Core Viewpoint - Junzheng Group has established itself as a competitive player in the chemical and logistics sectors, demonstrating strong financial performance and a commitment to developing a comprehensive circular economy industry chain [1][2][6]. Group 1: Business Performance - In Q3 2025, Junzheng Group achieved a revenue of 18.691 billion, ranking second among 14 companies in the industry, with the top competitor, Zhongtai Chemical, reporting 21.246 billion [2]. - The company's net profit for the same period was 2.83 billion, the highest in the industry, significantly surpassing the second-place Chlor-alkali Chemical's 612 million [2]. - The revenue breakdown shows that chemical raw materials and products contributed 8.938 billion (70.60%), logistics services contributed 3.391 billion (26.79%), and other businesses contributed 262 million (2.07%) [2]. Group 2: Financial Health - Junzheng Group's debt-to-asset ratio stood at 30.22% in Q3 2025, down from 37.23% year-on-year, which is lower than the industry average of 49.11%, indicating strong solvency [3]. - The gross profit margin for the company was 22.47%, an increase from 19.82% year-on-year, also above the industry average of 11.10%, reflecting good profitability [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 3.03% to 184,700, while the average number of circulating A-shares held per shareholder decreased by 2.94% to 45,700 [5]. - Notable changes among the top ten shareholders include a decrease in holdings by Hong Kong Central Clearing Limited and an increase by Hongli Low Volatility [5]. Group 4: Future Outlook - The company is expected to see steady growth in its chemical and logistics businesses, with projected revenues of 28 billion, 29.5 billion, and 31.1 billion for 2025, 2026, and 2027, respectively [6]. - The net profit forecasts for the same years are 3.9 billion, 4.4 billion, and 4.9 billion, with corresponding price-to-earnings ratios of 12, 11, and 10, indicating a positive growth outlook [6].

国海证券研报指出，君正集团上半年实现归属于上市公司股东的净利润19.20亿元，同比增长26.82%； Q2实现归母净利润9.13亿元，同比+13.86%，环比-9.40%。业绩稳中有增，化工及物流业务双发展。分 行业看，2025年上半年公司化学原料和化学制品实现营收89.38亿元，同比+13.32%，毛利21.89亿元， 毛利率24.49%，同比增加4.68个百分点；物流综合服务实现营收33.91亿元，同比-5.63%，毛利6.65亿 元，毛利率19.59%，同比减少2.33个百分点。公司作为国内有竞争力的全球化学品物流服务和设施提供 商，为国内外知名化工企业提供安全、稳定、高效的物流支持。截至2024年末，公司控制船队规模为 111.83万吨，控制罐队规模为43,008台，合资运营16.65万立方储罐和2个5万吨级化工品码头。公司具备 完整的"煤—电—氯碱化工""煤—电—特色冶金"纵向一体化循环经济产业链，并形成新的"石灰石—电 石—煤焦化—甲醇—BDO—PTMEG"一体化循环经济产业链条，同时是国内有竞争力的全球化学品物流 服务和设施提供商，看好公司成长性，维持"买入"评级。 ...

9月3日，炬申物流集团股份有限公司接待了包括国信证券在内的23家机构的特定对象调研，就公司业务 发展、市值管理等方面进行了深入交流。 调研基本信息 本次投资者关系活动类别为特定对象调研，时间为2025年9月3日15:00 - 17:00，地点在公司会议室。参 与单位名称及人员众多，其中，国信证券股份有限公司有冯如心、颜凤珠等8人；佛山市一懿资本投资 有限公司为何愿文；中国银河证券股份有限公司为渠源照；深圳民沣私募证券投资基金管理有限公司为 黄海山；华泰证券股份有限公司为王宸曜；国贸期货有限公司为陈俊锋；都邦财产保险股份有限公司为 王志刚；还有林满恒等16位个人投资者；佛山市蓝箭电子股份有限公司林品旺；新明珠集团股份有限公 司区静怡以及广东省佛山市岭南公证处杜启成。上市公司接待人员有董事会秘书裴爽，证券部工作人员 李洲全、罗富邦 。 调研精彩要点业务增长情况：今年上半年，炬申物流的物流综合服务收入同比增长65.38%，占营业收 入比重78.00%，成为增长主力。仓储综合服务也保持稳健增长，同比增长12.65%，占营业收入比重 21.32%。未来发展方向：公司计划继续深耕国内大宗商品物流市场，巩固现有客户，研究行 ...