相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | 股 A | 2025/10/17 | － | 2025/10/20 | 2025/10/20 | 证券代码：603379 证券简称：三美股份 公告编号：2025-063 浙江三美化工股份有限公司 2025年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.32元 差异化分红送转： 否 一、通过分配方案的股东会届次和日期 本次利润分配方案经浙江三美化工股份有限公司（以下简称"公司"）2025 年 5 月 20 日的2024年年度股东大会授权，并经公司 2025 年 8 月 21 日召开的第七 届董事会第三次会议审议通过。 二、分配方案 1.发放年度：2025年半年度 2.分派对象 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司" ...

每经头条（nbdtoutiao）——AI技术滥用调查：明星可被"一键换装"，"擦边"内容成流量密码，技术防 线为何形同虚设？ （记者 曾健辉） 每经AI快讯，三美股份（SH 603379，收盘价：60.38元）10月13日晚间发布业绩预告，预计2025年前三 季度实现归属于上市公司股东的净利润约为15.24亿元~16.46亿元，与上年同期相比，将增加约9.63亿元 ~10.85亿元，同比增长171.73%~193.46%。业绩变动主要原因是，主营业务影响。2025年，第二代氟制 冷剂生产配额进一步削减，第三代氟制冷剂（HFCs）继续实行生产配额管理，竞争格局持续优化，下 游需求增长，市场价格稳步上行。2025年前三季度，公司氟制冷剂产品均价同比大幅上涨，盈利能力稳 步提升。 2024年1至12月份，三美股份的营业收入构成为：化工行业占比98.37%，其他业务占比1.63%。 截至发稿，三美股份市值为369亿元。 ...

每经AI快讯，10月13日，三美股份(603379.SH)公告称，三美股份发布2025年前三季度业绩预告，预计 归属于上市公司股东的净利润为15.24亿元~16.46亿元，同比增长171.73%~193.46%。报告期内，第二代 和第三代氟制冷剂生产配额收紧，竞争格局优化，下游需求增长，产品均价同比大幅上涨，盈利能力提 升。非经常性损益预计为1,100万元，较上年同期减少。 （文章来源：每日经济新闻） ...

[Overview of Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company forecasts over 170% growth in Q1-Q3 2025 net profit and adjusted net profit attributable to shareholders [Performance Forecast Period](index=1&type=section&id=(%E4%B8%80)%20%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%9C%9F%E9%97%B4) This performance forecast covers the period from January 1, 2025, to September 30, 2025 - The performance forecast period is from January 1, 2025, to September 30, 2025[2](index=2&type=chunk) [Performance Forecast Details](index=1&type=section&id=(%E4%BA%8C)%20%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company provides specific estimated profit ranges and growth rates for Q1-Q3 2025 2025 Q1-Q3 Performance Forecast (Unit: 10,000 yuan) | Indicator | Estimated Amount Range | Year-over-Year Increase Range | Year-over-Year Growth Rate Range | | :--- | :--- | :--- | :--- | | Net profit attributable to shareholders of listed company | 152,403.85 - 164,596.15 | 96,316.59 - 108,508.89 | 171.73% - 193.46% | | Net profit attributable to shareholders of listed company after deducting non-recurring gains and losses | 151,303.85 - 163,496.15 | 96,449.41 - 108,641.71 | 175.83% - 198.05% | [Audit Status Explanation](index=2&type=section&id=(%E4%B8%89)%20%E6%9C%AC%E6%AC%A1%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%9C%AA%E7%BB%8F%E6%B3%A8%E5%86%8C%E4%BC%9A%E8%AE%A1%E5%B8%88%E5%AE%A1%E8%AE%A1) This preliminary performance forecast data has not been audited by a certified public accountant, and no special statement has been issued - This performance forecast has not been audited by a certified public accountant, and the certified public accountant has not issued a special statement regarding the company's performance forecast for this period[3](index=3&type=chunk) [Review of Prior Period Performance](index=2&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8E%B0%E7%8A%B6) Key financial data for Q1-Q3 2024 is presented as a comparative baseline for the current performance forecast 2024 Q1-Q3 Operating Performance (Unit: 10,000 yuan) | Indicator | Amount | | :--- | :--- | | Total profit | 70,742.16 | | Net profit attributable to shareholders of listed company | 56,087.26 | | Net profit attributable to shareholders of listed company after deducting non-recurring gains and losses | 54,854.44 | | Basic earnings per share | 0.92 yuan | [Primary Reasons for Estimated Performance Increase](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%A2%9E%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) Performance growth is mainly due to rising fluorocarbon refrigerant prices and an optimized competitive landscape, with minimal non-recurring impact [Impact of Main Business](index=2&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%BD%B1%E5%93%8D) Main business profitability significantly improved due to fluorocarbon refrigerant quota reductions, optimized competition, and increased demand - In 2025, the production quota for **second-generation fluorocarbon refrigerants (HCFCs)** was further reduced, and **third-generation fluorocarbon refrigerants (HFCs)** continued to implement production quota management, leading to a continuous optimization of the competitive landscape[5](index=5&type=chunk) - Downstream demand increased, market prices steadily rose, and the average price of the company's fluorocarbon refrigerant products significantly increased year-over-year[5](index=5&type=chunk) - The steady improvement in the profitability of the main business is the primary driver for the estimated performance increase in this period[5](index=5&type=chunk) [Impact of Non-Recurring Gains and Losses](index=2&type=section&id=(%E4%BA%8C)%20%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E6%8D%9F%E7%9B%8A%E5%BD%B1%E5%93%8D) Non-recurring gains and losses for Q1-Q3 2025 are estimated at 11 million yuan, primarily from government subsidies and investment income, with a slight decrease 2025 Q1-Q3 Estimated Non-Recurring Gains and Losses (Unit: 10,000 yuan) | Indicator | Estimated Amount (10,000 yuan) | Year-over-Year Change (10,000 yuan) | | :--- | :--- | :--- | | Non-recurring gains and losses | 1,100.00 | Decrease of 132.82 | - Non-recurring gains and losses primarily include government subsidies, investment income, and asset disposal gains and losses[5](index=5&type=chunk) [Risk Alert](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) This preliminary forecast data is unaudited, cautioning investors about potential investment risks - This forecast data represents the company's preliminary estimates based on its operating conditions and has not been audited by an accounting firm[6](index=6&type=chunk) - The company has no significant uncertainties that would affect the accuracy of this performance forecast[6](index=6&type=chunk) [Other Explanatory Notes](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) Preliminary forecast data is subject to the final Q3 2025 report, cautioning investors about investment risks - The forecast data is preliminary, and the specific accurate financial data will be subject to the company's officially disclosed 2025 Third Quarter Report[7](index=7&type=chunk) - Investors are kindly requested to pay attention to investment risks[7](index=7&type=chunk)

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector [1]. Core Views - The Israeli government's approval of the Gaza ceasefire agreement has led to a continued decline in oil prices, with WTI crude futures dropping by 4.15% and Brent crude by 3.53% during the specified period [6]. - Geopolitical tensions remain, particularly with the U.S. halting diplomatic engagement with Venezuela and potential military escalations, which could disrupt Venezuelan oil supplies [6]. - OPEC+ plans a cautious production increase of 137,000 barrels per day in November 2025, but Russia advocates for maintaining current production levels to avoid downward pressure on oil prices [6]. - The EIA has raised its short-term price forecasts for WTI to $65 per barrel and Brent to $68.64 per barrel, while also slightly increasing U.S. oil production expectations to 13.53 million barrels per day [6]. - The report highlights a tightening supply in the fluorochemical sector, with prices for popular refrigerants like R32 and R134a remaining stable at high levels due to production constraints and increasing demand from the air conditioning and automotive sectors [6]. Summary by Sections Oil and Petrochemicals - The report discusses the impact of geopolitical events on oil prices, noting a significant drop in both WTI and Brent crude prices following the ceasefire agreement [6]. - It tracks OPEC+ production strategies and U.S. oil production forecasts, indicating a cautious approach to increasing supply amidst fluctuating demand [6][7]. Fluorochemicals - The fluorochemical market is experiencing a tight supply for popular refrigerants, with stable high prices due to production limitations and recovering demand in the domestic market [6]. - The report notes a projected increase in production for household air conditioners and automotive refrigerants, driven by government incentives [6]. Investment Recommendations - The report suggests focusing on the oil and petrochemical sector, particularly on companies with resilient earnings such as China National Petroleum, Sinopec, and CNOOC [7]. - In the fluorochemical sector, it recommends companies leading in third-generation refrigerant production and upstream fluorite resources [7]. - The semiconductor materials sector is also highlighted, with a positive outlook due to inventory reduction trends and domestic substitution [7].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [6][4]. Core Views - Recent price increases in titanium dioxide and significant rises in refrigerant long-term contract prices are noted, indicating a potential recovery in profitability for the titanium dioxide sector [6]. - The macroeconomic outlook for the chemical industry is influenced by stable global GDP growth of 2.8%, with oil demand expected to rise despite some slowdown due to tariffs [6][7]. - The report suggests a strategic focus on sectors benefiting from "anti-involution" policies, including textiles, agriculture, and export-related chemicals [6]. Industry Dynamics - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable [7]. - The chemical sector is experiencing a recovery phase, with improvements in supply-demand relationships and policy effects leading to price stabilization in various industrial products [9]. - The report highlights the importance of monitoring the performance of key materials in the semiconductor and OLED sectors, as well as the impact of geopolitical events on oil prices [6][12]. Sector Recommendations - The report recommends focusing on specific companies within the textile chain, agricultural chain, and export-related chemicals, such as: - Textile: Companies like Lu Xi Chemical and Tongkun Co. - Agriculture: Companies like Hualu Hengsheng and Baofeng Energy [6]. - Emphasis is placed on the potential for recovery in the titanium dioxide market, particularly with the easing of trade tensions and seasonal demand increases [6][4]. - The report also suggests monitoring the performance of companies in the fine chemicals sector, such as Xinhecheng and Juhua Co., as they may benefit from ongoing market trends [20].

Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [5][9]. Core Views - The fluorochemical industry is experiencing a significant price increase in refrigerants, driven by supply constraints and rising demand from both domestic and international markets [2][5][8]. - The transition to liquid cooling technologies in data centers is expected to boost the demand for fluorinated liquids and refrigerants, indicating a positive outlook for companies involved in this sector [3][6][8]. Summary by Sections 1. Industry Performance - As of September 30, the fluorochemical index rose by 7.61% compared to the end of August, outperforming major indices such as the Shanghai Composite and the CSI 300 [1][16]. 2. Refrigerant Market Review - The long-term contract prices for R32 and R410A have increased by 18.97% and 7.26% respectively in Q4, reflecting a strong market sentiment [1][23]. - R32's external trade demand is growing due to environmental regulations, with prices reaching 62,000 CNY/ton for exports and 61,000-63,000 CNY/ton for domestic sales [2][25]. 3. Production and Export Data - Domestic air conditioning production is expected to adjust upwards in Q4 2025, despite a decline in September-October due to high inventory levels from the previous year [3][4]. - The export of refrigerants like R32 has shown a 19% increase year-on-year, while R22 exports have decreased by 33% due to quota reductions [33][4]. 4. Liquid Cooling Demand - The shift towards liquid cooling in data centers is anticipated to significantly increase the demand for fluorinated liquids, with the market expected to exceed 100 billion CNY by 2027 [6][67]. - Companies such as Juhua Co., Dongyue Group, and Sanmei Co. are highlighted as key players benefiting from this trend [3][69]. 5. Regulatory Environment - China's commitment to the Montreal Protocol includes significant reductions in HCFCs and HFCs, which will impact the production quotas for refrigerants like R22 and R32 [70][73]. - The report emphasizes that the tightening of refrigerant quotas will support long-term price increases and profitability for leading companies in the fluorochemical sector [8][73].

Core Viewpoint - The prices of third-generation refrigerants have increased as of September 2025, while prices of PVDF and HFP have decreased [2] Group 1: Refrigerant Prices - As of September 30, 2025, the prices for third-generation refrigerants R32, R125, and R134a are 62,500 yuan/ton, 45,500 yuan/ton, and 52,000 yuan/ton, reflecting increases of 4.17%, 0.00%, and 0.97% respectively compared to the end of August [2][4] - The price of R22 has decreased by 4.23% month-on-month to 34,000 yuan/ton, but has increased by 13.33% year-on-year [2] Group 2: Fluorspar and Hydrofluoric Acid Prices - As of September 30, 2025, the prices for wet and dry fluorspar are 3,628 yuan/ton and 3,828 yuan/ton, showing month-on-month increases of 10.07% and 9.50% respectively [2][4] - The market price for anhydrous hydrofluoric acid is 11,704 yuan/ton, with a month-on-month increase of 11.83% [2][4] Group 3: Air Conditioning Production Trends - Domestic air conditioning production is expected to decline year-on-year in October, November, and December 2025, with production volumes of 11.53 million units, 12.96 million units, and 16.36 million units respectively, reflecting year-on-year decreases of 17.98%, 14.70%, and 8.60% [3] - Since June 2024, the export volume of R32 has shown an upward trend due to increased overseas demand and enhanced production capacity of domestic air conditioning companies [3] Group 4: Investment Recommendations - The reduction of second-generation refrigerant quotas and the maintenance of third-generation refrigerant production quotas at baseline levels indicate a tightening supply-demand relationship [4] - The prices of refrigerants have been steadily increasing since 2025, with significant year-on-year price increases for R32, R134a, and R125 of 64.47%, 55.22%, and 40.00% respectively [4] - Companies such as Juhua Co., Ltd., Sanmei Co., Ltd., and Jinshi Resources are recommended for investment due to their strong positions in the refrigerant industry and complete industrial chains [4]

Core Insights - The introduction of the "Stabilizing Growth Work Plan for the Petrochemical Industry (2025-2026)" aims to guide this pillar industry of the national economy to maintain reasonable growth while achieving high-quality development, focusing on "stabilizing growth, adjusting structure, and promoting innovation" [1][17][18] - The plan sets a target for an average annual growth of over 5% in industry value added from 2025 to 2026, while also pursuing improvements in economic efficiency and innovation capabilities [1][17] Industry Analysis Petrochemical Industry - The plan is expected to promote the elimination of outdated production capacity and lead to healthier industry development, optimizing the supply side of the chemical industry [2][18] - The plan emphasizes the need to strengthen the planning and layout of major petrochemical and modern coal chemical projects, strictly control new refining capacity, and reasonably determine the scale and pace of new ethylene and paraxylene capacity [2][18] Fertilizer Industry - The plan aims to strengthen raw material supply security and stabilize production foundations for the fertilizer industry, requiring long-term agreements with suppliers of coal, phosphate rock, and natural gas [19] - The plan also encourages the optimization of product structure and the development of new fertilizers [19] Chemical Products Pricing - As of September 28, 2025, the China Chemical Product Price Index (CCPI) was reported at 3969 points, down 8.4% from January 2, 2025 [20] - The manufacturing PMI slightly rose to 49.4%, indicating limited improvement in the economic environment, with the production index at 50.8% [20] Investment Recommendations Potash Fertilizer - The global potash fertilizer industry is characterized by oligopoly, with a tight supply-demand balance, and prices are expected to remain high [21] - The company "Yaqi International" is highlighted for its significant potash resources and ongoing capacity expansion, with a projected production capacity of 5 million tons by 2025 [21] Pesticides - The pesticide industry is expected to see a recovery in prices due to increased demand from South America and limited export growth from India and the US [22] - "Lier Chemical" is recommended as a leading company in the chlorinated pyridine herbicide and glyphosate sectors [22] Fluorochemicals - The fluorochemical sector is anticipated to benefit from the implementation of quota systems for refrigerants starting in 2024, with a focus on the long-term price increase of refrigerants [23] - Companies such as "Juhua Co., Ltd." and "Dongyue Group" are recommended for their strong market positions in refrigerants and fluorinated liquids [23] Sustainable Aviation Fuel (SAF) - The European Union's mandatory addition of 2% SAF in 2025 is expected to drive up prices for bio-jet fuel products, with "Zhuoyue New Energy" recommended for its competitive advantages in production capacity [24][9]

证券代码：603379 证券简称：三美股份 公告编号：2025-062 浙江三美化工股份有限公司 关于为参股公司提供担保暨关联交易的进展公告 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： ● 担保对象及基本情况 （一）担保的基本情况 近日，浙江三美化工股份有限公司（以下简称"公司"）与中国银行股份有限公司重庆长寿支行（以下简 称"中国银行重庆长寿支行"）签署了《保证合同》，为参股公司重庆市新美合科技有限公司（以下简 称"新美合"）与中国银行重庆长寿支行签署的《固定资产借款合同》项下债务按持股比例提供连带责任 保证担保，担保金额为8,330.00万元。新美合其他股东亦按持股比例为其提供担保。本次担保事项不存 在反担保情况。 （二）内部决策程序 公司于2025年8月21日召开第七届董事会第三次会议，并于2025年9月8日召开2025年第一次临时股东 会，审议通过《关于为参股公司提供担保暨关联交易的议案》，同意为新美合向金融机构融资事项按持 股比例提供担保，担保金额为10,000万元，其他股东亦按持股比例为其提供担 ...