Core Viewpoint - Jiangxi Yuhua Pharmaceutical Co., Ltd., a subsidiary of Jingdezhen Black Cat Group, has been re-evaluated and recognized as a "specialized, refined, distinctive, and innovative" small and medium-sized enterprise in Jiangxi Province due to its strong technical foundation and market performance in the pharmaceutical and chemical industry [1] Group 1: Company Overview - Yuhua Company has evolved from a small chemical synthesis plant to a comprehensive pharmaceutical and fine chemical enterprise, focusing on the production of active pharmaceutical ingredients, pharmaceutical intermediates, organic solvents, and chemical raw materials [1] - In 2018, the company relocated to a new facility in the high-tech zone, equipped with advanced safety, environmental protection, and wastewater treatment facilities that meet strict national environmental and safety standards [1] Group 2: Achievements and Certifications - In March 2022, Yuhua Company received the Certificate of Suitability for European Pharmacopoeia (CEP) for Piracetam from the European Medicines Agency and completed drug registration in Russia [1] - The company has been recognized as a provincial benchmark enterprise for water conservation, a provincial "specialized, refined, distinctive, and innovative" small and medium-sized enterprise, and a provincial specialized small giant enterprise, highlighting its core competitiveness in niche markets [1]

Core Viewpoint - Jiangxi Yuhua Pharmaceutical Co., Ltd., a subsidiary of Jingdezhen Black Cat Group, has been re-evaluated and recognized as a "specialized, refined, distinctive, and innovative" small and medium-sized enterprise in Jiangxi Province due to its strong technical foundation and market performance in the pharmaceutical and chemical industry [1] Group 1: Company Overview - Yuhua Company has evolved from a small chemical synthesis plant to a comprehensive pharmaceutical and fine chemical enterprise, focusing on the production of active pharmaceutical ingredients, pharmaceutical intermediates, organic solvents, and chemical raw materials [1] - In 2018, the company relocated to a new facility in the high-tech zone, equipped with advanced safety, environmental protection, and wastewater treatment facilities that meet strict national environmental and safety standards [1] Group 2: Achievements and Certifications - In March 2022, Yuhua Company received the Certificate of Suitability for European Pharmacopoeia (CEP) for Piracetam from the European Medicines Agency and completed drug registration in Russia [1] - The company has been recognized as a provincial benchmark for water conservation, a provincial "specialized, refined, distinctive, and innovative" small and medium-sized enterprise, and a provincial specialized small giant enterprise, highlighting its core competitiveness in niche markets [1]

Core Viewpoint - XinHua Co., Ltd. is a leading domestic low-carbon fatty amine producer, focusing on fine chemical products with a full industry chain advantage [1] Group 1: Business Performance - For Q3 2025, XinHua's revenue reached 2.197 billion yuan, ranking 18th among 79 companies in the industry, with the top company, Sinochem International, reporting 35.716 billion yuan [2] - The net profit for the same period was 217 million yuan, placing XinHua 9th in the industry, while the top performer, Hangyang Co., Ltd., reported a net profit of 850 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, XinHua's debt-to-asset ratio was 37.20%, down from 39.74% year-on-year, which is higher than the industry average of 34.74% [3] - The gross profit margin for Q3 2025 was 22.32%, an increase from 20.96% year-on-year, exceeding the industry average of 19.93% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.00% to 11,400, while the average number of circulating A-shares held per account decreased by 3.79% to 17,000 [5] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 300,200 shares to 1.6863 million shares [5] Group 4: Future Outlook - The company is expected to see a slight increase in revenue and net profit for the first half of 2025, with growth in fatty amine product revenue, although organic solvent prices have decreased [5] - Future net profit projections for 2025 to 2027 are 257 million yuan, 318 million yuan, and 384 million yuan, respectively, with a "buy" rating maintained by Guojin Securities [5]

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a slight decline in revenue for the first half of 2025, with total revenue of 1.48 billion RMB, a year-on-year decrease of 0.07%, while net profit attributable to shareholders increased by 0.66% to 148 million RMB [2]. - The performance of the fatty amine and fragrance business segments remains stable, with fatty amines achieving a revenue of 768 million RMB, a year-on-year growth of 4.62% [3]. - The company is focusing on strategic emerging industries, particularly in lithium extraction technologies and specialized chemicals, which are expected to contribute to future growth [4]. Summary by Sections Financial Performance - In Q2 2025, the company generated revenue of 720 million RMB, a year-on-year decline of 3% and a quarter-on-quarter decline of 6%, while net profit was 77 million RMB, reflecting a year-on-year increase of 8% and a quarter-on-quarter increase of 7% [2]. - The company's revenue projections for 2025-2027 are adjusted to 288 million RMB, 355 million RMB, and 395 million RMB, respectively, with a significant downward revision of 36% for 2025 and 2026 [5]. Business Segments - The organic solvent segment saw a significant revenue drop of 28.06% to 173 million RMB due to falling prices influenced by acetone trends [3]. - The synthetic fragrance segment achieved a revenue of 382 million RMB, marking a year-on-year growth of 2.31% despite a decrease in average prices [3]. Strategic Initiatives - The company is actively developing new catalyst technologies and expanding applications in the mining chemicals sector, particularly in lithium extraction [4]. - New projects, including the third phase of Jiangsu Xinrui Fragrance and lithium recovery projects, are progressing and expected to enter trial production in the second half of the year [4].

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2025-040 | | --- | --- | --- | | 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 2025年上半年主要经营数据公告 | 产品大类 | 产量(吨) | 销售数量（吨） | 销售金额（万元） | | --- | --- | --- | --- | | 脂肪胺 | 68,701.93 | 68,153.43 | 76,822.02 | | 有机溶剂 | 26,565.27 | 26,019.52 | 17,304.11 | | 合成香料 | 13,855.41 | 11,561.62 | 38,242.06 | 注 1： 上述产量、销量为折百数量（下同）。 二、主要产品的价格变动情况（不含税） | 产品大类 | 2024 年上半年平 | 2025 年上半年平 | 变动比率 | | --- | --- | --- | --- | | | 均价格（元/吨） | 均价格（元/吨） | | | 脂肪胺 | 11,813.01 | 11,271.92 | -4.58% | | 有机溶剂 | 8, ...

Core Viewpoint - The report highlights a significant decline in the company's financial performance for the first half of 2025, with a notable drop in revenue and net profit due to decreased waste disposal prices and underutilization of capacity in the hazardous waste treatment industry [3][11]. Financial Performance - The company reported operating revenue of approximately 256.44 million yuan, a decrease of 11.08% compared to the same period last year [3][11]. - The total profit was approximately 8.47 million yuan, down 83.66% year-on-year [3][11]. - The net profit attributable to shareholders was approximately 5.68 million yuan, reflecting a decline of 89.23% compared to the previous year [3][11]. - The net profit after deducting non-recurring gains and losses was approximately -9.89 million yuan, a decrease of 128.49% year-on-year [3][11]. - The net cash flow from operating activities was approximately 64.75 million yuan, down 39.49% from the previous year [3][11]. Industry Overview - The hazardous waste treatment industry is experiencing a transition from rapid growth to high-quality development, with a slowdown in the overall generation of hazardous waste [3][11]. - The industry faces structural challenges, including uneven disposal capacity and low utilization rates, leading to a severe supply-demand imbalance and continued downward pressure on disposal prices [3][11][12]. - The company maintains a stable market share in hazardous waste disposal across regions such as Shanghai, Jiangsu, Shandong, and Shanxi, despite the competitive environment [5][11]. Business Model - The company's main business involves the resource utilization and harmless disposal of hazardous waste, providing services to upstream manufacturing industries [5][11]. - The company employs two primary models: harmless disposal and resource utilization, charging service fees based on the characteristics and treatment methods of the hazardous waste [5][11]. Technological Innovation - The company emphasizes technological innovation as a core strategy, focusing on improving the recycling rate of hazardous waste and reducing disposal costs [12][13]. - The company has made significant progress in developing technologies for the resource utilization of hazardous waste, particularly in the semiconductor industry [13][15]. - The company has established partnerships with several universities and research institutions to enhance its technological capabilities and foster innovation [15][16]. Market Position - The company has built strong relationships with numerous well-known enterprises across various sectors, including semiconductor, aerospace, and new materials, enhancing its brand recognition and market position [16]. - The company has adopted an innovative "big market + multi-collaboration" model to improve resource utilization efficiency and reduce waste [16].

Group 1 - The company reported a revenue of 2,965.73 million yuan for the reporting period, representing a year-on-year increase of 14.22% [23] - The net profit attributable to shareholders of the parent company was 226.91 million yuan, a decrease of 10.18% compared to the same period last year [23] - The net profit after deducting non-recurring gains and losses was 220.84 million yuan, down 8.06% year-on-year [23] Group 2 - The company plans to distribute a cash dividend of 0.45 yuan per share (including tax), with a total distribution amount of approximately 85.67 million yuan based on the adjusted total share capital [10][95] - The total share capital as of April 25, 2025, was 192,773,989 shares, with 2,394,600 shares held in the company's repurchase account [10][95] - The cash dividend and repurchase amount combined accounted for 64.20% of the net profit attributable to shareholders of the listed company for the year [95] Group 3 - The company primarily engages in the production and operation of fatty amines, organic solvents, synthetic fragrances, and other fine chemical products, which are widely used in agriculture, pharmaceuticals, inks, new energy, and coatings [12] - The market demand for fatty amines is relatively stable, but competition is increasing due to continuous capacity expansion, leading to pressure on profit margins [17] - The organic solvent market, particularly for isopropanol, has seen a compound annual growth rate of 5.95% from 2019 to 2023, with production reaching 440,600 tons in 2023, a year-on-year increase of 7.40% [18][19]

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2025-011 | | --- | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | | 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》有关规定和披露要求，现将浙江新化化工股份有限公司（以下简称"公 司"）2024 年年度主要经营数据披露如下： 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 | 127,338.14 | 127,642.31 | 145,269.04 | | 有机溶剂 | 55,236.60 | 55,949.31 | 43,357.53 | | 合成香料 | 24,078.84 | 23,383.18 | 78,986.34 | 注 1： 上述产量、销量为折百数量（下同）。 二、主要产品的价格变动情况（不含税） 浙江新化化工股份有限公司 | 产品大类 | 2023 | 年平均价格 （元/吨） | 2024 | 年平均价格 （元 ...