Group 1 - The company, Zhenhua Co., has been selected as the sole investor in the bankruptcy reorganization of Xinjiang Shenhong Group and six other companies [1][2] - The company submitted its reorganization investment proposal and has initiated due diligence on the seven companies involved [2] - The company reported a revenue of 2.19 billion yuan in the first half of the year, a year-on-year increase of 10.17%, and a net profit of 298 million yuan, up 23.62% year-on-year [2] Group 2 - Zhenhua Co. is the only listed company in the A-share market primarily engaged in chromium chemicals and is the largest producer of chromium salts and vitamin K3 globally [2] - The demand for metallic chromium is rapidly increasing in overseas markets, and the supply of sodium dichromate, a key upstream raw material, may directly impact the release of high-end manufacturing capacity [2] - The participation in the bankruptcy reorganization aligns with the industry's trend towards "large-scale, centralized, and cleaner" development, which will help expand the company's business channels and increase market share [2]

| 证券代码：603067 | 证券简称：振华股份 | 公告编号：2025-041 | | --- | --- | --- | | 债券代码：113687 | 债券简称：振华转债 | | 湖北振华化学股份有限公司 关于被确定为新疆沈宏集团股份有限公司等七家公 司合并重整案重整投资人的公告 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。 重要提示： 1、经新疆沈宏集团股份有限公司等七家公司合并重整案重整投资人遴选会 评选，湖北振华化学股份有限公司（以下简称"公司"、"振华股份"）被确定 为新疆沈宏集团股份有限公司等七家公司（以下简称"标的公司"）合并重整案 重整唯一投资人。本次交易不构成振华股份的关联交易，本次交易不属于《上市 公司重大资产重组管理办法》规定的重大资产重组。后续公司将与管理人进一步 磋商，并确定是否签订正式投资协议。 2、公司目前被确定为重整投资人，但公司提交的《重整投资方案》能否得 到标的公司债权人会议审议通过并经法院裁定批准尚有不确定性。 3、如需调整并制定新的重整投资方案、以及后续实施阶段若还需公司履 ...

格隆汇8月20日丨振华股份(603067.SH)公布，经新疆沈宏集团股份有限公司等七家公司合并重整案重整 投资人遴选会评选，公司被确定为新疆沈宏集团股份有限公司等七家公司合并重整案重整唯一投资人。 本次交易不构成振华股份的关联交易，本次交易不属于《上市公司重大资产重组管理办法》规定的重大 资产重组。后续公司将与管理人进一步磋商，并确定是否签订正式投资协议。公司目前被确定为重整投 资人，但公司提交的《重整投资方案》能否得到标的公司债权人会议审议通过并经法院裁定批准尚有不 确定性。 ...

Group 1 - The core viewpoint of the news is that Zhenhua Convertible Bonds experienced a decline in trading, with a current price of 255.144 yuan per bond and a trading volume of 1.25 billion yuan, reflecting a conversion premium rate of 19.69% [1] - Zhenhua Convertible Bonds have a credit rating of "AA" and a maturity period of 6 years, with a coupon rate that increases over the years, starting from 0.20% in the first year to 2.00% in the sixth year [1] - The conversion price for the bonds is set at 8.2 yuan, with the conversion period beginning on January 20, 2025 [1] Group 2 - Hubei Zhenhua Chemical Co., Ltd. is recognized as the largest listed chromium salt company globally, with significant production capacity in Vitamin K3 [2] - The company operates high-tech production bases in Huangshi, Hubei, and Tongnan, Chongqing, and has established well-known brands "Minzhong" and "Chugao" [2] - For the first half of 2025, Zhenhua achieved a revenue of 2.1896 billion yuan, a year-on-year increase of 10.17%, and a net profit attributable to shareholders of 297.9 million yuan, reflecting a year-on-year increase of 23.62% [2] - The concentration of shareholding is relatively high, with the top ten shareholders holding a combined 48.79% of shares, and the average holding amount per shareholder is 597,300 yuan [2]

Group 1 - The core viewpoint of the report is that Zhonghua Co., Ltd. (振华股份) is given a "buy" rating due to favorable changes in the demand structure for chromium salt products and effective capacity release [1] - The expansion of production capacity is expected to strengthen the scale effect, with a long-term positive outlook on the synergistic value of the three bases [1] Group 2 - The report highlights the potential risks including fluctuations in raw material prices, intensified industry competition, delays in new capacity construction, exchange rate risks, and significant economic downturns [1]

Market Overview - On August 18, the chemical raw materials sector rose by 0.37% compared to the previous trading day, with Kaisheng New Materials leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Top Performers - Kaisheng New Materials (301069) closed at 25.59, up 6.27% with a trading volume of 541,300 shares and a transaction value of 1.332 billion yuan [1] - Zhenhua Co., Ltd. (603067) closed at 18.00, up 6.19% with a trading volume of 328,400 shares [1] - Shanshui Technology (301190) closed at 26.00, up 5.43% with a trading volume of 68,600 shares [1] Underperformers - Jinfeng Titanium Industry (000545) closed at 3.18, down 5.07% with a trading volume of 1,611,100 shares and a transaction value of 515 million yuan [2] - Sanyou Chemical (600409) closed at 5.71, down 1.38% with a trading volume of 266,600 shares [2] - Jineng Technology (603113) closed at 7.97, down 1.36% with a trading volume of 252,600 shares [2] Capital Flow - The chemical raw materials sector experienced a net outflow of 263 million yuan from main funds, while speculative funds saw a net inflow of 386 million yuan, and retail investors had a net outflow of 123 million yuan [2] - Notable capital inflows included Huayi Group (600623) with a net inflow of 51.48 million yuan from main funds [3] - Zhenhua Co., Ltd. (603067) also saw a significant net inflow of 43.01 million yuan from main funds [3]

Summary of Zhuhua Co. Conference Call Company Overview - **Company**: Zhuhua Co. - **Industry**: Chemical Industry, specifically focusing on sodium dichromate and chromium products Key Points and Arguments Production and Sales Performance - In Q2 2025, sodium dichromate production reached 147,000 tons, with an annualized sales volume of 320,000 tons, significantly higher than 260,000 tons in the same period last year, driven by strong market demand and no factory maintenance [2][3] - The company achieved a balance between production and sales in Q2, with raw material price differences remaining stable, leading to optimized unit costs and performance growth primarily from increased sales volume [2][4] Future Performance Drivers - Over the next two to three years, key performance drivers will include increased production leading to scale effects and cost optimization. Even with potential price decreases and widening raw material price gaps, overall cost reductions may still lead to stable or rising gross margins [5][7] - The company plans to add 100,000 tons of production capacity by the end of 2027 to ensure gradual annual production increases, with profitability from increased output being crucial [2][12] Pricing and Cost Dynamics - In Q2 2025, the sales price of sodium dichromate and chromium oxide products increased by approximately 5% quarter-over-quarter, offsetting the rise in raw material costs [6] - The price of metallic chromium remained stable, with minimal contribution to overall performance due to low production volumes [6][9] Market Outlook - The company anticipates potential challenges such as price reductions and widening raw material price gaps in the next two to three years, but expects to maintain stable or slightly rising gross margins through increased production and cost optimization [7] - The market for metallic chromium showed high activity in May and June 2025, but stabilized in July due to seasonal factors and cautious sentiment among domestic customers [8][9] Raw Material and Product Price Differences - The price difference between raw materials and products increased by approximately 5 percentage points in Q2 compared to Q1, reflecting the company's specific situation rather than industry-wide data [10] - Despite stable individual mineral prices in recent months, high procurement costs continue to impact future production costs and profit levels [11] Capacity Expansion Plans - The company aims for continuous technical upgrades to enhance production capacity, targeting 320,000 tons in 2025 and a total production capacity of 250,000 tons annually by the end of 2027 [19][20] Cash Flow and Profitability - There was a significant gap between operating cash flow and profit in Q2, influenced by factors such as delayed cash receipts from export customers [21] - The company has historically experienced fluctuations in quarterly operating cash flow, which may not be indicative of annual performance [21] Competitive Landscape - The chemical industry is currently experiencing favorable conditions, with Zhuhua Co. achieving a historical gross margin of 31% in Q2 2025. The company is leveraging its low-cost advantage to optimize industry structure and maintain profitability [22][23] Other Business Segments - Other business segments, including vanadium-titanium batteries and vitamin K3, have not shown significant changes in performance during the first half of 2025, with traditional chemical products still supporting the company's fundamentals [25][26] Innovations and Cost Reductions - New processes at the Chongqing base have significantly reduced production costs for sodium dichromate, contributing to lower unit costs through increased automation and reduced depreciation expenses [28][29] Export Performance - In the first half of 2025, the company reported net export earnings of over 200 million, with a notable increase in exports of chromium-related products due to strong domestic demand and insufficient foreign supply [30]

Group 1 - The report highlights the resilience at the bottom of the cycle, with the successful advancement of the Alashan Phase II project for Boyuan Chemical [4][7] - In H1 2025, the company achieved revenue of 5.92 billion yuan, a year-on-year decrease of 16%, and a net profit of 740 million yuan, down 39% year-on-year [4][5] - The core product prices and gross margins for soda ash declined, but the increase in production and sales volume helped mitigate the impact of price drops [5][6] Group 2 - The company has successfully acquired multiple electronic gas projects, enhancing its position in the electronic gas market [9][10] - In H1 2025, the company reported revenue of 1.114 billion yuan, a year-on-year increase of 14.56%, while net profit decreased by 13.44% [9][10] - The gross margin for H1 2025 was 26.37%, down 3.69 percentage points year-on-year, but operating cash flow increased significantly by 84.34% [10] Group 3 - 361 Degrees reported H1 2025 revenue of 5.7 billion yuan, an increase of 11% year-on-year, with a net profit of 860 million yuan, also up 8.6% [12][13] - The e-commerce segment saw significant growth, with revenue reaching 1.82 billion yuan, a 45% increase year-on-year [13][14] - The company opened 49 new stores, enhancing its retail presence and brand image [15] Group 4 - Tencent Holdings reported Q2 2025 revenue of 184.5 billion yuan, a year-on-year increase of 15%, with a net profit of 55.6 billion yuan, up 17% [17][18] - The gaming segment experienced a robust 22% year-on-year growth, with significant contributions from both domestic and international markets [18][19] - The marketing services business grew by 20% year-on-year, driven by strong demand for advertising within the WeChat ecosystem [19] Group 5 - The report indicates that the chromium salt industry is experiencing significant growth, with Zhihua Co. achieving H1 2025 revenue of 2.19 billion yuan, a 10.2% increase year-on-year [29][30] - The company’s gross margin improved to 28.81%, up 3.16 percentage points year-on-year, reflecting effective cost management [29][30] - The effective release of production capacity contributed to a notable increase in sales volume, particularly in chromium oxide and alloy additives [32][33] Group 6 - Yonghe Co. reported H1 2025 revenue of 2.445 billion yuan, a 12.39% increase year-on-year, with a net profit of 271 million yuan, up 140.82% [35][36] - The refrigerant segment benefited from favorable supply-demand dynamics, leading to a 26.02% increase in revenue [37] - The company is actively pursuing the development of fourth-generation refrigerants and high-end fluorinated fine chemicals [39] Group 7 - The coal industry showed signs of improvement, with July 2025 coal production at 380 million tons, a year-on-year decrease of 3.8% [40][41] - The report notes that the overall coal production growth rate has slowed due to adverse weather conditions and regulatory checks [42] - The performance of major coal companies varied, with some showing production increases while others faced declines [42]

Group 1: Nandu Power (南都电源) - Nandu Power focuses on the energy storage sector, providing lithium-ion and lead batteries, with a global presence in over 160 countries [1] - In the first half of 2025, the company reported revenue of approximately 3.923 billion yuan, a year-on-year decrease of 1.8 billion yuan, and a net profit of approximately -230 million yuan [1] - The company achieved a quarterly profit of approximately 34 million yuan in Q2, driven by high-margin orders in the global energy storage market and rapid growth in data center business [1] - Nandu Power has a current lithium battery cell capacity of 10 GWh and is expanding its new power storage integration capacity [1] - The company has secured multiple high-pressure lithium battery data center projects, with an unfulfilled order backlog of approximately 0.8 GWh [1] Group 2: Milkway (密尔克卫) - Milkway has over 300 employees in Southeast Asia, primarily hiring local mid-level management and staff [2] - The company emphasizes cultural alignment with local management while continuously expanding its recruitment of senior management talent [2] Group 3: Xinqianglian (新强联) - Xinqianglian anticipates growth in domestic demand for tapered roller bearings (TRB) driven by the wind power industry, particularly in large megawatt units [3] - The company is focusing on international expansion, starting with regions where it has existing partnerships [3] - To enhance profitability, Xinqianglian is increasing R&D investment and optimizing its product structure [3] Group 4: Zhenhua (振华股份) - Zhenhua's metal chromium demand is growing, with significant contributions from domestic markets, while exports are also increasing at double-digit rates annually [4] - The company maintains a cost-plus pricing strategy and has achieved historically high gross margins in Q2 [4] - Cash flow has decreased due to accounts receivable and inventory, but the company is expanding its production of ultra-fine aluminum hydroxide [4] Group 5: Penghua Fund (鹏华基金) - Penghua Fund, established in 1998, has an asset management scale of 944.834 billion yuan, ranking 10th among 210 firms [1] - The fund manages 708 public funds, ranking 8th, and has 83 fund managers, ranking 11th [1] - The best-performing fund in the past year is the Penghua Carbon Neutral Theme Mixed A, with a net value growth of 149.91% [1]

Group 1: Nandu Power (南都电源) - Nandu Power focuses on the energy storage sector, providing lithium-ion and lead batteries, with a global presence in over 160 countries [1] - In the first half of 2025, the company expects revenue of approximately 3.923 billion yuan, a year-on-year decrease of 1.8 billion yuan, and a net profit of approximately -230 million yuan [1] - The company achieved a quarterly profit of approximately 34 million yuan in Q2, driven by high-margin orders in the global energy storage market and rapid growth in data center business [1] - Nandu Power has a current lithium battery cell capacity of 10 GWh and is expanding its new power storage integration capacity [1] - The company has secured multiple high-pressure lithium battery data center projects, with an order backlog of approximately 0.8 GWh [1] Group 2: Zhenhua Co., Ltd. (振华股份) - Zhenhua Co., Ltd. reported double-digit growth in export volumes, primarily driven by domestic demand [2] - The company maintains a cost-plus pricing strategy and has seen historical high gross margins in Q2, with limited expansion from competitors [2] - Cash flow has decreased due to accounts receivable and inventory, while the production of ultra-fine aluminum hydroxide has expanded [2] Group 3: Maide Medical (迈得医疗) - Maide Medical has a competitive advantage in the domestic contact lens market due to over 20 years of technical accumulation and short delivery times [3] - The company is in the expansion phase of its contact lens business, planning to commercialize through a CDMO and self-brand sales model [3] - The main business of the company is under pressure, but growth in blood purification equipment and drug-device combination products is expected to reverse the loss situation in 2024 [3] Group 4: Changcheng Fund (长城基金) - Changcheng Fund has an asset management scale of 349.902 billion yuan, ranking 29th among 210 funds [4] - The fund has 242 public funds under management, ranking 27th among 210 [4] - The best-performing public fund in the past year is Changcheng Health Mixed A, with a net value increase of 106.13% [4]