证券代码：301131 证券简称：聚赛龙 债券代码：123242 债券简称：赛龙转债 广州市聚赛龙工程塑料股份有限公司 投资者关系活动记录表 2、上游原材料成本与原油价格走势共振，请问公司是否采取相关 措施控制原材料价格波动对毛利的影响，比如通过原油期货合约对冲、 低价期囤货等方式？ 公司密切关注大宗商品价格波动情况，针对原材料价格波动风险， 采取了战略备货、灵活备货等多项措施。公司与供应商签订了长期供 货协议，通过稳定的合作关系保障原材料供应的同时避免因原材料价 格突发波动导致采购成本激增。公司目前不直接参与原油期货合约的 对冲操作。 3、2025 年前三季度，公司来自新能源汽车、AI 服务器、低空飞 行器客户的收入贡献如何？公司对 2025 年全年及未来 3 年来自这些新 兴领域的收入占比有何具体目标？ 公司产品主要下游领域为家电和汽车，其中汽车材料业务整体在 营收中占比超过 30%。在 AI 服务器和低空领域，公司仍处于技术储备 和市场拓展阶段，尚未形成规模性收入。总体而言，公司当前业务仍 集中在家电和汽车领域，现阶段新兴领域对营收不会造成重大影响。 未来公司将聚焦拓展新兴领域材料，加大研发投入、绑定头 ...

Core Insights - The PP (polypropylene) market is experiencing a bifurcation, with strong demand for packaging materials driven by e-commerce promotions, while traditional sectors like real estate remain weak [1][2][4] - The demand surge during the "Double 11" shopping festival has led to increased orders for BOPP films and thin-walled injection materials, particularly in East and South China [1][2] - Despite the short-term boost from e-commerce, the overall industry remains under pressure due to weak demand in traditional sectors, particularly in pipe materials and plastic weaving [2][5] Demand Dynamics - The demand for PP is characterized by short-term concentration and sector-specific growth, primarily benefiting packaging materials related to daily retail [2][3] - After the "Double 11" event, orders for packaging PP (BOPP/CPP) quickly declined, leading to increased inventory levels and reduced operating rates in film factories [2][4] - The only exception to the overall demand weakness is in the thin-walled injection sector, where strong demand from food delivery and instant retail keeps prices stable [2][3] Supply and Production - The production capacity for BOPP and CPP is expected to increase by 4% and 14.3% respectively, with significant growth in high-end specialty materials [2][3] - However, the overall supply remains pressured by new capacity releases, such as the 400,000 tons from Guangxi Petrochemical, which contributes to a loose supply environment [4][5] - The market is currently facing a supply surplus, which is expected to continue impacting prices negatively [5] Market Outlook - The fourth quarter outlook suggests a mix of local opportunities and overall pressures, with potential support from upcoming e-commerce events and high-end modified PP demand driven by the new energy vehicle market [4] - The key factors influencing future PP futures prices include the actual demand realization during peak shopping seasons, potential production cuts due to profit losses, and policy impacts on supply and consumption [4] - The market is likely to experience range-bound fluctuations in the fourth quarter, with insufficient momentum for a significant upward trend [4][5]

Core Viewpoint - Jusalon, a well-known company in the modified plastics sector, has shown significant challenges in revenue and profit rankings compared to industry leaders, indicating potential areas for improvement in operational performance [2][3]. Group 1: Company Overview - Jusalon was established on January 21, 1998, and was listed on the Shenzhen Stock Exchange on March 14, 2022. The company is headquartered in Guangzhou, Guangdong Province [1]. - The main business of Jusalon includes the research, production, and sales of modified plastics, with a focus on technological and product quality advantages [1]. Group 2: Financial Performance - In Q3 2025, Jusalon achieved a revenue of 1.147 billion yuan, ranking 13th out of 21 in the industry, significantly lower than the top competitor, Kingfa Technology, which reported 49.616 billion yuan [2]. - The net profit for the same period was 32.0828 million yuan, placing Jusalon 12th in the industry, again trailing behind Kingfa Technology's 636 million yuan [2]. Group 3: Financial Ratios - As of Q3 2025, Jusalon's debt-to-asset ratio was 56.36%, higher than the industry average of 45.98%, indicating greater debt pressure [3]. - The gross profit margin for Jusalon was 12.05%, which, while an improvement from 9.38% year-on-year, remains below the industry average of 14.74% [3]. Group 4: Executive Compensation - The chairman, Hao Yuan, received a salary increase from 602,400 yuan in 2023 to 903,300 yuan in 2024, an increase of 300,900 yuan [4]. - The general manager, Hao Jianxin, saw his salary rise from 759,600 yuan in 2023 to 916,900 yuan in 2024, an increase of 157,300 yuan [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.09% to 8,231, while the average number of circulating A-shares held per shareholder increased by 6.49% to 3,742.1 [5].

Group 1 - The core viewpoint of the news is that 聚赛龙 (Jusailong) has shown significant financial activity, with a notable increase in financing and a decrease in shareholder numbers, indicating potential shifts in investor sentiment [1][2]. - As of September 25, 2023, 聚赛龙's financing buy-in amounted to 504.85 million yuan, with a net financing buy of 232.08 million yuan, reflecting a high financing balance of 1.45 billion yuan, which constitutes 6.36% of its market capitalization [1]. - The company has a diverse revenue structure, with modified PP accounting for 55.31% of its main business income, followed by other materials such as modified PC/ABS at 10.56% and modified ABS at 8.65% [1]. Group 2 - As of August 31, 2023, the number of shareholders for 聚赛龙 decreased by 13.19% to 8,765, while the average circulating shares per person increased by 15.20% to 3,514 shares [2]. - For the first half of 2025, 聚赛龙 reported a revenue of 748 million yuan, a year-on-year decrease of 1.41%, but the net profit attributable to shareholders increased by 48.80% to 21.61 million yuan [2]. - Since its A-share listing, 聚赛龙 has distributed a total of 802.73 million yuan in dividends, with 563.83 million yuan paid out over the past three years [2].

Group 1: Company Performance - The company reported a 1.41% decline in revenue for the first half of 2025, while net profit increased by 48.80% due to a focus on improving operational quality and optimizing product structure [3][5] - The operating cash flow decreased by 40.61%, primarily due to differences in settlement methods with customers and suppliers [6][7] Group 2: Product Development and Market Strategy - The company is actively developing lightweight, high-strength materials and environmentally friendly recycled plastics, with several products already in mass production [2][3] - The company has over 70 invention patents and is focusing on R&D in emerging industries such as new energy, low-altitude economy, robotics, and recycling [5][10] Group 3: Investor Relations and Confidence - The company plans to distribute a cash dividend of 2 yuan for every 10 shares, indicating confidence in future performance [5] - The company is considering feedback on the controlling shareholder's second reduction plan to restore investor confidence [3][4] Group 4: Market Position and Competition - The company maintains a competitive edge through its independent R&D capabilities and innovative modified formulations [5][9] - The company is exploring new market opportunities and product lines to enhance its market position [8][10]

Company Overview - The company specializes in the research, production, and sales of modified plastics, focusing on high-performance polymer materials [4][10] - The main products include various types of modified general plastics, engineering plastics, and special engineering plastics [4] Financial Highlights - The company has proposed a profit distribution plan to distribute a cash dividend of 2.00 yuan per 10 shares to all shareholders, based on a total of 47,792,230 shares [1] Business Model - The company employs a direct sales model to understand market dynamics and respond quickly to customer needs [7] - It has established a strict procurement management process, ensuring quality and reliability from suppliers [6] Product Development - The company has developed a comprehensive product line covering modified PP, ABS, PC, PBT, PET, and other polymer materials, with applications in home appliances, automotive, and electronics [4][10] - The company focuses on innovation in new materials, responding to industry trends such as lightweight, environmental protection, and functionality [11][15] Industry Position - The company is recognized as a leading enterprise in the modified plastics sector in China, holding various industry positions and awards [16][17] - It has been continuously recognized as a "High-tech Enterprise" since 2008 and has received numerous awards for technological progress [16] Research and Development - The company emphasizes independent research and innovation, having accumulated 83 patents, including 72 invention patents [12] - Recent developments include low-emission PCR polypropylene composites and halogen-free flame-retardant materials for various applications [13][14] Market Trends - The demand for modified plastics is driven by the transition to high-end manufacturing, green technology, and digital economy [9][10] - The company is adapting to challenges such as product homogeneity and increasing market competition by enhancing technological innovation and cost control [9][10]

Group 1 - The company plans to establish a wholly-owned subsidiary, Guangdong Pulite New Materials Co., Ltd., with a registered capital of 200 million yuan to enhance market competitiveness and accelerate strategic development [2] - The company intends to invest in the construction of a headquarters and R&D manufacturing base for modified plastic materials in Nansha, Guangdong, focusing on high-performance composite materials such as modified PP, ABS, PA, PC, PEEK, PPS, LCP, and carbon fiber reinforced materials [2] - The board of directors approved the termination of the investment project for sodium-ion and lithium-ion battery production in Liuyang, Hunan, due to changes in the macro environment and intensified competition in the lithium battery industry [2] Group 2 - The board meeting was held on June 25, 2025, with all members ensuring the accuracy and completeness of the announcement [1] - The company has a stable and mature market in Guangdong, with quality upstream and downstream resources, making it an ideal location for the South China market [1] - A second temporary shareholders' meeting is scheduled for July 17, 2025, to review the board's resolutions [2]

Core Viewpoint - The article discusses the termination of a project by Shanghai Pulite Composite Materials Co., Ltd. and its subsidiary Jiangsu Haisida Power Co., Ltd. due to changes in the macro environment of the new energy industry, emphasizing the company's strategic focus on sodium-ion and solid-state batteries moving forward [3][6][8]. Group 1: Project Investment Overview - The project aimed to establish a sodium-ion and lithium-ion battery production base in Liuyang, Hunan, with a land use right acquired for the project [5]. - The project was initially signed in June 2023, but no substantial construction had commenced by the time of the announcement [5]. Group 2: Termination of Project Investment - The decision to terminate the project was made after careful consideration of the changing macro environment in the new energy sector, leading to mutual agreement with the Liuyang Economic and Technological Development Zone to end the investment [6]. - The company will return the land use rights and relevant fees, including land transfer fees, deed tax, and deposits [6]. Group 3: Impact of Project Termination - The termination of the project is not expected to adversely affect the company's existing operations or performance, nor will it hinder the development of its new energy business [8]. - The company continues to focus on strategic development in sodium-ion and solid-state batteries, having established partnerships with leading industry players and securing orders for future deliveries [8]. - Since its establishment in 1993, the company has been a leader in modified composite materials, with a significant presence in the automotive sector and a recent expansion into the lithium battery field [8].