Core Viewpoint - KunCai Technology announced its external guarantee total amounting to 151,657.40 million yuan, with a balance of 118,352.78 million yuan, indicating a significant level of external financial commitments [1] Summary by Categories External Guarantees - The total external guarantees provided by the company, including the current announcement, is 151,657.40 million yuan [1] - The remaining balance of external guarantees stands at 118,352.78 million yuan [1] - The total amount of external guarantees represents 80.76% of the company's most recent audited net assets attributable to shareholders [1] Related Parties - The total guarantees provided to controlling shareholders, actual controllers, and related parties is reported as zero [1] - There are no overdue guarantees reported by the company [1]

Core Viewpoint - The company has achieved stable production and bulk sales of its cyclopentane products, leveraging the synergies of the carbon five industry chain and its technological accumulation to enhance market space and profitability [2] Group 1: Production and Sales - The company has successfully stabilized the production of cyclopentane products and is now engaged in bulk sales [2] - The cyclopentane products are primarily used in refrigerants and foaming agents [2] Group 2: Competitive Advantages - The company benefits from the consistency in quality and batch uniformity across production stages, ensuring reliable supply periods [2] - By reducing intermediary transaction costs, the company effectively expands its market space and enhances profitability [2] - The company has formed a cost advantage and optimized product structure through its operational efficiencies [2]

Core Viewpoint - The company, Beiyuan Group (601568.SH), currently has no plans to enter the new electrolyte fields such as solid-state batteries and sodium-ion batteries [1] Group 1 - The company is actively advancing the research and development of carbon dioxide hydrogenation technology for aviation kerosene [1] - The company is also in the trial production phase of the proton membrane electrolysis hydrogen production project [1]

Core Viewpoint - Shenzhen New Star (603978.SH) announced that its wholly-owned subsidiary, Ganzhou Songhui Construction, has completed the main engineering construction and equipment installation for a project with an annual production capacity of 10,000 tons of boron trifluoride gas and 20,000 tons of boron trifluoride complex, which is now ready for trial production [1] Group 1: Project Details - The boron trifluoride project has passed expert review and received approval for trial production, indicating it is now capable of commencing operations [1] - Boron trifluoride is primarily used in pharmaceuticals, semiconductors (electronic specialty gases), nuclear power radiation protection, lithium batteries, solid-state battery additives, and high-end chip etching [1] Group 2: Strategic Implications - The completion of the boron trifluoride project will enrich the company's product structure and create new profit growth points, enhancing the overall competitiveness of the company [1] - The main raw material for boron trifluoride, potassium fluoroborate, is supplied by the wholly-owned subsidiary, Songyan New Energy, allowing for integrated resource utilization within the industry chain [1] - The production process of boron trifluoride generates a mixture of potassium hydrogen sulfate and sulfuric acid, which can be returned to Songyan New Energy as a raw material for producing potassium fluoroborate, thereby reducing production costs and enhancing industry synergy [1]

上交所公开信息显示，当日该股因日振幅值达17.55%、日跌幅偏离值达-9.54%上榜，营业部席位合计净 卖出4482.60万元。 建业股份11月17日交易公开信息 建业股份(603948)今日跌停，全天换手率13.38%，成交额6.97亿元，振幅17.55%。龙虎榜数据显示，营 业部席位合计净卖出4482.60万元。 具体来看，今日上榜营业部中，第一大买入营业部为东方财富证券股份有限公司拉萨金融城南环路证券 营业部，买入金额为1067.28万元，第一大卖出营业部为方正证券股份有限公司上海杨高南路证券营业 部，卖出金额为2711.15万元。 近半年该股累计上榜龙虎榜9次，上榜次日股价平均跌2.46%，上榜后5日平均跌8.49%。 资金流向方面，今日该股主力资金净流出5340.90万元，其中，特大单净流出3855.37万元，大单资金净 流出1485.53万元。近5日主力资金净流入7648.12万元。 10月25日公司发布的三季报数据显示，前三季度公司共实现营业收入15.64亿元，同比下降12.04%，实 现净利润1.76亿元，同比增长5.66%。（数据宝） 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交 ...

Group 1: Business Overview - The company has a total production capacity of 100,000 tons per year for industrial oxalic acid, refined oxalic acid, and oxalic acid derivatives, utilizing advanced processes with high yield and low energy consumption [2] - The current production capacity for lithium iron phosphate is 225,000 tons, with an additional 75,000 tons under construction [3] Group 2: Production and Utilization - The effective capacity utilization rate for lithium iron phosphate products remains high due to sustained growth in downstream demand since Q4 2025 [3] Group 3: Pricing and Market Strategy - The company is closely monitoring industry trends and engaging in negotiations with customers to adjust product prices based on various factors, including raw material price fluctuations [3] Group 4: Future Outlook - The global market for power batteries and energy storage batteries is showing clear growth, providing significant development opportunities for the lithium battery cathode materials industry [3] - The company aims to enhance overall operational efficiency and profitability through deepened cooperation, cost reduction, and improved management practices [3] Group 5: Investor Communication - The company ensured compliance with information disclosure regulations during investor communications, avoiding any leakage of undisclosed significant information [3]

Core Viewpoint - Yongtai Technology (002326.SZ) has received expert approval for its subsidiary Inner Mongolia Yongtai Chemical Co., Ltd.'s trial production plan for a 5,000 tons/year lithium battery additive project, which is set to begin trial production on November 17, 2025 [1] Production Capacity - The company previously had a production capacity of 5,000 tons/year for VC (Vinylene Carbonate) [1] - With the new production capacity of 5,000 tons/year, the total capacity for VC will reach 10,000 tons/year [1] Market Position and Competitive Advantage - The new project will enhance the company's VC production capacity and scale advantages [1] - This development is expected to strengthen the company's business growth in the lithium battery materials sector, consolidating its industry position and market share [1] - The project is anticipated to improve the company's overall market competitiveness and profitability [1]

Core Viewpoint - The company held a performance briefing for Q3 2025, addressing investor concerns regarding financial performance and business development through an interactive online format [1][2]. Financial Performance - The company's net profit for the first three quarters of 2025 decreased year-on-year, despite an increase in production and sales volume, due to a decline in chemical product prices that outpaced the decrease in raw material costs [3]. - R&D expenses fell by 18.93% year-on-year, attributed to differences in project timelines and content, but the company emphasized its commitment to increasing R&D investment [4]. Accounts Receivable - Accounts receivable surged by 154.47% compared to the beginning of the year, raising concerns about bad debt risk; however, the company stated that the accounts receivable balance accounted for only 0.53% of revenue, indicating a low overall risk [3]. Export Business - The company has established a global export presence, with products like formic acid and dichloromethane ranking among the top in national export volumes; plans to strengthen the foreign trade team and expand overseas markets were discussed [3]. Cash Flow and Market Management - The company maintains a solid cash flow and a good asset-liability ratio, with an AAA credit rating, ensuring sufficient funds for operational needs; it follows a prudent sales strategy of cash before delivery [4]. - The company is focused on long-term stable development and actively engages with shareholders through various channels, including investor hotlines and performance briefings [4]. Supply Chain Concerns - The company noted that the impact of recent international trade tariff uncertainties on its supply chain is minimal, as the proportion of import-export business is relatively low, and efforts are being made to build a secure domestic supply chain [4].

Group 1 - Company announced the approval of an investment plan using idle self-owned funds not exceeding RMB 600 million to purchase low-risk financial products from banks and securities companies [1] - The investment plan is effective from the date of board approval until the annual shareholders' meeting in 2025, allowing for rolling use within the specified limit and timeframe [1] - For the first half of 2025, the company's revenue composition shows that 97.7% comes from the manufacturing of chemical raw materials and chemical products, while other businesses account for 2.3% [1] Group 2 - The company's market capitalization is reported to be RMB 5.4 billion [2]

Group 1 - The company has a current VC production capacity of approximately 10,000 tons, with an additional 5,000 tons under construction, expected to be operational by the second half of 2026 [2] - The company's subsidiary, Hankan Electronic Materials, specializes in lithium battery additives, including VC and FEC [2] - The existing precursor CEC production capacity is 35,000 tons per year, which can support the usage of 15,000 tons of VC and 8,000 tons of FEC [2]