Performance Forecast - The company expects a net profit attributable to shareholders of between 98 million to 111 million RMB, representing a year-on-year increase of 182.72% to 220.23% compared to 34.66 million RMB in the same period last year [1] - The net profit after deducting non-recurring gains and losses is projected to be between 71 million to 84 million RMB, a significant increase of 1387.97% to 1660.42% from 4.77 million RMB in the previous year [1] - Basic earnings per share are estimated to be between 0.1785 RMB to 0.2022 RMB, compared to 0.06 RMB per share in the same period last year [1] Reasons for Performance Change - The primary reasons for the increase in performance compared to the previous year are revenue growth and an improvement in product gross margin [1] Communication with Auditors - The performance forecast data has not been audited by the accounting firm [1]

[Current Period Performance Forecast](index=1&type=section&id=Item%201.%20Current%20Period%20Performance%20Forecast) The company forecasts a significant year-on-year increase in net profit for the first half of 2025 [Performance Forecast Period and Financial Overview](index=1&type=section&id=Performance%20Forecast%20Period%20and%20Financial%20Overview) Northern Chemical Industry Co., Ltd. forecasts substantial year-on-year growth in H1 2025 net profit and non-recurring net profit - The performance forecast period is from **January 1, 2025, to June 30, 2025**[3](index=3&type=chunk) - The performance for the current reporting period is expected to show a **year-on-year increase**[3](index=3&type=chunk) Key Financial Indicators for H1 2025 Performance Forecast | Item | Current Period Forecast (10,000 CNY) | Prior Period (10,000 CNY) | Year-on-Year Growth Rate (%) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company | 9,800 - 11,100 | 3,466.27 | 182.72 - 220.23 | | Net Profit Excluding Non-recurring Gains and Losses | 7,100 - 8,400 | 477.16 | 1387.97 - 1660.42 | | Basic Earnings Per Share (CNY/share) | 0.1785 - 0.2022 | 0.06 | - | [Communication with Accounting Firm](index=1&type=section&id=Item%202.%20Communication%20with%20Accounting%20Firm) The performance forecast data has not been audited by an accounting firm - The data related to this performance forecast has **not been audited** by an accounting firm[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=Item%203.%20Explanation%20of%20Performance%20Changes) The primary drivers for performance growth are increased revenue and improved product gross margins - During the reporting period, the company's performance growth was primarily due to **year-on-year revenue increase** and **improved product gross margin levels**[5](index=5&type=chunk) - Net profit attributable to shareholders of the listed company is expected to increase by **182.72% to 220.23%** year-on-year[5](index=5&type=chunk) [Other Relevant Information](index=1&type=section&id=Item%204.%20Other%20Relevant%20Information) This performance forecast is a preliminary estimate, and investors are advised to exercise caution - This performance forecast is a preliminary estimate, and the final H1 2025 performance will be based on the company's officially disclosed H1 2025 report[7](index=7&type=chunk) - The company reminds investors to be aware of investment risks[8](index=8&type=chunk)

Group 1 - The company received a government subsidy of 4.10 million yuan, which is related to revenue and will positively impact the total profit for the year 2025 [1][2] - The subsidy represents a significant portion of the company's net profit, indicating its importance to the company's financial performance [1] - The accounting treatment of the subsidy will be confirmed by the registered accountant during the annual audit [2] Group 2 - The subsidy is classified as revenue-related, meaning it will be recorded as non-operating income and will affect the company's profit positively [2] - The company distinguishes between asset-related and revenue-related subsidies according to accounting standards, impacting how these subsidies are recorded in financial statements [1]

证券代码：002246 证券简称：北化股份 公告编号：2025-033 北方化学工业股份有限公司 获得政府补助的公告 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。 一、获取补助的基本情况 2025 年 6 月，北方化学工业股份有限公司（以下简称"公司"）子公司山西 新华防化装备研究院有限公司以现金方式收到 1 笔与收益相关的政府补助 410.00 万元，占公司最近一个会计年度经审计归属于公司股东净利润绝对值的比例为 14.48%。 二、补助的类型及其对上市公司的影响 1、补助的类型 根据《企业会计准则第 16 号—政府补助》的规定，与资产相关的政府补助， 是指企业取得的、用于购建或以其他方式形成长期资产的政府补助；与收益相关 的政府补助，是指除与资产相关的政府补助之外的政府补助。 2、补助的确认和计量 公司根据《企业会计准则第 16 号—政府补助》的相关规定区分补助类型，其 中，与资产相关的政府补助，冲减相关资产的账面价值或者确认为递延收益，在 相关资产使用寿命内按照合理、系统的方法分期计入损益。与收益相关的政府补 助，在确认相关成本费用或损失的期间计入当期 ...

Group 1 - The chemical sector experienced a collective rebound on July 1, with Hongbaoli leading the surge by hitting the daily limit up [1] - Other stocks such as Shandong Heda, Changqing Technology, and Baihehua also reached the daily limit up, indicating strong market interest in the sector [1] - Hongbaoli's trading volume reached 240 million yuan, with a turnover rate of 3.57%, highlighting its active trading status [1] Group 2 - The chemical industry is a fundamental sector of the national economy, with products widely used in construction, automotive, and electronics [2] - The performance of the chemical sector is closely linked to macroeconomic trends, reflecting the industry's sensitivity to economic conditions [2]

Market Overview - The Shanghai Composite Index closed at 3444.43 points, above the five-day moving average, with a gain of 0.59% [1] - The total trading volume of A-shares reached 1,517.37 billion yuan [1] Stocks Performance - A total of 664 A-shares have surpassed the five-day moving average, indicating positive momentum [1] - Notable stocks with significant deviation rates include: - Morningstar Airlines (15.14%) - Xiangyu Medical (14.86%) - Qifeng Precision (13.27%) [1][2] - Stocks with smaller deviation rates that just crossed the five-day moving average include: - China Duty Free Group - Shanghai Yizhong - Shanjin International [1] Top Stocks by Deviation Rate - The following stocks had the highest deviation rates from the five-day moving average: - Morningstar Airlines: 19.99% increase, 15.14% deviation [2] - Xiangyu Medical: 20.01% increase, 14.86% deviation [2] - Qifeng Precision: 17.25% increase, 13.27% deviation [2] - Other notable stocks include: - Lianjian Optoelectronics: 19.92% increase, 10.74% deviation [2] - Songsheng Co.: 13.73% increase, 10.55% deviation [2]

Group 1 - The military-civilian integration sector has seen a significant rise, with the sector increasing by over 3% as of June 30, and several stocks, including Lijun Co., Guorui Technology, and Zhongguang Optical, reaching their daily limit [1] - Military-civilian integration refers to the combination of military and civilian industries, leveraging advanced technologies developed in military contexts for civilian applications, such as aerospace technology in communications and navigation, and nuclear technology in power generation and healthcare [1] - The economic impact of military enterprises includes substantial investments in research and development, which, when converted to dual-use technologies, can expand market space, increase product sales, and enhance economic benefits [1] Group 2 - Pacific Securities expresses a positive outlook on the military-civilian integration sector, highlighting strong dual-use potential in areas such as marine, space, cyberspace, biology, and new energy, which may benefit from policy incentives [2] - Zhongyou Securities indicates that the military industry is expected to reach a turning point, with new products and military technology conversion creating new market opportunities [2] - A list of military-civilian integration concept stocks has been compiled for investor reference, although it does not constitute investment advice [2] Group 3 - Zhongbing Hongjian has transitioned from a purely civilian company to a military-civilian integration platform following its restructuring [3] - Great Wall Military Industry operates as a holding company with both military and civilian business segments, primarily focusing on military products [3] - Boya Precision Engineering applies core technologies developed for military equipment to the civilian sector, enhancing product standards [3] - Beihua Co. acquired Xinhua Chemical, a unique military-civilian integration enterprise specializing in nuclear and chemical defense materials [3] - Sichuan Electronics produces radar products for both military and civilian applications, maintaining strong relationships with various governmental departments [3] - Inner Mongolia First Machinery Group develops military-civilian integration products such as multifunctional firefighting vehicles and rescue vehicles [3] - Aerospace Nanhu focuses on key technology development for both military and civilian low-altitude markets, contributing to low-altitude economic initiatives [3] - Xinyu Guoke has been engaged in the research, production, and sales of pyrotechnics and related products, while also developing dual-use technology industries [4]

Core Viewpoint - The A-share market shows a mixed performance with 476 stocks breaking through the five-day moving average, indicating potential investment opportunities in certain sectors [1] Group 1: Market Overview - As of 10:29 AM, the Shanghai Composite Index is at 3432.93 points, below the five-day moving average, with a fluctuation of 0.25% [1] - The total trading volume of A-shares today is 693.146 billion yuan [1] Group 2: Stocks with Significant Deviation - The stocks with the largest deviation from the five-day moving average include: - Morningstar Aviation (晨曦航空) with a deviation of 15.14% and a price increase of 19.99% [2] - Qifeng Precision (七丰精工) with a deviation of 11.69% and a price increase of 15.15% [2] - Awatech (阿为特) with a deviation of 10.02% and a price increase of 14.90% [2] - Other notable stocks with significant price increases and deviations include: - Xiongtai Technology (雄帝科技) with an 11.52% increase and an 8.85% deviation [2] - Songsheng Co. (崧盛股份) with a 10.85% increase and an 8.36% deviation [2] Group 3: Additional Stocks with Positive Performance - Other stocks showing positive performance and deviations include: - Lijun Co. (利君股份) with a 9.97% increase and a 7.69% deviation [2] - Xiangyu Medical (翔宇医疗) with a 10.41% increase and a 7.66% deviation [2] - Chengfei Integration (成飞集成) with a 10.00% increase and a 7.58% deviation [2]

Core Viewpoint - The report highlights a significant increase in China's nitrocellulose exports, with a total export value of 327 million yuan from January to May 2025, representing a 99% year-on-year growth, and an average price of 33,700 yuan per ton, up 37% year-on-year [2][3]. Group 1: Export Performance - In May 2025, the monthly export value of nitrocellulose reached 78 million yuan, further increasing month-on-month, with a price of 36,600 yuan per ton, setting a new recent high [3]. - The total export value for the first five months of 2025 was 327 million yuan, with a year-on-year increase of 99%, and an average price of 33,700 yuan per ton, reflecting a 37% increase year-on-year [2][3]. Group 2: Market Dynamics - The increase in prices is attributed to expanding demand and shrinking supply, influenced by ongoing global conflicts, leading to a growing need for energetic nitrocellulose [3]. - Global nitrocellulose production capacity is projected to decrease from 261,000 tons in 2023 to 198,000 tons in 2024, a reduction of 24% [3]. Group 3: Future Outlook - It is anticipated that in June 2025, domestic nitrocellulose exports may see a rise in price but a decrease in volume due to further contractions in production capacity following an explosion at a domestic facility [3]. - The core target in the nitrocellulose industry is Beihua Co., which maintains a leading position in production and sales globally, with over 50% market share domestically and around 15% internationally [4][5].

Industry Investment Rating - The industry investment rating is "Outperform" [2] Core Viewpoints - The report highlights a significant increase in China's nitrocellulose exports, with a total export value of 327 million yuan from January to May 2025, representing a year-on-year growth of 99%. The average price per ton reached 33,700 yuan, up 37% year-on-year [5][6] - The demand for nitrocellulose is driven by ongoing global conflicts, leading to increased military applications and a strategic supply shortage. The total global production capacity of nitrocellulose is projected to decrease from 261,000 tons in 2023 to 198,000 tons in 2024, a reduction of 24% [6][7] - Nitrocellulose is characterized as a non-cyclical chemical product with long-term growth potential, particularly in military applications and environmentally friendly fireworks. The fireworks industry in Liuyang is significant, with a total output value of 50.22 billion yuan in 2024, and nitrocellulose is expected to replace traditional black powder in this market [7][8] - The core player in the nitrocellulose industry is Beihua Co., which maintains a leading position globally, with over 50% market share domestically and around 15% internationally. The company aims to enhance its product structure and profitability in 2025 [8]