Summary of Jineng Technology Conference Call Company Overview - **Company**: Jineng Technology - **Date**: August 16, 2025 Key Points Financial Performance - Jineng Technology plans to partially convert convertible bonds, with 9.65 billion yuan remaining unconverted to avoid excessive dilution of equity, and has reserved funds for potential share buybacks, with current cash reserves around 37-38 billion yuan [2][4][7] - The company reported a loss of approximately 49 million yuan in Q2, primarily due to production halts, high propane prices, and tariffs, although the coke business showed improvement [3][16] - Adjustments in accounting policies extended the depreciation period for specialized equipment from 10 years to 20 years, impacting profits by approximately 224 million yuan in 2025 and 267 million yuan in 2026 [2][10] Tariff Impact - Tariffs are expected to negatively affect Jineng Technology's 2025 performance, with estimated losses nearing 200 million yuan due to increased costs from high-priced Middle Eastern propane and reduced profits from U.S. propane sales [2][11] - The company is increasing exports to mitigate tariff impacts, with export profits per ton exceeding domestic sales by 200-250 yuan [2][11] Export and Market Performance - Jineng Technology anticipates achieving an export volume of around 500,000 tons in 2025, with strong performance in polypropylene and carbon black products in the European and American markets, establishing partnerships with major clients like Continental and Bridgestone [2][20] - The company has made significant progress in developing high-performance polypropylene products, with successful certifications and collaborations with well-known domestic enterprises [19] Strategic Decisions - The company is considering partial conversion of convertible bonds due to favorable cash flow and has prepared for market value management, focusing on core business and potential acquisitions [4][5][6] - There are no major capital expenditure projects planned, with ongoing hydrogen cooperation projects being managed by local government [8] Future Outlook - Achieving the 350 million yuan performance target for 2025 is challenging due to tariff impacts and high costs in fine chemical product adjustments, with the need to observe Q4 performance for a clearer outlook [12] - The coke market has shown signs of recovery, with profits around 80 yuan per ton expected in Q4, while the overall market conditions for 2026 are anticipated to improve due to increased propane supply and favorable international oil market conditions [13][14] M&A Plans - Jineng Technology is exploring M&A opportunities primarily in related upstream and downstream sectors, with announcements expected soon [15] Non-Recurring Gains - Non-recurring gains significantly influenced the half-year performance, including government subsidies and asset sales, with expectations for continued support in the second half [17] Energy Management - The company is addressing surplus energy issues through advanced control technologies and is exploring partnerships with the government to optimize production costs and enhance operational efficiency [22] Conclusion - Jineng Technology is navigating a challenging environment with strategic adjustments in financial management, operational focus, and market positioning to enhance resilience and capitalize on growth opportunities in the coming years [2][4][11][20]

Core Viewpoint - The stock of CuHua Co., Ltd. has shown a slight increase, reflecting a stable market position in the fine chemicals sector, particularly in food additives and pharmaceutical intermediates [1] Company Overview - CuHua Co., Ltd. specializes in the research, production, and sales of fine chemicals, including food preservatives like potassium sorbate and sodium diacetate, as well as pharmaceutical intermediates [1] - The company is headquartered in Nantong, Jiangsu Province, with a total market capitalization of 2.568 billion yuan [1] Stock Performance - As of July 30, 2025, CuHua's stock price closed at 12.56 yuan, up by 0.02 yuan, representing a 0.16% increase [1] - The trading volume for the day was 20,746 hands, with a transaction amount of 26 million yuan and a turnover rate of 1.01% [1] Shareholder Changes - CuHua has completed the repurchase and cancellation of 2.9 million restricted shares, reducing the total share capital from 207 million shares to 204 million shares, which has altered the shareholding ratios of some shareholders [1] Financial Metrics - The company currently has a negative price-to-earnings ratio of -95.58 and a price-to-book ratio of 1.41 [1] - On July 30, the net outflow of main funds was 1.2018 million yuan, accounting for 0.05% of the circulating market value [1]

证券简称： 润普食品 证券代码： 836422 江苏省连云港市灌南县经济开发区（西区） 江苏润普食品科技股份有限公司 江苏润普食品科技股份有限公司招股说明书（申报稿） 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 保荐机构 （济南市市中区经七路 86 号） 1-1-1 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 慎作出投资决定。 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价值，自主作出投 ...

证券简称： 润普食品 证券代码： 836422 江苏省连云港市灌南县经济开发区（西区） 江苏润普食品科技股份有限公司 江苏润普食品科技股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构 （济南市市中区经七路 86 号） 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价值，自主作出投 ...