Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance in the first half of 2025 met expectations, with total revenue of 801 million yuan, a year-on-year increase of 0.02%, and a net profit attributable to shareholders of 39 million yuan, a year-on-year increase of 25.25% [6] - The company is expected to see significant growth in profits due to the completion of its projects in Henan, with a projected compound annual growth rate of 56% from 2025 to 2027 [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 1,803 million yuan, with a year-on-year growth rate of 8.7% [2] - Net profit attributable to shareholders for 2025 is projected to be 205 million yuan, reflecting a year-on-year increase of 164% [2] - Earnings per share for 2025 is estimated at 0.48 yuan [2] - Gross margin is expected to improve to 21.5% in 2025 [2] - Return on equity (ROE) is projected to reach 12% in 2025 [2] Market Data - As of September 12, 2025, the closing price of the stock is 16.79 yuan, with a market capitalization of 4,020 million yuan [3] - The stock has a price-to-earnings (PE) ratio of 35 for 2025 [2][3] - The company has a book value per share of 3.56 yuan and a debt-to-asset ratio of 58.65% [3] Project Updates - The company has successfully launched the first phase of its polyurethane industrial park in Henan, with some facilities already in stable operation and supplying products [6] - The company is developing high-performance polyurethane products, which are expected to enhance its market position and profitability [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 800 million yuan for the first half of 2025, a year-on-year increase of 0.02%, and a net profit attributable to shareholders of 39 million yuan, up 25.25% year-on-year [4] - The second quarter saw a revenue of 413 million yuan, with a year-on-year decrease of 0.43% but a quarter-on-quarter increase of 6.47% [4] - The company is experiencing pressure in the TPU market, with average prices for TPU (shoe materials) and TPU (phone cases) decreasing by 6.33% and 5.97% respectively in Q2 2025 [5] - The company has made significant progress in its polyurethane projects, with some facilities achieving stable operation and small batch supply [6][7] Financial Performance - The company achieved a gross margin of 13.77% in the first half of 2025, an increase of 1.56 percentage points year-on-year, and a net profit margin of 4.48%, up 0.70 percentage points year-on-year [4] - The projected net profits for 2025-2027 are 101 million, 208 million, and 281 million yuan respectively, with corresponding P/E ratios of 72.73X, 35.23X, and 26.13X [9] - The company expects a revenue growth of 50.4% in 2025, followed by 75.5% in 2026 and 30.2% in 2027 [11] Project Developments - The company is expanding its production capacity in the TPU sector, with a new project in Yantai expected to enhance its production capabilities and improve the proportion of high-end TPU products [7][8] - The company is also advancing its water-based polyurethane project, which will transition to a more automated production line, enhancing production efficiency [8]

Core Viewpoint - Meirui New Materials reported a net profit growth of 25.25% year-on-year in the first half of the year, indicating strong financial performance and growth potential in the polyurethane industry [1] Company Overview - Meirui New Materials is a leading domestic producer of polyurethane new materials and specialty chemical raw materials, with main products including thermoplastic polyurethane elastomers and water-based polyurethanes [1] - The company is currently the only publicly listed company in China primarily focused on TPU business [1] Financial Performance - As of August 26, the company's stock price was 17.15 yuan, down 1.15% from the previous trading day, with a total market capitalization of 7.338 billion yuan [1] - The trading volume on August 26 was 111 million yuan, with a turnover rate of 2.69% [1] Recent Developments - On August 26, the company hosted a research meeting with 10 institutions, including Beijing Yutian Capital, to discuss the progress of its polyurethane industrial park project and new product development [1] - The company announced plans to increase capital to its subsidiary by no more than 350 million yuan to support project construction [1] Capital Flow - On August 26, the main capital outflow was 30.0673 million yuan, with a cumulative net outflow of 11.2519 million yuan over the past five days [1]

Fundraising Overview - The company successfully issued 13,698,824 shares at a price of RMB 14.38 per share, raising a total of RMB 196 million, with a net amount of RMB 195 million after deducting fees [1][2] - The funds were deposited in two dedicated accounts at Bank of Communications and Bank of China [1][2] Fund Utilization - During the reporting period, RMB 40.69 million was used for project expenditures, and RMB 1,050.13 was spent on fees, while RMB 4,494.53 was earned from interest [2] - The remaining balance in the fundraising accounts as of June 30, 2025, was RMB 6.72 million [2][7] Fund Management - The company established a fundraising management system in compliance with regulatory requirements, ensuring proper storage, management, and usage of the funds [3][4] - A tripartite supervision agreement was signed with the underwriter and banks to clarify rights and obligations regarding fund management [3] Compliance and Reporting - The company adhered to all regulatory guidelines and internal management protocols, ensuring no violations occurred in the use of the funds [4][7] - There were no changes in the feasibility of projects funded by the raised capital during the reporting period [6][8] Financial Management - The company utilized RMB 411 million of idle funds for cash management, with a balance of RMB 149 million in financial products [6][9] - As of June 30, 2025, no funds were used for temporary working capital or other unauthorized purposes [7][9]

Group 1: Company Overview - The company specializes in polyurethane new materials (TPU, PUR, PUD, PBS) and functional chemical raw materials (special isocyanates, special amines) [2] - Products are widely used in various sectors including consumer electronics, automotive manufacturing, sports and leisure, high-end equipment, green energy, home life, industrial printing, and food hygiene [2] Group 2: Project Progress - The first phase of the polyurethane industrial park in Henan has successfully established a complete production process, with six products achieving qualified output [2] - The two new fundraising projects commenced construction in Q4 2024, with an 18-month construction period; one project aims for an annual output of 10,000 tons of expandable thermoplastic polyurethane elastomer, while the other targets 30,000 tons of water-based polyurethane [4] Group 3: Market Development - The sales team is actively engaging with target customers through domestic and international exhibitions and visits, establishing a solid foundation for sales efforts [3] - The company’s self-developed foaming TPU is emerging in the footwear sector, characterized by lightweight and high rebound properties, with strong profitability and rapid sales growth [4] Group 4: Future Plans - The second phase of the Henan project will be planned after the first phase stabilizes, with timing dependent on market conditions and company operations [4]