12月25日，大盘七连涨，个股一片红火，近3800只股票上涨，涨停板超过110家。就在这片普天同庆的行情里，集泰股份的走势却像一盆冰水，浇在了所有 追高者的头上。这只因为"液冷硅油概念"和"储能胶概念"已经连续两个涨停的股票，当天以第三个一字涨停开盘，强势得让所有持有者都喜上眉梢。 然而，下午开盘后风云突变，股价像断了线的风筝一样直线跳水，一分钟内就从涨停板砸到了平盘附近，最终收盘大跌4.42%。这意味着，早上还在涨停板 上排队、下午开盘才"幸运"买入的资金，当天就浮亏超过14个点。 这种从天堂到地狱的极端走势，在A股市场里有一个专门的术语，叫做"闪崩"。它并非集泰股份的独创，而是近年来反复上演、让无数投资者血本无归的经 典戏码。就在几个月前的2025年7月，毅昌股份就上演了类似的剧情：7月10日还在涨停，11日就大幅低开，随后很快被打压至跌停，三天内的剧烈动荡让持 股者措手不及。正虹科技、通化金马等股票也在同一时期盘中直线跳水，几乎不给投资者任何反应时间。 | 集泰股份 v | | | | | | | --- | --- | --- | --- | --- | --- | | 002909 國 LT | | ...

格隆汇12月12日丨集泰股份(002909.SZ)在投资者互动平台表示，基随着AI算力需求激增以及双碳背景 下数据中心PUE指标的严格限制，浸没式液冷技术正成为行业发展趋势。相较于传统冷却液，电子级硅 油具备优异的绝缘性、耐热性和环保性，特别是在全球对全氟及多氟烷基物质（PFAS）限制日益严格 的背景下,"以硅代氟"为液冷硅油提供了广阔的市场替代空间。公司的液冷硅油目前仍处于验证阶段， 尚未进行规模化生产与市场投放，公司现有的生产产线具备较高的柔性化生产能力。公司将持续关注行 业技术趋势与客户验证反馈，稳步推进研发成果的转化进程。 ...

Core Insights - The company, Runhe Materials, achieved a score of 72 in the 2025 EcoVadis corporate social responsibility assessment, earning a silver medal and surpassing 87% of global participants in sustainability performance [1][2] - EcoVadis is recognized as a global standard for corporate sustainability assessments, evaluating companies across four key dimensions: environment, labor and human rights, business ethics, and sustainable procurement [1] - The silver certification reflects the company's long-term commitment to integrating sustainability into every aspect of its operations [1][2] Environmental Initiatives - The company focuses on green manufacturing, implementing carbon reduction, circular economy practices, and clean production to drive low-carbon development [2] - Runhe Materials is customizing a three-in-one immersion solution for the electronic/new energy sector to align with the green low-carbon transformation trend [2] Labor and Human Rights - The company adheres to a people-oriented philosophy, ensuring employee rights and fostering a diverse and equitable workplace environment [2] Business Ethics - Runhe Materials emphasizes integrity in business operations, establishing a robust anti-corruption and information security system to build trust [2] Sustainable Procurement - The company extends its responsibility throughout the value chain by implementing strict selection and management processes to enhance the sustainability of supply chain partners [2] Market Position and Growth - Runhe Materials has a strong reputation in the industry, recognized with various trademarks and experiencing continuous sales growth and an expanding customer base globally [3] - The company aims to further its sustainable development goals, collaborating with partners to contribute to the industry's and society's sustainability [3]

Core Viewpoint - The company is expected to see steady growth in revenue and net profit due to the improved supply-demand dynamics of glyphosate and the increasing utilization rate of new energy capacity, with significant quarter-on-quarter improvement in Q3 2025 [1] Glyphosate Market - Glyphosate prices have remained low since 2024, hitting a low point in March 2025 before starting a recovery trend [3] - The company anticipates that glyphosate raw material prices will stabilize and potentially rise due to a tight supply situation and downstream replenishment demand [2][3] Specialty Chemicals Segment - The specialty chemicals segment accounted for approximately 17% of total revenue in the first three quarters, with a gross margin exceeding 25% [3] - The company is in the process of ramping up production for various products, including 35,000 tons/year of phosphorus-based flame retardants and 10,000 tons/year of phosphorous acid for storage devices, which are expected to contribute to profit growth [3] Organic Silicon Products - The company reported a year-on-year sales increase of about 30% in organic silicon ring products [3] - With no new capacity expected in the industry over the next two years, organic silicon product prices are anticipated to gradually recover from the bottom [3] Research and Development Initiatives - The company is accelerating its research and development in solid-state electrolytes and liquid cooling silicone oils [4] - The solid-state electrolyte development has completed small-scale process development and is optimizing key process parameters [4] - The company has a yellow phosphorus production capacity of approximately 170,000 tons/year and is building a 10,000 tons/year high-end phosphorus pentasulfide capacity, expected to be completed in the first half of next year [4]

Core Viewpoint - The company, Xingfa Group, is experiencing steady growth in revenue and net profit due to the optimization of the glyphosate supply-demand structure and the continuous improvement in the utilization rate of new energy production capacity [1] Group 1: Glyphosate Market - Glyphosate raw material prices are expected to remain stable or increase, supported by a tight supply situation and downstream replenishment demand [1] - Glyphosate prices have been at low levels since 2024, reaching a phase low in March 2025 before starting a recovery trend [1] - The company anticipates that the overall supply side of the industry will remain tight in the fourth quarter, enhancing cost support due to the seasonal reduction in raw material supply [1] Group 2: Specialty Chemicals Segment - The specialty chemicals segment accounted for approximately 17% of the company's total revenue in the first three quarters, with a gross margin exceeding 25% [2] - The company is in the product ramp-up phase for several products, including 5,000 tons/year of phosphonates and 3,000 tons/year of ethanethiol, with additional production capacity expected to come online soon [2] - The sales volume of organic silicon ring bodies increased by about 30% year-on-year, with expectations for gradual price recovery in the coming years due to no new production capacity in the industry [2] Group 3: Research and Development - The company is accelerating its layout in solid-state electrolytes and liquid cooling silicone oil, with ongoing development of key process parameters for solid-state electrolytes [2][3] - The company has a production capacity of approximately 170,000 tons/year of yellow phosphorus and is building an additional 10,000 tons/year of high-end pentasulfide capacity [3] - The company is actively developing the market for liquid cooling silicone oil, with a total capacity of 56,000 tons/year and ongoing product performance optimization based on customer requirements [3]

Core Viewpoint - The company reported significant growth in Q3 net profit, driven by rising glyphosate prices and increased sales in specialty chemicals, fertilizers, and organosilicon products [1][2] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 23.781 billion yuan, a year-on-year increase of 7.8%, and a net profit attributable to shareholders of 1.318 billion yuan, up 0.3% year-on-year [1] - In Q3 alone, revenue reached 9.161 billion yuan, reflecting a year-on-year growth of 6.0% and a quarter-on-quarter increase of 23.9% [1] - Q3 net profit attributable to shareholders was 592 million yuan, marking a year-on-year increase of 16.2% and a quarter-on-quarter rise of 42.1% [1] - The company adjusted its profit forecasts for 2025, estimating net profits of 1.817 billion yuan, with EPS of 1.65 yuan per share, and maintained forecasts for 2026-2027 [1] Business Segments - Revenue from specialty chemicals, pesticides, fertilizers, and organosilicon products for January to September 2025 was 3.94 billion, 3.96 billion, 3.24 billion, and 2.08 billion yuan respectively, with year-on-year changes of -0.7%, -1.0%, +8.2%, and +11.7% [2] - Sales volume for these segments increased by 6.8%, 4.1%, 10.4%, and 31.5% year-on-year, while the average selling prices decreased by 7.1%, 4.9%, 2.0%, and 15.0% respectively [2] Profitability - The company's gross profit margin and net profit margin for the first three quarters of 2025 were 16.78% and 6.17%, showing a year-on-year decrease of 1.18 percentage points and an increase of 0.15 percentage points respectively [2] - In Q3, the gross profit margin was 17.32%, down 2.55 percentage points quarter-on-quarter, while the net profit margin was 7.41%, up 1.27 percentage points quarter-on-quarter [2] R&D and Production Capacity - The company has completed small-scale process development for solid-state electrolytes and is optimizing key process parameters [2] - The company has an annual production capacity of approximately 170,000 tons of yellow phosphorus and is constructing a 10,000 tons/year high-end phosphorus pentasulfide production facility, expected to be completed in the first half of 2026 [2] - Ongoing research includes battery-grade lithium sulfide processes and key technology development for liquid cooling silicone oil [2]

Group 1: Company Performance and Business Progress - In the first half of 2025, the company reported revenue of approximately 533 million yuan, a year-on-year decrease of about 10.7%, and a net loss attributable to shareholders of approximately 8.3 million yuan [1] - The company plans to optimize product structure, control costs, and expand market reach to improve performance [1] Group 2: Business Development - The first phase of the Anhui Anqing New Materials Industrial Base has some production lines in trial production, with others under planned construction [2] - Marine coatings are primarily used above the waterline of ships, with some products validated by Ningde Times but not yet supplied in bulk [2] Group 3: R&D Directions and Product Layout - The company's R&D focuses on green and environmentally friendly sealants and water-based coatings, promoting low VOC, solvent-free, and water-based products [3] - In the electronics sector, the company is actively exploring the 3C coating market with mature products, while liquid cooling silicone oil is still in the verification stage [3] - For aerospace applications, the company has developed a protective matrix for eVTOLs and aims to establish a joint venture for the development of adhesives for aircraft windshields [3] Group 4: Opportunities in New Energy - The company anticipates significant market potential for its "adhesive-coating integration" technology with the implementation of the new national standard for electric vehicle batteries in July 2026 [4] - The company has provided one-stop solutions for commercial and residential energy storage and has established partnerships with clients like Pylon Technologies [4]

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of approximately CNY 533 million, a year-on-year decrease of about 10.7% [3] - The net profit attributable to shareholders was a loss of CNY 8.3 million, primarily due to fluctuations in downstream demand and raw material prices [3] Group 2: Product Development and Market Strategy - The company is focusing on the development of liquid cooling silicone oil, which is currently in the verification stage and has not yet entered mass production [3][4] - The company aims to optimize product structure and control costs while actively exploring markets to improve operational performance [3] - The company has launched a "gel-paint integration" technology route in anticipation of the new national standard for electric vehicle batteries, which will be implemented on July 1, 2026 [5][6] Group 3: Industry Collaboration and New Projects - The company has established a joint venture, Guangzhou Jitian New Materials Co., Ltd., to promote the research and production of adhesives for aircraft windshields, aiming to meet domestic commercial aviation market needs [4] - The company has formed partnerships with clients such as Pylon Technology and XJ Electric for energy storage solutions, providing a one-stop solution covering bonding, thermal protection, and fire prevention [7] Group 4: Research and Development Focus - The company's R&D is concentrated on green and environmentally friendly sealants and water-based coatings, with an emphasis on low VOC, solvent-free, and water-based products [3] - The company has developed high transparency silicone structural sealants and water-based protective coatings to meet market demands for transparency and weather resistance [3]

Core Viewpoint - The company is currently in the verification stage for its liquid cooling silicone oil and has not yet commenced large-scale production or market launch [1] Group 1 - The existing production capacity of the company is capable of mass production of liquid cooling silicone oil [1] - The company will continue to monitor industry technology trends and customer feedback to steadily advance the transformation of its research and development results [1]

Core Viewpoint - The company is currently in the research and development phase for its liquid cooling silicone oil and has not yet commenced mass production or market launch [2] Group 1 - The liquid cooling silicone oil is still under development and has not been scaled for production or market release [2] - The company has the existing capacity to produce liquid cooling silicone oil in bulk [2] - The company will continue to monitor market demand and will promote the industrialization of its innovative results as appropriate [2]