中化新网讯 1月29日，特种化学品公司昕特玛(Synthomer)发布业绩指引。受终端市场需求疲软及去年第 二季度以来全球关税变化影响，预计公司2025年全年销售额与盈利将低于2024年。 分业务来看，公司涂料与建筑解决方案部门是降本重点实施领域;黏合剂解决方案部门则凭借在得克萨 斯州的产能投资，持续恢复市场份额并提升利润率。健康与防护业务在第四季度客户需求有所回暖，但 该业务利润率仍远低于疫情前水平。 展望2026年，昕特玛表示即使市场未显著复苏，公司仍有望通过自身举措实现同比改善。 业绩指引预计，昕特玛全年销售额约为17.4亿英镑，较2024年的19.3亿英镑有所下降;税息折旧及摊销前 利润在1.35亿至1.38亿英镑之间，低于上年1.43亿英镑的水平。尽管整体销售下滑，公司通过强化运营 执行与推进降本计划，部分抵消了市场不利影响，实现了更具韧性的盈利表现与提升的利润率。 昕特玛首席执行官Michael Willome表示，公司已扩大成本节约规模，加速向特种解决方案的业务组合转 型，并通过优化资源管理以应对持续的地缘政治与关税相关波动。尽管短期环境仍具挑战，公司仍致力 于实现中期盈利翻倍的目标。 ...

Financial Performance and Key Metrics - Sales for the quarter were $386 million, down 5% year-over-year, with the Avoca divestiture accounting for approximately $10 million of the decline [18] - Adjusted EBITDA was $58 million, down 5% year-over-year, reflecting lower volumes and modest pricing pressure, with adjusted EBITDA margins holding steady at 15% [19][21] - Adjusted EPS, excluding intangible amortization, was $0.26, down 7% from the prior year [22] - The company ended the quarter with total liquidity of approximately $900 million and net debt of $1.1 billion, maintaining a net leverage of 2.7x [23] Business Segment Performance - Life Sciences sales were $139 million, up 4% year-over-year, driven by resilient pharma demand and strong performance in injectables and tablet coatings [24][25] - Personal Care sales were $123 million, down 8% year-over-year, primarily due to the Avoca divestiture, with organic sales declining 1% [32] - Specialty Additives sales were $102 million, down 11% year-over-year, with coatings and construction driving the decline, particularly in China [38] - Intermediates sales were $31 million, down 6% year-over-year, with captive BDO sales declining due to lower volumes and pricing [30] Market Conditions - Demand in coatings and construction remained soft, particularly in China and select export markets, while personal care showed stable demand overall [8][10] - The company noted that the coatings market is expected to recover gradually, with mixed demand conditions anticipated [49][90] Company Strategy and Industry Competition - The company is focused on executing its strategic priorities, including innovation and global expansion, to drive growth and improve margins [15][46] - Cost actions and operational efficiencies are expected to support margin durability and position the company for stronger leverage as demand recovers [15][44] Management Commentary on Operating Environment and Future Outlook - Management expressed cautious optimism regarding demand recovery in the second quarter, with expectations for improved order volumes [68][70] - The company anticipates that operational challenges, including delays in the Calvert City unit startup, will impact performance but remain manageable [51][52] Other Important Information - The company is on track to achieve total cost savings of approximately $30 million for fiscal 2026, with ongoing productivity improvements expected [42][44] - Innovation remains a key driver of long-term growth, with several new product launches and advancements in technology platforms [54][61] Q&A Session Summary Question: Impact of customer outages on personal care demand - Management confirmed that customer outages were temporary and recoverable, with expectations to regain lost volumes in the second quarter [72][73] Question: Outlook for personal care volumes - Management indicated that with the Avoca divestiture now lapped, positive volume growth is expected as the year progresses [77] Question: China coatings demand outlook - Management noted that while the coatings market in China has faced challenges, there are signs of stabilization, and the company is well-positioned to capitalize on future opportunities [90][92] Question: Risks around global trade issues - Management highlighted Europe as a key area of focus regarding potential trade pressures, with ongoing discussions but no clear decisions yet [97]

Financial Data and Key Metrics Changes - Sales for the quarter were $386 million, down 5% year-over-year, with the Avoca divestiture accounting for approximately $10 million or about 2% of the decline [18] - Adjusted EBITDA was $58 million, down 5% year-over-year, including a $1 million impact from the Avoca divestiture [19] - Adjusted EPS, excluding intangible amortization, was $0.26, down 7% from the prior year [22] - The company ended the quarter with total liquidity of approximately $900 million and net debt of $1.1 billion, with a net leverage of 2.7x [23] Business Line Data and Key Metrics Changes - Life Sciences sales were $139 million, up 4% from the prior year, driven by resilient pharma demand and strong performance in injectables and tablet coatings [24] - Personal Care sales were $123 million, down 8% year-over-year, primarily due to the Evoca divestiture, with organic sales declining 1% [32] - Specialty Additives sales were $102 million, down 11% year-over-year, with coatings and construction driving the decline [38] - Intermediates sales were $31 million, down 6% year-over-year, with captive BDO sales declining due to lower volumes and transfer prices [30] Market Data and Key Metrics Changes - Coatings demand was particularly weak in China and select export markets, while construction softness reflected broader market conditions [10] - The company experienced stable demand in consumer-oriented categories at the start of the second quarter [50] - Foreign exchange contributed a favorable $9 million or 2% to sales versus the prior year [19] Company Strategy and Development Direction - The company is focused on executing its strategic priorities, including innovation and globalized initiatives, to drive growth and margin improvement [15][46] - The total cost savings target of approximately $30 million for fiscal 2026 remains on track, with ongoing network optimization and productivity improvements [42][44] - The company aims to deliver structural cost improvements and enhance systems and processes to strengthen planning and performance [64] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing demand softness in coatings and construction but expressed optimism about improving momentum in Life Sciences and Personal Care [8][50] - The company anticipates a gradual recovery in coatings demand, particularly in China, but expects muted demand to persist for a while [90] - Repairs to the Calvert City unit are taking longer than anticipated, impacting the second quarter outlook [51] Other Important Information - The company is advancing several innovative technology platforms that are expected to drive long-term growth across multiple end markets [54][61] - The company is focused on maintaining uninterrupted customer supply while managing production and inventory with discipline [54] Q&A Session Summary Question: Can you talk about the customer outage impacting demand in Personal Care? - Management confirmed that the outages were on the customer side and not related to supply issues from the company. Most outages have been resolved, and recovery is expected in Q2 [72][73] Question: Should we see volumes start to turn the corner in Personal Care? - Management indicated that with the Evoca divestiture now lapped, they expect to see positive volume growth as the year progresses [77] Question: What is the outlook for coatings demand in China? - Management noted that while the market has been challenging, they expect to see easing in the second half of the year, with efforts focused on commercial discipline and innovation [89][90] Question: Where are the most significant risks around global trade issues? - Management highlighted Europe as a key area of focus due to ongoing discussions about cost competitiveness and plant consolidations [97]

Financial Data and Key Metrics Changes - Sales for the quarter were $386 million, down 5% year-over-year, with the Avoca divestiture accounting for approximately $10 million or about 2% of the decline [10] - Adjusted EBITDA was $58 million, down 5% year-over-year, including a $1 million impact from the Avoca divestiture [11] - Adjusted EPS, excluding intangible amortization, was $0.26, down 7% from the prior year [12] Business Line Data and Key Metrics Changes - Life Sciences sales were $139 million, up 4% from the prior year, driven by resilient pharma demand and strength in high-value cellulosic excipients [14] - Personal Care sales were $123 million, down 8% year-over-year, primarily due to the Evoca divestiture, with organic sales declining 1% [18] - Specialty Additives sales were $102 million, down 11% year-over-year, with coatings and construction driving the decline [23] Market Data and Key Metrics Changes - Coatings demand was particularly weak in China and select export markets, while construction softness reflected broader market conditions [5] - Life Sciences continued to grow, supported by steady demand and ongoing innovation momentum [10] - Specialty Additives faced muted demand, particularly in coatings and construction [5] Company Strategy and Development Direction - The company is focused on executing its strategic priorities, including innovation and globalized initiatives, to drive growth and improve margins [4] - The total cost savings target of approximately $30 million for fiscal 2026 remains on track, with ongoing efforts in network optimization and productivity improvements [25] - The company aims to deliver structural cost improvements and enhance systems and processes to strengthen performance [26] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing demand softness in coatings and construction but expressed optimism about improving momentum in Life Sciences and Personal Care [4] - The outlook for fiscal 2026 has been narrowed to an adjusted EBITDA range of $400 million to $420 million, reflecting a prudent view of market conditions [28] - Temporary impacts from operational challenges, including delays in the Calvert City unit startup and weather-related disruptions, are expected to affect the second quarter [30] Other Important Information - The company reported strong cash generation with $125 million from operating activities and $26 million of ongoing free cash flow [12] - Total liquidity at the end of the quarter was approximately $900 million, with net debt at $1.1 billion and net leverage at 2.7x [12] Q&A Session Summary Question: Can you talk about the customer outage impacting demand in Personal Care? - Management confirmed that the outages were on the customer side and not related to supply issues from the company. Most outages have been resolved, and recovery is expected in Q2 [43][44] Question: Should we see volumes start to turn the corner in Personal Care? - Management indicated that with the Evoca divestiture now lapped, they expect to see positive volume growth as the year progresses, with most customers indicating flat to low single-digit growth [48] Question: On the China coatings demand, is there a line of sight to the bottom? - Management noted that while the market has been challenging, they expect to see easing in the second half of the year, with efforts focused on commercial discipline, productivity, and innovation [61][62]

作为全球特种化学品领域的领军企业，科莱恩在中国市场已深耕三十余年。新年伊始，科莱恩高层表 示，将秉持"在中国，为中国"的核心战略，通过绿色技术创新、加强本土研发和生产，推动可持续发 展，精准对接中国化工产业向高端化、可持续、数字化转型的需求，开启高质量发展的新征程。 把握市场需求 深化在华布局 推动应用开发 构建增长优势 长期以来，科莱恩凭借差异化的可持续解决方案、技术创新和前瞻性战略投资，系统构建面向未来的增 长优势。 在阻燃安全领域，Exolit系列无卤阻燃剂将继续助力新能源汽车、电子电气等行业，应对环保与安全的 双重挑战。此外，科莱恩沧州工厂第二条生产线投产，通过重点提升核心产品Nylostab S-EED的产能， 更好满足亚洲市场对高品质尼龙的需求。今后，科莱恩将继续通过多元化的高性能产品组合赋能下游的 应用开发和产业升级。 科莱恩高层表示，展望未来，科莱恩将通过三大创新领域推进应用开发，持续引领产业升级：一是注重 健康和可持续发展的消费者和品牌；二是能源转型，为氢能经济提供技术支持，助力高排放领域脱碳； 三是可循环，科莱恩将提供用于回收应用的Licocene和新推出的新型天然抗氧化剂Hostanox ...

（来源：辽宁日报） 转自：辽宁日报 辽阳康达塑胶树脂有限公司工作人员正在进行成品入库操作。 核心提示 好的营商环境就是生产力、就是竞争力，是振兴发展的关键。辽阳市宏伟区把营商环境作为振兴发展的"生命线"，以帮助企业和群众解决问题为着力点，全 力改进工作、优化服务，推动政务服务从"坐等审批"向"主动上门"转变，深入推进"项目管家"全链条服务机制，着力提升金融服务质效，全力让"办事更方 便、赚钱更容易"从政府的主观努力变成企业的精算结果。 一张证照的快速送达、一个项目的全程护航、一张"信用画像"的精准描绘……这些"快"与"实"，正汇聚成宏伟区持续优化的营商沃土，转化为经营主体扎根 成长、创新创业的信心与活力。2025年，辽阳市宏伟区实有经营主体同比增长9.71%。 一张证照的送达 传递政务温度 "没想到，证直接送到店里了！"1月10日上午，辽阳市宏伟区如意饭店（辽化店）内，店主刘素静一脸惊喜地从市场监管所工作人员手中接过崭新的《食品 经营许可证》。 宏伟区兰家市场监督管理所所长支刚强一边递上证件，一边叮嘱："您的店是咱们这儿的'老字号'，后厨管理规范，这次延续换证很顺利。后续有任何经营 方面的问题，随时可以在微信 ...

Group 1 - The core viewpoint of the article highlights the significant price increases in refrigerant R125 and dispersed dyes, driven by supply constraints and strong cost support, indicating a potential upward trend in the chemical industry [1] - The chemical leader ETF (516220) has risen over 1.3%, reflecting the ongoing restructuring of supply and demand in the industry [1] - The ETF tracks a specialized chemical index (000813) that encompasses listed companies in chemical raw materials, fertilizers, agricultural chemicals, and specialty chemicals, showcasing the overall performance and trends within the chemical sector [1] Group 2 - The price of international oil has increased, facing short-term pressures from tariff policies and OPEC+ production increases, but geopolitical risk premiums and global demand resilience are expected to support oil price stability [1] - The dye market is anticipated to have upward expectations despite a lack of improvement in textile market orders, indicating a complex interplay between cost support and demand dynamics [1] - The macroeconomic uncertainties may increase the volatility of oil prices, suggesting a cautious outlook for the energy sector [1]

报告指出，这一增长预期体现消费需求与市场稳定性持续改善，彰显全球特化品市场向好前景及较强抗 风险能力。各细分领域增速呈差异化特征，凸显市场动态变化属性。受益于全球低碳转型推进及可持续 技术领域投资扩容，未来5年新能源材料用特化品市场规模有望大幅增长。 中化新网讯近日，标普全球能源特种化学品更新计划(SCUP)发布最新《特化品行业概况报告》显示， 2024年启动的全球特化品市场复苏态势于2025年延续。报告预计，2026~2030年全球特化品市场整体年 复合增长率为3%，与全球经济预期走势基本同步。 2026~2030年，电子化学品将成为特化品各细分领域中增长冠军，年复合增长率预计达7%，其中半导体 用电子化学品、集成电路制造工艺用电子化学品增长势头最强劲。报告强调，显示材料、印制电路板及 包装用化学品的技术突破将进一步拉动电子化学品市场增长。这一趋势核心驱动力源于智能手机、平板 电脑、可穿戴设备等电子产品需求持续攀升，加之物联网、人工智能、5G通信等前沿技术飞速发展， 推动相关特化品市场快速扩容。 预计2026~2030年，中国将持续稳居全球最大特化品消费国，2030年消费量占全球总量约三分之一。南 亚、中东 ...

Core Viewpoint - European executives warn that the continent must improve its competitiveness or risk falling behind China and the United States in various industries, including biopharmaceuticals and artificial intelligence [1][2]. Group 1: Structural Issues in Europe - Executives highlight long-standing structural problems in Europe, such as excessive regulation and bureaucratic inefficiencies, which hinder the integration of its 450 million population into a unified market [1]. - There is a call for a more unified strategy in Europe to concentrate resources and enhance overall competitiveness [1]. Group 2: Defense and Investment - The CEO of Italy's Fincantieri Group emphasizes the need for better spending in defense, advocating for shared platforms and projects among European nations [1]. - Novartis CEO Vas Narasimhan stresses that Europe must attract investment like the U.S. and China, noting that Novartis is investing billions in new facilities and R&D in the U.S. [4]. Group 3: Supply Chain and Geopolitical Concerns - Executives express concerns about the "weaponization" of drug raw materials, particularly given Europe's reliance on China for active pharmaceutical ingredients [4]. - The CEO of Fresenius highlights the need for Europe to ensure stable supplies of critical materials amid rising global trade tensions [4]. Group 4: High Operating Costs - High operating costs in Europe, driven by elevated energy prices, are identified as significant barriers to competitiveness in key sectors like automotive and AI [5]. - The CEO of Clariant notes that high natural gas prices are squeezing chemical companies' profits, making long-term decision-making difficult [5]. Group 5: Regulatory Challenges - Executives criticize Europe's complex regulatory environment, which they believe stifles innovation and complicates the launch of new AI products [5]. - French President Macron acknowledges the need to simplify burdensome regulations and emphasizes the urgency of establishing a capital market union to meet financing needs [8]. Group 6: Diverging Views on Strategic Autonomy - Some executives, like Ericsson's CEO, caution against pursuing complete strategic autonomy, arguing that cooperation with the U.S. remains essential [9]. - NATO Secretary-General stresses that Europe must take greater responsibility for its security while maintaining collaboration with the U.S. [9].

Group 1 - The three major indices collectively declined, while the chemical sector rose, with the China Securities Sub-Industry Chemical Theme Index increasing by 0.92% as of midday close [1] - Notable performers in the chemical sector included Zhongjian Technology and Hebang Bio, both rising over 7%, while Longbai Group and Zhejiang Longsheng increased over 4% [1] - The Tianhong Chemical ETF (159133) recorded a trading volume exceeding 410 million yuan, with a net subscription of 73 million units during the session [1] Group 2 - The global plastic additives market is on an upward trajectory, with a projected compound annual growth rate (CAGR) of 3.2% from 2024 to 2029, driven by growth in end-use sectors such as automotive, aerospace, electronics, medical, and construction [2] - The chemical industry is expected to experience structural differentiation and a high-end transformation by 2026, with supply-side adjustments accelerating under "anti-involution" policies [2] - New material sectors, such as specialty engineering plastics (CAGR of 7.2% from 2023 to 2028) and AI-related materials, are anticipated to be growth highlights, although geopolitical factors and technological advancements may impact industry differentiation [2]