Group 1: General Information - The research object is Huatai, belonging to the chemical raw materials industry, and the reception time was on September 15, 2025. The company's reception staff included Chairman Wu Wei, Board Secretary Wang Yin, and Financial Controller Fu Jinpeng [17] Group 2: Research Institutions - The research institutions included investors' online questions and others [20] Group 3: Main Content - The company's synthetic ammonia gas - making energy - saving and environmental protection upgrading project was successfully accepted and put into production in the first half of 2025, and the production and sales of sulfuric acid series products are normal [24] - For the number of current shareholders, investors are advised to check the company's quarterly, semi - annual, and annual reports, or they can go to the company with valid identity certificates and shareholding certificates to inquire [24] - The company has no mid - term dividend plan, and the profit situation for the first three quarters will be announced in subsequent company announcements [25]

Group 1: Research Basic Information - The research object is Zhongchumei, belonging to the chemical raw materials industry, and the reception time is September 15, 2025. The listed company's reception staff includes Jin Zhong, the director, deputy general manager, and board secretary, and Song Cheng, the securities affairs supervisor [17] Group 2: Detailed Research Institutions - The reception object is Western Securities, and the type of the reception object is a securities company [20] Group 3: Main Content - The reason for the increase in the company's gross profit margin compared with the same period last year is the increase in operating income during the reporting period and the decrease in the prices of important raw materials such as natural gas, resulting in a reduction in operating costs [22] - The company's products are mainly divided into special molecular sieve and catalyst series, non - molecular sieve catalyst series, and catalytic application process and chemical technology services. Special molecular sieve and catalyst series include mobile source denitration molecular sieve, etc.; non - molecular sieve catalyst series include metal dehydrogenation catalyst, etc.; catalytic application process and chemical technology services include HPPO method propylene oxide process package [23] - The company expects the sales volume of mobile source denitration molecular sieve series products to increase steadily because it has a long - term strategic cooperation agreement with BASF, BASF's market share in this series of products has been increasing in recent years, and the new model of mobile source denitration molecular sieve is the company's exclusive patented technology that can meet international emission standards [24][25] - The company's technological advantages lie in providing customized process route design and full - cycle technical service solutions for customers based on years of technological reserves, and the company's process package service has been verified by well - known domestic industrialization projects. It also has a professional team to provide full - process services from process diagnosis to production optimization [26]

Market Overview - On September 15, the chemical raw materials sector declined by 0.16% compared to the previous trading day, with Zhenhua Co., Ltd. leading the decline [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Notable gainers in the chemical raw materials sector included: - Longbai Group (002601) with a closing price of 19.62, up 5.09% and a trading volume of 667,300 shares, totaling 1.314 billion yuan [1] - ST Yatai (000691) with a closing price of 7.81, up 4.97% and a trading volume of 101,400 shares, totaling 79.1972 million yuan [1] - Jinhai Titanium Industry (000545) with a closing price of 3.69, up 4.53% and a trading volume of 1,184,600 shares, totaling 435 million yuan [1] - Major decliners included: - Zhenhua Co., Ltd. (603067) with a closing price of 17.90, down 4.33% and a trading volume of 180,800 shares, totaling 329 million yuan [2] - Sanyou Chemical (600409) with a closing price of 5.78, down 3.02% and a trading volume of 368,900 shares, totaling 216 million yuan [2] - Jinniu Chemical (600722) with a closing price of 7.09, down 2.88% and a trading volume of 319,900 shares, totaling 228 million yuan [2] Capital Flow - The chemical raw materials sector experienced a net outflow of 398 million yuan from institutional investors, while retail investors saw a net inflow of 239 million yuan [2][3] - Notable capital flows included: - Huayi Group (600623) with a net inflow of 26.8479 million yuan from institutional investors [3] - Tianyuan Co., Ltd. (002386) with a net inflow of 25.0141 million yuan from institutional investors [3] - Xue Tian Salt Industry (600929) with a net inflow of 21.3913 million yuan from institutional investors [3]

Company Overview - Sanxiang New Materials Co., Ltd. is located at 292 Jiefang Street, Shouning County, Fujian Province, established on August 24, 1991, and listed on August 1, 2016. The company specializes in the research, production, and sales of zirconium-based and casting modification industrial new materials [1][2]. Financial Performance - For the first half of 2025, Sanxiang New Materials reported operating revenue of 562 million yuan, a year-on-year decrease of 7.35%. The net profit attributable to the parent company was 44.91 million yuan, down 28.45% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 208 million yuan in dividends, with 93.76 million yuan distributed over the past three years [3]. Stock Performance - As of September 15, the stock price of Sanxiang New Materials was 29.02 yuan per share, with a market capitalization of 12.284 billion yuan. The stock has increased by 82.80% year-to-date but has seen a decline of 6.93% over the past five trading days [1]. - The company has appeared on the trading leaderboard twice this year, with the most recent appearance on March 4, where it recorded a net buy of -4.4688 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Sanxiang New Materials was 32,800, a decrease of 7.12% from the previous period. The average circulating shares per person increased by 7.67% to 12,892 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the ninth largest, holding 1.798 million shares, an increase of 221,700 shares from the previous period [3]. Industry Classification - Sanxiang New Materials is classified under the Shenwan industry as basic chemicals - chemical raw materials - inorganic salts. The company is associated with several concept sectors, including solid-state batteries, CATL concepts, automotive lightweighting, integrated die-casting, and minor metals [2].

Core Viewpoint - Jinrui Mining's stock price has shown significant fluctuations and growth in 2023, with a year-to-date increase of 32.75% and notable trading activity in recent days [2] Group 1: Stock Performance - As of September 15, Jinrui Mining's stock price rose by 2.06% to 12.87 CNY per share, with a trading volume of 94.05 million CNY and a market capitalization of 3.709 billion CNY [1] - The stock has experienced a 2.55% increase over the last five trading days and a 6.36% increase over the last 20 days, while it has decreased by 4.13% over the last 60 days [2] Group 2: Financial Performance - For the first half of 2025, Jinrui Mining reported a revenue of 181 million CNY, representing a year-on-year growth of 12.06%, and a net profit attributable to shareholders of 36.21 million CNY, which is a significant increase of 231.29% [3] Group 3: Shareholder and Dividend Information - As of June 30, 2025, the number of shareholders increased by 23.72% to 29,300, while the average number of circulating shares per person decreased by 19.17% to 9,849 shares [3] - Since its A-share listing, Jinrui Mining has distributed a total of 69.53 million CNY in dividends, with 64.84 million CNY distributed over the past three years [4] Group 4: Business Overview - Jinrui Mining, established on May 25, 1996, and listed on June 6, 1996, is primarily engaged in the production and sale of strontium salt products, with the revenue composition being 46.01% from strontium salt products, 23.33% from aluminum-strontium alloys, and other related products [2]

Report Summary 1. Reported Industry Investment Rating No information provided in the document. 2. Core Viewpoints The report mainly presents the results of a research on Xinhan New Materials, covering the company's basic information, research institutions, and answers to investors' questions about the company's operations, including project progress, cash management, product sales, investment purposes, R & D directions, and the impact of trade protection measures [16][23][28]. 3. Summary by Directory 3.1 Research Basic Situation - Research object: Xinhan New Materials [16] - Industry: Chemical raw materials [16] - Reception time: September 12, 2025 [16] - Listed company reception personnel: Chairman and General Manager Yan Liuxin, Financial Controller Wang Zhongyan, Board Secretary Li Xiangfei, Independent Director Huang Hefa [16] 3.2 Detailed Research Institutions - Institutions: Investors who participated in the company's 2025 semi - annual performance briefing online [19] 3.3 Main Content Data - **Project Progress**: The equipment of the third workshop of the 8000 - ton project is being installed and is expected to reach the intended use state and be put into production in December 2025 [23] - **Cash Management**: The company's cash management is mainly used to purchase cash management products with high safety, good liquidity, and a maximum term of no more than twelve months, such as RMB structured deposits and time deposits [24] - **Foreign Exchange Hedging**: The company did not actually carry out specific foreign exchange hedging business during the reporting period and plans to conduct it within the board - authorized limit according to exchange rate fluctuations [26] - **Product Sales**: The sales of the company's main products such as medical and agricultural intermediates, DFBP, and photoinitiators have all increased to varying degrees [27] - **Investment Purpose**: The company invests in Mingxi Equity Investment Fund and Zhejiang Pengfulong Technology to layout fields related to its main business, achieve industrial synergy and capital appreciation, and strengthen its influence in the special engineering plastics field [28] - **R & D Direction**: The company's main R & D direction is focused on the R & D and process improvement of aromatic ketone core products, including special engineering plastic core raw materials and cosmetic raw materials [28] - **Product Situation**: The penetration rate of the company's HAP product as a cosmetic raw material is gradually increasing, and the HDO production line is under construction. The HDO product can be directly used as a cosmetic raw material with moisturizing and bactericidal effects [30] - **Trade Protection Impact**: The company will closely monitor international market trends, actively explore new international markets, develop new products, and expand the domestic market to reduce the impact of export business risks [30] - **Medical and Agricultural Intermediate Business**: The company's medical and agricultural intermediate products have a large variety. After the new workshop of the 8000 - ton project is put into operation, new customers and markets are developed, resulting in rapid growth [30]

Market Overview - On September 12, the chemical raw materials sector declined by 0.41%, with Dayang Bio leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Notable gainers in the chemical raw materials sector included: - Zhenhua Co., Ltd. (603067) with a closing price of 18.59, up 4.97% [1] - ST Yatai (000691) with a closing price of 7.44, up 4.94% [1] - Shilong Industry (002748) with a closing price of 10.17, up 4.31% [1] - Major decliners included: - Dayang Bio (003017) with a closing price of 33.78, down 3.82% [2] - Sanyou Chemical (600409) with a closing price of 5.97, down 2.45% [2] - Kaisheng New Materials (301069) with a closing price of 23.12, down 2.41% [2] Capital Flow - The chemical raw materials sector experienced a net outflow of 209 million yuan from main funds, while retail funds saw a net inflow of 89.33 million yuan [2] - Key stocks with significant capital flow included: - Longbai Group (002601) with a main fund net inflow of 26.73 million yuan [3] - Zhongke Titanium White (002145) with a main fund net inflow of 25.74 million yuan [3] - Huayi Group (600623) with a main fund net inflow of 22.27 million yuan [3]

Group 1 - The core viewpoint of the news is that Longbai Group's stock has shown positive performance with a year-to-date increase of 10.29% and a market capitalization of 45.196 billion yuan [1] - As of September 12, Longbai Group's stock price reached 18.94 yuan per share, with a trading volume of 3.77 billion yuan and a turnover rate of 1.02% [1] - The company has a diverse revenue structure, with titanium dioxide accounting for 64.99% of its main business income, followed by sponge titanium at 11.17% and iron-based products at 8.77% [1] Group 2 - For the first half of 2025, Longbai Group reported operating revenue of 13.342 billion yuan, a year-on-year decrease of 3.35%, and a net profit attributable to shareholders of 1.385 billion yuan, down 19.53% year-on-year [2] - The company has distributed a total of 19.387 billion yuan in dividends since its A-share listing, with 5.958 billion yuan distributed in the last three years [3] - As of June 30, 2025, the number of shareholders of Longbai Group increased to 102,500, while the average circulating shares per person decreased to 19,390 shares [2][3]

Company Overview - Hongxing Development Co., Ltd. is located in Anshun City, Guizhou Province, and was established on May 2, 1999. It was listed on March 20, 2001. The company's main business involves the research, production, and sales of barium salts, strontium salts, and manganese-based products [1][2]. Financial Performance - For the first half of 2025, Hongxing Development achieved operating revenue of 1.081 billion yuan, representing a year-on-year growth of 3.68%. The net profit attributable to the parent company was 78.4425 million yuan, showing a significant year-on-year increase of 233.08% [2]. - Since its A-share listing, the company has distributed a total of 260 million yuan in dividends, with 47.3381 million yuan distributed over the past three years [3]. Stock Performance - As of September 12, Hongxing Development's stock price increased by 2.05%, reaching 18.40 yuan per share, with a trading volume of 347 million yuan and a turnover rate of 6.00%. The total market capitalization is 6.277 billion yuan [1]. - Year-to-date, the stock price has risen by 60.14%, with a 2.34% increase over the last five trading days, a 17.12% increase over the last 20 days, and a 14.93% increase over the last 60 days [1]. Shareholder Information - As of July 31, the number of shareholders for Hongxing Development was 45,700, a decrease of 8.90% from the previous period. The average number of circulating shares per shareholder increased by 9.76% to 7,040 shares [2]. Market Activity - The company has appeared on the "Dragon and Tiger List" seven times this year, with the most recent appearance on September 8, where it recorded a net buy of -53.3492 million yuan. The total buy amounted to 121 million yuan, accounting for 7.23% of the total trading volume, while total sales reached 174 million yuan, making up 10.44% of the total trading volume [1]. Industry Classification - Hongxing Development is classified under the Shenwan industry as part of the basic chemicals sector, specifically in chemical raw materials and inorganic salts. The company is associated with concepts such as solid-state batteries, ternary lithium batteries, lithium batteries, rare metals, and scarce resources [2].

Company Overview - Zhejiang Dayang Biological Technology Group Co., Ltd. is located in Dayang Town, Jiande City, Hangzhou, Zhejiang Province, and was established on January 1, 1976. The company was listed on October 26, 2020 [1] - The main business involves the production and sales of chemical raw materials, including inorganic salts and veterinary raw materials. The revenue composition is as follows: inorganic salt products 69.91%, veterinary raw materials 18.35%, fluorine-containing chemicals 7.46%, and other products 4.28% [1] Financial Performance - As of June 30, the number of shareholders increased to 14,200, a rise of 58.33% compared to the previous period. The average circulating shares per person decreased by 35.82% to 4,954 shares [2] - For the first half of 2025, the company achieved operating revenue of 499 million yuan, representing a year-on-year growth of 14.20%. The net profit attributable to the parent company was 50.51 million yuan, up 60.66% year-on-year [2] Stock Performance - On September 12, the stock price of Dayang Biological fell by 2.11% to 34.38 yuan per share, with a trading volume of 30.92 million yuan and a turnover rate of 1.28%. The total market capitalization is 2.888 billion yuan [1] - Year-to-date, the stock price has increased by 87.62%, with a decline of 1.72% over the last five trading days, a rise of 6.67% over the last 20 days, and an increase of 23.18% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on June 16 [1] Dividend Information - Since its A-share listing, Dayang Biological has distributed a total of 168 million yuan in dividends, with 97.57 million yuan distributed over the past three years [3]