| | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 2,832,496,852.15 | 2, 776, 935, 133. 22 | 2. 00% | | 归属于上市公司股东的净利 润(元) | 76, 101, 411. 66 | 90, 529, 541. 15 | -15. 94% | | 归属于上市公司股东的扣除 非经常性损益的净利润 | 66, 906, 473, 21 | 83, 302, 943, 60 | -19. 68% | | (元) | | | | | 经营活动产生的现金流量净 额(元) | 9.480,780.60 | 43, 744, 623, 43 | -78. 33% | 2021年11月15日，即公司上市第4个交易日，公司股价盘中达到上市以来最高点31.14元，此后一路震荡下跌。 公司8月13日晚披露关于控股股东、实际控制人之一股份减持计划的预披露公告，控股股东、实际控制人之一、董事长韩志刚计划自公告发布之日起15个交易日后的3个月内以集中竞价方式减持 据公司2025年半年报，报告期内，公 ...

募集资金使用可行性分析报告 证券代码：301149 证券简称：隆华新材 募集资金使用可行性分析报告 山东隆华新材料股份有限公司 ShanDong Longhua New Material Co.,Ltd. （注册地址：山东省淄博市高青县潍高路 289 号） 向不特定对象发行可转换公司债券 募集资金使用可行性分析报告 二零二五年八月 集资金使用可行性分析报告 山东隆华新材料股份有限公司（以下简称隆华新材、公司或本公司）为深圳 证券交易所（以下简称深交所）创业板上市公司。为满足主营业务发展的需要， 进一步增强资本实力及盈利能力，促进公司的长远发展，根据《中华人民共和国 公司法》《中华人民共和国证券法》《上市公司证券发行注册管理办法》和《山 东隆华新材料股份有限公司章程》等有关法律、法规和规范性文件的规定，公司 拟向不特定对象发行可转换公司债券（以下简称本次发行）。 如无特别说明，本报告中相关词语简称与《山东隆华新材料股份有限公司向不特定对 象发行可转换公司债券预案》（以下简称《预案》）含义相同。 一、本次募集资金概况 公司本次拟向不特定对象发行可转换公司债券的募集资金不超过 96,000.00 万元（含本数），具 ...

Core Viewpoint - The company, Shandong Longhua New Materials Co., Ltd., is issuing convertible bonds to unspecified investors, which may dilute immediate returns for existing shareholders. The company has outlined measures to mitigate this dilution and has made commitments to ensure these measures are effectively implemented [1][2][3]. Financial Impact of Convertible Bond Issuance - The issuance of convertible bonds will increase the total share capital from 43 million shares to 50.68 million shares if all bonds are converted [3]. - The projected net profit for the company for 2025 and 2026 is analyzed under three scenarios: maintaining the previous year's profit, a 10% increase, and a 20% increase [2][4]. - The basic earnings per share (EPS) is expected to decrease from 0.40 yuan to 0.37 yuan under the scenario of no profit growth, while it could rise to 0.57 yuan if profits increase by 20% [3][4]. Necessity and Feasibility of the Bond Issuance - The bond issuance is deemed necessary and feasible, with funds allocated for projects that align with the company's core business and growth strategy [6][7]. Relationship of Fundraising Projects to Existing Business - The raised funds will be used for projects that enhance the company's production capacity and product offerings, specifically in the polyether industry, which is expected to improve profitability and market position [6][7]. Measures to Mitigate Dilution of Immediate Returns - The company plans to enhance its governance structure, improve internal management, and ensure efficient use of raised funds to protect shareholder interests [8][9]. - A commitment to a stable profit distribution policy has been established, with a focus on cash dividends to shareholders [9][10]. Commitments from Management - The company's board and major shareholders have made commitments to ensure the effectiveness of the measures aimed at mitigating the dilution of immediate returns [10][11].

向不特定对象发行可转换公司债券预案 证券代码：301149 证券简称：隆华新材 山东隆华新材料股份有限公司 ShanDong Longhua New Material Co.,Ltd. 向不特定对象发行可转换公司债券 任何与之相反的声明均属不实陈述； 预案 二零二五年八月 向不特定对象发行可转换公司债券预案 公司声明 虚假记载、误导性陈述或重大遗漏，并对本预案内容的真实性、准确性、完整性 承担个别和连带的法律责任； 由公司自行负责；因本次向不特定对象发行可转换公司债券引致的投资风险，由 投资者自行负责； （注册地址：山东省淄博市高青县潍高路 289 号） 本预案中，除非文意另有所指，下列词语或简称具有如下特定含义： 隆华新材、公司、本公司 指 山东隆华新材料股份有限公司 隆华高材 指 山东隆华高分子材料有限公司 隆华上海 指 隆华（上海）高分子材料有限公司 本次发行 指 公司向不特定对象发行可转换公司债券 《山东隆华新材料股份有限公司向不特定对象发行可转换 预案、本预案 指 公司债券预案》 报告期、最近三年及一期 指 自 2022 年 1 月 1 日至 2025 年 6 月 30 日止 《公司法》 指 《中华 ...

Core Viewpoint - The company has faced challenges in its investment projects and has made decisions to halt certain developments due to market conditions and competitive pressures [5][7]. Company Overview - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period [5]. - There are no preferred shareholders or related bond situations reported [5]. Financial Data and Indicators - The company has not needed to restate or adjust previous accounting data [4]. Important Events - The company approved the termination of the investment in an 8,000-ton per year end amino polyether project due to declining market competitiveness and industry demand [5]. - The company has successfully recovered and canceled a total of 98,535,076 shares of its stock, valued at approximately 512.72 million yuan, along with recovering cash of 22.47 million yuan [6]. - The company has decided to postpone the construction of a 50,000-ton per year PVDF and supporting industrial chain project due to significant changes in market conditions and a decline in product prices [7]. - The company received an administrative penalty notice from the China Securities Regulatory Commission, leading to a risk warning for its stock [8][9].

Investment Rating - The report assigns a "Buy" rating to the company, with a previous rating of "Not Rated" [1]. Core Views - The company is recognized as a high-quality player in the polyether industry, with rapid growth in production and sales. The report anticipates a promising future for the company's new materials business and the continued expansion of its polyether product advantages [4][6]. Summary by Sections Company Overview - The company, Shandong Longhua New Materials Co., Ltd., specializes in the production of high-performance, environmentally friendly polyethers. It has established a multi-layered product system, including soft foam polyethers, end-amino polyethers, and polyamide resins [16][18]. Financial Performance - From 2019 to 2024, the company's revenue grew from 2.026 billion RMB to 5.624 billion RMB, with a CAGR of 22.65%. The net profit attributable to shareholders increased from 93 million RMB to 171 million RMB, with a CAGR of 12.93% [24]. In Q1 2025, the company achieved a revenue of 1.509 billion RMB, a year-on-year increase of 11.52% [24]. Industry Outlook - The polyether industry is expected to recover, with leading companies likely to benefit from improved market conditions. The report notes that the domestic competition landscape is optimizing, and the global competitiveness of the polyether industry is increasing [40][54]. Product Development - The company has a total polyether production capacity of 970,000 tons/year, with an additional 330,000 tons/year project under construction. The report highlights the company's core product, POP, which has a significant contribution to revenue and profitability [60][28]. Growth Projections - The report forecasts the company's net profit attributable to shareholders for 2025-2027 to be 188 million RMB, 314 million RMB, and 514 million RMB, respectively. The corresponding PE ratios are projected to be 28.6, 17.1, and 10.5 times [6][8]. Market Position - The company is positioned among the top players in the polyether industry, with a market share that is expected to increase as the industry consolidates. The report indicates that the CR5 of the polyether industry rose from 38.5% in 2022 to 48% in 2024 [54][54]. Future Prospects - The company is actively expanding its product matrix, particularly in the nylon 66 value chain, with a long-term production target of 1.08 million tons/year. The first phase of the nylon 66 project is already in trial production [23][24]. Valuation - The report provides a valuation based on projected earnings and market conditions, indicating a favorable outlook for the company's stock performance in the coming years [6][8].

Project Overview - The company has obtained project registration for the "End Amino Polyether Technical Transformation Project" from the Zibo Administrative Approval Service Bureau on June 3, 2025 [1] - The project will enhance the existing 40,000 tons/year end amino polyether production facility to a total capacity of 100,000 tons/year, adding 60,000 tons/year of end amino polyether and approximately 100,000 tons/year of ammonia water as a byproduct [1][4] - The project will utilize existing industrial land and will not require additional land acquisition [1] Financial and Operational Details - The total investment for the project is 200 million yuan, funded through self-owned or self-raised capital [2] - The project is scheduled to commence in 2025 and conclude in 2026 [2] Internal Review and Impact - The project requires approval from the company's board of directors before implementation [3] - End amino polyether is a crucial chemical raw material with applications in various industries, including wind energy, automotive, and polyurethane, indicating a stable and growing market demand [3] - The project aims to optimize production processes, enhance automation, and improve production efficiency while reducing energy consumption and emissions [4][5] Strategic Alignment - The project aligns with the company's long-term strategic plan to deepen its presence in the new materials sector and diversify its product offerings in the polyurethane field [5]