1月9日，新三板挂牌公司诚丰新材（874801）公告披露，公司拟将首次公开发行股票并在上海证券交易所主板上市的计划 变更为向不特定合格投资者公开发行股票并在在北京证券交易所上市，2026年1月9日，公司已向江苏监管局申请将辅导备 案板块变更为北交所，完成辅导上市板块的变更。 值得注意的是，诚丰新材曾于2022年6月申报上交所主板IPO，相关中介机构分别为民生证券股份有限公司、上海市广发律 师事务所和天健会计师事务所（特殊普通合伙）。 2022年7月，诚丰新材被抽中信息披露质量检查，2022年8月撤回，公司披露前次撤回上市申请材料系结合实际经营情况和 业务发展规划，从战略上做出的调整。 报告期各期末，公司应收账款账面余额分别为31,308.89万元和36,803.22万元，占同期营业收入的比例分别为42.91%和 44.19%。 报告期各期末，公司存货账面价值分别为9,788.80万元和13,057.54万元，占流动资产比例分别为17.60%和19.10%。 公司主要供应商包括中海壳牌石油化工有限公司、上海巴斯夫聚氨酯有限公司、Coim Asia Pacific Pte ltd等，报告期各期， 公司前五名供应商 ...

为解决上述问题，研究团队制备出有机铝催化剂，并成功实现α-亚甲基-δ-戊内酯的化学选择性开环聚 合。该催化剂可用市售的烷基铝和抗氧剂一步制备而无需纯化。研究团队采用该催化剂实现了多种环状 单体的活性/可控开环聚合，进而制备出高分子量聚酯。在此过程中，该催化剂表现出优异的质子耐受 性，在100当量醇的用量下仍能够制备得到分子量和端基可控的聚酯多元醇。 中化新网讯 近日，青岛科技大学沈勇和李志波教授团队在可降解、可闭环回收高分子材料的设计合成 方面取得重要进展，为塑料回收提供了新路径。 传统塑料在自然条件下不可降解导致了严重的环境污染问题，发展可循环、可降解的脂肪族聚酯材料被 视为解决塑料污染的有效途径之一。环内酯的开环聚合是制备脂肪族聚酯材料的重要方法，然而现有催 化剂体系面临活性低、毒性高、控制性差等挑战。 ...

Group 1 - The company, Huide Technology, plans to issue A-shares to raise up to 580 million yuan for a new polyurethane materials project with an annual production capacity of 305,000 tons [1][2][3] - The number of shares to be issued will not exceed 30% of the total share capital before the issuance, amounting to a maximum of 42,339,800 shares, targeting no more than 35 specific investors [1][3] - The fundraising project focuses on expanding the production capacity of leather polyurethane, polyester polyols, and polyurethane adhesives [2][3] Group 2 - The issuance is subject to approval from the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission, indicating some uncertainty [1][3] - Dongfang Securities, as the sponsor, believes the company has a clear main business and meets the issuance conditions, supporting the recommendation for the issuance [2][3] - The accounting firm, Lixin, confirmed the compliance of the fundraising purpose and the prudence of related accounting treatments [2]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on its market position and growth potential [5][8]. Core Insights - The company specializes in polyurethane materials and has over 20 years of technical expertise, focusing on three main product categories: polyurethane elastomers, polyester/polyether polyols, and other downstream derivatives [6][15]. - The company achieved revenue of 3.55 billion yuan in the first half of 2025, with a year-on-year growth of 6.98%, and a significant increase in net profit by 54.98% to 112 million yuan [6][25]. - The company is positioned as a national manufacturing champion in the CPU segment, with a market share of 35% in 2021, and is expanding its production capacity to enhance its competitive edge [6][10]. Summary by Sections 1. Business Overview - The company is a leading manufacturer of polyurethane raw materials and derivatives, with a diverse product range that includes elastomers, polyols, and other fine chemical materials [15][22]. - The company has established a robust R&D framework, holding over 520 patents and participating in the formulation of more than 20 national standards [17][19]. 2. Industry Context - China is a major producer and consumer of polyurethane, accounting for approximately 50% of global production, with the market expected to grow to 237.9 billion yuan by 2027 [6][40]. - The industry is characterized by increasing concentration, with major players dominating the upstream raw materials market, particularly in MDI and TDI [43][48]. 3. Competitive Advantages - The company has a leading position in the polyurethane sector, with ongoing capacity expansion projects that will significantly increase its production capabilities [6][10]. - The company is focusing on high-end product development and expanding its applications in various industries, including automotive and renewable energy [10][64]. 4. Financial Projections - The company is projected to achieve net profits of 202 million yuan, 233 million yuan, and 268 million yuan from 2025 to 2027, with corresponding P/E ratios of 21.7, 18.8, and 16.3 [8][29]. - Revenue is expected to grow steadily, with a forecasted increase in operating income from 7.48 billion yuan in 2025 to 9.39 billion yuan in 2027 [7][8].

Core Viewpoint - The inquiry from the Shanghai Stock Exchange regarding Huide Technology's A-share issuance for 2025 focuses on the underperformance of previous fundraising investments and the rationale behind the new capacity for polyurethane materials [1][2] Group 1: Previous Investment Performance - The underperformance of the previous "annual production of 180,000 tons of polyurethane resin and its modified products project" is attributed to intensified competition in the TPU market, leading to price competition among industry leaders [1] - The company has decided to postpone the construction of 35,000 tons of TPU capacity due to these market conditions [1] - The company's strategy at its Fujian plant focuses on differentiation, primarily producing general-purpose products with more cautious pricing, resulting in lower gross margins compared to the customized high-value-added products from the Shanghai Jinshan plant [1] Group 2: New Investment Justification - The new investment aims to add 125,000 tons of polyester polyol and 180,000 tons of polyurethane material capacity, justified by the expansive market potential in the polyurethane industry, with the domestic market expected to reach 202.1 billion yuan in 2024 [2] - The current utilization rates for the company's polyurethane capacity stand at 74.76% and nearly 85% for polyester polyol, both exceeding industry averages, indicating a clear capacity gap [2] - The company has established stable customer relationships, including with Shilian Group, and is expanding its market presence among domestic new energy vehicle manufacturers and in the North and Central China regions [2] - New products, including copolyester and polyol modified products, have completed pilot testing and are ready for full capacity utilization [2]

Core Viewpoint - The company, Yinuowei, has established itself as a leading player in the polyurethane industry, leveraging its technological advancements and strategic location in Zibo, Shandong Province, to enhance its competitive edge and market presence [1][2][3]. Group 1: Development Advantages - Zibo is recognized as a significant chemical hub in China, with a collaborative development of petroleum, fine chemicals, and new chemical materials, leading to the emergence of several leading enterprises [1]. - Yinuowei has achieved numerous accolades, including being a national high-tech enterprise and a national manufacturing single champion demonstration enterprise, showcasing its strong technological capabilities and industry recognition [1]. - The company has developed a diverse product matrix, including various types of polyurethane elastomers and high-end surfactants, with applications across multiple industries such as construction, textiles, and healthcare [1]. Group 2: Competitive Strengths - Yinuowei benefits from its proximity to major chemical enterprises, allowing for reduced raw material costs and efficient transportation methods, which enhance its competitive advantage [2]. - The company has positioned itself against world-class competitors, continuously improving its product quality and technological standards, which has solidified its market position [2]. - Yinuowei's polyurethane prepolymer is recognized as a national manufacturing single champion product, holding the largest market share globally, supported by high production efficiency and automation [2][4]. Group 3: Financial Performance - In the first three quarters of the year, Yinuowei reported revenue of 5.577 billion yuan, a year-on-year increase of 10.04%, and a net profit attributable to shareholders of 164 million yuan, reflecting a growth of 46.12% [4]. Group 4: Innovation and R&D - The company emphasizes technological innovation as a core competitive strategy, focusing on high-value-added products and aligning its R&D efforts with market demands [5]. - Yinuowei is investing in new product development and enhancing its R&D capabilities, with over 50% of its workforce holding bachelor's degrees or higher [5][6]. - The company is establishing various application laboratories to strengthen its product offerings and benchmark against leading international firms [6]. Group 5: Market Outlook - The polyurethane industry is expected to grow significantly due to its versatile applications, particularly in emerging sectors like new energy vehicles and green buildings [7]. - Yinuowei aims to capitalize on market opportunities and enhance its competitive position by focusing on safety and environmental responsibilities while driving technological upgrades [7]. - The company is actively expanding its international market presence, with established operations in Southeast Asia, the Middle East, and Europe, aiming to increase its overseas sales and internationalization efforts [8].

Core Viewpoint - The company, Yinuowei, has established a strong competitive advantage in the polyurethane sector over the past 20 years, particularly after its listing on the Beijing Stock Exchange, which has enhanced its credibility and market position [1][2]. Development Advantages - Yinuowei has become a benchmark enterprise in the chemical industry, recognized as a national high-tech enterprise and a key player in various national programs [2]. - The company has a diverse product matrix, including various types of polyurethane elastomers and high-end surfactants, with applications across multiple industries such as construction, textiles, and healthcare [2]. - Yinuowei benefits from its location in Zibo, a major chemical hub, allowing it to access raw materials efficiently and maintain competitive advantages in cost and safety [2][3]. Product Competitiveness - The company’s polyurethane prepolymers hold the title of national manufacturing champion, with a leading global market share due to high production efficiency and advanced technology [3]. - In the first three quarters of the year, Yinuowei achieved revenue of 5.577 billion yuan, a year-on-year increase of 10.04%, and a net profit of 164 million yuan, up 46.12% [3]. Innovation Empowerment - Yinuowei emphasizes technological innovation as a core strategy, focusing on high-value-added products and aligning with market demands [4]. - The company is actively enhancing its R&D capabilities, with over 50% of its workforce holding a bachelor's degree or higher, and plans to recruit 250 to 300 new graduates [4][5]. Market Outlook - The polyurethane industry is expected to grow significantly due to its versatility and applications in emerging sectors like electric vehicles and green construction [6]. - Yinuowei is expanding its international presence, with operations in Southeast Asia, the Middle East, and Europe, aiming to increase its overseas market share [6].

Core Points - The stock price of Huide Technology has increased by 85.07% this year, but it has recently experienced a decline of 21.45% over the last five trading days [2] - The company has been listed on the stock market since August 28, 2018, and specializes in the research, production, and sales of polyurethane resin products [2] - As of September 30, 2025, Huide Technology reported a revenue of 1.891 billion yuan, a year-on-year decrease of 9.87%, while the net profit attributable to shareholders increased by 0.17% to 76.1394 million yuan [2] Financial Performance - The stock price reached 26.77 yuan per share with a market capitalization of 3.795 billion yuan as of November 6 [1] - The company has a total of 11,800 shareholders, a decrease of 11.63% from the previous period, with an average of 11,760 circulating shares per shareholder, an increase of 13.16% [2] - Huide Technology has distributed a total of 250 million yuan in dividends since its A-share listing, with 98.6926 million yuan distributed over the past three years [3] Shareholder Information - The sixth largest circulating shareholder is the Zhongjia Specialized and New Quantitative Stock Selection Mixed Initiated A (021990), holding 382,700 shares as a new shareholder [3] - The main business revenue composition includes 67.05% from leather polyurethane, 15.83% from polyester polyol, 9.43% from polyurethane elastomers and raw liquids, 4.42% from other sources, and 3.27% from new energy components [2]

Core Viewpoint - The bio-based polyols market is projected to reach $2.2 billion by 2031, with a compound annual growth rate (CAGR) of 7.7% from 2025 to 2031, driven by sustainability and environmental concerns [3]. Market Overview - Bio-based polyols are derived from renewable natural resources like vegetable oils, offering advantages such as sustainability, low carbon footprint, and environmental friendliness compared to traditional petroleum-based polyols [1]. - The market is primarily divided into two categories: polyether polyols and polyester polyols, with polyether polyols dominating the market due to their superior reactivity and mechanical properties [1][10]. Raw Materials and Supply Chain - Key raw materials for bio-based polyols include soybean oil, castor oil, canola oil, and palm oil, sourced from major suppliers like ADM, IOI Group, and Wilmar, ensuring a stable supply chain [5]. - The average product gross margin for bio-based polyols typically ranges from 15% to 30% depending on product type and application [5]. Applications and Market Segmentation - The automotive sector is the largest application area for bio-based polyols, accounting for approximately 28.1% of the market share, followed by furniture, construction, and packaging industries [14]. - Polyether polyols represent about 78% of the market share, with castor oil polyols expected to hold around 38% of the market by 2024 due to their unique performance advantages [10]. Geographic Distribution - North America is the largest consumer market for bio-based polyols, holding a 42% share, supported by advanced technology and policy frameworks [16]. - The growth of the market is fueled by increasing global environmental awareness and the demand for sustainable materials, particularly in the automotive and construction sectors [16]. Market Drivers - The rising emphasis on reducing greenhouse gas emissions and achieving carbon neutrality is driving the adoption of bio-based polyols [17]. - Government policies promoting renewable chemicals and green materials are facilitating industry growth [17]. - Continuous demand for polyurethane foams in various sectors is propelling the bio-based polyols market [17]. Market Challenges - Production costs for bio-based polyols are generally higher than those for petroleum-based alternatives, limiting widespread adoption [19]. - Raw material price volatility due to climate change and crop yield fluctuations adds uncertainty to production costs [20]. - Performance consistency issues compared to traditional petroleum products may hinder their use in high-end applications [20]. - The supply chain and infrastructure for bio-based chemicals are still underdeveloped in some regions, affecting market expansion [21].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 上海汇得科技股份有限公司（以下简称"公司"或"汇得科技"）根据上海证券交 易所《上市公司自律监管指引第 3 号行业信息披露：第十三号—化工》及相关要求，现 将公司 2025 年前三季度主要经营数据披露如下： 一、主要产品的产量、销售量及收入实现情况 | 主要产品 | 2025 年 | 1-9 月 | 2025 年 | 1-9 月 | 2025 年 1-9 月 | | --- | --- | --- | --- | --- | --- | | | 产量（吨） | | 销售量（吨） | | 营业收入（万元） | | 革用聚氨酯 | | 132,028.79 | | 133,897.01 | 123,480.49 | | 弹性体及原液 | | 15,252.28 | | 15,121.60 | 17,428.11 | | 聚酯多元醇 | | 27,194.63 | | 27,740.87 | 31,127.41 | 证券代码：603192 证券简称：汇得科技 公告编号：2025- ...