NHU(SZ:002001) Zheng Quan Shi Bao Wang·2025-07-04 18:06Core Viewpoint - The company, Xinhecheng, is celebrating its 21st anniversary since its listing, highlighting its strong growth in profitability and commitment to innovation-driven industrial upgrades while actively rewarding investors through dividends [1][5]. Group 1: Financial Performance - Xinhecheng expects to achieve a net profit of 3.3 billion to 3.75 billion yuan for the first half of 2025, representing a year-on-year growth of 50% to 70% [2]. - Since its listing in 2004, Xinhecheng has seen steady growth in revenue and net profit, with revenue increasing from 1.134 billion yuan to 21.609 billion yuan and net profit rising from 75 million yuan to 5.869 billion yuan over 21 years, reflecting compound annual growth rates of 16.04% and 24.39% respectively [2]. - The company's weighted ROE has remained above 10% for the past nine years, reaching 21.78% in 2024, indicating strong investment value [2]. Group 2: Innovation and R&D - Xinhecheng has maintained R&D expenditures at over 5% of revenue for the past decade, with 2024 seeing R&D spending exceed 1 billion yuan, ranking among the top in the chemical products sector [3]. - The company collaborates with renowned research institutions and universities to enhance its technological capabilities and drive industrial transformation [3]. - Xinhecheng is advancing new materials technology from laboratory to large-scale production, with significant projects in PPS and PPA, indicating a broad market application potential [3]. Group 3: Market Position and Industry Impact - Xinhecheng is recognized as a leading global vitamin producer and the largest synthetic flavor manufacturer in China, with significant market share in the amino acid methionine [4]. - The company has become the third-largest producer of methionine globally, benefiting from high technical barriers and strong synergies with its vitamin product customers [4]. Group 4: Shareholder Returns - Since its listing, Xinhecheng has distributed a total of 15.502 billion yuan in dividends, with a dividend payout ratio of 42.96% [5]. - The company plans to implement a special dividend distribution scheme in December 2024, aiming for a record cash dividend total for 2024 [5]. - Xinhecheng is also conducting a share buyback program, reflecting management's confidence in the company's intrinsic value and future prospects [5].