Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant profit increase in H1 2025, reaching a historical high, driven by a recovery in refrigerant prices, indicating that the main upward trend is ongoing [5][6] - The company reported H1 2025 revenue of 2.828 billion yuan, a year-on-year increase of 38.58%, and a net profit attributable to shareholders of 999.5 million yuan, a year-on-year increase of 159.22% [5] - The gross margin reached 49.50%, up 22.59 percentage points year-on-year, while the net margin was 34.96%, an increase of 16.15 percentage points year-on-year [5] - The company expects net profits for 2025-2027 to be 2.080 billion, 2.608 billion, and 2.972 billion yuan respectively, with corresponding EPS of 3.41, 4.27, and 4.87 yuan [5] Financial Performance - In Q2 2025, the company achieved revenue of 1.616 billion yuan, a year-on-year increase of 49.36% and a quarter-on-quarter increase of 33.32% [5] - The net profit for Q2 was 594 million yuan, a year-on-year increase of 158.98% and a quarter-on-quarter increase of 48.33% [5] - The average price of fluorinated refrigerants increased by 56.53% year-on-year, contributing to the revenue growth [6] Dividend and Projects - The company plans to distribute a cash dividend of 3.20 yuan per 10 shares (tax included) for H1 2025, amounting to approximately 195.35 million yuan, which is 19.64% of the net profit attributable to shareholders [7] - Ongoing projects, including lithium hexafluorophosphate and various technical upgrades, are progressing smoothly [7]

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 ...

二、主要产品和原材料的价格变动情况 | 证券代码：603810 | 证券简称：丰山集团 | 公告编号：2025-053 | | --- | --- | --- | | 转债代码：113649 | 转债简称：丰山转债 | | 江苏丰山集团股份有限公司 2025 年上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。 江苏丰山集团股份有限公司（以下简称"公司"）根据上海证券交易所《上 市公司行业信息披露指引第十三号—化工》要求，现将 2025 年上半年度主要经 营数据披露如下： | 主要产品 | 产量（吨） | 销量（吨） | 营业收入（万元） | | --- | --- | --- | --- | | 除草剂 | 8,269.17 | 7,390.74 | 37,130.50 | | 杀虫剂 | 3,621.53 | 3,741.83 | 13,530.82 | | 杀菌剂 | 284.16 | 274.70 | 1,620.41 | | 精细化工 | 8,405.72 | 7,301.77 | 4,393. ...

Group 1: Financial Performance - In 2024, the company's operating revenue increased by 10.5% year-on-year, while the net profit attributable to shareholders decreased by 15.2% [2][3] - The decline in net profit is primarily due to high raw material costs and low product prices in the pesticide sector [3][4] Group 2: Market Challenges - The high price of fluorite powder, a key raw material, has significantly increased production costs, putting pressure on profit margins [3][4] - The pesticide industry is experiencing oversupply, leading to a continuous decline in the prices of intermediate products [3][4] Group 3: Strategic Planning - The company aims to enhance its market share in the new energy materials sector by focusing on technological innovation and circular economy practices [3][5] - Future projects include high-performance polymer, dicyan, and hexafluorophosphate sodium projects, which are expected to drive growth in new materials and refrigerants [6][5] Group 4: Cost Management and Efficiency - The company plans to implement cost management strategies and optimize product structure to improve profit margins [4][5] - Financial and R&D expenses have increased, prompting the company to focus on precise resource allocation and explore diversified financing channels to reduce costs [5][6] Group 5: Competitive Advantages - The company possesses a complete fluorochemical industry chain, which includes raw materials and various fluorinated products, providing a competitive edge [4][5] - Continuous investment in technology and production line automation is expected to enhance the company's resilience against market fluctuations [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company's performance has significantly increased due to the continuous rise in refrigerant prices, with a notable growth in revenue and net profit for 2024 and Q1 2025 [2][3] - The company has established a complete fluorochemical industry chain, becoming a major supplier in the industry, with expectations for continued strong performance in the coming years [2][4] Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of 4.04 billion yuan, a year-on-year increase of 21.17% - The net profit attributable to shareholders was 779 million yuan, up 178.40% year-on-year - For Q1 2025, revenue reached 1.21 billion yuan, a year-on-year increase of 26.42% and a quarter-on-quarter increase of 21.20% [2][4] Product Pricing and Market Dynamics - The average selling price of fluorinated refrigerants increased by 28.17% to 26,100 yuan per ton in 2024, with sales volume growing by 1.65% to 125,400 tons - The gross margin for the fluorinated refrigerant business improved significantly, reaching 33.51%, an increase of 21.9 percentage points year-on-year [2][4] Future Earnings Forecast - The company is projected to achieve total revenue of 5.74 billion yuan in 2025, with a net profit of 1.83 billion yuan, translating to a basic earnings per share of 3.00 yuan [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][14] Core Views - The company achieved a revenue of 4.04 billion yuan in 2024, representing a year-on-year increase of 21.17%, and a net profit attributable to shareholders of 779 million yuan, up 178.40% year-on-year [5][6] - The first quarter of 2025 saw a revenue of 1.21 billion yuan, a 26.42% increase year-on-year, with a net profit of 401 million yuan, reflecting a 159.59% year-on-year growth [5][6] - The report anticipates continued growth in the refrigerant market, with profit forecasts for 2025-2027 being adjusted upwards, expecting net profits of 2.08 billion, 2.61 billion, and 2.97 billion yuan respectively [5][6] - The company plans to implement a mid-term dividend in 2025, with a cash dividend ratio of no more than 20% of the net profit attributable to shareholders for that period [7] Financial Performance Summary - In 2024, the company sold 125,400 tons of fluorinated refrigerants, generating a revenue of 3.27 billion yuan, with an average price of 26,056 yuan per ton [6] - The first quarter of 2025 showed a decline in sales volume for fluorinated refrigerants but a significant increase in average price, with a 43.5% rise compared to the average price in 2024 [6] - The company’s gross profit margin is projected to increase from 29.8% in 2024 to 48.9% in 2025, indicating improved profitability [9][11] Dividend and Employee Stock Plan - The company announced a cash dividend of 0.45 yuan per share for 2024, with a payout ratio of 35.07% [7] - An employee stock ownership plan was introduced, allowing for the purchase of up to 372,310 shares at a price of 20.47 yuan per share, aimed at enhancing employee confidence [7]

江苏丰山集团股份有限公司（以下简称"公司"）根据上海证券交易所《上 市公司行业信息披露指引第十三号—化工》要求，现将 2024 年度主要经营数据 披露如下： 主要产品 产量（吨） 销量（吨） 营业收入（万元） 除草剂 14,242.96 16,013.36 76,219.72 杀虫剂 6,305.14 5,960.86 20,620.41 杀菌剂 337.18 397.19 2,587.07 电池材料 92.40 92.40 232.27 一、主要产品的产量、销量及收入实现情况 二、主要产品和原材料的价格变动情况 江苏丰山集团股份有限公司 （一）主要产品价格（不含税）变动情况 2024 年度主要经营数据公告 | 主要产品 | 2024 年 1-12 月平均 销售价格（元/吨） | 2023 年 1-12 月平均 销售价格（元/吨） | 年度变动比率（%） | | --- | --- | --- | --- | | 除草剂 | 47,597.58 | 55,364.66 | -14.03 | | 杀虫剂 | 34,592.99 | 36,043.28 | -4.02 | | 杀菌剂 | 65,134.21 | ...

| | | 江苏丰山集团股份有限公司 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。 江苏丰山集团股份有限公司（以下简称"公司"）根据上海证券交易所《上 市公司行业信息披露指引第十三号—化工》要求，现将 2025 年第一季度主要经 营数据披露如下： | 主要产品 | 产量（吨） | 销量（吨） | 营业收入（万元） | | --- | --- | --- | --- | | 除草剂 | 4,827.59 | 4,013.56 | 20,844.25 | | 杀虫剂 | 2,312.19 | 2,030.85 | 6,832.53 | | 杀菌剂 | 197.57 | 133.40 | 724.01 | | 精细化工 | 2,516.50 | 1,946.12 | 1,307.60 | | 电池材料 | 451.53 | 358.50 | 409.35 | 一、主要产品的产量、销量及收入实现情况 二、主要产品和原材料的价格变动情况 （一）主要产品价格（不含税）变动情况 | 主要产品 | 20 ...

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 ...