证券代码：603255 证券简称：鼎际得 公告编号：2025-038 辽宁鼎际得石化股份有限公司 2025 年半年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 辽宁鼎际得石化股份有限公司（以下简称"公司"）根据《上海证券交易所上 市公司自律监管指引第 3 号行业信息披露：第十三号——化工》及其他相关要求， 现将 2025 年半年度主要经营数据披露如下： 注 1：公司主要产品为催化剂、抗氧剂单剂和复合助剂，其中复合助剂生产 为物理过程，利用抗氧剂单剂及其他助剂进行配比。 注 2：以上销售金额为不含税金额。 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 | 主要产品 | 年半年度平 2025 | 2024 | 年半年度平 | 变动幅度（%） | | --- | --- | --- | --- | --- | | | 均售价（元/吨） | | 均售价（元/吨） | | | 催化剂 | 505,745.66 | | 435,192.32 | 16.21 | | 抗氧剂单剂 | 20,913.82 ...

Core Insights - The report highlights the strong performance of the humanoid robot materials sector, driven by the successful conclusion of the first World Humanoid Robot Games, which showcased advancements in materials for humanoid robots [6][7] - The report emphasizes the growth potential of the PEEK material market, projecting a domestic market size of 2.1 billion yuan by 2025, with a year-on-year growth of 10.53% [7] - The report provides a detailed analysis of various sectors, including agriculture, new materials, and chemicals, indicating robust growth and investment opportunities in these areas [5][9][17] Market Trends - The new materials sector index increased by 5.69%, with notable performances in industrial gases (up 8.51%) and electronic chemicals (up 6.77%) [6] - The report tracks weekly price changes in various materials, indicating stability in prices for biodegradable materials and vitamins, while some amino acids experienced slight declines [6] Company Performance - The report details the financial performance of Shengnong Development, which achieved a revenue of 8.856 billion yuan in the first half of 2025, a slight increase of 0.22%, while net profit surged by 791.93% to 910 million yuan [11] - Jun Ding Da reported a revenue of 479 million yuan in the first half of 2025, reflecting a year-on-year growth of 31.67%, with a significant contribution from the automotive sector [15] - Chenghe Technology's revenue reached 471 million yuan, marking a 13.77% increase, with a strong focus on overseas market expansion [19] Investment Recommendations - The report suggests focusing on companies involved in PEEK material production and modification, such as Zhongxin Fluorine Materials and Zhongyan Co., as well as functional protective casing manufacturers like Jun Ding Da [7] - It recommends maintaining a "Buy-B" rating for Shengnong Development, projecting net profits of 1.253 billion yuan for 2025 [11] - For Jun Ding Da, the report forecasts revenues of 1.055 billion yuan in 2025, with a strong emphasis on growth in the automotive sector [14]

Core Viewpoint - The company reported a steady growth in revenue and net profit for the first half of 2025, driven by market opportunities and product innovation [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 471.08 million yuan, a year-on-year increase of 13.77% [2] - The net profit attributable to shareholders was 147.25 million yuan, reflecting a year-on-year growth of 15.33% [2] - In Q2 2025, revenue reached 251 million yuan, up 12.75% year-on-year, with net profit of 75.78 million yuan, increasing by 14.86% [1][2] Market Position and Strategy - The company is benefiting from the ongoing US-China trade disputes, with a continuous increase in market share for its polymer material additives [3] - The company has maintained double-digit growth for ten consecutive years, with a focus on forward-looking R&D and customized solutions to meet customer needs [3] - The company has over 180 different types of nucleating agents, synthetic hydrotalcite, and composite additives in large-scale production, enhancing its ability to provide one-stop raw material supply to high-quality customers [3] Future Outlook - The company is expected to maintain strong revenue growth, with projected revenues of 1.138 billion yuan, 1.388 billion yuan, and 1.721 billion yuan for 2025-2027 [4] - Net profits are forecasted to be 295 million yuan, 334 million yuan, and 411 million yuan for the same period [4] - The current stock price corresponds to a PE ratio of 22.1, 19.5, and 15.8 for the years 2025, 2026, and 2027 respectively [4]

Core Insights - The company reported a total revenue of 471 million yuan for the first half of 2025, representing a year-on-year increase of 13.77% [1] - The net profit attributable to shareholders reached 147 million yuan, up 15.33% year-on-year [1] - The company's accounts receivable increased significantly, with a year-on-year growth of 30.54% [1] Financial Performance - Total revenue for the first half of 2024 was 414 million yuan, while it increased to 471 million yuan in 2025 [1] - The net profit for the same periods was 128 million yuan in 2024 and 147 million yuan in 2025 [1] - The gross margin improved to 45.79%, up 1.54% from the previous year, while the net margin increased to 31.26%, up 1.37% [1] - Total expenses (selling, administrative, and financial) amounted to 27.83 million yuan, accounting for 5.91% of revenue, which is a 22.8% increase year-on-year [1] Cash Flow and Debt - The company reported cash and cash equivalents of 398.6 million yuan, a significant increase of 52.03% from the previous year [1] - The interest-bearing debt decreased to 921 million yuan, down 24.98% year-on-year [1] - The cash flow per share was reported at 0.57 yuan, a decrease of 25.17% compared to the previous year [1] Investment and Market Position - The company's return on invested capital (ROIC) was 7.85% last year, indicating average capital returns [3] - The company has a healthy cash asset position, but attention is needed on cash flow and debt levels [3] - Analysts expect the company's performance in 2025 to reach 308 million yuan, with an average earnings per share of 1.77 yuan [3] Strategic Outlook - The company plans to focus on the rapidly growing high-performance resin materials market, expanding its product range and production scale [4] - It aims to enhance its brand through quality and technical support, while also pursuing domestic production of polymer materials to reduce reliance on imports [4] - The company is considering mergers and acquisitions to diversify its product offerings and improve market competitiveness [4]

Core Viewpoint - The report highlights the steady growth of Chenghe Technology Co., Ltd. in the high-performance resin and modified plastics industry, driven by increased market share in domestic and international markets, and emphasizes the company's commitment to innovation and sustainability [1][5]. Company Overview and Financial Indicators - Chenghe Technology Co., Ltd. reported a total revenue of RMB 471.09 million for the first half of 2025, representing a 13.77% increase compared to the same period last year [4]. - The total profit for the period was RMB 170.43 million, up 14.17% year-on-year [4]. - The net profit attributable to shareholders was RMB 147.25 million, reflecting a 15.33% increase from the previous year [4]. - The company plans to distribute a cash dividend of RMB 2.30 per 10 shares, amounting to a total of RMB 42.66 million, which is 28.97% of the net profit [1]. Industry Development - The high-performance resin industry is experiencing growth, with a focus on high-end products and sustainable practices, as domestic companies aim to transition from "catching up" to "leading" in technology [6][7]. - The demand for modified plastics is increasing, particularly in automotive, home appliances, and packaging sectors, driven by trends towards lightweight and environmentally friendly materials [8][9]. - The modified plastics market in China has seen a compound annual growth rate (CAGR) of 11.07% from 2019 to 2023, indicating significant growth potential [8]. Product and Market Position - Chenghe Technology specializes in producing polymer material additives, which are essential for enhancing the optical and mechanical properties of general resin products [13]. - The company's main products include nucleating agents, synthetic hydrotalcite, antioxidants, and composite additives, which are critical for the domestic production of high-performance resin materials [14]. - The market for nucleating agents is expected to grow as the demand for high-performance resins and modified plastics expands, particularly in sectors requiring enhanced material properties [10][11].

Group 1: Investor Relations Activity - The investor relations activity was held on July 29, 2025, at the company's location, with 22 participants including East Guangdong Securities and individual investors [3] - Company representatives included Chairman Zhou Shuhui, Secretary Feng Miao, and Securities Affairs Representative Zheng Wenwen [3] Group 2: Product Applications - The company's lubricants are primarily used as stabilizers, lubricants, grinding aids, dispersants, release agents, and acid absorbers in various industries such as plastics, coatings, rubber, petrochemicals, paper, food, pharmaceuticals, and cosmetics [4] - Fatty acid salt additives are specifically utilized in plastics, coatings, rubber, petrochemicals, and paper industries [4] Group 3: Raw Material Prices - The price of the main raw material, stearic acid, has shown a decline in the first five months of the year but is currently stabilizing and showing signs of recovery [5] Group 4: Market Competition - The company faces price sensitivity from certain industries due to market competition, influenced by upstream raw material prices, downstream industry conditions, sales strategies, and market competition [6] - The company aims to maintain its market position by releasing production capacity, reducing costs, and enhancing customer relationships [8] Group 5: Export Markets - The company's products are primarily exported to Southeast Asia and Africa, with ongoing efforts to develop markets in the Middle East and Europe [7] Group 6: Future Growth and Development - The company plans to leverage its Indonesian project and other fundraising projects to reduce operational costs and improve performance [9] - Future strategies include exploring new business opportunities, enhancing product structure, and expanding application areas [9] Group 7: Mergers and Acquisitions - The company is monitoring trends in the industrial additives sector and may consider mergers or acquisitions to enhance its product offerings and competitive strength [10]

Core Viewpoint - The major asset restructuring between Chenghe Technology and Wuhu Yingri Technology has been terminated due to the inability to reach consensus on key terms, leading to fluctuations in Chenghe Technology's stock price [1][2][5]. Company Overview - Chenghe Technology, established in 2002, specializes in the production of environmentally friendly, high-performance polymer materials and additives, recognized as a national-level "little giant" enterprise and a "green factory" [7]. - The company has a strong market position, being a supplier to major firms such as Sinopec, PetroChina, and Shell, and has achieved significant growth in revenue and net profit over the years [8]. Financial Performance - From 2016 to 2024, Chenghe Technology has experienced continuous double-digit growth in both revenue and net profit, with revenue increasing from 168 million to 882 million yuan and net profit rising from 27 million to 2.05 billion yuan [8]. - In the first quarter of this year, the company reported revenue and net profit of 220 million and 71 million yuan, respectively, reflecting year-on-year growth of 14.97% and 15.82% [8]. Market Position and Strategy - Chenghe Technology is positioned as a leader in the fine chemical sector, focusing on the development of high-performance nucleating agents and synthetic hydrotalcite, with products achieving international advanced levels [7][8]. - The company aims to accelerate the import substitution process, which is supported by its successful market expansion and product development [8].

Core Viewpoint - The acquisition of Wuhu Yingri Technology Co., Ltd. by Chenghe Technology has been terminated due to complex shareholder structures and disagreements on future operational plans [2][7]. Group 1: Acquisition Details - Chenghe Technology planned to acquire at least 51% of Yingri Technology's shares, with an overall valuation of approximately 1.8 billion yuan [5]. - The acquisition was expected to create synergies in customer resource sharing and brand influence, facilitating Chenghe Technology's entry into the display industry [5][7]. - Despite ongoing negotiations since the signing of the intention agreement on April 7, 2025, a formal acquisition agreement was never signed [6]. Group 2: Reasons for Termination - The termination was attributed to the complex shareholder structure of Yingri Technology and differing opinions on future business development plans, particularly regarding performance commitments [7]. - The parties involved mutually agreed to terminate the transaction after failing to reach consensus on core terms [7]. Group 3: Financial Performance - Chenghe Technology reported a record high in performance for 2024, achieving an operating income of 882 million yuan, a year-on-year increase of 10.31%, and a net profit of 250 million yuan, up approximately 10.68% [10]. - In the first quarter of 2025, the company continued its growth trend, with an operating income of 220 million yuan, a year-on-year increase of 14.97%, and a net profit of approximately 71.46 million yuan, up 15.82% [10]. Group 4: Market Reaction - As of June 26, 2025, Chenghe Technology's stock closed at 30.39 yuan per share, reflecting a decline of 2.5%, with a total market capitalization of 5.723 billion yuan [11].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's performance meets expectations, with a strong trend towards domestic substitution and an entry into the target material market to create a second growth curve [1] - The company reported a total revenue of 882 million yuan in 2024, with a year-on-year growth of 10.3%, and a net profit attributable to shareholders of 250 million yuan, also reflecting a year-on-year increase of 10.7% [6] - The company plans to acquire at least 51% of Yingri Technology, which specializes in ITO target materials, potentially enhancing its market position and opening new growth avenues [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 1,075 million yuan in 2025, 1,243 million yuan in 2026, and 1,453 million yuan in 2027, with respective year-on-year growth rates of 21.9%, 15.6%, and 16.9% [5] - The net profit attributable to shareholders is expected to reach 311 million yuan in 2025, 376 million yuan in 2026, and 446 million yuan in 2027, with year-on-year growth rates of 24.2%, 21.0%, and 18.5% respectively [5] - The gross profit margin is projected to remain stable, with estimates of 47.3% in 2025, 47.9% in 2026, and 48.1% in 2027 [5] Market and Industry Insights - The domestic production of polypropylene (PP) is expected to reach 34.63 million tons in 2024, a year-on-year increase of 7.4%, while the production of polyvinyl chloride (PVC) is projected to be 23.28 million tons, reflecting a 3.35% increase [6] - The company’s main products, nucleating agents and synthetic hydrotalcite, are essential materials for high-performance resins, positioning the company to benefit from the high-end development of the PP and PVC industries [6] - The acquisition of Yingri Technology is anticipated to create synergies in customer resources and brand influence, marking the beginning of a new growth phase for the company [6]

Core Viewpoint - The company, Liaoning Dingjide Petrochemical Co., Ltd., is preparing for its 2024 annual shareholders' meeting, focusing on various proposals including the remuneration plans for directors and supervisors, changes in registered capital, and the company's operational performance in 2024 [2][6][20]. Meeting Arrangements - The shareholders' meeting will be held on May 21, 2025, with both on-site and online voting options available [6]. - Attendees must register and present necessary identification documents to participate in the voting process [3][5]. Financial Performance - In 2024, the company reported total operating revenue of RMB 780.75 million, a year-on-year increase of 3.20% [8][20]. - The operating cost was RMB 671.99 million, reflecting a 12.89% increase compared to the previous year [8]. - The net profit attributable to shareholders was a loss of RMB 12.13 million, a significant decline of 119.77% year-on-year [8][20]. Board and Supervisory Committee Activities - The board of directors held multiple meetings throughout 2024, addressing various operational and financial matters, including the approval of stock option plans and financial reports [11][12]. - The supervisory committee conducted regular meetings to oversee the company's compliance with legal and regulatory requirements, ensuring the protection of shareholder interests [14][15]. Governance and Compliance - The company emphasizes adherence to corporate governance standards, with independent directors actively participating in decision-making processes to enhance operational transparency [12][19]. - The supervisory committee reported no violations of laws or regulations by the company's management during the reporting period [15][19]. Future Plans - The company aims to improve its internal governance and operational efficiency in 2025, focusing on sustainable development and enhancing profitability [13][19]. - Plans include continued investment in high-end new materials to strengthen competitive advantages in the market [13].