Core Viewpoint - The company, Shaoxing Baismei Chemical Co., Ltd., is expected to achieve a net profit attributable to shareholders of 23.68 million to 34.06 million yuan in 2025, marking a turnaround from losses to profits, with significant improvements in operational quality [1] Group 1: Financial Performance - The projected net profit for 2025 represents a significant improvement compared to previous years, with a non-recurring net profit expected to be between 19.06 million and 27.37 million yuan [1] - The company is focusing on structural adjustments and management optimization to enhance its financial performance amidst a complex market environment [1] Group 2: Business Strategy - Baismei is implementing a "strong chain, extended chain" strategy to optimize and upgrade its product structure, with notable contributions from trade-related products to the positive net profit [1] - The company is increasing its investment in research and development to support the development of efficient and low-risk new chemical pesticides, aligning with national policies and market demands for green chemicals [2] Group 3: Internal Management - The company is emphasizing refined management throughout its operations, promoting digital and intelligent upgrades to enhance operational efficiency and strengthen cost and risk control [1] - High standards in safety, environmental protection, and compliance are maintained to ensure stable operations and sustainable development [1]

业内人士指出，《"十四五"全国农药产业发展规划》此前已明确指出要支持发展高效低风险新型化学农 药，大力发展生物农药。面对政策信号以及市场对绿色化学品需求的持续攀升，贝斯美凭借技术壁垒与 全链条环保升级的先发优势，继续加大研发创新投入，推动产品结构持续优化升级，展现出较强的经营 韧性。 展望未来，贝斯美表示，公司将继续坚定不移地推进精细化管理，持续提升运营效率，以管理赋能、以 创新驱动，持续巩固增长优势、拓宽发展空间。 1月15日晚间，贝斯美（300796）发布2025年度业绩预告。报告期内，公司预计实现归母净利润为2368 万元至3406万元，较去年同期同比增长172.05%至203.64%；实现扣非净利润1906万元至2737万元，较 去年同期同比增长152.89%至175.95%。 针对此次业绩变动原因，贝斯美表示，公司始终坚守"产业聚焦、技术创新、安环保障、规范运营"的核 心宗旨，以战略定力主动破局、稳健前行。一方面，公司深化"强链、延链"战略部署，推动产品结构持 续优化升级，与此同时，公司前期在新产品研发与国际化贸易渠道建设上的精准布局逐步落地，成效持 续释放，驱动扣非归母净利润转正并实现大幅增长，其 ...

Core Viewpoint - Mitsui Chemicals is strategically divesting its 50% stake in Sinopec Mitsui Chemicals Co., Ltd. (SSMC) to Shanghai Gaoqiao Petrochemical Co., Ltd. as part of its global strategy adjustment, focusing on green chemicals and high-performance materials due to declining domestic demand and increasing overseas competition [2][3]. Group 1: Company Actions - The divestment of SSMC is a response to the continuous decline in performance, with a projected loss of 10.6 billion yen for the fiscal year 2025 [3]. - Mitsui Chemicals is considering restructuring its core business units related to basic and green materials, including phenols, industrial chemicals, and sustainable raw materials [2]. Group 2: Industry Context - The domestic phenol production capacity in China has reached 6.39 million tons, with increasing industry concentration, including major players like Zhejiang Petrochemical and Wanhua Chemical [5]. - The industry is facing an oversupply situation, with an expected additional capacity of 995,000 tons in 2025 from various companies [5]. - Recently, INEOS Phenol, the world's largest producer of phenol and acetone, announced plans to permanently cease production in Germany, indicating broader challenges in the chemical sector [4]. Group 3: Remaining Operations in China - Mitsui Chemicals maintains several significant operations in China, including: - Shanghai Sinopec Mitsui Elastomers Co., Ltd., producing ethylene-propylene-diene monomer (EPDM) with an annual capacity of 75,000 tons [6]. - Tianjin Mitsui Nonwoven Fabrics Co., Ltd., producing nonwoven fabrics with an annual capacity of 15,000 tons [7]. - Foshan Mitsui Chemical Isocyanate Co., Ltd., focusing on polyurethane products for the automotive industry [8]. - Zhangjiagang Free Trade Zone Mitsui Yuntuo Composite Materials Co., Ltd., producing high-performance polymer composites [8]. - Plans to expand production capacity in Shanghai for thermoplastic elastomers and adhesive polyolefins by 2026 [8].

Group 1: Industry Overview - Refined glycerol is a highly purified form of glycerol with a purity of over 99.5%, produced from crude glycerol, and is widely used in food, pharmaceuticals, cosmetics, and industrial applications [1][2][3] - China is the largest producer and consumer of glycerol globally, with a projected refined glycerol production of 202,500 tons in 2024, an increase of 30,300 tons from 2023 [1][3] - The demand for refined glycerol in China is expected to be 890,300 tons in 2024, a decrease of 6,900 tons compared to 2023 [1][3] Group 2: Import and Export Dynamics - China's refined glycerol import volume is projected to be 693,500 tons in 2024, a decrease of 37,200 tons from 2023, with an import value of approximately $39.06 million, down by $3.56 million [5] - The export volume of refined glycerol is expected to remain stable at 5,700 tons in 2024, with an export value of $7.87 million, a decrease of $1.14 million from 2023 [5] Group 3: Industry Chain Analysis - The upstream of the refined glycerol industry primarily involves natural oils such as palm oil and soybean oil, while the downstream applications include food additives, pharmaceuticals, and personal care products [7][9] - In the food industry, refined glycerol is used as a moisturizer, solvent, sweetener, and stabilizer, contributing to the growth of the food additives sector, which is projected to increase from 12.69 million tons in 2019 to 17.59 million tons by 2024 [11] Group 4: Competitive Landscape - The refined glycerol market is characterized by intense competition, with key global players including P&G Chemicals, KLK OLEO, and Wilmar International, alongside domestic companies such as Yangzhou Feiyang Chemical Co., Ltd. and Langxi Jinghe Biological New Materials Co., Ltd. [13][15] Group 5: Future Trends - The market for refined glycerol is expected to grow steadily, driven by its applications in personal care, food, and pharmaceuticals, with increasing demand for sustainable and green products [16] - The acceleration of domestic production of high-purity glycerol is anticipated as technology advances, enhancing the market potential for refined glycerol [16]