Group 1 - The core viewpoint of the news is that Jinglin Asset Management has conducted research on Chenhua Co., highlighting the company's strengths in the surfactant industry and its strategic partnerships [1] - Chenhua Co. has established a joint venture with Dajiang Chemical, focusing on polyurethane catalysts and epoxy resin curing agents [1] - The impact of the US-China trade war on Chenhua Co. is minimal due to the low proportion of exports to the US [1] Group 2 - Chenhua Co. has an annual production capacity of 31,000 tons for polyether amine products, with a utilization rate of 28,500 tons [1] - The production capacity for wind power D230 products is gradually increasing, with an expected utilization rate of 46% for polyether amine in 2024 [1] - The company is advancing multiple R&D projects in areas such as efficient clean fire extinguishing agents, alkyl glycosides, and silicone oils [1] Group 3 - Profit growth for Chenhua Co. is anticipated to come from the expansion of polyether amine applications, the commissioning of alkyl glycoside expansion projects, and the recovery of the chemical industry by 2025 [1]

证券代码：300610 证券简称：晨化股份 公告编号：2025-035 扬州晨化新材料股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东持 股情况的公告 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。 扬州晨化新材料股份有限公司(以下简称"公司") 于 2025 年 4 月 17 日召 开第四届董事会第十七次会议、第四届监事会第十七次会议，审议通过了《关于 回购公司股份方案的议案》，该议案尚需提交 2024 年度股东会审议。具体内容 详见公司于 2025 年 4 月 18 日披露在巨潮资讯网（www.cninfo.com）的《关于回 购公司股份方案的公告》（公告编号：2025-032）。 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》、《上 市公司股份回购规则》等相关规定，现将公司 2024 年度股东会的股权登记日（即 股数量及持股比例情况公告如下： 一、公司前十名股东持股情况 占公司总股本比 序号 股东名称 持股数量（股） 例（%） 注：以上股东的持股数量为合并普通账户和融资融券信用账户后总的持股数 量。 二、公司前十名无限售条 ...

证券代码：300610 证券简称：晨化股份 公告编号：2025-035 扬州晨化新材料股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东持 股情况的公告 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。 扬州晨化新材料股份有限公司(以下简称"公司") 于 2025 年 4 月 17 日召 开第四届董事会第十七次会议、第四届监事会第十七次会议，审议通过了《关于 回购公司股份方案的议案》，该议案尚需提交 2024 年度股东会审议。具体内容 详见公司于 2025 年 4 月 18 日披露在巨潮资讯网（www.cninfo.com）的《关于回 购公司股份方案的公告》（公告编号：2025-032）。 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》、《上 市公司股份回购规则》等相关规定，现将公司 2024 年度股东会的股权登记日（即 2025 年 5 月 7 日）登记在册的前十名股东和前十名无限售条件股东的名称、持 股数量及持股比例情况公告如下： 1 序号 股东名称 持股数量（股） 占公司总股本比 例（%） 1 于子洲 51,235,964 2 ...

Core Viewpoint - The company, Chenghua Co., Ltd., is actively engaged in the surfactant industry, focusing on high-performance new materials and expanding its product offerings in response to market demands and technological advancements [2][9]. Industry Overview - The surfactant industry in China has developed into a large-scale sector with a wide variety of products. The industry is moving towards functionalization and greening, with significant advancements in key technologies and production processes [2]. - There are few listed companies in China that primarily produce alkyl glycosides and polyether amines, indicating a niche market with high technical requirements [2]. Company Structure and Subsidiaries - The company has established a subsidiary, Jiangsu Dajiang New Materials Chemical Co., Ltd., in partnership with Dajiang Chemical, focusing on polyurethane catalysts and epoxy resin curing agents. The registered capital is 150 million RMB, with the company holding a 50.1% stake [3]. Trade Impact - The company has been enhancing its export efforts, with a diversified customer base primarily in Southeast Asia and the EU. The impact of the US-China trade war on the company is minimal, as exports to the US represent a small portion of total sales [4]. Production Capacity and Utilization - The current production capacity for polyether amines is 31,000 tons per year, with a utilization rate of 28,500 tons per year. The specific capacity utilization for the wind power product D230 has increased from 2,500 tons per year in January to 5,000 tons per year since mid-April [5][6]. Research and Development - The company is focusing on several key R&D projects, including the development of efficient clean fire extinguishing agents, new decolorization processes for alkyl glycosides, and methods for continuous preparation of silicone oil [7][8]. Profit Growth Expectations - For 2025, the company anticipates profit growth through innovation in polyether amine applications, expansion of alkyl glycoside production capacity, and potential recovery in the chemical industry [9]. Financial Performance - In the first quarter of 2025, the company reported a main revenue of 216 million RMB, a year-on-year decrease of 4.32%. However, the net profit attributable to shareholders increased by 23.05% to 27.02 million RMB [10].

Group 1: Industry Overview - The surface active agent industry in China has developed into a large-scale and diverse sector, focusing on functional and green development trends [2] - The country has made significant advancements in key technologies and production processes for bulk surface active agent products [2] - There are few listed companies producing alkyl glycosides and polyether amines, indicating a niche market for high-performance new materials [2] Group 2: Subsidiary Information - Jiangsu Dajiang New Materials Chemical Co., Ltd. was established with a registered capital of 150 million RMB, with the company holding a 50.1% stake [3] - The subsidiary focuses on polyurethane catalysts and epoxy resin curing agents [3] Group 3: Impact of Trade Relations - The company has strengthened its export efforts, with a diverse product range primarily targeting Southeast Asia and the EU, while the impact of the US-China trade war is relatively minor due to low export volume to the US [4] Group 4: Production Capacity and Utilization - Current production capacity for polyether amines is 31,000 tons/year, with a utilization of 28,500 tons/year [4] - The utilization rate for polyether amines in 2024 is projected to be around 46%, while alkyl glycosides have reached a 100% utilization rate [4] Group 5: Research and Development Projects - Key ongoing R&D projects include the development of high-efficiency clean fire extinguishing agents, new decolorization processes for alkyl glycosides, and methods for continuous preparation of silicone oil [5] - Future R&D projects will focus on lignin-based polyols and biodegradable pressure-sensitive adhesives for express delivery tape [5] Group 6: Profit Growth Projections - Expected profit growth channels for 2025 include expanding the application fields of small-batch polyether amines and increasing production capacity utilization [5] - The completion of a 35,000 tons/year alkyl glycoside expansion project is anticipated to contribute to revenue growth [5] - Overall revenue is expected to improve if the chemical industry recovers this year [5]

证券代码：300610 证券简称：晨化股份 公告编号：2025-034 扬州晨化新材料股份有限公司 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。 扬州晨化新材料股份有限公司（以下简称"晨化股份"或"公司"）于 2024 年 5 月 13 日召开 2023 年度股东大会，会议审议通过了《关于使用自有闲置资金进行现金管理的议案》， 同意公司及子公司在确保不影响正常运营的情况下，使用不超过 80,000 万元自有闲置资金进 行现金管理，期限为自 2023 年度股东大会审议通过之日起至 2024 年度股东大会召开之日止。 公 司 董 事 会 、 监 事 会 出 具 的 决 议 刊 载 于 2024 年 4 月 18 日 巨 潮 资 讯 网 （http://www.cninfo.com.cn）。根据上述决议，近日公司使用自有闲置资金购买了 500 万 元的理财产品。现将具体情况公告如下： | 一、理财产品基本情况 | | --- | | 序 | 资金来 | | | | 金额 | 产品 | 产品 | | | 产品 | | 预期 年化 | | --- | --- | -- ...

Financial Performance - In 2024, the company achieved total operating revenue of 911.29 million CNY, a decrease of 1.99% year-on-year [4] - Operating profit reached 90.69 million CNY, an increase of 46.23% year-on-year [4] - Total profit amounted to 89.36 million CNY, up 44.99% year-on-year [4] - Net profit attributable to shareholders was 83.89 million CNY, reflecting a 38.64% increase year-on-year [4] Product and Revenue Insights - Epoxy propane products include polyether, polyether amine, and flame retardants, with procurement accounting for approximately 13% of 2024 revenue [2] - International market export revenue constituted 13% of total operating revenue in 2024 [5] Future Growth Drivers - Future profit growth will be driven by: 1. Development of high-performance, green new products and expansion into high-end markets [6] 2. Continuous process upgrades and refined management to reduce costs and increase efficiency [6] 3. New project construction at the Huai'an production base [6] Investment and Financial Management - As of the end of 2024, the company had over 800 million CNY in financial management funds, with plans for cash dividends and share repurchase [8] - Proposed cash dividend of 2.00 CNY per 10 shares, totaling 43 million CNY, pending shareholder approval [8] - Plans to repurchase shares with a budget of 20 to 40 million CNY, subject to shareholder approval [8] Industry Outlook - The fine chemical industry is expected to grow significantly, driven by increased demand for environmentally friendly and sustainable products [7] - The company aims to maintain a leading position in the global polyether amine and alkyl glycoside production sectors [11]

Group 1: Financial Performance - The company's net profit for Q1 2025 reached 27.02 million yuan, representing a year-on-year increase of 23.05% [2] - Key products with increased gross margins include polyether, silicone oil, textile additives, silicone rubber, and flame retardants [2] Group 2: Export Markets - The company exported products primarily to Europe, America, Oceania, East Asia, Southeast Asia, and Africa, with international market export revenue of 118.46 million yuan in 2024, accounting for 13% of total revenue [2] - Export revenue to the United States was approximately 8 million yuan, representing about 0.88% of total revenue [2] Group 3: Product Pricing and Production Capacity - The price of polyether amine D230 has risen due to a market rebound after previous price drops and a potential surge in wind power installations in 2025, the last year of the "14th Five-Year Plan" [3] - The production capacity utilization rate for alkyl polyglucoside exceeded 100% in 2024, but the gross margin slightly declined due to rapid increases in raw material costs [3] Group 4: Environmental and Investment Plans - The company is awaiting environmental approval for a project to produce 34,000 tons of polyurethane functional additives, with a construction period of approximately 12-24 months post-approval [3] - The expansion project for 35,000 tons of alkyl polyglucoside has received preliminary approval, with efforts underway to complete the environmental impact assessment [3] Group 5: Cash Management and Shareholder Returns - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, totaling 43.00 million yuan, pending shareholder approval [4] - A share repurchase plan is proposed with a budget of 20 million to 40 million yuan, also subject to shareholder approval [4] - The company aims to enhance capital efficiency by managing idle funds without affecting normal operations [5]

证券代码：300610 证券简称：晨化股份 公告编号：2025-033 扬州晨化新材料股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东持 股情况的公告 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。 | 7 | 郝梅琳 | 2,008,579 | 0.93 | | --- | --- | --- | --- | | 8 | 郝云 | 1,913,366 | 0.89 | | 9 | 殷东平 | 1,704,800 | 0.79 | | 10 | #何小春 | 1,692,400 | 0.79 | 注：以上股东的持股数量为合并普通账户和融资融券信用账户后总的持股数 量。 扬州晨化新材料股份有限公司(以下简称"公司") 于 2025 年 4 月 17 日召 开第四届董事会第十七次会议、第四届监事会第十七次会议，审议通过了《关于 回购公司股份方案的议案》，该议案尚需提交 2024 年度股东会审议。具体内容 详见公司于 2025 年 4 月 18 日披露在巨潮资讯网（www.cninfo.com）的《关于回 购公司股份方案的公告》（公告编号：2025-0 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [7] Core Views - The company achieved a revenue of 900 million RMB in 2024, a year-on-year decrease of 2%, while the net profit attributable to the parent company was 80 million RMB, reflecting a year-on-year increase of 39% [1] - The company is expected to see long-term growth driven by the recovery of downstream demand and the gradual contribution of ongoing projects [1][3] - The price difference for polyether amine D230 is under pressure, leading the company to adjust its production structure to mitigate losses and enhance profits [2] - The company has several projects under construction that are anticipated to contribute to incremental performance in the future [3] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 200 million RMB, with a quarter-on-quarter increase of 7% [1] - For Q1 2025, the company achieved a revenue of 200 million RMB, a quarter-on-quarter decrease of 4%, while the net profit attributable to the parent company was 27 million RMB, reflecting a quarter-on-quarter increase of 23% [1] Product Performance - The sales volume for surface active agents, flame retardants, and silicone rubber in 2024 was 68,000 tons, 15,000 tons, and 4,000 tons respectively, with year-on-year changes of +5%, +13%, and -12% [2] - The price of polyether amine D230 is expected to decrease by 29% year-on-year to 13,600 RMB per ton in 2024 [2] Profitability Forecast - The report maintains the net profit forecast for 2025 and 2026 at 108 million RMB and 120 million RMB respectively, with an introduction of a 2027 forecast of 130 million RMB [4] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.50 RMB, 0.56 RMB, and 0.60 RMB respectively [4] Valuation - The target price for the company is set at 10.50 RMB, based on a price-to-earnings (P/E) ratio of 21x for 2025 [4][8]