Company Overview - Shandong Sanwei Chemical Group Co., Ltd. is a technology-driven chemical group engaged in chemical and petrochemical technology and product R&D, engineering services, catalyst production, and basic chemical raw material sales [3][4]. - The company is a leading domestic producer of n-propanol and a significant player in the recovery of butanol and n-pentanol [4]. Financial Performance - In Q3 2025, the company achieved total revenue of RMB 692.19 million, a year-on-year increase of 3.61%, while net profit attributable to shareholders was RMB 33.10 million, a decrease of 46.18% [5]. - For the first three quarters of 2025, total revenue reached RMB 1.94 billion, up 14.63%, with net profit of RMB 153.46 million, an increase of 5.14% [5]. Engineering Business - From January to September 2025, the company signed new engineering consulting and contracting orders totaling approximately RMB 1.02 billion [5]. - As of September 30, 2025, the total amount of signed but uncompleted orders in the engineering business was RMB 1.64 billion, indicating a robust order backlog [5]. Shareholder Returns - The company distributed a cash dividend of RMB 1.00 per 10 shares, totaling RMB 64.89 million, based on a total share capital of 648,862,630 shares as of June 30, 2025 [7]. - Cumulatively, since its listing in 2010, the company has distributed cash dividends amounting to RMB 1.29 billion, reflecting its commitment to shareholder returns [8]. Technological Advantages - The company has developed leading technologies in sulfur recovery and low-emission gas purification, with a total of 245 sulfur recovery units designed and contracted, amounting to a total capacity of 1.32 million tons per year [10]. - It holds proprietary technologies in aldehyde synthesis and catalyst production, positioning it as a leader in the industry [10][11]. Future Development Plans - The company aims to enhance investor returns while ensuring sustainable growth, focusing on optimizing costs, improving quality, and innovating across its operations [8]. - It plans to leverage its cash reserves and low debt ratio to explore expansion opportunities cautiously and scientifically [12].

Group 1 - The overall probability of achieving long-term excess returns in the consumer sector is greater compared to other industries, with consumer stocks serving as a stable "ballast" [1][18][19] - The food and beverage, and home appliance sectors show a trend of excess returns that can be divided into two phases: pricing boom and pricing stability, with ROE growth surpassing the overall market [1][19] - The electrical equipment sector benefits from sustained demand and has a higher historical probability of achieving long-term excess returns compared to other cyclical industries [1][19] Group 2 - Recent industry trends indicate that coal, oil and petrochemicals, electrical equipment, machinery, electronics, pharmaceuticals, textiles, automotive, non-bank finance, public utilities, and retail are on an upward trajectory, while food and beverage, home appliances, banking, real estate, and environmental protection are declining [2][22] - The report predicts that industries such as rail transit equipment, automotive parts, commercial vehicles, and lighting equipment will perform well in the next four weeks [2][22] Group 3 - The convertible bond market saw an increase this week, with the China Securities convertible bond index rising by 1.47% and the weighted average rising by 1.37% [3][28] - The overall market weighted average conversion value increased to 101.05 yuan, with a conversion premium rate of 40.44% [3][28][29] - The report highlights that sectors like defense, electronics, and computers led the market gains, while communications and beauty care lagged [3][28] Group 4 - The report on Dinglong Co. indicates a projected revenue of approximately 945 million yuan for Q3 2025, with a year-on-year growth of about 4.20% [7] - The CMP polishing pad business is expected to continue growing, with a 51% increase in revenue for the first three quarters of 2025 compared to the previous year [7] - The semiconductor display materials segment is also seeing a steady increase in market share, with new products receiving positive feedback [7] Group 5 - Yangjie Technology reported a revenue of 5.348 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 20.89% [8] - The company is focusing on expanding its market presence in automotive electronics and artificial intelligence, which are driving order and shipment growth [8] - The forecast for net profit for 2025-2027 is set at 1.256 billion, 1.485 billion, and 1.728 billion yuan respectively [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][18]. Core Views - The company experienced a temporary pressure on performance in Q3 2025, with revenue of 6.92 billion yuan, a year-on-year increase of 3.61%, and a net profit of 0.33 billion yuan, a year-on-year decrease of 46.18%. However, the company is focusing on optimizing its production of cellulose acetate butyrate and aims to quickly bring new capacity for isooctanoic acid (50,000 tons/year) into production, which is expected to contribute to long-term growth [1][4]. - The company has a robust order backlog, with signed but uncompleted orders amounting to approximately 16.41 billion yuan as of Q3 2025, and new engineering orders signed in Q3 totaling 3.73 billion yuan [2][4]. - The company has shown improved cost control, with a period expense ratio of 9.82%, a year-on-year decrease of 1.19 percentage points. The cash flow remains positive, with a net cash flow from operations of 1.19 billion yuan [3][4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 1.941 billion yuan, a year-on-year increase of 14.63%, and a net profit attributable to the parent company of 153 million yuan, a year-on-year increase of 5.14% [1]. - The gross margin for Q3 2025 was 13.85%, down 6.97 percentage points year-on-year, primarily due to declining chemical product prices, such as a 15.58% drop in the average price of octanol [2]. - The company’s projected net profits for 2025-2027 are adjusted to 265 million, 330 million, and 415 million yuan, respectively, with corresponding P/E ratios of 21.47, 17.24, and 13.71 [4][5].

Core Insights - The company reported a revenue of 1.941 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 14.63% [1] - The net profit attributable to shareholders reached 153 million yuan, with a year-on-year increase of 5.14% [1] - The net profit excluding non-recurring gains and losses was also 153 million yuan, showing a year-on-year growth of 6.86% [1] - The basic earnings per share stood at 0.2365 yuan [1]

三维化学(002469) 信息披露暂缓与豁免管理制度 山东三维化学集团股份有限公司 信息披露暂缓与豁免管理制度 第一章 总则 第一条 为了规范山东三维化学集团股份有限公司（以下简称"公司"）信息披 露暂缓与豁免行为，督促公司及相关信息披露义务人依法合规履行信息披露义务， 保护投资者的合法权益，根据《中华人民共和国证券法》、《上市公司信息披露管 理办法》、《上市公司信息披露暂缓与豁免管理规定》、《深圳证券交易所股票上市 规则》（以下简称"《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》、《深圳证券交易所上市公司自律监管指引第 5 号—信息披露事务管理》及《山东三维化学集团股份有限公司章程》（以下简 称"《公司章程》"）等规定，制订本制度。 第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、 临时报告中豁免披露中国证券监督管理委员会（以下简称"中国证监会"）和深圳 证券交易所（以下简称"深交所"）规定或者要求披露的内容，适用本制度。 本制度所称信息披露义务人，是指公司，公司董事、高级管理人员，股东或 者存托凭证持有人、实际控制人，收购人及其他权益变动 ...

证券代码：002469 证券简称：三维化学 公告编号：2025-035 山东三维化学集团股份有限公司 关于为控股子公司提供担保的进展公告 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、误导性陈述或重大遗漏。 一、担保情况概述 为快速应对市场变化，满足山东三维化学集团股份有限公司（以下简称"公 司"）控股子公司青岛联信催化材料有限公司（以下简称"青岛联信"）日常生产经 营及业务拓展的资金需求，公司于 2025 年 8 月 20 日召开的第六届董事会 2025 年第三次会议审议通过了《关于为控股子公司提供担保的议案》，同意在青岛联 信 2025 年向银行申请综合授信时，公司为其提供最高不超过人民币 3,000 万元 的担保额度，授信品种包括但不限于流动资金贷款、保函、银行承兑汇票、国内 信用证、国内保理、融资租赁等综合授信业务。具体内容详见公司于 2025 年 8 月 21 日 刊 登 在 《 中 国 证 券 报 》 、 《 证 券 时 报 》 及 巨 潮 资 讯 网 （http://www.cninfo.com.cn）的《关于为控股子公司提供担保的公告》（公告 编号：2025-025 ...

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].