Core Viewpoint - The company has demonstrated stable operational growth with a significant increase in revenue and net profit for the first three quarters of 2025, indicating a positive outlook for future performance [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 740 million RMB, a year-on-year increase of 14.16%, and a net profit of 217 million RMB, up 11.69% year-on-year [1]. - In Q3 2025, the company reported revenue of 269 million RMB, reflecting a year-on-year growth of 14.84% and a quarter-on-quarter increase of 7.16% [1]. Business Development - The growth in performance is attributed to the successful completion and operation of fundraising projects, which have strengthened production capacity [2]. - The company has actively expanded its customer base and improved market share through high-quality products and services, particularly in the nucleating agent segment [2]. - The company is capitalizing on the historical opportunity of domestic substitution in the global market, enhancing product innovation and broadening application downstream [2]. Profit Distribution - The company announced a mid-year profit distribution plan, proposing a cash dividend of 2.30 RMB per 10 shares, amounting to approximately 42.66 million RMB, which represents 28.97% of the net profit attributable to shareholders for the first half of 2025 [3]. Shareholder Structure - A strategic investment agreement was signed with Jia Yi Asset, where 9,792,700 shares were transferred at a price of 28.39 RMB per share, aimed at introducing long-term investors to optimize the shareholder structure [4]. - Jia Yi Asset has committed to not reducing its stake for 18 months post-transfer, indicating confidence in the company's long-term development [4]. Earnings Forecast and Valuation - The company is positioned as a leading domestic polymer materials additive enterprise, with projected revenues of 1.145 billion RMB, 1.407 billion RMB, and 1.528 billion RMB for 2025-2027, respectively [5]. - Corresponding net profits are forecasted to be 325 million RMB, 432 million RMB, and 492 million RMB for the same period, with EPS estimates of 1.73 RMB, 2.29 RMB, and 2.61 RMB [5].

Core Viewpoint - The announcement from Chenghe Technology Co., Ltd. emphasizes the integrity and accuracy of its financial reporting and the change in its sponsor representative for ongoing stock issuance supervision [10][11]. Financial Data Summary - The financial statements for the third quarter are unaudited, and the report period refers to the three months from the beginning to the end of the quarter [3]. - The company confirms that there are no significant changes in major accounting data and financial indicators [5]. Shareholder Information - The company has a total of 2,844,565 shares held in the repurchase special account, representing 1.51% of the total share capital [6]. Sponsor Representative Change - Chenghe Technology has received a notice from CITIC Securities regarding the replacement of its sponsor representative due to a work change of the previous representative [10]. - Chen Lin has been appointed as the new sponsor representative, ensuring the continuity of supervision for the ongoing stock issuance project [10][11].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][18] Core Views - The company has shown steady growth in net profit and impressive performance in overseas markets, with a revenue of 740 million yuan for the first three quarters of 2025, representing a year-on-year increase of 14.16% [1][7] - The growth in performance is attributed to the increased domestic market penetration and localization rate of core products in the polymer material additive sector, as well as successful differentiation strategies in both domestic and international markets [1][2][14] - The company is actively seeking external acquisition opportunities to enhance its competitive strength and promote high-quality development [2][15] Financial Performance Summary - For the first three quarters of 2025, the company achieved a net profit of 228 million yuan, a year-on-year increase of 15.09%, with a gross profit margin of 45.43% and a net profit margin of 30.78% [1][7] - The company’s overseas revenue reached 120 million yuan in the first half of 2025, accounting for 25.38% of total revenue, with a gross margin of 52.42% [1][7] - The projected net profits for 2025-2027 are 301 million yuan, 350 million yuan, and 402 million yuan, with corresponding year-on-year growth rates of 20.1%, 16.5%, and 14.7% respectively [3][14] Market and Industry Insights - The domestic nucleating agent market is expected to see an increase in localization rates due to rising international trade tensions, with the import substitution rate projected to rise from 30% in 2023 to 34% by 2025 [2][9] - The company is the largest domestic seller of nucleating agents and is well-positioned to capture market share as it offers competitive products against major international players [2][9][14] - The company’s synthetic hydrotalcite products are anticipated to have significant growth potential, particularly in the PVC market and agricultural film applications [14] Valuation Metrics - The current stock price is 37.80 yuan, with a market capitalization of 7.119 billion yuan [5] - The projected earnings per share (EPS) for 2025-2027 are 1.60 yuan, 1.86 yuan, and 2.13 yuan, with corresponding price-to-earnings (PE) ratios of 23.7, 20.3, and 17.7 [3][4][14]

Core Insights - Chenghe Technology Co., Ltd. reported a revenue of 740 million yuan for the first three quarters of 2025, representing a year-on-year growth of 14.16% [1] - The net profit for the same period reached 228 million yuan, with a year-on-year increase of 15.09% [1] - In Q3 alone, the company achieved a record net profit of 80.54 million yuan [1] Company Performance - The company is a leading player in the domestic polymer materials additives sector, benefiting from the continuous increase in market share for its core products such as nucleating agents and synthetic hydrotalcite [1] - Recent patent authorizations in niche areas like polypropylene thin-wall injection molding and high-performance polypropylene electrical membranes have enhanced the company's product line and core competitiveness [1] International Expansion - Chenghe Technology has made significant progress in its overseas business, with a year-on-year revenue growth of 70% in the first half of the year [1] - The company has achieved breakthroughs in markets across Europe, the Middle East, and Southeast Asia [1] - The dual-driven demand from both domestic and international markets is expected to support the company's ongoing performance growth [1]

Core Insights - Chenghe Technology (688625) reported a revenue of 740 million yuan for the first three quarters of 2025, representing a year-on-year growth of 14.16% [1] - The net profit attributable to shareholders reached 228 million yuan, with a year-on-year increase of 15.09% [1] - The company achieved record quarterly net profits of 71.64 million yuan, 75.78 million yuan, and 80.54 million yuan in the first three quarters, marking continuous historical highs [1] Revenue Growth Drivers - The growth in performance is attributed to the increasing market share of nucleating agents and synthetic hydrotalcite, along with proactive expansion in overseas markets [1] - Chenghe Technology is enhancing its market share through technological advantages and performance guarantees of its core products [1] - Recent patent authorizations in niche areas such as polypropylene thin-wall injection molding and high-performance polypropylene electrical membranes have enriched the company's high-value specialty product line, strengthening its core competitiveness [1] Overseas Market Expansion - In the first half of 2025, Chenghe Technology's overseas revenue growth reached 70%, with breakthroughs in Europe, the Middle East, and Southeast Asia [2] - The collaboration with Swiss company Palmarole, which specializes in plastic polymer additives, was showcased at the K Fair in Germany, highlighting deep business synergy [2] - The partnership with Palmarole is a significant step in Chenghe Technology's global business strategy, integrating sales channels and service systems to expand product offerings in European and Middle Eastern markets [2] - The company anticipates sustained performance growth driven by demand in both domestic and overseas markets [2]

Core Viewpoint - Chenghe Technology (688625.SH) reported a year-on-year revenue growth of 14.16% for the first three quarters of 2025, reaching 740 million yuan, along with a net profit attributable to shareholders of 228 million yuan, which is a 15.09% increase year-on-year, and basic earnings per share of 1.21 yuan [1] Financial Performance - Total operating revenue for the first three quarters of 2025 was 740 million yuan, reflecting a year-on-year increase of 14.16% [1] - Net profit attributable to shareholders reached 228 million yuan, marking a year-on-year growth of 15.09% [1] - Basic earnings per share stood at 1.21 yuan [1]

特此公告。 呈和科技股份有限公司董事会 关于变更持续督导保荐代表人的公告 本公司董事会及全体董事成员保证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。 呈和科技股份有限公司（以下简称"公司"）于近日收到中信证券股份有限公司（以下 简称"中信证券"）出具的《关于更换保荐代表人的函》。中信证券作为公司向特定对象发 行股票持续督导项目的保荐机构,原委派洪树勤先生和杨贤先生作为保荐代表人履行持续督 导职责，持续督导期至 2025 年 12 月 31 日止。 现因杨贤先生工作变动，不再负责对公司的持续督导工作。为保证持续督导工作有序进 行,中信证券现委派陈琳女士（简历见附件）接替杨贤先生担任公司的保荐代表人，继续履行 持续督导职责。 本次变更后公司向特定对象发行股票持续督导项目的保荐代表人为洪树勤先生和陈琳女 士。本次变更不影响中信证券对公司的持续督导工作,公司董事会对杨贤先生在担任公司保荐 代表人期间做出的贡献表示衷心感谢! 证券代码：688625 证券简称：呈和科技 公告编号：2025-039 呈和科技股份有限公司 2025 年 10 月 30 日 附件： ...

Financial Performance - The company's revenue for the third quarter reached ¥268,891,438.75, representing a year-on-year increase of 14.84%[5] - Total profit for the quarter was ¥94,482,673.79, reflecting a growth of 15.15% compared to the same period last year[5] - Net profit attributable to shareholders was ¥80,544,844.12, which is an increase of 14.66% year-on-year[5] - The company reported a basic earnings per share of ¥0.43, down 17.31% from the previous year[5] - Total operating revenue for the first three quarters of 2025 reached ¥739,977,084.87, an increase of 14.14% compared to ¥648,212,560.07 in the same period of 2024[22] - Net profit for the first three quarters of 2025 was ¥227,790,423.92, representing a 15.11% increase from ¥197,925,768.02 in 2024[24] - Earnings per share for the first three quarters of 2025 were ¥1.21, compared to ¥1.46 in the same period of 2024[24] - The total comprehensive income for the first three quarters of 2025 was ¥224,196,264.76, compared to ¥192,832,627.33 in 2024, an increase of 16.21%[24] Research and Development - Research and development expenses totaled ¥6,668,880.89, a decrease of 32.84% compared to the same quarter last year[7] - Research and development expenses for the first three quarters of 2025 were ¥28,123,808.36, slightly up from ¥26,571,798.82 in 2024, reflecting a growth of 5.84%[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,142,102,783.86, down 4.45% from the end of the previous year[7] - The company's current assets totaled approximately CNY 1.99 billion, down from CNY 2.21 billion at the end of 2024, indicating a decrease of around 10.0%[17] - The total liabilities stood at approximately CNY 1.73 billion, down from CNY 1.83 billion, reflecting a decrease of about 5.5%[18] - Total liabilities decreased to ¥1,677,667,842.33 in 2025 from ¥1,927,577,592.28 in 2024, a reduction of approximately 12.93%[22] - The company reported a total equity of approximately CNY 1.41 billion, compared to CNY 1.46 billion, indicating a decline of about 3.4%[18] - Total equity increased to ¥1,464,434,941.53 in 2025 from ¥1,360,734,757.27 in 2024, marking a growth of about 7.64%[22] Cash Flow - Cash flow from operating activities for the year-to-date was ¥129,651,157.67, showing a decline of 17.87% compared to the previous year[5] - Cash inflow from operating activities totaled $2,298,974,542.64, slightly up from $2,297,128,980.36 in the previous period, indicating a marginal increase of 0.08%[29] - Net cash outflow from investing activities was $517,234,329.75, a decrease from $753,054,352.72, reflecting a reduction of approximately 31.4%[29] - Cash inflow from financing activities amounted to $1,320,311,156.00, down from $1,454,292,504.00, representing a decline of about 9.2%[31] - The net increase in cash and cash equivalents was $56,022,017.63, contrasting with a decrease of -$166,870,747.34 in the prior period[31] - The ending balance of cash and cash equivalents stood at $510,928,489.04, up from $459,874,313.09[31] Shareholder Information - The company held a total of 2,844,565 shares in its repurchase account, accounting for 1.51% of the total share capital[14] - The company has not engaged in any share lending or borrowing activities during the reporting period[15] - There were no significant changes in the top 10 shareholders or their shareholding due to share lending activities[16]

证券代码：688625 证券简称：呈和科技 公告编号：2025-038 呈和科技股份有限公司 关于股东及其一致行动人权益变动触及 1%整数倍、提前 终止减持计划暨减持股份结果公告 本公司董事会、全体董事、公司股东上海科汇投资管理有限公司及其一致行动人茹菲保 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： | 第一组 | 科汇投资 | 23,730,000 | 12.60% | | | --- | --- | --- | --- | --- | | | 茹菲 | 24,500,000 | 13.01% | 43.00%股份 | | | 股东名称 合计 | 持有数量 （股） 48,230,000 | 持有比例 25.61% | 一致行动关系形成原因 茹菲持有科汇投资 — | 大股东持有的基本情况 本次减持计划实施前，上海科汇投资管理有限公司（以下简称"科汇投资"）及其一致行 动人茹菲合计持有呈和科技股份有限公司（以下简称"公司"）股份 48,230,000 股，占公司 总股本的 25.61%。上述股份为公司首次公开发行前取得股份和资本 ...

Core Viewpoint - The shareholder Kehui Investment has reduced its stake in Chenghe Technology, selling a total of 5.4718 million shares, which is approximately 2.90% of the company's total shares, and has terminated its reduction plan early [1] Summary by Relevant Sections - **Shareholder Reduction Plan** - Kehui Investment initially planned to reduce its holdings by up to 5.6496 million shares (3.00%) within three months from the announcement date [1] - The reduction occurred between August 20, 2025, and October 22, 2025, through centralized bidding and block trading [1] - A total of 5.4718 million shares were sold, resulting in proceeds of 168 million yuan, with an average transaction price ranging from 26.13 to 38.58 yuan per share [1] - **Remaining Holdings** - After the reduction, Kehui Investment and its concerted party, Ru Fei, now hold a combined total of 42.7582 million shares, representing 22.71% of the company [1] - There are still 177,800 shares remaining that have not been sold, leading to the early termination of the reduction plan [1]