Investment Rating - The report maintains a positive outlook on the chemical industry, with specific buy and hold recommendations for various companies [2][20]. Core Insights - The report highlights the closure of Dow's organic silicon production capacity in Barry, UK, which is expected to increase domestic export demand and support the upstream industrial silicon costs, indicating a potential reversal in the organic silicon industry [4][5]. - The demand for high-end AI PCBs is projected to surge due to the continuous growth in computing power requirements, driven by GPU, ASIC, and 800G switch technologies [4]. - The report notes that the recent tariff announcements from the US on imports from Southeast Asia are lower than expected, stabilizing pessimistic market sentiments [4]. Industry Dynamics - The macroeconomic outlook for the chemical industry indicates a significant increase in oil supply led by non-OPEC countries, with a stable global GDP growth rate of 2.8% [5]. - The report mentions that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream sectors [5]. - Natural gas exports from the US are anticipated to accelerate, potentially lowering import costs [5]. Company Recommendations - Companies to watch in the organic silicon sector include Dongyue Silicon Materials, Xin'an Chemical, and Xingfa Group [4]. - In the PCB sector, recommended companies include Shengquan Group, Dongcai Technology, Lianrui New Materials, Yake Technology, Tiancheng Technology, and Jiuri New Materials [4]. - For traditional cyclical stocks, the report suggests focusing on leading companies in various segments such as Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy [4]. Price Trends - The report provides specific price movements for various chemical products, such as PTA prices decreasing by 2.8% to 4715 RMB/ton, while MEG prices increased by 0.7% to 4409 RMB/ton [11]. - Urea prices rose by 2.9% to 1800 RMB/ton, while phosphate prices remained stable [12]. - The report notes that the price of DMC increased by 1.9% to 11000 RMB/ton, indicating a recovery in the organic silicon market [15].

Summary of Key Points Core Viewpoint - Zhejiang Xinhua Chemical Co., Ltd. has reported the conversion results of its convertible bonds, indicating a low conversion rate and a significant amount of unconverted bonds remaining. Group 1: Convertible Bond Conversion Status - As of June 30, 2025, a total of RMB 145,566,000 worth of "Xinhua Convertible Bonds" has been converted into 7,185,989 shares, representing 3.87% of the total shares outstanding before conversion [1][3][4] - The amount of unconverted "Xinhua Convertible Bonds" as of June 30, 2025, is RMB 504,434,000, which accounts for 77.6052% of the total issuance [1][2] Group 2: Convertible Bond Issuance Overview - The company issued 6.5 million convertible bonds on November 28, 2022, with a total value of RMB 65 million and a maturity of 6 years [2] - The initial conversion price was set at RMB 32.41 per share, which has been adjusted to RMB 20.25 per share as of September 20, 2024, due to conditions met for downward price adjustment [2][3] Group 3: Share Capital Changes - The total share capital remains at 192,773,989 shares, with no changes due to the conversion of convertible bonds [4]

Core Viewpoint - The company Zhejiang Xinhua Chemical Co., Ltd. plans to transfer 24.5% of its subsidiary's shares in JianDe Gamma Management Consulting Partnership to other partners, with 17% going to the chairman, Mr. Ying Sibin, for a total price of approximately 2.25 million yuan, constituting a related party transaction [1][2][3] Summary by Sections Related Party Transaction Overview - The board approved the transfer of 24.5% of shares in JianDe Gamma Management Consulting Partnership, with 17% going to Mr. Ying Sibin for a total price of 2,249,429.88 yuan [1][2] - The transaction does not constitute a major asset restructuring [1] - The transfer price is based on the net asset value assessed by Kun Yuan Asset Appraisal Co., Ltd. as of May 31, 2025 [1][2] Purpose and Reason for the Transaction - The transaction aims to establish a long-term incentive mechanism to align the interests of the core team with the company's long-term development, particularly in the lithium extraction market [2] Related Party Information - Mr. Ying Sibin, the chairman of the company, is the related party involved in this transaction [3] Transaction Target Information - The target of the transaction is JianDe Gamma Management Consulting Partnership, a limited partnership with a registered capital of 3 million yuan, primarily engaged in management consulting services [4] Financial Information of the Transaction Target - As of December 31, 2024, the total assets of the target company are projected to be 1,323.19 million yuan, with total liabilities of 0, resulting in net assets of 1,323.19 million yuan [4] Valuation and Pricing - The assessed net asset value of JianDe Gamma Management Consulting Partnership is 11,517,727.91 yuan, with a total equity valuation of 12,366,540.29 yuan, reflecting an increase of 848,812.38 yuan, or a 7.37% increase [5][8] Contractual Details - The agreement specifies that the seller is Zhejiang Xinjia Chemical Co., Ltd. and the buyer is Mr. Ying Sibin, with the transaction price set at 2,249,429.88 yuan [8] Impact on the Company - The transaction amount is minor compared to the company's audited net assets, indicating minimal impact on the company's financial status and operational results [8]

| 证券简称：新化股份 | 证券代码：603867 | 公告编号：2025-034 | | --- | --- | --- | | 转债简称：新化转债 | 转债代码：113663 | | 浙江新化化工股份有限公司 关于子公司关联交易的补充公告 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： 一、关联交易概述 2025年5月20日，新化股份召开第六届董事会独立董事专门会议2025年第二 次会议、第六届董事会第十七次会议，会议审议通过《关于子公司关联交易的议 案》，同意公司通过协议转让方式将全资子公司浙江新伽玛化学有限公司所持有 的预留的建德市伽玛管理咨询合伙企业（有限合伙）中的24.5%股份按 2024 年 末净资产份额转让给其他及新增合伙人，其中 17% 的股份份额转让给应思斌先 生，拟转让价格合计为 2,249,429.88 元。 因建德市伽玛管理咨询合伙企业（有限合伙）份额拟变更，公司拟将全资子公 司浙江新伽玛化学有限公司所持有的预留的建德市伽玛管理咨询合伙企业（有 限合伙）（以下简称伽玛咨询公司）中的24 ...

可转债转股结果暨股份变动公告 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： 可转债累计转股情况：浙江新化化工股份有限公司（以下简称"公司" 或"新化股份"）发行的"新化转债"自 2023 年 6 月 2 日起可转换为公司股份。 截至 2025 年 6 月 30 日，累计已有人民币 145,566,000 元"新化转债"转为公司 A 股普通股，累计转股股数为 7,185,989 股，占"新化转债"转股前公司已发行 普通股股份总额的 3.87%。 | 证券代码：603867 | 证券简称：新化股份 | 公告编号：2025-035 | | --- | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | | 浙江新化化工股份有限公司 因公司2023年度实施权益分派，转股价格自2024年6月18日由31.86元/股调 整为31.42元/股，详见公司在上海证券交易所网站（www.sse.com.cn）披露的《新 化股份关于调整"新化转债"转股价格的公告》（公告编号：2024-039）。 因公司 ...

Core Viewpoint - The credit rating for Zhejiang Xinhua Chemical Co., Ltd. remains stable at AA- due to its strong market position in the domestic fatty amine industry and expected revenue growth from new synthetic flavor capacity in 2024 [3][6][7]. Financial Performance - Total assets for 2024 are projected to be 43.89 billion, up from 43.48 billion in 2023 [3]. - The company's net profit for 2024 is expected to be 0.84 billion, a decrease from 2.75 billion in 2023 [5]. - Operating income is projected to be 7.65 billion, down from 29.66 billion in 2023 [5]. - The cash flow from operating activities is expected to improve, with cash assets remaining above 20% of total assets [6]. Production Capacity and Sales - The company plans to increase its synthetic flavor production capacity by 16,650 tons/year in 2024, with an additional 18,800 tons/year under construction [6][19]. - The utilization rate for fatty amine production is expected to improve significantly in 2024, contributing to revenue growth [6][17]. - The company’s fatty amine products generated 14.53 billion in revenue, accounting for 48.98% of total sales in 2024 [14]. Market Environment - The domestic market for fatty amines is competitive, with the company holding the largest production capacity for isopropylamine [11][14]. - The export of isopropylamine is projected to reach 26,400 tons in 2024, a year-on-year increase of 20.71% [11]. - The synthetic flavor market is expected to stabilize due to partnerships with major companies like Firmenich, ensuring consistent demand [17]. Risks and Challenges - The company faces risks related to raw material price fluctuations, with over 80% of costs attributed to materials like acetone and pine oil [19]. - There are concerns regarding the absorption of new production capacity, particularly in synthetic flavors, which may depend on external market conditions [6][19]. - The company operates in a highly regulated industry, facing environmental and safety production pressures [7][19].

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2025-033 | | --- | --- | --- | | 债券代码：113663 | 债券简称：新化转债 | | 浙江新化化工股份有限公司 关于公开发行可转换公司债券 2025 年跟踪评级结果 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： 根据中国证券监督管理委员会《上市公司证券发行管理办法》《公司债券发行 与交易管理办法》《上海证券交易所股票上市规则》等相关规定，浙江新化化工股 份有限公司（以下简称"公司"）委托信用评级机构中证鹏元资信评估股份有限公 司（以下简称"中证鹏元"）对公司 2022 年 11 月发行的"新化转债"进行跟踪信 用评级。 公司前次主体信用等级评级为"AA-"，评级展望为"稳定"，"新化转债" 前次债券评级为"AA-"。评级机构为中证鹏元，评级时间为 2024 年 06 月 26 日。 中证鹏元在对公司经营状况、行业发展情况等进行综合分析与评估的基础上， 于近日出具了《浙江新化化工股份有限公司相关债券 2 ...

浙江新化化工股份有限公司相关 债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【642】号 01 本评级报告版权归本评级机构所有，未经授权不得修改、复制、转载和出售。除委托评级合同约定外， 未经本评级机构书面同意，本评级报告及评级结论不得用于其他债券的发行等证券业务活动或其他用途。 中证鹏元资信评估股份有限公司 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同 ...

股票简称：新化股份 股票代码：603867 债券简称：新化转债 债券代码：113663 二零二五年六月 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《浙 江新化化工股份有限公司与东方证券承销保荐有限公司关于向不特定对象发行 可转换公司债券之受托管理协议》（以下简称"《受托管理协议》"）、《浙江新化 化工股份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集说明 书》"）、《浙江新化化工股份有限公司 2024 年年度报告》等相关公开信息披露文 件、第三方中介机构出具的专业意见等，由本期可转换公司债券受托管理人东方 证券股份有限公司（以下简称"东方证券"）编制。东方证券对本报告中所包含的 从上述文件中引述内容和信息未进行独立验证，也不就该等引述内容和信息的真 实性、准确性和完整性做出任何保证或承担任何责任。 浙江新化化工股份有限公司 公开发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为东方证券所作的承诺 或声明。 在任何情况下， ...

| 证券代码：603867 | 证券简称：新化股份 公告编号：2025-032 | | --- | --- | | 转债代码：113663 | 债券简称：新化转债 | 浙江新化化工股份有限公司 关于实施 2024 年度权益分派相应调整"新化转债"转 股价格的公告 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： 证券停复牌情况：适用 因实施 2024 年年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113663 | 新化转债 | 可转债转股复 | | | 2025/6/17 | 2025/6/18 | | | | 牌 | | | | | 经中国证券监督管理委员会《关于核准浙江新化化工股份有限公司公开发行 可转换公司债券的批复》（证监许可[2022]2163 号）核准，浙江新化化工股份有限 公司（以下简称"新化股份" ...