改性塑料产品升级趋势明显，新兴需求不断涌现，应用场景不断扩大，产品份额不断提升， 在汽车、电子电工、新能源等下游应用行业的销量和营收均实现快速增长。 生物基材料凭借其环境友好、低碳排放、可持续等优势，随着国家"双碳政策"的落实和环 保要求的进一步趋严，迎来爆发式增长。绿色产品加速替代传统高碳排材料，非粮化合成技术取 得突破，助力能源转型与循环经济体系建设。 特种工程塑料、碳纤维及复合材料在新兴需求驱动下逆势扩张，AI、机器人、低空经济等新 兴产业的快速发展对先进高分子材料的迫切需求，为行业注入新动能。固态电池、具身机器人等 领域的材料创新正从实验室走向产业化。 绿色石化周期底部承压，国内外落后产能加速出清，未来随着全球化工产能格局的进一步调 整，供求关系有望迎来再平衡。根据《欧洲化学工业竞争力》研究报告，2023-2025 上半年全球 化工计划关闭或已关闭产能超 1500 万吨，欧洲占主导（>70%），关闭产能主要集中在芳烃、烯 烃及聚合物等产品领域。 金发科技股份有限公司2025 年半年度报告 公司代码：600143 公司简称：金发科技 金发科技股份有限公司 金发科技股份有限公司2025 年半年度报告 重要 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 20.104 billion yuan in the first half of 2025, a year-on-year decrease of 5.01%. The net profit attributable to the parent company was -989 million yuan, down 33.15% year-on-year [2][6]. - In Q2 2025, the company achieved a revenue of 10.943 billion yuan, a year-on-year decrease of 6.58% but a quarter-on-quarter increase of 19.45%. The net profit attributable to the parent company was -647 million yuan, a year-on-year decrease of 167.67% and a quarter-on-quarter decrease of 89.24% [2][6]. - The report highlights that the refining sector's profitability is expected to improve under the "anti-involution" drive, as the government aims to eliminate vicious competition and optimize supply structure [6]. Summary by Sections Financial Performance - The company experienced a significant decline in both revenue and net profit in the first half of 2025, with a revenue of 20.104 billion yuan and a net profit of -989 million yuan [2][6]. - The second quarter showed a revenue of 10.943 billion yuan, with a notable quarter-on-quarter growth of 19.45% despite a year-on-year decline [2][6]. Industry Outlook - The refining sector is expected to benefit from government policies aimed at reducing excessive competition and optimizing supply chains, which may lead to a new upward cycle in the industry [6]. - The company possesses significant resource advantages, being a key player in the oil and petrochemical industry chain, with stable overseas crude oil resources and a well-established logistics system [6]. Production Capacity - The company operates multiple production bases and has a substantial annual production capacity, including 8.3 million tons of crude oil processing and various chemical products [6]. Profit Forecast - The forecast for the company's net profit attributable to the parent company for 2025 to 2027 is -1.48 billion yuan, -190 million yuan, and 250 million yuan, respectively, indicating a gradual recovery [6].

Summary of the Conference Call Company Overview - The conference call pertains to Jingfa Technology, a leading company in the modified plastics industry, focusing on the research, production, and sales of new chemical materials [1][5]. Key Financial Highlights - In 2024, the company achieved a record revenue of 60.514 billion yuan, marking a year-on-year increase of 26.23% [6]. - The net profit for 2024 reached 0.825 billion yuan, reflecting a significant year-on-year growth of 160.36% [2][6]. - For Q1 2025, the company reported revenue of 15.666 billion yuan, up 49.06% year-on-year, with a net profit of 0.247 billion yuan, an increase of 138.20% [7]. Business Performance and Market Position - The company maintained its position as the global leader in the modified plastics sector, with a total product sales volume of 4.33 million tons in 2024, representing an 18% increase [2][6]. - The modified plastics segment saw substantial growth, with sales volume reaching 2.5515 million tons in 2024, a 20.78% increase, and revenue of 32.075 billion yuan, up 18.95% [8]. Strategic Initiatives - The company is focusing on innovation-driven growth, enhancing organizational efficiency, and accelerating internationalization [10]. - It is actively pursuing opportunities in emerging markets such as robotics and low-altitude economy, while also deepening its presence in traditional sectors like automotive and consumer electronics [2][8]. Product Development and R&D - The company has a diverse product portfolio, including modified plastics, biodegradable plastics, and specialty engineering plastics, which are widely used across various industries [5]. - As of the end of 2024, the company had filed a total of 6,813 patents and invested 2.5 billion yuan in R&D, receiving a national science and technology progress award [9]. Sustainability and Governance - The company is committed to sustainable practices, having launched a new generation of bio-based carbon LCP materials, becoming the second global supplier to receive ISCC PLUS certification [10]. - It plans to distribute a cash dividend of 0.257 billion yuan and has conducted a stock buyback of 0.369 billion yuan, representing 76% of its net profit [4]. Global Expansion - The company has made significant strides in its global operations, with overseas sales reaching 0.2335 million tons in 2024, a 29.51% increase [3][10]. - New production bases in Vietnam, Spain, Mexico, and Poland are being developed to enhance its global supply chain [10]. Conclusion - Jingfa Technology is well-positioned for future growth, leveraging its innovation capabilities and global presence to capitalize on market opportunities while maintaining a strong commitment to sustainability and shareholder returns [6][10].