关于本次募投新增12.5万吨聚酯多元醇和18万吨聚氨酯新材料产能的合理性，公司表示，聚氨酯行业市 场空间广阔，2024年国内市场规模达2,021亿元，汽车内饰、体育用品等领域需求快速增长。公司现有 革用聚氨酯产能利用率为74.76%、聚酯多元醇产能利用率近85%，均高于行业水平，存在明确产能缺 口。此外，公司已积累世联集团等稳定客户，正拓展国内新能源车企及华北、华中区域市场；新产品共 聚酯与醇解改性多元醇已完成中试，具备充分产能消化支撑。公司现有产能利用率已处于较高水平 （2024年革用聚氨酯产能利用率为74.76%），且产销率接近100%。 南方财经11月26日电，汇得科技2025年度向特定对象发行A股股票遭上交所问询，核心围绕前次募投效 益不及预期原因、本次30.5万吨聚氨酯新材料项目新增产能合理性两大关键问题。 针对前次"年产18万吨聚氨酯树脂及其改性体项目"效益未达预期，公司回应称，核心原因是TPU市场竞 争加剧，行业头部企业扩产导致"以价换量"，公司主动暂缓3.5万吨TPU产能建设；同时福建厂区采取 差异化战略，产品以通用化为主，定价更审慎，毛利率低于上海金山厂区的定制化高附加值产品，双重 因素导致 ...

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- ...

Core Viewpoint - The meeting highlighted the innovation and development of the polyurethane industry in Zibo, showcasing its leading advantages and the establishment of a complete industrial chain [1][3]. Group 1: Industry Development - Zibo is one of the earliest regions in China to introduce polyurethane raw material production technology, with a leading domestic technical level and several leading enterprises such as Sinochem Dongda, Yinuowei, and Longhua New Materials [3]. - The Zibo polyurethane industry chain is comprehensive, covering various types of polyether polyols, polyester polyols, polymer polyols, polyurethane compounds, prepolymers, thermoplastic elastomers, and downstream applications like pipeline insulation materials and plastic track engineering services [3]. Group 2: Economic Performance - In the first half of 2025, 24 large-scale polyurethane enterprises in Zibo achieved a total operating income of 17.6 billion yuan [3]. Group 3: Future Plans - Zibo plans to implement five major projects focusing on expanding advantages, extending the industrial chain, promoting key projects, enhancing innovation capabilities, and building industry brand [4].

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 - Shanghai Huide Science & Technology Co., Ltd. is seeking to issue A-shares to specific investors, with the underwriting by Dongfang Securities Co., Ltd. The company has met the necessary legal and regulatory requirements for this issuance [1][8]. Group 1: Company Overview - Shanghai Huide Science & Technology Co., Ltd. was established on June 25, 2007, and is headquartered in Jinshan District, Shanghai. The company specializes in the research, production, and sales of polyurethane materials [2][3]. - The registered capital of the company is approximately 141.13 million yuan [2]. - The main products include polyurethane resin, polyurethane elastomers, and polyester polyols, which are used in various industries such as automotive manufacturing and new energy [3][18]. Group 2: Financial Data - As of March 31, 2025, the total assets of the company amounted to 2.25 billion yuan, while total liabilities were approximately 675 million yuan [4]. - The company reported a net profit of approximately 19.34 million yuan for the first quarter of 2025, with a year-on-year increase compared to previous years [4]. - The average annual net profit attributable to shareholders over the last three years was approximately 83.45 million yuan, with total cash dividends amounting to about 98.69 million yuan during the same period [3][4]. Group 3: Issuance Details - The company plans to raise up to 580 million yuan through this issuance, with the funds primarily allocated to a project for producing 305,000 tons of polyurethane new materials annually [17][18]. - The issuance will be directed towards no more than 35 specific investors, including qualified institutional investors and natural persons [17][12]. - The issuance price will not be lower than 80% of the average trading price over the 20 trading days prior to the pricing date [12][13]. Group 4: Regulatory Compliance - The underwriting institution, Dongfang Securities, has conducted thorough due diligence and confirmed that the company meets all necessary conditions for the issuance as per the Company Law and Securities Law [8][9]. - The company has adhered to all relevant regulations and has not engaged in any activities that would disqualify it from issuing shares [10][11]. - The company is not listed as a dishonest entity under the relevant memorandums regarding joint punishment for dishonest enterprises [19].

Core Viewpoint - Shanghai Huide Science & Technology Co., Ltd. is applying for a specific issuance of A-shares to raise funds for its polyurethane new materials project, with a total fundraising amount not exceeding RMB 580 million [12][15]. Company Overview - Shanghai Huide Science & Technology Co., Ltd. was established on June 25, 2007, with a registered capital of RMB 141.132667 million [1]. - The company specializes in the research, production, and sales of polyurethane series products, including synthetic leather polyurethane, polyurethane elastomers, and polyester polyols [3][4]. Main Business - The main business of the company focuses on polyurethane products, particularly synthetic leather polyurethane, which is a key raw material for the synthetic leather industry [3][4]. - The company emphasizes technological innovation and product development, aiming to provide comprehensive solutions combining products and technology to meet customer needs [3]. Financial Data - As of March 31, 2025, the total assets of the company were RMB 2.2508343 billion, and total liabilities were RMB 675.1484 million [5]. - The company's revenue for the first quarter of 2025 was RMB 610.6983 million, with a net profit of RMB 19.3376 million [6]. - The operating profit for the same period was RMB 20.5180 million, showing a significant decrease compared to previous years [6]. Issuance Details - The issuance will be directed towards no more than 35 specific investors, including securities investment funds, securities companies, and qualified foreign institutional investors [12][22]. - The shares will have a par value of RMB 1.00 each, and the final issuance price will be determined based on the average trading price of the company's shares over the 20 trading days prior to the issuance date [12][14]. Use of Proceeds - The proceeds from the issuance will be used for the construction of a new polyurethane materials project with an annual production capacity of 305,000 tons [15][17]. - If the actual net proceeds are less than the planned investment, the company will adjust the investment projects accordingly [15]. Risk Factors - The company faces risks related to raw material price fluctuations, as the cost of key materials constitutes about 60% of its main business costs [8]. - There are also risks associated with the demand in downstream industries, particularly in the synthetic leather sector, which is influenced by macroeconomic conditions and consumer trends [8].