证券代码：002469 证券简称：三维化学 公告编号：2025-034 山东三维化学集团股份有限公司 2025年第三季度土木工程建筑业务经营情况简报 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。 山东三维化学集团股份有限公司（以下简称"公司"）现将2025年第三季度土 木工程建筑业务经营情况公告如下： | | 第三季度 | | 截至报告期末累计已 | | 第三季度 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 项目 | 新签约订单 | | 签约未完工订单 | | 已中标未签约订单 | | 备注 | | 类型 | 数量 | 金额 | 数量 | 金额 | 数量 | 金额 | | | | （个） | （万元） | （个） | （万元） | （个） | （万元） | | | 咨询设 | | | | | | | 工 程 咨 | | 计技术 | 23 | 960.24 | 99 | 22,292.82 | | | 询、工程 | | 性服务 | | | | | | | 设计项目 | | 工程总 承包类 ...

证券代码：002469 证券简称：三维化学 公告编号：2025-032 山东三维化学集团股份有限公司 本议案已经公司董事会审计委员会审议通过。 2、以 10 票同意，0 票反对，0 票弃权，审议通过《关于制定<信息披露暂 缓与豁免管理制度>的议案》 同意公司制定《信息披露暂缓与豁免管理制度》。 《 信 息 披 露 暂 缓 与 豁 免 管 理 制 度 》 全 文 详 见 巨 潮 资 讯 网 （http://www.cninfo.com.cn）。 第六届董事会2025年第四次会议决议公告 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。 一、董事会会议召开情况 山东三维化学集团股份有限公司（以下简称"公司"）第六届董事会 2025 年 第四次会议通知于 2025 年 10 月 17 日以电子邮件、电话等方式发出，会议于 2025 年 10 月 24 日 09:00 在山东省淄博市临淄区炼厂中路 22 号公司五楼会议 室以现场结合通讯表决的方式召开。应参加会议董事 10 人，实际参加会议董事 10 人（其中王鸣先生、杨朝合先生、李洪武先生、刘春玉女士 4 人以通讯表决 ...

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。 证券代码：002469 证券简称：三维化学 公告编号：2025-033 重要内容提示： 山东三维化学集团股份有限公司 2025 年第三季度报告 山东三维化学集团股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比 | | --- | --- | --- | --- | --- | | | | 增减 | | 上年同期增减 | | 营业收入（元） | 692,192,823.90 | 3.61% | 1,941,003,742.64 | 14.63% | | 归属于上市公司股东的 | 33,102,940.52 | -46.18% | 153,458,199.34 | 5.14% | | 净利润（元） | | | | | | 归属于上市公司股东的 扣除非经常性损益的净 | 33,063,438.79 | -45.92% | 152,743,477. ...

Core Viewpoint - The financial performance and stock trading activity of Sanwei Chemical indicate a stable growth trajectory, with significant increases in revenue and net profit, while the financing and margin trading activities remain at relatively low levels [1][2][3]. Group 1: Financial Performance - For the first half of 2025, Sanwei Chemical achieved operating revenue of 1.249 billion yuan, representing a year-on-year growth of 21.81% [2]. - The net profit attributable to the parent company for the same period was 120 million yuan, showing a year-on-year increase of 42.54% [2]. - Cumulatively, the company has distributed a total of 1.291 billion yuan in dividends since its A-share listing, with 681 million yuan distributed over the past three years [3]. Group 2: Stock Trading Activity - On October 23, Sanwei Chemical's stock price increased by 0.22%, with a trading volume of 65.99 million yuan [1]. - The financing buy amount on the same day was 5.3262 million yuan, while the financing repayment was 6.1604 million yuan, resulting in a net financing buy of -834,200 yuan [1]. - As of October 23, the total balance of margin trading for Sanwei Chemical was 181 million yuan, which accounts for 3.10% of its market capitalization, indicating a low financing balance compared to the past year [1]. Group 3: Shareholder Information - As of June 30, the number of shareholders for Sanwei Chemical was 42,500, a decrease of 17.75% from the previous period [2]. - The average number of circulating shares per shareholder increased by 21.58% to 14,790 shares [2]. - Among the top ten circulating shareholders, Hongli Low Volatility (512890) is the second-largest shareholder with 27.8388 million shares, unchanged from the previous period [3].

证券日报网讯三维化学（002469）10月14日在互动平台回答投资者提问时表示，新能源一直是公司业务 发展的优先方向。公司依托现有技术储备在氢能源、太阳能传储热、空气储能等领域进行了探索，并陆 续承接(参与)了一些项目的设计或总包任务。在光热储能领域，公司承接了中广核德令哈50MW槽式光 热电站热传储热系统的总承包项目；在氢能和空气储能领域，公司承接(参与)了中国石化青岛炼油化工 有限责任公司青岛氢能资源基地项目、金坛盐穴压缩空气储能国家试验示范项目等一些项目。未来，公 司将积极关注相关领域业务机会，综合政策导向、项目示范效应及收益等方面因素综合考虑相关机会。 ...

Core Insights - The stock of Sanwei Chemical increased by 0.11% on September 30, with a trading volume of 61.93 million yuan [1] - The company reported a net financing outflow of 9.86 million yuan on the same day, with a total financing and securities balance of 215 million yuan [1] - Sanwei Chemical's revenue for the first half of 2025 reached 1.249 billion yuan, reflecting a year-on-year growth of 21.81%, while net profit attributable to shareholders was 120 million yuan, up 42.54% year-on-year [2] Financing and Margin Trading - On September 30, Sanwei Chemical had a financing buy amount of 5.55 million yuan, with a current financing balance of 215 million yuan, accounting for 3.78% of its market capitalization [1] - The financing balance is below the 20th percentile level over the past year, indicating a low position [1] - There were no short sales or repayments on the same day, with a short balance of 0 shares, also indicating a low position compared to the 40th percentile level over the past year [1] Shareholder and Dividend Information - As of June 30, the number of shareholders for Sanwei Chemical was 42,500, a decrease of 17.75% from the previous period, while the average circulating shares per person increased by 21.58% to 14,790 shares [2] - Since its A-share listing, Sanwei Chemical has distributed a total of 1.291 billion yuan in dividends, with 681 million yuan distributed in the last three years [3] - Among the top ten circulating shareholders, Hongli Low Volatility (512890) is the second-largest shareholder with 27.8388 million shares, unchanged from the previous period [3]

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating expected performance above the market index by more than 10% over the next 6 to 12 months [5][89]. Core Views - The introduction of the "Stabilization Growth Work Plan for the Building Materials Industry (2025-2026)" aims to enhance profitability and strengthen industry management, promoting a competitive environment [1][3]. - Cement prices have seen a significant increase of 1.5% recently, with expectations for further price hikes as companies strive to meet annual growth targets [2][22]. - The glass market is experiencing a slight price increase, supported by downstream replenishment, although demand acceptance at higher prices remains limited [2][37]. - The fiberglass market shows stable pricing for non-alkali yarn, while electronic yarn remains in high demand, indicating a robust market for high-end products [2][54]. Summary by Sections Cement - National cement prices have risen significantly, with a 1.5% increase noted. Companies are expected to continue pushing for price increases as the fourth quarter approaches [2][22]. - The report anticipates that cement companies will maintain upward price momentum to achieve annual growth targets [2][22]. Glass - Float glass prices have shown a slight increase, supported by replenishment from downstream sectors, although the acceptance of high prices is limited [2][37]. - The photovoltaic glass market has seen a slight decline in demand, with inventory levels increasing, but manufacturers are maintaining stable pricing strategies [2][45]. Fiberglass - The price of non-alkali yarn remains stable, with mainstream prices for 2400tex yarn at 3250-3700 CNY/ton, while electronic yarn prices are stable due to high demand in the high-end market [2][54]. Investment Recommendations - The report suggests focusing on the cement and glass sectors due to stricter supply controls and improving profitability. Recommended companies include Conch Cement, Huaxin Cement, and Qibin Group [3][5]. - For fiberglass, companies like China National Materials and China Jushi are highlighted as beneficiaries of structural demand growth [3][5]. - In the construction sector, a recovery in infrastructure investment is anticipated, with recommendations for companies such as China Railway Construction and China State Construction [3][5].

Summary of 3D Chemical Conference Call Company Overview - **Company**: 3D Chemical - **Industry**: Chemical Engineering, specifically in sulfur recovery and chemical products Key Points and Arguments 1. **Market Position**: 3D Chemical holds a leading position in the sulfur recovery engineering sector, having completed over 250 installations, particularly in the petrochemical and coal chemical industries [2][4][6] 2. **Financial Performance**: In the first half of 2025, the company reported revenues of approximately 12.5 billion yuan and a net profit of about 1.2 billion yuan, reflecting a year-on-year profit growth of over 40% [4][20] 3. **Revenue Breakdown**: - **Sulfur Recovery**: Generated around 5 billion yuan in revenue with a profit of about 50 million yuan [2][4] - **Chemical Products**: The chemical segment, primarily through the Zibo Nuoao facilities, achieved revenues of approximately 7 billion yuan, with profits ranging from 60 million to 70 million yuan [2][4] - **Catalyst Segment**: Smaller scale, with revenues of 200 to 300 million yuan and profits between 10 million to 20 million yuan [2][4] 4. **Future Growth**: The company has a backlog of orders exceeding 16 billion yuan, with new contracts signed this year surpassing 1 billion yuan, ensuring business growth for the next three to five years [2][5][6] 5. **New Projects**: The company is advancing projects in acetic acid cellulose and related products, with high-margin products expected to enhance profitability by the end of next year [2][5][8] 6. **Investment Strategy**: Plans to maintain a dividend payout ratio of over 70% and no major capital expenditures in the next three years, focusing instead on potential acquisitions for growth [2][18] 7. **Technological Development**: Currently testing hydrogen sulfide electrocatalytic separation technology, which could revolutionize the sulfur recovery industry [3][19] 8. **Profit Margins**: The profit margin for ongoing projects is gradually improving, with expectations of reaching over 15% as revenue recognition increases [9] 9. **Order Contributions**: The Xinjiang coal chemical sector contributed over 30% of new orders this year, amounting to approximately 4 billion yuan [10][12] 10. **Project Profitability**: Design projects are expected to yield profit margins of 40% to 50%, while construction projects are estimated at 20% to 25% [13] Additional Important Information - **Market Demand**: The domestic demand for acetic cellulose is significant, with a market capacity of around 600,000 to 700,000 tons, and the company aims to capture a portion of this market with its new production lines [16][17] - **Stock Incentives**: The company is considering a stock incentive plan to align management interests with shareholder value, although practical implementation details are still being worked out [21]

Core Viewpoint - The company, Sanwei Chemical, has shown positive financial performance with significant growth in revenue and net profit, alongside a stable shareholder structure and low financing levels [1][2][3]. Financial Performance - For the first half of 2025, Sanwei Chemical achieved a revenue of 1.249 billion yuan, representing a year-on-year growth of 21.81% [2]. - The net profit attributable to shareholders for the same period was 120 million yuan, reflecting a year-on-year increase of 42.54% [2]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Sanwei Chemical was 42,500, a decrease of 17.75% compared to the previous period [2]. - The average number of circulating shares per shareholder increased by 21.58% to 14,790 shares [2]. Financing and Margin Trading - On September 24, 2023, Sanwei Chemical recorded a financing buy-in of 15.134 million yuan, with a net buy of 3.6306 million yuan [1]. - The total financing and margin trading balance stood at 226 million yuan, accounting for 3.93% of the circulating market value, which is below the 30% percentile level over the past year [1]. Dividend Distribution - Since its A-share listing, Sanwei Chemical has distributed a total of 1.291 billion yuan in dividends, with 681 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the second-largest circulating shareholder is Hongli Low Volatility Dividend (512890), holding 27.8388 million shares, unchanged from the previous period [3]. - The sixth-largest shareholder, CCB Low Volatility Dividend Index A (005561), reduced its holdings by 170,600 shares to 7.7373 million shares [3].

Core Viewpoint - Shandong Sanwei Chemical Group Co., Ltd. is actively engaging with investors and showcasing its diverse business operations, which include engineering, chemicals, and catalysts, highlighting its strong market position and future growth plans [1][2]. Group 1: Business Overview - Sanwei Chemical operates as a technology-driven chemical group with three main segments: engineering, chemicals, and catalysts [2]. - In the engineering sector, the company is the leading domestic provider of sulfur recovery design and contracting services [2]. - The chemical segment includes being a leading domestic producer of n-propanol, a recovery enterprise for dibutyl and octanol residual liquids, and a seller of n-pentanol [2]. - In the catalyst field, the company is a significant provider of sulfur-resistant conversion technology and catalyst products, with its QDB series catalysts recognized for their international performance [2]. Group 2: Engineering Business Orders - In the first half of 2025, Sanwei Chemical signed new engineering consulting and contracting orders totaling approximately 637 million yuan [3]. - As of June 30, the company had a total of 1.629 billion yuan in signed but uncompleted orders, including projects for Northern Huajin United Petrochemical and Sinopec (Tianjin) Petroleum and Chemical [3]. Group 3: Coal Chemical Projects - The company has a strong track record in coal chemical projects, having previously worked with major firms like Shenhua Yulin and Ningxia Baofeng Energy [4]. - Since 2025, Sanwei has taken on new coal chemical projects for Xinjiang Tianchi Energy and the National Energy Group, providing engineering services and catalyst procurement [4]. Group 4: Chemical Business Operations - The chemical segment employs a flexible production model based on market demand, allowing for quick adjustments in production [5]. - The company is advancing several projects, including the optimization of cellulose acetate butyrate production and the addition of 50,000 tons per year of isooctanoic acid capacity [5]. - Future plans include integrating R&D resources to develop high-end fine chemicals [5]. Group 5: Shareholder Returns and Expansion Plans - For the first half of 2025, the company announced a cash dividend of 1 yuan per 10 shares, totaling approximately 64.89 million yuan, with cumulative cash dividends since 2010 reaching 1.226 billion yuan [6]. - The company plans to enhance capital efficiency and expand into fine chemicals while also exploring external growth opportunities due to its strong cash position and low debt ratio [6].