该公司高度重视科技研发，公司设立研发中心，斩获36项实用新型专利。芳烃分离萃取精馏、费托合成 副产物资源化利用等核心技术，让企业在行业中占据优势。同时，通过物联网、云计算等技术构建双重 预防体系，推动智能化、绿色化生产，实现经济效益与生态效益双赢。如今，企业已成为西北地区唯一 酯化企业，拥有全国最大单套醋酸酯加工装置，更是西北冰醋酸贸易集散中心、乙醇综合利用发展基地 和醋酸酯生产基地，在精细化工与资源循环领域发挥着重要影响力。未来，公司将围绕"延链、补链、 强链"战略持续发力，通过危废综合利用与衍生品深加工完善"醇、苯、酯"循环产业链，力争形成年产 30万吨酯化产品加工能力。 "你说的那个产品新配方，试验效果咋样？""多亏车间工友一起琢磨，效果出乎意料的好。"清晨的宁夏 睿源精细化工有限公司（简称"宁夏睿源"）职工小餐厅里，食物香气弥漫开来。职工刘学鹏端着一碗热 腾腾的拉面，和技术员胡伟童相对而坐，桌上两杯八宝茶冒着热气，你一言我一语间，既有技术难题的 探讨，也有生活趣事的分享。 在这里，一碗拉面、一杯八宝茶，成了各族职工增进感情的纽带，让"各民族像石榴籽一样紧紧抱在一 起"的理念在潜移默化中，深入人心。 这 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's Q3 performance met expectations, with a slight narrowing of price differentials during the traditional off-season, and asset impairment is expected to ease in the future [6] - The company reported a total revenue of 21.918 billion yuan for the first three quarters of 2025, with a year-on-year growth of 1.6%, and a net profit attributable to shareholders of 1.023 billion yuan, down 35% year-on-year [6] - The company is progressing well with its ongoing projects, which supports significant long-term development potential [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 30.78 billion yuan, with a year-on-year growth rate of 3.4% [5] - The net profit attributable to shareholders for 2025 is projected to be 1.499 billion yuan, a decrease of 26.1% year-on-year [5] - The company’s gross margin is expected to be 13.8% in 2025, with a return on equity (ROE) of 7.5% [5] - The company has adjusted its 2025 profit forecast downwards due to asset impairment, now expecting a net profit of 1.499 billion yuan compared to the previous estimate of 1.914 billion yuan [6]

三、主要原材料的价格变动情况 证券代码：600623 900909 股票简称：华谊集团 华谊 B 股 编号：2025-054 上海华谊集团股份有限公司 2025 年三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海华谊集团股份有限公司（以下简称"公司"）根据上海证券交易所上市 公司自律监管指引第 3 号——行业信息披露》及其《上市公司行业信息披露第十 三号——化工》要求，现将 2025 年三季度主要经营数据（未经审计）披露如下： 二、主要产品的价格情况 | 主要产品 | 单位 | 2025 年 1-9 月 | | --- | --- | --- | | | | 平均售价 | | 甲醇、醋酸及酯 | 元/吨 | 2,357.99 | | 工业气体 | 元/千立方米 | 1,032.37 | | 丙烯及下游产品 | 元/吨 | 6,707.40 | | 涂料及树脂 | 元/吨 | 25,142.97 | | 轮胎 | 元/条 | 644.58 | | 含氟材料 | 元/吨 | 36,101.36 | 特此 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's performance is generally in line with expectations, with a slight decline in net profit due to market pressures and inventory impairment [6] - The company is experiencing a gradual bottoming out of product demand, with some product prices improving while others remain under pressure [6] - Cost relief from raw materials has somewhat mitigated the impact of declining product prices, although gross margins have still decreased [6] - Ongoing project developments are expected to support long-term growth, with several new projects scheduled for completion in the coming years [6] - The profit forecast for 2025 has been adjusted downwards due to supply chain pressures and trade disruptions, with expected net profit of 1.914 billion [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 30.78 billion, with a year-on-year growth rate of 3.4% [5] - The net profit attributable to the parent company is expected to be 1.914 billion, reflecting a decrease of 5.6% year-on-year [5] - Earnings per share are forecasted to be 1.00 yuan for 2025, with a projected PE ratio of 14 [5] - The gross margin is expected to be 13.8% in 2025, showing a slight recovery from previous periods [5] - The company’s return on equity (ROE) is projected to be 9.3% for 2025 [5]

上海华谊集团股份有限公司 2025 年半年度主要经营数据公告 证券代码：600623 900909 股票简称：华谊集团 华谊 B 股 编号：2025-049 | 主要原料 | 单位 | 2025 年 1-6 月 | | --- | --- | --- | | | | 价格变动情况 | | 化工煤 | 元/吨 | 739-969 | | 动力煤 | 元/吨 | 578-745 | | 乙醇 | 元/吨 | 4630-4982 | | 丙烷 | 元/吨 | 3903-4944 | | 天然胶 | 元/吨 | 12451-17970 | | 合成胶 | 元/吨 | 8616-13805 | | 丙烯 | 元/吨 | 5631-6699 | | 丁醇 | 元/吨 | 5065-6752 | | 萤石 | 元/吨 | 2955-3629 | 三、主要原材料的价格变动情况 四、报告期内无其他对公司生产经营具有重大影响的事项。 特此公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海华谊集团股份有限公司（以下简称"公司"）根据上海证券 ...

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - The national propylene market price fluctuated slightly this period, with the Shandong market price at 6,205 yuan/ton as of Friday, down 35 yuan/ton from the previous Friday, and further dropping over the weekend [1][5]. - The cost side was volatile this period. Crude oil had significant fluctuations with mixed factors; propane FEI rose slightly during the week but overall showed a weak oscillation, and the far - month 0102 is a relatively peak season for propane; methanol and coal prices declined after the policy sentiment faded. Overall, cost disturbances increased [5]. - The supply side remained relatively loose this week. The operation rate of major refineries was at a high level, the load of local refineries increased, the operation rate of MTO units remained stable, and the operation rate of PDH decreased slightly due to the maintenance of some units [5]. - On the demand side, there were not many changes overall. The production of PP pellets remained at a high level, the operation rate of PP powder increased compared to before, the operation rate of propylene oxide increased due to improved profits, the operation rate of butanol increased due to the resumption of production at CNOOC Shell, and other downstream sectors had little change. In addition, in the Shandong region, due to the maintenance of some units, the supply decreased this period, while the demand increased slightly due to the resumption or increased load of some units, and the supply - demand gap decreased [5]. 3. Summary According to Relevant Catalogs 3.1 Price and Profit Data - **Upstream Prices**: Brent crude oil closed at $69.52, down $2.26 from the previous day and up $1.13 from the previous week; WTI crude oil closed at $67.26, down $2.1 from the previous day and up $2.19 from the previous week. Other upstream prices such as MOPJ, NWE NAP, etc., also had corresponding changes [8]. - **Mid - stream Prices**: FOB Korea was at $730, CFR China was at $765, etc. The prices in different regions in China, such as East China, Shandong, etc., also showed certain fluctuations [8]. - **Downstream Prices**: The price of propylene oxide increased by 550 yuan/ton compared to the previous week, and the prices of other downstream products such as PP pellets, PP powder, etc., also had corresponding changes [1][3]. - **Profits**: The profit of major refineries was 976.96 yuan/ton, and the profit of local refineries was 225.17 yuan/ton. The profits of different production processes such as MTO, PDH, etc., also had different degrees of change [8][10]. 3.2 Domestic Supply and Demand Situation - **Supply**: The overall operation rate of propylene was 72.97% (- 0.86%), and the production was 1.1636 million tons (- 7,700 tons). The operation rate of major refineries was 81.55% (0.34%), the operation rate of independent refineries was 48.20% (+ 0.04%), the operation rate of steam cracking was 83.08% (+ 2.9%), the operation rate of PDH was 73.58% (- 1.72%), and the operation rate of MTO was 85.27% (+ 0.32%) [2]. - **Demand**: The operation rate of PP pellets was 76.94% (- 0.03%), and the production was 773,300 tons (- 300 tons); the operation rate of PP powder was 36.04% (- 2.95%), and the production was 65,000 tons (- 5,300 tons); the operation rate of propylene oxide was 72.87% (- 0.44%), and the production was 118,800 tons (- 700 tons). The operation rate of butanol increased to 96.29% (+ 8.63%) [3]. - **Inventory**: The in - plant inventory of propylene was 33,600 tons (+ 1,800 tons), and the inventory was generally moderately high [3]. - **Import and Export**: The price difference between China and South Korea has slightly narrowed recently but still remains open. South Korea had relatively more maintenance in July, and it is expected that the domestic imports will decrease slightly in July [4]. 3.3 Shandong Balance Sheet - The supply in the Shandong region decreased this week, and the demand increased. Dongming Petrochemical carried out maintenance on July 29, including 96,000 tons of MDH and 100,000 tons of catalytic cracking units; Jinhai's 210,000 - ton light hydrocarbon cracking unit was under maintenance on July 29, reducing the external supply. On the demand side, Dongming's 200,000 - ton PP unit was under maintenance, Jinneng's 450,000 - ton 3PP unit resumed production, and some units such as CNOOC Fine Chemical and Jinling Chemical increased their propylene oxide load slightly [6][8]. 3.4 Domestic Supply and Demand Conditions - **Upstream Operation**: The operation rate of major refineries was 81.55%, up 0.34% from the previous week; the operation rate of local refineries was 48.2%, up 0.04% from the previous week. The operation rates of different production processes such as naphtha cracking, MTO, etc., also had corresponding changes [38]. - **Mid - stream Propylene**: Propylene production was 1.1636 million tons, down 13,800 tons from the previous week; the operation rate was 72.97%, down 0.86% from the previous week; the in - plant inventory was 33,600 tons, up 1,800 tons from the previous week [38]. - **Downstream Products**: The production and operation rates of downstream products such as PP pellets, PP powder, propylene oxide, etc., also had corresponding changes. For example, the production of PP pellets was 773,300 tons, down 300 tons from the previous week; the operation rate was 76.94%, down 0.03% from the previous week [38]. 3.5 Device Maintenance Situation - **MTO**: Many MTO units such as Cornell Chemical, Changzhou Changde, etc., are in a long - term shutdown or maintenance state [40]. - **PDH**: Many PDH units such as Hebei Haiwei, Jiangsu Sierbang 2, etc., are in a shutdown, maintenance, or planned maintenance state [41]. 3.6 Supply and Demand in South Korea and Japan - **South Korea**: South Korea's propylene production, domestic trade, and inventory all showed certain seasonal characteristics. It is expected that the production will decrease slightly in July and increase after the resumption of production in August [4][165][166]. - **Japan**: Japan's propylene production, sales, and inventory also showed certain seasonal characteristics [170].

Core Viewpoint - The SynBioCon 2025 conference will focus on the integration of AI with biomanufacturing, green chemicals and new materials, future food, and future agriculture, aiming to explore the development trends of the biomanufacturing industry during the 14th Five-Year Plan period [1]. Group 1: Conference Overview - The conference will be held from August 20-22, 2025, in Ningbo, Zhejiang [1]. - It aims to promote the transfer and transformation of scientific and technological achievements, product scaling, and talent acquisition in the biomanufacturing sector [1]. Group 2: Organizers and Support Units - Organized by Ningbo Detaizhongyan Information Technology Co., Ltd. (DT New Materials) and co-organized by several academic and research institutions [2]. - Supported by various associations and alliances, including the Chinese Society of Biotechnology and the Zhejiang Synthetic Biology Industry Technology Alliance [2]. Group 3: Expert Guests - Notable experts include Zhang Xian'en, Dean of the School of Synthetic Biology at Shenzhen University, and other prominent figures from various universities and research institutes [4][5][6][7][10][12][14][18][20][22][30][32]. - The conference will feature presentations on topics such as the construction of efficient cell factories for aromatic compounds and the biomanufacturing of polyamide materials [8][11][23][31]. Group 4: Conference Agenda - The agenda includes a series of forums and discussions on topics like green chemicals, AI in biomanufacturing, and future food and agriculture [36][37]. - Activities will include a high-level roundtable on biomanufacturing and a youth forum to showcase innovative achievements in the field [36].

Core Viewpoint - The SynBioCon 2025 conference will focus on the integration of AI with biomanufacturing, green chemicals and new materials, future food, and future agriculture, aiming to explore the development trends of the biomanufacturing industry during the 14th Five-Year Plan period [1]. Organizers and Support Units - The conference is organized by Ningbo Detaizhong Research Information Technology Co., Ltd. and supported by various institutions including Peking University Ningbo Institute of Ocean Medicine and the China Society of Biotechnology [2]. Expert Guests - Notable experts include Zhang Xian'en, Dean of the School of Synthetic Biology at Shenzhen University, and other prominent figures from various universities and research institutes who will share insights on biomanufacturing innovations [4][5][6][7]. Conference Agenda - The event will feature a series of forums and discussions, including a high-level roundtable on biomanufacturing, thematic forums on green chemicals and new materials, AI in biomanufacturing, and future food and agriculture [36][37]. Key Topics of Discussion - Topics will cover the construction of efficient cell factories for aromatic compounds, biomanufacturing of polyamide materials, and advancements in enzyme engineering for low-carbon biomanufacturing [8][11][27]. Networking and Collaboration - The conference aims to facilitate technology transfer, product scaling, and talent acquisition within the biomanufacturing sector, promoting collaboration among industry leaders, researchers, and government entities [1]. Event Details - The conference will take place from August 20 to 22, 2025, in Ningbo, Zhejiang, featuring registration, networking opportunities, and a showcase of technological achievements in biomanufacturing [1][36].

Core Viewpoint - The SynBioCon 2025 conference will focus on the integration of AI with biomanufacturing, green chemicals and new materials, future food, and future agriculture, aiming to explore the development trends of the biomanufacturing industry during the 14th Five-Year Plan period [1]. Group 1: Conference Overview - The conference will take place from August 20 to 22, 2025, in Ningbo, Zhejiang [1]. - It aims to promote the transfer and transformation of scientific and technological achievements, product scaling, and talent acquisition in the biomanufacturing sector [1]. Group 2: Organizers and Support Units - Organized by Ningbo Detaizhong Research Information Technology Co., Ltd. (DT New Materials) and co-organized by several academic and research institutions [2]. - Supported by various associations and alliances, including the Chinese Society of Biotechnology and the Zhejiang Synthetic Biology Industry Technology Alliance [2]. Group 3: Expert Guests - Notable experts include Zhang Xian'en, Dean of the School of Synthetic Biology at Shenzhen University of Technology, and other prominent figures in the field of biomanufacturing [4][5][6]. - The conference will feature presentations from experts on topics such as the construction of efficient cell factories and the biomanufacturing of key industrial monomers [8][11][30]. Group 4: Conference Agenda - The agenda includes a series of forums and discussions on topics like green chemicals, AI in biomanufacturing, and future food and agriculture [36][37]. - Activities will include a high-level roundtable on biomanufacturing and a youth forum to showcase innovative achievements in the industry [36].

Core Viewpoint - The SynBioCon 2025 conference will focus on the integration of AI with biomanufacturing, green chemicals and new materials, future food, and future agriculture, aiming to explore the development trends of the biomanufacturing industry during the 14th Five-Year Plan period [1]. Group 1: Conference Overview - The conference will take place from August 20 to 22, 2025, in Ningbo, Zhejiang [1]. - It aims to promote the transfer and transformation of scientific and technological achievements, product scaling, and talent acquisition in the biomanufacturing sector [1]. Group 2: Organizers and Supporters - Organized by Ningbo Detaizhongyan Information Technology Co., Ltd. (DT New Materials) and co-organized by several academic and research institutions [2]. - Supported by various associations and alliances, including the Chinese Society of Biotechnology and the Zhejiang Synthetic Biology Industry Technology Alliance [2]. Group 3: Expert Guests - Notable experts include Zhang Xian'en, Dean of the School of Synthetic Biology at Shenzhen University of Technology, and other prominent figures from various universities and research institutes [4][5][6][7][10][12][14][18][20][22][30][32]. Group 4: Conference Agenda - The agenda includes a series of forums and discussions on topics such as green chemicals, new materials, AI in biomanufacturing, and future food and agriculture [36][37]. - Specific sessions will focus on the construction of efficient cell factories for the production of aromatic compounds and the biomanufacturing of polyamide materials [8][11].