Core Viewpoint - The company, 聚合顺, is actively expanding its production capacity in the nylon new materials sector, with several projects underway that are expected to enhance its market share and competitiveness in the industry [1][2][3]. Production Capacity and Projects - As of the end of 2024, the company has four projects under construction, including a technical transformation project in 常德 with a designed annual capacity of 92,000 tons for nylon 6 [2][3]. - The 滕州基地二期 project aims for an annual production of 220,000 tons of nylon 6 new materials, with some production lines already operational [2]. - The 杭州基地 and 淄博基地 projects are also progressing steadily, with designed capacities of 124,000 tons and 80,000 tons of nylon new materials, respectively [2]. Competitive Advantages - The 常德技改项目 is a core component of the company's nylon 6 production capacity, featuring advanced imported equipment and a focus on high-performance nylon 6(P) products [3]. - The project is expected to significantly boost the company's market share and competitiveness in the nylon new materials sector [3]. Market Demand and Consumption - The company anticipates that the growth in domestic nylon 6 chip market demand will be driven by exports, overall macroeconomic growth, and consumption upgrades in key application areas [4][5]. - The nylon 6 chips are increasingly competitive in international markets, with applications spanning various industries including electronics, military, automotive, and textiles [5]. Product Segmentation - Nylon 6 chips are categorized into three main types: fiber-grade, engineering plastic-grade, and film-grade, with fiber-grade chips seeing significant demand in high-value textile applications [5]. - The engineering plastic segment benefits from the durability and versatility of modified nylon products, while the film segment primarily utilizes nylon 6 for packaging applications [5]. Entry into Nylon 66 Market - The company is set to enter the nylon 66 market, which involves a different production process and offers superior properties compared to nylon 6, making it suitable for a wider range of industrial applications [6]. Financial Performance - In Q1 2025, the company reported a main revenue of 1.563 billion yuan, a year-on-year decrease of 4.63%, while net profit attributable to shareholders increased by 15.04% to 80.79 million yuan [7]. - The company’s debt ratio stands at 65.07%, with a gross margin of 8.17% [7]. Earnings Forecast - Various institutions have provided earnings forecasts for the company, with projected net profits for 2025 ranging from 396 million yuan to 421 million yuan, indicating a positive outlook for future performance [8].

Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, specifically recommending Minsheng Chemical's "Five Tigers": Shengquan Group, Guocera Materials, Guoguang Co., Anli Co., and Polymeric Co. [1][4] Core Insights - The chemical market is active, with growth stocks presenting a favorable allocation opportunity. The demand for phosphate fertilizers remains stable, and the high price of phosphate rock is expected to continue due to supply-demand balance. [1] - The domestic production capacity of polycarbonate (PC) is projected to grow significantly from 875,000 tons in 2018 to 3,810,000 tons by 2024, with an expected improvement in supply-demand dynamics from 2025 to 2029. [2] - The organic silicon industry is experiencing a recovery in the supply-demand balance, with a compound annual growth rate of 22.4% in production capacity from 2021 to 2024, driven by demand from emerging industries such as new energy vehicles and photovoltaics. [2] Summary by Sections Chemical Market Overview - The basic chemical industry index closed at 3,406.53 points, down 1.23% from the previous week, underperforming the CSI 300 index by 1.05%. [10] - Among 462 stocks in the chemical sector, 31% rose while 67% fell during the week. [18] Key Chemical Sub-Industries - **Polyester Filament**: The market is stable with slight price increases, and the average industry operating rate is approximately 89.96%. [26][27] - **Tires**: The operating rate for all-steel tires is 60.12%, down 2.88 percentage points from the previous week. [40] - **Refrigerants**: Prices for refrigerants like R22 and R134a are stable to strong, with R22 averaging 36,000 CNY/ton and R134a at 48,000 CNY/ton. [45][47] Price Trends - The top price increases for chemical products include cotton short velvet (up 15%), trichloromethane (up 14%), and domestic naphtha (up 13%). [24] - Conversely, the largest price drops were seen in liquid chlorine (down 71%) and TMA (down 9%). [25] Company Profit Forecasts - Guoguang Co. is projected to have an EPS of 0.78 CNY in 2024, with a PE ratio of 19, while Shengquan Group is expected to have an EPS of 1.03 CNY with a PE ratio of 25. Both companies are rated as "Recommended." [4]

Summary of 聚合顺 Conference Call Company Overview - 聚合顺 is a leading domestic Nylon 6 enterprise with a focus on high-end differentiated products, achieving rapid growth through capacity expansion, currently at 520,000 tons, expected to reach 600,000 tons this year, and actively expanding into Nylon 66 and specialty nylon to enhance product quality and profit margins [2][5][10] Financial Performance - The company has a solid financial position with cash reserves of 2.7 billion yuan and a total market capitalization of approximately 4 billion yuan. Profit for 2024 is reported at 300 million yuan, with an expectation to reach around 400 million yuan in 2025, based on a processing fee of approximately 650 yuan per ton for 600,000 tons of capacity [2][7][8][15] Product Structure - 聚合顺's product portfolio includes fiber chips, engineering plastic chips, and film-grade chips. Fiber chips have stable demand and good growth trends, while engineering plastic chips are more volatile. Film-grade chips are also significant products, contributing to the company's ability to adapt to market changes [2][9] Capacity Expansion and Future Outlook - The company plans to continue expanding capacity, aiming for 600,000 tons in 2025 and additional Nylon 66 capacity in 2026. There is potential in emerging applications such as robotics materials, which will drive diversification [2][10][14] Competitive Advantages - 聚合顺 holds a leading advantage in full-matte nylon chip technology and flexible production capabilities to meet customer demands promptly. The company is adjusting its industrial lines in Shandong and plans to produce high-margin products in Hangzhou [4][12] Market Dynamics - The Nylon 6 market has seen rapid growth over the past two decades, with increasing demand in various applications, including yoga wear and lingerie. Despite competitive pressures, 聚合顺 has maintained a strong position due to its robust capacity expansion and customer resources [11] Nylon 66 Development - Nylon 66 is still maturing, with limited raw material capacity. However, 聚合顺 has positioned itself for future growth by collaborating with Chinese natural gas resources, expecting to produce 800 tons in 2025, with significant contributions anticipated as market demand rebounds [13][14] Stock Performance and Market Sentiment - Recent stock price increases are attributed to a recovery from a previous decline due to export tariffs and renewed interest in the company's potential in robotics applications. The market perceives further upside potential based on stable operations and growth logic focused on domestic demand [3][15][16] Conclusion - 聚合顺 is well-positioned for future growth with a strong financial foundation, diverse product offerings, and strategic capacity expansions. The company’s focus on high-quality, low-cost products and its ability to adapt to market demands will likely sustain its competitive edge in the Nylon industry [2][10][15]

Market Overview - A-shares opened higher but closed lower, with major indices showing mixed results; Shanghai Composite, CSI 300, and SSE 50 slightly up, while Shenzhen Component, STAR 50, and Beijing Stock Exchange 50 slightly down [1] - Trading volume decreased to 1.33 trillion yuan [1] Sector Performance - Solar energy, shipping, banking, and chemical sectors led the gains, while defense, reducer, 6G concept, and marine economy sectors faced declines [1] - The banking sector saw a net inflow of over 4.2 billion yuan, while pharmaceuticals and basic chemicals each received over 2 billion yuan in net inflows [1] Capital Flow - Main capital outflows were observed in electronics (over 6.4 billion yuan), defense (over 5.3 billion yuan), and computers (over 3.7 billion yuan) [1] Future Market Outlook - Huatai Securities suggests that short-term market may benefit from improved risk appetite, potentially leading to a phase of upward movement; however, mid-term index performance will depend on fundamental improvements and supportive domestic policies [1] - The market is expected to focus on technology and export chains in the short term, while mid-term strategies should consider internal certainty cues [1] Trade Relations Impact - Huazhong Securities notes that the easing of China-US trade tensions has led to a positive market outlook, although risks remain due to ongoing negotiations with other trade partners and potential tariff increases on specific goods [2] - The shipping sector saw significant gains, with the A-share shipping index rising over 2%, nearing historical highs, driven by positive sentiment from trade negotiations [2] Chemical Sector Dynamics - Galaxy Futures indicates that the recent reduction in tariffs from US-China negotiations exceeded expectations, coupled with the seasonal increase in container shipments, suggesting a potential short-term surge in shipping and inventory replenishment [4] - Chemical stocks experienced rapid gains, with specific segments like daily chemicals and polyurethane seeing significant increases, including a 20% surge in Longhua Chemical [4] Price Trends in Chemical Market - Recent reports indicate rising prices in the chemical market, with specific products like dibutyl phthalate seeing a price increase of 900 yuan per ton, reflecting a nearly 60% rise year-to-date [7] - Dongguan Securities highlights that the basic chemical sector is currently undervalued, with a PB ratio of 1.97, suggesting potential investment opportunities in domestic replacement products and well-positioned price-increasing products [7]

5月13日涨停分析 今日共48股涨停，连板股总数11只，19股封板未遂，封板率为71%（不含ST股、退市股）。焦点股方面，军工板块成飞集成、利君股份、天箭科技均晋级5 连板，化工股红墙股份16天10板，高外销占比的华纺股份反包涨停走出6天5板。 | 股票名称 | 板数 | 涨跌幅 | 涨停时间 | 上涨逻辑 | | --- | --- | --- | --- | --- | | 宝馨科技 | 6天4板 | 9.93% | 09:42 | 机器人+光 | | 002514 | | | | 伏 | | 百达精工 | 4天3板 | 9.98% | 14:10 | 压缩机+光 | | 603331 | | | | 伏 | | 鑫磊股份 | 4天2板 | 20.00% | 14:22 | 压缩机+光 | | 301317 | | | | 伏 | | 集泰股份 | 首板 | 9.97% | 09:36 | 光伏+有机 | | 002909 | | | | 硅 | | 欧晶科技 | 首板 | 9.98% | 09:41 | 光伏+半导 | | 001269 | | | | 体 | | 泉运通 | 首板 | 10.14% | ...

Core Viewpoint - The company has provided guarantees for its subsidiaries, totaling RMB 19.5 million, to support their daily operational needs, with no counter-guarantees involved [2][6][11]. Summary by Sections Guarantee Overview - The company approved a guarantee limit of up to RMB 20 billion for its subsidiaries in 2024, with specific limits of RMB 10 billion for 聚合顺鲁化 and RMB 6 billion for 特种材料 [3]. - In 2025, the company increased the guarantee limit to RMB 26 billion, with specific limits of RMB 12 billion for 聚合顺鲁化 and RMB 7 billion for 特种材料 [4]. Guarantee Details - The company has provided a total guarantee of RMB 19.5 million, consisting of RMB 5 million for 聚合顺鲁化 and RMB 14.5 million for 特种材料, with no counter-guarantees [6][11]. - The guarantee for 特种材料 is related to a renewal of a maximum guarantee contract with 北京银行, while the guarantee for 聚合顺鲁化 is part of an asset pool agreement with 浙商银行 [9][10]. Financial Status of Guaranteed Entities - 聚合顺鲁化 is a subsidiary with a registered capital of RMB 40 million and a 65% ownership by the company, while 特种材料 is a wholly-owned subsidiary with a registered capital of RMB 5.1 million [8]. - Both subsidiaries have good credit status and are not subject to any significant liabilities affecting their repayment capabilities [7][9]. Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary to support the daily operations of the subsidiaries, which, despite having an asset-liability ratio exceeding 70%, maintain good credit status and sufficient self-repayment capacity [11]. - The company retains control over the management and finances of these subsidiaries, making the overall risk manageable [11]. Total External Guarantees - As of April 30, 2025, the total external guarantees provided by the company and its subsidiaries amounted to RMB 260 million, representing 135.17% of the latest audited net assets [13]. - There are no overdue guarantees, and the company has not provided guarantees to controlling shareholders or related parties [13].

| 证券代码：605166 | 证券简称：聚合顺 | 公告编号：2025-052 | | --- | --- | --- | | 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 关于为子公司提供担保的进展公告 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： ●被担保人名称及是否为上市公司关联人：山东聚合顺鲁化新材料有限公司 （以下简称"聚合顺鲁化"），属于聚合顺新材料股份有限公司（以下简称"公 司"）控股子公司，不存在关联担保；杭州聚合顺特种材料科技有限公司（以下 简称"特种材料"），属于公司全资子公司，不存在关联担保； ●本次担保金额及已实际为其提供的担保余额：公司本次为聚合顺鲁化、特 种材料提供担保，担保金额分别为人民币 5,000 万元、14,500 万元。截至 2025 年 4 月 30 日，公司已实际为聚合顺鲁化、特种材料提供的担保余额分别为人民 币 82,435 万元、47,000 万元； ●本次担保是否有 ...

Report Summary - The report presents the top ten convertible bonds for May 2025 [1][10] Core Viewpoints - The report provides a detailed analysis of the top ten convertible bonds in May 2025, including their ratings, closing prices at the end of April, conversion premium rates, and P/E ratios of the underlying stocks. It also analyzes the business operations, financial performance, and company highlights of the corresponding issuing companies [10][20][30] Analysis of Each Convertible Bond 1. Zhongte Convertible Bond - Rating: AAA; 4 - month - end closing price: 107.723 yuan; Conversion premium rate: 111.03%; Underlying stock PE - TTM: 11.5 [10] - The company is a globally leading specialized special - steel material manufacturer with an annual production capacity of about 20 million tons. In 2024, its revenue was 109.203 billion yuan (-4.22% y/y), and in Q1 2025, revenue was 26.84 billion yuan (-5.59% y/y) [10] - Company highlights: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification, with over 20 million tons of annual production capacity. It has a complete industrial chain and is seeking external expansion opportunities [11] 2. Shanlu Convertible Bond - Rating: AAA; 4 - month - end closing price: 109.882 yuan; Conversion premium rate: 53.32%; Underlying stock PE - TTM: 3.7 [20] - The company's main business is road and bridge construction and maintenance. In 2024, its revenue was 71.348 billion yuan (-2.3% y/y), and in Q1 2025, revenue was 9.764 billion yuan (+1.95% y/y) [20] - Company highlights: It has the concept of "China - specific valuations" as its actual controller is the Shandong Provincial State - owned Assets Supervision and Administration Commission. It is expected to benefit from the infrastructure construction plan in Shandong during the 14th Five - Year Plan period [21] 3. Heshun Convertible Bond - Rating: AA -; 4 - month - end closing price: 126.801 yuan; Conversion premium rate: 23.13%; Underlying stock PE - TTM: 11.2 [30] - The company is a high - tech enterprise focusing on the R & D, production, and sales of polyamide 6 slices. In 2024, its revenue was 7.168 billion yuan (+19.11% y/y), and in Q1 2025, revenue was 1.563 billion yuan (-4.63% y/y) [30] - Company highlights: In 2024, the downstream market demand was good. It is promoting multiple new projects and actively expanding into the international market [31] 4. Aima Convertible Bond - Rating: AA; 4 - month - end closing price: 128.524 yuan; Conversion premium rate: 15.7%; Underlying stock PE - TTM: 17.6 [41] - The company is a leading enterprise in the electric two - wheeled vehicle industry. In 2024, its revenue was 21.606 billion yuan (+2.71% y/y), and in Q1 2025, revenue was 6.232 billion yuan (+25.82% y/y) [41] - Company highlights: The subsidy for trading in old vehicles may continue, and the implementation of the new national standard is expected to bring policy dividends and improve the gross profit margin [42] 5. Xingye Convertible Bond - Rating: AAA; 4 - month - end closing price: 116.521 yuan; Conversion premium rate: 24.23%; Underlying stock PE - TTM: 5.7 [51] - The company is one of the first joint - stock commercial banks established with the approval of the State Council and the People's Bank of China. In 2024, its revenue was 212.226 billion yuan (+0.66% y/y), and in Q1 2025, revenue was 55.683 billion yuan (-3.58% y/y) [51] - Company highlights: Its net interest income has grown steadily, asset quality is stable, and the scale has maintained stable growth [52] 6. Yonghe Convertible Bond - Rating: AA -; 4 - month - end closing price: 127.310 yuan; Conversion premium rate: 17.03%; Underlying stock PE - TTM: 32.7 [64] - The company's main business is the R & D, production, and sales of fluorochemical products. In 2024, its revenue was 4.606 billion yuan (+5.42% y/y), and in Q1 2025, revenue was 1.138 billion yuan (+12.36% y/y) [64] - Company highlights: In 2024, the prices of refrigerant products recovered, and the fluorochemical production base project of its subsidiary turned profitable [65] 7. Chongyin Convertible Bond - Rating: AAA; 4 - month - end closing price: 121.159 yuan; Conversion premium rate: 12.33%; Underlying stock PE - TTM: 7.2 [73] - The company is an early local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China. In 2024, its revenue was 13.679 billion yuan (+3.54% y/y), and in Q1 2025, revenue was 3.581 billion yuan (+5.3% y/y) [73] - Company highlights: It is expected to benefit from the Chengdu - Chongqing Twin - City Economic Circle strategy. Its asset scale has grown steadily, and it actively follows national strategies [74] 8. Beigang Convertible Bond - Rating: AAA; 4 - month - end closing price: 127.2 yuan; Conversion premium rate: 12%; Underlying stock PE - TTM: 19.2 [85] - The company is located at an important transportation hub. In 2024, its revenue was 7.003 billion yuan (+0.77% y/y), and in Q1 2025, revenue was 1.643 billion yuan (+6.73% y/y) [85] - Company highlights: Its cargo and container throughput have increased, and it has a complete transportation network and is actively exploring the market [86] 9. Huayuan Convertible Bond - Rating: AA -; 4 - month - end closing price: 127.228 yuan; Conversion premium rate: 12.95%; Underlying stock PE - TTM: 26.2 [96] - The company focuses on building a complete vitamin D3 industry chain. In 2024, its revenue was 1.243 billion yuan (+13.58% y/y), and in Q1 2025, revenue was 0.326 billion yuan (-1.18% y/y) [96] - Company highlights: It is a leading enterprise in NF - grade cholesterol and 25 - hydroxyvitamin D3 products. It is expanding its product portfolio and has achievements in the pharmaceutical manufacturing field [98] 10. Yushui Convertible Bond - Rating: AAA; 4 - month - end closing price: 122.423 yuan; Conversion premium rate: 26.22%; Underlying stock PE - TTM: 27.7 [106] - The company is the largest integrated water supply and drainage enterprise in Chongqing. In 2024, its revenue was 6.999 billion yuan (-3.52% y/y), and in Q1 2025, revenue was 1.652 billion yuan (+8.66% y/y) [106] - Company highlights: It has a high market share in Chongqing's water supply and drainage market, is expanding externally, and has achieved good results in cost control [108]

| 证券代码：605166 | 证券简称：聚合顺 | 公告编号：2025-051 | | --- | --- | --- | | 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 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会采取现场记名投票表决与网络投票表决相结合的方式召开。会 议由公司董事会提议召开，董事长傅昌宝先生主持会议。 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 1、出席会议的股东和代理人人数 175 2、出席会议的股东所持有表决权的股份总数（股） 129,353,187 3、出席会议的股东所持有表决权股份数占公司有表决权股 份总数的比例（%） 41.1002 (一) 股东大会召开的时间：2025 年 4 月 ...

浙江金道律师事务所 关于聚合顺新材料股份有限公司 2024 年年度股东大会的 法律意见书 地址：杭州市文二路 391 号西湖国际科技大厦 A 楼 9-12 层 邮编：310012 电话：0571-87006666 传真：0571-87006661 网址：www.zjblf.com 二〇二五年四月 浙江金道律师事务所法律意见书 浙江金道律师事务所 关于聚合顺新材料股份有限公司 2024 年年度股东大会的 法律意见书 致：聚合顺新材料股份有限公司 浙江金道律师事务所（以下简称"本所"）接受聚合顺新材料股份有限公司（以 下简称"公司"）委托，就公司召开 2024 年年度股东大会（以下简称"本次股东大 会"）的有关事宜，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》 等法律、法规和其他规范性文件以及《聚合顺新材料股份有限公司章程》（以下 简称"公司章程"）的有关规定，出具本法律意见书。 本法律意见书仅供公司 2024 年年度股东大会之目的使用，本所律师同意将 本法律意见书随公司本次股东大会其他信息披露资料一并公告。 为出具本法律意见 ...