2025 年 09 月 08 日 公司研究 评级：买入(维持) | 研究所： | | | --- | --- | | 证券分析师： | 李永磊 S0350521080004 | | | liyl03@ghzq.com.cn | | 证券分析师： | 董伯骏 S0350521080009 | | | dongbj@ghzq.com.cn | | 证券分析师： | 仲逸涵 S0350525070003 | | | zhongyh@ghzq.com.cn | [Table_Title] 立足区位优势强化产能布局，未来增长动能强劲 ——赞宇科技（002637）公司动态研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/09/05 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 赞宇科技 | 10.5% | 25.8% | 49.5% | | 沪深 300 | 8.7% | 15.0% | 36.9% | | 市场数据 | | | 2025/09/05 | | 当前价格（元） | | | 12.07 | | 周价格区间（元） 52 | | | ...

Group 1 - Zanyu Technology's stock increased by 6.19% on September 4, reaching a price of 12.01 CNY per share, with a trading volume of 57.28 million CNY and a turnover rate of 1.11%, resulting in a total market capitalization of 5.65 billion CNY [1] - Zanyu Technology Group Co., Ltd. is located in Hangzhou, Zhejiang Province, established on September 19, 2000, and listed on November 25, 2011. The company's main business involves the production and sales of surfactant products and fat chemical products [1] - The revenue composition of Zanyu Technology includes: 52.21% from fat chemicals, 45.59% from surfactants (including personal care products), 1.75% from trade and other businesses, and 0.45% from processing services [1] Group 2 - One fund under Dongfang Fund holds Zanyu Technology as a major investment, specifically the Dongfang Ruixin Hotspot Exploration A Class (001120), which held 300,000 shares in the second quarter, unchanged from the previous period, accounting for 3.44% of the fund's net value, making it the sixth-largest holding [2] - The estimated floating profit from this investment is approximately 210,000 CNY [2] - The Dongfang Ruixin Hotspot Exploration A Class (001120) was established on April 15, 2015, with a latest scale of 41.87 million CNY. Year-to-date return is 10.16%, ranking 5490 out of 8180 in its category; the one-year return is 20.07%, ranking 5618 out of 7978; and the return since inception is 11.17% [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][25][27] Core Views - The company is a leading domestic enterprise in surface active agents and oil chemical products, with stable progress in OEM/ODM projects. The annual production capacity for surface active agents has exceeded 1.2 million tons, and for oil chemical products, it has surpassed 1 million tons. The OEM/ODM processing service capacity for personal care products has reached 1.1 million tons [1][9] - The company's revenue for the first half of 2025 reached 6.553 billion yuan, a year-on-year increase of 41.71%. The net profit attributable to shareholders was 97 million yuan, up 6.35% year-on-year, while the net profit after deducting non-recurring gains and losses was 83 million yuan, an increase of 25.79% year-on-year. The rapid revenue growth was primarily driven by increased sales volume and higher prices due to rising raw material costs [2][10] - The company's core profitability is driven by its Indonesian subsidiary, Dukuda, which benefits from Indonesia's palm oil export tax policy, providing significant cost advantages. In the first half of 2025, Dukuda achieved a net profit of 102 million yuan, a year-on-year increase of 48%. The expansion project is progressing smoothly and is expected to enhance the company's profitability and scale starting in the second half of 2025 [3][19] - The company has initiated a share repurchase plan, reflecting management's confidence in the company's long-term development. The total amount for the repurchase is between 100 million and 200 million yuan, with 3.5825 million shares repurchased as of August 31, 2025, accounting for 0.76% of the total shares [4][24] Summary by Sections Company Overview - The company is a leading player in the domestic oil chemical and surface active agent sectors, with significant production capacities in both areas. The establishment of large-scale comprehensive daily chemical parks in various locations supports its OEM/ODM business [1][9] Financial Performance - The company reported a significant increase in revenue and net profit for the first half of 2025, driven by higher sales volumes and prices. The performance of different business segments shows a strong growth trajectory, particularly in daily chemical products [2][10] Profitability Drivers - The profitability of the company is significantly influenced by its Indonesian subsidiary, which is expected to contribute positively to the overall financial performance as new capacities come online [3][19] Shareholder Engagement - The ongoing share repurchase plan is a strategic move to enhance shareholder value and reflects the management's confidence in the company's future prospects [4][24]

（文章来源：证券日报） 证券日报网讯 9月1日晚间，赞宇科技发布公告称，截至2025年8月31日，公司通过回购专用证券账户以 集中竞价交易方式累计回购股份数量为358.25万股，占公司股份总数的比例为0.76%。 ...

Group 1 - The core point of the article is that Zanyu Technology has repurchased a total of 3.5825 million shares, accounting for 0.76% of the company's total shares, with a total transaction amount of approximately 34.75 million RMB [1] - The highest transaction price during the repurchase was 10.68 RMB per share, while the lowest was 8.09 RMB per share [1] - As of the report date, Zanyu Technology has a market capitalization of 5.7 billion RMB [1] Group 2 - For the first half of 2025, Zanyu Technology's revenue composition is as follows: 52.21% from the oil and fat chemical industry, 45.59% from daily chemicals, 1.75% from trade and other businesses, and 0.45% from processing services [1]

格隆汇9月1日丨赞宇科技(002637.SZ)公布，截至2025年8月31日，公司通过回购专用证券账户以集中竞 价交易方式累计回购股份数量为358.25万股，占公司股份总数的比例为0.76%，最高成交价为人民币 10.68元/股，最低成交价为人民币8.09元/股，成交总金额为人民币3475.36万元(不含交易费用)。 ...

截至2025年8月31日，公司通过回购专用证券账户以集中竞价交易方式累计 回购股份数量为358.25万股，占公司股份总数的比例为0.76%，最高成交价为人 民币10.68元/股，最低成交价为人民币8.09元/股，成交总金额为人民币 34,753,569.90元（不含交易费用）。本次回购价格未超过回购方案中拟定的13.87 元/股（分红后调整价格）。本次回购股份资金来源为公司自有资金或银行专项 贷款资金。本次回购符合既定的回购方案和回购报告书及相关法律法规的规定。 二、其他说明 公司回购股份的时间、数量、价格及集中竞价交易的委托时段符合《深圳证 券交易所上市公司自律监管指引第9号——回购股份》第十七条、第十八条的相 关规定，具体说明如下： 证券代码：002637 证券简称：赞宇科技 公告编号： 2025-040 赞宇科技集团股份有限公司 关于回购进展的公告 本公司及董事会全体人员保证公告内容真实、准确和完整，并对公告中的虚 假记载、误导性陈述或者重大遗漏承担责任。 赞宇科技集团股份有限公司（以下简称"公司"）于2024年11月19日召开第六 届董事会第十八次会议，审议通过了《关于回购股份的方案》，公司拟使用自有 ...

Market Performance - The chemical products sector increased by 0.37% on September 1, with *ST Jintai leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in Chemical Sector - *ST Quantai (300225) closed at 5.79, up 12.21% with a trading volume of 366,800 shares and a turnover of 204 million yuan [1] - Kangda New Materials (002669) closed at 15.46, up 10.04% with a trading volume of 305,700 shares [1] - Jianye Co. (603948) closed at 32.09, up 10.01% with a trading volume of 25,800 shares [1] - Dinglong Technology (603004) closed at 24.42, up 10.00% with a trading volume of 78,100 shares [1] - Zanyu Technology (002637) closed at 12.02, up 9.97% with a trading volume of 154,400 shares [1] Top Losers in Chemical Sector - Akole (603722) closed at 51.95, down 7.99% with a trading volume of 75,000 shares and a turnover of 392 million yuan [2] - Jiabiyou (688089) closed at 27.36, down 5.07% with a trading volume of 122,100 shares [2] - Andyshi (66ZOO9) closed at 10.07, down 4.82% with a trading volume of 271,400 shares [2] Capital Flow Analysis - The chemical products sector experienced a net outflow of 361 million yuan from institutional investors, while retail investors saw a net inflow of 243 million yuan [2][3] - Kangda New Materials (002669) had a net inflow of 1.21 billion yuan from institutional investors, but a net outflow of 55.12 million yuan from retail investors [3] - Zanyu Technology (002637) had a net inflow of 61.87 million yuan from institutional investors, with a net outflow of 32.00 million yuan from retail investors [3]

赞宇科技最新一期业绩显示，截至2025中报，公司营业总收入65.53亿元、同比增长41.71%，归属净利 润9719.90万元，同比增长6.35%，扣非净利润8275.79万元，同比增长25.79%，流动比率0.957、速动比 率0.615、资产负债率55.47%。 资金流向方面，今日主力资金净流出2249.13万元，占比成交额15.8%。其中，超大单净流出580.28万 元、占成交额4.08%，大单净流出1668.85万元、占成交额11.72%，中单净流出流入1195.05万元、占成 交额8.4%，小单净流入1054.08万元、占成交额7.41%。 来源：金融界 天眼查商业履历信息显示，赞宇科技集团股份有限公司，成立于2000年，位于杭州市，是一家以从事化 学原料和化学制品制造业为主的企业。企业注册资本47040.1万人民币，实缴资本25680万人民币。公司 法定代表人为邹欢金。 金融界消息 截至2025年8月25日收盘，赞宇科技（002637）报收于10.54元，下跌1.31%，换手率 3.05%，成交量13.51万手，成交金额1.42亿元。 通过天眼查大数据分析，赞宇科技集团股份有限公司共对外投资了21 ...

赞宇科技发布公告称，2025年8月21日10:00-11:00，赞宇科技接受国信证券等投资者调研，公司董秘徐 强、证券事务代表郑乐东参与接待，并回答了投资者提出的问题。 （文章来源：每日经济新闻） ...