Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported Q3 revenue of 904 million RMB, a year-over-year decrease of 0.92% and a quarter-over-quarter decrease of 8.82%. The net profit attributable to the parent company was 30.87 million RMB, showing a year-over-year increase of 21.94% but a quarter-over-quarter decrease of 20.67%, slightly below previous expectations due to rigid expense performance and declining revenue [1][6] - For the first three quarters of 2025, the company achieved a cumulative revenue of 2.577 billion RMB, a year-over-year increase of 4.10%, and a net profit of 94.12 million RMB, a year-over-year increase of 19.73% [1] - The demand is supported by key infrastructure projects in the western region, such as the "Yaxia" hydropower station, and the price of water-reducing agents improved quarter-over-quarter in Q3 [1][2] Summary by Sections Revenue and Profitability - In the first nine months of 2025, the company’s high-performance water-reducing agents, efficient water-reducing agents, and functional materials achieved sales revenues of 1.316 billion, 31 million, and 566 million RMB, respectively, with year-over-year changes of +0.9%, -13.7%, and +22.2% [2] - The average selling prices for these products showed year-over-year declines of -1.73%, -10.18%, and -10.35%, but the prices for high-performance and efficient water-reducing agents improved quarter-over-quarter by +3.6% and +7.8% [2] - The gross profit margin for the first three quarters of 2025 was 33.14%, an increase of 0.25 percentage points year-over-year, while Q3 gross profit margin was 30.15%, with year-over-year and quarter-over-quarter changes of +0.65% and -5.35% respectively [2] Expenses and Cash Flow - The company’s operating expenses increased by 5.3% year-over-year to 682 million RMB, with a period expense ratio of 26.47%, up 0.3 percentage points year-over-year [3] - The net cash flow from operating activities for the first three quarters of 2025 was 179 million RMB, a year-over-year decrease of 16.54% [3] Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are 164 million, 206 million, and 241 million RMB, respectively, with a three-year compound growth rate of 35.94% [4] - The target price is set at 13.44 RMB, based on a 28x PE valuation for 2026, reflecting the expected improvement in demand for construction materials due to the recovery in real estate sales [4]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company has confirmed a bottom recovery with three consecutive quarters of profit growth, achieving a revenue of 2.58 billion yuan in the first three quarters, a year-on-year increase of 4.1%, and a net profit attributable to the parent company of 90 million yuan, a year-on-year increase of 19.7% [8] - Sales of functional materials have seen rapid growth, contributing significantly to revenue, with sales volumes for high-performance water reducers, efficient water reducers, and functional materials increasing by 9.8% and 38.6% respectively [8] - The company has strong technical capabilities and advantages in major engineering projects, having participated in significant national projects, which is expected to continue driving order growth and profit recovery [8] Financial Data and Profit Forecast - Total revenue is projected to be 3.69 billion yuan in 2025, with a year-on-year growth rate of 3.9% [6] - The net profit attributable to the parent company is expected to reach 185 million yuan in 2025, reflecting a significant year-on-year increase of 93.0% [6] - The report has adjusted profit forecasts downwards for 2025-2027, with expected net profits of 185 million, 253 million, and 295 million yuan respectively [8]

Core Viewpoint - Jiangsu Sobute New Materials Co., Ltd. is set to hold a Q3 2025 earnings presentation on November 4, 2025, to discuss its operational results and financial status with investors [3][4][5]. Group 1: Earnings Presentation Details - The earnings presentation will take place on November 4, 2025, from 11:00 to 12:00 [3][5]. - Investors can submit questions from October 28 to November 3, 2025, through the Shanghai Stock Exchange Roadshow Center or via email [3][6]. - The presentation will be conducted in an interactive online format, allowing for real-time communication with investors [4][5]. Group 2: Q3 2025 Operational Data - The company reported a decline in average sales prices for its main products: high-performance water-reducing agents decreased by 1.73%, efficient water-reducing agents by 10.18%, and functional products by 10.35% compared to the same period last year [8][9]. - The average procurement prices for key raw materials also saw a decrease: ethylene oxide by 3.24% and formaldehyde by 2.01% year-on-year [9]. Group 3: Bondholder Meeting Notification - The company announced the first bondholder meeting for the "Bo 22 Convertible Bonds" on November 24, 2025, to discuss the termination of certain fundraising investment projects [10][11][28]. - The meeting will require a quorum of bondholders holding more than half of the total face value of the outstanding bonds for resolutions to be valid [10][18]. - Bondholders must register to attend the meeting by November 21, 2025, and can delegate representatives to vote on their behalf [14][15].

证 券 代 码 ： 6 0 3 9 1 6 证 券 简 称 ： 苏 博 特 公 告 编 号 ： 2 0 2 5 - 0 5 8 转债代码：113650 转债简称：博 22 转债 江苏苏博特新材料股份有限公司 关于 2025 年第三季度经营数据的公告 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个别及连带责任。 江苏苏博特新材料股份有限公司（以下简称"公司"）根据上海证券交易所 《上市公司行业信息披露指引第十八号-化工》的要求，现将公司 2025 年第三季 度主要经营数据披露如下： 一、报告期内主要产品的产量、销量及收入实现情况 2025 年 1-9 月公司主营业务收入和产销情况如下： | 主要产品 | 产量（万吨） | 销量（万吨） | 营业收入（万元） | | --- | --- | --- | --- | | 高性能减水剂 | 76.54 | 76.38 | 131,579.14 | | 高效减水剂 | 1.24 | 1.24 | 3,061.26 | | 功能性材料 | 29.68 | 29.60 | 56,590.51 | 二 ...

Group 1 - The company disclosed its 2025 semi-annual operating data, including production, sales, and revenue figures for its main products [1][2] - The production and sales volumes for high-performance water reducers were 510,300 tons and 508,500 tons, respectively, generating revenue of 867.07 million yuan [1] - The production and sales volumes for efficient water reducers were 8,000 tons and 7,900 tons, respectively, generating revenue of 19.27 million yuan [1] - The production and sales volumes for functional materials were 173,900 tons and 172,400 tons, respectively, generating revenue of 346.92 million yuan [1] Group 2 - The average selling price of high-performance water reducers decreased by 4.40% compared to the same period last year [2] - The average selling price of efficient water reducers decreased by 10.11% compared to the same period last year [2] - The average selling price of functional products decreased by 7.05% compared to the same period last year [2] Group 3 - The average procurement price of ethylene oxide decreased by 0.79% compared to the same period last year [2] - The average procurement price of acrylic acid increased by 14.59% compared to the same period last year [2] - There were no other significant events affecting the company's production and operations during the reporting period [2]

Core Viewpoint - Jiangsu Sobute New Materials Co., Ltd. reported a significant improvement in its financial performance for the first half of 2025, with a 7.03% increase in revenue and an 18.68% increase in net profit attributable to shareholders compared to the same period last year [4][9]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 1.67 billion yuan, up from 1.56 billion yuan in the previous year [2][9]. - The total profit for the period was approximately 117.23 million yuan, a 2.17% increase from 114.75 million yuan [2][9]. - The net profit attributable to shareholders was approximately 63.25 million yuan, compared to 53.29 million yuan in the same period last year, marking an 18.68% increase [2][9]. - The company's total assets increased by 6.16% to approximately 8.37 billion yuan [2][9]. Industry and Main Business Situation - The concrete admixture industry in China is characterized by a large number of enterprises with low concentration, primarily dominated by domestic companies [4][5]. - The company is a leading supplier of new civil engineering materials, consistently ranking first in the comprehensive evaluation of concrete admixture enterprises from 2014 to 2024 [4][5]. - The main products include high-performance water reducers and functional materials, which are essential for improving concrete performance and construction efficiency [4][5]. Business Development and Market Expansion - The company has focused on expanding its market presence in major engineering projects, particularly in the western regions of China, achieving significant results in sectors such as hydropower and nuclear power [4][5]. - Functional materials have shown a growth rate of around 25%, indicating strong market potential for these products [4][5]. - The company has also expanded its overseas business, establishing subsidiaries in the Philippines, Singapore, and Thailand, and developing special formulas tailored to international customer needs [4][5]. Research and Development - The company has increased its R&D efforts, focusing on developing energy-saving and environmentally friendly products to enhance its technological barriers [5][6]. - It holds 1,068 national patents and 42 international invention patents, demonstrating its commitment to innovation and industry standards [6][7]. - The company has established several research centers and laboratories, providing a strong foundation for technological innovation and product development [6][7]. Competitive Advantages - The company is recognized as a national high-tech enterprise and has received various honors, including being listed as a "manufacturing single champion demonstration enterprise" [6][7]. - It has a well-structured R&D team with over 200 professionals, including two academicians from the Chinese Academy of Engineering [7][8]. - The company’s products have been successfully applied in major projects such as the Hong Kong-Zhuhai-Macao Bridge and the Sichuan-Lhasa Railway, showcasing its reliability and market trust [8][9].

Core Viewpoint - The company, Jiangsu Subote New Materials Co., Ltd., reported significant improvements in its financial performance for the first half of 2025, with a revenue increase of 7.03% and a net profit increase of 18.68% compared to the previous year [9][10]. Company Overview - Jiangsu Subote focuses on the production of concrete additives and has expanded its market presence both domestically and internationally, including new subsidiaries in the Philippines, Singapore, and Thailand [10]. - The company emphasizes technological innovation and has developed eco-friendly products to enhance its competitive edge [11]. Financial Performance - The company achieved a revenue of approximately 43.26 million yuan in cash dividends, representing 45.12% of the net profit attributable to shareholders for the year [12]. - The average selling prices of key products, such as high-performance water reducers, decreased by 4.40%, while the prices of functional products fell by 7.05% [23][24]. Business Development - The company has actively pursued major engineering projects in sectors like hydropower and nuclear power, contributing to a steady growth in business profits [10]. - The company has also focused on expanding its product range, particularly in functional materials, which have shown significant market potential [10]. Research and Development - The company has increased its R&D efforts, particularly in developing energy-saving and environmentally friendly products, to support large-scale national infrastructure projects [11]. Shareholder Returns - The company has committed to maintaining a reasonable and healthy dividend level to enhance shareholder returns and investor confidence [12]. Investor Relations - The company has implemented a comprehensive investor relations management plan to improve communication and transparency with investors [13][14]. Governance and Compliance - The company continues to enhance its governance mechanisms and improve the quality of information disclosure to ensure compliance with regulatory requirements [14]. Guarantee for Subsidiaries - The company has approved a guarantee of 31 million yuan for its subsidiaries to support their operational financing needs [38][50].

关于 2025 年半年度经营数据的公告 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个别及连带责任。 江苏苏博特新材料股份有限公司（以下简称"公司"）根据上海证券交易所 《上市公司行业信息披露指引第十八号-化工》的要求，现将公司 2025 年半年度 主要经营数据披露如下： 一、报告期内主要产品的产量、销量及收入实现情况 2025 年 1-6 月公司主营业务收入和产销情况如下： | 主要产品 | 产量（万吨） | 销量（万吨） | 营业收入（万元） | | --- | --- | --- | --- | | 高性能减水剂 | 51.03 | 50.85 | 86,706.98 | | 高效减水剂 | 0.80 | 0.79 | 1,927.36 | | 功能性材料 | 17.39 | 17.24 | 34,691.65 | 二、报告期内主要产品和原材料的价格变动情况 证 券 代 码 ： 6 0 3 9 1 6 证 券 简 称 ： 苏 博 特 公 告 编 号 ： 2 0 2 5 - 0 4 3 转债代码：113650 转债简称：博 22 ...

Core Viewpoint - The report outlines the management and status of the convertible bonds issued by Jiangsu Sobute New Materials Co., Ltd., detailing the bond's terms, financial performance, and the company's operational status in 2024. Section 1: Debt Situation - The company has issued a total of 800,000 convertible bonds with a total value of RMB 80 million, approved by the board and shareholders [3][4]. - The bonds are set to mature in six years, from July 1, 2022, to June 30, 2028, with an annual interest rate that increases from 0.30% in the first year to 3.00% in the sixth year [4][5]. Section 2: Financial Performance - In 2024, the company reported a revenue of RMB 355.54 million, a slight decrease of 0.75% compared to 2023 [15]. - The net profit attributable to shareholders decreased by 40.24% to RMB 9.59 million [15]. - The net cash flow from operating activities increased by 56.97% to RMB 58.07 million [15]. Section 3: Fund Utilization - The company raised RMB 79.1 million after deducting underwriting fees, with the funds allocated to specific projects and managed in a dedicated account [4][15]. - As of December 31, 2024, the company had utilized RMB 63.38 million of the raised funds, with a remaining balance of RMB 15.96 million [15][16]. - The company has not changed the use of raised funds or used idle funds for temporary liquidity [16]. Section 4: Company Overview - Jiangsu Sobute New Materials Co., Ltd. is a leading supplier of new civil engineering materials in China, specializing in high-performance concrete additives [14]. - The company has received multiple accolades, including being recognized as a national high-tech enterprise and a champion product by the Ministry of Industry and Information Technology [14].

Core Viewpoint - The concrete admixture market in China is experiencing a downturn due to the ongoing adjustments in the real estate sector, leading to a projected market size decrease to 49.45 billion yuan in 2024, a year-on-year decline of 9.04% [1][10]. Industry Overview - The concrete admixture is defined as materials added to concrete to improve its performance, excluding cement, aggregates, water, and fibers [2]. - The industry is significantly influenced by macroeconomic factors such as economic growth and investment scale, with infrastructure investments providing some growth opportunities despite overall economic pressures [4]. Market Demand - The primary demand for concrete admixtures comes from infrastructure construction and the real estate market, with fixed asset investment in China projected at 51.437 trillion yuan in 2024, a growth of 3.2%, while real estate development investment is expected to decrease by 10.6% [8]. - The concrete production volume is anticipated to drop to 2.101 billion cubic meters in 2024, reflecting a year-on-year decrease of 12.34% [8]. Competitive Landscape - The concrete admixture industry is facing intense competition, with many companies struggling due to a prolonged downturn in demand, particularly from the real estate sector transitioning from new construction to existing property management [13]. - Despite the challenges, several companies have distinguished themselves through superior technology and product quality, as evidenced by the top ten companies listed in the concrete admixture sector [13]. Key Companies - Jiangsu Subote New Materials Co., Ltd. reported a total revenue of 3.555 billion yuan in 2024, with 2.583 billion yuan from admixture business, accounting for 72.66% of total revenue [15]. - Leizhi Holding Group Co., Ltd. achieved a revenue of 2.617 billion yuan in 2024, with 1.955 billion yuan from admixture materials, representing 74.70% of total revenue [17]. Development Trends - The demand for high-performance admixtures is expected to grow, including multifunctional admixtures that can reduce costs and improve construction efficiency [19]. - There is a rising trend towards environmentally friendly admixtures, with companies encouraged to develop and apply bio-based and low-VOC products to meet market demands for green building materials [19].