香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或依賴該 等內容而引致的任何損失承擔任何責任。 Red Avenue New Materials Group Co., Ltd. 彤 程 新 材 料 集 團 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作向香港公眾人士提供資料。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。閣下閱覽本文件，即代表閣 下知悉、接納並向彤程新材料集團股份有限公司（「本公司」）、其獨家保薦人、保薦人兼整體協調人、 顧問或包銷團成員表示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記 前，不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資 者務請僅依據於香港公司註冊處處長登記的本公司招股章程作出投資決定。該文件的文本將於 ...

维生素：维生素A(61500元/吨，-1.60%)、维生素E(54500元/吨，不变)、维生素D3(200000元/吨，不变)、泛酸钙(40000元/吨，不变)、肌醇(30500元/吨，不 变) 二级市场表现 工业气体及湿电子化学品：UPSSS级氢氟酸(11000元/吨，不变)、EL级氢氟酸(6335元/吨，不变) 摘要 市场与板块表现：本周新材料板块下跌。新材料指数跌幅为5.29%，跑输创业板指5.19%。近五个交易日，合成生物指数下跌3.13%，半导体材料下跌 3.60%，电子化学品下跌3.77%，可降解塑料下跌0.90%，工业气体下跌3.96%，电池化学品下跌4.89%。 产业链周度价格跟踪（括号为周环比变化） 氨基酸：缬氨酸(14050元/吨，不变)、精氨酸(21400元/吨，2.64%)、色氨酸(31900元/吨，1.27%)、蛋氨酸(18200元/吨，2.82%) 可降解材料：PLA(FY201注塑级)(17800元/吨，不变)、PLA(REVODE 201吹膜级)(16800元/吨，不变)、PBS(17000元/吨，不变)、PBAT(9700元/吨，不变) 塑料及纤维：碳纤维(83750元/吨， ...

南财智讯1月30日电，莫高股份发布业绩预亏公告，公司预计2025年年度归属于母公司所有者的净利润 约-12000万元至-10000万元；预计2025年年度归属于母公司所有者的扣除非经常性损益的净利润 约-10300万元至-8300万元。2025年，国内葡萄酒行业持续深度调整，葡萄酒生产量和消费量持续下 滑，公司葡萄酒销售不及预期；止咳药行业受市场终端需求下降因素影响，公司主要产品复方甘草片市 场量价齐跌，盈利水平降低；降解材料虽作为新兴产业受到国家政策支持，但当前仍受制于上下游产业 链配套体系不完善、产品价格承压等原因，公司PBAT产销量较上年同期下降。基于公司当前经营状况 及对未来经营情况的分析预测，为了更加客观、公正地反映公司财务状况和资产价值，根据企业会计准 则及公司会计政策、会计估计，结合当前行业现状，经公司管理层初步判断，2025年度预计对部分固定 资产、存货、应收账款等计提减值损失；除此之外，公司2025年对部分生产性生物资产进行报废处理。 前述资产减值及生物性资产报废处理将影响公司2025年度净利润约3600万元。 ...

Core Viewpoint - Yuxin Co., Ltd. (002986.SZ) expects a net profit attributable to shareholders of the listed company to be between -50 million and -35 million yuan for 2025, with a net profit excluding non-recurring gains and losses projected to be between -70 million and -50 million yuan [1] Group 1: Financial Performance - The company's main products, including methyl tert-butyl ether, maleic anhydride, isopropanol, and butanone, are facing price pressure due to changes in industry supply and demand dynamics, leading to a narrowing of the price difference between products and raw materials [1] - The shutdown of the isooctane unit has also exerted pressure on gross margins [1] Group 2: Operational Challenges - During the reporting period, the subsidiary Boke New Materials' light hydrocarbon comprehensive utilization project faced challenges in stability during trial production due to adverse weather and the lack of operational infrastructure, resulting in high material loss and switching costs [1] - The production facilities of subsidiaries Yuxin Chemical and Yuxin New Materials underwent planned maintenance shutdowns, and Yuxin Chemical experienced a temporary shutdown due to a safety production accident, impacting current production levels [1] - The company has completed maintenance and resumed production, with plans to enhance safety management to ensure stable operations moving forward [1] Group 3: Market Conditions - The biodegradable materials market is currently in a downturn due to a combination of policy and demand-side factors, leading to the PBAT production unit of the subsidiary Boke New Materials not being put into production, which has temporarily hindered its economic benefits [1] - The company has made impairment provisions for related assets based on a cautious approach [1]

Core Viewpoint - Yuxin Co., Ltd. is expected to report a net profit attributable to shareholders of the listed company for 2025 in the range of -50 million to -35 million yuan, indicating a significant year-on-year decrease of 117.37% to 124.32% in net profit excluding non-recurring gains and losses [1] Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders for 2025 to be between -50 million and -35 million yuan [1] - The expected net profit excluding non-recurring gains and losses is projected to be between -70 million and -50 million yuan, reflecting a year-on-year decline of 117.37% to 124.32% [1] Group 2: Reasons for Performance Change - The company's main products, including methyl tert-butyl ether, maleic anhydride, isopropanol, and butanone, are facing price pressure due to changes in industry supply and demand dynamics, leading to a narrowing price spread between products and raw materials [1] - The shutdown of the isooctane facility has also negatively impacted gross margins [1] - The subsidiary Boke New Materials' light hydrocarbon comprehensive utilization project faced challenges during trial production due to adverse weather and infrastructure issues, resulting in high material loss and switching costs [1] - Scheduled maintenance at subsidiaries Yuxin Chemical and Yuxin New Materials, along with a temporary shutdown due to a safety incident at Yuxin Chemical, affected production volumes [1] - The biodegradable materials market is currently in a downturn due to policy and demand factors, leading to the non-operation of Boke New Materials' PBAT production facility and the need for impairment provisions on related assets [1]

证券研究报告 | 行业周报 gszqdatemark 2026 01 25 年 月 日 建筑装饰 化工品涨价逻辑下，哪些建筑公司有望受益？ 供需格局改善，"反内卷"背景下，化工品有望迎来涨价。从供给端看，化 学原料及化学制品制造业投资增速自 2022 年以来持续回落，2025 年 6 月 投资增速由正转负，申万基础化工板块在建工程/固定资产从 2022 年的峰 值 33.8%持续回落至 2025Q1-3 的 24.4%。考虑到化工行业产能建设周期 一般为 3 年左右，随着资本开支大幅下行，当前我国化工行业新增产能投 放已明显减少。除新增产能减少之外，受能耗双控、2025 年深化环保政策 影响，以及欧洲、日韩化工装置因成本劣势在 2025 年出现的大规模关停 （特别是乙烯、丙烯等基础化工原料），部分化工行业老旧产能在加速退出， 全球供给格局已有所改善。 从需求端看，当前虽然传统需求偏弱，但受制造业补库、春节前备货、出口 增多、以及新型制造需求增长影响，部分化工品需求具备较强支撑。从数 据上看，2025 年 12 月制造业 PMI 为 50.1%，自 2025 年 4 月份以来首次 回到扩张区间，其中生产与新订单 ...

Core Viewpoint - The chemical industry is expected to experience price increases due to improved supply-demand dynamics and a shift towards "anti-involution" practices, benefiting certain construction companies that have extended their operations into the chemical sector [1][21]. Supply Side Summary - Investment growth in the chemical raw materials and products manufacturing sector has been declining since 2022, with a significant drop in investment growth turning negative by June 2025. The construction of new capacity in the chemical industry has notably decreased, with the share of ongoing projects in the basic chemical sector falling from 33.8% in 2022 to 24.4% in Q1-Q3 2025 [1]. - The reduction in new capacity is compounded by energy consumption controls and enhanced environmental policies set for 2025, alongside significant shutdowns of chemical facilities in Europe and Japan due to cost disadvantages, leading to an overall improvement in the global supply landscape [1]. Demand Side Summary - Despite weak traditional demand, certain factors such as manufacturing inventory replenishment, pre-Spring Festival stocking, increased exports, and growth in new manufacturing demands are providing strong support for some chemical products. The manufacturing PMI reached 50.1% in December 2025, indicating a return to expansion for the first time since April 2025 [3]. Inventory Cycle Summary - The chemical industry is transitioning from active destocking to passive destocking. Although there was a slight increase in inventory levels in the chemical raw materials and products sector in H2 2025, the inventory growth of finished products in downstream sectors has been declining since March 2025, indicating a significant inventory disparity within the supply chain [5]. - The current inventory structure shows moderate inventory levels upstream and low inventory levels downstream, suggesting that any improvement in demand could trigger rapid destocking of upstream chemical products, providing strong support for price elasticity [5]. Policy Environment Summary - The "anti-involution" policy introduced in July 2024 has shifted from a slogan to actionable industry measures, encouraging leading companies to avoid price wars and instead focus on maintaining price levels through reduced production rates [5]. Company-Specific Insights - **China Chemical (601117.SH)**: Positioned as a quality undervalued stock with strong cash flow, benefiting from the anti-involution trend. The company has a production capacity of 200,000 tons for both adiponitrile and caprolactam, with potential profit increases from price rebounds in these products [6]. - **Sandi Chemical (002469.SZ)**: Expected to see continued price improvements for existing chemical products under the anti-involution backdrop. The company has significant production capacities and is advancing new product lines that are anticipated to enhance profitability [11]. - **Donghua Technology (002140.SZ)**: The company is experiencing improved profitability in its industrial segment due to supply reductions stabilizing ethylene glycol prices. It has several high-end chemical projects in operation, contributing to revenue growth [15]. - **Southeast Net Framework (002135.SZ)**: The company produces polyester filament with a capacity of 500,000 tons. Price recovery in this segment is expected to contribute positively to performance [18]. Investment Recommendations - The chemical product price increase is supported by declining capital expenditures, environmental restrictions, and a shift in competitive dynamics. Companies such as China Chemical, Sandi Chemical, Donghua Technology, and Southeast Net Framework are highlighted as key beneficiaries of this trend [21].

Group 1: Company Overview - The company, Hefei Hengxin Life Technology Co., Ltd., is involved in the production of biodegradable materials and has established a dual-engine strategy for domestic and international operations [1][4]. Group 2: Policy and Market Trends - The implementation of China's plastic ban policy has evolved from "limited plastic" to "banned plastic," marking a significant shift in environmental governance [1][2]. - The domestic preference for biodegradable materials includes PLA, PHA, and PBAT, with PLA being the mainstream material in the market [2][3]. Group 3: Product Development and Certification - The company has achieved significant milestones in PHA product development, including obtaining the first DIN certification for industrial and home compostable PHA paper products [4]. - The new version of the EUBP certification scheme, effective January 2026, will tighten the definition and application of compostable plastics, impacting the biodegradable industry [2][3]. Group 4: Financial Performance - For the first three quarters of 2025, the company reported a revenue of approximately CNY 1.384 billion, a year-on-year increase of 19.49%, and a net profit of about CNY 185 million, up 14.12% [4][5]. - Future revenue growth is expected to be driven by core technology in biodegradable materials, expanding customer base, gradual capacity release, and new product development [4].

Core Viewpoint - Tongde Chemical is facing a severe debt crisis, with overdue debts amounting to 203.9 million yuan as of October 2025, stemming from a failed transformation gamble into the biodegradable plastic sector, which has led to significant financial losses and multiple lawsuits [1][4][8]. Debt Crisis - The recent court ruling requires Tongde Chemical and its subsidiary to fulfill their obligations or face asset freezes and other enforcement actions [1]. - The debt crisis originated from a financing lease transaction in March 2024, where Tongde's subsidiary failed to meet payment obligations due to liquidity issues, leading to multiple lawsuits totaling over 240 million yuan in claims [2][3]. Financial Performance - In 2024, Tongde Chemical reported a net loss of 71.99 million yuan, marking its first loss since going public, with a year-on-year decline of 116.43% [4]. - The company's revenue for the first half of 2025 was 256 million yuan, down 19.32% year-on-year, and the net profit further declined to a loss of 9.94 million yuan in Q3 2025, a drop of 125.28% [4][5]. Transformation Gamble - The company's current difficulties trace back to a 32 billion yuan investment in a PBAT project aimed at transitioning from traditional explosives to new materials, which has yet to commence production despite 95.5% construction completion [6][8]. - The PBAT project was expected to benefit from increasing demand for biodegradable plastics due to environmental regulations, but it has instead become a financial burden [6]. Asset Sales - To alleviate financial pressure, Tongde Chemical has been selling off its core explosives business, which generated 97.39% of its total revenue in 2024 [7][8]. - The company has transferred stakes in several subsidiaries to raise funds, but this strategy risks undermining its long-term cash flow stability [7]. Rescue Efforts - In response to the crisis, Tongde Chemical has engaged with government entities to form a creditor committee to negotiate with financial institutions for better loan terms [9]. - The controlling shareholder has also pledged shares to repay debts and is seeking partners for the PBAT project to secure additional funding [10][11].

Core Insights - The BDO industry in China is facing challenges such as market supply-demand imbalance, intensified competition, and continuous emergence of new production capacities, necessitating innovation, application expansion, and industry self-discipline to overcome these issues [2][3] Industry Overview - As of September 2025, there are 34 BDO enterprises in China with a total production capacity of 5.797 million tons, representing a 167% increase since 2020 [2] - The expected BDO production volume for 2025 is projected to reach 3 million tons, a 150% increase from 2020 [2] - BDO consumption is on a gradual rise, with a forecasted consumption of 2.62 million tons in 2024, marking a 16.4% year-on-year growth, but still lagging behind production capacity growth [2] Market Dynamics - The continuous increase in BDO production capacity is leading to market supply-demand imbalance and "involution" competition, resulting in declining BDO prices and reduced corporate profitability [3] - By 2025, the number of companies with idle assets and long-term shutdowns in the BDO industry is expected to rise significantly, with idle capacity exceeding 1 million tons and tied-up funds surpassing 33.3 billion yuan [3] Policy and Regulatory Environment - The newly revised Anti-Monopoly Law of the People's Republic of China includes provisions to address "involution" competition, which is seen as a positive policy development for the BDO industry that requires self-regulation [3] Strategic Recommendations - The BDO industry should focus on application innovation to boost consumer demand and explore high-end consumption areas in emerging industries [3] - Strengthening the supply chain by establishing cooperative mechanisms with upstream and downstream industries like calcium carbide and PBAT is essential for enhancing competitiveness [3] - Implementing capacity warning systems and improving industry self-discipline are crucial for managing production capacity and responding to market changes [3] Market Orientation - The BDO industry must establish a virtuous cycle from responding to demand to guiding and cultivating demand, while creating new application scenarios to stimulate consumption [4] - Transitioning from homogeneous competition to differentiated and high-end development is necessary for BDO enterprises, particularly in expanding into biodegradable plastics and other downstream products [4]