赞宇科技依托自身表面活性剂业务的技术与规模优势，全力打造行业领先的"表活原料生产+洗护用品 代加工服务"一体化产业链模式，已分别在江苏镇江、河南鹤壁、四川眉山等地建立了表面活性剂生产 线和日化洗护产品生产线一体化布局的大型综合日化园区。通过整合上下游供应链，引进辅料、包材、 智能仓储物流等配套产业，为客户提供优质高效的日化产品OEM/ODM一站式加工服务，从而有效降低 原材料运输成本和生产成本，与客户、供应商一起实现互利共赢、协同发展。 同时，公司是为数不多拥有海外棕榈油原料生产基地的中国油脂化工企业，海外油化基地杜库达位于棕 榈油主产国印度尼西亚的首都雅加达保税区，在棕榈油采购价格、便利性、在途时间、税收政策、运输 费用、生产成本等方面具有明显优势，展现出较强的盈利能力。依托杜库达基地，公司一方面能够加强 供应链掌控，通过产业链延伸向原料最上游不断靠拢；另一方面能够拓宽销售市场，立足印尼国内，辐 射东南亚地区，面向全球市场。 10月28日，赞宇科技（002637）发布2025年三季报，公司2025年前三季度实现营收96.76亿元，同比增 长27.92%；归母净利润达1.51亿元，同比增长24.96%，核心盈 ...

编号：2025-005 | 投资者关系活 | □特定对象调研 □分析师会议 | | | --- | --- | --- | | 动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 | □ 路演活动 | | | □现场参观 | | | | 其他 | （ 电话会议 ） | | | 参与单位名称 | 国信证券杨林，薛聪，张歆钰，中信证券裘科，民生证券 | | | 及人员姓名 | 曾佳晨等。 | | | 时间 2025 | 年 月 日 10 29 10:00-11:00 | | | 地点 | 杭州市西湖区古墩路 号赞宇大厦 会议室 702 1812 | | | 上市公司接待 | 董秘徐强、证券事务代表郑乐东 | | | 人员姓名 | | | | | 双方就公司 2025 年三季报的经营业绩、项目建设等相 | | | | 关问题进行了沟通，相关问答记录如下： | | | 2025 | 年前三季度，公司实现营业收入 96.75 亿元，较上 | | | 年同期上升 | 27.92%；实现归属于上市公司净利润 1.50 | 亿 | | 元，较上年同期上升 | 24.96%。截至 2025年 月 30日，公司 9 ...

上周，2只新股的上市首日平均涨幅为263%。其中，超颖电子首日上涨近400%，单签盈利约3.4万元。 华金证券研报分析，短期来看，考虑到长假后资金和情绪快速收敛之后需要重建平衡，并且当前正值三 季报披露期，不排除新股次新板块震荡仍将持续小段时间；但略微拉长来看，可能中长期做多氛围并未 根本性改变，局部个股的活跃表现仍颇为亮眼；建议短期警惕之余或应当保持积极观察、重视把握可能 的配置时机。 根据目前安排，本周将有3只新股可申购。拟于周一（10月27日）申购的丰倍生物是国内第一梯队的废 弃油脂资源综合利用企业，且是废弃油脂资源综合利用发展的重要创新者、推动者。在生物燃料方面， 公司客户覆盖托克、嘉能可等全球知名大宗商品交易商，以及嘉吉、壳牌、英国石油公司等全球知名终 端。在农化细分应用领域，公司目前已与丰乐种业、久易股份、泸天化、四川美丰、芭田股份等农化龙 头企业达成长期合作。 拟于周二（10月28日）申购的德力佳为全球领先的风电主齿轮箱供应商。截至目前，公司已与金风科 技、远景能源、明阳智能、三一重能等风电整机行业头部企业建立起长期稳定的业务合作，并通过股权 投资等方式形成了全方位深度捆绑。根据QY Resea ...

Core Viewpoint - The governance of "involution" competition in China is deepening, with policies aimed at accelerating the elimination of outdated capacity in the chemical industry, promoting high-quality development by concentrating resources on leading companies with technological advantages and cost control [1] Industry Summary - The global surfactant market is expected to reach sales of $32.97 billion in 2025 and $39.36 billion in 2031, with a CAGR of 3.00% from 2025 to 2031 [2] - The market is witnessing a trend where downstream companies are increasingly selective in choosing suppliers, favoring larger, reputable companies with high-quality products, leading to a more optimized competitive landscape [2] Company Summary - Zanyu Technology (002637.SZ) operates a dual business model of surfactants and oil chemical products, with surfactants being the core business and oil chemical products serving as the growth driver [2] - The company has established a strong position in the domestic AES market, with a market share of 34.91% in 2024, producing 371,300 tons and achieving a sales volume of 372,700 tons [4] - Zanyu Technology has a palm oil production base in Indonesia, providing advantages in procurement costs, convenience, and production efficiency, enhancing its profitability [3][4] - The company is developing an integrated supply chain model that combines surfactant production with OEM/ODM services for daily chemical products, aiming to reduce costs and enhance market competitiveness [3]

Group 1 - Investment Rating: The report assigns an AHP score of 2.61, placing the company in the 35.5% percentile of the non-Science and Technology Innovation Board AHP model [3][8][9] - Core Business: The company is a leading enterprise in the resource utilization of waste cooking oil, with a full industry chain layout from "waste cooking oil - biofuels - bio-based materials" [3][10] - Market Position: The company has a market share of approximately 6%-7% in the agricultural chemical sector, with bio-based materials accounting for 80% of its revenue [3][10] Group 2 - Industry Growth: The European Union is set to mandate large-scale blending of Sustainable Aviation Fuel (SAF) starting in 2025, creating significant market opportunities for the company [3][15] - Production Capacity: The company achieved a sales volume of 90,300 tons of industrial mixed oil in the first half of 2025, a year-on-year increase of 473.46% [3][18] - Financial Performance: The company reported a revenue of 1.478 billion yuan in the first half of 2025, a 50% increase year-on-year, with a projected revenue of 2.1 to 2.3 billion yuan for the first nine months of 2025 [20][21] Group 3 - Competitive Analysis: The average price-to-earnings ratio (TTM) for comparable companies is 31.09X, while the company's industry has a static P/E ratio of 64.44X [19] - Profitability Trends: The company's gross profit margin has declined from 13.55% in 2022 to 9.50% in the first half of 2025, primarily due to the lower value-added nature of industrial mixed oil products [24] - R&D Investment: The ratio of R&D expenditure to revenue has shown a downward trend, decreasing from 3.00% in 2022 to 2.33% in the first half of 2025 [30][33] Group 4 - Fundraising Plans: The company plans to raise 750 million yuan through the issuance of 35.9 million new shares, with funds allocated for expanding production capacity in various bio-based products [32][34] - Projected Returns: The internal rate of return for the new projects is estimated at 20.25%, with a payback period of approximately 6.83 years [35]

报告期各期，公司营业收入分别为170,869.32万元、172,778.32万元、194,801.63万元和147,812.92万元， 扣除非经常性损益后归母净利润分别为13,591.98万元、12,304.05万元、11,531.91万元和8,470.27万元。 报告期内，公司的收入规模整体呈现逐年增长的趋势并已形成一定规模，且主营业务收入占营业收入比 重持续保持在99%以上，主营业务突出、占比稳定。 公司是一家废弃资源综合利用领域的高新技术企业，主要以废弃油脂生产资源化产品。基于长期的研发 投入和产业实践，公司在废弃油脂资源综合利用的深度及广度上不断拓展，形成了"废弃油脂—生物燃 料(生物柴油)—生物基材料"的废弃资源再生产业链。此外，公司还依托自身油脂综合利用核心技术和 渠道优势为客户提供油脂化学品。 公司主营业务以废弃油脂资源综合利用业务为主，油脂化学品业务为辅。废弃油脂资源综合利用业务主 要产品为生物基材料和生物燃料，其中生物基材料主要为农药助剂、化肥助剂等生物柴油配方产品和工 业级混合油;生物燃料主要为生物柴油;油脂化学品业务主要产品为DD油、脂肪酸等。 丰倍生物(603334.SH)发布首次公开 ...

Core Viewpoint - Zanyu Technology (002637) is positioned to benefit from rising palm oil prices due to its ability to pass on raw material cost increases to product prices, supported by strong sales growth in its surfactants and oil chemical products [1][2]. Company Performance - In the first half of 2025, Zanyu Technology achieved revenue of 6.553 billion yuan, a year-on-year increase of 41.71%, with surfactants and oil chemical products generating revenues of 2.987 billion yuan and 3.421 billion yuan, respectively, reflecting growth rates of 56.14% and 30.36% [1]. - The net cash flow from operating activities reached 517 million yuan, marking a significant year-on-year increase of 557.13%, indicating improved operational quality [1]. Strategic Initiatives - The company is enhancing operational resilience by refining supply chain management and optimizing inventory and procurement strategies to mitigate the impact of raw material price fluctuations [2]. - Zanyu Technology is expanding its market presence by focusing on the development and promotion of specialty functional products and enhancing foreign trade channels, leading to stable performance growth [2]. Production and Supply Chain - Zanyu Technology has established a modern production base in Jakarta, Indonesia, which allows it to secure palm oil raw materials more effectively, benefiting from favorable procurement prices and reduced transportation costs [2][3]. - The company has developed a dual-main business model in surfactants and oil chemical products, which allows for resource sharing and process synergy, thereby reducing intermediate costs and enhancing production efficiency [3]. Industry Outlook - The global surfactants market is projected to grow from $47.36 billion in 2024 to $70.13 billion by 2032, with a CAGR of 4.9%, while the oil chemical products market is expected to increase from $40.37 billion to $65.38 billion, with a CAGR of 6.3% during the same period [4]. - Zanyu Technology is well-positioned to capitalize on market expansion, with over ten modern production bases in Zhejiang, achieving an annual production capacity of over 1.2 million tons for surfactants and over 1 million tons for oil chemical products [4]. Competitive Advantage - The company is leveraging its comprehensive technology and production capacity to strengthen its competitive position in the surfactants and oil chemical products industry, aiming to build differentiated competitive barriers and sustain long-term growth potential [5].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][25][27] Core Views - The company is a leading domestic enterprise in surface active agents and oil chemical products, with stable progress in OEM/ODM projects. The annual production capacity for surface active agents has exceeded 1.2 million tons, and for oil chemical products, it has surpassed 1 million tons. The OEM/ODM processing service capacity for personal care products has reached 1.1 million tons [1][9] - The company's revenue for the first half of 2025 reached 6.553 billion yuan, a year-on-year increase of 41.71%. The net profit attributable to shareholders was 97 million yuan, up 6.35% year-on-year, while the net profit after deducting non-recurring gains and losses was 83 million yuan, an increase of 25.79% year-on-year. The rapid revenue growth was primarily driven by increased sales volume and higher prices due to rising raw material costs [2][10] - The company's core profitability is driven by its Indonesian subsidiary, Dukuda, which benefits from Indonesia's palm oil export tax policy, providing significant cost advantages. In the first half of 2025, Dukuda achieved a net profit of 102 million yuan, a year-on-year increase of 48%. The expansion project is progressing smoothly and is expected to enhance the company's profitability and scale starting in the second half of 2025 [3][19] - The company has initiated a share repurchase plan, reflecting management's confidence in the company's long-term development. The total amount for the repurchase is between 100 million and 200 million yuan, with 3.5825 million shares repurchased as of August 31, 2025, accounting for 0.76% of the total shares [4][24] Summary by Sections Company Overview - The company is a leading player in the domestic oil chemical and surface active agent sectors, with significant production capacities in both areas. The establishment of large-scale comprehensive daily chemical parks in various locations supports its OEM/ODM business [1][9] Financial Performance - The company reported a significant increase in revenue and net profit for the first half of 2025, driven by higher sales volumes and prices. The performance of different business segments shows a strong growth trajectory, particularly in daily chemical products [2][10] Profitability Drivers - The profitability of the company is significantly influenced by its Indonesian subsidiary, which is expected to contribute positively to the overall financial performance as new capacities come online [3][19] Shareholder Engagement - The ongoing share repurchase plan is a strategic move to enhance shareholder value and reflects the management's confidence in the company's future prospects [4][24]

Core Viewpoint - Fengbei Biotechnology Co., Ltd. has successfully submitted its IPO registration on the Shanghai Stock Exchange, focusing on the comprehensive utilization of waste resources, particularly converting waste oils into biodiesel and bio-based materials, but faces challenges including performance decline due to EU anti-dumping policies and weak R&D investment [1][10][24]. Group 1: Company Overview - Fengbei Biotechnology is a high-tech enterprise in the waste resource utilization sector, primarily producing biodiesel and bio-based materials from waste oils, forming a recycling industry chain [2][5]. - The company was established in July 2014 and transitioned to a joint-stock company in January 2022, with its founder, Ping Yuan, holding 85.40% of the shares [4][5]. Group 2: Financial Performance - For the years 2022 to 2024, Fengbei's operating revenues were 1.709 billion, 1.728 billion, and 1.948 billion yuan, with year-on-year growth rates of 31.89%, 1.12%, and 12.75% respectively [10][11]. - The net profit attributable to the parent company for the same period was 133 million, 130 million, and 124 million yuan, showing a decline of 2.73% and 4.54% in the last two years [10][11]. Group 3: Market Challenges - The company has faced significant challenges due to the EU's anti-dumping investigations, which have led to a sharp decline in sales in the EU market, affecting overall profitability [15][18]. - Sales to the EU dropped from 3.30 billion yuan in 2021 to 505 million yuan in the first half of 2024, indicating a substantial market shift [15][18]. Group 4: R&D and Competitive Position - Fengbei's R&D expenses as a percentage of operating income were 3.00%, 3.39%, and 2.75% from 2022 to 2024, which is below the industry average [21][22]. - The company claims its competitive advantage lies in basic research, material development, and application development, but it risks falling behind competitors if R&D investment does not increase [24]. Group 5: Financial Health - As of the end of 2024, Fengbei's cash reserves were 167 million yuan, while short-term borrowings amounted to 173 million yuan, indicating potential liquidity issues [24].

Financial Performance - In the first half of 2025, the company achieved operating revenue of 6.553 billion CNY, a 41.71% increase compared to the same period last year [2] - The net profit attributable to shareholders was 0.97 billion CNY, reflecting a growth of 6.35% year-on-year [2] - Total assets reached 8.586 billion CNY, up 8.29% from the beginning of the year, while total liabilities increased by 15.55% to 4.762 billion CNY [2] - The equity attributable to shareholders rose by 0.99% to 3.824 billion CNY, with a debt-to-asset ratio of 55.47%, an increase of 3.48 percentage points from the start of the year [2] Business Segments - The daily chemical business generated revenue of 2.987 billion CNY, a 56.14% increase year-on-year, with a sales gross margin of 5.31% [3] - The oil chemical business reported revenue of 1.34 billion CNY, up 30.36% from the previous year, with a sales gross margin of 34.21% [3] - The company has an annual production capacity of 1.1 million tons for OEM/ODM processing in personal care products [3] Risk Management - The company engages in futures hedging to mitigate risks associated with raw material price fluctuations, thereby controlling production costs [4] Strategic Development - The company aims to enhance its market share and competitiveness by focusing on the entire supply chain of surfactants, oil chemicals, and personal care products, while emphasizing customer-centric OEM/ODM services [5] - The company is committed to continuous technological innovation and process improvement, maintaining a leading position in product innovation and efficiency within the industry [5]