Core Viewpoint - Huajin Co., Ltd. is focusing on enhancing its competitive edge and addressing challenges in the petrochemical industry through innovation and strategic planning [1][2][3] Group 1: Business Overview - Huajin Co., Ltd. specializes in the production and sales of petrochemicals and chemical fertilizers, with key products including diesel, polypropylene resin, polyethylene resin, ABS resin, and various oils [1] - The company has strong production capabilities in both naphthenic and paraffinic base oils, supported by a robust technology innovation system that integrates research, production, and sales [1] Group 2: Challenges and Responses - The company's performance is influenced by multiple factors, including raw material prices, product sales prices, and production efficiency, with recent losses attributed to international oil price fluctuations and insufficient downstream demand in the petrochemical sector [2] - To mitigate risks from raw material price volatility, the company is optimizing procurement strategies, exploring new channels, and enhancing marketing operations [2] Group 3: Future Development Strategy - Huajin Co., Ltd. plans to focus on optimizing four key sectors, strengthening the industrial chain, and improving operational capabilities, while emphasizing high-end, green, and intelligent development [3] - The company aims to accelerate the development of high-value-added new products to enhance its competitive advantage and align with national policy directions [3]

证券代码：600143 证券简称：金发科技 公告编号：2025-087 金发科技股份有限公司 2025 年第三季度主要经营数据公告 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》有关规定和披露要求，金发科技股份有限公司（以下简称"公司"） 将2025年第三季度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 年 产量（2025 | 月、万 7-9 | 年 销量（2025 | 月、万 7-9 | 营业收入（2025 | 年 7-9 | | --- | --- | --- | --- | --- | --- | --- | | | 吨） | | | 吨） | 月、万元） | | | 改性塑料产品 | | 82.14 | | 78.20 | | 913,050.01 | | 绿色石化产品 | | 53.18 | | 46.11 | | 312,908.97 | | 新材料产品 | | 4.67 | | 7.23 | | ...

Core Points - The European Chemicals Agency (ECHA) has identified Decabromodiphenyl Ether (DBDPE) as a Substance of Very High Concern (SVHC) due to its high persistence and bioaccumulation characteristics [1] - DBDPE is primarily used as a substitute for decabromodiphenyl ether flame retardants and is commonly found in various plastics and products [1] - The identification of DBDPE as SVHC will support potential restrictions on brominated flame retardants and aligns with the deadline for its inclusion in the CLP regulation [1] Group 1 - ECHA plans to include DBDPE in the SVHC candidate list in November [1] - DBDPE is used in HIPS, ABS resins, PVC, PP, adhesives, sealants, coatings, lubricants, and cleaning products [1] - Sweden proposed to classify DBDPE as an SVHC candidate substance on April 23, 2025, with public consultation occurring from June 27 to August 11, 2025 [1] Group 2 - Manufacturers and importers must notify if SVHC is present in their products at concentrations exceeding 0.1% by weight and if the total weight produced in the EU exceeds 1 ton annually [2] - Companies placing items containing SVHC above 0.1% in the EU market are required to complete SCIP notifications as per the Waste Framework Directive [2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - No clear core view presented in the given content Group 3: Summary by Relevant Catalogs 1. BR Main Contract Overview - The closing price of the main contract on August 28 was 11,980, with a daily increase of 270 and a weekly increase of 320 [4]. - The open interest of the main contract was 41,078, up 1,166 daily and 5,323 weekly [4]. - The trading volume of the main contract was 132,297, a daily increase of 37,298 and a weekly increase of 42,963 [4]. - The number of warehouse receipts was 12,260, down 210 daily and up 70 weekly [4]. - The long - short ratio was 16.75 [4]. 2. Basis & Calendar Spread - The basis of cis - butadiene changed from 40 on August 22 to - 30 on August 28, a daily decrease of 120 and a weekly decrease of 70 [4]. - The basis of cis - butadiene (two major oil companies) changed from 240 on August 22 to 120 on August 28, a daily decrease of 270 and a weekly decrease of 120 [4]. - The basis between butadiene styrene and cis - butadiene changed from 590 on August 22 to 420 on August 28, a daily decrease of 270 and a weekly decrease of 170 [4]. - The spread between the 8 - 9 contracts changed from 145 on August 22 to 15 on August 28, a daily decrease of 260 and a weekly decrease of 130 [4]. - The spread between the 9 - 10 contracts was - 15 on August 28, a daily decrease of 5 and a weekly decrease of 35 [4]. 3. Spot Market - The market price in Shandong for cis - butadiene was 11,950 on August 28, up 150 daily and 250 weekly [4]. - The market price at Transfar for cis - butadiene was 11,900 on August 28, up 200 daily and 250 weekly [4]. - The ex - factory price of Qilu for cis - butadiene was 12,100 on August 28, unchanged daily and up 200 weekly [4]. - CFR Northeast Asia was 1,475, unchanged daily and no weekly change data available [4]. - CFR Southeast Asia was 1,725, unchanged daily and weekly [4]. 4. Processing & Import - Export - The spot processing profit of BR was - 32 on August 28, up 28 daily and down 31 weekly [4]. - The futures processing profit of BR was - 2 on August 28, up 178 daily and 40 weekly [4]. - The import profit was - 86,374 on August 28, up 232 daily and down 1,112 weekly [4]. - The export profit was - 495 on August 28, down 139 daily and 65 weekly [4]. 5. BD Price and Profit - The market price in Shandong for butadiene was 9,590 on August 28, up 90 daily and 275 weekly [4]. - The market price in Jiangsu for butadiene was 9,400 on August 28, up 100 daily and 150 weekly [4]. - The carbon four extraction profit was not available on August 28, and previous data showed fluctuations [4]. - The butene oxidative dehydrogenation profit was 306 on August 28, up 100 daily and 150 weekly [4]. - The import profit of butadiene was not available on August 28, and previous data showed changes [4]. - The export profit of butadiene was - 93 on August 28, down 93 daily and up 29 weekly [4]. 6. Downstream Profit - The production profit of ABS was 33 on August 28, up 24 daily and 102 weekly [4]. - The production profit of SBS (791 - H) was 1,090 on August 28, unchanged daily and down some amount (data incomplete) weekly [4]. 7. Inter - Variety and Intra - Variety Spreads - The spread between RU - BR was - 25,133 on August 28, down 981 daily and 5,003 weekly [4]. - The spread between NR - BR was - 28,298 on August 28, down 1,001 daily and 5,053 weekly [4]. - The spread between Thai mixed rubber and cis - butadiene was 2,900 on August 28, unchanged daily and weekly [4]. - The spread between 3L and butadiene styrene was 2,750 on August 28, up 150 daily and 150 weekly [4]. - The spread between standard and non - standard cis - butadiene was 200 on August 28, down 50 daily and unchanged weekly [4]. - The spread between butadiene styrene 1502 and 1712 was 900 on August 28, unchanged daily and down 100 weekly [4].

Group 1: Report Overview - Report Name: Yongan Synthetic Rubber Morning Report [2] - Research Team: Research Center Energy and Chemicals Team [3] - Report Date: August 13, 2025 [3] Group 2: BR (Butadiene Rubber) Data 1. Futures Contract Data - Main contract closing price on August 12 was 11,825, with a daily change of 40 and a weekly change of 310 [4] - Main contract open interest on August 12 was 26,687, with a daily change of -1,401 and a weekly change of -3,745 [4] - Main contract trading volume on August 12 was 60,045, with a daily change of -78,270 and a weekly change of 6,100 [4] 2. Warehouse Receipt and Ratio Data - Warehouse receipt quantity on August 12 was 0, with a daily change of -10,470 and a weekly change of -10,540 [4] - The virtual - real ratio on August 12 had a DIV/0! error [4] 3. Basis and Spread Data - Butadiene basis on August 12 was -75, with a daily change of 10 and a weekly change of -160 [4] - Butadiene basis (Two - oil) on August 12 was -125, with a daily change of -40 and a weekly change of -110 [4] - Styrene - butadiene basis on August 12 was 425, with a daily change of 60 and a weekly change of -60 [4] - 8 - 9 month spread on August 12 was -5, with a daily change of -15 and a weekly change of -5 [4] - 9 - 10 month spread on August 12 was 5, with a daily change of 5 and a weekly change of 10 [4] 4. Price and Profit Data - Shandong market price on August 12 was 11,750, with a daily change of 50 and a weekly change of 150 [4] - Chuanhua market price on August 12 was 11,700, with a daily change of 0 and a weekly change of 200 [4] - Qilu ex - factory price on August 12 was 11,700, with a daily change of 0 and a weekly change of 200 [4] - CFR Northeast Asia on August 12 was 1,450, with a daily change of 0 and a weekly change of 0 [4] - CFR Southeast Asia on August 12 was 1,735, with a daily change of -15 and a weekly change of -15 [4] - Spot processing profit on August 12 was -79, with a daily change of 111 and a weekly change of -18 [4] - Futures processing profit on August 12 was -4, with a daily change of 101 and a weekly change of 142 [4] - Import profit on August 12 was -83,803, with a daily change of 45 and a weekly change of -1,536 [4] - Export profit on August 12 was -452, with a daily change of -43 and a weekly change of -124 [4] Group 3: BD (Butadiene) Data 1. Price Data - Shandong market price on August 12 was 9,440, with a daily change of -60 and a weekly change of 140 [4] - Jiangsu market price on August 12 was 9,350, with a daily change of -50 and a weekly change of 100 [4] - Yangzi ex - factory price on August 12 was 9,400, with a daily change of 0 and a weekly change of 200 [4] - CFR China on August 12 was 1,070, with a daily change of 0 and a weekly change of -10 [4] 2. Profit Data - Carbon four extraction profit data for August 12 was N/A [4] - Butene oxidative dehydrogenation profit on August 12 was 256, with a daily change of -50 and a weekly change of 30 [4] - Import profit on August 12 was 508, with a daily change of -20 and a weekly change of 175 [4] - Export profit on August 12 was -1,096, with a daily change of 44 and a weekly change of 61 [4] 3. Downstream Profit Data - Butadiene rubber production profit on August 12 was -4, with a daily change of 101 and a weekly change of 142 [4] - Styrene - butadiene rubber production profit on August 12 was 750, with a daily change of 0 and a weekly change of 25 [4] - ABS production profit data for August 12 was N/A [4] - SBS (791 - H) production profit on August 12 was 1,160, with a daily change of 200 and a weekly change of 30 [4] Group 4: Spread Data 1. Inter - variety Spread - The difference between Thai mixed rubber and butadiene rubber on August 12 was 2,870, with a daily change of -10 and a weekly change of 150 [4] - The difference between 3L rubber and styrene - butadiene rubber on August 12 was 2,600, with a daily change of -100 and a weekly change of -50 [4] - The difference between RU and BR on August 12 was -10,827, with a daily change of 1,200 and a weekly change of 5,060 [4] - The difference between NR and BR on August 12 was -14,022, with a daily change of 1,446 and a weekly change of 4,110 [4] 2. Intra - variety Spread - The difference between standard and non - standard butadiene rubber on August 12 was 200, with a daily change of 50 and a weekly change of -50 [4] - The difference between styrene - butadiene 1502 and 1712 on August 12 was 1,000, with a daily change of 50 and a weekly change of -150 [4]

Core Viewpoint - North Huajin Chemical Industries Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, attributed to weak global economic growth, fluctuating international oil prices, and increased domestic production capacity [1][2]. Company Overview and Key Financial Indicators - The company is primarily engaged in the production and sale of petrochemicals and chemical fertilizers, with major products including diesel, polypropylene, polyethylene, and various chemical fertilizers [2][3]. - Total revenue for the first half of 2025 was approximately CNY 20.10 billion, a decrease of 5.01% compared to CNY 21.16 billion in the same period last year [3][4]. - The net profit attributable to shareholders was a loss of CNY 989.14 million, worsening from a loss of CNY 742.89 million year-on-year, representing a 33.15% decline [3][4]. - The company reported a basic earnings per share of -0.6184, down 33.13% from -0.4645 in the previous year [3][4]. Main Business Analysis - The petrochemical sector accounted for 86.47% of total revenue, while the chemical fertilizer sector contributed 4.47% [6][7]. - The sales revenue from the petrochemical sector was CNY 17.38 billion, down 5.73% from the previous year, while the chemical fertilizer sector saw a 17.75% decline in revenue [6][7]. - The company has implemented various strategies to optimize production and enhance operational efficiency, including the use of advanced management systems and collaboration with major oil companies [2][3]. Financial Performance and Cost Management - Operating costs decreased by 5.30% to CNY 17.91 billion, reflecting efforts to control expenses amid declining revenues [4][5]. - The company has focused on cost control measures, including reducing unnecessary expenditures and optimizing procurement strategies to mitigate the impact of fluctuating raw material prices [2][3]. - Cash flow from operating activities was reported at -CNY 3.04 billion, showing a slight improvement of 0.32% compared to the previous year [4][5]. Asset and Liability Status - Total assets at the end of the reporting period were approximately CNY 27.37 billion, down 2.50% from the previous year [8]. - The company's net assets attributable to shareholders decreased by 8.75% to CNY 10.48 billion [8]. Investment and Financing Activities - The company reported a significant increase in financing activities, with net cash flow from financing activities reaching CNY 1.70 billion, a 548.43% increase compared to the previous year [4][5]. - The company has utilized part of its idle funds to supplement working capital, with a temporary use of CNY 300 million approved by shareholders [10][11]. Future Development and Strategic Focus - The company aims to enhance its competitive edge by focusing on high-value product development and optimizing its industrial chain [2][3]. - Plans include strengthening communication with key stakeholders and improving operational efficiency to adapt to market changes [2][3].

1. Report's Industry Investment Rating - No relevant content provided 2. Core View of the Report - No explicit core view is presented in the given content. The report mainly provides data on the synthetic rubber market, including prices, trading volumes, inventories, and profit margins. 3. Summary by Related Catalogs 3.1 BR (High - Cis Polybutadiene Rubber) - **Trading Data**: On July 31, the closing price of the main contract was 11,495, down 280 from the previous day and 790 from the beginning of the week; the position volume was 34,820, a decrease of 4,870 from the previous day and 14,008 from the beginning of the week; the trading volume was 93,023, down 7,369 from the previous day and 55,619 from the beginning of the week [3]. - **Warehouse Receipts and Virtual - to - Real Ratio**: The number of warehouse receipts was 10,340, an increase of 150 from the previous day and 500 from the beginning of the week; the virtual - to - real ratio was 16.84, down 3 from the previous day and 8 from the beginning of the week [3]. - **Basis and Spread**: The high - cis basis was 205, up 180 from the previous day and 390 from the beginning of the week; the high - cis basis (two major oil companies) was 305, down 20 from the previous day but up 390 from the beginning of the week; the styrene - butadiene basis was 425, up 130 from the previous day and 640 from the beginning of the week; the 8 - 9 spread was - 50, up 205 from the previous day and 180 from the beginning of the week; the 9 - 10 spread was 15, down 10 from the previous day and 25 from the beginning of the week [3]. - **Spot Prices**: The Shandong market price was 11,700, down 100 from the previous day and 400 from the beginning of the week; the Transfar market price was 11,450, down 350 from the previous day and 450 from the beginning of the week; the Qilu Petrochemical ex - factory price was 11,800, down 300 from the previous day and 400 from the beginning of the week [3]. - **Processing and Import - Export Profits**: The spot processing profit was 167, up 2 from the previous day and 110 from the beginning of the week; the futures processing profit was - 38, down 178 from the previous day and 280 from the beginning of the week; the import profit was - 84,506, up 2,570 from the previous day and 2,534 from the beginning of the week; the export profit was - 245, up 63 from the previous day [3]. 3.2 BD (Butadiene) - **Spot Prices**: The Shandong market price was 9,150, down 100 from the previous day and 500 from the beginning of the week; the Jiangsu market price was 9,200, down 100 from the previous day and 450 from the beginning of the week; the Yangzi Petrochemical ex - factory price was 9,400, unchanged from the previous day and down 300 from the beginning of the week; the CFR China price was 1,090, unchanged from the previous day and down 10 from the beginning of the week [3]. - **Processing and Import - Export Profits**: The carbon - four extraction profit data was unavailable; the butene oxidative dehydrogenation profit was 176, down 100 from the previous day and 590 from the beginning of the week; the import profit was 210, down 79 from the previous day and 397 from the beginning of the week; the export profit was - 977, up 70 from the previous day and 485 from the beginning of the week [3]. 3.3 Downstream Profits - The high - cis production profit was - 38, down 178 from the previous day and 280 from the beginning of the week; the styrene - butadiene production profit was 725, down 200 from the previous day; the ABS production profit was 261, up 29 from the previous day and down 57 from the beginning of the week; the SBS (791 - H) production profit was 930, unchanged from the previous day and up 410 from the beginning of the week [3]. 3.4 Variety - to - Variety Spreads - RU - BR was - 20,260, up 4,485 from the previous day and 13,323 from the beginning of the week; NR - BR was - 22,545, up 4,570 from the previous day and 13,163 from the beginning of the week; the Thai mixed - high - cis spread was 2,550, down 200 from the previous day and 250 from the beginning of the week; the 3L - styrene - butadiene spread was 2,600, down 100 from the previous day and 250 from the beginning of the week [3]. 3.5 Intra - Variety Spreads - The high - cis standard - non - standard spread was 300, up 50 from the previous day and down 100 from the beginning of the week; the styrene - butadiene 1502 - 1712 spread was 1,150, up 50 from the previous day and 50 from the beginning of the week [3].

Report Information - Report Title: Yong'an Synthetic Rubber Morning Report [2] - Research Team: Research Center's Energy and Chemicals Team [3] - Report Date: July 22, 2025 [3] Core Data Summary BR (Butadiene Rubber) - **Price and Volume**: The closing price of the main contract was 11,995, up 275 from the previous day and 370 from the previous week; the trading volume was 87,016, down 3,349 from the previous day but up 12,030 from the previous week; the open interest was 14,993, down 2,221 from the previous day and 9,436 from the previous week; the warehouse receipt quantity was 9,700, unchanged from the previous day and up 500 from the previous week [4]. - **Basis and Spread**: The butadiene rubber basis (Shun - Ding) was -145, down 125 from the previous day and 170 from the previous week; the 8 - 9 spread was 25, unchanged from the previous day and up 5 from the previous week; the 9 - 10 spread was 25, down 5 from the previous day and unchanged from the previous week [4]. - **Market Price**: The Shandong market price was 11,850, up 150 from the previous day and 200 from the previous week; the Chuanhua market price was 11,800, up 200 from the previous day and 250 from the previous week; the Qilu ex - factory price was 12,000, up 300 from the previous day and 300 from the previous week [4]. - **Profit**: The spot processing profit was -372, down 233 from the previous day and 269 from the previous week; the futures processing profit was -227, down 108 from the previous day and 99 from the previous week; the import profit was -85,993, down 2,208 from the previous day and 2,358 from the previous week; the export profit was -733, down 138 from the previous day and 161 from the previous week [4]. BD (Butadiene) - **Market Price**: The Shandong market price was 9,825, up 375 from the previous day and 460 from the previous week; the Jiangsu market price was 9,600, up 150 from the previous day and 300 from the previous week; the Yangzi ex - factory price was 9,600, up 200 from the previous day and 300 from the previous week; the CFR China price was 1,050, unchanged from the previous day and down 20 from the previous week [4]. - **Profit**: The carbon four extraction profit was not available; the butene oxidative dehydrogenation profit was 646, up 150 from the previous day and 510 from the previous week; the import profit was 933, up 157 from the previous day and 451 from the previous week; the export profit was -1,468, down 136 from the previous day and 395 from the previous week [4]. Downstream Products - **Profit**: The butadiene rubber production profit was -227, down 108 from the previous day and 99 from the previous week; the styrene - butadiene rubber production profit was 525, down 50 from the previous day and 100 from the previous week; the ABS production profit was not available; the SBS production profit (791 - H) was 530, down 140 from the previous day and 180 from the previous week [4]. Variety Spreads - **Inter - Variety Spreads**: The RU - BR spread was -98, up 2,306 from the previous day and 9,971 from the previous week; the NR - BR spread was -2,243, up 2,296 from the previous day and 9,861 from the previous week; the Thai mixed - butadiene rubber spread was 2,720, down 80 from the previous day and up 220 from the previous week; the 3L - styrene - butadiene rubber spread was 2,500, down 150 from the previous day and unchanged from the previous week; the butadiene rubber standard - non - standard spread was 100, down 100 from the previous day and 100 from the previous week [4]. - **Intra - Variety Spreads**: The styrene - butadiene 1502 - 1712 spread was 1,100, down 100 from the previous day and 50 from the previous week [4].

Core Viewpoint - The development of the rubber industry at Lanzhou Petrochemical Company is a significant part of China's industrial history, showcasing the journey from inception to strength in the rubber sector, contributing to national industrial growth and defense construction [2][4]. Group 1: Historical Development - Lanzhou Petrochemical began its rubber industry journey in 1960, producing China's first synthetic rubber, breaking foreign technology barriers [4]. - In 1962, the company produced nitrile rubber to meet national defense needs, which played a crucial role in modernizing defense equipment due to its oil, wear, and heat resistance [4]. Group 2: Production Capacity and Innovations - In the 21st century, Lanzhou Petrochemical continued to enhance its rubber production, including the introduction of styrene-butadiene rubber production facilities from Japan in 2000 and expanding nitrile rubber capacity to 35,000 tons in 2020 [5][7]. - The current annual production capacity includes 150,000 tons of styrene-butadiene rubber and 100,000 tons of nitrile rubber, serving key industries such as automotive, machinery, and sports goods [7]. Group 3: Technological Innovation and Talent Development - The company emphasizes technological innovation as a driving force, establishing a "Five Rooms and One Hall" innovation platform to foster talent and solve production challenges [7][9]. - The rubber lecture hall serves as a training ground for new employees, accelerating the growth of young talent and ensuring sustainable development for the industry [9]. Group 4: Future Outlook - Moving forward, the company aims to align with national strategies, enhance technological innovation, optimize product structure, and strengthen core competitiveness while expanding domestic and international markets [9].

Core Viewpoint - The recent price increase of butadiene in China is driven by a combination of supply-demand dynamics, downstream demand recovery, policy benefits, and improved international trade conditions, indicating a systemic restructuring of the butadiene market [1][2]. Supply Dynamics - Sinopec raised the ex-factory price of butadiene to 11,100 yuan per ton, an increase of 800 yuan from the previous trading day, with prices in Shandong and East China reaching new highs in nearly five years [1]. - The current market shows a significant supply-demand imbalance, with a notable supply shortage due to maintenance of several production facilities, resulting in a monthly supply reduction of 50,000 tons [2]. - The unexpected shutdown rate of domestic butadiene facilities reached 12.7% in the first five months of this year, an increase of 4.3 percentage points compared to 2024, contributing to supply chain tightening [2]. Demand Dynamics - The downstream market for butadiene exhibits a dual trend, with traditional sectors like styrene-butadiene rubber and ABS resin facing production cuts due to cost pressures, while high-end applications see surging demand [3]. - In the automotive sector, the demand for hydrogenated nitrile butadiene rubber (HNBR) is increasing due to lightweight requirements, with specialized materials priced at 38,000 yuan, a premium of 120% over general materials [3]. - The aerospace materials sector is also experiencing over 30% growth in the application of specialty butadiene copolymers for seals and hoses [3]. Market Outlook - Analysts suggest that the primary driver of butadiene price increases in the short term is supply contraction, while the medium-term focus should be on the sustainability of downstream ABS capacity expansion [3]. - The rapid development of electric vehicles and smart home appliances is expected to continue boosting demand for ABS resin, further supporting the butadiene market [3].