据证券之星公开数据整理，近期联盛化学（301212）发布2025年中报。截至本报告期末，公司营业总收 入3.43亿元，同比上升13.95%，归母净利润1802.17万元，同比上升9.61%。按单季度数据看，第二季度 营业总收入1.66亿元，同比下降0.1%，第二季度归母净利润684.64万元，同比下降18.88%。本报告期联 盛化学公司应收账款体量较大，当期应收账款占最新年报归母净利润比达555.2%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率12.67%，同比减4.93%，净利率5.42%，同比减 5.25%，销售费用、管理费用、财务费用总计1444.06万元，三费占营收比4.21%，同比增34.68%，每股 净资产12.53元，同比增1.06%，每股经营性现金流0.47元，同比增146.47%，每股收益0.17元，同比增 13.33% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 3.01亿 | 3.43亿 | 13.95% | | 归母浄利润（元） | 1644.13万 | 1802.17万 | ...

Core Viewpoint - Tongde Chemical stated that BDO can be converted into GBL, which can further synthesize NMP, a solvent used in lithium-ion battery cathode binders (PVDF) and widely applied in lithium batteries, semiconductors, and LCD panels [1] Group 1 - BDO can be transformed into GBL, which is a precursor for synthesizing NMP [1] - NMP is utilized as a solvent in the preparation of cathode material slurries and conductive agent slurries [1] - The applications of NMP span across lithium batteries, semiconductors, and LCD panels [1]

Group 1: Performance Overview - The chemical industry has shown signs of recovery compared to the past two years, with improved operational conditions in Q1 2025 and increased market demand for major products year-on-year [2][3] - The first half of the year is still ongoing, and performance results have yet to be finalized [3] Group 2: Product Development and Capacity - The production of propyl acetate is expected to reach around 800 tons in 2024, with anticipated increases in 2025 as the market for lithium battery electrolytes expands [4] - Revenue from electronic chemicals increased by 110% year-on-year in 2024, with further growth expected in 2025 due to ongoing technical upgrades and an expanding customer base [5] Group 3: Market Trends and Competition - The chemical industry is experiencing a gradual recovery in market demand, particularly as the pesticide sector approaches inventory clearance, leading to increased demand for major products [5][6] - Despite the overall increase in demand, the competitive landscape remains intense, with varying supply and demand dynamics across different products [6] Group 4: Future Plans and Financing - The company is focused on advancing its fundraising projects and has not disclosed any plans for refinancing or stock incentive programs at this time [6]