Core Viewpoint - The city of Liaocheng has made significant progress in developing its green chemical industry, optimizing industrial layout, adjusting product structure, and enhancing technological innovation, leading to a notable improvement in the sector's performance [1][3]. Industry Performance - In 2024, the chemical industry in Liaocheng is projected to achieve a revenue of 68.66 billion and a profit of 5.32 billion, accounting for 14.2% and 21.4% of the city's industrial output, respectively [3]. - The successful expansion of chemical industrial parks in Xinxian and Chiping has added 7,000 acres of land, contributing to sustained development momentum [3]. Transformation and Upgrading - The basic industries such as coal and salt chemicals are extending downstream, with products like formic acid leading the domestic market [3]. - The "zero wastewater discharge" project in Liaocheng Chemical Industrial Park has been recognized as one of the top ten excellent technological transformation cases in the province [3]. - All three chemical parks in Liaocheng, Xinxian, and Chiping have established smart management platforms, with companies like Luxi Chemical and Yanggu Huatai recognized as benchmarks for intelligent transformation [3]. Cluster Advantages - Since the 14th Five-Year Plan, five national "little giant" enterprises have been established, and 23 provincial "specialized, refined, and innovative" enterprises have emerged [4]. - Liaocheng Chemical Industrial Park has been awarded as a national new industrialization demonstration base, and the fine chemical and new materials industry cluster has been included in the province's top ten industrial clusters [4]. - The city has cultivated one provincial "chain master" enterprise and five municipal ones, promoting collaborative development among small and medium-sized enterprises [4]. Policy and Organizational Support - The city’s industrial and information technology bureau aims to promote the green chemical industry towards high-end, intelligent, and green development [4]. - There is a focus on enhancing organizational support and ensuring effective policy implementation, with a commitment to monitoring and addressing major issues in the chemical industry [4]. Chain Competitiveness - The implementation of the "chain leader system" aims to enhance the competitiveness of the industrial chain, with a focus on cross-departmental collaboration and support for enterprises participating in national supply chain projects [5]. - The city is committed to attracting high-quality projects and fostering a conducive environment for innovation and talent development in the chemical sector [5].

二季度销量稳健，产品及原料价格企稳，盈利略有修复。二季度贸易战影响逐步显现，但整体销量相对 稳定。主要品种价格及原料价格经理一季度上行之后，二季度逐步企稳，整体毛利率略有修复。二季度 公司毛利率环比微增0.52pct 至19%，带动净利润率环比微增0.25pct 至7.56%。 在建工程增长，逐步贡献未来增量。依据公司公告，截止25 年上半年末，在建工程约3.84亿元，较年初 增长约1.16 亿元，主要投向年产6.5 万吨高性能橡胶助剂项目。波米收购事宜顺利推进当中，实现主营 业务向电子化学品领域的延伸，增强市场竞争力。公司拟通过发行股份及支付现金的方式购买波米科技 有限公司99.64%股权并募集配套资金，项目持续推进当中。目前波米在低温负胶已实现商业化突破， 国内客户对国产化替代诉求强劲，预计今年贡献增量盈利。 投资要点： 公司公告：2025 年上半年实现收入17.22 亿元（YoY+2.1%），实现归母净利润1.27 亿元（YoY- 8.4%），扣非归母净利润1.24 亿元（YoY-0.11%）；其中25Q2 实现收入8.6亿元（YoY+0.8%，QoQ- 0.3%），归母净利润6452 万元（YoY+1 ...

上 市 公 司 基础化工 2025 年 08 月 29 日 阳谷华泰 (300121) ——助剂产销量稳步提升，Q2 盈利能力企稳回升，波米收购 推进当中 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 28 日 | | --- | --- | | 收盘价（元） | 15.13 | | 一年内最高/最低（元） | 20.78/6.66 | | 市净率 | 1.9 | | 股息率%（分红/股价） | 1.26 | | 流通 A 股市值（百万元） | 6,551 | | 上证指数/深证成指 | 3,843.60/12,571.37 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 7.88 | | 资产负债率% | 22.51 | | 总股本/流通 A 股（百万） | 449/433 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-28 09-28 10-28 11-28 12-28 01-28 02-28 03-31 ...

据证券之星公开数据整理，近期阳谷华泰（300121）发布2025年中报。截至本报告期末，公司营业总收 入17.22亿元，同比上升2.09%，归母净利润1.27亿元，同比下降8.43%。按单季度数据看，第二季度营 业总收入8.6亿元，同比上升0.81%，第二季度归母净利润6451.75万元，同比上升12.06%。本报告期阳 谷华泰公司应收账款体量较大，当期应收账款占最新年报归母净利润比达528.66%。 本次财报公布的各项数据指标表现一般。其中，毛利率18.74%，同比减4.85%，净利率7.43%，同比减 9.68%，销售费用、管理费用、财务费用总计1.1亿元，三费占营收比6.41%，同比减16.74%，每股净资 产7.88元，同比增5.69%，每股经营性现金流0.42元，同比增42.32%，每股收益0.28元，同比减17.65% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 16.87亿 | 17.22 乙 | 2.09% | | 归母净利润(元) | 1.39亿 | 1.27 Z | -8.43% | | ...

基础化工 | 证券研究报告 — 首次评级 2025 年 8 月 28 日 300121.SZ 买入 原评级：未有评级 市场价格:人民币 14.18 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 20.4 (2.6) 20.4 97.5 相对深圳成指 6.9 (9.8) 9.8 59.7 发行股数 (百万) 448.81 (8%) 28% 63% 98% 133% 168% Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 阳谷华泰 深圳成指 | 流通股 (百万) | 432.98 | | --- | --- | | 总市值 (人民币 百万) | 6,364.18 | | 3 个月日均交易额 (人民币 百万) | 414.83 | | 主要股东持股比例 | | | 王传华 | 20.85% | 资料来源：公司公告， Wind ，中银证券 以 2025 年 8 月 14 日收市价为标准 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工：橡胶 证 ...

Core Viewpoint - Yanggu Huatai (300121.SZ) reported its semi-annual results for 2025, highlighting a decrease in institutional investor holdings compared to the previous quarter [1] Institutional Holdings - As of August 27, 2025, three institutional investors disclosed holdings in Yanggu Huatai A-shares, totaling 8.059 million shares, which represents 1.80% of the total share capital [1] - The institutional investors include Beijing Yian Capital Management Co., Ltd. - Yian Difeng No. 2 Private Securities Investment Fund, Shandong Yanggu Huatai Chemical Co., Ltd. - First Employee Stock Ownership Plan, and Ping An CSI 2000 Enhanced Strategy ETF [1] - The total institutional holding percentage decreased by 0.31 percentage points compared to the previous quarter [1] Public Fund Holdings - One new public fund was disclosed in this period, which is the Ping An CSI 2000 Enhanced Strategy ETF [1]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300121 | 阳分布套 | 15.13 | 6.32% | 43.13万 | | 6.44亿 | | 831834 | 三维装备 | 14.63 | 3.83% | 2.98万 | | 4307.87万 | | 832225 | 利通科技 | 25.55 | 2.82% | 5.42万 | | 1.36亿 | | 300731 | 科创新源 | 49.81 | 2.74% | 17.31万 | | 8.36亿 | | 603650 | 彤程新材 | 36.90 | 2.33% | 16.73万 | | 6.12亿 | | 001207 | 联科科技 | 26.67 | 2.22% | 7.75万 | | 2.04亿 | | 301300 | 远翔新材 | 40.08 | 1.86% | 1.80万 | | 7093.54万 | | 871694 | 中裕科技 | 21.88 | 1.77% | 2.22万 | | 4831.16 ...

证券日报网讯阳谷华泰（300121）8月28日在互动平台回答投资者提问时表示，截至2025年8月20日的股 东人数为34981户。 ...

证券日报网讯阳谷华泰8月28日在互动平台回答投资者提问时表示，目前公司资产重组事项处于正常审 核流程。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯阳谷华泰8月28日在互动平台回答投资者提问时表示，截至2025年8月20日，公司股东人数 为34981户。 ...