Core Insights - Chenghe Technology (688625) reported a revenue of 740 million yuan for the first three quarters of 2025, marking a year-on-year growth of 14.16%, and a net profit of 228 million yuan, up 15.09% year-on-year [1] - The company achieved a record high net profit of 80.54 million yuan in the third quarter alone [1] - Chenghe Technology specializes in producing environmentally friendly, safe, and high-performance specialty polymer material additives, recognized as a national-level "little giant" enterprise and a national manufacturing single champion [1] Financial Performance - The company’s revenue for the first three quarters reached 740 million yuan, with a net profit of 228 million yuan, reflecting a growth of 14.16% and 15.09% respectively compared to the previous year [1] - The third quarter net profit of 80.54 million yuan is noted as a historical high for the company [1] Market Expansion - Chenghe Technology has seen a continuous increase in market share for its polymer material additives, particularly in domestic markets, and is accelerating its expansion into overseas markets in Europe, the Middle East, and Southeast Asia [1] - The company reported a 70% growth in overseas revenue during the first half of the year, achieving breakthroughs in various international markets [2] New Business Initiatives - The establishment of Guangdong Chenghe Electronic Materials Co., Ltd. aims to target high-purity electronic materials for communication, semiconductors, and artificial intelligence [2] - The new subsidiary will focus on developing electronic materials through independent research and collaboration with leading industry players and research institutions [2] Future Development Strategy - The chairman of Chenghe Technology indicated a commitment to replacing imported products in the fields of nucleating agents and synthetic hydrotalcite, with a steady increase in market share [2] - The company plans to continue its efforts in product localization while expanding its presence in international markets, enhancing its competitive edge and influence in the industry [2]

Core Viewpoint - Chenghe Technology's main products, including nucleating agents and synthetic hydrotalcite, are essential materials that determine the core functions of high-performance resins and modified plastics, significantly improving their optical and mechanical properties while enhancing product stability to meet market demands for safety, environmental friendliness, and lightweight materials [1] Group 1 - The company's main products are nucleating agents and synthetic hydrotalcite, which are key materials for high-performance resins and modified plastics [1] - These materials can significantly improve the optical and mechanical properties of resins and modified plastics [1] - The products enhance the stability of resin products, addressing market needs for safety, environmental protection, and lightweight solutions [1] Group 2 - The use of these materials increases the added value of ordinary resins and modified plastics [1] - The company aims to diversify application scenarios for its products [1]

证券代码：688625 证券简称：呈和科技 公告编号：2025-040 呈和科技股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律责任。 重要内容提示： 投资者可于 2025 年 11 月 26 日（星期三）至 12 月 2 日（星期二）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（ir@gchchem.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。 呈和科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日发布公司《2025 年 第三季度报告》，为便于广大投资者更全面深入地了解公司经营成果、财务状况、发展理念等 情况，公司计划于 2025 年 12 月 3 日(星期三)下午 16:00-17:00 参加 2025 年第三季度业绩说 明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经营成果、财务 指标的具体情况与投 ...

Core Insights - Chenghe Technology experienced a decline of 5.05% on November 21, with a stock price of 36.07 CNY per share and a total market capitalization of 6.793 billion CNY [1] Company Overview - Chenghe Technology Co., Ltd. is located in Guangzhou, Guangdong Province, and was established on January 31, 2002. The company went public on June 7, 2021. Its main business involves providing environmentally friendly, safe, and high-performance polymer material additives for manufacturers of high-performance resin materials and modified plastics [1] - The revenue composition of Chenghe Technology includes: nucleating agents (62.97%), synthetic hydrotalcite (13.41%), trading products (9.04%), antioxidants (8.04%), NDO composite additives (6.52%), and others (0.02%) [1] Shareholder Information - Among the top ten circulating shareholders of Chenghe Technology, a fund under the Fortune Fund ranks as a significant shareholder. The Fortune Hong Kong-Shenzhen Performance Driven Mixed A Fund (005847) reduced its holdings by 650,900 shares in the third quarter, now holding 1.8864 million shares, which accounts for 1% of the circulating shares. The estimated floating loss today is approximately 3.622 million CNY [2] - The Fortune Hong Kong-Shenzhen Performance Driven Mixed A Fund was established on July 27, 2018, with a current scale of 4.474 billion CNY. Year-to-date returns are 40.67%, ranking 1375 out of 8136 in its category; the one-year return is 41.85%, ranking 1010 out of 8056; and since inception, the return is 137.72% [2]

Group 1 - The core point of the news is that Chenghe Technology's stock price has dropped by 5.05%, currently trading at 36.07 CNY per share, with a total market capitalization of 6.793 billion CNY [1] - Chenghe Technology, established on January 31, 2002, and listed on June 7, 2021, specializes in providing high-performance polymer material additives for manufacturers of resin materials and modified plastics [1] - The main revenue composition of Chenghe Technology includes nucleating agents (62.97%), synthetic hydrotalcite (13.41%), trading products (9.04%), antioxidants (8.04%), NDO composite additives (6.52%), and others (0.02%) [1] Group 2 - From the perspective of major fund holdings, Jiahe Fund has one fund heavily invested in Chenghe Technology, specifically the Jiahe Steady Growth Mixed A fund, which reduced its holdings by 9,069 shares in the third quarter [2] - The Jiahe Steady Growth Mixed A fund currently holds 30,400 shares, accounting for 3.93% of the fund's net value, ranking it as the sixth-largest holding [2] - The fund has a total scale of 14.6236 million CNY and has achieved a year-to-date return of 11.52%, ranking 5,368 out of 8,136 in its category [2]

Core Insights - The strategic collaboration between Quanzhou Petrochemical Co., Ltd. and Chenghe Technology Co., Ltd. has successfully developed the high-end transparent polypropylene RP340R, marking a significant milestone in their partnership [1] - The new product is characterized by high transparency, rigidity, and excellent processing performance, meeting both domestic and international standards for food contact materials and environmental requirements [1] - This product is positioned for applications in food containers and high-end household goods, providing a strong domestic alternative to imported materials [1] Company Overview - Quanzhou Petrochemical leverages advanced polypropylene facilities and an integrated "production, sales, research, and application" operational model, having previously developed multiple high-value transparent polypropylene products [1] - Chenghe Technology is a leading enterprise in the field of polymer material additives, with its nucleating agent technology reaching international advanced levels, significantly enhancing the optical performance and processing stability of resins [1] Industry Context - The collaboration addresses the industry challenge of balancing transparency and mechanical performance in polymer products, which has been a significant hurdle in the sector [1]

Core Viewpoint - The strategic collaboration between Quanzhou Petrochemical Co., Ltd. and Chenghe Technology Co., Ltd. has successfully developed a high-end transparent polypropylene product, RP340R, marking a significant advancement in domestic production capabilities for high-end applications such as food packaging [1] Group 1: Product Development - The RP340R product features high transparency, rigidity, and excellent processing performance, with significantly optimized haze index, meeting both domestic and international standards for food contact materials and environmental requirements [1] - The product is suitable for various applications, including food containers and high-end household goods, providing a strong domestic alternative to imported products [1] Group 2: Company Capabilities - Quanzhou Petrochemical leverages advanced polypropylene facilities and an integrated "production-sales-research-application" operational model, having previously developed multiple high-value transparent polypropylene products and accumulated substantial process optimization experience [1] - Chenghe Technology, a leading enterprise in the field of polymer material additives, possesses internationally advanced nucleating agent technology that significantly enhances the optical performance and processing stability of resins [1] Group 3: Industry Challenges - The collaboration has successfully addressed the industry challenge of balancing transparency and mechanical performance, which has been a significant hurdle in the development of high-end polymer products [1]

Core Viewpoint - Chenghe Technology announced the establishment of a wholly-owned subsidiary, Guangdong Chenghe Electronic Materials Co., Ltd., on November 5, 2025, to focus on high-purity electronic materials for communications, semiconductors, and artificial intelligence sectors [2] Group 1 - The new subsidiary will serve as the main entity for the company's electronic materials business [2] - The company aims to expand its electronic materials business through independent research and development, as well as collaborations with leading industry players and domestic and international research institutions [2] - Currently, the subsidiary's business is in its initial stage, and investors are advised to invest rationally and be aware of investment risks [2]

Core Points - Chenghe Technology stated that as of September 30, 2025, the number of shareholders will be 5,462 [1] Summary by Category - **Company Information** - Chenghe Technology will have 5,462 shareholders by September 30, 2025 [1] - The details will be disclosed in the third quarter report for 2025, which is scheduled for release on October 30, 2025 [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of 740 million yuan for the first three quarters of 2025, representing a year-on-year increase of 14.2%. The net profit attributable to shareholders was 230 million yuan, up 15.1% year-on-year, and the net profit after deducting non-recurring gains and losses was 220 million yuan, an increase of 11.7% year-on-year. In Q3 alone, the revenue was 270 million yuan, reflecting a year-on-year growth of 14.8% and a quarter-on-quarter increase of 7.2% [2][6]. - The company is a leading domestic producer of nucleating agents and synthetic hydrotalcite, with aspirations to become a global leader in polymer material solutions. Its core products are gradually replacing imports in the domestic market and are competitive internationally [12]. - The company's gross margin for Q1 to Q3 of 2025 was 45.4%, a year-on-year increase of 0.4 percentage points, while the net margin was 30.8%, up 0.2 percentage points. The operating expense ratio decreased to 9.3%, down 0.4 percentage points year-on-year, driven by reductions in sales and management expense ratios [12]. - The completion of the IPO project and the full operation of the Nansha plant have further enhanced the company's production capacity, adding significant new capacity for nucleating agents and synthetic hydrotalcite [12]. - The company achieved rapid growth in overseas revenue, reaching 120 million yuan in H1 2025, a year-on-year increase of 70.1%. This growth is attributed to the company's international strategy and its ability to meet overseas customer demands [12]. - The company emphasizes shareholder returns, with a mid-year dividend of 43 million yuan announced for 2025, maintaining a payout ratio between 30% and 35% since 2020 [12]. - The company is focused on the polymer material additives sector and has strong competitiveness in antioxidant and NDO composite additives. The domestic market for nucleating agents and synthetic hydrotalcite has low penetration, indicating potential for market share growth [12]. Financial Summary - For 2025, the company forecasts total revenue of 1.058 billion yuan, with net profits projected at 297 million yuan, 333 million yuan, and 377 million yuan for the years 2025, 2026, and 2027 respectively [17].