Core Viewpoint - The credit rating for Zhejiang Xinhua Chemical Co., Ltd. remains stable at AA- due to its strong market position in the domestic fatty amine industry and expected revenue growth from new synthetic flavor capacity in 2024 [3][6][7]. Financial Performance - Total assets for 2024 are projected to be 43.89 billion, up from 43.48 billion in 2023 [3]. - The company's net profit for 2024 is expected to be 0.84 billion, a decrease from 2.75 billion in 2023 [5]. - Operating income is projected to be 7.65 billion, down from 29.66 billion in 2023 [5]. - The cash flow from operating activities is expected to improve, with cash assets remaining above 20% of total assets [6]. Production Capacity and Sales - The company plans to increase its synthetic flavor production capacity by 16,650 tons/year in 2024, with an additional 18,800 tons/year under construction [6][19]. - The utilization rate for fatty amine production is expected to improve significantly in 2024, contributing to revenue growth [6][17]. - The company’s fatty amine products generated 14.53 billion in revenue, accounting for 48.98% of total sales in 2024 [14]. Market Environment - The domestic market for fatty amines is competitive, with the company holding the largest production capacity for isopropylamine [11][14]. - The export of isopropylamine is projected to reach 26,400 tons in 2024, a year-on-year increase of 20.71% [11]. - The synthetic flavor market is expected to stabilize due to partnerships with major companies like Firmenich, ensuring consistent demand [17]. Risks and Challenges - The company faces risks related to raw material price fluctuations, with over 80% of costs attributed to materials like acetone and pine oil [19]. - There are concerns regarding the absorption of new production capacity, particularly in synthetic flavors, which may depend on external market conditions [6][19]. - The company operates in a highly regulated industry, facing environmental and safety production pressures [7][19].

Group 1: C-REITs Market Overview - As of June 16, 2025, a total of 66 C-REITs have been listed, with a cumulative market value exceeding 200 billion yuan [2][7] - In 2024, 29 C-REITs were issued, with a total issuance scale of 65.6 billion yuan; the C-REITs total return index reached 1117.87 points, reflecting a year-to-date increase of 14.69% [2][7] - The approval of the first two data center public REITs marks an expansion of underlying asset types, indicating a shift towards new infrastructure assets [2][7][11] Group 2: Data Center REITs Characteristics - Data center REITs differ significantly from traditional property REITs in terms of operational models, revenue stability, and valuation logic [2][9] - The operational model of data centers relies heavily on specialized operational capabilities and continuous technological upgrades, with a focus on reducing energy consumption [8][9] - Revenue stability is enhanced by high customer concentration, long lease terms, and high customer retention rates, making them attractive to investors [9][10] Group 3: Investment Recommendations - Investors are encouraged to actively participate in the offline issuance of the newly approved data center REITs to secure potential premium returns during the initial listing phase [11][12] - The unique attributes of the data center REITs, such as advantageous locations and high energy efficiency, position them as scarce assets with clear growth drivers [11][12] Group 4: Fragrance and Flavor Industry Growth - The fragrance and flavor market in China is projected to grow from approximately 43.9 billion yuan in 2023 to over 50 billion yuan by 2026, driven by the booming cosmetics industry [18][19] - The cosmetics market is expected to increase from 516.9 billion yuan in 2023 to 579.1 billion yuan by 2025, with a compound annual growth rate of 15.1% in the ODM/OEM sector from 2017 to 2023 [18][19] Group 5: Gold Mining Sector Insights - The company, Zhaojin Mining, is positioned as a leading gold mining enterprise in China, with gold resources expected to reach 1,446.16 tons and production of 26.4 tons in 2024 [22][23] - The company's revenue and net profit are projected to grow significantly, with a compound annual growth rate of 18.97% and 250.49% respectively from 2021 to 2024 [24][26] - The strategic focus on both domestic and international gold mining projects is expected to enhance resource potential and profitability [25][26]

Industry Growth - The Chinese flavor and fragrance industry reached a market size of approximately 43.9 billion yuan in 2023, with a year-on-year growth of 2.6%, and is expected to exceed 50 billion yuan by 2026[3] - The cosmetics market in China was about 516.9 billion yuan in 2023, growing by 6.4%, and is projected to reach 579.1 billion yuan by 2025[3] - The cosmetics OEM/ODM industry grew from 21.41 billion yuan in 2017 to 49.76 billion yuan in 2023, with a compound annual growth rate of 15.1%[3] Market Performance - The median price change for consumer service stocks on the Beijing Stock Exchange was -6.39% from June 16 to June 20, 2025, with only 4 companies (11%) experiencing an increase[3] - The total market capitalization of consumer service companies decreased from 121.32 billion yuan to 116.70 billion yuan during the same period[3] - The median price-to-earnings ratio (P/E) for consumer service companies fell from 53.9X to 50.5X[3] Company Insights - Zhongcao Fragrance, a midstream player in the flavor and fragrance industry, reported a revenue of 222 million yuan in 2024, with a year-on-year increase of 7.89%[27] - Bawwei Co., a downstream cosmetics manufacturer, achieved a revenue of 695 million yuan in 2024, reflecting a year-on-year growth of 48.27%[33] - Bawwei's revenue for Q1 2025 was 162 million yuan, up 40.15% year-on-year, with a net profit margin of 5.16%[33] Risk Factors - The report highlights risks including macroeconomic fluctuations, market competition, and statistical inaccuracies[62]

Core Viewpoint - The strategic partnership between Suzhou Juweiyuan Biotechnology Co., Ltd. and Kunshan Yaxiang Flavor Co., Ltd. signifies the deep integration of synthetic biology technology and AI with the traditional flavor and fragrance industry, focusing on collaborative innovation in bio-based flavor and fragrance raw materials, green manufacturing pathways, and international market expansion [1][4]. Group 1 - The partnership aims to address the growing consumer demand for natural, safe, and green flavors and fragrances, positioning synthetic biology as a key opportunity for transforming the industry from petrochemical synthesis to sustainable manufacturing [4]. - Juweiyuan, as a leading synthetic biotechnology company, leverages its proprietary chassis cell library, high-throughput gene editing platform, and AI protein engineering system to overcome critical bottlenecks in the biomanufacturing supply chain [4]. - The collaboration is aligned with China's dual carbon goals, promoting the high-end, green, and international transformation of manufacturing, with a focus on low-carbon alternatives and high-value innovation [4]. Group 2 - The partnership will create a globally leading joint innovation platform for bio-synthetic flavors and fragrances, accelerating the transition of green products from laboratory to market [4]. - The initiative is expected to reshape the supply system and value structure of the flavor and fragrance industry, emphasizing the unique advantages of synthetic biology in raw material substitution, process innovation, and low-carbon manufacturing [4].

Group 1: Company Strategy and Vision - The company aims to be a "leader in delicious living," focusing on "green, nutritious, and healthy" missions while strengthening mergers and acquisitions to enhance core capabilities and market presence [2][3] - The company plans to expand into the daily chemical sector, integrating innovative technology and established channels to unlock growth potential [3] Group 2: Research and Development - The company has established a national recognized enterprise technology center and multiple overseas R&D centers, employing 298 R&D personnel, including 79 perfumers, to drive innovation [3][4] - The company emphasizes technological innovation as a key driver for enhancing competitiveness in the flavor and food ingredient sectors [4] Group 3: International Expansion - The company is accelerating its overseas market presence, particularly in Southeast Asia and the Middle East, with a new food technology base in Indonesia set to enhance its international operations [3][4] - The company aims to build a stable overseas market position, focusing on high-growth potential regions [3] Group 4: Profit Improvement Measures - The company plans to leverage technological innovation and global development strategies to enhance operational efficiency and profitability [4] - Strategies include capturing consumer trends, exploring new product markets, and optimizing supply chain management [4] Group 5: Client Base and Market Position - The company has established a diverse client base across various sectors, including partnerships with major brands like Yili and Luckin Coffee [5] - The company’s food ingredient business is a key focus for strategic transformation and growth [5] Group 6: Financial Performance and Future Outlook - The company reported a net loss for 2024 due to goodwill impairment related to edible flavor assets, but aims to enhance its food ingredient business through strategic acquisitions [5] - Future growth will focus on integrating resources across subsidiaries to drive diversification and scale in the food ingredient sector [5][6]

报告中称，25Q1化工景气底部，企业端延续量增价减，春季行情涨价逻辑对板块的估值修复力度较为 有限。2025.2国内制造业PMI位于荣枯线上方。化工需求侧国内房地产新建商品房销售显著回暖，核心 城市率先回稳;新能源车销量维持高增长，以旧换新政策有望加速需求释放;社零增速平稳，促消费政策 持续发力。供给侧欧盟化工生产乏力已对下游制造业造成影响，国内维持稳健增长，但化工总体仍位于 产能扩张阶段，供过于求对价格的短期压制因素仍在。 量增价减表现为企业增收不增利，化工大宗价差短期仍在历史底部，利润向上游转移，对应资源型企业 ROE相对高位。从估值修复程度看，虽然年后化工在钛白粉、有机硅、氟化工、农化、香精香料等板块 均有涨价逻辑演绎，但看子板块整体的PB分位，修复的力度仍然有限。机构持仓方面，4Q24主动基金 降低化工板块配置，偏资源侧炼油化工板块为主要加仓方向。从交易的时间窗口期看，当前化工子板块 位于底部也有两年时间跨度了，离反转或已不远。 方正证券发布研报称，制冷剂进入需求旺季，涨价确定性强。制冷剂已经进入需求旺季，制冷剂企业生 产负荷逐步提升，行业产量和库存同比提升，旺盛的下游需求带动制冷剂价格上行，二季度价 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 HUABAO INTERNATIONAL HOLDINGS LIMITED 華 寶 國 際 控 股 有 限 公 司 * （於百慕達註冊成立之有限公司） （股份代號：00336） 附屬公司調整部分募投專案投資計劃進度 2018年，華寶國際控股有限公司（「本公司」）之附屬公司華寶香精股份有限公 司(「華寶股份」)完成首次公開募股募集(「IPO」)，募集資金總額約人民幣23.77 億元，扣除發行費用後淨募集資金約為人民幣23.12億元。華寶股份在深圳證券交 易所創業板成功上市（證券代碼：300741）。 截至2023年12月31日，未使用的淨募集資金餘額約為人民幣13.6862億元及累計的 利息及現金管理收入餘額約為人民幣2.9174億元，已結轉至2024年財政年度。截 至2024年12月31日，華寶股份已動用約人民幣9.5127億元，佔其淨募集資金約 41.15%，詳情如下： | IPO募集資金用途 | IP ...