维生素E价格回暖，能特科技前三季度净利同比增276.59%

Core Insights - Nengte Technology (002102) reported a revenue of 7.13 billion yuan for the first three quarters of 2025, a year-on-year decrease of 23.24%, while net profit attributable to shareholders reached 453 million yuan, an increase of 276.59% [1] - The company’s third-quarter revenue was 1.90 billion yuan, down 37.82% year-on-year, but net profit attributable to shareholders increased by 79.29% to 114 million yuan [1] - The vitamin E and pharmaceutical intermediates business of the wholly-owned subsidiary Nengte Technology Co., Ltd. performed well, contributing 626 million yuan to the company's profits, significantly boosting the overall performance for the first three quarters [1] Business Strategy - Since the acquisition by Jingzhou Urban Development Group in 2022, Nengte Technology has undergone a deep reform focusing on "streamlining and strengthening core business" [1] - The company officially changed its name to "Nengte Technology" in April 2024, marking a new phase in its strategic transformation [1] - The company is gradually divesting non-core assets to build a development framework centered on pharmaceuticals and vitamin E [1] Product Focus - Nengte Technology Co., Ltd. specializes in the research, production, and sales of pharmaceutical intermediates, with key products such as MK5 and R-1, which have significant cost advantages in global niche markets [1] - The company collaborates with Fortune 500 companies like DSM and China Merchants Group [1] Market Outlook - The vitamin E business is operated by Nengte Technology (Shishou) Co., Ltd. and the joint venture Yimante Health Industry (Jingzhou) Co., Ltd., with expectations of a significant price increase in vitamin E in the second half of 2024, leading to substantial growth in related business [2] - Nengte Technology aims to focus on fine chemical core business and innovate through process technology to develop internationally leading products that are lacking domestically, avoiding intense competition in traditional product areas [2] Asset Management - To concentrate resources on the fine chemical core business, Nengte Technology is actively disposing of or selling non-core assets [2] - On July 16, the company announced the transfer of 100% equity of its wholly-owned subsidiary, Shaanxi Ankang Shenqian Mining Co., Ltd., to Chongqing Hongmai Tianxia Industrial Development Group for 114 million yuan, which is expected to reduce the company's profit by approximately 49 million yuan in 2025 [2]