11月12日，华谊集团发布公告，公司的下属子公司北美销售公司正面临美国商务部的反倾销调查。自 2014年起，该公司受到调查，涉及从中国进口的OTR（非公路用轮胎），并累计计提预计负债2984万美 元。 近日，北美销售公司收到来自美国海关和边境保护局的账单，共计526封，账单总额为2715万美元，其 中反倾销税本金为1558万美元，反补贴税为0.39美元，应计利息为1157万美元。 公告指出，已收到的账单金额未超过预计负债2984万美元，已计提的预计负债能够完全覆盖当前账单， 因此该事项的后续付款工作不会对公司的财务状况产生重大不利影响。公司将继续关注反倾销调查的进 展情况。 业绩方面，2025年前三季度，华谊集团实现营业收入为357.1亿元，同比上升4.7%；归母净利润为3.95 亿元，同比下降34.5%；扣非归母净利润为3.64亿元，同比下降28.8%；经营现金流净额为21.16亿元， 同比增长275.0%；EPS（全面摊薄）为0.1861元。 其中第三季度，公司营业收入为117.1亿元，同比上升0.1%；归母净利润亏损9277万元，同比下降 149%；扣非归母净利润亏损3876万元，同比下降133.5%； ...

Core Viewpoint - The company is currently involved in an anti-dumping investigation by the U.S. Department of Commerce regarding its subsidiary, North America Sales Company, which has resulted in a total bill of $27,149,411.50, aligning with previously estimated liabilities of $29,835,150.60 [1][2] Group 1: Basic Situation - The U.S. Department of Commerce initiated an anti-dumping investigation against North America Sales Company in 2014, proposing anti-dumping duties on OTR tires imported from China [1] - In February 2017, the International Trade Court ruled in favor of the company regarding the anti-dumping duties, but this decision was appealed by the U.S. Department of Commerce in November 2019 [1] - The Federal Circuit Court overturned the 2017 ruling in June 2021, sending the case back to the International Trade Court for further review [1] - In May 2023, the International Trade Court upheld the Department of Commerce's conclusions, and the company appealed this decision in September 2023 [1] - On April 28, 2025, the Federal Circuit Court dismissed the company's appeal, leading to the receipt of 526 bills from U.S. Customs and Border Protection [1] Group 2: Financial Impact - The total amount received in bills is $27,149,411.50, which does not exceed the estimated liability of $29,835,150.60, indicating that the company has sufficient provisions to cover the received bills [2] - The ongoing payment obligations related to this matter are not expected to have a significant adverse impact on the company's financial condition [2]

Acquisition - Beijing Holdings' wholly-owned subsidiary, Beijing Gas, has signed a share acquisition agreement to purchase 100% equity of Beijing Beiran Special Equipment Inspection and Testing Co., Ltd. from Beiran Industry for a transaction price of 54.6 million yuan [1] Financial Performance - BeiGene reported a third-quarter revenue of 10.077 billion yuan, representing a year-on-year increase of approximately 41.10%, with a net profit attributable to shareholders of 689 million yuan and basic earnings per share of 0.48 yuan [2] - For the first three quarters, BeiGene achieved a total revenue of 27.595 billion yuan, up approximately 44.20%, with a net profit of 1.139 billion yuan and basic earnings per share of 0.81 yuan [2] Shareholding Changes - Ruimait announced that its major shareholder and director, Chen Bei, plans to reduce his holdings by no more than 1.76% of the company's shares, equating to 1.568 million shares, due to personal financial arrangements [3] - Haodangjia's controlling shareholder intends to reduce its stake by up to 2.70%, which amounts to 3.9468 million shares, through centralized bidding and block trading [4] - Bluetian Gas's controlling shareholder, Bluetian Group, has increased its stake by 2.00%, acquiring 14.291956 million shares for a total investment of 141 million yuan [5] Legal and Compliance Issues - North Medical's chairman, Xu Xiren, has been approved for arrest due to suspected criminal activity, with the company's board member Chen Yuezhong temporarily taking over the chairman's responsibilities [6] - Zhonggong Education's shareholder Wang Zhendong has had part of his shares judicially frozen, totaling 53.3 million shares, due to a loan dispute amounting to 142 million yuan [7] Financial Liabilities - Huayi Group has received a bill totaling 27.1494 million USD related to an anti-dumping investigation by the U.S. Department of Commerce, with an estimated liability of 29.84 million USD already accrued [8] - Chitianhua's wholly-owned subsidiary is required to pay back taxes and late fees totaling 25.1142 million yuan, which have been fully paid without administrative penalties from tax authorities [9]

证券代码：600623 900909 股票简称：华谊集团 华谊 B 股 编号：2025-056 公司在定期报告中持续披露了美国商务部对公司下属子公司中国北美轮胎 联合销售公司（以下简称"北美销售公司"）进行反倾销调查的进展情况，并累 计计提预计负债 2984 万美元。近日，北美销售公司陆续收到美国海关和边境保 护局寄来的账单。现将有关情况公告如下： 2、公司将密切关注本次反倾销的进展情况并履行相关信息披露义务，敬请 广大投资者注意投资风险。 特此公告。 1 上海华谊集团股份有限公司 一、基本情况 美国商务部于 2014 年对北美销售公司进行反倾销调查，拟对其从中国进口 的 OTR（非公路用轮胎）征收反倾销税。2017 年 2 月，国际贸易法院对中国载 重胎反倾销税的案件做出胜诉的裁决。2019 年 11 月，美国商务部就该项裁决向 联邦巡回上诉法院提起上诉。2021 年 6 月，联邦巡回上诉法院推翻了 2017 年 2 月国际贸易法院的裁决，该案件被发回国际贸易法院继续审理。2023 年 5 月， 国际贸易法院做出了维持美国商务部结论的决定。2023 年 9 月，北美销售公司 对国际贸易法院的决定提起上诉至联 ...

Core Viewpoint - The company disclosed ongoing developments regarding the anti-dumping investigation by the U.S. Department of Commerce against its subsidiary, North America Tire Joint Sales Company, and has accrued an estimated liability of $29.84 million [1] Financial Impact - The North America Sales Company has received bills from the U.S. Customs and Border Protection totaling $27.1494 million [1] - The total amount of bills received does not exceed the estimated liability of $29.84 million, indicating that the accrued liability can fully cover the received bills [1] - The subsequent payment obligations related to this matter are not expected to have a significant adverse impact on the company's financial condition [1]

Core Viewpoint - The announcement from Huayi Group indicates that its subsidiary, North America Sales Company, has faced a long-standing anti-dumping investigation by the U.S. Department of Commerce, culminating in a recent court ruling that upheld the imposition of anti-dumping duties [1] Group 1 - The U.S. Court of Appeals for the Federal Circuit rejected the appeal from North America Sales Company in 2025 [1] - North America Sales Company has received a bill from U.S. Customs and Border Protection totaling $27.1494 million, which includes $15.5767 million in anti-dumping duties, $0.00039 in countervailing duties, and $11.5727 million in accrued interest [1] - The total bill aligns with the data from the U.S. Customs system and does not exceed the expected liability of $29.8352 million, indicating that future payments will not significantly adversely affect the company's financial status [1]

Core Viewpoint - Huayi Group's stock price has shown volatility, with a year-to-date increase of 21.41% but a recent decline in the last 20 days by 7.90% [1] Financial Performance - For the period from January to September 2025, Huayi Group achieved a revenue of 35.987 billion yuan, representing a year-on-year growth of 4.43% [3] - The net profit attributable to shareholders was 395 million yuan, which reflects a significant year-on-year decrease of 34.50% [3] Stock Market Activity - As of November 12, Huayi Group's stock price was 8.28 yuan per share, with a market capitalization of 17.577 billion yuan [1] - The stock experienced a trading volume of 25.2824 million yuan and a turnover rate of 0.16% [1] - The stock has been on the "龙虎榜" (a list of stocks with significant trading activity) once this year, with the last appearance on October 22, where it recorded a net buy of -559.63 million yuan [1] Shareholder Information - As of September 30, 2025, the number of Huayi Group's shareholders was 55,200, a decrease of 4.81% from the previous period [3] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and the China Securities Shanghai State-owned Enterprise ETF, with notable changes in their holdings [4] Business Segments - Huayi Group's main business segments include fine chemicals (19.84%), tire manufacturing (12.51%), and energy chemicals (8.71%), among others [2] - The company is categorized under the basic chemical industry, specifically in chemical raw materials and coal chemical sectors [2]

Core Insights - The acrylic acid concept index rose by 1.58%, ranking 7th among concept sectors, with 12 stocks increasing in value, led by Guoen Co., which surged by 9.68% [1][2] - The leading decliners in the sector included Tianlong Group, Satellite Chemical, and Huayi Group, which fell by 1.15%, 0.76%, and 0.47% respectively [1][2] Market Performance - The acrylic acid sector experienced a net outflow of 58 million yuan in principal funds, with 7 stocks seeing net inflows [2] - Brother Technology topped the net inflow list with 42.34 million yuan, followed by Wanhua Chemical and Akolai with net inflows of 34.47 million yuan and 15.88 million yuan respectively [2][3] Fund Flow Ratios - Akolai, ST Shenhua, and Xingye Co. had the highest net inflow ratios at 10.47%, 9.65%, and 5.15% respectively [3] - The top stocks in the acrylic acid concept based on fund flow included Brother Technology with a daily increase of 3.13% and a turnover rate of 18.09% [3] Decliners in the Sector - Guoen Co. saw a significant increase of 9.68%, while Tianlong Group and Satellite Chemical faced notable declines of 1.15% and 0.76% respectively [4] - The overall performance of the acrylic acid sector reflects a mixed sentiment among investors, with some stocks gaining traction while others faced selling pressure [4]

Market Overview - The chemical raw materials sector increased by 1.74% on November 10, with Liuhua Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Top Performers - Liuhua Co., Ltd. (600423) closed at 4.35, up 10.13% with a trading volume of 859,300 shares and a transaction value of 367 million [1] - Sanqi Co., Ltd. (603938) closed at 21.63, up 10.02% with a trading volume of 333,900 shares and a transaction value of 705 million [1] - Anada (002136) closed at 15.63, up 9.99% with a trading volume of 493,000 shares and a transaction value of 748 million [1] - Luhsi Chemical (000830) closed at 15.53, up 9.99% with a trading volume of 1,781,600 shares and a transaction value of 1.212 billion [1] Decliners - Zhenhua Co., Ltd. (603067) closed at 31.80, down 4.22% with a trading volume of 1,251,500 shares and a transaction value of 4.092 billion [2] - Aok Co., Ltd. (300082) closed at 9.53, down 2.95% with a trading volume of 435,500 shares [2] - ST Asia Pacific (000691) closed at 10.73, down 2.63% with a trading volume of 125,400 shares and a transaction value of 13.7 million [2] Fund Flow Analysis - The chemical raw materials sector experienced a net outflow of 182 million from institutional funds, while retail investors saw a net inflow of 771 million [2][3] - Major stocks like Luhsi Chemical and Anada had varying net inflows and outflows from different investor categories, indicating mixed investor sentiment [3]

Market Performance - The market experienced a volatile upward trend last week, with the Shanghai Composite Index rising by 1.08%, the Shenzhen Component Index by 0.19%, and the ChiNext Index by 0.65% [2] - The China Securities Index reported a decrease of 0.40%, closing at 2021.77 points [2] Strong Stock Performances - Notable strong performers included Zhongwei Company, which increased by 10.66%, and Darentang, which rose by 8.80% [2] - Other significant gainers were Yangguang Electric Power and Yiwei Lithium Energy, with increases of 5.90% and 5.04% respectively [2] Year-to-Date Stock Gains - Since the beginning of the second half of the year, Zhongji Xuchuang has surged by 236.32%, leading the gains [3] - Yangguang Electric Power follows with a rise of 198.52%, while Yiwei Lithium Energy, Zhaoyi Innovation, and Zhongwei Company have increased by 91.34%, 75.11%, and 69.86% respectively [3] Market Outlook - Short-term market sentiment is expected to remain volatile, with basic economic factors potentially having a reduced impact on stock structure [4] - Long-term perspectives suggest that the current market risk premium is at a historical median level, with equity asset valuations remaining reasonable [4] - The market is anticipated to shift from valuation-driven growth to fundamental-driven growth as domestic economic stability improves [4] Investment Focus - Investment strategies should focus on sectors with structural growth potential, particularly in emerging growth areas such as AI technology innovation, energy infrastructure, and semiconductors [4] - Additionally, attention should be given to cyclical sectors that may benefit from "anti-involution" policies and leading companies actively expanding into overseas markets [4]