登录新浪财经APP 搜索【信披】查看更多考评等级 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 第二节公司基本情况 公司代码：600955 公司简称：维远股份 第一节重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.1公司简介 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不适用 2.5控股股东或实际控制人变更情况 □适用 √不适用 2.6在半年度报告批准报出日存续的债券情况 □适用 √不适用 第三节重要事项 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发生的对公司经营情 况有重 ...

宏昌电子材料股份有限公司董事会 | 证券代码：603002 证券简称：宏昌电子 | 公告编号：2025-033 | | --- | --- | | 宏昌电子材料股份有限公司 | | | 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个别及连带责任。 | | | 宏昌电子材料股份有限公司（以下简称"本公司"或"公司"）根据上海证 | | | 券交易所《上市公司行业信息披露指引第十八号—化工》等相关规定，现将 | 2025 | | 年半年度环氧树脂业务主要经营数据统计如下： | | | 一、环氧树脂业务主要产品的产量、销量及收入实现情况 | | | 主要产品 营业收入 | | | 产量（吨） 销售量（吨） | | | （人民币元） | | | 环氧树脂 61,326.81 60,300.27 805,181,902.14 | | | 二、环氧树脂业务主要产品的价格变动情况（不含税） | | | 主要产品 变动比率（%） | | | 价（元/吨） 平均售价（元/吨） | | | 环氧树脂 13,272.30 13,352.87 0 ...

证券代码：603002 证券简称：宏昌电子 公告编号：2025-033 1 宏昌电子材料股份有限公司 2025 年半年度环氧树脂业务主要经营数据公告 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个别及连带责任。 宏昌电子材料股份有限公司（以下简称"本公司"或"公司"）根据上海证 券交易所《上市公司行业信息披露指引第十八号—化工》等相关规定，现将 2025 年半年度环氧树脂业务主要经营数据统计如下： 二、环氧树脂业务主要产品的价格变动情况（不含税） | 主要产品 | 2024 | 年 | 1-6 | 月平均售 | 2025 | 年 | 1-6 | 月 | 变动比率（%） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 价（元/吨） | | | 平均售价（元/吨） | | | | | | 环氧树脂 | | 13,272.30 | | | 13,352.87 | | | | 0.61 | 三、环氧树脂业务主要原材料的价格变动情况（不含税） | 主要原 ...

宏昌电子公告，2025年1-6月环氧树脂产量61326.81吨，销售量60300.27吨，营业收入8.05亿元；平均售 价13352.87元/吨，同比增0.61%；双酚A7,940.29元/吨，同比降6.07%；环氧氯丙烷8429.92元/吨，同比 增19.01%；四溴双酚A20,278.44元/吨，同比增5.04%；丙酮5411.42元/吨，同比降19.70%。 ...

证券代码：603010 证券简称：万盛股份 公告编号：2025-060 浙江万盛股份有限公司 2025 年半年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《上市公司行业信息披露指引第十三号——化工》的要 求，浙江万盛股份有限公司（以下简称"公司"）现将 2025 年半年度主要经营数 据披露如下： 浙江万盛股份有限公司董事会 2025 年 8 月 26 日 双酚 A 8,093.71 8,486.11 -4.62 -7.62 主要产品 2025年1-6月产 量（吨） 2025 年 1-6 月销 量（吨） 2025 年 1-6 月销售 金额（元） 聚合物功能性助剂 63,512.36 62,470.99 1,100,942,908.41 有机胺 11,002.73 11,027.86 278,410,308.24 涂料助剂 14,616.89 14,277.74 145,748,496.64 原料及中间体 18,769.00 17,620.15 82,515,465.10 一、主要产品的产 ...

2025 年 8 月 23 日 公司研究 油价下跌业绩承压下滑，"反内卷"政策推进大炼化底部反转可期 ——恒力石化（600346.SH）2025 年半年报点评 买入（维持） 当前价：17.10 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 市场数据 | 总股本(亿股) | 70.39 | | --- | --- | | 总市值(亿元)： | 1204 | | 一年最低/最高(元)： | 11.76/17.11 | | 近 3 月换手率： | 17.51% | 股价相对走势 -10% 0% 9% 19% 28% 08/24 11/24 02/25 05/25 恒力石化 沪深300 收益表现 | % | 1M | 3M | 1Y | | --- | --- | --- | --- | | 相对 | 8.01 | -0.16 | 0.40 | | 绝对 | 12.97 | 9.33 | 29.50 | | 资 ...

Group 1 - The core viewpoint of the article is that Sinochem International plans to enhance its strategic position in the materials science sector by acquiring 100% equity of Nantong Xingchen Synthetic Materials Co., Ltd., a wholly-owned subsidiary of China BlueStar Group, through a share issuance [1] - The acquisition is expected to strengthen Sinochem International's market competitiveness in the epoxy resin industry and leverage synergies in the engineering plastics supply chain, thereby increasing the revenue share and market competitiveness of high-value-added new materials [2] - Nantong Xingchen's core business includes epoxy resins and engineering plastics, with leading domestic market shares in epoxy resins and proprietary technology in PPE, ranking first in China and second globally [1][2] Group 2 - The integration will enhance operational synergies in core raw materials such as bisphenol A and ECH, improving the integrated advantages of the supply chain [2] - Nantong Xingchen is strategically located in the Yangtze River Delta, which houses over 60% of domestic downstream customers for epoxy resins, allowing Sinochem International to respond more closely to market demands [2] - The acquisition is seen as beneficial for Sinochem International to expand into high-value-added new materials, with significant growth potential in downstream applications like wind power, adhesives, and electronic products [2]

Investment Rating - The industry rating is Neutral (maintained rating) [5] Core Insights - The report emphasizes the need for a multi-dimensional approach to address "involution" in the chemical industry, focusing on supply, demand, and government collaboration [1][3][25] - Recent policies from various government bodies aim to regulate costs, manage carbon emissions, and eliminate outdated production methods to combat "involution" [2][43] - The report identifies high concentration and deep losses in specific sub-industries as key areas for intervention, suggesting that these sectors may be more amenable to achieving "anti-involution" goals [3][4] Summary by Sections Section 1: Addressing "Involution" in Competition - The National Development and Reform Commission (NDRC) has released guidelines to address the causes of "involution" and proposed measures for local governments and enterprises [1][12] - The report highlights the importance of establishing product standards and improving the efficiency of accounts receivable collection to mitigate "involution" [26][32] Section 2: Recent Policy Developments - Recent updates to the Price Law and other regulations aim to strengthen cost supervision and adjust pricing mechanisms to combat "involution" [2][39] - The NDRC has introduced a new framework for energy efficiency reviews and carbon emission evaluations for fixed asset investment projects, targeting high-energy-consuming projects [43][46] Section 3: Multi-Dimensional Analysis of Chemical Sub-Industries - The report analyzes 127 chemical sub-industries based on capacity, concentration, and profitability, identifying those with high loss levels and concentration as potential targets for "anti-involution" measures [4][11] - Specific industries such as soda ash, polyurethane, and organic silicon are highlighted as areas of interest due to their alignment with the identified criteria [4][29] Section 4: Recommendations for Industry Improvement - The report suggests enhancing industry self-regulation, increasing innovation, and establishing standards to facilitate the orderly exit of outdated capacities [36][34] - It emphasizes the need for a coordinated approach between industry policies and competition policies to ensure sustainable development [24][38]

Core Viewpoint - Zhonghua International plans to acquire 100% equity of Nantong Xingchen Synthetic Materials Co., Ltd. from China BlueStar Group through a share issuance, which is expected to enhance its competitiveness in the epoxy resin and engineering plastics sectors [1] Group 1: Acquisition Details - The acquisition is classified as a related party transaction but does not constitute a major asset restructuring [1] - The valuation and transaction price of the target assets have not yet been determined as the audit, evaluation, and due diligence work are still ongoing [1] Group 2: Financial Performance of Nantong Xingchen - Nantong Xingchen's core business includes epoxy resins and engineering plastics, with production bases in Jiangsu and Shanxi [3] - The projected revenues for Nantong Xingchen are 4.649 billion yuan, 4.41 billion yuan, and 2.37 billion yuan for 2023, 2024, and the first half of 2025, respectively [3] - Net profits for the same periods are expected to be 54.05 million yuan, 46.30 million yuan, and 157.53 million yuan, indicating significant fluctuations in performance [3] Group 3: Industry Context and Challenges - The chemical industry is characterized by significant cyclicality, with product demand fluctuating in response to macroeconomic conditions and policy changes [3] - The company faces challenges such as overcapacity and price volatility in chemical products, which could adversely affect future performance [3] Group 4: Business Synergy and Strategic Goals - The acquisition aims to enhance Zhonghua International's competitiveness in the epoxy resin market and leverage synergies in the engineering plastics supply chain [4] - Nantong Xingchen's products complement Zhonghua International's existing offerings, allowing for a more competitive and differentiated product portfolio [4] Group 5: Financial Performance of Zhonghua International - Zhonghua International has reported significant losses in recent years, with total losses nearing 5 billion yuan over 2023 and 2024 [5] - The company anticipates further losses in the first half of 2025, with projected losses between 806.8 million yuan and 949.1 million yuan [5] - Revenue from the basic raw materials and intermediates segment is expected to grow by 25%-35%, while high-performance materials are projected to decline by 3%-8% [5][6]

Core Viewpoint - The article discusses the acquisition plan of Sinochem International (600500.SH) to purchase 100% equity of Nantong Xingchen Composite Materials Co., Ltd. from China BlueStar Group, which is also controlled by Sinochem. The transaction is expected to enhance the company's competitiveness in the epoxy resin and engineering plastics sectors, despite the ongoing challenges in the chemical industry [1][4][6]. Summary by Sections Acquisition Details - Sinochem International plans to acquire Nantong Xingchen through a share issuance, with the transaction expected to be an affiliated transaction but not a major asset restructuring. The valuation and transaction price of the target asset have yet to be determined [1]. Financial Performance of Nantong Xingchen - Nantong Xingchen's core business includes epoxy resin and engineering plastics, with projected revenues of 4.649 billion yuan, 4.41 billion yuan, and 2.37 billion yuan for 2023, 2024, and the first half of 2025, respectively. Net profits are expected to be 54.05 million yuan, 46.30 million yuan, and 157.53 million yuan for the same periods. Notably, the net profit for the first half of 2025 is projected to exceed the entire profit of 2024 by more than three times, indicating significant performance volatility [4][6]. Industry Context - The chemical industry is characterized by significant cyclical fluctuations, with product demand and prices responding quickly to macroeconomic changes. The current economic slowdown and overcapacity challenges in China have created uncertainties in chemical product pricing, which could adversely affect future performance [4][8]. Business Synergy - The acquisition aims to enhance Sinochem International's competitiveness in the epoxy resin market and leverage synergies in the engineering plastics supply chain. Nantong Xingchen's products complement Sinochem's existing offerings, allowing for a more competitive and differentiated product portfolio [6]. Sinochem International's Financial Challenges - Sinochem International has faced substantial losses, with total losses nearing 5 billion yuan over 2023 and 2024. The company anticipates further losses in the first half of 2025, with revenue from its basic raw materials and intermediates expected to grow by 25%-35%, while high-performance materials are projected to decline by 3%-8% [7][8].