Investment Rating - The investment rating for the chemical industry is "Positive (Maintain)" [1] Core Viewpoints - The chemical industry is expected to benefit from the "anti-involution" policy, leading to a favorable supply-demand balance and potential dual improvement in performance and valuation [6] - The basic chemical sector has shown revenue and profit growth in the first three quarters of 2025, with significant profitability in sub-sectors like fluorochemicals and agricultural chemicals [4][6] Summary by Sections Industry Overview - In the first three quarters of 2025, the basic chemical industry index outperformed the CSI 300 index by 7.46%, while the petroleum and petrochemical industry index underperformed by 21.06% [14] - The basic chemical industry achieved a revenue of CNY 17,645.8 billion, a year-on-year increase of 3.0%, and a net profit of CNY 1,097.5 billion, up 6.3% [4][35] Basic Chemicals - The basic chemical sector's net profit growth rate exceeded revenue growth, with capital expenditures continuing to decline year-on-year [4][36] - In Q3 2025, the sector's revenue was CNY 6,051.5 billion, a year-on-year increase of 2.1%, while net profit reached CNY 366.4 billion, up 16.8% [4][35] Sub-sector Analysis - In the first three quarters of 2025, sub-sectors such as pesticides, adhesives, fluorochemicals, and potassium fertilizers saw significant year-on-year net profit growth [4][37] - The top ten sub-sectors by net profit growth included pesticides (174%) and fluorochemicals, with substantial increases in profitability observed [38]

Core Viewpoint - The company is expected to see steady growth in revenue and net profit due to the improved supply-demand dynamics of glyphosate and the increasing utilization rate of new energy capacity, with significant quarter-on-quarter improvement in Q3 2025 [1] Glyphosate Market - Glyphosate prices have remained low since 2024, hitting a low point in March 2025 before starting a recovery trend [3] - The company anticipates that glyphosate raw material prices will stabilize and potentially rise due to a tight supply situation and downstream replenishment demand [2][3] Specialty Chemicals Segment - The specialty chemicals segment accounted for approximately 17% of total revenue in the first three quarters, with a gross margin exceeding 25% [3] - The company is in the process of ramping up production for various products, including 35,000 tons/year of phosphorus-based flame retardants and 10,000 tons/year of phosphorous acid for storage devices, which are expected to contribute to profit growth [3] Organic Silicon Products - The company reported a year-on-year sales increase of about 30% in organic silicon ring products [3] - With no new capacity expected in the industry over the next two years, organic silicon product prices are anticipated to gradually recover from the bottom [3] Research and Development Initiatives - The company is accelerating its research and development in solid-state electrolytes and liquid cooling silicone oils [4] - The solid-state electrolyte development has completed small-scale process development and is optimizing key process parameters [4] - The company has a yellow phosphorus production capacity of approximately 170,000 tons/year and is building a 10,000 tons/year high-end phosphorus pentasulfide capacity, expected to be completed in the first half of next year [4]

Core Viewpoint - The company, Xingfa Group, is experiencing steady growth in revenue and net profit due to the optimization of the glyphosate supply-demand structure and the continuous improvement in the utilization rate of new energy production capacity [1] Group 1: Glyphosate Market - Glyphosate raw material prices are expected to remain stable or increase, supported by a tight supply situation and downstream replenishment demand [1] - Glyphosate prices have been at low levels since 2024, reaching a phase low in March 2025 before starting a recovery trend [1] - The company anticipates that the overall supply side of the industry will remain tight in the fourth quarter, enhancing cost support due to the seasonal reduction in raw material supply [1] Group 2: Specialty Chemicals Segment - The specialty chemicals segment accounted for approximately 17% of the company's total revenue in the first three quarters, with a gross margin exceeding 25% [2] - The company is in the product ramp-up phase for several products, including 5,000 tons/year of phosphonates and 3,000 tons/year of ethanethiol, with additional production capacity expected to come online soon [2] - The sales volume of organic silicon ring bodies increased by about 30% year-on-year, with expectations for gradual price recovery in the coming years due to no new production capacity in the industry [2] Group 3: Research and Development - The company is accelerating its layout in solid-state electrolytes and liquid cooling silicone oil, with ongoing development of key process parameters for solid-state electrolytes [2][3] - The company has a production capacity of approximately 170,000 tons/year of yellow phosphorus and is building an additional 10,000 tons/year of high-end pentasulfide capacity [3] - The company is actively developing the market for liquid cooling silicone oil, with a total capacity of 56,000 tons/year and ongoing product performance optimization based on customer requirements [3]

人民财讯11月4日电，兴发集团近日表示，公司磷酸铁产品已实现满产满销，产品性能跻身行业前列。 磷酸铁锂产能利用率持续提升，已提前布局第四代、第五代超高压实型磷酸铁锂产品的研发并取得积极 进展。公司为进一步提升产品盈利能力和客户服务能力，计划在明年年初和年中分别新增5万吨/年磷酸 铁、10万吨/年磷酸铁产能。 转自：证券时报 ...

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The company reported a significant increase in net profit quarter-on-quarter, driven by improved market conditions for glyphosate [5] - The company achieved a revenue of 23.781 billion yuan in the first three quarters of 2025, a year-on-year increase of 7.8%, with a net profit attributable to shareholders of 1.318 billion yuan, a year-on-year increase of 0.3% [4][5] - The third quarter saw revenue of 9.161 billion yuan, a year-on-year increase of 6.0% and a quarter-on-quarter increase of 23.9%, with a net profit of 0.592 billion yuan, a year-on-year increase of 16.2% and a quarter-on-quarter increase of 42.1% [5] Summary by Sections Financial Performance - The company’s revenue and net profit showed steady growth, with significant quarter-on-quarter improvement in Q3, primarily due to the optimized supply-demand dynamics of glyphosate and the profit contribution from phosphate fertilizer exports [5] - Glyphosate market prices have risen, with current average prices at 26,546 yuan/ton, reflecting increases of 14% and 17% compared to Q1 2025 [5] Industry Outlook - The phosphate industry remains robust, with the company enhancing its mining integration and exploration efforts, increasing phosphate resource reserves to 580 million tons [6] - The company is actively pursuing acquisitions to strengthen its integrated layout in the phosphate chemical industry [6] New Materials Business - The company has successfully turned around its new energy products to profitability and is expanding its special chemicals and silicone businesses, which are crucial for high-quality development [7] - New projects in the organic silicon sector are expected to become new profit growth points, with significant investments planned for industrial silicon production [8] Investment Recommendations - The company is projected to achieve net profits of 1.825 billion, 2.078 billion, and 2.366 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 17, 15, and 13 times [9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a significant improvement in Q3 performance, with revenue reaching 91.6 billion yuan, a year-on-year increase of 6.0% and a quarter-on-quarter increase of 23.9%. The net profit attributable to shareholders for Q3 was 5.9 billion yuan, up 16.2% year-on-year and 42.1% quarter-on-quarter [2][7]. - For the first three quarters of 2025, the company achieved a total revenue of 237.8 billion yuan, a year-on-year increase of 7.8%, and a net profit of 13.2 billion yuan, a slight increase of 0.3% year-on-year [2][7]. Summary by Sections Financial Performance - In Q3, the company achieved a net profit of 5.9 billion yuan, with a year-on-year growth of 16.2% and a quarter-on-quarter growth of 42.1%. The revenue for Q3 was 91.6 billion yuan, reflecting a year-on-year increase of 6.0% and a quarter-on-quarter increase of 23.9% [2][7]. - For the first three quarters of 2025, the company reported a total revenue of 237.8 billion yuan, which is a 7.8% increase compared to the same period last year. The net profit attributable to shareholders was 13.2 billion yuan, showing a modest increase of 0.3% year-on-year [2][7]. Market Outlook - The company is positioned to benefit from a potential recovery in the prices of glyphosate and organic silicon, driven by overseas demand and supply disruptions. The price of glyphosate has recently increased, contributing positively to the company's performance [10]. - The company has a robust production capacity of 230,000 tons per year for glyphosate and 600,000 tons per year for organic silicon, indicating significant operational leverage as market conditions improve [10]. Strategic Developments - The company is expanding its specialty chemicals segment, with new projects in solid-state battery materials expected to ramp up production. The company is also acquiring a 50% stake in Qiaogou Mining, which will enhance its resource capabilities [10]. - The company has a comprehensive industrial chain and strong R&D capabilities, which are expected to support its recovery as market conditions improve and new projects come online [10].

Core Points - The company announced a change in the designated sponsor representative for its 2022 convertible bond issuance due to personal work adjustments of the previous representative [2] - The new sponsor representative, Mr. Li Dashan, will take over the responsibilities from Ms. Wu Yi, ensuring the continuity of supervision over the remaining raised funds [2] - The change in representatives will not affect the ongoing supervision of the company's convertible bond issuance [2] Summary by Sections Company Announcement - Hubei Xingfa Chemical Group Co., Ltd. has confirmed the change of its sponsor representative for the 2022 convertible bond issuance, with the new representative being Mr. Li Dashan [1][2] - The company assures that the announcement contains no false records or misleading statements and takes responsibility for its accuracy [1] Sponsor Representative Details - Mr. Li Dashan holds a Master's degree in Business Administration and has qualifications as a Certified Public Accountant and a Certified Tax Agent [4] - He has a solid background in financial auditing and tax consulting, with experience in various significant projects, ensuring compliance with relevant regulations [4] - The previous representative, Ms. Wu Yi, will no longer fulfill her duties, and the supervision will continue until the raised funds are fully utilized [2][4]

Group 1: Company Performance - The company achieved a revenue of 1.40 billion yuan in the first half of 2025, representing a year-on-year growth of 62.36%[1] - The net profit for 2025 is projected to be 640 million yuan, with a growth rate of 127% compared to 2024[1] - The EPS for 2025 is expected to be 0.2, up from 0.1 in 2024[1] Group 2: Market Trends - The AI-enabled revenue has become a core driver of performance, with significant contributions from products like AI-MDT reports and lung cancer screening[1] - The company is expanding its product matrix with new AI-driven health management products, indicating a strong focus on innovation[1] Group 3: Strategic Initiatives - The company is implementing an "All in AI" strategy, which has shown significant operational improvements and efficiency gains[1] - Collaborations with major tech firms like Alibaba for developing innovative screening products highlight the company's commitment to leveraging AI technology[1] Group 4: Risks and Challenges - Potential risks include ongoing industry policy impacts, declining customer prices, and the possibility of AI application not meeting expectations[1] - The company faces competition in the AI healthcare space, which may affect its market position and growth trajectory[1]

Core Viewpoint - Xingfa Group announced a change in the representative for ongoing supervision of its 2022 convertible bond issuance, ensuring that the supervisory responsibilities will continue without disruption [2]. Group 1 - On October 31, Xingfa Group received a letter from Guolian Minsheng Securities Co., Ltd. regarding the replacement of the ongoing supervisory representative [2]. - The previous representative, Ms. Wu Yi, is stepping down due to personal work adjustments, and Mr. Li Dashan will take over the role [2]. - The change in representatives will not affect the ongoing supervision of the company's 2022 convertible bond issuance [2].

湖北兴发化工集团股份有限公司 关于变更保荐代表人的公告 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个别及连带责任。 证券简称：兴发集团 证券代码：600141 公告编号：临2025-056 转债简称：兴发转债 转债代码：110089 湖北兴发化工集团股份有限公司 董事会 2025 年11 月1 日 附件： 保荐代表人李大山先生简历 李大山先生，保荐代表人，工商管理硕士，注册会计师资格、注册税务师 资格，现任国联民生证券承销保荐有限公司业务董事，曾在大信会计师事务所 担任审计经理从事财务审计及税务咨询工作，曾参与龙江交通 2013 年非公开 发行、华测检测 2014 年资产收购、华测检测2015 年非公开发行项目，负责森 霸股份首发上市项目，目前担任传美讯向不特定合格投资者公开发行股票并在 北京证券交易所上市项目(在审)的保荐代表人，在保荐业务执业过程中严格遵 守《保荐业务管理办法》等相关规定，执业记录良好，无监管机构处罚记录。 湖北兴发化工集团股份有限公司（以下简称"公司"）2022 年公开发行可 转换公司债券的保荐机构为国联民生证 ...