8月25日晚间，九江善水科技（301190）股份有限公司（以下简称"善水科技"）披露2025年半年度报。 善水科技上半年实现营业收入3.05亿元，同比增长23.08%；归属于上市公司股东的净利润4777.67万 元。 细分领域市占率居前 善水科技主要经营染料中间体、农药和医药中间体的研发、生产和销售业务。 上半年，中国精细化工领域总体好于基础化工，部分子行业受益于国内消费改善和环保趋严实现景气回 升，染料行业成为精细化工领域的一大亮点。 "今年上半年，染料中间体如6-硝体等产品价格大幅上涨，主要是受到环保政策的实施导致供给侧收 缩，同时传统印染旺季的需求也成为价格上涨的推动力。"福建华策品牌定位咨询创始人詹军豪表示。 农用化学品方面，受全球农产品价格回调影响，农药出口价格同比略降，但数量保持增长。近年来，农 药市场需求稳定增长，特别是在全球粮食安全形势严峻的背景下，农药作为保障粮食生产的重要手段， 其需求量将进一步增加。同时，随着农业生产方式的转变和消费者对农产品品质要求的提高，市场对高 效、低毒、环保型农药的需求也在不断增加。 行业的景气回升带动善水科技营业收入大幅增长。值得一提的是，染料行业一旦进入了下游 ...

Core Viewpoint - The company has completed the construction of the "Disperse Dye Intermediate Construction Project" and plans to permanently supplement its working capital with surplus funds amounting to 154.4238 million yuan from the project [1][3]. Summary of Fundraising Project Completion - As of May 31, 2025, the actual production capacity of the "Disperse Dye Intermediate Construction Project" reached 29,573 tons per year, which is 90.79% of the designed capacity of 32,573 tons per year [1][2]. - The decision to halt investment in the production line for 2,4-dinitroaniline was made due to a decline in market prices, making the economic viability of in-house production unfavorable [1][2]. Equipment Investment and Cost Savings - The project successfully completed equipment investment, with a total of 1,213 units of the allylbenzene production line at a cost of 58.2112 million yuan [2]. - The company opted for domestic equipment instead of imported ones, resulting in significant cost savings while ensuring project completion and product quality [3]. Surplus Fund Utilization - The net interest and investment income from the surplus funds amounted to 19.6473 million yuan, representing 8.62% of the total committed investment for the project [3]. - The company will use the surplus funds for daily operations and business development [1][3].

Group 1: Performance and Strategy - The company will focus on its core business and accelerate technological innovation to drive growth in 2025 [2] - Key strategies include enhancing profitability, ensuring steady performance growth, and improving communication with investors [3] Group 2: Market Position and Capacity - The company currently has sufficient capacity to meet market demand for dye intermediates, with some production lines already in operation [3] - Ongoing expansion projects are being actively promoted to increase production capacity [3] Group 3: Shareholder Engagement and Value Management - The company has repurchased a total of 9,285,618 shares as part of its value management efforts [3] - Future plans include maintaining strong operational performance and enhancing intrinsic value to improve market recognition [3] Group 4: Financial Management and Risk - The company is in communication with trust institutions regarding the recovery of financial investments and reserves the right to pursue legal action if necessary [4] - Investors are advised to remain aware of investment risks related to forward-looking statements made during the communication activities [4]