Group 1 - The core point of the article is that Ruifeng New Materials (SZ 300910) held its 11th meeting of the 4th board of directors on October 27, 2025, to review the proposal for the "2025 Q3 Report" [1] - For the first half of 2025, Ruifeng New Materials reported that 99.96% of its revenue came from the chemical industry, while other businesses contributed only 0.04% [1] - As of the report date, Ruifeng New Materials has a market capitalization of 15.5 billion yuan [1]

Core Insights - In the third quarter of 2025, the company reported a revenue of 888,596,339.30 yuan, representing a year-on-year growth of 11.02% [1] - The net profit attributable to shareholders of the listed company was 204,153,069.25 yuan, showing a year-on-year increase of 12.68% [1]

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-051 新乡市瑞丰新材料股份有限公司 关于公司对外投资并设立合资公司的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、交易概述 1、基本情况 为贯彻执行公司的战略规划和发展目标，优化业务布局，满足区域客户的配 套需求，增强公司在全球市场的综合竞争力，新乡市瑞丰新材料股份有限公司（简 称"公司"）全资子公司瑞丰润滑油添加剂（香港）有限公司（以下简称"瑞丰 香港"）拟与沙特阿拉伯公司 Farabi Downstream Company（简称"法拉比下游 公司"）在沙特阿拉伯延布市设立合资公司瑞丰法拉比润滑油添加剂公司（简称 "瑞丰法拉比"），建设辐射中东、非洲、印度等市场的生产基地，为区域客户 或其他西方地理或全球 TOP 客户提供有竞争力的润滑油添加剂产品。根据双方 初步达成的合作意向，合资公司中瑞丰香港将持股 60%，法拉比下游公司持股 40%。 2、投资概况 企业名称：Farabi Downstream Company 企业类型：有限责任公司 注册号：2055104473 注册地址：5 ...

Core Viewpoint - 瑞丰新材's subsidiary 瑞丰润滑油添加剂(香港)有限公司 plans to establish a joint venture with Farabi Downstream Company in Saudi Arabia to create a production base for lubricant additives targeting the Middle East, Africa, and India markets [1] Group 1: Joint Venture Details - The joint venture, named 瑞丰法拉比润滑油添加剂公司, will be located in Yanbu, Saudi Arabia [1] - 瑞丰香港 will hold a 60% stake in the joint venture, while Farabi Downstream Company will hold 40% [1] Group 2: Investment and Construction Plans - The total investment for the project is estimated to be approximately $246 million, with the first phase of construction expected to cost around $127 million [1] - The project will be developed in 2 to 3 phases, focusing on producing core single agents and mainstream compound varieties of lubricant additives [1]

Core Viewpoint - The company, Ruifeng New Materials (300910.SZ), announced plans to establish a joint venture, Ruifeng Farabi, with a Saudi Arabian company in Yanbu, Saudi Arabia, to create a production base targeting markets in the Middle East, Africa, and India [1] Investment Details - The total investment for the joint venture is approximately $246 million, with the first phase of construction estimated at $127 million [1] Market Strategy - The production base aims to provide competitive lubricant additive products to regional customers and other top global clients from Western geographies [1]

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-050 新乡市瑞丰新材料股份有限公司 关于2025年三季度证券投资与衍生品交易情况的专项说明 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《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》《深圳证券交易所创业板上市公司自律监管指南第1号——业务办理》 等有关规定的要求，公司董事会对公司2025年三季度证券投资与衍生品交易情况 进行了核查，现将相关情况说明如下： 一、证券投资与衍生品交易审议批准情况 公司于2025年7月30日召开的第四届董事会第九次会议、于2025年8月15日召 开的2025年第一次临时股东大会审议通过了《关于开展证券投资及衍生品交易的 议案》，同意公司及子公司在充分保障日常经营性资金需求并有效控制风险的前 提下，使用自有资金不超过人民币5亿元（或等值外币）进行证券投资及衍生品 交易，在该额度内可由公司及子公司在各投资产品间自由分配，共同循环使用， 投资取得的收益可以进行再投资，再投资的金额包含在本次预计投资额度范围内。 公司开展证券投资的业务范围为境 ...

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-048 新乡市瑞丰新材料股份有限公司 第四届董事会第十一次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 新乡市瑞丰新材料股份有限公司（以下简称"公司"）第四届董事会第十一次 会议通知于2025年10月20日以电子邮件等方式向各位董事发出，会议于2025年10 月27日以现场会议结合通讯形式在公司会议室召开。本次会议由公司董事长郭春 萱先生召集并主持，应出席会议的董事9人，实际出席会议的董事9人，公司高级 管理人员列席了会议。 具体内容详见公司刊载于中国证监会指定创业板信息披露网站巨潮资讯网 （http://www.cninfo.com.cn）上的相关公告。 表决结果：9票赞成，0票反对，0票弃权。 公司董事会审计委员会已审议通过了该议案。 本次会议的召集、召开及表决符合《中华人民共和国公司法》及《新乡市瑞丰新 材料股份有限公司章程》（以下简称《公司章程》）的有关规定，会议合法有效。 二、董事会会议审议情况 1、审议通过《关于公司<2025年第三季度报告>的议 ...

Core Insights - The company reported a revenue of 25.508 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.87% [1] - The net profit attributable to shareholders reached 574 million yuan, showing a year-on-year increase of 14.85% [1] - Basic earnings per share were 1.96 yuan, reflecting a year-on-year growth of 12.00% [1]

Financial Performance - The company's revenue for Q3 2025 reached ¥888,596,339.30, an increase of 11.02% compared to the same period last year[5] - Net profit attributable to shareholders was ¥204,153,069.25, reflecting a growth of 12.68% year-on-year[5] - The basic earnings per share (EPS) for the period was ¥0.70, up by 12.90% from the previous year[5] - The total operating revenue for the current period reached ¥2,550,763,303.96, an increase of 10.85% compared to ¥2,300,648,255.40 in the previous period[23] - The net profit for the current period is CNY 575,932,236.97, an increase from CNY 502,299,789.74 in the previous period, representing a growth of approximately 14.6%[24] - Operating profit for the current period is CNY 670,269,210.70, compared to CNY 585,245,739.53 in the previous period, indicating an increase of about 14.5%[24] - Total revenue from operating activities reached CNY 2,861,397,828.56, up from CNY 2,352,581,844.85, reflecting a growth of approximately 21.5%[26] - The company reported a total comprehensive income of CNY 574,395,277.57, compared to CNY 501,275,275.78 in the previous period, which is an increase of approximately 14.6%[25] - Basic earnings per share for the current period is CNY 1.96, up from CNY 1.75 in the previous period, representing a growth of about 12.0%[25] Cash Flow and Investments - The net cash flow from operating activities for the year-to-date was ¥547,906,364.97, showing a significant increase of 112.69%[5] - The net cash flow from operating activities increased by 112.69% to ¥547,906,364.97 compared to ¥257,602,730.07 in the same period last year, primarily due to increased sales collections[12] - The company’s investment activities generated a net cash flow of -¥317,144,114.21, a 31.49% improvement from -¥462,935,419.41 in the previous year[12] - The company’s financing activities resulted in a net cash flow of -¥86,667,596.77, a 72.51% improvement from -¥315,222,857.49 in the same period last year[12] - The company’s investment activities resulted in a net cash outflow of CNY 317,144,114.21, an improvement from a net outflow of CNY 462,935,419.41 in the previous period[27] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥4,785,863,744.23, representing an increase of 11.25% from the end of the previous year[5] - Total liabilities increased to ¥1,100,858,765.93 from ¥935,777,537.76, reflecting a growth of 17.64%[22] - The equity attributable to shareholders of the parent company rose to ¥3,663,349,967.52 from ¥3,344,602,539.15, an increase of 9.53%[22] - The company’s equity attributable to shareholders increased to ¥3,663,349,967.52, a rise of 9.53% compared to the previous year-end[5] - The cash and cash equivalents at the end of the period were ¥625,064,877.18, compared to ¥479,222,952.22 at the beginning of the period, indicating a growth of 30.49%[20] Operational Efficiency - The company reported a decrease in receivables, with notes receivable down by 96.19% due to reduced commercial acceptance bills received from customers[9] - Accounts receivable decreased to ¥417,537,042.86 from ¥487,497,341.15, showing a decline of 14.34%[20] - Inventory increased to ¥641,001,377.76 from ¥550,263,024.40, representing a rise of 16.52%[21] - The company experienced a 30.43% increase in cash and cash equivalents, totaling ¥625,064,877.18, driven by net cash inflows from operating activities[9] - The company experienced a 47.09% reduction in non-operating expenses, totaling ¥3,302,916.26, mainly due to decreased donation expenses and tax penalties[11] Financial Expenses and Income - Investment income rose significantly by 307.30% to ¥6,464,306.40, attributed to the difference in value recognition of financial products compared to the previous period[11] - The company reported a decrease in financial expenses by 118.04%, amounting to ¥1,824,692.67, due to reduced interest income and increased interest expenses[11] - The company’s financial expenses included interest expenses of CNY 8,352,386.76, which increased from CNY 5,326,318.15 in the previous period, reflecting a rise of approximately 57.0%[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,668, with the largest shareholder holding 36.55% of the shares[14] - The company’s largest shareholder, Guo Chunxuan, holds 108,172,953 shares, representing 36.55% of total shares[14] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[19] Audit Information - The company did not undergo an audit for the Q3 financial report[4]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights a recovery opportunity at the bottom of the chemical cycle, particularly in the titanium dioxide sector, with major companies expanding globally and focusing on asset acquisitions [3][4]. - Global oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable with a projected global GDP growth of 2.8% [4][5]. - The report emphasizes the importance of various chemical chains, including textiles, agriculture, and exports, as well as the potential for recovery in profitability for titanium dioxide due to easing trade tensions and improved overseas real estate conditions [3][4]. Summary by Sections Industry Dynamics - Oil supply is anticipated to rise, with OPEC+ expected to increase production, while demand is stable but may slow due to tariffs [4]. - Coal prices are expected to stabilize at a low level, and natural gas exports from the U.S. are likely to increase, reducing import costs [4]. Chemical Product Prices and Trends - The report notes that the PPI for all industrial products fell by 2.3% year-on-year in September, indicating a narrowing decline compared to August [5]. - Manufacturing PMI rose to 49.8%, suggesting a continued recovery in manufacturing activity [5]. Investment Analysis - The report suggests focusing on four key areas for investment: textiles, agriculture, export-related chemicals, and sectors benefiting from reduced competition [3]. - Specific companies to watch include Lu Xi Chemical, Tongkun Co., and Huafeng Chemical in the textile chain, and various firms in the agricultural sector such as Hualu Hengsheng and Baofeng Energy [3][4]. Key Company Valuations - The report provides a valuation table for key companies, indicating their market capitalization and projected earnings for the coming years [14].