在橡胶防老剂领域，圣奥化学自主研发的橡胶防老剂中间体"RT培司低温液相催化加氢清洁生产工艺技术"，彻底 革新了传统工艺，在大幅提升产品品质的同时，降低了废水排放量，荣获国家科学技术进步奖二等奖；"贵金属催 化氢化法合成对苯二胺类防老剂工艺及产业化技术"大幅降低了防老剂生产过程中的能耗，"三废"排放几乎为零， 获得国家技术发明奖二等奖，奠定了在全球橡胶防老剂技术领域的领先地位。 在技术创新驱动下，圣奥化学搭建起完善且具有韧性的产品矩阵。在橡胶添加剂领域，该公司加速推进绿色环保 新型防老剂SA6000的研发进程，采用绿色循环工艺自主研发特种胺、特种酮等系列产品，并在多个关键技术领域 实现突破；同时，大力开展生物基防老剂和反应型防老剂应用开发工作，构建起由橡胶防老剂7PPD、77PD、 TMPPD及甲基异戊基酮(MIAK)、二异丁基酮(DIBK)组成的完整产业链，完成了橡胶防老剂IPPD、TMQ及3100等 成熟产品的布局。在塑料添加剂领域，该公司做精塑料添加剂产品类，布局阻燃剂产品链，深耕紫外线吸收剂 (UV)、受阻胺光稳定剂(HALS)和抗氧剂(AO)等产品，为客户提供技术服务；同时，大力开展紫外线吸收剂、受阻 ...

Core Viewpoint - Zhonghua International reported a net profit of -1.33 billion yuan for the first three quarters of 2025, indicating a focus on core chemical new materials despite industry challenges [1] Financial Performance - The company achieved an operating income of 35.7 billion yuan in the first three quarters of 2025 [1] - The net profit attributable to shareholders was -1.33 billion yuan, but the adjusted net profit (excluding certain losses and gains) showed a reduction in losses by 79 million yuan compared to the previous year [1] - Operating cash flow showed a significant increase of 157%, reaching 1.629 billion yuan [1] Product Development and Innovation - The launch of MIAK, a key raw material for high-end rubber anti-aging agents, filled a domestic market gap and is expected to enhance the resilience of the chemical new materials supply chain [2] - MIAK production achieved over 230 tons of qualified products in its first month, with an average content of 99.62% [2] - The company is optimizing MIAK production processes to reduce costs and accelerate the industrialization of new products [3] Competitive Advantage and Market Expansion - Zhonghua International has developed a cost-effective production process for para-aramid fibers, enhancing its competitive edge in high-value applications [4] - The company is expanding applications for para-aramid fibers in various sectors, including deep-sea and clean energy, with potential annual demand reaching 10,000 tons [6] - Overseas market sales increased by approximately 50% in the first three quarters of 2025, with successful certifications from multiple European and American rubber tire clients [5] Strategic Focus and Business Optimization - The company is actively divesting non-core businesses to optimize resource allocation and improve operational efficiency [7] - Recent strategic moves include the sale of non-core assets and the acquisition of companies to strengthen its core competencies in epoxy resins and engineering plastics [7] - Positive market signals have emerged since July, with price recoveries in key products, prompting the company to enhance market share and export efforts [7] Industry Outlook - Industry experts have positively commented on the company's strategic adjustments, suggesting they will help maintain competitiveness in a challenging market environment and lay a foundation for high-quality development in the next industry cycle [8]