国盛证券研报指出，昊华科技主业高景气，新材料平台型龙头扬帆起航。公司在特种涂料、弹性体、气 体、氟材料等细分领域均具有显著的行业地位，下游包括航空、航天、军工等环节，是我国化工行业由 大产能驱动转向研发驱动、科技驱动新时代的"核心资产"。整合中化蓝天，制冷剂高景气业绩"持续兑 现"。认为进入2026年三代价格中枢仍将上行，昊华科技在内的头部配额厂商将充分受益。商业航天东 风起，昊华是平台型航材供应商。公司下属北方院、黎明院、西北院等国家级院所深耕航空航天材料数 十载，产品包括航空航天涂料、推进剂材料、航空航天密封材料等，技术、客户资源优势显著，有望加 速成长。受益于制冷剂涨价、多项目扩产、商业航天/AI-PCB等新兴下游需求拉动，预计公司2025-2027 年归母净利润分别为18.18/28.89/32.06亿元；对应PE分别为25.2/15.9/14.3倍。维持"买入"评级。 ...

在展会现场，参展央企代表中国建材集团党群宣传部副部长（主持工作）江秀龙向媒体记者介绍，集团 本次重点展示的是21种自主攻关、服务国家战略和人民美好生活的非金属新材料。 据悉，这些材料广泛应用于多个关键领域：在服务国防建设和航空航天方面，包括T700—T1100级高性 能碳纤维、特种涂料、人造石英晶体等；在支撑国家重大工程方面，如低介电玻璃纤维电子布；在服务 国民经济主战场，有用于新能源汽车的氮化硅陶瓷和用于无人机的储氢气瓶；在服务人民美好生活方 面，则展出了用于折叠手机的30微米柔性可折叠玻璃、0.12mm超薄玻璃，以及用于医疗康复的人体辅 助骨骼等产品。 中国建材集团作为国务院国资委直接管理的中央企业，是非金属材料领域的"国家队"。此次展出的成果 集中体现了集团在关键材料领域突破国外"卡脖子"技术、填补国内空白的硬核实力，切实承担了央企在 科技创新、产业控制与安全支撑方面的功能使命，为材料强国和现代化产业体系建设提供了坚实支撑。 回顾"十四五"期间取得的标志性成就，江秀龙从三个方面进行了阐述： 12月29日，由中国国家博物馆与工业和信息化部新闻宣传中心联合主办的"筑基强国路——中国制造'十 四五'成就展"正 ...

Core Points - The Shandong Quality Inspection Institute successfully passed the capability verification for testing institutions organized by the Shandong Provincial Market Supervision Administration for various food safety parameters, including lead and arsenic content in food contact paper, aflatoxin content in vegetable oil, and non-volatile content in special coatings [1] Group 1: Testing Capabilities - The institute's verification results for lead and arsenic content, aflatoxin content, and non-volatile content were all qualified [1] - Staff adhered strictly to the operational guidelines for the verification process, ensuring accurate data submission to the organizing unit [1] Group 2: Future Plans - The institute plans to strengthen its technical foundation, optimize testing processes, and enhance talent cultivation to improve its core competitiveness and comprehensive service level [1] - These efforts aim to provide reliable technical support for the high-quality development of the local economy [1]

当下，全球特种建筑化学品市场正经历深刻的结构性变革，在快速城市化、可持续发展刚性要求及技术 创新三重驱动力协同作用下，新兴经济体与成熟经济体基础设施建设同步提速，共同驱动兼具耐久性、 施工效率与环境适配性的专用建筑化学制剂需求持续攀升。 标普全球大宗商品洞察特种化学品更新计划(SCUP)最新数据显示，2025~2030年全球建筑业复合年增长 率将达2.7%，同期特种建筑化学品需求年增速预计为1.9%。2025年特种建筑化学品细分市场规模预计 达460亿美元，若纳入防水沥青卷材、灌浆料等通用型产品，全行业市场规模将攀升至740亿美元，充分 彰显行业强劲的发展韧性。 新兴地区成增长引擎 亚太地区依托中、印及东南亚大型基建工程密集落地，政策保障性住房及中产阶层高端住宅需求形成有 力支撑，以及环保工艺升级，进一步拉动绿色产品应用渗透率提升。北美市场的核心动力来自大规模老 旧基建改造，建筑工业化与数字化深度融合催生出新型技术需求，严苛的绿色认证体系倒逼企业加速可 持续化升级，同时建筑结构耐久性要求提升带动专用制剂需求增长。欧洲市场以可持续发展为核心引 擎，循环经济理念导向及挥发性有机物减排政策推动聚氨酯保温材料、"凉屋 ...

证券代码：600378 证券简称：昊华科技 公告编号：临 2025-073 昊华化工科技集团股份有限公司 2025 年前三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 昊华化工科技集团股份有限公司（以下简称"公司"）根据《上海 证券交易所上市公司自律监管指引第 3 号——行业信息披露》及附件 《第十三号——化工》《上交所关于做好主板上市公司 2025 年第三 季度报告披露工作的重要提醒》要求，现将公司 2025 年前三季度主 要经营数据披露如下： 说明：含氟精细化学品中有部分自用，导致产量高于销量较多。 主要产品 2025年 1-9月产量 （吨） 2025年 1-9月销量 （吨） 2025 年 1-9 月销售 金额（万元） 氟碳化学品 92,085.87 90,768.81 403,221.87 含氟锂电材料 60,151.88 54,940.28 97,450.84 含氟聚合物 34,733.27 31,608.30 120,244.86 含氟精细化学品 39,660.54 16,047.24 63, ...

Investment Rating - The industry investment rating is "Outperform the Market" [6] Core Insights - The Wind New Materials Index closed at 4848.42 points, down 5.2% week-on-week. Among six sub-industries, the semiconductor materials index fell 6.79%, while the display device materials index decreased by 4.64% [3][12] - Zhejiang Pengfulong Technology Co., Ltd. has restarted its IPO process, aiming to raise approximately 723 million yuan for various projects, including a future factory for high polymer materials [4][31] - Shenzhen has approved the overall planning of a high-end electronic chemical industry park, focusing on a "5+3+X" industrial system to enhance competitiveness and promote industrial clustering [4][34] Summary by Sections Overall Market Review - The Wind New Materials Index decreased by 5.2% this week, with notable declines in semiconductor materials and other related indices [3][12] - The top gainers included Xiangyuan New Materials (up 8.03%) and Changhong High-Tech (up 5.06%), while the largest losers were Lianrui New Materials (down 15.52%) and Jiuri New Materials (down 15.2%) [26][27] Recent Industry Hotspots - BASF and Xiaomi are expanding their collaboration to develop 100 new automotive paint colors over the next three years [30] - The semiconductor materials sector is experiencing rapid domestic production acceleration, with significant growth in downstream wafer fabrication plants [4][30] - The global PC shipment is projected to grow by 9.4% year-on-year in Q3 2025, reaching 75.8 million units, driven by Windows 11 upgrades and device replacements [34][35] - TSMC's market share in the pure wafer foundry market has surpassed 70%, reflecting strong demand driven by AI expansion [36][39] Key Companies to Watch - Focus on Tongcheng New Materials for its progress in import substitution in the photoresist sector [4] - Attention on Huate Gas for its integrated industrial chain in electronic specialty gases [4] - National Ceramic Materials is expected to maintain high growth across its three main business segments [4]

Core Viewpoint - The article discusses the recent IPO counseling registrations of four companies in China, highlighting their business focus, previous IPO attempts, and financial performance. Group 1: Company Overview - Zhejiang Pengfulong Technology Co., Ltd. (Pengfulong) has initiated its third attempt at an IPO after two previous unsuccessful attempts. The company focuses on special polymers and related applications, with a registered capital of 50.32 billion CNY [4][3]. - Hangzhou Zhongxin Wafer Semiconductor Co., Ltd. (Zhongxin Wafer) has shifted its IPO application from the Sci-Tech Innovation Board to the Beijing Stock Exchange after failing to list in 2022. The company reported a revenue of 13.5 billion CNY in 2024, with a 7% year-on-year growth, but has not yet achieved profitability [7][11]. - Shanxi Tengmao Technology Co., Ltd. (Tengmao Technology) is reapplying for an IPO on the Beijing Stock Exchange after previously withdrawing its application. The company specializes in refining catalysts and has shown strong revenue growth [14][15]. - Frank Technology (Shenzhen) Co., Ltd. (Frank) is preparing for an IPO on the Beijing Stock Exchange, reporting a net profit of 38.35 million CNY in the first half of 2025, marking a 99.3% year-on-year increase [17][18]. Group 2: Financial Performance - Pengfulong's revenue from 2019 to 2022 showed a steady increase, with figures of 2.31 billion CNY, 2.73 billion CNY, 3.41 billion CNY, and 1.23 billion CNY respectively, while net profits were 20.06 million CNY, 66.14 million CNY, 70.82 million CNY, and 29.35 million CNY [5]. - Zhongxin Wafer reported revenues of 13.35 billion CNY and 12.6 billion CNY for 2023 and 2024, respectively, with significant losses of 9.31 billion CNY and 7.29 billion CNY [11]. - Tengmao Technology achieved a revenue of 2.47 billion CNY in 2024, with a net profit of 52.97 million CNY. In the first half of 2025, the company reported a revenue of 1.41 billion CNY, a 40.22% increase year-on-year, and a net profit of 33.70 million CNY, up 48.76% [15]. - Frank's financials indicate a revenue of 840.3 million CNY in 2024 and a net profit of 52.82 million CNY, with a revenue of 446.7 million CNY in the first half of 2025, reflecting a 14.49% year-on-year growth [18].

Core Viewpoint - Four companies, including Pengfulong, Zhongxin Jingyuan, Tengmao Technology, and Frank Technology, have recently filed for IPO guidance, indicating a renewed interest in public offerings in the semiconductor and materials sectors [1][5][10]. Group 1: Pengfulong Technology - Pengfulong has initiated its third attempt at an IPO, with a plan to complete the listing guidance by April to May 2026, supported by Guotai Junan Securities [3][4]. - The company, established in May 2006, focuses on special polymers and related applications, with a registered capital of 5.032 billion yuan [4]. - Pengfulong's revenue from 2019 to the first half of 2022 showed a steady increase, reaching 3.41 billion yuan in 2021, but it faced challenges in its previous IPO attempts [5]. Group 2: Zhongxin Jingyuan Semiconductor - Zhongxin Jingyuan has filed for IPO guidance with plans to issue shares on the Beijing Stock Exchange, having previously attempted to list on the Sci-Tech Innovation Board [5][8]. - Founded in September 2017, the company specializes in semiconductor silicon wafers, with a registered capital of 5.032 billion yuan [6]. - Despite reporting losses in 2023 and 2024, the company anticipates a revenue of 1.335 billion yuan in 2023, with a 7% year-on-year growth expected in 2024 [8]. Group 3: Tengmao Technology - Tengmao Technology has re-engaged in the IPO process, filing for guidance with Western Securities after previously withdrawing its application [10]. - Established in July 2007, the company focuses on refining catalysts, with a production capacity of 40,000 tons per year for catalysts and 15,000 tons for molecular sieves [10]. - In 2024, Tengmao reported a revenue of 247 million yuan, with a net profit of 52.97 million yuan, and a strong growth of 40.22% in revenue for the first half of 2025 [11]. Group 4: Frank Technology - Frank Technology has submitted its IPO guidance application to the Shenzhen Securities Regulatory Bureau, aiming for a listing on the Beijing Stock Exchange [12]. - Founded in April 2001, the company specializes in metal and new material processing fluids, with a registered capital of 164 million yuan [13]. - The company achieved a revenue of 840.3 million yuan in 2024, with a significant net profit increase of 99.3% in the first half of 2025 [13].

Summary of Conference Call Records Company and Industry Overview - **Company**: 中华蓝天 (Zhonghua Lantian) and 昊华科技 (Haohua Technology) - **Industry**: Refrigerants, Lithium Battery Electrolytes, Civil Aviation Tires, Specialty Coatings, Carbon Reduction Technologies Key Points and Arguments Refrigerants Market - Zhonghua Lantian's refrigerant business benefits from quota policies and strong downstream demand, especially in the export market, with expectations for the market to remain at high levels despite potential price fluctuations due to policy changes [2][5] - Prices for products like 134a and 32 continue to rise, indicating a robust market environment [2][5] Liquid Cooling Technology - Zhonghua Lantian is actively developing liquid cooling technology for data centers, with products like YL-1-10 and YL-70 designed for silent liquid cooling applications [2][6] - The company has identified 134a as suitable for data center cooling plates and has begun limited sales, indicating a proactive approach to meet growing cooling demands [2][6] Electrolyte Research and Development - Zhonghua Lantian has invested in solid and semi-solid electrolyte research, boasting a production capacity of 250,000 tons and establishing a research institute for sulfide research [2][7] Civil Aviation Tires - The company has achieved significant milestones in civil aviation tires, obtaining airworthiness certificates for various aircraft models and beginning large-scale production [2][10] - Anticipated explosive growth in market supply by the end of 2025 or early 2026 due to successful trials and partnerships with major airlines [2][10][13] Specialty Coatings - Zhonghua Lantian's specialty coatings focus on functional coatings for civil aviation, shipping, and industrial applications, emphasizing high value and customization [2][14] - The company is targeting marine coatings as a key area for future breakthroughs [2][16] Carbon Reduction Business - The carbon reduction segment is benefiting from previous strategic investments, with significant orders nearing 4 billion yuan and a strong market outlook [2][18][19] - The company is recognized for its advanced gas separation technologies and is positioned as a leading provider in the carbon reduction field [2][18] Financial Performance - Haohua Technology reported a sales revenue of 7.76 billion yuan in the first half of 2025, a year-on-year increase of 19.45%, with net profit rising by 20.85% to 645 million yuan [3][4] - The fluorochemical segment saw a revenue increase of 24.99% and a gross profit increase of 40.73%, indicating strong performance across various business units [3][4] Market Dynamics in Lithium Battery Industry - The lithium battery industry is experiencing intense competition and overcapacity, leading to a challenging market environment [2][8][9] - The electrolyte and lithium additive sectors are currently in a downturn, with prices significantly lower than previous highs, necessitating a focus on technological advancements for competitive advantage [2][9] Future Outlook - Haohua Technology aims to become a leading enterprise in the gas sector, focusing on capacity expansion, technological development, and market exploration [2][24] - The company is set to complete a new production line for trifluorine nitrogen by the end of September 2025, which is expected to enhance profitability in the southwest region [2][22][23] Additional Important Insights - The civil aviation tire market is dominated by a few major players, but Zhonghua Lantian has positioned itself as a competitive fourth player with significant production capabilities [2][10] - The specialty coatings business is expected to grow due to increasing demand in various sectors, including renewable energy projects [2][15][16]

证券代码：600378 证券简称：昊华科技 公告编号：临 2025-062 说明：氟碳化学品受配额政策影响，市场供需情况改善，价格持续上涨；含氟锂 电材料受市场供需错配影响，价格走低；橡胶制品规格型号较多，价格变化大； 特种轮胎系产品销售结构变化，均价下降；催化剂价格变动主要系减少了低附加 值产品销售占比。 说明：受化工大宗原材料波动影响，部分主要原材料价格波动较大。 主要产品 2025 年 1-6 月平均售 价（元/吨） 2024 年 1-6 月平均售 价（元/吨） 变动比率（%） 氟碳化学品 43,765.74 30,220.44 44.82 含氟锂电材料 18,272.52 27,214.01 -32.86 含氟聚合物 38,362.24 39,697.62 -3.36 含氟精细化学品 41,193.44 45,415.26 -9.30 含氟气体 95,460.20 99,637.13 -4.19 橡胶制品（万件） 456,918.40 318,437.29 43.49 特种轮胎（条） 4,235.35 6,320.35 -32.99 特种涂料 52,387.80 46,429.52 12.83 聚氨酯 ...