国投证券股份有限公司 关于厦门嘉戎技术股份有限公司 调整部分募投项目投资结构和募投项目延期的核查意见 根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》《深 圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 简称"国投证券"、"保荐机构"）作为厦门嘉戎技术股份有限公司（以下简称 "嘉戎技术"或"公司"）首次公开发行股票并在创业板上市的保荐机构，负责 嘉戎技术上市后的持续督导工作，对嘉戎技术调整部分募投项目投资结构和募投 项目延期的事项进行了核查，核查情况如下： 一、募集资金基本情况 单位：万元 | 序 | | | 项目投资 | 拟投入募 | 截至期末累 | | | --- | --- | --- | --- | --- | --- | --- | | | | 项目名称 | | | 实施主体 | | | 号 | | | 总额 | 集资金 | 计投入金额 | | | | | | | | 嘉戎技术、优 | | | | | | | | 尼索 | | | | DTRO | 膜组件产能扩充及特种 | | | | 嘉戎技术、 | 优 分离膜组件产业化项目 尼索 嘉戎技术、河 南嘉戎 经中 ...

上海唯赛勃新材料股份有限公司 报告期内，实现营业收入 18,504.93 万元，较上年同期上升 0.27%；实现 营业利润 1,511.32 万元，较上年同期下降 16.82%；归属于母公司所有者的净 利润 1,501.11 万元，较上年同期下降 19.30%。 公司高度重视投资者回报，并已建立了长期、稳定、持续的股东分红回报 机制，充分保障全体股东的基本权益。在综合考虑公司实际情况、发展战略以 及行业发展趋势的基础上，在符合相关法律法规及《公司章程》的利润分配政 策的前提下，兼顾股东利益，让投资者切实享受公司发展成果，提升广大投资 者的获得感。 二、落实强研发经营策略，持续提升技术创新能力 评估报告 上海唯赛勃新材料股份有限公司（以下简称"公司"）为践行"以投资者 为本"的上市公司发展理念，维护公司全体股东利益，增强投资者信心，促进 公司健康可持续发展，制定了 2025 年度"提质增效重回报"行动方案。以进一 步提升公司经营效率，强化市场竞争力，保障投资者权益，树立良好的资本市 场 形 象 。 具 体 情 况 详 见 公 司 2025 年 4 月 29 日 于 上 海 证 券 交 易 所 网 站 （www. ...

Investment Rating - The report provides a standard investment rating for the chemical industry, indicating a positive outlook for specific sectors within the industry [5]. Core Insights - The report highlights the impact of the explosion at Kanto Denka's facility in Japan, which is expected to create opportunities for domestic electronic gas suppliers as Kanto Denka holds a 90% market share in nitrogen trifluoride production in Japan [6][13]. - The first World Humanoid Robot Games held in Beijing is seen as a catalyst for the robotics industry's development, showcasing technological innovation and attracting talent [6][14]. - The report emphasizes the structural optimization of supply in the chemical sector, suggesting a focus on sectors with significant elasticity and competitive advantages, such as organic silicon and membrane materials [6][15]. Industry Performance - The report notes that during the week of August 11 to August 15, 2025, the CSI 300 index rose by 2.37%, while the Shenwan Basic Chemical Index increased by 2.46%, outperforming the market slightly [6][18]. - The top-performing sub-sectors included modified plastics (up 12.29%) and fluorochemicals (up 5.81%), while the worst performers were civil explosives (down 3.02%) and compound fertilizers (down 1.81%) [6][19]. Price Trends - Key products that saw price increases included hydrochloric acid (up 15.38%) and propylene (up 4.00%), while notable declines were observed in butanone (down 7.16%) and liquid ammonia (down 5.89%) [6][26]. - The report tracks price differentials, with significant increases in the propylene-propane differential (up 33.47%) and decreases in the bisphenol A-phenol differential (down 26.57%) [6][28]. Investment Recommendations - The report suggests focusing on sectors that may benefit from supply-side reforms, particularly organic silicon, membrane materials, and dye sectors, with recommended companies including Hoshine Silicon Industry and Zhejiang Longsheng [6][15]. - It also highlights the growing demand for health additives and sugar substitutes driven by new consumer trends, recommending companies that emphasize technological and product differentiation [6][16][17].

Core Viewpoint - The company is accelerating its business layout by acquiring a 15% stake in China National Building Material (Shanghai) Aviation Technology Co., Ltd. for 147 million yuan and increasing its capital by 200 million yuan, aiming to enhance its presence in the civil aviation composite materials sector and support national strategic projects for domestic large aircraft [1][2][3]. Business Acquisition - The company plans to acquire a 15% stake in China National Building Material Aviation for 147 million yuan, increasing its ownership to 40% after the transaction [2]. - Following the acquisition, the company and its partner will inject a total of 500 million yuan into the aviation company, with the company's contribution being 200 million yuan [2]. - The registered capital of the aviation company will increase from 1.05 billion yuan to 1.55 billion yuan post-capital increase [2]. Financial Performance - The company expects a significant increase in net profit for the first half of 2025, projecting a range of 840 million to 1.04 billion yuan, representing a year-on-year growth of 80.77% to 123.81% [1][5]. - The company reported a revenue of 23.98 billion yuan in 2024, a decrease of 7.4% year-on-year, with a net profit of 890 million yuan, down 59.9% [5]. Research and Development - The company is committed to innovation, with R&D expenditures of 1.312 billion yuan in 2024, accounting for 5.47% of its revenue [1][3]. - The number of R&D personnel increased from 2,528 in 2023 to 2,754 in 2024, representing 11.91% of the workforce [3]. Market Position and Strategy - The company focuses on special fibers, composite materials, and new energy materials, maintaining a strong market position in wind power equipment manufacturing and new energy vehicles [5]. - The company aims to expand its overseas market presence, with foreign revenue accounting for approximately 9.95% of total revenue as of 2024 [5][6]. Stock Performance - Since the beginning of 2025, the company's stock price has increased by over 130%, with a closing price of 29.71 yuan per share and a total market capitalization of 49.86 billion yuan as of July 28 [6].

Group 1: Financial Performance - The company's gross profit margin improved due to ongoing production line upgrades and enhanced production efficiency [1] - Supply chain management optimization and domestic material procurement significantly contributed to cost reduction and efficiency gains [1] Group 2: Capacity and Market Demand - Current production capacity can be further enhanced based on equipment upgrades, with infrastructure supporting additional capacity expansion [1] - The company can dynamically adapt its production scale to meet market demand increases, ensuring it does not become a bottleneck for growth [1] Group 3: Competitive Advantages - The company has achieved international advanced levels in product technology, tailored solutions to local application scenarios, and maintains a comprehensive service network [2] - Strong understanding of domestic industry policies and market characteristics allows for precise market trend identification and rapid product iteration [2] Group 4: Subsidiary Performance - The subsidiary, Daziran, leverages unique material properties to create differentiated competitive advantages and has built a stable customer base [3] - Daziran's introduction of a full-home customization brand enhances customer value and brand influence, aiming for stable revenue in 2024 despite challenging operating conditions [3]