Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's main product prices have declined, leading to a decrease in performance for the second half of 2024 and the first quarter of 2025 [6] - In 2024, the company achieved a revenue of 29.763 billion yuan, a year-on-year increase of 17.37%, and a net profit attributable to shareholders of 2.029 billion yuan, a year-on-year increase of 148% [5] - The company is expected to face challenges in 2025 due to further price declines in key products, resulting in a downward adjustment of profit forecasts for 2025-2026 [7] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 29.763 billion yuan, with a net profit of 2.029 billion yuan, reflecting a significant year-on-year growth of 148% [5] - The first quarter of 2025 saw a revenue of 7.290 billion yuan, a year-on-year increase of 7.96%, but a quarter-on-quarter decrease of 10.92% [5] Business Segments - The chemical new materials segment generated a revenue of 20.4 billion yuan in 2024, up 26.8% year-on-year, while the basic chemical products segment saw a revenue of 5.8 billion yuan, down 7.4% year-on-year [6] - The fertilizer business achieved a revenue of 3.07 billion yuan, a year-on-year increase of 17.9% [6] Price Trends - The report highlights a decline in sales prices for key products in the second half of 2024 and the first quarter of 2025, with specific declines noted for PC, PA6, and other chemicals [6] Production Capacity and Management - The company has successfully resumed production of its hydrogen peroxide facility and launched new capacity projects, including a 600,000-ton caprolactam project [7] - The production target for 2025 is set at 13.5 million tons, a 40.6% increase from 2024 [7] Profit Forecasts - The profit forecasts for 2025-2027 have been adjusted downward due to the decline in product prices, with expected net profits of 2.056 billion yuan for 2025, 2.325 billion yuan for 2026, and 2.643 billion yuan for 2027 [7]

Core Viewpoint - 中化国际 reported a stable revenue for 2024 at 52.925 billion yuan, with a net loss of 2.837 billion yuan, reflecting a decrease of 998 million yuan year-on-year [1] Financial Performance - In Q1 2025, 中化国际 achieved a revenue of 10.803 billion yuan, with a cumulative net loss of 396 million yuan, showing a month-on-month reduction in losses [1] - The company’s revenue for 2024 remained flat after excluding the impact of the natural rubber business [1] Industry Context - The domestic chemical industry faced ongoing supply and demand pressures in 2024, leading to intensified competition and low product prices [1] - 中化国际 is focusing on enhancing quality and efficiency while optimizing cash flow and operational risk management [1] Strategic Projects - The 连云港碳三 integrated project was completed in 2024, with a significant increase in operational rates and reduced energy consumption [2] - The company is advancing its polymer additive business, with successful trials in the promoter project and international expansion in rubber antioxidant production [2] Product Development - 中化国际 is innovating in the epoxy resin sector, launching new water-based solutions and products for high-pressure hydrogen storage [3] - The company has achieved international leadership in several products, including high-strength aramid fibers and epoxy resins [3] Price Trends - Recent price increases were noted for key products, with epoxy resin prices rising by 6.1% and rubber antioxidant prices increasing by 20.3% [3] - The cost of raw materials has significantly decreased, with pure benzene prices dropping by 18.4% from last year's peak [4] Future Outlook - 中化国际 plans to focus on increasing production and reducing costs through compliance actions and optimal production implementation [4] - The company aims to enhance R&D investment and attract talent to drive product differentiation and optimization [5]

证券代码：600691 证券简称：阳煤化工 公告编号：临 2025-020 阳煤化工股份有限公司 关于 2025 年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第3号--行业信息披露》和《关 于做好主板上市公司2025年第一季度报告披露工作的重要提醒》的要求，阳煤 化工股份有限公司（以下简称"公司"）现将2025年第一季度主要经营数据披 露如下： 备注：表中销售收入为不含税收入。 二、主要产品和原材料的价格变动情况 公司化工产品均为市场价格公开的成熟产品，销售价格变动趋势与市场价 格变动趋势一致。具体情况如下： 主要产品 销售收入 生产量 销售量 2025 年 1-3 月（万元） 2025 年 1-3 月（万吨） 2025 年 1-3 月（万吨） 尿素 55,353.45 38.04 37.32 聚氯乙烯 27,025.62 6.43 6.28 丙烯 24,753.81 4.07 4.07 烧碱 22,598.14 9.61 9.37 三氯化磷 8, ...

Q1 盈利同比下滑，纯碱景气静待复苏 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 化学原料 | 中盐化工于4月28日发布25Q1季报：Q1实现营业收入27.7亿元，同比+3%/ 环比-17%，归母净利润 0.17 亿元，同比-73%/环比+131%，扣非净利润 0.06 亿元，同比-74%/环比+103%。考虑公司具备盐化工一体化生产能力，行业 低景气下有望具备竞争力，维持"增持"评级。 25Q1 纯碱量价环比承压，多数氯碱产品均价下跌致盈利同比下滑 受纯碱新产能投放及下游玻璃需求偏弱影响，纯碱量价环比承压，公司 25Q1 纯碱销量同比+71%/环比-17%至95万吨，营收同比+9.8%/环比-18%至12.1 亿元，均价同比-36%/环比-1.4%至 1274 元/吨。烧碱/PVC/糊树脂销量同比 +1%/-4%/+22%至 9.0/9.4/5.4 万吨（环比-18%/-5%/-19%），营收同比 -3%/-15%/+12%至 2.1/4.1/3.5 亿元（环比-29%/-22%/-6%），均价同比 - ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company reported Q1 2025 revenue of 7.77 billion yuan, a year-over-year decrease of 3% and a quarter-over-quarter decrease of 14%. The net profit attributable to shareholders was 710 million yuan, down 34% year-over-year and 17% quarter-over-quarter [1][3] - The company is a leading player in the coal chemical industry in China, with a significant low-cost moat. The extension of the industrial chain and product expansion at the Jingzhou base are expected to drive steady growth in performance. Projected net profits for 2025-2027 are 4.036 billion, 4.666 billion, and 5.120 billion yuan, with year-over-year growth rates of 3.41%, 15.62%, and 9.73%, respectively [3][4] - The company is experiencing pressure on profitability due to product price declines, but cost reductions are expected to improve product price differentials in Q2, driven by industry recovery [8][9] Financial Summary - For 2025, the company is expected to achieve revenue of 37.041 billion yuan, with a year-over-year growth of 8.22%. The net profit is projected to be 4.036 billion yuan, reflecting a year-over-year growth of 3.41% [4][9] - The company's earnings per share (EPS) for 2025 is estimated at 1.90 yuan, with a price-to-earnings (P/E) ratio of 10.59 [4][9] - The company’s gross margin and net margin for Q1 2025 were 16.3% and 9.9%, respectively, indicating a decline in profitability due to lower product prices [8][9]

Market Overview - The Shanghai Composite Index closed at 3286.65 points, down 0.05%, with a trading volume of 430.88 billion yuan [1] - The Shenzhen Component Index closed at 9849.80 points, down 0.05%, with a trading volume of 591.24 billion yuan [1] - The ChiNext Index closed at 1931.94 points, down 0.13%, with a trading volume of 270.74 billion yuan [1] - The STAR 50 Index closed at 1003.87 points, up 0.1%, with a trading volume of 18.71 billion yuan [1] - Total trading volume for both markets was 1022.12 billion yuan, a decrease of 34.29 billion yuan from the previous trading day [1] Sector Performance - Strong sectors included beauty care, media, machinery, light industry manufacturing, chemicals, home appliances, jewelry, and computers [3] - Active concepts included PEEK materials, humanoid robots, hub motors, noise reduction, integrated die-casting for automobiles, pet economy, AI, fluorine chemicals, and antibacterial fabrics [3] - Weak sectors included electric power, insurance, oil and petrochemicals, coal, and banking [3] Stock Performance - A total of 3381 stocks rose, while 1588 stocks fell, with 129 stocks remaining flat and 52 stocks suspended [3] - 76 stocks hit the daily limit up, while 62 stocks hit the daily limit down [3] - Liou Co. had the highest limit-up order volume with 118 million shares, followed by other notable stocks [3][4] Fund Flow - The net outflow of main funds from the Shanghai and Shenzhen markets was 2.352 billion yuan [5] - The machinery equipment sector saw the highest net inflow of main funds, amounting to 2.317 billion yuan [6] - A total of 10 sectors experienced net inflows, while 21 sectors saw net outflows [6] Individual Stock Highlights - Liou Co. had the highest net inflow of main funds at 884 million yuan [8] - Other stocks with significant net inflows included Miao Yi Innovation and Sichuan Changhong [8] - 38 stocks experienced net outflows exceeding 1 billion yuan, with Shenghong Technology leading at 390 million yuan [10] Institutional Activity - Institutions had a net selling of approximately 42.47 million yuan, with 13 stocks seeing net purchases [11] - The top net purchase was for Da Ye Co. at approximately 44.54 million yuan [11]

南北两山山势陡峭、沙砾广布，难以攀爬。绿化工程刚开始实施时，数千人在山脚各处 拿锄头挖、用铁锹铲，顺着山势边修路边上山植树。但在气候多变、天气寒冷、干旱少雨的 高原大山上，种活树谈何容易？ 要提高苗木成活率和保存率，种苗是关键。"头几年，栽的树苗要么旱死，要么被水冲 走，怎样才能把树种活一度让大家非常苦恼。"付拥军感慨地说。 付拥军先从选育优良的抗旱树种入手，不断筛选良株，并将种苗严格分类后带土移栽， 本地繁育品种少，就从外地引苗试种，观察是否适应高原气候。采种、播种、采条、扦插、 做树种杂交实验……付拥军和同事们不断摸索。 又是一年春和景明，青海高原处处涌动着生机活力。"五一"假期来临之际，在青海省西 宁市南北山电力绿化区内，来自国网青海省电力公司的干部员工挥锹铲土、培土围堰、平整 踩实、提水浇灌……到处都是忙碌的身影，呈现出一片热火朝天的劳动景象。 "植树讲究'三埋两踩一提苗'，就是要埋土三次、踩实两次以及向上提起苗木一 次……"管护员付拥军不停地穿梭在人群中，不厌其烦地指导植树要点，确保每一株树苗都 能在这片土地上稳稳扎根。 ▲4月29日，国网青海省电力公司员工正在西宁市南北山电力绿化区开展义务植树活 ...

投资者关系活动记录表 编号：2025-001 证券代码：301017 证券简称：漱玉平民 漱玉平民大药房连锁股份有限公司 | 投资者关系活动 | □分析师会议 □特定对象调研 | | | | | --- | --- | --- | --- | --- | | 类别 | □媒体采访 业绩说明会  | | | | | | □新闻发布会 □路演活动 | | | | | | □现场参观 | | | | | | □其他 | | | | | 参与单位名称及 | 东北证券 刘宇腾、文将儒 招商证券 梁广楷、许菲菲、方秋实 | | | | | 人员姓名 | 国联民生证券 郑薇、陈馨悦 国金证券 袁维、王奔奔 | 摩根大 | | | | | 通 赵悦伦 浙商证券 司清蕊 中信证券 陈竹、宋硕、张斌斌 | | | | | | 东吴证券 朱国广、冉胜男、苏丰 开源证券 | | 余汝意、巢舒然 | | | | 德邦证券 周新明、安柯 华鑫证券 胡博新等投资者共 | | 40 | 人。 | | 时间 | 年 月 日 10：00-11：00 2025 4 29 | | | | | 地点 | 公司总部会议室（电话会议） | | | | ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 69.03 billion yuan in 2024, representing a year-on-year increase of 19.67%, with a net profit attributable to the parent company of 4.01 billion yuan, up 7.78% year-on-year [2] - In Q1 2025, the company reported a net profit of 857 million yuan, a decrease of 9.16% year-on-year, while the operating revenue was 17.06 billion yuan, reflecting a year-on-year growth of 10.58% [2] - The company continues to see strong growth in its express delivery business, with a volume of 26.57 billion pieces in 2024, up 25.32% year-on-year, and a market share of approximately 15.2% [4] Financial Performance Summary - In 2024, the company’s operating revenue was 690.33 million yuan, with a net profit of 40.12 million yuan, and a cash flow from operating activities of 58.57 million yuan, which decreased by 3.0% year-on-year [2][7] - The company’s single ticket express revenue in Q1 2025 was 2.28 yuan, down 6.26% year-on-year, while the core cost per ticket was 0.72 yuan, a decrease of 6.49% [3] - The company’s net profit forecast for 2025-2027 is 4.10 billion yuan, 4.74 billion yuan, and 5.39 billion yuan, with respective year-on-year growth rates of 2.2%, 15.6%, and 13.6% [8] Business Growth and Strategy - The company is focusing on international business expansion, with a self-owned fleet of 13 aircraft and over 150 routes opened, leading to a significant revenue increase of 43.20% in the air cargo segment in 2024 [5] - The company’s digital transformation and cost management strategies are expected to enhance operational efficiency and profitability [8]

Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Chemical Index reported 2064.08 points, with a decline of 7.57% in the last month, 6.98% in the last three months, and 6.77% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The top ten weights in the CSI 300 Chemical Index are: Wanhua Chemical (23.08%), Salt Lake Industry (13.6%), Baofeng Energy (7.79%), Juhua Co. (7.6%), Hengli Petrochemical (7.22%), Satellite Chemical (6.88%), Hualu Hengsheng (6.64%), Zangge Mining (6.38%), Longbai Group (6.1%), and Rongsheng Petrochemical (5.49%) [1] Group 2 - In terms of industry composition within the CSI 300 Chemical Index, other chemical raw materials account for 39.09%, polyurethane for 23.08%, potassium fertilizer for 19.98%, fluorochemical for 7.60%, titanium dioxide for 6.10%, and organic silicon for 4.15% [2] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples or significant events affecting sample companies [2]