Core Viewpoint - Xinhecheng (002001) is committed to providing safe, healthy, and nutritious products and solutions in the human nutrition sector, with a diverse range of products including vitamins and coenzymes [1] Product Offerings - The main products include Vitamin A, Vitamin D3, Vitamin E, Vitamin C, Coenzyme Q10, Taurine, Beta-Carotene, and Lycopene, showcasing a rich product variety [1] - The company offers customized formulations based on customer needs, indicating flexibility in product development [1] Market Application - Products are widely used in various fields such as health nutrition, baking, confectionery, and beverages, highlighting the versatility of the product applications [1] - The business has a global market presence, providing raw material supply to downstream customers [1]

Core Viewpoint - The company Xinhecheng (002001) is focusing on expanding its fragrance and flavor segment, which includes a variety of products widely used in personal care, household care, cosmetics, and food industries [1] Summary by Relevant Categories Business Operations - The fragrance and flavor segment primarily produces a range of products including linalool, citral, leaf alcohol, dihydro jasmine ketone methyl ester, raspberry ketone, ligustral, and menthol [1] - The company is currently maintaining a good profitability level in its fragrance and flavor business [1] Strategic Development - Xinhecheng is planning to develop a new fragrance industrial park in Shandong, covering approximately 1,000 acres, with projects currently in the early preparation and phased approval process [1] - The company aims to continuously optimize its product structure and enrich its fragrance product categories to enhance overall competitiveness [1]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：尊敬的董秘，您好！贵公司在生物基材料有布局吗？ 主要布局的是哪几种产品？预计什么时候可以建成投产？产能大概有多少？市场前景如何？ 新和成（002001.SZ）11月6日在投资者互动平台表示，公司看好生物基材料，PPS产品已经推出了经过 ISCC认证的生物基规格，也会积极布局其他相关产品。 ...

新和成（002001.SZ）11月6日在投资者互动平台表示，公司与中石化合作投建的液体蛋氨酸产品已开始 销售。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司三季报再创佳绩，可喜可贺！请问液蛋产品正式 全面销售了吗？以后每年液蛋项目的业绩是否是在第四季度以分红的式集中体现？ ...

（文章来源：每日经济新闻） 新和成（002001.SZ）11月6日在投资者互动平台表示，分红是回馈投资者、共享公司发展成果的重要措 施。公司坚持以相对稳定的利润分配政策和现金分红方案积极回报股东，2025年公司实施了3次现金分 红，当年累计已派发现金分红达27.62亿元。后续分红方案敬请关注公司公告。 每经AI快讯，有投资者在投资者互动平台提问：请问董秘，贵公司是否计划了近几年的分红计划，如 果有，是多少？谢谢！ ...

Financial Performance - In Q3 2025, the company achieved a revenue of 166.42 billion CNY, with a net profit attributable to shareholders of 55.41 billion CNY, reflecting a year-on-year revenue growth of 5.45% and a net profit increase of 33.37% [3] - The company has maintained steady growth through production and sales linkage, market expansion, and cost control measures [3] Product Development and Market Strategy - The company focuses on the "Chemical+" and "Biological+" strategies, targeting opportunities in nutrition products, new materials, flavoring agents, and active pharmaceutical ingredients [3] - In the human nutrition sector, the company offers a range of products including vitamins A, D3, E, C, coenzyme Q10, taurine, β-carotene, and lycopene, with a commitment to customized formulations for various applications [3] - The solid methionine production capacity is currently at 30,000 tons, with an expansion project underway [3] Strategic Partnerships and Projects - The company has partnered with Sinopec to establish a joint venture for a liquid methionine project, with a production capacity of 18,000 tons/year [3] - The nylon new materials project in Tianjin has commenced construction, focusing on an integrated production chain from adiponitrile to nylon 66 [4] Future Plans and Innovations - The company aims to enhance its core competitiveness in the new materials sector by developing high-performance polymers and key intermediates [4] - The company is expanding its flavor and fragrance segment, with plans for a new fragrance industrial park in Shandong [4] - The Heilongjiang base is focused on bio-fermentation products, with ongoing improvements in product lines and operational efficiency [4] International Expansion - Over 50% of the company's sales are from international markets, with established subsidiaries in regions including Hong Kong, Singapore, Germany, Mexico, Brazil, Japan, and Vietnam [6] - The company emphasizes overseas market expansion as part of its 2025 operational strategy [6] Employee Engagement and Incentives - The company is implementing a share buyback program with a total amount between 30 million to 360 million CNY, aimed at employee stock ownership plans to enhance motivation and align interests [6]

Core Insights - New Hec's stock price increased by 2.00% on November 6, reaching 24.48 CNY per share, with a total market capitalization of 75.237 billion CNY [1] - The company reported a year-to-date stock price increase of 16.18%, with a recent 5-day increase of 0.78% and a 20-day decrease of 1.53% [1] - New Hec's main business segments include nutritional products (64.86% of revenue), flavor and fragrance (18.96%), new materials (9.35%), and others (6.83%) [1] Financial Performance - For the period from January to September 2025, New Hec achieved a revenue of 16.642 billion CNY, representing a year-on-year growth of 5.45%, and a net profit attributable to shareholders of 5.321 billion CNY, up 33.37% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 16.114 billion CNY, with 5.682 billion CNY distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 82,500, with an average of 36,823 shares held per shareholder, a decrease of 2.11% [2] - Major shareholders include Hong Kong Central Clearing Limited, holding 185 million shares, and various ETFs, with notable reductions in holdings observed [3]

Investment Rating - The investment rating for the chemical industry is "Positive (Maintain)" [1] Core Viewpoints - The chemical industry is expected to benefit from the "anti-involution" policy, leading to a favorable supply-demand balance and potential dual improvement in performance and valuation [6] - The basic chemical sector has shown revenue and profit growth in the first three quarters of 2025, with significant profitability in sub-sectors like fluorochemicals and agricultural chemicals [4][6] Summary by Sections Industry Overview - In the first three quarters of 2025, the basic chemical industry index outperformed the CSI 300 index by 7.46%, while the petroleum and petrochemical industry index underperformed by 21.06% [14] - The basic chemical industry achieved a revenue of CNY 17,645.8 billion, a year-on-year increase of 3.0%, and a net profit of CNY 1,097.5 billion, up 6.3% [4][35] Basic Chemicals - The basic chemical sector's net profit growth rate exceeded revenue growth, with capital expenditures continuing to decline year-on-year [4][36] - In Q3 2025, the sector's revenue was CNY 6,051.5 billion, a year-on-year increase of 2.1%, while net profit reached CNY 366.4 billion, up 16.8% [4][35] Sub-sector Analysis - In the first three quarters of 2025, sub-sectors such as pesticides, adhesives, fluorochemicals, and potassium fertilizers saw significant year-on-year net profit growth [4][37] - The top ten sub-sectors by net profit growth included pesticides (174%) and fluorochemicals, with substantial increases in profitability observed [38]

Group 1 - The core viewpoint of the articles highlights the recent movements of large private equity firms in the stock market, particularly focusing on their significant holdings in various sectors such as computers, food and beverages, and electronics [1] - As of October 31, 35 large private equity firms have reported holdings in 203 stocks, with a total market value exceeding 700 billion yuan [1] - Gao Yi Asset, led by Qiu Guolu, has significant positions in 18 companies, with Hikvision (002415) being the largest holding valued at 8.826 billion yuan, despite a reduction of 58 million shares in the third quarter [1] - Another firm, Zhongyang Investment, maintained its position in Xinhecheng (002001) with 61.1781 million shares, valued at 1.458 billion yuan, while also entering new positions in several other stocks [1] Group 2 - Some large private equity firms have announced a suspension of new investments, such as Ningquan Asset, which will stop accepting new subscriptions from October 30, while existing investors can still make additional purchases [2] - In the third quarter, Ningquan Asset increased its holdings in Zhuming Technology (300232) by 6.5721 million shares and made new investments in Fuanna (002327) with 605.12 thousand shares [2] - Starstone Investment believes that the market still has internal driving forces, with short-term uncertainties affecting risk appetite, while medium-term uncertainties are expected to ease, indicating a potential continuation of a bull market [2]

Core Viewpoint - Zhejiang Xinheng Co., Ltd. has initiated a share repurchase plan to buy back a portion of its public shares using its own funds or special loans, with a total repurchase amount ranging from 300 million to 600 million RMB, and a maximum repurchase price of 32 RMB per share [1][2]. Group 1: Share Repurchase Plan - The board of directors approved the share repurchase plan on April 11, 2025, allowing the company to repurchase shares for employee stock ownership plans or equity incentive plans [1]. - The repurchase period is set to last no more than 12 months from the date of board approval [1]. Group 2: Adjustments to Repurchase Price - The repurchase price will be adjusted to a maximum of 31.3 RMB per share due to the company's annual and semi-annual dividend distributions scheduled for May 21, 2025, and October 20, 2025, respectively [2]. Group 3: Progress of Share Repurchase - As of October 31, 2025, the company has repurchased 20,082,692 shares, accounting for 0.6534% of the total share capital, with a total transaction amount of approximately 446.13 million RMB [4]. - The highest transaction price during the repurchase was 24.45 RMB per share, while the lowest was 21.25 RMB per share [4]. Group 4: Compliance with Regulations - The company has adhered to the relevant regulations regarding the timing and method of share repurchase, ensuring no repurchase occurred during significant events that could impact stock prices [5][6]. - The repurchase transactions were conducted in compliance with the trading restrictions set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange [7].