北交所信息更新 瑞华技术（920099.BJ） 2026 年 02 月 26 日 投资评级：增持（维持） | 日期 | 2026/2/26 | 证书编号：S0790522080007 | | --- | --- | --- | | 当前股价(元) | 32.92 | | | 一年最高最低(元) | 42.58/26.10 | | | 总市值(亿元) | 25.81 | | | 流通市值(亿元) | 16.08 | | | 总股本(亿股) | 0.78 | | | 流通股本(亿股) | 0.49 | | | 近 3 个月换手率(%) | 131.99 | | 北交所研究团队 催化剂放量+技术出海，2025 预计实现营收 5.81 亿元 ——北交所信息更新 | 诸海滨（分析师） | 余中天（分析师） | | --- | --- | | zhuhaibin@kysec.cn | yuzhongtian@kysec.cn | 2025 预计实现营收 5.81 亿元归母净利 1.07 亿元，维持"增持"评级 催化剂募投项目投产，海外合同按期履行实现自主聚苯乙烯工艺包成功应用 山东瑞纶催化剂募集项目 2025 年 7 月 ...

凯立新材公告称，2025年度，公司实现营收203,375.09万元，同比增长20.59%；归母净利润11,028.68万 元，同比增长19.08%；扣非归母净利润11,795.42万元，同比增长39.39%。主要因产品竞争力提升、新 领域开拓致催化剂销量增加及业务结构变化。报告期末，总资产219,550.77万元、归母权益105,546.33万 元，较期初分别增长7.03%、4.14%。上述数据为初步核算，未经审计。 ...

格隆汇2月25日｜有投资者在互动平台向中触媒提问：公司特种分子筛和催化剂营收占了主营绝大部 分，除此之外，近年公司在新材料研发和应用上有什么重大的、新的突破吗？ 中触媒回复称，近年公司持续加大研发投入强度，丰富产品矩阵，拓展产品应用与新材料领域，其中公 司已掌握人工合成高纯石英砂的全套生产工艺和合成核心技术，相关核心工艺已完成中试阶段的验证与 定型，纯度可达到5N以上；公司高纯氧化铝项目处于试生产阶段，纯度可达到5N。具体项目进展情况 请您关注公司后续披露的定期报告。 ...

瑞华技术发布业绩快报，2025年度公司实现营业收入5.81亿元，同比增长4.66%；净利润1.07亿元，同 比下降7.30%。报告期内，公司受行业行情持续低迷的影响，收入结构发生变化，高毛利的工艺包及其 他技术服务和技术许可收入减少，设备和 催化剂传统制造收入增加。 ...

Group 1 - The core point of the article is that Kailong High-Tech has achieved a four-day consecutive limit-up in stock price, indicating strong market interest and potential growth prospects [1] - The company plans to acquire 70% of Shenzhen Jinwangda Electromechanical Co., Ltd. to enhance its robotics industry chain [1] - Kailong High-Tech is a leading enterprise in the field of exhaust gas post-treatment equipment, with a complete industrial chain covering urea pumps, catalysts, and carriers, and is preparing for key technologies related to National Seven standards [1] Group 2 - Silicon carbide materials have been applied in automotive brake systems, with recrystallized silicon carbide carriers recognized by clients in Spain and Germany [1] - The company is focusing on lightweight solutions for new energy vehicles through aluminum silicon carbide brake discs [1] - The stock has seen a trading volume of 0.24 billion yuan and a turnover rate of 0.68% during the limit-up period [1]

Financial Data and Key Metrics Changes - In 2025, the company generated $2.3 billion in cash from operations, reflecting strong working capital discipline and a cash conversion ratio of 95% [12][19] - Full-year earnings were reported at $1.70 per diluted share, with EBITDA totaling $2.5 billion [12][13] - The Value Enhancement Program exceeded its target, achieving $1.1 billion of recurring annual EBITDA in 2025, with a new target of $1.5 billion by 2028 [9] Business Line Data and Key Metrics Changes - The Olefins and Polyolefins Americas segment reported fourth quarter EBITDA of $164 million, down from the prior quarter due to higher feedstock costs and lower polyethylene margins [24] - The Olefins and Polyolefins Europe, Asia, and International segment experienced a loss of $61 million in fourth quarter EBITDA, impacted by lower prices and maintenance [26] - The Intermediates and Derivatives segment achieved fourth quarter EBITDA of $205 million, benefiting from improved propylene glycol demand [28] - The Advanced Polymer Solutions segment reported fourth quarter EBITDA of $38 million, with a year-over-year increase of 55% [31] Market Data and Key Metrics Changes - Industry margins in 2025 were approximately 45% below historical averages, with North American polyolefins margins at their lowest levels in over a decade [11] - The company noted that global trade disruptions and low demand for durable goods were significant factors pressuring margins [11] - In Europe, increased competition from imports and higher energy costs continued to affect profitability [11] Company Strategy and Development Direction - The company is focused on a three-pillar strategy: growing and upgrading the core, building a profitable circular and low-carbon solutions business, and stepping up performance and culture [6][8] - The divestment of four European assets is on track for completion in the second quarter of 2026, aimed at strengthening the company's cost advantage [7][26] - The company is prioritizing investments in projects with immediate returns while reviewing the timing of achieving certain sustainability goals [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging market conditions in 2025 but expressed confidence in the company's ability to generate positive cash flow and capture significant upside once margins normalize [11][12] - The company expects modest improvements in market conditions as it moves into 2026, with a focus on execution, cost discipline, and value-driven growth [34][35] - Management highlighted the importance of maintaining an investment-grade balance sheet and the ongoing evaluation of capital allocation strategies [40] Other Important Information - The company reduced its capital expenditure plans for 2026 to approximately $1.2 billion, with $800 million allocated for maintenance and $400 million for growth projects [22][46] - The company returned $2 billion to shareholders through dividends and share repurchases during 2025 [19] Q&A Session Summary Question: Dividend strategy in light of growth opportunities - Management emphasized the importance of maintaining an investment-grade balance sheet while balancing cash returns to shareholders and growth investments [40] Question: CapEx guidance for 2026 - Management clarified that the reduced CapEx is due to postponed turnarounds and disciplined management of maintenance CapEx, with expectations for $800 million in maintenance [46][48] Question: Outlook for the Houston refinery - Management reiterated plans to transform the refinery and remain open to monetizing the asset if market conditions change [51] Question: Working capital management in 2026 - Management acknowledged the need to rebuild some working capital in 2026 but indicated that this has been factored into the cash improvement plan [56][57] Question: Oxyfuels market outlook for 2026 - Management expects normalization in the oxyfuels market following a volatile 2025, with seasonal improvements anticipated [61] Question: Polypropylene market assessment - Management indicated that polypropylene is currently weaker than polyethylene due to its dependence on durable goods demand, but recovery is expected as consumer confidence improves [66][68]

Core Viewpoint - Haineng Technology (300072) has established a competitive advantage in the catalyst and purification agent sectors through nearly 20 years of deep engagement in technology research and development, technology introduction, industrial production, and marketing [1] Group 1: Company Overview - The company has a subsidiary, Shenyang Sanju Kait, responsible for the research, production, and sales of energy purification products [1] - Shenyang Sanju Kait provides complete purification processes, equipment, and services to energy and chemical enterprises [1] Group 2: Industry Position - The company is a member of Sinopec's "Three Agents" collaboration network and a first-level production supplier for Sinopec [1]

Core Viewpoint - The company Dingjide (603255) expects a significant turnaround in its financial performance for the year 2025, projecting a net profit attributable to shareholders between 8.63 million and 12.95 million yuan, compared to a loss of 12.13 million yuan in the previous year [4]. Financial Performance - The projected net profit for 2025 is between 8.63 million and 12.95 million yuan, while the expected non-recurring net profit ranges from 6.89 million to 10.33 million yuan, both showing a recovery from previous losses [4]. - The company's current price-to-earnings (P/E) ratio (TTM) is approximately between 341.76 and 512.65 times, with a price-to-book (P/B) ratio of about 2.79 times and a price-to-sales (P/S) ratio of around 5.21 times [4]. Business Operations - The company specializes in the research, production, and sales of polymer material chemical additives, single agents, and catalysts [15]. - The improvement in performance is attributed to leveraging core product advantages, enhancing marketing efforts, and optimizing product structure and sales area, which effectively boosted overall sales revenue [15]. - The successful launch of the high-end new material project (POE) has provided new support for the company's overall profitability [16].

Core Viewpoint - Liaoning Province is focusing on the construction of pilot test bases in key sectors such as equipment manufacturing, fine chemicals, and new materials, aiming to integrate technological and industrial innovation through a comprehensive public service network for pilot testing [1] Group 1: Pilot Test Base Development - The pilot test base in Panjin, Liaoning, features 22 high-standard pilot test workshops and has already industrialized 9 pilot projects, leading to an investment of over 3 billion yuan [1] - By the end of 2025, Liaoning plans to establish 70 provincial-level pilot verification platforms and has published 219 public service items related to pilot testing, with over 4,000 pilot projects conducted [1] Group 2: Policy and Financial Support - Since the 14th Five-Year Plan, Liaoning has implemented management measures for pilot test bases and performance evaluation methods to enhance operational management and clarify intellectual property and profit distribution [1] - The province has allocated a total of 180 million yuan in special funds to support the development and construction of pilot test bases, accelerating the upgrade of facilities, equipment, and talent cultivation [1]

证券日报网讯1月23日，海新能科（300072）在互动平台回答投资者提问时表示，山东三聚生产装置已 经实现长周期稳定运行，催化剂使用时长受加工总量影响，如果平均加工负荷较大，则运行周期相对较 短。根据生产计划，山东三聚2026年将有检修更换催化剂的安排。 ...