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]

2.二氧化碳聚醚的应用领域主要有哪些，与传统聚醚相比 的应用优势有哪些？ 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：2025-004 投资者关系活动 类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □新闻发布会 □现场参观 □业绩说明会 □路演活动 □其他 参与单位名称及 人员姓名 华泰证券股份有限公司 杨文韬 工银安盛资产管理有限公司 赵博容 时间 2025 年 9 月 4 日 14:00-15:00 地点 长华化学科技股份有限公司会议室 上市公司接待人 员姓名 董事会秘书：顾倩 证券事务代表：张丽 投资者关系活动 主要内容介绍 一、介绍公司基本情况： 公司 2025 年半年度经营情况： 2025 年上半年，公司优化产品结构与客户结构，实施差异 化竞争策略，同时持续推行全面降本增效策略，在经营业绩上取 得了较好增长，实现归属于上市公司股东的净利润 4112.85 万 元，较上年同期上升 62.71%。 二、互动交流： 1.请介绍下二氧化碳聚醚项目（一期）的投资背景？ 答："二氧化碳聚醚项目（一期）"的主要建设内容为建设 年产 8 万吨二氧化碳聚醚装置 ...

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]

公告显示，本次发行对象为不超过35名（含本数）符合中国证监会规定条件的特定对象， 包括证券投资基金管理公司、证券公司、信托公司、财务公 司、资产管理公司、 保险机构投资者、合格境外机构投资者、其他境内法人投资者、自然人或其他合格投资者。 粘接资讯消息，2025年7月31日，国内聚氨酯产业的知名上海材企长华化学公告，拟以简易程序向特定对象发行股票，募集资金总额不超过2.3亿元，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）。 据公告，上述募投项目实施主体为发行人全资子公司长华化学连云港，项目总投资额 74,294.85万元，项目建成后将形成年产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。 长华化学表示，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。 同时，长华化学也坦言，二氧化碳聚醚产品属于新型牌 ...

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]

Company Summary - Changhua Chemical plans to raise up to 230 million yuan for the construction of a carbon dioxide polyether project (Phase I) [1] - The total investment for the project is approximately 742.95 million yuan, which will enable an annual production capacity of 80,000 tons of carbon dioxide polyether [1] - The company aims to meet the production demand for high-performance green polyether products [1] Industry Summary - From 2022 to 2024, the overall demand in the polyether industry is expected to maintain a growth trend, with a compound annual growth rate (CAGR) of 15.15% [1] - Export growth in the polyether sector is particularly strong, although the industry faces challenges such as intensified price competition due to homogeneous capacity expansion and fluctuations in upstream raw material prices [1] - To enhance overall competitiveness, polyether companies need to develop high-end products that align with market demand and optimize their product structure [1] - Carbon dioxide polyether products are considered new grade products with overlapping application areas with traditional products, but they also present opportunities for development in new fields [1]

Group 1 - Two companies announced private placement plans on August 1 [1] - Siquan New Materials plans to raise 466 million yuan, primarily for projects in Vietnam and working capital [1] - Longhua Chemical aims to raise 230 million yuan for its carbon dioxide polyether project [1] Group 2 - Siquan New Materials' stock price increased by 45.04% over the past five days, while Longhua Chemical's stock price decreased by 4.15% [1] - The latest closing prices are 103.66 yuan for Siquan New Materials and 21.73 yuan for Longhua Chemical [1]

Fundraising Plan - The company plans to raise a total of no more than 230 million yuan, with the net proceeds to be used entirely for specific projects after deducting related issuance costs [1] - The total investment for the project is estimated at 742.9485 million yuan, with the company’s wholly-owned subsidiary responsible for the implementation [1][2] Project Necessity and Feasibility - The project aims to produce 80,000 tons of carbon dioxide polyether annually, addressing the demand for high-performance green polyether products [1][2] - The overall profitability of the industry has declined due to fluctuations in upstream raw material prices, necessitating the development of high-end products to enhance competitiveness [2] - The global chemical industry is increasingly focusing on green transformation and circular economy, with major players like BASF setting ambitious carbon neutrality goals by 2035 [2][3] Market Demand and Growth - The polyether industry has shown a slight recovery trend, with an average growth rate of 6.38% over the past five years, and a compound growth rate of 23.41% for exports [4] - The demand for carbon dioxide polyether is expected to grow significantly, driven by the automotive and high-end furniture sectors, as well as the increasing popularity of electric vehicles [4][5] - The project aligns with the trend towards low-carbon and sustainable development, making it a key component in the transition to greener materials [6] Technical and R&D Capabilities - The company has established a strong technical foundation with 62 patents, including 36 invention patents, and is recognized as a national-level "little giant" enterprise [9][10] - The development of efficient and cost-effective catalysts for carbon dioxide polyether production is a significant technical challenge, which the company is addressing through increased R&D investment [9][10] Financial Impact and Project Benefits - The project is expected to yield a post-tax internal rate of return of 12.81% and a static investment payback period of 6.09 years, indicating good economic benefits [11] - The fundraising will enhance the company's total assets and net asset scale, improving capital structure and overall financial strength [12] - Successful implementation of the project will strengthen the company's market position and expand its application fields, aligning with industry trends and strategic development [12]

Core Viewpoint - The report provides an overview of the fundraising and usage of proceeds by Changhua Chemical Technology Co., Ltd. as of June 30, 2025, confirming compliance with regulatory guidelines and detailing the financial activities related to the raised funds [1][2]. Fundraising Overview - The company raised a total of RMB 902,537,500 through the issuance of 35.05 million shares at RMB 25.75 per share, with actual proceeds after underwriting fees amounting to RMB 851,450,471.70 [2][3]. - The total amount available for use after deducting various fees was RMB 825,059,369.81 [3]. Fund Usage - As of June 30, 2025, the company utilized RMB 651,633,283.81 for investment projects, with a remaining balance of RMB 184,345,219.18 [3][4]. - The company has made changes to its investment projects, notably terminating the "R&D Center Construction Project" and reallocating funds to the "Carbon Dioxide Polyether and High-Performance Polyol Project (Phase I)" [4][5]. Project Details - The "Carbon Dioxide Polyether and High-Performance Polyol Project" is planned in two phases, with total estimated investments of RMB 586,249,000, including RMB 437,252,000 for construction [5]. - The first phase includes the construction of facilities with a capacity of 80,000 tons/year for carbon dioxide polyether and 300,000 tons/year for polyether polyol, while the second phase will expand the capacity further [5]. Financial Management - The company has also engaged in cash management of temporarily idle funds, allowing for investment in low-risk financial products, with a maximum of RMB 50 million allocated for such purposes [10]. - The report indicates that the company has pre-invested RMB 121,347,500 of its own funds into projects before the public offering, which will be replaced by the raised funds [12]. Economic Benefits - The projects funded by the raised capital are expected to enhance the company's operational capabilities and market competitiveness, although some projects, like the R&D center, do not directly generate economic benefits [11][12]. - The expansion of the polymer polyol project has already begun to yield revenue, with reported income of RMB 39,572,170 for the first half of 2025 [12][14].

Summary of Key Points Core Viewpoint The report outlines the usage of funds raised by Changhua Chemical Technology Co., Ltd. through its initial public offering, detailing the total amount raised, expenses incurred, and the allocation of funds to various projects, including a significant shift in investment focus towards a new project involving carbon dioxide polyether and high-performance polyols. Group 1: Fundraising and Allocation - The company raised a total of RMB 902,537,500.00 by issuing 35.05 million shares at RMB 25.75 each, with net proceeds after underwriting fees amounting to RMB 851,450,471.70 [1][2]. - After deducting various expenses, the actual usable funds were RMB 825,059,369.81, with a remaining balance of RMB 184,345,219.18 as of June 30, 2025 [1][2]. Group 2: Project Changes and Investments - In April 2024, the company decided to terminate the original fundraising project for the "Research and Development Center" and redirect the funds towards the "Carbon Dioxide Polyether and High-Performance Polyols Project (Phase I)" [2][3]. - The total investment for the new project is estimated at RMB 586,249.00 million, with Phase I expected to cost RMB 331,377.00 million [4]. Group 3: Financial Management and Efficiency - The company has implemented cash management strategies for temporarily idle funds, allowing for investment in low-risk financial products, with a maximum of RMB 50,000 million allocated for such purposes [6]. - The report indicates that the company has pre-invested RMB 121,347,500.00 of its own funds into projects before the public offering funds were available, which will be replaced by the raised funds [6]. Group 4: Economic Benefits and Performance - The report highlights that the "Carbon Dioxide Polyether and High-Performance Polyols Project" is expected to enhance the company's research capabilities and market competitiveness, although the R&D center itself does not directly generate economic benefits [7][8]. - The company anticipates that the new project will improve production efficiency and expand market share, contributing positively to overall profitability [8].