登录新浪财经APP 搜索【信披】查看更多考评等级 2025年7月21日，停牌10个交易日的长鸿高科（605008.SH）复牌首日，高开低走，股价微涨1.71%，7月22日，在大盘普涨的情况下，长鸿高科早盘一度下 跌超过7个百分点，最终收盘下跌2.13%。 长鸿高科在复牌前披露了重大资产重组信息。公司拟通过发行股份、可转债和支付现金的方式，将公司实控人陶春风旗下广西长科新材料有限公司（以下简 称"广西长科"）100%股权注入上市公司，此次交易构成关联交易。 资产重组向来是资本市场上的热门话题。此次重组，市场为何不看好？ 周期股还是成长股？ 2020年上市的长鸿高科，主营业务是苯乙烯类热塑性弹性体（TPES）的研发、生产和销售，主要产品包括SBS、SEBS、PBT、热拌用沥青再生剂、橡胶增 塑剂、黑色母粒。 上市以来，长鸿高科营收增长近三倍，从2020年的12.97亿元增长至2024年的36.34亿元，但同期毛利率从31.82%下降至9.2%，其结果是，公司净利润3.02亿 元下降至9422万元，经营质量出现严重下滑。 2025年第一季度，长鸿高科仍未扭转颓势，收入下降6.93%。这也是公司上市以来首次在一季度出 ...

聚酰胺热塑性弹性体（TPAE） 由聚酰胺硬段和聚醚或聚酯软段共聚而成，硬段具有聚酰胺的力学 性能高、熔点高等优点，而软段则提供良好的弹性，因此TPAE具有优良的力学性能、耐高低温性 能以及弹性。通过调节硬软段的比例还可以制备不同性能的弹性体，适用于多种使用环境。广泛应 用于 鞋材、医疗器械、消费电子 等领域，还可作为 永久抗静电剂 等功能助剂其他工程塑料共混 改性。 聚酰胺弹性体的生产具备较高技术门槛，经过数年发展，目前聚酰胺弹性体主要有PA6弹性体、 PA66弹性体、PA1012弹性体、PA11弹性体和PA12弹性体等。国外生产企业主要有 阿科玛、赢 创、宇部兴产 等，国内厂家有 万华化学、新元化学、鑫博川、心源科技、旭阳科技、山东广垠、 东辰瑞森 等。其中，诸多 企业选择与高校共同合作 ，在尼龙弹性体自主研发、规模化生产上获得 突破。 北京化工大学教授潘凯教授 长期从事新型聚酰胺材料设计、制备及应用以及微纳功能复合材料结 构设计与性能研究。他以尼龙6、尼龙66、尼龙1010以及尼龙1012为硬段，以PTMG、PEG、PEA 为软段，通过分子链段设计与调控， 同时对标市场已有产品性能，制备了系列尼龙弹性体品 ...

文 | 中关村储能产业技术联盟 近日， 中科纳通公司 完成入会流程，正式成为中关村储能产业技术联盟会员单位。 公司介绍 和FIP镍碳胶"全系列EMI产品和解决方案。 产品应用领域 导电弹性连接器 EMI导电胶条 EMI导电胶 EMI导电套管 新能源：光伏和储能 其他应用领域或 中科纳通公司 2 0 1 2 年成立于北京怀柔科学城，是北京市 "专精特新" 企业及国家高新 技术企业。 公司专注于高分子导电材料研发，核心产品线涵盖导电浆料、导电胶和导电 弹性体 ，广泛应用于电子信息、半导体封测及智能汽车产业，服务客户包括华为、中国 电科、高通、比亚迪等全球知名企业。 产品展示 导电弹性体还可以广泛应用在:新能源汽车、通讯基 站、无人机、AR/VR等新兴智能硬件设备。 导电弹性体的特点 三年度版社区 非金属材料为主体,材质更轻。 利用弹性体导电浆料制作的涂层与设备面 接触,接触电阻更低。 耐-55至160°C高低温,化学稳定性高。 号 产品应用 通过"涂敷法"应用在电磁屏蔽密封器件和设备上 ＂产品数据 | 产品型号 | NT-ST201S | NT-YL18 | NT-ST203 | | --- | --- | -- ...

编号：2025-003 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名称 | 天风证券股份有限公司 鲍荣富先生 | | 及人员姓名 | 天风证券股份有限公司 王悦宜 女士 | | | 长江证券股份有限公司高辰星 先生 | | 时间 | 2025 年 7 月 18 日(周五)上午 10:30-12:00 | | 地点 | 公司 1605 会议室 | | 上市公司接待 | 董事会秘书 余伟胜 先生 | | 人员姓名 | 证券经理雷庆贺 先生 | | | 以下内容是就来访人员提问而形成： | | | 一、公司战略及业务布局情况 | | | 公司坚定"一个基本盘+三纵三横"战略，即以化学工程主业为基本 | | | 盘，纵向推进"差异化、实业化、国际化"发展战略，横向推进新材料、 | | | 新能源、新环保"三新"产业领域，到 2025 年成为"百亿东华"。"三 | | | 新"领域是公司在工程、投资业务重点拓展的方向，业务份额已占公司整 | | | 体 ...

截至预案签署日，本次交易标的资产的审计、评估工作尚未完成，本次交易标的资产交易价格尚未 确定。标的资产的最终交易价格将参考上市公司聘请的符合《证券法》规定的资产评估机构出具的资产 评估报告载明的评估值，由交易各方协商确定，并在本次交易的重组报告书中予以披露。 本次交易上市公司购买广西长科100%股权涉及的交易对方为海南定恒、宁波定科和宁波定高。 中国经济网北京7月21日讯 长鸿高科(605008.SH)今日开盘涨停，报16.72元，涨幅10.00%。截至收 盘，长鸿高科报15.46元，涨幅1.71%。 7月18日晚间，长鸿高科发布发行股份、可转换公司债券及支付现金购买资产并募集配套资金暨关 联交易预案。长鸿高科拟通过发行股份、可转换公司债券及支付现金方式，购买交易对方合计持有的广 西长科100%股权，并向不超过35名特定投资者发行股份募集配套资金。 公告称，2023年至2024年标的公司二期项目产线陆续中交和试生产，透明ABS、高腈AS、高光 ABS、高光HIPS等特种树脂产品陆续突破完成工业化量产，产销尚未放量，研发投入较大，出现了一 定程度的亏损。 7月18日晚间，长鸿高科发布的关于终止2024年度以简易 ...

Group 1 - The core point of the article is that Changhong High-Tech plans to acquire 100% equity of Guangxi Changke through a combination of issuing shares, convertible bonds, and cash payments, which constitutes a major asset restructuring and related party transaction [1] - The company is a leading domestic producer of thermoplastic elastomers (TPES) and has a production capacity ranking third in the country, with a focus on expanding its product range and achieving vertical integration through this acquisition [1][2] - Guangxi Changke specializes in the research, production, and sales of special synthetic resins, with a production capacity of 600,000 tons per year, making it the largest enterprise in China using the bulk polymerization process [2] Group 2 - Financial data for Guangxi Changke shows projected revenues of 667.8 million yuan, 1.017 billion yuan, and 807.9 million yuan for the years 2023, 2024, and the first half of 2025, respectively, with net profits of -33.6 million yuan, -79.1 million yuan, and 34.9 million yuan during the same periods [2] - The losses in 2023 and 2024 are attributed to ongoing project construction and significant R&D investments, which have not yet translated into substantial sales volume [2] - Changhong High-Tech has issued a profit warning, expecting a net profit of 4 to 6 million yuan for the first half of 2025, a decrease of 93.79% to 95.86% year-on-year, due to production efficiency upgrades and market demand fluctuations [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][7]. Core Views - The company is enhancing its integrated industrial chain in the large chemical sector, which is expected to boost future profitability through various strategic projects [2]. - In the health sector, the company is focusing on collagen products and expanding its hollow capsule production capacity, anticipating significant growth in performance [3]. - The overall performance is projected to enter a growth phase, with expected net profits of 742 million, 947 million, and 1,095 million yuan for the years 2025, 2026, and 2027 respectively [3]. Summary by Relevant Sections Large Chemical Sector - The company is extending its upstream industrial chain in chemical new materials, with projects such as a 1 million tons/year polystyrene project and a 200,000 tons/year high-performance polyolefin elastomer project [2]. - The focus is on achieving cost advantages through scale effects and enhancing the complete industrial chain from monomers to end products [2]. Health Sector - The company holds a leading position in the collagen field through its subsidiary Dongbao Biological, which has an annual production capacity of 13,500 tons of gelatin [3]. - The hollow capsule production capacity is set to expand significantly, with a projected output of nearly 70 billion capsules annually, positioning the company as a major player in this market [3]. Financial Projections - Revenue is expected to grow from 19,220 million yuan in 2024 to 28,646 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 14.23% [5]. - The net profit is projected to increase from 676 million yuan in 2024 to 1,095 million yuan in 2027, indicating a strong growth trajectory [5]. - The report estimates a price-to-earnings (P/E) ratio of 12.57X for 2025, decreasing to 8.52X by 2027, suggesting improving valuation metrics [5].

Core Insights - The ExxonMobil Huizhou Ethylene Project is a significant foreign investment project in China, with a total investment exceeding $10 billion, marking it as the first major petrochemical project wholly constructed by a U.S. company in China [3][4] - The project boasts a production capacity of 1.6 million tons per year of ethylene, making it the largest single-unit capacity in the country [3] - The project aims to enhance the self-sufficiency of high-quality raw materials such as metallocene polyethylene and high-end polypropylene, reducing reliance on imports and supporting various industries in the Guangdong-Hong Kong-Macao Greater Bay Area [3] Investment Scale - The total investment in the ExxonMobil Huizhou Ethylene Project exceeds $10 billion, highlighting its significance in the petrochemical sector [3] - The project is expected to significantly contribute to the local economy and the development of the petrochemical industry in the region [5] Project Efficiency - The project construction timeline was notably efficient, with the initial cooperation agreement reached within four months and the project commencing construction in just over a year and a half [4] - ExxonMobil's management praised the project for being completed faster and at a lower cost than anticipated, showcasing the effectiveness of collaboration between government and enterprise [4] Technological and Environmental Impact - The establishment of the ExxonMobil R&D center in Huizhou is expected to enhance local industry collaboration and accelerate the application of advanced chemical materials in manufacturing [5] - The project employs an innovative external pre-treatment mode for environmental protection, making it the first of its kind in the country, and includes a comprehensive energy station for clean energy utilization [6]

Core Viewpoint - Ningbo Changhong High Polymer Technology Co., Ltd. (Changhong High Tech) expects a significant decline in net profit for the first half of 2025, projecting a profit of 4 million to 6 million yuan, representing a year-on-year decrease of 93.79% to 95.86% due to production disruptions and market demand issues [1][2] Group 1: Financial Performance - The company anticipates a net profit of 4 million to 6 million yuan for the first half of 2025, a decrease of 93.79% to 95.86% compared to the previous year [1] - The decline in performance is attributed to a prolonged shutdown for technical upgrades at its subsidiary, Zhejiang Changhong Biomaterials Co., Ltd., which affected production capacity [1] - Market demand has been insufficient, leading to a larger drop in product sales prices compared to raw material prices, resulting in a decline in gross margin [1] Group 2: Strategic Outlook - Changhong High Tech has established a dual-driven development pattern in the thermoplastic elastomer (TPES) and biodegradable PBAT sectors, focusing on a comprehensive industrial layout for biodegradable plastics [1] - The management emphasizes that the technical upgrades, while impacting short-term profits, will support cost reduction and market expansion in the future [1] - With the implementation of national policies aimed at boosting domestic demand and consumption, the overall industry outlook is improving, and the company's product market is expected to gradually recover [1][2] Group 3: Future Growth Potential - Following the completion of technical upgrades and stabilization of production, Changhong High Tech achieved better profitability in the second quarter, indicating positive signals for recovery [2] - The company aims to restore growth momentum in the second half of the year through technological upgrades, capacity optimization, and market expansion [2] - Changhong High Tech is focused on consolidating its leading position in the industry and injecting new momentum for long-term high-quality development [2]

与安娜一样，瓦克化学董事会成员柯思腾也表达了继续投资中国的决心："瓦克化学在中国发展已逾30 年，目前，集团总销售额的37%来自亚洲地区，其中约一半来自中国。瓦克化学将继续坚持'在中国， 为中国'战略。"（下转A03版） ● 本报记者 倪铭娅 王舒嫄 7月11日，上海举行第41批跨国公司地区总部和研发中心颁证暨外商投资集中签约仪式，新认定的30家 跨国公司地区总部和15家外资研发中心获颁证书；56个外商投资项目签约，投资总额约36.8亿美元，其 中33个项目现场签约。 这是我国对外资企业"磁吸力"不断增强的生动注脚。今年以来，随着一系列稳外资政策落地见效，新设 外资企业数量保持增长。外资企业投资信心不断增强，坚定投资中国市场，深耕中国投资沃土。 坚定投资中国 两个月前，瓦克化学在华特种有机硅扩建项目竣工，新生产线用来生产有机硅硅油、有机硅乳液和有机 硅弹性体凝胶。 "瓦克化学对中国市场的投资坚定不移。"瓦克化学中国总裁胡文涛在接受中国证券报记者采访时说。 像这样坚定投资中国的外资企业不在少数。上半年，外资企业投资中国勾勒出一幅热烈图景：在北京， 阿斯利康3月宣布拟投资25亿美元，以建设其全球第六大研发中心；在 ...