资料显示，南京科思化学股份有限公司位于江苏省南京市江宁经济技术开发区苏源大道19号九龙湖国际 企业总部园C1栋10楼，成立日期2000年4月20日，上市日期2020年7月22日，公司主营业务涉及日用化 学品原料的研发、生产和销售。主营业务收入构成为：化妆品活性成分及其原料75.43%，合成香料 22.94%，其他1.63%。 从科思股份十大流通股东角度 数据显示，南方基金旗下1只基金位居科思股份十大流通股东。南方中证1000ETF（512100）三季度减 持6800股，持有股数175.38万股，占流通股的比例为0.38%。根据测算，今日浮亏损失约136.8万元。 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模766.3亿。今年以来收益23.18%，同类 排名1941/4206；近一年收益21.37%，同类排名2199/3986；成立以来收益9.01%。 11月26日，科思股份跌5.01%，截至发稿，报14.78元/股，成交1.48亿元，换手率2.15%，总市值70.31亿 元。 南方中证1000ETF（512100）基金经理为崔蕾。 截至发稿，崔蕾累计任职时间7年21天，现任基金 ...

Core Viewpoint - The company, Kosi Co., Ltd. (300856), is a leading manufacturer in the cosmetic active ingredients and synthetic fragrance industry, primarily serving large multinational corporations in the international mainstream market [1] Group 1: Market Position and Strategy - The company has a high export ratio, influenced by its product structure, downstream industry landscape, and market strategy [1] - The company places significant emphasis on the development potential of the domestic market and has actively made strategic moves to establish a presence [1] Group 2: Domestic Market Development - The company has nearly covered all major domestic sunscreen brand manufacturers and has established stable partnerships with several well-known cosmetic enterprises [1] - With the continuous launch of new product categories, the company aims to deepen cooperation with domestic clients, expand application fields, and increase market share [1]

Group 1 - The stock price of Yaxiang Co., Ltd. has declined for three consecutive days, with a total drop of 5.72% during this period, currently trading at 40.08 CNY per share [1] - Yaxiang Co., Ltd. specializes in the research, production, and sales of fragrances, with its main revenue sources being natural fragrances (49.85%), synthetic fragrances (25.12%), cooling agents (24.50%), and others (0.53%) [1] - The company was established on July 2, 2001, and went public on June 22, 2022, with a total market capitalization of 4.52 billion CNY [1] Group 2 - According to data, the Everbright Prudential Fund holds a significant position in Yaxiang Co., Ltd., with its Everbright Prudential Chengxin Mixed A Fund (003115) owning 4,000 shares, representing 1.04% of the fund's net value [2] - The fund has experienced a floating loss of approximately 1,480 CNY today and a total floating loss of 9,720 CNY over the past three days [2] - The Everbright Prudential Chengxin Mixed A Fund has achieved a year-to-date return of 44.42% and a one-year return of 51.06%, ranking 1249 out of 8150 and 706 out of 8043 in its category, respectively [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's sales scale in Thailand has increased, contributing to significant year-on-year growth in performance for the first three quarters of 2025 [6] - The company achieved a revenue of 770 million yuan, representing a year-on-year increase of 33.82%, and a net profit attributable to shareholders of 121 million yuan, up 168.01% year-on-year [4][6] - The expansion of the Thailand production base and the successful implementation of the first phase of the project have led to increased customer orders and sales [6][8] Summary by Sections Recent Performance - In Q3 2025, the company reported a revenue of 263 million yuan, a year-on-year increase of 22.63% and a quarter-on-quarter increase of 7.10% [5] - The net profit attributable to shareholders for Q3 was 11 million yuan, reflecting an 11.93% year-on-year increase but a 60.66% decrease quarter-on-quarter [5] Financial Highlights - The gross margin for the first three quarters was 28.80%, up 0.99 percentage points year-on-year, while the net margin was 15.60%, an increase of 7.83 percentage points year-on-year [4] - The company reported a significant increase in investment income, reaching 46 million yuan, up 3430% year-on-year, primarily due to the disposal of a subsidiary [6] Future Outlook - The company plans to continue expanding its Thailand production base, with a new synthetic vanillin production line expected to add 4,000 tons of capacity [7] - Revenue forecasts for 2025-2027 are projected at 1.232 billion, 1.647 billion, and 1.920 billion yuan, respectively, with net profits expected to be 170 million, 278 million, and 403 million yuan [8][10]

Core Viewpoint - The company has announced its third-quarter report for 2025, detailing financial data and a significant investment in a joint venture with an affiliated party [12][18][38]. Financial Data Summary - The third-quarter report for 2025 has been approved by the board, confirming the accuracy and completeness of the financial information [12][10]. - The financial statements for the period from January to September 2025 are unaudited [9][3]. Investment and Related Transactions - The company’s subsidiary, Zhongjinghui, plans to jointly invest with the affiliated party, Jiande Industrial Development Co., to establish a new investment partnership with a total capital contribution of RMB 42 million [18][22]. - Zhongjinghui will contribute RMB 10.9 million for a 25.952% stake, while Jiande Industrial Development will invest RMB 30 million for a 71.429% stake [18][22]. - This investment aims to enhance regional industrial development and support the semiconductor sector through investment in Bibo Semiconductor [23][24]. Shareholder and Governance Information - The board meeting held on October 27, 2025, included all nine directors, and the decisions made were in compliance with relevant laws and regulations [11][12]. - The investment transaction does not require shareholder approval as it falls within the board's authority [20][37]. Product and Price Changes - The company reported significant price changes for its main products from January to September 2025, with notable decreases in prices for fatty amines (down 5.26%), organic solvents (down 21.25%), and synthetic flavors (down 2.63%) [39]. - Major raw material prices also saw substantial changes, including a 23.05% decrease in acetone and a 40.81% increase in turpentine [40].

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2025-054 | | --- | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | | 浙江新化化工股份有限公司 注 2： 2025年1-9月主要产品价格同比有较大变化，其中：脂肪胺产品价格下降 5.26%，有机溶剂产品价格下降21.25%，合成香料产品价格下降2.63%。 2025年1-9月主要经营数据公告 一、主要产品的产量、销量及收入实现情况 | 产品大类 | 产量（吨） | 销售数量（吨） | 销售金额（万元） | | --- | --- | --- | --- | | 脂肪胺 | 101,489.71 | 101,435.66 | 111,717.21 | | 有机溶剂 | 41,419.51 | 41,843.65 | 26,989.43 | | 合成香料 | 20,485.10 | 17,636.02 | 58,425.70 | 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。 注 1： 上述产量、销量为折百数 ...

Group 1 - The core viewpoint of the news highlights the financial performance and trading activity of Yaxiang Co., indicating a positive trend in revenue and profit growth, alongside notable trading metrics [1][2]. Group 2 - As of October 13, Yaxiang Co. experienced a stock price increase of 0.38% with a trading volume of 89.43 million yuan, and a net financing purchase of 2.73 million yuan [1]. - The financing balance of Yaxiang Co. reached 213 million yuan, accounting for 7.55% of its market capitalization, which is above the 50th percentile level over the past year [1]. - The company has not engaged in any short selling activities on October 13, with a short selling balance of 0 shares, indicating a high level of confidence among investors [1]. Group 3 - As of September 19, the number of shareholders for Yaxiang Co. increased by 1.08% to 9,400, while the average circulating shares per person decreased by 1.06% to 6,975 shares [2]. - For the first half of 2025, Yaxiang Co. reported a revenue of 507 million yuan, representing a year-on-year growth of 40.47%, and a net profit attributable to shareholders of 110 million yuan, reflecting a significant increase of 211.25% [2]. Group 4 - Since its A-share listing, Yaxiang Co. has distributed a total of 56.21 million yuan in dividends [3].

Group 1 - On August 29, Yaxiang Co., Ltd. saw a stock price increase of 3.20% with a trading volume of 274 million yuan [1] - The financing data for Yaxiang on the same day showed a financing purchase amount of 25.32 million yuan and a net financing buy of -3.99 million yuan, indicating a higher level of financing balance at 227 million yuan, which is 7.10% of the circulating market value [1] - The company has a high level of short selling, with no shares sold or repaid on August 29, resulting in a short selling balance of 0, which is at the 90th percentile over the past year [1] Group 2 - As of August 20, the number of shareholders for Yaxiang was 9,600, a decrease of 8.57%, while the average circulating shares per person increased by 9.38% to 6,830 shares [2] - For the first half of 2025, Yaxiang reported a revenue of 507 million yuan, representing a year-on-year growth of 40.47%, and a net profit attributable to shareholders of 110 million yuan, which is a significant increase of 211.25% [2] Group 3 - Since its A-share listing, Yaxiang has distributed a total of 56.21 million yuan in dividends [3]

Summary of Key Points Core Viewpoint - The company, Yaxiang Co., Ltd., has shown significant financial growth in recent months, with a notable increase in revenue and net profit, while also experiencing fluctuations in stock performance and financing activities [1][2]. Financial Performance - For the period from January to June 2025, Yaxiang Co., Ltd. achieved a revenue of 507 million yuan, representing a year-on-year growth of 40.47% [2]. - The net profit attributable to the parent company for the same period was 110 million yuan, reflecting a substantial year-on-year increase of 211.25% [2]. Stock and Financing Activities - On August 28, Yaxiang Co., Ltd. experienced a stock price decline of 2.42%, with a trading volume of 257 million yuan [1]. - The financing buy-in amount on the same day was 27.21 million yuan, while the financing repayment was 17.65 million yuan, resulting in a net financing buy-in of 9.56 million yuan [1]. - As of August 28, the total financing and securities lending balance was 231 million yuan, accounting for 7.46% of the circulating market value, which is above the 70th percentile of the past year [1]. Shareholder Information - As of August 20, the number of shareholders for Yaxiang Co., Ltd. was 9,600, a decrease of 8.57% from the previous period [2]. - The average circulating shares per shareholder increased by 9.38% to 6,830 shares [2]. Dividend Distribution - Since its A-share listing, Yaxiang Co., Ltd. has distributed a total of 56.21 million yuan in dividends [3].

Group 1: Yaxiang Co., Ltd. (亚香股份) - In the first half of 2025, the company achieved revenue of approximately 507 million yuan, a year-on-year increase of 40.47% [1] - Net profit reached about 110 million yuan, representing a year-on-year growth of 211.25% [1] - Revenue from natural flavors was 253 million yuan, accounting for half of total revenue, while synthetic flavors revenue was 127 million yuan, with a growth of over 180% [1] - The first phase of the Thailand factory project is progressing towards mass production, and the overseas price of natural vanillin has seen a temporary increase [1] - The company is expected to benefit from the 50% tariff imposed by the U.S. on India, effective from the end of August [1] - The company is negotiating long-term agreements for the output of approximately 30 tons of ambrein series [1] - The synthetic vanillin project is planned to achieve a production capacity of 4,000 tons by the end of the year, with trial production in September-October and ramp-up in Q1 2026 [1] - The Thailand factory is positioned as a global key base and is being constructed in three phases [1] - Prices of vanillin are expected to gradually increase in the second half of the year [1] - Q2 revenue saw a quarter-on-quarter decline due to capacity transfer and a cyclical demand drop, while domestic business remains stable [1] Group 2: Three Squirrels (三只松鼠) - In 2025, the food and retail industry is undergoing changes, making it difficult to generate value through past homogeneous competition [2] - The company reported revenue of 5.478 billion yuan and a net profit attributable to the parent company of 138 million yuan [2] - The second quarter maintained over 20% growth, in line with expectations [2] - Offline distribution achieved a doubling in growth, and the company is actively exploring self-owned brand lifestyle stores [2] - The company is transitioning towards differentiation and quality enhancement while maintaining cost leadership [2] - The company has the capability to create cost-effective products and is leveraging four major centralized bases and self-owned factories to support product entry into channels like Walmart and Ole' [2] - The company adheres to a "D+N" omnichannel system, with comprehensive e-commerce as the foundation and short video e-commerce as a "category engine," while offline distribution is still in its growth phase [2] - Nuts are the core product category, and the company has established OEM capabilities, with strong advantages in popular snack items like shredded bread and egg products [2] - The sub-brand Xiaolu Lanlan generated revenue of 437 million yuan, achieving continuous growth and profitability, with multiple million-level new products incubated within the multi-brand matrix [2]