证券代码：603379 证券简称：三美股份 公告编号：2025-067 一、2025 年前三季度主要产品的产量、销量及收入实现情况 | 主要产品 | 产量（吨） | 营业收入 外销量（吨） （万元人民币） | | | --- | --- | --- | --- | | 氟制冷剂 | 132,633.12 | 95,412.79 | 380,028.14 | | 氟发泡剂 | 14,465.48 | 6,540.78 | 15,629.58 | | 氟化氢 | 100,369.91 | 50,139.25 | 41,768.10 | | 合计 | 247,468.51 | 152,092.82 | 437,425.82 | 注：公司产品外销量低于产量主要是部分产品内供作为下游产品原料使用所致。 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 浙江三美化工股份有限公司 2025 年前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。 浙江三美化工股份有限公司（以下简称"公司"）根据《上海证券交易 ...

Core Viewpoint -滨化集团股份有限公司 (滨化股份) is pursuing an IPO on the Hong Kong Stock Exchange, revealing a growth in revenue for 2024 but a decline in profits during the same period, alongside a significant increase in its debt-to-asset ratio, which reached 90.8% by mid-2025 [2][6]. Financial Performance - The revenue figures for滨化股份 from 2022 to 2024 are as follows: RMB 88.92 billion in 2022, RMB 73.06 billion in 2023, RMB 102.28 billion in 2024, and RMB 73.54 billion for the first half of 2025. However, profits decreased from RMB 12.03 billion in 2022 to RMB 2.17 billion in 2024 and further to RMB 1.36 billion in the first half of 2025 [3][4]. - The gross profit margin has significantly declined from 26.5% in 2022 to 6.4% in 2024, with net profit margins also dropping from 13.5% to 2.1% during the same period [7]. Debt and Inventory Management - The debt level of滨化股份 has rapidly increased, with the debt-to-asset ratio rising from 41.9% in 2022 to 90.8% by June 2025 [6][7]. - The company's inventory and contract costs have surged from RMB 580 million in 2022 to RMB 1.072 billion by the end of 2024, marking an 84.8% increase [4][5]. Business Operations and Strategy -滨化股份 operates in three main segments: chlor-alkali chemicals, C3 and C4 chemicals, and wet electronic chemicals, maintaining a leading position in the chlor-alkali chemicals sector and achieving rapid growth in the petrochemical and electronic chemicals fields [3]. - The company plans to utilize the funds raised from the IPO for various projects, including the construction of a source-network-load-storage project, enhancing R&D capabilities, and expanding its overseas sales and service network [7].

10月22日，滨化股份正式向香港联合交易所有限公司递交上市申请，拟发行H股股票并在主板挂牌上 市，联席保荐人为华泰国际和建银国际。在登陆A股15年后，滨化股份正式启动"A+H"双资本平台战 略，其国际化布局迈出关键一步。 在"双碳"浪潮下，滨化股份以能源突破推动绿色低碳转型的路径更具行业参考价值。公司斥资14.21亿 元启动北海滨华新材料源网荷储一体化项目，这一项目既是其绿色发展战略的关键落子，也是提升整体 经济效益的重要布局。滨化股份在招股书中明确，此次港股IPO募集的资金将用于推进"新能源+化 工"耦合发展模式，深化科创引领、加大研发开支并拓展国际业务布局。 从经营基本面来看，滨化股份近年发展势头持续向好，于2022年度、2023年度、2024年度，公司分别取 得收入88.92亿元、73.06亿元、102.28亿元，期内利润分别为12.03亿元、3.99亿元、2.17亿元。2025年上 半年更是交出亮眼成绩单，上半年实现营收73.54亿元，同比大幅增长61.36%，期内利润为1.36亿元， 同比增长15.32%。 公开数据显示，滨化股份是一家国内领先的以科技创新与绿色低碳为核心驱动力的综合型化工集团，公 ...

证券代码：603379 证券简称：三美股份 公告编号：2025-048 浙江三美化工股份有限公司 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。 浙江三美化工股份有限公司（以下简称"公司"）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（第十三号——化工）》的有关规 定，将公司 2025 年半年度主要经营数据披露如下： 一、2025 年半年度主要产品的产量、销量及收入实现情况 | 主要产品 | 产量（吨） | 外销量（吨） | 营业收入 （万元人民币） | | --- | --- | --- | --- | | 氟制冷剂 | 88,275.68 | 61,968.21 | 241,913.27 | | 氟发泡剂 | 8,410.74 | 4,314.16 | 9,776.76 | | 氟化氢 | 68,366.59 | 32,411.82 | 27,619.82 | | 合计 | 165,053.01 | 98,694.19 | 279,309.85 | （一）主要产品 ...

Industry Overview - The tetrachloroethylene industry in China is experiencing a critical period of both overcapacity and demand upgrade as of 2025 [1][5] - From January to May 2025, China's tetrachloroethylene production reached 78,100 tons, an increase of 8.59% year-on-year, while consumption was 87,000 tons, up 1.02% year-on-year [1][5] - Technological upgrades, such as the replacement of thermal chlorination with oxychlorination, have improved production efficiency and reduced unit costs [1][5] Industry Chain - The upstream of the tetrachloroethylene industry includes raw materials like chlorine, ethylene, acetylene, and calcium hydroxide, as well as production equipment [3] - The midstream involves the production and manufacturing of tetrachloroethylene, while the downstream applications include dry cleaning, metal cleaning, environmental testing, and chemical raw materials [3] Current Industry Status - As of June 2025, the price of tetrachloroethylene in China was 3,691 yuan per ton, a decrease of 7.47% year-on-year, primarily due to an imbalance between supply and demand [7] - The operating rate in June 2025 was 61.73%, a decrease of 11.91 percentage points month-on-month but an increase of 8.26 percentage points year-on-year [9] - From January to May 2025, imports of tetrachloroethylene increased by 11.11% in quantity and 31.35% in value, while exports surged by 91.32% in quantity and 74.90% in value [11] Key Enterprises - The tetrachloroethylene industry in China has a stable competitive landscape, with a few large enterprises dominating the market [13] - Binhai Group leads with an annual capacity of 80,000 tons, while Luxi Chemical has a capacity of 50,000 tons and Dongyue Group integrates its refrigerant supply chain [13][17] - Luxi Chemical's actual production reached 72,000 tons in 2025, while Binhai Group's production was 77,900 tons, reflecting a growth of 0.91% [15][17] Industry Development Trends - Technological innovations are expected to drive the industry towards higher value-added applications, with a focus on reducing environmental impact and improving resource efficiency [19] - Market demand for tetrachloroethylene is anticipated to continue rising steadily, particularly in specialized fields like semiconductor manufacturing [20] - Regulatory policies are promoting environmental transformation in the industry, encouraging companies to adopt greener production processes [21]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [5]. Core Insights - The chemical sector experienced a 3.11% increase in the week of June 30, 2025, outperforming the Shanghai Composite Index by 1.19 percentage points [1][13]. - Key stocks that led the gains included Dazhongnan (+50%), Tiensheng New Materials (+31.41%), and Cangzhou Mingzhu (+26.93%) [1][13]. - The report suggests focusing on electronic chemicals related to PCB, particularly highlighting the price increases of ketone and monochloro methane [1]. Industry Performance - In the week of June 30, 2025, 26 sub-industries within the chemical sector saw increases, while 5 experienced declines. The top-performing sub-industries included other plastic products (+8.45%) and carbon black (+7.65%) [2][17]. - The dynamic PE ratio for the chemical sector was reported at 24.76 times, which is 9.15 times lower than the average PE since 2015 [1][13]. Price and Spread Trends - The top five products with the highest weekly price increases were ketone (+11.77%), monochloro methane (+9.09%), and liquid chlorine (+7.35%) [3][20]. - Conversely, Brent crude oil saw a significant decline of 14.1%, while WTI crude oil dropped by 13.18% [3][20]. - The report also noted substantial changes in product spreads, with PX (CFR China) spread increasing by 71.09% [3][42]. Inventory Changes - Significant inventory changes were observed, with the highest increases in stocks of chlorpyrifos (+16.67%) and polyester chips (+9.16%) [4][60]. - Notably, urea and glyphosate inventories decreased by 8.33% and 7.69%, respectively [4][63]. Recommendations - The report emphasizes the importance of monitoring leading companies in the compound fertilizer sector, such as Xinyangfeng, and in spherical silica powder, such as Lianrui New Materials [4].

Core Viewpoint - The article highlights the commencement of a significant project by Tangshan Yulong New Materials Technology Co., Ltd., focusing on the production of electronic-grade epoxy resin and its associated facilities, which is expected to enhance the efficiency and logistics of the industry. Group 1: Project Overview - The project involves the construction of a 150,000 tons/year electronic-grade epoxy resin facility located in the Caofeidian Chemical Industrial Park in Tangshan, which will ensure efficient operation and product transportation [1][2]. - The total investment for the project is approximately 4.56 billion yuan, which includes the establishment of upstream raw material intermediate products such as 300,000 tons/year ion membrane caustic soda and 60,000 tons/year glycerol-based epoxy chloropropane [3]. Group 2: Company Background - Tangshan Yulong New Materials Technology Co., Ltd. is a state-owned enterprise established on March 28, 2024, focusing on the promotion of new material technologies and the production of high-end chemical products, primarily electronic-grade epoxy resin and its related products [4].

Investment Rating - The industry investment rating is "Positive (Maintain)" [7] Core Viewpoints - This week, oil prices experienced a slight decline, while the prices of acrylic acid and coal tar saw significant increases. The report emphasizes a focus on leading companies with strong alpha that are less correlated with oil prices, suggesting a bottom-fishing strategy. It also highlights the importance of domestic demand and opportunities in new material domestic substitution, particularly in the agricultural chemical sector during the spring farming peak [9][17]. Summary by Sections Oil and Chemical Prices Information - As of May 23, Brent oil price decreased by 0.96% to $64.78 per barrel. The report notes that U.S. commercial crude oil inventories increased by 1.3 million barrels to 443.2 million barrels, with gasoline inventories rising by 800,000 barrels and distillate inventories by 600,000 barrels [13][14]. - Among 188 monitored chemical products, the top three price increases this week were acrylic acid (up 10.8%), coal tar (up 7.6%), and anthracene oil (up 5.7%). The largest declines were seen in liquid chlorine (down 16.7%), formic acid (down 8.0%), and tetrachloroethylene (down 7.2%) [9][14]. Price and Spread Changes - The report indicates that the top three products with the largest weekly price increases were acrylic acid (up 10.8%), coal tar (up 7.6%), and anthracene oil (up 5.7%). The largest monthly price increases were liquid chlorine (up 40.2%), but it also noted significant declines in formic acid (down 29.2%) [9][15]. - The top three products with the largest weekly spread increases were MTP spread (up 35.0%), acrylic acid spread (up 33.2%), and BDO spread (up 29.5%). The report also highlights significant declines in the spreads of acrylic acid butyl ester (down 710.1%) and R410a spread (down 100.0%) [9][19]. Investment Recommendations - The report recommends several companies for investment: - Wanhua Chemical (600309, Buy): Core product MDI is seeing profit improvements, with new petrochemical and new material projects coming online [17]. - Huangma Technology (603181, Buy): A leading special polyether company that has entered a growth phase again [17]. - Runfeng Co., Ltd. (301035, Buy): A rare company with a global layout for formulation registration and sales channels [17]. - Guoguang Co., Ltd. (002749, Buy): A leading company in the plant growth regulator sector [17]. - Hualu Hengsheng (600426, Buy): Core product prices are recovering alongside a decline in coal prices, leading to continuous improvement in spreads [17].

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。 浙江三美化工股份有限公司（以下简称"公司"）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》（第十三号——化工）有关规定， 将公司 2024 年度主要经营数据披露如下： 注：公司产品外销量低于产量主要是部分产品内供作为下游产品原料使用所致。 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 单位：元/吨（不含税） | 主要产品 | 2024年度均价 | 2023年度均价 | 2024年度 | 2024年第四季度 | 2024年第四季度 | | --- | --- | --- | --- | --- | --- | | | | | 同比变动幅度 | 同比变动幅度 | 环比变动幅度 | | 氟制冷剂 | 26,055.90 | 20,329.93 | 28.17% | 48.49% | 6.09% | | 氟发泡剂 | 17,078.06 | 20,928.70 | -18.40% | 0.31% | 8.44% | | 氟化氢 | 7,865.4 ...

证券代码：603379 证券简称：三美股份 公告编号：2025-023 注：公司产品外销量低于产量主要是部分产品内供作为下游产品原料使用所致。 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 单位：元/吨（不含税） 浙江三美化工股份有限公司 2025 年第一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。 浙江三美化工股份有限公司（以下简称"公司"）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》（第十三号——化工）有关规定， 将公司 2025 年第一季度主要经营数据披露如下： 三、其他对公司生产经营具有重大影响的事项 以上生产经营数据，来自公司内部统计，未经审计，仅为投资者及时了解公 司生产经营概况之用，未对公司未来经营情况作出任何明示或默示的预测或保证， 敬请投资者审慎使用，注意投资风险。 特此公告 浙江三美化工股份有限公司董事会 2025 年 4 月 29 日 | 主要产品 | 2025年第一季度 | 2024年第一季度 | 2025年第一季度 | 2025年第一 ...