Core Viewpoint - The company, Jianbang Co., Ltd., has experienced a significant decline in profitability and revenue due to various adverse factors, including increased market competition and a downturn in industry demand, despite its strong market position in the fine chemical sector. Group 1: Financial Performance - Jianbang Co., Ltd. reported a 27.72% year-on-year decline in net profit attributable to shareholders, amounting to 69.66 million yuan in the latest interim report [1] - The company's gross profit margin has decreased from 44.47% in the first half of 2022 to 29.77% in the first half of 2025 [2] - Revenue for the first half of 2025 fell by 15.37% year-on-year to 307 million yuan, compared to 143 million yuan in the first half of 2022 [2] Group 2: Product Pricing and Sales - The average selling price of key products has significantly decreased, with the average price of Saike dropping to 11,700 yuan per ton, a decline of 18.75% year-on-year [1] - The average selling price of titanium ester fell to 18,600 yuan per ton, down 28.46% year-on-year [1] - The average selling price of DBM/SBM was 31,000 yuan per ton, reflecting a 1.90% decrease, while acetylacetone salt's average price was 15,400 yuan per ton, down 12.99% [1] Group 3: Investment Projects - The company has decided to pause the "7000 tons per year DBM intelligent manufacturing technology transformation and expansion project" due to increased competition and the need for re-evaluation [4] - Originally planned to invest 110 million yuan in the project, the company has adjusted its investment plans twice due to lower-than-expected fundraising [7] - The current DBM production line is deemed sufficient to meet capacity needs, indicating that now is not the optimal time for investment in this project [8]

Core Viewpoint - Despite establishing partnerships with multiple industry giants and continuously exploring new application areas, the company's performance is under pressure in the first half of 2025, with declines in both revenue and net profit [2][3]. Financial Performance - In the first half of 2025, the company reported revenue of 307 million yuan, a decrease of 15.37% compared to 363 million yuan in the same period last year [2][3]. - The net profit attributable to shareholders was 69.66 million yuan, down 27.72% year-on-year, while the net profit after deducting non-recurring items was 65.56 million yuan, a decline of 29.81% [2][3]. - The company's main product output decreased by 2.12% year-on-year, with total sales of 19,700 tons, down 1.05% from the previous year [3]. Market Position and Product Development - The company remains a leader in the field of polymer material environmental additives, maintaining a solid market position despite the decline in performance [2][3]. - The market share of its core product, THEIC, was approximately 89%, 83%, and 80% from 2021 to 2023, while the market share for titanium ester products was around 41% and 42% in 2021 and 2022, respectively [3]. Industry Trends - The global chemical demand showed signs of recovery in 2024, with the Asian market leading growth, although some domestic downstream industries experienced mixed performance [4]. - The domestic paint industry saw a total output decline of 1.6% year-on-year, while plastic products showed signs of recovery, but growth rates remain to be observed [4]. Competitive Landscape - The company faces intensified competition within the industry, which may lead to increased production capacity and new product launches by competitors, potentially impacting product pricing and sales volume [5]. - The company announced a temporary halt to its DBM expansion project due to the need for re-evaluation, which was initially planned to enhance production efficiency [5][6]. New Business Opportunities - The company is actively exploring new avenues, particularly in the new energy lithium battery materials sector, where its products have been recognized by major clients in the industry [9]. - The company has made progress in emerging application scenarios, with its products being validated in fields such as flame retardants and polyurethanes, which may become new growth points [9].

Core Viewpoint - The company has decided to postpone the implementation of the "Annual Production of 7,000 Tons of Diphenylmethane (DBM) Intelligent Manufacturing Technological Transformation and Expansion Project" based on a comprehensive assessment of market demand and current operational conditions, despite the project still being deemed necessary and feasible [7][32][34]. Group 1: Company Overview - The company is Shandong Jianbang New Materials Co., Ltd., with the stock code 603285 and the abbreviation "Jianbang Shares" [3]. - The company held its second board meeting on July 29, 2025, with all seven directors present, ensuring compliance with legal and regulatory requirements [4][5]. Group 2: Financial Data - The company raised a total of RMB 746 million through its initial public offering, with a net amount of RMB 663.45 million after deducting issuance costs [25][39]. - As of June 30, 2025, the company reported its fundraising usage and balance, indicating effective management of the raised funds [67]. Group 3: Project Updates - The company conducted a re-evaluation of the DBM project, concluding that while the market outlook remains stable, the current production line can meet demand, leading to the decision to delay the project [28][32][34]. - The company has been optimizing its existing production processes, achieving a production increase of 51.05% year-on-year in 2024 for the DBM/SBM workshop [31]. Group 4: Fund Management - The company plans to use temporarily idle funds for cash management, with a maximum amount of RMB 40 million allocated for investments in low-risk, high-liquidity products [62][63]. - The company has established strict protocols for managing and utilizing the raised funds, ensuring compliance with relevant regulations [40][41].

Core Viewpoint - Despite establishing partnerships with multiple industry giants and continuously exploring new application areas, the company's performance is under pressure in the first half of 2025, with declines in both revenue and net profit [1][3]. Financial Performance - In the first half of 2025, the company reported revenue of 307 million yuan, a decrease of 15.37% compared to 363 million yuan in the same period last year [1][3]. - The net profit attributable to shareholders was 69.66 million yuan, down 27.72% year-on-year, while the net profit after deducting non-recurring items was 65.56 million yuan, a decline of 29.81% [1][3]. - The company's main product output decreased by 2.12% year-on-year, with total sales of 19,700 tons, down 1.05% from the previous year [1][3]. Market Position and Product Overview - The company is a leading player in the field of polymer material environmental additives, with a core product system including THEIC, titanium esters, DBM, SBM, and acetylacetone salts [3]. - Despite the decline in sales, the company maintains a strong market position, with a market share of approximately 80% for THEIC products from 2021 to 2023 and around 41% for titanium esters in 2021 and 2022 [3]. Industry Trends - The global chemical demand is recovering, with the Asian market leading growth; however, some domestic downstream industries are experiencing mixed performance [4]. - The domestic paint industry saw a total output decline of 1.6% year-on-year, while plastic products showed signs of recovery, although growth rates need further observation [4]. Investment Projects and Challenges - The company has faced intensified industry competition, prompting adjustments to its investment projects, including the postponement of the DBM expansion project [5][6]. - The DBM expansion project, initially planned for 2027, has been re-evaluated due to market conditions and the need for a comprehensive assessment of production capabilities [6][7]. New Growth Areas - The company is actively exploring new markets, particularly in the renewable energy lithium battery materials sector, which is seen as a significant growth opportunity [9]. - Collaborations with well-known lithium battery material companies indicate recognition of the company's products within the core enterprises of the new energy industry [9]. - The company has also made progress in emerging application scenarios, such as flame retardants and polyurethanes, which may become new performance growth points [9].

Group 1: Company Performance - In Q1 2025, the company's sales revenue and sales volume increased month-on-month, but year-on-year performance declined due to a high profit base from the previous year and reduced downstream production [4] - The company operates in a cyclical industry, currently at the bottom of the cycle, with market prices stabilizing at low levels, indicating limited further decline potential [4] Group 2: Equity and Consolidation - The company acquired a 7.5% stake in Yingtemei, resulting in a total ownership of 37.5% and becoming its controlling shareholder; however, Yingtemei will not be included in the consolidated financial statements for Q1 2025 [5] Group 3: Project Development - Yingtemei has approximately 7 projects in reserve, with the second phase focusing on domestic substitution in the electronic materials sector, and preliminary evaluations for project construction are underway [6] Group 4: Production Capacity and Product Information - The main products are DBM and SBM, with a combined capacity of about 10,000 tons; SBM is a high-end product used in food, pharmaceuticals, and toys, while DBM is used in industrial applications [7] - The company is facing challenges due to insufficient downstream demand and intensified market competition, leading to declining product prices [7] Group 5: Future Development Plans - The company aims to maintain and strengthen its traditional PVC environmental stabilizers and additives business while enhancing core competitiveness and market share [8] - Plans include building new material production lines focused on domestic substitution and accelerating the second phase of Yingtemei's project to create a new materials industry cluster [8][9] - The company will continue to deepen cooperation with strategic partners to enhance its diversified layout and overall strength [9]

保荐机构（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 1-1-1 山东键邦新材料股份有限公司 招股说明书（注册稿） 山东键邦新材料股份有限公司 Shandong Jianbang New Material Co., Ltd. （山东省济宁市金乡县胡集镇济宁新材料产业园区） 首次公开发行股票并在主板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程 序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资 者应当以正式公告的招股说明书作为投资决定的依据。 本次发行概况 | 发行股票类型 | 人民币普通股 | | 每股面值 | 人民币 1 元 | | --- | --- | --- | --- | --- | | 公开发行新股数 | 不超过 4,000 | 万股 | 每股发行价格 | 【】元 | | 发行后总股本 | 不超过 16,000 万股 | | 预计发行日期 | 【】年【】月【】日 | | 拟上市的证券交易所 和板块 | 上海证券交易所主板 | | | | | 保荐人（主承销商） | 国泰君安证券股份有限公司 | | | | | 招 ...

山东键邦新材料股份有限公司 Shandong Jianbang New Material Co., Ltd. （山东省济宁市金乡县胡集镇济宁新材料产业园区） 首次公开发行股票并在主板上市 招股说明书 （上会稿） 保荐机构（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 山东键邦新材料股份有限公司 招股说明书（上会稿） 声明：本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程 序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资 者应当以正式公告的招股说明书作为投资决定的依据。 本次发行概况 | 发行股票类型 ...

山东键邦新材料股份有限公司 Shandong Jianbang New Material Co., Ltd. （山东省济宁市金乡县胡集镇济宁新材料产业园区） 首次公开发行股票并在主板上市 招股说明书 （申报稿） 保荐机构（主承销商） 1-1-1 （中国（上海）自由贸易试验区商城路 618 号） 山东键邦新材料股份有限公司 招股说明书（申报稿） 声明：本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程 序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资 者应当以正式公告的招股说明书作为投资决定的依据。 本次发行概况 | 发行股票类型 | 人民币普通股 | 每股面值 | 人民币 元 1 | | --- | --- | --- | --- | | 公开发行新股数 | 不超过 4,000 万股 | 每股发行价格 | 【】元 | | 发行后总股本 | 不超过 16,000 万股 | 预计发行日期 | 【】年【】月【】日 | | 拟上市的证券交易所 和板块 | 上海证券交易所主板 | | | | 保荐人（主承销商） | 国泰君安证券股份有限公司 | | | | 招股说明书签署日期 | 【】年【】 ...

山东键邦新材料股份有限公司 Shandong Jianbang New Material Co., Ltd. （山东省济宁市金乡县胡集镇济宁新材料产业园区） 首次公开发行股票招股说明书 （申报稿） 保荐机构（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 1-1-1 山东键邦新材料股份有限公司 招股说明书（申报稿） 声明：本公司的发行申请尚未得到中国证监会核准。本招股说明书（申报 稿）不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式 公告的招股说明书全文作为投资决定的依据。 本次发行概况 | 发行股票类型 | 人民币普通股 | | 每股面值 | 人民币 元 1 | | --- | --- | --- | --- | --- | | 公开发行新股数 | 不超过 4,000 | 万股 | 每股发行价格 | 【】元 | | 发行后总股本 | 不超过 16,000 | 万股 | 预计发行日期 | 【】年【】月【】日 | | 拟上市证券交易所 | 上海证券交易所 | | | | | 本次发行前股东所持 股份的流通限制及股 | | | 请见本招股说明书"重大事项提示"之"一、股份的流通限制及 ...