Group 1 - The core point of the article highlights the decline in the stock price of Kolon Co., which fell by 5.09% to 7.27 CNY per share, with a trading volume of 175 million CNY and a turnover rate of 10.80%, resulting in a total market capitalization of 2.067 billion CNY [1] - Kolon Co. is primarily engaged in the production and sale of fine chemicals, including epoxy ethane, propylene oxide, and hexamethylenediamine, with its main revenue sources being polycarboxylate superplasticizer monomers (55.80%), other polycarboxylate superplasticizer products (22.67%), and phenyl ether series products (21.41%) [1] - The company was established on March 21, 2002, and went public on October 30, 2014, with its operations based in Liaoning Province, China [1] Group 2 - Citic Prudential Fund's multi-strategy mixed fund (LOF) A has entered the top ten circulating shareholders of Kolon Co., holding 1.4912 million shares, which accounts for 0.68% of the circulating shares, resulting in an estimated floating loss of approximately 581,600 CNY [2] - The fund was established on June 16, 2017, and has a current scale of 1.133 billion CNY, with a year-to-date return of 46.96% and a one-year return of 48.21%, ranking 967th out of 8,136 in its category [2] - The fund manager, Wang Ying, has been in position for 8 years and 280 days, managing assets totaling 4.904 billion CNY, with the best fund return during her tenure being 52.85% and the worst being -8.42% [3]

Group 1 - The core point of the article is the significant increase in the stock price of Kolong Co., which rose by 5.23% to 7.65 CNY per share, with a trading volume of 1.04 billion CNY and a turnover rate of 6.38%, leading to a total market capitalization of 2.175 billion CNY [1] - Kolong Co. is primarily engaged in the production and sale of various chemical products, with its main revenue sources being polycarboxylic acid water-reducing agents (55.80%), other polycarboxylic acid products (22.67%), and phenolic ether series products (21.41%) [1] - The company was established on March 21, 2002, and went public on October 30, 2014, located in Liaoyang City, Liaoning Province [1] Group 2 - Among the top circulating shareholders of Kolong Co., CITIC Prudential Fund's multi-strategy mixed fund (LOF) A has entered the top ten, holding 1.4912 million shares, which is 0.68% of the circulating shares, with an estimated floating profit of approximately 566,700 CNY [2] - The CITIC Prudential multi-strategy mixed fund (LOF) A was established on June 16, 2017, with a current scale of 1.133 billion CNY, achieving a year-to-date return of 49.91% and a one-year return of 50.36% [2]

Core Viewpoint - Kelong Co., Ltd. experienced a 5.1% decline in stock price, closing at 7.25 CNY per share, with a trading volume of 192 million CNY and a turnover rate of 11.87%, resulting in a total market capitalization of 2.062 billion CNY [1] Company Overview - Kelong Co., Ltd. is located in Liao Yang, Liaoning Province, established on March 21, 2002, and listed on October 30, 2014. The company primarily engages in the production and sales of various chemical products, including epoxy ethane, propylene oxide, and hexamethylenediamine [1] - The main revenue composition includes: 55.80% from polycarboxylic acid water-reducing agent monomers, 22.67% from other polycarboxylic acid water-reducing agent products, 21.41% from phenyl ether series products, and 0.12% from other supplementary products [1] Shareholder Information - CITIC Prudential Fund has a fund that entered the top ten circulating shareholders of Kelong Co., Ltd. in the third quarter, holding 1.4912 million shares, which accounts for 0.68% of the circulating shares. The estimated floating loss today is approximately 581,600 CNY [2] - The CITIC Prudential Multi-Strategy Mixed Fund (LOF) A (165531) was established on June 16, 2017, with a latest scale of 1.133 billion CNY. Year-to-date returns are 48.93%, ranking 1166 out of 8140 in its category; the one-year return is 46.65%, ranking 762 out of 8056; and since inception, the return is 152.18% [2] Fund Manager Information - The fund manager of CITIC Prudential Multi-Strategy Mixed Fund (LOF) A (165531) is Wang Ying, who has been in the position for 8 years and 274 days. The total asset scale of the fund is 4.904 billion CNY, with the best return during the tenure being 53.77% and the worst return being -8.42% [3]

Core Viewpoint - The stock price of Kolon Co., Ltd. has experienced a decline of 5.08% on September 23, with a cumulative drop of 6.65% over three consecutive days, indicating potential concerns among investors regarding the company's performance and market conditions [1]. Company Overview - Kolon Co., Ltd. is located in Liao Yang, Liaoning Province, and was established on March 21, 2002. The company was listed on October 30, 2014. Its main business involves the operation of various chemical products, including epoxy ethane and 1,2-epoxy propane, as well as the production and sale of construction additives and chemical products [1]. - The revenue composition of Kolon Co., Ltd. includes 55.80% from polycarboxylic acid water-reducing agent monomers, 22.67% from other polycarboxylic acid water-reducing agent products, 21.41% from phenyl ether series products, and 0.12% from other supplementary products [1]. Shareholder Insights - Among the top ten circulating shareholders of Kolon Co., Ltd., a fund under Jinyuan Shun'an Fund has increased its holdings by 357,500 shares, bringing its total to 2.2 million shares, which accounts for 1.01% of the circulating shares. The fund has incurred a floating loss of approximately 660,000 yuan today and a total floating loss of 924,000 yuan during the three-day decline [2]. - The Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund (004685) was established on November 14, 2017, with a current scale of 1.35 billion yuan. It has achieved a year-to-date return of 29.37%, ranking 3110 out of 8172 in its category, and a one-year return of 58.85%, ranking 2470 out of 7995 [2].

Industry Overview - Ethylene Oxide (EO) is a crucial organic chemical raw material and intermediate, ranking third among ethylene derivatives after polyethylene and polyvinyl chloride [1][2] - In 2010, China's EO production capacity was approximately 1.26 million tons, which surged to 4.79 million tons by 2019, achieving a compound annual growth rate (CAGR) of 16% [5] - From 2020 to 2023, China's EO production capacity maintained a growth rate of over 14%, projected to reach 9.44 million tons by 2024, with a year-on-year increase of 8.51% [5] Production and Supply Chain - The upstream of the EO industry includes raw materials such as ethylene and oxygen, while the midstream involves EO production, primarily through the direct oxidation of ethylene [3] - The downstream applications of EO include a variety of products such as polycarboxylic acid superplasticizers, non-ionic surfactants, and others, serving multiple sectors including real estate, infrastructure, and agriculture [3] Regional Distribution - EO production in China is concentrated in East China, South China, and Northeast China, with these regions accounting for over 85% of total capacity [7] - East China, in particular, has become the most significant production base, contributing over 55% of the total capacity due to its robust chemical industry infrastructure and market demand [7] Trade Dynamics - China's EO exports have shown a rapid growth trend, with export volume reaching 971 tons in 2024, a year-on-year increase of 45.14% [9] - The country has maintained a net export status, with zero imports in 2023-2024, indicating that domestic production fully meets market demand [9] Consumption Market - The consumption structure of EO is evolving, with polycarboxylic acid superplasticizers being the largest market, although its share is declining from 61% in 2020 to 37% in 2024 due to a slowdown in the real estate sector [11] - Non-ionic surfactants are experiencing strong growth, increasing their share from 24% in 2024, driven by demand from the daily chemical and agricultural sectors [11] Competitive Landscape - The market share of private enterprises in the EO industry has increased from 33.79% in 2019 to 48.24%, while state-owned enterprises have seen a decline [13] - This shift is attributed to the competitive advantages of private firms in raw material procurement and flexible resource allocation [13] Future Trends - The EO production capacity is expected to continue expanding, with an anticipated addition of 1 million tons by 2025, leading to a total capacity exceeding 9 million tons [19] - The industry is also moving towards green processes and high-end transformation, with a focus on low-carbon catalysts and bio-based EO production methods [20]