金融界消息，根据中登公司数据显示，截至上周最后一个交易日（8月22日），石大胜华股东质押比例 占总股本9.76%，位居两市第950位。 数据显示，石大胜华股东共质押2270.10万股，分为4笔，其中无限售股2270.10万股，质押总市值8.51亿 元。 资料显示，石大胜华新材料集团股份有限公司的主营业务是新能源材料领域，公司新能源、新材料业务 技术研发。公司的主要产品是碳酸二甲酯系列、甲基叔丁基醚系列、气体系列、其他产品系列、贸易业 务系列。报告期内公司及下属子公司共拥有有效专利460项（其中发明专利43项、实用新型专利417 项）。报告期内新获授权专利92项，其中发明专利数量16项（含国际发明专利5项）、实用新型专利76 项，报告期内申请专利135项，其中发明专利申请47项（含国际发明专利申请11项）、实用新型专利申 请88项，PCT申请2项。公司董事长为郭天明，总经理为于海明。 从股票走势来看，石大胜华近一年上涨 32.94%。 来源：金融界 ...

中材科技 20250822 摘要 中材科技玻纤业务优化产品结构，泰山玻纤销售收入达 43.5 亿元，同 比增长 13%，净利润 5.8 亿元，同比大增 216%，毛利率显著提升，受 益于太原基地产能释放及特纤布产品放量，盈利能力有望持续增强。 中材叶片提前布局大叶型风电叶片，销量达 15.2GW，同比增长 103%，销售收入 52 亿元，同比增加 84%，净利润 3.6 亿元，同比增 282%。精益管理和成本控制显著提升盈利能力，预计下半年需求释放 将进一步提升盈利水平。 中材锂膜上半年销售锂电池隔膜 13 亿平方米，同比增长 60%。尽管行 业竞争激烈，价格承压，但高端产品占比提升和新产能释放降低了成本， 二季度毛利率环比改善明显，未来经营能力有望进一步提升。 公司销售储氢气瓶 3,000 只，市场份额超过 50%，保持国内领先地位， 为未来发展奠定基础。同时，公司积极布局航空复合材料、低空经济、 新能源汽车用复合材料等新兴领域，并已获得多个产品认证与批量供应 订单。 泰山玻纤 AI 用低介电 1~2 代、低膨胀石英布等全品类产品已深度卡位 国际头部核心客户，上半年实现销量约 895 万米，为后续产能释放及 ...

2025 年 08 月 24 日 万润股份 (002643) —— Q2 业绩超预期，新材料平台未来可期 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 13.99 | | 一年内最高/最低（元） | 14.99/7.70 | | 市净率 | 1.8 | | 股息率%（分红/股价） | 0.71 | | 流通 A 股市值（百万元） | 12,721 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 7.70 | | 资产负债率% | 25.79 | | 总股本/流通 A 股（百万） | 923/909 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-22 09-22 10-22 11-22 12-22 01-22 02-22 03-22 04-22 05-22 06-22 07-22 ...

截至2025年8月21日15时，云天化股价报26.59元，较前一交易日下跌1.34%。当日成交额9.71亿元，换 手率1.99%，总市值484.73亿元。 云天化主营业务涵盖化肥、磷矿采选、磷化工及新材料、商贸物流等，是我国最大的化肥生产企业之 一。公司拥有近8亿吨磷矿储量，化肥总产能达1000万吨/年，同时布局新能源材料业务，包括磷酸铁等 产品。 2025年上半年，云天化实现营业收入249.92亿元，同比下降21.88%，创近五年中报新低；归母净利润 27.61亿元，同比下滑2.81%。公司解释称，营收下降主要因缩减商贸业务规模所致。尽管业绩承压，云 天化仍宣布每10股派现2元，合计分红3.65亿元。此外，新能源材料业务表现亮眼，磷酸铁营收同比增 长201.28%。 8月20日，云天化接待多家机构调研，就磷肥出口、三季度业绩展望等问题进行交流。机构关注公司磷 矿石资源优势和新能源材料业务进展。 8月21日，云天化主力资金净流入9910.82万元，占流通市值0.2%；近五日主力资金净流出419.28万元。 风险提示：市场有风险，投资需谨慎。 ...

Group 1 - The company achieved a revenue of 21.32 billion yuan in the first half of 2025, representing a year-on-year growth of 6.16%, with a net profit attributable to shareholders of 733 million yuan, driven by increased sales of new energy metals [1] - The company has established a comprehensive R&D platform covering the entire production process and product lifecycle, focusing on battery cathode materials and precursors, with a diversified product matrix including nickel, cobalt, phosphorus, and sodium [1][2] - The company is advancing its industrial ecological strategy by extending its operations upstream to nickel, lithium, and phosphorus resources, while also expanding downstream into lithium battery black powder recycling, creating a vertically integrated industrial ecosystem [2] Group 2 - The company reported a positive growth in the shipment of nickel, cobalt, phosphorus, and sodium products, with total sales exceeding 188,000 tons, a year-on-year increase of 33.91%, while maintaining a leading market share in core products [2] - The company is enhancing its global supply capabilities by strategically positioning its operations in different regions, such as Indonesia for resource advantages, South Korea for customer market orientation, and Morocco for regional and resource advantages [3] - In Indonesia, the company is focusing on nickel mining resources and smelting capacity to build a stable supply chain and enhance global resource allocation capabilities [3]

Core Viewpoint - The company has demonstrated strong operational performance in the first half of 2025, with significant growth in revenue and net profit, driven by improved management efficiency and a recovery in cobalt prices due to supply constraints from the Democratic Republic of Congo [2][3][4]. Group 1: Financial Performance - The company achieved a revenue of 3.532 billion yuan, representing a year-on-year increase of 10.30% [2] - The net profit attributable to shareholders reached 469 million yuan, up 9.94% year-on-year [2] - Operating cash flow net amount was 412 million yuan, showing a substantial increase of 43.54% year-on-year [2] - In Q2, revenue grew by 41.75% quarter-on-quarter, and net profit surged by 281.30% quarter-on-quarter [2] Group 2: Market Dynamics - Cobalt prices are on the rise due to supply tightening caused by extended export restrictions from the Democratic Republic of Congo, which accounts for approximately 76% of global cobalt production [3] - The demand for cobalt is being driven by the electric vehicle industry and emerging sectors such as AI and low-altitude economy [3] - The combination of supply constraints and expanding demand is expected to push cobalt prices higher, benefiting the company's profitability and sales growth [3] Group 3: Resource Acquisition Strategy - The company is actively pursuing a global resource acquisition strategy to mitigate risks associated with regional policy changes, particularly in the Democratic Republic of Congo [4] - Plans are in place to establish a new hydrometallurgical plant in the Democratic Republic of Congo with an annual capacity of 30,000 tons of copper and 2,000 tons of cobalt, expected to be operational by 2026 [4] - The company is also developing a closed-loop industrial chain for cobalt and nickel resources, including recycling of battery waste, enhancing its resource acquisition channels [4] Group 4: Technological Advancements - The company is a leader in the development and application of hydrometallurgical processes for cobalt, which are more efficient for processing complex low-grade ores [5][6] - Proprietary technologies for cobalt resource recovery and battery waste recycling have been developed, significantly reducing production costs and improving environmental performance [6] Group 5: Capacity Expansion and Shareholder Returns - Ongoing investment projects are progressing, with some production capacities already being released, including a new capacity of 5,000 tons of cobalt oxide [7] - As of June 30, 2025, the company has a production capacity of 31,500 tons of cobalt, 10,000 tons of nickel, and 6,000 tons of copper, among others [7] - The company plans to implement a cash dividend policy, distributing 10 yuan per 10 shares to shareholders, reflecting its commitment to long-term value [7]

Core Insights - The Chinese pyrite industry is undergoing significant transformation and value reconstruction, driven by technological advancements and shifts in market demand [1] Industry Overview - The resource reserves of pyrite in China reach 1.047 billion tons, with high-grade ore (S>35%) only accounting for 3.3%, predominantly concentrated in Guangdong [1][11] - The industry is characterized by a concentration of resources, with Guangdong, Jiangxi, and Anhui provinces accounting for 35.08% of national production [12] Technological Innovations - Three main transformation directions are emerging: 1. New energy driving high-value applications, with a surge in demand for 6N-grade high-purity sulfur for solid-state batteries [1] 2. Accelerated resource integration, with industry CR3 exceeding 50% [1][30] 3. Restructured supply-demand dynamics, with pyrite prices expected to exceed 1,250-1,400 RMB/ton by 2025, potentially rising to 2,150 RMB/ton in the long term [1][31] Market Demand and Trends - The demand for pyrite is closely linked to the growth of the steel and chemical industries, with emerging sectors like lithium battery cathode materials driving demand for high-grade pyrite [9] - The global demand for phosphate fertilizers is projected to grow at a rate of 1.8% from 2020 to 2025, further increasing the need for pyrite in acid production [9] Competitive Landscape - The industry exhibits oligopolistic characteristics, with major state-owned enterprises like Yuegui Co. controlling 85% of high-quality resources [26] - The top three companies (CR3) dominate the market, while smaller mines face challenges due to low grades and high environmental costs [26] Future Outlook - The industry is expected to evolve into a dual-track model of "new energy materials + traditional chemicals," with leading companies like Yuegui Co. binding with major new energy players to dominate the value distribution of the sulfur-based new materials industry [1][28] - The transition towards high-value applications and green mining practices is becoming a standard, with significant investments in technology and resource integration [30]

Group 1: Satellite Chemical - The company achieved operating revenue of 23.46 billion yuan in H1 2025, a year-on-year increase of 20.93% [3] - The net profit attributable to shareholders reached 2.744 billion yuan, up 33.44% year-on-year, with a net profit margin of 11.69% [3][5] - The functional chemicals segment saw revenue of 12.217 billion yuan, a 32.12% increase year-on-year, while the high polymer new materials segment experienced a revenue decline of 4.43% [5][6] - The α-olefin comprehensive utilization project is progressing well, expected to support long-term growth with a total investment of approximately 26.6 billion yuan [9][10] Group 2: Desay SV - The company reported H1 2025 revenue of 14.644 billion yuan, a 25.25% increase year-on-year, with a net profit of 1.223 billion yuan, up 45.82% [12][14] - The overseas sales reached 1.038 billion yuan, reflecting a strong growth momentum in international markets [15] - The company is focusing on AI technology investments to enhance smart product development and applications [16] Group 3: Offshore Wind Power Industry - European offshore wind power demand is expected to quadruple, driven by net-zero emissions and energy independence goals [18][19] - The annual average new offshore wind installation in Europe is projected to reach over 12 GW from 2025 to 2034, significantly higher than previous years [19][20] - The supply chain bottlenecks in Europe highlight the complementary advantages of Chinese manufacturers in offshore wind equipment [21][22] Group 4: Guoguang Co. - The company achieved operating revenue of 1.119 billion yuan in H1 2025, a year-on-year increase of 7.33%, with a net profit of 231 million yuan, up 6.05% [24][25] - The company maintained a high dividend payout ratio of 81%, emphasizing shareholder returns [26] - Ongoing projects funded by convertible bonds are expected to enhance core competitiveness [27] Group 5: Xindong Company - The company anticipates H1 2025 revenue of at least 3.05 billion yuan, a year-on-year increase of approximately 37%, with net profit expected to rise by 215% [29][30] - The self-developed game "Heart Town" has performed strongly, contributing significantly to revenue growth [30][31] - The TapTap platform has shown steady growth, with total downloads increasing by 16% [31][32] Group 6: Animal Health Industry - The domestic animal health industry has seen a slowdown in growth, with sales increasing from 50.395 billion yuan in 2019 to 69.651 billion yuan in 2023, reflecting a CAGR of 8.43% [37][38] - The market for pet pharmaceuticals is expected to grow significantly, driven by increasing consumer awareness of pet health [40] - The industry is witnessing a shift towards innovation and technology-driven growth, with a focus on new product development [39][40]

Investment Rating - The report maintains a "Buy" rating for the company [9][11]. Core Viewpoints - The company is a dual leader in glyphosate and organosilicon, with the organosilicon expansion cycle nearing its end, and a potential bottom recovery in the industry; the demand for silicon-based terminal materials is driven by emerging applications, accelerating high-end substitution; glyphosate supply and demand remain stable, awaiting a turning point, with considerable elasticity [3][9]. Company Overview - The company, established in 1965, introduced glyphosate technology in 1987 and entered the organosilicon field in 1997, gradually forming a dual business model of crop protection and silicon-based materials. The company has accelerated its extension into the new energy sector, forming a new industrial pattern of "traditional chemicals + high-end materials + new energy" [5][20]. Financial Analysis - The company is currently in a bottom accumulation phase, with significant revenue and profit fluctuations. In 2021, benefiting from a surge in core product prices, the company achieved a revenue of 18.98 billion yuan, a year-on-year increase of 51.4%, and a net profit of 2.65 billion yuan, up 354.6% year-on-year. However, in 2023-2024, due to the impact of overseas pesticide inventory cycles and oversupply in organosilicon, the company's main product prices have declined, leading to a decrease in performance [33][34]. Organosilicon Market - The global economic recovery has driven strong growth in overseas demand for organosilicon, with China's export demand showing an upward trend. The domestic apparent consumption of organosilicon is steadily increasing, supported by both traditional and emerging sectors, particularly in new energy vehicles and photovoltaics [6][60]. Glyphosate Market - Glyphosate is the largest herbicide in the global market, with stable demand supported by the growing planting area of genetically modified crops. The company, as a major producer of glyphosate, holds over 70% of the global market share, and the industry is expected to stabilize and potentially recover through self-discipline [8][9]. Investment Recommendations - The report forecasts the company's net profit attributable to shareholders for 2025-2027 to be 450 million, 750 million, and 1.11 billion yuan respectively, indicating a positive outlook for the company's performance as product demand recovers [9].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned to leverage its foundation in water treatment specialty chemicals to create a second growth curve in the new energy sector, with a focus on advanced materials and solutions for data center cooling systems [8][13]. - The company has demonstrated strong growth potential, with significant increases in net profit projected for 2025-2027, driven by new business lines in silicon-carbon and solid-state battery materials [8][10]. Summary by Sections 1. Water Treatment Specialty Chemicals - The company is a leading provider in the domestic water treatment sector, serving over 3,500 clients, including more than 150 Fortune 500 companies [13][16]. - The business model encompasses three core areas: specialty chemicals and customized equipment for water treatment, cooling systems for data centers, and advanced materials for solid-state batteries [13][16]. 2. Silicon-Carbon Materials - The company collaborates with top research teams to develop leading silicon-carbon anode materials, achieving stable mass production and validation from major battery manufacturers [8][10]. - The silicon-carbon materials are expected to open new market opportunities due to their energy density advantages and technological breakthroughs [8][10]. 3. Solid-State Batteries - The company has made significant advancements in solid-state battery materials, including the industrial-scale production of oxide and halide electrolytes [8][10]. - Partnerships with research institutions have strengthened the company's competitive edge in solid-state battery technology [8][10]. 4. Financial Projections - The company forecasts net profits of 1.42 billion, 2.03 billion, and 6.29 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 229.5%, 43.6%, and 209.3% [1][8]. - The projected price-to-earnings ratios for the same years are 85.24, 59.36, and 19.19, indicating a favorable valuation outlook as the company expands its new energy business [1][8]. 5. Market Data - The company's closing price is reported at 72.40 yuan, with a market capitalization of approximately 12.7 billion yuan [5][6]. - The company maintains a stable financial structure with a debt-to-asset ratio of 34.49% and a net asset value per share of 5.53 yuan [6][5].