Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [1][6]. Core Views - The company has demonstrated steady growth in its performance, with a focus on the surfactant sector, and the report expresses confidence in its ongoing development in this area [1][9]. - The company reported a revenue of 1.194 billion RMB for the first half of 2025, representing a year-on-year increase of 7.67%, and a net profit attributable to shareholders of 219 million RMB, up 14.67% year-on-year [9][10]. Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 1.194 billion RMB, with a gross margin of 27.10% and a net margin of 18.31% [9][10]. - The second quarter of 2025 saw a revenue of 590.65 million RMB, reflecting a 2.32% year-on-year growth, while the net profit for the same period was 116.89 million RMB, up 13.72% year-on-year [11]. - The company’s main products, including specialty functional and polymer material surfactants, saw production increase by 10.25% and sales increase by 11.96% year-on-year in the first half of 2025 [9][10]. Market Position and Industry Outlook - The company is positioned as a leading player in the domestic surfactant industry, with a significant production capacity and a diverse product range [6][9]. - The global surfactant market is projected to grow from approximately 26 billion USD in 2021 to 34 billion USD by 2026, indicating a stable growth trajectory for the industry [9]. - The report highlights a trend of market consolidation within the surfactant industry, with smaller companies facing challenges due to regulatory pressures and competition, which may benefit larger, more established firms like the company in focus [9][10]. Valuation Metrics - The report maintains profit forecasts for the company, estimating net profits of 497 million RMB, 577 million RMB, and 672 million RMB for 2025, 2026, and 2027 respectively, with corresponding earnings per share of 0.84 RMB, 0.98 RMB, and 1.14 RMB [6][8]. - The price-to-earnings ratios are projected to be 19.5, 16.8, and 14.4 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation trend [6][8].

Group 1 - The company disclosed its 2025 semi-annual operational data, including production, sales, and revenue figures for its main products [1] - The production volume of specialty functional and high polymer materials surfactants was 28,320.02 tons, while sales reached 34,387.17 tons [1] - The revenue from specialty functional and high polymer materials surfactants was reported in ten thousand yuan, but specific figures were not provided [1] Group 2 - The average selling price of specialty functional and high polymer materials surfactants was not specified, but the report included price fluctuations for key raw materials [1] - The procurement price for ethylene oxide was 5,824.02 yuan/ton, showing a slight decrease of 0.23% compared to the previous period [1] - The procurement price for propylene oxide was 6,809.58 yuan/ton, reflecting a significant decrease of 17.37% compared to the previous period [1]

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） 销量（吨） 营业收入（万元） 特种功能性及高分 子材料表面活性剂 93,290.39 94,252.51 119,367.98 其中：战略性新兴板块 28,320.02 34,387.17 三、报告期内无其他对公司生产经营具有重大影响的事项。 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。 浙江皇马科技股份有限公司（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》要求，现将2025年 半年度主要经营数据披露如下： 注：战略性新兴板块产品目前包括高端功能性电子化学品板块产品和功能性 新材料树脂板块产品。公司将功能性电子化学品、UV 光固化、湿电子化学品用 表面活性剂等相关产品归类为高端功能性电子化学品板块，将新能源胶树脂、MS 树脂、聚醚胺等新材料树脂相关产品归类为功能性新材料树脂板块。 二、主要产品和原材料的价格变动情况 （一）主要产品价格波动情况 | 主要产品 | 2025 | 年半年度平均 | 20 ...

证券代码：603181 证券简称：皇马科技 公告编号：2025-012 浙江皇马科技股份有限公司（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》要求，现将2025年 一季度主要经营数据披露如下： 一、2025年一季度主要产品的产量、销量及收入实现情况 | 主要产品 | 产量（吨） | 销量（吨） | 营业收入（万元） | | --- | --- | --- | --- | | 特种功能性及高分 | 45,476.96 | 47,311.76 | 60,320.87 | | 子材料表面活性剂 | 其中：战略性新兴板块 | 13,778.53 | 16,571.08 | 注：战略性新兴板块产品目前包括高端功能性电子化学品板块产品和功能性 新材料树脂板块产品。公司将功能性电子化学品、UV 光固化、湿电子化学品用 表面活性剂等相关产品归类为高端功能性电子化学品板块，将新能源胶树脂、MS 树脂、聚酰亚胺树脂、聚醚胺等相关产品归类为功能性新材料树脂板块。 二、主要产品和原材料的价格变动情况 （一）主要产品价格波动情况 浙江皇马科技股份有限公司 2025年一季度主要经营数据 ...

证券代码：603181 证券简称：皇马科技 公告编号：2025-011 浙江皇马科技股份有限公司 2024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。 浙江皇马科技股份有限公司（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》要求，现将2024年 度主要经营数据披露如下： 注：战略性新兴板块产品目前包括高端功能性电子化学品板块产品和功能性 新材料树脂板块产品。公司将功能性电子化学品、UV光固化、湿电子化学品用表 面活性剂等相关产品归类为高端功能性电子化学品板块，将新能源胶树脂、MS 树脂、聚酰亚胺树脂、聚醚胺等相关产品归类为功能性新材料树脂板块。 二、主要产品和原材料的价格变动情况 （一）主要产品价格波动情况 | 主要产品 | 2024 年度平均售价 | | 2023 | 年度平均售 | 变动比例 | | --- | --- | --- | --- | --- | --- | | | （元/吨） | | 价（元/吨） | | （%） | | 特种功能性及高 ...