截至2025年8月22日收盘，元力股份股价报17.85元，较前一交易日下跌0.15元，跌幅0.83%。当日开盘 价为18.02元，最高触及18.70元，最低下探至17.72元，成交量为25.94万手，成交金额达4.73亿元。 风险提示：股市有风险，投资需谨慎。 元力股份所属行业为化学制品，公司主营业务包括活性炭、白炭黑等产品的研发、生产和销售。公司产 品广泛应用于食品、医药、化工等领域。 8月22日早盘，元力股份曾出现快速反弹，在5分钟内涨幅超过2%，最高触及18.32元。当日主力资金净 流出3037.05万元，占流通市值的0.47%。近五个交易日主力资金累计净流入3909.57万元。 ...

Core Viewpoint - Fujian Yuanli Activated Carbon Co., Ltd. plans to acquire 100% equity of Fujian Tongsheng New Materials Technology Co., Ltd. through a combination of share issuance and cash payment, while also raising up to 100 million yuan from its actual controller to facilitate the transaction [1][3] Group 1: Acquisition Details - The acquisition involves 11 shareholders, including Lu Yuanfang and Li Wei, and is characterized as a related party transaction due to the familial relationship between the actual controllers of both companies [3][4] - The final transaction price is yet to be determined as the audit and evaluation of the target assets are still ongoing [1][3] Group 2: Company Profiles - Tongsheng Co. specializes in the research, production, and sales of silica, with applications in various industries such as rubber, batteries, toothpaste, feed additives, and coatings, and is currently listed on the New Third Board [3] - Yuanli Co. primarily produces activated carbon, sodium silicate, and silica, with sodium silicate being a key raw material for Tongsheng's silica production, indicating a supply chain relationship between the two companies [3][4] Group 3: Financial Performance - In 2024, Tongsheng Co. achieved a revenue of 268 million yuan, a year-on-year increase of 23.86%, and a net profit of 50.96 million yuan, up 175.82% from the previous year [3][4] - Yuanli Co. reported a revenue of 1.88 billion yuan in 2024, a decline of 6.6% year-on-year, while its net profit increased by 19.9% to 284 million yuan [6]

Core Viewpoint - Fujian Yuanli Activated Carbon Co., Ltd. plans to acquire 100% equity of Fujian Tongsheng New Materials Technology Co., Ltd. through a combination of share issuance and cash payment, while also raising up to 100 million yuan in supporting funds from its actual controller [1][4]. Group 1: Acquisition Details - The acquisition involves 11 shareholders, including Lu Yuanfang and Li Wei, and is characterized as a related party transaction due to the familial relationship between the actual controllers of both companies [1][4]. - The final transaction price is yet to be determined as the audit and evaluation of the target assets are still ongoing [2]. Group 2: Company Profiles - Tongsheng Co. is a high-tech enterprise focused on the research, production, and sales of silica, with applications in various industries such as rubber and coatings. It is currently listed on the New Third Board [4]. - Yuanli Co. specializes in activated carbon, sodium silicate, and silica, with its sodium silicate being a key raw material for Tongsheng's silica production, indicating a supply chain relationship between the two companies [4][5]. Group 3: Financial Performance - In 2024, Tongsheng Co. achieved a revenue of 268 million yuan, a year-on-year increase of 23.86%, and a net profit of 50.96 million yuan, up 175.82% from the previous year [4]. - Yuanli Co. reported a revenue of 1.88 billion yuan in 2024, a decrease of 6.6% year-on-year, while its net profit rose by 19.9% to 284 million yuan [9]. Group 4: Strategic Implications - The acquisition is expected to enhance the synergy between the two companies, optimize Yuanli's business layout, and provide new growth points in the silica sector while reducing related party transactions and potential competition [5]. - Yuanli Co. previously ventured into the gaming industry but has since refocused on its core chemical business due to regulatory challenges and market conditions [8][9].

Core Viewpoint - Yuanli Co., Ltd. plans to acquire 100% equity of Fujian Tongsheng New Materials Technology Co., Ltd. through a combination of share issuance and cash payment, aiming to enhance its strategic layout in the silicon dioxide sector [2][4]. Group 1: Acquisition Details - The acquisition involves purchasing equity from 11 shareholders, including Lu Yuanfang, Li Wei, and Chen Jiamei, with a total cash payment and share issuance [4]. - The share issuance price for the asset purchase is set at 12.58 CNY per share, while the price for raising matching funds is 13.18 CNY per share [5]. - This transaction is classified as a related party transaction but does not constitute a major asset restructuring [6]. Group 2: Company Background - Yuanli Co., Ltd. operates across various sectors, including activated carbon, sodium silicate, and silicon dioxide, with activated carbon being its core business [9]. - Tongsheng Co., Ltd. specializes in the research, production, and sales of silicon dioxide, recognized for its high industry profile and applications in rubber, lead-acid battery separators, toothpaste, feed additives, and coatings [9]. Group 3: Financial Performance - In 2024, Tongsheng Co., Ltd. reported a total revenue of 269 million CNY and a net profit attributable to shareholders of 50.96 million CNY [10]. - The financial performance shows significant growth from 2023, with total revenue increasing from 216.86 million CNY to 268.61 million CNY, and net profit rising from 18.48 million CNY to 50.96 million CNY [11]. - The total assets of Tongsheng Co., Ltd. reached 275 million CNY by the end of 2024 [10]. Group 4: Strategic Implications - The acquisition is expected to optimize Yuanli Co., Ltd.'s business layout and enhance operational independence by reducing frequent related party transactions and avoiding potential competition [12]. - The integration of Tongsheng Co., Ltd. is anticipated to create synergies between the upstream and downstream operations, contributing to sustainable growth in the silicon dioxide sector [12].

Group 1 - The core point of the news is that Yuanli Co., Ltd. plans to acquire 100% equity of Tongsheng Co., Ltd. through a combination of share issuance and cash payment, while also raising up to 100 million yuan from its actual controller, Lu Yuanjian, to facilitate the transaction [1] - The transaction constitutes a related party transaction as the actual controllers of both companies are siblings, and the final transaction price will be determined based on an evaluation report [1] - The share issuance price for the asset purchase is set at 12.58 yuan per share, while the fundraising share price is 13.18 yuan per share [1] Group 2 - Tongsheng Co., Ltd. is a high-tech enterprise specializing in the research, production, and sales of silica, with a production capacity of 48,000 tons and a utilization rate exceeding 90% in 2024, generating revenue of 269 million yuan and a net profit of approximately 50.96 million yuan [2] - Tongsheng holds 35 valid patents and has participated in the formulation of industry standards, being recognized as a "specialized, refined, distinctive, and innovative" small and medium-sized enterprise in Fujian Province [2] - Yuanli Co., Ltd. primarily produces activated carbon, sodium silicate, and silica, with a supply relationship to Tongsheng, leading to regular related transactions [2] Group 3 - After the completion of the transaction, Tongsheng will become a wholly-owned subsidiary of Yuanli, which will enhance the synergy between the two companies, optimize business layout, and add new growth points in the silica sector [3] - The acquisition is expected to reduce regular related transactions and mitigate potential competition between the two companies, thereby improving the independence of the listed company [3]

Group 1: Acquisition Overview - Sinochem Equipment plans to issue shares to acquire 100% equity of Yiyang Rubber Machine and 100% equity of Beihua Machine, enhancing its core assets in rubber and chemical machinery[3] - The transaction represents an internal industry chain integration among key enterprises under China National Chemical Corporation[3] - The acquisition aims to create a more complete industrial chain loop by supplementing core assets in two major sectors[3] Group 2: Other Notable Acquisitions - Yuanli Co. intends to acquire control of Tongsheng Co. through a combination of share issuance and cash payment, with specific acquisition ratios to be determined in the formal agreement[3] - ST Weier plans to acquire 51% equity of Zijiang New Materials for a total transaction value of approximately 54.586 million yuan, focusing on energy storage and 3C digital products[3] - Fuda Alloy aims to acquire at least 51% equity of Guangda Electronics, a company specializing in electronic slurry products for solar photovoltaic and electronic components[3] Group 3: Market Trends and Implications - The acquisitions reflect a trend of consolidation within the chemical and machinery sectors, indicating a strategic move towards vertical integration and enhanced market positioning[3] - The reported market share of the target companies, such as Zijiang New Materials with a 22.2% market share in aluminum-plastic film sales, highlights their competitive advantage in the industry[3] - The ongoing mergers and acquisitions activity suggests a robust interest in expanding capabilities and market reach among Chinese enterprises[3]

Core Viewpoint - The company has successfully completed its employee stock ownership plan, reflecting management's confidence in the company's future development and stability in stock price [3][5]. Group 1: Employee Stock Ownership Plan - The company completed its employee stock ownership plan by acquiring 2.6217 million shares at a price of 14.83 yuan per share, which represents 0.72% of the total share capital [3][5]. - A total of 285 employees participated in the plan, with 8 senior management and supervisors accounting for 9.23% of the total shares subscribed [4]. - The plan aims to stabilize stock prices and protect shareholder interests, demonstrating management's confidence in the company's prospects [5]. Group 2: Production and Sales Performance - In 2024, the company achieved an activated carbon production capacity of 149,900 tons, with a utilization rate of 98.68%, and sales of 150,200 tons, reflecting a year-on-year increase of 17.86% [6]. - The company maintained its leading position in the industry for several consecutive years in terms of production, sales, and export volumes [6]. - The sodium silicate production capacity reached 207,200 tons, with a utilization rate of 96.13%, and sales of 197,800 tons, showing a year-on-year decrease of 42.47% [6]. - The silica gel production capacity was 26,000 tons, with a utilization rate of 106.90%, and sales of 28,100 tons, reflecting a year-on-year increase of 10.62% [6]. Group 3: New Energy Carbon Materials Development - The company successfully launched its first porous carbon production line in 2024, laying a solid foundation for the industrialization of new energy carbon materials [7]. - Hard carbon and porous carbon have achieved mass production, enhancing the product matrix and accelerating the formation of new growth drivers for the company [7]. - The company announced a change in the use of raised funds from a previous project to support the construction of a new porous carbon production project, further strengthening its position in the new energy carbon materials sector [7].

Core Viewpoint - The article emphasizes the strength and efficiency of China's manufacturing industry, highlighting its ability to utilize resources fully and create extensive industrial chains that other countries cannot match [3][42]. Group 1: Duck Industry Example - The price of Peking duck varies significantly, with restaurant prices around 100 yuan, while street vendors sell it for as low as 20 yuan, showcasing a complex ecosystem behind the product [5][6]. - The cost structure of a duck includes feed, logistics, processing, and profit margins, leading to a wholesale price of only 2-3 yuan per duck, which raises questions about sustainability [10][12]. - The duck industry exemplifies China's manufacturing prowess, where every part of the duck is utilized, creating a comprehensive profit cycle that maximizes resource use [12][13]. Group 2: Agricultural Products and Trade - The U.S.-China trade war has severely impacted American agricultural exports, particularly chicken feet, which are primarily consumed in China, leading to significant losses for U.S. farmers [14]. - Other agricultural products, like sugarcane and corn husks, are being innovatively repurposed in China for biomass energy and other uses, demonstrating the country's ability to turn waste into valuable resources [15][18]. Group 3: Waste Management and Recycling - China's waste management has evolved from concerns about "garbage cities" to a situation where waste is now a valuable resource for energy production, with a significant gap in waste supply for incineration plants [20][22]. - The construction of waste-to-energy plants has increased, with 2023 seeing the capacity to process nearly 400 million tons of waste, highlighting the shift in waste management strategies [22][24]. Group 4: Technological Advancements and Resource Utilization - The article discusses how technological advancements have allowed for the transformation of previously discarded materials, such as kitchen waste and used cooking oil, into valuable products like biodiesel and green methanol [27][29]. - The recycling of textiles into regenerated fibers is another example of China's leadership in circular economy practices, with initiatives to enhance resource recovery and sustainability [32][34]. Group 5: Comprehensive Industrial Chains - The article illustrates how industries in China benefit from complete industrial chains, where even waste materials can be profitably processed, leading to lower raw material costs and higher efficiency [34][37]. - Companies like Mixue Ice City are integrating supply chains to reduce costs and enhance competitiveness, demonstrating the trend of vertical integration in various sectors [37][38]. Group 6: Global Comparisons - The article contrasts China's resource utilization with that of other countries, noting that many foreign industries fail to capitalize on by-products due to technological limitations, leading to waste [40][42]. - China's unified market and extensive cultural heritage provide a unique advantage in maximizing resource use across various sectors, making it difficult for other nations to replicate this efficiency [42][44].

Fundraising Overview - The company has issued 9,000,000 convertible bonds with a face value of RMB 100 each, raising a total of RMB 900 million, netting RMB 885,278,301.89 after deducting issuance costs of RMB 14,721,698.11 [1] - The raised funds are designated for the "Nanping Yuanli Environmental Protection Activated Carbon Construction Project" [1] Change in Fund Allocation - The company has approved a change in the use of part of the raised funds, reallocating RMB 22,121 million to a new project, "Annual Production of 2,000 Tons of Porous Carbon Construction Project," which will be managed by its wholly-owned subsidiary, Yuanli New Energy Carbon Materials (Nanping) Co., Ltd. [1] Fund Management and Supervision - A fundraising supervision agreement has been signed between the company, its subsidiary, the sponsor Guojin Securities, and Industrial Bank Co., Ltd. to ensure proper management and usage of the raised funds [2] - A dedicated account has been opened at Industrial Bank specifically for the storage and use of funds related to the new project, with a balance of RMB 30 million as of April 29, 2025 [2] Supervision Responsibilities - Guojin Securities is responsible for overseeing the use of the raised funds, with the authority to conduct on-site investigations and written inquiries [3] - The company and Industrial Bank are required to cooperate with Guojin Securities during their investigations [3] Agreement Validity - The supervision agreement will remain effective until all funds in the dedicated account are fully utilized and the supervision period by Guojin Securities concludes [4]

Financial Data and Key Metrics Changes - First quarter sales were $284 million, down 17% year-over-year primarily due to repositioning actions in Performance Chemicals and weak industrial demand [12] - Adjusted gross profit increased by 10% to $129 million, with gross margin improving over 1,000 basis points [12] - Adjusted EBITDA rose by $17 million, with margins improving from 21.9% to 32.1%, marking the fourth consecutive quarter of year-over-year margin improvement [13][25] - Free cash flow improved by $44 million year-over-year to $15 million, reflecting repositioning benefits [14] Business Line Data and Key Metrics Changes - Performance Materials saw higher sales due to favorable regional and product mix, with volume growth in China driven by government incentives [15] - Advanced Polymer Technologies (APT) experienced lower overall sales, with North America and EMEA showing higher volumes while Asia faced decreased volumes due to inventory adjustments and increased competition [21] - Performance Chemicals sales decreased by 35% due to repositioning actions, but segment EBITDA improved by $10 million year-over-year [23] Market Data and Key Metrics Changes - North American auto production is expected to decline by approximately 10% year-over-year, impacting guidance for the Performance Materials segment [10][17] - The average age of automobiles in the U.S. is at an all-time high of around 14 years, indicating a future need for replacements [18] Company Strategy and Development Direction - The company is focused on disciplined execution of its strategy to optimize the portfolio and drive business performance, aiming to create significant value for shareholders [10] - Management is actively monitoring macro demand conditions and tariffs, believing the direct impact on the business will be minimal [9][26] - The company is exploring strategic options for Industrial Specialties and the North Charleston refinery, with discussions progressing well [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledges challenges in the operating environment but remains confident in the company's ability to deliver strong profitability in 2025 and beyond [10][26] - The company has widened its guidance range to account for potential declines in auto production, reflecting a cautious outlook [27] Other Important Information - The company has introduced a new leader for APT, Michael Shukov, who brings over 25 years of experience in specialty chemicals [22] - The company expects to generate strong free cash flow, especially in the second half of the year, affirming prior guidance of leverage less than 2.8 times by year-end [14][59] Q&A Session Summary Question: Pricing in Performance Materials business - Management indicated that pricing remains a lever that can be adjusted if production declines or unexpected tariff impacts occur, but currently, business conditions are stable [30][31] Question: Update on strategic review of Industrial Specialties - The strategic review process is progressing well with significant interest, and management aims to provide updates before the end of the year [35][38] Question: Strategic and operational priorities in a volatile environment - The focus remains on disciplined execution, optimizing business performance, and reducing leverage while exploring growth opportunities [41][42] Question: Impact of EV slowdown on forecasts - The company has adjusted guidance based on a 10% reduction in North American auto production, but remains optimistic about the long-term potential of EV technologies [47][49] Question: Filtration market capacity for potential shifts - The filtration market is sizable and can absorb underutilized capacity, although it is considered a lower-margin market compared to automotive [56] Question: Long-term leverage goals - The long-term target for leverage remains between 2 to 2.5 times, with current efforts focused on reducing leverage to below 2.8 times by year-end [59]