Fundraising Overview - The company has received approval from the China Securities Regulatory Commission for its initial public offering, allowing it to issue 87,448,560 shares at a price of RMB 46.50 per share, raising a total of RMB 4,066,358,040, with a net amount of RMB 3,932,680,740 after deducting issuance costs [2][3] Fund Management and Supervision - The company has established a special account for the storage and use of the raised funds, and has signed a tripartite supervision agreement with the sponsor and relevant banks to ensure proper management of the funds [3][4] - The special accounts have been opened at various banks, including China Bank and Agricultural Bank of China, for specific projects such as high-performance tires and production line upgrades [3][4] Tripartite Supervision Agreement - The agreement stipulates that the special account is exclusively for the storage and use of the raised funds, and any withdrawals exceeding RMB 50 million or 20% of the net amount must be reported to the sponsor [5][6] - The sponsor is responsible for supervising the use of the funds and must conduct at least biannual inspections of the fund's storage and usage [5][6] - The agreement includes provisions for penalties in case of non-compliance, allowing for termination of the agreement if the bank fails to provide timely account statements [7][8] Additional Provisions - Specific agreements with banks include restrictions on fund transfers and stipulations for compliance with local laws, particularly for the accounts opened in Thailand [8][9] - The agreement is effective upon signing and remains in force until all funds are utilized and the account is closed [10]

Group 1 - The company has received approval from the China Securities Regulatory Commission for its initial public offering, raising a total of RMB 4,066,358,040 after deducting issuance costs [1] - The net proceeds from the public offering will be fully allocated to the investment projects as disclosed in the prospectus, with the possibility of adjusting the amounts based on actual needs [2] - The company plans to adjust the investment amounts for certain projects without changing the overall purpose of the funds, with the shortfall to be covered by its own funds [2] Group 2 - The total investment amount for the projects was initially set at RMB 691,553,370, with adjustments leading to a new total of RMB 485,000,000 and RMB 393,268,070 for specific projects [2] - The adjustments are based on the company's actual fundraising situation and strategic business needs, ensuring no adverse impact on the use of funds or shareholder interests [2][3] - Both the board of directors and the supervisory board have approved the adjustments, confirming compliance with relevant regulations and ensuring no harm to the interests of shareholders [3]

Group 1 - The company held its second supervisory board meeting on June 20, 2025, with all three supervisors present, ensuring the meeting's legality and validity [1] - The supervisory board approved adjustments to the proposed investment amount for fundraising projects based on actual fundraising conditions and business strategy, confirming compliance with relevant regulations [1][2] - The board's decision to use raised funds to replace pre-invested project funds and paid issuance expenses was deemed compliant with regulatory rules, ensuring no harm to the company's or shareholders' interests [2] Group 2 - The supervisory board agreed to use idle raised funds and self-owned funds for cash management, aiming to enhance fund utilization efficiency and generate investment returns for the company and shareholders [2][3] - The board approved the use of raised funds to increase capital and provide loans to wholly-owned subsidiaries for project implementation, aligning with the company's long-term planning and development needs [3]

赛轮轮胎（601058）公告，2025年4月11日至2025年6月20日，公司实际控制人袁仲雪之一致行动人瑞元 鼎实因集中竞价交易方式增持3282.15万股公司股份，持有公司股份比例从24.00%变动至25.00%，权益 变动触及1%刻度。2024年11月25日至2025年6月20日，瑞元鼎实增持9296.23万股，持股比例从12.79% 变动至15.62%，权益变动触及5%刻度。本次权益变动未导致公司控股股东、实际控制人及第一大股东 发生变化。 ...

Core Viewpoint - Ningbo Aikem New Materials Co., Ltd. (referred to as "Aikem") has submitted its prospectus for an IPO on the Beijing Stock Exchange, aiming to raise 362 million yuan for projects including the construction of a 20,000-ton high-performance rubber additive production facility and a research and development center. Despite rapid revenue and profit growth, Aikem faces challenges related to high accounts receivable and overlapping transactions with suppliers and customers, particularly concerning its trade sales model [1][2]. Group 1: Financial Performance - Aikem's main business involves the research, production, and sales of pre-dispersed rubber additives, which account for approximately 85% of total revenue. The company achieved revenues of 375 million yuan, 429 million yuan, and 516 million yuan for the years 2022 to 2024, representing year-on-year growth rates of 14.58% and 20.28% for 2023 and 2024, respectively. Net profits for the same years were 40 million yuan, 69 million yuan, and 84 million yuan, with growth rates of 72.99% and 21.98% for 2023 and 2024, respectively [2][3]. Group 2: Accounts Receivable Issues - Aikem's accounts receivable have been increasing significantly, with year-end values of 87.46 million yuan, 102.54 million yuan, and 136.85 million yuan from 2022 to 2024. The proportion of accounts receivable, notes receivable, and financing receivables to total assets was 35.12%, 35%, and 36.59% for the same years [2][3]. Group 3: Credit Policies - The company has varying credit policies for different major customers, with some clients receiving more lenient terms. For instance, the first major customer, Haida Co., has a credit period of 90 days, while others have periods of 60 or 30 days. This leniency contributes to the high accounts receivable, as seen with Haida Co., which had an accounts receivable balance of 17.76 million yuan against a transaction amount of 26.48 million yuan in 2024 [3][4]. Group 4: Overlapping Transactions - Aikem has reported significant overlapping transactions with its major customers and suppliers, with sales to overlapping customers amounting to 35.56 million yuan and 48.48 million yuan in 2022 and 2023, respectively, representing 9.49% and 11.29% of total revenue. The procurement from these overlapping suppliers was 61.01 million yuan and 70.24 million yuan, accounting for 22.68% and 24.06% of total raw material purchases [4][5]. Group 5: Trade Sales Model Concerns - Aikem's trade sales model raises questions about the independence of its business operations. The company categorizes trade customers as direct sales clients due to buyout agreements, but many of these trade customers function more like agents. In 2022-2024, sales to trade customers accounted for over 40% of main business revenue, with concerns about the legitimacy of these transactions [7][8]. Group 6: Inventory and Sales Authenticity - Concerns have been raised regarding the authenticity of sales to certain foreign trade customers, particularly due to high inventory levels. For example, the Polish trade customer KONIMPEX had a significant increase in sales from Aikem, yet maintained high inventory levels, leading to questions about the validity of these transactions. Aikem's foreign sales revenue for 2023 was 83.06 million yuan, with a confirmation rate of 83.23% from external audits [10][11].

光大期货能化商品日报 光大期货能化商品日报（2025 年 6 月 20 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周四油价重心继续上移，其中 WTI 7 月原油即期合约因六月节假 | | | | 期休市。布伦特 8 月合约收盘上涨 2.15 美元至 78.85 美元/桶，涨 | | | | 幅 2.80%。SC2508 以 574.5 元/桶收盘，上涨 15.5 元/桶，涨幅为 | | | | 2.77%。知情人士称，美国总统特朗普已告诉他的高级助手，称他 | | | | 已批准了对伊朗的攻击计划，但暂不下达最终命令，以观察伊朗 | | | | 是否会放弃其核计划。美国高级官员正在为未来几天对伊朗发动 | | | | 袭击的可能性做准备。伊朗副外长加里布阿巴迪警告美国不要为 | | | | 了支持以色列而介入以方与伊朗的冲突。加里布阿巴迪表示，如 | | | 原油 | 果美国执意介入，伊朗将作出回应。花旗银行表示，如果伊朗以 | 震荡 | | | 色列冲突升级，导致伊朗 110 万桶/日的石油出口中断，以 5 月的 | | | | 出口水平为基准，可 ...

化工日报 | 2025-06-20 下游轮胎开工率环比回升 市场要闻与数据 期货方面，昨日收盘RU主力合约14030元/吨，较前一日变动+20元/吨。NR主力合约12280元/吨，较前一日变动-50 元/吨。现货方面，云南产全乳胶上海市场价格14000元/吨，较前一日变动+0元/吨。青岛保税区泰混13880元/吨， 较前一日变动+30元/吨。青岛保税区泰国20号标胶1715美元/吨，较前一日变动-10美元/吨。青岛保税区印尼20号标 胶1655美元/吨，较前一日变动-10美元/吨。中石油齐鲁石化BR9000出厂价格12000元/吨，较前一日变动+0元/吨。 浙江传化BR9000市场价11650元/吨，较前一日变动+0元/吨。 近期市场资讯：据国家统计局最新公布的数据显示，2025年5月中国橡胶轮胎外胎产量为10199.3万条，同比下降 1.2%。 据隆众资讯了解，目前国内全钢胎企业开工稳定为主，前期个别检修企业装置运行恢复至常规水平，整体供应量 较为充足，市场对后期价格看空心态，进货积极性相对平淡，当前来看，轮胎企业出货虽有一定促销伴随，但暂 无直接降价计划，短期内根据实际销量情况，灵活调整销售测略为主。 我 ...

能源化工期权 2025-06-20 能源化工期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | -- ...

研究中心能化团队 2025/6/20 | | | 指标 | 5/20 | 6/12 | 6/17 | 6/18 | 6/19 | 日度变化 | 周度変化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 主力合约收盘价 | 12070 | 11035 | 11485 | 11740 | 11770 | 30 | 735 | | | | 主力合约持仓量 | 16991 | 21103 | 16181 | 16777 | 15134 | -1643 | -5969 | | | 居面 | 主力合约成交量 | 94802 | 121876 | 111310 | 104964 | 81102 | -23862 | -40774 | | | | 仓単数量 | 10290 | 12820 | 12290 | 12290 | 6630 | -5660 | -6190 | | | | 虚实比 | 8.26 | 8.23 | 6.58 | 6.83 | 11.41 | 5 | 3 | | | | 顺丁基差 | 330 | 515 | 115 ...

【原料及现货】截至6月19日，杯胶48.30（+0.65）泰铢/千克，胶乳57.75（+0.25）泰铢/千克。云南胶 水收购价13300（0）元/吨，海南新鲜胶乳14100（+200）元/吨，全乳胶上海市场14000（0）元/吨，青 岛保税区泰标1710（-10）美元/吨，泰混13850（0）元/吨。 【轮胎开工率及库存】截至6月19日，中国半钢胎样本企业产能利用率为71.54%，环比+1.56个百分点， 同比-8.52个百分点。半钢胎企业产能利用率涨跌互现，部分企业为满足订单需求适度提产，另有个别 企业因电厂检修，生产暂停，限制周内样本企业产能利用率提升幅度。中国全钢胎样本企业产能利用率 为61.39%，环比+2.69个百分点，同比-0.45个百分点。上周检修的样本企业排产逐步恢复至常规水平， 带动全钢胎企业整体产能利用率走高。 1-5月，泰国出口混合胶合计为74.7万吨，同比增55%；混合胶出口到中国合计为74.2万吨，同比增 59%。 【逻辑】供应方面，下旬海外降雨有缓和预期，利于新胶出量，月底云南替代种植指标逐渐进入，对国 内供应明显施压。需求方面，6月中下旬轮胎终端市场处于逐步恢复阶段，然周期内物流 ...