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].

Financial Performance - The company reported a total revenue of 1.655 billion yuan and a net profit attributable to shareholders of 351 million yuan for the first half of 2025 [1] - The net cash inflow from operating activities was 148 million yuan, which represents a decrease of 33.16 million yuan or 18.29% compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio is 61.48%, ranking 11th among disclosed peers, with an increase of 1.96 percentage points from the previous quarter and 3.80 percentage points from the same period last year [3] - The latest gross profit margin is 25.20%, ranking 8th among disclosed peers, with a slight decrease of 0.01 percentage points from the previous quarter and a decrease of 0.32 percentage points from the same period last year [3] - The return on equity (ROE) stands at 10.60% [3] Earnings and Efficiency - The diluted earnings per share (EPS) is 0.59 yuan [4] - The total asset turnover ratio is 0.19 times, ranking 11th among disclosed peers, with a decrease of 0.02 times or 7.84% compared to the same period last year [4] - The inventory turnover ratio is 2.48 times, which is a decrease of 0.31 times or 11.13% from the same period last year [4] Shareholder Structure - The number of shareholders is 47,200, with the top ten shareholders holding 433 million shares, accounting for 72.32% of the total share capital [4] - The largest shareholder is RED AVENUE INVESTMENT GROUP LIMITED, holding 49.18% of the shares [4]

| | | | 统计截止日｜区间股价涨跌幅｜股东户数｜ 增减 增减比例｜户均持股市值（元）｜户均持股数（股) | | | | --- | --- | --- | --- | --- | --- | | 2025-06-30 | 5.89% | 16968 -1967 | -10.39% | 38.95万 | 2.04万 | | 2025-03-31 | -0.49% | 18935 -11141 | -37.04% | 33.49万 | 1.82万 | | 2024-12-31 | 1.99% | 30076 -11090 | -26.94% | 21.18万 | 1.15万 | | 2024-09-30 | 2.32% | 41166 -11998 | -22.57% | 15.52万 | 8388.96 | 证券之星消息，近日巍华新材披露，截至2025年6月30日公司股东户数为1.7万户，较3月31日减少1967.0 户，减幅为10.39%。户均持股数量由上期的1.82万股增加至2.04万股，户均持股市值为38.95万元。 在化学制品行业个股中，巍华新材股东户数低于行业平均水平，截至6月30日，化学制品行 ...

业绩简评 2025 年 8 月 27 日公司发布了半年报，公司 2025 年上半年实现营 业收入 111 亿元，同比增长 13%；归母净利润 36 亿元，同比增长 63%。2025 年 2 季度单季度实现营业收入 57 亿元，同比增长 6%， 环比增长 4%；归母净利润 17 亿元，同比增长 29%，环比下滑 8%。 经营分析 营养品和香料板块收入和盈利共同向好，推动业绩高速增长。从 公司 2025 年上半年的收入结构来看，营养品板块收入为 72 亿元， 同比增长 8%，毛利率为 48%，同比提高 12pct；香精香料收入 21 亿元，同比增长 9%，毛利率为 54%，同比提高 4pct，其中营养品 板块盈利提升显著。销售端抢抓营养品、新材料、香料等主要领域 市场机遇，在巩固原有产品市场优势的同时，积极推动 HA 系列、 色氨酸等新产品的市场拓展；生产聚焦降本增效，不断优化产能负 荷，通过共线生产、集中开停、高产低耗等保持产线高效运行。 项目建设有序开展，出海进程稳步推进。新项目方面公司大部分 项目稳步推进，进度整体稳定可控。与中石化镇海炼化合资合作的 18 万吨/年液体蛋氨酸（折纯）项目投入试生产运营；天津 ...