Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][7]. Core Insights - The company reported a slight increase in revenue but a significant decline in net profit for Q3 2025, with revenue reaching 858 million yuan, up 1.18% year-on-year, while net profit attributable to the parent company was 32.70 million yuan, down 29.15% [6]. - The revenue growth in the first three quarters of 2025 was attributed to an increase in product variety and sales, despite a decline in net profit due to lower product prices and reduced government subsidies [6]. - The acquisition of Bomi Technology is progressing positively, which is expected to enhance the company's growth potential in the future [6]. - The company is well-positioned in the rubber additive sector, benefiting from industry upgrades and a shift towards value innovation [6]. Financial Performance Summary - For Q1-Q3 2025, the company achieved a total revenue of 2.58 billion yuan, a year-on-year increase of 1.79%, with a net profit of 160 million yuan, down 13.60% [6]. - The gross margin for Q1-Q3 2025 was 17.73%, a decrease of 1.28 percentage points year-on-year, while the gross margin for Q3 was 15.70%, down 1.96 percentage points year-on-year [6]. - The company expects to achieve revenues of 3.49 billion, 3.83 billion, and 4.24 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 197 million, 233 million, and 282 million yuan [7][9]. Market Position and Competitive Advantage - The company holds a leading position in the global market for certain rubber additives, with a market share of over 60% for its anti-scorching agent CTP [6]. - The company is one of the few that has mastered the industrialization technology for insoluble sulfur, holding the largest market share domestically [6]. - The company has established strong relationships with well-known clients in the semiconductor and LCD panel industries, providing a competitive edge [6]. Future Outlook - The report anticipates that the company will benefit from industry upgrades and a reduction in price competition, leading to an increase in market share and improved financial performance [6][7]. - The expected PE ratios for 2025, 2026, and 2027 are 36.6, 30.9, and 25.5, respectively, indicating a positive outlook for the company's valuation [7].

Core Viewpoint - Yanggu Huatai (300121.SZ) announced a delay in the completion of its project to produce 65,000 tons of high-performance rubber additives, extending the expected operational date from October 2025 to October 2026 due to construction progress setbacks [1] Group 1: Project Status - The project has utilized 204.98 million yuan of the raised funds, accounting for 44.56% of the adjusted investment amount [1] - The total unutilized raised funds amount to 265.11 million yuan, which will continue to be used for equipment procurement, installation costs, and construction expenses [1] Group 2: Reasons for Delay - The delay is primarily due to slower progress in preliminary construction phases, including delays in the processing of necessary pre-approval procedures and longer-than-expected equipment procurement and installation testing periods [1]

Core Viewpoint - Yanggu Huatai (300121) reported a decline in net profit for Q3 2025 despite a slight increase in revenue, indicating potential challenges in profitability [1][2]. Financial Performance - For Q3 2025, the company achieved operating revenue of 858,095,144.69 yuan, a year-on-year increase of 1.18% [1]. - The net profit attributable to shareholders was 32,704,848.44 yuan, representing a year-on-year decrease of 29.15% [1]. - Year-to-date, the total operating revenue reached 2,580,341,112.25 yuan, up 1.79% compared to the previous year [1]. - The cumulative net profit attributable to shareholders was 159,803,291.31 yuan, down 13.60% year-on-year [1]. Balance Sheet Highlights - Total assets at the end of the reporting period were 4,582,389,655.07 yuan, an increase of 2.24% from the previous year [2]. - Shareholders' equity attributable to the company was 3,566,739,137.62 yuan, up 1.51% year-on-year [1][2]. - Trading financial assets decreased by 32.73% to 140,054,082.20 yuan compared to the beginning of the year [2]. - Accounts receivable financing increased by 135.50% to 252,272,917.07 yuan [2]. - Construction in progress grew by 53.23% to 409,680,814.38 yuan [2]. - Inventory shares rose by 93.84% to 106,336,007.46 yuan [2]. Cash Flow Analysis - The net cash flow from operating activities for the year-to-date was 199,185,795.52 yuan, down 5.07% year-on-year [2]. - The net cash flow from investing activities was -190,624,202.35 yuan, a decrease of 334.79% compared to the previous year [2]. - The net cash flow from financing activities was -42,959,411.49 yuan, an increase of 81.56% year-on-year [2]. Corporate Actions - The company is currently coordinating with intermediaries to update financial data for the acquisition of 99.64% of Bomi Technology Co., Ltd., which is under review due to expired financial documents [2]. - The transaction requires approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission, with uncertainties regarding the approval timeline [2].

Core Insights - In the third quarter of 2025, the company reported a revenue of 858,095,144.69 yuan, representing a year-on-year growth of 1.18% [2] - The net profit attributable to shareholders of the listed company was 32,704,848.44 yuan, showing a year-on-year decline of 29.15% [2] Financial Performance - Revenue for Q3 2025: 858.1 million yuan, up 1.18% year-on-year [2] - Net profit for Q3 2025: 32.7 million yuan, down 29.15% year-on-year [2]

Core Viewpoint - Yanggu Huatai (300121.SZ) reported a slight increase in revenue for the first three quarters of 2025, but a decline in net profit compared to the previous year [1] Financial Performance - The company's revenue for the first three quarters reached 2.58 billion yuan, reflecting a year-on-year growth of 1.79% [1] - Net profit attributable to shareholders was 160 million yuan, showing a year-on-year decrease of 13.60% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 155 million yuan, down 6.27% year-on-year [1] - Basic earnings per share stood at 0.36 yuan [1]

Core Insights - Yanggu Huatai (300121.SZ) reported a revenue of 2.58 billion yuan for the first three quarters, reflecting a year-on-year growth of 1.79% [1] - The net profit attributable to shareholders of the listed company was 160 million yuan, showing a year-on-year decline of 13.6% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 150 million yuan, down 6.27% year-on-year [1]

关于山东阳谷华泰化工股份有限公司 中泰证券股份有限公司 向不特定对象发行可转换公司债券部分募投项目延期的核查意见 中泰证券股份有限公司（以下简称"保荐机构"或"本保荐人"）作为山东 阳谷华泰化工股份有限公司（以下简称"阳谷华泰"或"公司"）持续督导的保 荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》 《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司自律监管 指引第 2 号——创业板上市公司规范运作》等法律法规及规范性文件的要求，对 阳谷华泰向不特定对象发行可转换公司债券部分募投项目延期事项进行了审慎 核查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意山东阳谷华泰化工股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕1091 号），公 司向不特定对象发行可转换公司债券募集资金总额人民币 650,000,000.00 元。扣 除发行费用人民币 5,847,650.42 元（不含税），实际募集资金净额为人民币 644,152,349.58 元。信永中和会计师事务所（特殊普通合伙）已于 2023 年 8 月 2 日 对 ...

| 证券代码：300121 | 证券简称：阳谷华泰 | 公告编号：2025-136 | | --- | --- | --- | | 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 关于向不特定对象发行可转换公司债券 部分募投项目延期的公告 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。 山东阳谷华泰化工股份有限公司（以下简称"公司"）于 2025 年 10 月 22 日 召开公司第六届董事会第十五次会议及第六届监事会第十二次会议，审议通过了 《关于向不特定对象发行可转换公司债券部分募集资金投资项目延期的议案》，同 意将向不特定对象发行可转换公司债券的募投项目"年产 65,000 吨高性能橡胶助 剂及副产资源化项目"整体达到预定可使用状态的日期由原计划的 2025 年 10 月延 长至 2026 年 10 月。保荐机构中泰证券股份有限公司对本事项出具了核查意见。该 事项在董事会审批权限范围内，无需提交股东大会审议。现将相关情况公告如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意山东阳谷华泰化工股份有限公司向 ...

1、股东大会届次：2025 年第三次临时股东大会 2、股东大会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所创业板 股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号—创业板上市公司规范运 作》等法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 证券代码：300121 证券简称：阳谷华泰 公告编号：2025-137 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 关于召开 2025 年第三次临时股东大会的提示性公告 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。 山东阳谷华泰化工股份有限公司（以下简称"公司"）第六届董事会第十四次会议决 定于 2025 年 10 月 29 日（星期三）召开公司 2025 年第三次临时股东大会，并于 2025 年 10 月 14 日发布了《关于召开 2025 年第三次临时股东大会的通知》，本次股东大会将采取 现场投票和网络投票相结合的方式召开，现将会议有关事项提示如下： 一、召开会议的基本情况 4、会议时间： （1）现场会议时间：2025 ...

| 证券代码：300121 | 证券简称：阳谷华泰 | 公告编号：2025-134 | | --- | --- | --- | | 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 第六届监事会第十二次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 山东阳谷华泰化工股份有限公司（以下简称"公司"）第六届监事会第十二次 会议于 2025 年 10 月 22 日在公司三楼会议室召开。会议通知于 2025 年 10 月 16 日 专人及通讯方式送达全体监事。应参加会议监事 3 人，实际参加会议监事 3 人。会 议由监事会主席柳章银先生主持，董事会秘书列席了会议，符合《中华人民共和国 公司法》和《公司章程》的规定。 二、监事会会议审议情况 会议以记名投票表决方式，审议并通过了以下议案： 经审议，监事会认为：公司本次部分募投项目延期，是公司根据募集资金的使 用进度以及实际经营情况做出的审慎决定，符合公司现阶段的经营情况和长远发展 规划，不存在改变或变相改变募集资金用途和其他损害股东特别是中小股东利 ...