Core Viewpoint - The company, Xinhecheng (002001), is progressing well with its projects, including the production of methionine and vitamin products, while showing positive market activity with significant net inflows of capital on October 31. Group 1: Company Projects - The methionine project in Shandong is currently in the pilot testing phase and is progressing smoothly [2] - The 70,000-ton methionine expansion project has received environmental assessment approval and is also progressing well [2] - The company’s 8,000-ton vitamin A and 60,000-ton vitamin E products are chemically synthesized, with ongoing plans for expansion in the PPS production capacity [2] Group 2: Market Activity - On October 31, the main capital saw a net inflow of 90.38 million yuan, indicating a clear accumulation trend [3] - Retail investors experienced a net outflow of 46.84 million yuan, while speculative funds saw a net outflow of 43.54 million yuan [3]

Core Viewpoint - The company reported a revenue increase of 4.30% and a net profit increase of 24.04% for the first half of 2025, driven by reduced interest expenses, improved performance in environmental services, and changes in asset fair value [2] Financial Performance - In the first half of 2025, the company achieved an operating income of 3.919 billion yuan and a net profit attributable to shareholders of 960 million yuan, with earnings per share of 0.382 yuan [2] - Toll revenue reached 2.449 billion yuan, reflecting a year-on-year growth of 0.64%, and a 4.31% increase when adjusted for the exclusion of Yichang Expressway from the consolidated scope [2] Business Operations - The company’s organic waste treatment business saw a reduction in losses due to optimized management and increased waste disposal and oil extraction volumes [2] - The company plans to enhance communication with government departments to promote project commercialization and implement pricing mechanisms to improve profitability in the organic waste treatment sector [2] Project Development - Ongoing construction projects are progressing well, with the Outer Ring Phase III and the Jihe Expressway expansion both underway, achieving 20% and 12% completion respectively [3] - The company issued 9.3 billion yuan in short-term financing instruments to refinance existing debt and supplement working capital, while also successfully completing an A-share private placement to strengthen capital [3] Strategic Planning - The company aims to enhance existing projects and focus on core business areas, particularly toll road operations and improving the profitability of environmental projects [3] - A strategic plan for the 14th Five-Year Plan is being developed, focusing on national policy directions, industry trends, and technological innovations to ensure sustainable high-quality development [3]

Group 1 - The core viewpoint of the report is that Yangnong Chemical (600486.SH) is given a "buy" rating due to its performance meeting expectations and plans for dividend distribution to shareholders [2] - The company's mid-year performance aligns with forecasts, and the Liaoning Youchuang project is progressing smoothly [2] - The report highlights that in the first half of 2025, the volume of raw materials and formulations is expected to increase while prices may decline, with the first phase of the Liaoning Youchuang project ramping up quickly [2]

18 Aug 2025 [Table_Title] 研究报告 Research Report 沙特基础工业公司 Saudi Basic Industries Corporation (SABIC AB) 业绩稳健；FY25 资本支出削减；项目进展顺利 Scott Darling Catherine Li scott.darling@htisec.com catherine.dy.li@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] 要闻回顾以及最新动态 我们认为沙特基础工业公司 2025 年第二季度业绩表现偏利好，尽管公司录得经调净收入 4.8 亿沙特里亚尔（略低 于一致预期），但石化与农业营养品业务表现良好。公司将 2025 财年资本支出指引区间从 35 亿-40 亿美元下调至 30 亿-35 亿美元。同时，公司强调其中国福建综合体项目及沙特 Petrokemya MTBE 工厂项目均按预算和计划顺利推 进。 点评 营收超预期：公司营收达 356 亿沙特里亚尔，超一致预期，得益于石化与农业营养品业务的强劲表现。息税折摊前 利润达 5 ...