Company Overview - Sanwei Chemical (SZ 002469) announced that on October 27, 2025, it will accept an investor research meeting with Dongxing Fund and other investors, with the company’s board secretary Zhang Jun participating in the reception and answering investor questions [1] Financial Performance - For the first half of 2025, Sanwei Chemical's revenue composition is as follows: 58.43% from chemical raw materials and chemical products manufacturing, 36.71% from civil engineering and construction, and 4.86% from other manufacturing [1] - As of the report date, Sanwei Chemical has a market capitalization of 5.4 billion yuan [1] Market Context - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology as the main driver reshaping the market and initiating a "slow bull" new pattern [1]

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：2025-034 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：2025-035 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：2025-032 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 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥692,192,823.90, an increase of 3.61% compared to the same period last year[5] - Net profit attributable to shareholders decreased by 46.18% to ¥33,102,940.52 for the quarter[5] - The basic earnings per share (EPS) was ¥0.0510, down 46.20% year-on-year[5] - Total operating revenue increased to ¥1,941,003,742.64, up from ¥1,693,272,147.93, representing a growth of approximately 14.6% year-over-year[20] - Net profit for the period was ¥148,883,789.05, slightly down from ¥149,678,524.15, indicating a decrease of approximately 0.5% year-over-year[21] - The net profit attributable to the parent company shareholders for the current period is ¥153,458,199.34, compared to ¥145,950,068.88 in the previous period, reflecting an increase of approximately 5.2%[22] - The total comprehensive income for the current period is ¥148,883,789.05, slightly down from ¥149,678,524.15 in the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,490,561,977.31, a decrease of 3.75% from the end of the previous year[5] - The company's total assets amounted to ¥3,490,561,977.31, a decrease from ¥3,626,680,614.33, representing a decline of about 3.7%[18] - Total liabilities decreased to ¥734,844,786.93 from ¥759,359,228.74, showing a reduction of approximately 3.2%[18] Cash Flow - Cash flow from operating activities for the year-to-date was ¥118,589,420.06, down 52.58% compared to the previous year[5] - The net cash flow generated from operating activities is ¥118,589,420.06, a decrease of 52.5% from ¥250,058,501.41 in the previous period[24] - Total cash inflow from operating activities is ¥1,994,230,734.87, down from ¥2,120,879,010.25, indicating a decline of about 5.9%[24] - The company's cash and cash equivalents saw a significant drop, with short-term borrowings reduced to ¥20,000,000.00 from ¥150,000,000.00, a decrease of 86.7%[18] - The total cash and cash equivalents at the end of the period is ¥562,803,534.87, compared to ¥507,156,073.54 at the end of the previous period, showing an increase of approximately 10.9%[25] Investments and Expenses - Cash paid for the purchase of fixed assets increased by 40.59% to ¥41,293,830.89, mainly due to enhanced investment in technical upgrades for a subsidiary's product[11] - Cash paid for investments decreased by 66.74% to ¥510,266,410.96, as a result of recovering a large amount of time deposits and certificates of deposit[11] - Research and development expenses remained stable at ¥76,560,842.81, compared to ¥76,608,046.98, indicating a negligible change[21] - The company reported a financial income of ¥11,546,215.23, down from ¥12,866,202.40, representing a decrease of approximately 10.3% year-over-year[21] Shareholder Information - The total number of common shareholders at the end of the reporting period was 32,406, with no preferred shareholders having restored voting rights[13] - The largest shareholder, Shandong Renhe Investment Co., Ltd., holds 21.14% of shares, totaling 137,195,538 shares[13] Other Financial Metrics - The company reported a significant increase in accounts receivable, which rose by 463.75% to ¥3,213,400.00 due to an increase in commercial acceptance bills received[10] - The company’s cash and cash equivalents increased by 36.29% to ¥646,194,881.56, attributed to increased sales collections[10] - The company recognized contract asset income from a project with Northern Huajin United Petrochemical, leading to a 102.81% increase in contract assets[10] - The company’s financial expenses decreased by 88.63% to -¥481,067.75, mainly due to reduced interest income[10] - Cash received from tax refunds decreased by 60.81% to ¥467,891.11 due to reduced export tax rebates and a significant refund received in the previous year[11] - Investment income received increased by 193.49% to ¥30,662,628.17, primarily due to gains from redeeming financial products and interest from time deposits[11] - Cash from the disposal of fixed assets rose by 263.00% to ¥145,200.00, attributed to an increase in asset disposals[11] - Cash received from borrowings amounted to ¥10,000,000.00, reflecting a new loan taken by a subsidiary[11] - Cash paid related to financing activities surged by 900.74% to ¥162,127,602.58, primarily due to short-term borrowings from bill discounts[11] - The impact of exchange rate changes on cash and cash equivalents was a negative ¥934,944.53, representing a 690.44% increase in losses compared to the previous year[11] - Cash received from sales of goods and services is ¥1,953,499,999.51, a decrease of 6.3% from ¥2,084,350,073.15 in the previous period[23] - The company has not executed any mergers under common control during the reporting period, with no net profit from merged entities reported[22]