点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 【引言】 在追求轻量化、环保化与高性能化的今天，有一种"身轻如燕"却"力大无穷"的材料，正悄然渗透进我们 生活的方方面面。从脚下的静音地板、车内的舒适内饰，到守护新能源电池安全、助力5G信号畅通， 甚至我们日常使用的包装、运动器材和婴幼儿用品，都离不开它的身影。 它，就是 发泡材料 。这个看似专业的名词，实则是一个充满创新活力、市场规模超万亿的庞大产业。 它如何从传统的建筑保温、包装领域，一跃成为新能源、通信等国家战略新兴行业的"关键配角"？ 未 来又将走向何方？本文将为您全面解析发泡材料行业的发展脉络、竞争格局与未来趋势 ，带您看懂 这"小气泡"背后所蕴含的"大能量"。 备注： 材料汇将持续发布关于化工新材料方面的文章，同时专门成立" 材料汇化工新材料交流群 "，欢 迎加入（ 加入方式见文末 ） 一、发泡材料行业发展概况及分类 1、发泡材料的定义 发泡材料，又叫多孔材料或海绵材料，是一类包含 大量孔隙的材料，是以合成树脂（如聚乙烯、聚丙 烯、聚氨酯）为主体，经过发泡工艺形成内部有许多微小泡孔的一类高分子材料 ...

Core Insights - The company reported significant growth in net profit and revenue for the first three quarters of 2025, with a net profit increase of 55.86% year-on-year and revenue growth of 22.62% [1][2] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 49.616 billion yuan and a net profit of 1.065 billion yuan [1] - In Q3 2025, the company recorded a revenue of 17.980 billion yuan, up 5.04% year-on-year, and a net profit of 479 million yuan, up 58.04% year-on-year [1] - The overall gross profit margin for the first three quarters was 11.98%, a decrease of 0.24 percentage points compared to the same period last year [1] - Operating cash flow for the first three quarters increased by 58.21% year-on-year, reaching 2.320 billion yuan [2] Product Performance - The company saw a year-on-year increase in sales and production of modified plastics, with production volumes of 82.14 thousand tons, up 21.35%, and sales volumes of 78.20 thousand tons, up 15.61% [2][3] - The average selling prices for modified plastics decreased by 7.05%, while raw material procurement prices also fell, which helped mitigate some pricing pressures [3] Market Expansion - The company is actively expanding its global footprint, with ongoing projects such as a 150,000-ton PP modification project in Ningbo and a 200,000-ton ABS project in Liaoning [4] - The company has established bases in India, the USA, Germany, and Malaysia, and is currently developing facilities in Vietnam, Spain, and Indonesia, with plans for further expansion into Poland, Mexico, and South Africa [4] Future Outlook - The company is expected to achieve revenues of 69.467 billion yuan, 76.327 billion yuan, and 85.409 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 1.504 billion yuan, 1.976 billion yuan, and 2.489 billion yuan [5] - The company is well-positioned for long-term growth due to its expanding market share in high-growth sectors such as automotive, electronics, and new energy [5][6]

证券代码：600143 证券简称：金发科技 公告编号：2025-087 金发科技股份有限公司 2025 年第三季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。 根据上海证券交易所《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》有关规定和披露要求，金发科技股份有限公司（以下简称"公司"） 将2025年第三季度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 年 产量（2025 | 月、万 7-9 | 年 销量（2025 | 月、万 7-9 | 营业收入（2025 | 年 7-9 | | --- | --- | --- | --- | --- | --- | --- | | | 吨） | | | 吨） | 月、万元） | | | 改性塑料产品 | | 82.14 | | 78.20 | | 913,050.01 | | 绿色石化产品 | | 53.18 | | 46.11 | | 312,908.97 | | 新材料产品 | | 4.67 | | 7.23 | | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Polyolefins have weak price support and are expected to fluctuate weakly. The PE main contract is expected to fluctuate weakly, with attention on the 6800 support level, and the PP main contract is also expected to fluctuate weakly, with attention on the 6500 support level. The LP spread is expected to widen [8]. - The cost of oil - based olefins production profit has recovered, while the profit of coal - based olefins production has declined. There is an expectation of increased supply, maintaining supply pressure. The recovery of PE agricultural film production is good, but overall order follow - up is limited, downstream restocking is insufficient, and there is short - term inventory accumulation pressure [8]. 3. Summary by Directory 3.1 Plastic 3.1.1 Market Review - On October 17, the closing price of the plastic main contract was 6,874 yuan/ton, a month - on - month decrease of 2.32%. The average price of LDPE was 9,400 yuan/ton, a month - on - month decrease of 1.71%, the average price of HDPE was 7,762.50 yuan/ton, a month - on - month decrease of 1.58%, and the average price of LLDPE (7042) in South China was 7,477.06 yuan/ton, a month - on - month decrease of 0.90%. The LLDPE South China basis was 603.06 yuan/ton, a month - on - month increase of 18.64%, and the 1 - 5 month spread was - 33 yuan/ton (- 4) [8][10]. 3.1.2 Key Data Tracking - **Month - spread**: The 1 - 5 month spread on October 17 was - 33 yuan/ton (- 4), the 5 - 9 month spread was - 24 yuan/ton (+ 34), and the 9 - 1 month spread was 57 yuan/ton (- 30) [15]. - **Spot Price**: The prices of various PE products in different regions showed different degrees of change, with some rising and some falling [16][17]. - **Cost**: This week, WTI crude oil closed at $57.25 per barrel, a decrease of $0.99 per barrel from last week, and Brent crude oil closed at $61.34 per barrel, a decrease of $0.75 per barrel from last week. The price of anthracite at the Yangtze River port was 1,080 yuan/ton (unchanged) [19][61]. - **Profit**: The profit of oil - based PE was - 91 yuan/ton, an increase of 275 yuan/ton from last week, and the profit of coal - based PE was 494 yuan/ton, a decrease of 27 yuan/ton from last week [23]. - **Supply**: This week, the operating rate of Chinese polyethylene production was 81.76%, a decrease of 2.19 percentage points from last week. The weekly polyethylene output was 650,600 tons, a month - on - month increase of 2.05%. The weekly maintenance loss was 106,800 tons, an increase of 19,200 tons from last week [28]. - **2025 Production Plan**: Many companies have completed or are planning to start production, with a total planned production capacity of 6.13 million tons [31]. - **Maintenance Statistics**: Multiple enterprises' PE production lines are in maintenance, with uncertain restart times for some [32]. - **Demand**: This week, the overall domestic agricultural film operating rate was 42.89%, an increase of 3.28% from last week; the PE packaging film operating rate was 52.19%, a decrease of 0.44% from last week, and the PE pipe operating rate was 32.00%, a decrease of 0.67% from last week [34]. - **Downstream Production Ratio**: Currently, the production ratio of linear film is the highest, accounting for 33%, with a difference of 2.3% from the annual average level. The difference between low - pressure film and the annual average data is obvious, currently accounting for 2.2%, with a difference of 4.5% from the annual average level [38]. - **Inventory**: This week, the domestic plastic inventory was 545,600 tons, an increase of 21,100 tons from last week, a month - on - month increase of 4.02% [40]. - **Warehouse Receipts**: As of October 17, the number of polyethylene warehouse receipts was 12,685 lots, a decrease of 22 lots from last week [44]. 3.2 PP 3.2.1 Market Review - On October 17, the closing price of the polypropylene main contract was 6,551 yuan/ton, a decrease of 171 yuan/ton from last weekend, a month - on - month decrease of 2.54% [48]. 3.2.2 Key Data Tracking - **Downstream Spot Price**: The prices of various PP products showed different degrees of decline [50]. - **Basis and Month - spread**: On October 17, the spot price of polypropylene reported by Business Society was 6,790 yuan/ton (- 1.26%). The PP basis was 239 yuan/ton (+ 84), and the 1 - 5 month spread was - 52 yuan/ton (- 12) [54]. - **Cost**: This week, WTI crude oil closed at $57.25 per barrel, a decrease of $0.99 per barrel from last week, and Brent crude oil closed at $61.34 per barrel, a decrease of $0.75 per barrel from last week. The price of anthracite at the Yangtze River port was 1,080 yuan/ton (unchanged) [61]. - **Profit**: The profit of oil - based PP was - 278.53 yuan/ton, an increase of 373.97 yuan/ton from last weekend, and the profit of coal - based PP was 3.18 yuan/ton, a decrease of 248.35 yuan/ton from last weekend [65]. - **Supply**: This week, the operating rate of Chinese PP petrochemical enterprises was 78.22%, an increase of 0.47 percentage points from last week. The weekly output of PP pellets reached 801,000 tons, a month - on - month increase of 0.61%. The weekly output of PP powder reached 69,700 tons, a month - on - month decrease of 2.60% [70]. - **Maintenance Statistics**: Multiple enterprises' PP production lines are in maintenance, with uncertain restart times for some [74]. - **Demand**: This week, the average downstream operating rate was 51.85% (+ 0.09). The operating rate of plastic weaving was 44.26% (unchanged), the BOPP operating rate was 61.19% (+ 0.48%), the injection molding operating rate was 58.75% (+ 0.13%), and the pipe operating rate was 36.60% (- 0.33%) [76]. - **Import and Export Profit**: This week, the polypropylene import profit was - $558.29 per ton, a decrease of $20.57 per ton from last week. The export profit was - $23.04 per ton, a decrease of $11.95 per ton from last week [81]. - **Inventory**: This week, the domestic polypropylene inventory was 678,700 tons (- 0.40%); the inventory of two major state - owned oil companies increased by 6.09% month - on - month; the trader inventory decreased by 8.62% month - on - month, and the port inventory decreased by 1.16% month - on - month [85]. - **Warehouse Receipts**: On October 17, the number of polypropylene warehouse receipts was 14,313 lots, an increase of 535 lots from last week [90].

Core Viewpoint - The company plans to provide a total guarantee amount of up to RMB 132,300 million for its subsidiaries and sub-subsidiaries for the year 2025, with specific limits based on their debt-to-asset ratios [2] Group 1: Guarantee Overview - The company will provide guarantees not exceeding RMB 113,300 million for subsidiaries with a debt-to-asset ratio of 70% or higher, and up to RMB 19,000 million for those with a ratio below 70% [2] - The guarantee period will last from the date of approval at the 2024 annual general meeting until the 2025 annual general meeting [2] - The total guarantee amount can be used cyclically within the effective period, with the actual external guarantee balance not exceeding RMB 132,300 million at any point [2] Group 2: Guarantee Progress - On October 16, 2025, the company signed a maximum guarantee contract with Zheshang Bank for a guarantee amount not exceeding RMB 50 million for its subsidiary Qingdao Runxing Plastic New Materials Co., Ltd [3] - The guarantee covers all costs related to the main contract, including principal, interest, penalties, and legal fees [3][4] - The guarantee period extends three years from the expiration of the debtor's obligation under the main contract [5] Group 3: Cumulative External Guarantees - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to RMB 81,050 million, representing 25.98% of the latest audited net assets attributable to shareholders [6] - There are no overdue guarantees or guarantees involved in litigation, nor any losses incurred due to guarantee-related judgments [6]

Core Viewpoint - Shandong Daon High Polymer Materials Co., Ltd. announced a guarantee progress report, indicating plans to provide a total guarantee amount not exceeding 1.323 billion yuan for its subsidiaries and sub-subsidiaries by 2025 [1] Group 1: Guarantee Details - On October 16, the company signed a maximum guarantee contract with Zheshang Bank Qingdao Branch, providing a maximum guarantee of 50 million yuan for its subsidiary Qingdao Runxing Plastic New Materials Co., Ltd. [1] - The guarantee covers principal, interest, and other fees, with a guarantee period of three years from the expiration of the debtor's debt performance period as stipulated in the main contract [1] - The main debt period is from October 16, 2025, to October 16, 2026 [1] Group 2: Current Guarantee Status - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to 810.5 million yuan, which accounts for 25.98% of the most recent audited net assets attributable to shareholders of the listed company [1] - There are no overdue or abnormal guarantee situations reported [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The polyolefin market is experiencing intense supply - demand competition and is expected to trade in a range. The LL main contract is expected to oscillate between 7200 - 7500, and the PP main contract between 6900 - 7200, with the LP spread expected to widen [5]. - The plastics market has alleviated supply - demand contradictions and has strong bottom support [7]. - The PP market faces significant long - term pressure and is expected to be weakly volatile in the short term [44]. 3. Summary by Directory 3.1 Polyolefin Market - **Market Changes**: On September 19, the L main contract closed at 7169 yuan/ton, and the PP main contract at 6914 yuan/ton, with an LP spread of 255 yuan/ton. LDPE, HDPE, and LLDPE prices showed slight declines. LLDPE South China basis and PP basis both contracted, while their 9 - 1 month spreads widened [5]. - **Fundamental Changes** - **Supply**: China's polyethylene production start - up rate was 80.36%, up 2.32 percentage points, with a weekly output of 63.10 tons, up 2.97%. The PP petrochemical enterprise start - up rate was 74.90%, down 1.93 percentage points. PP pellet output decreased by 2.51% weekly, while PP powder output increased by 2.44% [5]. - **Demand**: The overall domestic agricultural film start - up rate was 26.75%, up 2.63%. The average downstream start - up rate was 51.45%, up 0.59 [5]. - **Inventory**: Plastic enterprise social inventory was 54.66 tons, down 1.37 tons, or 2.45%. Polypropylene domestic inventory was 55.06 tons, down 4.26% [5]. 3.2 Plastics Market - **Weekly Market Review**: On September 19, the plastics main contract closed at 7169 yuan/ton, with LDPE, HDPE, and LLDPE prices showing slight declines. LLDPE South China basis contracted, and the 9 - 1 month spread widened [8]. - **Key Data Tracking** - **Month - Spread**: The 1 - 5, 5 - 9, and 9 - 1 month spreads of plastics had different changes on September 19 compared to September 12 [16]. - **Spot Price**: Different regions and varieties of plastics had different price changes on September 19 [17][18]. - **Cost**: WTI crude oil was at 62.36 dollars/barrel, up 0.24 dollars/barrel, and Brent crude oil was at 66.05 dollars/barrel, down 0.83 dollars/barrel. Anthracite in the Yangtze River port was priced at 1060 yuan/ton, up 10 yuan/ton [20]. - **Profit**: Oil - based PE profit was - 312 yuan/ton, down 92 yuan/ton, and coal - based PE profit was 868 yuan/ton, down 63 yuan/ton [24]. - **Supply**: China's polyethylene production start - up rate was 80.36%, up 2.32 percentage points, with a weekly output of 63.10 tons, up 2.97%. The maintenance loss was 12.52 tons, down 2.10 tons [29]. - **2025 Production Plan**: Multiple enterprises have new production capacity coming on - stream in 2025, with a total planned capacity of 613 [31]. - **Maintenance Statistics**: Many enterprises' production lines are under maintenance, with some having undetermined restart times [32]. - **Demand**: The domestic agricultural film, PE packaging film, and PE pipe start - up rates all increased [33]. - **Downstream Production Ratio**: The linear film production ratio was the highest at 31.9%, and the low - pressure pipe ratio deviated significantly from the annual average [37]. - **Inventory**: Plastic enterprise social inventory was 54.66 tons, down 1.37 tons, or 2.45% [39]. - **Warehouse Receipts**: As of September 19, the polyethylene warehouse receipt quantity was 12736 lots, up 211 lots [42]. 3.3 PP Market - **Weekly Market Review**: On September 19, the PP main contract closed at 6914 yuan/ton, up 1 yuan/ton [45]. - **Key Data Tracking** - **Downstream Spot Price**: Different PP products and related products had different price changes on September 19 [48][49]. - **Basis**: On September 19, the PP spot price was 7020 yuan/ton, down 0.73%. The PP basis was 106 yuan/ton, down 88 yuan, and the 9 - 1 month spread was 14 yuan/ton, up 140 yuan [51]. - **Month - Spread**: The 1 - 5, 5 - 9, and 9 - 1 month spreads of PP had different changes on September 19 compared to September 12 [60]. - **Cost**: WTI crude oil was at 62.36 dollars/barrel, up 0.24 dollars/barrel, and Brent crude oil was at 66.05 dollars/barrel, down 0.83 dollars/barrel. Anthracite in the Yangtze River port was priced at 1060 yuan/ton, up 10 yuan/ton [62]. - **Profit**: Oil - based PP profit was - 435.85 yuan/ton, down 113.68 yuan/ton, and coal - based PP profit was 444.40 yuan/ton, down 45.80 yuan/ton [66]. - **Supply**: China's PP petrochemical enterprise start - up rate was 74.90%, down 1.93 percentage points. PP pellet output was 76.70 tons, down 2.51% weekly, and PP powder output was 6.14 tons, up 2.44% [69]. - **Maintenance Statistics**: Many enterprises' production lines are under maintenance, with some having undetermined restart times [72]. - **Demand**: The average downstream start - up rate was 51.45%, up 0.59. The plastic weaving, BOPP, injection molding, and pipe start - up rates had different changes [74]. - **Import - Export Profit**: The PP import profit was - 480.06 dollars/ton, up 20.80 dollars/ton, and the export profit was - 3.69 dollars/ton, down 0.09 dollars/ton [81]. - **Inventory**: Polypropylene domestic inventory was 55.06 tons, down 4.26%. The two - oil inventory increased by 1.63%, the trader inventory decreased by 7.06%, and the port inventory increased by 4.92% [84]. - **Warehouse Receipts**: On September 19, the PP warehouse receipt quantity was 13499 lots, down 207 lots [91].

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 31.636 billion yuan, up 35.50% year-on-year, and net profit attributable to shareholders at 585 million yuan, up 54.12% [1] - The company has successfully expanded its global presence with new production facilities in Vietnam, Spain, and Indonesia, enhancing its competitive edge and market influence [2] - The company is actively investing in advanced technology sectors, developing innovative materials for high-speed data transmission and applications in AI servers and robotics [3] Financial Performance - In 1H25, the company achieved total revenue of 31.636 billion yuan, a year-on-year increase of 35.50%, and a net profit of 585 million yuan, up 54.12% [1] - In Q2 2025, the company reported revenue of 15.970 billion yuan, a 24.41% increase year-on-year, and a net profit of 339 million yuan, up 22.61% [1] - The sales volume for modified plastics, green petrochemicals, and new materials reached 1.309 million tons, 826,000 tons, and 129,000 tons respectively, with year-on-year growth of 19.7%, 51.8%, and 31.4% [1] Business Segments - The modified plastics segment generated revenue of 16.47 billion yuan, up 18.6% year-on-year, while the green petrochemicals and new materials segments achieved revenues of 5.96 billion yuan and 1.99 billion yuan, up 49.2% and 28.2% respectively [1] - The company’s overseas business saw a significant increase in finished product sales, reaching 161,000 tons, a year-on-year growth of 33.17% [2] Technological Advancements - The company is focusing on cutting-edge technology, developing halogen-free flame-retardant semi-aromatic polyamide for high-speed data transmission in cooling servers, achieving speeds of 12,800 MT/s [3] - New low dielectric constant and low loss LCP materials are being developed for AI server applications, with transmission rates reaching 224 Gbps [3] - The company has initiated several projects for specialty polyamide production, with plans for significant capacity increases by 2026 [3]

Core Viewpoint - The company Jinfa Technology reported a record high revenue of 31.636 billion yuan in the first half of 2025, a year-on-year increase of 35.50%, with a net profit of 585 million yuan, up 54.12% year-on-year, driven by growth in modified plastics and overseas business expansion [2][3]. Financial Performance - Revenue for the first half of 2025 reached 31.636 billion yuan, compared to 23.347 billion yuan in the same period last year, marking a 35.50% increase [3]. - Total profit for the period was approximately 597 million yuan, up 15.26% from the previous year [3]. - Net profit attributable to shareholders was 585 million yuan, a 54.12% increase year-on-year [3]. - The net cash flow from operating activities decreased by 28.06% to approximately 1.003 billion yuan [3]. - The company's net assets increased by 1.42% to approximately 18.217 billion yuan [3]. Product Performance - Modified plastics saw a sales volume of 130.88 million tons, a year-on-year increase of 19.74%, with a target to exceed 3 million tons for the year [3]. - The sales volume of green petrochemical products reached 43.81 million tons, with a revenue of 5.962 billion yuan, up 49.23% year-on-year [5]. - New materials segment achieved a sales volume of 12.85 million tons, a growth of 31.39% [6]. Market Segmentation - Automotive materials sales reached 560,300 tons, a 21.54% increase year-on-year, with overseas sales growing over 50% [4]. - Home appliance materials sales were 255,000 tons, up 19.55% year-on-year [4]. - Electronic and electrical materials sales reached 205,700 tons, a 17.54% increase, with new high-performance materials gaining recognition [4]. Regional Performance - Ningbo Jinfa reported revenue of 3.76 billion yuan, a 43.17% increase, with polypropylene sales of 419,300 tons, up 14% [9]. - Liaoning Jinfa achieved revenue of 3.722 billion yuan, a 46.48% increase, with ABS product sales of 243,600 tons, up 40.65% [9]. Innovation and Development - The company is developing new materials such as halogen-free flame-retardant semi-aromatic polyamide and low dielectric constant LCP for high-frequency applications [7]. - A new production line for LCP films has been established, with ongoing validation from leading clients in the high-frequency flexible circuit board sector [7]. - The company plans to launch several new projects, including a 15,000 tons/year LCP synthetic resin project and a 40,000 tons/year transparent polyamide project [7].

Overview - Metallocene polyethylene (mPE) is recognized for its narrow molecular weight distribution, regular molecular structure, high mechanical strength, excellent optical properties, and good processing stability, earning it the nickname "soft gold" in the polyolefin sector [1][16] - The demand for high-performance materials, particularly in packaging, agricultural films, and pipes, has been increasing in China due to economic growth and rising living standards. The apparent consumption of mPE in China is projected to reach approximately 3 million tons in 2024, with imports hitting 2.72 million tons, resulting in a high import dependency of 90.67% [1][16] Industry Background - The production of mPE is supported by national policies aimed at developing new materials, with the "Production of Metallocene Polyethylene and Other Special Polyolefins" listed as a key development area in the "Industrial Structure Adjustment Directory (2024)" [8] - Continuous advancements in production technology and catalyst development have allowed domestic companies to narrow the gap with international standards [8] Industry Chain - The upstream of the mPE industry includes suppliers of raw materials like ethylene and propylene, as well as suppliers of catalysts, antioxidants, stabilizers, and production equipment. The midstream involves the production and processing of mPE, while the downstream encompasses various application markets, including food packaging films, stretch films, and pipes [12] Consumption Structure - Food packaging films represent the largest consumption market for mPE in China, accounting for 29.4% of total consumption, followed by stretch films and greenhouse films at approximately 19% and 18.6%, respectively [14] Competitive Landscape - The mPE production technology is complex, and China has historically relied heavily on imports. Major suppliers include ExxonMobil (40% market share), Dow Chemical (30%), and Mitsui Chemicals (13%) [18] - Domestic producers include Sinopec, PetroChina, and Shenyang Chemical, with a projected total production of about 350,000 tons in 2024. Sinopec is expected to account for 30% and PetroChina for 65% of this production [20] - There are currently seven mPE projects under construction in China, with a combined designed capacity exceeding 3.7 million tons, which is expected to alter the domestic supply landscape and reduce import dependency [20] Development Trends - The number of mPE projects under construction indicates a future increase in production capacity, which will help reduce import reliance and enhance domestic competitiveness. The industry is also moving towards green production and recycling, with a focus on energy conservation and sustainable product design [22]