交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2025-10-31 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 纯碱： 1、基本面：碱厂产量高位，远兴二期年前预期投产，整体供给预期充裕；下游浮法玻璃供给扰动 预期，光伏日熔量延续下滑趋势，纯碱厂库处于历史同期高位；偏空 2、基差：河北沙河重质纯碱现货价1180元/吨，SA2601收盘价为1235元/吨，基差为-55元，期货升 水现货；偏空 3、库存：全国纯碱厂内库存170.2万吨，较前一周减少0.01%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：纯碱基本面疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、浮法玻璃日熔量企稳回升。 利空： 主要逻辑和风险点 一、纯碱期 ...

Core Insights - The company reported a total revenue of 11.148 billion yuan and a net profit attributable to shareholders of 192 million yuan for Q3 2025 [1] - The net cash inflow from operating activities was 1.485 billion yuan [1] Financial Metrics - The latest debt-to-asset ratio is 52.37%, ranking 41st among disclosed peers, an increase of 3.34 percentage points year-on-year [3] - The latest gross profit margin is 10.24%, ranking 38th among disclosed peers, a decrease of 0.09 percentage points year-on-year [3] - The return on equity (ROE) is 1.68% [3] - The diluted earnings per share (EPS) is 0.10 yuan [3] - The total asset turnover ratio is 0.47 times [3] - The inventory turnover ratio is 7.18 times, a decrease of 2.31 times year-on-year, representing a decline of 24.32% [3] Shareholder Information - The number of shareholders is 76,400, with the top ten shareholders holding 554 million shares, accounting for 26.94% of the total share capital [3] - The top ten shareholders and their holdings are as follows: - Binzhou Heyi Industrial Investment Partnership (Limited Partnership): 9.76% - Zhang Zhongzheng: 5.82% - Binzhou Antai Holding Group Co., Ltd.: 2.06% - Shi Qinling: 1.98% - Yu Jiang: 1.77% - Tibet Shenzhoumu Fund Management Co., Ltd. - Shenzhoumu Quantum No. 1 Private Securities Investment Fund: 1.23% - Wang Liming: 1.17% - Hong Kong Central Clearing Limited: 1.14% - Binhua Group Co., Ltd. - First Employee Stock Ownership Plan: 1.11% - China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF: 0.91% [3]

Group 1 - The core viewpoint of the news is that Haike New Source experienced a significant stock price increase of 11.15% on October 30, with a trading volume of 1.24 billion yuan, indicating strong market interest and activity [1] - As of October 30, Haike New Source's financing balance reached 217 million yuan, accounting for 8.16% of its market capitalization, which is above the 90th percentile of the past year, suggesting a high level of leverage [1] - The company reported a net financing outflow of 17.15 million yuan on the same day, indicating that more investors repaid their loans than borrowed new ones [1] Group 2 - As of September 30, the number of shareholders for Haike New Source increased by 2.70% to 19,700, while the average number of circulating shares per person decreased by 2.63% to 4,314 shares [2] - For the period from January to September 2025, Haike New Source achieved a revenue of 3.653 billion yuan, representing a year-on-year growth of 43.17%, while the net profit attributable to the parent company was -128 million yuan, reflecting a 40.06% increase in losses compared to the previous year [2] - The company's main business includes the research, production, and sales of carbonate series lithium-ion battery electrolyte solvents and high-end propylene glycol, with revenue contributions of 72.89% from carbonates, 17.44% from propylene glycol, and 9.67% from other products [1]

Group 1 - The core viewpoint of the news is that Huibo New Materials experienced a decline in stock price and significant trading activity, indicating high financing levels and potential investor interest [1][2]. - On October 30, Huibo New Materials' stock fell by 1.96%, with a trading volume of 178 million yuan. The financing buy-in amount was 19.298 million yuan, while the financing repayment was 18.117 million yuan, resulting in a net financing buy-in of 1.1815 million yuan [1]. - As of October 30, the total financing and securities lending balance for Huibo New Materials was 80.9396 million yuan, accounting for 5.13% of its circulating market value, which is above the 80th percentile level over the past year [1]. Group 2 - Huibo New Materials Technology (Shanghai) Co., Ltd. was established on December 15, 2010, and is set to be listed on October 31, 2023. The company specializes in the research, production, and sales of specialty modified epoxy resin products [2]. - The main business revenue composition includes 81.88% from epoxy resin for wind turbine blades, 13.74% from new composite materials, and 4.11% from electronic and electrical insulation packaging [2]. - For the period from January to September 2025, Huibo New Materials achieved an operating income of 1.641 billion yuan, representing a year-on-year growth of 76.34%, and a net profit attributable to the parent company of 60.3354 million yuan, reflecting a year-on-year increase of 1222.38% [2]. Group 3 - After its A-share listing, Huibo New Materials has distributed a total of 20.2987 million yuan in dividends [3].

Core Viewpoint - The company reported a strong demand outlook for lithium hexafluorophosphate (LiPF6), with Q3 shipments reaching 12,000 tons and optimistic projections for future sales despite a slight expected decrease in Q1 due to seasonal factors [1] Group 1: Production and Sales - In October, the company sold 4,200 tons of LiPF6, with plans to maintain sales around 4,000 tons for November and December [1] - Current production capacity is approximately 3,800 tons per month, with inventory levels being low [1] Group 2: Market Demand and Pricing - The company has received optimistic demand forecasts from battery cell manufacturers, predicting market demand could reach 2.5 million tons, translating to over 300,000 tons of LiPF6 needed [1] - The current production capacity stands at 350,000 to 360,000 tons, with an expected increase to around 380,000 tons next year due to new capacity additions [1] - Despite potential price increases, the company anticipates that the rate of increase will be moderate, given the tight supply situation [1]

Group 1 - The core point of the article highlights that Chitianhua (SH 600227) reported a revenue of approximately 1.569 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 7.96% [1] - The net profit attributable to shareholders of the listed company showed a loss of about 152 million yuan [1] - The basic earnings per share reflected a loss of 0.0903 yuan [1]

Core Viewpoint - Xinghua Co., Ltd. reported a significant decline in revenue and incurred a net loss for the first three quarters of 2025 [1] Financial Performance - The company's operating revenue for the first three quarters was 2.443 billion yuan, representing a year-on-year decrease of 17.02% [1] - The net loss attributable to shareholders of the listed company was 423 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 410 million yuan [1] - The basic loss per share was 0.3317 yuan [1]

Core Insights - Covestro reported Q3 2025 results with sales of €3.2 billion, down from €3.6 billion year-on-year, and an EBITDA of €242 million, down from €287 million year-on-year, indicating a challenging market environment [2] - The company faced a net loss of €47 million compared to a profit of €33 million in the same period last year, primarily due to weak demand, oversupply, and production disruptions caused by fires [2] - The STRONG transformation plan initiated in 2024 is expected to yield cumulative cost savings of approximately €320 million by the end of 2025, contributing to a target of €400 million annual savings by 2028 [2] Business Performance - Functional Materials segment reported sales of €1.5 billion, down from €1.8 billion year-on-year, with an EBITDA of €174 million, up from €125 million year-on-year [2] - Solutions and Specialties segment had sales of €1.6 billion, down from €1.8 billion year-on-year, with an EBITDA of €196 million, down from €208 million year-on-year [3] New Business Developments - Covestro completed the acquisition of Pontacol AG, expanding its film business into specialized cast and blown film sectors, targeting opportunities in medical technology, transportation, and textiles [4] - The company signed an agreement to acquire two HDI derivative production facilities in Thailand and the USA, enhancing its aliphatic isocyanate production and supporting long-term growth in the coatings and adhesives division [4] - Covestro narrowed its full-year performance forecast, now expecting EBITDA between €700 million and €800 million, with free operating cash flow projected between -€400 million and -€200 million [4]

Summary of Hualu Hengsheng Conference Call Company Overview - **Company**: Hualu Hengsheng - **Industry**: Chemical Industry Key Financial Performance - **Revenue**: For the first three quarters, revenue decreased by 6.46% to 23.52 billion yuan [2][3] - **Net Profit**: Net profit fell by 22.14% to 2.374 billion yuan [2][3] - **Operating Cash Flow**: Operating cash flow declined by 15% to 3.299 billion yuan [2][3] Segment Performance - **Fertilizer Products**: Profit contribution increased to 50% [2][5] - **New Energy Sector**: Benefited from improved market conditions for dicarboxylic acid and electrolytes, with profit contribution rising to 15% [2][5] - **New Materials Sector**: Experienced intense competition, with profit contribution dropping to less than 5% [2][5] - **Price Trends**: Prices for key products like amides, U6, and octanol fell by 20% to 30% year-on-year [4] Projects and Capacity Expansion - **Current Projects**: - BDO integration project and 200,000-ton dicarboxylic acid project have been launched [6] - 200,000-ton formic acid project in Jingzhou expected to start by the end of 2025 or early 2026 [6] - Planning to expand TDI project in Jingzhou, expected to be operational by Q4 2027 [6][9] - **Upgrades**: The planning platform upgrade in the Dezhou headquarters is expected to be completed by Q4 2026 [6][9] Regulatory Environment - **Policy Impact**: Stricter energy efficiency reviews and carbon emission management for new chemical industry capacities are affecting project approvals [7][8] - **Approval Status**: A project for synthetic ammonia and urea with energy consumption below 500,000 tons of standard coal has completed provincial approval and is awaiting national approval [8] Cost Reduction Measures - **Cost Efficiency Initiatives**: Implemented measures to reduce costs and improve efficiency, including energy-saving meetings and coal quality optimization [10] - **Future Potential**: Significant potential for cost reduction through resource utilization and process improvements [10] Market Share and Pricing Outlook - **Market Position**: Despite price declines, the company has made significant efforts to increase market share, ranking among the top five in urea production [11] - **Urea Pricing**: Recent urea prices have rebounded to around 1,630 yuan/ton, with expectations for further increases due to winter demand [12][14] - **Product Pricing**: - Acetic acid prices stable with profits rising, currently over 2,300 yuan/ton [12] - DMC (electrolyte) production at full capacity with a market share of 60% [11][12] Future Outlook - **Expansion Plans**: The company is optimistic about future growth, particularly in the Jingzhou base, which has greater development potential compared to the Dezhou headquarters [15] - **Product Demand**: Anticipated growth in demand for products like oxalic acid and electrolytes due to energy transition trends [17] Conclusion - **Overall Performance**: Despite facing challenges from price declines and regulatory pressures, Hualu Hengsheng is strategically positioned for future growth through project expansions and cost reduction initiatives, maintaining a positive outlook on market share and profitability [13][14]

Core Viewpoint - Cangzhou Dahua (600230.SH) reported a decline in total operating revenue for the first three quarters of 2025, while net profit attributable to shareholders saw significant growth [1] Financial Performance - Total operating revenue for the first three quarters reached 3.361 billion yuan, a year-on-year decrease of 10.58% [1] - Net profit attributable to shareholders was 47.6231 million yuan, reflecting a year-on-year increase of 124.26% [1] - Basic earnings per share stood at 0.115 yuan [1]