上证报中国证券网讯（记者 黄璐婧）三美股份发布2025年前三季度业绩预告，公司预计归属于上市公 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。 来源：上海证券报·中国证券网 ...

智通财经APP讯，三美股份(603379.SH)发布前三季度业绩预增，预计2025年前三季度实现归属于上市 公司股东的净利润15.24亿元至16.46亿元，同比增长171.73%到193.46%。2025年，第二代氟制冷剂 (HCFCs)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。 ...

粤桂股份也类似，据该公司10月13日公告，预计公司2025年前三季度净利润4.2亿元—4.7亿元，同比增 长86.87%—109.11%。公告显示，报告期内，该公司持续推进降本增效工作，实现产品成本有效降低； 同时矿石类主要产品价格同比上涨。在成本优势与产品价格上涨的双重驱动下，矿石板块销售利润实现 同步增长。 无独有偶，圣诺生物10月13日也发布2025年前三季度业绩预告，预计净利润为1.14亿元至1.4亿元，同比 增加100.53%至145.1%。 圣诺生物称，报告期内，公司主营业务稳定发展，投建产能陆续落地，多肽原料药业务订单需求持续增 长，带动整体业绩稳步提升，市场竞争力与持续盈利能力增强。 此外，三美股份（603379）、西昌电力（600505）、粤桂股份（000833）等多公司也预计三季报业绩倍 增。 其中，三美股份公告，预计前三季度净利润为15.24亿元到16.46亿元，同比增长171.73%至193.46%。三 美股份解释称，2025年，第二代氟制冷剂(HCFCs)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 ...

Company Announcements - Northern Rare Earth received a warning letter from the Inner Mongolia Securities Regulatory Bureau due to undisclosed non-operating fund occupation by related parties, amounting to 8.9485 million yuan, which has been fully repaid [2] - Aosheng Electronics reported that revenue from controllable nuclear fusion-related products will account for less than 1% of its main business revenue in the first half of 2025 [2] - Yiyi Co. is planning to acquire a pet food company, leading to a stock suspension [3] - Sanmei Co. expects a net profit increase of 172%-193% year-on-year for the first three quarters, driven by a significant rise in the average price of fluorinated refrigerants [4] - Feirongda anticipates a net profit increase of 111%-130% year-on-year for the first three quarters, with growth in AI server cooling-related business revenue [4] - Zhongshi Technology expects a net profit increase of 74%-104% year-on-year for the first three quarters, benefiting from increased shipments of thermal materials and components [4] - Juxin Technology forecasts a net profit increase of 113% year-on-year for the first three quarters, with sales revenue from edge AI processor chips increasing significantly [4] - Chuangjiang New Materials expects a staggering net profit increase of 2058%-2243% year-on-year for the first three quarters [4] - New China Life Insurance anticipates a net profit increase of 45%-65% year-on-year for the first three quarters [4] Investment & Contracts - Fostda plans to invest 1 billion yuan in the construction of an intelligent manufacturing project for marine engineering and equipment [11] Shareholding Changes - Dongxin Co. has set an initial transfer price of 82.5 yuan per share for its inquiry transfer, which is a 16% discount from the closing price [11] - China Jushi has obtained a commitment letter for a stock repurchase loan of up to 630 million yuan [12] - Tianji Co. has reduced its holdings by 2.9996% of the company's shares and has terminated its reduction plan early [3] Performance & Operations - Yingweike reported a net profit of 183 million yuan for the third quarter, an increase of 8.35% year-on-year [13] - Chenguang Biological expects a net profit increase of 344%-402% year-on-year for the first three quarters [14] - Meili Ecology's subsidiary won a bid for a 2.375 billion yuan urban renewal project in Shenzhen [18] Stock Price Movements - Hezhu Intelligent has not generated any revenue related to nuclear fusion concepts [19] - Jinli Yongci confirmed that its recent stock price fluctuations are not due to undisclosed significant matters [20] Other Developments - Heng Rui Medicine's subsidiary received approval for clinical trials of SHR-1905 injection [24] - Renfu Medicine received a drug registration certificate for Dapoxetine Hydrochloride Tablets, which are expected to generate approximately 1.1 billion yuan in sales in 2024 [26]

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].

行 业 及 产 业 基础化工 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230525090001 zhouchao@swsresearch.com 李绍程 A0230525070002 lisc@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 联系人 马昕晔 (8621)23297818× maxy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 10 月 12 日 钛白粉近期二次提价，四季度制冷 剂长协价大幅上涨 看好 ——《化工周报 25/10/09-25/10/10》 本期投资提示： ⚫ 投资分析意见： 请务 ...