Economic Performance - Fushun's GDP grew by 7.3% year-on-year in Q1, ranking first in Liaoning province and achieving the best position in 10 years [1] - From January to May, the industrial added value of Fushun increased by 11.9%, surpassing the provincial average of 8.5% [1] Project Development - The ethylene production capacity enhancement project at Fushun Petrochemical Company has 5,000 workers involved and is 25.3% complete, expected to be fully operational by 2026 [4][7] - A total of 354 projects were resumed or started from January to May, marking a 4.7% increase year-on-year [5] Industrial Upgrading - Fushun's steel industry is advancing with the establishment of 476 intelligent application systems and 1,467 monitoring points, achieving full-process digital control [6] - The high-alloy small bar production line at Fushun Special Steel Co., with an investment exceeding 500 million yuan, is set to begin trial production in 2024 [8] Innovation and Technology - Orange (Liaoning) Material Technology Co., focusing on flexible polymer solar cells, is collaborating with leading domestic manufacturers to develop a production line [9] - Fushun has 95 "Eagle" enterprises, 181 national high-tech enterprises, and 691 technology-based SMEs, indicating a robust innovation ecosystem [9] Business Environment - The propylene amide polymer project by Fushun Meirui Petrochemical Co. is nearing completion, with an expected annual revenue of 1.25 billion yuan and tax contributions of 42.15 million yuan [10] - Fushun has resolved 589 issues affecting business development through targeted measures, assisting companies with 870 million yuan in funding [10][13] Market Dynamics - Fushun has 179,655 market entities, a year-on-year increase of 3.55%, with private enterprises totaling 171,807, up 3.71% [14]

Summary of Key Points Core Viewpoint The announcement details the successful achievement of the first vesting conditions for the 2024 Restricted Stock Incentive Plan of Shanghai Zhaomin New Materials Technology Co., Ltd, allowing 56 eligible participants to vest a total of 482,000 shares of restricted stock. Group 1: Incentive Plan Overview - The 2024 Restricted Stock Incentive Plan was approved by the board on July 22, 2025, and includes middle management and key technical personnel [1][2] - A total of 56 eligible participants will vest 482,000 shares, with the vesting conditions successfully met [1][18] - The plan specifies that no individual can receive more than 1% of the total shares, and the total shares involved cannot exceed 20% of the company's total equity [1][2] Group 2: Vesting Conditions and Arrangements - The vesting period for the first grant is from July 18, 2025, to July 17, 2026, with a vesting ratio of 40% for the first year, 30% for the second, and 30% for the third [3][18] - The plan includes performance assessment criteria based on net profit growth, with specific targets set for the years 2024 to 2026 [20][21] - The performance targets are based on the previous year's net profit, with specific growth rates required to trigger vesting [20][21] Group 3: Approval and Compliance - The plan has undergone necessary approvals, including from the board and supervisory committee, ensuring compliance with relevant laws and regulations [13][24] - Legal opinions confirm that the vesting conditions have been met and the plan adheres to applicable laws [24][25] - The company will manage the vesting process in accordance with the established guidelines and ensure that all conditions are satisfied before shares are vested [4][22]

一座因油而建、因油而兴的石化城市，该如何推进化工新材料产业发展？近日，笔者从河南省濮阳市科 技局找到了答案：该市坚持以科技创新为引领，持续完善"平台建设+技术攻关+企业培育+成果转化"全 过程创新生态链，加快在新材料产业培育和发展新质生产力。 据濮阳市科技局负责人介绍，该市以高能级创新平台建设为引领，围绕聚碳新材料、高端聚烯烃等重点 产业链，加快布局多层次、多领域的创新平台。近三年，濮阳市新材料领域新增省市级重点实验室2 家、中试基地5家、工程技术研究中心50家，创新平台总数达180家。 围绕省级科技计划项目政策导向、支持领域，濮阳市成功争取省级科技项目6个，获经费支持1120万 元，攻克技术难题2项。其中，欧亚化工合成香料微反应技术与智能装备研发及产业化项目，采用的微 通道反应器实现连续硝化合成酮麝香的工艺为国内首次使用；蔚林新材料微化工合成促进剂2-巯基苯并 噻唑产业化新工艺开发项目，采用的万吨级橡胶促进剂MBT、MBTS微化工连续流生产技术达国际领先 水平。 近三年，该市立项省产业研发联合基金项目69项，获经费支持10682万元，攻克技术难题21项。其中， 君恒生物凭借废弃油脂制备生物柴油和生物航煤技术 ...

Core Viewpoint - The new materials industry is experiencing strong price performance in sectors such as polysilicon, biodiesel, and refrigerants, driven by demand from emerging technology industries [1] Group 1: Price Performance - Polysilicon benchmark spot price reached 43,585 yuan/ton, with a weekly increase of 6.21% [1] - Refrigerant R32 price is at 54,000 yuan/ton, with a weekly increase of 0.93% [1] - Biodiesel price rebounded to 8,183 yuan/ton, with a weekly increase of 1.02% [1] Group 2: Demand Growth - High-performance fibers and lightweight materials are benefiting from the development of robotics and low-altitude economy, with significant demand growth for carbon fiber, UHMWPE, and PEEK materials [1] - UHMWPE is widely used in aerospace applications, while PEEK is preferred for humanoid robot weight reduction due to its mechanical strength and high-temperature resistance [1] Group 3: Market Trends - The trend of domestic production of electronic chemicals is accelerating, leading to continuous expansion of the materials market [1] - In photovoltaic materials, EVA prices have stabilized, and the domestic production process of POE is advancing [1] Group 4: Investment Opportunities - The New Materials 60 ETF (159761) tracks the New Materials Index (H30597), which selects listed companies involved in advanced steel materials, new inorganic non-metallic materials, high-performance fibers, and composite materials [1] - The index focuses on high-tech and industrial upgrading directions, showcasing strong innovation and growth potential [1]

Core Insights - The successful trial production of Dongyue Chemical's 200,000 tons/year mixed waste plastic resource utilization project has garnered significant attention in the global waste plastic recycling industry, marking it as a pioneering initiative [1][2] Group 1: Project Overview - The project has a substantial scale, processing 200,000 tons of waste plastic annually, and establishes a green chemical industry chain from "waste plastic → recycled chemical raw materials → recycled high-end materials," which is claimed to be the world's first and can be replicated [2] - The project utilizes a "one-step" deep catalytic cracking technology (CPDCC), which converts waste plastics directly into cracking gas, liquefied gas, and light oil, significantly improving yield compared to traditional two-step methods [2] Group 2: Industry Trends - High polymer recycling has become a leading trend in the chemical industry, with major companies in China, including Sinopec, Wanhua Chemical, and others, actively investing in this area [2] - Internationally, Japanese chemical giants are also making significant moves in high polymer recycling, indicating a global shift towards sustainable chemical raw materials [3][4] Group 3: Japanese Chemical Companies' Initiatives - Mitsubishi Chemical has completed a waste plastic chemical recycling facility in Japan with an annual capacity of 20,000 tons, utilizing supercritical water chemical recycling technology [4] - Ube Industries is collaborating with amu Inc. to recover nylon fibers from discarded fishing nets, focusing on sustainable products [5] - Toray Industries has formed the BlueRebirth Committee with several partners to enhance the recycling of materials from end-of-life vehicles [6] Group 4: Technological Developments - The majority of Japanese chemical companies are focusing on chemical recycling technologies, primarily pyrolysis and depolymerization, tailored to their product lines [11] - The supercritical water pyrolysis method employed by Mitsubishi Chemical is noted for its high efficiency and lower carbon emissions compared to traditional pyrolysis methods [12]

Core Viewpoint - Anqing City is leveraging its unique geographical advantages and implementing a dual-driven model to promote industrial upgrades and develop a modern industrial system focused on innovation and cluster development [1][16]. Industry Overview - New Quality Productive Forces (新质生产力) emphasizes innovation as the main driving force, characterized by high technology, efficiency, and quality, aligning with new development concepts [2][3]. - The focus is on advanced productive forces that drive high-quality economic development and support the construction of a modern industrial system [3]. Economic Performance - Anqing's GDP is projected to exceed 315.6 billion yuan in 2024, with a year-on-year growth of 6%, driven by a robust secondary industry growth rate of 7.3% [4][5]. - In the first quarter of 2025, the GDP reached 78.89 billion yuan, marking a 6.3% increase year-on-year, indicating a stable economic performance [5]. Industrial Development - Anqing is constructing a "2+N" modern industrial system, focusing on the automotive and chemical new materials industries, which are expected to lead the industrial transformation [7][16]. - The industrial output value of the automotive and chemical new materials sectors is projected to grow by 17.1% and 17.4% respectively, contributing significantly to overall industrial growth [7]. Innovation and Technology - Anqing has seen a 31% increase in technology loans and a 37% surge in high-value invention patents, indicating a strong focus on innovation [9]. - The number of strategic emerging enterprises has expanded to 615, with over 800 high-tech companies, reflecting a growing innovation ecosystem [9]. Policy Background - The concept of New Quality Productive Forces has been integrated into government work reports, guiding economic transformation and industrial upgrades [11]. - Anqing has introduced several policies to enhance industrial land efficiency and promote innovation-driven development [11][13]. Industrial Space Layout - Anqing's industrial layout is designed to support the development of the Yangtze River Economic Belt, focusing on a dual-core strategy with the main urban area and Huaining as the secondary center [20]. - The city is prioritizing the development of industrial clusters and promoting the integration of production and urban development [20]. Key Enterprises - The automotive sector includes major players like Anhui Huanxin Group and Zhenyi Automobile, with revenues expected to exceed 118 billion yuan in 2024 [23]. - The chemical new materials industry, supported by a large petrochemical base, is projected to generate 106 billion yuan in output value [23]. Future Trends - Anqing is accelerating the transition to high-end and intelligent production, particularly in the automotive and chemical sectors [26][27]. - Emerging industries such as life sciences, advanced photovoltaics, and commercial aerospace are rapidly developing, becoming new economic growth points [28]. - The city is enhancing its innovation ecosystem and talent cultivation, aiming to attract high-level talent and foster technological advancements [29].

Core Viewpoint - The successful trial production of Dongyue Chemical's 200,000 tons/year mixed waste plastic resource utilization project has garnered significant attention in the global waste plastic recycling industry, marking a notable advancement in the green chemical industry chain from waste plastic to high-end materials [1][2]. Group 1: Project Significance - The project has a large scale, processing 200,000 tons of waste plastic annually, establishing a replicable and innovative green chemical industry chain [2]. - The project utilizes a "one-step" deep catalytic cracking technology (CPDCC), significantly improving yield compared to traditional two-step methods [2]. Group 2: Industry Trends - High polymer recycling has become a leading trend in the chemical industry, with major companies in China, such as Sinopec and Wanhua Chemical, actively investing in this area [3][4]. - Internationally, Japanese chemical giants are also focusing on high polymer recycling, with significant investments in bio-based chemicals and materials [5][6]. Group 3: International Developments - Mitsubishi Chemical has completed a waste plastic chemical recycling facility in Japan, with an annual capacity of 20,000 tons, utilizing supercritical water chemical recycling technology [6]. - Other Japanese companies, such as Ube and Toray, are also making strides in recycling initiatives, including the recovery of nylon fibers from discarded fishing nets and the establishment of a committee for efficient dismantling of end-of-life vehicles [8][10]. Group 4: Technological Innovations - The article highlights the advancements in chemical recycling technologies, particularly the supercritical water thermal cracking method, which is noted for its high efficiency and lower carbon emissions compared to traditional pyrolysis methods [19]. - Major global players, including BASF and ExxonMobil, are also involved in high polymer recycling, indicating a broad industry shift towards sustainable practices [20].

Core Points - The company has approved a differentiated dividend distribution plan, proposing a cash dividend of 0.2002 CNY per share (including tax) [1][2][3] - The total number of shares eligible for the dividend distribution is 80,235,886 shares after excluding shares in the company's repurchase account [3][4] - The total cash dividend to be distributed amounts to 16,063,224.38 CNY (including tax) [3] Dividend Distribution Details - The dividend distribution plan was approved at the 2024 annual shareholders' meeting held on June 17, 2025 [1][2] - The cash dividend will be distributed to all shareholders registered by the end of the trading day on the equity registration date [1][2] - The company has increased the number of shares in the repurchase account from 391,455 to 460,567, leading to an adjustment in the per-share dividend from 0.20 CNY to 0.2002 CNY [3][4] Tax Implications - For individual shareholders holding shares for more than one year, the dividend income is exempt from personal income tax, resulting in a net cash dividend of 0.2002 CNY per share [6][7] - For shares held for one year or less, the tax will be calculated upon the transfer of shares, with a potential tax burden of 20% for shares held for one month or less [6][7] - For corporate shareholders, the company will not withhold corporate income tax, and the actual cash dividend distributed will be 0.2002 CNY per share before tax [8]

Core Viewpoint - The new materials industry is a rapidly growing sector with significant potential, driven by advancements in technology and increasing demand across various applications, including semiconductors, displays, and renewable energy [2][16]. Semiconductor Industry - The global semiconductor market reached $595 billion in 2021, with a projected growth to $790 billion by 2026, reflecting a compound annual growth rate (CAGR) of 6% [4][21]. - China's semiconductor materials market was valued at $119 billion in 2021, growing by 22.2% year-on-year, indicating a significant increase in domestic demand [36][41]. - The semiconductor materials market is characterized by high import dependency, particularly for critical materials like electronic gases and photoresists, presenting substantial opportunities for domestic production [5][41]. Display Materials - The global OLED materials market is expected to grow from approximately $900 million in 2019 to about $2.6 billion by 2024, with a CAGR of 23.6% [6]. - Key players in the display materials sector include Wanrun and Ruile New Materials, which are leading suppliers of LCD and OLED materials [6][20]. New Energy Materials - The new energy sector is experiencing rapid growth, with significant opportunities in battery materials such as composite copper foil, conductive carbon black, and sodium-ion battery materials [8][20]. - The market for photovoltaic materials, including reflective films and adhesives, is also expanding, driven by increasing demand for solar energy solutions [8][20]. Environmental Materials - Traditional chemical applications are witnessing upgrades and replacement opportunities, particularly in areas like molecular sieves and lubricating oil additives, where domestic companies are beginning to gain market share [10][11][19]. Policy and Market Dynamics - The Chinese government is emphasizing material self-sufficiency and has implemented policies to support the development of the new materials industry, particularly in response to international trade tensions [16][19]. - The market outlook for new materials remains positive, with projections indicating that China's new materials industry could reach a total output value of 10 trillion yuan by 2025 [2][15].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][7]. Core Views - The company is enhancing its integrated industrial chain in the large chemical sector, which is expected to boost future profitability through various strategic projects [2]. - In the health sector, the company is focusing on collagen products and expanding its hollow capsule production capacity, anticipating significant growth in performance [3]. - The overall performance is projected to enter a growth phase, with expected net profits of 742 million, 947 million, and 1,095 million yuan for the years 2025, 2026, and 2027 respectively [3]. Summary by Relevant Sections Large Chemical Sector - The company is extending its upstream industrial chain in chemical new materials, with projects such as a 1 million tons/year polystyrene project and a 200,000 tons/year high-performance polyolefin elastomer project [2]. - The focus is on achieving cost advantages through scale effects and enhancing the complete industrial chain from monomers to end products [2]. Health Sector - The company holds a leading position in the collagen field through its subsidiary Dongbao Biological, which has an annual production capacity of 13,500 tons of gelatin [3]. - The hollow capsule production capacity is set to expand significantly, with a projected output of nearly 70 billion capsules annually, positioning the company as a major player in this market [3]. Financial Projections - Revenue is expected to grow from 19,220 million yuan in 2024 to 28,646 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 14.23% [5]. - The net profit is projected to increase from 676 million yuan in 2024 to 1,095 million yuan in 2027, indicating a strong growth trajectory [5]. - The report estimates a price-to-earnings (P/E) ratio of 12.57X for 2025, decreasing to 8.52X by 2027, suggesting improving valuation metrics [5].