Core Viewpoint - The company held a performance briefing for Q3 2025, addressing investor concerns regarding financial performance and business development through an interactive online format [1][2]. Financial Performance - The company's net profit for the first three quarters of 2025 decreased year-on-year, despite an increase in production and sales volume, due to a decline in chemical product prices that outpaced the decrease in raw material costs [3]. - R&D expenses fell by 18.93% year-on-year, attributed to differences in project timelines and content, but the company emphasized its commitment to increasing R&D investment [4]. Accounts Receivable - Accounts receivable surged by 154.47% compared to the beginning of the year, raising concerns about bad debt risk; however, the company stated that the accounts receivable balance accounted for only 0.53% of revenue, indicating a low overall risk [3]. Export Business - The company has established a global export presence, with products like formic acid and dichloromethane ranking among the top in national export volumes; plans to strengthen the foreign trade team and expand overseas markets were discussed [3]. Cash Flow and Market Management - The company maintains a solid cash flow and a good asset-liability ratio, with an AAA credit rating, ensuring sufficient funds for operational needs; it follows a prudent sales strategy of cash before delivery [4]. - The company is focused on long-term stable development and actively engages with shareholders through various channels, including investor hotlines and performance briefings [4]. Supply Chain Concerns - The company noted that the impact of recent international trade tariff uncertainties on its supply chain is minimal, as the proportion of import-export business is relatively low, and efforts are being made to build a secure domestic supply chain [4].

Financial Performance - The company's net profit attributable to shareholders decreased year-on-year due to a decline in product prices, which fell more than the decrease in raw material costs [2] - Accounts receivable increased by 154.47% compared to the beginning of the year, but the balance at the end of the reporting period accounted for only 0.53% of operating income, indicating effective risk management [2] Market Expansion - The company is actively expanding its overseas market presence, with export products like formic acid and dichloromethane ranking among the top in national export volumes [3] - The company plans to strengthen its foreign trade team and explore various channels for further market expansion [3] Research and Development - R&D expenses decreased by 18.93% year-on-year, attributed to different project phases and variations in research content [3] - The company remains committed to enhancing R&D investment despite the temporary reduction in expenses [3] Product Performance - Key products contributing to revenue in the first three quarters of 2025 include polyols, polycarbonate, nylon 6, and formic acid [3] - The production capacity for caprolactam was normal in Q3, with limited external sales based on market conditions [3] Financial Health - The company maintains a strong cash flow, adhering to a "payment before delivery" sales strategy, and has a solid asset-liability ratio [3] - The company's credit rating is AAA, reflecting its strong capital-raising capabilities [3] Value Management - The company emphasizes value management through active communication with shareholders via investor hotlines and performance briefings [3] - The focus is on long-term sustainable development and positive shareholder returns [3] Supply Chain Strategy - The company is deepening its "localization of supply chain" strategy to build a secure and reliable domestic supply chain [4] - The impact of international trade uncertainties, such as tariff changes, is minimized due to the relatively low proportion of import-export business in the overall operations [4]

Core Insights - The chemical industry in Dezhou is focusing on creating a comprehensive industrial ecosystem through the development of five major chemical parks, with a strong emphasis on high-end and differentiated products [1][3][4] Group 1: Industry Development - Dezhou's chemical industry aims to establish a "trillion-yuan industrial cluster" by enhancing park optimization, nurturing key enterprises, and promoting collaborative development [2][3] - The city has 183 regulated chemical enterprises, with projected revenues of 84.55 billion yuan and profits of 6.96 billion yuan for 2024, accounting for 25% and 33% of the city's manufacturing industry, respectively [2][3] - The chemical industry has shown continuous revenue growth for three consecutive years, reinforcing its role as a stabilizing force in the economy [3] Group 2: Project Highlights - The Leling Chemical Industrial Park is developing a pharmaceutical super factory with a total investment of 750 million yuan, expected to produce 20,000 tons of medical raw materials and intermediates annually [1] - In 2023, Dezhou attracted 13 chemical projects with a total investment of 3.95 billion yuan, with 19 out of 23 key provincial and municipal projects already underway [2][4] - The recent high-end chemical industry collaboration event showcased innovations and development plans from five chemical parks and three key enterprises, emphasizing the importance of green and intelligent development [4] Group 3: Competitive Advantages - Dezhou's chemical industry encompasses four segments: petroleum, coal, salt, and fine chemicals, producing nearly a thousand products, with several holding the top global market share [3] - The city has established a diverse range of specialized enterprises, including 9 national-level and 75 provincial-level "specialized, refined, distinctive, and innovative" companies [3] - Each chemical park has identified 2 to 3 leading industrial chains, focusing on high-end and differentiated routes to enhance regional industrial influence [3]

Financial Performance - The company reported a decline in net profit for the first half of 2025 due to a decrease in product prices, which fell more than the reduction in raw material costs [3] - Despite the profit decline, production and sales volume increased year-on-year [3] Cash Flow and Financial Stability - The company maintains a strong cash flow, supported by a sales model of "payment before delivery" and a solid asset-liability ratio [2] - The company holds an AAA credit rating, indicating strong fundraising capabilities [2] Market Strategy - The company actively explores overseas markets to mitigate domestic competition, with exports of products like formic acid and dichloromethane ranking among the top in the country [3] - Plans to enhance the foreign trade team and expand market channels for further international growth [3] Corporate Governance and Shareholder Rights - The company has established a robust internal management and control system to protect shareholder rights, including measures for information disclosure and voting rights during shareholder meetings [4] - Independent directors conduct thorough reviews of related party transactions to safeguard minority investors' interests [4] Product Development and Market Adaptation - The company aims to adjust its product structure in response to growing demand in emerging sectors like renewable energy and photovoltaics, focusing on high-quality, low-carbon development [4] - Plans to develop high-end specialty materials and extend existing product lines downstream to enhance market competitiveness [4] Operational Efficiency - The company emphasizes meticulous management of production processes to optimize resource use and reduce costs, ensuring stable operations amid price fluctuations [4] - Integration of procurement, production, sales, logistics, and finance is key to maximizing the value of the industrial chain [4]

Group 1: Chemical Industry Performance - The chemical index and oil index experienced nearly comprehensive increases last week, with the chemical raw materials index rising by 0.38%, the chemical machinery index by 0.34%, the chemical pharmaceuticals index by 5.23%, and the pesticide and fertilizer index by 0.61% [1] - The top five rising petrochemical products included toluene diisocyanate up by 7.02%, butanone up by 6.39%, epichlorohydrin up by 6.09%, iron sulfide up by 3.82%, and dimethylformamide up by 3.77% [1] - The top five declining petrochemical products included liquid chlorine down by 86.51%, lithium battery separator down by 8%, aniline down by 7.67%, acetone down by 6.69%, and propylene oxide down by 6.53% [1] Group 2: Capital Market Performance - The top five listed chemical companies in the Shanghai and Shenzhen markets last week included Zaiseng Technology up by 37.13%, Kaimete Gas up by 27.46%, Honghe Technology up by 23.89%, Keta Bio up by 21.90%, and Jiuri New Materials up by 21.01% [2] - The top five declining listed chemical companies included Tiansheng New Materials down by 15.80%, Jinjiji Co. down by 15.34%, Xinyaqiang down by 14.41%, Yayun Co. down by 12.81%, and Cangzhou Mingzhu down by 10.49% [2]

Group 1 - The company is expected to achieve significant profit recovery in 2024, with a projected revenue of 29.76 billion yuan (up 17.4% year-on-year) and a net profit attributable to shareholders of 2.03 billion yuan (up 147.8% year-on-year) [1] - In Q1 2025, the company anticipates a revenue of 7.29 billion yuan (up 8.0% year-on-year, down 10.9% quarter-on-quarter) and a net profit of 410 million yuan (down 27.3% year-on-year, down 9.0% quarter-on-quarter) [1] Group 2 - The chemical new materials segment generated a revenue of 20.366 billion yuan in 2024 (accounting for 68% of total revenue, up 27% year-on-year) with a gross margin of 16% (up 1 percentage point year-on-year) [2] - The polycarbonate market is experiencing supply-demand imbalance and low prices, while the nylon 6 industry is growing rapidly but facing intense competition [2] - The company successfully launched its caprolactam and nylon 6 phase I project, and the organic silicon project was smoothly put into production [2] Group 3 - The basic chemicals segment reported a revenue of 5.795 billion yuan in 2024 (accounting for 19% of total revenue, down 7% year-on-year) with a gross margin of 17% (up 3 percentage points year-on-year) [3] - The fertilizer segment achieved a revenue of 3.065 billion yuan (accounting for 10% of total revenue, up 18% year-on-year) with a gross margin of 6% (down 1 percentage point year-on-year) [3] - The increase in fertilizer revenue was driven by new projects and improved market conditions, although profitability slightly declined [3]

海利尔药业集团股份有限公司 2025 年第一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。 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》之 《上市公司行业信息披露指引第十三号—化工》要求，海利尔药业集团股份有限 公司（以下简称"公司"）现将 2025 年第一季度主要经营数据披露如下： 证券代码：603639 证券简称：海利尔 公告编号：2025-023 一、主要产品的产量、销量及收入实现情况（不含税） | 主要产品 | 2025 年 1 至 | 3 | 月 | 2025 年 | 1 至 | 3 | 月 | 2025 年 | 1 | 至 | 3 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 产量（吨） | | | | 销量（吨） | | | 销售金额（万元） | | | | | 农药 | | 14,067.66 | | | | 17,153.53 | | | | | 1 ...

①化工新材料：核心增长引擎 公司化工新材料产品包括 聚碳酸酯（PC）、尼龙 6、己内酰胺、多元醇（正丁醇、辛醇、新戊二醇等）、有机硅材料和氟材料（六氟丙烯、聚全氟乙 丙烯、聚四氟乙烯、二氟甲烷等） 。报告期内， 己内酰胺·尼龙 6 一期工程 开车成功满负荷运行， 40万吨有机硅项目 顺利打通全流程， 24万吨乙烯 下游一体化项目 、 15 万吨丙酸等项目 有序推进， 30万吨双氧水装置 恢复生产。 报告期内， 化工新材料板块营收203.66亿元，同比增长26.83%，占总营收68.43% ，毛利率16%（同比+1个百分点） ②基础化工：价格承压，营收下滑 【DT新材料】 获悉，4月26日， 鲁西化工 发布公告，2025年第一季度，公司实现营业收入为72.90亿元，同比上升7.96%；归母净利润为4.13亿元， 同比下降27.30%；扣非归母净利润为3.84亿元，同比下降33.81%。 | | 本报告期 | 上年同期 | 本报告期比上年同 | | --- | --- | --- | --- | | | | | 期增减(%) | | 营业收入(元) | 7,289,926,095.44 | 6,752,410,7 ...