Group 1 - The core viewpoint of the news is that Jianbang Co., Ltd. experienced a decline in stock price and significant changes in financing activities on November 18, with a net financing outflow of 317.31 million yuan [1] - On November 18, Jianbang Co., Ltd. had a trading volume of 62.26 million yuan, with a financing buy-in of 4.00 million yuan and a financing repayment of 7.18 million yuan, resulting in a total financing balance of 98.07 million yuan, which accounts for 6.17% of the circulating market value [1] - The company is engaged in the research, production, and sales of polymer material environmental additives, with its main business revenue composition being 50.12% from Saike, 23.73% from DBM/SBM, 14.67% from titanate, 8.93% from acetylacetone salt, and 2.56% from other sources [1] Group 2 - As of September 30, Jianbang Co., Ltd. had 15,400 shareholders, an increase of 0.12% from the previous period, with an average of 4,042 circulating shares per person, which is an increase of 55.56% [2] - For the period from January to September 2025, Jianbang Co., Ltd. reported operating revenue of 469 million yuan, a year-on-year decrease of 9.45%, and a net profit attributable to the parent company of 107 million yuan, down 17.71% year-on-year [2] - The company has distributed a total of 192 million yuan in dividends since its A-share listing [3]

Core Insights - On October 28, Jianbang Co., Ltd. experienced a stock price increase of 0.47%, with a trading volume of 80.32 million yuan [1] - The company reported a financing buy-in amount of 9.38 million yuan and a net financing buy of 3.41 million yuan on the same day [1] - As of October 28, the total financing and securities lending balance for Jianbang Co. was 94.91 million yuan, representing 5.99% of its market capitalization, indicating a high level of financing activity [1] Financing and Securities Lending - On October 28, Jianbang Co. had a financing buy-in of 9.38 million yuan, with a financing balance of 94.91 million yuan, which is above the 90th percentile of the past year [1] - There were no securities lent or repaid on the same day, with a securities lending balance of 0.00 yuan, also indicating a high level of inactivity in this area [1] Company Overview - Jianbang Co., Ltd. is located in Jining, Shandong Province, and was established on June 10, 2014, with its listing date set for July 5, 2024 [1] - The company specializes in the research, production, and sales of environmentally friendly additives for polymer materials, classified as a high-tech enterprise [1] - The main revenue sources for Jianbang Co. include: Saike (50.12%), DBM/SBM (23.73%), titanium ester (14.67%), acetylacetone salt (8.93%), and others (2.56%) [1] Financial Performance - As of September 30, 2025, Jianbang Co. reported a total revenue of 469 million yuan, a year-on-year decrease of 9.45%, and a net profit attributable to shareholders of 107 million yuan, down 17.71% year-on-year [2] - The number of shareholders increased to 15,400, with an average of 4,042 circulating shares per person, reflecting a 55.56% increase from the previous period [2] Dividend and Institutional Holdings - Since its A-share listing, Jianbang Co. has distributed a total of 192 million yuan in dividends [3] - As of September 30, 2025, the sixth largest circulating shareholder is Southern Zhihong Mixed A (020645), which holds 924,600 shares as a new shareholder [3]

证券代码：603285 证券简称：键邦股份 公告编号：2025-048 山东键邦新材料股份有限公司 2025 年 1-9 月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法律责任。 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》有关规定和披露要求，现将山东键邦新材料股份有限公司（以下简 称"公司"）2025年1-9月主要经营数据披露如下： 1 （一）主要产品价格波动情况 类别 平均单价（万元/吨） 同比变化幅度（%） 2025 年 1-9 月 2024 年 1-9 月 赛克 1.13 1.42 -20.42 钛酸酯 1.78 2.56 -30.47 DBM/SBM 3.07 3.16 -2.85 乙酰丙酮盐 1.54 1.77 -12.99 | 类别 | | 平均采购单价（万元/吨） | | | 同比变化幅度（%） | | --- | --- | --- | --- | --- | --- | | | 2025 年 1-9 | 月 | 2024 年 | 1-9 月 | | | 环氧乙 ...

Summary of Key Points Core Viewpoint - The financial performance and trading activity of Jianbang Co., Ltd. indicate a challenging period, with a notable decline in revenue and net profit, alongside high financing levels. Group 1: Financial Performance - For the first half of 2025, Jianbang Co., Ltd. reported operating revenue of 307 million yuan, a year-on-year decrease of 15.37% [2] - The net profit attributable to shareholders was 69.66 million yuan, reflecting a year-on-year decline of 27.72% [2] Group 2: Shareholder and Trading Activity - As of June 30, the number of shareholders for Jianbang Co., Ltd. was 15,400, a decrease of 29.67% compared to the previous period [2] - The average number of circulating shares per shareholder increased by 42.18% to 2,598 shares [2] Group 3: Financing and Margin Trading - On October 15, Jianbang Co., Ltd. experienced a financing buy-in of 5.74 million yuan, with a net financing outflow of 9.32 million yuan [1] - The total financing and margin trading balance reached 93.44 million yuan, accounting for 5.69% of the circulating market value, which is above the 90th percentile level over the past year [1] Group 4: Company Overview - Jianbang Co., Ltd. is located in Jining, Shandong Province, and was established on June 10, 2014, with a listing date set for July 5, 2024 [1] - The company specializes in the research, production, and sales of environmentally friendly additives for polymer materials, with its main revenue sources being: Saike (50.12%), DBM/SBM (23.73%), titanium ester (14.67%), and acetylacetone salt (8.93%) [1] Group 5: Dividend Information - Since its A-share listing, Jianbang Co., Ltd. has distributed a total of 192 million yuan in dividends [3]

Group 1 - The core viewpoint of the news is that Jianbang Co., Ltd. has experienced a decline in stock performance and financial metrics, indicating potential challenges in its operations and market position [1][2]. - On September 25, Jianbang's stock fell by 0.08%, with a trading volume of 96.22 million yuan. The financing data shows a net financing outflow of 2.99 million yuan for the day, with a total financing balance of 113 million yuan, representing 7.00% of the circulating market value [1]. - The company has a high financing balance, exceeding the 90th percentile level over the past year, indicating a significant reliance on financing [1]. - As of June 30, the number of shareholders decreased by 29.67% to 15,400, while the average circulating shares per person increased by 42.18% to 2,598 shares [2]. Group 2 - For the first half of 2025, Jianbang reported operating revenue of 307 million yuan, a year-on-year decrease of 15.37%, and a net profit attributable to shareholders of 69.66 million yuan, down 27.72% year-on-year [2]. - Since its A-share listing, Jianbang has distributed a total of 192 million yuan in dividends [3].

Group 1 - The PVC additive products, which have been in a long-term slump, are experiencing a strong rebound due to multiple factors, with expectations for a reversal in market conditions [1] - As of September 9, the prices of acetylacetone and acetylacetone calcium have increased by 30% and 46% respectively compared to their lowest prices on June 30, indicating a significant price recovery [1] - The acetylacetone industry is undergoing dual changes of supply disruption and steady demand growth, with prices having declined since 2021, leading to some companies exiting the market [1][2] Group 2 - The global acetylacetone market was valued at approximately $338 million in 2018 and is projected to grow to $445 million by 2025, benefiting from expanding application areas [2] - Current prices of acetylacetone and acetylacetone calcium are at historical low percentiles, suggesting significant potential for price increases [2] - Key domestic producers of acetylacetone include Zhejiang Weirong, Jianbang Co., Xinhua Pharmaceutical, and Guangxi Jinyuan, while major overseas suppliers include BASF from Germany [1][2] Group 3 - Jianbang Co. has seen its stock price rise significantly, and the company is prioritizing investment in new environmental additive production projects, with completion expected by April 2028 [3] - The company has received environmental approval for its new materials production base, indicating progress in its expansion plans [3] - The PVC environmental additive industry is expected to undergo a consolidation phase, with high-cost capacities exiting the market due to price pressures [5][6]

Group 1 - On September 10, Jianbang Co., Ltd. experienced a 10.00% increase in stock price with a trading volume of 591 million yuan [1] - The financing data on the same day showed a financing purchase amount of 72.28 million yuan and a financing repayment of 85.51 million yuan, resulting in a net financing outflow of 13.23 million yuan [1] - As of September 10, the total margin balance for Jianbang Co., Ltd. was 109 million yuan, accounting for 5.62% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of June 30, the number of shareholders for Jianbang Co., Ltd. was 15,400, a decrease of 29.67% from the previous period, while the average circulating shares per person increased by 42.18% to 2,598 shares [2] - For the first half of 2025, Jianbang Co., Ltd. reported operating revenue of 307 million yuan, a year-on-year decrease of 15.37%, and a net profit attributable to shareholders of 69.66 million yuan, down 27.72% year-on-year [2] Group 3 - Jianbang Co., Ltd. has distributed a total of 192 million yuan in dividends since its A-share listing [3]

Core Viewpoint - The report from Debang Securities indicates that the prices of acetylacetone and acetylacetone calcium have increased significantly from their recent lows, suggesting a potential rebound in the PVC environmental additives market due to supply concentration and ongoing environmental policies [1][4]. Price Trends - As of September 9, the prices for acetylacetone and acetylacetone calcium are 17,000 and 19,000 yuan per ton, respectively, marking an increase of 4,000 and 6,000 yuan per ton from their seven-year lows of 13,000 yuan per ton [1][4]. - Current prices are at historical percentiles of 11.94% and 14.86%, with potential upside of approximately 29,500 and 31,000 yuan per ton compared to their highest prices of 46,500 and 50,000 yuan per ton [1][4]. Industry Dynamics - The acetylacetone industry is experiencing supply disruptions alongside steady demand growth, with a notable decline in prices since 2021 leading to some companies exiting the market [3]. - Major domestic producers include Zhejiang Weirong, Jianbang Co., Xinhua Pharmaceutical, and Guangxi Jinyuan, while BASF is a key overseas supplier [3]. - The global acetylacetone market was valued at approximately 338 million USD in 2018 and is projected to grow to 445 million USD by 2025, driven by expanding application areas [3]. Supply and Demand Outlook - The PVC environmental additives market is expected to improve as supply becomes more concentrated and traditional stabilizers face replacement due to environmental regulations [5]. - The industry is likely to undergo a consolidation phase as high-cost capacities exit the market, leading to a potential price rebound for key products [5]. Company Focus - Companies to watch include Jianbang Co. (603285.SH) with acetylacetone salt capacity of 4,240 tons and ongoing projects, Xinhua Pharmaceutical (000756.SZ) with a capacity of 10,000 tons, and Jiaxian Co. (920489.BJ) with DBM/SBM capacities of 7,000 and 3,000 tons, respectively [5][6].

Core Viewpoint - The company, Jianbang Co., Ltd., has experienced a significant decline in profitability and revenue due to various adverse factors, including increased market competition and a downturn in industry demand, despite its strong market position in the fine chemical sector. Group 1: Financial Performance - Jianbang Co., Ltd. reported a 27.72% year-on-year decline in net profit attributable to shareholders, amounting to 69.66 million yuan in the latest interim report [1] - The company's gross profit margin has decreased from 44.47% in the first half of 2022 to 29.77% in the first half of 2025 [2] - Revenue for the first half of 2025 fell by 15.37% year-on-year to 307 million yuan, compared to 143 million yuan in the first half of 2022 [2] Group 2: Product Pricing and Sales - The average selling price of key products has significantly decreased, with the average price of Saike dropping to 11,700 yuan per ton, a decline of 18.75% year-on-year [1] - The average selling price of titanium ester fell to 18,600 yuan per ton, down 28.46% year-on-year [1] - The average selling price of DBM/SBM was 31,000 yuan per ton, reflecting a 1.90% decrease, while acetylacetone salt's average price was 15,400 yuan per ton, down 12.99% [1] Group 3: Investment Projects - The company has decided to pause the "7000 tons per year DBM intelligent manufacturing technology transformation and expansion project" due to increased competition and the need for re-evaluation [4] - Originally planned to invest 110 million yuan in the project, the company has adjusted its investment plans twice due to lower-than-expected fundraising [7] - The current DBM production line is deemed sufficient to meet capacity needs, indicating that now is not the optimal time for investment in this project [8]

Overview of Financial Performance - The company reported total revenue of 307 million yuan in the first half of 2025, a decrease of 15.37% compared to the same period last year [1] - The net profit attributable to shareholders was 69.66 million yuan, down 27.72% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 65.56 million yuan, a decrease of 29.81% year-on-year [1] - In the second quarter, total revenue was 152 million yuan, a decline of 21.94% year-on-year, with a net profit of 33.03 million yuan, down 36.66% year-on-year [1] Main Revenue Composition - The main revenue sources include: - Saike: 154 million yuan, accounting for 50.12% of total revenue, with a profit of 58.73 million yuan and a gross margin of 38.16% [3] - DBM/SBM: 72.87 million yuan, 23.73% of total revenue, with a profit of 20.46 million yuan and a gross margin of 28.07% [3] - Titanium Ester: 45.05 million yuan, 14.67% of total revenue, with a profit of 15.94 million yuan and a gross margin of 35.39% [3] - Acetylacetone Salt: 27.41 million yuan, 8.93% of total revenue, with a loss of 2.39 million yuan and a negative gross margin of 8.71% [3] - Others: 7.87 million yuan, 2.56% of total revenue, with a loss of 1.32 million yuan and a negative gross margin of 16.78% [3] Financial Indicator Changes - Gross margin decreased to 29.77%, down 15.4% year-on-year [7] - Net margin decreased to 22.68%, down 14.59% year-on-year [7] - Operating expenses as a percentage of revenue decreased to 3.06%, down 3.36% year-on-year [7] - Earnings per share decreased to 0.44 yuan, down 45.0% year-on-year [7] Industry Background and Development - The company specializes in the R&D, production, and sales of environmentally friendly additives for polymer materials, with core products including Saike, Titanium Ester, DBM, SBM, and Acetylacetone Salt [5] - These products are widely used in insulation coatings, PVC plastics, and lithium battery materials [5] - Government policies support the development of the fine chemical industry, promoting high-end, green, and intelligent development [5] - The company has established long-term partnerships with globally recognized clients and has expanded its customer base in the domestic new energy lithium battery sector [5] Core Competitiveness - The company's core competitive advantages include customer resource advantages, technology R&D advantages, product system advantages, team and talent advantages, and production capacity and management advantages [9] - The company has established long-term partnerships with well-known domestic and international enterprises and holds 57 authorized patents [9] Summary - The company experienced a significant decline in performance in the first half of 2025, with key financial indicators such as total revenue, net profit, and earnings per share all decreasing [10] - Despite this, the company maintains significant competitive advantages in the industry, particularly in customer resources and technology R&D [10] - With the advancement of fundraising projects and support from industry policies, the company is expected to gradually recover growth [10]