The AI industry chain drives demand for additive technologies.

In the second quarter of 2025, the company achieved year-on-year and quarter-on-quarter growth in net profit attributable to shareholders, as its lubricant additive business entered a phase of significant volume expansion. In the first half of 2025, the company's operating revenue reached 3.0 billion yuan , year-on-year growth 6.2% ; Net profit attributable to shareholders of the listed company is 240 million yuan , year-on-year growth 9.6% The sales gross margin is 21.6% , year-on-year increase 0.2 percentage points ; The net profit margin is 7.8% , year-on-year increase 0.1 percentage point In the second quarter of 2025, the company's revenue was 1.51 billion yuan , year-on-year growth 3.3% , month-over-month growth 2.2% ; Net profit attributable to the parent company is 133 million yuan , year-on-year growth 18% , month-over-month growth 23.6% The sales gross margin is 21.6% , year-on-year increase 0.2 percentage points , up from the previous period 0.1 percentage point ; Net profit margin is 8.6% , year-on-year increase 0.9 percentage points , up from the previous period 1.5 percentage points 。

From a product structure perspective, in the polymer materials and anti-aging additives segment, the company has achieved differentiated product positioning through technological upgrades, developing high-margin products while leveraging its resource advantages to strengthen global market expansion—particularly deepening its presence in the new-energy vehicle sector. Amidst rising industry concentration and the accelerated elimination of outdated production capacities, the company’s anti-aging additives business delivered revenue growth in the first half of 2025. 2.36 billion yuan , year-on-year growth 3.1% ; Gross profit margin is 23.7% , down year-on-year 0.7 percentage points ; Shipment volume reaches 66,000 tons , year-on-year growth 4.3% 。

In the lubricant additive sector, Jinzhou Kangtai Phase II is 2024 With production ramping up and capacity utilization continuing to improve, coupled with the company’s collaborative optimization across R&D, manufacturing, supply, sales, and operations, significant cost reductions have been achieved, leading to a steady increase in gross profit margin. In the first half of 2025, the lubricant additives business generated revenue of 620 million yuan , year-on-year growth 18.5% ; Gross profit margin is 13.5% , year-on-year increase 5.5 percentage points ; Shipment volume is 34,000 tons , year-on-year growth 18.3% 。

The company continues to advance its overseas expansion strategy, launching its international production capacity deployment in February 2025. As of mid-year, it has already Singapore Establish a wholly-owned subsidiary and, through it, Malaysia Establishing a wholly-owned company, we plan to invest in the construction of an overseas R&D and production base, with a focus on developing… Polymer Material Anti-Aging Additives With Lubricant Functional Additives Product, with a total investment not exceeding 300 million U.S. dollars In the lubricant additive sector, the subsidiary Jinzhou Kangtai has completed the construction of its second-phase production capacity and successfully started operations. Meanwhile, it has established strong collaborative relationships with four major international lubricant additive companies as well as leading domestic compound additive manufacturers.

In the life sciences sector, Biological building blocks The business achieved stable production and sales in the second quarter of 2025, with monthly sales exceeding One million yuan ； Biosynthesis The company has completed pilot production for three products and is about to enter the mass production phase. Electron-grade PI material On the other hand, the Yixing base is expected to 2026 Entering the pilot production phase, and we have already partnered with domestic Flexible circuit board And Flexible Display Screen Leading enterprises establish collaborations to accelerate the domestic substitution process.

AI Industry Chain The outbreak has brought new growth momentum to anti-aging additives and lubricant additives. Data center In this field, components such as cables, optical fibers, and connectors used in power and communication transmission typically rely on specialized plastic and rubber materials. To ensure stable operation under high-temperature conditions and maintain long-term reliability of data transmission, these materials must be enhanced with anti-aging additives. Additionally, plastics, adhesives, and sealing compounds employed in cooling systems are exposed to coolant fluids over extended periods; thus, they require specific anti-aging agents to prevent issues like corrosion, swelling, and degradation, while also demonstrating robust resistance to repeated cycles of high and low temperatures.

At Embodied Intelligence In this field, the polymer materials used in robots include those for gears, bearings, and transmission components. PA (Nylon) With POM , used for housings and structural components ABS And PC Alloy Engineering plastics, as well as flexible materials such as those used in soft robots, compliant grippers, bio-inspired skin, and pneumatic muscles, TPU 、 TPE And Silicone These materials all require the addition of anti-aging additives. In addition, the robot's joints and gear transmission systems also need to be lubricated with oil and grease.

The company's projected operating revenues for 2025–2027 are as follows: 6.45 billion yuan 、 7.67 billion yuan 、 8.42 billion yuan , net profits attributable to the parent company were 510 million yuan 、 600 million yuan 、 710 million yuan , corresponding P/E ratios are 15x 、 13 Times 、 11 Times As a leading domestic enterprise in the anti-aging additives sector, the company’s lubricant additive business has entered a growth phase. Meanwhile, the construction of its overseas base in Malaysia will further support the company’s global expansion strategy, enabling it to maintain a "Buy" rating.

Risk factors include: weaker-than-expected downstream demand, declining prices of core products, volatile raw material costs, currency exchange rate fluctuations, slower-than-expected expansion of high-end electronic materials applications, and delayed progress in overseas projects.