依托铬盐产品需求的结构性变化和市场扩容机遇，振华股份有效产能充分释放，2025年上半年含铬业务 销量约14.7万吨(以重铬酸钠计)，同比提升约12%。其中二季度销量约7.8万吨，同比提升约16%，环比 提升约13%，再度刷新历史纪录。 近年来，振华股份围绕铬化学品产业链，延伸下游产品序列至精细化工领域，深度聚焦以高纯金属铬、 高端氧化铬绿、高纯铬鞣剂等产品的国产化研发及应用，正在逐步形成铬盐行业全产业链布局。公司高 度关注金属铬的下游应用拓展，尤其聚焦其在电力设备等新材料领域的规模化应用与市场潜力，目前已 与美国BE公司供应链上的企业建立了稳定的合作关系。 不仅如此，振华股份还积极尝试向动物营养、新型高效阻燃材料等领域拓展。2025年上半年，公司跟踪 铬系材料在新能源长时储能领域的机遇，湖北工厂自建的铁—铬液流储能电站一期装置，一期配置功率 250kW，容量1MWh，已实现稳定运行。 业绩方面，2025年前三季度，振华股份实现营收32.17亿元，同比增长7.47%；净利润4.1亿元，同比增 长12.56%。 2026年1月4日晚间，振华股份（603067）发布公告，拟发行可转换公司债券，募集资金总额不超过8. ...

Core Viewpoint - The company, Zhenhua Co., Ltd., has made significant progress in participating in the bankruptcy reorganization of Xinjiang Shenhong Group and six other companies, with its reorganization plan approved by the Turpan Intermediate People's Court [1][2]. Group 1: Bankruptcy Reorganization Progress - The Turpan Intermediate People's Court has accepted the bankruptcy liquidation case of Xinjiang Shenhong Group and appointed a management firm for the reorganization process [1]. - The company submitted a reorganization investment plan and signed a framework agreement to invest 200 million yuan, acquiring 100% equity of the target companies through this reorganization [1][2]. Group 2: Strategic Business Expansion - As the largest producer of chromium chemicals and vitamin K3 globally, the company aims to expand its business channels and promote the integration and upgrading of the chromium salt industry through this investment [2]. - The company is the sole investor in this reorganization case, leveraging its successful experience in industry mergers and acquisitions to enhance the operational potential of the target companies [2]. Group 3: Market Performance and Financials - In the third quarter, the company reported a net profit attributable to shareholders of 112 million yuan, a year-on-year decrease of 9.15% due to various market disruptions [4]. - The company has observed a recovery in metal market demand since September, leading to adjustments in product pricing, and is currently operating at full production capacity in the fourth quarter [4]. Group 4: Industry Trends - The chromium chemicals industry is expected to face ongoing consolidation opportunities, with leading manufacturers benefiting from economies of scale [4]. - The market fundamentals will be influenced by both traditional demand and the expansion of new material applications, while vertical integration among major manufacturers will drive global operations of domestic capacities [4].

Core Viewpoint - Hubei Zhenhua Chemical Co., Ltd. is actively participating in the public recruitment of investors for the bankruptcy reorganization of Xinjiang Shenhong Group and six other companies, aiming to expand its business channels and improve market share in the chromium salt industry [2][6]. Group 1: Company Involvement - The company has submitted a reorganization investment proposal for the bankruptcy case of Xinjiang Shenhong Group, which has been approved by the company's general manager's office without needing board or shareholder approval [2][5]. - The company has paid a registration deposit and signed a confidentiality agreement with the management, initiating due diligence on the seven companies involved [4][5]. - The company recognizes the historical significance of Xinjiang Shenhong Group in the chromium chemical industry and believes that participating in the reorganization could enhance its operational potential and capitalize on industry opportunities [6]. Group 2: Industry Context - The company is the largest producer of chromium chemicals and vitamins globally, and its participation in the reorganization aligns with the industry's trend towards consolidation and higher quality, environmentally friendly production [6]. - The chromium salt industry is expected to undergo structural changes, including mergers and acquisitions, technological advancements, and a shift towards greener practices, which the company aims to leverage through this investment [6].