11月26日，中盐化工盘中上涨2.05%，截至11:27，报8.46元/股，成交1.37亿元，换手率1.12%，总市值 124.05亿元。 资金流向方面，主力资金净流入557.67万元，特大单买入475.56万元，占比3.48%，卖出501.20万元，占 比3.67%；大单买入3168.43万元，占比23.17%，卖出2585.12万元，占比18.91%。 截至9月30日，中盐化工股东户数6.57万，较上期减少11.24%；人均流通股22309股，较上期增加 12.73%。2025年1月-9月，中盐化工实现营业收入87.73亿元，同比减少8.32%；归母净利润5783.48万 元，同比减少89.92%。 分红方面，中盐化工A股上市后累计派现23.64亿元。近三年，累计派现11.43亿元。 机构持仓方面，截止2025年9月30日，中盐化工十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股976.88万股，相比上期增加327.31万股。南方中证1000ETF（512100）位居第五大流通股 东，持股804.69万股，相比上期减少13.75万股。中欧盈选稳健6个月持有混合发起(FOF)A（017587） ...

Core Viewpoint - Sanxiang New Materials is a significant player in the zirconium-based industrial materials sector in China, with a strong market share in sponge zirconium and a focus on emerging application scenarios, showcasing notable technological and market advantages [1] Group 1: Business Performance - In Q3 2025, Sanxiang New Materials reported revenue of 858 million yuan, ranking 8th among 10 companies in the industry, with the top company, Zhongyan Chemical, achieving 8.773 billion yuan [2] - The revenue breakdown shows that zirconium series products generated 474 million yuan, accounting for 84.25% of total revenue, while casting modification materials contributed 62.7 million yuan (11.16%) [2] - The net profit for the same period was 77.33 million yuan, placing the company 7th in the industry, with the leading company, Su Yan Jingshen, reporting a net profit of 417 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 34.65%, higher than the industry average of 31.20% [3] - The gross profit margin for Q3 2025 was 24.29%, which, despite being lower than the previous year's 26.50%, remains above the industry average of 23.23% [3] Group 3: Management Compensation - The chairman, Xia Peng, received a salary of 800,100 yuan in 2024, an increase of 164,000 yuan from the previous year [4] - The general manager, Xia Ruiqi, saw his salary rise from 425,000 yuan in 2023 to 521,500 yuan in 2024 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.81% to 33,700, while the average number of shares held per shareholder decreased by 2.74% to 12,500 shares [5] - Notable changes in the top ten circulating shareholders include new entries from two funds, while Hong Kong Central Clearing Limited exited the list [5] Group 5: Market Position and Future Outlook - Sanxiang New Materials holds a market share of over 50% in sponge zirconium, with sales of nearly 1,400 tons in the first half of 2025, and is exploring new applications such as zirconium-based amorphous alloys for foldable screen hinges [6] - The company is also developing zirconium solid electrolyte projects, with small batch supplies of zirconium chloride to solid-state battery factories [6] - The industrialization of zirconium-hafnium separation technology commenced on August 1, 2025, which is expected to contribute significantly to future earnings [6] - Forecasts suggest that the company will achieve net profits of 140 million, 300 million, and 425 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.33, 0.71, and 1.00 yuan [6]