证券代码：301035 证券简称：润丰股份 公告编号：2025-050 山东潍坊润丰化工股份有限公司 关于选举第五届董事会职工代表董事的公告 | 本公司及监事会全体成员保证信息披露内容真实、准确、完整，没有虚 | | --- | | 假记载、误导性陈述或重大遗漏。 | 山东潍坊润丰化工股份有限公司（以下简称"公司"）第四届董事会任期即 将届满，根据《公司法》《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、规范性文件及《公司章程》的有关规定，公 司按照相关法律程序进行董事会换届选举。公司于 2025 年 8 月 20 日召开第四届 董事会第二十八次会议，审议通过了《关于修订<公司章程>的议案》，根据修订 后的《公司章程》，董事会设置一名职工代表董事，该议案已经公司 2025 年第 二次临时股东大会审议通过。 公司于 2025 年 9 月 8 日召开职工代表大会，同意选举蔡环女士为公司第五 届董事会职工代表董事，候选人的个人简历详见附件。 蔡环女士将与公司 2025 年第二次临时股东大会选举产生的八名董事共同组 成公司第五届董事会，任期自 2025 年第二次临时股东大会审议通 ...

证券代码：301035 证券简称：润丰股份 公告编号：2025-052 山东潍坊润丰化工股份有限公司 关于董事会完成换届选举及聘任 高级管理人员、证券事务代表、审计部经理的公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 山东潍坊润丰化工股份有限公司（以下简称"公司"）于 2025 年 9 月 8 日 召开 2025 年第二次临时股东大会，审议通过关于修订《公司章程》及董事会换 届选举的相关议案，选举产生了公司第五届董事会非独立董事及独立董事成员。 同日，公司召开职工代表大会选举产生了第五届董事会职工代表董事，具体内容 详见公司同日在巨潮资讯网（http://www.cninfo.com.cn）披露的《2025 年第 二次临时股东大会决议公告》《关于选举第五届董事会职工代表董事的公告》。 2025 年 9 月 8 日，公司召开第五届董事会第一次会议，选举产生了董事长 及各专门委员会委员，聘任了公司高级管理人员、证券事务代表及审计部经理。 现将相关情况公告如下： 一、第五届董事会组成情况 非独立董事：王文才先生（董事长）、孙国庆先生、丘红兵女士、袁良国先 生、 ...

证券代码：301035 证券简称：润丰股份 公告编号：2025-051 山东潍坊润丰化工股份有限公司 第五届董事会第一次会议决议公告 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 山东潍坊润丰化工股份有限公司（以下简称"公司"）于 2025 年 9 月 8 日 在公司会议室以现场与通讯表决相结合的方式召开了第五届董事会第一次会议， 经全体董事一致同意豁免会议通知时间要求，会议通知以口头、电话方式向全体 董事送达。会议应到董事 9 人（包含 3 名独立董事），实到 9 人，本次会议由公 司董事长王文才先生召集和主持，公司高级管理人员列席了本次董事会。本次会 议的召集和召开符合《中华人民共和国公司法》《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》和《山东潍坊润丰化工股份有限 公司章程》的有关规定。 二、董事会会议审议情况 会议经全体董事讨论后形成如下决议： 表决结果：9 票赞成、0 票反对、0 票弃权。 - 1 - 1、审议通过《关于选举第五届董事会董事长的议案》 根据《公司法》及《公司章程》等有关规定，董事会 ...

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。 山东潍坊润丰化工股份有限公司（以下简称"公司"）于 2025 年 9 月 5 日 收到控股股东山东润源投资有限公司（以下简称"润源投资"）的通知，获悉其 所持有本公司的部分股份办理了质押业务，相关手续已在中国证券登记结算有限 责任公司办理完成。具体事项如下： 证券代码：301035 证券简称：润丰股份 公告编号：2025-053 山东潍坊润丰化工股份有限公司 关于控股股东部分股份质押的公告 控股股东山东润源投资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。 注：本公告中百分比计算结果采取四舍五入，保留两位小数，下同。 上表所述公司总股本为 280,770,974 股，下同。 二、股东股份累计质押的情况 截至公告披露日，上述股东所持质押股份情况如下： | | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 持股数量 | 持股比 | ...

北京市中伦律师事务所 关于山东潍坊润丰化工股份有限公司 2025 年第二次临时股东大会的 法律意见书 二〇二五年九月 北京 • 上海 • 深圳 • 广州 • 成都 • 武汉 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 香港 • 东京 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Chengdu • Wuhan • Chongqing • Qingdao • Hangzhou • NanJing • HaiKou • Hong Kong • Tokyo • London • New York • Los Angeles • San Francisco • Alma-Ata 北京市中伦律师事务所 关于山东潍坊润丰化工股份有限公司 2025 年第二次临时股东大会的 法律意见书 致：山东潍坊润丰化工股份有限公司 北京市中伦律师事务所（"本所"）接受山东潍坊润丰化工股份有限公司 （"公司"）的委托，根据《中华人民共和国公司法》（"《公司法》"）、《中 华人民共和国证券法》《上市公司股东会规则》（"《股东会规则》 ...

证券代码：301035 证券简称：润丰股份 公告编号：2025-049 山东潍坊润丰化工股份有限公司 2025 年第二次临时股东大会决议公告 网络投票时间： 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要提示： 1、本次会议不存在变更、否决提案的情况； 2、本次股东大会不涉及变更前次股东大会决议。 一、会议召开和出席情况 1、会议通知情况 山东潍坊润丰化工股份有限公司（以下简称"公司"）2025 年第二次临时 股东大会通知于 2025 年 8 月 22 日以公告形式发出，具体内容详见公司在巨潮资 讯网（www.cninfo.com.cn）上披露的《关于召开 2025 年第二次临时股东大会的 通知》（公告编号：2025-043）。 2、会议召开日期、时间 现场会议召开时间：2025 年 9 月 8 日（星期一）10:00 （1）现场会议召开时间：2025 年 9 月 8 日（星期一）上午 10:00 （2）网络投票时间：2025 年 9 月 8 日（星期一），其中： ①通过深圳证券交易所互联网系统投票的时间为：2025 年 9 月 8 日 9:15-15:0 ...

Group 1: SF Express (顺丰同城) / Logistics - The company achieved revenue of 10.236 billion yuan in H1 2025, a year-on-year increase of 48.81%, and a net profit of 137 million yuan, up 120.43% year-on-year [3][4] - The ToB delivery and last-mile business saw significant growth, with a 50%+ increase in same-city delivery orders, driving revenue to 5.779 billion yuan, a 43.11% increase year-on-year [4] - The company’s gross margin was 6.65%, slightly down by 0.23 percentage points, while the net profit margin improved by 0.44 percentage points to 1.34% [5][6] Group 2: China Everbright Environment (光大环境) / Environmental Governance - The company reported a revenue of 14.304 billion HKD in H1 2025, a decrease of 8% year-on-year, and a net profit of 2.207 billion HKD, down 10% year-on-year [8][9] - Operating service revenue increased by 5% to 9.943 billion HKD, accounting for 70% of total revenue, while construction service revenue fell by 49% [9][10] - The company’s gross margin improved significantly to 44.26%, up 5.53 percentage points year-on-year, and the net margin increased to 19.44%, up 0.84 percentage points [10] Group 3: Fenbi (粉笔) / Education - The company reported a revenue of 1.492 billion yuan in H1 2025, a decrease of 8.5% year-on-year, and a net profit of 227 million yuan, down 18.39% year-on-year [11][12] - The AI question-answering system is expected to become a new growth engine, with significant potential for revenue increase [13][14] - The company forecasts revenues of 2.525 billion yuan, 2.618 billion yuan, and 2.793 billion yuan for 2025-2027, with a "buy" rating [14] Group 4: HuiLiang Technology (汇量科技) / Advertising Marketing - The company achieved total revenue of 938 million USD in H1 2025, a year-on-year increase of 47%, and a net profit of 32.28 million USD, up 340% year-on-year [15][17] - The average daily advertising requests increased from over 200 billion in H1 2024 to over 300 billion in H1 2025, indicating strong client engagement [18] - The company forecasts revenues of 2.211 billion USD, 2.747 billion USD, and 3.301 billion USD for 2025-2027, with a "buy" rating [18] Group 5: Focus Media (分众传媒) / Advertising Marketing - The company reported total revenue of 6.112 billion yuan in H1 2025, a year-on-year increase of 2.43%, and a net profit of 2.665 billion yuan, up 6.87% year-on-year [20][21] - The gross margin improved to 68.3%, up 3.2 percentage points year-on-year, while the net margin reached 43.4%, up 2.3 percentage points [21][22] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, with a cash dividend ratio of 25.5% [20] Group 6: Tungsten Industry / Industry Research - The report highlights a tightening supply of tungsten due to regulatory constraints and declining ore grades, with limited new projects expected [27][28] - The demand for tungsten is projected to grow, driven by applications in hard alloys and the semiconductor industry, with significant projects like the Yarlung Tsangpo River hydropower project expected to boost demand [28][29] - The strategic importance of tungsten is increasing due to export controls and tariffs, leading to a potential revaluation of tungsten resources [29] Group 7: Great Wall Motors (长城汽车) / Passenger Vehicles - The company reported total revenue of 92.33 billion yuan in H1 2025, a year-on-year increase of 1%, and a net profit of 6.34 billion yuan, down 10.2% year-on-year [31][32] - The company’s Q2 2025 revenue reached 52.32 billion yuan, a year-on-year increase of 7.7%, with a significant increase in net profit [32][33] - The company forecasts revenues of 225.3 billion yuan, 278.5 billion yuan, and 312.5 billion yuan for 2025-2027, with a "buy" rating [34] Group 8: Dongfang Tower (东方铁塔) / Agricultural Chemical Products - The company achieved revenue of 2.148 billion yuan in H1 2025, a year-on-year increase of 8.51%, and a net profit of 493 million yuan, up 79.18% year-on-year [35][36] - The company’s Q2 revenue was 1.193 billion yuan, a year-on-year increase of 10.20%, with a significant increase in net profit [37][38] - The company forecasts revenues of 4.926 billion yuan, 5.145 billion yuan, and 5.372 billion yuan for 2025-2027, with a "buy" rating [39] Group 9: Yipule (易普力) / Chemical Products - The company reported revenue of 4.713 billion yuan in H1 2025, a year-on-year increase of 20.4%, and a net profit of 409 million yuan, up 16.4% year-on-year [42][43] - The company’s Q2 revenue was 2.703 billion yuan, a year-on-year increase of 26.4%, with a significant increase in net profit [43][44] - The company’s performance is driven by high-quality development and market investment [44]

Investment Rating - The report gives a "Buy" rating for the company [9][18]. Core Views - The company's performance in H1 2025 shows significant improvement, with revenue of 6.5 billion and a net profit of 560 million, reflecting year-on-year increases of 15% and 206% respectively [6][7]. - The Model C business is gaining traction, contributing 40.1% to revenue in H1 2025, with a gross margin of 30.2%, indicating a positive trend for future growth [8][9]. Financial Performance - In H1 2025, the company achieved a revenue of 6.5 billion, up 15% year-on-year, and a net profit of 560 million, up 206% year-on-year. The gross margin was 21.4%, an increase of 1.2 percentage points, and the net margin was 9.6%, an increase of 5.8 percentage points [6][7]. - In Q2 2025, revenue reached 3.8 billion, a year-on-year increase of 29% and a quarter-on-quarter increase of 43%. The net profit for Q2 was 300 million, up 932% year-on-year and 16% quarter-on-quarter [6][7]. Product Segment Performance - The herbicide segment generated revenue of 4.7 billion, up 11% year-on-year, with a gross margin of 19.3%, an increase of 0.9 percentage points. The insecticide segment achieved revenue of 1.06 billion, up 34%, with a gross margin of 28.2%, an increase of 1.1 percentage points. The fungicide segment had revenue of 670 million, up 16%, with a gross margin of 24.6%, an increase of 2.4 percentage points [7]. Future Outlook - The company is expected to achieve revenues of 15 billion, 17.1 billion, and 19.4 billion in 2025, 2026, and 2027 respectively, with net profits of 1.15 billion, 1.36 billion, and 1.66 billion. The corresponding P/E ratios are projected to be 19, 16, and 13 [8][10]. - The company aims to increase its To C business proportion, expand its North American and EU operations, and enhance its insecticide and fungicide segments, indicating a strong growth potential [8].

Core Viewpoint - The company has shown significant improvement in its operating performance in H1 2025, driven by recovering industry demand and enhanced operational quality [1][2][3]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 6.5 billion, a year-on-year increase of 15%, and a net profit attributable to shareholders of 560 million, up 206% year-on-year [1]. - In Q2 2025, the company reported revenue of 3.8 billion, a year-on-year increase of 29% and a quarter-on-quarter increase of 43%, with a net profit of 300 million, up 932% year-on-year [1]. - The gross margin for H1 2025 was 21.4%, an increase of 1.2 percentage points year-on-year, while the net margin was 9.6%, up 5.8 percentage points year-on-year [1]. Group 2: Product Segment Performance - In H1 2025, the herbicide segment generated revenue of 4.7 billion, up 11% year-on-year, with a gross margin of 19.3%, an increase of 0.9 percentage points [2]. - The insecticide segment achieved revenue of 1.06 billion, a year-on-year increase of 34%, with a gross margin of 28.2%, up 1.1 percentage points [2]. - The fungicide segment reported revenue of 670 million, a year-on-year increase of 16%, with a gross margin of 24.6%, up 2.4 percentage points [2]. Group 3: Business Model and Future Growth - The Model C business is gaining traction, with its revenue contribution reaching 40.1% in H1 2025, an increase of 2.6 percentage points year-on-year, and a gross margin of 30.2%, up 1.0 percentage points [3]. - The company aims to enhance its To C business share, expand its North American and EU operations, increase the share of insecticides and fungicides, and strengthen its biopesticide segment [3]. - The company is expected to achieve revenues of 15 billion, 17.1 billion, and 19.4 billion in 2025, 2026, and 2027, respectively, with net profits of 1.15 billion, 1.36 billion, and 1.66 billion [4].

Industry Rating - Investment Rating: Recommended (Maintain) [1] Core Viewpoints - The chemical industry is expected to benefit from the anticipated interest rate cuts by the Federal Reserve, which may drive demand and support the recovery of the industry [2][4]. - The significant growth of chemical ETFs, from 2.2 billion to 15.7 billion, indicates a positive outlook for leading chemical companies and new material growth [4]. - The report emphasizes the importance of focusing on core chemical assets, which are expected to see profit and valuation recovery in the medium to long term [3][5]. Summary by Sections Investment Recommendations - Long-term value in white horse stocks is emphasized, with core chemical assets expected to experience profit and valuation recovery [3]. - Attention is drawn to leading chemical companies as potential investment opportunities due to their strong market positions and growth prospects [4][5]. Market Dynamics - The report highlights the impact of external factors such as the U.S. tariffs on Indian goods, which may improve the pesticide trade between the U.S. and China, benefiting companies like Yangnong Chemical and Runfeng Shares [4]. - The recent adjustments in real estate policies in Shanghai are expected to marginally improve demand for chemical products related to the real estate sector [4]. Price Trends - The report notes that chemical product prices and price spreads are currently at bottom levels, suggesting potential for price increases in the future [5]. - Specific price movements are tracked, such as the increase in Vitamin B3 and D3 prices due to supply tightness, and the upward trend in refrigerant prices driven by supply constraints [9][10]. Supply Chain Insights - The report discusses the supply-side changes in the ethylene industry due to force majeure events, which may lead to supply recovery in the sector [4]. - It also mentions the ongoing supply constraints in the refrigerant market due to quota management, which is expected to maintain high price levels [9]. Strategic Focus Areas - The report recommends focusing on leading companies in the chemical sector, such as Hengli Petrochemical, Rongsheng Petrochemical, and others, as they are likely to benefit from industry recovery and supply-side improvements [4][5]. - The emphasis is placed on the potential for strategic opportunities in the petrochemical sector as oil prices stabilize and supply-demand dynamics shift [5].