Core Viewpoint - Hongbaoli (002165) is currently in the technical transformation phase for its epoxy propylene facility, which has not yet commenced formal production. The pricing of products such as rigid foam polyether and isopropanol amine will fluctuate in accordance with the price changes of epoxy propylene [1] Group 1 - Epoxy propylene is a key raw material for polyurethane polyether and isopropanol amine [1] - The company's epoxy propylene facility is undergoing technical upgrades and has not yet started production [1] - Product pricing for rigid foam polyether and isopropanol amine will be influenced by the fluctuations in epoxy propylene prices [1]

红宝丽（002165.SZ）11月20日在投资者互动平台表示，一般企业都希望自己产品涨价。环氧丙烷是聚 氨酯聚醚、异丙醇胺主要原料，公司环氧丙烷装置目前处于技改阶段，尚未正式投产。硬泡组合聚醚、 异丙醇胺等产品定价会跟随环氧丙烷价格波动而有所浮动。 每经AI快讯，有投资者在投资者互动平台提问：董秘，您好！环氧丙烷、聚氨酯聚醚、异丙醇胺涨 价，对公司有何影响？ （文章来源：每日经济新闻） ...

Core Viewpoint - The company Red Bull (002165.SZ) has disclosed its major clients in the hard foam polyether and is actively engaging with well-known domestic and international enterprises in the appliance and construction sectors [2]. Group 1: Major Clients - The primary clients for the company's hard foam polyether include renowned home appliance manufacturers such as Electrolux, Samsung, LG, Midea, Hisense, Meiling, Changhong, and CIMC [2]. - The company also serves large-scale enterprises in the cement production industry with its isopropanolamine products, indicating a diverse application range [2].

Group 1 - The company, Hongbaoli (002165), clarified on September 25 that it is engaged in the business of rigid foam polyether/isopropanolamine/epoxy propane and does not participate in the photoresist business [1]

Core Viewpoint - Hongbaoli is a leading global producer of isopropanolamine, which has a wide range of applications in various industries [2] Company Overview - Hongbaoli is recognized as a large-scale and systematic producer of isopropanolamine [2] - The company engages in the production of isopropanolamine for both industrial and consumer cleaning agents, as well as electronic cleaning [2] Applications of Isopropanolamine - The primary uses of isopropanolamine include: - Synthesis of surfactants - Desulfurization agents in petroleum and natural gas refining - Pharmaceutical intermediates - Pesticide intermediates - Production of dipropylene glycol - Titanium dioxide - Metal cutting - Coatings - Curing agents - Cement additives - New energy sectors [2]

Core Viewpoint - Hongbaoli (002165.SZ) clarifies that it is engaged in the business of rigid foam polyether, isopropanolamine, and propylene oxide, and does not participate in the photoresist business [1] Company Summary - Hongbaoli is involved in the production of rigid foam polyether, isopropanolamine, and propylene oxide [1] - The company explicitly states that it does not engage in the photoresist business [1]

Core Viewpoint - Hongbaoli (002165) highlighted the broad applications of isopropanolamine, noting its effective cleaning capabilities in both industrial and civilian sectors [1] Company Summary - Hongbaoli responded to investor inquiries on September 24, emphasizing the versatility of isopropanolamine [1]

Core Viewpoint - Hongbaoli (002165) highlighted the broad application fields of isopropanolamine, indicating its significance in various industries [1] Summary by Categories Applications - Isopropanolamine is primarily used in the synthesis of surfactants, industrial and household cleaning agents, desulfurizers in petroleum and natural gas refining, pharmaceutical intermediates, pesticide intermediates, and as a component in the production of diaminopropane, titanium dioxide, electronic cleaning, metal cutting, coatings, curing agents, cement additives, and new energy sectors [1]

Financial Performance - The company reported a total revenue of 1.245 billion yuan, a year-on-year decrease of 1.1% [1] - The net profit attributable to shareholders was 24.39 million yuan, down 35.51% year-on-year [1] - In Q2, total revenue was 591 million yuan, a decline of 10.65% year-on-year, with net profit of 2.39 million yuan, down 73.43% [1] - The gross margin was 13.55%, a decrease of 11.19% year-on-year, while the net margin was 2.01%, down 33.64% [1] - Total expenses (selling, administrative, and financial) amounted to 140 million yuan, accounting for 11.24% of revenue, an increase of 5.0% year-on-year [1] - Earnings per share were 0.03 yuan, a decrease of 40.0% year-on-year [1] Cash Flow and Debt Management - The net cash flow from operating activities increased by 24.48%, attributed to reduced purchases and a decrease in operating receivables [2] - The net cash flow from financing activities increased by 138.28%, due to a reduction in debt repayment and the use of acceptance bill guarantees [3] - The company has a healthy cash asset position, with cash assets to current liabilities ratio at 54.41% [6] Business Model and Operations - The company relies heavily on R&D for its business performance, focusing on technological innovation and lean production to reduce costs and enhance competitiveness [5] - The company produces a range of isopropanol amines, which are used in various applications, and continues to innovate and expand into new application areas [7] - The company is involved in the epoxy propane industry, facing increased competition due to rapid capacity expansion and low pricing [8] - The company is currently upgrading its epoxy propane production technology to improve efficiency and increase capacity to 160,000 tons [8] Financial Ratios and Historical Performance - The company's return on invested capital (ROIC) was 2.69%, indicating weak capital returns, with a historical median ROIC of 2.81% over the past decade [3] - The company has experienced a generally weak financial performance, with one loss year since its IPO and a notable low ROIC of 0.41% in 2022 [3] - The company's receivables are concerning, with accounts receivable amounting to 965.24% of net profit [6]

Group 1 - The latest stock price of Hongbaoli is 9.50 yuan, reflecting a 1.50% increase from the previous trading day [1] - The stock reached a high of 9.65 yuan and a low of 9.27 yuan during the trading session, with a total trading volume of 977,928 hands and a transaction amount of 928 million yuan [1] - The company operates in the chemical products industry, focusing on the research, production, and sales of polyurethane rigid foam composite polyether and isopropanolamine, among other products [1] Group 2 - The products of the company are widely used in various fields, including building insulation, household refrigeration, and automotive applications [1] - On August 20, the net inflow of main funds was 37.52 million yuan, while the cumulative net outflow over the past five trading days was 37.57 million yuan [1] - The turnover rate on that day reached 13.44%, indicating active market trading [1]