证券代码：603798 证券简称：康普顿 公告编号：2025-040 青岛康普顿科技股份有限公司 2025年第三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 根据上海证券交易所《上市公司行业信息披露指引第十八号—化工》有关规 定和披露要求，公司 2025 年第三季度主要经营数据如下： （四）其他对公司生产经营具有重大影响的事项 本季度未发生对公司生产经营具有重大影响的其他事项。以上经营数据信息 来源于公司报告期内财务数据，且未经审计，仅为投资者及时了解公司生产经营 概况之用，敬请广大投资者理性投资，注意投资风险。 特此公告 青岛康普顿科技股份有限公司 2025 年 10 月 25 日 单位：元/吨 | 产品名称 | 2025 年 第三季度价格 | 2024 年 第三季度价格 | 变动幅度 | | --- | --- | --- | --- | | 车用润滑油 | 16,500 | 15,665 | 5.3% | | 工业润滑油 | 10,162 | 10,458 | -2.8% | | 防冻液 | ...

Core Insights - The global stainless steel cold rolling oil market is evolving towards high performance and environmental sustainability, driven by the continuous expansion of stainless steel production capacity in the Asia-Pacific region, particularly in China and India [3][4] - The market is characterized by a highly concentrated oligopoly, with major players like Quaker Houghton and FUCHS leading the industry, creating significant technical and service barriers for new entrants [3][8] Market Trends and Drivers - The primary growth driver for the stainless steel cold rolling oil market is the ongoing expansion and product upgrade demands from downstream stainless steel industries, including appliances, automotive, and construction [9] - Increasing requirements for surface quality and mechanical properties in stainless steel products are pushing the demand for high-performance, eco-friendly rolling oils [9] Regulatory Environment - The industry faces challenges from increasingly stringent global environmental, health, and safety regulations, which raise compliance costs for traditional formulations containing harmful substances [4][10] - Opportunities arise from policies promoting manufacturing upgrades and carbon reduction goals, particularly in China, which stimulate high-end stainless steel demand and create new market space for performance-enhancing rolling oils [4] Market Size and Growth Projections - According to QYResearch, the global stainless steel cold rolling oil market is projected to reach USD 514 million by 2031, with a compound annual growth rate (CAGR) of 4.1% in the coming years [4] Competitive Landscape - The top five manufacturers, including Quaker Houghton and FUCHS, hold approximately 52% of the market share, indicating a concentrated competitive environment [8] Industry Opportunities - The greatest opportunity in the industry lies in the innovation and widespread adoption of eco-friendly and high-performance specialty rolling oils, which can help steel mills reduce operational costs while meeting regulatory requirements [11] - Customized oil formulations to meet specific processes and surface quality demands in high-end stainless steel applications are expected to become a key growth point for leading companies [11]

Group 1 - The core viewpoint of the report highlights the significant price increases in synthetic ammonia, lithium battery electrolytes, aniline, and anhydrous hydrofluoric acid, while other products like natural gas and sulfuric acid experienced notable declines [1][2][3] - As of September 26, Brent crude oil prices reached $70.13 per barrel, up 5.17% from the previous week, while WTI crude oil prices were at $65.72 per barrel, up 4.85% [1][3] - The report anticipates that the central value of international oil prices will stabilize between $65 and $70 by 2025 [1][3] Group 2 - The report identifies key investment opportunities in sectors such as glyphosate, fertilizers, import substitution, domestic demand, and high-dividend assets [4] - It suggests focusing on the glyphosate industry, which is showing signs of recovery with decreasing inventory and rising prices, recommending companies like Jiangshan Co., Xinfeng Group, and Yangnong Chemical [4] - The report emphasizes the importance of domestic chemical fertilizer industries, particularly nitrogen and phosphate fertilizers, which are expected to maintain stable demand, recommending companies like Hualu Hengsheng and China Heart Link Fertilizer [4] Group 3 - The chemical industry is currently experiencing mixed performance, with some sectors like lubricants exceeding expectations, while overall industry performance remains weak due to past capacity expansions and weak demand [3][4] - The report highlights the potential for growth in the lubricating oil additive sector and suggests companies with strong competitive positions and growth potential, such as Ruifeng New Materials and Baofeng Energy [4] - The report also notes that the three major oil companies in China are expected to remain attractive due to their high asset quality and dividend yields in the context of rising international oil prices [4]

Core Viewpoint - The article discusses the growing demand for dual-clutch transmission fluid (DCTF) driven by the increasing penetration of dual-clutch transmissions in vehicles, alongside stringent fuel economy and carbon emission regulations globally [2][9]. Global Trends and Driving Factors - The market for dual-clutch transmission fluid is expanding due to the superior thermal management capabilities of dual-clutch transmissions, which enhances their market penetration [2]. - Stringent global fuel economy and carbon emission regulations are pushing for high-performance, low-viscosity DCTF products, leading to technological advancements and market growth [2]. - The global market for dual-clutch transmission fluid is projected to reach USD 703 million by 2031, with a compound annual growth rate (CAGR) of 3.2% in the coming years [2]. Competitive Landscape - The dual-clutch transmission fluid market is highly concentrated, dominated by major players such as ExxonMobil, Shell, and TotalEnergies, which hold approximately 67% of the market share [6][9]. - The leading companies leverage strong R&D capabilities and established relationships with major automotive manufacturers, creating significant technical barriers to entry for new competitors [2][9]. Product Segmentation - Wet dual-clutch transmission fluid is the dominant product type, accounting for about 70% of the market share [8][9]. - The market is segmented into various applications, including passenger vehicles and commercial vehicles [13]. Opportunities and Challenges - The rapid growth of hybrid vehicles, which often utilize dual-clutch technology, presents a significant opportunity for the dual-clutch transmission fluid market [11]. - Challenges include the impact of electric vehicles on traditional transmission markets, which may limit long-term demand growth [10]. - High-quality requirements for DCT fluids lead to substantial R&D and certification costs, posing barriers for new entrants [10]. Industry Development Insights - The increasing awareness of vehicle maintenance and the growing automotive ownership in emerging markets like Asia-Pacific are expected to drive stable growth in the aftermarket for dual-clutch transmission fluid [11].

Core Insights - Mobil 1 participated in the Shanghai Xintiandi Car Festival starting September 29, 2025, showcasing its brand image that merges classic automotive culture with modern technology [1] - The main exhibit featured a classic car with the iconic "Red Pegasus" paint, aligning with the festival's theme of "Classic and Future" [1] - Mobil 1 set up interactive experiences to create a platform for automotive culture enthusiasts, extending its technical communication concept from "track to road" [1] Product Development - Mobil 1 has completed technical upgrades to meet the new ILSAC GF-7 and API SQ oil standards set to be implemented in 2025 [1] - The upgraded products maintain high performance while improving piston cleanliness, fuel economy, prevention of low-speed pre-ignition, and wear protection, successfully challenging a 25,000-kilometer oil change interval [1] Marketing Strategy - The brand not only showcased automotive culture during the Golden Week holiday but also collaborated with OCR to create a multi-dimensional scene that integrates display, experience, and consumption [1] - Mobil 1 provided a platform for car owners and consumers to express individuality and seek resonance within automotive culture [1]

Group 1 - The company has a subsidiary, Shandong Ourun Oil Products Co., Ltd., that sells lubricating oil [2] - The sales volume of lubricating oil for the current year has seen a slight increase compared to the previous year [2]

Core Viewpoint - BP's subsidiary Castrol is betting on the Chinese liquid cooling server market by launching an end-to-end liquid cooling solution aimed at enhancing the efficiency of data centers in China [1][4]. Group 1: Market Trends - The data center industry is facing significant energy consumption challenges, particularly with the rise of AI applications, leading to increased power demands from high-end GPU/AI chips, which have surged from approximately 500-700W to levels of 1000W and even 2000W [1][3]. - The power density of server cabinets has exceeded 50kW, with leading AI cabinets commonly reaching over 100kW, making liquid cooling the only viable solution for effective heat management beyond this threshold [1][3]. - The Chinese data center market is rapidly transitioning to liquid cooling, with IDC forecasting a market size of $2.37 billion in 2024, representing a 67% increase from 2023 [7]. Group 2: Technical Insights - Liquid cooling technology is seen as a major upgrade for data centers, addressing the need for improved energy efficiency and lower operational energy consumption, with PUE (Power Usage Effectiveness) being a critical metric [5][6]. - The cooling liquid is a unique medium that interacts with all components of the data center infrastructure, necessitating in-depth research and understanding of its properties, including material compatibility and lifecycle changes [4][6]. - Castrol emphasizes an end-to-end solution that integrates the entire system, addressing the complexities of liquid cooling deployment, operation, and retirement while ensuring compatibility with existing equipment [4][6]. Group 3: Financial Considerations - The cost structure of liquid cooling can be divided into CAPEX (capital expenditures) and OPEX (operational expenditures), with CAPEX covering design, hardware, and deployment, while OPEX benefits from reduced energy and maintenance costs due to improved efficiency [6]. - The company is investing heavily in compatibility testing for various chip and server types to ensure confidence among clients and facilitate the adoption of liquid cooling solutions [6]. Group 4: Strategic Importance of China - China is identified as a key strategic market for Castrol due to its competitive supply chain and partnerships with local firms like Inspur and Yixin Technology [7]. - The liquid cooling server market in China is projected to grow at a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, with the market size expected to reach $16.2 billion by 2029 [7].

Core Viewpoint - The CEO of Unification, Li Jia, emphasized that ESG and low-carbon strategies are integral to business growth, showcasing the company's successful transition to low-carbon operations over five years, which has become a new growth driver for the enterprise [2][3]. Group 1: Low-Carbon Strategy Implementation - Unification initiated its low-carbon strategy in 2018, facing challenges such as high initial investment and low customer acceptance, but has since developed a comprehensive low-carbon system covering product development, supply chain, and corporate culture [2][3]. - The company adopted a "0 green premium" strategy, utilizing the 4R1D method (Reduce, Reuse, Recycle, Biodegradable) to enhance product performance while minimizing carbon footprint, including a 70% reduction in plastic usage through innovative packaging [2][4]. - Unification achieved a reduction of 10.2 million tons of carbon emissions in 2024, equivalent to planting 4.64 million trees, and received an AAA ESG rating from Wind, ranking first in the industry [5][7]. Group 2: Environmental Certifications and Innovations - Unification became one of the first companies in China to obtain both ISO 14064 and ISO 14067 certifications, ensuring compliance with environmental standards across all facilities [4]. - The company implemented waste oil re-refining technology, significantly reducing resource consumption and greenhouse gas emissions compared to traditional oil production methods [5]. - Unification's innovative packaging design for its Titanium Energy series significantly decreased plastic usage, promoting ecological awareness among consumers [5]. Group 3: Stakeholder Engagement and Community Building - The company redefined its mission to win the favor of customers, government, shareholders, suppliers, and employees, emphasizing the importance of a collaborative approach to achieving carbon neutrality across the supply chain [6]. - Unification established a "Low-Carbon Supply Chain Alliance" to promote collaborative carbon reduction efforts and engaged employees in low-carbon practices through various initiatives [6][8]. - The integration of ESG principles into corporate governance and employee engagement activities has enhanced the company's reputation and stakeholder support [7][8].

Group 1: Industrial Economic Growth in Jining - Jining's industrial economy has maintained a strong momentum in 2025, with double-digit growth rates since the beginning of the year, laying a solid foundation for the annual goal of "steady progress and quality improvement" [1] - The strategy of "one trillion, five-fold increase" and the implementation of the "chain leader system" have been pivotal in driving the development of the "232" advantageous industrial clusters [1] Group 2: Enterprise Development and Innovation - The emergence of specialized, innovative, and champion enterprises in Jining is crucial for industrial transformation, with companies like Haoke Technology and Yuangen Petrochemical leading the way [2][3] - Haoke Technology has developed a polymer material that replaces steel in coal mines, achieving a 65% market share in its field and becoming the global second and domestic first in the polymer material sector [3] - Yuangen Petrochemical, recognized as a "low-key giant" in the lubricants industry, has expanded its product applications across various sectors, including aerospace and heavy shipping [3] Group 3: Policy Support and Enterprise Growth - Jining has established a gradient cultivation mechanism for specialized and champion enterprises, resulting in 321 new innovative small and medium-sized enterprises recognized this year, ranking third in Shandong province [4] - The "chain leader system" has been implemented to enhance industrial chain collaboration, with companies like Shandong Zhongke Siyi Intelligent Technology achieving a 60% revenue growth in the first quarter [5][8] Group 4: Data-Driven Industrial Performance - From January to July, the industrial added value of 15 key industrial chains in Jining increased by 8.2%, with 12 chains, including new energy and information technology, exceeding the city average [8] - Jining has conducted 282 activities related to industrial chain cooperation, resulting in 561 cooperation intentions and 140 signed agreements, amounting to a total cooperation value of 3.119 billion [8] Group 5: Infrastructure and Digital Transformation - Jining has built 974 5G base stations this year and is promoting digital transformation in industrial enterprises, with 130 companies aiming for provincial-level recognition as "Morning Star Factories" [11] - The city is focusing on a multi-faceted approach to enhance industrial quality and efficiency, transitioning from stable growth to rapid expansion [11]

Core Viewpoint - Yanzhou Coal Mining Company Limited proposes to spin off its subsidiary, Kason Technology, for listing on the National Equities Exchange and Quotations, focusing on the development, production, and sales of industrial lubricants and greases [1] Financial Summary - As of June 30, 2025, Kason Technology has total assets of 3.555 billion yuan, total liabilities of 1.492 billion yuan, and net assets of 2.063 billion yuan [1] - For the first half of 2025, Kason Technology reported revenue of 1.535 billion yuan and a net profit of 43.5512 million yuan [1] Corporate Structure - After the proposed spin-off, Kason Technology will continue to be a controlled subsidiary of Yanzhou Coal Mining Company Limited [1]