证券代码：603379 证券简称：三美股份 公告编号：2025-071 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 18 日（星期二）至 11 月 24 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （zq@sanmeichem.com）进行提问。公司将在信息披露允许范围内，于说明会上 对投资者普遍关注的问题进行回答。 浙江三美化工股份有限公司（以下简称"公司"或"三美股份"）已于 2025 年 10 月 28 日披露《2025 年第三季度报告》，为便于广大投资者更全面深入地了 解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 25 日（星 期二）下午 16:00-17:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题 进行交流。 一、说明会类型 浙江三美化工股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体 ...

证券代码：603379 证券简称：三美股份 公告编号：2025-069 浙江三美化工股份有限公司 关于部分募集资金投资项目延期的公告 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法律责任。 浙江三美化工股份有限公司（以下简称"公司"）于 2025 年 10 月 26 日召开 第七届董事会第四次会议，审议通过《关于部分募集资金投资项目延期的议案》。 根据项目的实际建设情况，同意将募集资金投资项目"福建省清流县东莹化工有 限公司（以下简称"福建东莹"）6,000 吨/年六氟磷酸锂及 100 吨/年高纯五氟化 磷项目"以及"浙江三美化工股份有限公司（以下简称"浙江三美"或"公司"） 5,000 吨/年聚全氟乙丙烯及 5,000 吨/年聚偏氟乙烯项目"的完成期限分别延期至 2027 年 6 月、2026 年 12 月。具体情况如下： 一、募集资金的基本情况 经中国证券监督管理委员会《关于核准浙江三美化工股份有限公司首次公开 发行股票的批复》（证监许可[2019]327 号）核准，公司于 2019 年 3 月首次公开 发行人民币普通股（A 股） ...

证券代码：603379 证券简称：三美股份 公告编号：2025-070 浙江三美化工股份有限公司 关于调整闲置自有资金委托理财额度的公告 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法律责任。 重要内容提示： 基本情况 | 投资金额 | 300,000.00 万元（调整后） | | --- | --- | | 投资种类 | 银行、证券公司、信托公司、基金管理公司等金融机构发 | | | 行的安全性较高、风险较低（中低风险、低风险等）、流动 | | | 性较好的现金管理类产品（如通知存款、结构性存款、大 | | | 额存单等）及/或理财、基金产品 | | 资金来源 | 自有资金 | 已履行及拟履行的审议程序 浙江三美化工股份有限公司（以下简称"公司"）于 2025 年 10 月 26 日召 开第七届董事会第四次会议，审议通过《关于调整闲置自有资金委托理财额度的 议案》。本事项不构成关联交易，亦无需提交公司股东会审议。 （二）投资金额 委托理财额度（购买理财产品单日最高余额）不超过人民币 30 亿元。在上 述额度内资金可循环投资、滚动使用 ...

证券代码：603379 证券简称：三美股份 公告编号：2025-067 一、2025 年前三季度主要产品的产量、销量及收入实现情况 | 主要产品 | 产量（吨） | 营业收入 外销量（吨） （万元人民币） | | | --- | --- | --- | --- | | 氟制冷剂 | 132,633.12 | 95,412.79 | 380,028.14 | | 氟发泡剂 | 14,465.48 | 6,540.78 | 15,629.58 | | 氟化氢 | 100,369.91 | 50,139.25 | 41,768.10 | | 合计 | 247,468.51 | 152,092.82 | 437,425.82 | 注：公司产品外销量低于产量主要是部分产品内供作为下游产品原料使用所致。 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 浙江三美化工股份有限公司 2025 年前三季度主要经营数据公告 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法律责任。 浙江三美化工股份有限公司（以下简称"公司"）根据《上海证券交易 ...

浙江三美化工股份有限公司（以下简称"公司"）于 2025 年 10 月 26 日以 现场结合通讯表决方式在公司会议室召开第七届董事会第四次会议。会议通知已 于 2025 年 10 月 16 日以书面、电子邮件等方式向全体董事发出。本次会议应出 席董事 9 人，实际出席董事 9 人。本次会议由董事长胡淇翔主持，高管列席会议。 本次会议召开符合《公司法》和《公司章程》的有关规定。 经与会董事审议，本次会议以投票表决的方式审议通过了以下议案： 一、审议通过《公司 2025 年第三季度报告》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案在提交董事会审议前，已经董事会审计委员会审议并一致通过。 证券代码：603379 证券简称：三美股份 公告编号：2025-068 浙江三美化工股份有限公司 第七届董事会第四次会议决议公告 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法律责任。 本议案在提交董事会审议前，已经董事会审计委员会、董事会战略委员会审 议并一致通过。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com ...

Core Insights - Sanmei Co., Ltd. reported significant growth in its Q3 2025 financial results, with revenue reaching 1.601 billion yuan, a year-on-year increase of 60.29%, and net profit of 596 million yuan, up 236.57% [2] - For the first three quarters of 2025, the company achieved a revenue of 4.429 billion yuan, reflecting a year-on-year growth of 45.72%, and a net profit of 1.591 billion yuan, which is an increase of 183.66% [2] - The substantial growth in performance is primarily attributed to the rise in prices of fluorinated refrigerants, which significantly boosted revenue [2]

Financial Performance - The company's operating revenue for the third quarter reached ¥1,601,447,714.23, an increase of 60.29% compared to the same period last year[3] - The total profit for the third quarter was ¥746,011,721.36, reflecting a significant increase of 232.40% year-over-year[3] - The net profit attributable to shareholders for the third quarter was ¥596,326,945.89, up 236.57% from the previous year[3] - The net profit after deducting non-recurring gains and losses for the third quarter was ¥593,819,714.60, an increase of 240.40% year-over-year[3] - The basic earnings per share for the third quarter was ¥0.97, representing a growth of 234.48% compared to the same period last year[4] - The company reported a total profit for the year-to-date period of ¥1,983,785,232.45, which is an increase of 180.42% compared to the same period last year[3] - The net profit attributable to shareholders for the year-to-date period was ¥1,590,955,092.41, reflecting an increase of 183.66% year-over-year[3] - Total operating revenue for the first three quarters of 2025 reached ¥4,429,051,151.22, a significant increase of 45.8% compared to ¥3,039,417,670.19 in the same period of 2024[19] - Operating profit for the first three quarters of 2025 was ¥1,993,824,347.61, up from ¥710,627,184.94 in the previous year, representing an increase of 180.2%[19] - Net profit attributable to shareholders of the parent company for the first three quarters of 2025 was ¥1,590,955,092.41, compared to ¥560,872,602.87 in 2024, marking an increase of 183.1%[20] - Basic earnings per share for the first three quarters of 2025 were ¥2.60, compared to ¥0.92 in 2024, reflecting an increase of 182.6%[20] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥9,356,029,055.49, marking a 31.03% increase from the end of the previous year[4] - Total current assets as of September 30, 2025, amount to ¥5,273,034,760.96, an increase from ¥4,101,734,611.75 at the end of 2024[14] - Total assets as of September 30, 2025, are ¥9,356,029,055.49, compared to ¥7,140,168,177.79 at the end of 2024[15] - Non-current assets total ¥4,082,994,294.53, up from ¥3,038,433,566.04 in the previous year[15] - The total liabilities increased to ¥1,630,975,266.29 in 2025 from ¥576,392,419.50 in 2024, reflecting a growth of 182.5%[16] - The total equity attributable to shareholders of the parent company rose to ¥7,613,366,220.68 in 2025, compared to ¥6,441,177,295.74 in 2024, an increase of 18.2%[16] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥1,560,924,441.39, showing a substantial increase of 393.25% compared to the previous year[3] - Cash inflow from operating activities for the first three quarters of 2025 reached approximately $3.71 billion, a significant increase from $2.35 billion in the same period of 2024, representing a growth of about 58%[22] - Net cash flow from operating activities for the first three quarters of 2025 was approximately $1.56 billion, compared to $316.46 million in 2024, indicating a substantial increase[22] - Total cash inflow from investment activities in the first three quarters of 2025 was approximately $1.09 billion, up from $342.76 million in 2024, marking a growth of over 218%[23] - Net cash flow from investment activities for the first three quarters of 2025 was approximately -$1.62 billion, worsening from -$832.99 million in 2024[23] - Cash inflow from financing activities in the first three quarters of 2025 was approximately $520.52 million, while cash outflow was approximately $279.06 million, resulting in a net cash flow of $241.46 million[23] - The cash and cash equivalents at the end of the first three quarters of 2025 stood at approximately $2.83 billion, compared to $2.35 billion at the end of the same period in 2024, reflecting an increase of about 20%[23] Shareholder Information - Total number of common shareholders at the end of the reporting period is 22,598[11] - The largest shareholder, Hu Rongda, holds 225,229,140 shares, representing 36.89% of total shares[12] - The company has no significant changes in the participation of major shareholders in margin trading and securities lending[12] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥78,952,651.52, up from ¥56,802,178.43 in 2024, indicating a growth of 39.0%[19]

Core Viewpoint - The report from Guosen Securities indicates that the implementation of the 2026 refrigerant quota reduction for second-generation refrigerants and the continuation of the third-generation refrigerant quota system will maintain a tight supply-demand balance for mainstream refrigerants like R32 and R134a, with significant long-term price upside potential [1][2]. Regulatory Framework - The Ministry of Ecology and Environment has issued the quota setting and distribution plan for 2026, emphasizing strict compliance with the annual phase-out tasks for second-generation refrigerants and making slight adjustments to the third-generation refrigerant quotas, increasing the inter-species adjustment limit from 10% to 30% [1][3]. Production Quotas - For HCFCs, the production quota for 2026 is set at 151,400 tons, with a reduction of 71.5% and 76.1% from baseline values for production and usage, respectively. The R22 production quota will see a year-on-year reduction of 3,000 tons, which is a decrease of 2.01% [3][4]. Market Dynamics - R22 prices have stabilized after a decline, while R32 and R134a continue to show strong market conditions. The average price of R22 fell to 34,100 CNY/ton in Q3 2025, while R32's average price rose to 59,000 CNY/ton, reflecting a strong demand [5]. Investment Opportunities - Companies with complete industrial chains, robust infrastructure, leading refrigerant quotas, and advanced technology in fluorochemical production are recommended for investment. Notable companies include Juhua Co., Ltd. (600610.SH), Dongyue Group (00189), and Sanmei Co., Ltd. (603379.SH) [6].

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1][6][23] Core Viewpoints - The release of the 2026 refrigerant quota allocation plan indicates long-term constraints on the supply side for both second and third-generation refrigerants, suggesting a continuation of favorable market conditions for refrigerant products [3][4] - The reduction in second-generation refrigerant quotas, particularly for R22, is expected to improve the supply-demand balance [3][5] - The flexibility in adjusting third-generation refrigerant quotas has increased, allowing companies to adapt production based on actual supply and demand, which benefits firms with a comprehensive product range and higher quota allocations [3][8] - The tightening of refrigerant quotas is seen as a long-term trend, with expectations that mainstream refrigerants like R32 and R134a will maintain a favorable market outlook and significant price upside potential [3][19] Summary by Sections Quota Allocation Changes - In 2026, the production quota for R22 is reduced by 3,000 tons, and the quota for R141b is eliminated entirely. The total production quota for HCFCs is set at 151,400 tons, with a reduction of 71.5% from the baseline [2][5] - The total production and usage quotas for HCFCs in 2026 will be 79,700 tons, reflecting a reduction of 76.1% from the baseline [5] Market Dynamics - The average price of R22 has decreased to approximately 15,000-18,000 yuan/ton, with expectations of price stabilization [9] - R32 has shown strong performance with an average price reaching 59,000 yuan/ton, indicating a robust market demand [10] - R134a prices have also increased due to ongoing quota consumption, with current prices around 53,000 yuan/ton [10] Investment Recommendations - The report suggests focusing on leading fluorochemical companies with complete industrial chains, advanced technology, and strong quota positions, such as Juhua Co., Dongyue Group, and Sanmei Co. [3][19]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the chemical industry, focusing on refrigerants and natural gas markets [1][2]. Refrigerant Market Insights - **Refrigerant Prices**: - The price of second-generation refrigerant R22 has dropped to 16,000-18,000 CNY per ton due to the off-season for air conditioning [1]. - Third-generation refrigerant R32, known for its superior performance, has surpassed 63,000 CNY per ton, increasing by over 20,000 CNY per ton since the beginning of the year [3]. - R134a, benefiting from demand in the electric vehicle sector, is priced at approximately 53,000 CNY per ton [4]. - **Supply and Demand Dynamics**: - The adjustment of third-generation refrigerant quotas has limited impact on the industry as the operating rates of mainstream products are high, with little room for adjustment [6]. - There is a potential supply shortage for fourth-generation refrigerants due to exhausted quotas, which may lead to price increases [10]. Future Trends and Developments - **Liquid Cooling Technology**: - Liquid cooling technology is gaining attention, particularly fluorinated liquids, which are favored for their insulation, thermal conductivity, and low toxicity. However, high costs remain a barrier to widespread application [7][8]. - The demand for liquid cooling is expected to surge as downstream applications develop rapidly, with companies already preparing technology and capacity [9]. - **Market Pricing Models**: - There is a possibility of shifting from quarterly to monthly pricing models, enhancing price visibility and performance realization [7]. Natural Gas Market Insights - **Current Market Conditions**: - U.S. natural gas futures prices have decreased by 8.6% due to ample inventory, while European prices have dropped by 1.7% as winter inventory levels are on track to meet targets [12]. - Domestic natural gas demand is slowly recovering, with expectations of better consumption in the fourth quarter due to potential extreme cold weather [12][13]. - **Investment Recommendations**: - Recommended companies in the refrigerant sector include leading firms such as Juhua Co., Sanmei Co., and Yonghe Co. In the natural gas sector, companies like China National Petroleum, China National Offshore Oil, and resource-rich firms such as Jiufeng Energy and Xin'ao Co. are highlighted [14]. Global Oil Market Insights - **Supply and Demand Forecast**: - The IEA predicts a downward adjustment in global oil demand growth to 700,000 barrels per day for 2025, influenced by macroeconomic conditions and the electrification of transport [11]. - Global oil supply is expected to increase by 3 million barrels per day, leading to a potential surplus of 1.9 million barrels per day, which may exert downward pressure on oil prices [11]. This summary encapsulates the critical insights and recommendations from the conference call, providing a comprehensive overview of the current state and future outlook of the chemical and natural gas industries.