Core Insights - The company reported its Q3 2025 results, which met expectations with a revenue of 9.671 billion yuan, a year-over-year decrease of 9%, and a net profit attributable to shareholders of 1.397 billion yuan, a year-over-year increase of 3% [1] Financial Performance - For Q3 2025, the company achieved a revenue of 3.166 billion yuan, down 13% year-over-year and 3% quarter-over-quarter, with a net profit of 469 million yuan, up 4% year-over-year but down 12% quarter-over-quarter [1] - The company's gross margin for Q3 2025 was 28.33%, a decrease of 1.57 percentage points year-over-year and 2.65 percentage points quarter-over-quarter [1] - The net profit margin for Q3 2025 was 17.14%, an increase of 2.56 percentage points year-over-year but a decrease of 0.56 percentage points quarter-over-quarter [1] Dye Business Overview - The dye business is experiencing a bottoming-out phase, with the company maintaining its leading position through integration of resources from Longsheng and Dystar [2] - In Q3 2025, the company sold 59,200 tons of dyes, a decrease of 1% year-over-year and 0.4% quarter-over-quarter, with an average price of 30,103 yuan per ton, down 4% year-over-year and quarter-over-quarter [2] - The company has a dye production capacity of 300,000 tons and an auxiliary agent capacity of 100,000 tons, along with an intermediate production capacity of 119,500 tons [2] Real Estate Business Insights - The Bo Mao Plaza project is nearly sold out, with a contract liability of 12.499 billion yuan, an increase of 5.229 billion yuan year-over-year, ensuring ample cash flow for the company [3] - The company is set to confirm profits from real estate projects starting from late 2026 to 2027, as the construction progresses as scheduled [3] Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025 and 2026 at 2.08 billion yuan and 2.31 billion yuan, respectively, with a new forecast for 2027 at 2.54 billion yuan [3] - The current price-to-earnings (PE) ratios are projected at 16X, 15X, and 13X for 2025, 2026, and 2027, respectively, indicating a high safety margin with a current price-to-book (PB) ratio of 1.00X [3]

证券代码：600352 证券简称：浙江龙盛 公告编号：2025-042 号 浙江龙盛集团股份有限公司 2025 年第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。 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 年第三季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 2页 共 4 页 （二）主要原料价格(不含增值税)波动情况 第 3页 共 4 页 注：价格断档现象为该原料在该季度未采购，故无数据采集。 三、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。 第 1页 共 4 页 主要 产品 2025年7－9月 2025年1－9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 49,993 59,234 1,783,096,390.49 160,703 174,617 5,414,881,10 ...

Core Viewpoint - Four companies, including Pengfulong, Zhongxin Jingyuan, Tengmao Technology, and Frank Technology, have recently filed for IPO guidance, indicating a renewed interest in public offerings in the semiconductor and materials sectors [1][5][10]. Group 1: Pengfulong Technology - Pengfulong has initiated its third attempt at an IPO, with a plan to complete the listing guidance by April to May 2026, supported by Guotai Junan Securities [3][4]. - The company, established in May 2006, focuses on special polymers and related applications, with a registered capital of 5.032 billion yuan [4]. - Pengfulong's revenue from 2019 to the first half of 2022 showed a steady increase, reaching 3.41 billion yuan in 2021, but it faced challenges in its previous IPO attempts [5]. Group 2: Zhongxin Jingyuan Semiconductor - Zhongxin Jingyuan has filed for IPO guidance with plans to issue shares on the Beijing Stock Exchange, having previously attempted to list on the Sci-Tech Innovation Board [5][8]. - Founded in September 2017, the company specializes in semiconductor silicon wafers, with a registered capital of 5.032 billion yuan [6]. - Despite reporting losses in 2023 and 2024, the company anticipates a revenue of 1.335 billion yuan in 2023, with a 7% year-on-year growth expected in 2024 [8]. Group 3: Tengmao Technology - Tengmao Technology has re-engaged in the IPO process, filing for guidance with Western Securities after previously withdrawing its application [10]. - Established in July 2007, the company focuses on refining catalysts, with a production capacity of 40,000 tons per year for catalysts and 15,000 tons for molecular sieves [10]. - In 2024, Tengmao reported a revenue of 247 million yuan, with a net profit of 52.97 million yuan, and a strong growth of 40.22% in revenue for the first half of 2025 [11]. Group 4: Frank Technology - Frank Technology has submitted its IPO guidance application to the Shenzhen Securities Regulatory Bureau, aiming for a listing on the Beijing Stock Exchange [12]. - Founded in April 2001, the company specializes in metal and new material processing fluids, with a registered capital of 164 million yuan [13]. - The company achieved a revenue of 840.3 million yuan in 2024, with a significant net profit increase of 99.3% in the first half of 2025 [13].

Core Viewpoint - Shanxi Tengmao Technology Co., Ltd. has completed the counseling filing for its public offering and listing on the Beijing Stock Exchange, potentially becoming the 42nd listed company in Shanxi [1] Group 1: Company Progress - The company submitted its counseling filing materials to the Shanxi Securities Regulatory Bureau on October 10, 2025, with the counseling agency being Western Securities [4] - This marks the company's second attempt to go public on the Beijing Stock Exchange, having previously submitted an application in October 2023 and voluntarily withdrawn it in March 2024 [4] Group 2: Financial Performance - The company's audited net profits attributable to shareholders for the years 2023 and 2024 were reported as 40.71 million yuan and 50.58 million yuan, respectively [4] - The weighted average return on net assets for the same periods was 16.74% and 17.58%, meeting the financial conditions required for listing on the Beijing Stock Exchange [5] Group 3: Company Overview - Established in 2007, the company specializes in the research, production, and sales of catalytic cracking catalysts, additives, and molecular sieves [7] - The company is located in the Aluminum-based New Material Industry Demonstration Zone in Hejin City, Shanxi Province, covering an area of 100,000 square meters [7] - As a domestic private producer of catalytic cracking catalysts, the company has an annual production capacity of 40,000 tons for catalysts, 15,000 tons for molecular sieves, and 5,000 tons for additives [7] - The company's technology research and development center has been recognized as a provincial-level technology center and holds over 10 independent patents [7]

Group 1 - The core point of the news is that Shanxi Tengmao Technology Co., Ltd. has initiated the IPO guidance for the Beijing Stock Exchange, with West Securities as the guiding institution and Beijing Kangda Law Firm as the legal advisor [1] - Tengmao Technology specializes in the research, production, and sales of catalytic cracking catalysts, additives, and molecular sieves, positioning itself within the refining catalyst industry [2] - In the first half of 2025, Tengmao Technology achieved revenue of 141 million yuan, representing a year-on-year growth of 40.22%, and a net profit attributable to shareholders of 33.698 million yuan, reflecting a year-on-year increase of 48.76% [2] Group 2 - This marks the second attempt by Tengmao Technology to pursue an IPO on the Beijing Stock Exchange, having previously submitted an application in October 2023, which was later withdrawn in March 2024 [2] - The company had a significant supplier relationship with Chenhao Chemical, which was its largest supplier in 2020 and 2021, with procurement amounts of 42.8641 million yuan and 38.7276 million yuan, respectively, accounting for 28.93% and 26.92% of operating costs [4] - The cooperation model with Chenhao Chemical changed in 2022 from purchasing finished products to a processing commission model, with Chenhao Chemical's products primarily sold to Tengmao Technology [4][6]

Core Viewpoint - Tengmao Technology, a key listed backup enterprise in Shanxi Province, is making a second attempt to list on the Beijing Stock Exchange after its previous application was terminated in April 2024 [1][3]. Company Overview - Tengmao Technology was established in 2007 and is located in the Aluminum-based New Materials Industry Demonstration Zone in Hejin City, Shanxi Province. The company specializes in the research, production, and sales of catalytic cracking catalysts, additives, and molecular sieves [3]. - The company has a production capacity of 40,000 tons per year for catalysts, additives, and molecular sieves [3]. Listing Attempts - Tengmao Technology first submitted its application for listing on the Beijing Stock Exchange on March 24, 2023, but the application was terminated on April 18, 2024, due to various strategic and market considerations [7][9]. - The company is now re-engaging with the listing process, having filed for guidance with the Shanxi Securities Regulatory Bureau and signed a listing guidance agreement with Western Securities [1][3]. Financial Performance - The company's net profit attributable to shareholders has shown significant growth, with figures of 28.2 million yuan in 2022, 40.7 million yuan in 2023, and a projected 50.6 million yuan in 2024 [15]. - For the first half of 2025, Tengmao Technology reported revenue of 141 million yuan, a year-on-year increase of 40.22%, and a net profit of 33.7 million yuan, up 48.76% from the previous year [15]. Market Context - As of June 30, 2025, there have been 68 companies that terminated their IPO applications, while 51 companies have successfully listed. The market environment remains challenging for new listings [15].

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]