【DT新材料】 获悉，10月14日， 长华化学 发布《2025年度以简易程序向特定对象发行股票预案(修订稿)》，拟募集资金总额不超过1.55亿元，扣除 发行费用后的募集资金净额将用于 二氧化碳聚醚项目（一期） 。 据悉，本项目实施主体为发行人全资子公司 长华化学科技（连云港）有限公司 ，项目总投资额74,294.85万元，建成后将形成年产 8万吨二氧化碳聚 醚的产能规模， 满足公司对于高性能绿色聚醚产品的生产需求。 通过该项目，公司将逐步转型为提供兼具高性能、碳中和与可循环特性的聚氨酯解 决方案供应商，进而增强客户粘性和品牌价值。 2022至2024年，聚醚行业整体需求保持增长态势，总需求量复合增长率达15.15%，其中出口增长势头尤为强劲； 但受行业产能同质化扩张引发价格 竞争加剧、上游原材料价格波动等因素影响，行业整体盈利水平有所下滑 。对此，聚醚企业除通过降本增效增强盈利能力外，更需开发契合市场需求 的高端产品，优化产品结构以提升综合竞争力。与此同时，绿色低碳发展已成为全社会共识，碳足迹管理体系的建立推动下游客户对低碳产品的需求 显著提升。 近年来，"双碳"成为全球化工行业转型升级目标，国际化工巨头纷纷 ...

Group 1 - Institutional trading saw 29 stocks listed, with 12 net purchases and 17 net sales on the day [1] - The top three stocks with the highest institutional purchases were Tianqi Materials (180 million), Chuling Information (102 million), and GF Securities (98.77 million) [1] - Chuling Information had a net purchase of 102 million from four institutions [2] Group 2 - Moer Thread's IPO application was successfully approved by the Shanghai Stock Exchange [2] - China Mobile Fund focuses on the digital economy and modern mobile information industry chain, holding approximately 1.08% of the fund and 2.12% of Moer Thread, resulting in an indirect holding of 0.0229% [2] Group 3 - A new type of fluorinated polyether electrolyte was developed by a team led by Professor Zhang Qiang from Tsinghua University, providing new ideas and technical support for high-safety, high-energy-density solid-state lithium batteries [3] - Fengshan Group signed a technical development contract with Tsinghua University to collaborate on the development of sodium-ion battery electrolytes and solid-state lithium-ion battery electrolytes, enhancing the company's core competitiveness [4] Group 4 - Changhua Chemical's 80,000 tons/year carbon dioxide polyether project is expected to begin trial production in the fourth quarter of 2025 [5]

Core Viewpoint - Longhua Chemical Technology Co., Ltd. is actively engaging with investors to showcase its technological advantages and progress in the carbon dioxide polyether project, which is expected to enhance its market position and value management strategies [1][2]. Group 1: Technical Advantages and R&D Direction - The company has established seven research institutes over 15 years, focusing on catalyst iteration, automotive polyethers, specialty polyether preparation, and the development of green low-carbon recyclable functional materials [1]. - The project employs high-efficiency new catalysts and low-temperature, low-pressure processes, allowing for adjustable carbon dioxide content in products, which possess unique structures and environmental benefits [4]. Group 2: Carbon Dioxide Polyether Project Progress and Planning - The carbon dioxide polyether project is currently under construction, with an expected completion and production start in Q4 of this year, aiming for an annual output of 1.06 million tons [2]. - The first phase of the project will produce 80,000 tons of carbon dioxide polyether, establishing a technological barrier and market reputation before optimizing processes and efficiency [2]. Group 3: Application Fields and Market Space - Carbon dioxide polyether, a copolymer of propylene oxide and carbon dioxide, is expected to see expanding market capacity in the polyurethane industry, with applications in adhesives, elastomers, and automotive composite foams [3]. - The product's unique physical properties allow it to replace imported products and optimize material properties in various applications [3]. Group 4: Market Value Management Planning - The company achieved a net profit of 41.13 million yuan in the first half of 2025, a year-on-year increase of 62.71%, through optimizing product and customer structures and implementing cost-reduction strategies [5]. - The company plans to continue leveraging its competitive advantages to drive sustained performance growth and enhance intrinsic value through the carbon dioxide polyether and high-performance polyol project [5].

证券代码：301518 证券简称：长华化学 长华化学科技股份有限公司 投资者关系活动记录表 编号：2025-006 | | 特定对象调研 ☑ | □分析师会议 | | | --- | --- | --- | --- | | 投资者关系活动 | □媒体采访 | □业绩说明会 | | | | □新闻发布会 | □路演活动 | | | 类别 | 现场参观 ☑ | | | | | □其他 | | | | | 民生证券股份有限公司 | | 刘海荣 | | | 华安基金管理有限公司 | | 王晨 | | | 上海勤辰私募基金管理合伙企业(有限合伙) | | 周南 | | | 永赢基金管理有限公司 | | 林伟昊 | | | 西部利得基金管理有限公司 | | 陈雨 | | 参与单位名称及 | 富国基金管理有限公司 | | 黄彦东 | | 人员姓名 | 上海盘京投资管理中心(有限合伙) | | 乔煜炎 | | | 泉果基金管理有限公司 | | 魏博阳 | | | 上海松熙私募基金管理合伙企业 | | 葛新宇 | | | 北京遵道资产管理有限公司 | | 陈筛林 | | | 财通基金管理有限公司 | | 张玉龙 | | | 海 ...

Group 1: Financial Performance - In the first half of 2025, the company achieved a net profit of 41.1285 million CNY, an increase of 62.71% compared to the same period last year [2] - The company aims for sustainable growth in the second half of 2025 by leveraging competitive advantages established in the first half [2] Group 2: Product Applications and Advantages - Carbon dioxide polyether has applications in various fields, including automotive composite foam, polyester foam, and eco-friendly products, offering superior mechanical strength and chemical resistance compared to traditional polyethers [3] - The unique properties of carbon dioxide polyether allow it to replace imported specialty polyester polyols, enhancing performance while supporting green and low-carbon initiatives [3][4] Group 3: Technical Advantages - The carbon dioxide polyether product features a block structure of polycarbonate and polyether segments, improving stability and maintaining hydroxyl activity, classified as a green and efficient technology by the state [4] - The polyurethane materials made from carbon dioxide polyether exhibit excellent physical and chemical properties, making them suitable for a wide range of applications [4] Group 4: Market Potential - The carbon dioxide polyether project targets a broad market, including automotive composite foam, synthetic leather, and water-based polyurethane dispersions, driven by the demand for green and low-carbon products [5] - The global chemical industry is experiencing a shift towards green and low-carbon transformation, with significant growth expected in the market for green chemical products due to stricter carbon reduction policies [5][6] Group 5: Project Status and Future Plans - The carbon dioxide polyether project is currently under construction, with an expected completion and production start in the fourth quarter of 2025, subject to project progress and regulatory approvals [6] - The company has initiated a simplified procedure for issuing shares to specific investors, with ongoing updates to be disclosed as required [6]

Core Viewpoint - Changhua Chemical is focusing on optimizing its product and customer structure, implementing differentiated competition and cost reduction strategies, leading to a significant increase in net profit for the first half of 2025 [1] Group 1: Company Performance - In the first half of 2025, Changhua Chemical achieved a net profit of 41.1285 million yuan, representing a 62.71% increase compared to the same period last year [1] Group 2: Project Development - The company is developing a carbon dioxide polyether project with an annual production capacity of 80,000 tons, which aligns with the industry's green development trends and national "dual carbon" policies [1] - The carbon dioxide polyether project is expected to enhance existing business operations and has applications in various fields, including adhesives and automotive composite materials [1] Group 3: Market Potential - The market for carbon dioxide polyether is anticipated to grow due to its high performance, carbon neutrality, and recyclability, with potential customers seeking green, cost-effective solutions [2] - The demand for green low-carbon chemicals is expected to increase as global chemical industry transitions accelerate, driven by stricter carbon reduction policies [2] - The polyurethane materials made from carbon dioxide polyether are expected to see expanding market capacity in the future due to their excellent performance and ease of degradation and recycling [2]

Group 1: Company Overview - In the first half of 2025, the company achieved a net profit of 41.1285 million yuan, an increase of 62.71% compared to the same period last year [2] - The company implemented a differentiated competition strategy and continued to promote comprehensive cost reduction and efficiency enhancement [2] Group 2: Project Introduction - The "Carbon Dioxide Polyether Project (Phase I)" aims to build a facility with an annual production capacity of 80,000 tons of carbon dioxide polyether, expanding the company's specialty polyether business [2] - This project aligns with the company's main business, development strategy, and customer needs, enhancing existing operations and responding to the trend of green economy and "dual carbon" policies [2][3] Group 3: Application and Advantages - Carbon dioxide polyether can be applied in various fields, including flame composite foam, polyester foam, and green low-carbon products, offering superior mechanical strength, hydrolysis resistance, and chemical resistance [4] - Compared to traditional polyols, carbon dioxide polyether provides unique advantages in the automotive industry, such as high performance, carbon neutrality, and recyclability [4] Group 4: Market Potential - The carbon dioxide polyether project has a broad market potential, including applications in automotive composite foam, general foam, synthetic leather, and water-based polyurethane dispersions [5] - The global chemical industry is experiencing three significant trends: accelerated green low-carbon transformation, technology-driven industrial upgrades, and deepened regional supply chain adjustments [5] - The demand for green low-carbon chemical products is expected to grow due to the strengthening of carbon reduction policies worldwide [5][6]

Core Viewpoint - Longhua Chemical (301518) reported a decline in total revenue for the first half of 2025, but a significant increase in net profit, indicating improved profitability despite lower sales [1] Financial Performance - Total revenue for the first half of 2025 was 1.23 billion yuan, a decrease of 15.8% year-on-year [1] - Net profit attributable to shareholders was 41.13 million yuan, an increase of 62.71% year-on-year [1] - In Q2 2025, total revenue was 651 million yuan, down 18.52% year-on-year, while net profit was 22.43 million yuan, up 589.05% year-on-year [1] - Gross margin increased by 56.03% to 6.39%, and net margin rose by 93.1% to 3.34% [1] - Total operating expenses were 31.48 million yuan, accounting for 2.56% of revenue, an increase of 25.3% year-on-year [1] - Earnings per share rose to 0.30 yuan, a 66.67% increase year-on-year [1] Business Model and Investment Returns - The company's return on invested capital (ROIC) was 3.85% last year, indicating weak capital returns [3] - Historical median ROIC since listing is 11.46%, suggesting better investment returns in the past [3] - The company's performance is heavily reliant on capital expenditures, necessitating careful evaluation of capital projects [3] Technological Development - Longhua Chemical has signed a joint development and licensing agreement with Econic for CO2 polyether catalyst technology [4] - The company is focusing on developing CO2 polyether production processes and applications, resulting in several patented technologies [4] - The CO2 polyether products developed have improved stability and environmental benefits, aligning with national green technology initiatives [4]

Core Viewpoint - Changhua Chemical plans to raise up to 230 million yuan through a simplified procedure to fund its carbon dioxide polyether project, aiming to enhance its production capacity and meet the growing demand for high-performance green polyether products [1][2]. Company Overview - Changhua Chemical Technology Co., Ltd. was established in 2010 and is located in Jiangsu Province, specializing in the research, production, and sales of polyether products. The company went public on the Shenzhen Stock Exchange in 2023 [2][4]. - The company reported a revenue of 3.05 billion yuan in 2024, a year-on-year increase of 12.47%, but its net profit attributable to shareholders decreased by 49.90% to 58.16 million yuan [2][4]. Financial Performance - In 2024, the significant decline in net profit was attributed to intensified industry competition, which compressed profit margins for key products, particularly the POP (polyether polyol) used in soft furniture [3]. - The revenue from POP products reached 2.088 billion yuan, accounting for 68.49% of total revenue, with a gross margin of only 1.52%, down 3.48 percentage points from 2023 [3]. Market Dynamics - The polyether industry is experiencing a compound annual growth rate (CAGR) of 15.15% from 2022 to 2024, with strong export growth. However, the industry faces challenges such as intensified price competition and fluctuations in raw material prices, leading to a decline in overall profitability [1][2]. - Changhua Chemical emphasizes the need to develop high-end products and optimize product structure to enhance competitiveness in the market [1].

Group 1: Project Overview - The CO2 polyether project (Phase I) aims to produce 80,000 tons/year of CO2 polyether, with a construction period of 24 months [5] - The project utilizes a low-temperature, low-pressure process, which is the largest of its kind in China and fills a domestic gap, achieving international leading standards [6] Group 2: Technical Aspects - CO2 polyether is produced through the alternating copolymerization of CO2 and propylene oxide, facing high technical barriers due to CO2's inert nature and low catalytic efficiency [2] - The company has signed a joint development and licensing agreement with Econic for CO2 polyether catalyst technology, enhancing its technical foundation [3] - The resulting products have a block structure of polycarbonate and polyether segments, offering improved stability and environmental benefits, classified as a green and efficient technology by the government [3] Group 3: Market Applications - Target customers for CO2 polyether include industries such as automotive, high-end soft furniture, and footwear, with applications in adhesives, elastomers, coatings, inks, and more [4] - The product's superior mechanical strength, hydrolysis resistance, and chemical resistance make it suitable for a wide range of applications, enhancing customer loyalty and market penetration [4] Group 4: Strategic Goals - The CO2 polyether project is key to the company's high-quality development and differentiation strategy, promoting green and low-carbon chemical practices [7] - By reducing petrochemical resource consumption and carbon emissions, the project aligns with current sustainable development goals in the polyurethane industry [7]