Core Viewpoint - China Petroleum Group Capital Co., Ltd., a shareholder holding more than 5% of the shares, plans to reduce its stake in Ruifeng New Materials (300910.SZ) by up to 2.9593 million shares, representing no more than 1% of the company's total share capital [1] Summary by Relevant Sections - **Shareholder Reduction Plan** - The reduction will be executed through centralized bidding transactions [1] - The reduction period is set for three months, starting from 15 trading days after the announcement, specifically from November 25, 2025, to February 24, 2026 [1]

Core Viewpoint - China Petroleum Capital, a shareholder holding 12.18% of Ruifeng New Materials, plans to reduce its stake by up to 2.9593 million shares, representing no more than 1% of the company's total share capital [1] Group 1 - The reduction will be executed through centralized bidding transactions [1] - The total number of shares to be reduced is specified as 2.9593 million [1] - The percentage of total share capital being reduced is capped at 1% [1]

Group 1 - The core point of the article is that China Petroleum & Chemical Corporation plans to reduce its stake in Ruifeng New Materials by up to approximately 2.96 million shares, which represents a maximum of 1% of the company's total share capital [1] - China Petroleum & Chemical Corporation currently holds about 36.04 million shares in Ruifeng New Materials, accounting for 12.18% of the total share capital and 12.41% when excluding shares in the repurchase account [1] - The planned reduction will be executed through centralized bidding transactions [1]

Core Viewpoint - China Petroleum Capital plans to reduce its stake in Ruifeng New Materials by up to 2.9593 million shares, representing no more than 1% of the company's total share capital [1] Group 1 - The reduction will account for 1.02% of the total shares outstanding after excluding shares held in the repurchase special account [1]

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-053 新乡市瑞丰新材料股份有限公司 关于部分董事及高级管理人员减持股份预披露公告 公司董事、副总经理、董事会秘书、财务负责人尚庆春先生、董事、副总 经理李万英女士、副总经理马振方先生、副总经理王少辉先生、副总经理范金 凤女士及副总经理郑天骄女士保证向本公司提供的信息内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 1、持有新乡市瑞丰新材料股份有限公司（以下简称"公司"、"瑞丰新材"） 股份2,280,948股（占公司总股本比例0.77%，占剔除回购专用账户股份数量后公 司股份总数的0.79%）的董事、副总经理、董事会秘书、财务负责人尚庆春先生 计划以集中竞价交易方式拟减持公司股份不超过570,200股，减持比例不超过公 司总股本的0.19%，占剔除回购专用账户股份数量后公司股份总数的0.20%，通 过集中竞价交易方式进行减持的，将于本减持计划公告之日起15个交易日后3个 月内进行（即2025年11月25日至2026年2月24日，根据中国证监会、深圳证券 ...

Group 1 - The core point of the article is that China Petroleum Capital Co., Ltd. plans to reduce its stake in Ruifeng New Materials by up to 2.9593 million shares, which represents no more than 1% of the company's total share capital [1] - The reduction will account for 1.02% of the total shares outstanding after excluding shares held in the repurchase special account [1]

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-052 新乡市瑞丰新材料股份有限公司 关于持股5%以上股东减持股份预披露公告 持股5%以上股东中国石化集团资本有限公司保证向本公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 持有新乡市瑞丰新材料股份有限公司（以下简称"公司"、"瑞丰新材"）股份 36,040,900股（占公司总股本比例12.18%，占剔除回购专用账户股份数量后公司 股份总数的12.41%）的股东中国石化集团资本有限公司（以下简称"中石化资本"） 计划以集中竞价交易方式拟减持公司股份不超过2,959,300股，减持比例不超过公 司总股本的1%，占剔除回购专用账户股份数量后公司股份总数的1.02%（如遇派 息、送股、转增股本、配股等除权除息事项，上述拟减持股份数量将相应进行调 整）。 通过集中竞价交易方式进行减持的，将于本减持计划公告之日起15个交易日 后的3个月内进行（即2025年11月25日至2026年2月24日）。 公司近日收到公司持股5%以上股东中石化资本出具的《关于 ...

Summary of Xinxiang Richful Lube Additive Conference Call Company Overview - **Company**: Xinxiang Richful Lube Additive - **Industry**: Specialty Chemicals, specifically lubricant additives - **Market Cap**: Rmb15.9 billion (approximately US$2.24 billion) [5] Key Financial Performance - **Q3 2025 Results**: - Revenue growth: 11% YoY - Net profit growth: 13% YoY, slightly above expectations due to lower SG&A expense ratio - Over 9M 2025, net profits grew by 15% YoY, slightly below Wind consensus of 19% [1][2] Sales and Production Insights - **Sales Volume**: Approximately 40-50k tons in Q3, up from 40k tons in Q2 - **Sales Composition**: - 30% from single additives (SA) - 70% from additive packages (AP) - 60% of sales derived from overseas markets [2] - **Joint Venture**: Planned JV with Farabi Downstream Company in Saudi Arabia, investing US$246 million to build production facilities for SA and AP, aimed at expanding global market reach [2] Growth Opportunities - **OEM Certification**: Progress on OEM certification for AP used in diesel-engine vehicles, which represents about 80% of the total addressable market (TAM) in this subsegment, indicating significant growth potential for 2026 and beyond [2] - **Industrial Applications**: Certification achieved for AP used in construction machinery in China [2] Market Outlook - **Guidance**: The company did not provide specific guidance for future earnings [3] - **Valuation**: Maintained a "Buy" rating despite limited visibility on near-term earnings, indicating confidence in future global market share gains [4] Financial Projections - **12-Month Price Target**: Rmb80.00 - **Current Price**: Rmb55.06 as of October 28, 2025 - **Forecasted EPS**: - 2025E: Rmb3.03 - 2026E: Rmb3.61 - 2027E: Rmb4.39 [6][8] Risks and Challenges - **Downside Risks**: - Slower-than-expected growth in China's lubricant additives market - Increased penetration of electric vehicles (EVs) in heavy-duty trucks - Higher scrap rates of EVs - Lower industrial demand for lubricant additives - Intense pricing competition in domestic and overseas markets - Policy risks, including potential trade wars [12] Investment Highlights - **Forecast Returns**: - Price appreciation: 45.3% - Dividend yield: 2.6% - Total forecast stock return: 47.9% [9] Conclusion - Xinxiang Richful Lube Additive is positioned for growth with a strong focus on expanding its global footprint through strategic partnerships and certifications, despite facing several market risks. The company's financial performance in Q3 2025 aligns with expectations, and the outlook remains positive for future growth opportunities in the lubricant additives sector.

Group 1 - Zhongyuan Securities issued a report on October 31, giving Ruifeng New Materials (300910.SZ, latest price: 56.81 yuan) an "Accumulate" rating [1] - The rating rationale includes steady progress in lubricant additive production capacity construction [1] - The company plans to establish a production base in Saudi Arabia, further promoting its international development process [1] Group 2 - Risks mentioned include the potential failure of composite product certification, raw material price and supply risks, overseas market expansion risks, international policy changes, and exchange rate risks [1]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [26]. Core Views - The company reported a year-on-year revenue growth of 10.87% for the first three quarters of 2025, reaching 2.551 billion yuan, with a net profit attributable to shareholders of 574 million yuan, up 14.85% [6][10]. - The company plans to establish a production base in Saudi Arabia to enhance its international business development [9][10]. - The growth in lubricant additive exports from Henan province significantly contributed to the company's performance, reflecting a recovery in downstream inventory levels [9]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 889 million yuan, a year-on-year increase of 11.02% and a quarter-on-quarter increase of 9.27%. The net profit attributable to the parent company was 204 million yuan, up 12.68% year-on-year and 16.48% quarter-on-quarter [6][9]. - The company’s gross profit margin stands at 35.86%, with a diluted return on equity of 15.68% and a debt-to-asset ratio of 23% [2]. Production Capacity and Expansion - The company has a designed production capacity of 315,000 tons per year for lubricant additives, with an additional 435,000 tons under construction. The completion of these projects is expected by the end of 2025 [9][10]. - The establishment of a joint venture in Saudi Arabia aims to create a production base for lubricant additives, targeting markets in the Middle East, Africa, and India [9][10]. Market Outlook - The lubricant additive market is projected to have significant growth potential, with the company positioned as a leading player in the domestic market [10]. - Revenue forecasts for 2025-2027 are estimated at 3.852 billion, 4.411 billion, and 4.949 billion yuan, respectively, with corresponding net profits of 891 million, 1.024 billion, and 1.171 billion yuan [10].