马来西亚塑料循环系列 报告 #4 探索汽车行业的塑料循环经济机 遇 公开披露授权 公开披露授权 公开披露授权 管理 公开披露授权 © 2025 世界银行集团 1818 H 街西北, 华盛顿特区, DC 20433 电话：202-473-1000；互联网：www.worldbank.org 这项工作是国际复兴开发银行（IBRD）和国际金融公司（IFC）的成果，这两家机构是世界银行集团的成员，并有外部贡献者。"世界银行集团"指的是法律上独 立的国际复兴开发银行（IBRD）、国际金融公司（IFC）、国际开发协会（IDA）和多边投资担保机构（MIGA）。 世界银行集团不保证本作品中包含的内容的准确性、可靠性或完整性，也不保证其中所述的结论或判断，对于任何内容中的任何遗漏或错误（包括但不限于排 版错误和技术错误）概不负责，也不对依赖于此内容承担任何责任或责任。本作品中所示的国界、颜色、名称、链接/脚注和其他信息均不构成世界银行集团对 任何领土的法律地位或对其边界表示认可或接受的任何判断。引用他人类似的作品并不意味着世界银行集团认可那些作者所表达的观点或其作品的内容。本卷 中表达的调查结果、解释和结论不一定反映世界银行集 ...

2025（第三届）高分子循环再利用大会 ——化学回收、物理回收、创新应用、动态高分子 主办单位： 宁波德泰中研信息科技有限公司（DT新材料） 大会主席： 张立群，中国工程院院士、西安交通大学校长 执行主席： 刘小青，中国科学院宁波材料技术与工程研究所研究员 支持单位： 浙江科茂环境科技有限公司 大会时间： 2025年12月11-13日 大会概 况 高分子循环利用已成为缓解全球资源紧缺与环境压力的重要途径，世界许多国家都已出台强制使用再生高分子的政策法规。新央企中国资源循环集团的 重磅成立，或标志着我国高分子循环利用产业将迈向新的发展地位，战略意义凸显。 世界不同区域对于高分子循环回收的最新态度和举措是什么？面向"十五五"，国家对于高分子循环利用产业的顶层设计将有何指导？高分子循环回收到 底能不能挣钱？究竟哪种先进技术能实现大规模可复制？循环高分子材料的应用能为制品企业带来多少的税收减免红利？产品的碳足迹怎样追溯与核 算？如何在强制法规与产业"内卷"中脱颖而出？分子可逆设计能否从根本上打破高分子难回收枷锁？ 第三届高分子循环再利用大会 将于 12月11-13日 在 浙江宁波 召开，本届大会围绕 政策趋势、化学回 ...

本报记者 李 蕊 没有血肉的新材料，竟然也会"害羞"？ 今年4月，国际橡塑展在广东深圳举行。道恩集团展位内，一束光打在新研发的弹性体材料上，其表面 泛起红晕，宛若人类害羞时的脸颊。 "我们正在研发的这款弹性新材料，将来可以模拟人的皮肤，让仿生机器人有更多'表情'。"道恩集团旗 下的山东道恩高分子材料股份有限公司(以下简称"道恩股份")弹性体研发部经理刘蕾介绍。 这家活跃于国际新材料前沿的科技企业，多年前还只是山东烟台龙口市一家不起眼的民营企业。 1991年，道恩集团董事长于晓宁带着5名员工，凑出20万元，在龙口市开始创业；2002年，企业走到转 型路口，来自时任北京化工大学材料科学与工程学院教授张立群的消息，让于晓宁眼前一亮——高性能 热塑性弹性体(TPV)材料在实验室取得突破。 此后，企业又向新的"卡脖子"技术——氢化丁腈橡胶发起冲击。这种综合性能极优的橡胶是国产大飞机 等特殊装备的刚需材料，其生产技术长期被国外垄断。经过9年持续攻关，2019年，道恩生产出第一块 氢化丁腈橡胶，我国成为继日本、德国之后第三个完全拥有该材料制备技术自主知识产权的国家。 如今的道恩集团，已跃升为龙口市高端化工产业链链主企业、山 ...

Core Insights - The article discusses the innovative developments of Dawn Group in the field of new materials, particularly focusing on thermoplastic elastomers (TPV) and hydrogenated nitrile rubber, showcasing the company's journey from a small private enterprise to a leader in high-end chemical industry in Longkou City [2][3][4]. Group 1: Company Development - Dawn Group was founded in 1991 by Yu Xiaoning with an initial investment of 200,000 yuan and has evolved significantly over the years [2]. - In 2006, the company established China's first TPV production line with complete independent intellectual property rights, which won the National Technology Invention Award in 2008 [3]. - By 2019, Dawn became the third country after Japan and Germany to possess the complete technology for producing hydrogenated nitrile rubber, a critical material for special equipment like domestic large aircraft [3]. Group 2: Technological Innovations - The company is developing a new elastic material that can simulate human skin, allowing for more expressive biomimetic robots [2]. - Dawn has innovated a recycling technology that enables the "premium regeneration" of waste plastics, significantly reducing carbon emissions by 80% compared to virgin plastics [5]. - The company is also advancing in other cutting-edge fields, such as lightweight and green tire materials and polycarbonate materials for low-altitude aircraft manufacturing [5]. Group 3: Strategic Partnerships - In 2024, Dawn Group partnered with Haier Smart Home to establish a company focused on the research and production of recycled plastics, leveraging Haier's stable supply of waste plastic from home appliances [5].

中化新网讯 亚太行业观察人士近日指出，提升亚太地区塑料回收率并应对环境挑战，需要合理的政策 支持，并辅以社区参与和技术进步。 参与联合国塑料条约谈判的道格·伍德林指出，即便抛开条约谈判，许多国家也可自主制定有效的废塑 料回收政策，无需等待国际协议。伍德林强调了对再生材料的迫切需求。目前主要品牌承诺使用的再生 材料比例严重不足，导致可用材料存在巨大缺口。他呼吁各国构建循环经济体系，重视并高效利用再生 材料。 穆拉技术亚洲区发展与融资总监尼克·沃特斯强调，生产再生塑料的成本往往高于用化石燃料生产新塑 料。他表示："这种状况凸显了市场干预的必要性，以建立公平竞争环境。若缺乏政策支持，回收商将 处于劣势，尤其是在与缺乏可持续发展目标的品牌竞争时。" 沃特斯还强调了生产者责任延伸(EPR)计划的重要性，该计划要求制造商对其产品的全生命周期负责。 这类计划通过经济激励推动塑料废弃物的回收，有效挖掘本可能成为污染源的材料价值。在需求侧，沃 特斯指出，包装中强制添加再生材料的目标具有必要性。要求原生树脂中必须含有一定比例的再生材 料，这为再生塑料创造了独立于化石燃料价格的专属市场。他认为，这一转变将显著推动亚太地区塑料 废弃 ...

Group 1 - The company has not yet ventured into the specialty engineering plastics sector [1] - The core business of the company focuses on the recycled plastics field, emphasizing an innovative model of "recycling - regeneration - utilization" [1] - The company aims to achieve efficient recycling and maximization of value from recycled plastic resources through technological and model innovation, promoting green and sustainable development in the industry [1]

Macro Strategy - The report highlights the need to monitor domestic economic policy changes due to the upcoming Fourth Plenary Session and the focus on countering "involution" [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to reduce their balance sheets, citing factors such as the need to support the economy during a slowdown, the current accommodative monetary policy, and the role of state-owned capital in maintaining financial services to the real economy [2][22] - It emphasizes that the probability of a sector-wide balance sheet reduction is low, despite some smaller banks potentially facing this situation [22] Industry Analysis - The environmental industry report indicates that the waste incineration sector saw a revenue increase of 1% year-on-year in H1 2025, with net profit rising by 8% and an improvement in cash flow [4][6] - The report notes that operational efficiency improvements and reduced financial costs are driving performance growth, with a significant increase in return on equity (ROE) for pure waste operation companies [4][6] - It highlights the importance of enhancing operational efficiency and expanding both B-end and C-end markets to boost profitability and cash flow [6] Food and Beverage Industry - The beer industry report suggests that the sector is expected to benefit from a recovery in consumption, particularly in dining and retail scenarios, with a focus on high-growth companies like Yanjing Beer and Qingdao Beer [7] - The health supplement sector is noted for its potential valuation reconstruction, with a focus on quality stocks [8] Company-Specific Insights - The report on Yingke Recycling indicates strong growth in the decorative building materials business, with a focus on expanding its recycling capabilities and global presence [9] - The analysis of Magmi Te highlights a revenue increase of 16.5% year-on-year in H1 2025, despite a significant drop in net profit due to increased strategic investments [10][11] - The report on Weirgao emphasizes its leadership in the power PCB sector, projecting significant revenue growth driven by AI server demand and production capacity expansion [12] - The analysis of Dacilin shows a revenue increase of 1.33% year-on-year in H1 2025, with a notable profit growth of 21.38% [13] - The report on Dazhu CNC highlights its position as a leader in PCB equipment, benefiting from the demand for high-layer PCB devices driven by AI server needs [14]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 1.666 billion yuan in H1 2025, representing a year-on-year increase of 16.13%. The net profit attributable to shareholders was 146 million yuan, a decrease of 6.01% year-on-year, primarily due to foreign exchange losses from the appreciation of the RMB against the USD. Excluding this factor, the company's operational profitability, revenue, and net profit all showed positive growth [7] - The revenue from the decoration and building materials segment grew by 38% year-on-year, accounting for 37.27% of total revenue in H1 2025. The company’s product mix, including high-value home consumer goods, contributed to over 75% of total revenue [7] - The company plans to distribute a cash dividend of 0.1 yuan per share, totaling 19 million yuan, reflecting its commitment to shareholder returns [7] - The company has a global marketing presence, with overseas revenue accounting for 88.80% of total revenue in H1 2025, showing a year-on-year increase of 27.84% [7] Financial Summary - The company forecasts total revenue of 2.924 billion yuan for 2024, with a year-on-year growth rate of 19.09%. The net profit attributable to shareholders is projected to be 307 million yuan, reflecting a significant increase of 57.07% compared to 2023 [1][8] - The earnings per share (EPS) is expected to be 1.58 yuan in 2024, increasing to 2.42 yuan by 2027, with a corresponding price-to-earnings (P/E) ratio decreasing from 16.86 in 2024 to 11.02 in 2027 [1][8] - The company’s operating cash flow for H1 2025 was 245 million yuan, an increase of 17.50% year-on-year, indicating improved operational efficiency [7]

Core Viewpoint - The recycled plastic market is expanding due to increasing consumer demand for sustainable products and government initiatives promoting environmental protection [6][13]. Group 1: Market Overview - Recycled plastic is produced from waste plastic through collection, sorting, cleaning, and reprocessing into new resin pellets, contributing to a circular economy [2][4]. - The market for recycled plastic in China is projected to reach approximately 19.2 million tons in actual consumption by 2024, reflecting a growth of 5.39% compared to 2023 [8]. - The largest application area for recycled plastic is packaging and consumer goods, expected to account for 37.46% of the market share in 2024 [8]. Group 2: Industry Chain - The recycled plastic industry chain consists of three main segments: front-end plastic recycling, mid-end plastic regeneration, and back-end utilization of recycled plastics [4]. - Key players in the Chinese recycled plastic market include companies like Veolia Huafei Group, Kingfa Technology, and Dongfang Shenghong, which together will hold a market share of 10.54% in 2024 [11]. Group 3: Challenges and Policies - The recycled plastic market faces challenges such as competition with virgin resin prices and rising recycling costs due to import bans on waste materials in countries like China and India [13]. - Governments worldwide are implementing policies to encourage the use of recycled plastics, including waste treatment cost reductions, tax incentives, and mandatory recycling standards [13][14]. - Significant policies affecting the recycled plastic industry include the revised Solid Waste Pollution Prevention and Control Law and the "14th Five-Year" Circular Economy Development Plan, which emphasize plastic waste recycling and resource utilization [14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.666 billion yuan in H1 2025, representing a year-on-year increase of 16.13%. The net profit attributable to shareholders was 146 million yuan, a decrease of 6.01% year-on-year, primarily due to foreign exchange losses. Excluding these losses, the net profit would have increased by 31.59% [7] - The revenue from the decoration and building materials business grew significantly, with a year-on-year increase of 38% in H1 2025, contributing to over 75% of total revenue [7] - The company plans to distribute a cash dividend of 0.1 yuan per share, totaling 19 million yuan, reflecting a dividend payout ratio of 13.3% [7] - The company is positioned as a leader in recycled plastics, with a global presence and a focus on high-value utilization of recycled plastic products, which is expected to enhance profitability as product categories expand and channels develop [7] Financial Summary - For 2023A, total revenue is projected at 2.455 billion yuan, with a year-on-year growth of 19.41%. The net profit attributable to shareholders is expected to be 195.65 million yuan, a decrease of 15.22% [1] - The company forecasts a net profit of 386.09 million yuan for 2025E, representing a growth of 25.63% [1] - The earnings per share (EPS) for 2025E is estimated at 1.99 yuan, with a price-to-earnings (P/E) ratio of 14.53 [1] - The company’s operating cash flow for H1 2025 was 245 million yuan, an increase of 17.50% year-on-year [7] - The company’s total assets are projected to reach 6.441 billion yuan by 2025E, with total liabilities of 3.439 billion yuan [8]