Financial Data and Key Metrics Changes - The company reported a challenging start to the year, with Q1 results not indicative of stronger underlying performance, masking at least $10 million of greater earnings power [7][8] - Overall plant operations have improved sequentially, contributing favorably moving forward [9] - Free cash flow guidance for the year has been reaffirmed despite lower EBITDA guidance [30][41] Business Line Data and Key Metrics Changes - Rubber segment volumes improved by 2.5% year over year and 13% sequentially, benefiting from contractual mandates and operational improvements in China [33] - Specialty segment volumes improved 3% sequentially but declined 2% year over year, with demand characterized as choppy [36] Market Data and Key Metrics Changes - U.S. tire production was down low double-digit percentages in the first two months of the quarter, remaining dramatically below pre-COVID levels [10] - The company expects a demand inflection starting in the second half of 2025 as tire imports are anticipated to slow [16][20] Company Strategy and Development Direction - The company is taking protective measures to manage costs and bolster free cash flow in light of potential economic recession [7] - The ongoing shift in global trade policies is expected to benefit the carbon black industry and the company specifically [12][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the increased likelihood of an economic recession but does not see a pronounced weakening in order books at this time [7] - The company is optimistic about the structural benefits from the changing trade paradigm, which should positively affect demand for manufacturing in the U.S. and Europe [14][41] Other Important Information - The company has reduced its 2025 CapEx spending expectations by $10 million, down to $150 million [30] - The company has initiated programs to improve cash flow conversion, expecting working capital to be a source of cash in 2025 [30] Q&A Session Summary Question: Impact of outages in Q1 - Management indicated that the $13 million impact from outages was primarily contained in Q1, with some costs related to fixed cost absorption and timing [46][48] Question: Expectations for Q2 earnings - Management expects a step-up in earnings in Q2, despite a negative inventory adjustment due to lower oil prices [50][54] Question: Timing of tariff benefits - Management anticipates seeing benefits from tariffs in the second half of 2025, as tire companies are expected to shift capacity to the U.S. [61][66] Question: Specialty Black business inventory drawdown - Management noted that while there is some cautiousness from distributors, demand remains choppy, with no clear trends yet [66]

炭黑工厂的生产过程包括碳黑原料的选择和预处理、炭黑的制备和后处理。碳黑原料主要来自于石油产品的炭化和残余碳的焦化。在选择原料时，工厂会考 虑原料的质量、成本和可持续性等因素。随后，通过炭化、煤气化、电弧放电等方法，将原料转化为炭黑颗粒。制备过程中，需要控制炭黑的大小、表面活 性和结构，以满足不同行业的需求。通过研磨、表面改性和筛分等后处理方法，对炭黑产品进行提纯和细分。这些过程中，炭黑工厂注重生产的绿色和环 保，采取了一系列的技术手段和措施来减少能源消耗、废弃物产生和环境污染。 中国炭黑工厂，作为全球最大的炭黑生产国家，拥有庞大的炭黑工业体系，为国内外市场提供大量的优质产品。炭黑是一种由碳元素制成的细小颗粒状固态 物质，是一种重要的工业原料及添加剂，具有广泛的应用领域和潜在价值。同时，炭黑工厂在追求经济效益的同时，也努力实现资源的可持续利用和环境的 保护，为促进炭黑行业的可持续发展做出了积极贡献。 作为炭黑的主要生产国家，中国的炭黑工厂数量庞大，分布于全国各地。其生产销售覆盖了全球市场，并保持着较高的出口量。炭黑工厂通常位于能源资源 丰富、交通便利的地区，以确保原材料的供应和产品的运输效率。工厂的规模和生产能 ...

炭黑出口面临着一些挑战。首先是国际市场上的竞争压力。全球范围内炭黑市场竞争激烈，德国、美国、日本等国家的炭黑企业在技术、质量和品牌方面具 有一定优势。国际原材料价格的波动也对炭黑出口造成一定影响，原材料价格上涨会增加炭黑生产成本，降低产品竞争力。环境保护和可持续发展对炭黑行 业提出了更高的要求，特别是在一些发达国家，对产品环保性能的要求越来越严格。 炭黑是一种由煤炭、天然气或石油等燃料进行裂解或部分燃烧所得的固体产物。其微米级颗粒结构具有大比表面积、高吸附能力以及良好的增强效果，使其 成为许多工业领域的重要材料。截至目前，炭黑主要用于橡胶工业，用以增强橡胶制品的硬度、耐磨性、耐候性和机械强度。而随着科技的进步和行业的发 展，炭黑的应用范围不断扩大，已广泛用于塑料、电器、油墨、涂料、印刷品以及高性能材料等领域。特别是在可持续发展和环保方面，炭黑由于具有再生 和回收利用的特性，越来越受到关注。 中国作为全球最大的炭黑生产国，拥有丰富的煤炭和石油资源，形成了完善的炭黑产业链。根据国家统计局数据，截至2019年底，中国年炭黑产能超过500 万吨，占全球总产能的40%以上。同时，中国的炭黑产业也在不断优化结构和提升技术 ...

当前，炭黑作为一种重要的工业原料，在各个行业中都占据着重要的地位。而其中，在炭黑种类中，被广泛应用的N326炭黑备受瞩目。本文将就N326炭黑 价格以及中国炭黑行业的发展，进行详细分析和探讨。 N326炭黑是一种颗粒粗细分布较为均匀的油炭黑。其在橡胶、塑料等行业中具有广泛的应用前景。由于其结构特殊，N326炭黑可以为橡胶制品提供良好的 增强性能，同时具备良好的耐磨损性和导电性，因此被广泛用于轮胎、输送带、密封条等橡胶制品中。而在塑料行业中，N326炭黑常作为增黑剂使用，能 够提高塑料制品的抗紫外线能力、耐候性和导电性能。 炭黑的价格一直是行业关注的热点之一。目前，N326炭黑的价格相对较为稳定。一方面，炭黑生产的原料主要是石油、沥青和天然气等，而这些原材料的 价格波动对于炭黑价格的影响较小。另一方面，中国炭黑产能增加，市场竞争加剧，供应稳定，也有效地控制了N326炭黑价格的波动。 进一步分析中国炭黑行业的发展，我们可以看到中国炭黑行业正迎来新的发展机遇。随着国内经济的快速发展，橡胶、塑料等行业的需求不断增加，对炭黑 的需求也呈现出稳定增长的态势。尤其是随着新能源汽车、轮胎轮胎再生橡胶等行业的兴起，对炭黑的需求 ...

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].

分析师工具显示：证券研究员普遍预期2025年业绩在2.7亿元，每股收益均值在0.36元。 证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为1.83%，近年资本回报率不强。公司 业绩具有周期性。去年的净利率为0.21%，算上全部成本后，公司产品或服务的附加值不高。融资分 红：公司上市19年以来，累计融资总额19.95亿元，累计分红总额7.53亿元，分红融资比为0.38。商业模 式：公司业绩主要依靠研发、营销及资本开支驱动，还需重点关注公司资本开支项目是否划算以及资本 支出是否刚性面临资金压力。需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示：建议关注公司现金流状况(货币资金/总资产仅为3.93%、货币资金/流动负债仅为 9.84%、近3年经营性现金流均值/流动负债仅为2.99%)建议关注公司债务状况(有息资产负债率已达 44.06%、有息负债总额/近3年经营性现金流均值已达36.91%)建议关注财务费用状况(财务费用/近3年经 营性现金流均值已达78.91%)建议关注公司应收账款状况(应收账款/利润已达7604.76%) 据证券之星公开数据整理，近期黑猫股份(002068)发布2025年一 ...

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 | ...