| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2025-053 | | --- | --- | --- | | 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 第六届董事会第二十三次会议决议公告 1、审议通过《公司 2025 年第三季度报告》 本议案已经公司董事会审计委员会审议通过并同意提交董事会审议，公司 2025 年第三季度报告详见上海证券交易所网站（http://www.sse.com.cn）。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 2、审议通过《关于子公司与关联方共同投资暨关联交易的议案》 本议案已经公司独立董事专门会议、审计委员会审议通过，同意提交公司董 事会审议。本议案无需提交公司股东大会审议。具体内容详见上海证券交易所网 站（http://www.sse.com.cn）。 表决结果：同意 8 票，反对 0 票，弃权 0 票。关联董事陈晖回避表决。 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 一、董事会会议召开情况 浙江新化化工股份有限公司（以下简称"公司"）第六届董事会第二十三次 会议（以下简称"本次会 ...

Financial Performance - The company's operating revenue for the third quarter was ¥715,114,009.02, an increase of 1.26% compared to the same period last year[4]. - The total profit for the quarter reached ¥62,675,213.27, reflecting a year-on-year growth of 21.87%[4]. - The net profit attributable to shareholders was ¥36,857,368.02, which is an increase of 11.55% year-on-year[4]. - The basic earnings per share for the quarter was ¥0.19, a decrease of 5.56% compared to the previous year[5]. - The net profit for the first three quarters of 2025 reached CNY 216,552,183.88, a slight increase from CNY 213,588,006.36 in the same period of 2024, representing a growth of approximately 1.4%[19]. - Basic earnings per share for the current period was CNY 0.97, slightly down from CNY 0.98 in the previous year[19]. Assets and Liabilities - The total assets as of September 30, 2025, amounted to ¥4,485,835,458.82, representing a 3.16% increase from the end of the previous year[5]. - The total current assets as of September 30, 2025, were ¥1,938,171,862.99, compared to ¥1,967,950,242.59 at the end of 2024, indicating a decrease of approximately 1.52%[13]. - Non-current assets increased to ¥2,547,663,595.83 in 2025 from ¥2,380,307,029.96 in 2024, reflecting a growth of about 7.03%[13]. - Total liabilities decreased to ¥1,668,655,313.93 in 2025 from ¥1,754,677,424.67 in 2024, indicating a reduction of approximately 4.90%[14]. - The total equity attributable to shareholders rose to ¥2,519,612,743.92 in 2025 from ¥2,327,380,949.06 in 2024, marking an increase of about 8.25%[15]. Cash Flow - The company reported a cash flow from operating activities of ¥157,492,947.92 for the year-to-date period, which is a 5.83% increase[5]. - The net cash flow from operating activities for the first three quarters of 2025 was CNY 157,492,947.92, up from CNY 148,821,080.99 in 2024, reflecting a growth of approximately 2.3%[22]. - The net cash flow from investing activities was negative at CNY -281,079,498.87 for the first three quarters of 2025, compared to CNY -200,320,004.82 in the same period of 2024, indicating a larger outflow[22]. - The net cash flow from financing activities was negative at CNY -27,789,837.54, an improvement from CNY -132,003,659.79 in the previous year, reflecting a reduction in cash outflow[22]. Operating Costs and Expenses - Total operating revenue for the first three quarters of 2025 reached ¥2,196,968,946.32, a slight increase from ¥2,189,097,845.56 in the same period of 2024, reflecting a growth of approximately 0.36%[17]. - Total operating costs decreased to ¥1,942,736,565.26 in 2025 from ¥1,947,695,988.57 in 2024, indicating a reduction of about 0.25%[17]. - Operating costs specifically for the business amounted to ¥1,706,534,006.00, down from ¥1,730,176,321.73, showing a decrease of approximately 1.38%[17]. - Research and development expenses for the first three quarters of 2025 were ¥73,062,099.66, slightly lower than ¥75,316,821.10 in 2024, representing a decline of about 3.00%[17]. - The company incurred a total of CNY 1,831,815,201.80 in cash payments for goods and services during the first three quarters of 2025, compared to CNY 1,751,316,425.24 in 2024, representing an increase of about 4.6%[22]. Other Income and Expenses - Non-operating income included government subsidies amounting to ¥2,000,946.99 for the quarter[7]. - The company reported a total comprehensive income of CNY 212,190,317.66 for the current period, compared to CNY 213,588,006.36 in the previous year, showing a decrease of about 0.7%[19]. - The company reported a total of CNY 46,360,005.83 in income tax expenses for the current period, compared to CNY 34,520,773.10 in the previous year, which is an increase of approximately 34.3%[19]. - The diluted earnings per share decreased by 35.71% due to the increased dilution effect from convertible bonds[8]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 192,892,203[10]. - Cash and cash equivalents were reported at ¥608,488,823.40 as of September 30, 2025, compared to ¥756,469,583.78 at the end of 2024, showing a decrease of approximately 19.6%[12]. - The company's short-term borrowings were ¥65,950,000.00 as of September 30, 2025, down from ¥68,016,500.00 at the end of 2024, reflecting a decrease of about 3.14%[14].

Core Viewpoint - The company XinHua Co., Ltd. announced a joint investment in a new equity investment partnership focused on semiconductor technology, indicating a strategic move into the wireless communication sector [1] Investment Details - The total committed capital for the new partnership, HaiFeng JianXin, is 42 million yuan, with XinHua's subsidiary Zhongjinghui contributing 10.9 million yuan for a 25.952% stake [1] - The partner, JianDe ChanFa, will invest 30 million yuan, holding a 71.429% stake in the partnership [1] Target Company - The partnership will specifically invest in Hangzhou Bibo Semiconductor Co., Ltd., which specializes in the research, design, and sales of wireless communication chips, particularly the 5G RedCap chips [1] - Bibo Semiconductor aims to provide integrated communication solutions centered around "lightweight 5G + satellite communication" for various environments including air, land, and sea [1]

Core Insights - The company reported a third-quarter revenue of 715 million, representing a year-on-year increase of 1.26% [1] - The net profit for the third quarter was 36.86 million, showing a year-on-year growth of 11.55% [1] - For the first three quarters, the total revenue reached 2.197 billion, with a year-on-year growth of 0.36% [1] - The net profit for the first three quarters was 185 million, reflecting a year-on-year increase of 2.66% [1]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights a recovery opportunity at the bottom of the chemical cycle, particularly in the titanium dioxide sector, with major companies expanding globally and focusing on asset acquisitions [3][4]. - Global oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable with a projected global GDP growth of 2.8% [4][5]. - The report emphasizes the importance of various chemical chains, including textiles, agriculture, and exports, as well as the potential for recovery in profitability for titanium dioxide due to easing trade tensions and improved overseas real estate conditions [3][4]. Summary by Sections Industry Dynamics - Oil supply is anticipated to rise, with OPEC+ expected to increase production, while demand is stable but may slow due to tariffs [4]. - Coal prices are expected to stabilize at a low level, and natural gas exports from the U.S. are likely to increase, reducing import costs [4]. Chemical Product Prices and Trends - The report notes that the PPI for all industrial products fell by 2.3% year-on-year in September, indicating a narrowing decline compared to August [5]. - Manufacturing PMI rose to 49.8%, suggesting a continued recovery in manufacturing activity [5]. Investment Analysis - The report suggests focusing on four key areas for investment: textiles, agriculture, export-related chemicals, and sectors benefiting from reduced competition [3]. - Specific companies to watch include Lu Xi Chemical, Tongkun Co., and Huafeng Chemical in the textile chain, and various firms in the agricultural sector such as Hualu Hengsheng and Baofeng Energy [3][4]. Key Company Valuations - The report provides a valuation table for key companies, indicating their market capitalization and projected earnings for the coming years [14].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights the global expansion of major titanium dioxide manufacturers, emphasizing the opportunity for industry recovery from the bottom of the cycle. The acquisition of Venator UK's titanium dioxide assets and the establishment of subsidiaries in Malaysia and the UK are key developments [4][5]. - The macroeconomic outlook for the chemical sector indicates stable oil demand despite a slight slowdown due to tariffs, with global GDP growth projected at 2.8%. The report also notes that coal prices are stabilizing and natural gas export facilities in the U.S. are expected to accelerate [4][5]. - The report suggests investment strategies across various sectors, including textiles, agriculture, and chemicals, with a focus on companies benefiting from the "anti-involution" policies [4][5]. Summary by Sections Industry Dynamics - The report discusses the current macroeconomic conditions affecting the chemical industry, including oil supply and demand dynamics, with a forecast of increased production from non-OPEC sources and stable global oil demand [5][6]. - It notes that the PPI for industrial products decreased by 2.3% year-on-year in September, indicating a stabilization in prices due to improved supply-demand structures [6]. Investment Analysis - The report recommends a diversified investment approach focusing on sectors such as textiles, agriculture, and export-oriented chemicals, highlighting specific companies for potential investment [4][18]. - Key materials for growth are identified, including semiconductor materials and packaging materials, with specific companies mentioned for each category [4][18]. Price Movements - The report provides detailed price movements for various chemical products, including titanium dioxide, fertilizers, and pesticides, indicating a mixed outlook with some prices stabilizing while others show slight declines [11][14][20]. - It highlights the impact of external factors such as raw material costs and international trade dynamics on pricing trends within the chemical sector [11][14].

Core Points - The company announced the achievement of the granting conditions for its 2025 stock incentive plan, with the grant date set for October 16, 2025 [2] - A total of 1.83 million restricted stocks will be granted to 29 incentive recipients at a price of 15.80 yuan per share [2]

浙江新化化工股份有限公司 2025年限制性股票激励计划激励对象名单 （授予日） | 序号 | 姓名 | 职务 | 获授的限制性股 票数量（万股） | 占授予限制性股 票总数的比例 | 占本计划公告时公 司股本总额的比例 | | --- | --- | --- | --- | --- | --- | | 1 | 应思斌 | 董事长、总经理 | 30.00 | 16.39% | 0.16% | | 2 | 王卫明 | 董事、副总经理 | 12.00 | 6.56% | 0.06% | | 3 | 赵建标 | 副总经理 | 12.00 | 6.56% | 0.06% | | 4 | 张新利 | 副总经理 | 12.00 | 6.56% | 0.06% | | 5 | 胡建宏 | 董事、董事会秘书 | 12.00 | 6.56% | 0.06% | | 6 | 洪益琴 | 财务总监 | 12.00 | 6.56% | 0.06% | | | 香料业务板块核心技术（生产）人员（23人） | | 93.00 | 50.82% | 0.48% | | | 合计 | | 183.00 | 100.00% | 0.95% | ...

| 证券简称：新化股份 | 证券代码：603867 | 公告编号：2025-052 | | --- | --- | --- | | 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 关于向 2025 年限制性股票激励计划激励对象授予股 票的公告 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： 3.2025 年 9 月 25 日至 2025 年 10 月 4 日，公司将本激励计划拟激励对象名 单及职务在公司内部进行了公示。在公示期内，公司董事会薪酬与考核委员会未 收到任何员工对本次拟激励对象提出的异议。2025 年 10 月 10 日，公司披露了 《新化股份董事会薪酬与考核委员会关于公司 2025 年限制性股票激励计划激励 对象名单的审核意见及公示情况说明》。 浙江新化化工股份有限公司（以下简称"新化股份"或"公司"）于 2025 年 10 月 16 日召开第六届董事会第二十二次会议及第六届董事会薪酬与考核委员会会 议，审议通过了《关于向 2025 年限制性股票激励计划激励对象授予 ...

北京大成(上海)律师事务所 关于 浙江新化化工股份有限公司 2025 年限制性股票激励计划授予事项 之 目录 释 义 在本法律意见书中,除非文义另有所指,下列简称和词语具有以下含义: | 本所、本所律师 | 指 | 北京大成(上海)律师事务所或其律师 | | --- | --- | --- | | 公司、新化股份 | 블 | 浙江新化化工股份有限公司(含分公司、控股子公司) | | 本次激励计划 | 指 | 公司 2025 年限制性股票激励计划 | | 限制性股票 | 指 | 公司根据本次激励计划规定的条件和价格授予激励对象一定数 量的公司股票,该等股票设置一定期限的限售期,在达到本次 | | | | 激励计划规定的解除限售条件后方可解除限售流通的公司股票 | | 激励对象 | 指 | 按照本次激励计划的规定,获得限制性股票的人员 | | 本次授予 | 指 | 公司按照本次激励计划授予激励对象限制性股票 | | 授予日 | 指 | 公司向激励对象授予限制性股票的日期 | | 授予价格 | 指 | 公司授予激励对象限制性股票的价格 | | 《激励计划(草案)》 | 指 | 《浙江新化化工股份有限公司 2025年 ...