中化新网讯 近日，印度财政部税收局发布通报称，原产于或进口自中国的氟橡胶反倾销措施的截止日 期由2025年11月27日延长至2026年2月26日(含)。涉案产品的印度海关税号为39045090、39046990、 39049090、39046910。 2018年1月2日，印度对原产于或进口自中国的氟橡胶启动反倾销调查。2018年12月27日，印度对该案作 出肯定性终裁。2019年1月28日，印度财政部发布通报，决定自即日起对中国的涉案产品征收反倾销 税，税额为0.078~7.31美元/千克。2020年2月7日，印度商工部对原产于或进口自中国的氟橡胶发起第一 次反倾销日落复审调查。2020年10月19日，印度商工部对该案作出肯定性终裁。2020年11月27日，印度 财政部发布通报，决定自即日起继续征收反倾销税，税额为1.04~8.86美元/千克，措施至2025年11月27 日终止。2025年6月16日，印度商工部对原产于或进口自中国的氟橡胶发起第二次反倾销日落复审调 查。 ...

Core Viewpoint - Jiangxi Zhanding Materials Co., Ltd. is planning to invest 265 million yuan in a project to produce 9,600 tons of high-end specialty chemicals annually, with a focus on electronic fluorinated liquids and other specialized chemical products [2][5]. Group 1: Project Overview - The project will be implemented in two phases: Phase 1 will produce 3,650 tons of high-end specialty chemicals, while Phase 2 will produce 5,950 tons [2][4]. - The total investment for the project is 265 million yuan, with 7.7 million yuan allocated for environmental protection [2]. Group 2: Phase 1 Production Details - Phase 1 includes the production of 1,800 tons of electronic fluorinated liquids, with specific products such as: - 100 tons/year of perfluorotributylamine - 500 tons/year of perfluorotripropylamine - 150 tons/year of perfluorobutyl methyl ether - 150 tons/year of perfluorobutyl ethyl ether - 150 tons/year of perfluoroheptyl ethyl ether - 200 tons/year of perfluorobutyl sulfonate potassium - 200 tons/year of surfactants - 200 tons/year of perfluoromethylmorpholine - 150 tons/year of perfluoroisobutyronitrile [3]. Group 3: Phase 2 Production Details - Phase 2 will focus on producing 5,950 tons of high-end specialty chemicals, including: - 3,950 tons of electronic fluorinated liquids, with products such as: - 300 tons/year of perfluorotributylamine - 200 tons/year of perfluorotripropylamine - 250 tons/year of perfluorobutyl methyl ether - 250 tons/year of perfluorobutyl ethyl ether - 250 tons/year of perfluoroheptyl ethyl ether - 200 tons/year of perfluorohexane - 800 tons/year of perfluorooctane - 250 tons/year of perfluorohexanone - 600 tons/year of perfluoromethylmorpholine - 850 tons/year of perfluoroisobutyronitrile - 500 tons/year of specialized chemicals, including trifluoromethyl sulfonic acid - 1,500 tons/year of nitrile flame retardants, including 500 tons/year of cyclic phosphazene sulfonate sodium and 1,000 tons/year of hexakis(2-allylphenoxy)cyclotriphosphazene [4]. Group 4: Company Background - Jiangxi Zhanding Materials Co., Ltd. was established in October 2024 and is located in the ecological high-tech zone of Jinxian County, Jiangxi Province. The company specializes in the research, development, manufacturing, and sales of fluorinated electronic chemicals [5]. - The company aims to become a primary supplier of electronic-grade materials for the semiconductor market, serving high-tech industries such as electronics and semiconductor integrated circuit manufacturing, with products exported to multiple countries [5].

Summary of Huaming New Materials Conference Call Company Overview - **Company Name**: Huaming New Materials - **Industry**: Special rubber materials and engineering plastics - **Established**: 1998, listed on the Beijing Stock Exchange in December 2022 - **Core Business Areas**: Special rubber materials, special plastic materials, and their products, widely used in automotive, high-speed rail, engineering machinery, oil machinery, and aerospace sectors [3][4] Financial Performance - **H1 2025 Revenue**: 202 million CNY, a 6% increase year-on-year - **Net Profit**: 16 million CNY, an 18% decrease year-on-year due to increased project investment costs [2][6] - **Gross Margin**: 29.59%, a slight decline attributed to changes in product application structure and a shift towards lower-margin automotive revenue [4][18] - **Debt Increase**: 50 million CNY in short-term loans as a reserve, raising concerns about financial risk [2][6] Business Segments - **Main Business Segments**: - Rubber Materials: 70% of revenue - Engineering Plastics and Plastic Products: 30% of revenue, with a gross margin of 45%-50% [2][5][7] - **Key Clients**: Includes major players in automotive (Great Wall Motors), high-speed rail (CRRC), engineering machinery (Sany Heavy Industry), oil and petrochemicals (Sinopec), and aerospace (Aviation Industry Corporation of China) [2][7] Project Developments - **Automotive Projects**: Collaborations with BYD and Chery are progressing well, expected to stabilize in H2 2025, contributing to revenue in 2025-2026 [2][11] - **Special Engineering Plastics**: 12 production lines with an annual capacity of 35,000 tons are operational but currently in small batch usage; market expansion is being monitored [2][10][14] - **High-Temperature Silicone Rubber**: Initial orders in military applications have been received, with gradual volume increase expected [4][17] Market Dynamics - **Market Demand**: Stable demand in downstream orders, particularly in the automotive sector, with growth in both new vehicle production and aftermarket parts [22] - **Challenges**: The company faces challenges in cost and quality control in the civilian sector for high-temperature silicone rubber [4][17] R&D and Future Outlook - **R&D Focus**: Concentrated on special rubber and modified plastics, with plans to enhance capabilities through the establishment of a special rubber technology research institute [30] - **Future Capacity Growth**: Anticipated gradual increase in production capacity, with a projected 10% growth in existing product lines [27] - **Performance Expectations**: The company expects better performance in H2 2025 compared to H1, with continued investment in R&D to support future growth [29] Competitive Advantages - **Material Formulation Expertise**: Over 2,400 formulations developed, supported by a skilled R&D team of over 160 professionals [9] - **Digital and Integrated R&D Systems**: Enhanced communication with clients and market expansion through branch offices [9] Conclusion Huaming New Materials is navigating a complex landscape with stable revenue growth but facing challenges in profitability due to increased project costs. The company is strategically positioned in key industries and is focused on expanding its market presence through innovative projects and strong client relationships. Future growth is anticipated through enhanced production capabilities and ongoing R&D investments.

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company has reported a significant increase in profits due to rising refrigerant prices and a gradual recovery in specialty product orders, with Q2 2025 performance exceeding expectations [8] - The integration of Sinochem Blue Sky has enhanced the company's profitability, and the refrigerant business is expected to provide earnings elasticity [8] - The company is expanding its high-end chemical materials into consumer markets, which is anticipated to drive new growth [8] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 15,666 million, with a year-on-year growth rate of 12.2% [7] - The net profit attributable to the parent company for 2025 is estimated at 1,606 million, reflecting a significant year-on-year increase of 52.4% [7] - Earnings per share for 2025 is forecasted to be 1.24 yuan, with a gross margin of 26.1% [7] Performance Highlights - The company expects to achieve a net profit of 5.90-6.50 billion for the first half of 2025, representing a year-on-year growth of 59-76% [8] - In Q2 2025, the estimated net profit is projected to be 4.05-4.65 billion, with a quarter-on-quarter growth of 119-151% [8] - The average prices of key refrigerants have increased significantly, contributing to the company's strong performance [8] Market Comparison - The company's market capitalization is 27,425 million, with a price-to-book ratio of 1.9 [2] - The stock has shown a price range of 35.33 to 23.57 over the past year, indicating volatility [2] Strategic Developments - The company is focusing on enhancing its competitive advantage through integrated operations and ongoing project developments [8] - Key projects include the establishment of a high-performance civil aviation tire production line and advancements in fluoropolymer and lithium battery materials [8]

Core Points - India has initiated a second sunset review investigation into anti-dumping duties on fluoroelastomers imported from China, following a request from Gujarat Fluorochemicals Limited [1] - The investigation period for dumping is set from January 1, 2024, to December 31, 2024, while the injury investigation covers multiple periods from 2021 to 2024 [1] Group 1 - The products involved are classified under Indian customs codes 39045090, 39046990, 39049000, and 39046910 [1] - Interested parties must submit relevant information to the investigating authority within 30 days from the date of initiation via email [1] Group 2 - India previously initiated an anti-dumping investigation on fluoroelastomers from China on January 2, 2018, leading to a positive final ruling on December 27, 2018 [2] - The initial anti-dumping duties were set between $0.078 and $7.31 per kilogram, effective for 18 months until July 27, 2020, with an extension until October 27, 2020 [2] - A first sunset review was conducted in 2020, resulting in continued duties ranging from $1.04 to $8.86 per kilogram, effective until November 27, 2025 [2]