Core Viewpoint - Xinhua Co., Ltd. (603867.SH) reported a slight increase in revenue and net profit for the first three quarters of 2025, indicating stable performance amidst market conditions [1] Financial Performance - The total operating revenue for the first three quarters reached 2.197 billion yuan, representing a year-on-year growth of 0.36% [1] - The net profit attributable to shareholders was 185 million yuan, showing a year-on-year increase of 2.66% [1] - The basic earnings per share stood at 0.97 yuan [1]

Group 1 - The core viewpoint of the article highlights the financial performance of XinHua Co., Ltd. for the third quarter of 2025, showing a slight increase in revenue and net profit compared to the previous year [1] - For the first three quarters of 2025, the company's revenue was approximately 2.197 billion yuan, representing a year-on-year increase of 0.36% [1] - The net profit attributable to shareholders was about 185 million yuan, reflecting a year-on-year increase of 2.66% [1] - Basic earnings per share were reported at 0.97 yuan, which is a decrease of 1.02% year-on-year [1] Group 2 - As of the report date, XinHua Co., Ltd. has a market capitalization of 5.7 billion yuan [2]

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2025-055 | | --- | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | | 关于子公司与关联方共同投资暨关联交易的公告 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个别及连带责任 重要内容提示： 。 浙江新化化工股份有限公司（以下简称"公司"或"新化股份"）子公司 中景辉（杭州）创业投资合伙企业（有限合伙）（以下简称"中景辉"） 拟与公司关联方建德市产业发展运营有限公司（以下简称"建德产发"） 共同投资设立杭州海峰建芯股权投资合伙企业（有限合伙）（以下简称"海 峰建芯"）。合伙企业的认缴出资总额为人民币4,200万元，其中，中景辉 以现金方式出资人民币1,090万元，持有海峰建芯25.952%的股权；建德产发 以现金增资人民币3,000万元，持有海峰建芯71.429%的股权。 本次交易构成关联交易。 本次交易不构成重大资产重组。 本次与关联方共同投资设立合资公司的关联交易事项在董事会审批权限 内，无需提交公司股东会审议。 截 ...

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2025-054 | | --- | --- | --- | | 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 注 2： 2025年1-9月主要产品价格同比有较大变化，其中：脂肪胺产品价格下降 5.26%，有机溶剂产品价格下降21.25%，合成香料产品价格下降2.63%。 2025年1-9月主要经营数据公告 一、主要产品的产量、销量及收入实现情况 | 产品大类 | 产量（吨） | 销售数量（吨） | 销售金额（万元） | | --- | --- | --- | --- | | 脂肪胺 | 101,489.71 | 101,435.66 | 111,717.21 | | 有机溶剂 | 41,419.51 | 41,843.65 | 26,989.43 | | 合成香料 | 20,485.10 | 17,636.02 | 58,425.70 | 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个别及连带责任。 注 1： 上述产量、销量为折百数 ...

| 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].