二季度盈利明显修复，重点项目有序推进 据长鸿高科透露，今年上半年受整体宏观经济复苏较为缓慢、实体经济持续承压影响，公司经营业绩受 到冲击，利润水平同比出现较大幅度下滑。除宏观环境制约外，利润下滑主要源于子公司长鸿生物为提 升现有装置生产效率，于今年第一季度对PBT装置开展技术改造，较长时间的技改停工直接影响了当期 产量，加之去年同期基数较高，进一步加剧了本期同比数据的承压态势。 不过，随着经营环境改善，公司在第二季度迎来关键转折：一方面长鸿生物生产节奏逐步回稳，生产效 率显著提升；另一方面，二季度新材料市场呈现普遍回暖态势，汽车、电子等下游行业需求持续复苏， 直接带动特种合成树脂与高分子材料的市场需求增长。多重积极因素叠加下，公司第二季度归母净利润 成功实现环比扭亏为盈，盈利能力得到修复。 尽管阶段性利润有所下滑，上半年长鸿高科多个重点项目仍取得实质性进展。25万吨/年溶液丁苯橡胶 扩能改造项目二期及TPE黑色母粒技改项目已建成投产，新增产能正有序释放；长鸿生物扩能提质技改 项目按期完成，产品质量与产能利用率同步提升；黑色母粒项目产能已提升至11万吨/年；广东长鸿丙 烯酸产业园项目一期按计划推进，基础设施与主 ...

Group 1 - The core viewpoint of the article is that Ningbo Changhong High Polymer Technology Co., Ltd. (Changhong High Tech) is planning to acquire 100% equity of Guangxi Changke New Materials Co., Ltd. through a combination of issuing shares, convertible bonds, and cash payments, marking a strategic advancement in the new materials sector [1] - The acquisition aims to enhance vertical integration within the industry chain, accelerating the cultivation of new production capabilities and seizing opportunities in the specialty synthetic resin market [1] - Specialty synthetic resins are increasingly recognized as critical foundational materials supporting advanced manufacturing, new energy, and electronic information industries, with growing market demand driven by industrial upgrades and rising consumer spending [1] Group 2 - Research indicates that China's ABS resin market is currently in a "capacity expansion + high-end upgrade" phase, with the market expected to exceed 90 billion yuan by 2025 and maintain a compound growth rate of 6%-8% from 2025 to 2030, particularly in the specialty synthetic resin segment [1] - The acquisition is a key step in the company's strategy of "new materials + industry chain integration," expanding its business from TPES and PBAT to the specialty synthetic resin sector, thus covering the entire chain from basic chemical raw materials to high-end modified materials [2]

Core Viewpoint - Changhong High-Tech plans to acquire 100% equity of Guangxi Changke New Materials Co., Ltd. through a combination of issuing shares, convertible bonds, and cash payment, which is expected to constitute a major asset restructuring and related party transaction [2][4]. Group 1: Acquisition Details - The acquisition involves signing a share purchase intention agreement with Hainan Dingheng Venture Capital Co., Ltd. and other partners [4]. - Guangxi Changke is a high-tech enterprise focused on the R&D, production, and sales of specialty synthetic resin materials, including transparent ABS and high-impact ABS/HIPS [4]. Group 2: Synergies and Benefits - The transaction is expected to create significant synergies in production, raw material procurement, and technology R&D [4]. - The integration will enhance production efficiency and optimize resource allocation through vertical integration from raw materials to end products [4]. - By consolidating procurement needs, the companies aim to improve bargaining power and reduce raw material costs [4]. Group 3: Product Development and Innovation - Changhong High-Tech has been a leader in the R&D and production of styrene thermoplastic elastomers (TPES), which are seen as a new generation of rubber materials [6]. - The company plans to upgrade its PBT product line to cover a full range of grades while maintaining its biodegradable PBAT/PBS production capacity [6]. - There is a focus on exploring applications of TPES in advanced fields such as robotics and automotive lightweighting, driven by technological innovation [7].