Core Viewpoint - The company reported a decline in revenue and net profit for Q3, primarily due to weak demand in the downstream petrochemical industry, leading to lower rental rates and occupancy, while costs remained fixed [1][2]. Financial Performance - Q3 revenue was 285 million yuan, down 18.75% year-on-year but up 6.72% quarter-on-quarter [1]. - Q3 net profit attributable to shareholders was -25.93 million yuan, a year-on-year decline of 167.24% and a quarter-on-quarter increase of 21.79%, falling short of expectations [1]. - For the first three quarters of 2025, revenue reached 876 million yuan, down 19.46% year-on-year, with a net profit of -38.13 million yuan, a year-on-year decline of 122.27% [1]. Industry Context - The petrochemical industry remains weak, with fixed investments in chemical raw materials and products declining by 4.7%, 5.2%, and 5.6% from July to September [2]. - The Producer Price Index (PPI) for chemical raw materials and products also showed declines of 6.5%, 5.7%, and 5.2% year-on-year during the same period [2]. - Despite the weak environment, the company experienced a quarter-on-quarter improvement in gross margin and net profit margin [2]. Business Developments - The company announced the operation of 16 chemical warehouses in Changzhou, covering a total area of 33,500 square meters, enhancing its warehousing capabilities in the Yangtze River Delta [2]. - The total operational area of chemical warehouses increased to 158,800 square meters as of October 25 [2]. - Several business advancements were noted, including becoming a designated delivery warehouse for pure benzene at the Dalian Commodity Exchange [2]. Incentive Plans - The company announced a stock option incentive plan for 2025, granting 12.27 million stock options at a price of 11.55 yuan per share [3]. - The plan includes performance targets based on revenue and net profit growth from 2025 to 2027 [3]. Profit Forecast and Valuation - The company revised down its net profit forecasts for 2025-2027 by 76.75%, 28.78%, and 16.53%, respectively, due to the weak petrochemical industry [4]. - The target price was adjusted to 11.44 yuan, reflecting a price-to-book (PB) ratio of 1.9x for 2026, based on historical averages [4].

证券研究报告 宏川智慧 (002930 CH) 石化仓储行业景气较弱拖累盈利 2025 年 11 月 02 日│中国内地 仓储物流 宏川智慧发布三季报：公司 3Q 实现营收 2.85 亿元（yoy-18.75%， qoq+6.72%），归母净利-2592.99 万元（yoy-167.24%，qoq+21.79%）， 低于我们预期（4000 万元）。2025 年 Q1-Q3 实现营收 8.76 亿元 （yoy-19.46%），归母净利-3813.30万元（yoy-122.27%），扣非净利-4799.96 万元（yoy-133.09%）。3Q 归母净利低于预期主因下游石化行业需求较弱， 公司出租率及租金较低，但成本较为固定，拖累盈利。往后展望，我们看好 公司作为石化仓储龙头，具备稀缺资产、较强的并购能力和运营能力，但短 期受制于下游行业低景气度，下调盈利预测，并下调至"持有"评级。 石油化工行业景气偏弱，三季度盈利环比改善 三季度，化工行业景气度依然较弱，7-9 月化学原料和化学制品制造业固定 投资分别-4.7%、-5.2%、-5.6%，化学原料和化学制品制造业 PPI 分别同比 -6.5%、-5.7%、-5. ...

Core Viewpoint - Hongchuan Wisdom is a leading provider of comprehensive storage services for petrochemical products in China, showcasing significant investment value due to its full industry chain service capabilities [1] Group 1: Company Overview - Hongchuan Wisdom was established on November 6, 2012, and listed on the Shenzhen Stock Exchange on March 28, 2018 [1] - The company is headquartered in Dongguan, Guangdong Province, and operates within the transportation and logistics sector, specifically in storage logistics [1] - Its main business involves providing comprehensive storage services and related services to domestic and international petrochemical producers, traders, and end-users [1] Group 2: Financial Performance - For Q3 2025, Hongchuan Wisdom reported revenue of 876 million yuan, ranking third among six companies in the industry [2] - The top competitor, Sinotrans Limited, reported revenue of 47.787 billion yuan, while the second, Milky Way, reported 10.67 billion yuan [2] - The company's net profit for the same period was -10.0423 million yuan, placing it sixth in the industry [2] Group 3: Financial Ratios - As of Q3 2025, Hongchuan Wisdom's debt-to-asset ratio was 68.18%, higher than the industry average of 44.24% [3] - The company's gross profit margin was 37.79%, exceeding the industry average of 24.94% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 45.59% to 17,700 [5] - The average number of circulating A-shares held per shareholder increased by 83.79% to 24,400 [5] - Notable changes in the top ten circulating shareholders included an increase in holdings by Hong Kong Central Clearing Limited [5] Group 5: Future Outlook - According to analysts, Hongchuan Wisdom's revenue is expected to reach 1.168 billion yuan, 1.442 billion yuan, and 1.729 billion yuan from 2025 to 2027, with net profits projected at 36 million yuan, 140 million yuan, and 262 million yuan respectively [5] - The company is facing challenges due to declining demand, rental rates, and unit prices, impacting its performance [6]

Core Points - The company announced that as of October 30, 2025, its stock price has been below 90% of the current conversion price for 15 out of the last 30 trading days, triggering conditions for a downward adjustment of the "Hongchuan Convertible Bonds" conversion price [1] - The board of directors decided not to adjust the conversion price of the "Hongchuan Convertible Bonds" [1] - The next period for triggering the conversion price adjustment condition will restart from October 31, 2025, and if triggered again, the company will follow the relevant regulations and disclosure obligations [1]

Core Insights - Hongchuan Zhihui (002930.SZ) reported a revenue of 876 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 19.46% [1] - The net profit attributable to shareholders of the listed company was -38.13 million yuan, with a net profit of -47.99 million yuan after deducting non-recurring gains and losses [1] - The basic earnings per share stood at -0.08 yuan [1]

| 证券代码：002930 | 证券简称：宏川智慧 | 公告编号：2025-135 | | --- | --- | --- | | 债券代码：128121 | 债券简称：宏川转债 | | 广东宏川智慧物流股份有限公司 第四届董事会第十八次会议决议公告 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 广东宏川智慧物流股份有限公司（以下简称"公司"）第四届董 事会第十八次会议通知已于 2025 年 10 月 27 日以电子邮件方式送达 各位董事，会议于 2025 年 10 月 30 日以通讯表决方式召开。本次会 议应参加表决的董事 7 名，实际参加表决的董事 7 名。本次会议的召 集、召开和表决程序符合《中华人民共和国公司法》等法律法规以及 《公司章程》等有关规定。 二、董事会会议审议情况 （一）审议通过了《关于不向下修正"宏川转债"转股价格的议 案》 具体详见刊登在 2025 年 10 月 31 日《证券时报》《上海证券报》、 巨潮资讯网（http://www.cninfo.com.cn）上的《关于不向下修正"宏 川转债"转股价格的公告》 ...

| 证券代码：002930 | 证券简称：宏川智慧 | 公告编号：2025-137 | | --- | --- | --- | | 债券代码：128121 | 债券简称：宏川转债 | | 广东宏川智慧物流股份有限公司 关于不向下修正"宏川转债"转股价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： | | | 债券代码：128121 债券简称：宏川转债 转股价格：人民币 18.56 元/股 转股期限：2021 年 1 月 25 日至 2026 年 7 月 16 日 截至 2025 年 10 月 30 日，广东宏川智慧物流股份有限公司（以 下简称"公司"）股票在连续 30 个交易日中已有 15 个交易日的收盘 价低于当期转股价格的 90%，已触发"宏川转债"转股价格向下修正 条件。经公司第四届董事会第十八次会议审议通过，公司董事会决定 不向下修正"宏川转债"转股价格。下一触发转股价格修正条件的期 间从 2025 年 10 月 31 日重新起算，若再次触发"宏川转债"转股价 格向下修正条件，公司将根据《深圳证券交易所上市公司自律监管指 引第 1 ...

截至发稿，宏川智慧市值为49亿元。 每经头条（nbdtoutiao）——多地出现"负电价"，既然卖电"不挣钱"，为何电厂不愿停机？ 每经AI快讯，宏川智慧（SZ 002930，收盘价：10.81元）10月30日晚间发布公告称，公司第四届第十八 次董事会会议于2025年10月30日以通讯表决方式召开。会议审议了《关于不向下修正"宏川转债"转股价 格的议案》等文件。 2025年1至6月份，宏川智慧的营业收入构成为：仓储及中转综合服务占比94.73%，智慧客服服务占比 2.84%，其他业务占比0.95%，洗舱及污水处理服务占比0.76%，危化车辆公路港服务占比0.69%。 （记者 胡玲） ...

南财智讯10月30日电，宏川智慧发布三季度报告，第三季度公司实现营业收入28545.89万元，同比下降 18.75%；归属于上市公司股东的净亏损2592.99万元，同比下降167.24%。前三季度公司实现营业收入 87592.21万元，同比下降19.46%；前三季度归属于上市公司股东的净亏损3813.30万元，同比下降 122.27%。 ...

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。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏,并承担个别和连带的法律责任。 广东宏川智慧物流股份有限公司 2025 年第三季度报告 证券代码:002930 债券代码:128121 证券简称:宏川智慧 债券简称:宏川转债 公告编号:2025-138 广东宏川智慧物流股份有限公司 2025 年第三季度报告 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度财务会计报告是否经过审计 0是 ☑否 l 广东宏川智慧物流股份有限公司 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 日是 ☑否 | 项目 | 本报告期 | 本报告期比上年 | 年初至报告 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 同期增减 | 期末 | 比上年同期增减 | | ...