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].

Core Viewpoint - The company announced a share repurchase plan to utilize its own funds and a special loan for stock repurchase, aimed at implementing an equity incentive plan [1] Summary by Relevant Sections Share Repurchase Plan - The company will hold its fourth board meeting on November 4, 2024, to review the share repurchase proposal [1] - The total amount for the repurchase will be no less than 65 million yuan and no more than 130 million yuan, with a maximum repurchase price of 59.24 yuan per share [1] Current Repurchase Status - As of August 31, 2025, the company has repurchased a total of 2.4979 million shares, accounting for 0.89% of the total share capital [1] - The repurchase price range has been between 46.96 yuan per share and 51.5 yuan per share, with a total expenditure of 125 million yuan (excluding transaction fees) [1]

润丰股份公告，截至2025年8月31日，公司通过股份回购专用证券账户以集中竞价交易方式累计回购公 司股份249.79万股，占公司目前总股本的0.89%，最高成交价为51.5元/股，最低成交价格为46.96元/股， 成交总金额为1.25亿元（不含交易费用）。本次回购符合相关法律法规的规定及公司回购股份方案的要 求。 ...

关于回购公司股份进展的公告 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。 重要内容提示 | 回购方案首次披露日 | 2024 年 11 月 4 日 | | | | --- | --- | --- | --- | | 回购方案实施期限 | | 自董事会审议通过本次回购股份方案之日起 | 12 个 | | | 月内 | | | | 预计回购金额 | 拟使用不低于人民币 不超过人民币 13,000.00 及股票回购专项贷款资金 | 6,500.00 | 万元（含本数）且 万元（含本数）自有资金 | | 回购用途 | 用于股权激励计划 | | | | 累计已回购股数 | 2,497,945 股 | | | | 累计已回购股数占总股本比例 | 0.89% | | | | 累计已回购金额 | 124,815,120.34 元 | | | | 实际回购价格区间 | 46.96 元/股~51.50 元/股 | | | 证券代码：301035 证券简称：润丰股份 公告编号：2025-048 山东潍坊润丰化工股份有限公司 截至 2025 年 8 月 31 日，公司通过股份回购专 ...

Group 1 - The core viewpoint of the article highlights that Pacific Securities has given a "buy" rating for Runfeng Co., Ltd. (301035.SZ) based on significant year-on-year growth in performance and continuous optimization of its business structure [1] - The report emphasizes the improvement in operational capabilities and suggests that profitability may continue to recover [1] Group 2 - The article mentions that Nvidia's stock price has experienced a significant drop, resulting in a market value loss of 1.28 trillion yuan, which has caused panic among investors due to a perceived performance gap of 200 million USD [1]

Group 1 - The company reported a revenue of 6.531 billion yuan for H1 2025, representing a year-on-year growth of 14.94%, and a net profit attributable to shareholders of 0.556 billion yuan, which is a significant increase of 205.62% [1] - The business structure has been continuously optimized, with the TO C business revenue proportion rising from 37.52% in H1 2024 to 40.14% in the reporting period, and the gross margin for TO C business increasing from 29.21% to 30.21% [1] - The revenue proportion from the EU and North America increased from 11.42% in H1 2024 to 14.08% in the reporting period, while the revenue proportion from the pesticide and fungicide business rose from 24.15% to 26.59% [1] Group 2 - The company's operational capabilities are continuously improving, with signs of recovery in the crop protection industry, which is currently at the bottom of the cycle [2] - The company has established a global operational management system based on nine key processes, aiming to enhance its global operational capabilities [2] - The growth in the TO C business revenue proportion and the acquisition of high-value registrations in key global markets are expected to lead to a continuous increase in overall operational gross margin [2]