一、董事会会议召开情况 济南圣泉集团股份有限公司（以下简称"公司"）第十届董事会第八次会议（以下简称"本次会议"）于 2025年9月28日以现场结合通讯方式在公司会议室召开。本次会议的通知于2025年9月25日以电话、电子 邮件等方式向各位董事发出。本次董事会应参加表决的董事7名，实际参加表决的董事7名。会议由董事 长唐一林先生主持，公司高级管理人员列席了本次会议。本次会议的召集、召开符合《中华人民共和国 公司法》（以下简称"《公司法》"）及《济南圣泉集团股份有限公司章程》的有关规定，会议决议合法 有效。 二、董事会会议审议情况 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：605589 证券简称：圣泉集团 公告编号：2025-081 济南圣泉集团股份有限公司 第十届董事会第八次会议决议公告 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。 1、审议通过《关于〈济南圣泉集团股份有限公司向不特定对象发行可转换公司债券预案（修订稿）〉 的议案》 因公司调整向不特定对象发行可转换公司债券发行方案的相关内容，公司编制了《济 ...

Core Viewpoint - The article highlights the significant opportunities presented to high polymer materials due to the AI industry boom, with companies like Dongcai and Shengquan benefiting greatly from this trend, particularly Shengquan, which reported a 51.19% year-on-year increase in net profit driven by the surge in AI server demand and other industries [2]. Summary by Sections Shengquan's Performance - Shengquan's net profit increased by 51.19% in the first half of the year, primarily due to the AI computing power construction, high-frequency communication, and new energy vehicles [2]. - The company is a key supplier of materials for chip packaging and server PCBs, with a significant demand for PPO resin [2]. New Projects and Investments - Shengquan has initiated a pilot project for high-performance resin with a total investment of 123.59 million yuan, covering an area of 24,296.6 m² and expected to produce 2,027 tons per year by December 2026 [2]. - The project aims to enhance the production of special electronic resins, which are crucial for PCB manufacturing, especially with the growing demand from 5G/6G and AI developments [2]. Resin Types and Applications - Various types of resins are being developed, including: - **Phenolic Resins**: Known for their excellent heat resistance and mechanical strength, used in high-demand fields like friction materials and refractory materials [3]. - **Liquid Phenolic Resins**: Modified for better solubility and flexibility, used in casting coatings and wood adhesives [3]. - **Amino-modified Phenolic Resins**: Offer quick curing in low-temperature and humid environments, applicable in flooring and marine coatings [3]. - **Dihydroxynaphthalene Phenolic Resins**: High rigidity and heat resistance, used in high-performance engineering plastics [4]. - **Electronic-grade Phenolic Resins**: Require higher technical standards, with low free phenol and high thermal stability, primarily imported [4]. Production Capacity - Shengquan's pilot production lines include: - 100 tons/year for pressurized and atmospheric phenolic solid resins - 500 tons/year for liquid phenolic resins - 600 tons/year for phenolic-modified amine resins - 60 tons/year for electronic-grade phenolic resins [5]. Emerging Resin Technologies - **Low Dielectric Hydrocarbon Resins**: Exhibiting low dielectric constant and loss factor, suitable for high-frequency applications [6]. - **Low Dielectric Reactive Esters**: New generation epoxy resin curing agents with low dielectric loss and high heat resistance [6]. - **Phosphorus-containing Reactive Esters**: Key materials for halogen-free copper-clad laminates in high-end servers and base stations [6]. - **Three-functional Epoxy Resins**: Higher cross-link density leading to improved thermal stability and mechanical strength, used in advanced composite materials [7].

Investment Rating - The report gives an "Accumulate" rating for the company [2][5]. Core Views - The company is expected to achieve net profits attributable to shareholders of 1.263 billion, 1.483 billion, and 1.899 billion yuan for the years 2025 to 2027, respectively, benefiting from its leading position in domestic phenolic resin and casting resin, as well as the transformation of the resin system in the electronic and new energy materials industry [2][18]. - The report highlights that while the market believes the value of the company has been fully priced in during the current resin demand upcycle, there is potential for recovery in traditional resin business and the company is positioned as a "technology platform" enterprise in new materials, which may capture more potential products through its ongoing R&D capabilities [2][15]. Summary by Sections 1. Business Development and Financial Performance - The company has a solid foundation in traditional resin business with a production capacity of 648,600 tons for phenolic resin and 143,300 tons for casting resin as of 2023, which supports its ability to navigate through cycles [3][49]. - The company reported a significant increase in net profit of 51.19% year-on-year for the first half of 2025, reaching 5.01 billion yuan, driven by growth in advanced electronic materials and battery materials [24][37]. 2. Electronic Chemicals and New Materials - The company is a leader in domestic electronic materials, with a full production capacity of its four PPO production lines and plans to expand its production capacity for various resin products [3][12]. - The demand for PPO resin is expected to grow significantly, with projections of 6,964 tons and 10,446 tons for 2025 and 2026, respectively, driven by the AI server market [3][15]. 3. Battery Materials - The company is actively expanding its production capacity for silicon-carbon anodes and porous carbon, with plans for 10,000 tons per year of silicon-carbon anodes and 15,000 tons per year of porous carbon [3][27]. - The company has established a production line for hard carbon anodes for sodium batteries, which is expected to see increased demand [3][27]. 4. Biomass Chemical Products - The company is optimizing its Daqing project, which focuses on high-value biomass products, and is expected to turn profitable [13][24]. - Revenue from biomass chemical products is projected to grow steadily, with expected revenues of 1.1 billion, 1.265 billion, and 1.454 billion yuan for 2025 to 2027 [13][14]. 5. Market Position and Competitive Advantage - The company holds a leading position in the phenolic resin market, with a production capacity that ranks among the highest globally, and benefits from significant cost advantages [3][49]. - The report emphasizes the company's strong market position in high-end phenolic resin products, which have a higher added value compared to low-end products [54][55].

Core Viewpoint - The rise of emerging industries in China is expected to lead the polymer industry into the next decade, with significant opportunities in new materials related to electric vehicles, aerospace, drones, robotics, 5G/6G communication, and artificial intelligence [2]. Group 1: Company Adjustments - Ube Industries is restructuring its operations, including early layoffs and exits from Japan and Thailand due to declining profitability and high greenhouse gas emissions. The company plans to stop production of ammonia and related products by March 2028, with earlier closures in Thailand by March 2027 [4][5]. - ExxonMobil is considering selling its European chemical plants in the UK and Belgium, with a potential transaction value of $1 billion, due to pressures from U.S. tariff policies and increased competition from low-cost imports in Asia [6][7]. - SK Group is accelerating its restructuring efforts to raise new funds, planning to sell its overseas businesses, including those acquired from Dow and Arkema, due to oversupply and increased competition [9][10]. - Dow Chemical is selling stakes in its infrastructure joint ventures, including a $540 million stake to Macquarie Asset Management, to generate cash flow and reduce operational burdens [11][12]. Group 2: Financial Performance - Ube Industries reported a 12.9% decline in sales to 100.5 billion yen (approximately $682 million) in Q1 2025, with an operating loss of 4 billion yen [5]. - ExxonMobil's revenue for the first half of 2025 was $164.64 billion, down 6.5% year-on-year, with net profit decreasing by 15% [7]. - Dow Chemical's net sales for Q2 2025 were $10.1 billion, a 7% decline year-on-year, with a GAAP net loss of $800 million [12].

Group 1 - Xi'an achieved significant investment milestones in the first half of 2025, with actual domestic investment reaching 845.15 billion yuan, fulfilling 60% of the annual target, and foreign investment totaling 4.21 billion USD, achieving 54.7% of the annual goal [1][3] - The city has signed multiple key projects, including a 94 billion yuan investment in the Qin Chuang Yuan Jinghe New City, focusing on sectors like hydrogen energy and robotics, indicating a strategic push towards high-tech industries [4][6] - Xi'an's investment landscape is expanding with 52 key industrial chain projects signed, amounting to 532.28 billion yuan, showcasing a robust pipeline for future growth [8][10] Group 2 - The collaboration between Xi'an and Yulin has led to 12 cooperative projects worth 94.42 billion yuan, enhancing regional connectivity and economic synergy [6][7] - New foreign investment is on the rise, with 149 new foreign enterprises established, reflecting a 4.9% increase, indicating a growing interest in Xi'an as a business destination [12][13] - Major projects include significant investments from BYD (173 billion yuan), Industrial and Commercial Bank of China (147.5 billion yuan), and Samsung's flash memory chip project (60 billion yuan), which are expected to solidify Xi'an's position in the market [15][16]

Core Viewpoint - The company, Shengquan Group, reported strong revenue and profit growth in the first half of 2025, driven by the booming demand for AI servers and the increasing penetration of new energy vehicles, but faces significant financial pressures due to negative cash flow and rising debt levels [1][6]. Financial Performance - In the first half of 2025, Shengquan Group achieved operating revenue of 5.351 billion yuan, a year-on-year increase of 15.67%, and a net profit attributable to shareholders of 501 million yuan, up 51.19% year-on-year [1]. - The company's cash flow from operating activities was -283 million yuan, although this was an improvement from -505 million yuan in the same period last year [6]. - Short-term borrowings surged by 50.32% to 2.322 billion yuan, while long-term borrowings increased by 252.13% to 984 million yuan, leading to an asset-liability ratio of 35.65% [6][7]. Business Segments - Shengquan Group's traditional business segments, including phenolic resin and casting auxiliary materials, maintained stable operations, with revenue from synthetic resins and composite materials reaching 3.857 billion yuan, a 13.43% increase [2][3]. - The advanced electronic materials and battery materials segments saw significant growth, with combined revenue of 846 million yuan, up 32.43%, and sales volume reaching 40,100 tons, a 14.90% increase [2]. R&D Investment - The company invested 285 million yuan in R&D, a 25.42% increase from 227 million yuan in the previous year, focusing on emerging technologies [2][3]. - The investment is aimed at enhancing competitiveness in key areas such as chip packaging and server PCB materials, which have shown promising returns due to the surge in AI server demand [2]. Strategic Initiatives - Shengquan Group is expanding into the biomass industry, achieving revenue of 516 million yuan, a 26.47% increase, with a focus on sustainable and low-carbon products [9]. - The company plans to invest 1.78 billion yuan in a 300MW wind power project, which is expected to contribute positively to its long-term growth and align with national energy transition goals [10].

Core Viewpoint - Saint Quan Group has achieved counter-cyclical growth through technological innovation and market expansion despite an overall industry oversupply [2][5] Financial Performance - In the first half of 2025, the company reported revenue of 5.351 billion yuan, a year-on-year increase of 15.67% [5] - Net profit attributable to shareholders reached 501 million yuan, up 51.19% year-on-year [5] - Deducting non-recurring gains and losses, the net profit was 481 million yuan, reflecting a 51.13% increase [5] Business Segments - The advanced electronic materials and battery materials segment generated revenue of 846 million yuan, growing by 32.43% year-on-year, with sales volume reaching 40,100 tons, an increase of 14.90% [5][6] - The synthetic resin products segment achieved revenue of 2.810 billion yuan, up 10.35% year-on-year, with sales volume of 391,800 tons, increasing by 15.48% [5] - The biomass industry reported revenue of 516 million yuan, a year-on-year growth of 26.47% [6] Strategic Initiatives - The company plans to issue convertible bonds to raise up to 2.5 billion yuan, which will be used for green new energy battery material projects and to supplement working capital [7] - The green new energy battery material project aims to produce 10,000 tons of silicon-carbon anode materials and 15,000 tons of porous carbon annually [7] Research and Development - In the first half of 2025, the company's R&D expenses amounted to 285 million yuan, a year-on-year increase of 25.42% [8] - As of June 2025, the company holds 792 valid patents, including 546 authorized invention patents [8] Historical Context - Since its IPO in August 2021, the company has seen its revenue and net profit grow significantly, with revenue surpassing 10 billion yuan for the first time in 2024 [5][8] - The company has previously raised funds through an IPO and a private placement, with total investments from these rounds reaching 1.677 billion yuan and 870 million yuan, respectively [8]

Core Viewpoint - In the first half of 2025, Shengquan Group reported significant revenue and profit growth driven by the booming demand for AI servers and the increasing penetration of new energy vehicles, but it also faces financial pressures due to negative cash flow and rising debt levels [2][4][7]. Financial Performance - The company achieved operating revenue of 5.35 billion yuan, a year-on-year increase of 15.67% [3]. - The net profit attributable to shareholders reached 500.94 million yuan, up 51.19% from the previous year [3]. - The net cash flow from operating activities was -283 million yuan, indicating a cash outflow despite improvements from the previous year's -505 million yuan [8][11]. Debt and Cash Flow - Short-term borrowings surged by 50.32% to 2.32 billion yuan, while long-term borrowings increased by 252.13% to 984 million yuan [8][11]. - The asset-liability ratio rose to 35.65%, up from 33.84% at the end of the previous year, reflecting increased financial leverage [11][12]. Business Segments - Traditional business segments, such as phenolic resin and casting auxiliary materials, generated 3.86 billion yuan in revenue, a 13.43% increase, serving as a stabilizing force for the company [6]. - The advanced electronic materials and battery materials segments reported combined revenue of 846 million yuan, a 32.43% increase, showcasing strong growth potential [5]. R&D Investment - R&D expenses reached 285 million yuan, a 25.42% increase from the previous year, focusing on emerging technologies [4][5]. - The company emphasizes the necessity of R&D investment to maintain competitiveness in a rapidly evolving market [4][13]. New Growth Areas - Shengquan Group's biomass business generated 516 million yuan in revenue, a 26.47% increase, indicating strong growth potential [14]. - The company is investing 1.78 billion yuan in a 300MW wind power project, which is expected to provide stable energy supply and align with national energy transition goals [15][16].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][18] Core Views - The company has shown significant growth in its electronic and battery materials segment, with a 51.19% year-on-year increase in net profit for the first half of 2025 [1][7] - The advanced electronic materials and battery materials business has benefited from the rapid development of global AI computing infrastructure and the electric vehicle and energy storage sectors, achieving a revenue growth of 32.43% year-on-year [2][9] - The synthetic resin industry has expanded its market share through new applications and product development, with a revenue increase of 10.35% year-on-year [3][16] - The biomass product segment has also seen a positive trend, with a revenue growth of 26.47% year-on-year [17] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 5.351 billion yuan, a year-on-year increase of 15.67%, and a net profit of 501 million yuan, up 51.19% [1][7] - The second quarter of 2025 saw revenues of 2.892 billion yuan, reflecting a 16.13% year-on-year increase, and a net profit of 294 million yuan, up 51.71% [1][7] Business Segments - The electronic materials and battery materials segment generated 846 million yuan in revenue, a 32.43% increase year-on-year, with a sales volume of 40,100 tons, up 14.90% [2][10] - The synthetic resin segment reported a revenue of 2.810 billion yuan, a 10.35% increase year-on-year, with a sales volume of 391,800 tons, up 15.48% [3][16] - The biomass segment achieved a revenue of 516 million yuan, a 26.47% increase year-on-year, with ongoing projects expected to enhance production capacity [17] Future Projections - The company forecasts revenues of 12.143 billion yuan, 13.698 billion yuan, and 15.535 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.129 billion yuan, 1.387 billion yuan, and 1.634 billion yuan [4][5][18] - The earnings per share (EPS) are expected to be 1.44 yuan, 1.77 yuan, and 2.09 yuan for the same years [4][5][18]

Core Viewpoint - The Xinjiang Xuanli Environmental Protection Energy Co., Ltd. has initiated the construction of China's first large-scale green extraction project for coal tar phenol, marking a significant advancement in the domestic coal tar processing industry [1][2]. Group 1: Project Overview - The project has a total investment of 1.071 billion yuan and is part of the "coal-electricity-oil-gas-chemical-material" circular economy industrial chain in the Xinjiang Naomao Lake Economic and Technological Development Zone [2]. - The project aims to utilize low-grade coal efficiently and focuses on the industrial application of high-energy coal chemical technologies [2]. Group 2: Technological Advancements - The project employs a green phenol extraction technology developed by the China Coal Science and Technology Research Institute, which addresses key challenges in the industry, such as low extraction rates of phenolic compounds, high wastewater production, and poor product quality [1]. - The technology has been validated through pilot tests and has been recognized as reaching international advanced levels by the China National Coal Association [1]. Group 3: Production Capacity and Output - Upon completion, the project is expected to produce 13,600 tons of phenolic resin, 6,700 tons of ortho-cresol, 22,300 tons of meta-cresol, 18,600 tons of dimethyl phenol, and 31,320 tons of high-grade phenols annually, along with by-products including 4,500 tons of neutral oil and 99,700 tons of dephenolized oil [2].