Core Viewpoint - The company is currently in the equipment procurement and installation phase for its fourth-generation refrigerant project, with plans to begin trial production in the first half of next year [1] Group 1 - The fourth-generation refrigerant patent protection period varies by specific category, technology, and company, indicating a lack of uniformity [1] - Some related patents are set to expire next year, but there is no standardized timeline for these expirations, as different patents have different expiration dates [1]

Group 1 - The company is currently in the equipment procurement and installation phase for its fourth-generation refrigerant project, with plans to begin product trial production in the first half of next year [1] - The patent protection period for the fourth-generation refrigerant is not uniform, as it varies by specific category, technology, and company [1] - Some related patents are indeed set to expire next year, but there is no standardized timeline for these expirations, and different patents have different expiration dates [1]

Company Overview - Full Name: Zhejiang Weihua New Materials Co., Ltd [1] - Abbreviation: Weihua New Materials [1] - Stock Code: 603310.SH [1] - IPO Application Date: June 22, 2022 [1] - Listing Date: August 14, 2024 [1] - Listing Board: Shanghai Stock Exchange Main Board [1] - Industry: Chemical Raw Materials and Chemical Products Manufacturing [1] - IPO Sponsor: CITIC Securities [1] - IPO Legal Advisor: Guohao Law Firm (Hangzhou) [1] - IPO Audit Firm: Lixin Certified Public Accountants (Special General Partnership) [1] Performance Evaluation - Disclosure Situation: Required to clarify compliance with relevant laws and regulations, accuracy of statements regarding trade customers, and consistency of IPO materials with public disclosures [1][2] - Regulatory Penalties: No deductions [2] - Public Supervision: No deductions [2] - Listing Cycle: 784 days, exceeding the average of 629.45 days for 2024 A-share listings, resulting in a deduction [2] - Multiple Applications: Not applicable, no deductions [2] Financial Metrics - Issuance Costs: Underwriting and sponsorship fees amount to 56.6586 million yuan, with a commission rate of 3.77%, lower than the average of 7.71% [3] - First Day Performance: Stock price increased by 35.65% on the first day of listing [3] - Three-Month Performance: Stock price increased by 12.21% compared to the issuance price [3] - Issuance Price-Earnings Ratio: 12.26 times, which is 61.09% of the industry average of 20.07 times [4] - Actual Fundraising: Expected to raise 1.758 billion yuan, but actual fundraising was 1.501 billion yuan, a decrease of 14.60% [5] Short-Term Performance Post-Listing - Revenue: Decreased by 25.47% year-on-year [6] - Net Profit: Decreased by 49.24% year-on-year [6] - Non-Recurring Net Profit: Decreased by 51.96% year-on-year [6] - Abandonment Rate: 0.44% [7] Overall Score - Total Score: 82 points, classified as Grade B [7] - Negative Factors Affecting Score: Disclosure quality needs improvement, listing cycle exceeds two years, actual fundraising decreased, revenue and net profit declined in the first accounting year, and abandonment rate of 0.44% [7]

Group 1 - The Hong Kong Stock Exchange announced that six stocks will be included in the Shanghai and Shenzhen Stock Connect, effective September 22, 2025 [1] - The companies included are Han Gao Group (001221.SZ), Han Sang Technology (301491.SZ), Shanda Electric Power (301609.SZ), Guangdong Construction Science (301632.SZ), Wehua New Materials (603310.SH), and Longtu Photomask (688721.SH) [1]

Group 1 - Hong Kong Stock Exchange announced the inclusion of six stocks into the Shanghai and Shenzhen Stock Connect, effective September 22, 2025 [1] - The companies included are Han Gao Group (001221.SZ), Han Sang Technology (301491.SZ), Shanda Electric Power (301609.SZ), Guangdong Construction Science (301632.SZ), Wehua New Materials (603310.SH), and Longtu Photomask (688721.SH) [1]

Group 1 - The core viewpoint of the news highlights the financial performance and trading activity of Zhejiang Wihua New Materials Co., Ltd., indicating a decline in revenue and net profit for the first half of 2025 [2] - As of September 11, 2023, Wihua New Materials experienced a financing net buy of -2.38 million yuan, with a total financing balance of 114 million yuan, representing 3.43% of its market capitalization [1] - The company’s main business revenue composition includes 79.35% from trifluoromethylbenzene series, 19.71% from chlorotoluene series, and 0.95% from other products [1] Group 2 - As of August 29, 2023, the number of shareholders for Wihua New Materials increased to 20,200, while the average circulating shares per person decreased by 0.99% to 9,131 shares [2] - For the period from January to June 2025, Wihua New Materials reported an operating income of 437 million yuan, a year-on-year decrease of 30.71%, and a net profit attributable to the parent company of 83.15 million yuan, down 52.91% year-on-year [2] - The company has distributed a total of 242 million yuan in dividends since its A-share listing [3]

9月10日，巍华新材涨0.17%，成交额2324.49万元。两融数据显示，当日巍华新材获融资买入额256.94 万元，融资偿还186.31万元，融资净买入70.63万元。截至9月10日，巍华新材融资融券余额合计1.17亿 元。 分红方面，巍华新材A股上市后累计派现2.42亿元。 融资方面，巍华新材当日融资买入256.94万元。当前融资余额1.17亿元，占流通市值的3.52%，融资余 额超过近一年60%分位水平，处于较高位。 融券方面，巍华新材9月10日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 责任编辑：小浪快报 截至8月29日，巍华新材股东户数2.02万，较上期增加1.00%；人均流通股9131股，较上期减少0.99%。 2025年1月-6月，巍华新材实现营业收入4.37亿元，同比减少30.71%；归母净利润8315.32万元，同比减 少52.91%。 资料显示，浙江巍华新材料股份有限公司位于浙江省杭州湾上虞经济技术开发区北塘东路8号，成立日 期2013年10月12日，上市日期2024年8月14 ...

Core Viewpoint - The company has successfully developed a complete synthetic process chain for key intermediates from toluene, ensuring self-sufficiency and stable supply for its products through innovative continuous production methods [1] Group 1: Production Innovations - The company utilizes advanced production techniques such as continuous tower reaction, continuous kettle reaction, continuous microchannel reaction, continuous tubular reaction, and continuous extraction and distillation, replacing traditional batch production methods [1] - The adoption of large-scale, automated, and continuous production processes has improved labor efficiency and further reduced energy consumption [1] Group 2: Research and Development - The company has accumulated years of independent research and development, leading to the successful synthesis of various key intermediates [1] - Several patented technologies are in use, including methods for producing chlorobenzene and trifluoromethylbenzene through continuous chlorination and fluorination processes [1]

证券日报网讯巍华新材（603310）9月10日在互动平台回答投资者提问时表示，公司将进一步拓展现有 产品价值链、丰富产品结构，深化产业链协同，努力提升经营业绩和管理水平，致力于为股东创造价 值。 ...

Core Insights - Wihua New Materials successfully completed trial production of multiple high-level intermediates and delivered verification batch orders to multinational companies [1] - Fanghua Chemical has completed the technical reserves for several raw materials and is advancing product design and construction as planned [1] - The company will continue to maintain high levels of R&D investment to extend its product chain, aiming for significant progress in high-level intermediates and raw materials [1]