证券代码：838971 证券简称：天马新材 公告编号：2025-054 河南天马新材料股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 4 月 11 日 15:00-16:30 活动地点：河南天马新材料股份有限公司（以下简称"公司"）在上海证券报 官网中国证券网（https://roadshow.cnstock.com）举办 2024 年年度报告网络业绩 说明会。 参会单位及人员：通过网络方式参与公司 2024 年年度报告业绩说明会的投 资者。 上市公司接待人员：公司董事长、总经理：马淑云女士；公司董事会秘书： 胡晓晔女士；公司财务负责人：茹红丽女士；中国国际金融股份有限公司保荐代 表人：杨曦先生。 1 三、 投资者关系活动主要内容 本次业绩说明会公司就投资者普遍关注的问题进行了沟通与交流，主要 ...

Group 1 - The core viewpoint of the news is that Zhonghua International (Holdings) Co., Ltd. has received an "AAA" rating for its 2025 second phase medium-term notes, indicating strong creditworthiness despite facing challenges [1] - Zhonghua International is recognized for its strong shareholder support, diversified business structure, prominent industry position in core products, robust industrial foundation, and strong overall competitive strength [1] - The company is facing challenges such as declining chemical product prices, potential performance losses, and large-scale ongoing projects that may impact its operations and overall credit status [1] Group 2 - Zhonghua International, originally named Zhonghua International Trade Co., Ltd., was established in December 1998 and listed on the Shanghai Stock Exchange in March 2000 [2] - The company focuses on fine chemicals with a strategic transformation towards chemical new materials, engaging in the production and sales of basic raw materials, intermediates, high-performance materials, and polymer additives [2] - In 2023, the company reported total operating revenue of 54.272 billion yuan, a year-on-year decrease of 37.94% [2]

Core Viewpoint - The company, Zhejiang Xinheng Co., Ltd., has reported significant growth in its financial performance for the year 2024, with a revenue increase of 42.95% and a net profit increase of 117.01% compared to the previous year [14][15]. Company Overview - Zhejiang Xinheng Co., Ltd. is a national high-tech enterprise primarily engaged in the production and sales of nutritional products, flavor and fragrance, high polymer materials, and raw pharmaceutical materials. The company focuses on innovation-driven development and has established itself as a leading manufacturer of vitamins and fine chemicals globally [2][3]. Business Segments - **Nutritional Products**: The company offers a range of products including vitamins, amino acids, and pigments, with applications in feed additives, food additives, and health supplements. The company has been optimizing production processes and developing new high-value products to strengthen its market position [3]. - **Flavor and Fragrance**: The company produces various flavors and fragrances widely used in personal care, household care, cosmetics, and food industries. It continues to innovate and expand its product offerings to meet market demands [4]. - **High Polymer Materials**: The focus is on developing high-performance polymers and key intermediates, with applications in automotive, electronics, and industrial sectors. The company has established a complete industrial chain for PPS (polyphenylene sulfide) production [4]. - **Raw Pharmaceutical Materials**: The company produces a range of raw materials including vitamins and antibiotics, primarily used as active ingredients in pharmaceutical formulations [4]. Financial Highlights - For the year 2024, the company achieved a total revenue of CNY 21.61 billion, a 42.95% increase year-on-year. The net profit attributable to shareholders reached CNY 586.85 million, marking a 117.01% increase from the previous year [14][15]. - The total equity at the end of the reporting period was CNY 29.45 billion, reflecting an 18.16% increase from the beginning of the year [14]. Profit Distribution Plan - The board has proposed a profit distribution plan to distribute a cash dividend of CNY 5.00 per 10 shares (including tax) to all shareholders, totaling CNY 1.54 billion, with the remaining profits to be carried forward to the next year [15][10]. Shareholder Engagement - The company’s controlling shareholder plans to increase its stake in the company by investing between CNY 200 million and CNY 300 million over a six-month period starting from October 26, 2023 [6]. - The fourth employee stock ownership plan was completed, with 29.53 million shares purchased, representing 0.96% of the total share capital [8][9]. Investment Projects - The company has approved an investment cooperation agreement to build a new nylon material project in Tianjin, with a total investment of approximately CNY 10 billion [7].

Core Viewpoint - Lianhua Technology's stock closed at 6.24 yuan, with a market capitalization of 5.687 billion yuan, and the company has shown a significant increase in net profit despite a decline in revenue [1] Group 1: Company Overview - Lianhua Technology specializes in fine chemicals and engineering services, with key segments including crop protection, pharmaceuticals, and functional chemicals [1] - The company has established itself as a strategic supplier for major international agricultural and pharmaceutical companies, being recognized as a key high-tech enterprise under the National Torch Program [1] Group 2: Financial Performance - For the third quarter of 2024, Lianhua Technology reported revenue of 4.359 billion yuan, a year-on-year decrease of 13.14%, while net profit reached 32.5038 million yuan, reflecting a year-on-year increase of 143.13% [1] - The company's gross profit margin stood at 22.71% [1] Group 3: Market Position - As of the third quarter of 2024, 129 institutions hold shares in Lianhua Technology, with a total holding of 32.6383 million shares valued at 180 million yuan [1] - The company's price-to-earnings ratio (TTM) is -15.91, and its price-to-book ratio is 0.89, indicating a lower valuation compared to industry averages [2]

微通道连续流作为一种新兴的化工生产技术，可以大幅提高生产效率和产品质量，同时降低能耗和废物 排放，在精细化学品合成领域展现出显著的技术优势。但当前国内微通道连续流工艺的应用仍处于起步 阶段，存在行业规范与标准缺失、技术研发力量分散、市场推广力度不足等问题。同时，微通道连续流 工艺在设计和实施过程中也面临诸多技术挑战，如反应器的设计与选择、放大效应的评估与控制等，这 些都需要在"十五五"期间加以改进和完善。 具体而言，目前该技术面临的挑战与风险有四个方面：一是缺乏明确的标准与规范。连续流微通道技术 缺乏明确的标准、强度要求及计算方式。部分企业仅将管式连续流视为绝对安全，忽视了强度核算，导 致小尺度空间下的反应存在潜在风险。 二是安全泄放装置设置不当。连续流工艺因其物料连续流动的特性，安全泄放装置的设置与反应釜存在 显著差异。 三是设备材质选择困难。在强腐蚀性的反应过程中，非金属材料看似是很好的选择，如碳化硅、玻璃、 四氟等。但像碳化硅、玻璃这类脆性材料在承受压力时，对应力集中极为敏感，设备中的微小缺陷或几 何形状突变都可能成为应力集中的源头，加速材料的损坏。因此，如何选择既能满足经济成本、又具备 应用价值的材料 ...

Core Viewpoint - The article highlights the development of the Hengzhou City industrial landscape, focusing on the integration into Nanning's "one body, two wings" industrial spatial development pattern, emphasizing the transition from traditional industries to high-end, green, and intelligent upgrades [1][5]. Group 1: Industrial Development - The Liujing Industrial Park in Nanning East New City hosts 278 enterprises, including 64 above-scale enterprises and 26 with output exceeding 100 million [3]. - The park's northern area focuses on high-end papermaking, electronic information, and recycled aluminum, while the southern area emphasizes new energy battery materials and electronic chemicals [3]. - The new materials industrial park is planned to cover approximately 10,000 acres, focusing on electronic chemicals and specialized chemicals, with ongoing infrastructure development [3][5]. Group 2: Economic Growth - In 2024, Hengzhou City signed significant projects, including those with French Aisen and BYD lithium carbonate, leading to an industrial investment growth of 48.7%, the highest in Nanning [5][9]. - The industrial sector contributed 40.3% to GDP growth, indicating robust industrial development momentum [5]. Group 3: Strategic Initiatives - Hengzhou City is implementing a strong chain and supplement chain action to accelerate the construction of a modern industrial system centered on advanced manufacturing [5]. - The successful introduction of projects is attributed to precise investment attraction strategies and high-quality service support, focusing on five key industrial chains [8][9]. - Major projects, including BYD lithium carbonate and Aisen's papermaking chemicals, are expected to generate an annual output value of 35.7 billion after reaching full production [9].

4月7日，肯特催化材料股份有限公司（股票代码：603120，简称：肯特催化）已完成申购程序，即将登陆沪主 板。此次公开发行股份规模达2,260万股，发行价确定为每股15元。作为国内相转移催化剂和分子筛模板剂领域 的标杆企业，肯特催化此次IPO募集资金重点投向功能性催化新材料产能的扩建升级，此举不仅将巩固公司的领 先地位，更将驱动公司产品结构的优化，为业绩的持续增长注入新动能。 专注相转移催化材料，国内市占率排名第一 肯特催化成立于2009年，主要从事 季铵（鏻）化合物 产品 的研发、生产和销售，拥有 季铵盐、季铵碱、季鏻 盐、冠醚等四大系列产品，产品应用形式主要包括相转移催化剂、分子筛模板剂、固化促进剂、电解液添加剂 等，广泛应用于精细化工、分子筛、高分子材料、电池电解液、油田化学品等领域。 在核心技术领域，公司主打的相转移催化剂展现出显著创新价值。这类催化剂通过促进反应物在异相体系间的 定向转移，可大幅提升反应速率及转化效率，兼具降低能耗、提升产物纯度的绿色化学特性，在现代工业合成 领域，这类兼具经济性与环保性的催化剂已成为构建高效生产体系的关键要素，其典型代表涵盖季铵盐、季鏻 盐、冠醚等化合物，其中，季铵 ...

Group 1: Financial Performance - The company reported a net profit growth of 101.07% year-on-year for 2024, despite a revenue decline of 0.69% [3] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 56,075,991.86 CNY, representing a 95.27% increase [3] - The company’s cash flow from financing activities decreased by 44%, leading to a reduction in cash to 398 million CNY, but this will not affect short-term solvency [4] Group 2: Project Updates - The first phase of the Derong project has been continuously reducing losses, while the second phase is currently in trial production, expected to fully launch in December 2024 [2][3] - The company is focusing on the development of textile chemicals, leather chemicals, and Tara biological products in 2025 [3] Group 3: Market and Strategic Insights - The company is actively expanding its sales channels and engaging with various domestic and international clients to mitigate losses from its primary supplier [4] - The company is enhancing its product mix by increasing the proportion of environmentally friendly products, aiming for over 30% revenue contribution from ZeoDry, a fluorine-free waterproofing agent [5] - The textile industry is projected to have a broad application outlook, indicating a positive long-term development trend [5] Group 4: Investor Relations and Corporate Governance - The company is open to suggestions for organizing more roadshows to attract larger investments and improve investor understanding [4] - The management has not engaged in stock buybacks recently, but will disclose any significant matters promptly [4][5]

Investment Rating - The report maintains a "Buy" rating for several companies including China Petroleum & Chemical Corporation, China National Offshore Oil Corporation, and others [9]. Core Viewpoints - The report highlights significant price increases in sulfur and urea, suggesting continued attention on the crude oil, titanium dioxide, and tire sectors [1][6]. - The impact of U.S. tariff policies has led to a rapid decline in crude oil prices, with WTI and Brent crude prices dropping by 10.63% and 10.93% respectively [6][22]. - The chemical sector is experiencing mixed performance, with some sub-sectors like tires and upstream mining showing strong results, while others are under pressure due to capacity expansions and weak demand [7][21]. Summary by Sections Chemical Industry Investment Suggestions - The report discusses the influence of U.S. tariffs on crude oil prices and recommends focusing on undervalued, high-dividend companies like Sinopec and CNOOC [6][22]. - It notes that the chemical product prices are rebounding as downstream demand improves, with significant increases in sulfur (9.17%) and urea (7.53%) [19][21]. - The report emphasizes the importance of identifying leading companies in sub-sectors that are likely to see valuation recovery, such as Wanhua Chemical and Longbai Group [8][21]. Price Movements - The report details the price movements of various chemical products, highlighting both increases and decreases in prices across different categories [19][21]. - It notes that while some products like sulfur and urea have seen price increases, others like methyl isocyanate and domestic naphtha have experienced declines [5][19]. Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating expected EPS growth and PE ratios for 2023 to 2025, with a consistent "Buy" rating across the board [9]. - Companies highlighted include Senqcia, Sinopec, and Yanguang Chemical, all of which are expected to show positive earnings growth in the coming years [9].

Investment Rating - The industry investment rating is not explicitly stated in the provided content, but the report suggests a focus on domestic companies capable of achieving domestic substitution in high-end materials [5]. Core Insights - The antitrust investigation into DuPont China Group is a landmark event for the industry, signaling accelerated growth for domestic enterprises in the high-end materials sector [2]. - The investigation reflects China's strategic response to foreign competition in the chemical high-end materials market, allowing domestic companies to compete more fairly and potentially reduce procurement costs for downstream enterprises [3][4]. - DuPont's significant reliance on the Chinese market, contributing approximately 18% (around $2.29 billion) to its global revenue, indicates that the company is unlikely to abandon this market despite the ongoing investigation [4]. Summary by Sections Event Overview - On April 4, DuPont China Group was investigated for allegedly violating the Anti-Monopoly Law of the People's Republic of China [1]. Event Analysis - The antitrust investigation is seen as a pivotal moment for the industry, coinciding with recent tariff increases imposed by the U.S. on China, which further emphasizes the competitive landscape [2]. - China's chemical market is the largest globally, with domestic companies having made significant advancements in self-sufficiency and competitiveness in the mid-to-low-end product segments [2]. Company Insights - DuPont has a strong presence in protective materials, photovoltaic materials, membrane materials, and electronic materials, having evolved from its origins in military explosives to a leader in fine chemicals [3]. - The antitrust investigation presents opportunities for domestic companies to break existing exclusive agreements and enhance their market positions [3]. Investment Recommendations - The report advises focusing on domestic companies that are positioned to lead in high-end material substitutions, leveraging the current market dynamics [5].