Core Viewpoint - The domestic chemical market is expected to face an oversupply in 2025, with prices of various chemical products hitting new lows in November, indicating a weak market driven primarily by macroeconomic factors rather than crude oil prices [1][8]. Market Trends - The chemical market experienced fluctuations from January to March, with a peak in January followed by a decline due to geopolitical tensions and tariff impacts, leading to a low opening after the Spring Festival [3][4]. - In the second quarter, the market was heavily influenced by U.S. tariffs and trade tensions, resulting in significant volatility, with a brief recovery in June due to positive trade negotiations [5]. - The third quarter saw a weak overall market, but a slight recovery was noted due to domestic supply-side reforms and the elimination of outdated production capacity [7]. - The fourth quarter continued to reflect weak demand against high supply, with a notable decline in prices across multiple chemical products, although a slight rebound was expected towards the end of December [8]. Price Movements - As of November 18, 2025, 116 out of 131 monitored chemical products had decreased in price since the beginning of the year, representing 89% of the total, while only 15 products saw price increases [8]. - The leading price increase was observed in the sulfur market, with a rise of 2,420 yuan/ton (+156.13%), while products like SEBS and butadiene experienced significant declines of -26.44% and -39.69%, respectively [9]. Profitability - Most chemical products are operating at marginal or negative profit margins, with many experiencing increased losses compared to the beginning of the year, indicating a challenging operational environment for chemical companies [8].

Core Insights - The Shanghai Jinshan Baling New Materials Company, a joint investment by Hunan Petrochemical and Shanghai Petrochemical, has successfully completed its annual production capacity of 250,000 tons of SBC (Styrene Block Copolymer) and achieved a successful initial operation, marking a new breakthrough in Sinopec's supply capacity in the high-end new materials sector [1] Group 1: Company Achievements - Hunan Petrochemical has become the largest SBC elastomer manufacturer globally, with a total annual production capacity of 800,000 tons across its main plant and two joint ventures [1] - The main plant of Hunan Petrochemical has an annual SBC elastomer production capacity of 380,000 tons, while the Hainan Baling New Materials Company has a capacity of 170,000 tons, and the newly established Shanghai Jinshan Baling New Materials Company has a capacity of 250,000 tons [1][2] Group 2: Historical Context - Hunan Petrochemical was one of the first companies in China to industrialize SBC elastomer production, establishing the first 10,000-ton SBS industrial production unit in the 1980s [2] - The company has broken foreign technology monopolies by building the first 10,000-ton SEBS industrial production unit in 2006 and the first 20,000-ton SEPS industrial production unit in 2017 [2] Group 3: Recent Developments - In 2023, the Hainan Baling Chemical New Materials Company launched its SBC elastomer unit, with SBS production capacity of 120,000 tons and SEBS capacity of 50,000 tons [3] - The newly established Shanghai Jinshan Baling New Materials Company produces three types of SBC elastomers, with SBS capacity of 140,000 tons, SEBS capacity of 50,000 tons, and SIS (Styrene-Isoprene-Styrene) capacity of 60,000 tons [3] Group 4: Production and Market Performance - From January to October 2023, Hunan Petrochemical's rubber division produced nearly 270,000 tons of SBC elastomer series products, achieving a 19% year-on-year increase in sales of new specialty products [3] - The Hainan Baling New Materials Company has produced over 300,000 tons since its establishment, with an average operating rate of 110%, significantly higher than the industry average [3] Group 5: Product Characteristics and Applications - SBC elastomers are new polymer materials that combine the processing convenience of plastics with the high elasticity of rubber, featuring green safety, easy processing, and recyclability [3] - Applications of SBC elastomers include high-value sectors such as infant products, medical devices, 5G optical cable reinforcement, and environmentally friendly synthetic leather, with some medical-grade products suitable for human implantation [3]

宁波长鸿高分子科技股份有限公司 | | 2025 年第三季度 | 2024 年第三季度 | 变动比例 | | --- | --- | --- | --- | | 主要产品名称 | 平均销售单价 | 平均销售单价 | | | | | | (%) | | | (元/吨) | (元/吨) | | 证券代码：605008 证券简称：长鸿高科 公告编号：2025-063 2025 年第三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宁波长鸿高分子科技股份有限公司(以下简称"公司")根据上海证券交易所 《上市公司行业信息披露指引第十三号——化工》的规定，现将 2025 年第三季度 主要经营数据披露如下： | 主要产品名称 | 2025 年第三季度 | 2025 年第三季 | 年第三季度 2025 | | --- | --- | --- | --- | | | 产量（吨） | 度销量（吨） | 营业收入（万元） | | SBS | 25,441.31 | 24,671.18 | 26,378.28 | | SEBS ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report The report analyzes the marginal devices of various downstream products of butadiene, including their current status, production capacity, and sourcing of raw materials. The four major demand areas for butadiene, namely cis - polybutadiene rubber, styrene - butadiene rubber, ABS, and SBS, account for 86.45% of the total butadiene demand. The analysis is carried out in descending order of the demand ratio of externally - sourced raw material devices [8]. 3. Summary According to the Catalog 3.1 Preface The previous part of the series analyzed the marginal devices and regional device balance of butadiene itself. This part focuses on the marginal devices of butadiene's downstream products. The four major demand areas for butadiene are cis - polybutadiene rubber, styrene - butadiene rubber, ABS, and SBS, accounting for 86.45% of the total demand. The analysis will be conducted in descending order of the demand ratio of externally - sourced raw material devices [8]. 3.2 Butadiene Downstream Device Analysis 3.2.1 Cis - Polybutadiene Rubber Device - **Status Analysis**: There are 38 sets of cis - polybutadiene rubber devices in China, with 5 shut down, 1 under construction, and 32 in production. The total production capacity of existing devices is 2.072 million tons. The production capacity of private enterprises is 0.54 million tons (26.06%), state - owned enterprises is 1.472 million tons (71.04%), and foreign - funded enterprises is 0.06 million tons (2.9%). All use the polymerization method [9]. - **Marginal Capacity Analysis**: Among the 2.112 million tons of in - production devices, the total production capacity of devices with self - owned butadiene is 1.23 million tons (59.36%), with state - owned devices accounting for 83%. The remaining over 40% of the devices need to source raw materials externally, mainly concentrated in East China, with a total production capacity of 0.842 million tons, and the capacity in East China accounting for 88.12% [13]. 3.2.2 ABS Device - **Status Analysis**: There are 28 sets of ABS polymer devices in China, with 2 shut down, 5 under construction, and 21 in production. The total production capacity of existing devices is 9.165 million tons. The production capacity of state - owned enterprises is 6.72 million tons (73.3%), private enterprises is 1 million tons (10.9%), and foreign - funded enterprises is 1.445 million tons (15.77%). The emulsion grafting method accounts for 90.67% of the production capacity, and the bulk method accounts for 9.33% [16]. - **Marginal Capacity Analysis**: Among the 9.165 million tons of in - production devices, the total production capacity of devices with self - owned butadiene is 2.34 million tons (25.53%), all of which are state - owned devices. The remaining 70% of the devices need to source raw materials externally, mainly concentrated in East China, with a total production capacity of 6.825 million tons, and the capacity in East China accounting for 64.1% [20]. 3.2.3 SBS Device - **Status Analysis**: There are 30 sets of SBS devices in China, with 1 shut down, 3 under construction, and 26 in production. The total production capacity of existing devices is 1.845 million tons. The production capacity of private enterprises is 0.44 million tons (23.85%), state - owned enterprises is 0.9 million tons (48.78%), and foreign - funded enterprises is 0.505 million tons (27.37%). The block anionic solution polymerization method accounts for 69.73% of the production capacity [25]. - **Marginal Capacity Analysis**: Among the 1.845 million tons of in - production devices, the total production capacity of devices with self - owned butadiene is 0.38 million tons (20.6%), with state - owned devices accounting for 65%. The remaining nearly 80% of the devices need to source raw materials externally, mainly concentrated in East and South China, with production capacities of 0.74 million tons and 0.655 million tons respectively, accounting for 39.59% and 39.25% [27]. 3.2.4 Styrene - Butadiene Rubber Device - **Status Analysis**: There are 29 sets of styrene - butadiene rubber devices in China, with 2 under construction, 25 in production, and 2 in long - term shutdown since 2018. The total production capacity of in - production devices is 1.765 million tons. The production capacity of private enterprises is 0.1 million tons (5.67%), state - owned enterprises is 1.615 million tons (91.5%), and foreign - funded enterprises is 0.05 million tons (2.83%). The emulsion polymerization method accounts for 68.19% of the production capacity [32]. - **Marginal Capacity Analysis**: Among the 1.765 million tons of in - production devices, the total production capacity of devices with self - owned butadiene is 1.055 million tons (59.77%), with state - owned devices accounting for 92.44%. The remaining 40% of the devices need to source raw materials externally, mainly concentrated in East China, with a total production capacity of 0.71 million tons, and the capacity in East China accounting for 84.5% [34]. 3.2.5 Nitrile Latex Device - **Status Analysis**: There are 47 sets of nitrile latex devices in China, with 8 shut down, 2 under construction, and 37 in production. The total production capacity of existing devices is 2.012 million tons. The production capacity of private enterprises is 1.122 million tons (55.77%), state - owned enterprises is 0.44 million tons (21.87%), and foreign - funded enterprises is 0.45 million tons (22.37%). All use the latex reactor device [38]. - **Marginal Capacity Analysis**: Among the 2.012 million tons of in - production devices, the total production capacity of devices with self - owned butadiene is 0.3 million tons (14.9%), all of which are state - owned devices. The remaining 85% of the devices need to source raw materials externally, mainly concentrated in East China, with private enterprises as the main force [41]. 3.2.6 SEBS Device - **Status Analysis**: There are 15 sets of SEBS devices in China, with 3 under construction and 12 in production. The total production capacity is 460,000 tons. The production capacity of private enterprises is 70,000 tons (15.22%), state - owned enterprises is 275,000 tons (59.78%), foreign - funded enterprises is 95,000 tons (20.65%), and Hong Kong, Macao, and Taiwan - funded enterprises is 20,000 tons (4.35%). The block anionic solution polymerization method accounts for 56.52% of the production capacity [46]. - **Marginal Capacity Analysis**: All SEBS devices in China need to source butadiene raw materials externally, mainly in East and South China. The device production capacity is small and scattered [49]. 3.2.7 Nitrile Rubber Device There are 5 sets of nitrile rubber devices in China, with a total production capacity of 285,000 tons. The production capacity of private enterprises is 185,000 tons (35.09%), and state - owned enterprises is 100,000 tons (64.91%). Private enterprise devices need to source raw materials externally, while the state - owned device has self - owned butadiene raw materials [52]. 3.2.8 Styrene - Butadiene Latex Device There are 9 sets of styrene - butadiene latex devices in China, with 1 under construction and 8 in production. The total production capacity is 245,000 tons. The production capacity of private enterprises is 190,000 tons (77.55%), state - owned enterprises is 50,000 tons (20.41%), and mixed - ownership enterprises is 5,000 tons (2.04%). The latex reactor device accounts for 100% of the production capacity [57]. 3.2.9 Pyridine - Butadiene Latex Device There are 5 sets of pyridine - butadiene latex devices in China, with 1 shut down and 4 in production. The total production capacity is 165,000 tons. The production capacity of private enterprises is 145,000 tons (87.88%), and foreign - funded enterprises is 20,000 tons (12.12%). The latex reactor device accounts for 100% of the production capacity [60]. 3.3 Summary - Cis - polybutadiene rubber: The total production capacity of devices with self - owned butadiene accounts for 59.36%, with state - owned devices accounting for 83%. The remaining over 40% of the devices need to source raw materials externally, mainly concentrated in East China, with a capacity accounting for 88.12% [65]. - ABS: The proportion of in - production devices with self - owned butadiene is 25.53%, all of which are state - owned devices. Nearly 75% of the devices need to source raw materials externally, mainly concentrated in East China, with a capacity accounting for 64.1%, and the remaining devices are distributed in South, Northeast, and North China [65]. - SBS: The total production capacity of devices with self - owned butadiene accounts for 20.6%, with state - owned devices accounting for 65%. Nearly 80% of the devices need to source raw materials externally, mainly concentrated in East and South China, accounting for 39.59% and 39.25% respectively, and the remaining devices are in Central, North, and Northeast China [65]. - Styrene - butadiene rubber: The total production capacity of devices with self - owned butadiene accounts for 59.77%, with state - owned devices accounting for 94.3%. 40% of the devices need to source raw materials externally, mainly concentrated in East China, with a capacity accounting for 84.5%, and the remaining devices are distributed in South, Northeast, and Central China [65]. - SEBS: All in - production devices need to source raw materials externally, mainly concentrated in East and South China, with capacity accounting for 39.19% and 31.08% respectively, and nearly 30% of the capacity in Central China [66]. - Nitrile latex: The total production capacity of devices with self - owned butadiene accounts for 14.9%, all of which are state - owned devices. 85% of the devices need to source raw materials externally, mainly concentrated in East China, with private enterprises as the main force [66].

Core Viewpoint - The article highlights the achievements of Liang Hongwen in the field of thermoplastic elastomers, particularly in the development of SEBS and SEPS, showcasing China's advancements in this industry and the importance of independent innovation [2][3][4]. Group 1: Achievements and Recognition - Liang Hongwen has received numerous awards, including one National Science and Technology Progress Award and ten provincial and ministerial-level awards, along with 75 domestic and 1 foreign authorized invention patents [1]. - He was honored as a "National Labor Model" by the All-China Federation of Trade Unions prior to the May Day holiday this year [1]. Group 2: Development of SEBS - In the 1990s, Liang Hongwen initiated the independent research and development of SEBS, overcoming significant technical challenges and achieving industrial production in 2006 with the establishment of China's first 10,000-ton industrial facility [2]. - His team has developed 18 different grades of SEBS and secured over 20 national invention patents, marking a significant advancement in China's SEBS technology [2]. Group 3: Advancements in SEPS - Following the success with SEBS, Liang Hongwen's team focused on SEPS, leading to the establishment of a 20,000-ton annual production facility in 2017, making China the third country to industrialize SEPS using proprietary technology [3]. Group 4: Industry Impact and Applications - Liang Hongwen's team has been instrumental in transitioning the thermoplastic rubber industry from expansion to refinement, contributing to various sectors including medical and tire manufacturing [4]. - In the medical field, they developed a specialized medical-grade SEBS to replace harmful PVC, significantly reducing costs and enhancing public health [4]. - In tire manufacturing, they created synthetic rubber materials that meet high-performance tire production requirements, achieving breakthroughs in product development from 2017 to 2023 [4].

证券代码：605008 证券简称：长鸿高科 公告编号：2025-056 宁波长鸿高分子科技股份有限公司 | 主要产品名称 | 2025 年第二季度 平均销售单价 | 2024 年第二季度 平均销售单价 | 变动比例 (%) | | --- | --- | --- | --- | | | (元/吨) | (元/吨) | | | SBS | 10,905.76 | 11,820.77 | -7.74 | | SEBS | 12,346.74 | 13,309.76 | -7.24 | | PBT | 6,871.72 | 7,871.23 | -12.70 | | 热拌用沥青再生剂 | 2,810.80 | 3,589.55 | -21.69 | | 改质沥青 | 3,354.13 | | | | 黑色母粒 | 5,333.92 | 6,753.22 | -21.02 | | THF | 8,750.82 | 9,972.90 | -12.25 | （2）主要原材料价格变动情况(不含税) 2025 年第二季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其 ...

证券代码：605008 证券简称：长鸿高科 公告编号：2025-028 宁波长鸿高分子科技股份有限公司 2025 年第一季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宁波长鸿高分子科技股份有限公司（以下简称"公司"）根据上海证券交易 所《上市公司行业信息披露指引第十三号——化工》的规定，现将 2025 年第一 季度主要经营数据披露如下： | SBS | 11,887.77 | 10,977.92 | 8.29 | | --- | --- | --- | --- | | SEBS | 13,678.24 | 13,060.37 | 4.73 | | PBT | 6,852.97 | 7,924.70 | -13.52 | | 热拌用沥青再生剂 | 3,035.84 | 3,389.47 | -10.43 | | 黑色母粒 | 5,397.46 | 7,052.51 | -23.47 | （2）主要原材料价格变动情况(不含税) | 主要原料名称 | 2025 | 年第一季度 | 年第一季度 2024 | 变 ...

Core Viewpoint - Zhejiang Zhongcheng, a leader in the POF shrink film industry, reported a decline in revenue and net profit for 2024, emphasizing its commitment to high-end and differentiated products despite challenging market conditions [1] Group 1: Financial Performance - In 2024, Zhejiang Zhongcheng achieved operating revenue of 1,710.15 million yuan and net profit of 74.17 million yuan, representing a year-on-year decrease of 1.05% and 28.71% respectively [1] - The company maintained stable sales performance with POF shrink film sales exceeding 45,000 tons, solidifying its market leadership [1] Group 2: Market Position and Strategy - Since 2009, Zhejiang Zhongcheng has ranked first in domestic production and sales of POF shrink film, and second globally, only behind Sealed Air Corporation [1] - The company focuses on its main business, channels, and products to strengthen its core operations amid increasing competition and market pressures [1] Group 3: Product Development and Innovation - Zhejiang Zhongcheng is committed to increasing investment in technology development and continuously launching high-end products, with a growing proportion of high-end product revenue [1] - The company’s subsidiary, Zhongli Synthetic Materials, has developed a series of differentiated products, overcoming several foreign technology barriers [2] - The company plans to enhance existing product processes and develop new products, including a 10μ smooth film and high barrier cover films, to create new advantages in product and technology [3] Group 4: Industry Recognition and Standards - In 2024, Zhejiang Zhongcheng received multiple honors, including being recognized as an excellent brand enterprise in China and a champion in the manufacturing sector in Zhejiang Province [2] - The company was also a key contributor to the national standard for "Packaging Materials - Polyolefin Shrink Film" [2]

Core Viewpoint - Longhong High-Tech (605008) reported a significant increase in revenue and net profit for 2024, with revenue reaching 3.634 billion yuan, marking a historical high, and a non-GAAP net profit growth of 844% [1][2] Financial Performance - In 2024, Longhong High-Tech achieved a revenue of 3.634 billion yuan, a year-on-year increase of 157%, while net profit was 94 million yuan, a decline of 0.83% [1] - The company's non-GAAP net profit was 69 million yuan, reflecting an 844% increase year-on-year, primarily due to the economic benefits from its subsidiary's PBAT black masterbatch project [1][2] - Inventory decreased by 53.68% compared to the previous year, reaching the best level in nearly three years, and operating cash flow net amount was 349 million yuan, up 49.67% year-on-year [2] R&D and Innovation - Longhong High-Tech has consistently invested in technological innovation, solidifying its leading position in the industry [2][3] - The subsidiary, Longhong Bio, is the first in China to produce PBAT black masterbatch using aromatic oil as raw material, achieving superior product quality compared to market averages [2] - The company upgraded its PBT products to cover a full range of grades, enhancing product quality and diversifying its offerings [2] Market Position and Future Plans - Longhong High-Tech is a leading player in the TPES market, currently ranking third in production capacity nationwide [1] - The company plans to explore applications of TPES products in advanced fields such as robotics and automotive lightweighting, marking a new direction in its 2025 operational strategy [5] - Longhong High-Tech aims to expand its production capacity with new projects, including a 50,000-ton/year high-end fiber elastic material project and a 100,000-ton/year PBAT black masterbatch facility [4][5]