上半年业绩承压，筹划收购南通星辰100%股权

⚫⚫⚫⚫⚫⚫ Seethe last page for disclaimerAPPENDIX 1Summary➢The company is a leading domestic epoxy resin enterprise. Its basic raw material and intermediatebusiness includes products such as propylene, phenol, ketone, epichlorohydrin and caustic soda. By2024, the Lianyungang carbon industry chain base will be fully operational. The company's high-performance material products currently include epoxy resin, ABS,Aramid, nylon 66 and functionalfine chemicals. The company has become a leading domestic epoxy resin enterprise and has establishedan integrated, full industry chain of 'PDH propylene, phenol, acetone and bisphenol A/epichlorohydrinepoxy resin'.➢Plan to acquire 100% of the equity in Nantong Xingchen. The company intends to issue shares in orderto purchase this equity. Nantong Xingchen is a wholly owned subsidiary of China Bluestar (Group) Co.,Ltd. Nantong Xingchen is a manufacturing, research and development, and sales base for new chemicalmaterials such as polybutylene terephthalate (PBT), polyphenylene ether (PPE), modified engineeringplastics, bisphenol A and epoxy resin in eastern China. It is operated by China National ChemicalCorporation (ChemChina). It has multiple large-scale production facilities for PBT, PPE, bisphenol Aand epoxy resin, with a total production capacity of over 400,000 tonnes.➢In25H1, operating performance was loss-making, with the loss on newly installed equipment narrowingcompared to the previous period. According to the performance forecast for2025H1, the company's netprofitis expected to be between-807 million and-949 million yuan, while the net profit after deductingnon-recurring expenses is expected to be between-761 million and-895 million yuan. In the first half of2025, the industry environment in which the companyoperates will remain sluggish, with the domesticchemical price index operating at a low level and the prices of major products remaining at historicallows. However, by continuously strengthening its operational excellence, the company has begun torealise the efficiency and cost advantages of its integrated industrial chain, and the losses of newfacilities have narrowed compared to the previous period.➢The volume of basic raw materials and intermediates is increasing, which is putting pressure on thepolymer additive business. In the first half of 2025, revenue in the basic raw materials and intermediatessector is expected to increase by 25-35% comparedto the same period last year. Sales are expected toincrease by 30-45% and the gross profit margin is expected to increase by 0.5-3 percentage points.During the same period, revenue in the high-performance materials sector decreased by 3-8%, while thegross profit margin increased by 3-8%. The polymer additive sector was affected by the introduction ofnew production capacity in the industry in the first half of 2025, resulting in a year-on-year decrease ofabout 15% in product prices and a decrease of about 13-20% in revenue. The gross profit marginremained basically unchanged compared to the same period last year.➢The production capacity of high-performance materials such as aramid and nylon 66 has increased. Thecompany's 5,000-tonne-per-year para-aramid production line is currently operating at full capacity,leading the domestic market share in areas such as safety protection and fibre optic cable reinforcement.Additionally, the company has successfully completed the 2,500-tonne-per-year expansion project forpara-aramid, which is now operational. The 40,000-tonne-per-year nylon 66 and 25,000-tonne-per-yearintermediate projects at the company's Zhongwei base use independently developed process routes andnew catalysts, breaking the long-term monopoly of multinational companies on key raw materialtechnology and supply.➢Risk warning. Product price fluctuations; The promotion of downstream applications did not meetexpectations;Theconstruction progress is not as expected. 2 Seethe last page for disclaimer分析师介绍分析师庄怀超，本科毕业于北京航空航天大学，硕士毕业于香港大学金融学专业，主要覆盖化工和新材料行业。该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。该分析师曾在wind发布报告超过500篇，主要覆盖行业包括化肥、农药、气体、炸药、氟化工、分子筛、电解液和合成生物学等行业。覆盖的公司包括:东岳集团、环球新材国际、中国心连心化肥、中化化肥、阜丰集团、中国三江化工、中国联塑、浦林成山、米高集团、中国石油化学、中国旭阳集团、彩客新能源、天德化工、理文化工等。邮箱:charles.zhuang@gpf.com.hk电话:(852)97487114 3 SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 monthsRatingOutperform跑赢大市Neutral中性Underperform跑输大市DISCLOSURE OF INTERESTS(1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report.(2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report.(3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization of the issuermentioned in this Research Report.(4)Global Prosperity Financial Company Limitedand/or its subsidiaries have