来源：智通财经 文 | 杨晓飞 近日，山西腾茂科技股份有限公司（下称"公司"）发布《山西腾茂科技股份有限公司申请公开发行股票并在北交所上市 辅导备案及其进展公告》称，公司已完成辅导备案。此举意味着该公司有望成为山西第42家上市企业。 公司发布的公告（节选）。（图片来源：界面山西） 公告显示，山西证监局于2025年10月10日受理了公司提交的向不特定合格投资者公开发行股票并在北交所上市的辅导备 案申请材料，辅导备案日期为 2025年10月10 日，辅导机构为西部证券。 据了解，这是公司第二次冲刺北交所IPO。2023年10月，北交所曾受理了公司的公开发行申请文件。2024年3月，公司 主动撤回上市申请，彼时，公司的保荐机构为中德证券有限责任公司。 据公司此前披露的最近两年财务数据，公司2023年度、2024年度经审计的归属于挂牌公司股东的净利润(以扣除非经常 性损益前后孰低者为计算依据) 分别为：4,070.79 万元、5,058.04 万元；加权平均净资产收益率（以扣除非经 常性损益 前后孰低者为计算依据）分别为16.74%、17.58%，符合《上市规则》 规定的在北交所上市的财务条件。 公司俯拍图。（图片来 ...

瑞财经 吴文婷10月10日，山西腾茂科技股份有限公司（以下简称"腾茂科技"）启动北交所IPO辅导。 | 代码 | 873789 | | | --- | --- | --- | | 公司全称 | 山西腾茂科技股份有限公司 | | | 审核状态 | 终止 | | | 保存机构 | 中德证券有限责任公司 | B | | 会计师事务所 | 信永中和会计师事务所(特殊普通合伙) | 플 | | 律师事务所 | 北京市康达律师事务所 | | | 评估机构 | | 名 | 问询函中显示，根据申请文件，2020年、2021年，关联方晨浩化工均为公司第一大供应商。公司向其采购金额分别为4,286.41万元、3,872.76万元、2,201.20 万元、453.24万元，占营业成本比重分别为28.93%、26.92%、11.83%、4.75%，主要为采购铝溶胶和特种硅酸钠。2022年，公司改变了与晨浩化工的合作模 式，由采购成品改为委托加工方式。晨浩化工的产品几乎全部销售给公司。 本次IPO的辅导机构为西部证券股份有限公司，律师事务所为北京市康达律师事务所，会计师事务所为中汇会计师事务所(特殊普通合伙) 。 腾茂科技的主营业务为 ...

山西省重点上市后备企业腾茂科技再闯北交所。 10月10日，新三板挂牌公司腾茂科技发布公告称，公司在山西证监局办理辅导备案登记，拟向不特定合格投资者公开发行股票并在北交所上市，辅导券商 为西部证券。 9月24日，腾茂科技与西部证劵签署了上市辅导协议。 值得一提的是，今年7月，山西省委金融办发布的《关于2025年度省重点上市后备企业名单的公示》中，腾茂科技位列其中。 这是腾茂科技二次闯关北交所，2024年4月北交所终止其上市审核。时隔一年半，腾茂科技缘何再次勇闯北交所？ ▍河津市第一家新三板公司 公开资料显示，腾茂科技成立于2007年，位于山西省河津市铝基新材料产业示范区，是一家从事催化裂化催化剂、助剂和分子筛的研发、生产、销售的高 新技术企业。 2020年，腾茂科技启动了上市筹备工作，进行股份制改造等。2022年8月，腾茂科技在新三板挂牌，是河津市首家新三板挂牌企业。作为国内民营催化裂 化催化剂生产商，腾茂科技目前已具备4万吨/年催化剂助剂分子筛的生产能力。 腾茂科技董事长、实控人名为陈泽红出生于1969年，自1986年起开始从事个体经营，后于2003年与其妻子袁岁子共同创办河津市红兴钢铁有限公司，并担 任执行 ...

Core Viewpoint - Changjiang SANSING Energy Technology Co., Ltd. has received approval from the China Securities Regulatory Commission to proceed with its IPO, planning to issue up to 30 million shares on the Beijing Stock Exchange [1] Company Overview - Changjiang SANSING is a national-level specialized and innovative "little giant" enterprise focused on the design, research and development, manufacturing, and service of energy and chemical specialized equipment [1] - The company's main products include electric脱设备, separation equipment, heat exchange equipment, storage equipment, carbon capture equipment, and hydrogen energy equipment, which are widely used in oil and gas engineering, refining and chemical, marine engineering, and clean energy sectors [1] Clientele - The client base of Changjiang SANSING includes major domestic energy and chemical companies such as China National Petroleum Corporation, China Petroleum & Chemical Corporation, China National Offshore Oil Corporation, and others, as well as international clients like Kuwait Petroleum Corporation and Abu Dhabi National Oil Company [1]

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 10.51 and a sector rating of "Outperform" compared to the market [2][4]. Core Views - The company reported a significant increase in Q2 performance, with a proposed cash dividend of RMB 2.00 per 10 shares, reflecting a high dividend payout ratio of 70.12% for H1 2025. Despite a decline in revenue, the company maintains a strong market position and cost advantages in the dye industry, supporting the "Buy" rating [4][6]. Financial Performance Summary - For H1 2025, the company achieved total revenue of RMB 6.505 billion, a year-on-year decrease of 6.47%. The net profit attributable to the parent company was RMB 927.89 million, up 2.84% year-on-year. The second quarter revenue was RMB 3.269 billion, down 5.71% year-on-year but up 1.07% quarter-on-quarter [10][11]. - The dye business generated revenue of RMB 3.632 billion in H1 2025, a decrease of 3.17% year-on-year, with a gross margin increase of 4.40 percentage points to 34.17% [9][10]. - The company’s overall gross margin for H1 2025 was 29.80%, an increase of 1.87 percentage points year-on-year, with a net profit margin of 16.14%, up 1.39 percentage points year-on-year [9][10]. Earnings Forecast - The earnings per share (EPS) estimates for 2025-2027 are RMB 0.69, RMB 0.73, and RMB 0.83, respectively, with corresponding price-to-earnings (PE) ratios of 15.2x, 14.3x, and 12.7x. The company’s strong scale advantages and steady progress in real estate are expected to contribute to growth [6][8]. Industry Position - The company holds a leading market share in the dye and additive sectors, with ongoing efforts to enhance its direct sales business. The real estate segment is also progressing, with a high sell-through rate of 95.1% for available units in the Bay project [9][10].

Core Viewpoint - The report from Huatai Securities indicates that the profitability of bulk chemical companies is at a bottoming stage in the first half of the year, with improvements driven by downstream products and fine chemicals due to sectors like automotive and home appliances [1] Industry Summary - In the second quarter, the oil and gas industry chain faced pressure, but signs of supply-demand improvement in some bulk chemical products have begun to emerge [1] - Profitability improvements for downstream products and fine chemicals are relatively limited due to export impacts [1] - It is expected that as the adverse effects of overseas tariff policies gradually dissipate and industry capital expenditures shift to a downward trend in the second half of 2025, along with improvements in exports to Asia, Africa, and Latin America, the industry’s prosperity is likely to gradually recover [1] Short-term Focus - Short-term recommendations include focusing on varieties with resilient domestic and external demand and improved competitive landscapes, such as refrigerants and amino acids, as well as downstream modified plastics and additives [1] Long-term Outlook - In the medium to long term, chemical companies with global advantages are expected to undergo revaluation after the industry’s prosperity reaches its bottom [1]

Core Viewpoint - Zhejiang Longsheng's net profit attributable to shareholders for H1 2025 increased by 2.84% year-on-year, primarily due to pressure on domestic dye prices, while sales growth in key products compensated for price declines, leading to profit enhancement [1] Group 1: Business Performance - The company's main business includes textile chemicals focused on dyes and auxiliaries, as well as intermediates primarily based on para-phenylenediamine and para-phenol [1] - Dye business: Sales reached 115,400 tons in H1, a year-on-year increase of 0.79%, with a focus on developing direct sales and maintaining distribution channels for stable sales growth [1] - Intermediate business: Sales were 49,500 tons in H1, a year-on-year decrease of 4.99% [1] Group 2: Future Outlook - The company aims to become a comprehensive service provider for specialty chemicals through a dual approach of independent research and strategic acquisitions [1] - Forecasted net profits attributable to shareholders for 2025, 2026, and 2027 are 2.07 billion, 2.21 billion, and 2.39 billion respectively, with current stock prices corresponding to P/E ratios of 17.0, 15.9, and 14.7 times [1] - The investment rating is maintained at "Buy" [1]

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company achieved a revenue of 6.505 billion yuan in H1 2025, a year-on-year decrease of 6.46%, while the net profit attributable to shareholders was 928 million yuan, an increase of 2.84% year-on-year [4][5] - The growth in net profit is attributed to stable sales volume in the dye business, which compensated for price pressures [5] - The company has solidified its position as a leading provider of textile chemicals globally, with a focus on expanding its product offerings into specialty chemicals [7][8] Summary by Sections Market Performance - The company's stock price is currently at 10.82 yuan, with a market capitalization of 35.2 billion yuan [1] Financial Performance - In H1 2025, the company sold 115,400 tons of dyes, a year-on-year increase of 0.79%, while intermediate products saw a sales volume of 49,500 tons, a decrease of 4.99% [5] - The financial expense ratio decreased due to lower bank loan interest expenses and increased interest income from deposits [6] Strategic Positioning - The company has integrated advantages in technology, brand, channel, and capacity, becoming the world's largest producer of textile chemicals [7] - It is pursuing a vertical extension strategy to enhance its market position in specialty chemicals, focusing on key intermediates [8] Profit Forecast - The company is expected to achieve net profits of 2.07 billion yuan, 2.21 billion yuan, and 2.39 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 17.0, 15.9, and 14.7 [9][11]

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。 证券代码：600352 证券简称：浙江龙盛 公告编号：2025-035 号 浙江龙盛集团股份有限公司 2025 年上半年度主要经营数据公告 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》的 要求，公司现将 2025 年上半年度主要经营数据披露如下： 注：上述产品销量包含了部分外购成品再销售的量。 二、主要产品和原材料的价格变动情况 （一）主要产品价格(不含增值税)波动情况 第 1页 共 4 页 一、主要产品的产量、销量及收入实现情况 主要 产品 2025年4－6月 2025年1－6月 产量 （吨） 销量 （吨） 营业收入（元） 产量 （吨） 销量 （吨） 营业收入（元） 染料 54,306 59,473 1,859,659,789.51 110,710 115,383 3,631,784,713.05 助剂 10,522 15,706 234,878,202.54 21,282 31,154 476,688,401.89 中间体 30,566 22,951 ...

Core Viewpoint - 惠城环保 reported a significant decline in revenue and net profit for the first half of 2025, attributed to lower steam prices and increased operational costs due to business expansion [1] Financial Performance - The company achieved revenue of 564 million yuan, a year-on-year decrease of 5.09% [1] - Net profit attributable to shareholders was 5.02 million yuan, down 85.63% year-on-year [1] - The net cash flow from operating activities was -108 million yuan, and investment cash flow was -517 million yuan [1] - As of the end of June, short-term borrowings were 218 million yuan, long-term borrowings were 2.216 billion yuan, and interest expenses reached 34.69 million yuan, with a debt-to-asset ratio of 73.94% [1] Stock Performance - The company's stock price increased approximately 87% in the first half of 2025, with a maximum increase of 148% during this period [1] - The stock price reached a historical high of 251.65 yuan per share on July 11, 2025, but has since dropped about 24% to 181.16 yuan per share [3] Business Model and Technology - 惠城环保 specializes in industrial waste treatment and recycling, focusing on the disposal of waste catalysts and the production of resource-based catalysts [2] - The company developed a proprietary mixed waste plastic deep catalytic cracking (CPDCC) technology, which allows for the direct conversion of complex mixed plastics into high-value chemical raw materials with a product yield of over 92% [2] - The CPDCC technology could potentially replace approximately 100 million tons of crude oil annually if it processes 50 million tons of waste plastics, significantly reducing reliance on fossil fuels [2] Future Projects and Market Expansion - The first 200,000 tons/year mixed waste plastic resource utilization demonstration project is set to begin construction in March 2024 and aims for trial production by July 2025 [3] - 惠城环保 is also involved in the resource utilization of high-sulfur petroleum coke and aims to expand its customer base, particularly targeting state-owned enterprises [3] - The company plans to diversify its product offerings by expanding into molecular sieves and additives, as well as exploring overseas markets for catalysts and additives [3]