连续参展多届的山东振泰集团股份有限公司，在本届广交会上带来的是新能源轿车轮胎、轻卡商用轮 胎、特种轮胎、越野车轮胎四类产品。企业负责人邱小铭说："广交会是我们链接全球市场的核心纽 带。在这里和同行、客户面对面交流，精准捕捉全球市场动向，集中展示产品和技术，直接对接全球采 购商，不仅拓展了商机，也不断推动我们向高质量发展。" 据统计，本届广交会高密共45家企业参展，展位103个，涉及汽车配件、家用纺织品、鞋、食品等15个 展区，先后接待90多个国家和地区的5000余位客商，意向成交金额超3500万美元。 来到山东星宇手套有限公司展位前，同样是人头攒动，参展客商或跟工作人员交谈，或体验产品。此次 星宇公司展出的防切割、耐高温、防震防撞等全系列产品，吸引了来自俄罗斯、印度、日本、巴西等30 多个国家和地区的采购商，专业采购商占比达35%，较上届增长10%，达成意向成交金额约500万美 元。 星宇手套有限公司外贸负责人刘佳说："本届广交会到会的境外采购商数量和质量比上届明显提升，展 会期间，我们依托平台优势，成功直连欧洲高端防护用品核心销售渠道，与专业客商展开高效深度交 流，精准收集智能防护手套的前沿市场反馈与真实需 ...

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 ...

主要原料 2024 年平均采购价（元/吨） 2023 年平均采购价（元/吨） 变动比率（%） 氟化锂 138,604.04 363,501.24 -61.87 氢氟酸 9,153.31 8,713.13 5.05 三氯甲烷 2,504.85 2,394.11 4.63 生胶 31,089.38 33,483.86 -7.15 烟片胶 19,316.16 14,449.56 33.68 聚醚多元醇 9,685.16 10,576.96 -8.43 MDI 15,071.99 15,519.58 -2.88 TDI 16,452.66 17,381.22 -5.34 二甲苯 6,615.49 5,955.96 11.07 环氧树脂 12,426.62 12,876.40 -3.49 三、主要原材料的价格变动情况（不含税） 四、其他对公司生产经营具有重大影响的事项 公司发行股份购买中化蓝天集团有限公司 100%股权已完成交割 过户，中化蓝天集团有限公司成为公司全资子公司，从 2024 年 7 月 起纳入公司合并财务报表范围。 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 ...