重要新闻 外交部、商务部表示，目前中美之间未进行任何经贸谈判。 2．据《华尔街日报》23日报道，美方高级官员透露，特朗普政府正考虑多种方案。第一种方案，对中国 商品征收的关税税率可能降至大约50%—65%。第二种方案则被称为"分级方案"，美方将把进口自中国的 商品分为所谓"对美国国家安全不构成威胁"和所谓"对美国国家利益具有战略意义"的商品。美媒称， 在"分级方案"里，美方将对前一类商品征收35%的关税，对第二类商品的关税税率至少为100%。白宫新闻 秘书莱维特称，特朗普在对华关税问题上的立场"没有软化"。 3．沪深北交易所发布2025年劳动节休市安排的通知，5月1日（星期四）至5月5日（星期一）休市，5月6 日（星期二）起照常开市。另外，4月27日（星期日）为周末休市。 4．2025年4月25日（周五），中国人民银行将以固定数量、利率招标、多重价位中标方式开展6000亿元 MLF操作，期限为1年期。 5．日前，海关总署会同中央网信办、外交部、国家发展改革委、公安部、财政部、生态环境部、交通运 输部、商务部等20个部门（单位），联合部署开展跨境贸易便利化专项行动。专项行动为期5个月，政策 举措涵盖货物贸易、数 ...

调研纪要：天赐材料表示，美国加征关税政策对公司直接影响较小，2024年直接销售至美国的产品收入 占总营收比例较低，约1%左右。公司在美国积极推动本土化产能建设，与Honeywell合作组建合资公 司，加速电解液及六氟磷酸锂在北美市场的规模化生产。2024年LIFSI在电解液中的添加比例约为 1.9%，其在快充电池电解液配方中的用量正在持续提升。PEEK材料处于产品中试验证阶段，主要应用 于电芯结构件改性材料。3月份公司发布5V体系电解液，具备高安全性能与稳定性能，正加快客户验 证。公司开发了硫化锂路线的固态电解质，处于中试阶段。公司已有钠离子电池电解液的解决方案和技 术储备，现有产线可实现材料体系的快速切换。磷酸铁产品拥有33万吨的前驱体磷酸铁产能，具备显著 的成本优势。磷酸铁三代产品处于客户验证阶段。未来几年，国内产能投放节奏将放缓，重心转向海外 市场。 根据市场公开信息及4月24日披露的机构调研信息，知名私募淡水泉近期对2家上市公司进行了调研，相 关名单如下： 1）天赐材料 （淡水泉(香港)投资管理有限公司参与公司业绩说明会） 淡水泉成立于 2007 年，是中国领先的私募证券基金管理人之一，专注于与中国相 ...

Group 1: Company Overview - Star Stone Investment Management Co., Ltd. is one of the top private equity investment fund management companies in China, established in 2007 [2] - The company has won numerous awards, including the "Morningstar China Hedge Fund Award" and the "China Private Equity Golden Bull Award" [2] - Star Stone focuses on long/short equity strategies and has a strong research team of 40 professionals [2] Group 2: Recent Company Research - Tianqi Materials reported that the impact of U.S. tariffs on its business is minimal, with only about 1% of total revenue coming from direct sales to the U.S. in 2024 [1] - The company is actively promoting local production capacity in the U.S. and has formed a joint venture with Honeywell to accelerate the production of electrolytes and lithium hexafluorophosphate in North America [1] - The company has developed a solid electrolyte based on lithium sulfide, which is currently in the pilot testing stage [1]

Financial Performance - The company reported a basic earnings per share of -0.0544 yuan for Q1 2025, a decrease of 69.47% compared to -0.0321 yuan in Q1 2024 [1] - The net profit for Q1 2025 was -0.15 billion yuan, reflecting a decline of 66.67% from -0.09 billion yuan in Q1 2024 [1] - Operating revenue decreased by 34.53% to 0.91 billion yuan in Q1 2025, down from 1.39 billion yuan in Q1 2024 [1] - The return on equity was -3.52% in Q1 2025, a significant drop of 94.48% compared to -1.81% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 50.373 million shares, accounting for 23.02% of the circulating shares, with a decrease of 4.8299 million shares from the previous period [1] - Notable shareholders include Jiang Yan with 21.3877 million shares (9.78%) and the single asset management plan with 14.3306 million shares (6.55%), both remaining unchanged [2] - New entrants among the top shareholders include Wang Qiyu with 2.1514 million shares (0.98%) and China Minsheng Bank's fund with 1.8425 million shares (0.84%) [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [4]

4月24日百傲化学发布2024年度分配预案，拟10转增4派6元（含税）。 证券时报·数据宝统计显示，公司今日公布了2024年报，共实现营业收入13.12亿元，同比增长23.09%， 实现净利润3.45亿元，同比增长5.14%，基本每股收益为0.68元，加权平均净资产收益率为20.51%。 截至发稿，共有2384家公司公布了2024年度分配方案，其中分配方案中包含送转的有222只，送转方案 公布当日股价上涨的有122只，涨停的有电工合金、美能能源、振邦智能等，方案公布后5日股价上涨的 有122只，累计涨幅居前的有星图测控、峆一药业、雷尔伟等，累计涨幅为37.05%、25.21%、23.16%。 （数据宝） 百傲化学上市以来分配方案概览 | 日期 | 每10股送转（股） | 每10股派现（元） | 净利润（万元） | 净利润同比（%） | | --- | --- | --- | --- | --- | | 2024.12.31 | 4.00 | 6.00 | 34525.64 | 5.14 | | 2023.12.31 | 4.00 | 6.00 | 32837.51 | -18.43 | | 2022.12.3 ...

Financial Performance - The company reported a basic earnings per share of 0.0811 yuan for 2024, a significant increase of 105.92% compared to a loss of 1.3690 yuan in 2023 [1] - The net profit for 2024 was 0.39 billion yuan, recovering from a loss of 6.62 billion yuan in 2023, marking a 105.89% improvement [1] - Operating revenue decreased by 4.54% to 64.69 billion yuan in 2024 from 67.77 billion yuan in 2023 [1] - The return on equity improved to 1.99% in 2024 from -29.43% in 2023, reflecting a recovery in profitability [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 25,214.44 million shares, accounting for 52.11% of the circulating shares, with an increase of 316.58 million shares compared to the previous period [2] - Poly Jiulian Holdings Group Co., Ltd. remains the largest shareholder with 14,347.81 million shares, representing 29.65% of total share capital [3] - New entrants to the top ten shareholders include Wang Yu with 400.00 million shares and Yu Zhanglin with 175.10 million shares [3] Dividend Policy - The company has decided not to distribute dividends or increase capital through share allocation [2]

基础化工/化学制品 金石资源（603505.SH） 2024 营收创新高，各项目进展较好，压力释放或重归增长 2025 年 04 月 24 日 投资评级：买入（维持） | 日期 | 2025/4/23 | | --- | --- | | 当前股价(元) | 22.84 | | 一年最高最低(元) | 36.08/21.25 | | 总市值(亿元) | 138.13 | | 流通市值(亿元) | 138.13 | | 总股本(亿股) | 6.05 | | 流通股本(亿股) | 6.05 | | 近 3 个月换手率(%) | 42.18 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 金石资源 沪深300 相关研究报告 《中期分红强化股东回报，Q4 萤石价 格有望大幅上涨—公司信息更新报 告》-2024.10.29 《2024H1 业绩创历史同期新高，持续 回购彰显信心—公司信息更新报告》 -2024.8.10 ——公司信息更新报告 | 金益腾（分析师） 毕挥（分析师） 李思佳（联系人） | | --- | | jinyiteng@kyse ...

A股PEEK材料概念股盘初走高，中欣氟材涨停，新瀚新材涨超9%，南京聚隆、中研股份、富恒新材跟 涨。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [7] Core Views - The company reported a significant increase in Q1 2025 profits, with revenue reaching 304 million yuan, up 17.31% year-on-year, and net profit attributable to shareholders at 18 million yuan, up 94.26% year-on-year [1] - The growth in profits is primarily attributed to a substantial increase in sales volume of civil explosive materials compared to the same period last year [1] - The company is expected to benefit from the high economic activity in the western region, particularly in Tibet, and the earnings forecast for 2025-2027 has been revised upwards [1] Financial Performance - In Q1 2025, the company's gross margin was 23.65%, an increase of 0.80 percentage points year-on-year, while the net profit margin reached 3.48%, up 2.8 percentage points year-on-year [2] - The cash flow from operations (CFO) saw a dramatic increase of 1198.65% year-on-year, amounting to 94 million yuan, driven by higher sales collections [2] - The company’s revenue for 2025 is projected to be 2.12 billion yuan, with a growth rate of 25.56% [5] Industry Outlook - The overall performance of the national civil explosive industry is stable, with a slight increase in industrial explosive production and a notable growth in the Tibet region, where production value increased by 17.9% year-on-year [3] - Major projects in water conservancy, mining, and railways are progressing, which is expected to accelerate the company's performance [3] - The report highlights the ongoing construction of significant projects such as the Yarlung Tsangpo River hydropower project and the expansion of major mining operations in Tibet [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company's probiotic business shows steady growth, with a remarkable revenue performance in Q1 2025 [8] - The company reported a slight decline in 2024 performance but anticipates accelerated revenue growth in 2025 due to strategic transformations and new customer acquisitions [8] Financial Summary - Total revenue for 2024 is projected at 303 million, with a year-on-year growth of 1.19% [8] - Net profit attributable to shareholders for 2024 is expected to be 94.36 million, reflecting a year-on-year increase of 0.94% [8] - The company forecasts a significant revenue increase in 2025, with total revenue expected to reach 434.57 million, representing a year-on-year growth of 43.52% [8] - The earnings per share (EPS) for 2024 is estimated at 0.36 yuan, with projections of 0.47 yuan for 2025 [8] - The price-to-earnings (P/E) ratio is expected to decrease from 40.27 in 2024 to 30.55 in 2025 [8] Business Performance - The probiotic business is expected to maintain a strong growth momentum, with a projected revenue increase of 26% in Q1 2025 [8] - The animal and plant micro-ecological preparation business is anticipated to see a significant growth of over 200% year-on-year in Q1 2025 due to new factory production [8] - The company is optimizing its product structure, which has positively impacted its gross margin, although the animal and plant business has slightly dragged down profitability in Q1 2025 [8]