证券代码：605589 证券简称：圣泉集团 公告编号：2025-086 济南圣泉集团股份有限公司 关于公司 2025 年前三季度主要经营数据的公告 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。 济南圣泉集团股份有限公司（以下简称"公司"）根据上海证券 交易所《上海证券交易所上市公司自律监管指引第 3 号行业信息披 露：第十三号——化工》的要求，现将公司 2025 年前三季度主要经 营数据披露如下： 二、主要产品和原材料的价格变动情况 （一）2025 前三季度公司主要产品价格变动情况 | 主要产品 | 2025 年前三季度 | | 2024 年前三季度 | | 变动比例（%） | | --- | --- | --- | --- | --- | --- | | | 平均售价（元/吨） | | 平均售价（元/吨） | | | | 合成树脂类 | | 6,958.45 | | 7,573.81 | -8.12 | 主要产品 产量（吨） 销量（吨） 营业收入（万元） 合成树脂类 585,520.23 588,666.24 409,62 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥2,721,538,839.35, representing a year-on-year increase of 7.75%[5] - The total profit for the period was ¥293,051,571.75, reflecting a year-on-year growth of 7.16%[5] - The net profit attributable to shareholders was ¥258,618,062.12, with a year-on-year increase of 3.73%[5] - The net profit after deducting non-recurring gains and losses was ¥252,658,435.45, showing a year-on-year growth of 10.38%[5] - The total profit for the year-to-date reached ¥888,705,257.10, marking a significant increase of 31.29% compared to the same period last year[5] - The net profit attributable to shareholders for the year-to-date was ¥759,556,538.56, reflecting a year-on-year increase of 30.81%[5] - Operating profit for the first three quarters of 2025 was ¥879,048,614.11, compared to ¥672,314,944.52 in 2024, marking a growth of 30.76%[22] - Net profit for the first three quarters of 2025 amounted to ¥782,245,322.67, a significant increase of 31.66% from ¥593,983,108.73 in the previous year[23] - Earnings attributable to shareholders of the parent company for the first three quarters of 2025 were ¥759,556,538.56, up from ¥580,641,315.82 in 2024, representing an increase of 30.85%[23] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥16,544,864,729.74, an increase of 12.29% compared to the end of the previous year[6] - As of September 30, 2025, the company's total assets amounted to 16.545 billion RMB, an increase from 14.733 billion RMB at the end of 2024[18] - Total liabilities as of the reporting date were ¥5,689,626,873.34, compared to ¥4,168,075,781.14 in the previous year, indicating a rise of 36.38%[22] - Total equity attributable to shareholders of the parent company reached ¥10,270,340,212.97, an increase from ¥10,077,284,400.74 in 2024, reflecting a growth of 1.92%[22] Cash Flow - The company reported a cash flow from operating activities net amount of -¥330,779,269.87 for the year-to-date[5] - Operating cash inflow for the first three quarters of 2025 reached CNY 6,823,890,904.19, up from CNY 6,058,142,658.55 in the same period of 2024, representing an increase of 12.6%[24] - Net cash flow from operating activities improved to -CNY 330,779,269.87, compared to -CNY 426,078,567.48 in the previous year, indicating a reduction in cash outflow[24] - Cash flow from investing activities showed a net outflow of -CNY 690,845,068.08, worsening from -CNY 330,626,666.10 year-over-year[25] - Cash flow from financing activities generated a net inflow of CNY 922,195,311.28, an increase from CNY 684,972,779.68 in the previous year, marking a growth of 34.6%[25] Sales and Revenue - In the first three quarters of 2025, the company achieved a sales revenue of 8.072 billion RMB, a year-on-year increase of 12.87%, and a net profit attributable to shareholders of 760 million RMB, up 30.81% year-on-year[15] - The sales volume for advanced electronic materials and battery materials reached 61,100 tons in the first three quarters, representing a 19.01% increase compared to the same period last year, with sales revenue of 1.237 billion RMB, up 32.23% year-on-year[15] - The company’s synthetic resin industry maintained resilience, with a sales volume of 588,700 tons in Q3, a 13.90% increase year-on-year, and sales revenue of 4.096 billion RMB, a 4.64% increase year-on-year[16] - Biomass product sales volume in the first three quarters reached 171,800 tons, a year-on-year increase of 30.17%, with sales revenue of 660 million RMB, up 25.22% year-on-year[16] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥446,189,795.58, compared to ¥368,487,921.81 in 2024, showing an increase of 20.99%[22] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 31,067[12] - Basic earnings per share (EPS) increased to CNY 0.90 from CNY 0.71, reflecting a growth of 26.8% year-over-year[24]

Core Insights - Shengquan Group's stock price has increased by 10.75% over the past eight days, currently trading at 30.39 CNY per share with a market capitalization of 25.72 billion CNY [1] Company Overview - Shengquan Group, established on January 24, 1994, is located in the Industrial Economic Development Zone of Diao Town, Zhangqiao District, Jinan City, Shandong Province. The company was listed on August 10, 2021 [1] - The main business activities include the research, production, and sales of synthetic resins and composite materials, as well as biomass chemical materials and related products. The revenue composition is as follows: synthetic resins and derivatives 87.89%, biomass products 9.64%, and others 3.46% [1] Fund Holdings - Hai Fu Tong Fund has a significant holding in Shengquan Group, with the Hai Fu Tong CSI 500 Enhanced A Fund (519034) holding 15,100 shares, representing 1.26% of the fund's net value, making it the second-largest holding [2] - The fund has generated a floating profit of approximately 63.42 million CNY today, with a total floating profit of 44.5 million CNY during the eight-day price increase [2] Fund Manager Performance - The fund manager Lin Lihe has been in position for 1 year and 342 days, managing assets totaling 5.071 billion CNY, with the best return during his tenure being 42.17% and the worst being -6.67% [3] - Co-manager Li Ziwu has been in position for 2 years and 258 days, managing assets of 285 million CNY, with the best return of 78.42% and the worst of -21.29% during his tenure [3]

Core Insights - On October 23, 2023, brokerage firms provided target prices for listed companies, with significant increases noted for companies in the pet feed and communication equipment sectors, specifically Guibao Pet, StarNet RuiJie, and Weisheng Information, with target price increases of 61.09%, 50.73%, and 43.78% respectively [1][2]. Target Price Increases - Guibao Pet (301498) received a target price of 118.00 yuan, reflecting a target price increase of 61.09% from the latest closing price [2]. - StarNet RuiJie (002396) has a target price of 39.16 yuan, with a target price increase of 50.73% [2]. - Weisheng Information (688100) has a target price of 51.00 yuan, showing a target price increase of 43.78% [2]. - Other notable companies include China Unicom (600050) with a target price increase of 36.22% and Wens Foodstuff Group (300498) with an increase of 33.28% [2]. Brokerage Recommendations - A total of 59 listed companies received brokerage recommendations on October 23, with Tonghuashun (300033) receiving the highest number of recommendations at 5, followed by Guibao Pet with 4, and Meihua Biological (600873) with 3 [3][4]. - The sectors represented include software development, feed, and chemical products [4]. Rating Adjustments - On October 23, only one company, Huayou Cobalt (603799), had its rating upgraded from "Hold" to "Buy" by Huayuan Securities [5]. - This indicates a positive outlook for the energy metals sector [5]. First-Time Coverage - Nine companies received first-time coverage from brokerages on October 23, with notable mentions including Innovation New Materials (600361) rated "Buy" by Huayuan Securities, and YunTu Holdings (002539) and Meihua Biological (600873) both rated "Buy" by Global Fortune Financial [6]. - Other companies receiving first-time ratings include Babi Food (605338) and Shengquan Group (108850) [6].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance [2][4]. Core Insights - The company is a leading player in the domestic synthetic resin market, continuously expanding into biomass chemicals and electronic chemicals. The growth in demand for AI servers and the ongoing domestic substitution of electronic resins are expected to drive the demand for PPO and other electronic resins [2][4][6]. - The report highlights the company's orderly business layout and its potential for growth in electronic resin demand driven by advancements in AI and other fields [2][4]. Summary by Sections Company Overview - The company has a strong position in synthetic resins and is expanding into biomass chemicals and electronic chemicals. It has achieved significant milestones in production capacity and technology, particularly in phenolic resins and furan resins [6][13][14]. Financial Performance - For the first half of 2025, the company reported revenue of 5.351 billion RMB, a year-on-year increase of 15.67%, and a net profit of 501 million RMB, up 51.19% year-on-year. The second quarter of 2025 saw revenue of 2.892 billion RMB, reflecting a 16.13% year-on-year growth [22][23]. - The company forecasts net profits of 1.209 billion RMB, 1.475 billion RMB, and 1.876 billion RMB for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.43 RMB, 1.74 RMB, and 2.22 RMB [4][5]. Product Segmentation - The company's product lines include synthetic resin products, advanced electronic materials, and biomass products. The revenue from advanced electronic materials and battery materials is gradually increasing, indicating a shift in product structure [23][24]. - The company has a production capacity of 648,600 tons/year for phenolic resins and is the world's largest producer of casting furan resins [6][18]. Market Trends - The demand for electronic resins is expected to rise significantly due to the rapid development of AI and the transition to high-frequency and high-speed applications in the PCB industry. The global market for electronic resins used in copper-clad laminates is estimated to be around 3.302 billion USD, with the Chinese market accounting for approximately 2.418 billion USD [6][33]. - The company is also advancing in the battery materials sector, with plans to expand its production of porous carbon and hard carbon anode materials, which are essential for the growing electric vehicle and energy storage markets [6][15][17].

Core Insights - The article discusses the transformation of the chemical industry in Shandong, focusing on the integration of circular economy principles to enhance both environmental and economic benefits [19][20][21]. Economic Development - The Shandong chemical industry is implementing a circular economy model, which allows waste materials from one company to be used as raw materials for another, creating a closed-loop system [21][22]. - In 2024, the Diao Town Chemical Industrial Park achieved sales revenue of 25.93 billion yuan, a year-on-year increase of 8.73%, and an industrial output value of 23.42 billion yuan, also up by 8.75% [23]. Technological Innovation - The Saint Spring Group has developed new technologies to convert waste by-products into valuable resources, significantly reducing waste disposal costs and generating additional revenue [19][20]. - The company has improved the utilization rate of waste liquid from 60% to 85% through technological adjustments, leading to a 20% reduction in treatment costs compared to traditional methods [18][19]. Environmental Impact - The integration of industrial waste heat into the heating supply for urban areas demonstrates the effective use of resources, providing clean heating for approximately 30 million square meters in eastern Jinan [22]. - The article highlights the importance of technological innovation in achieving environmental benefits while maintaining economic viability, challenging the notion that environmental protection must come at a financial loss [19][20]. Policy and Strategy - Shandong is committed to implementing the major national strategy for ecological protection and high-quality development along the Yellow River, focusing on green and low-carbon development [23]. - The province has seen a significant increase in the number of national-level green factories and industrial parks, ranking first in the country for the number of green manufacturing units [23].

Core Insights - The transformation of the Diaozhen Chemical Industrial Park in Jinan represents a successful case of turning waste into valuable resources, aligning with the national strategy for ecological protection and high-quality development along the Yellow River [3][11]. Group 1: Waste-to-Resource Initiatives - The collaboration between Shengquan Group and Guangda Water has led to the development of a new biomass carbon source from waste liquid, increasing the utilization rate from 60% to 85% [3][5]. - The new carbon source reduces treatment costs by 20% compared to traditional sources, demonstrating significant cost savings and efficiency improvements [4][5]. - Shengquan Group's environmental department has shifted from a cost center to a revenue-generating unit, showcasing a successful transition in mindset towards circular economy principles [6][7]. Group 2: Systematic Circular Economy - The Diaozhen Chemical Industrial Park has established a resource exchange network, allowing waste from one company to serve as raw material for another, creating a closed-loop system [9][10]. - The park's approach includes utilizing industrial waste heat for district heating, providing a green solution for urban heating needs [10]. - In 2024, the park is projected to achieve sales revenue of 25.93 billion yuan, with an 8.73% year-on-year growth, indicating the economic benefits of the circular economy model [10]. Group 3: Broader Industry Impact - Shandong Province is actively implementing the national strategy for ecological protection and green development, with significant achievements in energy efficiency and the establishment of green factories and industrial parks [11]. - The province's efforts have resulted in a notable increase in the proportion of high-energy industries meeting efficiency benchmarks, exceeding targets set for the 14th Five-Year Plan [11].

Investment Rating - The report maintains a "B" rating for the new materials sector, indicating a leading position in the market [2]. Core Insights - The new materials sector experienced a decline, with the new materials index falling by 5.20%, outperforming the ChiNext index by 0.52% [2]. - The rapid penetration of generative artificial intelligence (AI) is highlighted, with a user base exceeding 510 million, suggesting significant investment opportunities in AI-related new materials [4]. - The report emphasizes the increasing demand for high-frequency and high-speed copper-clad laminates, driven by the growth in AI server requirements [5]. Summary by Sections 1. Market Performance - The new materials sector saw a decline, with key indices such as the synthetic biology index down by 3.08%, semiconductor materials down by 10.20%, and battery chemicals down by 11.53% over the past five trading days [2][16]. - The overall market performance for the week showed a drop in both basic chemicals and new materials, with the CSI 300 index down by 2.22% and the Shanghai Composite index down by 1.47% [12]. 2. Price Tracking - Amino acids showed varied price changes, with valine at 12,400 RMB/ton (-1.20%) and arginine at 21,950 RMB/ton (-2.01%) [3]. - Prices for biodegradable plastics remained stable for some products, while others like PLA (REVODE 201) saw a slight decrease to 17,000 RMB/ton (-1.16%) [3]. 3. Investment Recommendations - The report suggests focusing on companies like Shengquan Group, Dongcai Technology, and Zhongcai Technology, which are positioned to benefit from the rising demand for core raw materials in high-frequency and high-speed applications [5]. - The rapid growth in AI technology is expected to drive a tenfold increase in computing power demand by 2035, creating further opportunities in the new materials sector [4].

Core Viewpoint - Shengquan Group's stock price has shown volatility, with a year-to-date increase of 21.42% but a recent decline over the past five, twenty, and sixty trading days [1][2]. Financial Performance - For the first half of 2025, Shengquan Group achieved a revenue of 5.351 billion yuan, representing a year-on-year growth of 15.67%. The net profit attributable to shareholders was 501 million yuan, marking a significant increase of 51.19% [2]. - Since its A-share listing, Shengquan Group has distributed a total of 1.29 billion yuan in dividends, with 942 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Shengquan Group increased to 26,900, up by 1.65% from the previous period. The average number of circulating shares per shareholder decreased by 1.33% to 29,050 shares [2]. - Notable institutional shareholders include Southern CSI 500 ETF, which is the fifth largest shareholder with 10.0569 million shares, and GF Stable Return Mixed A, which increased its holdings by 455,400 shares to 7.2432 million shares [3].

Summary of Shengquan Group's Conference Call Company Overview - Shengquan Group is a leading enterprise in the phenolic resin and casting materials sector, holding nearly one-third of the market share [2][3] - The company maintains an operating rate above 80%, achieving a gross margin of 25% to 30% even at the bottom price range, indicating robust profitability in traditional business [2][3] Core Business and Market Position - Shengquan Group's main business includes phenolic resins, composite materials, casting materials, electronic chemicals, biomass chemicals, and new energy [3] - The company has an annual production capacity of 650,000 tons for phenolic resins and 150,000 tons for casting materials, with technology levels ranking among the world's best [3] Emerging Business Developments - The company is actively expanding into the electronic chemicals sector, having achieved domestic substitution for specialty epoxy resins and electronic phenolic resins [4] - Shengquan Group has established an 1,800-ton PPO production line and plans to expand capacity to meet the growing demand for high-frequency and high-speed materials driven by AI server upgrades [4][6] Biomass Chemical Innovations - Shengquan Group has developed a unique biomass refining technology, utilizing straw to produce high-value products [5][7] - The Daqing project has commenced production, with expected annual revenue of 1.7 billion yuan and a gross profit contribution exceeding 700 million yuan, positioning it as a core growth driver [5][26] New Energy Sector Initiatives - The company is focusing on silicon-carbon anodes and upstream porous carbon materials, with an established capacity of 1,300 tons and plans for an additional 15,000 tons [8] - The silicon-carbon anode market is anticipated to grow rapidly due to the development of new energy vehicles [8][21] Financial Performance - In the first half of 2025, Shengquan Group achieved revenue of 5.351 billion yuan, a year-on-year increase of approximately 16%, with a net profit of 501 million yuan, up over 50% [2][11] - The company has maintained stable profitability, with gross margins between 20% and 25% and net margins between 7% and 10% since 2021 [11] Cost Control and Efficiency - From 2019 to the first half of 2025, the company's expense ratio decreased from 13.22% to 7.04%, indicating improved cost control [12] Market Trends and Competitive Landscape - The phenolic resin market is expected to grow despite a decline in apparent consumption due to the construction industry's downturn [14] - Shengquan Group's competitive edge is reinforced by its high operating rate and significant market share in the phenolic resin sector [15] Risks and Challenges - Investors should be aware of risks including fluctuations in raw material prices, macroeconomic volatility, safety production risks, and potential delays in project construction and commissioning [4][28] Future Growth Projections - Revenue is projected to reach 11.786 billion yuan, 13.049 billion yuan, and 14.216 billion yuan from 2025 to 2027, with corresponding net profits of 1.181 billion yuan, 1.449 billion yuan, and 1.681 billion yuan [27]