目前，链上企业延链成群，淄博高新区获批建设"国家火炬淄博高新区聚氨酯特色产业基地""淄博聚氨酯产业集群"入围山东省"十强"产业"雁阵形"集群。 中化东大(淄博)、一诺威聚氨酯分别作为中国聚氨酯工业协会多元醇、铺装材料专业委员会主任委员单位，领导国内同行业企业共同发展。 淄博聚氨酯产业链条完备，形成从各类聚醚多元醇、聚酯多元醇、聚合物多元醇到聚氨酯组合料、聚氨酯预聚体、热塑性弹性体，再到下游管道保温材 料、夹心板材、塑胶跑道工程施工服务等一条完整的产业链条。拥有国家级专精特新小巨人企业2家，国家级制造业单项冠军企业3家。2025年上半年，全 市24家聚氨酯规模以上企业实现营业收入176亿元。 代丽丽表示，淄博是国内最早引进聚氨酯原材料生产技术的地区，产业发展早、技术水平国内领先，涌现出了以中化东大、一诺威、隆华新材为代表的诸 多领军企业。 齐鲁晚报.齐鲁壹点张文珂 8月26日，淄博市人民政府新闻办公室召开"产业链上的山东好品牌"淄博聚氨酯产业链记者见面会，邀请市传统产业发展中心纪委书记代丽丽，中化东大 (淄博)有限公司党委副书记、纪委书记胡永贺，山东一诺威聚氨酯股份有限公司总经理李健，山东隆华新材（301149 ...

Company Overview - Shanghai Huide Science & Technology Co., Ltd. is located at 180 Chunhua Road, Jinshanwei Town, Jinshan District, Shanghai, and was established on June 25, 2007 [17][19] - The company specializes in the research, production, and sales of polyurethane resin products, primarily focusing on synthetic leather polyurethane (PU slurry), polyurethane elastomers, thermoplastic polyurethane (TPU), polyester polyols, and polyurethane products for new energy batteries [17][19] - The registered capital of the company is 141.132667 million yuan [17] Share Issuance Plan - The company plans to issue shares to specific investors, subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission (CSRC) [4][10] - The maximum number of shares to be issued is 42.3398 million, which would increase the total share capital to 183.4725 million shares [6][10] - The funds raised will be used for polyurethane new material projects, with all investors required to subscribe in cash [4][10] Shareholder Structure - As of March 31, 2025, the controlling shareholder is Huide Group, holding 35% of the total shares, while the actual controllers, Qian Jianzhong and Yan Qun, collectively control 69.08% of the shares [18][19] - The company has a total of 14,115.37 million shares, with 98.24% being unrestricted shares [18] Industry Context - The company operates within the chemical raw materials and chemical products manufacturing industry, specifically in the fine chemicals sector, focusing on high polymer materials [20][21] - The polyurethane industry is guided by national macro policies and self-regulatory management by industry associations, with key regulatory bodies including the National Development and Reform Commission and the Ministry of Ecology and Environment [21][23] - The fine chemicals industry is recognized as a strategic focus for development in China, with increasing support from government policies and funding aimed at enhancing the sector's growth and innovation capabilities [26]

Core Viewpoint - The stock price of Shanghai Huide Technology Co., Ltd. has experienced significant fluctuations, with a cumulative increase of 48.06% from May 20 to May 26, 2025, leading to a warning about potential investment risks due to abnormal trading behavior [2][5]. Stock Trading Abnormalities - The stock price showed a cumulative increase of 48.06% during the period from May 20 to May 26, 2025, with four days closing at the daily limit price [2][5]. - The stock's dynamic price-to-earnings ratio is 47.28 times, while the rolling price-to-earnings ratio is 28.31 times, significantly higher than the average rolling price-to-earnings ratio of 16.73 times for the polyurethane industry [2][5]. Company Performance - In 2024, the company achieved operating revenue of 2,670,922,867.59 yuan, a year-on-year decrease of 1.51% [2][5]. - For the first quarter of 2025, the company reported operating revenue of 610,698,265.88 yuan, reflecting a year-on-year decline of 8.92% [2][5]. Business Operations - The company specializes in the research, production, and sales of polyurethane resin products, with no significant changes in its main business operations [5]. - The company’s subsidiary, Jiangsu Huide New Materials Co., Ltd., is in the process of constructing a project with an annual production capacity of 600,000 tons of polyurethane new materials, currently in the administrative approval stage [3][5]. Risk Factors - The company acknowledges potential risks related to the new production capacity project, which may not yield expected benefits due to market demand fluctuations and increased competition [3][5]. - The company has confirmed that there are no undisclosed significant matters that could affect stock trading prices [4][6].

Core Viewpoint - The stock of Huide Technology has experienced a significant increase of 48.06% from May 20 to May 26, indicating high volatility and a valuation above industry levels [1] Company Overview - Huide Technology specializes in the research, production, sales, and technical services of polyurethane resin products, with key products including polyurethane (PU) slurry for synthetic leather, polyurethane elastomer raw materials, thermoplastic polyurethane elastomers (TPU), polyester polyols, and polyurethane materials for new energy batteries [1] - The main application areas for these products are automotive interiors, furniture, textiles, footwear, packaging, and electronic materials [1] Project Development - The wholly-owned subsidiary, Jiangsu Huide New Materials Co., Ltd., is responsible for the "Annual Production of 600,000 Tons of Polyurethane New Materials Project," which has secured construction land and is currently in the administrative approval stage [1] - Substantial construction has not yet commenced, and the project is not expected to significantly impact the company's capacity and daily operations in the short term [1]

Investment Rating - The report assigns an "Accumulate" rating to the company, marking the first coverage of the stock [1]. Core Views - The company is a leading manufacturer of polyurethane raw materials and other downstream derivative products in China, with a focus on research, production, and sales [5]. - The company achieved a revenue of 68.57 billion yuan in 2024, representing a year-on-year growth of 8.92%, and a net profit attributable to shareholders of 1.77 billion yuan, up 38.72% year-on-year [5]. - The report forecasts revenue growth for the company, projecting revenues of 75.51 billion yuan in 2025, 83.67 billion yuan in 2026, and 92.74 billion yuan in 2027, with net profits of 1.83 billion yuan, 2.14 billion yuan, and 2.38 billion yuan respectively [4][5]. Financial Summary - The company’s revenue and profit forecasts for the upcoming years are as follows: - 2023A: Revenue 62.96 billion yuan, Net Profit 1.27 billion yuan - 2024A: Revenue 68.57 billion yuan, Net Profit 1.77 billion yuan - 2025E: Revenue 75.51 billion yuan, Net Profit 1.83 billion yuan - 2026E: Revenue 83.67 billion yuan, Net Profit 2.14 billion yuan - 2027E: Revenue 92.74 billion yuan, Net Profit 2.38 billion yuan [4][6]. - The company’s earnings per share (EPS) is projected to be 0.63 yuan in 2025, increasing to 0.82 yuan by 2027 [4][6]. Market Position - The company holds a competitive edge in the polyurethane industry, with its CPU products recognized as a national manufacturing champion and its combination ether products as a provincial champion in Shandong [5]. - The domestic production capacity for polyether polyols is expected to grow at a compound annual growth rate (CAGR) of 12.5% over the next five years, indicating a robust market environment [5].

Summary of the Conference Call on Wanhua Chemical and the Polyurethane Industry Company Overview - **Company**: Wanhua Chemical - **Industry**: Polyurethane Key Points and Arguments Market Position and Growth Projections - Wanhua Chemical's MDI market share is expected to increase to approximately 50% within three years, with projections for MDI market share rising from 28% to 35% in the next few years, and TDI market share expected to grow from over 40% to around 50% in three years [1][2] - The business segments of polyether polyols and polyester polyols are anticipated to maintain double-digit growth alongside the expansion of MDI and TDI [1][2] Cost Advantages and Production Capacity - Wanhua Chemical has a significant cost advantage in the MDI sector, with production costs lower than peers by 1,500 to 2,000 RMB per ton, attributed to a well-established industrial chain and by-product processing capabilities [1][3] - Current MDI capacity stands at 3.8 million tons, with a 700,000-ton upgrade project in Fujian expected to be completed by Q2 2026, raising capacity to 4.5 million tons per year [1][6] - TDI capacity is currently 1.11 million tons, projected to reach 1.44 million tons by the end of 2024 with the commissioning of a 330,000-ton facility in Fujian [1][6] Price Trends and Market Dynamics - In Q1 2025, pure MDI prices fell to 17,450 RMB per ton, down from 18,700 RMB in Q1 2024, with TDI prices at 11,800 RMB per ton, reflecting a 16% year-on-year decline [1][5] - The global TDI market is undergoing a transformation, with foreign companies exiting and domestic firms expanding capacity, leading to an increase in supply and a decrease in prices [1][7] Financial Performance - Wanhua Chemical reported a 6.7% year-on-year decrease in revenue for Q1 2025, totaling 43 billion RMB, and a 25% decline in net profit attributable to shareholders, amounting to 3.1 billion RMB [1][11] - The company is expected to face pressure in Q2 2025 due to macroeconomic conditions, despite long-term growth potential in the polyurethane business [1][11][17] Emerging Demand and Future Growth Areas - Future demand for polyurethane products is expected to be driven by applications in formaldehyde-free boards, photovoltaic frames, and automotive interiors, with significant growth in the demand for MDI from formaldehyde-free boards increasing from less than 50,000 tons in 2020 to 230,000 tons in 2023 [1][14] - The company is capturing new downstream demand areas, adding approximately 200,000 tons in sales annually [1][14] Valuation and Economic Considerations - The petrochemical business is suggested to be valued based on price-to-book (PB) ratios, with comparisons to other projects indicating a favorable valuation [1][15] - Current macroeconomic conditions are impacting short-term profitability, but historical data suggests that Wanhua can capture new demand and grow when the macro environment improves [1][17] Additional Important Insights - The prices of hard and soft foam polyurethane products are closely linked to macroeconomic conditions, with no significant improvement trends observed [1][9][12] - The decline in HDI prices, currently between 25,000 and 29,000 RMB per ton, is influenced by the recovery of overseas supply and domestic MDI production [1][10]

Group 1 - The core viewpoint of the article highlights the approval of an environmental impact assessment for Guangdong Xingbang New Materials Co., Ltd.'s project to produce 80,000 tons of polyester polyols and 100,000 tons of TPU annually, with a total investment of approximately 399.99 million yuan [1] - The project will utilize a process involving the esterification of ethylene glycol, 1,4-butanediol, and adipic acid to produce polyester polyols, with 23,919 tons being sold externally and the remaining 56,081 tons used to produce TPU through various processing methods [1] - Xingbang New Materials, established in 2018, has received multiple honors such as "National High-tech Enterprise" and "National Specialized and New Small Giant Enterprise," and is focused on the R&D and production of TPU materials [1] Group 2 - The company currently has an annual production capacity exceeding 40,000 tons of TPU and 40,000 tons of polyester polyols, with applications across various industries including footwear, electronics, cables, high-end medical, and military sectors [1] - The company's leading product, electronic sheath TPU, holds over 40% market share nationally, while its apparel and elastic band TPU commands over 60% market share, making it the industry leader in both categories [1]

上海汇得科技股份有限公司 关于公司 2025 年一季度主要经营数据的公告 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 年第一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 1-3 月 | 2025 年 | 1-3 月 | 2025 年 1-3 月 | | --- | --- | --- | --- | --- | | | 产量（吨） | 销售量（吨） | | 营业收入（万元） | | 革用聚氨酯 | 40,031.88 | | 40,535.88 | 39,190.23 | | 弹性体及原液 | 4,775.71 | | 4,804.44 | 5,454.62 | | 聚酯多元醇 | 8,762.11 | | 8,796.12 | 10,377.71 | 二、主要产品和原材料的价格变动情况 证 ...

Core Viewpoint - The company, Huide Technology, reported a slight decline in revenue for 2024, but significant growth in net profit, indicating a strong operational performance despite market challenges [10][12]. Company Overview - Huide Technology specializes in the research, production, and sales of polyurethane materials, which are widely used in various industries including automotive, electronics, and construction [4][5]. - The company operates production facilities in Shanghai, Fujian, and Zhejiang, with a focus on direct sales to customers in economically developed regions [5][6]. Financial Performance - In 2024, the company achieved operating revenue of 2.67 billion yuan, a decrease of 1.51% year-on-year, while the main business revenue grew by 1.17% to 2.55 billion yuan [10]. - The net profit attributable to shareholders reached 124.56 million yuan, marking a substantial increase of 95% compared to the previous year [10][12]. - The gross profit margin for the main business improved to 14.24%, an increase of 2.89 percentage points year-on-year [10]. Product and Market Dynamics - The demand for traditional polyurethane applications, such as footwear and apparel, has declined, while new markets like automotive interiors and eco-friendly products are experiencing growth [5][6]. - The company reported a 39.88% increase in sales volume for elastic body and raw liquid products, reaching 21,300 tons in 2024, driven by the recognition of its thermoplastic polyurethane (TPU) products [7][10]. - The polyester polyol business also saw an 11.94% increase in sales volume, totaling 34,500 tons, attributed to the company's R&D capabilities and product optimization [7][10]. Dividend Distribution - The company plans to distribute a cash dividend of 3.75 yuan per 10 shares (including tax) for the 2024 fiscal year, with a total payout amounting to approximately 52.93 million yuan, representing 42.50% of the net profit [3][10][12]. Strategic Initiatives - The company is focusing on product innovation and supply chain integration to enhance competitiveness in the polyurethane industry, which is expected to become more intense [4][6]. - New business areas, such as polyurethane components for new energy batteries and adhesive products for automotive interiors, are developing healthily, with 26 new large customers acquired during the reporting period [8][10].

山东省淄博市高新区宝山路 5577 号 山东一诺威聚氨酯股份有限公司 ShanDong Inov Polyurethane Co., Ltd. 素，审慎作出投资决定。 保荐机构（主承销商） （注册地址：苏州工业园区星阳街5号） 1-1-1 证券简称： 一诺威 证券代码： 834261 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 山东一诺威聚氨酯股份有限公司招股说明书 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利 能力、投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属 虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行 负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后 因发行人经营与收益变化或者股票价格变 ...