Core Viewpoint - The company reported steady revenue and profit growth in H1 2025, with a focus on optimizing product structure and upcoming project launches expected to enhance profitability [1][2][4]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.194 billion yuan, a year-on-year increase of 7.67%, and a net profit attributable to shareholders of 219 million yuan, up 14.67% year-on-year [1]. - For Q2 2025, revenue was 591 million yuan, reflecting a year-on-year growth of 2.32% but a quarter-on-quarter decline of 2.11% [1]. - The company’s gross margin improved to 27.1% in H1 2025, an increase of 1.9 percentage points year-on-year, aided by a decrease in raw material costs [2]. Group 2: Sales and Pricing - The company sold 94,000 tons of surfactants in H1 2025, a 12% increase year-on-year, with an average selling price decreasing by 4% to 12,700 yuan per ton [2]. - In Q2 2025, surfactant sales were 47,000 tons, showing a slight decrease of 1% quarter-on-quarter, while the strategic emerging sector saw a 5% increase in sales [3]. Group 3: Project Development - The company is progressing with the construction of a high-end functional materials project with an annual capacity of 330,000 tons, expected to begin trial production in the first half of 2026 [3]. - The launch of new projects is anticipated to further boost the company's profitability [3][4]. Group 4: Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 480 million yuan, 550 million yuan, and 630 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 22%, 14%, and 15% [4]. - The target price for the company is set at 17.22 yuan, based on a 21x PE ratio for 2025, reflecting an increase from the previous target of 13.12 yuan [4].

证券代码：603181 证券简称：皇马科技 公告编号：2025-026 浙江皇马科技股份有限公司 关于股东减持股份计划的公告 本公司董事会、全体董事及相关股东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： ? 股东及董监高持股的基本情况：截止本公告披露日，浙江皇马科技股份 有限公司（以下简称"公司"）股东、董事王新荣先生，股东、董事兼副总经理 马夏坤先生分别持有公司股份 16,505,500 股，分别占公司总股本的 2.8037%。 ? 减持计划的主要内容: 王新荣先生因个人资金需求拟于本公告日起 15 个交易日后 90 天内通过大宗交易或集中竞价交易方式两者合计减持不超过 后 90 天内通过大宗交易或集中竞价交易方式两者合计减持不超过 800,000 股公 司股份。 一、减持主体的基本情况 | 王新荣 | | 股东名称 | | --- | --- | --- | | 控股股东、实控人及一致行动人 | □是 □否 | | | 直接持股 | 5%以上股东 □是 □否 | | | 股东身份 | | | | 董事、监事和高级管理人员 | ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company achieved steady growth in H1 2025, with revenue of 1.194 billion yuan, up 7.67% year-on-year, and a net profit of 219 million yuan, up 14.67% year-on-year. The gross margin improved to 27.10%, an increase of 1.87 percentage points year-on-year [1][2] - The company is a leading domestic producer of specialty surfactants, with a production capacity of nearly 300,000 tons per year. The company is expanding its production capacity with the new Kaimeike factory, which is expected to start trial production in the first half of 2026 [3] - The company is expected to see continued growth in net profit, with forecasts of 487 million yuan in 2025, 588 million yuan in 2026, and 696 million yuan in 2027, reflecting a strong growth trajectory [4] Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 1.194 billion yuan, a 7.67% increase year-on-year, and a net profit of 219 million yuan, a 14.67% increase year-on-year. The gross margin was 27.10%, up 1.87 percentage points year-on-year [1][2] - In Q2 2025, the company achieved revenue of 591 million yuan, a 2.32% increase year-on-year, and a net profit of 117 million yuan, a 13.72% increase year-on-year [1][2] Business Growth - The company’s specialty surfactant production volume reached 93,300 tons in H1 2025, up 10.25% year-on-year, with sales volume of 94,300 tons, up 11.96% year-on-year. The strategic emerging segment saw sales of 28,300 tons, a 28.28% increase year-on-year [2] - The company is actively expanding its production capacity, with the Kaimeike factory expected to have a total approved capacity of 330,000 tons per year, with the first phase of 168,500 tons expected to begin trial production in the first half of 2026 [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 487 million yuan in 2025, 588 million yuan in 2026, and 696 million yuan in 2027, with corresponding EPS of 0.83 yuan, 1.00 yuan, and 1.18 yuan respectively. The current price corresponds to PE ratios of 18.94, 15.67, and 13.25 for the respective years [4]

格隆汇8月25日丨皇马科技(603181.SH)公布，王新荣先生因个人资金需求拟于本公告日起15个交易日后 90天内通过大宗交易或集中竞价交易方式两者合计减持不超过80万股公司股份。马夏坤先生因个人资金 需求拟于本公告日起15个交易日后90天内通过大宗交易或集中竞价交易方式两者合计减持不超过80万股 公司股份。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated resilient growth in the second quarter, with a notable increase in sales volume and net profit despite a slight decline in sales prices. The company achieved a revenue of 1.194 billion yuan, representing a year-on-year growth of 7.67%, and a net profit attributable to the parent company of 219 million yuan, up 14.67% year-on-year [10] - The company is expected to benefit from a gradual stabilization of tariff policies and macroeconomic improvements, which may lead to a recovery in sales and performance growth in the second half of the year [10] - The company’s long-term growth potential is anticipated to accelerate due to the exit of traditional chemical production capacities in developed countries, creating opportunities for Chinese fine chemical companies like the company [10] Financial Performance Summary - Revenue (million yuan): 1,894 in 2023, projected to grow to 2,333 in 2024 (23.2% YoY), 2,659 in 2025 (14.0% YoY), 3,191 in 2026 (20.0% YoY), and 3,829 in 2027 (20.0% YoY) [8] - Operating profit (million yuan): 367 in 2023, projected to grow to 456 in 2024 (24.0% YoY), 520 in 2025 (14.2% YoY), 618 in 2026 (18.7% YoY), and 740 in 2027 (19.9% YoY) [8] - Net profit attributable to the parent company (million yuan): 325 in 2023, projected to grow to 398 in 2024 (22.5% YoY), 454 in 2025 (14.2% YoY), 539 in 2026 (18.7% YoY), and 647 in 2027 (19.9% YoY) [8] - Earnings per share (EPS): 0.55 in 2023, projected to increase to 0.68 in 2024, 0.77 in 2025, 0.92 in 2026, and 1.10 in 2027 [8] - Gross margin is expected to improve slightly from 24.6% in 2023 to 25.6% in 2025-2027 [8] Valuation and Price Target - The target price is set at 19.40 yuan, based on a 25 times price-to-earnings ratio, reflecting a 20% premium over comparable companies [6]

Group 1 - The core point of the announcement is that shareholders Wang Xinrong and Ma Xiakun of Huamao Technology plan to reduce their holdings by up to 800,000 shares each within 90 days after 15 trading days from the announcement date due to personal financial needs [1] - As of the announcement date, Wang Xinrong holds approximately 16.51 million shares, accounting for about 2.80% of the company's total share capital, while Ma Xiakun also holds the same percentage [1] - For the fiscal year 2024, Huamao Technology's revenue composition is heavily weighted towards the manufacturing of chemical raw materials and chemical products, which accounts for 99.94% of total revenue [1] Group 2 - The current market capitalization of Huamao Technology is 9.2 billion yuan [2]

证券代码：603181 证券简称：皇马科技 公告编号：2025-026 浙江皇马科技股份有限公司 关于股东减持股份计划的公告 本公司董事会、全体董事及相关股东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： 股东及董监高持股的基本情况：截止本公告披露日，浙江皇马科技股份 有限公司（以下简称"公司"）股东、董事王新荣先生，股东、董事兼副总经理 马夏坤先生分别持有公司股份 16,505,500 股，分别占公司总股本的 2.8037%。 减持计划的主要内容: 王新荣先生因个人资金需求拟于本公告日起 15 个交易日后 90 天内通过大宗交易或集中竞价交易方式两者合计减持不超过 800,000 股公司股份。马夏坤先生因个人资金需求拟于本公告日起 15 个交易日 后 90 天内通过大宗交易或集中竞价交易方式两者合计减持不超过 800,000 股公 司股份。 | 股东名称 | 王新荣 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 | □否 | | | 直接持股 5%以上股东 ...

皇马科技公告，公司股东王新荣和马夏坤因个人资金需求，计划自公告日起15个交易日后的90天内，分 别通过大宗交易或集中竞价方式减持不超过80万股的公司股份。两人合计减持股份不超过160万股，每 人减持比例不超过0.1359%。目前，王新荣和马夏坤各持有公司股份1650.55万股，占公司总股本的 2.8%。减持期间为2025年9月16日至2025年12月14日，具体实施将根据市场情况和公司股价决定。 ...

2025年8月23日，皇马科技(603181.SH)发布2025年中报。 公司营业总收入为11.94亿元，较去年同报告期营业总收入增加8504.06万元，实现2年连续上涨，同比较去年同期上涨7.67%。归母净利润为2.19亿元，较去 年同报告期归母净利润增加2796.62万元，实现2年连续上涨，同比较去年同期上涨14.67%。经营活动现金净流入为1.72亿元，较去年同报告期经营活动现金 净流入增加1.31亿元，同比较去年同期上涨323.04%。 公司最新毛利率为27.10%，较上季度毛利率增加0.42个百分点，实现2个季度连续上涨，较去年同期毛利率增加1.87个百分点，实现2年连续上涨。最新ROE 为6.80%，较去年同期ROE增加0.07个百分点。 公司摊薄每股收益为0.38元，较去年同报告期摊薄每股收益增加0.04元，实现2年连续上涨，同比较去年同期上涨11.76%。 公司最新总资产周转率为0.31次。最新存货周转率为3.77次。 公司股东户数为1.78万户，前十大股东持股数量为3.54亿股，占总股本比例为60.07%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- ...

（原标题：皇马科技上半年经营现金流净额同比增长323.04% 稳步推进第三工厂开眉客有序建设） 8月22日晚，皇马科技(603181)发布2025年半年度报告，公司在上半年实现营业收入11.94亿元，同比增 长7.67%；归母净利润2.19亿元，同比增长14.67%；扣非净利润2.13亿元，同比增长15.81%；经营现金 流净额为1.71亿元，同比增长323.04%。 半年报显示，皇马科技"第三工厂"开眉客建设有序、高效推进。2025年上半年，公司对开眉客现金增资 2.35亿元，增资完成后，开眉客注册资本达3.35亿元。截至报告期末，皇马开眉客年产33万吨高端功能 新材料项目（一期），行政区、公共区建筑主体已结顶，厂房、车间及公用工程正处于建设施工及设备 安装阶段。 值得一提的是，华泰证券8月24日发布评级报告，维持皇马科技"增持"评级，最高目标价17.22元，较此 前最高目标价上调31.25%。（厉平） 皇马科技具有年产近30万吨特种表面活性剂生产能力，是目前国内生产规模较大、品种较全、科技含量 较高的特种表面活性剂龙头引领企业和国家制造业单项冠军示范企业。公司现为全国化学标准化技术委 员会（特种）界面活性 ...