Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: The records primarily discuss the lithium battery, sodium battery, wind power, and photovoltaic sectors, highlighting recent developments and future expectations in these industries. Lithium Battery Sector - **National Capacity Pricing Policy**: The introduction of the national capacity pricing policy is expected to increase the Internal Rate of Return (IRR) for energy storage by over 3%, with more provinces likely to adopt energy storage solutions by 2026 [1] - **Lithium Battery Production**: In February, lithium battery production is projected to decrease by over 10%, indicating that the production season is not as weak as anticipated [1] - **Sodium Battery Testing**: Ningde has initiated winter testing with multiple automotive companies for sodium batteries, with expectations for mass production in Q2 [1] - **Investment Focus**: The preferred investment hierarchy includes energy storage cells (Penghui) > lithium iron phosphate cathodes > energy storage integration (Haibo) > separators (Enjie), copper, and aluminum foil (Nord and Dingsheng) [1] Sodium Battery Sector - **Lithium Carbonate Price Adjustment**: A new round of price increases for lithium carbonate is anticipated following adjustments, with strong downstream purchasing activity observed after recent price drops [2] - **Wind Power Sector Performance**: Recent performance forecasts for the wind power sector have largely fallen short of expectations due to a decline in Q4 shipments and year-end impairments, indicating a confirmed bottom for the main engine sector [2] - **Investment Recommendations**: Recommended stocks include Jinlei Co., Daikin Heavy Industries, and major engine manufacturers (Goldwind, SANY, Yunda, Mingyang) [2] Photovoltaic Sector - **Space Photovoltaics**: The application by SpaceX to deploy 1 million satellites to create a space data center reinforces the logic behind space photovoltaics [3] - **Cost Reduction in Battery Production**: The high silver prices and technological breakthroughs have led to an average cost reduction of over 0.15 CNY/W in copper-based batteries, indicating a potential explosion in the no-silver industrialization [3] - **Investment Focus**: The preferred investment hierarchy includes equipment manufacturers (Liancheng, Lap, Maiwei, Yujing) and battery materials (Bojian, Foster, Kaisheng, Juhua, Dike, Risheng, Junda) [3] AIDC (Artificial Intelligence Data Center) Sector - **New Bidding Opportunities**: The domestic supply chain is entering a new round of bidding, with ByteDance shifting its focus to high-voltage direct current solutions and Nvidia tightening certification for liquid cooling [3] - **Production Increase**: The production capacity of Yingwei's QD is expected to increase by 20 times in Q1, indicating a strong alignment with Nvidia's ecosystem [3]

Industry and Company Summary Industry: Lithium Battery and Energy Storage Key Points - **National Capacity Pricing Policy**: The introduction of the national capacity pricing policy is expected to increase the Internal Rate of Return (IRR) for energy storage by over 3%, with more provinces expected to adopt energy storage solutions by 2026 [1] - **Lithium Battery Production**: In February, lithium battery production is projected to decrease by over 10%, indicating that the production season is not as weak as anticipated [1] - **Sodium Battery Testing**: Ningde has initiated winter testing for multiple automotive companies regarding sodium batteries, with expectations for mass shipments in Q2 [1] - **Investment Focus**: The preferred investment hierarchy is as follows: energy storage cells (Penghui) > lithium iron phosphate cathodes > energy storage integration (Haibo) > separators (Enjie), copper and aluminum foils (Nord and Dingsheng) [1] Industry: Sodium Battery and Lithium Carbonate Key Points - **Lithium Carbonate Price Adjustment**: Following a price adjustment, there is a strong expectation for a new upward trend in lithium carbonate prices, with downstream procurement becoming more active after recent price drops [2] - **Wind Power Sector Performance**: The wind power sector has seen numerous earnings forecasts that fell short of expectations due to a decline in Q4 shipment volumes and year-end impairments, indicating a confirmed bottom for the main engine sector [2] - **Investment Recommendations**: Recommended stocks include Jinlei Co., Daikin Heavy Industries, and major turbine manufacturers (Goldwind, SANY, Yunda, Mingyang) [2] Industry: Photovoltaics Key Points - **Space Photovoltaics**: SpaceX's application to deploy 1 million satellites to create a space data center reinforces the logic behind space photovoltaics [3] - **Cost Reduction in Battery Production**: The high price of silver and technological breakthroughs have led to an average cost reduction of over 0.15 CNY/W in copper-based batteries, indicating a potential explosion in the no-silver production sector [3] - **Investment Focus in Photovoltaics**: The preferred investment hierarchy includes equipment manufacturers (Liancheng, Lap, Maiwei, Yujing) and battery and auxiliary material producers (Bojian, Foster, Kaisheng, Juhua, Dike, Risheng, Junda) [3] Industry: AIDC (Artificial Intelligence Data Center) Key Points - **New Bidding Round**: The domestic supply chain is entering a new round of bidding, with ByteDance shifting its bidding focus to high-voltage direct current solutions [3] - **NVIDIA Certification**: NVIDIA's GB300 liquid cooling certification is tightening, which may lead future investments to focus on core components and ASIC overflow [3] - **Increased Production Capacity**: The production capacity of Yingweike's QD is expected to increase by 20 times in Q1, strengthening ties with the NVIDIA ecosystem [3]

| 证券代码：605166 | 证券简称：聚合顺 | 公告编号：2026-005 | | --- | --- | --- | | 转债代码：111003 | 转债简称：聚合转债 | | | 转债代码：111020 | 转债简称：合顺转债 | | 聚合顺新材料股份有限公司 关于部分董事、高管集中竞价减持股份计划公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 减持董事、高管持股的基本情况：截至本公告日，聚合顺新材料股份有 限公司（以下简称"公司"）董事、总经理毛新华先生持有公司股份 2,000,000 股，占公司当前总股本的比例为 0.6355%，股份均来源于公司首次公开发行 （"IPO"）前持有的股份；董事傅永宾先生持有公司股份 69,100 股，占公司当前 总股本的比例为 0.0220%，股份来源于集中竞价交易。 减持计划的主要内容：因个人资金需要，公司董事、总经理毛新华先生 和董事傅永宾先生，拟自本减持计划公告之日起 15 个交易日后的 3 个月内（根 据上海证券交易所相关规定禁止减持的期间除 ...

格隆汇1月28日丨聚合顺(605166.SH)公布，因个人资金需要，公司董事、总经理毛新华先生和董事傅永 宾先生，拟自本减持计划公告之日起15个交易日后的3个月内（根据上海证券交易所相关规定禁止减持 的期间除外），在符合上市公司董事、高管减持规定的前提下，拟通过集中竞价交易方式，减持数量分 别不超过500,000股、17,200股，分别占公司总股本的比例为0.1589%、0.0055%，减持价格将按照实际 实施时的市场价格确定。上述董事、高管每年累计减持股份均不会超过其各自持有公司股份总数的 25%。 ...

格隆汇1月28日丨聚合顺(605166.SH)公布，因个人资金需要，公司董事、总经理毛新华先生和董事傅永 宾先生，拟自本减持计划公告之日起15个交易日后的3个月内（根据上海证券交易所相关规定禁止减持 的期间除外），在符合上市公司董事、高管减持规定的前提下，拟通过集中竞价交易方式，减持数量分 别不超过500,000股、17,200股，分别占公司总股本的比例为0.1589%、0.0055%，减持价格将按照实际 实施时的市场价格确定。上述董事、高管每年累计减持股份均不会超过其各自持有公司股份总数的 25%。 ...

证券日报网讯1月21日，聚合顺（605166）在互动平台回答投资者提问时表示，截至2026年1月20日收 盘，公司股东人数18279户。 ...

Summary of Key Points from Conference Call Records Industry Overview - The records primarily focus on the chemical industry, specifically tracking price changes and stock performance of chemical companies as of January 20. Key Financial Metrics - The Shanghai Composite Index reported at 4113.65, with a day-on-day change of -0.01% - Basic chemicals and petrochemicals reported at 7785.68 and 4841.91, with day-on-day changes of +0.35% and +2.58% respectively [1][1][1] Price Changes in Chemicals - Top five price increases in chemicals: - R125: +3.09% - R22: +2.94% - Niacinamide: +2.94% - Acrylic Acid: +2.7% - Propyl Acetate: +2.22% [1][1][1] - Price increases in anti-involution products: - Polyester Bottle Chips: +0.75% - Caprolactam: +0.54% [1][1][1] Price Spread Changes - Top five increases in price spreads: - Lithium Iron Phosphate: +52.62% - Anhydride: +38.41% - Rigid Polyether: +37.5% - Glyphosate: +29.24% - Phenol: +17.62% [1][1][1] Stock Performance of Chemical Companies - Top five stock price increases: - Jiangtian Chemical: +19.99% - Yida Co.: +11.96% - Runfeng Co.: +10.72% - Qicai Chemical: +10.71% - Hongmian Co.: +10.13% [1][1][1] Earnings Forecasts - **Oriental Tower**: Expected net profit for 2025 is between 1.08-1.27 billion, a year-on-year increase of 91.4%-125.07% [2][2][2] - **Batian Co.**: Expected net profit for 2025 is between 890-980 million, a year-on-year increase of 117.53%-139.53% [2][2][2] - **Kaisheng New Materials**: Expected net profit for 2025 is between 110-140 million, a year-on-year increase of 96.47%-150.06% [2][2][2] - **Qiaoyuan Co.**: Expected net profit for 2025 is between 226-256 million, a year-on-year increase of 51.51%-71.62% [2][2][2] - **Zhongshi Technology**: Expected net profit for 2025 is between 330-370 million, a year-on-year increase of 63.86%-83.73% [2][2][2] - **Changhua Chemical**: Expected net profit for 2025 is between 89-109 million, a year-on-year increase of 53.75%-87.91% [2][2][2] - **Xinjiang Tianye**: Expected net profit for 2025 is around -50 million, indicating a loss [2][2][2] - **Juheshun**: Expected net profit for 2025 is between 130-160 million, a year-on-year decrease of 47%-57% [2][2][2] Other Notable Announcements - **Huarun Materials**: Expected net loss for 2025 is between 85-115 million, a year-on-year reduction of 85.08%-79.81% [3][3][3] - **Huajin Co.**: Expected net loss for 2025 is between 1.6-1.9 billion, a year-on-year increase of 42.75%-32.02% [3][3][3] - **Xinghua Co.**: Expected net loss for 2025 is between 420-560 million [3][3][3] - **Baomo Co.**: Change in actual controller due to share transfer agreement [3][3][3] - **Nanjing Julong**: Plans to invest 30 million to establish a wholly-owned subsidiary for a 60,000-ton modified plastic production line [3][3][3] - **Jiangtian Chemical**: Plans to invest 49.8 million to establish a 60,000-ton acrylic acid project with a one-year construction period [3][3][3] Conclusion - The chemical industry shows a mix of positive earnings forecasts and significant stock price movements, alongside some companies projecting losses. The data indicates potential investment opportunities in companies with strong growth forecasts while highlighting risks in those expecting losses.

证券代码：605166 证券简称：聚合顺 公告编号：2026-004 转债代码：111003 转债简称：聚合转债 转 债代码：111020 转债简称：合顺转债 聚合顺新材料股份有限公司2025年年度业绩预减公告 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。 重要内容提示： ●业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比下降50%以上。 ●聚合顺新材料股份有限公司（以下简称"公司"）预计2025年年度实现归属于母公司所有者的净利润 13,000万元到16,000万元，与上年同期相比，预计将下降14,030万元到17,030万元，同比下降47%到 57%。 ●预计2025年年度实现归属于母公司所有者的扣除非经常性损益的净利润12,000万元到15,000万元，与 上年同期相比，预计将下降14,112万元到17,112万元，同比下降48%到59%。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 3.本次业绩预告是财务部门初步测算的结果，未经审计机构审计。 二 ...

证券日报网讯 1月20日，聚合顺发布2025年年度业绩预减公告称，公司预计2025年年度实现归属于母公 司所有者的净利润13，000万元至16，000万元，与上年同期相比，预计将下降14，030万元至17，030万 元，同比下降47%至57%。 （文章来源：证券日报） ...

本期较上年同期相比，尼龙切片行业受产业链产能相对集中释放，行业一定程度出现了价格竞争激烈的 情况;受国际贸易摩擦持续影响，部分下游客户，尤其是面向高端市场的企业，其出口及生产节奏有明 显放缓，对高品质原材料PA6的需求出现阶段性下降。公司对应的高附加值PA6(尼龙切片)销售受到直 接冲击，主营业务利润同比出现较为明显的下滑。 聚合顺（605166）(605166.SH)发布2025年年度业绩预减公告，预计2025年年度实现归属于母公司所有 者的净利润1.3亿元至1.6亿元，同比下降47%到57%。 ...