Core Viewpoint - The company is actively positioning itself within the lithium battery electrolyte supply chain, despite not directly producing end products at this time [1] Group 1: Company Developments - The company has not yet produced lithium battery electrolyte end products but is engaged in related supply chain activities [1] - It has established a facility with an annual production capacity of 10,000 tons for a new generation of lithium salt key precursors [1] - Several new electrolyte additives are currently in the pilot optimization stage [1] Group 2: Industry Outlook - The company holds an optimistic view on the development prospects in the new energy materials sector [1] - It plans to continuously monitor market opportunities and steadily advance its industrialization process [1]

格隆汇11月19日丨金禾实业(002597.SZ)在投资者互动平台表示，公司现有氯化亚砜产能为8万吨/年。该 项目将进一步巩固公司在细分领域的领先优势，并为下游新能源、医药等高增长产业提供有力支撑。公 司对新增产能的市场前景充满信心。 ...

Core Viewpoint - The company has made significant progress in developing core materials for the display sector, currently in the pilot testing and client validation phase, with positive verification progress reported [2] Group 1 - The core materials being developed are crucial for the display industry [2] - The company is currently in the pilot testing and client validation stage for these materials [2] - Specific names of the materials cannot be disclosed due to technical details and commercial confidentiality agreements [2]

Group 1 - A-shares indices opened lower but closed higher, with the Shanghai Composite Index reaching a ten-year high, driven by strong performance in the consumer sector [1] - The China Securities Food and Beverage Index rose by 0.69%, marking six consecutive days of gains, with notable stocks including San Yuan and Xin Nuo Wei [1] - The China A500 Index increased by 1.43%, with multiple stocks such as Tianhua New Energy and Xinjie Materials rising over 10% [1] Group 2 - During the "Double 11" shopping festival from October 21 to November 11, the national postal and express delivery companies processed 13.938 billion packages, achieving significant year-on-year growth [2] - Instant retail emerged as the biggest surprise during the "Double 11" festival, with Meituan's flash purchase platform reporting record highs in transaction volume, user numbers, and per capita spending [2] - Zhongyin Securities anticipates a recovery in the food and beverage sector, highlighting resilient performance in the liquor sector and the recovery of mass consumer goods [2] - Shengan Securities noted that subcategories within mass consumer goods, such as snacks and yellow wine, continue to show growth, with Q3 revenue for leading companies in these categories maintaining good year-on-year growth [2]

Core Viewpoint - The price of chlorosulfonic acid has surged rapidly, with a recent increase of 13.72% to 1765 RMB/ton, marking a cumulative rise of 23.5% in November and over 35% since early August, indicating a significant trend in the electrolyte raw material market [1][3]. Group 1: Price Trends - Chlorosulfonic acid is a key raw material for lithium bis(fluorosulfonyl)imide (LiFSI), which is increasingly seen as a substitute for lithium hexafluorophosphate (LiPF6) due to its superior technical specifications [3]. - The price of lithium hexafluorophosphate has reached 130,000 RMB/ton, diminishing its cost advantage over LiFSI [3]. - The price increase of chlorosulfonic acid is partly driven by a significant rise in sulfur prices, which have exceeded 3500 RMB/ton, with an annual increase of over 130% [3]. Group 2: Stock Market Reactions - On November 13, the A-share lithium battery industry chain saw a broad increase, particularly in stocks related to electrolytes, with companies like Furui Co. experiencing six consecutive trading limits [4]. - Several stocks, including Fuxiang Pharmaceutical, Huasheng Lithium Battery, and Haike New Source, also hit the 20% trading limit [6]. - Chlorosulfonic acid-related stocks such as Sanyou Chemical, Shilong Industrial, and Kaisheng New Materials experienced rapid price increases, with some reaching trading limits [6][9]. Group 3: Company Capacities and Developments - Kaisheng New Materials is a global leader in chlorosulfonic acid production, with an annual capacity of 150,000 tons, holding over 26% of the global market share [9]. - Jinhua Industrial has an existing capacity of 80,000 tons for chlorosulfonic acid, with a project to build an additional 100,000 tons underway [9]. - Sanyou Chemical is progressing on a project to produce 40,000 tons of chlorosulfonic acid, expected to be completed in Q4 of this year [9]. - Companies like Taihe Technology and Yongtai Technology are also expanding their production capacities for lithium bis(fluorosulfonyl)imide, with planned capacities of 20,000 tons and 67,000 tons per year, respectively [10][11].

表决结果：同意 24,535.80 万份，占出席持有人会议的持有人所持份额总 数的 100%；反对 0 份，弃权 0 份。 二、审议通过了《关于选举第三期核心员工持股计划管理委员会委员的议 案》 证券代码：002597 证券简称：金禾实业 公告编号：2025-062 安徽金禾实业股份有限公司 关于第三期核心员工持股计划第一次持有人 会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、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"）第三期核心 员工持股计划第一次持有人会议于 2025 年 11 月 12 日在公司会议室以现场及通 讯方式召开，会议由董事会秘书刘洋先生召集和主持。出席本次会议的持有人 1,235 人，代表公司第三期核心员工持股计划份额 24,535.80 万份，占公司第三 期核心员工持股计划总份额的 90.57%。本次会议的召集、召开和表决程序符合 公司第三期核心员工持股计划的有关规定。会议以记名投票表决方式，审议通过 了以下议案： 一、审议通过了《关于设立公司第三期核心员工持股计划管理委员会的议 案》 根据《安徽金禾实业股份有限 ...

Core Viewpoint - Jinhe Industrial's stock price has shown fluctuations, with a recent increase of 2.04%, but a year-to-date decline of 6.81%, indicating potential volatility in the market [1][2]. Company Overview - Jinhe Industrial, established on December 25, 2006, and listed on July 7, 2011, is located in Chuzhou, Anhui Province. The company specializes in the research, production, and sales of food additives, functional chemical products, and various high-end intermediates, serving sectors such as food and beverage, daily consumer goods, healthcare, agriculture, and advanced manufacturing [1][2]. - The revenue composition of Jinhe Industrial includes: food additives (48.10%), bulk chemicals (37.84%), functional chemical products and intermediates (5.34%), others (4.08%), electricity (3.27%), pharmaceutical intermediates (1.30%), and trade (0.08%) [1]. Financial Performance - For the period from January to September 2025, Jinhe Industrial reported a revenue of 3.543 billion yuan, a year-on-year decrease of 12.35%, and a net profit attributable to shareholders of 391 million yuan, down 4.44% year-on-year [2]. - Since its A-share listing, Jinhe Industrial has distributed a total of 3.017 billion yuan in dividends, with 1.005 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Jinhe Industrial reached 39,000, an increase of 14.63% from the previous period, while the average circulating shares per person decreased by 12.76% to 14,516 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 12.904 million shares, a decrease of 749,600 shares from the previous period. Other notable shareholders include Southern CSI 1000 ETF and Huaxia CSI 1000 ETF, with changes in their holdings [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 3.54 billion yuan for the first three quarters of 2025, a year-on-year decrease of 12.4%. The net profit attributable to shareholders was 390 million yuan, down 4.4% year-on-year, while the net profit after deducting non-recurring items was 350 million yuan, a decline of 6.5% year-on-year. In Q3 alone, revenue was 1.1 billion yuan, down 26.9% year-on-year and 3.8% quarter-on-quarter. The net profit attributable to shareholders for Q3 was 57 million yuan, a significant drop of 65.0% year-on-year and 38.5% quarter-on-quarter, with the net profit after deducting non-recurring items at 14 million yuan, down 89.1% year-on-year and 87.5% quarter-on-quarter [5][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 3.54 billion yuan, with a year-on-year decline of 12.4%. The net profit attributable to shareholders was 390 million yuan, reflecting a decrease of 4.4% year-on-year. The net profit after deducting non-recurring items was 350 million yuan, down 6.5% year-on-year. In Q3, the company reported revenue of 1.1 billion yuan, a year-on-year decrease of 26.9% and a quarter-on-quarter decrease of 3.8%. The net profit attributable to shareholders for Q3 was 57 million yuan, down 65.0% year-on-year and 38.5% quarter-on-quarter, with the net profit after deducting non-recurring items at 14 million yuan, down 89.1% year-on-year and 87.5% quarter-on-quarter [5][6]. Market Dynamics - The prices of key products such as sucralose and acesulfame have been under pressure, leading to a decline in profit margins. The prices for sucralose, acesulfame, and other related products were reported as 20.2, 3.6, 10.2, and 7.9 thousand yuan per ton, with respective changes of -19.2%, -4.5%, +1.8%, and -2.8% [11]. Future Outlook - The company has made significant progress in key project developments, which are expected to lay a solid foundation for future growth. The second phase of the Dingyuan project has achieved substantial results, including the successful trial production of an 80,000-ton electronic-grade hydrogen peroxide project and the completion of key production facilities for lithium salt precursors [11]. The company anticipates revenue growth in the coming years, with projected earnings of 510 million yuan, 860 million yuan, and 1.07 billion yuan for 2025, 2026, and 2027 respectively [11].

Investment Rating - The report maintains a "Strong Buy" rating for Jinhe Industrial, with a target price of 25.80 CNY [2][8]. Core Insights - Jinhe Industrial's Q3 performance was under pressure, with a revenue of 1.099 billion CNY, down 26.91% year-on-year and 3.76% quarter-on-quarter. The net profit attributable to shareholders was 57 million CNY, a decrease of 64.98% year-on-year and 38.49% quarter-on-quarter [2][4]. - The company is expected to recover as demand returns to normal, particularly in the sweetener market, where prices have reached a low point [8][9]. - The report highlights the company's ongoing development in the semiconductor and synthetic biology sectors, which are anticipated to open new growth opportunities [8][9]. Financial Performance Summary - For the first three quarters of 2025, Jinhe Industrial achieved a total revenue of 3.543 billion CNY, a year-on-year decrease of 12.35%. The net profit attributable to shareholders was 391 million CNY, down 4.44% year-on-year [2][4]. - The report provides financial forecasts for 2024 to 2027, indicating a projected revenue of 4.822 billion CNY in 2025, with a year-on-year decline of 9.1% [4][9]. - The expected net profit for 2025 is revised to 518 million CNY, reflecting a decrease of 6.9% compared to previous estimates [8][9]. Market and Business Analysis - The report notes a significant decline in the average prices of key products such as sucralose and acesulfame, which has impacted profitability. The average price of sucralose in Q3 was 20.20 thousand CNY per ton, down 19.19% [8][9]. - Export volumes for sucralose and acesulfame also saw declines of 20.48% and 13.48% respectively, attributed to overseas inventory reduction efforts [8][9]. - The company is actively pursuing growth in electronic-grade chemicals and synthetic biology, with successful project launches expected to enhance its product offerings [8][9].

Group 1 - On November 3, Jinhe Industrial executed a block trade of 160,000 shares, with a transaction value of 3.008 million yuan, accounting for 2.23% of the total trading volume for the day [1][2] - The transaction price was 18.80 yuan, which represents a discount of 5.53% compared to the market closing price of 19.90 yuan [1][2]