格隆汇1月7日丨中国巨石(600176.SH)在投资者互动平台表示，公司有相关产品可应用于航空航天领 域。玻纤产品至下游终端产品之间尚存在较多加工制造环节，公司目前没有直接和航空航天企业有业务 往来。 ...

12月16日，在位于长江北岸大渡口建桥工业园区的重庆国际复合材料股份有限公司（以下简称重庆 国 际复材 ）的环保车间，车间主任吕朝明拧开水龙头，接满一杯水，一饮而尽。 吕朝明喝下的水是经过深度处理的玻纤废水，其纯净度达到了直饮标准。 玻纤生产废水成分极其复杂，含有大量有机树脂、偶联剂、硅烷等"顽固"难降解物质，其处理难度远非 普通工业废水可比。重庆 国际复材 如何让玻纤废水变成了直饮水？ 两大难题 从达标排放到资源循环 "项目启动前，我们面临的核心难题是如何突破瓶颈，实现废水的高效回用甚至全回用。"公司副总经理 刘伟廷介绍，企业深入调研后发现，行业普遍面临两大技术"死结"：首先是成分复杂性，玻纤浸润剂中 的高分子有机物分子链稳定，可生化性极差，常规微生物处理工艺，很难满足污水回用要求；其次是处 理副产物难题，任何深度处理必然产生高盐、高有机物的浓水，这部分浓水无论采用蒸发烘干还是其他 处置方式，都面临能耗高、产生危废、运行成本难以承受的现实。 具体而言，常规的"预处理+生化+过滤"工艺对这类特征污染物去除率不足30%，出水无法满足回用要 求。若简单采用"膜浓缩+蒸发结晶"工艺，则每处理一吨浓水需要消耗大量蒸汽 ...

Group 1 - The core viewpoint of the article is that China Jushi (600176) does not currently have direct business dealings with aerospace companies, indicating a gap in the supply chain from fiberglass products to end products in the aerospace sector [1] Group 2 - The company acknowledges that there are still many processing and manufacturing steps between fiberglass products and downstream end products [1]

格隆汇12月18日丨中国巨石(600176.SH)在互动平台表示，公司有相关产品可应用于航空航天领域。玻 纤产品至下游终端产品之间尚存在较多加工制造环节，公司目前没有直接和航空航天企业有业务往来。 ...

Core Viewpoint - Zhenstone Co., Ltd. is facing multiple challenges and scrutiny as it approaches its IPO on the Shanghai Stock Exchange, despite holding a significant 35% market share in the global wind power fiberglass fabric market [2] Group 1: Dependency on Related Transactions - The company has a high dependency on its parent company, China Jushi, with 76.5% of its procurement in 2024 coming from them, raising questions about its independence and decision-making [3] - Zhenstone has promised to reduce this dependency to below 50% by 2025 through new supplier partnerships, but current data shows that 91% of its procurement in the first half of 2025 is still from China Jushi [3] - The company's revenue dropped from 5.267 billion to 4.439 billion due to falling fiberglass prices, indicating vulnerability to market fluctuations [3] Group 2: Financial Concerns - Zhenstone's financials reveal a high debt ratio of 69.27% and short-term loans of 1.888 billion, while it has distributed 1.14 billion in cash dividends over the past two years, raising concerns about its financial management [4] - The return on equity (ROE) has significantly decreased from 37.08% in 2022 to 12.90% in 2025, and the company has faced negative operating cash flows multiple times, questioning the quality of its earnings [4] - The company's approach to bad debt provisions has been inconsistent, with 80% provision for one client and only 30% for another, leading to regulatory scrutiny [4] Group 3: Investment Project Viability - The company plans to allocate 80% of its fundraising to capacity expansion, despite only utilizing 81.72% of its current capacity in 2024, raising questions about the necessity of such investments [5] - The overseas project in Spain aims to avoid EU tariffs, but ongoing anti-dumping investigations pose significant policy risks [5] Group 4: Industry Risks - The wind power industry is projected to grow at a compound annual growth rate of 10.94% from 2024 to 2030, providing a favorable market environment for Zhenstone [6] - However, the company faces client concentration risks, with over 50% of revenue coming from its top five clients, which could lead to cash flow issues if market conditions deteriorate [6] - Regulatory issues, including past financing irregularities and related party transactions, have raised concerns about corporate governance and transparency [6] Group 5: Technological Risks - While fiberglass is currently a core material for wind turbine blades, the emergence of alternative materials like carbon fiber poses a long-term threat to Zhenstone's market position [7] - The company's annual R&D investment of approximately 160 million may not be sufficient to keep pace with technological advancements in materials [7] - The upcoming review meeting will address critical questions regarding the independence of related transactions, the necessity of investment projects, and the potential for reversing declining profits [7]

Group 1 - The company held a performance briefing for Q3 2025 on November 7, 2025, via video live stream and text interaction, with key executives participating [2] - The company achieved a revenue of 1.774 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 19.26%, and a total profit of 11.4658 million yuan, up 109.33% year-on-year [3][4] - The net profit attributable to shareholders was -213,800 yuan, indicating a loss [3][4] Group 2 - The price of glass fiber products increased year-on-year in Q3 but decreased compared to the previous quarter [3] - The company has not yet entered the electronic yarn market, which is upstream in the PCB industry chain [3] - The improvement in Q3 performance compared to the same period last year was attributed to higher glass fiber yarn prices, increased sales volume, and reduced unit sales costs [4] Group 3 - The net cash flow from operating activities decreased significantly due to reduced cash received from sales and increased cash payments for purchases [4] - The company is committed to achieving "dual carbon" goals by enhancing energy efficiency and promoting clean production [4] - The company plans to optimize its product structure and increase the proportion of high-end products to reduce reliance on government subsidies [4] Group 4 - The market demand for core products remained stable, with significant contributions to performance growth from thermoplastic products [4] - The company is focused on enhancing market confidence amid stock price fluctuations influenced by macroeconomic and industry factors [4]

Group 1 - The company is exploring the development of PEEK materials and their potential application in humanoid robots [2] - The company's fiberglass products can be used in the manufacturing of certain structural components for humanoid robots [2] - Currently, the company has not directly engaged in the humanoid robot business due to the numerous processing and manufacturing steps required between fiberglass products and end-user applications [2]

Investment Rating - The report maintains a "Recommended" rating for the construction materials industry [3][38]. Core Viewpoints - The construction materials industry is expected to see improved profitability due to the "re-pricing model" initiated in the fiberglass sector, which is anticipated to enhance industry margins [4][30]. - Continuous real estate policy support is likely to drive valuation recovery and fundamental improvements in the construction materials sector [4][38]. - The cement market is entering a traditional peak season, but demand recovery remains weak, with September cement production down 8.6% year-on-year [8][39]. - The glass industry is experiencing slight demand improvement, with inventory levels decreasing, although supply pressures persist [19][20]. - The fiberglass sector is witnessing a price increase of 5%-10% for certain products, indicating a potential uplift in profitability [30][31]. Summary by Sections Cement Industry - In September, cement production was 154 million tons, down 8.6% year-on-year, with a cumulative decline of 5.2% for the first nine months of 2025 [8][39]. - Fixed asset investment (excluding rural households) fell by 0.5% year-on-year, marking the first negative growth in national fixed asset investment [8][39]. - The average cement price in September was 346.77 yuan/ton, up 5.43 yuan from June [8][39]. Glass Industry - The national flat glass production for January to September was 729 million weight boxes, down 5.2% year-on-year, with a slight recovery in demand noted in September [19][20]. - Inventory levels for flat glass decreased by 5.13% month-on-month, indicating a positive trend in demand [20]. - The market is expected to experience a fluctuating trend after recent price increases, with supply pressures still present [29][40]. Fiberglass Industry - The fiberglass industry is seeing a price adjustment with increases of 5%-10% for various products, signaling a potential improvement in profitability [30][31]. - Demand from the wind power and new energy vehicle sectors remains strong, with significant year-on-year growth in wind power generation [30][31]. Consumer Building Materials - The retail sales of building and decoration materials increased by 1.6% year-on-year from January to September 2025, indicating slight demand growth [35]. - Ongoing real estate policy measures are expected to alleviate inventory pressures and improve the industry's fundamentals [35][38].

Group 1 - The company responded to an investor inquiry regarding the application of its products in fiber optics, confirming that its fiberglass products can be used for insulation protection in fiber optic cables [2] - The company stated that the casing of fiber optic cables will utilize its fiberglass products [2]

Group 1 - The stock price of Changhai Co., Ltd. is reported at 15.99 yuan, down 2.44% from the previous trading day, with a trading volume of 263 million yuan [1] - Changhai Co., Ltd. specializes in the research, production, and sales of fiberglass and its products, which are widely used in construction materials, transportation, electronics, and environmental energy sectors [1] - The company has indicated a steady recovery in fiberglass product prices, orderly release of new production capacity, and significant improvement in production and sales coordination efficiency [1] Group 2 - The company has seen a substantial increase in shipments to the European market, and its chemical business has performed exceptionally well [1] - The electronic felt produced by the company is an important material used in the manufacturing of copper-clad laminates [1] - Current inventory levels are maintained at approximately 40 days [1] Group 3 - On the same day, the net outflow of main funds for Changhai Co., Ltd. was 43.58 million yuan, with a net outflow of 69.14 million yuan over the past five days [1]