Core Insights - The report maintains a bullish outlook on the automotive industry, emphasizing the synergy between policies, exports, and smart technology, which is reshaping the market landscape [1][2]. Group 1: Industry Growth Logic - The automotive industry is projected to see a total sales volume of over 34 million units in 2025, with a year-on-year growth rate of approximately 8% [8]. - In the first ten months of 2025, cumulative sales reached 27.65 million units, reflecting a year-on-year increase of 12.29% [8][7]. - The penetration rate of new energy vehicles (NEVs) reached 46.70% in the same period, with cumulative sales of 12.91 million units, up 32.42% year-on-year [21][4]. - The export growth rate for NEVs was significantly higher at 87.57%, compared to domestic demand growth of 25.71% [21][4]. Group 2: Export Dynamics - In the first ten months of 2025, China's automotive exports reached 5.58 million units, marking a year-on-year increase of 15.05%, with exports accounting for 20.19% of total sales [11][10]. - The top ten exporting companies included Chery and BYD, with Chery exporting 1.063 million units, a 12.9% increase, and BYD's exports surging by 140% to 789,000 units [11][10]. Group 3: Domestic Demand - Domestic sales in the first ten months of 2025 totaled 22.06 million units, reflecting an 11.61% year-on-year increase [15][14]. - The "trade-in" policy has been enhanced to stimulate domestic demand, expanding the scope of vehicle scrappage and increasing subsidy standards [15][14]. Group 4: Self-owned Brands - The market share of domestic brands in passenger vehicles rose to 69.48% in the first ten months of 2025, up from 38.43% in 2022, with a growth rate of 21.31% [19][18]. - The overall growth rate for passenger vehicles was 12.80%, indicating a strong performance from domestic brands [19][18]. Group 5: Smart Technology and Parts - The smart driving market in China is expected to approach 450 billion yuan by 2025, with the penetration rate of L2-level assisted driving exceeding 50% [33][31]. - The report highlights the acceleration of domestic parts replacement, driven by supportive national policies and expanding market scales, particularly in the NEV sector [38][34]. - The synergy between smart connected vehicles and humanoid robots is noted, with both industries sharing over 50% of supply chain resources, which could significantly reduce production costs for robots [41][39]. Group 6: Investment Recommendations - Recommended companies in the complete vehicle sector include BAIC Blue Valley, GAC Group, and Great Wall Motors [47]. - In the parts sector, companies such as Bertley, Yinlun, and Longsheng Technology are highlighted as potential investment opportunities [47]. - For small-cap stocks, Baihehua is suggested as a promising investment [47].

证券代码：603823 证券简称：百合花 公告编号：2025-044 百合花集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 （一）会议召开时间：2025年12月05日（星期五）13:00-14:00 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： 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 28 日 （星期五） 至 12 月 04 日 （星 期四）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 csy@lilychem.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 百合花集团股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日发布公司 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 12 月 05 日 （星期五） 13:00-14:00 举行 2025 ...

Core Viewpoint - The stock of Baihehua fell by 5.01% to 14.79 CNY per share, with a trading volume of 84.91 million CNY and a turnover rate of 1.36%, resulting in a total market capitalization of 6.158 billion CNY [1] Company Overview - Baihehua Group Co., Ltd. is located in Hangzhou, Zhejiang Province, established on August 11, 1995, and listed on December 20, 2016. The company specializes in the research, production, sales, and service of organic pigments, intermediates, and pearlescent pigments [1] - The revenue composition of the main business includes pigments at 89.33%, intermediates at 9.60%, and others at 1.06% [1] Shareholder Information - Southern Fund's Southern Zhihong Mixed A (020645) fund entered the top ten circulating shareholders of Baihehua in the third quarter, holding 2.1788 million shares, which accounts for 0.53% of the circulating shares. The estimated floating loss today is approximately 1.6994 million CNY [2] - The fund was established on August 2, 2024, with a latest scale of 325 million CNY. Year-to-date returns are 28.44%, ranking 2651 out of 8136 in its category; the one-year return is 31.3%, ranking 1896 out of 8056; and since inception, the return is 45.26% [2] Fund Manager Information - The fund manager of Southern Zhihong Mixed A is Jin Lanfeng, who has been in the position for 4 years and 186 days. The total asset scale of the fund is 1.589 billion CNY, with the best fund return during the tenure being 49.18% and the worst being 6.71% [3] Fund Holdings - Southern Zhihong Mixed A holds 2.1788 million shares of Baihehua, representing 4.27% of the fund's net value, making it the third-largest holding. The estimated floating loss today is approximately 1.6994 million CNY [4]

Core Points - The stock price of Baihehua decreased by 2.01% on November 18, trading at 16.08 CNY per share with a market capitalization of 6.695 billion CNY [1] - Baihehua's stock has increased by 75.74% year-to-date, but has seen a decline of 3.48% over the last five trading days [1] - The company has been on the "Dragon and Tiger List" five times this year, with the most recent instance on November 5, showing a net buy of -1.7464 million CNY [1] Financial Performance - For the period from January to September 2025, Baihehua reported revenue of 1.638 billion CNY, a year-on-year decrease of 8.58%, and a net profit attributable to shareholders of 135 million CNY, down 5.84% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 563 million CNY, with 191 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Baihehua is 18,800, a decrease of 24.69% from the previous period, with an average of 21,813 circulating shares per shareholder, an increase of 32.78% [2] - Among the top ten circulating shareholders, Southern Zhihong Mixed A (020645) is the eighth largest, holding 2.1788 million shares as a new shareholder [3]

Group 1 - The stock price of Baihehua fell by 5.04%, reaching 15.82 CNY per share, with a trading volume of 1.04 billion CNY and a turnover rate of 1.58%, resulting in a total market capitalization of 6.587 billion CNY [1] - Baihehua Group Co., Ltd. is located in Hangzhou, Zhejiang Province, established on August 11, 1995, and listed on December 20, 2016. The company's main business involves the research, production, sales, and service of organic pigments, intermediates, and pearlescent pigments [1] - The revenue composition of Baihehua's main business includes pigments at 89.33%, intermediates at 9.60%, and others at 1.06% [1] Group 2 - Southern Fund's Southern Zhihong Mixed A (020645) fund entered the top ten circulating shareholders of Baihehua in the third quarter, holding 2.1788 million shares, which accounts for 0.53% of the circulating shares [2] - The estimated floating loss for Southern Zhihong Mixed A today is approximately 1.8302 million CNY [2] - Southern Zhihong Mixed A was established on August 2, 2024, with a latest scale of 325 million CNY, and has achieved a year-to-date return of 33.56% [2] Group 3 - Southern Zhihong Mixed A (020645) is a major holding in Baihehua, with 2.1788 million shares, representing 4.27% of the fund's net value, making it the third-largest holding [3] - The estimated floating loss for the fund regarding Baihehua is approximately 1.8302 million CNY [3]

Core Points - The stock price of Baihehua increased by 2.23% on November 11, reaching 16.94 CNY per share, with a trading volume of 282 million CNY and a turnover rate of 4.15% [1] - Baihehua's stock has risen 85.14% year-to-date, but has seen a decline of 12.64% over the last five trading days [2] - The company has been listed on the Longhu list five times this year, with the most recent occurrence on November 5, where it recorded a net buy of -1.7464 million CNY [2] Company Overview - Baihehua Group Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on August 11, 1995, with its listing date on December 20, 2016 [2] - The company's main business involves the research, production, sales, and service of organic pigments, intermediates, and pearlescent pigments, with revenue composition being 89.33% from pigments, 9.60% from intermediates, and 1.06% from others [2] - Baihehua belongs to the Shenwan industry classification of basic chemicals - chemical products - coatings and inks, and is associated with concepts such as small-cap, lithium batteries, dyes and coatings, share buybacks, and sodium batteries [2] Financial Performance - As of September 30, 2025, Baihehua reported a revenue of 1.638 billion CNY, a year-on-year decrease of 8.58%, and a net profit attributable to shareholders of 135 million CNY, down 5.84% year-on-year [2] - The company has distributed a total of 563 million CNY in dividends since its A-share listing, with 191 million CNY distributed over the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 24.69% to 18,800, while the average circulating shares per person increased by 32.78% to 21,813 shares [2]

Group 1 - The core point of the article highlights the recent decline in the stock price of Baihehua, which fell by 5.04% to 16.38 CNY per share, with a trading volume of 480 million CNY and a turnover rate of 7.00%, resulting in a total market capitalization of 6.82 billion CNY [1] - Baihehua Group Co., Ltd. is located in Hangzhou, Zhejiang Province, established on August 11, 1995, and listed on December 20, 2016. The company's main business involves the research, production, sales, and service of organic pigments, intermediates, and pearlescent pigments, with revenue composition being 89.33% from pigments, 9.60% from intermediates, and 1.06% from others [1] Group 2 - From the perspective of the top ten circulating shareholders, Southern Fund has a fund that ranks among Baihehua's top ten circulating shareholders. The Southern Zhihong Mixed A Fund (020645) entered the top ten in the third quarter, holding 2.1788 million shares, accounting for 0.53% of circulating shares, with an estimated floating loss of approximately 1.8955 million CNY [2] - The Southern Zhihong Mixed A Fund (020645) was established on August 2, 2024, with a latest scale of 325 million CNY. Year-to-date returns are 32.78%, ranking 2676 out of 8219 in its category; the one-year return is 35.13%, ranking 1625 out of 8125; and since inception, the return is 50.17% [2] Group 3 - The fund manager of Southern Zhihong Mixed A (020645) is Jin Lanfeng, who has a cumulative tenure of 4 years and 175 days. The current total asset scale of the fund is 1.589 billion CNY, with the best fund return during the tenure being 50.17% and the worst being 7.69% [3] - In terms of the fund's top holdings, Southern Zhihong Mixed A (020645) holds 2.1788 million shares of Baihehua, which constitutes 4.27% of the fund's net value, making it the third-largest holding, with an estimated floating loss of approximately 1.8955 million CNY [4]

Core Viewpoint - On November 7, Baihehua's stock price dropped by 5.12%, reaching 17.22 CNY per share, with a trading volume of 657 million CNY and a turnover rate of 9.04%, resulting in a total market capitalization of 7.17 billion CNY [1]. Company Overview - Baihehua Group Co., Ltd. is located in Qiantang New District, Hangzhou, Zhejiang Province, established on August 11, 1995, and listed on December 20, 2016. The company's main business involves the research, production, sales, and service of organic pigments, intermediates, and pearlescent pigments. The revenue composition is as follows: pigments account for 89.33%, intermediates 9.60%, and others 1.06% [1]. Shareholder Information - Among Baihehua's top ten circulating shareholders, a fund under Southern Fund ranks as a significant holder. The Southern Zhihong Mixed A Fund (020645) entered the top ten circulating shareholders in the third quarter, holding 2.1788 million shares, which represents 0.53% of the circulating shares. The estimated floating loss today is approximately 2.0262 million CNY [2]. Fund Performance - The Southern Zhihong Mixed A Fund (020645) has a current scale of 325 million CNY. Year-to-date, it has achieved a return of 33.76%, ranking 2645 out of 8148 in its category. Over the past year, the return is 36.24%, ranking 1769 out of 8053. Since its inception, the fund has returned 51.28% [2]. - The fund manager, Jin Lanfeng, has been in the position for 4 years and 172 days, with a total asset scale of 1.589 billion CNY. The best return during his tenure is 51.28%, while the worst is 8.88% [2]. Fund Holdings - The Southern Zhihong Mixed A Fund (020645) has a significant position in Baihehua, holding 2.1788 million shares, which constitutes 4.27% of the fund's net value, making it the third-largest holding. The estimated floating loss today is approximately 2.0262 million CNY [3].

Group 1 - The stock of Baihehua rose by 5.85%, reaching 18.47 CNY per share, with a trading volume of 414 million CNY and a turnover rate of 5.68%, resulting in a total market capitalization of 7.69 billion CNY [1] - Baihehua Group Co., Ltd. is located in Hangzhou, Zhejiang Province, established on August 11, 1995, and listed on December 20, 2016. The company's main business involves the research, production, sales, and service of organic pigments, intermediates, and pearlescent pigments [1] - The revenue composition of Baihehua's main business includes pigments at 89.33%, intermediates at 9.60%, and others at 1.06% [1] Group 2 - Southern Fund's Southern Zhihong Mixed A (020645) fund entered the top ten circulating shareholders of Baihehua in the third quarter, holding 2.1788 million shares, which accounts for 0.53% of the circulating shares [2] - The estimated floating profit for the fund today is approximately 2.2223 million CNY [2] - Southern Zhihong Mixed A (020645) was established on August 2, 2024, with a latest scale of 325 million CNY, and has achieved a year-to-date return of 33.27%, ranking 2399 out of 8149 in its category [2] Group 3 - The fund manager of Southern Zhihong Mixed A is Jin Lanfeng, who has a cumulative tenure of 4 years and 171 days, with the total asset scale of the fund at 1.589 billion CNY [3] - During his tenure, the best fund return was 51.3%, while the worst return was 8.67% [3] Group 4 - Southern Zhihong Mixed A holds Baihehua as its third-largest heavy stock, with 2.1788 million shares, accounting for 4.27% of the fund's net value [4] - The estimated floating profit for the fund today is approximately 2.2223 million CNY [4]

Core Viewpoint - The stock of Baihehua (603823) experienced a limit down on the trading day, with a significant turnover rate and net selling from brokerage seats, indicating potential investor concerns about the company's performance [2][3]. Trading Performance - Baihehua's stock fell by 10.24% on the day, leading to a trading volume of 10.40 billion yuan and a turnover rate of 14.19% [2]. - The stock has been on the龙虎榜 (Dragon and Tiger List) five times in the past six months, with an average price increase of 4.82% the day after being listed and an average decline of 1.97% over the following five days [2]. Financial Performance - For the first three quarters, Baihehua reported a revenue of 1.638 billion yuan, a year-on-year decrease of 8.58%, and a net profit of 135 million yuan, down 5.84% year-on-year [3]. Capital Flow - On the trading day, the stock saw a net outflow of 85.7685 million yuan in principal funds, with large orders contributing to a significant portion of this outflow [2]. - Over the past five days, the total net outflow of principal funds reached 152 million yuan [2]. Major Trading Seats - The top buying brokerage seat was 恒泰证券股份有限公司杭州婺江路证券营业部, with a purchase amount of 28.2272 million yuan, while the largest selling seat was 爱建证券有限责任公司深圳分公司, with a selling amount of 25.7627 million yuan [3][4].