2025年夏季热浪蒸腾，福建漳州古雷石化基地上，银灰色球罐如钢铁星球般阵列于管廊之下，在烈日下折射出金属冷光。百米高的异丙苯塔在液压吊臂牵 引下精准落位，这是中沙古雷乙烯项目的核心设备，由中国化学工程集团公司（以下简称"中国化学"）天辰公司总承包。现场工程师抹去汗水，对《八闽 氟材料》坦言："国内这种数百亿级项目，在石化行业里越来越稀缺了。" 这个判断背后是残酷的石油化工行业现实——随着国内大型炼化项目布局基本完成，传统石油化工工程市场正快速收窄。作为连续多年位居ENR全球油气 服务领域工程承包商第一名、2025年位列"国际工程设计公司225强"第28位的中国化学，面临着战略转型的生死命题。 全球化工工程龙头的转型生死局 中国化学是全球化工工程龙头，2024年营收1866亿元（同比增长4.14%），净利润56.88亿元，业务覆盖全球80多个国家，承建了国内大部分大型化工、石 化项目，国内化工工程细分领域稳居第一。 从疫情后，房地产业一蹶不振，路桥等大基建项目也过了高峰，从中国建筑、中国交通、中国铁建等工程类央企来看，未来日子难过。中国化学作为"八 大"工程央企之一，同样面临传统工程市场萎缩的困境。 国内大型石 ...

Core Viewpoint - The article highlights the launch of the largest acrylonitrile production facility in China, emphasizing its advanced technology and significant advantages in production efficiency and environmental sustainability [2][3]. Group 1: Project Overview - The Zhejiang Petrochemical Company's high-end new materials project includes the construction of multiple production facilities, including a 250,000 tons/year acrylonitrile unit, among others [3]. - The project features a total of 18 production units, including MTBE, nitric acid, cyclohexanol, and nylon 66 polymerization slice facilities, showcasing a diverse range of chemical production capabilities [3]. Group 2: Technological Advancements - The acrylonitrile production process utilizes a direct hydrogen cyanide method developed in collaboration with Tsinghua University, which overcomes several technical challenges and achieves higher product yield and lower energy consumption [2]. - The article compares three methods of industrial acrylonitrile production, noting that the butadiene method is currently the most efficient and widely used, accounting for 66.6% of the market due to its mild reaction conditions and high product quality [2].

Core Viewpoint - China Chemical Tianchen Company has been recognized as a "benchmark" in the 2024 evaluation of the State-owned Assets Supervision and Administration Commission's "Science and Technology Reform Action," marking its fifth consecutive highest rating since its initial selection in 2020, establishing itself as a model enterprise in the national chemical sector [1] Group 1 - The company has actively integrated into the global technological competition landscape, adhering to national strategic deployments as its fundamental guideline [1] - It has successfully overcome key technologies such as adiponitrile, forming a diversified development pattern characterized by "technology leadership, engineering support, and industrial implementation" [1] - The company's efforts provide solid support for ensuring the safety and stability of China's chemical industry supply chain [1]

Group 1 - The rapid rise of emerging industries such as new energy vehicles, smart electronics, robotics, and low-altitude economy has led to an explosive growth in demand for upstream nylon new materials [1] - 聚合顺新材料股份有限公司 is investing 2.7 billion yuan in a new project in Shandong Zibo to address the high costs and long delivery times associated with importing hexamethylenediamine from abroad [1] - The importance of hexamethylenediamine as a critical raw material in the nylon 66 industry is highlighted by its extensive applications in daily life and its increasing use in new energy vehicles [1] Group 2 - Domestic companies have struggled to produce hexamethylenediamine at scale due to high costs and risks, but a breakthrough was achieved by China Chemical Tianchen Company with the development of a new production technology [2] - The Tianchen Qixiang project in Zibo was completed in a record 20 months, marking a significant milestone in domestic production capabilities for hexamethylenediamine [2] - The successful localization of hexamethylenediamine production has broken foreign monopolies and enhanced the self-sufficiency of China's high-end nylon new materials industry [2] Group 3 - Tianchen Qixiang has implemented over 200 technical improvement projects to reduce costs and increase profits, attracting downstream companies like 聚合顺 to Zibo and fostering a positive industrial ecosystem [3] - The collaboration with Zibo Qixiang Tengda Chemical has established a supply chain for basic raw materials, enhancing the efficiency and sustainability of the industrial ecosystem [3] - The ongoing second phase of the Tianchen Qixiang nylon new materials project is expected to further expand the market space for the hexamethylenediamine-hexamethylenediamine-nylon industry chain, presenting new opportunities for the domestic nylon 66 industry [3]

Summary of China Chemical's Conference Call Company Overview - **Company**: China Chemical - **Industry**: Chemical Engineering Key Points Contract and Revenue Goals - The company aims to sign new contracts worth **370 billion** yuan in 2025, with a revenue target of **196 billion** yuan and a profit target of **7.5 billion** or **7.6 billion** yuan, all showing growth compared to the previous year [2][3][4] Current Performance and Market Outlook - As of May 2025, the new contract amount reached **150.8 billion** yuan, a nearly **10%** decrease year-on-year, falling short of the **185 billion** yuan target for the first half of the year [3][4] - The company expects a rebound in the second half, driven by the release of contracts related to the Xinjiang coal chemical project and growth in overseas orders [2][3] Xinjiang Coal Chemical Project - The Xinjiang coal chemical project is projected to have a contract value of approximately **40 billion** yuan in 2025, significantly higher than the **22 billion** yuan in 2024 [2][19] - The overall investment in Xinjiang's coal chemical sector is expected to reach around **500 billion** yuan over the next **5-6 years** [19] Production and Technology Updates - The Jiuri New Materials project has upgraded to a second-generation catalyst, achieving a load of **80%-85%** as of mid-June 2025, with plans to reach full production in Q2 [2][5][6] - The company has no immediate plans for third or fourth-generation technology upgrades for adiponitrile but is exploring better processes [8] Product Focus and Market Strategy - The company is actively promoting the domestic substitution of nylon 66 and strengthening partnerships with leading industry clients such as Shenyang Chemical and Wanhua Chemical [10][12] - Current product offerings include adiponitrile, hexamethylenediamine, and nylon 66, with a focus on maintaining competitive pricing strategies [11][15] Overseas Market Expansion - The company is deepening its presence in the "Belt and Road" markets, particularly in South Asia and ASEAN, with an expected overseas market expansion scale of **140 billion** yuan in 2025, up from over **120 billion** yuan last year [2][4][16] - Key target regions include Indonesia, Vietnam, Malaysia, and the Middle East, with a focus on oil and gas and chemical market collaborations [17][18] Strategic Initiatives - The company has adopted a "135" strategy aimed at high-quality development through technological innovation and internal management improvements [3][25] - There are no current plans for a second phase of the equity incentive program due to regulatory constraints and high performance expectations [24] Financial Management and Future Outlook - The company is facing increased pressure on cash flow and project returns but is implementing measures to enhance contract selection and collection efforts [25][26] - Future dividend policies are under consideration, with potential improvements suggested based on recent trends among state-owned enterprises [26] Conclusion - China Chemical is navigating a challenging market environment with strategic initiatives aimed at growth in both domestic and international markets, while focusing on technological advancements and operational efficiency to meet its ambitious targets for 2025 [2][3][4][25]

Core Viewpoint - The article discusses the environmental impact assessment and the development of a pilot project for the production of adiponitrile by Ningxia Botai New Materials Technology Co., Ltd, highlighting the company's plans for industrialization and the challenges faced in the production process [2][3]. Group 1: Project Overview - Ningxia Botai New Materials Technology Co., Ltd is initiating a pilot project for a 100 tons/year adiponitrile production facility, which will utilize methanol and butadiene as raw materials through a specific chemical process [2][3]. - The pilot project is designed to last for one year, with an expected output of 100 tons of adiponitrile, 15 tons of 2-methylpentanedinitrile, and 50 tons of ammonium sulfate, which will be used for performance testing and further R&D [2][3]. Group 2: Future Plans - The company plans to implement a 10,000 tons/year industrial demonstration project for adiponitrile in 2023, along with securing land for a 200,000 tons/year project [2]. - The production process for the larger project involves a three-step method: preparation of formamide, decomposition to produce hydrogen cyanide, and synthesis of adiponitrile, although this project is currently on hold for optimization [2][3]. Group 3: Investment and Infrastructure - The company intends to invest 36.7 million yuan to lease facilities at the Ningdong Energy Chemical Base for the pilot project, ensuring that existing infrastructure will support storage, transportation, and wastewater treatment [3].

Core Viewpoint - The article highlights significant new contracts signed by China Chemical in the first five months, totaling 150.825 billion yuan, with a focus on major chemical new materials and renewable energy projects [1]. Group 1: Major Projects Overview - Gansu Juhua New Materials Co., Ltd. is launching a high-performance silicon-fluorine materials integration project with a total investment of approximately 4.1047 billion yuan, set to produce various silicon and fluorine-based products, including 360,000 tons of industrial silicon and 100,000 tons of polycrystalline silicon annually, starting construction on January 28, 2024 [1]. - CNOOC Shell Petrochemicals Co., Ltd. is developing a polycarbonate project in Huizhou with a total investment of 9.3 billion yuan, which will include a 240,000 tons/year bisphenol A unit and is expected to be completed by the end of 2026 [2]. - Shaanxi Yunen Fine Chemical Materials Co., Ltd. is undertaking a 1 million tons/year high-end chemical materials project with a total investment of 10.3 billion yuan, including multiple production units for DMTA, ethylene oxide, and hydrogen peroxide [3]. - Fujian Haichen Chemical Co., Ltd. is investing approximately 14.8 billion yuan in a project to produce 400,000 tons/year of adiponitrile and related raw materials, expected to be operational by October 2026 [4]. - Zhejiang Petrochemical's high-end new materials project has a total investment of 42.82911 billion yuan, featuring 18 production units, including a 1 million tons/year acetic acid unit and a 600,000 tons/year methanol unit [5]. - Hebei Haiweilan Chemical is planning a 1 million tons/year propane dehydrogenation project with an estimated investment of 766.498 million yuan, utilizing propane from oilfield associated gas [6]. - Dushanzi Petrochemical's Tarim 1.2 million tons/year ethylene supporting green low-carbon demonstration project has a total investment of 25.656 billion yuan, with completion expected by 2026 [7]. - Yitai Yili Energy Co., Ltd. is investing 18.3 billion yuan in a coal-to-oil project with an annual output of 1.0582 million tons of various products [8]. - Xinjiang Zhongxin Huan Tai Energy Co., Ltd. is developing a 2.6 million tons/year coking and deep processing project with a total investment of 5.176 billion yuan [9]. - An Egyptian bioethanol project is set to produce 100,000 tons/year of fuel ethanol, led by the Egyptian Bioethanol Company [10]. - Tianchen Company has completed projects in grain deep processing and bioethanol with a cumulative capacity of 1.45 million tons/year [11]. - China Coal Ordos Energy Chemical Co., Ltd. is investing 4.9 billion yuan in a liquid sunshine project, utilizing renewable energy for hydrogen production [12]. - Xinjiang Chuangbo New Energy Materials Co., Ltd. is developing a 100,000 tons/year PCDL unit, which is a high-performance polyol product [13]. - Wanli Tire Co., Ltd. is investing 5 billion USD (approximately 3.6 billion yuan) in a rubber tire project in Cambodia, with a planned capacity of 6 million semi-steel tires in the first phase [14]. - Guangdong Yun Sulfur Environmental New Materials is investing 1 billion yuan in a phosphoric acid project, utilizing proprietary technology [15]. - An Egyptian industrial silicon project is set to produce high-grade industrial silicon, marking a significant collaboration in the renewable energy sector [16].

Core Viewpoint - The article discusses recent developments in the nylon industry, highlighting both opportunities and challenges, particularly focusing on the production of key raw materials like hexamethylenediamine (HMD) and the impact of domestic production capabilities in China [1]. Group 1: Industry Developments - BASF has successfully launched a new world-class HMD facility in Chalampé, France, increasing its production capacity to 260,000 tons [2]. - BASF's acquisition of a 49% stake in the joint venture with Dommer Chemical in Alsachimie allows it to fully own a facility that produces key precursors for polyamide, including adipic acid and HMD [2][3]. - The main production route for HMD is the adiponitrile method, with major players like Invista, Ascend, and BASF dominating the global market [4]. Group 2: Domestic Production in China - China has made significant breakthroughs in domestic adiponitrile technology, with seven companies now capable of producing a total capacity of 1.265 million tons, and an expected additional capacity of 2.58 million tons in the next five years [5]. - China Pingmei Shenma Group has launched a 100,000 tons/year HMD facility, marking a significant reduction in reliance on imported raw materials [6]. Group 3: Market Dynamics - The price of HMD has been affected by domestic production, tariff policies, and overcapacity, leading to a divergence where international prices rise while domestic prices fall [7]. - The low operating rate of PA66 will influence HMD prices, and the potential for PA66 price decreases to stimulate exports and growth in high-end applications remains uncertain [8].

【DT新材料】 获悉，6月6日， 中国平煤神马集团 10万吨/年艾斯安装置投产暨20万吨/年艾斯安项目启动仪式在尼龙科技公司举行， 标志着我国尼龙 66关键原材料己二腈长期依赖进口的局面实现重大突破。 其中， 中国平煤神马集团 尼龙科技公司 10万吨/年艾斯安项目一期工程建设规模为5万吨/年氨基己腈， 技术为 通 过己内酰胺氨化脱水直接生产氨基 己腈 ，然后加氢得到己二胺，绕过传统己二腈工艺，降低对进口原料的依赖。 该项目投资额为50294.71万。此前，平煤神马集团已先期建设了2万吨/年艾斯安项目（即 2万吨/年 氨基己腈 ），并于2023年第三季度投料试车，项目 投资额约为2.7亿元。 中国平煤神马集团 尼龙科技公司 是平煤神马集团旗下专注于尼龙化工领域的核心企业，成立于2014年2月，注册资本68.8亿元，总部位于河南省平顶 山市尼龙新材料产业集聚区，承担煤基尼龙产业链关键原料的研发与生产。公司 目标在 " 十 四五 " 期间 实现 40万吨/年己内 酰胺 、 15万吨/年己二 酸、45万吨尼龙 6切片( 含永通公司 ）一体化产业布局，在 "十五五"前期实现 60万吨/年己内酰胺产能。 尼龙科技公司 旗 ...

Summary of the Conference Call on Hexamethylenediamine (HMD) Project Company and Industry Overview - The conference call discusses the hexamethylenediamine (HMD) project by China Chemical, focusing on production challenges, cost structures, and market dynamics related to the HMD industry [1][2][3]. Key Points and Arguments Production Challenges - China Chemical's HMD project faced initial production issues due to backend separation problems, leading to a halt in production after three months due to catalyst deactivation [2][5]. - The current operational load of the HMD project is maintained at 40%-50% to avoid further failures, primarily due to uncertainties surrounding the performance of the second-generation catalyst [4][5]. Cost Structure - The cost of producing one ton of HMD is approximately 15,000 RMB, which includes raw material costs of about 10,000 RMB and additional production costs [7][30]. - China Chemical's production costs are higher than those of competitors like Nvidia, which uses a fifth-generation catalyst with a longer active cycle, resulting in a cost difference of about 4,000 RMB per ton [8][9]. Future Production Plans - China Chemical aims to increase the operational load to over 80% by replacing catalysts and optimizing processes, which could reduce the cost difference with Nvidia to around 1,000 RMB per ton [10][18]. - The projected production for 2025 is estimated to be between 120,000 to 130,000 tons, with a gross profit of approximately 500 million RMB and a net profit of 200-300 million RMB [3][14]. Market Demand and Pricing - The demand for HMD is currently slow, with high purity requirements from downstream markets limiting large-scale applications [5][6]. - The market price for HMD has fluctuated, currently ranging between 20,500 to 21,000 RMB per ton, while production costs are around 16,000 RMB [14][29]. Competitive Landscape - Nvidia holds significant market power, controlling pricing and supply dynamics, which impacts China Chemical's pricing strategies [22][32]. - If China Chemical and other domestic companies increase production capacity, it could lead to oversupply and price competition, potentially affecting overall industry profitability [27][28]. Technological Improvements - Enhancements in catalyst performance and process optimization are crucial for improving production efficiency and reducing costs [6][18]. - The transition to a second-generation catalyst is expected to improve production stability and efficiency, which is vital for meeting market demands [12][15]. Regulatory and Economic Factors - The current regulatory environment and potential tariff policies could influence the competitive landscape and supply dynamics in the HMD market [32][35]. - The ability to meet domestic demand through stable production will be essential for reducing reliance on imports and enhancing market position [32][35]. Additional Important Insights - The production of HMD is closely tied to the performance of upstream suppliers and the overall market demand for nylon products, which are derived from HMD [22][28]. - The industry outlook remains cautiously optimistic, with potential for growth if technological and market challenges can be effectively addressed [28][29].