证券代码：002068 证券简称：黑猫股份 公告编号：2026-005 江西黑猫炭黑股份有限公司 关于召开2026年第一次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、召开会议的基本情况 登录新浪财经APP 搜索【信披】查看更多考评等级 1、股东会届次：江西黑猫炭黑股份有限公司（以下简称"公司"）2026年第一次临时股东会 2、股东会的召集人：本次会议由公司董事会召集。 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市规则》《深圳证 券交易所上市公司自律监管指引第1号一一主板上市公司规范运作》等法律、行政法规、部门规章、规 范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2026年3月16日14:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为2026年3月16日9:15-9:25， 9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为2026年3月16日9:15至 15:00的任意时间。 5、会议的召开方式：现场表决与 ...

（来源：炭黑产业网） 近日，黑猫股份携手北京化工大学，在"高分散水性炭黑"项目上取得重大产业化进展——千吨级生产线已正式投入运营。 此生产线打造了高端水性炭黑与通用水性炭黑两大产品系列，形成了丰富多样、层次分明、覆盖广泛的产品体系。 据炭黑产业网了解，黑猫集团全年实现营业收入200.17亿元，同比增长7.62%，创历史新高。 黑猫集团已连续14年荣登中国制造业500强，且排名前移12位。 黑猫集团党委书记、董事长汪羽提出黑猫集团2026年规划，将聚焦"炭黑及碳基新材料、煤化工及能源、复合肥及农用化工"三大主业，培育"医药化工"新 增长极；黑猫集团将在2026年谋划新兴赛道，推动传统产业向智能化、绿色化、融合化升级。 汪羽表示，要推动薪酬资源向生产、营销一线关键岗位、高绩效团队倾斜，全面激发人才活力。 此外，2月24日，汪羽带领调研团队前往江西黑猫纳米材料科技有限公司，针对超导电炭黑后处理改造项目展开专项调研工作。 据炭黑产业网了解，目前该项目正处于设备安装阶段。 该生产线依托前沿工艺与自动化控制系统，实现了从原料预处理、精细分散制备到成品包装的全程连续化、稳定化作业，这一变革不仅实现生产效率、能 耗、环保与安 ...

济宁黑猫严格遵循《绿色工厂评价通则》国家标准，通过优化生产工艺、推动节能技改、规范固废危废 管理等核心举措，实现生产过程标准化、智能化、绿色化，有效降低碳排放与资源消耗，为制造业低碳 转型探索出可复制、可持续的实践范本。 邯郸黑猫依托母公司核心技术，打造了"炭黑生产—尾气发电—蒸汽回用"三位一体循环模式，持续推进 废气超低排放、废水循环回用等环保升级工程，构建全过程低碳管理体系。同时，该公司还深度融入地 方循环化工产业集群，与周边企业共建"煤焦油—炭黑—热力"跨产业协作网络，实现原料本地化配套、 生产洁净化管控、能源园区化共享，走出经济效益与环境效益协同提升的特色路径。 作为黑猫股份重要生产基地，唐山黑猫始终将绿色低碳、安全高效、循环发展融入生产全链条。公司持 续推进低氮燃烧改造、VOCs综合治理、固废资源化利用、尾气发电循环等关键工程，实现污染物排放 稳定优于国标；构建原料高效利用、副产物闭环回用、能源梯级利用的循环经济模式，以技术创新降碳 减耗、提质增效。同时，该公司还严守安全环保底线，完善环境管理体系，打造花园式厂区，实现生态 效益、经济效益与社会效益协同提升。 中化新网讯 2月24日，从江西黑猫炭黑股 ...

Financial Data and Key Metrics Changes - The company reported full-year EBITDA of $248 million for 2025, exceeding previous expectations due to better-than-expected Q4 volumes, particularly in the Specialty segment [16][17] - Free cash flow for the year was $55 million, attributed to higher-than-expected EBITDA in Q4 and working capital initiatives [17][20] - Net debt at the end of the year was $920 million, with a leverage ratio of 3.7 times, down from 3.8 times at the end of Q3 [21] Business Line Data and Key Metrics Changes - The Rubber segment generated full-year adjusted EBITDA of $155 million, impacted by lower tire production rates in key Western markets and a 4% increase in volumes, mainly from South America and APAC [16][17] - The Specialty segment delivered adjusted EBITDA of $94 million, reflecting a 5% decrease in volumes due to soft global industrial activity [17] Market Data and Key Metrics Changes - The tire industry faced challenges due to elevated imports of lower-tier tires, which affected production rates and contract negotiations [7][9] - Recent trends indicate a reversal in consumer behavior, with Tier two and Tier one tires outselling Tier three brands for the first time last year, suggesting a potential recovery in demand [8] Company Strategy and Development Direction - The company is focused on managing costs and has implemented actions expected to drive $20 million in productivity and efficiency savings [10] - A shift in strategy towards maintaining market share rather than sacrificing volume for pricing has been adopted, aligning with customer needs during challenging market conditions [11] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about potential recovery in the tire industry, citing improvements in underlying carbon black indicators and a rebound in freight activity [15][25] - The company anticipates generating adjusted EBITDA between $160 million and $200 million for 2026, with free cash flow expected to be between $25 million and $50 million [23][24] Other Important Information - The company achieved a near-record year for employee safety, with only three incidents reported across its global network [6] - An amendment to the credit agreement was successfully negotiated, providing flexibility to navigate through current market conditions [12][21] Q&A Session Summary Question: Guidance and Rubber Segment - The impact of contract negotiations on guidance was discussed, with management indicating that pricing was the largest factor affecting outcomes [27][29] Question: Free Cash Flow Expectations - Management provided insights on expected free cash flow for 2026, emphasizing active management of working capital and capital expenditures [35][36] Question: Capacity and Contracts - Questions regarding capacity under contract versus normal years were addressed, with management indicating a slight decrease in contracted capacity due to lower tire manufacturing trends [41][42] Question: Tax Items and Specialty Segment Timing - A significant tax item related to a goodwill impairment charge was discussed, with expectations for a return to normal tax rates going forward [44] Question: Accounts Payable and Working Capital Management - Management confirmed active management of working capital elements, including accounts payable, and indicated that the current level is sustainable [49][55] Question: Conductive Carbons and La Porte Plant Update - The timeline for the La Porte plant project was extended to 2027, aligning with market demand [56] Question: Tire Shipments into Europe - Management noted that tire imports to Europe were more stable compared to the U.S., with no significant surge observed [58] Question: Pricing Comparisons with Competitors - Management provided insights on pricing changes, indicating a lower percentage decrease compared to competitors [64]

Financial Data and Key Metrics Changes - The company reported full-year EBITDA of $248 million for 2025, exceeding previous expectations due to better-than-expected Q4 volumes, particularly in the Specialty segment [14][20] - Free cash flow for the year was $55 million, attributed to higher-than-expected EBITDA in Q4 and working capital initiatives [15][18] - Net debt at the end of 2025 was $920 million, with a leverage ratio of 3.7 times, down from 3.8 times at the end of Q3 [18] Business Line Data and Key Metrics Changes - The Rubber segment generated adjusted EBITDA of $155 million, impacted by lower tire production rates in key Western markets and a 4% increase in volumes, mainly from South America and APAC [14][16] - The Specialty segment delivered adjusted EBITDA of $94 million, with a 5% decrease in volumes due to soft global industrial activity [15][17] Market Data and Key Metrics Changes - The tire industry faced challenges due to elevated imports of lower-tier tires, which persisted throughout 2025, affecting contract negotiations for 2026 [6][8] - Recent trends indicate a reversal in consumer behavior, with Tier two and Tier one tires outselling Tier three brands for the first time last year [7] Company Strategy and Development Direction - The company is focused on managing costs and has implemented actions expected to drive $20 million in productivity and efficiency savings [9] - A shift to a "win with our customer" strategy was adopted to maintain market share amid weaker demand [10] - The company has rationalized production lines and reduced capital expenditures to ensure positive free cash flow [9][19] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about potential recovery in the tire industry, citing improving underlying carbon black indicators [11][23] - The company anticipates generating adjusted EBITDA between $160 million and $200 million for 2026, with free cash flow expected to be between $25 million and $50 million [20][21] Other Important Information - The company achieved a near-record year for employee safety, with only three incidents reported across its plants [5] - The company received a platinum rating from EcoVadis, placing it in the top 1% of all companies surveyed in 2025 [22] Q&A Session Summary Question: Guidance and Rubber Segment Impact - The company confirmed that pricing is the largest factor affecting guidance, with a collaborative approach taken during negotiations to maintain market share [25][26] Question: Free Cash Flow Expectations - The company expects free cash flow to remain in the range of $25 million to $50 million for 2026, driven by active management of working capital and capital expenditures [32] Question: Capacity Under Contract - The company noted that capacity under contract is slightly lower than normal due to reduced tire manufacturing forecasts [37][39] Question: Tax Item and Specialty Segment Timing Benefit - The effective tax rate was impacted by a goodwill impairment charge, and stronger demand in coatings contributed to upside in specialty volumes [40][41] Question: Accounts Payable Increase - The company is actively managing working capital, including accounts payable, and does not anticipate an immediate reversal [44][50] Question: La Porte Plant and Conductive Carbons - The startup of the La Porte plant is now expected in 2027, aligning better with market demand [52] Question: Tire Shipments into Europe - Tire imports to Europe were more stable than in the U.S., with no significant surge observed [55] Question: Pricing Comparisons with Competitors - The company indicated that its price cuts are in the range of 3-5%, lower than some competitors' expectations [60] Question: Future Capacity and Startup Costs - The company expects minimal startup costs for La Porte in 2026, with most costs occurring in 2027 [73]

（来源：炭黑产业网） 而受益于电池材料业务持续增长，卡博特高性能化学品业务有较好表现： 单位毛利提升主要来自产品结构优化、成本管控与优化措施；销量下滑主要受欧洲需求疲软影响。 此外，2026年1月，卡博特与欧洲领先电动汽车电池原厂制造商 PowerCo SE 达成多年供应协议，为锂 离子电池应用提供导电炭黑及分散液，进一步巩固了公司在电池材料领域的领导地位。 全球补强材料销量：-7% 亚太地区：-7% 欧洲、中东、非洲：+6% 美洲地区：-15% 息税前利润为4800万美元，同比增长7%； 较 2025 财年同期增加 300 万美元(约2073万元人民币)； 主要得益于单位毛利提升，部分被销量下滑抵消； 卡博特表示，鉴于全球电动汽车及储能领域持续增长，强化该领域布局仍是未来的战略重点。 2月3日，卡博特发布公告，表示当前补强材料板块需求环境具备挑战，且持续受到欧美市场轮胎进口量 高企影响，公司正通过降本、全球布局优化、产能合理化等措施应对。 据炭黑产业网了解，2026财年一季度，卡博特补强材料业务利润有较大下滑，息税前利润为 1.02 亿美 元，较同期减少2800万美元(约1.94亿人民币)，同比下降22%。 ...

（来源：炭黑产业网） TANHEI PART 01 煤焦油供需 供应面：经过上一轮涨价后焦企利润修复，下游对于原料的冬储意愿较往年已有所降温，节前焦炭市场预计持稳运行，煤焦油供应变化不大。 需求面来看，深加工企业仍存在备货的需求；煤焦油价格波动后，产业链心态产生明显变化。外加深加工开工减少，供应减量，部分企业产生惜售情绪， 价格从看空转为谨慎观望。目前深加工产品价格暂稳，煤沥青价格在4600-4650元/吨；蒽油山东价格在3650元/吨。 PART 02 节前最后一周拍卖，煤焦油价格止跌，稳中偏强运行。从炭黑市场来看，本周炭黑新单的询价明显减少，炭黑厂多执行订单发货为主。 炭黑供需 临近年关物流逐渐停运，下游全钢轮胎企业已相继进入假期，半钢轮胎企业也开始放假，轮胎行业的整体开工率呈现下降趋势，其他橡胶制品企业备货结 束也早已进入了假期。当前炭黑厂下游采购需求转淡，多执行前期订单发货，市场新单交易逐渐停止。 从炭黑供应情况来看，当前炭黑主流大厂库存水平不高，炭黑厂开工率无明显下滑迹象，据炭黑产业网统计，炭黑厂开工率仍维持在六成左右。一方面下 游前期备货积极，炭黑厂多存在待交付订单，炭黑厂仍需积极生产以满足订单需 ...

19710003581 ✪长鸿炭黑N220 （来源：炭黑产业网） 供需即时信息发布 炭黑头部品牌，50%蒽油配比 N220！ 低筛余物、高纯度、高黑度、高耐磨！年底钜惠，量大优惠！最具行业竞争力价格！欢迎来电垂询：李经理18560090819 有惊喜! ✪黑猫炭黑｜厂家官方渠道直供特惠 选大牌更省心！黑猫炭黑厂家官方渠道直供特惠！ 与全球十强轮胎合作的国际品牌，厂家指定官方渠道直供！无中间溢价，价格透明，品质与价格双重优势兼具，支持小单试购。 咨询电话：李经理 18615586713 ✪重庆天然气炭黑厂诚寻合作伙伴 重庆本地炭黑企业（主营天然气炭黑），全蒽油特品炭黑，现诚邀各界伙伴携手合作，共拓发展机遇！企业现拥有1条标准化生产线，年产能1.5万吨，产 线技术成熟，具备充足扩产能力；生产运营状况良好，产品质量稳定达标，市场销路通畅，客户资源稳固。配套完善尾气锅炉，实现能源高效利用，副产 尾蒸汽对外销售，形成多元盈利点，生产效益与环保效益兼具。 合作模式：股权合作、运营合作（具体可面议）联系洽谈：张总 18117848817 01 炭黑、白炭黑 出售| 黑又亮喷雾炭黑 军工品质 厂家直销，国内产能最大 产品：喷 ...

当前全球炭黑市场规模庞大，各类炭黑产品在不同行业得到广泛应用。其中，炭黑HP9212作为一种优质炭黑，在橡胶、塑料和油墨等领域表现出色，因此 备受关注。本文将围绕炭黑HP9212的市场价格趋势进行深入分析和预测。 我们需要了解炭黑HP9212的基本特性及其应用领域。炭黑HP9212是一种颗粒状黑色粉末，具有优异的强度和耐久性。它在橡胶工业中被广泛应用于轮胎、 橡胶管和密封材料等领域，可以有效提升产品的耐磨性、抗拉强度和耐老化性能。在塑料和油墨行业，炭黑HP9212也可用作着色剂和增强剂，以提升产品 的色泽和机械性能。 在市场价格趋势方面，炭黑HP9212受到多种因素的影响。首先是原材料供需关系的变化。炭黑的主要原料是矿石和天然气，其价格波动对炭黑HP9212的市 场价格有直接影响。如果原材料价格上涨，炭黑生产成本将增加，从而推动市场价格上升。反之，原材料价格下跌则可能导致炭黑市场价格下降。因此，关 注原材料市场的动态对于预测炭黑HP9212的价格趋势非常重要。 全球经济形势也是影响炭黑HP9212市场价格的重要因素之一。经济萧条期间，企业投资和需求减少，炭黑需求下降，价格随之受到压制。而在经济复苏时 期，企业 ...

Group 1 - The core viewpoint of the article indicates that carbon black prices are stabilizing within a range, with limited market transactions and a continuation of cost pressures affecting supply and demand dynamics [2][6][10] - Carbon black companies still have pending orders, and overall pricing remains stable, with some companies adjusting prices slightly in line with raw oil price fluctuations [7][9] - Demand for carbon black is characterized by scattered orders that do not represent the broader market, leading to a focus on actual sales negotiations [3][7] Group 2 - The supply and demand for coal tar is imbalanced, with expectations of weak performance; the main transaction prices range from 3650 to 3760 yuan per ton, reflecting a decline of 40 to 200 yuan per ton, particularly in Inner Mongolia [9][10] - Increased output from coking enterprises coincides with the end of downstream inventory buildup, contributing to a more negative market outlook [9][11] - Predictions suggest that coal tar prices will continue to exhibit weak trends, while carbon black prices are expected to stabilize within a range as demand orders decrease [10][11]