润丰股份（301035）公告，控股股东润源投资质押206万股，占其所持股份的1.79%，占公司总股本的 0.73%。质押起始日为2025年5月13日，质权人为云南国际信托有限公司，质押用途为补充流动资金。 润源投资持有公司股份1.15亿股，持股比例40.93%，本次质押后累计质押股份数量为4181.8万股，占其 所持股份的36.39%，占公司总股本的14.89%。 ...

027 证券代码：301035 证券简称：润丰股份 公告编号：2025- 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及解除质押的公告 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。 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 5 月 14 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及解除质押的业务，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： | 股东 | 是否为控股股东或第一 | | 股份数量 | 本次解除质押 | 占其所持 | 占公司总 | 质押开始 | 解除质押 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其一致行动人 | | | （股） | 股份比例 | 股本比例 | 日期 | 日期 | | | 润源 | | 是 | | 1,570,0 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5][24]. Core Views - The company achieved a revenue of 13.296 billion yuan in 2024, representing a year-on-year growth of 15.77%, while the net profit attributable to shareholders decreased by 41.63% to 450 million yuan [1][10]. - The C-end business is identified as the main source of revenue and gross profit growth, with a revenue contribution of 50.06 billion yuan, reflecting a year-on-year increase of 28.9% [2][12]. - The company faced significant financial losses due to exchange rate fluctuations, particularly in key markets like Brazil and Argentina, leading to a total loss of approximately 5.65 billion yuan in financial expenses, investment income, and fair value changes [3][19]. Financial Performance - In 2024, the company reported a comprehensive gross margin of 19.8%, down 1.4 percentage points year-on-year, with a gross profit of 2.631 billion yuan, an increase of 198 million yuan from the previous year [2][11]. - The revenue from the herbicide, insecticide, and fungicide segments was 9.732 billion yuan, 2.105 billion yuan, and 1.313 billion yuan respectively, with herbicides being the primary revenue driver [11][12]. - The company’s financial forecast estimates net profits of 1.261 billion yuan, 1.409 billion yuan, and 1.594 billion yuan for 2025, 2026, and 2027 respectively, indicating a significant recovery from the previous year's losses [24][26]. Business Model Analysis - The A+B model generated revenue of 8.29 billion yuan, a year-on-year increase of 9.1%, while the C model's revenue increased by 28.9% to 5.006 billion yuan, raising its contribution to total revenue from 34% in 2023 to 38% in 2024 [2][12]. - The gross profit from the C model rose by 29.3% to 1.451 billion yuan, with a gross margin of 29%, up 0.1 percentage points year-on-year [12][19]. Market Expansion - The company has been actively expanding its global marketing network, with 7,700 registration certificates obtained, including new markets in Senegal, Italy, and the UK [22].

证券代码：301035 证券简称：润丰股份 公告编号：2025-026 山东潍坊润丰化工股份有限公司 关于参加 2025 年山东辖区上市公司投资者 山东潍坊润丰化工股份有限公司 网上集体接待日活动暨 2024 年度业绩说明会的公告 董事会 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。 -1- 山东潍坊润丰化工股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日在巨潮资讯网（www.cninfo.com.cn）披露了《2024 年年度报告》全文及摘要。 为进一步加强与投资者的互动交流，山东潍坊润丰化工股份有限公司（以下简称 "公司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司 联合举办的"2025 年山东辖区上市公司投资者网上集体接待日活动"，现将相 关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景 路演 APP，参与本次互动交流。活动时间为 2025 年 5 月 15 日（周四）15:00-16:30。 届时 ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - Oil prices rebounded due to the US-UK trade agreement and increased geopolitical uncertainties. The report remains optimistic about leading companies with strong alpha that are less correlated with oil prices, suggesting bottom-fishing strategies. It emphasizes the importance of domestic demand and opportunities in new material substitutions, particularly in the agricultural chemical sector during the spring farming season [13][14]. Summary by Sections 1. Core Viewpoints - The report highlights a rebound in oil prices influenced by geopolitical factors and trade agreements, maintaining a focus on companies with strong fundamentals and less dependency on oil prices. It suggests monitoring domestic demand and new material opportunities, especially in the agricultural sector [13]. 2. Oil and Chemical Prices Information 2.1 Oil - As of May 9, Brent oil prices increased by 4.3% to $63.91 per barrel. The US commercial crude oil inventory was 438.4 million barrels, a weekly decrease of 2 million barrels. Gasoline inventory rose by 200,000 barrels, while distillate and propane inventories saw decreases [14]. 2.2 Chemicals - Among 188 monitored chemical products, the top three price increases were liquid chlorine (up 134.1%), natural gas (up 8.0%), and polymer MDI (up 5.0%). The top three price decreases were formic acid (down 10.0%), succinic anhydride (down 9.4%), and cyclohexanone (down 6.9%) [15]. 3. Investment Recommendations and Targets - Recommended companies include: - Wanhua Chemical: Core product MDI shows recent profit improvement with upcoming petrochemical and new material projects [13]. - Huangma Technology: A leading special polyether company that has entered a growth phase [13]. - Runfeng Co., Ltd.: A rare company with global formulation registration and sales channels [13]. - Guoguang Co., Ltd.: A leading company in the plant growth regulator sector [13]. - Hualu Hengsheng: Core product prices are recovering alongside falling coal prices, leading to improved price differentials [13].

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。 关于参加 2025 年山东辖区上市公司投资者 特此公告！ 网上集体接待日活动暨 2024 年度业绩说明会的公告 山东潍坊润丰化工股份有限公司 证券代码：301035 证券简称：润丰股份 公告编号：2025-026 山东潍坊润丰化工股份有限公司 山东潍坊润丰化工股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日在巨潮资讯网（www.cninfo.com.cn）披露了《2024 年年度报告》全文及摘要。 为进一步加强与投资者的互动交流，山东潍坊润丰化工股份有限公司（以下简称 "公司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司 联合举办的"2025 年山东辖区上市公司投资者网上集体接待日活动"，现将相 关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景 路演 APP，参与本次互动交流。活动时间为 2025 年 5 月 15 日（周四）15:00-16:30。 届时公司 ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - Oil prices rebounded due to the US-UK trade agreement and increased geopolitical uncertainties. The report remains optimistic about leading companies with strong alpha that are less correlated with oil prices, suggesting bottom-fishing strategies. It emphasizes the importance of domestic demand and opportunities in new material substitutes, particularly in the agricultural chemical sector during the spring farming season [13][14]. Summary by Sections 1. Core Viewpoints - The report highlights a rebound in oil prices influenced by geopolitical factors and trade agreements, maintaining a focus on companies with strong fundamentals and less dependency on oil prices. It suggests monitoring domestic demand and new material substitutes, especially in the agricultural sector [13][14]. 2. Oil and Chemical Prices Information 2.1 Oil - As of May 9, Brent oil prices increased by 4.3% to $63.91 per barrel. The US commercial crude oil inventory was 438.4 million barrels, a weekly decrease of 2 million barrels. Gasoline inventory rose by 200,000 barrels to 225.7 million barrels, while distillate fuel inventory decreased by 1.1 million barrels to 106.7 million barrels [14]. 2.2 Chemicals - Among 188 monitored chemical products, the top three price increases this week were liquid chlorine (up 134.1%), natural gas (up 8.0%), and polymer MDI (up 5.0%). The top three price decreases were formic acid (down 10.0%), succinic anhydride (down 9.4%), and cyclohexanone (down 6.9%) [9][15]. 3. Investment Recommendations and Targets - Recommended companies include: - Wanhua Chemical: Core product MDI shows recent profit improvement with upcoming petrochemical and new material projects [13]. - Huangma Technology: A leading special polyether company that has entered a growth phase [13]. - Runfeng Co., Ltd.: A rare company with global formulation registration and sales channels [13]. - Guoguang Co., Ltd.: A leading company in the plant growth regulator sector [13]. - Hualu Hengsheng: Core product prices are recovering alongside falling coal prices, leading to improved price differentials [13].

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly highlighting undervalued and high-growth opportunities [1]. Core Insights - The anti-dumping duties on chlorpyrifos are expected to benefit domestic companies, with a recommendation to focus on Yangnong Chemical [3][4]. - The report emphasizes the importance of orderly exports of nitrogen fertilizers, suggesting that leading domestic companies should adopt a proactive pricing strategy to avoid excessive competition [3]. - The chemical sector is experiencing a gradual recovery in PPI, with a focus on investment opportunities in cyclical products due to low inventory levels [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a mixed outlook for oil, coal, and natural gas prices, with oil prices supported by shale oil production costs [3][4]. - The report notes a significant price increase in PTA and MEG, driven by supply constraints and optimistic market sentiment [9][10]. Fertilizer and Pesticide Market - Domestic urea prices have risen by 2.8% to 1830 CNY/ton, influenced by export policy expectations [11]. - The report highlights the stable pricing of various pesticides, with specific price points for glyphosate and other herbicides remaining unchanged [11]. Chemical Products Pricing - The report provides detailed pricing trends for various chemical products, including a 1.6% decrease in PVC prices and stable pricing for other chemicals like DMC and silicone [12][13]. - The report indicates a cautious market sentiment in the dye industry, with prices remaining stable despite cost support from raw materials [15]. Key Company Valuations - The report includes a valuation table for key companies, with recommendations for stocks such as Yangnong Chemical (buy) and Hualu Chemical (increase) based on their projected earnings and market performance [17][18].

Investment Rating - The report maintains an "Outperform" rating for the company [1][9]. Core Views - The company's profit in 2024 was significantly impacted by exchange rate losses, but channel expansion is progressing well. Revenue is expected to grow significantly in 2025, with an improved gross profit margin (GPM). There is optimism regarding increased profit flexibility from the European and American markets in 2025-2026. The earnings per share (EPS) forecasts for 2025-2027 are RMB 3.65, 4.83, and 5.95, respectively, with a 2025 price-to-earnings (PE) ratio of 20.0x, setting a target price of RMB 73.00 [1][9]. Financial Summary - In 2024, the company achieved revenue of RMB 13.30 billion, a year-on-year increase of 15.77%, while the net profit attributable to shareholders was RMB 450 million, a decrease of 41.63% year-on-year. The fourth quarter of 2024 saw revenue of RMB 3.51 billion, up 18.38% year-on-year, but down 14.44% quarter-on-quarter, with a net profit of RMB 109 million, up 119.23% year-on-year, but down 32.08% quarter-on-quarter [2][4][9]. - For the first quarter of 2025, the company reported revenue of RMB 2.69 billion, a slight decrease of 0.26% year-on-year and a 23.49% decrease quarter-on-quarter, with a net profit of RMB 257 million, reflecting a year-on-year increase of 67.98% and a quarter-on-quarter increase of 136.59% [4][9]. Business Development - The company focused on growing its direct-to-consumer (TO C) business in 2024, with the revenue share rising from 33.82% in 2023 to 37.65% in 2024. The GPM for the TO C business was 28.99%, an increase of 0.09% year-on-year. The share of revenue from the EU and North American markets increased from 5.69% in 2023 to 9.75% in 2024. Additionally, the revenue share from insecticides and fungicides rose from 25.41% in 2023 to 25.71% in 2024 [4][9]. - The company strengthened its biopharmaceutical segment by forming a global team, achieving first-year sales of approximately USD 10 million. In 2024, it obtained over 1000 new registrations, totaling over 7700 pesticide registrations by December 31, 2024, including new registrations in countries such as the USA, Canada, and Italy [4][9].

Investment Rating - The report maintains an "Outperform" rating for the company [1][9]. Core Views - The company's profit in 2024 was significantly impacted by exchange rate losses, but channel expansion is progressing well. Revenue is expected to grow significantly in 2025, with an improved gross profit margin (GPM). There is optimism regarding increased profit flexibility from the European and American markets in 2025-2026 [1][9]. - The company reported a revenue of RMB 13.30 billion for 2024, representing a year-on-year increase of 15.77%, while the net profit attributable to shareholders was RMB 450 million, down 41.63% year-on-year. In Q1 2025, the revenue was RMB 2.69 billion, a slight decrease of 0.26% year-on-year, but the net profit attributable to shareholders increased by 67.98% year-on-year to RMB 257 million [4][9]. - The company focused on growing its TO C business in 2024, with the revenue share rising from 33.82% in 2023 to 37.65% in 2024. The GPM for the TO C business was 28.99%, up 0.09% year-on-year [4][9]. - The company has strengthened its biopharmaceutical segment, achieving first-year sales of approximately USD 10 million and obtaining over 1000 new pesticide registrations, totaling over 7700 registrations by the end of 2024 [4][9]. Financial Summary - For 2024, the company achieved a revenue of RMB 13.30 billion, with a year-on-year growth of 15.77%. The net profit attributable to shareholders was RMB 450 million, down 41.63% year-on-year. The Q4 2024 revenue was RMB 3.51 billion, up 18.38% year-on-year, while the net profit was RMB 109 million, up 119.23% year-on-year [2][4][9]. - The forecasted earnings per share (EPS) for 2025-2027 are RMB 3.65, 4.83, and 5.95, respectively, with a 2025 price-to-earnings (PE) ratio of 20.0x, setting a target price of RMB 73.00 [1][9].