Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [5] Core Insights - The report emphasizes the recovery of chemical prices, driven by seasonal demand and cost opportunities, recommending resilient companies with long-term growth potential and new material leaders [2][5] - The overall market performance shows a notable recovery in chemical prices, with 32 products increasing in price and 38 decreasing, indicating a general improvement in industry sentiment [5][11] - The report highlights the potential for supply-demand dynamics to improve from 2025 onwards, with policies aimed at addressing overcapacity and enhancing market conditions [5][12] Summary by Sections Market Performance - The Shanghai Composite Index increased by 0.97%, while the ChiNext Index rose by 2.99% during the week of February 17-21, with the basic chemical index up by 1.76%, ranking 9th among 30 sectors [7] - Key chemical products such as liquid chlorine and sulfur saw significant price increases, with liquid chlorine in East China rising by 19.67% [5][11] Investment Recommendations - Recommended companies include Wanhu Chemical, Hualu Hengsheng, and Longbai Group, which are expected to benefit from domestic demand [5][12] - New material leaders such as Ruifeng New Materials and Blue Sky Technology are also highlighted for their growth potential [5][12] Key Company Tracking - Wanhu Chemical's MDI prices remained stable, with a slight decrease in certain product prices, indicating a cautious market outlook [16] - Yaxiang Co. is noted for its strategic overseas expansion to mitigate high tariff pressures from the U.S. [21][22] - Juhua Co. is projected to benefit from a favorable refrigerant market cycle, with significant expected profit growth in 2024 [24][25]

Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Views - The company is expected to benefit significantly from the price increase of vanillin in 2025, with the price set at 570 RMB/kg (including tax) [3][9] - The establishment of a production base in Thailand is anticipated to enhance the company's capacity and mitigate the impact of trade frictions, thereby improving performance [3][9] Financial Projections - Total revenue is projected to increase from 630.18 million RMB in 2023 to 1,426 million RMB in 2025, reflecting a growth rate of 103.13% [1][10] - Net profit attributable to shareholders is expected to rise from 80.16 million RMB in 2023 to 307.97 million RMB in 2025, with a significant growth rate of 360.92% [1][10] - The earnings per share (EPS) is forecasted to increase from 0.99 RMB in 2023 to 3.81 RMB in 2025 [1][10] Market Data - The closing price of the stock is 70.94 RMB, with a market capitalization of approximately 5,731.95 million RMB [6][10] - The company has a price-to-earnings (P/E) ratio of 71.51 for 2023, which is expected to decrease to 18.61 by 2025 [1][10]

Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Views - The company has established a base in Thailand for natural and synthetic vanillin production, which is expected to benefit from limited impact from trade frictions [3] - The company plans to increase its vanillin production capacity significantly by 2025, with a projected revenue increase of 103.13% in 2025 [1][9] - The recent price adjustments for vanillin products indicate a positive outlook for revenue growth, with the price for eugenol vanillin set at 550 RMB/kg and ferulic acid vanillin at 1700 RMB/kg [3][9] Financial Summary - Total revenue is projected to grow from 630.18 million RMB in 2023 to 1,426 million RMB in 2025, reflecting a compound annual growth rate (CAGR) of 103.13% [1][9] - Net profit attributable to shareholders is expected to rise from 80.16 million RMB in 2023 to 307.97 million RMB in 2025, with a significant increase of 360.92% in 2025 [1][9] - The earnings per share (EPS) is forecasted to increase from 0.99 RMB in 2023 to 3.81 RMB in 2025, indicating strong profitability growth [1][9] - The price-to-earnings (P/E) ratio is projected to decrease from 70.59 in 2023 to 18.37 in 2025, suggesting improved valuation as earnings grow [1][9]

Group 1 - The stock of Yaxiang Co., Ltd. reached the daily limit, with a trading volume of 5.80 billion yuan and a turnover rate of 18.95% [1] - The stock experienced a price fluctuation of 18.80% throughout the trading day [1] Group 2 - Institutional investors net sold 13.07 million yuan, while brokerage seats collectively net bought 12.42 million yuan [2] - The stock was listed on the daily trading board due to a closing price increase of 20.00% [2] - The top five trading departments had a total transaction volume of 194 million yuan, with a buying transaction amount of 96.86 million yuan and a selling transaction amount of 97.51 million yuan, resulting in a net sell of 650,700 yuan [2]

证券代码：301220 证券简称：亚香股份 公告编号：2025-004 昆山亚香香料股份有限公司 关于公司股价异动的公告 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。 一、公司股票交易异常波动的情况 昆山亚香香料股份有限公司（以下简称"亚香股份"或"公司"）股票（证券简 称：亚香股份，证券代码：301220）于 2025 年 2 月 6 日、2025 年 2 月 7 日、2025 年 2 月 10 日连续三个交易日收盘价格涨幅偏离值累计超过 30%，根据深圳证券交易所 相关规定，属于股票交易异常波动的情况。 二、公司关注并核实情况的说明 5、股票异常波动期间，公司控股股东及实际控制人不存在买卖公司股票的情形。 6、公司不存在违反信息公平披露的情形。 三、是否存在应披露而未披露信息的说明 公司董事会确认，除在指定媒体已公开披露的信息外，目前没有其他任何根据《深 圳证券交易所创业板股票上市规则》等有关规定应予以披露而未披露的事项或与该事 项有关的筹划、商谈、意向、协议等；董事会也未获悉公司有根据《深圳证券交易所 创业板股票上市规则》等有关规定应予以披露而未披露的 ...

证券代码：301220 证券简称：亚香股份 公告编号：2025-003 昆山亚香香料股份有限公司 关于转让控股子公司 95%股权的公告 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。 特别提示： 1、昆山亚香香料股份有限公司（以下简称"亚香股份"或"公司"）将持 有的控股子公司昆山淏丽瑞环保科技有限公司（以下简称"淏丽瑞"）95%股权 全部转让给昆山城东化工有限公司，转让价格为人民币 6,100 万元。 2、根据《深圳证券交易所创业板股票上市规则》《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》及《公司章程》的有关规 定，本次交易事项无需提交董事会或股东大会审议。本次交易事项不构成关联交 易，不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 本次交易可能存在因买卖双方无法履约等因素导致交易无法实施的风险，敬 请广大投资者理性投资，注意投资风险。 一、交易概述 结合战略规划和业务发展情况，为进一步整合资源，提升整体运营水平，昆 山亚香香料股份有限公司与昆山城东化工有限公司签署了《股权转让协议》，公 司将以 6,100 万元的 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][8] Core Views - The European Union and the United States have initiated anti-dumping investigations against Chinese vanillin, which may benefit the company's new production capacity in Thailand [6][7] - The company has a diverse product range and stable customer base, holding a significant market share in the international market for vanillin and cooling agents [6] - The company's Thai subsidiary is expected to mitigate the impact of trade frictions, with plans to increase vanillin production capacity significantly [7][8] Financial Performance and Forecast - The company's total revenue is projected to increase from 630 million yuan in 2023 to 1,455.5 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 22.99% [5][10] - The net profit attributable to the parent company is expected to decline to 67.05 million yuan in 2024, before rebounding to 183.29 million yuan in 2026 [5][10] - The earnings per share (EPS) is forecasted to decrease to 0.83 yuan in 2024, with a recovery to 2.27 yuan by 2026 [5][10] - The price-to-earnings (P/E) ratio is projected to be 43.93 for 2024, decreasing to 16.07 by 2026 [5][10]

招商证券股份有限公司 关于昆山亚香香料股份有限公司 2024 年度持续督导定期现场检查报告 | 被保荐公司简称：亚香股份 | 保荐人名称：招商证券股份有限公司 | | | | --- | --- | --- | --- | | 联系电话：0755-83084021 | 保荐代表人姓名：覃建华 | | | | 联系电话：0755-83084021 | 保荐代表人姓名：程建新 | | | | 现场检查人员姓名：覃建华、郭富诚、谢涵蒙 | | | | | 年度 | 现场检查对应期间：2024 | | | | 年 月 日-2024 年 月 日 12 10 12 13 | 现场检查时间：2024 | | | | 现场检查意见 | 一、现场检查事项 | | | | 是 | （一）公司治理 | 不适用 | 否 | | 现场检查手段：1、查阅公司章程、各项规章制度及三会规则；2、查阅公司三会会议文件 | | | | | 及董事会专门委员会文件；3、对公司相关人员进行访谈；4、查询控股股东对外投资，了 | | | | | 解是否与公司存在同业竞争的情况等。 | | | | | 1.公司章程和公司治理制度是否完备、合规 √ | ...

招商证券股份有限公司 2024 年度持续督导培训情况报告 招商证券股份有限公司（以下简称"保荐机构"或"招商证券"）作为昆山 亚香香料股份有限公司（以下简称"公司"或"亚香股份"）保荐及持续督导机 构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市 规则》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等有关规 定，对亚香股份实际控制人、董事、监事、高级管理人员及其他相关人员进行了 2024 年度持续督导培训，现将培训情况报告如下： 一、本次持续督导培训的基本情况 培训时间：2024 年 12 月 11 日 培训地点：江苏省苏州市昆山市晨丰路 201 号苏州亚香会议室 培训方式：现场宣讲及视频会议相结合方式 培训人员：覃建华（保荐代表人） 培训对象：公司实际控制人、董事、监事、高级管理人员及其他相关人员 在培训过程中，招商证券培训人员现场解答了公司相关人员咨询的问题，进 行了充分的交流互动，并向公司提供本次培训的相关书面资料，提请公司督促培 训对象自行安排时间进行课后自学。 关于昆山亚香香料股份有限公司 三、培训的完成情况及效果 本次持续督导培训的工作过程中，亚香股份及参会人 ...

Core Viewpoint - The stock price of Yaxiang Co., Ltd. (SZ:301220) has declined by 1.48%, closing at 33.33 yuan, with a total market capitalization of 2.693 billion yuan [1] Group 1: Stock Performance - Yaxiang Co., Ltd. is currently in a state of breaking its initial public offering (IPO) price [2] - The stock was listed on the Shenzhen Stock Exchange's ChiNext on June 22, 2022, with an IPO price of 35.98 yuan per share [2] - On its first trading day, the stock reached a peak price of 51.80 yuan, marking the highest point since its listing [3] Group 2: Fundraising and Financials - The total amount raised from the IPO was 726.796 million yuan, with a net amount of 662.0941 million yuan, exceeding the original plan by 14.20941 million yuan [3] - The company intended to use the raised funds for projects related to the production of 6,500 tons per year of flavoring agents and food additives, repayment of bank loans, and working capital [3] - The total issuance costs for the IPO were 64.7019 million yuan, with underwriting fees amounting to 45.6647 million yuan [4] Group 3: Future Financing Plans - On February 22, 2024, the company announced a plan to issue shares to specific investors, aiming to raise no more than 180 million yuan, with net proceeds allocated for the production of 432 tons of flavoring agents and working capital [5] - The board of directors approved a proposal to seek shareholder authorization for this issuance, with a limit set at no more than 30 million yuan or 20% of the latest year's net assets [5] - On April 22, 2024, the company sought to extend the validity period of the authorization for the share issuance [6]