金秋时节，陕西榆能精细化工材料有限公司抢抓项目建设的黄金季节拉满"进度条"，加快100万吨/年高 端化学品新材料项目建设。截至目前全场一级地管、主装置桩基等地下工程已结束，全力推进土建工程 施工。 榆能100万吨/年高端化学品新材料项目位于榆神工业区，占地面积1500亩，概算总投资103.15亿元。建 设内容主要包括40万吨/年DMTA装置、20万吨/年环氧乙烷装置、20万吨/年聚醚减水剂大单体装置、10 万吨/年环氧丙烷装置、26万吨/年双氧水装置、8万吨/年丙烯酸装置、12万吨/年丙烯酸丁酯装置、40万 吨/年丙烯酸酯乳液装置、40万吨/年聚羧酸减水剂装置及配套的公辅设施等。 榆能精细化工材料有限公司总工程师任国瑜告诉记者，陕北冬季有效施工期较短，为在冬季来临前确保 土建工程完工，该公司5个项目部按5个矩阵加强"三管三控一协调"管理，即管进度、管质量、管安全， 控成本、控风险、控合同以及现场协调。同时创新采用业主主导的联合管理团队(IPMT)机制，聘请施 工经验丰富的第三方专业项目管理机构(中石化四公司)进行全过程管理，要求各施工单位每个工序都实 行"首件样板工程"，按照A类、B类和C类分级管控，既确保工 ...

Core Insights - Yulin, an important energy base in China, is focusing on clean and efficient coal utilization, positioning itself as a key player in modern coal chemical industry development [1][3] - The 1 million tons/year high-end chemical new materials project is a significant initiative under Yulin's "14th Five-Year Plan," aimed at enhancing the coal chemical industry chain [1][2] - The project will require approximately 900,000 tons of methanol annually, primarily sourced from internal group companies, with plans to expand downstream partnerships [2] Industry Development - Yulin is developing six industrial chains, including coal-based high-end chemicals and coal-to-oil, to promote industrial clustering in designated industrial zones [2][3] - The city is transforming coal into various products, including construction materials and biodegradable items, showcasing a shift from traditional coal usage to innovative applications [2][3] Technological Innovation - Yulin is investing over 2.5 billion yuan in clean energy research and innovation, establishing platforms for technology integration and development [3] - The Yulin Zhongke Clean Energy Innovation Research Institute is facilitating a full-chain innovation path, leading to significant advancements in hydrogen energy storage and coal chemical research [3] Environmental Initiatives - The Yulin City Investment Baisheng CO2 comprehensive utilization project aims to reduce CO2 emissions by 1.01 million tons annually, contributing to environmental sustainability [4] - The project will convert CO2 into useful products for various applications, including oil recovery and agricultural fertilizers [4] Industry Collaboration - China National Offshore Oil Corporation's subsidiary showcased advanced technologies for efficient coalbed methane development at the Yulin International Coal and High-end Energy Chemical Industry Expo [5] - The company emphasizes green and low-carbon energy development, aligning with Yulin's goals for sustainable industrial transformation [5]

Core Insights - Yulin is a significant energy base in China and one of the four modern coal chemical industry demonstration zones, focusing on clean and efficient coal utilization [1][4] - The 1 million tons/year high-end chemical new materials project is a key initiative under Yulin's "14th Five-Year Plan," aimed at enhancing the coal chemical industry chain [1][2] - The project includes various production facilities, such as a 400,000 tons/year DMTA unit and a 200,000 tons/year ethylene oxide unit, which will produce refined chemical products for downstream markets [1][2] Industry Development - Yulin is developing six industrial chains, including coal-based high-end chemicals and coal-to-oil, to promote industrial clustering in designated industrial zones [2][4] - The transformation of coal into various products, including construction materials and biodegradable medical supplies, signifies a shift towards sustainable practices in the coal industry [2][4] - The establishment of the Yulin Zhongke Clean Energy Innovation Research Institute aims to integrate technology and industry, focusing on hydrogen energy storage and downstream coal chemical research [3][4] Environmental Initiatives - Yulin is actively pursuing carbon reduction strategies, including the largest carbon capture and utilization project in Shaanxi, which aims to reduce CO2 emissions by 1.01 million tons annually [4] - The project converts CO2 into useful products for oil recovery, underground storage, and agricultural fertilizers, aligning with global green energy trends [4] - The introduction of innovative technologies in coalbed methane extraction and low-carbon fracturing techniques reflects the industry's commitment to reducing carbon emissions [5]

1. Report Industry Investment Rating - No information available 2. Core View of the Report - The company is a leading enterprise in the domestic water - based acrylic emulsion industry, with a market share of about 15%. In 2025, it aims to "consolidate the domestic market foundation and explore the overseas market future", continue to improve the production capacity layout, and increase R & D efforts [21]. - Benefiting from various factors, the water - based acrylic emulsion industry chain will be more complete, the application scope will expand, and market demand will grow. The company will improve relevant layouts and expand new application channels [22]. - The domestic acrylic emulsion industry is highly market - oriented. Leading enterprises with core technologies can maintain their advantages, and market concentration will increase, which is beneficial for the company to improve its market share [23]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - Research object: Baolijia; Industry: Chemical products; Reception time: May 15, 2025; Reception personnel: Chairman and General Manager Yang Wenyu, Independent Director Liu Shuguo, Board Secretary Li Yanhao, and Financial Controller Li Wenqing [16]. 3.2 Detailed Research Institutions - The reception object is investors who participated in the 2025 annual report collective performance briefing of listed companies in Shanghai through the Shanghai Stock Exchange Roadshow Center (https://roadshow.sseinfo.com/), and the type is "other" [17]. 3.3 Research Institution Proportion - No information available 3.4 Main Content Data - **Question about market share and performance**: The company is a leading enterprise in the domestic water - based acrylic emulsion industry, with a market share of about 15%. In 2024, the company's operating income was 2.151 billion yuan, and the emulsion accounted for 93.16%. In 2025, it will focus on consolidating the domestic market and exploring overseas markets, and continue to improve production capacity and R & D [21]. - **Question about business strategy**: In 2024, the construction materials industry was in the repair period. The company's products include various functional acrylic emulsions and additives. The water - based acrylic emulsion industry chain will improve, and the company will improve relevant layouts and expand new application channels. For example, the demand for water - based coatings in the container field has increased greatly [22][23]. - **Question about company's competitiveness**: The company adheres to the "Technology Baolijia" strategy, has a "One Academy and Five Centers" R & D layout, and has core competitiveness in technology, R & D, production capacity, etc. [24]. - **Question about company's status and advantages**: The company is a leading enterprise in the acrylic emulsion industry and a core supplier to many well - known coating companies. It operates in accordance with regulations, has a complete business system, and will improve internal governance in the future [24].