（文章来源：证券日报） 证券日报网讯宝丽迪11月24日在互动平台回答投资者提问时表示，公司子公司耀科COFs材料目前正在 多个应用方向上做相关验证及推广，验证需要一定的时间，也会存在许多不确定因素，其进展和结果等 信息公司会按照相关规定，如实、及时、准确披露，敬请持续关注公司相关信息披露。 ...

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]

格隆汇10月17日丨宝丽迪(300905.SZ)在投资者互动平台表示，公司子公司苏州耀科新建二百吨级COFs 材料产线项目正在公司厂区有序推进建设中，量产时间取决于项目建设进度及客户端的验证情况，都需 要一定时间完成，也存在一定的不确定因素，公司也在全力以赴推进相关工作。 ...

格隆汇10月13日丨山东海化(000822.SZ)在投资者互动平台表示，公司研发部门在一种COFs材料制备方 面申请了相关专利。 ...

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]

宝丽迪的COFs已完成吨级量产，产业化进展逐步推进 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 COFs是一种新兴的结晶性多孔高分子材料，下游潜在的应用领域较为丰富 COFs材料(Covalent Organic Fra-meworks)，又称作共价有机框架材料，是一种新兴的由有机分子组成，以共价 键连接的结晶性多孔高分子材料，也被称为"有机沸石""均孔树脂"。COFs材料具有高的热化学稳定性、良好 的生物相容性、大的比表面积及孔隙率、可控的化学物理性质、低的骨架密度、永久开放的孔道结构及合成策 略多样化等特点。在催化化工、气体分离存储、生物医药纯化、环保处理、石油分离、核工业废水处理、海水 淡化、光电材料等领域具有应用可能性。在化工催化方面可用于炼油纯化、空气分离、制冷剂制造；水处理方 面可用于工 ...

Group 1: Company Overview and Leadership - Suzhou Baolidi Materials Technology Co., Ltd. held its 2024 annual performance briefing on April 29, 2025, with key personnel including Chairman Xu Yiming and CFO Yuan Xiaofeng present [2][4]. Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 1.363 billion, an increase of CNY 166 million, representing a year-on-year growth of 13.86% [8][13]. - The gross profit margin remained stable, with gross profit increasing by CNY 43.13 million, a year-on-year growth of 20.91% [8][13]. - The net profit attributable to shareholders was CNY 114.02 million, up CNY 14.54 million from the previous year, reflecting a growth of 14.61% [8][13]. Group 3: Talent Development and R&D - The company emphasizes talent development through partnerships with renowned institutions and a comprehensive training system for employees [4]. - In 2024, R&D expenses reached CNY 51.88 million, highlighting the company's commitment to innovation [14]. Group 4: Production Capacity and Projects - The company is expanding its production capacity with a new project in Fujian, adding 40,000 tons, expected to be operational in the second half of 2025 [5]. - The COFs materials project aims for an annual production capacity of 200 tons, with ongoing preparations for construction [6][18]. Group 5: Competitive Position and Market Strategy - Baolidi holds a strong competitive position in the new materials sector, supported by technological innovation, quality control, and a robust customer base [7]. - Future market expansion plans include enhancing R&D investment, strategic partnerships, and increasing brand awareness [12]. Group 6: Green Manufacturing Initiatives - The company is committed to green manufacturing through eco-friendly production processes, energy efficiency, and the development of sustainable products [15][16]. Group 7: Industry Outlook - The color masterbatch market in China is expected to grow steadily, with increased penetration rates supported by industry growth and environmental awareness [17].