二季度销量稳健，产品及原料价格企稳，盈利略有修复。二季度贸易战影响逐步显现，但整体销量相对 稳定。主要品种价格及原料价格经理一季度上行之后，二季度逐步企稳，整体毛利率略有修复。二季度 公司毛利率环比微增0.52pct 至19%，带动净利润率环比微增0.25pct 至7.56%。 在建工程增长，逐步贡献未来增量。依据公司公告，截止25 年上半年末，在建工程约3.84亿元，较年初 增长约1.16 亿元，主要投向年产6.5 万吨高性能橡胶助剂项目。波米收购事宜顺利推进当中，实现主营 业务向电子化学品领域的延伸，增强市场竞争力。公司拟通过发行股份及支付现金的方式购买波米科技 有限公司99.64%股权并募集配套资金，项目持续推进当中。目前波米在低温负胶已实现商业化突破， 国内客户对国产化替代诉求强劲，预计今年贡献增量盈利。 投资要点： 公司公告：2025 年上半年实现收入17.22 亿元（YoY+2.1%），实现归母净利润1.27 亿元（YoY- 8.4%），扣非归母净利润1.24 亿元（YoY-0.11%）；其中25Q2 实现收入8.6亿元（YoY+0.8%，QoQ- 0.3%），归母净利润6452 万元（YoY+1 ...

上 市 公 司 基础化工 2025 年 08 月 29 日 阳谷华泰 (300121) ——助剂产销量稳步提升，Q2 盈利能力企稳回升，波米收购 推进当中 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 28 日 | | --- | --- | | 收盘价（元） | 15.13 | | 一年内最高/最低（元） | 20.78/6.66 | | 市净率 | 1.9 | | 股息率%（分红/股价） | 1.26 | | 流通 A 股市值（百万元） | 6,551 | | 上证指数/深证成指 | 3,843.60/12,571.37 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 7.88 | | 资产负债率% | 22.51 | | 总股本/流通 A 股（百万） | 449/433 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-28 09-28 10-28 11-28 12-28 01-28 02-28 03-31 ...

基础化工 | 证券研究报告 — 首次评级 2025 年 8 月 28 日 300121.SZ 买入 原评级：未有评级 市场价格:人民币 14.18 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 20.4 (2.6) 20.4 97.5 相对深圳成指 6.9 (9.8) 9.8 59.7 发行股数 (百万) 448.81 (8%) 28% 63% 98% 133% 168% Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 阳谷华泰 深圳成指 | 流通股 (百万) | 432.98 | | --- | --- | | 总市值 (人民币 百万) | 6,364.18 | | 3 个月日均交易额 (人民币 百万) | 414.83 | | 主要股东持股比例 | | | 王传华 | 20.85% | 资料来源：公司公告， Wind ，中银证券 以 2025 年 8 月 14 日收市价为标准 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工：橡胶 证 ...

Core Viewpoint - Yanggu Huatai's stock price has shown a slight decline, and the company is undergoing a significant asset restructuring involving the acquisition of a controlling stake in Bomi Technology despite the target company facing consecutive losses [1] Group 1: Company Overview - Yanggu Huatai's stock price closed at 14.43 yuan, down 0.07% from the previous trading day, with a trading volume of 1.58 billion yuan [1] - The stock's price fluctuation range for the day was between 14.32 yuan and 14.50 yuan, with a volatility of 1.25% and a turnover rate of 2.53% [1] - The company specializes in the research, production, and sales of rubber additives, including anti-scorching agents, accelerators, and insoluble sulfur, which are widely used in the tire, hose, and tape industries [1] Group 2: Recent Developments - The company has announced a third revision of its major asset restructuring plan, intending to acquire 99.64% of Bomi Technology for 1.438 billion yuan [1] - Bomi Technology has reported consecutive losses for 2023 and 2024, yet the assessment premium rate for the acquisition stands at 1330.32% [1] - Following the transaction, the actual controller and related parties will receive a compensation of 1.294 billion yuan [1] - The Shenzhen Stock Exchange has issued a letter of concern regarding the fairness of the pricing for this related transaction [1]

股票简称：阳谷华泰 股票代码：300121 股票上市地：深圳证券交易所 债券简称：阳谷转债 债券代码：123211 债券上市地：深圳证券交易所 山东阳谷华泰化工股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易报告书（草案） 摘要 （修订稿） 项目 交易对方 发行股份及支付现金 海南聚芯、王传华、武凤云、阳谷霖阳、阳谷泽阳、惠鲁睿高、聊 购买资产 城昌润、睿高致远、刘保乐 配套募集资金 不超过 35 名符合中国证监会规定的特定投资者 独立财务顾问 二〇二五年八月 阳谷华泰 发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草案）摘要 上市公司声明 本公司及全体董事、监事、高级管理人员保证重组报告书及其摘要内容不存 在虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性和完整性承担个 别和连带的法律责任。 本公司控股股东、实际控制人以及全体董事、监事、高级管理人员承诺：如 在本次交易过程中所披露或提供的信息涉嫌虚假记载、误导性陈述或者重大遗 漏，被司法机关立案侦查或者被中国证监会立案调查的，在形成调查结论以前不 转让在上市公司拥有权益的股份，并于收到立案稽查通知的两个交易日内将暂停 转 ...

Core Viewpoint - Yanggu Huatai's restructuring plan has been suspended due to the need for adjustments in the transaction scheme, as announced on August 2 [1] Group 1: Restructuring Details - The restructuring plan involves the acquisition of 100% equity of Bomi Technology for a total price of 1.443 billion yuan, with cash consideration of 433 million yuan and share consideration of 1.01 billion yuan [1][2] - Bomi Technology is primarily engaged in the research, production, and sales of high-performance polyimide materials, which are used in power semiconductor devices and advanced semiconductor packaging [2] - Yanggu Huatai aims to expand its business into the electronic chemical products sector, which is critical for semiconductor manufacturing, while maintaining its leading position in the rubber additive sector [3] Group 2: Financial Performance - Bomi Technology reported revenues of 32.795 million yuan and 33.949 million yuan for 2023 and 2024, respectively, with net losses of 11.7165 million yuan and 9.1819 million yuan [2] - The valuation of Bomi Technology shows a significant increase, with a 1330.32% appreciation based on a net asset value of 1.01 billion yuan as of December 31, 2024 [2] Group 3: Regulatory Process - The Shenzhen Stock Exchange raised nine major questions regarding the transaction, including the necessity and compliance of the cross-industry acquisition and the fairness of related party transaction pricing [2] - Yanggu Huatai has responded to the inquiries and is working on further modifications and supplements as requested by the exchange [3]