海科新源 20251110 摘要 海科新源 2024 年溶剂收入占比预计为 2/3，丙二醇占 1/3，2025 年溶 剂收入占比预计提升至 3/4，主要受益于湖北工厂溶剂产能的提升。溶 剂价格在 7、8 月触底后，9 月已回调 100-150 元/吨，10 月散单价格 进一步上涨约 5%，预计 12 月签订的季度单和半年单价格将继续上涨。 公司第三季度 DMC、EMC、EC 等产品平均未税销售价约为 4,300- 4,400 元/吨，受半年单和季度单影响，7、8 月份价格有所下降，但 9 月份已基本回调至上半年水平。容器业务第三季度亏损约 500 元/吨， 主要受产品价格下跌影响，但第四季度预计将实现盈亏平衡。 市场价格上涨趋势已确定，10 月至 11 月散单价格预计还有 3%-5%的 上涨空间，四季度整体预计每吨价格上涨 200 元以上。散单客户 10 月 份已上涨接近 5%，公司散单和长单各占一半，长单价格需具体分析。 全球溶剂有效产能约为 220 万吨，海科新源、石大胜华、华鲁恒升三家 企业合计产能约 167 万吨，占据市场 80%的份额。海科新源预计 2025 年销量超过 70 万吨，2026 年保守 ...

Financial Performance - Q3 2025 revenue reached $143 million, reflecting an 8% increase compared to Q3 2024[7] - Adjusted Gross Margin was 38.9% in Q3 2025, a 66 bps increase from Q3 2024[7, 38] - Adjusted Diluted EPS was $0.60 in Q3 2025, a (2)% decrease compared to Q3 2024[7] Segment Performance - Diversified end markets (industrial, aerospace & defense, and medical) saw a 22% revenue increase year-over-year and accounted for 59% of total revenue[10, 38] - Transportation end market revenue decreased by (7)% year-over-year due to lower commercial vehicle sales[10, 38] - Total booked business in transportation was approximately $1 billion at the end of Q3 2025[25] End Market Highlights - Medical Q3 sales were $22 million, up 22% year-over-year, with bookings up 8%[17] - Aerospace & Defense Q3 sales were $25 million, up 23% year-over-year, with bookings up 29%[17] - Industrial Q3 sales were $37 million, up 21% year-over-year, with bookings up 29%[25] Cash Flow and Balance Sheet - Generated $29 million in operating cash flow in Q3 2025[10] - Free cash flow YTD 2025 was $60 million[40] - Cash returned to shareholders YTD 2025 totaled $44 million[40]

Core Viewpoint - The strategic procurement cooperation agreement between Haike New Source and Hefei Qianrui marks a significant step in enhancing Haike's position in the global electrolyte materials sector, with a supply commitment of 200,000 tons of lithium-ion battery electrolyte solvents and additives [1][2]. Group 1: Company Overview - Haike New Source has established a production network across Shandong, Jiangsu, and Hubei, optimizing resource allocation and accelerating the transition of new products from laboratory to mass production [2]. - The company emphasizes technological innovation, with automotive-grade products undergoing rigorous validation, creating a collaborative environment between its technology innovation center and global agile service platforms [2]. - Haike's products are utilized by leading global battery and automotive companies, including BYD, Tesla, CATL, LG Energy Solution, Panasonic, and Samsung, reinforcing its market position [2]. Group 2: Strategic Partnership - The procurement agreement with Hefei Qianrui, a subsidiary of Nanjing Guoxuan Holding Group, indicates a strong recognition of Haike's products and capabilities, as the 200,000 tons of raw materials align with Hefei Qianrui's production capacity [1]. - This partnership highlights Haike's competitive advantages in technology, production capacity, and customer relationships, further solidifying its role in the electrolyte supply chain [1].

证券日报网讯英搏尔（300681）9月22日发布公告，在公司回答调研者提问时表示，截至2025年6月30 日，英搏尔的技术研发成果有已授权专利190件，其中发明专利49件、实用新型专利135件、外观设计专 利6件，软件著作权28件。还有已申请未授权发明专利32件、实用新型专利21件。其中核心技术 PEBB(电力电子集成)申请了5项PCT国际发明专利，叠层母排核心底层技术已获得美国、日本、欧洲、 新加坡、印度尼西亚、马来西亚等国家授权，EMC专利获得美国与欧洲授权，"集成芯"技术多件专利 已获得美国、日本、欧洲、新加坡等国家或地区授权。 ...

Financial Data and Key Metrics Changes - The company reported sales of $135 million for Q2 2025, an increase of 4% from $130 million in Q2 2024 [4] - Adjusted EBITDA expanded by 250 basis points sequentially and 130 basis points year-over-year [2][19] - Adjusted diluted earnings were $0.57 per share, up approximately 30% from Q1 2025 and up 7% from the prior year [5][19] - The adjusted gross margin was 38.7%, an increase of 296 basis points compared to Q2 2024 [18] Business Line Data and Key Metrics Changes - Diversified end market sales increased by 13% year-over-year, accounting for 55% of overall company revenue [4][17] - Medical end market sales were up 8% compared to the same period in 2024, with therapeutic products demand increasing by approximately 60% year-over-year [6][7] - Aerospace and Defense sales rose by 34% year-over-year, with SideQuest revenues contributing $4.5 million [8][17] - Industrial market sales were up 5% sequentially and 6% year-over-year, with bookings up 22% from the prior year [9] Market Data and Key Metrics Changes - Transportation sales were €61 million in Q2 2025, down approximately 6% from the same period last year due to market dynamics in China [10] - The North American light vehicle market is expected to be in the 15 million unit range, while European production is forecasted at 16 million units [13][14] - China volumes are projected to be in the 30 million unit range, with electric vehicle penetration rates softening in some regions [14] Company Strategy and Development Direction - The company is focused on a diversification strategy to enhance growth in medical, industrial, aerospace, and defense markets [2][3] - The integration of the SideQuest business is progressing well, with expectations for stronger sales in the second half of 2025 [8][15] - The company aims to expand its customer base and range of applications in diversified end markets [12] Management's Comments on Operating Environment and Future Outlook - Management noted that the impact of tariffs was minimal in Q2 2025, but they continue to monitor the situation closely [26] - There is cautious optimism regarding the transportation market, with expectations of a bottoming out in China [28] - The company maintains guidance for sales in the range of $520 million to $550 million and adjusted diluted EPS between $2.20 and $2.35 [16] Other Important Information - The company generated $28 million in operating cash flow in Q2 2025, compared to $20 million in Q2 2024 [20] - A total of $26 million has been returned to shareholders through dividends and share buybacks in 2025 [20] Q&A Session Summary Question: Insights on the medical market dynamics - Management indicated that while therapeutics are performing well, there is some softness in diagnostics due to capital spending in Asia and potential tariff impacts [24][25] Question: Impact of tariffs on the company - The impact of tariffs was described as nominal, with ongoing monitoring of the situation [26][27] Question: Transportation market outlook - Management expressed cautious optimism about the transportation market, noting mixed conditions across regions and potential bottoming out in China [28][29] Question: Integration of SideQuest and cost-saving measures - The integration of SideQuest is progressing well, with a strong pipeline of opportunities, and no significant cost-saving measures are currently being implemented [30][32] Question: Acquisition market outlook - The company is focused on advancing diversified end markets and sees potential opportunities for acquisitions within the next twelve months [53][54]

Financial Performance - Revenue reached $135 million, a 4% increase compared to the same period last year[9] - Adjusted Gross Margin improved by 296 bps to 38.7%[9, 36] - Adjusted Diluted EPS increased by 7% to $0.57[9, 36] - Operating cash flow generated was $28 million[12] End Markets - Diversified end markets (industrial, aerospace & defense, and medical) saw revenue increase by 13% year-over-year and accounted for 55% of total revenue[12, 39] - Medical sales in Q2 were $19 million, up 8% year-over-year[19] - Aerospace & Defense sales in Q2 were $21 million, up 34% year-over-year[19] - Industrial sales in Q2 were $34 million, up 6% year-over-year[27] - Transportation end market revenue decreased by (6)% year-over-year due to lower commercial vehicle sales and softness in China[12, 39] Bookings and Outlook - The company's total booked business in the transportation sector is approximately $1 billion at the end of Q2 2025[27] - FY 2025 revenue is projected to be between $520 million and $550 million[29] - FY 2025 Adjusted Diluted EPS is projected to be between $220 and $235[29]