南方财经11月21日电，宿迁联盛（603065.SH）公告称，其募投项目年产12000吨光稳定剂、5000吨阻聚 剂及15000吨癸二酸二甲酯系列新材料项目因市场环境变化及项目建设进度放缓，拟将项目达到预定可 使用状态的时间从2025年12月延期至2026年12月。截至2025年9月30日，该项目已投入募集资金 34,847.99万元，占计划总投资额的74.68%。 此次变更主因系光稳定剂770市场价格处于近年低位，叠加公司受阻胺光稳定剂年化产能利用率仅为 57.35%，导致二期项目投资进度放缓。二期项目中癸二酸二甲酯为光稳定剂770的主要中间体，当前市 场环境下难以实现预期经济效益。此前，该项目曾因施工建设受宏观环境影响于2023年首次延期，又因 化工行业景气度下行于2024年再度延期。 ...

【DT新材料】 获悉，近日， 会通股份 和 宿迁联盛 发布项目延期公告。 首先是 ，11月18日， 会通新材料 发布公告，同意公司将可转换公司债券募投项目" 年产 30 万吨高性能复合材料项目 "达到预定可使用状态的日期延长至 2027 年 12 月 31 日。 截至目前，"年产 30 万吨高性能复合材料项目"已建成年产能约 24 万吨，已达到规划产能的 80%，产能利用率超过80%。后期伴随着精益工作的进一步推进， 公司现有产能将进一步提升。延期主要是 结合宏观市场环境和自身业务发展的实际需要，认真规划募集资金在项目上的使用，避免盲目扩大生产规模造成资 源浪费。 其次是 ，11月20日， 宿迁联盛 发布公告，公司拟将募投项目 年产12000 吨光稳定剂、5000 吨阻聚剂及 15000 吨癸二酸二甲酯系列新材料项目 ，达到预定可 使用状态的时间从 2025 年 12 月再次延期至2026 年12月。 据悉，该项目一期项目已基本完工，已投入使用。二期项目已建设一栋生产车间，还有两栋生产车间尚未建设。癸二酸二甲酯是光稳定剂 770 的中间体，由于 市场竞争激烈，光稳定剂 770 的市场价格处于近年来的最低水平 ...

Core Viewpoint - The company announced that it has raised a net amount of 466.6271 million yuan from its initial public offering, with a significant portion of the funds allocated to investment projects, but is facing delays in project timelines due to market conditions [1] Group 1: Fundraising and Investment - The actual net amount raised from the initial public offering is 466.6271 million yuan [1] - As of September 30, 2025, the cumulative investment in projects is 348.4799 million yuan, representing an investment ratio of 74.68% [1] Group 2: Project Delays - The timeline for the project "annual production of 12,000 tons of light stabilizers, 5,000 tons of anti-polymerization agents, and 15,000 tons of dimethyl sebacate series new materials" has been postponed from December 2025 to December 2026 [1] - This marks the third delay for the project, which has been approved by the board of directors and has received no objections from the sponsoring institution [1] - The company has highlighted risks associated with the project's progress not meeting expectations due to intense market competition, low product prices, and underutilization of capacity [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company [4][12]. Core Insights - The company has demonstrated steady revenue growth, with a year-on-year increase of 5.72% in the first three quarters of 2025, achieving a total revenue of 4.509 billion yuan. The net profit attributable to shareholders increased by 24.92% year-on-year, reaching 392 million yuan [2][3]. - The company's gross profit margin improved by 0.59 percentage points to 21.72%, contributing to the net profit growth. The quarterly gross profit margins for Q1, Q2, and Q3 of 2025 were 21.52%, 21.65%, and 21.97%, respectively [3]. - The company is expanding its lubricant additive business, with the second phase of the Jinzhou Kangtai project expected to commence production in 2024. The company is actively developing major clients and participating in the establishment of industry standards in China [3]. - The company is making positive strides in emerging business areas, including life sciences and polyimide materials. The life sciences segment is transitioning from R&D to market development, while a new production base and R&D center for polyimide materials are being established in Yixing, with trial production expected in 2026 [4]. - The company is also planning to build an overseas R&D and production base in Malaysia for high-performance polymer materials and lubricant additives [4]. Financial Forecasts - The company is projected to achieve net profits of 528 million yuan, 619 million yuan, and 713 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding earnings per share (EPS) of 2.30 yuan, 2.69 yuan, and 3.11 yuan [4][11]. - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated to be 17, 15, and 13 times, respectively [4].

Core Viewpoint - Fangyuan Zhihuo plans to reduce its stake in Suqian Liansheng by up to 12,569,027 shares, representing 3% of the total share capital, through various legal methods over a period from October 13, 2025, to January 12, 2026 [1] Summary by Relevant Sections Shareholding and Reduction Plan - Fangyuan Zhihuo currently holds 17,999,531 shares of Suqian Liansheng, accounting for 4.30% of the total share capital [2] - The reduction will occur within three months after the announcement, with the price determined by market conditions [1] - The maximum reduction amount is estimated at approximately 109 million yuan based on the closing price of 8.70 yuan per share on September 11, 2025 [2] Historical Shareholding and Transactions - Fangyuan Zhihuo was the fifth largest shareholder of Suqian Liansheng as of June 30, 2025, having initially held 35,698,800 shares, which was 8.52% of the total shares [3] - Since February 25, 2025, Fangyuan Zhihuo has cumulatively reduced its holdings by 17,699,200 shares, realizing approximately 155 million yuan [3] Financial Performance - For the first half of 2025, Suqian Liansheng reported revenue of 627 million yuan, a year-on-year decrease of 13.70%, and a net profit attributable to shareholders of 15.45 million yuan, down 42.84% [4] - The net profit after deducting non-recurring gains and losses was 8.88 million yuan, a decline of 56.50% [4] - In the years 2022 to 2024, the net profit attributable to shareholders was 246 million yuan, 75.10 million yuan, and 39.36 million yuan, respectively [5] IPO and Market Performance - Suqian Liansheng went public on March 21, 2023, with an issue price of 12.85 yuan per share, raising a net amount of approximately 466.63 million yuan [5][6] - The stock reached its highest price of 22.39 yuan on March 23, 2023, but is currently trading below the issue price [5]

Company Overview - Lianlong's stock price increased by 2.11% on September 11, reaching 35.32 CNY per share, with a trading volume of 78.93 million CNY and a turnover rate of 1.02%, resulting in a total market capitalization of 8.11 billion CNY [1] - The company specializes in the research, production, and sales of polymer material anti-aging chemical additives, with its main revenue sources being light stabilizers (36.68%), antioxidants (30.41%), lubricant additives (18.70%), U-pack (10.79%), and others (3.35%) [1] Financial Performance - For the first half of 2025, Lianlong achieved operating revenue of 2.995 billion CNY, representing a year-on-year growth of 6.21%, and a net profit attributable to shareholders of 241 million CNY, up 9.60% year-on-year [2] - Since its A-share listing, Lianlong has distributed a total of 450 million CNY in dividends, with 243 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, Lianlong had 17,700 shareholders, a decrease of 0.29% from the previous period, with an average of 12,587 circulating shares per shareholder, down 0.45% [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Views - The company has demonstrated steady performance with a year-on-year revenue increase of 6.21% to CNY 2.995 billion in the first half of 2025, and a net profit growth of 9.60% to CNY 241 million [3]. - The core business segments, including anti-aging additives and lubricant additives, have shown growth in both sales volume and revenue, with lubricant additives experiencing a significant revenue increase of 18.49% [3]. - The company is actively expanding into new business areas, including life sciences and polyimide materials, which are expected to drive future growth [4][5]. Financial Performance Summary - The company achieved a revenue of CNY 5.278 billion in 2023, with a projected growth rate of 9.00% [6]. - The net profit for 2023 is forecasted at CNY 362 million, with a significant increase of 23.90% expected in 2025 [6]. - The earnings per share (EPS) are projected to grow from CNY 1.58 in 2023 to CNY 3.11 by 2027, reflecting a strong upward trend [12]. Business Development - The company is expanding its lubricant additives business, with the second phase of its Jinzhou plant expected to enhance production capacity starting in 2024 [3]. - The life sciences segment is progressing well, with key products entering the market development phase and sales exceeding CNY 1 million monthly [4]. - The company is also investing up to USD 300 million to establish an overseas R&D and production base in Malaysia for high-performance polymer materials [4]. Market Position - The company is recognized as a leading supplier of anti-aging additives in the polymer materials sector, with a strong focus on innovation and customer development [7]. - The total market capitalization of the company is approximately CNY 77.13 billion, indicating a robust market presence [8]. Financial Projections - The company forecasts revenues of CNY 6.379 billion in 2025, with a growth rate of 12.16% [6]. - The projected net profit for 2025 is CNY 528 million, with a consistent growth trajectory expected through 2027 [6].

Core Viewpoint - Lianlong is a leading supplier of polymer material aging resistance additives, transitioning from industrial additives to health consumer products, and is recognized as a pioneer in the anti-aging sector [2][3]. Group 1: Company Overview - Lianlong is the first A-share listed company in China's polymer material industry and has developed a comprehensive range of anti-aging products, including antioxidants and light stabilizers [2]. - Lianlong Zhongwei, a subsidiary, has become a major profit contributor, generating over 1 billion yuan in sales from antioxidants and UV absorbers last year [3]. Group 2: Innovation and Market Expansion - The company is expanding its product applications from traditional industrial sectors to emerging fields such as food, pharmaceuticals, cosmetics, and new energy vehicles [3][4]. - Lianlong has established a technology center in Zhongwei to develop anti-aging products for pharmaceuticals and cosmetics, addressing new market demands [3]. Group 3: Automation and Safety - Lianlong Zhongwei has invested over 50 million yuan in automation, significantly reducing labor needs and enhancing operational safety [6][7]. - The factory employs a centralized control system for automated operations, improving safety and product quality while minimizing human intervention [6][7]. Group 4: Environmental Responsibility - Lianlong Zhongwei has implemented comprehensive environmental protection facilities, exceeding actual discharge needs, and invests 30-40 million yuan annually in waste treatment [8]. - The company emphasizes green development, aligning its safety and environmental standards with international benchmarks, and aims to enhance resource utilization and reduce emissions [8][9]. Group 5: Industry Trends - The polymer material anti-aging industry is evolving towards high-end, green, and composite products, with Lianlong focusing on technological innovation to meet domestic and international market demands [9].

Core Viewpoint - The light stabilizer industry in China is experiencing significant growth due to the increasing demand from various sectors such as plastics, coatings, and rubber, driven by the country's robust manufacturing base. The market is projected to expand further in the coming years, with a notable increase in both demand and market size [1][4][7]. Industry Definition and Characteristics - Light stabilizers are chemical substances that inhibit or reduce the degradation of polymer materials caused by light exposure, enhancing their light resistance. They can be categorized based on their mechanisms of action, including radical scavengers (mainly hindered amine light stabilizers, HALS), ultraviolet absorbers (UVA), and quenchers [1]. Current Development Status - The global market for light stabilizers has shown steady growth, with the market size increasing from $2.021 billion in 2016 to $2.640 billion in 2020, and reaching $3.755 billion in 2022. However, it decreased to $2.987 billion in 2023 before rebounding to $3.363 billion in 2024. Asia remains the largest consumer region, accounting for 55.07% of the global market in 2024 [5][9]. Market Size and Demand - In China, the demand for light stabilizers is expected to reach 162,400 tons in 2024, with a market size of 7.925 billion yuan. The demand is projected to grow to 173,000 tons and a market size of 8.148 billion yuan by 2025. The plastic sector is the largest consumer, followed by coatings and chemical fibers [9][18]. Industry Chain - The light stabilizer industry chain consists of upstream raw materials, including alkyl phenols, fatty ketones, and aromatic amines, which directly affect the performance and quality of light stabilizers. The midstream involves manufacturers, while the downstream applications primarily include plastics, chemical fibers, rubber, and coatings [11]. Development History - The light stabilizer industry in China began in the 1970s and has evolved through various stages, including technological accumulation, industrial breakthroughs, and structural optimization, forming a complete industrial system driven by technological innovation and market demand [13]. Competitive Landscape - The Chinese light stabilizer industry is characterized by a relatively fragmented competitive landscape, with no dominant players. Major companies include Suqian Liansheng, Yuanli Technology, and Lianlong, with Suqian Liansheng leading in production capacity at 37,100 tons [15][16][18]. Future Trends - The research and development of new, efficient light stabilizers are gaining attention, with trends focusing on high molecular weight, composite materials, and reactivity. The continuous demand from downstream industries and ongoing technological innovations are expected to drive the growth of the light stabilizer industry in China [23].

Core Viewpoint - Songyuan Industrial announced a significant expansion of its long-term strategic partnership with European specialty chemicals distributor Biesterfeld Spezialchemie GmbH, enhancing distribution of plastic additives in several Eastern European countries [1] Company Summary - Songyuan Industrial is the world's second-largest manufacturer of polymer stabilizers, holding a leading position in antioxidants, light stabilizers, and other specialty chemicals, with applications in plastics, coatings, and lubricants [1] - Biesterfeld, established in 1906 in Hamburg, Germany, has evolved into a leading international distributor and service provider for plastics, rubber, and specialty chemicals, covering various sectors including standard polymers, engineering polymers, high-performance polymers, rubber, healthcare, industrial, and consumer goods [1] Industry Summary - The partnership will enable Biesterfeld to distribute a joint product portfolio of plastic additives, including antioxidants and light stabilizers, in Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, North Macedonia, Montenegro, and Romania [1] - Biesterfeld previously secured distribution rights for these products in several Western and Central European countries, including Germany, France, Italy, Austria, Poland, Portugal, Switzerland, Serbia, Slovakia, Slovenia, Spain, Czech Republic, Turkey, and Hungary [1]