Core Viewpoint - Dachen Biochemical Technology (00809) reported a revenue of HKD 2.279 billion for the year ending December 31, 2025, reflecting a year-on-year increase of 13.86%. However, net profit decreased by 79.69% to HKD 156 million, with basic earnings per share at HKD 0.014 [2]. Group 1: Financial Performance - The company achieved a revenue of HKD 2.279 billion, which is a 13.86% increase compared to the previous year [2]. - The net profit for the year was HKD 156 million, representing a significant decrease of 79.69% year-on-year [2]. - Basic earnings per share were reported at HKD 0.014 [2]. Group 2: Market Conditions and Production - The company maximized production capacity for its amino acid business, resulting in a sales volume increase of approximately 36.6% to 522,000 metric tons, compared to 382,000 metric tons in 2024 [2]. - Due to intense domestic market competition, local suppliers are shifting to sell amino acid products in the domestic market [2]. - Starting from the second half of 2025, the EU and the US will impose final anti-dumping duties on China's lysine products, leading the company to adjust its amino acid production in the fourth quarter of 2025 to achieve optimal production rates [2].

Core Viewpoint - The Ministry of Commerce has initiated an anti-dumping investigation into imported halogenated butyl rubber from Japan, Canada, and India, concluding that there is dumping and substantial damage to the domestic industry from Japan and Canada [1][2]. Group 1: Investigation Findings - The investigation confirmed that imported halogenated butyl rubber from Japan and Canada is being dumped, causing substantial harm to the domestic industry, with a causal relationship established between dumping and damage [1]. - The investigation into imports from India was terminated, indicating no evidence of dumping or harm [1]. Group 2: Anti-Dumping Tax - The Ministry of Commerce has proposed the imposition of anti-dumping duties on imports from Japan and Canada, with the duties set to take effect on March 14, 2026 [2].

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints - On February 28, 2026, China's Ministry of Commerce announced the final result of the anti - dumping investigation on Canadian rapeseed that started on September 9, 2024, imposing a 5.9% anti - dumping duty on Canadian rapeseed from March 1, 2026, for 5 years. After the result, the comprehensive tax rate dropped to 14.9%, reopening the trade channel between China and Canada [1][4]. - In the short term, the reduction in import tariffs on Canadian rapeseed did not exceed market expectations, and the decline in domestic rapeseed import profit limited new purchases. The short - term negative impact on the domestic rapeseed industry was relatively limited. Currently, the market focuses on the positive factors of rising crude oil and tight supply - demand of rapeseed products, and domestic rapeseed oil fluctuates strongly at a high level. However, after the tax reduction, rapeseed purchased in January - February can be processed, and the supply - demand of rapeseed products will loosen in March, suppressing the increase of rapeseed oil prices [2][12]. - In the medium - to - long term, from March to May is the peak period for imported rapeseed to arrive in China. The inventory of rapeseed and rapeseed oil has turned upward and will continue to increase. In the second quarter, the supply - demand of rapeseed oil will loosen significantly. With the record - high harvest of Brazilian soybeans and the increasing production season of Southeast Asian palm oil, the supply of oils at home and abroad will increase. The easing of the Middle East situation may weaken the driving force of international crude oil on oils. Domestic rapeseed oil faces the risk of high - level adjustment, but there is bottom support, and the overall trend is wide - range oscillation [2][12]. Group 3: Summary by Related Catalogs 1. Anti - Dumping Investigation Results - The investigation authority determined that Canadian rapeseed was dumped in China, harming the domestic rapeseed industry. A 5.9% anti - dumping duty was imposed from March 1, 2026, for 5 years. Companies that paid a 75.8% deposit from August 14 to December 31, 2025, will get the remaining deposit back after deducting the anti - dumping duty [4]. 2. Comparison of Tax Rates Before and After the Final Result - Before the final result, the comprehensive tax rate for importing Canadian rapeseed was 84.8% (9% tariff + 75.8% deposit), severely suppressing purchases. After the result, the comprehensive tax rate is 14.9% (9% tariff + 5.9% anti - dumping duty), which is within an acceptable range [1][6]. 3. Impact on Import Profit and Purchases - The market's early anticipation of improved China - Canada relations led to a sharp increase in ICE rapeseed futures prices and premiums from January to February, causing the domestic import profit of Canadian rapeseed to deteriorate rapidly. For example, the March - shipment rapeseed's disk profit on January 5 was 608 yuan/ton, but the May - shipment rapeseed's disk profit on March 5 dropped to - 141 yuan/ton. Currently, the loss in disk profit restrains short - term purchases [7]. 4. Changes in Rapeseed Supply and Demand - In the 2025/2026 season, the global rapeseed supply increased due to a bumper harvest, but demand was weak. The global rapeseed ending inventory and inventory - to - sales ratio increased year - on - year, with the inventory - to - sales ratio of 10.94% being the highest in the past five years. Canadian rapeseed's demand was suppressed due to export restrictions to China, and its inventory - to - sales ratio increased by 5.64% year - on - year to 17.65%, the second - highest in the past five years. After the tax reduction, the difference in rapeseed supply - demand between China and foreign countries will gradually narrow [9]. 5. Rapeseed Arrival Forecast - Chinese traders purchased about 650,000 tons of Canadian rapeseed in mid - January, which is expected to arrive in China from March to May. The estimated rapeseed arrivals from March to May are 195,000, 260,000, and 325,000 tons respectively, an increase compared to January - February. The inventory of rapeseed and rapeseed oil in China has started to increase, and the supply pressure will improve the current tight supply - demand situation [10]. 6. Potential Impact of Australian Rapeseed - There are market rumors that China is considering opening commercial purchases of Australian rapeseed. If implemented, the source of domestic rapeseed supply will be further expanded [11].

Report Industry Investment Ratings - Soybean (Bean No. 1): No rating indicated [1] - Soybean Oil: ☆☆☆ (Three stars, indicating a clear upward trend and a relatively appropriate investment opportunity) [1] - Palm Oil: No clear rating indication from the given star symbol [1] - Rapeseed Oil: ☆☆☆ (Three stars, indicating a clear upward trend and a relatively appropriate investment opportunity) [1] - Soybean Meal and Rapeseed Meal: Ratings indicated by star symbols but not clearly defined in a standard way [1] - Corn: ☆☆☆ (Three stars, indicating a clear upward trend and a relatively appropriate investment opportunity) [1] - Live Pigs: No clear rating indication from the given star symbol [1] - Eggs: ★☆☆ (One star, indicating a bullish bias but low operability on the trading floor) [1] Core Views - The prices of various agricultural products are affected by multiple factors such as policies, weather, and geopolitical situations. Different products have different supply - demand situations and price trends, and investors need to pay attention to relevant information and risks [2][3][4] Summary by Related Catalogs Soybean (Bean No. 1) - After a recent rise, the domestic soybean main contract saw a significant reduction in positions and a price pull - back. The spot market is waiting for the state - reserve auction. The price difference between domestic and imported soybeans has been hovering. The U.S. soybean is approaching a technical resistance level. Attention should be paid to the impact of the Middle East situation and the risk of price fluctuations caused by the reduction in positions [2] Soybean, Soybean Meal, and Rapeseed Meal - For rapeseed, after the easing of China - Canada relations, the 100% tariff on Canadian rapeseed meal was removed, and a 5.9% anti - dumping duty was imposed on Canadian rapeseed. The rapeseed crushing profit has improved in the short term, and imports have increased. The short - term negative factors for rapeseed meal futures have been digested. For soybeans, the U.S. soybean was strong last week, reaching a nearly 20 - month high. South American weather is favorable for the new - season soybean harvest. Policy disturbances are significant, and the soybean/soybean meal inventory has increased. The U.S. biodiesel policy is to be released by the end of March, and the market shows a situation where oil is stronger than meal [3] Soybean Oil, Palm Oil, and Rapeseed Oil - Due to the escalation of the Middle East geopolitical conflict, international crude oil soared, and domestic soybean and palm oils rose. The U.S. soybean and soybean oil are strong, and the supply - demand balance of U.S. soybeans in 26/27 is expected to tighten. The U.S. soybean and soybean oil are approaching technical resistance levels. The domestic soybean cost increase was small last week. Palm oil export and production in Malaysia decreased, and Indonesia raised the palm oil export tax. The domestic palm oil import loss has narrowed. Rapeseed crushing profit is good in the near - term but in loss for distant - delivery contracts. The inventory of soybean oil and palm oil is higher than last year, while rapeseed oil inventory is lower [4] Corn - The平仓 prices at Beigang ports increased, and some northeast and Shandong acquisition enterprises raised their purchase prices. The number of remaining vehicles at Shandong corn deep - processing enterprises decreased. The national corn sales progress has reached 63%. The north - south tower inventory is at a low level, and the inventory of deep - processing enterprises has decreased significantly. The U.S. corn is in a bottom - oscillating and strengthening trend. The Dalian corn futures are expected to be strong in the short term [6] Live Pigs - The live pig futures continued to decline with increased positions, and the main contract hit a new low. The spot price continued to fall, and the pig price is at a historical bear - market bottom. The出栏 weight is high, and the inventory pressure needs to be relieved. Potential support factors include second - fattening, slaughter and warehousing, and frozen meat purchase. The far - month contract's valuation is expected to increase due to capacity reduction. It is recommended to buy far - month contracts at low prices after the premium of far - month contracts over the spot and near - month contracts narrows [7] Eggs - The egg spot price in most provinces increased, and the trading floor was slightly adjusted. The laying - hen inventory increased slightly in February, and the chick - replenishment volume was stable month - on - month but decreased by about 3% year - on - year. In the long run, the inventory is in a downward trend. After the post - Spring Festival price correction, the low chick - replenishment in 25 is expected to drive the spot price up, and it is advisable to buy at low prices on the trading floor [8]

Group 1: Report's Industry Investment Rating - Not provided Group 2: Report's Core View - On Thursday, iron ore closed higher, and it also closed higher during the night session. The downstream steel mills are gradually resuming work, with most resuming after the Lantern Festival. Currently, the resumption is mostly for electric - arc furnace steel, so the incremental demand for iron ore is limited. The daily output of hot metal this week was 2.3328 million tons, a week - on - week increase of 28,000 tons, and it is expected to continue to increase. It is recommended to hold long positions cautiously [1] Group 3: Summary by Relevant Catalog Market Review - Iron ore closed higher on Thursday and during the night session [1] Important Information - On February 18, 2026, the Executive Management Committee (GECEX) of the Brazilian Foreign Trade Commission issued Resolution No. 856 of 2026, making a positive anti - dumping final ruling on galvanized and aluminized zinc sheet coils originating from China, and deciding to impose an anti - dumping duty of $284.98 - 709.63 per ton on the Chinese products involved for a period of 5 years [1] - Around the Spring Festival in 2026, Chinese shipbuilding industry received many important orders in the international market, covering various ship types such as bulk carriers, ro - ro ships, and heavy - lift ships, showing strong competitiveness and global recognition, and laying a solid foundation for "both quantity and quality improvement" throughout the year [1] - This week, the supply of five major steel products was 7.9677 million tons, a week - on - week decrease of 1%; the total inventory of five major steel products was 18.4611 million tons, a week - on - week increase of 7.8%; the weekly consumption of five major products was 5.6464 million tons, a week - on - week decrease of 10.9%. Among them, the consumption of building materials decreased by 47.6%, and the consumption of plates decreased by 0.3% [1] Market Logic - Downstream steel mills are gradually resuming work, mostly after the Lantern Festival. Currently, the resumption is mainly for electric - arc furnace steel, so the incremental demand for iron ore is limited. The daily output of hot metal this week was 2.3328 million tons, a week - on - week increase of 28,000 tons, and it is expected to continue to increase [1] Trading Strategy - Hold long positions cautiously [1]

Financial Data and Key Metrics Changes - For the full year 2025, the company generated revenue of $2.9 billion, reflecting a year-over-year decline driven by unfavorable pricing and mix, and lower volumes in both TiO2 and zircon [10] - Loss from operations was $253 million, and net loss attributable to Tronox was $470 million, including $233 million of restructuring and other charges [10] - Adjusted EBITDA was $336 million, with an adjusted EBITDA margin of 11.6% [10] Business Line Data and Key Metrics Changes - TiO2 volumes in Q4 reached their highest point of the year, with a 9% increase in volumes, although prices declined by 4% [11] - Zircon revenues increased 32% sequentially, driven by a 42% increase in volumes, despite a 7% decline in price [12] - Revenue from other products increased 10% compared to the prior year, mainly due to higher pig iron volumes [12] Market Data and Key Metrics Changes - The company experienced market share gains in India, Latin America, and the Middle East, supported by anti-dumping measures [11] - North America and Europe saw lower volumes consistent with normal fourth quarter demand patterns [11] - Early indications show positive momentum in TiO2 pricing, with expectations of a 2%-4% sequential increase in Q1 2026 [19] Company Strategy and Development Direction - The company announced the closure of two pigment plants to streamline operations and improve cost structure [7] - A sustainable cost improvement program is in place, with over $90 million in run rate savings achieved, significantly exceeding the original target [8] - The company is advancing its rare earth strategy, focusing on building out a cracking and leaching facility in Australia [9] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about market dynamics improving, with TiO2 prices expected to rise due to recent price increase announcements [9] - The company anticipates positive free cash flow in 2026, supported by actions on inventory, cost, and portfolio rationalization [10] - Management highlighted the importance of maintaining a disciplined approach to cash preservation and inventory management [6] Other Important Information - The company ended the year with total debt of $3.2 billion and net debt of $3 billion, with a liquidity increase to $674 million [15] - Capital expenditures for the year totaled $341 million, with a focus on maintenance and safety [16] - The company returned $48 million to shareholders in the form of dividends paid in 2025 [16] Q&A Session Summary Question: Free cash flow guidance and EBITDA expectations - Management indicated that achieving breakeven would require approximately $350 million in EBITDA, with a focus on cash generation and cost control [26][30] Question: Production cost dynamics and expectations - Management expects production costs to improve sequentially, driven by operational efficiencies and the sustainable cost improvement program [35][66] Question: Market dynamics and pricing for TiO2 and zircon - Management noted that the industry is seeing price increases and that there is a resolve among competitors to improve pricing discipline [81][83]

Core Viewpoint - The Vietnamese Ministry of Industry and Trade has imposed temporary anti-dumping duties on certain colorless float glass products originating from Indonesia and Malaysia, with rates ranging from 15.17% to 63.39% [1] Group 1: Anti-Dumping Measures - The Ministry's decision is based on the assessment of the impact of dumping behavior on the Vietnamese manufacturing industry and the extent of dumping by companies in Indonesia and Malaysia [1] - Preliminary investigations indicate that imports of dumped products from these countries have caused significant harm to the Vietnamese industry, with import volumes continuing to rise sharply, showing a year-on-year increase of over 61.82% [1] - To curb the rapid increase in imports of the affected products and prevent serious and irreparable damage to the Vietnamese industry, the Ministry has decided to implement temporary anti-dumping measures [1] Group 2: Future Actions - The Ministry will continue to collaborate with relevant parties to collect and verify information and documents, and will conduct a comprehensive assessment of the case's impact before reaching a final conclusion [1]

Group 1: US-Bangladesh Trade Agreement - The US and Bangladesh have reached a trade agreement that reduces Bangladesh's tariffs on goods exported to the US to 19%, down from 37% to 20% previously set by President Trump [1] - Bangladesh will lower non-tariff barriers for US goods and commit to maintaining labor rights and environmental protections [1] - The US will allow certain textiles and garments produced in Bangladesh using US raw materials to enjoy tariff exemptions [1] Group 2: Market Access and Product Categories - Bangladesh has agreed to provide significant market access for US industrial and agricultural products, including chemicals, medical devices, machinery, automotive parts, soy products, dairy, beef, poultry, nuts, and fruits [1] - Non-tariff barriers will be reduced by accepting US vehicle safety and emissions standards, recognizing FDA certifications, and lifting import restrictions on remanufactured products [1] - Upcoming commercial agreements include aircraft procurement and approximately $3.5 billion in US agricultural product purchases, with Bangladesh expected to buy $15 billion worth of US energy products over the next 15 years [1] Group 3: EU Trade Barriers on Chinese Ceramics - The European Commission has imposed a 79% anti-dumping duty on ceramic tableware and kitchenware from China, effective from February 7, replacing previous rates of 13.1% to 36.1% [2] - This measure, which began in 2013, was intensified after the EU determined that previous tariffs were insufficient to address "unfair competition" [2] - The EU found that Chinese ceramic manufacturers benefit from special advantages in financing, land, and raw materials, leading to artificially low export prices [2] Group 4: Impact on Chinese Ceramic Industry - China is the largest ceramic supplier to the EU, holding over 40% of the import share, with the affected market valued at approximately €320 million [4] - The increase in ceramic tariffs is indicative of broader trade tensions between China and the EU, with 47 out of 63 ongoing trade investigations by the EU targeting Chinese products [4] - Major markets, including the US, EU, Mexico, and Brazil, have established trade barriers against Chinese ceramic products, posing unprecedented challenges for Chinese exporters [4]

Core Viewpoint - Brazil's Ministry of Industry and Foreign Trade has approved anti-dumping duties on color-coated steel plates imported from China and India for five years, while maintaining temporary anti-dumping measures on polyester fabric imports from China [1] Group 1: Anti-Dumping Measures - Brazil will impose a five-year anti-dumping tax on color-coated steel plates imported from China and India [1] - The temporary anti-dumping measures on polyester fabric imports from China will not be lifted [1] Group 2: Tariff Adjustments - Import tariffs on hydrochloric acid chloramine solution and integrated nasal spray devices have been reduced from 7.2% to 0% [1] - Import tariffs on various medications, including Amprenavir, have also been reduced to 0% [1] - Tariffs on polyester fiber yarn and titanium dioxide have been set to 0% due to supply shortages, with quotas of 4,000 tons and 5,000 tons respectively [1]

1. Report Industry Investment Rating - The investment rating for the coking coal and coke in the black sector is "oscillating and bullish" [1] 2. Core View of the Report - The market shows a strong expectation of demand improvement. Although the downstream demand is expected to decline before the Spring Festival and the auction performance is average, the first - round price increase of coke has been fully implemented. After the Spring Festival, there may be a certain restocking demand for coking coal, and the coking enterprises need to maintain basic daily consumption. The relaxation of the "Three Red Lines" policy for real - estate enterprises is beneficial to the real estate and upstream industries. The coking coal futures contract is expected to continue to rise at the opening today, and attention should be paid to whether it can stand above 1200 at the close [1] 3. Summary by Relevant Catalogs 3.1 Market Quotes - Yesterday, the main coking coal contract Jm2605 closed at 1165.0 yuan/ton, up 2.69% from the opening of the day session; the main coke contract J2605 closed at 1723.0 yuan/ton, up 2.32% from the opening of the day session. In last night's session, the main coking coal contract closed at 1193.0 yuan/ton, up 2.40% from the close of the day session, and the main coke contract closed at 1756.5 yuan/ton, up 1.94% from the close of the day session [1] 3.2 Important News - On January 28, some steel mills in Hebei and Tianjin regions raised the purchase price of coke for the first round. The price of wet - quenched coke was raised by 50 yuan/ton, and the price of dry - quenched coke was raised by 55 yuan/ton, effective at 0:00 on January 30, 2026 [1] - This week, the supply of five major steel products was 823.17 million tons, a week - on - week increase of 3.58 million tons, an increase of 0.4%; the total inventory was 1278.51 million tons, a week - on - week increase of 21.43 million tons, an increase of 1.7%; the weekly apparent consumption was 801.74 million tons, a month - on - month decrease of 1.0% [1] - This week, the utilization rate of the approved production capacity of 523 coking coal mine samples was 89.1%, a month - on - month decrease of 0.2%. The daily average output of raw coal was 1.978 million tons, a month - on - month decrease of 160,000 tons, and the raw coal inventory was 5.496 million tons, a month - on - month decrease of 1.09 million tons [1] - According to Mysteel's research on the Spring Festival shutdown of 95 independent electric - arc furnace steel mills, most of them will shut down in February. Among them, the number of shut - down steel mills from February 1 to February 8 is the largest, reaching 44, accounting for 47.83%, close to half [1] 3.3 Market Logic - India has listed coking coal as a key strategic mineral. As the world's second - largest steel producer with rapid steel production expansion, India's domestic coking coal production cannot meet its demand and it relies on Australian imports. At the end of last December, the Indian government imposed anti - dumping duties on low - ash metallurgical coke imported from six countries including China, which further drives up the demand for domestic coking coal [1] - In the domestic market, the downstream demand is expected to decline before the Spring Festival, and the auction performance is average. Although the first - round price increase of coke has been fully implemented today, there is unlikely to be a second - round increase before the Spring Festival. Macroscopically, many real - estate enterprises are no longer required by regulatory authorities to report the "Three Red Lines" indicators monthly, which is beneficial to the real - estate and upstream industries. During the Spring Festival, the supply side will reduce production, and coking enterprises need to maintain basic daily consumption. There may be a certain restocking demand for coking coal after the Spring Festival [1] 3.4 Trading Strategy - The main coking coal contract has risen strongly, with short - sellers significantly reducing their positions for two consecutive days, driving long - sellers to increase their positions and the price to rise last night. It is expected to continue to rise at the opening today, and attention should be paid to whether it can stand above 1200 at the close [1]