Group 1: Company Overview - The company held an earnings briefing on September 19, 2025, via an online platform, where key executives addressed investor questions regarding business layout and development [1] - The management team, including the chairman and general manager, provided insights into the company's future development and shareholding structure [1] Group 2: Industry Development and Strategic Planning - The company views modified plastics as "industrial rice" with a broad application range and significant future growth potential [2] - The company aims to maintain its position in traditional sectors like home appliances and electrical cables while shifting focus towards high-value-added products [2] - Plans include increasing investment in special engineering materials, medical materials, and electronic chemicals, as well as expanding overseas market investments [2] Group 3: Shareholding Dynamics - Currently, there have been no stock sales by the company's directors and executives, and any future reductions will be disclosed through official announcements [3] Group 4: PPO Product Development - The company holds patents related to PPO (polyphenylene oxide) products, which are currently in the ramp-up phase at the Zhaoqing facility [4] - The company is working towards achieving production targets for PPO products and will consider expanding production at the Zhuhai Gaolan base based on market demand [4] Group 5: Shareholding Structure and Risk Management - Despite a dispersed shareholding structure, the company maintains a stable management team, low debt ratio, and efficient operations in R&D and sales [5] - The board of directors makes collective and prudent decisions, ensuring that the company's risk management is not adversely affected by the dispersed shareholding [5]

编号：2025-9 投资者关系活动 类别 □特定对象调研 □ 分析师会议 □ 媒体采访 √ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 投资者网上提问 时间 2025 年 9 月 19 日 (周五) 下午 14:00~17:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式召开业绩说明会 上市公司接待人 员姓名 1、董事长谭文钊 2、总经理林登灿 3、董事会秘书郑桂华 投资者关系活动 主要内容介绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 1、您是如何看待行业未来的发展？接下来贵司又有怎样的 战略规划？ 尊敬的投资者，感谢您对公司的关注。改性塑料属于工业大 米，应用范围广，未来发展前景广阔。公司除了稳固家用电器、 电线电缆等具有传统优势的领域外，还迅速调整产品结构，侧重 于附加值高的产品，紧跟时代步伐，提升新兴行业产品比重（如 游泳池清洁机器人、自动割草机、扫落叶、扫雪机器人等），后 续公司也会增加特种工程材料、医用材料及电子化学品如 p ...

Core Viewpoint - The stock of Jiangsu Yake Technology Co., Ltd. experienced a decline of 5.13% on September 2, trading at 58.62 yuan per share with a total transaction volume of 784 million yuan and a turnover rate of 4.10%, resulting in a total market capitalization of 27.899 billion yuan [1] Company Overview - Jiangsu Yake Technology Co., Ltd. was established on October 29, 1997, and went public on May 25, 2010. The company specializes in the research, production, and sales of electronic materials, LNG insulation boards, and flame retardants [1] Fund Holdings - Dongwu Fund has one fund heavily invested in Yake Technology. The Dongwu Configuration Optimization Mixed A Fund (582003) held 47,500 shares in the second quarter, unchanged from the previous period, accounting for 5.35% of the fund's net value, making it the seventh-largest holding. The estimated floating loss today is approximately 150,600 yuan [2] - The Dongwu Configuration Optimization Mixed A Fund (582003) was established on August 13, 2012, with a latest scale of 36.5495 million yuan. Year-to-date returns are 60.75%, ranking 448 out of 8,184 in its category; the one-year return is 75.78%, ranking 999 out of 7,971; and since inception, the return is 166.98% [2] Fund Manager Information - The fund manager of Dongwu Configuration Optimization Mixed A Fund (582003) is Zhou Jian, who has a cumulative tenure of 13 years and 126 days. The current total asset size of the fund is 17.4 million yuan, with the best fund return during his tenure being 134.6% and the worst being -27.36% [3]

| 主要产品 | | 2024年1-6月平均 | 2025年 月平均 1-6 | | 同比变动 | 环比变动 | | --- | --- | --- | --- | --- | --- | --- | | | | 售价（元/吨） | 售价（元/吨） | | 比例（%） | 比例（%） | | 光通信线缆、光缆用特 种环保聚烯烃高分子材 | 9,770.60 | | | 6,927.96 | -29.09 | 14.96 | | 料 | | | | | | | | 电气装备线用环保型聚 烯烃高分子材料 | | 25,249.69 | | 22,551.65 | -10.69 | 89.74 | | 电网系统电力电缆用特 种绝缘高分子材料 | | 9,931.42 | | 10,008.39 | 0.77 | 2.06 | | 主要原材料 | 月平 2024 1-6 | 年 | | 年 2025 | 月平均 1-6 | 同比变动 | 环比变动比 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 均采购价（元/吨） | | | 采购价（元/吨） | | ...

Group 1 - The core viewpoint of the news is that 雅克科技 (Yake Technology) has shown significant trading activity and financial performance, with notable changes in stockholder composition and financing status [1][2]. Group 2 - On August 27, 雅克科技's stock price decreased by 1.67%, with a trading volume of 1.311 billion yuan. The financing buy-in amount for the day was 206 million yuan, while the financing repayment was 167 million yuan, resulting in a net financing buy of 38.58 million yuan [1]. - As of August 27, the total financing and securities lending balance for 雅克科技 was 1.099 billion yuan, with the financing balance accounting for 3.87% of the circulating market value, indicating a high level compared to the past year [1]. - In terms of securities lending, 雅克科技 repaid 14,000 shares and sold 5,200 shares on August 27, with a selling amount of 308,300 yuan. The remaining securities lending volume was 110,400 shares, with a balance of 6.5482 million yuan, which is below the 50th percentile level over the past year [1]. Group 3 - As of June 30, 雅克科技 had 54,000 shareholders, an increase of 5.29% from the previous period, while the average circulating shares per person decreased by 5.02% to 5,899 shares [2]. - For the first half of 2025, 雅克科技 reported a revenue of 4.293 billion yuan, representing a year-on-year growth of 31.82%, and a net profit attributable to shareholders of 523 million yuan, with a slight increase of 0.63% [2]. - Since its A-share listing, 雅克科技 has distributed a total of 1.004 billion yuan in dividends, with 600 million yuan distributed over the past three years [2]. Group 4 - As of June 30, 2025, the largest circulating shareholder of 雅克科技 was Hong Kong Central Clearing Limited, holding 16.464 million shares, a decrease of 3.0642 million shares from the previous period. The Southern CSI 500 ETF was the fifth largest shareholder, increasing its holdings by 585,200 shares to 4.2287 million shares [2].

Summary of the Conference Call for Wansheng Co., Ltd. Company Overview - **Company**: Wansheng Co., Ltd. - **Industry**: Flame Retardants and Functional Additives Key Financial Performance - **Net Profit**: In the first half of 2024, the net profit attributable to shareholders decreased by 65% to 26.32 million yuan, primarily due to losses from Shandong Wansheng and increased depreciation costs from new production lines [2][3] - **Operating Cash Flow**: Operating cash flow decreased by 100 million yuan year-on-year, influenced by bill discounting and U.S. anti-dumping deposits [2][3] - **Revenue Growth**: Revenue for the first half of 2025 reached 1.623 billion yuan, a 17% increase, mainly due to the consolidation of Guangzhou Shuangneng's revenue [3] Product Performance - **Sales Volume**: Total sales volume increased by 6.29% to 105,400 tons, with polymer functional additives up by 7.81% [5] - **Flame Retardants**: Sales of flame retardants decreased by 6% due to anti-dumping duties in Europe and the U.S. [5] - **Gross Margin**: The gross margin for polymer functional additives was 24%, while the gross margin for flame retardants fell by 3 percentage points to 20% due to the same duties [5] Key Projects and Developments - **New Projects**: Major ongoing projects include: - Shandong Weifang Phase III (expected to start production in October 2024) - Guangzhou Shuangneng Phase II (ASA refrigerants and MBS toughening agents) - Thailand 32,000-ton flame retardant project (expected trial production in June 2026) [2][6][7] - **Production Capacity**: The Thailand facility aims to mitigate tariffs and is expected to generate a net profit of 30 to 50 million yuan upon full production [11] Market Trends and Future Outlook - **Demand Growth**: Future demand for flame retardants is expected to grow in the new energy sector, including electric vehicles, charging stations, and photovoltaic equipment [4][14] - **High-frequency Copper Clad Laminate Market**: This market is rapidly growing, driven by the proliferation of smart electronic products [4][18] - **Regulatory Impact**: The upcoming strict battery safety regulations in July 2026 will require collaboration with research institutions to develop compliant products [16] Competitive Landscape - **Industry Competition**: The industry has high barriers to entry due to technical requirements and strict supplier standards, limiting new entrants [21] - **Market Position**: Wansheng Co. is positioned as a leading global flame retardant supplier, with strong relationships with downstream customers [21] Challenges and Risks - **Tariff Impact**: The company faces significant tariffs in the U.S. and Europe, which have affected pricing strategies and profit margins [12][10] - **Market Pricing**: Despite claims of stable pricing, actual prices for exports to the U.S. and Europe have increased due to high tariffs, while domestic prices for certain products have reached low points [9] Conclusion - **Growth Projections**: The company anticipates annual revenue growth of 10% to 15% and an annual increase in EVITA profit of 15% to 20% in the long term, supported by new production capacities and ongoing R&D efforts [28]

塑料助剂又叫塑料添加剂，是聚合物（合成树脂）进行成型加工时为改善其加工性能或为改善树脂本身性能所不足而必须添加的一些化合物。 中国产业研究报告网发布的《2025-2031年中国塑料助剂市场研究与战略咨询报告》共十六章。首先介绍了塑料助剂行业市场发展环境、塑料助剂整体运行 态势等，接着分析了塑料助剂行业市场运行的现状，然后介绍了塑料助剂市场竞争格局。随后，报告对塑料助剂做了重点企业经营状况分析，最后分析了塑 料助剂行业发展趋势与投资预测。您若想对塑料助剂产业有个系统的了解或者想投资塑料助剂行业，本报告是您不可或缺的重要工具。 本研究报告数据主要采用国家统计数据，海关总署，问卷调查数据，商务部采集数据等数据库。其中宏观经济数据主要来自国家统计局，部分行业统计数据 主要来自国家统计局及市场调研数据，企业数据主要来自于国统计局规模企业统计数据库及证券交易所等，价格数据主要来自于各类市场监测数据库。 报告目录： 第一部分 产业环境透视 第一章 中国塑料助剂行业发展概述 第一节 塑料助剂的内涵 一、塑料助剂定义 二、塑料助剂功能 三、塑料助剂应用 四、塑料助剂分类 1、助剂来源分类 2、助剂功效分类 五、塑料助剂特性 1 ...

Group 1: Company Overview - Qingdao Dongfang Tower Company, established in 1988, has transitioned from traditional steel structure manufacturing to a dual-driven model of steel structures and potassium fertilizer after acquiring Laos Kaiyuan Mining in 2016 [1] - As of the end of 2024, the company has achieved potassium fertilizer production and sales exceeding 1.2 million tons and is actively advancing a second million-ton project [1] Group 2: Potassium Fertilizer Market Dynamics - Global potassium fertilizer supply is constrained, with major producers in Canada, Russia, Belarus, and China, leading to a significant supply-demand mismatch [2] - In 2024, global potassium fertilizer production is projected at 15 million tons, with demand expected to rise to 74.3 million tons by 2025, indicating a persistent supply-demand imbalance [2] - Recent production cuts by major producers in the former Soviet Union are expected to boost potassium fertilizer prices [2] Group 3: Resource Advantages - The company holds potassium salt mining rights over 133 square kilometers in Laos, with a pure potassium chloride reserve exceeding 400 million tons [3] - The mining area in Laos has favorable geological conditions, including shallow burial depth and good continuity, leading to significant cost advantages [3] - The strategic location of the potassium salt mine in Laos provides logistical advantages, being close to major agricultural markets in Southeast Asia [3] Group 4: Strategic Expansion - The company has been actively expanding its mining sector for 8-10 years, including a recent acquisition of a 72% stake in Kunming Dijing, which has mining rights in Yunnan Province [4] - The company is also exploring other mineral resources in Laos, including copper, aluminum, and rare earth metals, indicating a shift towards becoming a resource-oriented enterprise [4] - Profit forecasts for the company indicate a significant increase in net profit from 1.103 billion to 1.503 billion yuan from 2025 to 2027, reflecting strong growth potential [4]

Core Viewpoint - Despite facing a complex external environment, the company achieved steady growth with a net profit increase of 33.69%, demonstrating strong profitability and market competitiveness [1]. Financial Performance - In the first half of 2025, the company reported operating revenue of 434 million yuan, a slight decrease of 5.62% year-on-year, while net profit attributable to shareholders reached 52.21 million yuan, up 33.69% year-on-year [2]. - The net profit excluding non-recurring gains and losses was 35.88 million yuan, reflecting a 33.85% increase year-on-year, indicating sustained enhancement in core business profitability [2]. - Basic earnings per share were 0.25 yuan, a year-on-year increase of 38.89%, and the weighted average return on net assets was 4.42%, up 0.93 percentage points year-on-year [2]. - The growth in net profit was primarily driven by product structure optimization and improved cost control, with operating costs decreasing by 9.21% year-on-year and significant improvements in gross margins for key products [2]. Innovation and Technology - The company emphasizes technological innovation as a core competitive advantage, adding 2 new invention patents during the reporting period, bringing the total to 98, including 55 invention patents [3]. - Research and development investment reached 20.73 million yuan, a year-on-year increase of 3.38%, reinforcing the commitment to technological advancement [3]. - The company has obtained EU REACH certification, facilitating the expansion of international markets for products such as alkyl glycosides and flame retardants [3]. - In the first half of 2025, international market export revenue accounted for 13.14% of total revenue, indicating significant progress in internationalization [3]. Capacity Expansion and Social Responsibility - The company’s subsidiary completed the renewal of its safety production license and initiated a project to expand the annual production capacity of alkyl glycosides to 70,000 tons, further solidifying its leading position in the eco-friendly surfactant market [3]. - The company invested 60 million yuan to support the development of its subsidiary, reflecting confidence in future market prospects [3]. - The company actively fulfills social responsibilities, focusing on environmental protection and safety production, and has received multiple national and local commendations for its charitable contributions [4]. - The ongoing expansion of production capacity is expected to provide new momentum for future performance growth [4].

Core Viewpoint - The report outlines the financial performance and operational strategies of Yangzhou Chenhua New Materials Co., Ltd. for the first half of 2025, highlighting a decrease in revenue but an increase in net profit, indicating a focus on optimizing product structure and market positioning amidst competitive pressures [1][6]. Financial Performance - The company's revenue for the first half of 2025 was approximately 434.46 million yuan, a decrease of 5.62% compared to 460.33 million yuan in the same period of 2024 [5][21]. - The net profit attributable to shareholders increased by 33.85% to approximately 35.88 million yuan, up from 26.80 million yuan in the previous year [5][21]. - Basic and diluted earnings per share rose by 38.89% to 0.25 yuan per share, compared to 0.18 yuan per share in the previous year [5][21]. - Total assets increased by 5.04% to approximately 1.62 billion yuan from 1.54 billion yuan at the end of the previous year [5][21]. Business Overview - The company primarily engages in the research, production, and sales of fine chemical new materials, focusing on surfactants, flame retardants, and silicone rubber [6][14]. - Key products include alkyl glycosides, polyether amines, and modified silicone oils, which serve various industries such as polyurethane, textiles, and electronics [7][9][11]. - The company emphasizes sustainable development and aims to explore new application scenarios and market fields to meet customer needs [6][14]. Market Position and Strategy - The company operates in the fine chemical industry, which is recognized as a vital and emerging sector with high added value and extensive applications [15][16]. - The demand for fine chemical products is closely linked to the national economy, indicating a stable market for the company's offerings [15][16]. - The company has established a strong reputation in the industry and maintains a stable customer base, including partnerships with well-known enterprises [17][18]. Research and Development - The company has a dedicated R&D team and has obtained a total of 98 patents, including 55 invention patents, reflecting its commitment to innovation [19][20]. - Collaboration with universities and research institutions enhances the company's technological capabilities and product development efficiency [20]. Operational Model - The company adopts a market-oriented production model, focusing on direct sales and customer service to ensure alignment with market demands [12][13]. - A strict procurement system is in place to manage raw material sourcing, ensuring quality and cost control [12][13].