Core Viewpoint - The company reported a slight increase in revenue and net profit for the first half of the year, indicating stable performance despite a challenging market environment [1] Financial Performance - The company achieved an operating income of 440 million yuan in the first half of the year, representing a year-on-year growth of 0.62% [1] - The net profit attributable to shareholders of the listed company was 45.354 million yuan, reflecting a year-on-year increase of 4.02% [1] - The basic earnings per share stood at 0.24 yuan per share [1]

证券研究报告 | 2025年08月28日 风险提示：行业竞争加剧、产品价格下降、新项目投产进度低于预期等。 新和成（002001.SZ） 优于大市 营养品量价齐升，上半年业绩大幅增长 毛利率提升叠加费用率下降，上半年公司归母净利润实现高速增长。上半年， 公司实现营业收入 111.01 亿元，同比增长 12.76%；实现归母净利润 36.03 亿元，同比增长 63.46%；销售毛利率 45.89%，同比提升 8.78 pcts，销售净 利率 32.62%，同比提升 10.10 pcts，销售期间费用率 6.69%，同比下降 2.68%。 公司第二季度实现营业收入 56.61 亿元，同比提升 5.89%，环比提升 4.07%， 实现归母净利润 17.23 亿元，同比提升 29.12%，环比下降 8.32%，延续增长 态势。分业务看，营养品业务实现营业收入 72.00 亿元，同比增长 7.78%， 营收占比 64.86%，毛利率 47.79%，同比提升 11.93 pcts；香精香料业务实 现营业收入 21.05 亿元，同比增长 9.35%，营收占比 18.96%，毛利率 54.01%， 同比提升4.32 pcts ...

Group 1 - The company reported a revenue of 2.995 billion yuan for H1 2025, representing a year-on-year increase of 6.2%, and a net profit attributable to shareholders of 241 million yuan, up 9.6% year-on-year [1] - In Q2 2025, the company achieved a revenue of 1.514 billion yuan, which is a 3.3% increase year-on-year and a 2.2% increase quarter-on-quarter, with a net profit of 133 million yuan, reflecting an 18% year-on-year growth and a 23.6% quarter-on-quarter increase [1] - The company plans to issue medium-term notes worth 2 billion yuan to repay interest-bearing debts, supplement working capital, and invest in technology innovation and R&D [1] Group 2 - In H1 2025, the company's anti-aging agents and lubricant additives generated revenues of 2.358 billion yuan and 618 million yuan, respectively, with year-on-year growth rates of 3.06% and 18.49% [2] - The gross profit margins for anti-aging agents and lubricant additives were 23.66% and 13.48%, with year-on-year changes of -0.66 and +5.53 percentage points [2] - The life sciences division achieved significant milestones, with key projects reaching stable production and sales, and three products entering the pilot production phase [2] Group 3 - The company's sales gross margin and net margin for H1 2025 were 21.59% and 7.81%, reflecting year-on-year increases of 0.18 and 0.13 percentage points [2] - In Q2 2025, the sales gross margin and net margin were 21.65% and 8.56%, with quarter-on-quarter increases of 0.13 and 1.52 percentage points [2]

Core Insights - The company reported a revenue of 11.1 billion yuan for the first half of 2025, representing a year-on-year growth of 13%, with a net profit attributable to shareholders of 3.6 billion yuan, up 63% year-on-year [1] - In Q2 2025, the company achieved a revenue of 5.7 billion yuan, a 6% increase year-on-year and a 4% increase quarter-on-quarter, with a net profit of 1.7 billion yuan, reflecting a 29% year-on-year growth but an 8% decline quarter-on-quarter [1] Business Analysis - The nutrition and flavor segments showed positive revenue and profit growth, driving the company's strong performance. The nutrition segment generated 7.2 billion yuan in revenue, an 8% increase year-on-year, with a gross margin of 48%, up 12 percentage points year-on-year. The flavor segment reported revenue of 2.1 billion yuan, a 9% increase year-on-year, with a gross margin of 54%, up 4 percentage points year-on-year [2] - The company is actively seizing market opportunities in nutrition, new materials, and flavors while maintaining its market advantages in existing products. It is also promoting the market expansion of new products such as HA series and tryptophan [2] - Project construction is progressing steadily, with the company’s overseas expansion efforts advancing. The liquid methionine project in partnership with Sinopec is in trial production, and the Tianjin nylon new materials project has completed compliance approvals [2] - The company is enhancing its international digital layout, accelerating localization of sales and R&D overseas, and has established management systems for overseas operations, including pilot recruitment from overseas universities [2] Profit Forecast, Valuation, and Rating - The company is a leader in the vitamin sector, with the nutrition segment beginning to scale up and new projects continuing to advance, supporting long-term growth. The forecasted net profits attributable to shareholders for 2025-2027 are 6.598 billion, 7.073 billion, and 7.411 billion yuan, respectively, with corresponding PE ratios of 11.42, 10.65, and 10.17 times. The rating is maintained at "Buy" [3]

8月28日，上纬新材盘中上涨7.5%，截至13:19，报85.01元/股，成交7.23亿元，换手率2.25%，总市值 342.9亿元。 截至6月30日，上纬新材股东户数5807，人均流通股6.95万股。 2025年1月-6月，上纬新材实现营业收入7.84亿元，同比增长12.50%；归属净利润2990.04万元，同比减 少32.91%。 资料显示，上纬新材料科技股份有限公司位于上海市松江区松胜路618号，公司专注于环保高性能耐腐 蚀材料、风电叶片用材料及新型复合材料的研发、生产和销售，产品广泛应用于节能环保和新能源领 域。公司在全球多个地区设有工厂，产品通过国际认证，质量与技术得到广泛认可。 ...

Core Viewpoint - Shida Shenghua New Materials Group Co., Ltd. has established a comprehensive industrial layout over 23 years, focusing on carbonate products and expanding its production and sales networks both domestically and internationally [3][4]. Group 1: Company Development - The company began its journey in 2002 with the construction of its first dimethyl carbonate facility and has since developed five types of carbonate solvents, becoming the world's first manufacturer to offer all five [3]. - In 2016, the company expanded into lithium hexafluorophosphate products, followed by electrolyte additives and electrolytes in 2021, and silicon-based anode products in 2022 [3]. - In 2023, the company's electrolyte products were integrated into the supply chain of CATL (Contemporary Amperex Technology Co., Limited), marking a strategic shift to a one-stop procurement service provider for electrolyte materials [3]. Group 2: Production and Sales Network - The company has established production bases in various Chinese cities, including Jining, Quanzhou, Wuhan, and Meishan, and has set up subsidiaries in Japan, Europe, and the United States, along with an office in South Korea, creating a global sales network [3]. - The company utilizes both PO and EO production routes for carbonates, achieving an integrated industrial chain layout at its Dongying base, which maximizes economic profits through upstream and downstream product interconnections [3]. Group 3: Competitive Position - After 23 years of development, the company has built a diversified core product portfolio, a nationwide production base, a global sales network, a multi-tiered high-end customer base, and various production processes, maintaining industry leadership in market share, product quality, and overall competitiveness [4].

基础化工/化学制品 巨化股份（600160.SH） 2025 年 08 月 28 日 2025Q2 业绩大幅创历史新高，新业态认知逐步形成，全面 布局氟化液系列产品，主升持续进行中 投资评级：买入（维持） | 日期 | 2025/8/27 | | --- | --- | | 当前股价(元) | 35.84 | | 一年最高最低(元) | 36.95/14.25 | | 总市值(亿元) | 967.59 | | 流通市值(亿元) | 967.59 | | 总股本(亿股) | 27.00 | | 流通股本(亿股) | 27.00 | | 近 3 个月换手率(%) | 68.21 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-08 2024-12 2025-04 巨化股份 沪深300 相关研究报告 《2025Q2 业绩或大幅创历史新高，全 新商业模式逐步形成—公司信息更新 报告》-2025.7.10 《制冷剂景气单边上行趋势不变，主 升行情徐徐展开—公司信息更新报 告》-2025.4.29 《2024 业绩符合预期，趋势仍在延续， 双击终会到来—公司信息更新报告》 - ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The company has shown a significant increase in net profit, with a year-on-year growth of 63.5% in Q2 2025, aligning with expectations. The company is steadily advancing new projects in liquid egg and nylon materials [6] - The revenue for H1 2025 reached 11.101 billion yuan, representing a 12.8% increase year-on-year, while the net profit attributable to the parent company was 3.603 billion yuan [6][9] - The company is expected to maintain strong growth momentum due to the development of new projects and products, with a projected net profit of 6.693 billion yuan for 2025 [6][10] Financial Performance Summary - For H1 2025, the company achieved revenue of 72.00 billion yuan in the nutrition segment, with a year-on-year growth of 7.78%, and a gross margin of 47.79% [7][12] - The new materials segment reported revenue of 10.38 billion yuan, reflecting a year-on-year increase of 43.75% [7] - The company's gross margin and net margin for H1 2025 were 45.89% and 32.62%, respectively, showing improvements of 8.78 and 10.1 percentage points year-on-year [7][9] Project Progress - The company has initiated trial production for its 180,000 tons/year liquid methionine project and completed compliance approvals for the Tianjin nylon new materials project [7][10] - The company is actively pursuing market opportunities in nutrition, new materials, and flavors while promoting the market expansion of new products such as HA series and tryptophan [7][10] Market Conditions - The average market prices for Vitamin A, Vitamin E, and solid methionine as of August 27, 2025, were 64.0, 65.5, and 22.6 yuan per kilogram, respectively, indicating significant year-on-year declines for Vitamin A and E [7][15] - The company’s profitability is supported by the recovery in Vitamin E prices and the full production capacity of solid methionine [7][10]

经济观察网 2025年8月28日，海科新源(301292)发布2025年半年度报告，2025年上半年实现营业收入 23.16亿元，同比增长27.92%；实现净利润-4283.06万元，同比增长61.21%；基本每股收益-0.19元；加 权平均净资产收益率ROE为-1.51%。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][38]. Core Views - The company's net profit attributable to shareholders for the first half of 2025 is projected to be 2.051 billion yuan, representing a year-on-year increase of 146.97% [10]. - The significant growth in performance is primarily driven by the strong performance of the refrigerant business, with the average price of refrigerant products increasing by 61.88% year-on-year to 39,400 yuan per ton [10][11]. - The company benefits from a global leading production quota advantage under the third-generation refrigerant quota system, allowing it to fully enjoy the industry's upward trend [10][24]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 13.331 billion yuan, a year-on-year increase of 10.36%, and a net profit of 2.051 billion yuan, a year-on-year increase of 146.97% [10]. - The second quarter of 2025 saw revenue of 7.531 billion yuan, up 13.93% year-on-year and 29.84% quarter-on-quarter, with a net profit of 1.242 billion yuan, up 137.07% year-on-year and 53.56% quarter-on-quarter [10]. Refrigerant Business - The refrigerant segment's revenue increased by 55.09% year-on-year, driven by a significant rise in product prices [10][11]. - The company sold 154,600 tons of refrigerants in the first half of 2025, a decrease of 4.19% year-on-year, but the sales price per ton increased significantly [11]. Market Dynamics - The refrigerant market is characterized by a supply-side structural reform, transitioning from excess competition to supply constraints, with China holding over 80% of the global quota for third-generation refrigerants [24]. - The demand for refrigerants is driven by their necessity in air conditioning and heat pump applications, with a low cost share in downstream industries and high price elasticity [24]. Liquid Cooling Business - The demand for liquid cooling solutions is rapidly growing due to advancements in AI technology and increased server power density, leading to a shift from traditional air cooling methods [37]. - The company has proactively developed fluorinated liquid products and has initiated a project to produce a cooling liquid with a capacity of 5,000 tons per year [37]. Non-Refrigerant Business - The non-refrigerant business faces intense competition, with the average price of fluoropolymers showing a slight recovery [31]. - The company sold 22,900 tons of fluoropolymers in the first half of 2025, with a second-quarter sales price of 38,446 yuan per ton, reflecting a year-on-year increase [31].