作为国内酚醛树脂和呋喃树脂领域的龙头企业，圣泉集团产销量规模位居国内第一、世界前列。 当前，在全球制造业产业链重构和"双碳"目标驱动下，以科技创新为主导的"新质生产力"已成为中国经济高质量发展的重要动能。在这一背景下，圣泉集 团凭借其卓越的合成树脂及生物质化工材料研发实力，以及资本市场的赋能，正开启从传统制造向全球领先新材料科技集团的转型跨越。 作为国内酚醛树脂和呋喃树脂领域的龙头企业，圣泉集团产销量规模位居国内第一、世界前列。该公司上市以来，通过运用资本工具，不仅加速了高端电 子化学品等战略项目的落地，更通过股权激励凝聚人才，为新材料产业的自主创新和绿色低碳发展提供了"圣泉方案"。 融资保障创新项目高效落地 新质生产力的培育是一个高投入、长周期的系统工程，稳定且充沛的资金支持是技术创新的生命线。圣泉集团自2021年8月在沪市主板上市以来，充分发 挥资本市场直接融资功能，为公司战略性项目的落地提供了坚实的资金保障。 "公司在沪市主板上市后，借助资本市场力量累计融资达28.21亿元，其中包括上市融资19.46亿元，定向增发融资8.75亿元。"圣泉集团党委书记、董事长 唐一林介绍道。这一巨额融资，全部围绕核心主业 ...

作为国内酚醛树脂和呋喃树脂领域的龙头企业，圣泉集团产销量规模位居国内第一、世界前列。 当前，在全球制造业产业链重构和"双碳"目标驱动下，以科技创新为主导的"新质生产力"已成为中国经济高质量发展的重要动能。在这一背 景下，圣泉集团凭借其卓越的合成树脂及生物质化工材料研发实力，以及资本市场的赋能，正开启从传统制造向全球领先新材料科技集团的 转型跨越。 作为国内酚醛树脂和呋喃树脂领域的龙头企业，圣泉集团产销量规模位居国内第一、世界前列。该公司上市以来，通过运用资本工具，不仅 加速了高端电子化学品等战略项目的落地，更通过股权激励凝聚人才，为新材料产业的自主创新和绿色低碳发展提供了"圣泉方案"。 融资保障创新项目高效落地 新质生产力的培育是一个高投入、长周期的系统工程，稳定且充沛的资金支持是技术创新的生命线。圣泉集团自2021年8月在沪市主板上市 以来，充分发挥资本市场直接融资功能，为公司战略性项目的落地提供了坚实的资金保障。 "公司在沪市主板上市后，借助资本市场力量累计融资达28.21亿元，其中包括上市融资19.46亿元，定向增发融资8.75亿元。"圣泉集团党委 书记、董事长唐一林介绍道。这一巨额融资，全部围绕核心主 ...

Investment Rating - The report gives an "Accumulate" rating for the company [2][5]. Core Views - The company is expected to achieve net profits attributable to shareholders of 1.263 billion, 1.483 billion, and 1.899 billion yuan for the years 2025 to 2027, respectively, benefiting from its leading position in domestic phenolic resin and casting resin, as well as the transformation of the resin system in the electronic and new energy materials industry [2][18]. - The report highlights that while the market believes the value of the company has been fully priced in during the current resin demand upcycle, there is potential for recovery in traditional resin business and the company is positioned as a "technology platform" enterprise in new materials, which may capture more potential products through its ongoing R&D capabilities [2][15]. Summary by Sections 1. Business Development and Financial Performance - The company has a solid foundation in traditional resin business with a production capacity of 648,600 tons for phenolic resin and 143,300 tons for casting resin as of 2023, which supports its ability to navigate through cycles [3][49]. - The company reported a significant increase in net profit of 51.19% year-on-year for the first half of 2025, reaching 5.01 billion yuan, driven by growth in advanced electronic materials and battery materials [24][37]. 2. Electronic Chemicals and New Materials - The company is a leader in domestic electronic materials, with a full production capacity of its four PPO production lines and plans to expand its production capacity for various resin products [3][12]. - The demand for PPO resin is expected to grow significantly, with projections of 6,964 tons and 10,446 tons for 2025 and 2026, respectively, driven by the AI server market [3][15]. 3. Battery Materials - The company is actively expanding its production capacity for silicon-carbon anodes and porous carbon, with plans for 10,000 tons per year of silicon-carbon anodes and 15,000 tons per year of porous carbon [3][27]. - The company has established a production line for hard carbon anodes for sodium batteries, which is expected to see increased demand [3][27]. 4. Biomass Chemical Products - The company is optimizing its Daqing project, which focuses on high-value biomass products, and is expected to turn profitable [13][24]. - Revenue from biomass chemical products is projected to grow steadily, with expected revenues of 1.1 billion, 1.265 billion, and 1.454 billion yuan for 2025 to 2027 [13][14]. 5. Market Position and Competitive Advantage - The company holds a leading position in the phenolic resin market, with a production capacity that ranks among the highest globally, and benefits from significant cost advantages [3][49]. - The report emphasizes the company's strong market position in high-end phenolic resin products, which have a higher added value compared to low-end products [54][55].