证券日报网讯12月16日，宝丽迪（300905）在互动平台回答投资者提问时表示，子公司耀科COFs材料 200吨新建项目，目前完成立项审批，环评审批已报送相关单位，同时场地建设、产线设计、设备定 制、安装等相关工作都在有序推进，需要一定时间。新建该项目也是根据前期客户验证推进及未来产品 放量做好产能储备，项目完成后，公司也会安排产线调试及产品试制，由于COFs材料属于一款全新材 料，产品投产与放量主要还是由客户端验证结果及客户需求决定。 ...

每经AI快讯，有投资者在投资者互动平台提问：公司客户资料是公司商业秘密，但是COFs材料项目上 马2年多，公司有义务披露到底在进行哪些确定性靠谱的行业应用验证。200吨产线投资规模不小，公司 也有义务披露计划优先量产的会是哪些方向。 宝丽迪（300905.SZ）12月5日在投资者互动平台表示，公司COFs材料目前尚处于客户验证阶段，200吨 产线项目利用公司原有场地也在有序推进中，公司目前员工主要从事产品生产实验、产品研发改进、小 批量样品试制、产品推广等相关工作，2年多来整个耀科项目投入资金到目前为止不到2000万，投资金 额可控，新产品从研发到产业化需要一定的时间，也存在一定不确定因素，但整体不会对公司主业造成 重大影响。 （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：公司客户资料是公司商业秘密，但是COFs材料项目上 马2年多，公司有义务披露到底在进行哪些确定性靠谱的行业应用验证。200吨产线投资规模不小，公司 也有义务披露计划优先量产的会是哪些方向。 宝丽迪（300905.SZ）12月5日在投资者互动平台表示，公司COFs材料目前尚处于客户验证阶段，200吨 产线项目利用公司 ...

Group 1 - The chairman Xu Yiming addressed concerns regarding the small investment scale and limited workforce (25 employees) of the subsidiary YaoKe, indicating that the COFs materials project is currently in the customer validation stage [2] - The company has completed the project establishment for a new 200-ton capacity, which is still undergoing environmental assessment approval, while other construction and equipment customization tasks are progressing in an orderly manner [2] - YaoKe's personnel are primarily focused on production trials, product improvements, and application validations, with plans to supplement staff based on development needs and mass production requirements [2]

Core Viewpoint - The company Baolidi's subsidiary, Yaoke, is currently validating and promoting COFs materials across multiple application directions, which involves a significant amount of time and uncertainty in progress and results [2] Group 1 - The validation and promotion of COFs materials by the subsidiary are ongoing and require time [2] - The company will disclose information regarding the progress and results in accordance with relevant regulations, ensuring timely and accurate updates [2] - Investors are encouraged to continuously monitor the company's information disclosures for updates [2]

Core Viewpoint - The company is currently engaged in client validation and promotion of its COFs materials, indicating ongoing efforts to improve products based on feedback, despite the uncertainty and time required for new product validation [2] Group 1 - The company has been working on the validation of COFs materials for over a year [2] - There has been no feedback from any company regarding the COFs materials yet [2] - The company expresses gratitude for investor support and emphasizes its commitment to advancing related work [2]

Core Viewpoint - The company is actively progressing with the construction of a new 200-ton COFs material production line at its subsidiary Suzhou YaoKe, with the timeline for mass production dependent on project construction and client validation [1] Group 1 - The new production line project is being constructed at the company's facility [1] - The mass production timeline is subject to the progress of the project and client verification, indicating potential uncertainties [1] - The company is fully committed to advancing the related work on this project [1]

Group 1 - The company Shandong Haihua (000822.SZ) has applied for relevant patents in the preparation of a type of COFs material through its R&D department [1]

Financial Performance - The company reported a total revenue of 676 million yuan for the first half of 2025, an increase of 1.47% year-on-year [1] - The net profit attributable to shareholders reached 63.81 million yuan, up 15.19% year-on-year [1] - In Q2 2025, total revenue was 368 million yuan, reflecting an 8.46% increase year-on-year, while net profit for the quarter was 36.92 million yuan, a 24.78% increase [1] - The gross margin improved to 20.77%, up 14.17% year-on-year, and the net margin increased to 9.36%, up 14.87% [1] - The company's total expenses (selling, administrative, and financial) amounted to 40.02 million yuan, accounting for 5.92% of revenue, a 9.42% increase year-on-year [1] Balance Sheet Changes - Accounts receivable increased significantly by 43.74% year-on-year, reaching 233 million yuan [1] - Cash and cash equivalents decreased by 69.77%, attributed to cash management practices [3] - Interest-bearing debt rose by 211.89%, totaling 84.90 million yuan, primarily due to new bank loans for factory construction [3] Cash Flow Analysis - The net cash flow from operating activities decreased by 52.1%, impacted by reduced VAT input deductions and increased tax expenses [5] - The net cash flow from investing activities saw a significant decline of 205.81%, largely due to cash management practices [5] - The net cash flow from financing activities increased by 51.63%, driven by reduced repayment of pledged loans and new borrowings for projects [5] Industry Insights - The demand for chemical fiber masterbatches is expected to continue expanding due to environmental policies and production efficiency [11] - The company has competitive advantages in raw material procurement, product quality, and customer service, which are critical in the fiber masterbatch industry [13] Research and Development - The company has established a joint venture with Nankai University to develop covalent organic frameworks (COFs), which have potential applications in various fields [14] - Currently, COFs products are in the customer verification stage and have not yet achieved mass sales, with plans for a new production line to increase capacity [15]

Core Insights - The report highlights a decline in the growth rate of social consumer goods retail sales in June 2025, with a total of 4.23 trillion yuan, reflecting a year-on-year increase of 4.8%, which is below the market expectation of 5.56% [2] - The report emphasizes the promising future of COFs (Covalent Organic Frameworks) materials in various fields such as energy storage and environmental management, with a recommendation to focus on companies like Baolidi and Yaoke for their advancements in COFs commercialization [3] - The report suggests increasing allocation to the Hong Kong pharmaceutical sector, particularly in chemical pharmaceuticals and innovative drugs, highlighting companies like Sanofi and BeiGene for their potential growth [3] Retail Sector Analysis - In June 2025, the growth rate of essential goods decreased, while the jewelry sector faced demand pressure due to high gold prices, leading to a decline in growth rates [2] - The report notes that the pre-promotion period for sales has led to an earlier release of consumer demand, impacting the overall growth figures [2] COFs Industry Insights - COFs are identified as high-performance crystalline porous polymer materials with adjustable pore structures, showing significant application potential in energy and environmental sectors [3] - The report mentions a successful scale-up of COFs production by Yaoke in 2024, marking a milestone in the commercialization of these materials [3] Pharmaceutical Sector Insights - The report recommends increasing investment in the Hong Kong pharmaceutical sector, particularly in traditional and innovative drug companies, citing the ongoing transformation and innovation within the industry [3] - Specific companies are highlighted for their stable growth and potential for stock price catalysts, including Sanofi, United Laboratories, and others [3]

Group 1 - The credit ratings of convertible bonds in the first half of 2025 were predominantly downgraded, with a decrease in the number of downgrades compared to the previous year. Most of these bonds had initial ratings of AA- or below, and their remaining maturities were mainly concentrated within one year and two to four years [3] - The issuers of convertible bonds that experienced rating downgrades generally faced declining profitability, weakened cash flow, and increased short-term debt repayment pressure, leading to heightened liquidity risks and governance issues [3] Group 2 - The COFs (Covalent Organic Frameworks) industry is expected to have promising applications in energy storage, environmental management, and biomedicine due to its unique molecular design and excellent performance [4] - In June 2025, the total retail sales of consumer goods reached 4.23 trillion yuan, with a year-on-year growth of 4.8%, which was below the market expectation of 5.56%. The growth rate decreased by 1.6 percentage points compared to May, primarily due to a high base from the previous year and the pre-promotion of consumption [6] - The demand for gold and jewelry retail was pressured by fluctuations in gold prices, leading to a decline in growth rates for these categories. However, categories related to national subsidies continued to grow, albeit at a slower pace [6] Group 3 - The disposable glove industry is expected to see a price turning point in the third quarter, with a focus on the overseas capacity release of leading domestic manufacturers. The gradual release of overseas capacity and natural growth in end-demand are anticipated to help domestic companies regain market share [7] - The Hong Kong pharmaceutical sector has shown strong performance, with some quality companies still having attractive PE valuations despite years of valuation contraction. There is a recommendation to actively increase allocations in high-quality, low-valuation companies within the sector [8] - Baofeng Energy's new olefin project in Inner Mongolia is expected to contribute to significant growth, with the company forecasting a net profit of 5.4 to 5.9 billion yuan for the first half of 2025, representing a year-on-year increase of 63.4% to 78.5% [8]