Core Viewpoint - The Ministry of Emergency Management emphasizes the severe dangers of illegal chemical production and the complexity of enforcement efforts, aiming to enhance public safety awareness and maintain a strict crackdown on illegal activities [1] Group 1: Case Summaries - Case 1: An explosion at a biotechnology company in Zhoukou, Henan, on March 20, 2025, resulted in 6 deaths and 3 injuries due to illegal production practices. The company lacked safety conditions and was shut down [2] - Case 2: An explosion at a biotechnology company in Taizhou, Jiangsu, on March 11, 2025, led to 8 deaths and 4 injuries. The company was conducting illegal experiments without proper safety measures [3] - Case 3: A company in Hebei was found to be illegally producing hazardous chemicals after a surprise inspection on March 24, 2025. The company had previously been involved in a major explosion incident [4] - Case 4: A suspected illegal chemical production site was discovered in Jining, Shandong, on November 17, 2024. The operation was concealed under a livestock farm, and the site was subsequently shut down [5]

一季度业绩稳健增长，高阶产品需求继续上升 周期/化工 事件：公司发布 2025 年一季报，报告期内实现营业收入 2.39 亿元，同比增长 18.0%，归母净利润 0.63 亿元，同比增长 21.99%，扣非净利润 0.59 亿元，同 比增长 28.66%，符合预期。 ❑ 风险提示：能源成本上涨、新项目投产不及预期，下游需求不及预期。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 712 | 960 | 1225 | 1479 | 1768 | | 同比增长 | 8% | 35% | 28% | 21% | 20% | | 营业利润(百万元) | 195 | 285 | 364 | 455 | 564 | | 同比增长 | 3% | 46% | 28% | 25% | 24% | | 归母净利润(百万元) | 174 | 251 | 320 | 399 | 494 | | 同比增长 | -8% | 44% | 27% | 25% | 24% | ...