上交所网站显示，长裕控股集团股份有限公司（以下简称"长裕集团"或"发行人"）于11月21日在上交所更新上市申请审核动态，该公司已回复第二轮审核 问询函，主要包括关于合并报表范围、行业代表性和会计处理等三大核心问题。 今年5月21日，长裕集团IPO获受理，保荐机构为西南证券。值得一提的是，在获受理近两个月，即今年7月，该公司被抽中现场检查。 | 公司全称 | 长裕控股集团股份有限公司 | 受理日期 | 2025-05-21 | | --- | --- | --- | --- | | 公司简称 | 长裕集团 | 融资金额(亿元) | 7.00 | | 审核状态 | 已问询 | 更新日期 | 2025-11-21 | | 保荐机构 | 西南证券股份有限公司 | 保荐代表人 | 艾玮,顾书铭 | | 会计师事务所 | 上会会计师事务所(特殊普通合伙) | 签字会计师 | 袁涛,颜可意,孙东岳 | | 律师事务所 | 时代九和律师事务所 | 签字律师 | 韦微,刘欣 | | 评估机构 | 中瑞世联资产评估集团有限公司 | 签字评估师 | 字磊,李博阳 | 据招股书，长裕集团主要从事锆类产品、特种尼龙产品、精细化工产品的 ...

Core Viewpoint - The stock of Sanxiang New Materials Co., Ltd. experienced an abnormal trading fluctuation, with a cumulative closing price increase of over 20% over three consecutive trading days [2][4][11]. Group 1: Stock Trading Abnormality - The company's stock price deviated significantly, with a cumulative increase of over 20% on November 7, 10, and 11, 2025, which qualifies as an abnormal trading situation according to the Shanghai Stock Exchange regulations [2][4][11]. Group 2: Company Operations - The main business of the company includes the research, production, and sales of zirconium-based products and casting modification materials, with key products being fused zirconia, sponge zirconium, zirconium oxychloride, and special ceramics [5]. - As of the announcement date, the company's main business operations remain unchanged, and internal production activities are normal, with no significant changes in the market environment or industry policies [5]. Group 3: Major Events - After consulting with the controlling shareholder and actual controller, it was confirmed that there are no undisclosed major events, such as significant asset restructuring, share issuance, acquisitions, or other major business changes [6]. - The company did not find any media reports or market rumors that could significantly impact the stock price [7]. Group 4: Insider Trading - During the period of abnormal stock trading, there were no transactions involving the company's stock by other directors, senior management, controlling shareholders, or actual controllers [8]. Group 5: Additional Information - The board of directors confirmed that there are no undisclosed matters that should have been reported according to the relevant regulations, and previous disclosures do not require correction or supplementation [11].

Core Viewpoint - Dongfang Zirconium Industry (002167.SZ) has indicated that its oxychloride zirconium products can be utilized in the production of nuclear-grade sponge zircon used in the nuclear power industry [1] Company Summary - Dongfang Zirconium Industry is actively involved in the production of oxychloride zirconium products [1] - The company is positioning its products for applications in the nuclear power sector, specifically for nuclear-grade sponge zircon [1] Industry Summary - The nuclear power industry is a potential market for oxychloride zirconium products, highlighting the relevance of these materials in energy production [1]

格隆汇10月20日丨东方锆业(002167.SZ)在互动平台表示，公司氧氯化锆产品可用于生产应用于核电行 业的核极海棉锆。 ...

Core Viewpoint - Sanxiang Advanced Materials Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, attributed to lower prices and sales of zirconium products, while maintaining a focus on expanding its product range and strategic partnerships in the new materials industry [2][5][6]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 562 million yuan, a decrease of 7.35% compared to the same period last year [2]. - Total profit for the period was approximately 54 million yuan, down 32.43% year-on-year [2]. - Net profit attributable to shareholders was approximately 44.9 million yuan, a decline of 28.45% compared to the previous year [2]. - The company's net assets increased by 5.02% to approximately 1.36 billion yuan [2]. Industry and Main Business Situation - The company operates in the new materials industry, focusing on zirconium products, which are essential in various sectors such as nuclear power, aerospace, and metallurgy [3][4]. - The demand for zirconium products is expected to grow due to the increasing applications in emerging markets like solid-state batteries and fuel cells [3][4]. - The company has established three main business segments: zirconium series, magnesium series, and advanced ceramics, with over 160 product varieties [3][4]. Business Performance and Strategic Developments - The company has successfully implemented a chain development strategy in the zirconium sector, expanding into areas such as sponge zirconium and zirconium-aluminum alloys [4]. - Strategic partnerships with companies like CATL and Wan Shun Group have led to the successful launch of lightweight magnesium-aluminum alloy projects [4]. - The company is actively pursuing technological advancements in zirconium separation and purification, enhancing its competitive edge in the market [4][6]. Product Performance - Sales of sponge zirconium reached nearly 1,400 tons in the first half of 2025, with a market share exceeding 50% [8]. - The company has seen a significant increase in sales volume for its zirconium products in high-end applications, despite challenges in traditional markets [6][8]. - The market for zirconium oxychloride is expanding, driven by demand in various industries, including aerospace and electronics [9][10]. Research and Development - The company has invested in R&D for solid-state electrolyte materials and low-cost battery-grade zirconium, achieving successful industrialization of these technologies [13][14]. - Ongoing projects include the development of zirconium-hafnium separation technology, which aims to enhance production efficiency and reduce costs [14][15]. - The company has received numerous patents and recognitions for its innovative technologies, reinforcing its position as a leader in the zirconium materials sector [20][21].

Core Viewpoint - Despite the industry downturn, Dongfang Zirconium (002167.SZ) has managed to turn losses into profits in the first half of 2025, reporting a net profit of 29.08 million yuan [1][3]. Financial Performance - In the first half of 2025, Dongfang Zirconium achieved an operating income of 626 million yuan, a year-on-year decrease of 23.07% [1][3]. - The company reported a net profit of 29.08 million yuan and a non-recurring net profit of 29.14 million yuan, both showing a turnaround from losses [1][3]. - The financial structure has improved, with the debt-to-asset ratio decreasing to 27.08% by the end of June 2025 [2][4]. Industry Context - The zircon sand industry is cyclical, and Dongfang Zirconium's performance has been volatile, with operating income showing single-digit growth over the past three years [3]. - The domestic zircon sand prices exhibited a "steady then declining" trend in the first half of 2025, influenced by weak terminal demand and falling prices in foreign markets [3]. - Despite the challenges, demand for zircon sand in emerging applications (such as nuclear power, high-end ceramics, and battery materials) continues to grow, presenting structural opportunities for the industry [3]. Shareholder Influence - Longbai Group acquired a 24.99% stake in Dongfang Zirconium by mid-2025, having increased its shareholding from 15.66% in late 2019 [5]. - Longbai Group has been actively supporting Dongfang Zirconium in strengthening its core business through both organic growth and acquisitions [5]. Research and Development - Dongfang Zirconium has consistently invested in R&D, with expenditures of 56.53 million yuan, 63.24 million yuan, 74.28 million yuan, and 49.99 million yuan from 2021 to 2024, and 27.80 million yuan in the first half of 2025 [6]. - The company holds 20 invention patents and 76 utility model patents, having developed new products and processes such as high-purity ultra-fine zirconia and gem-grade zirconia [7].

Core Viewpoint - China is the largest producer and exporter of zirconium oxychloride, with rapid industry development, expanding capacity, and increasing market applications, despite a decline in consumption in traditional sectors due to economic fluctuations [1][5]. Industry Overview - Zirconium oxychloride, also known as zirconium oxychloride hydrate, is a key raw material for various zirconium products, widely used in electronics, ceramics, glass, construction materials, pharmaceuticals, aerospace, nuclear energy, petrochemicals, textiles, machinery, and daily necessities [1][5]. - The consumption of zirconium oxychloride in China reached 84,600 tons in the first half of 2025, a year-on-year decrease of 23.99% [1][5]. Industry Chain - The upstream of the zirconium oxychloride industry includes raw materials like zircon sand, caustic soda, and hydrochloric acid, as well as production equipment such as melting furnaces and crystallizers [2]. - The midstream involves the production and manufacturing of zirconium oxychloride, while the downstream applications include high-end ceramics, nuclear power materials, and chemical equipment [2]. Current Industry Status - The industry has seen rapid development, with increasing production capacity and technological advancements, although traditional sectors like ceramics and refractory materials are experiencing reduced demand due to economic cycles [5][7]. - The average market price of zirconium oxychloride was 14,800 yuan per ton by the end of June 2025, reflecting a year-on-year decrease of 7.81% due to both cost and demand factors [7]. Key Enterprises - Longyu Group, through its subsidiary Guangtong New Materials, has become the largest zirconium oxychloride producer globally, with an annual capacity of 75,000 tons [13]. - Dongfang Zircon Industry is the only listed company with significant zircon ore resources, focusing on solid-state battery electrolyte technology [13][16]. Industry Development Trends - The industry is expected to accelerate technological upgrades, pushing products towards higher added value, particularly in high-purity zirconium oxychloride for advanced applications [18]. - The concentration of production capacity is anticipated to increase, leading to accelerated industry consolidation and improved competitive dynamics [19][20]. - Emerging markets, particularly in renewable energy and 5G communications, are expected to drive demand for zirconium oxychloride, expanding its application scope [21].

Group 1: Military Industry New Materials - The price of electrolytic cobalt has increased to 265,000 CNY/ton, a week-on-week increase of 6.9% [3] - The price ratio of electrolytic cobalt to cobalt powder is 0.95, up by 4.5% week-on-week; the price ratio of electrolytic cobalt to cobalt sulfate is 5.15, up by 6.2% [3] - Carbon fiber price remains at 83.8 CNY/kg with a gross profit of -8.24 CNY/kg [3] Group 2: New Energy Vehicle Materials - The CIF price of Li2O 5% lithium concentrate is 677 USD/ton, down by 4.51% week-on-week [4] - Prices for battery-grade lithium hydroxide, industrial-grade lithium carbonate, and battery-grade lithium carbonate are 73,200 CNY/ton, 70,200 CNY/ton, and 65,200 CNY/ton, with week-on-week increases of 7.9%, 6.95%, and 8.2% respectively [4] - The price of cobalt sulfate is 50,800 CNY/ton, up by 2.01% week-on-week [4] - Prices for lithium iron phosphate and 523-type cathode materials are 32,700 CNY/ton and 111,000 CNY/ton, remaining stable with slight increases of 0% and 0.4% respectively [4] - The price of neodymium oxide is 531.15 CNY/kg, up by 3.5% week-on-week [4] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 4.94 USD/kg, remaining stable [5] - EVA price is 10,100 CNY/ton, down by 0.5%, at a low level since 2013 [5] - The price of 3.2mm photovoltaic glass coating remains at 24.0 CNY/sqm [5] Group 4: Nuclear Power New Materials - Prices for zirconium-related materials are stable, with prices for zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand at 14,750 CNY/ton, 150 CNY/kg, 9,000 CNY/kg, 13,950 CNY/ton, and 14,012.5 CNY/ton respectively [6] - The uranium price is projected to be 59.58 USD/lb in June 2025, up by 4.0% [6] Group 5: Consumer Electronics New Materials - The price of cobalt tetroxide is 207,500 CNY/ton, up by 2.47% week-on-week [7] - The price of lithium cobalt oxide is stable at 175.0 CNY/kg [7] - The price of silicon carbide remains at 5,400.00 CNY/ton [7] - Prices for high-purity gallium, crude indium, and refined indium are 1,755.00 CNY/kg, 2,575.00 CNY/kg, and 2,675.00 CNY/kg, with changes of -1.7%, 0%, and 0% respectively [7] - The price of germanium dioxide is stable at 9,800 CNY/kg, with 50% used for optical fibers and 15% for electronics and solar devices [7] Group 6: Other Materials - The prices for platinum, rhodium, and iridium are 312.00 CNY/g, 1,865.00 CNY/g, and 1,305.00 CNY/g, with changes of -6.3%, +9.4%, and +5.7% respectively [8]

Group 1: Military Industry New Materials - The price of electrolytic cobalt remains stable at 236,000 CNY/ton, with a week-on-week change of +0% [3] - The price of carbon fiber is 83.8 CNY/kg, also unchanged, with a gross profit of -8.56 CNY/kg [3] - Beryllium prices are stable this week [3] Group 2: New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate at the Chinese port is 540 USD/ton, down by -0.92% week-on-week [4] - The prices of battery-grade lithium hydroxide, industrial-grade lithium hydroxide, and electric carbon are 59,800 CNY/ton, 60,600 CNY/ton, and 60,600 CNY/ton respectively, with changes of -0.1%, +1.21%, and -2.3% [4] - The price of cobalt sulfate is 47,700 CNY/ton, unchanged [4] - The prices of lithium iron phosphate and 523-type cathode materials are 30,300 CNY/ton and 104,800 CNY/ton, with changes of +0% and -0.7% respectively [4] - The price of praseodymium-neodymium oxide is 444.11 CNY/kg, up by +0.8% [4] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 4.25 USD/kg, down by -0.7% [5] - The price of EVA is 10,450 CNY/ton, unchanged, remaining at a high level since 2013 [5] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/square meter, unchanged [5] Group 4: Nuclear Power New Materials - The prices of zirconium-related materials are as follows: zirconium oxychloride at 14,750 CNY/ton, sponge zircon at 155 CNY/kg, hafnium oxide at 9,000 CNY/kg, zirconium silicate at 14,225 CNY/ton, and zircon sand at 14,012.5 CNY/ton, with various week-on-week changes [6] - The uranium price for May 2025 is 57.31 USD/pound, up by +8.8% [6] Group 5: Consumer Electronics New Materials - The price of cobalt oxide is 186,500 CNY/ton, unchanged, while lithium cobalt oxide is priced at 175.0 CNY/kg, also unchanged [7] - The price of silicon carbide is 5,600.00 CNY/ton, unchanged [7] - The prices of high-purity gallium, crude indium, and refined indium are 1,865.00 CNY/kg, 2,425.00 CNY/kg, and 2,525.00 CNY/kg respectively, with changes of -0.5%, +0%, and +0% [7] - The price of germanium dioxide is 9,900 CNY/kg, unchanged, with 50% used for optical fibers and 15% for electronic and solar devices; high-purity gallium is primarily used in semiconductors [7]

Core Viewpoint - Changyu Group has applied for a listing on the Shanghai Stock Exchange, with its review status changed to "inquired," aiming to raise 700 million yuan [1]. Company Overview - Changyu Group specializes in the research, production, and sales of zirconium products, specialty nylon products, and fine chemical products, with key products including zircon oxychloride, zircon carbonate, zircon oxide, nano-composite zircon oxide, specialty nylon, long-chain dicarboxylic acid, long-chain diol, and long-chain dimethyl ester [1]. - The company is a well-known supplier of zirconium and specialty nylon products, holding the largest global production capacity for zircon oxychloride and leading in specialty nylon production capacity and variety in China [1]. Product Applications - The products of Changyu Group are widely used in various sectors, including automotive, communications, consumer electronics, high-performance ceramics, and medical fields, with sales extending to regions such as mainland China, Europe, the United States, Japan, South Korea, India, and Southeast Asia [3]. - The company has established strong partnerships with notable industry players, including Guocera Materials, First Rare Elements, Japan's Tokai, BYD, Solvay, Jinhua Technology, Swiss EMS, and South Korea's Hanwha Group [3]. Financial Performance - For the fiscal years 2022, 2023, and 2024, Changyu Group reported revenues of approximately 1.669 billion yuan, 1.607 billion yuan, and 1.637 billion yuan, respectively, with net profits of approximately 255 million yuan, 189 million yuan, and 208 million yuan [3]. - The total assets of the company as of December 31, 2024, are reported at 1.671 billion yuan, with equity attributable to shareholders at 1.267 billion yuan [4]. - The company’s asset-liability ratio stands at 5.16% for 2024, with a basic earnings per share of 0.56 yuan [4]. Market Outlook - The demand for zirconium materials is expected to grow, particularly in defense, high-end manufacturing, and sectors like 5G and electronic information communication, driven by the ongoing structural reforms in the chemical industry and China's transition from a major economic power to a strong economic power [2]. - According to QYResearch, the global zircon oxychloride market is projected to reach 750 million USD by 2030, indicating a significant expansion in market capacity due to increasing downstream demand [2].