Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6][18] Core Views - The company has demonstrated strong resilience in its third-quarter performance, with a notable increase in net profit despite a decline in revenue [1][8] - The production of liquid methionine has successfully commenced, contributing to the company's growth potential [4][12] - The company is expected to benefit from the rising prices of methionine and the expansion of its production capacity, positioning it as a global leader in the industry [4][12] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 16,642 million yuan, a year-on-year increase of 5.45%, and a net profit of 5,321 million yuan, up 33.37% year-on-year [8] - The sales gross margin was 45.55%, and the net profit margin was 31.97%, indicating strong profitability [8] - In the third quarter alone, the company reported revenue of 5,541 million yuan, a year-on-year decrease of 6.66%, and a net profit of 1,717 million yuan, down 3.80% year-on-year [8] Methionine Production and Market Trends - The solid methionine market price reached 20,800 yuan per ton, with a year-to-date increase of 5.85% [4][12] - The company is expanding its methionine production capacity to 460,000 tons per year, which will rank it third globally [4][12] - The methionine industry has seen a significant increase in demand and prices since 2024, providing strong support for the company's revenue growth [4][12] Vitamin Business Performance - The prices of VA and VE have declined significantly, but the company's profitability remains stable, with a net profit margin of 58.00% for its vitamin subsidiary [5][16] - The company expects the vitamin business to maintain a steady profit level despite recent price fluctuations [5][16] Investment Recommendations - The report maintains the "Outperform the Market" rating, highlighting the company's strong operational performance and growth potential across various business segments [6][18] - The projected net profits for 2025-2027 are 6,792 million, 7,248 million, and 7,737 million yuan, respectively, with corresponding PE ratios of 10.6, 9.9, and 9.3 times [6][18]

Core Insights - The company reported a total revenue of 16.642 billion yuan and a net profit attributable to shareholders of 5.321 billion yuan for Q3 2025 [2] - The operating cash flow net inflow was 5.642 billion yuan [2] Financial Performance - The latest asset-liability ratio stands at 28.25% [4] - The gross profit margin is 45.55%, which is a decrease of 0.34 percentage points compared to the previous quarter [5] - The return on equity (ROE) is 16.52% [5] - The diluted earnings per share (EPS) is 1.73 yuan [6] Efficiency Metrics - The total asset turnover ratio is 0.38 times, a decrease of 0.01 times compared to the same period last year, reflecting a year-on-year decline of 3.40% [6] - The inventory turnover ratio is 2.11 times, ranking 101 among disclosed peers, with a decrease of 0.31 times compared to the same period last year, indicating a year-on-year decline of 12.91% [6] Shareholder Structure - The number of shareholders is 82,500, with the top ten shareholders holding 1.890 billion shares, accounting for 61.48% of the total share capital [6] - The largest shareholder is Xinhengcheng Holdings Group Co., Ltd., holding 50.08% of the shares [6]

Core Viewpoint - The company Xinhecheng (002001) is experiencing a decline in stock price despite a general market uptrend, raising concerns among investors about its operational status and upcoming financial disclosures [1][2]. Group 1: Stock Performance - As of October 28, 2025, Xinhecheng's stock closed at 23.36 yuan, down 0.64%, with a turnover rate of 0.8%, trading volume of 243,100 shares, and a transaction value of 569 million yuan [1]. - On the same day, there was a net inflow of 65.66 million yuan from major funds, indicating significant accumulation activity [3]. Group 2: Investor Communication - The company confirmed that its production and operations are normal, and the third-quarter earnings report is scheduled for release on October 29, 2025 [2]. - The company is open to external collaborations and evaluates each investment opportunity based on actual conditions, as evidenced by its joint ventures with DSM and Sinopec in specific sectors [2].

格隆汇10月28日丨新和成(002001.SZ)发布公告，2025年前三季度，实现营业收入166.42亿元，同比增加 5.45%；归属于上市公司股东的净利润53.21亿元，同比增加33.37%；归属于上市公司股东的扣除非经常 性损益的净利润53.33亿元，同比增加37.37%；基本每股收益1.73元。 ...

北京商报讯（记者 丁宁）10月28日晚间，新和成（002001）发布2025年三季报显示，公司前三季度实 现营业收入166.42亿元，同比增长5.45%；归属净利润53.21亿元，同比增长33.37%。 ...

一、会议以 11 票同意，0 票反对，0 票弃权审议通过《2025 年第三季度报 告》；《2025 年第三季度报告》中的财务信息在提交董事会审议前已经公司审计 委员会审议通过。 证券代码：002001 证券简称：新和成 公告编号：2025-047 浙江新和成股份有限公司 第九届董事会第十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江新和成股份有限公司（以下简称"公司"）第九届董事会第十五次会议 于 2025 年 10 月 23 日以电子邮件方式发出会议通知，于 2025 年 10 月 28 日以现 场结合通讯表决方式召开。应参加表决董事十一名，实际参加表决董事十一名。 公司监事和高级管理人员列席了会议。符合《公司法》和《公司章程》的规定。 会议经表决形成决议如下： 《2025 年第三季度报告》全文详见公司同日在指定信息披露媒体及巨潮资 讯网（http://www.cninfo.com.cn）刊登的公告。 二、会议以 10 票同意，0 票反对，0 票弃权审议通过《关于 2025 年度日常 关联交易调整的议案》，关联董事王正江回避表决；该议 ...

（记者 王晓波） 每经AI快讯，新和成（SZ 002001，收盘价：23.36元）10月28日晚间发布公告称，公司第九届第十五次 董事会会议于2025年10月28日以现场结合通讯表决方式召开。会议审议了《关于2025年度日常关联交易 调整的议案》等文件。 2025年1至6月份，新和成的营业收入构成为：医药化工占比90.23%，其他行业占比9.77%。 截至发稿，新和成市值为718亿元。 每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ ...

Group 1 - Company Xinhecheng reported Q3 performance with revenue of approximately 16.642 billion yuan, an increase of 5.45% year-on-year [1] - The net profit attributable to shareholders was about 5.321 billion yuan, reflecting a year-on-year increase of 33.37% [1] - Basic earnings per share reached 1.73 yuan, up 34.11% compared to the previous year [1] Group 2 - As of the report, Xinhecheng's market capitalization stands at 71.8 billion yuan [2]

新和成公告，第三季度营收为55.41亿元，下降6.66%；净利润为17.17亿元，下降3.80%。前三季度营收 为166.42亿元，同比增长5.45%；净利润为53.21亿元，同比增长33.37%。 ...

证券代码：002001 证券简称：新和成 公告编号：2025-049 | 关联交易类别 | 关联人 | 关联交易内容 | 年原 2025 | 年现 2025 | 年 2025 | 1-9 | | --- | --- | --- | --- | --- | --- | --- | | | | | 预计金额 | 预计金额 | 月发生金额 | | | 采购货物/接受 | 宁波镇海炼化新和成 | 购买商品、接受 | 17,500 | 32,000 | | 5,362 | | 劳务 | 生物科技有限公司 | 劳务 | | | | | 2、2025 年度其他日常关联交易预计不做调整： 浙江新和成股份有限公司 关于 2025 年度日常关联交易预计调整的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江新和成股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召开 的第九届董事会第十五次会议审议通过《关于 2025 年度日常关联交易预计调整 的议案》，关联董事王正江进行了回避表决。根据《深圳证券交易所股票上市规 则》《公司章程》及《关联交易决策制度》等 ...