Core Viewpoint - Hongbaoli (002165.SZ) reported a year-on-year increase in operating revenue for the first three quarters, but a significant decline in net profit and adjusted net profit [1] Financial Performance - The operating revenue for the first three quarters reached 1.974 billion yuan, representing a year-on-year growth of 3.91% [1] - The net profit attributable to shareholders was 37.46 million yuan, showing a year-on-year decrease of 18.73% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 6.108 million yuan, reflecting a substantial year-on-year decline of 79.35% [1]

Core Viewpoint - Hongbaoli reported a revenue of 729 million yuan for Q3 2025, marking a year-on-year increase of 13.78%, while the net profit attributable to shareholders reached 13.07 million yuan, up 57.96% [2] Financial Performance - For the first three quarters, the company achieved a total revenue of 1.974 billion yuan, reflecting a year-on-year growth of 3.91% [2] - The net profit attributable to shareholders for the first three quarters was 37.46 million yuan, which represents a year-on-year decline of 18.73% [2]

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏 红宝丽集团股份有限公司（以下简称"公司"）董事会于近日收到公司证券 事务代表孔德飞先生提交的书面辞职报告。孔德飞先生因个人原因辞去公司证券 事务代表职务，辞职后将继续在公司任职。 截至本公告披露之日，孔德飞先生未持有公司股票。根据《深圳证券交易所 股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》《公司章程》等相关规定，孔德飞先生的辞职报告自送达公司董 事会之日起生效。孔德飞先生辞去证券事务代表职务不会影响公司相关工作的正 常进行。公司将根据有关规定尽快聘任符合任职资格的人员担任证券事务代表， 协助董事会秘书开展工作。 特此公告。 红宝丽集团股份有限公司董事会 2025 年 10 月 25 日 证券代码：002165 证券简称：红宝丽 公告编号：临 2025－056 红宝丽集团股份有限公司 关于证券事务代表辞职的公告 ...

Financial Performance - The company's operating revenue for Q3 reached ¥728,860,135.77, representing a year-on-year increase of 13.78%[5] - The net profit attributable to shareholders was ¥13,072,391.15, a significant increase of 57.96% compared to the same period last year[5] - The company reported a decrease in operating profit of 42.56%, amounting to ¥21,500,000, primarily due to increased sales expenses and reduced gross profit[9] - Investment income for the current period was ¥13,571,900, an increase of 45.64% year-on-year[9] - Total operating revenue for Q3 2025 reached ¥1,974,030,554.24, an increase of 3.9% compared to ¥1,899,661,465.95 in the same period last year[23] - Net profit for the period was ¥38,684,897.22, a decrease of 16.5% from ¥46,307,953.33 in the previous year[24] - The company reported a gross profit margin of approximately 0.5% for the quarter, down from the previous year's margin[23] - Total comprehensive income for the period was CNY 38,637,441.47, compared to CNY 46,257,974.69 in the previous period, reflecting a decrease of approximately 16.5%[25] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period decreased by 73.25%, totaling ¥37,144,494.36[10] - Net cash flow from operating activities was CNY 37,144,494.36, down from CNY 138,840,281.70, indicating a significant decrease of approximately 73.3%[25] - Cash inflow from operating activities totaled CNY 2,341,565,615.49, an increase from CNY 2,272,896,044.77, showing a growth of about 3.0%[25] - Cash outflow from operating activities increased to CNY 2,304,421,121.13 from CNY 2,134,055,763.07, marking an increase of approximately 7.9%[25] - Net cash flow from investing activities was negative at CNY -77,979,440.98, an improvement from CNY -179,045,232.59 in the previous period[26] - Cash inflow from financing activities increased to CNY 2,672,853,703.90 from CNY 2,353,187,323.10, reflecting a growth of about 13.5%[26] - Net cash flow from financing activities was CNY 331,751,097.43, up from CNY 212,338,510.43, indicating an increase of approximately 56.3%[26] - The ending balance of cash and cash equivalents was CNY 839,509,908.21, compared to CNY 770,772,218.14 in the previous period, representing an increase of about 8.9%[26] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥5,402,575,724.54, reflecting a 12.45% increase from the previous year-end[5] - The company's total assets increased to ¥5,402,575,724.54, compared to ¥4,804,500,784.12 at the end of the previous period, marking a growth of 12.4%[21] - The company's total liabilities increased by 50.80% for current liabilities due within one year, totaling ¥564,900,900[9] - Current liabilities rose to ¥2,178,586,512.01, up from ¥1,822,732,454.20, indicating an increase of 19.6%[21] - Long-term borrowings increased to ¥1,130,950,000.00 from ¥905,590,000.00, representing a growth of 25%[21] Project Development - The company plans to expand its epoxy propane production capacity from 100,000 tons to 250,000 tons through a technical upgrade project[14] - The first phase of the technical upgrade project will increase the capacity to 160,000 tons per year, adding 60,000 tons of new capacity[15] - The project has faced delays due to local government energy consumption policies, leading to a revised completion date of December 31, 2025[16] - The company has completed approximately 90% of the civil engineering work for the epoxy propane project, with 80% of the single machine debugging completed[17] - The company has received necessary approvals for environmental assessments and safety evaluations for the project[17] - The company is committed to ensuring the steady implementation of the project despite the delays, indicating a focus on long-term growth[16] - The company has adjusted its project implementation plan to address the increasing policy and management requirements for chemical projects[15] Shareholder Information - The basic earnings per share for the reporting period was ¥0.0178, reflecting a year-on-year increase of 57.52%[5] - Basic and diluted earnings per share decreased to CNY 0.0509 from CNY 0.0627, representing a decline of about 18.7%[25] - The total equity attributable to shareholders increased to ¥2,044,344,648.60 from ¥2,031,685,546.38, a slight increase of 0.6%[21] Other Financial Metrics - The company's financial expenses were ¥51,815,440.19, compared to ¥48,817,568.25 in the previous year, indicating an increase of 6.1%[24] - Research and development expenses for the quarter were ¥64,065,159.35, compared to ¥60,391,606.40, reflecting a year-over-year increase of 6.1%[24] - The third quarter financial report was not audited, which may impact the reliability of the reported figures[27]

Core Viewpoint - The company is actively advancing its epoxy propylene technical transformation project, with further details expected in the upcoming quarterly report on October 25 [1] Group 1 - The company responded to an investor inquiry regarding the progress of its technical transformation project [1] - The company indicated that the project is being expedited [1] - The company will provide more information in the third-quarter report to be disclosed on October 25 [1]

Market Overview - As of 14:00, the Shanghai Composite Index is at 3859.80 points, with an increase of 0.52% [1] - The total trading volume of A-shares today is 1,431.28 billion yuan [1] Technical Analysis - A total of 84 A-shares have seen their 5-day moving average cross below the 10-day moving average [1] - The stocks with the largest distance between their 5-day and 10-day moving averages include: - Yunnan Zhenye: 5-day MA is -2.45% below the 10-day MA [1] - Qiangli New Materials: 5-day MA is -2.22% below the 10-day MA [1] - Feirongda: 5-day MA is -2.14% below the 10-day MA [1] Individual Stock Performance - Yunnan Zhenye (002428): Today's change is -0.93%, with a 5-day MA of 27.71 yuan and a 10-day MA of 28.41 yuan [1] - Qiangli New Materials (300429): Today's change is +0.53%, with a 5-day MA of 13.95 yuan and a 10-day MA of 14.26 yuan [1] - Feirongda (300602): Today's change is +1.03%, with a 5-day MA of 33.00 yuan and a 10-day MA of 33.72 yuan [1] - Other notable stocks include: - Warner Pharmaceuticals (688799): Today's change is +0.43%, with a 5-day MA of 55.41 yuan [1] - Blue Ying Equipment (300293): Today's change is +0.34%, with a 5-day MA of 24.48 yuan [1] Additional Stock Data - The following stocks also show a downward trend in their 5-day moving averages compared to their 10-day moving averages: - Nanya New Materials (688519): -0.90% change, 5-day MA of 74.18 yuan [1] - Aerospace Morning Light (600501): -2.84% change, 5-day MA of 23.60 yuan [1] - Haichen Pharmaceutical (300584): +1.92% change, 5-day MA of 57.39 yuan [1]

Core Viewpoint - The company Red Bull (002165.SZ) has disclosed its major clients in the hard foam polyether and is actively engaging with well-known domestic and international enterprises in the appliance and construction sectors [2]. Group 1: Major Clients - The primary clients for the company's hard foam polyether include renowned home appliance manufacturers such as Electrolux, Samsung, LG, Midea, Hisense, Meiling, Changhong, and CIMC [2]. - The company also serves large-scale enterprises in the cement production industry with its isopropanolamine products, indicating a diverse application range [2].

Group 1 - The company, Hongbaoli (002165.SZ), confirmed that it currently has no business dealings with the entity referred to as Xinkai [2] - The response was provided on an investor interaction platform, indicating the company's transparency in communication with shareholders [2] - The inquiry reflects shareholders' ongoing interest in the company's growth and development [2] Group 2 - The interaction highlights the importance of investor relations in maintaining shareholder trust [2] - The company appreciates shareholder engagement and feedback regarding its business activities [2] - The lack of business dealings with Xinkai may influence investor perceptions and future investment decisions [2]

Core Viewpoint - Hongbaoli's stock price has experienced fluctuations, with a year-to-date increase of 105.90%, but a recent decline in the last 20 and 60 days, indicating potential volatility in investor sentiment [1][2]. Group 1: Stock Performance - On October 14, Hongbaoli's stock price fell by 2.02%, trading at 8.73 CNY per share, with a total market capitalization of 6.419 billion CNY [1]. - The stock has seen a trading volume of 204 million CNY, with a turnover rate of 3.18% [1]. - Year-to-date, the stock has risen by 105.90%, but has decreased by 13.56% over the last 20 days and 9.63% over the last 60 days [1]. Group 2: Capital Flow - There was a net outflow of 26.992 million CNY from main funds, with large orders showing a buy of 26.505 million CNY and a sell of 50.866 million CNY [1]. - The last appearance on the "Dragon and Tiger List" was on August 29, with a net buy of -283 million CNY on that day [1]. Group 3: Company Overview - Hongbaoli Group Co., Ltd. was established on June 23, 1994, and listed on September 13, 2007, focusing on epoxy propylene derivatives [2]. - The main business revenue composition includes 90.52% from epoxy derivatives, 9.40% from material trading, and 0.09% from insulation materials [2]. - As of June 30, the number of shareholders increased by 13.85% to 154,600, with an average of 4,706 circulating shares per person, a decrease of 12.17% [2]. Group 4: Financial Performance - For the first half of 2025, Hongbaoli reported a revenue of 1.245 billion CNY, a year-on-year decrease of 1.10%, and a net profit attributable to shareholders of 24.389 million CNY, down 35.51% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 564 million CNY in dividends, with 132 million CNY distributed in the last three years [2].

Core Viewpoint - Major chemical companies, including Dow, INEOS, and others, are shutting down production facilities in Europe due to high costs, stringent regulations, and competition from imports, indicating a significant restructuring in the chemical industry [2][3][6][7][8]. Group 1: Dow Chemical - Dow plans to close its polyether polyol plant in Tertre, Belgium, with an annual capacity of 94,000 tons by the end of Q1 2026 as part of a strategic restructuring in Europe [3]. - The closure is attributed to high costs, strict regulations in Europe, and competitive pressure from imports, particularly from Asia [3]. - Dow's other planned closures include an ethylene cracker in Germany and a chlor-alkali facility, with further reductions in production capacity expected [3]. Group 2: Market Conditions - The European polyether polyol market is currently weak, with key end-use sectors like automotive and construction showing low demand, leading to overcapacity and increased imports [4]. - From 2020 to 2024, the average annual import volume of polyether is projected to be 286,000 tons, with a record high of 323,000 tons last year [4]. - In China, the domestic polyether industry is expected to see increased concentration among leading companies, with total production around 5.55 million tons and consumption at approximately 4.08 million tons in 2024 [4]. Group 3: INEOS - INEOS confirmed the closure of two production plants in Rheinberg, Germany, resulting in the loss of 175 jobs, due to high energy and carbon emission costs [6]. - The plants produce essential chemicals, including key components for epoxy resins, which are critical for defense, aerospace, and renewable energy infrastructure [6]. - INEOS also plans to cut 20% of the workforce at its acetyl plant in Hull, UK, citing competition from low-cost imports [6]. Group 4: Arlanxeo - Arlanxeo announced the closure of its synthetic rubber production facility in France, with an annual capacity of 140,000 tons, due to rising costs and market imbalances [7]. - The facility produces Nd-PBR and solution polymerized styrene-butadiene rubber, facing continuous losses without viable paths to profitability [7]. Group 5: Solvay - Solvay plans to permanently close its MMA and acetone cyanohydrin production operations in Italy, transitioning to purchasing MMA from third-party suppliers [8]. - This strategic shift is part of a broader plan to streamline operations and focus on chemical recycling initiatives [8]. Group 6: Future Outlook - The domestic polyether industry in China is expected to continue expanding, with a projected increase of over 4 million tons per year in new capacity from 2025 to 2029 [5]. - Leading companies in the sector are focusing on high-value products, indicating a shift towards more specialized and profitable offerings [5].