来源：智通财经 文 | 杨晓飞 近日，山西腾茂科技股份有限公司（下称"公司"）发布《山西腾茂科技股份有限公司申请公开发行股票并在北交所上市 辅导备案及其进展公告》称，公司已完成辅导备案。此举意味着该公司有望成为山西第42家上市企业。 公司发布的公告（节选）。（图片来源：界面山西） 公告显示，山西证监局于2025年10月10日受理了公司提交的向不特定合格投资者公开发行股票并在北交所上市的辅导备 案申请材料，辅导备案日期为 2025年10月10 日，辅导机构为西部证券。 据了解，这是公司第二次冲刺北交所IPO。2023年10月，北交所曾受理了公司的公开发行申请文件。2024年3月，公司 主动撤回上市申请，彼时，公司的保荐机构为中德证券有限责任公司。 据公司此前披露的最近两年财务数据，公司2023年度、2024年度经审计的归属于挂牌公司股东的净利润(以扣除非经常 性损益前后孰低者为计算依据) 分别为：4,070.79 万元、5,058.04 万元；加权平均净资产收益率（以扣除非经 常性损益 前后孰低者为计算依据）分别为16.74%、17.58%，符合《上市规则》 规定的在北交所上市的财务条件。 公司俯拍图。（图片来 ...

山西省重点上市后备企业腾茂科技再闯北交所。 10月10日，新三板挂牌公司腾茂科技发布公告称，公司在山西证监局办理辅导备案登记，拟向不特定合格投资者公开发行股票并在北交所上市，辅导券商 为西部证券。 9月24日，腾茂科技与西部证劵签署了上市辅导协议。 值得一提的是，今年7月，山西省委金融办发布的《关于2025年度省重点上市后备企业名单的公示》中，腾茂科技位列其中。 这是腾茂科技二次闯关北交所，2024年4月北交所终止其上市审核。时隔一年半，腾茂科技缘何再次勇闯北交所？ ▍河津市第一家新三板公司 公开资料显示，腾茂科技成立于2007年，位于山西省河津市铝基新材料产业示范区，是一家从事催化裂化催化剂、助剂和分子筛的研发、生产、销售的高 新技术企业。 2020年，腾茂科技启动了上市筹备工作，进行股份制改造等。2022年8月，腾茂科技在新三板挂牌，是河津市首家新三板挂牌企业。作为国内民营催化裂 化催化剂生产商，腾茂科技目前已具备4万吨/年催化剂助剂分子筛的生产能力。 腾茂科技董事长、实控人名为陈泽红出生于1969年，自1986年起开始从事个体经营，后于2003年与其妻子袁岁子共同创办河津市红兴钢铁有限公司，并担 任执行 ...

据介绍，传统蒸汽甲烷重整(SMR)工艺通过反应管外部化石燃料的燃烧供热，能耗较高且排放量大。而 SYPOX转化炉创新性地在反应器内部直接实现化学转化过程的电气化，使系统体积减小了近百倍。该 技术不仅显著提升了经济效益和可持续性，还极大简化了装置运行。凭借其灵活的设计，SYPOX技术 可同时满足小型模块化应用和大型工业装置的需求。 科莱恩特种催化剂业务部全球副总裁魏鲲鹏表示："我们非常高兴能为全球首个10兆瓦电加热蒸汽甲烷 重整装置优化并生产高性能的催化剂。SYPOX的技术革新了转化工艺，为合成气生产提供了有力支 持。这套系统有望成为同类装置中规模最大并首个投入商业运营的装置。" 中化新网讯 9月17日，科莱恩宣布与SYPOX达成供应协议，将为其全球最大的电加热蒸汽甲烷重整装 置(e-SMR)生产并交付催化剂。科莱恩定制催化剂生产技术提供了优化的催化剂产品，将碳排放量降低 高达40%。 科莱恩表示，这一开创性项目融合了SYPOX先进的电加热转化炉技术与科莱恩的专业知识，实现了以 碳排放量大幅降低的方式生产合成气。该项目计划于2026年投入运营，将利用10兆瓦可再生电力，日产 约150吨合成气。 ...

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, driven by stable orders and new product sales [1][2]. Financial Performance - The company achieved operating revenue of 461 million yuan, representing a year-on-year increase of 16.46% [1]. - Net profit reached 127 million yuan, marking a year-on-year growth of 31.52% [1]. - Basic earnings per share were reported at 0.72 yuan [1]. Business Development - The company experienced stable growth in orders for mobile source denitrification molecular sieves sold to BASF, contributing to revenue growth [1]. - Sales of titanium-silicon series epoxy propylene catalysts saw a breakthrough, with new customer development enhancing order quantities [1]. - The sales volume of pyridine catalysts also increased compared to the previous year, providing new growth points for revenue and profit [1]. Strategic Initiatives - The company aims to deepen strategic collaboration with global customers and partners through technological innovation and resource integration [1]. - There is a focus on expanding market share and enhancing brand value and competitive advantage [1]. - The company is committed to developing high-purity silicon-aluminum materials for strategic emerging fields such as semiconductors and photovoltaics, aiming to create a technology barrier and product matrix driven by market demand [1]. Product Applications - The company's epoxy propylene catalysts are used in downstream products like polyurethane and propylene glycol, applicable in furniture, home appliances, automotive, and coatings [2]. - The HPPO process catalyst developed using titanium-silicon molecular sieve technology is characterized by high selectivity, high activity, good stability, and long service life [2]. - The company is one of the few in China capable of providing a complete process solution for the HPPO method of epoxy propylene, offering comprehensive technical services from process technology to final products [2]. Future Plans - The company will make prudent decisions regarding capital operations based on its development strategy and market conditions, actively exploring high-quality enterprises with strong upstream and downstream relevance [2]. - Capital operations will be pursued at the appropriate time, adhering strictly to relevant laws and regulations for information disclosure [2].

Core Viewpoint - Shanghai PiaoYa Catalyst Co., Ltd. has been established with a registered capital of 1 million RMB, focusing on the sales of various new catalyst materials and related products [1] Company Overview - The legal representative of the company is Deng Jinhong [1] - The registered capital of the company is 1 million RMB [1] Business Scope - The company operates in the sales of new catalyst materials and additives, gas and liquid separation and purification equipment, and chemical products (excluding licensed chemical products) [1] - It also engages in the sales of specialized chemical products (excluding hazardous chemicals), mechanical equipment, instruments, metal products, coal and its products, communication equipment, and electronic products [1] - The company provides a wide range of services including technology services, development, consulting, and promotion related to new materials technology [1] - Additional activities include computer hardware and software sales, industrial engineering design services, and information system integration services [1] - The company is involved in import and export activities, as well as technology import and export [1]

Summary of the Conference Call for Zhongchu Coal Company Overview - **Company**: Zhongchu Coal - **Industry**: Catalysts and Chemical Products Key Financial Performance - **Net Profit**: In the first half of 2025, net profit attributable to shareholders increased by 31.52% to 127 million yuan, while non-recurring net profit rose by 33.41% to 123 million yuan [2][3] - **Earnings Per Share**: Basic earnings per share increased to 0.72 yuan, a rise of 30.91% year-on-year [3] - **Revenue**: Total revenue reached 461 million yuan, a 16.46% increase compared to the previous year [3] Research and Development - **R&D Investment**: R&D expenses increased by 11.43% to 23.4351 million yuan in the first half of 2025 [4] - **Patents**: The company holds a total of 241 patents, including 191 domestic invention patents [4] Business Segments Mobile Source De-NOx Molecular Sieves - **Revenue Contribution**: This segment accounts for approximately 75% of total revenue [2][5] - **Sales Volume**: In the first half of 2025, cumulative shipments reached 1,395 tons, with a target of 2,400 tons for the year [5] - **Future Projections**: Expected to reach 2,800 tons in 2026 and over 3,000 tons in subsequent years [5][7] Collaboration with BASF - **Product Supply**: Zhongchu Coal supplies various grades of products to BASF, including new grades suitable for Euro 7 standards [8][9] - **Market Exclusivity**: All sales in the Asia-Pacific region must go through Zhongchu Coal, establishing it as a potential global exclusive supplier if all products transition to new grades [8][9] Epoxy Propane Catalysts - **Sales Performance**: Nearly 100 tons sold in the first half of 2025, with an expected total of 200 to 300 tons for the year [16][17] - **Pricing**: Prices range from 500,000 to 600,000 yuan per ton, with margins comparable to mobile source products [18] Market Dynamics - **Demand Stability**: Despite the rise of new energy vehicles, the demand for diesel vehicles remains stable, supporting the mobile source de-NOx market [11] - **Competitive Advantage**: Zhongchu Coal has significant cost advantages over BASF's German factory due to lower raw material and production costs [15] Future Growth Opportunities - **High-Purity Products**: Plans to prioritize high-purity quartz sand for quartz crucibles, with initial production expected by the end of 2025 [20][26] - **Sales Targets**: Internal revenue targets for 2025 are set between 800 million to 1 billion yuan, with net profit goals of 180 million to 220 million yuan [30] Conclusion Zhongchu Coal is positioned for significant growth in the catalyst industry, driven by strong financial performance, strategic partnerships, and a focus on innovation and R&D. The company is well-prepared to meet future market demands while maintaining competitive advantages in production costs and product quality.

Core Insights - Shanghai Godi Catalyst Co., Ltd. has signed a contract to settle in the Qizhi Dao Innovation Space, marking a significant step in technological innovation and industrial upgrading [1] - The company is a major supplier in the domestic vehicle engine exhaust purification catalyst sector, achieving a market share of 15.92% in 2023 and projected to increase to 17.81% in 2024, ranking third in the domestic market and sixth globally [1][4] Company Overview - Founded in 2009, Godi Catalyst specializes in the research, production, sales, and technical services of mobile source pollution emission control catalysts, focusing on high-performance exhaust after-treatment products for various fuel engines [2] - The company has established a strong brand reputation and customer base, supplying major automotive manufacturers such as SAIC-GM-Wuling, Weichai, Dongfeng, BYD, and Geely [2] Research and Development - Godi Catalyst prioritizes research and innovation, with R&D investment projected to account for 9.78% of its budget in 2024, and 42.86% of its workforce dedicated to R&D [2] - The company has built a 1,300 square meter R&D laboratory and a 20,000 square meter production base, equipped with modern production lines and automated coating units, capable of producing 2 million liters annually [2] Technological Innovations - The company has developed advanced catalysts, including a methanol fuel engine exhaust purification catalyst that achieves over 95% purification efficiency across a wide temperature range (270°C-800°C) and maintains low emissions of formic acid [3] - The GTCat-CNVI vehicle exhaust purification catalyst utilizes innovative materials and processes, achieving domestic advanced levels with a CO ignition temperature of 205°C and a NOx activity window of 180°C-545°C [4] Industry Position and Strategy - Godi Catalyst is positioned as a leading supplier in the vehicle engine exhaust purification catalyst market, with a focus on reducing reliance on precious metals and promoting methanol vehicles as a substitute for gasoline vehicles [4] - The company aims to enhance its market influence and accelerate business expansion by leveraging resources from the Qizhi Dao Innovation Space, which integrates extensive enterprise and product information [5] Future Directions - Looking ahead, Godi Catalyst plans to increase R&D investment, focusing on high-performance, low-cost, and adaptable solutions, while expanding applications in new energy vehicles, hydrogen energy, and other advanced fuel technologies [6]

Core Viewpoint - The recent surge in the stock price of Zhongzi Technology (688737.SH) appears disconnected from its financial performance, as the company reported a significant decline in net profit for Q1 2025 and a loss in 2024, despite optimistic forecasts from brokerage reports for future profitability [1][3][4]. Financial Performance - In Q1 2025, Zhongzi Technology reported a net profit of 7.70 million yuan, a year-on-year decline of 46.91% [1][3]. - The company experienced a loss of 26.21 million yuan in 2024, while its revenue for the previous year was 1.565 billion yuan, reflecting a growth of 1.35% [3][4]. Stock Price Movement - From April 9 to May 9, Zhongzi Technology's stock price increased by 60.17%, rising from a low of 13.89 yuan per share [3]. - The company's market capitalization reached 2.852 billion yuan, positioning it among the notable stocks in Sichuan [1]. Brokerage Expectations - Brokerage reports, such as those from Everbright Securities, project a significant increase in net profit, forecasting 57 million yuan for 2025, 238 million yuan for 2026, and 302 million yuan for 2027, surpassing the historical peak of 218 million yuan in 2020 [3][4]. Business Segments - The traditional internal combustion engine exhaust purification catalysts account for 92.88% of the company's revenue, raising questions about the growth potential in hydrogen energy, power batteries, and composite structural components [4][6]. - The company is involved in various sectors, including environmental catalysts, new energy storage, and advanced aerospace materials, emphasizing the foundational role of materials in industrial production [6][11]. Research and Development - Zhongzi Technology maintains a strong focus on R&D, investing around 10% of its revenue annually, supported by a close partnership with Sichuan University [11]. - The company is developing high-performance composite materials, including carbon fiber PEEK prepreg, which is crucial for applications in humanoid robots and aerospace [8][9]. Market Position and Competition - Zhongzi Technology aims to break into markets dominated by foreign companies, focusing on domestic substitution of key materials in environmental catalysts and hydrogen fuel cells [6][7]. - The company has made significant strides in market share for natural gas vehicle catalysts, increasing from 11.10% in 2019 to 20.69% in 2020, and in heavy-duty natural gas vehicles from 30.55% to 48.55% during the same period [7].