| | | | 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 ...

8月27日，善水科技跌3.47%，成交额1.35亿元。两融数据显示，当日善水科技获融资买入额1481.29万 元，融资偿还2531.89万元，融资净买入-1050.60万元。截至8月27日，善水科技融资融券余额合计1.22 亿元。 截至6月30日，善水科技股东户数1.30万，较上期减少13.32%；人均流通股12298股，较上期增加 158.76%。2025年1月-6月，善水科技实现营业收入3.05亿元，同比增长23.08%；归母净利润4777.67万 元，同比减少11.77%。 分红方面，善水科技A股上市后累计派现1.26亿元。近三年，累计派现9429.62万元。 机构持仓方面，截止2025年6月30日，善水科技十大流通股东中，鹏华动力增长混合(LOF)（160610） 退出十大流通股东之列。 责任编辑：小浪快报 融资方面，善水科技当日融资买入1481.29万元。当前融资余额1.22亿元，占流通市值的2.22%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，善水科技8月27日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超 ...

基础化工/化学制品 利安隆（300596.SZ） 2025 年 08 月 28 日 投资评级：买入（维持） 日期 2025/8/27 当前股价(元) 33.59 一年最高最低(元) 36.66/22.12 总市值(亿元) 77.13 流通市值(亿元) 75.47 总股本(亿股) 2.30 流通股本(亿股) 2.25 近 3 个月换手率(%) 133.91 ——公司信息更新报告 | 金益腾（分析师） 徐正凤（分析师） | | | | | | | --- | --- | --- | --- | --- | --- | | jinyiteng@kysec.cn xuzhengfeng@kysec.cn | | | | | | | 证书编号：S0790520020002 证书编号：S0790524070005 | | | | | | |  Q2 业绩同环比增长，盈利能力改善，看好公司多层次高质量发展 | | | | | | | 公司发布 2025 年中报，实现营收 29.95 亿元，同比+6.2%；归母净利润 2.41 亿 | | | | | | | 元，同比+9.6%。其中 Q2 实现营收 15.14 亿元，同比 ...

Group 1 - The company's Q2 2025 performance met market expectations, with H1 revenue of 510 million yuan, a year-on-year increase of 41%, and a net profit attributable to shareholders of 10 million yuan, up 169% year-on-year [1] - In H1 2025, the company shipped 40,000 tons of coated materials, a year-on-year increase of over 35%, with Q2 shipments estimated at around 20,000 tons, maintaining the same level as the previous quarter [1] - The company achieved full production and sales capacity, with a production capacity utilization rate of 105% in H1 2025, and is expected to ship 80,000 tons for the full year, a year-on-year increase of 33% [1] Group 2 - The company's H1 2025 coated materials revenue was 220 million yuan, with a unit price of 6,200 yuan/ton, remaining stable compared to 2024, while Q2 unit gross profit was 1,500 yuan/ton, showing a slight increase [2] - The decline in profitability was primarily due to a 5 million yuan asset impairment loss from falling by-product prices, but product prices are expected to stabilize, and the proportion of mid-to-high-end coated materials is gradually increasing to over 30% [2] - Operating expenses in H1 2025 were 50 million yuan, a year-on-year increase of 25.6%, with a cost rate of 9.2%, while operating cash flow was negative at -170 million yuan [2] Group 3 - The company's profit forecast for 2025-2027 has been revised down due to the impact of falling by-product prices, with expected net profits of 40 million, 90 million, and 110 million yuan respectively, reflecting year-on-year increases of 223%, 119%, and 24% [3] - The company maintains a "buy" rating, considering the expected recovery in by-product prices and the increasing proportion of mid-to-high-end products [3]

Core Viewpoint - The company reported its 1H25 performance, showing revenue and net profit growth, driven by new production capacity and improved profit margins [1] Financial Performance - 1H25 revenue reached 2.995 billion yuan, a year-on-year increase of 6.21% - Net profit attributable to shareholders was 241 million yuan, corresponding to an earnings per share of 1.05 yuan, up 9.6% year-on-year - The increase in net profit was mainly due to the revenue increment from new lubricant additive capacity and profit margin improvement [1] - 1H25 non-GAAP net profit was 236 million yuan, reflecting an 11.6% year-on-year growth - In terms of product performance, revenue from antioxidant agents and lubricant additives grew by 3.06% and 18.49% to 2.36 billion yuan and 620 million yuan, respectively [1] - Gross margins for antioxidant agents and lubricant additives changed by -0.66 percentage points and +5.53 percentage points to 23.66% and 13.48%, respectively [1] - 2Q25 revenue was 1.51 billion yuan, with year-on-year and quarter-on-quarter growth of 3.3% and 2.2% - 2Q25 net profit attributable to shareholders was 133 million yuan, with year-on-year and quarter-on-quarter growth of 18.0% and 23.6% [1] - 2Q25 gross margin improved by 0.2 and 0.1 percentage points to 21.6% [1] Development Trends - The second phase of Jinzhou Kangtai's lubricant additive capacity is expected to enhance production efficiency, with 1H25 lubricant additive revenue at 618 million yuan, up 18.49% year-on-year [2] - The company is actively involved in the formulation of Chinese standards for engine lubricants and has made significant progress in collaborations with major international and domestic additive companies [2] - The establishment of the Life Sciences Division in 2021 aims to cultivate a new growth curve, focusing on bio-blocks and synthetic biology [2] - The company has made investments in high-end electronic-grade PI materials through the acquisition of Korean IPI, with production expected to start in 2026 [2] - An overseas R&D and production base is planned in Malaysia with an investment of up to 300 million USD, aimed at enhancing international competitiveness [2] Profit Forecast and Valuation - The company maintains its profit forecasts for 2025/26, with the current stock price corresponding to price-to-earnings ratios of 14.0x and 11.9x for 2025/26 [3] - Due to an upward adjustment in industry valuation, the target price has been raised by 20% to 38 yuan, indicating a 13% upside potential and corresponding P/E ratios of 15.8x and 13.4x for 2025/26 [3]

Core Insights - The report highlights the rapid development of the AI industry in China, driven by the government's "Artificial Intelligence+" initiative, which sets ambitious goals for AI integration across various sectors by 2035 [5] - The chemical raw materials sector is experiencing growth due to increased demand for AI servers, with a focus on high-frequency and high-speed copper-clad laminate materials [6] - The pharmaceutical company Lifan Pharmaceutical is set to launch a new ADHD treatment, with significant increases in R&D investment [7] - Runfeng Co. has reported substantial growth in operating performance, driven by global operations [8] - Times New Materials has seen a rise in revenue and profit, with new materials becoming a key growth area [12] - Guangqi Technology is experiencing rapid growth in its metamaterials business, with steady progress in production base construction [15] - Changrun Co. has improved profit margins significantly, driven by product diversification and strong overseas contributions [17] - Longcheng Securities has shown comprehensive improvement in performance, with investment business driving growth [24] - Baofeng Energy's projects in Inner Mongolia are contributing to revenue growth, with ongoing projects being actively advanced [28] Industry Commentary - The "Artificial Intelligence+" policy aims for deep integration of AI in six key areas by 2027, with a target of over 90% application penetration by 2030 [5] - The new materials sector is benefiting from the rising demand for AI servers, with the global AI server market projected to grow significantly [6] - The pharmaceutical industry is seeing innovation with new drug approvals and increased R&D spending, particularly in ADHD treatments [7] - The agricultural chemicals market is recovering, with a focus on high-margin products and global market expansion [10] - The wind power sector is expected to maintain high growth, driven by new installations and international collaborations [12] - The metamaterials market is expanding, with increasing demand for advanced materials in various applications [15] - The automotive parts industry is adapting to market changes, with a focus on product diversification and international production capabilities [17] Company-Specific Insights - Lifan Pharmaceutical's revenue for H1 2025 was 732 million yuan, with a net profit of 90.23 million yuan, reflecting a 16.53% increase [7] - Runfeng Co. anticipates revenues of 1.796 billion yuan in 2025, with net profits projected to reach 198 million yuan [9] - Times New Materials reported H1 revenue of 9.256 billion yuan, with a net profit of 303 million yuan, indicating a 36.66% increase [12] - Guangqi Technology's H1 revenue was 943 million yuan, with a net profit of 386 million yuan, showing a 6.75% increase [15] - Changrun Co. achieved H1 revenue of 1.4 billion yuan, with a net profit of 107 million yuan, despite a slight decline in revenue [17] - Longcheng Securities reported H1 revenue of 2.859 billion yuan, with a net profit of 1.385 billion yuan, reflecting a 91.92% increase [26] - Baofeng Energy's H1 revenue reached 22.82 billion yuan, with a 35% year-on-year increase [28]

Core Points - The company raised a total of $70,000,049.00 from the issuance of Global Depositary Receipts (GDRs), equivalent to approximately ¥502,355,351.65, after deducting related expenses [1] - As of June 30, 2025, the company has utilized ¥145,687,079.58 of the raised funds [5] - The company has established a dedicated management system for the raised funds, ensuring they are stored in special accounts and used according to regulations [3] Fundraising Overview - The GDR issuance consisted of 7,438,900 units at a price of $9.41 each, corresponding to 37,194,500 shares of A-shares [1] - The net amount raised after expenses was approximately ¥476,598,996.87 [1] Fund Usage and Management - The company has not changed the implementation location or method for any fundraising projects during the reporting period [5] - There were no instances of using idle funds for temporary working capital or cash management [5] - As of June 30, 2025, there remains ¥25,415,775.74 of unutilized funds, including interest income [5] Compliance and Reporting - The company has confirmed that there are no violations in the management of the raised funds and that all disclosures have been made in accordance with regulatory requirements [6][11] - The special report on the use of raised funds was approved by the board on August 27, 2025 [6][11]

Core Insights - Hongdao Investment recently conducted research on a listed company, Xinzhou Bang, revealing significant growth in revenue and profit for the first half of 2025 [1] Company Performance - Xinzhou Bang achieved operating revenue of 4.248 billion yuan, a year-on-year increase of 18.58% [1] - The net profit reached 484 million yuan, reflecting a year-on-year growth of 16.36% [1] - Revenue from battery chemicals was 2.815 billion yuan, up 22.77% year-on-year [1] - Organic fluorine chemicals revenue was 722 million yuan, with a modest growth of 1.37% [1] - Electronic information chemicals revenue was 679 million yuan, showing a robust increase of 25.18% [1] Market Opportunities - The company is capitalizing on market opportunities due to the shutdown of international mainstream manufacturers in the fluorine liquid business, with capacity reserves completed in hydrogen fluoride ether and perfluoropolyether [1] - The capacity utilization rate of the Poland electrolyte factory is stable at 50%-70%, adequately covering overseas customer demand [1] - The lithium hexafluorophosphate products from Shilei Fluorine Materials are fully produced and sold, with expectations for improved profitability in the second half of the year [1] Market Dynamics - The domestic electrolyte market has low gross margins, while the European market offers higher margins [1] - The Haidefu and Haisefu projects are expected to commence production by the end of 2026 and 2027, respectively [1] - The perfluoroisobutylene product has achieved large-scale sales, with market potential estimated in the tens of billions [1] - The capacitor chemicals business has seen double-digit growth in revenue and profit, driven by rapid demand for solid-state capacitors and supercapacitors [1]

Group 1 - The core viewpoint of the news is that the company Xinzhou Bang has shown significant growth in revenue and profit in the first half of 2025, driven by its chemical products for batteries and electronic information [1] - Xinzhou Bang achieved an operating income of 4.248 billion yuan, representing a year-on-year increase of 18.58%, and a net profit of 484 million yuan, up 16.36% year-on-year [1] - The revenue from battery chemicals reached 2.815 billion yuan, growing by 22.77%, while organic fluorine chemicals and electronic information chemicals also saw growth rates of 1.37% and 25.18% respectively [1] Group 2 - The company is capitalizing on market opportunities due to the shutdown of international mainstream manufacturers in the fluorine liquid business, with production capacity reserves completed in hydrogen fluoride ether and perfluoropolyether [1] - The utilization rate of the Polish electrolyte factory is stable at 50%-70%, adequately covering overseas customer demand [1] - The company expects further improvement in profitability for its lithium hexafluorophosphate products in the second half of the year, with domestic electrolyte market margins being lower compared to European markets [1] Group 3 - The company has projects, Haidefu and Haisefu, expected to commence production by the end of 2026 and 2027 respectively [1] - The product perfluoroisobutyronitrile has achieved large-scale sales, with an anticipated market space reaching several billion yuan [1] - The capacitor chemical business has also seen double-digit growth in revenue and profit, driven by the rapid increase in demand for solid-state capacitors and supercapacitors [1]