山东凯盛新材料股份有限公司 2025 年半年度报告摘要 山东凯盛新材料股份有限公司 山东凯盛新材料股份有限公司 2025 年半年度报告摘要 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监 会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 ?不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 ?不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 ?不适用 二、公司基本情况 股票简称 凯盛新材 股票代码 301069 股票上市交易所 深圳证券交易所 变更前的股票简称（如有） 不适用 | 联系人和联系方式 | 董事会秘书 | 证券事务代表 | | --- | --- | --- | | 姓 名 | 王荣海 | 杨紫光 | | 电 话 | 0533-2275366 | 0533-2275366 | | | 山东省淄博市淄川区双杨镇丰泉路 | 山东省淄博市淄川区双 | 杨镇丰泉路 办公地址 139 号山东凯盛新 ...

Group 1 - The core point of the news is the performance and characteristics of the convertible bonds issued by Kaisheng New Materials, which have seen a price increase and a specific conversion rate [1] - Kaisheng New Materials has a credit rating of "AA-" for its convertible bonds, with a total bond term of 6 years and a structured interest rate that increases over the years [1] - The convertible bond has a conversion price set at 20.01 yuan, with the conversion starting on June 5, 2024 [1] Group 2 - Kaisheng New Materials, established in December 2005, specializes in the research, production, and sales of fine chemical products and new polymer materials [2] - The company is a leading domestic producer of aramid polymer monomers and the first in China to produce polyether ketone ketone products, holding significant market position [2] - For the first quarter of 2025, Kaisheng New Materials reported a revenue of 269.4 million yuan, a year-on-year increase of 12.28%, and a net profit of 30.67 million yuan, up 19.35% year-on-year [2]

Group 1 - The core point of the news is the performance and characteristics of the convertible bond issued by Kaisheng New Materials, which has a current trading price of 134.717 yuan per share and a conversion premium rate of 23.19% [1] - The convertible bond has a credit rating of "AA-" and a maturity period of 6 years, with a structured interest rate that increases over the years, starting from 0.2% in the first year to 2.5% in the sixth year [1] - The conversion price for the bond is set at 20.01 yuan, with the conversion period starting on June 5, 2024 [1] Group 2 - Kaisheng New Materials, established in December 2005, specializes in the research, production, and sales of fine chemical products and new polymer materials [2] - The company is a leading domestic producer of aramid polymer monomers and the first in China to produce polyether ketone ketone, holding a significant position in the global market [2] - For the first quarter of 2025, Kaisheng New Materials reported a revenue of 269.4 million yuan, a year-on-year increase of 12.28%, and a net profit of 30.67 million yuan, reflecting a 19.35% increase year-on-year [2] - As of July 2025, the company has a concentrated shareholder structure with 24,280 shareholders and an average holding of 16,140 shares per person, amounting to an average investment of 271,700 yuan [2]

Group 1 - The initial transfer price determined through institutional investor inquiries is set at 13.69 yuan per share [1][2] - A total of 16 institutional investors participated in the inquiry transfer, including fund management companies, securities firms, private fund managers, and qualified foreign investors [1] - The total number of shares to be transferred is 20,000,000, with 13 institutional investors identified as the preliminary transferees [1] Group 2 - The inquiry transfer does not involve a change in company control and will not affect the company's governance structure or ongoing operations [2] - The shares acquired through the inquiry transfer cannot be transferred by the transferees within six months after the acquisition [2]

Core Viewpoint - The company maintains a stable credit rating outlook, reflecting its strong position in the chlorosulfonic acid market and its advantages in the industrial chain, technology, and scale [2][6][19]. Company Overview - The company, Shandong Kaisheng New Materials Co., Ltd., is a leading producer of chlorosulfonic acid and aramid polymer monomers, with a significant market share in both domestic and global markets [2][19]. - The company has a registered capital of 421 million yuan, with its major shareholder being Huabang Life Health Co., Ltd., which holds 44.51% of the shares [9]. Financial Performance - The company's total assets as of the end of 2024 were 24.11 billion yuan, with total liabilities primarily consisting of convertible bonds [3][4]. - The operating income for the company was 2.69 billion yuan, with a net profit of 0.31 billion yuan, reflecting a decline in profitability due to various market pressures [3][4][5]. - The company’s main product, chlorosulfonic acid, experienced a price drop, leading to a significant reduction in profit margins [5][11]. Market Environment - The chlorosulfonic acid market saw a decline in demand, with consumption dropping by 10.66% year-on-year, resulting in a market size of 5.23 billion yuan [11][12]. - The company faces increased competition and fluctuating raw material prices, which have pressured profit margins across its product lines [5][11][15]. Production and Capacity - The company has a chlorosulfonic acid production capacity of approximately 59.50 million tons per year, with a utilization rate of 59.88% [12][13]. - The company is also expanding its production capacity for aramid polymer monomers, with a new project expected to begin trial production in the second half of 2025 [5][19]. Research and Development - The company invested 0.54 billion yuan in research and development in 2024, focusing on high-end chemical products and polymer materials [19]. - The company holds 136 valid patents, including 93 invention patents, indicating a strong commitment to innovation and technology [19]. Risk Factors - The company faces environmental and safety risks associated with its chemical manufacturing processes, particularly concerning waste management and compliance with stricter regulations [5][19]. - The company is also under pressure from rising capital expenditures related to new projects and the need to manage production capacity effectively [5][19].

Group 1: Company Performance and Market Demand - The company's PEKK product output and shipment volume have been increasing since its launch, with applications in various sectors including general profiles, coatings, new energy vehicles, and aerospace [1] - In 2025, the demand from the agricultural chemical sector has increased, leading to improved overall business performance [2] - The first quarter of 2025 saw a year-on-year and quarter-on-quarter increase in revenue and net profit, primarily due to rising demand from the agricultural chemical sector and increased product margins [2] Group 2: Financial and Operational Updates - The company has received authorization from the 2024 annual general meeting to decide on the 2025 interim profit distribution based on actual operating performance and retained earnings [2] - Specific details regarding the fundraising projects and new factory output can be found in the company's annual report and special report on fundraising usage [2] Group 3: Product Comparison and Advantages - PEKK and PEEK are both polyaryletherketone polymers with some functional similarities, but PEKK offers adjustable melting temperatures and lower production costs compared to PEEK [3] - PEKK's molecular structure provides greater rigidity and slower crystallization speed, reducing the risk of cracking during coating production [3]

Core Points - The company has issued convertible bonds amounting to 650 million RMB, with a net amount received of approximately 637.87 million RMB after deducting issuance costs [1][2] - The convertible bonds will be listed on the Shenzhen Stock Exchange starting December 15, 2023, under the code "123233" [3] - The initial conversion price was set at 20.26 RMB per share, which has been adjusted to 20.06 RMB per share due to profit distribution [4][5] Convertible Bond Issuance - The company received approval from the China Securities Regulatory Commission to issue 6.5 million convertible bonds, each with a face value of 100 RMB [1] - After deducting various fees, the actual net proceeds from the bond issuance amounted to 637,869,150.94 RMB [1][2] Listing and Conversion Period - The bonds will be available for conversion starting June 5, 2024, until November 28, 2029 [3] - Holders of the bonds have the option to convert their bonds into shares, becoming shareholders the following day after conversion [3] Conversion Price Adjustments - The conversion price was adjusted from 20.26 RMB to 20.11 RMB following the company's profit distribution on April 25, 2024 [4] - A subsequent adjustment brought the conversion price down to 20.06 RMB effective from November 21, 2024, after another profit distribution [5] Conversion and Share Changes - As of March 31, 2025, the company reported a total of 6,499,770 convertible bonds remaining, with a total value of approximately 649.98 million RMB [6] - The company has seen a reduction of 230 bonds due to conversions, resulting in 1,138 shares converted [6] Additional Information - Investors can refer to the company's official announcements for detailed terms regarding the convertible bonds [7] - Relevant documents, including the share structure and conversion details, are available for review [8]

Core Viewpoint - The article discusses the upcoming voting deadline for holders of the SouTe convertible bond, emphasizing the importance of participation in the bankruptcy proceedings and the election of two bondholders [1]. Group 1 - The voting deadline is set for March 27 at 15:00, with only one day left for holders to cast their votes [1]. - The proposal includes electing two bondholders to participate in the bankruptcy process and obtaining the list of bondholders for further communication [1]. - Voting can be done through the China Securities Depository and Clearing Corporation's WeChat mini-program or official website, taking approximately two minutes after real-name verification [2]. Group 2 - The article mentions specific convertible bonds: Kangtai Convertible Bond is set for a downward adjustment, while Kaisheng and Xingrui Convertible Bonds will not undergo adjustments [2]. - Yonggui Convertible Bond is scheduled to be listed on March 28 [2]. - The article encourages following the Jisilu WeChat account for more updates and information [3].