证券日报网讯1月16日，中触媒在互动平台回答投资者提问时表示，公司高纯氧化铝项目处于试生产阶 段，纯度可以达到5N。 ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司核心产品之一高纯氧化铝。在国内上市公司中稳 居第一梯队，是少数有能力稳定供应满足固态电池需求的"电子级"高纯氧化铝的企业之一？已稳定、批 量供应永太科技、新宙邦等国内锂电池电解液和材料头部企业。请问是否真实，现在纯度做到5N了 吗？ 中触媒（688267.SH）1月16日在投资者互动平台表示，公司该产品暂未供应永太科技及新宙邦，目前 公司高纯氧化铝项目处于试生产阶段，纯度可以达到5N，具体进展情况请您关注公司后续相关公告。 ...

Core Insights - The article discusses the various types of alumina, its applications, and the leading companies in the industry, highlighting China's dominance in alumina production and the significance of different alumina products in various sectors. Group 1: Types of Alumina - Alumina, represented by the chemical formula Al2O3, is a compound consisting of aluminum and oxygen, and can be categorized into anhydrous and hydrated forms [1][16] - Anhydrous alumina includes various crystalline forms such as α-Al2O3, β-Al2O3, and γ-Al2O3, with over nine types identified in China [1][16] - Hydrated alumina is composed of Al3+, O2-, and OH- ions, and common forms include industrial hydrated alumina and various types of bauxite [1][16] Group 2: Metallurgical and Non-Metallurgical Alumina - Alumina can be divided into metallurgical grade, which is used primarily for aluminum production, and non-metallurgical grade (fine alumina), with metallurgical grade accounting for over 90% of total alumina production [2][18] Group 3: China's Alumina Production - China is the largest producer of alumina, with a projected output of 85.52 million tons in 2024, representing a year-on-year growth of 3.9% and accounting for 60% of global production [4][20] - Among the top ten global alumina producers, five Chinese companies, including China Aluminum and China Hongqiao, collectively produced 61.82 million tons, making up 63.77% of the total [4][20] Group 4: High-Purity Alumina - High-purity alumina (4N and above) is characterized by its high purity, hardness, strength, and thermal stability, making it a valuable material in high-tech industries such as electronics and aerospace [5][20] - Research on high-purity alumina in China began in the 1990s, with significant advancements made in production techniques, although challenges remain in particle size and dispersion compared to Japanese counterparts [6][22] Group 5: Specialized Alumina Products - Ultra-fine hydrated alumina, with particle sizes below 3μm, is primarily used in green halogen-free flame retardants and as a precursor for various applications, including lithium-ion battery separators [8][25] - Boehmite, a precursor for active alumina, is utilized in lithium battery components to enhance safety and performance [9][28] - Spherical alumina, known for its high thermal conductivity and flowability, is widely used in polymer composites and ceramics [11][28] Group 6: High-Temperature Calcined Alpha Alumina - High-temperature calcined alpha alumina is produced through a calcination process at 1450°C, resulting in a white powder with excellent mechanical and electrical insulation properties [13][30] - This product is extensively used in ceramics, refractory materials, and high-performance applications [15][32]

Summary of the Conference Call for Zhongchu Coal Company Overview - Zhongchu Coal was established on August 8, 2008, located in Dalian, Jinpu New District, Songmu Island Chemical Park - The company went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on February 16, 2022 - The company has a total of 806 employees and primarily engages in the R&D, production, and sales of specialty molecular sieves and catalysts, along with some metal catalysts and process technology services [2][4] Financial Performance - For the first three quarters, Zhongchu Coal achieved operating revenue of 670 million yuan, an increase of 18.1% year-on-year - The net profit for the first three quarters was 173 million yuan, up 2.27% year-on-year, while the net profit for Q3 alone was 46.24 million yuan, a significant increase of 168.36% year-on-year [4][5] - The company’s Q3 profit growth was primarily driven by increased sales of titanium-silicon series catalysts and mobile source denitrification molecular sieves [4][5] Product Breakdown - Specialty molecular sieves and catalyst series account for nearly 90% of sales revenue - Metal catalysts contribute approximately 8% to sales, while technical service income has been relatively small in recent years [4][5] - The sales volume of mobile source molecular sieves reached 2,070 tons, contributing 54% to total revenue, while titanium-silicon molecular sieves accounted for 2% of total revenue [5] Gross Margin Insights - The overall gross margin for the first nine months was 45.77%, with the highest margins coming from mobile source denitrification and epoxy propylene catalysts, which can reach around 50% [8][9] - The company anticipates a normalization of gross margins to around 40% in the long term, influenced by fluctuating raw material costs, particularly LNG prices [11][12] Market Dynamics - The global market capacity for mobile source denitrification is approximately 15,000 tons, with BASF currently holding around 6,000 tons of that market [21] - Zhongchu Coal expects to increase its sales volume to approximately 2,800 tons next year, up from 2,400 tons this year [22] - The company is optimistic about future growth, particularly in the Asia-Pacific region, where it holds a unique position [21][24] Customer Relationships and Pricing Strategy - The pricing strategy includes a tiered pricing mechanism based on factors such as exchange rates and raw material costs, ensuring a fair profit margin for both Zhongchu Coal and its customers [29] - The company maintains a strong relationship with BASF, which is a significant customer, accounting for 75% of sales being exports [61] Future Product Development - Zhongchu Coal plans to introduce new catalysts, including PDH catalysts for propane dehydrogenation and aminohexanoic acid catalysts, in the coming year [50][52] - The company is also focusing on high-purity aluminum oxide and silicon dioxide products, with ongoing customer validations and project developments [69][70] Industry Outlook - The company is cautiously optimistic about the chemical industry’s recovery, projecting a 20% growth in catalyst sales next year [63] - The demand for catalysts is expected to increase as older production facilities seek replacements, particularly in the epoxy propylene and epoxy chloropropane markets [64] Conclusion - Zhongchu Coal is positioned for growth with a strong product lineup, strategic customer relationships, and a focus on innovation in catalyst technology. The company is navigating market challenges while preparing for future opportunities in both domestic and international markets.

Investment Rating - The investment rating for the company is "Buy" with a target of outperforming the industry index by more than 15% over the next six months [5][19]. Core Viewpoints - The company has shown significant growth in its electronic materials and new energy materials segments, driven by technological innovation and increasing demand from downstream industries [2][4][11]. - The financial performance indicates a strong upward trend in revenue and net profit, with projected revenues reaching 47.56 billion, 55.29 billion, and 66.19 billion yuan for 2025, 2026, and 2027 respectively [11]. - The company is actively optimizing its processes and enhancing product quality, which is expected to contribute positively to its future growth [4][10]. Financial Summary - For the first half of 2025, the company reported a revenue of 2.154 billion yuan, a year-on-year increase of 10.29%, and a net profit of 332 million yuan, up 0.38% year-on-year [1][2]. - The gross profit margin for the first half of 2025 was 38.30%, a decrease of 1.59 percentage points compared to the same period in 2024 [2]. - The net cash flow from operating activities increased significantly by 116.11% year-on-year, amounting to 333 million yuan, primarily due to increased cash receipts from sales [3]. Segment Performance - The electronic materials segment achieved a revenue of 344 million yuan in the first half of 2025, representing a year-on-year growth of 23.65% [4]. - The new energy materials segment reported a revenue of 217 million yuan, with a year-on-year increase of 26.36% [4]. - The company is focusing on developing new products in response to emerging applications in automotive electronics and AI computing servers, which are driving demand in the electronic materials sector [4][9]. Future Projections - The company is expected to continue its growth trajectory with projected net profits of 752 million, 897 million, and 1.082 billion yuan for 2025, 2026, and 2027 respectively [11]. - The earnings per share (EPS) are forecasted to be 0.75, 0.90, and 1.09 yuan for the same years [11]. - The company maintains a strong focus on research and development, which is anticipated to enhance its competitive edge and overall performance across various segments [10][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady performance in Q2 2025, with revenue growth driven by the electronic materials and new energy sectors, alongside stable growth in the catalytic materials segment [5][6] - In the first half of 2025, the company achieved revenue of 2.154 billion yuan, a year-on-year increase of 10.29%, and a net profit attributable to shareholders of 332 million yuan, a year-on-year increase of 0.38% [4][5] - The company is expanding its product offerings across multiple sectors, including automotive electronics, AI computing servers, and solid-state battery materials, which are expected to contribute to future growth [6][7] Financial Performance Summary - For Q2 2025, the company reported revenue of 1.179 billion yuan, a year-on-year increase of 4.67% and a quarter-on-quarter increase of 20.97% [4] - The net profit for Q2 2025 was 196 million yuan, a year-on-year decrease of 0.57% but a quarter-on-quarter increase of 44.33% [4] - The company expects net profits for 2025-2027 to be 798 million, 913 million, and 1.16 billion yuan respectively, with year-on-year growth rates of 32.0%, 14.5%, and 26.9% [8] Business Segment Insights - The electronic materials segment is experiencing high growth due to increasing demand for automotive electronics and AI applications, with successful product validation from key clients [5] - The catalytic materials segment has gained traction by supplying ceramic substrates and other products to major international automotive manufacturers [5] - The biomedical materials segment is advancing with the development of dental restoration products, which have begun to see market acceptance [5] - The new energy materials segment is focusing on ultra-thin coatings and has developed various new product models in response to customer needs [5][6]

Financial Performance - The company achieved a revenue of 2,154.32 million CNY in the first half of 2025, a year-on-year increase of 10.29% [2] - Net profit attributable to shareholders was 331.71 million CNY, up 0.38% year-on-year [2] - Net profit after deducting non-recurring gains and losses reached 320.77 million CNY, a growth of 4.10% [2] - Net cash flow from operating activities was 333.15 million CNY, showing a significant increase of 116.11% [2] Business Segment Performance - **Electronic Materials**: Growth driven by demand in consumer electronics and automotive sectors, with ongoing capacity expansion [2] - **Catalytic Materials**: Maintained leading position in domestic market, with increasing market share in passenger vehicles [2] - **Biomedical Materials**: Focused on global and diversified branding, enhancing channel efficiency [3] - **New Energy Materials**: Increased market sales with advanced coating technologies and solid-state electrolyte development [3] - **Precision Ceramics**: Accelerated integration of materials, processes, and devices, with significant growth in high-end products [3] - **Digital Printing and Other Materials**: Stable revenue with expansion into overseas markets and new product development [3] New Product Development - Completion of several new products including spherical silica and titanium, aimed at high-end applications [3] - Development of high-refractive inorganic particle dispersion liquid for OLED and AR applications, with successful validation from domestic clients [3] Strategic Initiatives - The company is establishing a joint venture focused on solid-state battery materials, particularly in sulfide technology [5][6] - Continued growth in honeycomb ceramics, with expanded presence in both domestic and international automotive supply chains [7] - Plans to enhance R&D and production capabilities for ceramic substrates used in optical modules [8] Market Outlook - The company anticipates further market share growth in the catalytic materials sector, particularly with the introduction of new products compliant with upcoming regulations [7] - The MLCC segment is expected to maintain growth despite minor impacts from rare earth element regulations [9] - The ceramic ink business is projected to stabilize and expand, particularly in high-end functional products and overseas markets [10]

Group 1 - The company reported Q1 2025 revenue of 975 million yuan, a year-on-year increase of 17.94%, and a net profit attributable to shareholders of 136 million yuan, up 1.80% year-on-year and 10.75% quarter-on-quarter [1] - The company's gross margin for the quarter was 36.8%, down 2.0 percentage points year-on-year and 3.0 percentage points quarter-on-quarter, influenced by product mix changes [1] - The company is a global leader in MLCC dielectric powder production, covering all types of basic and formula powders, and has established long-term stable partnerships with customers [1] Group 2 - The company is a leading domestic gas purification solution provider, offering a full range of products for exhaust gas catalysis, including honeycomb ceramic carriers and cerium-zirconium solid solutions [2] - The company aims to become a global comprehensive supplier of dental restoration solutions, focusing on dental hard tissue replacement biomaterials and enhancing its core product influence [2] Group 3 - The company is actively expanding into the new energy and precision ceramics sectors, launching several core materials for lithium battery cathode additives and extending the application of zirconia microspheres [3] - The precision ceramics segment includes a range of materials such as zirconia and alumina, with products like ceramic bearings and substrates, aiming to become a leading platform in the precision ceramics industry [3] - The company plans to expand its ceramic metallization project, targeting applications in thin-film sensors and power supply modules [3]