong competitiveness [2][3]. Group 2 - China's carbon black industry has developed since the 1950s and has established a complete production, supply, and sales system, gaining a strong reputation among domestic and international customers [3]. - The export scale of China's carbon black market has been increasing, with its total export value consistently rising as a proportion of global exports, attributed to advantages in quality, price, and supply capacity [4]. - Product quality is exceptional, with strict quality control and continuous technological innovation ensuring compliance with international standards [4]. - Competitive pricing is achieved through efficient production methods and advanced management, providing a significant price advantage over similar products from other countries [4]. - Strong supply capacity is supported by a large scale and a well-established supply chain, enabling timely delivery to both individual customers and large international partners [4]. Group 3 - The export market for China's carbon black is experiencing new changes and trends, including diversification of export destinations beyond Asia to Europe, North America, and Africa, providing broader market opportunities [5]. - There is a growth in the export of high-value-added products, such as specialty carbon black and nano carbon black, which have extensive applications in industries like energy, rubber, inks, and coatings, offering higher market prices and profit margins [5]. - The industry is responding to international environmental standards by enhancing environmental management and developing green technologies, promoting sustainable development and improving the industry's image and competitiveness [5].

炭黑，是一种由碳元素构成的黑色颗粒状物质，常用于染料、橡胶、塑料等行业。作为一种重要的化工原料，炭黑的价格一直备受市场关注。本文将介绍炭 黑价格的最新行情，并解析其中的市场供需动态和趋势。 一、炭黑价格的背景 炭黑的价格受到多种因素的影响，包括原材料供应、工艺技术、市场需求、产能扩张等。近年来，全球炭黑市场经历了一系列变化，这对炭黑价格产生了较 大的影响。 原材料供应的变化对炭黑价格产生了一定程度的影响。炭黑的主要原料是煤炭、石油等碳素材料，这些原材料的价格波动对炭黑的生产成本有直接影响，进 而影响价格的形成。 工艺技术的进步也对炭黑价格的波动起着重要作用。随着科技的不断发展，炭黑生产技术不断革新，原材料利用率提高，生产效率提升，这有助于控制炭黑 的生产成本，对价格形成产生积极影响。 市场需求的变化是炭黑价格波动的重要因素。炭黑广泛应用于橡胶、塑料、印刷油墨等行业，在经济发展和工业需求的推动下，炭黑的市场需求一直保持相 对稳定的增长态势。需求的增加将推动炭黑的价格上涨，反之亦然。 产能扩张与限产政策也会对炭黑价格产生较大影响。在供需紧张的情况下，企业为了满足市场需求，通常会增加产能投入，这会推动炭黑的价格上涨 ...

Group 1: Company Performance - Western Gold achieved operating revenue of 7.001 billion yuan in 2024, a year-on-year increase of 56.68%, and net profit of 290 million yuan, turning from loss to profit [1] - Jihong Co. reported operating revenue of 5.529 billion yuan in 2024, a year-on-year decrease of 17.41%, with net profit down 47.28% to 182 million yuan [2] - Sanli Co. achieved operating revenue of 227 million yuan in 2024, a year-on-year increase of 14.35%, but reported a net loss of 49.88 million yuan, narrowing the loss by 56.50% [2] - Sanli Co. reported operating revenue of 2.590 billion yuan in 2024, a year-on-year increase of 25.25%, with net profit of 68.09 million yuan, up 59.07% [4] - Huaiqi Mountain achieved operating revenue of 1.631 billion yuan in 2024, a year-on-year increase of 15.60%, with net profit of 196 million yuan, up 17.74% [6] - Huayuan Holdings reported operating revenue of 2.449 billion yuan in 2024, a year-on-year increase of 1.60%, with net profit of 70.74 million yuan, up 739% [8] - Hangfa Power achieved operating revenue of 47.880 billion yuan in 2024, a year-on-year increase of 9.48%, but net profit decreased by 39.48% to 860 million yuan [10] - Zhongcai Energy reported operating revenue of 2.324 billion yuan in 2024, a year-on-year decrease of 24.21%, with net profit down 94.70% to 760,240 yuan [10] - Longxing Technology achieved operating revenue of 4.355 billion yuan in 2024, a year-on-year increase of 1.95%, with net profit of 142 million yuan, up 28.70% [11] - Jinying Co. reported operating revenue of 1.308 billion yuan in 2024, a year-on-year decrease of 4.52%, with net profit down 36.73% to 22.35 million yuan [12] - Zhujiang Co. achieved operating revenue of 1.558 billion yuan in 2024, a year-on-year decrease of 52.38%, but net profit turned to profit at 15.57 million yuan [12] - Chuanwang Media reported operating revenue of 288 million yuan in 2024, a year-on-year increase of 20.05%, but net profit decreased by 24.02% to 23.80 million yuan [13] - Ronglian Technology achieved operating revenue of 2.022 billion yuan in 2024, a year-on-year decrease of 14.91%, with net profit of 28.11 million yuan, up 107.87% [13] - Oufeiguang reported operating revenue of 20.437 billion yuan in 2024, a year-on-year increase of 21.19%, but net profit decreased by 24.09% to 58.38 million yuan [14] Group 2: Dividend Proposals - Western Gold proposed a cash dividend of 0.5 yuan per 10 shares [1] - Jihong Co. proposed a cash dividend of 1.58 yuan per 10 shares [2] - Sanli Co. proposed a cash dividend of 1.50 yuan per 10 shares [4] - Huaiqi Mountain proposed a cash dividend of 4.00 yuan per 10 shares [6] - Huayuan Holdings proposed a cash dividend of 1.00 yuan per 10 shares [8] - Hangfa Power proposed a cash dividend of 0.97 yuan per 10 shares [10] - Zhongcai Energy proposed a cash dividend of 0.05 yuan per 10 shares [10] - Longxing Technology proposed a cash dividend of 1.20 yuan per 10 shares [11] - Jinying Co. proposed a cash dividend of 1.00 yuan per 10 shares [12] - Zhujiang Co. proposed a cash dividend of 1.25 yuan per 10 shares [12] - Chuanwang Media proposed a cash dividend of 1.25 yuan per 10 shares [13] - Ronglian Technology proposed a cash dividend of 0.0425 yuan per share [13] - Oufeiguang proposed a cash dividend of 0.0178 yuan per share [14]