Core Viewpoint - Ningxia Baofeng Energy Group Co., Ltd. reported significant growth in revenue and profit for the first half of 2025, driven by increased production capacity and favorable market conditions in the synthetic materials industry. Financial Performance - The company achieved an operating income of approximately 22.82 billion yuan, a year-on-year increase of 35.05% compared to 16.90 billion yuan in the same period last year [3] - Total profit reached approximately 6.58 billion yuan, up 68.75% from 3.90 billion yuan [3] - Net profit attributable to shareholders was about 5.72 billion yuan, reflecting a 73.02% increase from 3.30 billion yuan [3] - The net cash flow from operating activities was approximately 7.99 billion yuan, a 92.74% increase from 4.15 billion yuan [3] Industry Overview - The company's main business is coal-to-olefins, with key products including polyethylene (PE), polypropylene (PP), and ethylene-vinyl acetate copolymer (EVA) [10] - Domestic demand for polyethylene increased significantly, with apparent consumption reaching 22.42 million tons, a year-on-year growth of 13.9% [4] - Polypropylene apparent consumption was 19.29 million tons, up 10.9% year-on-year [4] Production Capacity and Projects - The company’s new coal-to-olefins project in Inner Mongolia has a capacity of 2.6 million tons per year and has successfully commenced production, contributing significantly to overall output [11] - The total olefin production capacity has reached 5.2 million tons per year, positioning the company as a leader in the coal-to-olefins industry in China [11] Market Dynamics - The domestic market for polyethylene and polypropylene is experiencing growth due to increased investment in infrastructure and renewable energy sectors [4] - The supply of coal has increased, with total domestic coal supply reaching 2.63 billion tons, a year-on-year increase of 4.4% [6] - Coal prices have declined significantly, with the average price of 5000 kcal coal in Inner Mongolia dropping by 28.0% year-on-year [7] Technological Advancements - The company is focusing on technological innovation, with significant investments in R&D, including 9.39 billion yuan in the first half of 2025 [15] - New projects include the development of advanced catalysts and processes for polyethylene production, enhancing the company's competitive edge [15][18] Sustainability and Efficiency - The company has implemented energy and water resource management strategies, achieving a 15.34% reduction in energy consumption per unit of output [12] - The use of AI and digital technologies is being integrated into production processes to enhance efficiency and reduce costs [12][14]

Company Overview - Zhejiang Hengbo Primis High-Performance Materials Co., Ltd. has been established with a registered capital of 10 million yuan [1] - The legal representative of the company is Zhou Shuzhong [1] Business Scope - The company’s business scope includes the manufacturing of engineering plastics and synthetic resins, as well as the production of chemical products (excluding licensed chemical products) [1] - It also engages in the manufacturing of automotive and motorcycle parts, general components, and the research and development of new material technologies [1] - The company is involved in various services such as technology development, consulting, and import-export activities [1] Ownership Structure - The company is jointly held by Hengbo Co., Ltd. and Discover Material LNC. [1]

Group 1 - The manufacturing sector in Tianjin has shown a significant growth rate, with sales revenue from invoices increasing at a rate 2 percentage points higher than the overall city growth rate [1] - Traditional industries have demonstrated steady growth, with automotive manufacturing up by 6.3%, chemical raw materials and products by 5%, electrical machinery and equipment by 4%, general equipment by 5.1%, and specialized equipment by 11.6% [1] - High-tech industries are experiencing rapid growth, with computer, communication, and other electronic equipment manufacturing increasing by 16.5%, and railway, shipbuilding, aerospace, and other transportation equipment manufacturing rising by 18.6% [1] Group 2 - Certain manufacturing sectors with sales exceeding 10 billion yuan are witnessing remarkable growth, such as synthetic materials manufacturing up by 112.1%, computer manufacturing up by 55%, and motor manufacturing up by 34.8% [1] - The electric vehicle manufacturing sector has also shown strong performance, with an increase of 27.6%, while environmental protection, postal, social public services, and other specialized equipment manufacturing grew by 18.9% [1] Group 3 - The Tianjin Taxation Bureau is implementing a digital transformation in tax collection and management, focusing on creating data profiles for businesses to match applicable policies accurately [2] - The bureau aims to enhance policy management and provide comprehensive tax assessments for businesses, strengthening tax risk warnings [2] - Future efforts will include analyzing the effects of tax policies and optimizing the tax environment to encourage compliance and integrity in tax payments [2]

Group 1 - Qingdao Wanma Polymer Materials Co., Ltd. has been established with a registered capital of 150 million yuan [1] - The company is fully owned by Zhejiang Wanma Polymer Materials Group Co., Ltd., a subsidiary of Wanma Co., Ltd. (002276) [1] - The business scope includes synthetic material sales, plastic product manufacturing and sales, and computer hardware and software manufacturing [1] Group 2 - The company is registered in Huangdao District, Qingdao, Shandong Province [2] - The legal representative is Wei Hongtao, and the company is classified as a limited liability company [2] - The business license is valid until July 31, 2025, with no fixed term thereafter [2]

Core Viewpoint - Zhuzhou Times New Material Technology Co., Ltd. is issuing shares to specific investors, with a total of 106,732,348 shares priced at 12.18 yuan per share, raising approximately 1.3 billion yuan for various projects and working capital [1][11]. Group 1: Issuance Details - The company is issuing domestic listed ordinary shares (A shares) with a par value of 1 yuan per share [3]. - The total number of shares to be issued is 106,732,348, with a total subscription amount of 1,299,999,998.64 yuan [7][11]. - The issuance price is determined based on a competitive bidding process, with the final price set at 12.18 yuan per share, which is 127.01% of the issuance base price [10][11]. Group 2: Shareholder Structure - After the issuance, Zhuzhou will remain the controlling shareholder, and CRRC Group will continue to be the actual controller of the company [1][12]. - The shares subscribed by CRRC Capital Holdings will be locked for 18 months, while other investors will have a lock-up period of 6 months [12] . Group 3: Use of Proceeds - The raised funds will be allocated to projects including the Innovation Center and Intelligent Manufacturing Base, Clean Energy Equipment Quality Improvement Project, and enhancement of capabilities for automotive vibration reduction products [11]. Group 4: Regulatory Compliance - The issuance has undergone necessary internal and external approval processes, including approval from the board of directors, shareholders' meeting, and the China Securities Regulatory Commission [4][9]. - The company has established a special account for the raised funds, with a tripartite supervision agreement in place to monitor the use of the funds [11].

首次公开发行股票并在科创板上市 | 1 发行保荐书. | | --- | | 2 财务报告及审计报告 | | 3 发行人审计报告基准日至招股说明书签署日之间的相关财务报表及审阅报告 | | …… | | 4 内部控制鉴证报告 - | | 5 经注册会计师鉴证的非经常性损益明细表 . | | 6 法律意见书. | | 7 律师工作报告………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 755 | | 8 公司章程（草案） | | 9 中国证监会同意本次发行的注册批文 . | 之 发行保荐书 海通证券股份有限公司 关于吉林省中研高分子材料股份有限公司 本保荐机构及保荐代表人根据《中华人民共和国公司法》（下称"《公司 法》"）、《中华人民共和国证券法》（下称"《证券法》"）、《证券发行上 市保荐业务管理办法》（下称"《保荐管理办法》"）、《首次公开发行股票注 册管理办法》（下称"《注册管理办法》"）、《上海证券交易所科创 ...