新化股份公告，截至公告披露日，公司董事方军伟持有30.08万股，占0.16%；因个人资金需求，其拟于 2025年10月16日至2026年1月15日，通过集中竞价方式减持不超过75200股，占公司总股本0.0390%，占 其持股的25%。 ...

Investment Rating - The report maintains a "Positive" rating for the chemical industry [6][12]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected to remain at 2.8%, with stable oil demand, although the growth rate may slow due to tariff policies [6][7]. - The expectation of a Federal Reserve interest rate cut is likely to boost demand during the peak season of September and October. Additionally, the leakage incident of GFL R32 in India may enhance China's export opportunities [6][12]. - The report highlights the ongoing investigation into anti-dumping practices against imported semiconductor chips from the U.S., which may benefit domestic semiconductor materials [6][12]. Summary by Sections Macroeconomic Analysis - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable despite potential slowdowns due to tariffs. Geopolitical factors, including U.S.-China tariff relief and the Russia-Ukraine situation, are influencing oil prices [6][7]. - Coal prices are anticipated to stabilize at a low level, and natural gas export facilities in the U.S. may accelerate, leading to lower import costs [6][7]. Chemical Sector Configuration - The report suggests a strategic focus on four areas: textile and apparel chain, agricultural chemicals, export chain, and sectors benefiting from "de-involution" policies. Specific companies are recommended for investment based on their market positions and growth potential [6][12]. Key Material Focus - Emphasis is placed on the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, with specific companies highlighted for their potential in these sectors [6][12]. Price Trends - Recent data indicates fluctuations in various chemical prices, with PTA prices down by 0.3% and MEG down by 2.0%. The report notes that the overall industrial product PPI has shown a year-on-year decline of 2.9% [12][13][16]. Company Valuations - A detailed valuation table is provided, showcasing various companies in the agricultural chemicals and chemical sectors, with ratings ranging from "Buy" to "Increase" based on their market performance and projected earnings [20].

| 证券简称：新化股份 | 证券代码：603867 公告编号：2025-041 | | --- | --- | | 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 关于召开 2025 年半年度业绩说明会的公告 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： 会议召开时间：2025 年 09 月 19 日 （星期五） 09:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址：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 09 月 12 日 （星期五） 至 09 月 18 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 xhhg @xhchem.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。 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 浙江新化化工股份有限公司（以下简称"公司"）已于 2025 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company's traditional business operations are stable, with a slight year-on-year increase in performance for the first half of 2025. The revenue for H1 2025 was 1.482 billion yuan, a decrease of 0.07% year-on-year, while the net profit attributable to shareholders was 148 million yuan, an increase of 0.66% year-on-year [2][3] - The company is actively promoting the construction of strategic emerging industry projects, including the Ningxia Xin Hua fragrance project and the Jiangsu Xin Rui fragrance project, which are expected to enter trial production in the second half of the year. The company is also expanding into lithium resources and high-end chemicals, with projects accelerating towards trial production [3][4] Summary by Sections Financial Performance - In H1 2025, the company achieved operating revenue of 1.482 billion yuan, with a slight decrease of 0.07% year-on-year. The net profit attributable to shareholders was 148 million yuan, reflecting a year-on-year increase of 0.66%. The weighted average return on equity was 6.05%, down 0.49 percentage points year-on-year. The gross profit margin was 22.98%, up 1.03 percentage points year-on-year, and the net profit margin was 11.60%, up 0.13 percentage points year-on-year [1][2] - For Q2 2025, the company reported revenue of 717 million yuan, a decrease of 2.97% year-on-year and a decrease of 6.22% quarter-on-quarter. The net profit attributable to shareholders was 77 million yuan, an increase of 7.77% year-on-year and an increase of 7.00% quarter-on-quarter [1][2] Business Segments - The demand for fatty amine products remains stable, contributing 768 million yuan in revenue for H1 2025, an increase of 4.62% year-on-year. However, the organic solvent segment faced challenges, with revenue of 173 million yuan, a decrease of 28.06% year-on-year due to falling prices [2] - The synthetic fragrance segment saw a revenue of 382 million yuan in H1 2025, reflecting a year-on-year growth of 2.31%, despite a decline in average prices [2] Future Growth Prospects - The company is expected to see growth driven by its synthetic fragrance and lithium resource businesses. Forecasted net profits for 2025, 2026, and 2027 are 307 million yuan, 373 million yuan, and 451 million yuan, respectively, with corresponding EPS of 1.59 yuan, 1.94 yuan, and 2.34 yuan. The current price corresponds to a PE ratio of 18.64, 15.33, and 12.69 for the respective years [4][10]

Fixed Income - August PMI data shows manufacturing PMI contraction slowing down, while service sector sentiment significantly rebounds, with manufacturing PMI at 49.4%, up 0.1 percentage points month-on-month [6][7] - The service sector's business activity index is at 50.3%, up 0.2 percentage points month-on-month, indicating a recovery in service sector activities [6][9] - The report suggests controlling duration levels in the bond market and focusing on structural opportunities such as tax-inclusive bonds and new/old bonds, as the bond market is expected to remain in a volatile trend [6][9] Basic Chemicals - Yuntian Holdings - Yuntian Holdings reported a 2025 H1 revenue of 11.4 billion yuan, a year-on-year increase of 3.59%, and a net profit of 511 million yuan, up 12.60% year-on-year [11][12] - The company’s gross margin and net profit margin improved to 11.99% and 4.48%, respectively, with significant growth in new compound fertilizer sales [12][13] - Future net profits are projected at 1.009 billion, 1.305 billion, and 1.614 billion yuan for 2025-2027, with corresponding PE ratios of 13.7, 10.6, and 8.5, maintaining a "buy" rating [12][13] Computer - Dingjie Intelligence - Dingjie Intelligence achieved a 2025 H1 revenue of 1.045 billion yuan, a 4.1% year-on-year increase, and a net profit of 45 million yuan, up 6.1% year-on-year [15][16] - The company’s AI business saw a significant revenue increase of 125.9%, becoming a key growth driver [17] - Future revenue projections are 2.568 billion, 2.816 billion, and 3.056 billion yuan for 2025-2027, with net profits of 202 million, 251 million, and 293 million yuan, maintaining a "buy" rating [17] Media - Xindong Company - Xindong Company reported a 2025 H1 revenue of 3.082 billion yuan, a year-on-year increase of 38.8%, and a net profit of 755 million yuan, up 268.0% year-on-year [19][20] - The company’s self-developed games and the TAPTAP platform significantly contributed to revenue growth, with game revenue reaching 2.071 billion yuan, a 39.4% increase year-on-year [19][20] - Future net profit projections are 1.727 billion, 2.137 billion, and 2.305 billion yuan for 2025-2027, with growth rates of 113%, 24%, and 8% respectively, maintaining a "buy" rating [20] Home Appliances - Midea Group - Midea Group achieved a 2025 H1 revenue of 251.124 billion yuan, a year-on-year increase of 15.58%, and a net profit of 26.014 billion yuan, up 25.04% year-on-year [25][26] - The company’s B-end solutions saw a revenue increase of 20.8%, with significant contributions from new energy and industrial technology sectors [26] - Future revenue projections are expected to grow at rates of 9.9%, 8.0%, and 7.2% for 2025-2027, with net profit growth of 15.2%, 10.4%, and 9.9%, maintaining a "buy" rating [27] Automotive - Changan Automobile - Changan Automobile reported a 2025 H1 revenue of 72.69 billion yuan, a year-on-year decrease of 5.3%, with a net profit of 2.29 billion yuan, down 19.1% [29][30] - The company’s new energy vehicle sales reached 452,000 units, a 49.1% increase year-on-year, outperforming the industry average [29][30] - Future revenue projections are 187 billion, 209.6 billion, and 229.7 billion yuan for 2025-2027, with corresponding EPS of 0.90, 1.09, and 1.24 yuan, maintaining a "buy" rating [30] Light Industry Manufacturing - Craft Home - Craft Home reported a 2025 H1 revenue of 1.681 billion yuan, a year-on-year increase of 39.29%, and a net profit of 432 million yuan, up 51.38% [35][36] - The company’s gross margin improved to 25.69%, driven by product structure upgrades and increased sales of high-value products [36][37] - Future net profit projections are 903 million, 1.124 billion, and 1.332 billion yuan for 2025-2027, maintaining a "buy" rating [37] Agriculture - Juxing Agriculture - Juxing Agriculture reported a 2025 H1 revenue of 371.7 million yuan, a year-on-year increase of 66.49%, and a net profit of 18.1 million yuan, up 504.12% [39][40] - The company’s pig sales volume increased significantly, with a total of 1.907 million pigs sold in H1, a 75.02% increase year-on-year [39][40] - Future net profit projections are 569 million, 867 million, and 1.116 billion yuan for 2025-2027, maintaining a "buy" rating [41]

Core Insights - The company XinHua Co., Ltd. reported a slight decline in total revenue for the first half of 2025, with a total revenue of 1.482 billion yuan, down 0.07% year-on-year, while net profit increased by 0.66% to 148 million yuan [1] - The company's profitability improved, with a gross margin increase of 4.66% to 22.98% and a net margin increase of 1.16% to 11.6% [1] Financial Performance - Total revenue for Q2 2025 was 717 million yuan, a decrease of 2.97% year-on-year, while net profit for the same period was 76.58 million yuan, an increase of 7.77% [1] - The total of selling, administrative, and financial expenses reached 94.94 million yuan, accounting for 6.41% of revenue, which is an increase of 11.67% year-on-year [1] - Earnings per share (EPS) decreased by 2.5% to 0.78 yuan, while operating cash flow per share increased by 27.43% to 0.33 yuan [1] Business Evaluation - The company's return on invested capital (ROIC) for the previous year was 8.98%, indicating average capital returns [3] - The historical median ROIC since the company went public is 11.64%, suggesting a generally good investment return [3] - The company relies heavily on capital expenditures for performance, necessitating careful evaluation of the profitability of these investments [3] Accounts Receivable - The accounts receivable situation is concerning, with accounts receivable to profit ratio reaching 171.56% [3] - Analysts project the company's performance for 2025 to be around 296 million yuan, with an average EPS forecast of 1.54 yuan [3]

Group 1 - The board meeting of Zhejiang Xinhua Chemical Co., Ltd. was held on August 28, 2025, in a combination of in-person and telecommunication format [1][2] - All 9 directors attended the meeting, and it was chaired by Mr. Ying Sibin, confirming compliance with the Company Law of the People's Republic of China and the company's articles of association [1] - The proposal discussed in the meeting was approved by the company's audit committee during its tenth meeting [1][2] Group 2 - The voting results showed unanimous support with 9 votes in favor, 0 against, and 0 abstentions [2]

Group 1 - The company reported a total operating revenue of 1.482 billion yuan, ranking 45th among disclosed peers [1] - The net profit attributable to shareholders was 148 million yuan, ranking 26th among disclosed peers, with a year-on-year increase of 0.66% [1] - The net cash inflow from operating activities was 63.07 million yuan, ranking 68th among disclosed peers, with a year-on-year increase of 32.36% [1] Group 2 - The company's latest debt-to-asset ratio is 37.39%, a decrease of 1.40 percentage points from the same period last year [3] - The latest gross profit margin is 22.98%, ranking 74th among disclosed peers, with a quarter-on-quarter increase of 1.05 percentage points [3] - The latest return on equity (ROE) is 5.97%, ranking 24th among disclosed peers [3] Group 3 - The diluted earnings per share (EPS) is 0.78 yuan, ranking 11th among disclosed peers [3] - The latest total asset turnover ratio is 0.34 times, ranking 38th among disclosed peers [3] - The latest inventory turnover ratio is 3.11 times, ranking 52nd among disclosed peers [3] Group 4 - The number of shareholders is 10,900, with the top nine shareholders holding 64.08 million shares, accounting for 33.24% of the total share capital [3] - The largest shareholder is Jiande State-owned Assets Management Co., Ltd., holding 16.26% [3]

Core Viewpoint - The company reported a slight decline in revenue for the first half of 2025, but a modest increase in net profit, indicating resilience in its operations despite market challenges [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.48 billion yuan, a year-on-year decrease of 0.07% [1] - The net profit attributable to shareholders was 148 million yuan, reflecting a year-on-year growth of 0.66% [1] - For the second quarter of 2025, the company recorded operating revenue of 720 million yuan, showing a year-on-year increase [1] Business Analysis - The fatty amine and flavor and fragrance segments showed stable growth, while organic solvent prices declined [1] - The fatty amine product line generated revenue of 768 million yuan in the first half, marking a year-on-year increase of 4.62% [1] - Although the average price of synthetic flavor products decreased, both sales volume and revenue improved compared to the previous period [1] - The company is focusing on strategic emerging industry projects to build momentum for future growth, leveraging proprietary catalyst development and collaboration with research institutions [1] Profit Forecast, Valuation, and Rating - The company is positioned as a leader in low-carbon fatty amines in China, with a continuously expanding flavor and fragrance segment [1] - Adjusted net profit forecasts for 2025-2027 are 288 million yuan, 355 million yuan, and 395 million yuan, respectively, due to some new projects not meeting expectations [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a slight decline in revenue for the first half of 2025, with total revenue of 1.48 billion RMB, a year-on-year decrease of 0.07%, while net profit attributable to shareholders increased by 0.66% to 148 million RMB [2]. - The performance of the fatty amine and fragrance business segments remains stable, with fatty amines achieving a revenue of 768 million RMB, a year-on-year growth of 4.62% [3]. - The company is focusing on strategic emerging industries, particularly in lithium extraction technologies and specialized chemicals, which are expected to contribute to future growth [4]. Summary by Sections Financial Performance - In Q2 2025, the company generated revenue of 720 million RMB, a year-on-year decline of 3% and a quarter-on-quarter decline of 6%, while net profit was 77 million RMB, reflecting a year-on-year increase of 8% and a quarter-on-quarter increase of 7% [2]. - The company's revenue projections for 2025-2027 are adjusted to 288 million RMB, 355 million RMB, and 395 million RMB, respectively, with a significant downward revision of 36% for 2025 and 2026 [5]. Business Segments - The organic solvent segment saw a significant revenue drop of 28.06% to 173 million RMB due to falling prices influenced by acetone trends [3]. - The synthetic fragrance segment achieved a revenue of 382 million RMB, marking a year-on-year growth of 2.31% despite a decrease in average prices [3]. Strategic Initiatives - The company is actively developing new catalyst technologies and expanding applications in the mining chemicals sector, particularly in lithium extraction [4]. - New projects, including the third phase of Jiangsu Xinrui Fragrance and lithium recovery projects, are progressing and expected to enter trial production in the second half of the year [4].