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 ...

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2025-012 | | --- | --- | --- | | 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个别及连带责任。 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：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"）2025 年第一季度主要经营数据披露如下： 二、主要产品的价格变动情况（不含税） | 产品大类 | 2024 年 1-3 月平 | | 2025 年 1-3 月平 | 变动比率 | | --- | --- | --- | --- | --- | | | 均价格（元/吨） | | 均价格（元/吨） | | | 脂肪胺 | | 11,750.78 | 11,337.61 | -3.52% | | 有机溶剂 | | 8,341.14 | 6,664.64 | -20.10% | | ...