香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Nanhua Futures Co., Ltd. 南華期貨股份有限公司 （於中華人民共和國註冊成立的股份有限公司， 中文公司名稱為南華期貨股份有限公司，通過我們的香港附屬公司 在香港以橫華國際的名義開展業務） （股份代號：2691） 海外監管公告 本公告乃由南華期貨股份有限公司（「本公司」）根據香港聯合交易所有限公司證券 上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站發佈之《南華期貨股份有限公司2025年年度 報告》，僅供參閱。 承董事會命 南華期貨股份有限公司 董事長兼執行董事 羅旭峰博士 中國杭州，2026年3月27日 於本公告日期，本公司董事會成員包括：(i)執行董事羅旭峰博士；(ii)非執行董事 呂躍龍先生、徐文財博士、胡天高先生、厲寶平先生及孫穎婷女士；及(iii)獨立 非執行董事徐林博士、劉玉龍博士及李晶女士。 南华期货股份有限公司 2025 年年度报告 公司代码：6030 ...

Summary of China Chemical's Conference Call Company Overview - **Company**: China Chemical - **Industry**: Chemical Engineering and Construction - **Market Position**: Leading player in China's chemical engineering sector, handling 90% of domestic chemical and coal chemical projects, with chemical engineering business accounting for 80% of revenue and 85% of gross profit [2][4][12]. Key Insights Industry and Market Dynamics - **PPI Trends**: Benefiting from rising chemical PPI, leading to improved profitability for clients and accelerated order conversion, with new orders expected to grow by 19% in 2025, significantly above the industry average of 5% [2][4]. - **Global Expansion**: Approximately 30% of business comes from overseas, with a 29% increase in foreign revenue in H1 2025, capitalizing on the "Belt and Road" initiative and the shift of the global chemical industry to Southeast Asia and Africa [2][4][14]. Business Transformation - **New Materials Focus**: Transitioning towards new materials such as adiponitrile and propylene oxide, with adiponitrile production capacity of 200,000 tons already operational and a planned 600,000 tons of propylene oxide by 2026, expecting revenue growth of 30%-35% [2][5][10]. - **Coal Chemical Strategy**: Strong position in coal chemical market with leading gasification technology, particularly in Xinjiang, expected to contribute significantly to orders in 2025 [2][4][12]. Financial Performance and Valuation - **Valuation Metrics**: Currently at historical low valuation levels (PE at 40th percentile, PB at 25-30th percentile), with a target price of 13.46 CNY, indicating a potential upside of approximately 35% from current levels [3][6]. - **Profitability Forecast**: Projected net profit of 6.3 billion CNY in 2025, growing to 7 billion CNY in 2026 and 7.6 billion CNY in 2027, with growth rates of 11%, 10%, and 9% respectively [16]. Product and Capacity Insights - **Key Products**: Focus on adiponitrile, nylon 66, caprolactam, propylene oxide, and biodegradable materials, with significant production capacity planned [7][10]. - **Market Price Trends**: Adiponitrile prices have dropped significantly from over 40,000 CNY/ton to below 20,000 CNY/ton due to increased domestic production, while caprolactam prices are expected to rise due to demand recovery [8][9]. Risks and Challenges - **Project Execution Risks**: New material projects face risks related to construction progress and market demand, potentially delaying production or reducing profitability [17]. - **Capital Expenditure Risks**: Declining capital expenditure in the chemical industry could impact new order sizes and execution pace [18]. - **International Operations Risks**: Global operations expose the company to geopolitical risks, currency fluctuations, and local policy changes that could affect project execution and cash flow [18]. Conclusion - **Investment Logic**: The core investment rationale includes the value re-evaluation of new materials, benefits from rising PPI in chemical engineering, and strong growth in overseas business, supported by state-owned enterprise reform initiatives [19].

Core Viewpoint - The company, Shihang New Energy, emphasizes its commitment to a global business layout, covering over 100 countries and regions, while acknowledging the lack of significant revenue generation in the North American market [1] Group 1 - The company has established a presence in various regions including Europe, Asia-Pacific, Latin America, Australia, the Middle East, and Africa, accumulating a substantial number of quality customer resources [1] - The company is actively pursuing a global strategy to enhance its market reach and customer base [1] - Despite its global operations, the company has not yet achieved scale revenue in the North American market [1]

Core Viewpoint - The company is focusing on expanding its business in Europe, which is considered a significant market for its global operations, despite the current low revenue contribution from the EU region [2] Group 1: Business Strategy - The company has established a European headquarters to enhance its market presence and operations in Europe [2] - The strategy includes strengthening local market development, regional technology research, global supply chain management, and project services [2] - The company anticipates that deepening local operations will positively impact the order volume in the European market [2]

Group 1 - The core viewpoint of the article is that FAW Jiefang is expanding its global operations, with a specific focus on establishing its subsidiary in Saudi Arabia by 2025 [1] - FAW Jiefang is actively working on launching other subsidiaries in accordance with local regulations and policies [1] - The company aims to deepen its global business layout and explore international markets [1]

Core Viewpoint - The company is expanding its production capacity in Indonesia for high-performance BOPA films to meet growing market demand and enhance its competitive position globally [1][2] Group 1: Project Rationale - The BOPA film material has excellent performance and is widely used in various sectors such as food, pharmaceuticals, daily chemicals, and soft-pack lithium batteries, leading to sustained downstream demand [1] - The company currently operates at high capacity utilization, making it difficult to meet market demand, and the new project will help overcome this capacity bottleneck [1] - The company holds a leading position in the BOPA film sector, with increasing overseas sales revenue, and the project will enhance overseas production capabilities to better serve Southeast Asia and further penetrate European and North American markets [1] Group 2: Strategic Importance - The global trade environment is becoming increasingly complex, with rising trade protection measures posing supply chain risks for the company's overseas sales [1] - Establishing a base in Indonesia, a core member of ASEAN, offers geographical and tariff advantages, allowing the company to serve local and surrounding markets effectively while enhancing global market penetration [1] - This strategic move is expected to strengthen the company's global business layout and improve its resilience against risks and overall competitiveness [1] Group 3: Project Details - The Indonesian high-performance film material project consists of two phases, with a total of four production lines planned, aiming for an annual production capacity of 90,000 tons [2] - The first production line of the first phase is set to commence operations in January 2026, adding 25,000 tons of overseas capacity, while the second line is expected to be operational in the second half of this year [2]

Core Viewpoint - The company is expanding its production capacity by investing in a high-performance BOPA film material project in Indonesia, driven by increasing market demand and the need to enhance its global competitiveness [1][2]. Group 1: Project Rationale - The BOPA film material has excellent performance and is widely used in various sectors such as food, pharmaceuticals, daily chemicals, and soft-pack lithium batteries, leading to sustained growth in downstream demand [1]. - The company currently operates at high capacity utilization, making it difficult to meet market demand, and the new project will help overcome this capacity bottleneck [1]. - The company holds a leading position in the BOPA film material sector, and the project will enhance overseas production capabilities to better serve the Southeast Asian market and expand into Europe and North America [1]. Group 2: Strategic Importance - The global trade environment is becoming increasingly complex, with rising trade protection measures posing supply chain risks for the company's overseas sales, which primarily target Southeast Asia, South Asia, Europe, and the Americas [1]. - Establishing a base in Indonesia, a core member of ASEAN, will leverage its geographical and tariff policy advantages, allowing the company to serve local and surrounding markets effectively while enhancing its global market penetration [1]. - This strategic move is expected to strengthen the company's global business layout and improve its resilience against risks and overall competitiveness [1]. Group 3: Project Details - The Indonesian high-performance film material project consists of two phases, with a total of four production lines planned, aiming for an annual production capacity of 90,000 tons [2]. - The first production line of the first phase is set to commence operations in January 2026, adding 25,000 tons of overseas capacity, while the second line is expected to be operational in the second half of this year [2].

Core Viewpoint - The company expects a significant increase in net profit for 2025, with projections ranging from 40 million to 50 million yuan, representing a year-on-year growth of 70.79% to 113.49% [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 35 million to 45 million yuan after deducting non-recurring gains and losses, indicating a year-on-year decrease of 28.91% to 8.60% [1] - The net profit growth is primarily due to a low base from the previous year, which was affected by tax adjustments and goodwill impairment [1] - Non-recurring gains and losses are expected to impact the net profit by approximately 5 million yuan, mainly from government subsidies and investment income [1] Group 2: Business Strategy and Operations - The company is focusing on expanding its payment hardware and services internationally, aiming for high-quality growth in global markets [1] - Revenue from payment hardware continues to grow, with stable gross margins, while the domestic acquiring business processed approximately 1.47 trillion yuan in transaction volume, remaining stable year-on-year [1] - The company is leveraging artificial intelligence to enhance operational efficiency and is actively developing its cross-border payment business, which has seen rapid growth in merchant scale and transaction volume [1] Group 3: Market Dynamics - The company is strategically targeting high-potential regional markets while solidifying its existing market presence [1] - The revenue and gross margin from acquiring and value-added services have decreased due to new merchant expansion strategies and increased marketing support [1] - The company has established integrated global payment and acquiring capabilities to support small and medium enterprises in various overseas payment scenarios [1]

Group 1 - The company has achieved a global business layout, covering multiple countries and regions, including Europe [2] - Investors are encouraged to refer to the company's periodic reports for details on operational conditions [2]

Core Viewpoint - The inclusion of Baiaosaitu (688796.SH/02315.HK) in the Hong Kong Stock Connect marks a significant milestone for the company, enhancing its capital accessibility and market recognition, as evidenced by a 22.23% surge in H-share price on the announcement day [1][3][13]. Impact of Inclusion - The immediate impact of the "inclusion" is reflected in the price performance, with Baiaosaitu's H-shares rising 22.23% on the first day of inclusion. This trend aligns with the broader market behavior, where 18 out of 20 A+H listed companies that entered the Hong Kong Stock Connect this year have seen an average cumulative increase of 12.30% [3][4]. - The inclusion will significantly broaden the investor base, allowing mainland institutional and individual investors to directly participate in Baiaosaitu's H-share investments, thus diversifying the funding sources and enhancing the understanding of the company's innovative model [4]. - Liquidity and pricing efficiency are expected to improve, alleviating the "liquidity discount" that has historically affected the Hong Kong market. The influx of southbound capital will enhance trading activity and efficiency, potentially optimizing the market pricing power and valuation of Baiaosaitu's H-shares [5]. Future Outlook - The successful inclusion is seen as a new starting point for Baiaosaitu, with future growth opportunities tied to macro industry trends and the company's core competencies [8]. - The innovative drug industry is entering a strategic opportunity period, with supportive policies expected to enhance the pricing of innovative drugs and shorten the R&D return cycle, benefiting companies like Baiaosaitu [9]. - The capital logic is shifting towards performance-driven valuation, with a focus on profitability and commercialization rather than just R&D narratives. Baiaosaitu's H-shares have already seen a cumulative increase of over 300% in 2025, indicating a market re-evaluation of the biotech sector's profitability outlook [10]. - The company is positioned to leverage its global technology platform, focusing on antibody development and innovative treatment models, which is expected to drive a dual growth trajectory [11][12]. Conclusion - Baiaosaitu's entry into the Hong Kong Stock Connect signifies more than a technical adjustment; it represents the company's emergence into the core of mainstream capital markets, gaining access to substantial mainland capital. This move is indicative of the broader transition of China's innovative drug industry from a follower to a leader, supported by a mature capital market that recognizes true innovation and sustainable business models [13][14].