Core Viewpoint - The approval of D-Allulose as a new food ingredient by the National Health Commission of China is expected to significantly boost the low-calorie sweetener market, leading to increased production capacities and market growth for companies involved in allulose production [1][4]. Company Summaries - Jinhe Industrial has completed the construction of a flexible production line with an annual capacity of 10,000 tons for allulose, building on its previous small-scale production of 1,000 tons per year [1][2]. - Bailinbao plans to expand its allulose production capacity to over 5,000 tons annually after technical upgrades in 2024, with a project to increase capacity to 20,000 tons starting in March 2023, aiming for a total capacity of approximately 30,000 tons by 2026 [2]. - Bailong Chuangyuan currently has a production capacity of 15,000 tons for allulose crystals and plans to build nearly 20,000 tons of production capacity at its Thailand health factory [2]. - Huakang Co. has planned a production capacity of 40,000 tons per year for allulose [2]. Industry Insights - The global allulose market has grown from $0.33 billion in 2019 to $1.73 billion in 2023, with a compound annual growth rate (CAGR) of 33.26%. It is projected to reach $5.45 billion by 2030, corresponding to a demand of approximately 200,000 tons of allulose [2][3]. - The Chinese sugar-free beverage market reached 40.16 billion yuan in 2023 and is expected to grow to 81.56 billion yuan by 2028, indicating a significant market opportunity for allulose as a sweetener [2]. - The U.S. allulose market was valued at $61.9 million in 2022, with allulose accounting for $7.8 million. The potential market sizes for allulose in China and Europe are estimated at $14.2 million and $13.8 million, respectively, as domestic approvals progress [3].

Group 1 - The announcement by the National Health Commission regarding the approval of D-Allulose and 20 other "new food" safety assessment materials has led to a surge in the sugar substitute sector, with companies like Baolingbao and Bailong Chuangyuan hitting the daily limit increase [1][2] - D-Allulose is a natural low-calorie sweetener with a sweetness level about 70% that of sucrose, but with only one-tenth the calories, making it a promising alternative to sugar due to its various health benefits [2][3] - The global market for D-Allulose is projected to reach approximately $200 million in 2024 and $500 million by 2030, indicating significant growth potential [2] Group 2 - The approval of D-Allulose in China is expected to reshape the supply chain dynamics, as the market has previously relied heavily on exports, with D-Allulose only being approved in 13 countries including the US and Japan [3][4] - Companies involved in the sugar substitute sector are actively expanding their production capacities, with Baolingbao planning to increase its annual production capacity to over 20,000 tons by 2025, and Jinhe Industrial already having a capacity of 10,000 tons [4][5] - The production of D-Allulose is complex and costly, but companies like Jinhe Industrial are utilizing advanced enzyme technology to reduce production costs and enhance efficiency [4][5]

Investment Rating - The report suggests a "Standard Allocation" for the basic chemical sector, indicating a high potential for structural opportunities despite a lower probability of success [4]. Core Insights - The basic chemical sector currently has a high valuation safety margin, with the PB historical percentile dropping below 9% since 2010. When the PB percentile is below 10%, the sector's cost-effectiveness for allocation becomes apparent [4]. - Supply, cost, and demand sides continue to face disturbances, impacting the overall success rate of investments in this sector [4]. Summary by Sections Investment Strategy - Focus on sub-industries with marginal changes, such as pesticides, glyphosate, and sweeteners [4]. - Pay attention to the export chain, particularly lubricating oil additives, tires, and potassium fertilizers [4]. - Look for performance certainty in sectors like refrigerants and civil explosives [4]. Market Dynamics - The chemical industry is experiencing significant internal competition, with "change" being a focal point for attention [6]. - The industry is under pressure from substantial investments, with a compounded growth rate of 14.1% for raw materials and products over the past four years [17]. - The current investment cycle is nearing its end, with potential delays in capacity realization expected over the next 1-2 years [17]. Supply and Demand Trends - The chemical sector's inventory has not shown significant cyclical changes, remaining in a low-level oscillation state [20]. - Despite a slight recovery in chemical consumption due to government stimulus, the real estate sector continues to struggle, impacting overall demand [22][23]. Price Trends - The report highlights various price movements in the chemical sector, with glyphosate prices showing a year-on-year decrease of 10.26% as of May 2025 [36]. - The report also notes the price fluctuations of several chemicals, indicating a complex pricing environment influenced by supply chain disruptions and production capacity [34][35].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company reported a revenue of 5.303 billion yuan in 2024, a slight decrease of 0.1% year-on-year, and a net profit attributable to shareholders of 556.73 million yuan, down 20.9% year-on-year. However, the first quarter of 2025 showed a revenue increase of 7.2% year-on-year to 1.301 billion yuan and a significant net profit increase of 87.3% year-on-year to 242 million yuan [1][4] - The average prices of key products such as Acesulfame, Sucralose, Methyl Maltose, and Ethyl Maltose in 2024 were 38,500 yuan/ton, 154,200 yuan/ton, 88,900 yuan/ton, and 72,500 yuan/ton respectively, reflecting a decline compared to 2023. The price of Sucralose saw a significant rebound, increasing over 100% from its low point [2][3] - The company’s export volume of Sucralose in 2024 reached 18,700 tons, marking a year-on-year increase of 13.9%, indicating strong demand in the sugar substitute market [3] Financial Performance - The company’s revenue is projected to grow significantly in the coming years, with estimates of 6.631 billion yuan in 2025, 8.074 billion yuan in 2026, and 8.349 billion yuan in 2027, reflecting growth rates of 25.03%, 21.76%, and 3.41% respectively [5][10] - The net profit attributable to shareholders is expected to rebound to 1.171 billion yuan in 2025, with a growth rate of 110.40%, and further increase to 2.118 billion yuan in 2026 and 2.365 billion yuan in 2027 [5][10] - The company’s earnings per share (EPS) is projected to rise from 0.98 yuan in 2024 to 2.06 yuan in 2025, and further to 3.73 yuan in 2026 [5][10] Project Developments - The company completed the production of its second phase project in Dingyuan in 2024 and successfully built an 80,000-ton electronic-grade hydrogen peroxide project. Additionally, it is expanding into sodium hydroxide and potassium hydroxide products [4] - A new project for producing 10,000 tons of next-generation lithium battery electrolyte precursors has received all necessary approvals, indicating a strategic move towards high-end chemical materials [4]

Core Viewpoint - The actual controller of Anhui Jinhe Industrial Co., Ltd., Mr. Yang Yingchun, has completed a share reduction plan, selling up to 3,816,050 shares, which is 0.70% of the company's total share capital after excluding shares in the repurchase account [1][3]. Shareholder Reduction Situation - Mr. Yang Yingchun executed the share reduction through centralized bidding, selling 2,119,920 shares at an average price of 26.28 yuan per share, which accounts for 0.39% of the total share capital after excluding repurchased shares [1][2]. - The reduction price ranged from 25.29 yuan to 26.55 yuan per share during the reduction period [1][3]. - After the reduction, Mr. Yang holds 1,696,130 shares, representing 0.31% of the total share capital [1][3]. Other Relevant Information - The total share capital of the company, after deducting repurchased shares, is 547,077,241 shares [3][4]. - The reduction plan aligns with previously disclosed plans, and the actual reduction situation matches the announced intentions [3][4].

证券代码：002597 证券简称：金禾实业 公告编号：2025-037 安徽金禾实业股份有限公司 关于实际控制人减持期限届满暨实施完毕的公告 公司实际控制人杨迎春先生保证向公司提供的信息内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 一、股东减持情况 股东名称 减持方式 减持期间 减持均价 （元/股） 减持数量 （股） 占目前公司 总股本扣除 回购股份数 的比例 杨迎春 集中竞价交易 2025 年 3 月 25 日- 2025 年 3 月 27 日 26.28 2,119,920 0.39% 合计 2,119,920 0.39% 1、股东减持股份情况 其中，杨迎春先生通过集中竞价交易方式减持公司股份来源为公司首次公开 发行前已持有的股份以及上市后因资本公积金转增股本取得的股份，减持价格区 间为 25.29 元/股-26.55 元/股。 2、股东本次减持前后持股情况 | | | 本次减持前持有股份 | | 本次减持后持有股份 | | | --- | --- | --- | --- | --- | --- | | 股东名 称 | ...

Group 1 - The report emphasizes the improvement in supply-demand dynamics within the basic chemical industry, highlighting structural opportunities in specific sub-sectors such as refrigerants, sweeteners, lubricating oil additives, and modified plastics [5][6][61] - The first quarter of 2025 saw a decline in the scale of ongoing projects in the basic chemical sector, indicating a rationalization of supply as the industry moves away from "involution" competition [18][22] - The basic chemical sector's revenue for Q1 2025 was 605.93 billion yuan, a year-on-year increase of 6.49%, while net profit reached 36.91 billion yuan, up 5.18% year-on-year [21][29] Group 2 - In the refrigerant sector, the supply of second-generation refrigerants is being significantly reduced, while third-generation refrigerants remain under quota restrictions, leading to a favorable demand outlook driven by strong performance in air conditioning and automotive sectors [42][53] - The sweetener market is expected to benefit from the trend towards reduced sugar consumption, with potential growth in demand for products like sucralose and allulose, particularly if domestic approval for allulose is granted [4][6][4] - The lubricating oil additive market is poised for growth due to the increasing emphasis on domestic substitution, as the industry currently relies on significant imports, with 200,000 to 300,000 tons needed annually [6][5][6] Group 3 - The modified plastics sector is projected to grow as the government implements policies to encourage the replacement of old consumer goods, particularly in the automotive and home appliance markets [6][6][6] - The report indicates that the average price of refrigerants such as R134a and R32 has seen significant year-on-year increases, reflecting a high demand environment [59][63] - The overall market sentiment in the basic chemical industry is positive, with expectations of continued demand growth supported by government policies aimed at stabilizing the economy and boosting consumption [38][39][41]

Core Points - The company, Anhui Jinhe Industrial Co., Ltd., has amended its articles of association, resulting in a change in registered capital from 569,975,078 yuan to 568,319,878 yuan [1] - The company has completed the business registration change and the filing of its articles of association, obtaining a new business license from the Chuzhou Market Supervision Administration [1] - The company was established on December 25, 2006, and operates in the production and sales of food additives, flavorings, and various chemical products [1] Company Information - Company Name: Anhui Jinhe Industrial Co., Ltd. [1] - Unified Social Credit Code: 91341100796433177T [1] - Type: Other joint-stock company (listed) [1] - Registered Capital: 568,319,878 yuan [1] - Location: 127 East Street, Lai'an County, Chuzhou City, Anhui Province [1] - Legal Representative: Yang Le [1] - Business Scope: Production and sales of food additives, flavorings, and various chemicals, including industrial methanol, formaldehyde, and hydrochloric acid [1]

证券代码：002597 证券简称：金禾实业 公告编号：2025-036 住 所：安徽省滁州市来安县城东大街 127 号 法定代表人：杨乐 注册资本：伍亿陆仟捌佰叁拾壹万玖仟捌佰柒拾捌圆整 成立日期：2006 年 12 月 25 日 安徽金禾实业股份有限公司 关于完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 安徽金禾实业股份有限公司（以下简称"公司"或"本公司"）于 2025 年 5 月 9 日召开了 2024 年度股东大会，会议审议通过了《关于变更注册资本及修 订<公司章程>的议案》，公司注册资本由569,975,078元变更为568,319,878元， 具体内容详见公司在《证券时报》《证券日报》《上海证券报》《中国证券报》 和巨潮资讯网（www.cninfo.com.cn）上披露的相关公告。 近日，公司完成了工商变更登记及《公司章程》备案手续，并取得了滁州市 市场监督管理局核发的《营业执照》，具体登记信息如下： 公司名称：安徽金禾实业股份有限公司 统一社会信用代码：91341100796433177T 类 型：其他股份有限公司（上市 ...

Core Viewpoint - The peroxide industry in China has shown stable growth, driven by increasing demand from downstream sectors such as chemicals, plastics, rubber, and textiles, with the market size expected to reach 14.152 billion RMB in 2024 [1][9]. Industry Definition and Classification - Peroxides are compounds containing peroxide groups (-O-O-), characterized by their ability to form covalent bonds with other atoms or groups, leading to diverse structures and properties [2]. Industry Chain Overview - The peroxide industry chain includes upstream raw material supply, midstream production, and downstream applications. Upstream involves basic chemical raw materials like hydrogen and oxygen, while midstream focuses on the production processes. Downstream applications span various sectors, including chemical reactions, textile bleaching, and environmental treatment [4][5]. Development History - The Chinese peroxide industry has evolved over 70 years, transitioning from reliance on imports to developing a domestic production system. The industry has moved from a growth phase to an innovation stage, emphasizing technological advancements and integration into emerging sectors [6][9]. Current Market Analysis - The global peroxide market is projected to reach 40.757 billion RMB in 2024, with significant growth in the Asia-Pacific region, particularly in China, which is a major consumer and producer [8][9]. China's peroxide demand is expected to reach 1.15 million tons in 2024, reflecting a 6.8% year-on-year increase [12]. Key Enterprises in the Industry - Major players include: - **LUXI Chemical**: Dominates the industrial-grade hydrogen peroxide market with a focus on low-cost production [16]. - **Strong Functional Chemicals**: Specializes in organic peroxides, leveraging safety control technologies [16]. - **Yake Technology**: Focuses on electronic-grade hydrogen peroxide, achieving a purity of ≥99.999% [18]. - **Aladdin Biochemical**: Serves the research market with high-purity peroxide products [16]. - **Satellite Chemical**: Expands into hydrogen peroxide production using by-products from ethylene projects [16]. Future Development Trends - The industry is moving towards high-end products, driven by increasing performance requirements in sectors like electronics and pharmaceuticals [20]. - There is a strong emphasis on green and environmentally friendly production methods, with a focus on reducing pollution and developing biodegradable products [21]. - Strict safety regulations are shaping the industry, necessitating enhanced safety measures and management practices [22].