二、互动交流 1.2025 年的业绩增长点主要是哪些？ 证券代码：301518 证券简称：长华化学 长华化学科技股份有限公司 投资者关系活动记录表 编号：2026-003 投资者关系活动 类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □新闻发布会 □现场参观 □业绩说明会 □路演活动 □其他 参与单位名称及 人员姓名 基明资产管理(上海)有限公司 赵忆波、区晓 巨杉(上海)资产管理有限公司 齐东超、蓝爱 汇安基金管理有限责任公司 王明路 东吴证券股份有限公司 周少玟 中信证券股份有限公司 孙臣兴 上海银叶投资有限公司 曹擎 时间 2026 年 3 月 9 日 地点 长华化学科技股份有限公司 上市公司接待人 员姓名 董事长：顾仁发 董事会秘书：顾倩 投资者关系活动 主要内容介绍 一、2025 年度经营业绩情况介绍 2025 年，聚醚行业呈现"政策倒逼转型、供需分化、竞争 优化"态势，与公司经营策略高度契合。公司紧紧围绕年度经营 目标与指导方针扎实推进各项工作。持续健全法人治理结构，不 断提升公司治理规范化水平与运作效能，深度践行 ESG 社会责任 理念，坚守"创造绿色化学，塑就美好未来"的企业使命，稳步 推 ...

Core Viewpoint - The A-share market is witnessing a significant increase in performance forecasts, with 1,201 listed companies disclosing their 2025 annual performance predictions, indicating a positive trend in various industries, particularly in non-ferrous metals, automotive, chemicals, and semiconductors [1][2]. Group 1: Performance Forecasts - A total of 1,201 listed companies have released performance forecasts, with 475 companies expecting positive results and 107 companies anticipating a doubling of net profit for 2025 [1][2]. - Among the companies that disclosed forecasts, 371 are expected to achieve a net profit exceeding 100 million yuan, 84 companies over 1 billion yuan, and 22 companies over 3 billion yuan [2]. - The performance of leading companies in the non-ferrous metals, automotive, chemicals, and semiconductor sectors has shown significant recovery [2]. Group 2: Institutional Research - Following the performance forecasts, many companies have attracted intensive institutional research, focusing on new and existing order volumes, progress on new production lines, and positive industry changes [3]. - Changhua Chemical reported that its carbon dioxide polyether project is nearing completion, with trial production expected in the first quarter of this year, pending approval [3][4]. - Chutian Technology noted that while competition remains fierce, it is gradually easing, with market concentration increasing and international market expansion becoming a new growth point [5]. Group 3: Emerging Industries - Institutions are increasingly focusing on emerging industries such as semiconductors and energy storage [6]. - Hemai Co. indicated that its energy storage business is experiencing rapid growth, with significant revenue increases expected in the coming years despite rising costs in the domestic market [6]. - Dongxin Co. mentioned that the niche memory market is seeing price increases due to supply constraints, with a positive outlook for its storage products [6].

Group 1 - A total of 1201 A-share listed companies have disclosed their 2025 annual performance forecasts, with 475 companies expecting positive results and 107 companies anticipating a net profit increase of over 100% year-on-year [1][2] - Among the companies that have released performance forecasts, 371 are expected to achieve a net profit of over 100 million yuan, with 84 companies projected to exceed 1 billion yuan and 22 companies over 3 billion yuan [2] - The industries showing significant performance recovery include non-ferrous metals, automotive and parts, chemicals, and semiconductors, with leading companies in these sectors performing exceptionally well [1][2] Group 2 - Following the performance forecasts, many listed companies have attracted intensive institutional research, focusing on new and existing order volumes, progress on new production lines, and positive changes in their respective industries [3][5] - Changhua Chemical's carbon dioxide polyether project is nearing completion, with trial production expected in the first quarter of this year, pending approval processes [3][4] - Companies like Chutian Technology have noted a gradual alleviation of intense competition in their industry, with market concentration increasing and international market expansion becoming a new growth point [5][6] Group 3 - HeMai Co. has reported rapid growth in its energy storage system business, with significant revenue increases expected in the coming years despite potential profit margin compression due to rising battery cell prices [6] - Dongxin Co. has indicated that niche memory products are experiencing price increases due to supply constraints, driven by an industry upcycle and shifts in production capacity towards higher-margin products [6]

A股业绩预告加速披露。数据显示，截至1月27日17时，A股共有1201家上市公司对外披露2025年全年业 绩预告，其中475家预喜，107家公司预计2025年全年归属于上市公司股东的净利润同比翻倍。从行业角 度看，有色金属、汽车与零配件、化工、半导体等行业相关上市公司业绩回暖较为明显，行业龙头公司 表现较为优异。 业绩预告发布后，不少上市公司获机构密集调研。从机构调研的内容看，机构普遍对上市公司新增及在 手订单量情况、新产线的建设进度、所在行业出现的积极变化较为关注。 ● 本报记者 董添 107家净利润翻倍 业绩预告发布后，不少上市公司获机构密集调研。从机构调研的内容看，机构普遍对上市公司新增及在 手订单量情况、新产线的建设进度、所在行业出现的积极变化较为关注。 对于二氧化碳聚醚项目一期的建设进度，长华化学（301518）在1月26日晚间披露的投资者关系活动记 录表中表示，项目目前处于工程建设尾期，正在为申请试生产、消防验收等做好各项准备工作，预计今 年一季度试生产，具体时间以相关审批手续的办结时间而定。公司全资子公司长华化学科技（连云港） 有限公司的二氧化碳聚醚项目总体规划是年产106万吨分期建设。公司计划 ...

Core Viewpoint - The A-share market is witnessing a significant increase in performance forecasts, with 1,201 listed companies disclosing their 2025 annual performance predictions, indicating a positive trend in various industries, particularly in non-ferrous metals, automotive, chemicals, and semiconductors [1][2]. Group 1: Performance Forecasts - A total of 1,201 listed companies have disclosed their performance forecasts, with 475 companies expecting positive results, and 107 companies anticipating a doubling of net profit for 2025 [1][2]. - Among the companies that have released forecasts, 371 expect a net profit of over 100 million yuan, 84 expect over 1 billion yuan, and 22 expect over 3 billion yuan [1]. - The companies with the highest expected net profits include Zijin Mining, Luoyang Molybdenum, WuXi AppTec, Luxshare Precision, Muyuan Foods, and Baofeng Energy [1]. Group 2: Net Profit Growth - Excluding companies that are turning losses into profits, 476 companies expect a minimum net profit growth of over 10%, with 107 expecting over 100%, and 25 expecting over 300% [2]. - Among the top ten companies by net profit, only one is expected to see a decline, while the others are projected to experience varying degrees of growth [2]. Group 3: Industry Trends - The performance recovery is particularly notable in the non-ferrous metals, automotive, chemicals, and semiconductor sectors, with leading companies in these industries showing strong results [1][2]. - Companies like Changhua Chemical are nearing the completion of their carbon dioxide polyether project, with expectations for trial production in the first quarter of the year, which is part of a larger plan to produce 1.06 million tons annually [3]. - Chu Tian Technology has reported that while competition remains fierce, it is gradually easing, with market concentration increasing and international market expansion becoming a new growth point [4]. Group 4: Institutional Research - Following the performance forecasts, many companies have attracted intensive institutional research, focusing on new and existing order volumes, new production line progress, and positive industry changes [1][2]. - Emerging industries such as semiconductors and energy storage are also receiving significant attention from institutional investors, with companies like Hemai Co. reporting rapid growth in their energy storage systems business [4].

格隆汇1月27日丨长华化学(301518.SZ)近日接受特定对象调研时表示，2025年度公司产品综合毛利率实 现同比较大增长，一方面是公司POP、PPG等产品通过供应链管理水平提升、持续降本增效及工艺技术 优化等因素推动毛利率回升；另一方面是公司通过技术创新优化产品结构与客户结构，持续推动实施差 异化竞争策略。围绕客户需求，高性能Hiclaim®系列、抗菌防螨功能化系列聚醚等绿色新产品逐步投放 市场，特种聚醚等高附加值产品销售占比提高；叠加客户结构持续优化、加大与战略客户的深度合作及 市场拓展，共同驱动公司整体毛利率水平实现较好提升，在经营业绩上取得了较好增长。 ...

格隆汇1月27日丨长华化学(301518.SZ)近日接受特定对象调研时表示，2025年度公司产品综合毛利率实 现同比较大增长，一方面是公司POP、PPG等产品通过供应链管理水平提升、持续降本增效及工艺技术 优化等因素推动毛利率回升；另一方面是公司通过技术创新优化产品结构与客户结构，持续推动实施差 异化竞争策略。围绕客户需求，高性能Hiclaim®系列、抗菌防螨功能化系列聚醚等绿色新产品逐步投放 市场，特种聚醚等高附加值产品销售占比提高；叠加客户结构持续优化、加大与战略客户的深度合作及 市场拓展，共同驱动公司整体毛利率水平实现较好提升，在经营业绩上取得了较好增长。 ...

答：二氧化碳聚醚是环氧丙烷与二氧化碳的共聚产物，不仅 具有低温柔顺性、耐水解性等优点，而且兼具聚碳酸酯的力学强 度、耐磨性、耐热性等特点，由其制备的聚氨酯材料具有优异的 抗氧化、耐磨、耐化学品、耐水解等性能；除此之外，二氧化碳 聚醚分子链上含有碳酸亚丙酯键，更容易被降解再生，由其制备 的聚氨酯制品更容易实现可持续循环再生，因此预计未来二氧化 碳聚醚在聚氨酯行业市场容量能够持续扩大。 证券代码：301518 证券简称：长华化学 长华化学科技股份有限公司 投资者关系活动记录表 编号：2026-001 | ☑ | 特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | 类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 东吴证券股份有限公司 | 陈淑娴、周少玟 | | | 浙商基金管理有限公司 上海瓦洛兰投资管理有限公司 | 景徽 董骁 | | | 五地投资管理有限公司 | 成佩剑 | | 参与单位名称及 | 贵山基金管理有限公司 | 毛程霖 | | 人员姓名 | 基明资产管理（上海）有限公司 | ...

报告期内，公司POP、PPG等产品供应链管理水平提升、持续降本增效及工艺技术优化等因素推动毛利 率回升。 智通财经APP讯，长华化学(301518.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润 8941.27万元至1.09亿元，同比增长53.75%至87.91%;扣除非经常性损益后的净利润8763.50万元至1.07亿 元，同比增长67.38%至104.58%。 ...

长华化学（301518）(301518.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润 8941.27万元至1.09亿元，同比增长53.75%至87.91%;扣除非经常性损益后的净利润8763.50万元至1.07亿 元，同比增长67.38%至104.58%。 报告期内，公司POP、PPG等产品供应链管理水平提升、持续降本增效及工艺技术优化等因素推动毛利 率回升。 ...