Group 1 - The company expects a decline in performance for the period from January 1, 2025, to June 30, 2025, compared to the same period last year [1] - The main reasons for the decline in operating performance include a decrease in product prices within the industry and a cyclical maintenance period in the second quarter, which led to a reduction in product volume [1] - The management will closely monitor market dynamics and implement relevant measures to stabilize production after maintenance, while continuing to advance planned projects [1] Group 2 - The financial data in the performance forecast is a preliminary estimate by the company's finance department and has not been audited by the accounting firm [2] - The specific financial data will be disclosed in the semi-annual report for 2025 [2]

6月26日至27日，上海市聚氨酯工业协会、上海理工大学、PUdaily等联合主办的"2025聚氨酯前沿科技 国际论坛(PTIF)"在上海举办，吸引了来自30多个国家和地区的300余位专家学者、企业代表参会。在全 球碳中和目标加速推进的背景下，与会代表围绕聚氨酯产业的可持续发展路径展开深入探讨，为行业绿 色转型提供新思路。 协同创新驱动绿色低碳转型 标准和法规体系建设是推动聚氨酯行业可持续发展的关键。欧洲异氰酸酯和多元醇协会ISOPA秘书长 Jörg Palmersheim提出，可持续聚氨酯产品管理需从原料生产到终端应用全链条发力，通过技术创新与 合规管理双轮驱动，推动产业绿色转型。 亚洲聚氨酯商业协会APBA主席Stefan表示，亚太聚氨酯行业面临回收体系缺失的挑战。欧洲通过 EPR(生产者延伸责任)体系实现年回收超100万床垫，美国、澳大利亚也建立了成熟回收项目，但是亚太 地区还缺乏相应政策协调与产业链协作。"亚太23个国家中15个有塑料EPR政策，但是还没有针对聚氨 酯的专项措施。要加快建立从收集到再生的聚氨酯闭环系统，解决责任归属与消费者参与问题，同时警 惕含二氯甲烷材料回收的环境风险，推动材料绿色升级 ...

| 11 | 中国 | Clariant Chemicals | 科莱恩化工(惠州)有限公司 | 1408. 70 | | --- | --- | --- | --- | --- | | | | (Huizhou) Ltd. | | | | 12 | 中国 | CN00C And Shell Petrochemicals Company | 中海壳牌石油化工有限公司 | 1408. 70 | | | | Limited | | | | 13 | 中国 | Dongguan Hongcheng New | 东莞市宏成新材料有限公司 | 1408. 70 | | | | Material Co., Ltd. | | | | 14 | 中国 | Echemi Global Co. Limited | i | 1408. 70 | | 15 | 中国 | Henan Harvest Chem | 河南浩维斯化工有限公司 | 1408. 70 | | | | Co., Ltd. | | | | 16 | 中国 | Huizhou Yuanan Advanced Materials | 惠州市远安新材料有限公司 | 14 ...

Industry Overview - Polyether polyols are essential raw materials for polyurethane, widely used in furniture, automotive, home appliances, and building insulation industries [1][12] - In 2024, China's polyether polyol production is projected to reach 5.48 million tons, a year-on-year increase of 7.07% [1][12] - Despite reaching a record high, the industry's capacity utilization rate remains below 70%, with intense competition in low-end products [1][12] - High-end specialty polyethers account for less than 30% of the market, with an import dependency exceeding 15%, indicating significant room for industrial upgrades [1][12] Industry Development History - The development of China's polyether polyol industry has gone through four stages, starting from 1980 to 1992, with the establishment of the largest polyether facility in Tianjin [4] - From 1993 to 1999, the industry experienced rapid growth, with production capacity reaching 260,000 tons per year by the end of 1996, a nearly 50% increase from 1994 [4] - The period from 2000 to 2010 focused on technological innovation, with significant advancements in production techniques and government support for new materials [4] - Since 2010, the industry has entered a phase of green development, with production capacity reaching 7.85 million tons by 2023, but with a capacity utilization rate of only about 63.16% [5][6] Industry Chain - The upstream of the polyether polyol industry includes basic chemical raw materials such as propylene oxide and ethylene oxide, as well as initiators and catalysts [8] - The midstream involves the production and manufacturing of polyether polyols, while the downstream applications span automotive, soft furniture, and footwear sectors [8] Current Industry Status - The demand for polyether polyols is driven by the continuous growth of the Chinese economy and consumption upgrades, leading to a steady increase in production [12] - The industry faces challenges such as low-end product homogenization and a need for higher-end product development [12] Key Companies' Performance - Wanhua Chemical, as a leading player, holds a 7% market share in the domestic polyether polyol market, with a production capacity of 1.59 million tons per year [14][16] - Longhua New Material focuses on high solid content and low VOC products, achieving a revenue of 5.513 billion yuan in 2024, a year-on-year increase of 12.28% [18] Industry Development Trends 1. **Accelerated Green Transformation and High-end Development** - The industry is moving towards green low-carbon transformation, with leading companies investing in bio-based raw material technologies [20] - Wanhua Chemical plans to establish a 100,000-ton/year bio-based polyether facility by 2025, reducing carbon emissions by 40% compared to traditional methods [20] 2. **Diversification of Market Demand and Structural Upgrades** - The demand structure is evolving, with traditional soft foam polyols growing slowly while new applications in cold chain logistics and electric vehicles are surging [21][22] 3. **Integration of Industry Chain and Deepening Global Layout** - The industry concentration is increasing, with leading companies enhancing cost advantages through vertical integration [23] - Wanhua Chemical has achieved over 80% self-sufficiency in propylene oxide, significantly reducing costs compared to purchasing raw materials [23]

Group 1 - The actual controller and chairman of Baichuan Co., Zheng Tiejiang, is under investigation and has been placed under detention by the Jiangyin Municipal Supervisory Committee [1] - Other board members and senior management are continuing their duties normally, and the company's control has not changed [1] - Baichuan Co. is monitoring the situation and will disclose information as required [1] Group 2 - In 2024, Baichuan Co. achieved operating revenue of 5.556 billion yuan, a year-on-year increase of 35.10%, and a net profit attributable to shareholders of 109 million yuan, up 123.31% [2] - In Q1 2025, the company reported operating revenue of 1.450 billion yuan, a 23.07% increase year-on-year, and a net profit of 42.216 million yuan, up 17.88% [2] - The company has conducted research on solid-state battery technology but is not currently producing solid-state batteries [2] - A project for producing 30,000 tons of graphite anode materials has been completed and is now in production, aligning with the company's strategic development plan [2]

创新植物油多元醇结构及制造工艺 中化新网讯 近日，南京工业大学生物与制药工程学院郭凯教授团队的发明专利"一种植物油多元醇及其 制备方法与应用"获第二十五届中国专利奖金奖。该项目创新植物油多元醇结构，开发了高效制备植物 油多元醇制造工艺，生产出生物基聚氨酯新材料，并实现万吨级规模产业化。 聚氨酯由多元醇和异氰酸酯聚合而得，其原料对石化资源依赖重，部分高端产品进口依存度高，被国外 企业把持，产品价格居高不下。"开发生物基聚氨酯及单体料多元醇可对石化产品形成补充，且高效固 碳。"郭凯介绍道。然而，生物基聚氨酯全产业链面临着严重挑战，尤其是高性能单体料植物油多元醇 产品存在空白，市场现有的多元醇产品难以满足高端应用需求且成本高。与此同时，高效制造植物油多 元醇的技术及装备匮乏，传统的釜式反应难以实现高效生产。 为此，郭凯团队以植物油为原料，经官能团衍生活化开发植物油多元醇系列产品。团队成员、该校生物 与制药工程学院副院长方正教授介绍说，在此过程中，团队采用微化工及过程放大技术，在温和条件及 较短反应时间内即能完成相关反应过程，且反应选择性显著提高，使设计的结构能够精准构建，而传统 釜式反应则无法精确完成此反应过程。 ...

Core Viewpoint - Hongqiang Co., Ltd. (002809) announced a framework agreement with China National Offshore Oil Corporation (CNOOC) Shell Petrochemicals for the sale of propylene oxide, aimed at enhancing market competitiveness and industry recognition [1] Group 1 - The framework agreement is effective from June 6, 2025, to May 31, 2030, and does not involve specific transaction amounts [1] - The cooperation involves CNOOC Shell supplying propylene oxide to Hongqiang Chemical for the production of customized products [1] - This partnership is expected to positively impact the future operational development of the company [1]

2025年5月，上海交大系企业融资继续保持火热。据「交大新上院」不完全统计，本月 获得融资的交大系企业共 17家 ，覆盖具身智能、新材料、新能源、集成电路等赛道。 5月 融资盘点 本月交大系企业的融资热点，毫无疑问是 具身智能 赛道：智元机器人、傅利叶智能、 魔法原子、UniX AI、源络科技、千觉机器人、佳安智能、傲鲨智能等8家交大系具身智 能企业完成新一轮融资，技术覆盖人形机器人本体、触觉感知、外骨骼机器人、AI大模 型等核心领域。而这还仅是5月获得融资的交大系具身智能企业…… 适宇科技、臻锂新材、肆芃科技等依托交大实验室技术的企业获资本青睐，彰显上海交 大科研成果转化成效。 本月有 5家交大母基金portfolio企业获得融资 ，生态效应逐步显现。未来，随着政策红 利释放和技术跨界融合，交大系或成中国硬科技上市主力军。 智元机器人获新一轮融资 2025年5月，上海智元新创技术有限公司（智元机器人）宣布完成新一轮融资，本轮投资方包括京东及上海具 身智能基金，智元机器人的部分老股东跟投。 智元机器人致力以AI+机器人的融合创新，打造世界级领先的通用具身机器人产品及应用生态。智元机器人成 立于2023年2月， ...

bio-basedlink 产业服 务平台 将正式上线运营，致力于为行业提供精准、高效的供应商对接服务。为行业用户 建立行业资讯、DT产业研究院研报库、产业新品库、供需库四大类别。 其中， 新品库 涵盖 材料、能源与化学品、合成生物与生物制造、解决方案等 八大细分领域； 供需库 涵盖 上下游需求、供应、科技成果对接、人才对接 四大细分方向。 一、官网哪里找 ？ 方法① 关注 公众号 " 合成生物学与绿色生物制造 " —首页点击 " 官网 " ； bio-basedlink 全球生物基和生物制造产业服务平台 正式发布啦 ！！！ 方法② 搜索： www.bio-basedlink.net ，或点击文末 → 阅读原文 ↓ 二、新品库入驻 - 新品发布、资源对接、助力新增长 获得公司单页 "小官网" — 即享上下游对接服务 入驻 bio-basedlink 新品库 ，将永久获得公司页单页，完整展示公司Logo、公司定位、介绍、主要产品关键 词、新品介绍、企业和产品优势等信息。同时，信息变更时可免费更新。 案例一： 案例二： | 首页 | 展会信息 | 行业评选 | 新闻 | 联系我们 | | | --- | --- ...

在日前召开的2025（第七届）中国环氧丙烷产业链技术创新与产业发展大会上，专家指出，我国环氧丙 烷（PO）产业在实现产能全球领先的同时，正面临产能增速快于需求的矛盾，向高附加值转型成为行 业突围破局的核心方向。对此，行业应进行"增量创新"和"存量优化"，通过技术创新和产业协同，积极 探索可持续发展新路径。 产能扩张遇瓶颈——高附加值成破局关键 在这方面，中山大学教授肖敏团队的研究颇具代表性。她介绍说，其研究团队创新开发了二氧化碳与环 氧丙烷合成聚碳酸酯二元醇（PPCDL）技术，由PPCDL制得的聚氨酯具备优异的耐候性、耐水解性、 透明性、耐磨性和生物可降解性，具有广阔市场前景。 该技术采用非金属催化剂，可在低温、低压条件下高效转化工业废气中的二氧化碳，成本仅为传统光气 法的1/3~1/4，已与珠海中冠合作推进产业化。在此基础上，团队开发的PPC-P新一代二氧化碳基全降解 塑料及聚碳酸酯型TPU等产品，进一步将应用场景拓展至光伏胶膜、UV光固化涂料、自修复材料、锂 电池黏结剂等领域，为环氧丙烷产业链提供了一条绿色转型路径。 "这是一项'一石三鸟'的技术。"肖敏说，"不仅实现了二氧化碳的高效资源化利用，可以减少用 ...