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 ...

Summary of Jinfa Technology Conference Call Company Overview - **Company**: Jinfa Technology - **Industry**: Modified Plastics Key Points Sales and Profit Projections - Jinfa Technology expects modified plastic sales to reach **3 million tons** in 2025, with a net profit of approximately **3 billion yuan**, representing a year-on-year growth of nearly **20%** driven by demand from the **new energy vehicles** and **home appliance exports** sectors, as well as market share gains [2][3][5] - For 2026, modified plastic sales are projected to maintain a growth rate of **15%-20%** [2][3] Product Sales Structure - The sales structure of modified plastic products remains stable, with the automotive sector accounting for about **45%**, home appliances for **16%-17%**, and electronics for **15%**, collectively exceeding **70%** [2][6] - Emerging sectors like new energy, toys, and packaging are growing rapidly but still represent a small overall share [2][6] Competitive Advantages - Jinfa Technology is the largest modified plastic enterprise in China, with competitive advantages in **R&D investment** (3%-4% of revenue), talent acquisition, and comprehensive solutions [2][8][9] - The company has established **7 overseas bases** to enhance global operational capabilities [2][9] Financial Performance and Challenges - In the first three quarters of 2025, Jinfa Technology's overall performance met expectations, with modified plastic sales approaching **2.1 million tons** [3] - The petrochemical business is expected to incur losses of **1.4-1.5 billion yuan** in 2025, with potential improvements in 2026 if market conditions stabilize [4][15] - The company anticipates a **6-7 million yuan** impact on profits due to the stock incentive plan in 2025 [12] Future Growth and Capacity Expansion - In 2026, Jinfa Technology plans to introduce new production capacities for high-temperature nylon, LCP, and specialty nylon, expecting sales growth of over **30%**, contributing an additional **1 billion yuan** to net profit [2][13] - The company aims to double total sales from **3 million tons** to **6 million tons** over the next five years, with overseas sales reaching **1.5 to 2 million tons** [4][21] Special Materials and Innovations - The special materials segment, particularly LCP, has seen growth exceeding **50%** in the first three quarters of 2025, driven by demand from AI and high-speed connectors [11] - Jinfa Technology is developing materials for humanoid robots, focusing on high-temperature nylon and PEEK, with potential applications in joints and bearings [17][18] International Expansion - Jinfa Technology is expanding into Poland and Mexico, with production expected to start in the second quarter of 2026, targeting a total capacity of **300,000 tons** by 2030 [19][20] - The company emphasizes its competitive edge in the international market through a diverse product range and strong global supply chain capabilities [20] Collaboration and Capital Expenditure - Jinfa Technology collaborates with Siemens on material development and technology exchange, enhancing their partnership [22] - The company plans to maintain cautious capital expenditure, focusing on promising areas like new materials and biodegradable materials, with annual spending expected to remain around **3 billion yuan** [23]

Core Viewpoint - Longhua New Materials (301149) is actively engaging with investors and highlighting its product offerings in the polyamide resin series, which includes PA66 and specialty nylon, indicating a strong focus on market demand and customer development [1] Group 1: Product Applications - The company's polyamide resin products are widely used in various sectors, including toothbrush bristles, drone blades, food and beverage packaging, high-end electronics, high-speed rail, automotive components, and machinery [1] Group 2: Market Engagement - Longhua New Materials is closely monitoring downstream markets and is proactively developing potential customers to enhance its market presence [1]

Group 1: Financial Performance - In the first three quarters of 2025, the company's operating revenue increased by 10% year-on-year [2] - Net profit attributable to shareholders grew by 20% year-on-year [2] - Net profit excluding non-recurring gains and losses increased by 25% year-on-year [2] - Operating cash flow rose by 15% year-on-year, indicating strong profitability [2] Group 2: Business Strategy and Market Focus - The company is implementing a platform strategy in the specialty polymer materials sector, with over 50% of revenue coming from specialty materials [3] - The product structure is shifting towards high value-added areas, contributing to a steady increase in overall gross margin [3] - The company is focusing on high-growth sectors such as electronics, new energy, low-altitude economy, semiconductors, and robotics [4] Group 3: Product Development and Innovations - The company successfully launched LCP resin material production, which has been applied in high-end electronic devices [4] - R&D expenses increased by 16% year-on-year, maintaining over 6% of total revenue, with a focus on lightweight, high-temperature resistant, and low dielectric loss materials [3] - The company has made significant progress in PEEK material production, overcoming key technical barriers and enhancing product performance [5] Group 4: Market Expansion and Customer Base - The customer base for Shanghai Water Huaben Semiconductor Technology Co., Ltd. has expanded to leading domestic semiconductor equipment manufacturers [3] - The acquisition of sealing products company is expected to enhance the company's position as a comprehensive semiconductor component solution provider [3] - The company has achieved significant market share in key components for new energy vehicles [5] Group 5: Challenges and Opportunities - The company is addressing challenges related to fixed asset turnover due to new production capacity, showcasing resilience and growth potential [5] - Future growth is anticipated in emerging fields such as 5G, new energy, and AI servers, driven by increasing demand and the need for supply chain autonomy [5]

Core Viewpoint - Longhua New Materials (301149) has a diverse range of polyamide products, including PA66 and specialty nylon, which are utilized in various industries such as toothbrush bristles, drone blades, food and beverage packaging, high-end electronics, high-speed rail, automotive parts, and machinery [1] Product Applications - The company's polyamide series products are widely applied in multiple sectors, indicating a broad market reach [1] - Specific usage scenarios for the products are determined by downstream customers based on their individual needs, highlighting the importance of customer requirements in the manufacturing process [1]

Group 1 - Huafeng Chemical has announced a new project for a digital workshop to produce 3,000 tons of specialty nylon annually, expected to start in September 2025 and be completed by September 2027 [2] - The company is the only domestic enterprise that masters both the adipic acid method and the butadiene method for producing hexamethylenediamine, establishing a complete industrial chain from benzene to nylon 66 [2] - Cangzhou Xuyang Chemical is planning a new nylon materials project with an annual capacity of 230,000 tons, which includes four production lines and various equipment [3][4] Group 2 - Cangzhou Xuyang's existing projects include a 150,000 tons/year caprolactam production project and a 300,000 tons/year caprolactam production project, among others [4] - By 2025, Cangzhou Xuyang's total caprolactam production capacity is expected to reach 750,000 tons/year, making it the second largest globally [4] - The company reported a revenue of 10.311 billion yuan and a net profit of 238 million yuan in 2024 [4]

Group 1 - The company currently has a polyamide resin production capacity of 40,000 tons, which includes PA66 and specialty nylon products [2] - The nylon MXD6, which is categorized as specialty nylon, is part of the company's product offerings [2]

Group 1 - The company has a current production capacity of 40,000 tons for polyamide resin, which includes PA66 and specialty nylon products [2] - The MXD6 nylon, which is a barrier nylon, falls under the category of specialty nylon [2]

Core Viewpoint - The nylon industry is experiencing significant growth, particularly in the production of nylon 66, with domestic capacity expected to exceed 8 million tons by 2025 due to breakthroughs in raw material production [2][3]. Group 1: Nylon Production and Investment - Sinopec Yangzi Petrochemical announced a project for long-chain nylon with a total investment of 304.328 million yuan, aiming to build a 50,000 tons/year YDA industrialization facility and a 18,500 tons/year special nylon polymerization facility [2]. - Kingfa Technology is working on a project for bio-based high-temperature nylon with an annual production capacity of 40,000 tons, focusing on products like bio-based high-temperature nylon PA10T/1012 [2][3]. - Shenyang Chemical is modifying its high-temperature nylon 6T resin production, with a total investment of 33 million yuan to produce 1,000 tons of high-temperature nylon resin [3]. Group 2: Special Nylon Types - Long-chain nylon varieties such as PA11, PA12, PA610, and PA1010 are gaining traction due to their low water absorption and dimensional stability, used in applications like automotive fuel lines and underwater cables [3][4]. - The market for high-temperature nylon, including PA46 and PA4T, is primarily dominated by international companies like Evonik and EMS, while domestic production is still developing [4][5]. - Transparent nylon products, with light transmittance reaching 90%, are being utilized in various industries, including home goods and electronics [4][5]. Group 3: Bio-based Nylon - Bio-based nylon is defined by the use of sustainable raw materials, with common types including nylon 11, nylon 1010, and nylon 610, produced through sugar or oil routes [6][7]. - Major global players in bio-based nylon include Arkema and BASF, with LG Chem recently launching a new bio-based nylon material derived from sugar [6][7]. - Domestic companies like Kasei Bio and Yipin Bio are actively promoting bio-based nylon applications, with a focus on upstream raw material certification [7]. Group 4: Market Trends and Future Outlook - The special nylon sector in China is still in its infancy, with many varieties yet to be developed, indicating potential growth opportunities in emerging industries like new energy vehicles [8].

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].