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% | | ...

Investment Rating - The report assigns a "Buy" rating to the company, with an initial coverage date of August 28, 2025 [1][5]. Core Views - The company, Yanggu Huatai, is a leading domestic manufacturer of rubber additives, actively expanding its production capacity both domestically and in Thailand. The acquisition of Bomi Technology, which focuses on high-performance polyimide materials, is expected to inject new growth momentum into the company's performance [3][8]. Summary by Sections Company Overview - Yanggu Huatai specializes in the research, production, and sales of rubber additives, with a comprehensive product range including anti-scorching agents, accelerators, and insoluble sulfur. The company has three production bases in China and is constructing a facility in Thailand to enhance its supply capabilities [15][17]. Financial Performance - The company has maintained stable revenue growth since its listing, with total revenue increasing from RMB 348 million in 2010 to RMB 3.431 billion in 2024, reflecting a CAGR of 17.75%. However, net profit has experienced cyclical fluctuations, with a decline in 2024 due to falling product prices [24][32]. Industry Analysis - The rubber additives industry is closely tied to the tire manufacturing sector, which accounts for approximately 70% of the demand. The global tire market is projected to grow at a CAGR of 4.7% from 2024 to 2032, driven by increasing automotive production and the rise of electric vehicles [37][45]. Market Trends - The report highlights a stable demand for rubber additives, with the industry concentration expected to increase in 2024. The domestic production of rubber additives is projected to account for 78% of the global output, with a total production of 205,000 tons [51][52]. Acquisition and Growth Potential - The planned acquisition of Bomi Technology aims to enter the PSPI (Photo-sensitive Polyimide) market, which has significant growth potential in semiconductor and OLED panel applications. The domestic PSPI market is expected to grow from RMB 1.193 billion in 2023 to RMB 1.328 billion by 2025 [8][46].

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]

Market Overview - On August 28, the rubber sector increased by 0.33% compared to the previous trading day, with Yanggu Huatai leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Notable gainers in the rubber sector included: - Yanggu Huatai (300121) with a closing price of 15.13, up 6.32% and a trading volume of 431,300 shares, totaling 644 million yuan [1] - Sanwei Equipment (831834) closed at 14.63, up 3.83% with a trading volume of 29,800 shares, totaling 43.08 million yuan [1] - Litong Technology (832225) closed at 25.55, up 2.82% with a trading volume of 54,200 shares, totaling 136 million yuan [1] Fund Flow Analysis - The rubber sector experienced a net outflow of 169 million yuan from institutional investors, while retail investors saw a net inflow of 134 million yuan [2] - Key stocks with significant fund flows included: - Yanggu Huatai had a net inflow of 44.64 million yuan from institutional investors, but a net outflow of 34.99 million yuan from retail investors [3] - Kexin Technology (300731) saw a net inflow of 26.39 million yuan from institutional investors, with a net outflow of 31.28 million yuan from retail investors [3]

Group 1 - The company, Yanggu Huatai, reported that as of August 20, 2025, the number of shareholders is 34,981 [1]

Group 1 - The company Yanggu Huatai is currently undergoing a normal review process for its asset restructuring matters [2]

（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。 ...

Core Viewpoint - Yanggu Huatai announced that it will provide guarantees for its wholly-owned subsidiaries to secure credit lines from financial institutions, totaling up to RMB 55 million [1] Group 1: Guarantees for Subsidiaries - The company plans to provide a joint liability guarantee for Shandong Dairike New Materials Co., Ltd. for a credit line not exceeding RMB 30 million [1] - A guarantee will also be provided for Shandong Yanggu Huatai Import and Export Co., Ltd. for a credit line not exceeding RMB 20 million [1] - Additionally, a guarantee for Shandong Tegi New Materials Co., Ltd. will be provided for a credit line not exceeding RMB 5 million [1] Group 2: Duration of Guarantees - The validity period for the guarantees will be 12 months from the date of the board's approval [1]

格隆汇8月27日丨阳谷华泰(300121.SZ)公布2025年半年度报告，上半年公司实现营业收入17.22亿元，同 比增长2.09%；归属于上市公司股东的净利润1.27亿元，同比下降8.43%；归属于上市公司股东的扣除非 经常性损益的净利润1.24亿元，同比下降0.11%；基本每股收益0.28元；拟向全体股东每10股派发现金 红利0.7元(含税)。 ...

| 证券代码：300121 | 证券简称：阳谷华泰 | 公告编号：2025-114 | | --- | --- | --- | | 债券代码：123211 | 债券简称：阳谷转债 | | 山东阳谷华泰化工股份有限公司 特此公告。 山东阳谷华泰化工股份有限公司 董事会 二〇二五年八月二十八日 1 2025年半年度报告披露的提示性公告 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： 山东阳谷华泰化工股份有限公司 2025 年半年度报告及摘要已于 2025 年 8 月 28 日在中国证监会指定的创业板信息披露网站上披露，请投 资者注意查阅！ ...