登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002492 证券简称：恒基达鑫 公告编号：2026-006 珠海恒基达鑫国际化工仓储股份 有限公司关于公司控股股东部分股份 一、控股股东股份质押基本情况 1.本次解除质押基本情况 ■ 2.控股股东股份累计质押基本情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： ■ 注："未质押股份限售和冻结数量"中的限售股份为高管锁定股。 解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 近日，珠海恒基达鑫国际化工仓储股份有限公司（以下简称"公司"）接到控股股东珠海实友化工有限公 司（以下简称"珠海实友"）的通知，珠海实友所持有公司的部分股份解除质押，具体情况如下： 二、其他情况说明 截至本公告披露日，珠海实友资信情况、财务状况良好，具备相应的偿还能力，其质押的股份不存在平 仓或被强制过户的风险，不存在负有重大资产重组等业绩补偿义务的情形。 公司将持续关注珠海实友股票质押式回购交易事宜的后续进展情况，并根据相关规定及时履行信息披露 义务。 三、备查文件 《中国证券登记结算有限责任公司 ...

Group 1: Company Overview - The report focuses on Dengkang Oral Care (001328.SZ), a state-owned enterprise established in 2001, primarily producing oral hygiene products such as toothpaste, toothbrushes, and mouthwash [4] - The company aims to double its revenue and profit during the "14th Five-Year Plan" period, with a compound annual growth rate (CAGR) of 10.6% for revenue and 20.6% for net profit from 2019 to 2024 [4] - Adult toothpaste constitutes approximately 80% of the company's revenue, which is the main driver of recent growth [4] Group 2: Industry Analysis - The toothpaste market in China is the largest segment of the oral care industry, with a market size of approximately 30 billion yuan in 2023 [5] - The market is characterized by intense competition, with established brands dominating offline channels, while new brands are emerging in the e-commerce space [5] - Price sensitivity among consumers is low, and there has been a gradual increase in toothpaste prices since 2013, with a shift towards higher-priced functional products [5] Group 3: Competitive Advantages - Dengkang Oral Care has established competitive barriers through brand strength, research and development capabilities, and distribution channels [6] - The brand "Ling Suan Ling" has maintained vitality and is undergoing a transformation towards professionalization and modernization [6] - The company has a strong offline distribution network and is rapidly expanding its online presence, with e-commerce revenue expected to grow by 52% year-on-year in 2024 [6] Group 4: Growth Potential - There is significant room for product structure optimization, with the company introducing high-end products that enhance its product range [7] - The average factory price of products has increased from 2.63 yuan/100g to 3.30 yuan/100g from 2019 to 2024, reflecting a CAGR of 4.6% [7] - The company has successfully implemented a mature strategy for its flagship products on platforms like Douyin, indicating strong consumer demand and brand recognition [7] Group 5: Market Expansion Opportunities - The company is expanding into the whitening and gum care segments, which have larger market sizes compared to sensitivity products, with potential revenue increases of 3.9 billion yuan and 4.76 billion yuan, respectively [8] - The market for gum care and whitening toothpaste is estimated at 8.523 billion yuan and 7.061 billion yuan, respectively, indicating substantial growth opportunities [8] Group 6: Financial Forecast and Valuation - Revenue projections for Dengkang Oral Care are estimated to reach 1.747 billion yuan, 2.105 billion yuan, and 2.506 billion yuan for 2025-2027, with net profits expected to be 177 million yuan, 221 million yuan, and 271 million yuan for the same period [9] - The price-to-earnings (PE) ratios are projected to be 42X, 33X, and 27X for 2025-2027, reflecting the company's growing brand influence and successful product optimization [9]

本篇报告解决了以下核心问题：介绍化工仓储行业的商业模式以及行业特性；介绍宏川智慧业务基本情 况并展望未来机会。 盈利预测和投资评级：我们预计公司2025～2027 年营收分别实现11.31、15.04、15.82 亿元，同比增速 分别为-21.98%、32.96%、5.17%，归母净利润分别实现-4.46、1.89、2.66 亿元，2027 年同比增速为 40.73%。基于2026 年2 月11 日收盘价，2026～2027 年对应PE 分别为31.1、22.1 倍，PB（LF）为2.5 倍。公司为化工仓储行业头部企业，若行业景气度回温或释放业绩弹性，首次覆盖给予"增持"评级。 风险提示：出租率不及预期；并购推进不及预期；商誉减值风险；服务能力市场竞争力不及预期；需求 复苏不及预期。 经营优势强化客户粘性，静待需求复苏。公司通过"服务能力+交割库资质"强化客户粘性：自有码头与 储罐容量匹配提升装卸与周转效率，2025H1 运营码头14 座；依托多地库区提供通存通兑，降低客户综 合物流成本；化工仓库以甲/乙类库为主，并取得甲醇、乙二醇、苯乙烯等指定交割库资格，提升信任 与竞争力。景气阶段性承压下出租率自2022 ...

Performance Forecast - The company expects a negative net profit for the fiscal year 2025, covering the period from January 1, 2025, to December 31, 2025 [1] Communication with Auditors - The company has communicated with its accounting firm regarding the performance forecast, and there are no significant disagreements between the two parties [2] Reasons for Performance Changes - The company's main business operations remain stable, with consistent revenue; however, overdue receivables in the commercial factoring business have impacted net profit, which is expected to change compared to the previous year [3] - The company has conducted a comprehensive review and impairment testing of various assets, resulting in a total impairment provision and credit loss of 170.34 million yuan, with specific provisions for related party receivables amounting to 58.11 million yuan and for non-related party receivables amounting to 124.41 million yuan [3] - The company has implemented special measures to recover overdue amounts, with an estimated recoverable amount of 630.61 million yuan from impaired assets [3] - The credit loss provisions do not significantly affect the company's operating cash flow, which is sufficient to cover losses and maintain normal business operations [3] Impairment Provision Details - The company has conducted impairment testing on receivables, notes receivable, and other receivables as of December 31, 2025, in accordance with accounting standards [9] - The total impairment provision for the fiscal year 2025 amounts to 170.34 million yuan, which will reduce the profit before tax for the year by the same amount and decrease the net profit attributable to shareholders by 147.07 million yuan [17]

■ 特此公告。 珠海恒基达鑫国际化工仓储股份有限公司董事会 登录新浪财经APP 搜索【信披】查看更多考评等级 控股股东珠海实友化工有限公司保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 珠海恒基达鑫国际化工仓储股份有限公司（以下简称"公司"或"本公司"）于2026年1月6日收到控股股东 珠海实友化工有限公司（以下简称"珠海实友"）的《关于减持珠海恒基达鑫国际化工仓储股份有限公司 股份触及1%的整数倍的告知函》，珠海实友自2025年12月31 日至2026年1月5日期间通过集中竞价交易 的方式合计减持公司股份 700,000股，本次减持股份的股份来源为珠海实友通过二级市场集中竞价交易 方式增持的本公司股份。本次权益变动后，珠海实友合计持有公司股份16,568.43万股，占公司总股本比 例由41.08%降至40.91%，本次变动触及1%的整数倍。现将具体情况公告如下： 二〇二六年一月七日 ...

Group 1 - The company held its 19th meeting of the 6th Board of Directors on December 28, 2025, via communication voting, with all 7 directors participating [2][3] - The board approved the proposal for expected daily related party transactions for 2026, with a total estimated transaction amount of 22 million RMB [3][31] - The board also approved the convening of the company's first extraordinary general meeting of shareholders for 2026, scheduled for January 14, 2026 [5][9] Group 2 - The expected daily related party transactions involve providing warehousing, loading and unloading services, and supply chain management or commercial factoring services to Zhuhai Shiyou Chemical Co., Ltd. [31] - The related party, Zhuhai Shiyou, holds a 41.08% stake in the company, which qualifies as a related party under the Shenzhen Stock Exchange's regulations [35][36] - The independent directors concluded that the proposed transactions are necessary for the company's normal operations, with fair pricing and no harm to the interests of shareholders, especially minority shareholders [37]

Market Overview - As of November 27, 2025, the number of projects in China's inquiry transfer market reached 163, a 140% increase compared to the entire year of 2024[4] - The transfer scale reached 84.445 billion yuan, which is 380% higher than the total for 2024[4] - The average discount rate for inquiry transfers in 2025 is approximately 84.34%, significantly lower than the 87.2% for private placements[15] Supply and Demand Dynamics - The inquiry transfer mechanism was officially implemented on the ChiNext board in May 2024, leading to a surge in transfer announcements, with 69 recorded in 2025, accounting for 42.33% of the total[4][24] - The inquiry transfer market has seen a compound annual growth rate (CAGR) of 100.74% in project numbers from 2020 to 2025, and a CAGR of 84.68% in transfer scale[20] Investment Characteristics - Inquiry transfers have a shorter registration time of about one week compared to 3 weeks to 1 month for regular private placements, reducing capital occupation time by 2-3 weeks[14] - The inquiry transfer mechanism allows for a more flexible exit strategy for early investors, providing a low-disturbance path for orderly exits, which is crucial in a market with scarce quality assets[18][29] Market Performance - In the week of December 6 to December 12, 2025, the A-share market saw a general increase, with the ChiNext index rising by 2.74%[31] - The CPO index experienced the highest weekly increase of 14.26%, with a year-to-date increase of 183.30%[34] Key Recommendations - Focus on sectors such as smart vehicles (e.g., Hu Guang Co., Rui Hu Mould, Xin Quan Co., and Xin Dong Lian Ke) and high-end manufacturing (e.g., Ao Pu Te, Qing Niao Fire Protection, and Lei Te Optoelectronics) for potential investment opportunities[36]

人民财讯12月8日电，苏豪时尚(600287)12月8日公告，公司拟与间接控股股东苏豪控股集团进行资产置 换，拟置入资产为苏豪控股集团持有的苏豪中嘉54%股权；拟置出资产为公司持有的化工仓储100%股 权、锦泰期货2.27%股权。根据初步研究和测算，本次交易预计构成重大资产重组。根据间接控股股东 消除同业竞争的承诺，公司未来将专注于以服装相关业务为主。此次公司以存量资产换入具有较强盈利 能力以及与公司未来发展具有协同效应的股权资产，将进一步优化资产结构和提升资产盈利能力，加快 公司服装业务板块发展。 转自：证券时报 ...

Investment Rating - The investment rating for the company is maintained as "Accumulate" [4] Core Views - The company's net profit attributable to shareholders decreased by 167% year-on-year in Q3 2025, with a total revenue of 880 million yuan for the first three quarters of 2025, representing a decline of 19.5% [1] - The gross margin for Q3 2025 was 35.6%, down 12.9 percentage points year-on-year, with a net profit margin of -7.1% [2] - The company is actively pursuing high-quality asset acquisitions and has implemented stock option incentives to demonstrate long-term confidence [2][3] Financial Performance Summary - In Q3 2025, the company reported a revenue of 285 million yuan, a decrease of 18.75% year-on-year, and a net profit of -30 million yuan, marking a shift from profit to loss [1] - For the first three quarters of 2025, the operating cash flow net amount was 560 million yuan, down 22.66% year-on-year, indicating relatively stable cash flow performance [1] - The company’s investment income decreased by 43.90% to 15.58 million yuan due to declining profits from joint ventures and associates [2] Profit Forecast - The company is expected to see net profits attributable to shareholders of 35 million yuan, 116 million yuan, and 226 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 144.0, 43.2, and 22.3 [4]

Core Viewpoint - The company, Hongchuan Zhihui, emphasizes its commitment to compliance and operational efficiency in its "通存通兑" (cross-storage and exchange) business, which aims to enhance customer loyalty by reducing logistics costs and improving operational efficiency [2]. Group 1: Business Operations - The "通存通兑" service is a value-added service that leverages the company's extensive warehousing network and inventory to provide customers with standardized chemical products for off-site storage [2]. - The service primarily targets standardized products such as methanol and ethylene glycol, ensuring consistency in quality and quantity for customers [2]. Group 2: Compliance and Management - The company has a mature and comprehensive operational management system, supported by a capable management team with strong operational skills [2]. - Hongchuan Zhihui operates in strict accordance with national laws and industry regulations, ensuring compliance in its business practices [2].