由于东洲国际仍拥有一个8万吨级的油气泊位，完全可以满足目前油品和液体化工品的卸收需求，故改 造工程不会影响既有业务运作。 董事会相信，是次改造工程标志着本集团积极把握液化烃化工高速增长的新商机，推动东洲国际业务多 元化，提升竞争力，进一步巩固本集团在能源物流领域的强势地位。 汉思集团控股(00554)发布公告，兹提述本公司已获政府批准进行东洲国际码头(东洲石化库)改造工程及 相关须予披露交易事宜。该改造工程于本日，即2025年11月19日正式开工建设，预计于2026年6月底前 竣工，投产后每年将为本公司带来更高收益。 2025年6月，本公司附属公司东莞市东洲国际石化仓储有限公司(东洲国际)拥有的东洲石化库，获得东 莞市发展和改革局批准进行上述改造工程。该工程属于东洲石化库二期建设项目的一部分，计划将现有 的5万吨级油气泊位，改造为液化烃专用泊位，可处理低温丙烷、低温丁烷、低温乙烯、低温丙烯、常 温丙烷、常温丁烷、常温丙烯和液化石油气，年吞吐设计能力达到202万吨。由于液化烃码头在大湾区 属稀缺资源，市场需求强劲，卸收收亦远高于油品和液体化工品，预计工程竣工产产，将提升东洲国际 的业绩表现。 于项目获批同时，东 ...

Core Viewpoint - Hans Group Holdings (00554.HK) has received government approval for the renovation of Dongzhou International Terminal, which is expected to enhance the company's revenue significantly upon completion in mid-2026 [1] Company Summary - The renovation project officially commenced on November 19, 2025, and is anticipated to be completed by the end of June 2026 [1] - Dongzhou International, a subsidiary of the company, received approval from the Dongguan Development and Reform Bureau for the renovation, which is part of the second phase of the Dongzhou Petrochemical Terminal project [1] - The project aims to convert the existing 50,000-ton oil and gas berth into a dedicated liquefied hydrocarbon berth, capable of handling various low-temperature and normal-temperature hydrocarbons, with a designed annual throughput capacity of 2.02 million tons [1] Industry Summary - The liquefied hydrocarbon terminal is considered a scarce resource in the Greater Bay Area, indicating strong market demand [1] - The unloading capacity for liquefied hydrocarbons is expected to be significantly higher than that for oil products and liquid chemical products, suggesting a favorable market environment for the company's operations post-renovation [1]

Core Viewpoint - The company reported a decline in revenue and net profit for Q3, primarily due to weak demand in the downstream petrochemical industry, leading to lower rental rates and occupancy, while costs remained fixed [1][2]. Financial Performance - Q3 revenue was 285 million yuan, down 18.75% year-on-year but up 6.72% quarter-on-quarter [1]. - Q3 net profit attributable to shareholders was -25.93 million yuan, a year-on-year decline of 167.24% and a quarter-on-quarter increase of 21.79%, falling short of expectations [1]. - For the first three quarters of 2025, revenue reached 876 million yuan, down 19.46% year-on-year, with a net profit of -38.13 million yuan, a year-on-year decline of 122.27% [1]. Industry Context - The petrochemical industry remains weak, with fixed investments in chemical raw materials and products declining by 4.7%, 5.2%, and 5.6% from July to September [2]. - The Producer Price Index (PPI) for chemical raw materials and products also showed declines of 6.5%, 5.7%, and 5.2% year-on-year during the same period [2]. - Despite the weak environment, the company experienced a quarter-on-quarter improvement in gross margin and net profit margin [2]. Business Developments - The company announced the operation of 16 chemical warehouses in Changzhou, covering a total area of 33,500 square meters, enhancing its warehousing capabilities in the Yangtze River Delta [2]. - The total operational area of chemical warehouses increased to 158,800 square meters as of October 25 [2]. - Several business advancements were noted, including becoming a designated delivery warehouse for pure benzene at the Dalian Commodity Exchange [2]. Incentive Plans - The company announced a stock option incentive plan for 2025, granting 12.27 million stock options at a price of 11.55 yuan per share [3]. - The plan includes performance targets based on revenue and net profit growth from 2025 to 2027 [3]. Profit Forecast and Valuation - The company revised down its net profit forecasts for 2025-2027 by 76.75%, 28.78%, and 16.53%, respectively, due to the weak petrochemical industry [4]. - The target price was adjusted to 11.44 yuan, reflecting a price-to-book (PB) ratio of 1.9x for 2026, based on historical averages [4].

Investment Rating - The investment rating for the company has been downgraded to "Hold" [7] Core Views - The company reported a revenue of 285 million RMB in Q3, a year-over-year decrease of 18.75% and a quarter-over-quarter increase of 6.72%. The net profit attributable to the parent company was -25.93 million RMB, a year-over-year decline of 167.24% but a quarter-over-quarter increase of 21.79%, which was below expectations [1] - The petrochemical industry remains weak, impacting the company's profitability due to low rental rates and occupancy, while costs remain fixed [1][2] - The company is viewed positively as a leader in petrochemical storage with scarce assets and strong acquisition and operational capabilities, but short-term performance is constrained by low industry demand [1] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 876 million RMB, down 19.46% year-over-year, with a net profit of -38.13 million RMB, a decline of 122.27% year-over-year [1] - The gross margin for the company was reported at 35.6%, down 12.9 percentage points year-over-year but up 2.9 percentage points quarter-over-quarter [2] Business Developments - The company announced the operation of 16 chemical warehouses in Changzhou, increasing its total operational warehouse area to 158,800 square meters, enhancing its cluster effect in the Yangtze River Delta region [3] - The company has made progress in multiple business areas, including becoming a designated delivery warehouse for pure benzene at the Dalian Commodity Exchange [3] Incentives and Future Outlook - The company announced a stock option incentive plan for 2025, granting 12.27 million stock options at a price of 11.55 RMB per share, with performance targets set for revenue and net profit growth [4] - The profit forecast for 2025-2027 has been adjusted downwards, with net profit estimates of 4.1 million RMB, 18.2 million RMB, and 26 million RMB respectively, reflecting a compound annual growth rate of 18% [5] - The target price for the company is set at 11.44 RMB, based on a price-to-book ratio of 1.9x for 2026 [5]

Group 1 - The stock price of Hongchuan Wisdom closed at 12.15 yuan on August 25, 2025, down 0.57% from the previous trading day, with a trading volume of 116 million yuan [1] - Hongchuan Wisdom's main business is petrochemical storage services, providing tank leasing, terminal loading and unloading, and storage management services, located in Guangdong Province [1] - The controlling shareholder, Guangdong Hongchuan Group Co., Ltd., recently released a pledge of 13.04 million shares of the company [1] Group 2 - On August 25, the net outflow of main funds was 2.306 million yuan, while the net inflow of main funds over the past five days was 7.3672 million yuan [1]

東 洲 國 際 碼 頭 泊 位 改 造 工 程 獲 得 政 府 批 准 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份 內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 HANS GROUP HOLDINGS LIMITED 漢思集團控股有限公司 ( 於開曼群島註冊成立的有限公司 ) (股份代號: 00554) 自 願 公 告 董事會認為 ，是次改造工程獲得批准 ，標誌著本集團將捕捉液化烴化工快速發展的新商 機，使東洲國際的業務更加多元化，強化本集團的市場競爭力。 本公司股東及潛在投資者於買賣本公司股份 務請審慎行事。 本公告由漢思集團控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願刊 發。 董事會欣然宣布 ，於二零二五年六月，本集團就本公司子公司東莞市東洲國際石化倉儲 有限公司 （「東洲國際」）擁有的碼頭油氣泊位 （「東洲石化庫」）改造工程已經獲得東莞 市發展和改革局的批准。 是次碼頭改造工程 ，屬於東洲石化庫二 建設項目的一部分。改造工程內容是將東洲石 化庫目前裝卸油品及液體化工品 ...

Core Viewpoint - The company plans to apply for designated delivery warehouse qualifications for pure benzene at Dalian Commodity Exchange, which is expected to enhance customer trust and loyalty, promote the development of its pure benzene storage business, and further improve profitability and market competitiveness [1] Group 1 - The subsidiary companies, Changzhou Hongchuan Petrochemical Storage Co., Ltd. and Fujian Gangfeng Energy Co., Ltd., are involved in the application process [1] - The outcome of the application for pure benzene delivery warehouse qualifications is subject to the review results of the Dalian Commodity Exchange [1]

Group 1: Market Trends and Investment Opportunities - The report indicates a shift in foreign capital from net outflows to net inflows, with passive allocation foreign capital being the main contributor to this trend [1][2][3] - The construction industry is experiencing weak supply and demand, with a notable decline in real estate transaction volumes, particularly in new homes [2][3] - The FPSO market is expected to see a rise in both volume and price due to improved economic viability in deep-sea oil and gas development, with projected spending reaching $159.4 billion in 2025, a 28% year-on-year increase [7] Group 2: Company Performance and Financial Results - Huazhong Technology reported a total bond scale of 27.3 billion yuan and $700 million, with a focus on off-market repayment due to risk exposure [3] - The report highlights that Weilan Meishi has established a strong brand presence in the spicy snack sector, with a target price of HKD 19.96 based on a 32x PE ratio for 2025 [9] - Xinbao Co. achieved a revenue of 16.82 billion yuan in 2024, a 14.84% increase year-on-year, with a strong performance in Q1 2025 driven by export demand [10] Group 3: Sector-Specific Insights - The energy sector is witnessing increased investment demand for grid upgrades following a large-scale power outage in Spain, Portugal, and southern France, which may benefit companies like Siyi Electric and China West Electric [4] - The report notes that the steel industry is under pressure, with Baosteel's revenue declining by 6.6% in 2024, but the company is expected to benefit from supply-side optimization [22] - The report emphasizes that the semiconductor industry is facing challenges, with Zhuoshengwei's revenue dropping by 36.47% in Q1 2025, but there is potential for recovery with new product launches [20]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 9.70 [7][8]. Core Views - The company reported a revenue of RMB 1.45 billion for 2024, a decrease of 6.3% year-on-year, and a net profit attributable to shareholders of RMB 158.3 million, down 46.6% year-on-year, which was below expectations [1][4]. - The decline in profitability is primarily attributed to weak demand in the downstream petrochemical industry, leading to lower rental rates and occupancy for storage tanks and chemical warehouses [1][2]. - Despite the weak overall demand for petrochemical storage, the company expects a slight improvement in profitability in 2025 due to new project launches [1][4]. Summary by Sections Financial Performance - In 2024, the company's gross profit was RMB 720 million, a decline of 19.3% year-on-year, with a gross margin of 49.6%, down 8.0 percentage points [2]. - The gross profit from terminal tank services decreased by 21.1% year-on-year, while the gross profit from chemical warehouse services increased by 7.3% year-on-year [3]. Revenue and Profit Forecasts - The revenue growth rate for terminal tank services is projected to decline, while the gross margin is also expected to decrease due to weak demand [12][13]. - The net profit forecasts for 2025 and 2026 have been reduced by 47% and 38% respectively, to RMB 175.3 million and RMB 255.1 million [4][22]. Market Conditions - The report highlights significant uncertainty in the global macroeconomic environment due to tariffs, which may impact the demand for petrochemical storage [4]. - The company anticipates that the overall demand for petrochemical storage will remain weak, but new projects may provide some support for revenue [1][4].