证券代码：603379 证券简称：三美股份 公告编号：2025-058 浙江三美化工股份有限公司 1.身份类别 关于控股股东及其一致行动人权益变动触及 1%刻度 的提示性公告 控股股东及其一致行动人胡荣达、胡淇翔、武义三美投资有限公司保证向 本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一 致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少 | | --- | --- | --- | --- | | 权益变动前合计比例 | 62.83% | | | | 权益变动后合计比例 | 61.98% | | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ | 否 | | | 是否触发强制要约收购义务 | 是□ | 否 | | 浙江三美化工股份有限公司（以下简称"公司"或"三美股份"）于 2025 年 8 月 26 日收到控股股东、实际控制人胡荣达先生出具的《关于减持三美股份 股票暨权益变动触及 1%刻度的告知函》，现将相关情况公告如下： 一、信息披露义务人及其一致行动人的基本信息 | | 控 ...

集中竞价 ? 大宗交易 □ 2025/8/1- 胡荣达 23,091.3959 37.83 22,567.5659 36.97 证券代码：603379 证券简称：三美股份 公告编号：2025-058 浙江三美化工股份有限公司 关于控股股东及其一致行动人权益变动触及 1%刻度 的提示性公告 控股股东及其一致行动人胡荣达、胡淇翔、武义三美投资有限公司保证向 本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一 致。 重要内容提示： 权益变动方向 比例增加□ 比例减少? 权益变动前合计比例 62.83% 权益变动后合计比例 61.98% 本次变动是否违反已作出的承 是□ 否? 诺、意向、计划 是否触发强制要约收购义务 是□ 否? 浙江三美化工股份有限公司（以下简称"公司"或"三美股份"）于 2025 年 8 月 26 日收到控股股东、实际控制人胡荣达先生出具的《关于减持三美股份 股票暨权益变动触及 1%刻度的告知函》，现将相关情况公告如下： 一、信息披露义务人及其一致行动人的基本信息 ?控股股东/实际控制人及其一致行动人 □其他 5% ...

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Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The chemical sector's overall performance ranked 15th this week, with a change of 2.86%, underperforming the Shanghai Composite Index by 0.63 percentage points and the ChiNext Index by 3.00 percentage points [4][22] - The chemical industry is expected to continue its trend of differentiated performance in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Industry Performance - The chemical sector's performance for the week of August 18-22, 2025, showed a 2.86% increase, while the Shanghai Composite Index increased by 3.49% and the ChiNext Index by 5.85% [4][22] - The top three performing sub-sectors were other rubber products (8.53%), polyurethane (6.34%), and titanium dioxide (5.69%), while the bottom three were synthetic resin (-1.67%), carbon black (-1.00%), and other plastic products (-0.34%) [23][22] Key Industry Dynamics - South Korea plans to cut naphtha cracking capacity by 25%, affecting 2.7 to 3.7 million tons based on an annual capacity of 14.7 million tons, as part of efforts to restructure its petrochemical industry [35] - The Ministry of Industry and Information Technology of China held a meeting to regulate the photovoltaic industry, emphasizing the importance of maintaining a healthy competitive environment [35] Recommended Focus Areas - Synthetic biology is highlighted as a key area for growth, with traditional chemical companies needing to adapt to energy costs and carbon taxes [4] - The third-generation refrigerants are expected to enter a high-growth cycle due to supply constraints and increasing demand from markets like Southeast Asia [5] - The electronic specialty gases market presents significant opportunities for domestic companies due to high technical barriers and increasing demand from semiconductor and photovoltaic sectors [6][8] - Light hydrocarbon chemicals are becoming a global trend, with a shift towards lighter raw materials for ethylene production [8] - The COC polymer industry is accelerating its domestic industrialization process, driven by supply chain security concerns [9] - Potash fertilizer prices are expected to rebound as major producers reduce output and demand increases from farmers [10] - The MDI market is characterized by oligopoly, with a favorable supply structure anticipated as demand recovers [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a significant increase in performance for the first half of 2025, with revenue reaching 2.83 billion yuan (up 38.6% year-on-year) and net profit attributable to shareholders at 990 million yuan (up 159.2% year-on-year) [2][6]. - The growth in revenue and profit is primarily driven by the continuous rise in refrigerant prices, with the second quarter alone generating revenue of 1.62 billion yuan (up 49.4% year-on-year) and net profit of 590 million yuan (up 159.0% year-on-year) [2][6]. - The company plans to distribute a cash dividend of 3.20 yuan per 10 shares (tax included) to all shareholders [6]. Financial Performance - In Q2, the company sold 35,000 tons of refrigerants (up 3.1% year-on-year, up 28.6% quarter-on-quarter) at an average price of 40,300 yuan per ton (up 55.1% year-on-year, up 7.8% quarter-on-quarter) [12]. - The average domestic market prices for refrigerants R22, R32, R134a, and R125 increased by 5.7%, 12.8%, 6.8%, and 4.1% respectively compared to Q1 2025 [12]. - The company expects the upward trend in refrigerant prices to continue, with projected revenues of 2.46 billion, 3.21 billion, and 3.67 billion yuan for 2025, 2026, and 2027 respectively [12]. Industry Outlook - The refrigerant industry is experiencing a sustained recovery, and the company, as one of the industry leaders, is expected to benefit significantly from the improved industry conditions [12]. - The company is actively enhancing its integrated supply chain in the fluorochemical industry, with several projects in various stages of development [12].

证券之星消息，8月25日化学制品板块较上一交易日上涨1.52%，三美股份领涨。当日上证指数报收于 3883.56，上涨1.51%。深证成指报收于12441.07，上涨2.26%。化学制品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603379 | 三美股份 | 60.63 | 10.00% | 23.09万 | | 13.77亿 | | 301617 | 博苑股份 | 53.26 | 9.36% | 12.68万 | | 6.68亿 | | 688133 | 泰坦科技 | 30.16 | 6.01% | 8.78万 | | 2.59亿 | | 605020 | 永和股份 | 32.35 | 5.79% | 16.48万 | | 5.24亿 | | 688157 | 松井股份 | 45.57 | 5.49% | 3.05万 | | 1.36亿 | | 600160 | 巨化股份 | 34.69 | 5.12% | 92.53万 | | 32.07亿 | | ...

Group 1 - The core viewpoint of the news is that Sanmei Co., Ltd. has shown significant stock performance and financial growth, indicating strong market interest and operational success [1][2]. - As of August 25, Sanmei's stock reached a 10.0% limit-up, trading at 60.63 yuan per share, with a transaction volume of 728 million yuan and a turnover rate of 2.02%, resulting in a total market capitalization of 37.013 billion yuan [1]. - Sanmei Co., Ltd. is a private enterprise based in Wuyi County, Zhejiang Province, specializing in the research, production, and sales of fluorochemical products, with a global market presence in over 100 countries [1]. Group 2 - As of September 30, the number of shareholders for Sanmei Co., Ltd. was 18,100, with an average of 33,700 circulating shares per shareholder [2]. - For the period from January to September 2024, Sanmei Co., Ltd. achieved an operating income of 3.039 billion yuan, representing a year-on-year growth of 16.50%, and a net profit attributable to shareholders of 561 million yuan, reflecting a substantial year-on-year increase of 135.63% [2].

Group 1 - The chemical sector continues to rise, with the chemical ETF (516020) showing a price increase of 1.85% as of the report, peaking at 2.13% [1] - Key stocks in the sector include Sanmei Co., which surged over 8%, and other companies like Hangjin Technology, Juhua Co., and Hualu Hengsheng, which saw increases of over 6%, 5%, and 3% respectively [1] - There are plans for comprehensive adjustments in the petrochemical industry in China, focusing on phasing out small-scale facilities and upgrading old ones, while investing in new materials [2] Group 2 - Open Source Securities indicates that "anti-involution" will be a policy focus for 2025 and beyond, targeting capacity governance in industries with severe competition [3] - The chemical industry is expected to see the elimination of some outdated capacities, leading to an optimized competitive landscape and potential recovery in profitability [3] - Current valuation metrics suggest that it may be a good time to invest in the chemical sector, with the chemical ETF's price-to-book ratio at 2.19, which is at a low point historically [3] Group 3 - Guohai Securities forecasts that anti-involution measures will reshape the Chinese chemical industry, potentially slowing global capacity expansion and increasing dividend yields [4] - The changes in supply dynamics are expected to lead to a recovery in industry conditions, with chemical stocks likely to exhibit both high elasticity and high dividend advantages [4] Group 4 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors, with nearly 50% of its holdings in large-cap stocks like Wanhua Chemical and Salt Lake Co. [5] - The ETF provides a more efficient way to invest in the chemical sector, allowing investors to capture opportunities across different segments [5]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company's performance in the first half of 2025 met expectations, with a significant increase in revenue and net profit driven by rising refrigerant prices and strong demand [6][5] - The company is expected to benefit from the new dual-phase cold plate technology, particularly with the potential adoption by Nvidia, which could enhance the demand for R134a refrigerant [6] - The company is investing in the fourth-generation refrigerant project to strengthen its integrated supply chain in the fluorochemical industry [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 6,569 million yuan, with a year-on-year growth rate of 62.6% [5] - The net profit attributable to the parent company is expected to reach 2,212 million yuan in 2025, reflecting a year-on-year growth of 184.1% [5] - The earnings per share (EPS) forecast for 2025 is 3.62 yuan, with a price-to-earnings (PE) ratio of 15 [5][6]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by rising prices of refrigerants and an improved supply-demand balance in the industry [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.828 billion yuan, a year-on-year increase of 38.58% [1] - The net profit attributable to shareholders reached 999.5 million yuan, up 159.22% year-on-year [1] - The net profit excluding non-recurring items was 986 million yuan, reflecting a growth of 163.61% [1] - In Q2 2025, revenue was 1.616 billion yuan, a 49.36% increase year-on-year, with net profit of 594 million yuan, up 158.98% [1] Refrigerant Pricing and Sales - The company's refrigerant sales volume was 62,000 tons in the first half of 2025, a decrease of 6.20% year-on-year, but the average selling price rose to 39,000 yuan per ton, an increase of 56.53% [2] - In Q2 2025, the average selling price of refrigerants reached 40,300 yuan per ton, up 55.06% year-on-year and 7.82% quarter-on-quarter [2] - The company's gross margin for refrigerants improved to 54.59%, contributing to an overall gross margin of 49.50% [2] Market Trends - As of August 23, 2025, the price of R22 has risen due to improved demand during the high-temperature season, with current quotes between 40,000 and 40,500 yuan per ton [3] - R32 is currently priced between 59,000 and 60,000 yuan per ton, with expectations for further increases [3] - R134a prices are stable at 50,000 to 51,000 yuan per ton, with upward price expectations [3] - R125 is primarily used for domestic purposes, while R227ea is experiencing supply shortages, with prices reaching 76,000 yuan per ton [3] Strategic Initiatives - The company is actively extending its industrial chain into high-value areas such as fluoropolymers and new energy materials [4] - Key projects include a lithium hexafluorophosphate project in Fujian and fluoropolymer projects in Zhejiang, which are progressing well [4] - The company is also advancing its fourth-generation refrigerants and preparing for future market expansions and technological iterations [4]