Core Viewpoint - Company denies rumors of a major quality incident at its Morocco factory, asserting normal operations and plans for global expansion through its "833plus" strategy [1][3][8] Group 1: Company Operations and Response - On December 19, market rumors claimed that the Morocco factory faced a significant quality issue, resulting in losses exceeding €20 million (approximately ¥165 million), which would impact the company's 2025 net profit by 2% [1][3] - The company stated that the Morocco factory is operating normally, with overseas clients visiting for inspections, and reserves the right to pursue legal action against malicious rumors [1][3] - The company has been actively promoting the Morocco project, which is expected to ramp up production significantly in 2025 [5][4] Group 2: Financial Performance - From 2022 to 2024, the company's revenue grew from ¥62.92 billion to ¥85.11 billion, with year-on-year growth rates of 21.53%, 24.63%, and 8.53% respectively [7] - The net profit for the same period increased from ¥8.01 billion to ¥21.86 billion, with growth rates of 6.30%, 70.88%, and 59.74% [7] - In the first three quarters of 2025, the company reported revenue of ¥64.38 billion, a year-on-year increase of 1.54%, while net profit decreased by 41.17% to ¥10.15 billion [7] Group 3: Strategic Planning - The company aims to establish eight digital intelligent manufacturing bases globally over the next ten years, with three in China, two in Thailand, and one each in Europe, Africa, and North America [8] - The "833plus" strategy also includes plans to operate three R&D centers and three user experience centers, with the potential acquisition of a well-known international tire company to enhance global competitiveness [8]

Group 1 - The 138th China Import and Export Fair (Canton Fair) showcased products from various companies, with a focus on green, environmentally friendly, and sustainable products, attracting significant interest from European and Southeast Asian clients [1] - Furui Group achieved approximately $4 million in intended orders during the fair, indicating strong market demand for their products [1] - Shandong Xingyu Glove Co., Ltd. attracted buyers from over 30 countries, achieving intended transaction amounts of around $5 million, with a 10% increase in the proportion of professional buyers compared to the previous fair [1] - Shandong Zhentai Group presented a range of tire products, emphasizing the fair as a crucial link to global markets and a platform for high-quality development [1] - The fair featured 45 companies from Gaomi, with over 5,000 buyers from more than 90 countries, resulting in intended transaction amounts exceeding $35 million [1] Group 2 - Gaomi City has actively organized over 200 enterprises to participate in various domestic and international exhibitions, including the Canton Fair, to enhance market access and promote "Gaomi manufacturing" [2] - From January to September, Gaomi's foreign trade import and export reached 16.25 billion yuan [2]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance has significantly improved due to the rise in fluorocarbon chemical prices, with a revenue increase of 20.50% year-on-year for the first three quarters of 2025 [1][2] - The average selling price of fluorocarbon chemicals increased by 48.6% year-on-year, contributing to a gross margin improvement of 2.45 percentage points to 25.18% [2] - The company has successfully launched several key projects, enhancing its technological capabilities and patent portfolio [3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 12.301 billion yuan, a year-on-year increase of 20.50%, and a net profit attributable to shareholders of 1.232 billion yuan, up 44.57% [1] - In Q3 2025, the company reported a single-quarter revenue of 4.541 billion yuan, a 22.33% increase year-on-year, and a net profit of 587 million yuan, reflecting an 84.30% year-on-year growth [1] Product Performance - Revenue from fluorocarbon chemicals reached 4.03 billion yuan in the first three quarters of 2025, a 43.6% increase year-on-year, despite a 3.3% decrease in sales volume to 91,000 tons [2] - The company saw significant sales growth in other products, including fluorine lithium battery materials (121% increase), fluorinated gases (22.7% increase), and specialty tires (22.0% increase) [2] Project Development - Key projects such as the 26,000 tons/year high-performance organic fluorine materials project and the 46,600 tons/year special new materials project have been successfully launched [3] - The company has applied for 171 patents and received 135 patents, indicating strong progress in technology transfer [3] Profit Forecast and Valuation - The profit forecast for 2025-2027 has been revised upward, with expected net profits of 1.814 billion yuan for 2025, 2.110 billion yuan for 2026, and 2.379 billion yuan for 2027 [3] - The report highlights the sustainability of product price increases and the favorable market conditions for related products [3]

证券代码：600378 证券简称：昊华科技 公告编号：临 2025-073 昊华化工科技集团股份有限公司 2025 年前三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。 昊华化工科技集团股份有限公司（以下简称"公司"）根据《上海 证券交易所上市公司自律监管指引第 3 号——行业信息披露》及附件 《第十三号——化工》《上交所关于做好主板上市公司 2025 年第三 季度报告披露工作的重要提醒》要求，现将公司 2025 年前三季度主 要经营数据披露如下： 说明：含氟精细化学品中有部分自用，导致产量高于销量较多。 主要产品 2025年 1-9月产量 （吨） 2025年 1-9月销量 （吨） 2025 年 1-9 月销售 金额（万元） 氟碳化学品 92,085.87 90,768.81 403,221.87 含氟锂电材料 60,151.88 54,940.28 97,450.84 含氟聚合物 34,733.27 31,608.30 120,244.86 含氟精细化学品 39,660.54 16,047.24 63, ...

Group 1 - The Sairun New Peace Project in Shenyang, with a total investment of nearly 2 billion yuan, is accelerating construction to establish an intelligent production base with an annual output of 3.3 million sets of all-steel radial tires and 20,000 tons of specialty tires [1] - A total of 171 key projects have been launched in Shenyang for the autumn season, with a total investment exceeding 130 billion yuan, focusing on high-end equipment, new energy, and aviation sectors [1] - The Shenyang government is promoting industrial structure upgrades through large projects, with 62 new quality productivity projects totaling 68.82 billion yuan [1] Group 2 - In 2023, Shenyang has resumed work on 2,353 key projects with an annual planned investment of 174.41 billion yuan, achieving a resumption rate of 78.4% [2] - Significant projects include the Wangjiawan Ice Sports Center with a total investment of 6.79 billion yuan, the BMW new power battery project with 10 billion yuan, and the Shenyang Aircraft Corporation new factory project with 13.7 billion yuan [2] - The Shenyang government is implementing a "1+1+N" project management service system to enhance resource supply for project construction [2]

证券代码：600378 证券简称：昊华科技 公告编号：临 2025-062 说明：氟碳化学品受配额政策影响，市场供需情况改善，价格持续上涨；含氟锂 电材料受市场供需错配影响，价格走低；橡胶制品规格型号较多，价格变化大； 特种轮胎系产品销售结构变化，均价下降；催化剂价格变动主要系减少了低附加 值产品销售占比。 说明：受化工大宗原材料波动影响，部分主要原材料价格波动较大。 主要产品 2025 年 1-6 月平均售 价（元/吨） 2024 年 1-6 月平均售 价（元/吨） 变动比率（%） 氟碳化学品 43,765.74 30,220.44 44.82 含氟锂电材料 18,272.52 27,214.01 -32.86 含氟聚合物 38,362.24 39,697.62 -3.36 含氟精细化学品 41,193.44 45,415.26 -9.30 含氟气体 95,460.20 99,637.13 -4.19 橡胶制品（万件） 456,918.40 318,437.29 43.49 特种轮胎（条） 4,235.35 6,320.35 -32.99 特种涂料 52,387.80 46,429.52 12.83 聚氨酯 ...

Core Viewpoint - Triangle Tire Co., Ltd. has launched the "Quality Improvement and Efficiency Enhancement Action Plan" for 2025 to promote high-quality development and protect the rights of investors, especially small and medium-sized investors [2][3] Group 1: Operational Performance - In the first half of 2025, the company produced 12.1461 million tires, a year-on-year increase of 0.95%, with a capacity utilization rate of 90.36% [2] - The company's revenue reached 4.778 billion yuan, a decrease of 4.50% year-on-year, while net profit attributable to shareholders was 396 million yuan, down 35.31% [2] - Overall sales volume decreased by 9.06% due to insufficient domestic replacement market demand and increased international market competition [3] Group 2: Product Development and Innovation - The company has launched new products in various categories, including commercial vehicle tires and high-performance passenger car tires, to meet market demands [4][5] - The company has obtained 98 authorized patents, including 3 invention patents, and continues to optimize product structure and enhance product quality [4][6] - New technologies and materials are being developed to improve product performance and market competitiveness, including the application of environmentally friendly materials [6] Group 3: Corporate Governance and Investor Relations - The company has established a clear management structure for sustainable development and has published its first ESG report in April 2025 [6][7] - In the first half of 2025, the company conducted various training sessions for board members and management to enhance compliance and governance awareness [7][8] - A cash dividend of 424 million yuan was approved for the 2024 fiscal year, representing 38.45% of the net profit attributable to shareholders [8][9] Group 4: Communication with Investors - The company maintains timely communication with investors through various channels, including online platforms and investor meetings [9] - In the first half of 2025, the company responded to numerous investor inquiries and organized factory visits to showcase its smart manufacturing achievements [9]

Core Insights - Dongying's foreign trade enterprises are rapidly expanding into international markets, supported by government initiatives and digital platforms [2][4][13] - The local government is shifting from a management role to an empowering role, providing tailored services to help companies navigate international trade challenges [13] Group 1: Export Performance - Dongying's rubber tire exports exceeded 50 million units, with a value surpassing 13 billion yuan, reaching markets in 221 countries and regions [4] - The export value of oil equipment to Belt and Road countries reached 1.08 billion yuan, a year-on-year increase of 2.2 times [5] Group 2: Government Support and Services - Dongying Customs has established a technical trade measures research base, providing expert guidance to companies like Yongsheng Rubber Group to navigate new markets [3][4] - The government has implemented a "policy empowerment, service upgrade, compliance protection" strategy to support foreign trade enterprises [4][13] Group 3: Digital Transformation - Companies like Shandong Qinjie New Materials have successfully transitioned to online sales, reducing production and time costs by nearly 30% [6][7] - The establishment of the China (Guangrao) City Empowerment Center has incubated 62 enterprises, enhancing their capabilities in cross-border e-commerce [7][9] Group 4: Innovation and Technology - Dongying is focusing on technological innovation, with local companies developing advanced products like self-repairing tires, enhancing their competitiveness in the global market [10][11] - The city has initiated a "thousand projects for technological transformation," with 226 projects involving investments over 5 million yuan each [12] Group 5: Talent Development - Dongying Technology Vocational College is fostering talent for cross-border e-commerce, having trained over 900 professionals in the past three years [8][9] - The establishment of a supply chain cross-border alliance aims to support local enterprises in building a comprehensive cross-border ecosystem [8][9]

Investment Rating - The report maintains a "Buy-B" rating for the company [1][8] Core Views - The company is expected to achieve a significant increase in net profit for the first half of 2025, with estimates ranging from 5.9 to 6.5 billion yuan, representing a year-on-year growth of 59.3% to 75.5%, with a median of 6.2 billion yuan, indicating a 67.4% increase [4] - The second quarter of 2025 is projected to see a median net profit of 4.4 billion yuan, reflecting a quarter-on-quarter growth of 86.5% and a year-on-year growth of 135.6% [4] - The company benefits from the high demand for refrigerants, particularly R134a, with a domestic production quota of 49,700 tons, accounting for 23.8% of the market, allowing it to capitalize on favorable market conditions [5] - The geopolitical uncertainties are expected to drive growth in specialty products, with a strong demand for items such as special coatings and materials due to increased military spending globally [5] - The electronic materials segment is anticipated to grow due to the expansion of the integrated circuit and panel industries, with the company competing in the high-frequency PCB substrate market [6] Financial Data Summary - The company’s projected net profits for 2025 to 2027 are estimated at 14.6 billion, 20.1 billion, and 24.6 billion yuan respectively, with corresponding P/E ratios of 22, 16, and 13 times based on the closing price of 25.05 yuan on July 14 [8] - The company’s revenue is expected to grow from 7.85 billion yuan in 2023 to 24.32 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.9% [12][14] - The net profit is projected to increase from 900 million yuan in 2023 to 2.46 billion yuan in 2027, reflecting a CAGR of approximately 22.5% [12][14] - The gross margin is expected to stabilize around 26% by 2027, with net margins improving from 11.5% in 2023 to 10.1% in 2027 [12][14]

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。 昊华化工科技集团股份有限公司（以下简称"公司"）根据《上海 证券交易所上市公司自律监管指引第 3 号——行业信息披露》及附件 《第十三号——化工》要求，现将公司 2025 年一季度主要经营数据 披露如下： 说明：氟碳化学品外销量低于产量，主要为部分产品作为内部下游产品原料所致； 含氟精细化学品中有部分自用，导致产量高于销量；特种轮胎提前备货，导致产 量高于销量。 主要产品 2025年 1-3月产量 （吨） 2025年 1-3月销量 （吨） 2025 年 1-3 月销售 金额（万元） 氟碳化学品 28,782.15 22,448.10 96,026.90 含氟锂电材料 12,914.86 10,070.08 19,718.18 含氟聚合物 9,646.74 9,044.68 33,894.17 含氟精细化学品 12,264.40 4,848.77 21,396.11 含氟气体 2,491.35 2,413.65 23,289.13 橡胶制品（万件） 146.42 157.30 10 ...