Core Viewpoint - Fengguang Co., Ltd. reported a revenue of 576 million yuan for the first half of 2025, marking a year-on-year increase of 19.59%, but the net profit attributable to shareholders was a loss of 40.23 million yuan, with the loss margin widening compared to the previous year [1] Company Overview - Fengguang Co., Ltd. specializes in the research, production, and sales of polymer material chemical additives, focusing on high-efficiency rubber and plastic additives [1] - The company is recognized as a leading enterprise in the domestic high-performance antioxidant industry, emphasizing independent innovation and technological research and development [1] - Fengguang has achieved large-scale production of antioxidants and offers over 200 product models, maintaining a high market share [1] Financial Performance - In the first half of the year, the revenue from single-agent products reached 175 million yuan, an increase of 15.31% year-on-year [1] - The revenue from integrated additive products, which have higher added value, was 371 million yuan, reflecting a year-on-year growth of 12.49% [1] - New products such as polyolefin catalysts and triethylaluminum have begun to enter the sales phase [1]

Group 1 - The company disclosed its 2025 semi-annual operating data, including production, sales, and revenue figures for its main products [1] - Total production for major products reached 12,539.21 tons, with total revenue amounting to 302.58 million yuan [1] - The company reported a decrease in the selling price of hard foam additives by 10.47% year-on-year and 4.24% month-on-month [1] Group 2 - The selling price of soft foam additives increased by 6.85% year-on-year but decreased by 0.32% month-on-month [1] - The procurement price of major raw materials showed a year-on-year decrease, with organic silicon monomer down by 10.85% and allyl alcohol polyether down by 8.15% [1] - No other significant events affecting the company's production and operations were reported during the reporting period [1]

证券代码：603041 证券简称：美思德 公告编号：2025-025 江苏美思德化学股份有限公司 2025 年半年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江苏美思德化学股份有限公司（以下简称"公司"）根据《上海证券交易 所上市公司自律监管指引第 3 号——行业信息披露》及其附件《第十三号—— 化工》、《关于做好主板上市公司 2025 年半年度报告披露工作的重要提醒》的 要求，现将公司 2025 年半年度主要经营数据（均不含税）披露如下： 注：公司部分产品存在内部自用情况。 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 | 主要产品 | 2025 | 年 | 1-6 | 月平均销 | 2024 1-6 | 年 | 月平均销 | 同比变动 | 第二季度 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 售价格（万元/吨） | | | | 售价格（万元/吨） | | | | 环比变动 | | 硬泡助剂 ...

Core Viewpoint - The light stabilizer industry in China is experiencing significant growth due to the increasing demand from various sectors such as plastics, coatings, and rubber, driven by the country's robust manufacturing base. The market is projected to expand further in the coming years, with a notable increase in both demand and market size [1][4][7]. Industry Definition and Characteristics - Light stabilizers are chemical substances that inhibit or reduce the degradation of polymer materials caused by light exposure, enhancing their light resistance. They can be categorized based on their mechanisms of action, including radical scavengers (mainly hindered amine light stabilizers, HALS), ultraviolet absorbers (UVA), and quenchers [1]. Current Development Status - The global market for light stabilizers has shown steady growth, with the market size increasing from $2.021 billion in 2016 to $2.640 billion in 2020, and reaching $3.755 billion in 2022. However, it decreased to $2.987 billion in 2023 before rebounding to $3.363 billion in 2024. Asia remains the largest consumer region, accounting for 55.07% of the global market in 2024 [5][9]. Market Size and Demand - In China, the demand for light stabilizers is expected to reach 162,400 tons in 2024, with a market size of 7.925 billion yuan. The demand is projected to grow to 173,000 tons and a market size of 8.148 billion yuan by 2025. The plastic sector is the largest consumer, followed by coatings and chemical fibers [9][18]. Industry Chain - The light stabilizer industry chain consists of upstream raw materials, including alkyl phenols, fatty ketones, and aromatic amines, which directly affect the performance and quality of light stabilizers. The midstream involves manufacturers, while the downstream applications primarily include plastics, chemical fibers, rubber, and coatings [11]. Development History - The light stabilizer industry in China began in the 1970s and has evolved through various stages, including technological accumulation, industrial breakthroughs, and structural optimization, forming a complete industrial system driven by technological innovation and market demand [13]. Competitive Landscape - The Chinese light stabilizer industry is characterized by a relatively fragmented competitive landscape, with no dominant players. Major companies include Suqian Liansheng, Yuanli Technology, and Lianlong, with Suqian Liansheng leading in production capacity at 37,100 tons [15][16][18]. Future Trends - The research and development of new, efficient light stabilizers are gaining attention, with trends focusing on high molecular weight, composite materials, and reactivity. The continuous demand from downstream industries and ongoing technological innovations are expected to drive the growth of the light stabilizer industry in China [23].

Group 1 - The company Hongbaoli (002165) has confirmed that its triisopropanolamine and modified triisopropanolamine are used in cement additives [1] - The customers for these products are cement manufacturing enterprises [1]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][7]. Core Views - The company focuses on high-performance polymer catalysts and antioxidants, with a strategic expansion into POE (Polyolefin Elastomer) projects, which are expected to drive future growth [6][7]. - The domestic demand for POE is currently reliant on imports, presenting a significant opportunity for local production as the company aims to become a key player in this market [6][10]. Summary by Sections 1. Polymer Catalysts and Chemical Additives - The company has been deeply engaged in the polymer catalyst and antioxidant sectors since its establishment in 2004, gradually establishing a dual focus on catalysts and antioxidants [18][21]. - As of the end of 2024, the company has a production capacity of 400 tons for catalysts, 38,500 tons for single antioxidants, and 28,500 tons for compound additives, with additional capacities under construction [21][25]. 2. Expansion of Polymer Materials and Chemical Additives - The market for polymer materials and their chemical additives is expanding, driven by increasing domestic production and a shift towards local sourcing [44]. - The average annual growth rates for primary forms of plastics, chemical fibers, and synthetic rubber in China from 2014 to 2023 were 6.8%, 6.2%, and 6.3%, respectively, indicating a robust market for domestic catalysts and additives [44]. 3. Strategic Positioning in POE - The company is strategically positioned in the POE market, with plans for a 400,000 tons/year POE joint facility and a 300,000 tons/year α-olefin facility, with the first phase expected to commence production in 2025 [6][10]. - The domestic POE consumption is projected to reach approximately 910,000 tons in 2024, all of which is currently imported, highlighting a significant opportunity for local production [6][63]. 4. Profit Forecast and Valuation - The company is expected to achieve a net profit of 92 million yuan in 2025, with projections of 177 million yuan in 2026 and 360 million yuan in 2027, corresponding to PE ratios of 42, 22, and 11, respectively [2][7]. - The average PE ratios for comparable companies in the industry for the same period are 36, 25, and 21, indicating that the company's valuation may be attractive as its POE projects come online [7].

Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings briefing held on May 23, 2025, via an online platform [4] - Participants included the company's chairman, general manager, board secretary, and financial officer [5] Group 2: Key Questions and Responses - **Question 1**: Inquiry about the commercialization progress of the new patent for "waste battery non-discharge crushing equipment" **Response**: The company has not yet implemented the commercialization of this technology, focusing instead on polymer material environmental additives [5] - **Question 2**: Measures taken to enhance corporate governance and internal control in the past year **Response**: The company has optimized governance structure and internal controls, improving decision-making efficiency and information disclosure quality [6] - **Question 3**: How the company ensures timely and transparent communication with investors **Response**: The company utilizes earnings briefings and maintains investor hotlines and email contacts to ensure accurate information dissemination [7] - **Question 4**: Plans for financing to support future expansion, particularly in new environmental additive production projects **Response**: The company has completed the main construction of the new project and currently has no financing plans for it [8]

Group 1: Company Performance - In Q1 2025, the company's sales revenue and sales volume increased month-on-month, but year-on-year performance declined due to a high profit base from the previous year and reduced downstream production [4] - The company operates in a cyclical industry, currently at the bottom of the cycle, with market prices stabilizing at low levels, indicating limited further decline potential [4] Group 2: Equity and Consolidation - The company acquired a 7.5% stake in Yingtemei, resulting in a total ownership of 37.5% and becoming its controlling shareholder; however, Yingtemei will not be included in the consolidated financial statements for Q1 2025 [5] Group 3: Project Development - Yingtemei has approximately 7 projects in reserve, with the second phase focusing on domestic substitution in the electronic materials sector, and preliminary evaluations for project construction are underway [6] Group 4: Production Capacity and Product Information - The main products are DBM and SBM, with a combined capacity of about 10,000 tons; SBM is a high-end product used in food, pharmaceuticals, and toys, while DBM is used in industrial applications [7] - The company is facing challenges due to insufficient downstream demand and intensified market competition, leading to declining product prices [7] Group 5: Future Development Plans - The company aims to maintain and strengthen its traditional PVC environmental stabilizers and additives business while enhancing core competitiveness and market share [8] - Plans include building new material production lines focused on domestic substitution and accelerating the second phase of Yingtemei's project to create a new materials industry cluster [8][9] - The company will continue to deepen cooperation with strategic partners to enhance its diversified layout and overall strength [9]