Group 1 - The core point of the article is that Zheng Chaoyang, a shareholder of JuJiao Co., Ltd., plans to reduce his holdings in the company by up to approximately 241,000 shares within a specified timeframe [1] - Zheng holds about 3.44 million shares, representing 4.28% of the total share capital of JuJiao Co., Ltd. [1] - The company's revenue composition for the first half of 2025 indicates that hot melt adhesives account for 99.31% of total revenue, while other businesses contribute only 0.69% [1] Group 2 - As of the report, JuJiao Co., Ltd. has a market capitalization of 3.3 billion yuan [1] - The planned share reduction includes a maximum of 80,000 shares through centralized bidding and up to 161,000 shares through block trading [1]

证券日报网讯聚胶股份9月2日在互动平台回答投资者提问时表示，公司总部工厂已于2024年6月竣工， 公司三个工厂2024年度总产能利用率约为68%。目前，公司总部工厂、仙村工厂及波兰工厂三个工厂的 卫材热熔胶总设计产能合计约为24万吨/年，马来西亚工厂在建设计产能6万吨/年，预计将于今年第四 季度竣工投产。待马来西亚工厂竣工投产后，公司卫材热熔胶总设计产能合计约为30万吨/年，后续继 续结合订单与市场需求情况有序释放产能，并通过加大市场开拓力度和客户开拓力度积极消化新增产 能。具体产能数据敬请关注公司后续披露的定期报告。 （文章来源：证券日报） ...

Investment Rating - The report maintains a "Buy-B" rating for the company [1][6] Core Views - The company achieved a record high quarterly performance in Q2 2025, with revenue of 990 million yuan, a year-on-year increase of 5.5%, and a net profit attributable to shareholders of 80 million yuan, a significant increase of 41.4% year-on-year [4] - The competitive landscape for hot melt adhesives is favorable, with the industry reaching a turning point, supported by the introduction of a child-rearing subsidy policy that is expected to boost the sanitary materials industry [5][6] Financial Performance - For the first half of 2025, the company reported a revenue of 990 million yuan, with a net profit of 80 million yuan, and a net profit excluding non-recurring items of 73 million yuan, reflecting a year-on-year growth of 37.2% [4] - The company’s revenue for Q2 2025 was 490 million yuan, showing a year-on-year increase of 6.2% [4] - The company’s earnings per share (EPS) for 2025 is projected to be 2.69 yuan, with a net profit forecast of 216 million yuan, representing a year-on-year growth of 176.6% [11] Market Position and Strategy - The company has successfully captured market share from major competitors and has expanded its production capacity significantly, with new facilities in Poland, Guangzhou, and Malaysia totaling approximately 240,000 tons [4][5] - The company has enhanced its research and development capabilities, achieving product performance and cost advantages that meet the standards of developed countries [5] Future Outlook - The company’s net profit forecasts for 2025, 2026, and 2027 are 216 million yuan, 280 million yuan, and 324 million yuan respectively, with corresponding price-to-earnings (P/E) ratios of 16, 13, and 11 times [6][11] - The introduction of the child-rearing subsidy policy is expected to gradually stabilize birth rates, benefiting the domestic hot melt adhesive industry [5]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by a decrease in raw material prices and international shipping costs, alongside expansion in domestic and international markets [1][2]. Financial Performance - In 1H25, the company achieved total revenue of 993 million yuan, a year-on-year increase of 5.47% [1] - The net profit attributable to shareholders reached 81 million yuan, up 41.38% year-on-year [1] - The net profit excluding non-recurring items was 73 million yuan, reflecting a 37.21% increase year-on-year [1] - In Q2 2025, total revenue was 490 million yuan, a 6.17% increase year-on-year [1] - The net profit attributable to shareholders for Q2 was 46 million yuan, showing a substantial increase of 74.59% year-on-year [1] - The net profit excluding non-recurring items for Q2 was 40 million yuan, up 61.30% year-on-year [1] Market Dynamics - The growth in performance is attributed to a decline in raw material prices and international shipping costs, as well as increased sales from expanding domestic and international markets [1] - The average value of China's export container freight index in 1H25 was 1252.63, down 8.2% year-on-year [1] - As of August 22, 2025, the index was 1174.87, reflecting a decrease of 24.1% since the beginning of the year, indicating potential for continued benefit to the company's performance [1] Global Expansion and Innovation - The company is actively promoting its global capacity layout, with overseas sales revenue accounting for 59.73% of total revenue, an increase of 6.56% year-on-year [2] - The company emphasizes independent innovation and has strengthened its research and development efforts to upgrade product formulations and accelerate new product commercialization [2] - The company is expanding its experienced overseas professional team and enhancing market promotion and brand building efforts [2] Future Outlook - The company is one of the four major suppliers of hot melt adhesives in the industry and has entered the supply chains of leading domestic and international hygiene product companies [2] - Future performance is expected to maintain rapid growth, with projected net profits for 2025-2027 of 163 million, 205 million, and 247 million yuan, representing year-on-year growth rates of 108.72%, 25.81%, and 20.18% respectively [2] - Corresponding price-to-earnings ratios are projected to be 21X, 17X, and 13X for the respective years [2]

Group 1 - The core point of the article is that JuJiao Co., Ltd. announced the convening of its 18th meeting of the second board of directors on August 22, 2025, to review the proposal for the 2025 semi-annual report and its summary [1] - For the year 2024, JuJiao Co., Ltd.'s revenue composition is as follows: hot melt adhesive accounts for 99.8%, other businesses account for 0.17%, and other categories account for 0.02% [1]

Group 1: Market Position and Competition - The top ten global hygiene product manufacturers hold a significant market share, making entry into this segment challenging due to high technical requirements and long customer certification cycles [1] - The company possesses comprehensive competitive advantages in technology, service, and cost, supported by a diverse global team with over ten years of industry experience [1] - The company has established a robust global supply chain system, enhancing its market supply capabilities and ability to respond to international trade barriers [1] Group 2: Research and Development - The company has built a complete hot melt adhesive supply chain, with over 60% of raw material supply sourced globally, allowing for structural advantages in raw material supply and new product development [2] - Continuous enhancement of R&D and technological innovation capabilities has led to successful integration of domestic raw materials into product formulations, maintaining performance and cost advantages [2] Group 3: International Expansion - The overseas market for hygiene hot melt adhesives represents a significant portion of the global market, necessitating local production bases for further market expansion [4] - The company’s overseas factories in Poland and Malaysia serve as strategic investments and enhance brand image, competitiveness, and customer retention in international markets [4][5] Group 4: Impact of Trade Policies - The company’s current sales in the North American market are minimal, making the impact of U.S. tariff policies limited; however, it is strategically planning to expand in this region [6] - The company is closely monitoring international trade policy changes to adapt its strategies accordingly [6] Group 5: Material Costs and Market Trends - Raw material prices are subject to supply and demand dynamics, with potential short-term fluctuations; however, a downward trend was observed in early 2025 [7] - International shipping costs have also seen a decline, but recent spikes due to market conditions indicate potential risks for future price increases [7] Group 6: Regulatory Environment - The new hygiene requirements for disposable sanitary products provide a framework for manufacturers to enhance product standards, potentially accelerating the exit of non-compliant smaller firms [8] - The company is already a qualified supplier for major global hygiene brands, which positions it favorably for future growth as industry concentration increases [8] Group 7: Future Growth Strategies - The company aims to strengthen its market presence, particularly in overseas markets, while exploring opportunities in other application areas to create a second growth curve [8]

Group 1: Business Impact and Market Position - The new hygiene standards (GB 15979-2024) will positively influence the company's product development and compliance, particularly in the hygiene product sector [1] - Major clients include Kimberly-Clark, Drylock, and Procter & Gamble, with significant market share and ongoing opportunities for expansion [2] - The company aims to enhance its international competitiveness and brand influence through continuous innovation and market expansion [10] Group 2: Financial Performance and Projections - In 2024, the company achieved a revenue of CNY 2.006 billion, a year-on-year increase of 23.27%, with domestic revenue at CNY 840 million (up 14.97%) and overseas revenue at CNY 1.166 billion (up 30.03%) [16] - The first quarter of 2025 saw a revenue of CNY 503 million, reflecting a 4.80% year-on-year growth, and a net profit of CNY 35.517 million, up 13.62% [16] - The company expects a sales revenue growth of no less than 10% in 2025 compared to 2024 [16] Group 3: Strategic Initiatives and Challenges - The company is focusing on enhancing its supply chain and operational efficiency to mitigate risks associated with international trade and geopolitical factors [10] - A significant loss of CNY 24.7157 million was reported for the Mexican subsidiary due to currency fluctuations and project delays [3] - The company is actively pursuing new product development in various sectors, including medical and maternal care, to diversify its offerings [5] Group 4: Shareholder Concerns and Market Sentiment - The company's stock price is currently below the issue price, attributed to various market factors, but management remains confident in long-term growth [10] - Shareholder actions, such as the reduction of holdings by original shareholders, are compliant with regulations and do not reflect a lack of confidence in the company's future [12] - The company emphasizes the importance of long-term investment and value creation, urging investors to consider the broader market context [11]

Group 1: Production and Cost Analysis - The production costs of the Guangzhou headquarters factory differ from those of the Poland factory, with the latter being higher due to factors like location and customer positioning [1] - The company maintains a structural cost advantage over competitors through continuous R&D and collaboration with domestic suppliers [1] Group 2: New Product Development - New products such as wet-strength adhesive, next-generation urine-visible adhesive, high-performance multipurpose adhesive, and medical adhesives have been commercialized [2] - Other new products like next-generation soft adhesive, biodegradable hot melt adhesive, bio-based hot melt adhesive, and S rubber special reinforced adhesive are in trial stages with some customers, ready for commercialization [2] Group 3: Market Expansion and Partnerships - The company has established partnerships with Kao and Procter & Gamble, but still has low market share in these collaborations, indicating significant growth potential [3] - The domestic market share in the hot melt adhesive sector is relatively high, but overseas market share remains small, presenting opportunities for expansion [4] Group 4: Strategic Focus and Future Directions - The company aims to enhance brand building and increase its global market influence while expanding market share, particularly in overseas markets [4] - The application fields for hot melt adhesives are extensive, covering various industries, and the company is exploring new application areas to create a second growth curve [4] Group 5: Shareholder Information - The major shareholder, Zibo Fufeng Hongjin Investment Partnership, has not expressed any intention to reduce their holdings, indicating trust in the company [6]

Group 1: Financial Performance - The company expects a revenue growth of over 10% in 2025 compared to 2024 [9] - In 2024, the company maintained a revenue growth rate of over 20%, but net profit saw a significant decline due to rising raw material prices and international shipping costs [1] - The first quarter of 2025 showed a recovery in gross margin and net profit margin, attributed to a decrease in raw material prices and international shipping costs [2] Group 2: Market Conditions - Raw material prices have been on an upward trend since Q4 2023, with expectations of stabilization and decline by Q4 2024 [3] - International shipping costs surged from Q2 2024 but have started to decline, although they have not yet returned to the levels of the previous year [3] - The company faces risks of fluctuating raw material and shipping prices due to international political and economic conditions [3] Group 3: Strategic Planning - The company has a long-term plan to expand into the North American market, supported by its production base in Poland and ongoing construction in Malaysia [4] - The company is enhancing its global supply chain to improve its ability to respond to international trade barriers [4] - The company has implemented measures to improve cash flow, resulting in a positive cash flow in Q1 2025 [5] Group 4: Market Opportunities - The market for hygiene hot melt adhesives is expected to grow significantly, particularly in emerging markets with low penetration rates [6] - The company holds a strong market share domestically but has substantial growth potential in overseas markets, especially among the top ten global hygiene product manufacturers [6] Group 5: Production Capacity - Current production capacities include 120,000 tons at the Guangzhou headquarters, 87,500 tons at the Xian Village factory, and 61,000 tons in Poland, with a planned capacity of 60,000 tons in Malaysia [7][8] - The company is strategically managing production across its global facilities rather than focusing solely on individual factory utilization rates [8] Group 6: Shareholder Returns - The company is committed to enhancing its governance structure and ensuring shareholder rights while implementing a profit distribution policy based on operational performance [10]

Core Viewpoint - The company experienced a decline in net profit for 2024 due to rising raw material prices and shipping costs, but showed signs of recovery in Q1 2025 with improved revenue and profit margins [1][2]. Financial Performance - In 2024, the company achieved total revenue of 2.006 billion yuan, a year-on-year increase of 23.27%, but the net profit attributable to shareholders was 78 million yuan, a decrease of 27.70% [1]. - For Q4 2024, total revenue was 559 million yuan, up 20.52% year-on-year and 10.44% quarter-on-quarter, while net profit was 11 million yuan, down 61.08% year-on-year but up 16.04% quarter-on-quarter [1]. - In Q1 2025, total revenue reached 503 million yuan, a year-on-year increase of 4.80% but a quarter-on-quarter decrease of 9.88%, with net profit at 36 million yuan, up 13.62% year-on-year and significantly up 218.29% quarter-on-quarter [1]. Cost and Margin Analysis - The decline in 2024 performance was attributed to increased raw material prices and shipping costs, while Q1 2025 saw a reduction in shipping costs leading to a gross margin increase of 5.52 percentage points quarter-on-quarter [2]. - By April 25, 2025, the China Export Container Freight Index was 1122.40, down 27.48% from the beginning of the year, positively impacting Q1 2025 performance [2]. Global Expansion and Innovation - The company is actively expanding its global production capacity, with overseas sales revenue increasing by 30.03% year-on-year, accounting for 58.12% of total revenue [3]. - Emphasis on independent innovation and technology development is driving product upgrades and faster industrialization of new products [3]. Investment Outlook - The company is one of the four major suppliers of hot melt adhesives in the industry and has entered the supply chains of leading domestic and international hygiene product companies [3]. - Projected net profits for 2025-2027 are 144 million, 205 million, and 246 million yuan, with year-on-year growth rates of 84.68%, 41.94%, and 20.21% respectively, corresponding to P/E ratios of 16X, 11X, and 9X [3].