联合化学作为国内有机颜料龙头企业，是全球油墨行业巨头DIC 株式会社在中国最大的供应商及战略合 作伙伴。基于行业趋势和技术协同的战略升级，公司设立合资公司启辰半导体进军半导体光刻胶材料领 域，通过战略投资方式入股卓光芮把握国内精密光学行业和半导体投影式曝光机行业的良好发展机遇。 在有机颜料领域，联合化学持续深耕新技术开发与应用，加大研发投入，加速产品升级迭代，以更好地 满足市场需求。公司持续加码环保型高性能颜料研发，耐候等级达7 级，高端产品占比从20%提升至 40%，并通过"零排放"生产线降低能耗20%。随着环保型无粉尘颜料等新品放量，推动颜料收入实现稳 定增长。同时，公司持续拓展产品在新能源、电子行业、食品与医药、3D 打印材料等领域的应用。 投资建议：联合化学有机颜料业务具备较强抗压能力，依托在精细化工方面的合成经验和表面处理等经 验布局光刻胶材料领域，通过战略投资方式入股卓光芮充分把握国内精密光学行业和半导体投影式曝光 机行业的良好发展机遇。在不考虑投资卓光芮产生的相关损益前提下，我们预计公司2025-2027 年营收 分别为5.43/5.75/6.22 亿元，归母净利润分别为0.62/0.69/0. ...

11月21日，百合花跌5.01%，截至发稿，报14.79元/股，成交8491.24万元，换手率1.36%，总市值61.58 亿元。 资料显示，百合花集团股份有限公司位于浙江省杭州市钱塘新区经五路1768号，成立日期1995年8月11 日，上市日期2016年12月20日，公司主营业务涉及有机颜料、中间体和珠光颜料的研发、生产、销售和 服务。主营业务收入构成为：颜料89.33%，中间体9.60%，其他1.06%。 责任编辑：小浪快报 南方智弘混合A（020645）基金经理为金岚枫。 截至发稿，金岚枫累计任职时间4年186天，现任基金资产总规模15.89亿元，任职期间最佳基金回报 49.18%， 任职期间最差基金回报6.71%。 从基金十大重仓股角度 数据显示，南方基金旗下1只基金重仓百合花。南方智弘混合A（020645）三季度持有股数217.88万股， 占基金净值比例为4.27%，位居第三大重仓股。根据测算，今日浮亏损失约169.94万元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人 ...

Core Points - The stock price of Baihehua decreased by 2.01% on November 18, trading at 16.08 CNY per share with a market capitalization of 6.695 billion CNY [1] - Baihehua's stock has increased by 75.74% year-to-date, but has seen a decline of 3.48% over the last five trading days [1] - The company has been on the "Dragon and Tiger List" five times this year, with the most recent instance on November 5, showing a net buy of -1.7464 million CNY [1] Financial Performance - For the period from January to September 2025, Baihehua reported revenue of 1.638 billion CNY, a year-on-year decrease of 8.58%, and a net profit attributable to shareholders of 135 million CNY, down 5.84% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 563 million CNY, with 191 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Baihehua is 18,800, a decrease of 24.69% from the previous period, with an average of 21,813 circulating shares per shareholder, an increase of 32.78% [2] - Among the top ten circulating shareholders, Southern Zhihong Mixed A (020645) is the eighth largest, holding 2.1788 million shares as a new shareholder [3]

Group 1 - Company plans to increase its stake in Shanghai Milai Chip Semiconductor Co., Ltd. from 19.35% to 37.28% by investing 200 million yuan [2] - The investment will be used specifically for the research and development of projection exposure machines and related components, and not for dividends or debt repayment [2] - The company aims to enhance its competitiveness in the precision optics and semiconductor projection exposure machine industries, aligning with its long-term strategic development [2] Group 2 - The investment is expected to enrich the company's business types and positively impact its long-term development and strategic layout [3] - The company's main business involves the production and sale of various organic pigments and water-based inks, achieving a net profit of 47.42 million yuan in the first three quarters, a year-on-year increase of 7.56% [3]

Group 1 - The stock price of Baihehua fell by 5.04%, reaching 15.82 CNY per share, with a trading volume of 1.04 billion CNY and a turnover rate of 1.58%, resulting in a total market capitalization of 6.587 billion CNY [1] - Baihehua Group Co., Ltd. is located in Hangzhou, Zhejiang Province, established on August 11, 1995, and listed on December 20, 2016. The company's main business involves the research, production, sales, and service of organic pigments, intermediates, and pearlescent pigments [1] - The revenue composition of Baihehua's main business includes pigments at 89.33%, intermediates at 9.60%, and others at 1.06% [1] Group 2 - Southern Fund's Southern Zhihong Mixed A (020645) fund entered the top ten circulating shareholders of Baihehua in the third quarter, holding 2.1788 million shares, which accounts for 0.53% of the circulating shares [2] - The estimated floating loss for Southern Zhihong Mixed A today is approximately 1.8302 million CNY [2] - Southern Zhihong Mixed A was established on August 2, 2024, with a latest scale of 325 million CNY, and has achieved a year-to-date return of 33.56% [2] Group 3 - Southern Zhihong Mixed A (020645) is a major holding in Baihehua, with 2.1788 million shares, representing 4.27% of the fund's net value, making it the third-largest holding [3] - The estimated floating loss for the fund regarding Baihehua is approximately 1.8302 million CNY [3]

Core Points - The stock price of Baihehua increased by 2.23% on November 11, reaching 16.94 CNY per share, with a trading volume of 282 million CNY and a turnover rate of 4.15% [1] - Baihehua's stock has risen 85.14% year-to-date, but has seen a decline of 12.64% over the last five trading days [2] - The company has been listed on the Longhu list five times this year, with the most recent occurrence on November 5, where it recorded a net buy of -1.7464 million CNY [2] Company Overview - Baihehua Group Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on August 11, 1995, with its listing date on December 20, 2016 [2] - The company's main business involves the research, production, sales, and service of organic pigments, intermediates, and pearlescent pigments, with revenue composition being 89.33% from pigments, 9.60% from intermediates, and 1.06% from others [2] - Baihehua belongs to the Shenwan industry classification of basic chemicals - chemical products - coatings and inks, and is associated with concepts such as small-cap, lithium batteries, dyes and coatings, share buybacks, and sodium batteries [2] Financial Performance - As of September 30, 2025, Baihehua reported a revenue of 1.638 billion CNY, a year-on-year decrease of 8.58%, and a net profit attributable to shareholders of 135 million CNY, down 5.84% year-on-year [2] - The company has distributed a total of 563 million CNY in dividends since its A-share listing, with 191 million CNY distributed over the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 24.69% to 18,800, while the average circulating shares per person increased by 32.78% to 21,813 shares [2]

Group 1 - The core point of the article highlights the recent decline in the stock price of Baihehua, which fell by 5.04% to 16.38 CNY per share, with a trading volume of 480 million CNY and a turnover rate of 7.00%, resulting in a total market capitalization of 6.82 billion CNY [1] - Baihehua Group Co., Ltd. is located in Hangzhou, Zhejiang Province, established on August 11, 1995, and listed on December 20, 2016. The company's main business involves the research, production, sales, and service of organic pigments, intermediates, and pearlescent pigments, with revenue composition being 89.33% from pigments, 9.60% from intermediates, and 1.06% from others [1] Group 2 - From the perspective of the top ten circulating shareholders, Southern Fund has a fund that ranks among Baihehua's top ten circulating shareholders. The Southern Zhihong Mixed A Fund (020645) entered the top ten in the third quarter, holding 2.1788 million shares, accounting for 0.53% of circulating shares, with an estimated floating loss of approximately 1.8955 million CNY [2] - The Southern Zhihong Mixed A Fund (020645) was established on August 2, 2024, with a latest scale of 325 million CNY. Year-to-date returns are 32.78%, ranking 2676 out of 8219 in its category; the one-year return is 35.13%, ranking 1625 out of 8125; and since inception, the return is 50.17% [2] Group 3 - The fund manager of Southern Zhihong Mixed A (020645) is Jin Lanfeng, who has a cumulative tenure of 4 years and 175 days. The current total asset scale of the fund is 1.589 billion CNY, with the best fund return during the tenure being 50.17% and the worst being 7.69% [3] - In terms of the fund's top holdings, Southern Zhihong Mixed A (020645) holds 2.1788 million shares of Baihehua, which constitutes 4.27% of the fund's net value, making it the third-largest holding, with an estimated floating loss of approximately 1.8955 million CNY [4]

Core Viewpoint - On November 7, Baihehua's stock price dropped by 5.12%, reaching 17.22 CNY per share, with a trading volume of 657 million CNY and a turnover rate of 9.04%, resulting in a total market capitalization of 7.17 billion CNY [1]. Company Overview - Baihehua Group Co., Ltd. is located in Qiantang New District, Hangzhou, Zhejiang Province, established on August 11, 1995, and listed on December 20, 2016. The company's main business involves the research, production, sales, and service of organic pigments, intermediates, and pearlescent pigments. The revenue composition is as follows: pigments account for 89.33%, intermediates 9.60%, and others 1.06% [1]. Shareholder Information - Among Baihehua's top ten circulating shareholders, a fund under Southern Fund ranks as a significant holder. The Southern Zhihong Mixed A Fund (020645) entered the top ten circulating shareholders in the third quarter, holding 2.1788 million shares, which represents 0.53% of the circulating shares. The estimated floating loss today is approximately 2.0262 million CNY [2]. Fund Performance - The Southern Zhihong Mixed A Fund (020645) has a current scale of 325 million CNY. Year-to-date, it has achieved a return of 33.76%, ranking 2645 out of 8148 in its category. Over the past year, the return is 36.24%, ranking 1769 out of 8053. Since its inception, the fund has returned 51.28% [2]. - The fund manager, Jin Lanfeng, has been in the position for 4 years and 172 days, with a total asset scale of 1.589 billion CNY. The best return during his tenure is 51.28%, while the worst is 8.88% [2]. Fund Holdings - The Southern Zhihong Mixed A Fund (020645) has a significant position in Baihehua, holding 2.1788 million shares, which constitutes 4.27% of the fund's net value, making it the third-largest holding. The estimated floating loss today is approximately 2.0262 million CNY [3].

Group 1 - The stock of Baihehua rose by 5.85%, reaching 18.47 CNY per share, with a trading volume of 414 million CNY and a turnover rate of 5.68%, resulting in a total market capitalization of 7.69 billion CNY [1] - Baihehua Group Co., Ltd. is located in Hangzhou, Zhejiang Province, established on August 11, 1995, and listed on December 20, 2016. The company's main business involves the research, production, sales, and service of organic pigments, intermediates, and pearlescent pigments [1] - The revenue composition of Baihehua's main business includes pigments at 89.33%, intermediates at 9.60%, and others at 1.06% [1] Group 2 - Southern Fund's Southern Zhihong Mixed A (020645) fund entered the top ten circulating shareholders of Baihehua in the third quarter, holding 2.1788 million shares, which accounts for 0.53% of the circulating shares [2] - The estimated floating profit for the fund today is approximately 2.2223 million CNY [2] - Southern Zhihong Mixed A (020645) was established on August 2, 2024, with a latest scale of 325 million CNY, and has achieved a year-to-date return of 33.27%, ranking 2399 out of 8149 in its category [2] Group 3 - The fund manager of Southern Zhihong Mixed A is Jin Lanfeng, who has a cumulative tenure of 4 years and 171 days, with the total asset scale of the fund at 1.589 billion CNY [3] - During his tenure, the best fund return was 51.3%, while the worst return was 8.67% [3] Group 4 - Southern Zhihong Mixed A holds Baihehua as its third-largest heavy stock, with 2.1788 million shares, accounting for 4.27% of the fund's net value [4] - The estimated floating profit for the fund today is approximately 2.2223 million CNY [4]

Core Viewpoint - Zhejiang Xinkai Technology Group Co., Ltd. reported steady financial performance and growth in the organic pigment industry, highlighting its robust global presence and commitment to sustainable development [1][2][3] Financial Performance - For the third quarter of 2025, the company achieved a total revenue of 1.024 billion yuan and a net profit attributable to shareholders of 64.0945 million yuan [1] - The total assets of the company increased to 1.939 billion yuan, indicating a solid financial foundation [1] Global Presence and Supply Chain - The company has established a comprehensive global service system, with products sold in over 70 countries and regions [1] - It has set up multiple warehousing and logistics centers in key regions such as Europe, North America, and Asia-Pacific, enhancing its global supply chain [1] - The logistics hub in Shanghai enables efficient product supply to meet diverse market demands for quick delivery and secure inventory [1] Environmental and Technological Innovations - The company is adapting to stricter environmental regulations by innovating clean production processes and improving resource utilization [2] - It has integrated sustainable development into its corporate strategy, actively responding to national "dual carbon" goals [2] - The company holds 50 patent authorizations, including 10 invention patents, and has participated in the formulation of 29 national and industry standards [2] Market Trends and Future Outlook - The global organic pigment market is projected to grow by $1.5 billion from 2024 to 2029, with a compound annual growth rate of 4.5% [3] - Increasing consumer awareness of environmental issues is driving the shift from inorganic to organic pigments, creating opportunities for industry leaders like Xinkai Technology [3] - The company aims to focus on high-value-added products and maintain its commitment to high-end, green, and international development [3]