Core Viewpoint - North Chemical Co., Ltd. (002246) stated on November 21 that as of November 20, 2025, the number of shareholders is expected to be approximately 36,000 [1] Company Summary - The company has provided an estimate regarding its shareholder count, indicating a projected figure of around 36,000 by late 2025 [1]

证券代码：002246 证券简称：北化股份 公告编号：2025-051 北方化学工业股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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、误导性陈述或者重大遗漏。 北方化学工业股份有限公司（以下简称"公司"）于2025年4月22日召开第五 届董事会第三十一次会议及第五届监事会第十八次会议，分别审议通过了《关于 使用部分闲置募集资金进行现金管理的议案》。同意在保障投资资金安全且确保 不影响募集资金项目建设和募集资金投资计划正常进行的前提下，公司使用不超 过26,000万元的闲置募集资金在证券公司、商业银行等金融机构进行现金管理， 用于投资安全性高、流动性好、风险较低、收益明显高于同期银行存款利率的短 期（期限不超过12个月）且有保本约定的投资理财产品，包括但不限于收益凭证、 结构性存款等。决议有效期限为自公司董事会、监事会审议通过之日起十二个月 内有效，在上述额度及决议有效期内，资金可以循环滚动使用。公司董事会授权 公司总经理行使投资决策并签署相关合同文件，包括但不限于：选择合格的理财 机构、理财产品品种、明确投资金额、投资期限、 ...

证券代码：002246 证券简称：北化股份 公告编号：2025-050 北方化学工业股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回的公告 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、误导性陈述或者重大遗漏。 一、使用部分闲置募集资金购买理财产品及赎回的情况 北方化学工业股份有限公司（以下简称"公司"）于2025年4月22日召开第五 届董事会第三十一次会议及第五届监事会第十八次会议，分别审议通过了《关于 使用部分闲置募集资金进行现金管理的议案》。同意在保障投资资金安全且确保 不影响募集资金项目建设和募集资金投资计划正常进行的前提下，公司使用不超 过26,000万元的闲置募集资金在证券公司、商业银行等金融机构进行现金管理， 用于投资安全性高、流动性好、风险较低、收益明显高于同期银行存款利率的短 期（期限不超过12个月）且有保本约定的投资理财产品，包括但不限于收益凭证、 结构性存款等。决议有效期限为自公司董事会、监事会审议通过之日起十二个月 内有效，在上述额度及决议有效期内，资金可以循环滚动使用。公司董事会授权 公司总经理行使投资决策并签署相关合同文件，包括但不限于：选择合 ...

Core Points - The company announced the redemption of structured deposits made with idle raised funds amounting to 25 million yuan on November 14, 2025, resulting in investment income of 1.9168 million yuan [1] - The redeemed funds, including both principal and income, have been fully received [1] - The company will continue to enhance the management of raised funds to ensure that it does not affect the progress of investment projects and normal production operations [1]

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook for the sector compared to the overall market performance [3][25]. Core Insights - The military industry is expected to enter an upward cycle as per the "14th Five-Year Plan" recommendations, with overall performance showing signs of recovery in Q4, leading to anticipated positive year-on-year growth [3][4]. - The report highlights that military trade is experiencing a significant demand surge due to increasing global geopolitical uncertainties, which is expected to create a new market landscape for international military trade [3][4]. - The report suggests increasing attention to the military sector, particularly focusing on next-generation equipment, unmanned/anti-unmanned weapons, and information/intelligent systems as key areas for investment [3][4]. Market Review - Last week, the Shenwan Defense and Military Index fell by 0.47%, while the overall market indices, including the Shanghai Composite Index, rose by 1.08% [4][11]. - The report notes that the defense and military sector's performance ranked 25th among 31 first-level industries, indicating underperformance relative to the broader market [4][11]. - The top five performing stocks in the defense sector last week included Aerospace Intelligent Equipment (up 25.45%), Triangle Defense (up 25.28%), and others, while the bottom five included Hangxin Technology (down 17.20%) and others [11][12]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 78.66, placing it in the upper range historically, indicating a relatively high valuation compared to past performance [12][13]. - The report emphasizes that the aerospace and aviation equipment sectors are also experiencing elevated PE valuations, suggesting a strong market position [12][13]. Key Investment Targets - The report identifies key investment targets within the military sector, including high-end combat capabilities and new quality combat capabilities, with specific companies highlighted for their growth potential [3][4].

Company Overview - Beihua Co., Ltd. (SZ 002246) announced that on November 4, 2025, it will accept investor research from institutions including China Merchants Fund, with key personnel such as the financial director and board secretary participating in the Q&A session [1] Financial Performance - For the first half of 2025, Beihua's revenue composition is as follows: chemical raw materials and chemical products manufacturing accounted for 38.08%, other specialized chemical products manufacturing for 30.99%, and specialized equipment manufacturing for 30.93% [1] Market Capitalization - As of the report date, Beihua's market capitalization stands at 10.9 billion yuan [1] Industry Insights - A significant increase in overseas orders by 246% has been reported in the industry, covering over 50 countries and regions, indicating robust international demand [1] - Industry leaders have raised concerns about potential vicious competition as some companies are selling products at a loss [1]

Group 1: Market and Production Strategy - The company currently has no plans for overseas capacity expansion in the nitrocellulose segment [2] - Nitrocellulose international market demand remains stable, with a focus on high-end ink markets and a precise pricing strategy [3] - The production capacity utilization rate for nitrocellulose has seen a certain increase compared to the previous year, while ensuring safe production [3] Group 2: Pricing and Sales Model - Nitrocellulose products for special orders are priced based on equipment, while products for coatings and inks follow a flexible pricing mechanism tailored to individual customer needs [3] - The company employs a combined sales model of direct sales and distribution to maximize channel efficiency, primarily focusing on self-operated foreign trade exports [3] Group 3: Corporate Structure and Future Plans - There is currently no information regarding asset restructuring or injection from the controlling shareholder [3] - The automation transformation of the nitrocellulose production line focuses on safety and quality, without involving capacity enhancement [3]

Market Overview - The chemical products sector experienced a decline of 0.57% on the trading day, with Boyuan Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers in the chemical products sector included: - Hangzhou Oxygen Plant Co., Ltd. (002430) with a closing price of 29.52, up 9.99% and a trading volume of 494,700 shares, totaling 1.43 billion yuan [1] - Pioneer New Materials (300163) closed at 4.93, up 6.94% with a trading volume of 1,542,200 shares, totaling 759 million yuan [1] - Jinrongzi (002407) closed at 26.50, up 6.26% with a trading volume of 2,445,100 shares, totaling 6.408 billion yuan [1] - Major decliners included: - Boyuan Co., Ltd. (301617) closed at 94.00, down 7.66% with a trading volume of 78,600 shares, totaling 763 million yuan [2] - Jinhua New Materials (920015) closed at 58.33, down 7.29% with a trading volume of 132,100 shares, totaling 810 million yuan [2] - Poly United (002037) closed at 10.10, down 6.13% with a trading volume of 247,400 shares, totaling 254 million yuan [2] Capital Flow - The chemical products sector saw a net outflow of 933 million yuan from institutional investors, while retail investors contributed a net inflow of 665 million yuan [2] - The capital flow for specific stocks indicated: - Hangzhou Oxygen Plant Co., Ltd. had a net inflow of 1.52 billion yuan from institutional investors, while retail investors had a net outflow of 948.96 million yuan [3] - Yongtai Technology (002326) experienced a net inflow of 1.25 billion yuan from institutional investors, with a net outflow of 2.22 billion yuan from retail investors [3] - Yahua Group (002497) had a net inflow of 1.08 billion yuan from institutional investors, while retail investors saw a net outflow of 657.87 million yuan [3]

Group 1 - The core viewpoint of the news is that Beihua Co., Ltd. has experienced a significant stock price increase, rising 5.02% to 20.94 CNY per share, with a total market capitalization of 11.497 billion CNY [1] - Beihua Co., Ltd. has seen its stock price increase for three consecutive days, with a cumulative increase of 6.12% during this period [1] - The company, established in August 2002 and listed in June 2008, primarily engages in the production and sales of nitrocellulose and industrial pumps, with its main business revenue composition being 37.70% from nitrocellulose-related products, 25.47% from protective equipment, and 22.91% from industrial pumps [1] Group 2 - From the perspective of fund holdings, Ping An Fund has a significant position in Beihua Co., Ltd., with its Ping An CSI 2000 Enhanced Strategy ETF holding 4,100 shares, accounting for 0.43% of the fund's net value [2] - The Ping An CSI 2000 Enhanced Strategy ETF has achieved a year-to-date return of 28.27% and a one-year return of 29.74%, ranking 1968 out of 4216 and 1480 out of 3877 in its category, respectively [2] - The fund manager, Li Yan, has been in charge for 1 year and 310 days, with the fund's total asset size at 11.079 billion CNY and a best return of 75.6% during his tenure [2]

Core Insights - The company reported a significant increase in revenue and net profit for the third quarter of 2025, indicating strong financial performance [2] Financial Performance - The company achieved a revenue of 703,930,038.76 yuan in Q3 2025, representing a year-on-year growth of 81.85% [2] - The net profit attributable to shareholders reached 81,648,643.71 yuan, showing a remarkable year-on-year increase of 200.55% [2]