万华化学集团常务副总裁华卫琦表示，万华始终以技术创新驱动产业进步，致力于开发高性能差异化材 料。此次携手ENGEL与海泰科，共同打造汽车零部件一体化成型解决方案，将有力推动汽车行业在智 能化与轻量化领域的突破与发展。 ENGEL亚洲及大洋洲总裁Gero Willmeroth先生指出，在全球汽车产业加速转型的背景下，三方合作具 有重要战略意义。ENGEL将充分发挥在注塑工艺与装备领域的创新优势，与万华化学和海泰科协同推 动材料、模具与工艺的深度融合，共同构建更高效、可持续的汽车零部件制造新生态。 2025年10月10日，德国杜塞尔多夫，在德国K展现场，公司董事长孙文强先生作为海泰科股份有限公司 代表与万华化学、ENGEL等三方共同签署战略合作协议。万华化学集团常务副总裁华卫琦，ENGEL亚 洲及大洋洲总裁Gero Willmeroth先生等高层领导共同出席见证。 此次战略合作汇聚了高分子材料与精密制造产业链的核心力量：万华化学作为全球化工新材料领先企 业，提供性能卓越的聚氨酯和高性能工程塑料；ENGEL以其全球领先的注塑系统解决方案，为复杂部 件成型提供工艺与设备保障；海泰科则凭借超万套汽车模具的丰富经验，实现 ...

万华化学集团常务副总裁华卫琦表示，万华始终以技术创新驱动产业进步，致力于开发高性能差异化材 料。此次携手ENGEL与海泰科，共同打造汽车零部件一体化成型解决方案，将有力推动汽车行业在智 能化与轻量化领域的突破与发展。 ENGEL亚洲及大洋洲总裁Gero Willmeroth先生指出，在全球汽车产业加速转型的背景下，三方合作具 有重要战略意义。ENGEL将充分发挥在注塑工艺与装备领域的创新优势，与万华化学和海泰科协同推 动材料、模具与工艺的深度融合，共同构建更高效、可持续的汽车零部件制造新生态。 未来，三方将携手并进，以技术协同与产业链整合为引擎，共同开启汽车零部件制造高质量发展的新篇 章。(齐和宁) 海泰科股份有限公司自成立以来，始终秉承"铸造模具品质、打造卓越精品，做受人尊重的模塑品牌"的 理念与愿景，不断深耕，经过20年的不懈努力，公司发展成为专注汽车注塑模具开发与项目管理服务的 高新技术企业，并已成长为国内外重要的汽车注塑模具生产厂家，为国内、国际20余家知名汽车品牌开 发了汽车仪表板、保险杠、副仪表板、门板、手套箱、前格栅等内、外饰和功能件模具。 董事长孙文强先生表示，此次三方战略合作，海泰科将依托丰 ...

今年7月份，陶氏董事会已批准关闭欧洲的三家化工厂：德国博伦乙烯裂解装置和德国施科保的氯碱/乙 烯基资产，英国巴里的基础硅氧烷工厂。 据了解，多元醇通常与异氰酸酯反应生成聚氨酯，用于生产床垫、家电泡沫保温材料、家用及汽车座 椅、弹性鞋底、纤维及胶黏剂等产品。 10月2日，陶氏公司发言人表示，陶氏公司聚氨酯(PU)部门计划于2026年一季度末关闭位于比利时泰尔 特的5.5万吨/年多元醇工厂。 陶氏公司发言人强调，其有能力维持现有产品组合供应，预计不会对客户及相关市场造成负面影响。这 些举措有助于陶氏公司聚氨酯业务根据市场需求调整区域产能规模、淘汰高成本资产、提升成本效率， 并确保长期竞争力，与业务的持续发展目标一致。 该发言人补充称，陶氏公司去年就已启动欧洲资产战略评估，其中重点关注聚氨酯业务的产能布局；此 次决定关闭泰尔特工厂，主要原因是当地运营成本高企，且监管环境"负担沉重"。 陶氏公司首席执行官吉姆·菲特林曾在2024年表示，受欧洲监管环境带来的挑战不断加剧，他们正评估 欧洲多项资产的竞争力，其中聚氨酯业务相关资产是重点关注对象。 ...

BASF Capital Markets Day Summary Company Overview - **Company**: BASF (OTCPK:BASF.Y) - **Event**: 2025 Capital Markets Day - **Date**: October 02, 2025 - **Location**: Antwerp, Belgium Key Industry Insights - **Chemical Industry Context**: The chemical industry is facing significant macroeconomic challenges, but BASF remains confident in its strategic direction and initiatives despite these headwinds [10][26]. Core Business Strategy - **Winning Ways Strategy**: BASF launched a new strategy focusing on portfolio steering, capital allocation, and establishing a performance culture [9][11]. - **Core vs. Standalone Businesses**: BASF differentiates between core businesses (chemicals, materials, industrial solutions, nutrition and care) and standalone businesses, with a clear focus on enhancing the core [15][16]. - **Financial Ambitions**: The goal is to increase EBITDA from $5.4 billion to $7.9 billion by 2028 for core businesses [15]. Financial Performance and Targets - **Midterm Financial Targets**: BASF confirmed targets of €10 billion to €12 billion EBITDA before special items and cumulative free cash flow of €12 billion from 2025 to 2028 [26]. - **Dividend Policy**: BASF aims to maintain a dividend of at least €2.25 per share annually, with total shareholder distributions expected to reach at least €12 billion between 2025 and 2028 [27]. Operational Highlights - **Antwerp Site**: The Antwerp site is the second largest Verbund site for BASF, showcasing high energy integration and housing all eight core business units [5][6]. - **Cost-Saving Initiatives**: BASF is implementing a €2.1 billion cost-saving program targeting 10% of fixed costs, with a run rate savings of $1.6 billion expected by the end of the year [34][35]. Value Chain Focus - **Polyurethanes and Ethylene Oxide**: The conference highlighted the importance of the polyurethanes and ethylene oxide value chains, which represent significant portions of BASF's core business [7][57]. - **Innovation and Sustainability**: BASF emphasizes innovation in its core businesses, with 15% of sales coming from products launched in the last five years, driven by sustainability trends [52][53]. Standalone Business Updates - **Automotive Catalyst Business**: The internal carve-out of the automotive catalyst business is seen as a success, with expected cumulative cash flow contributions of approximately $4 billion from 2024 to 2030 [19]. - **Battery Market Challenges**: The battery market remains volatile, prompting BASF to reduce fixed costs and ramp down capital spending [20][21]. - **Coatings Business Divestment**: BASF successfully divested its decorative paints business in Brazil for $1.15 billion and is exploring options for the rest of its coatings business [22][23]. Future Outlook - **IPO Readiness**: BASF is preparing its agricultural solutions business for a potential IPO by 2027, reflecting confidence in its integrated business model [24][25]. - **Market Positioning**: BASF aims to leverage its strong market positions, with 75% of core businesses holding top three market positions in their respective markets [46]. Conclusion - BASF is committed to executing its strategic initiatives, focusing on core business growth, cost efficiency, and innovation while navigating a challenging macroeconomic environment. The company remains optimistic about its future performance and market positioning.

Core Viewpoint - Daosheng Tianhe has officially initiated its IPO process, planning to conduct preliminary inquiries on September 24, 2025, and commence subscriptions on September 29, 2025 [1] Company Overview - Daosheng Tianhe is a national high-tech enterprise focused on the research, production, and sales of new materials, headquartered in the Shanghai Free Trade Zone [1] - The company's core products include high-performance thermosetting resin materials such as epoxy resin, polyurethane, acrylic, and organic silicon, which are applied in various industrial fields including wind power blades, new energy vehicles, energy storage, hydrogen energy, aviation, and electricity [1] Market Position - According to the China Petroleum and Chemical Industry Federation, Daosheng Tianhe's "epoxy resin series for wind power blades" has ranked first in global sales for three consecutive years from 2022 to 2024, while its "structural adhesive for wind power blades" ranks second domestically and third globally [1] - Daosheng Tianhe is the only Chinese company supplying both epoxy resin and structural adhesive to the international wind power giant Vestas Wind Technology Group, and maintains long-term cooperation with renowned companies such as Germany's Ender Company and China National Materials Technology [1] Financial Performance - Financial data shows that Daosheng Tianhe's operating revenues from 2022 to the first half of 2025 were 3.436 billion, 3.202 billion, 3.238 billion, and 1.785 billion respectively, with net profits of 108 million, 152 million, 155 million, and 85 million respectively [2] - The company expects its net profit attributable to shareholders for the period from January to September 2025 to be between 145 million and 155 million, representing a year-on-year growth of 48.21% to 58.43% [2]

Core Viewpoint - Hisense Home Appliances (000921)(00921) has seen a significant stock price increase following the signing of a strategic cooperation memorandum with Dow Chemical, indicating a deepening partnership and potential for future collaboration in the appliance and polyurethane sectors [1] Group 1: Strategic Developments - On September 8, Hisense Home Appliances and Dow Chemical signed a strategic cooperation memorandum, establishing a solid foundation for collaboration in the polyurethane business and home appliances [1] - The agreement includes the establishment of a joint laboratory at the Dow Shanghai Center, focusing on the development of new materials and technologies to meet the evolving demands of the home appliance market [1] Group 2: Financial Outlook - Goldman Sachs recently reported discussions with Hisense management, who expressed confidence in achieving their employee stock ownership plan by 2025 [1] - Management anticipates a compound annual growth rate (CAGR) of mid-to-high single digits for revenue and 10%-20% for profit over the next three years [1] - The management expects an improvement in domestic business profit margins in the second half of the year due to a relatively low revenue base compared to leading competitors [1] Group 3: Business Performance - The overseas home appliance business is expected to accelerate growth in Q3, with further improvements anticipated in Q4, driven by inventory normalization and demand recovery [1] - The central air conditioning business showed month-on-month improvement in July, although ongoing pressures from the real estate market may persist [1] - The company believes that various initiatives will help mitigate the impact of the real estate market challenges [1]

Core Insights - The event "2025 Shanghai Listed Companies Collective Reception Day and Mid-Year Performance Briefing" was successfully held on September 19 [1] Company Performance - Huide Technology (603192) reported that its production of three main types of polyurethane products reached 109,700 tons in the first half of this year, an increase of 4.48% compared to 105,000 tons in the same period last year [1] - The total sales volume was 110,800 tons, reflecting a year-on-year growth of 6.03% from 104,500 tons [1] Market Position - The company’s production bases in Shanghai and Fujian have significant geographical advantages, effectively covering customer demand in the Yangtze River Delta and Pearl River Delta regions [1] - The company has achieved a balanced production and sales situation, with a slight increase in market share [1]

Core Viewpoint - Daoshengtianhe Material Technology (Shanghai) Co., Ltd. is positioned as a leading player in the new materials sector, focusing on the dual-carbon strategy and benefiting from the high-quality development of the Chinese economy [1] Group 1: Market Potential - The company is strategically aligned with the wind power and new energy vehicle industries, which are key national pillars, allowing it to capitalize on significant market growth [2] - China is a leader in the global wind power market, with plans to add over 50 GW of new installations annually during the 14th Five-Year Plan, ensuring a steady demand for high-performance materials [2] - The new energy vehicle market is experiencing explosive growth, with a projected market share of 40.9% in 2024, driving demand for high-performance adhesives and composite materials [2] Group 2: Competitive Advantage - Daoshengtianhe has successfully broken the foreign monopoly in high-end wind power materials, establishing itself as a pioneer in domestic substitution and global expansion [3] - The company has entered the supply chains of major domestic players such as BYD and Geely, and is the only Chinese company supplying epoxy resin and structural adhesives to international wind turbine giant Vestas [3] - Its core product, the epoxy resin series for wind turbine blades, has ranked first in global sales for three consecutive years (2022-2024), indicating strong market leadership [3] Group 3: R&D and Innovation - The company boasts a robust R&D capability with a diverse product range, including epoxy resins, polyurethanes, and organic silicon materials [4] - As of June 2025, Daoshengtianhe holds 69 valid patents, including 38 invention patents, and has applied for 14 PCT international patents, demonstrating its commitment to innovation [4] - The company has established a strong technical moat by providing differentiated and precise new material solutions across various high-end sectors, including energy storage and aerospace [4] Group 4: Financial Performance - From 2022 to 2024, the company's net profit attributable to shareholders has increased from 110 million yuan to 155 million yuan, showcasing solid growth resilience [5] - The upcoming IPO will fund the addition of 37,000 tons of high-end adhesives for power batteries and 19,000 tons of high-performance composite resin capacity, targeting core demands in the new energy vehicle sector [5] - The company's future strategy includes expansion into photovoltaic, consumer electronics, semiconductors, and rail transportation, further enhancing its growth potential [5]

Group 1 - The core viewpoint of the article is that Silicon Treasure Technology (300019) has announced its range of sealant products used in the automotive manufacturing sector, highlighting their applications and types [1] Group 2 - The company offers various sealant products including silicone sealants, polyurethane, reactive polyurethane, modified silane, epoxy, and acrylic [1] - These products are primarily used for sealing windshields, body seams/weld seams, sealing power batteries and headlights, bonding interior and exterior trims, automotive electronics, motor control, and other adhesive sealing applications [1]

Group 1 - The core viewpoint of the article highlights that Wanhua Chemical Group has won the China Quality Award due to its quality management model centered on customer orientation and driven by independent innovation and digital intelligence [1] - Wanhua Chemical is recognized as a global leader in the polyurethane industry and the most competitive MDI manufacturer, with a focus on three main business areas: polyurethane, petrochemicals, and fine chemicals [1] - The company has developed an integrated quality management model over 40 years, which emphasizes collaborative management across the entire value chain, driven by independent innovation and digital technology [1] Group 2 - Wanhua Chemical has achieved significant technological advancements, holding 17 globally pioneering technologies and over 8,200 high-quality invention patents, along with receiving national science and technology awards six times [1] - The Yantai Huangbohai New Area has established a quality award cultivation system that focuses on policy guidance, precise nurturing, and comprehensive service to enhance enterprise quality [1] - The cultivation system emphasizes intellectual property, standard innovation, quality improvement, and brand development as key areas of focus [1]