10月9日，华峰化学涨5.26%，截至发稿，报9.60元/股，成交2.87亿元，换手率0.64%，总市值476.40亿 元。华峰化学股价已经连续3天上涨，区间累计涨幅2.82%。 从基金十大重仓股角度 资料显示，华峰化学股份有限公司位于浙江省温州市瑞安市瑞安经济开发区开发区大道1788号，成立日 期1999年12月15日，上市日期2006年8月23日，公司主营业务涉及从事氨纶纤维、聚氨酯原液、己二酸 等聚氨酯制品材料的研发、生产与销售。主营业务收入构成为：基础化工产品36.84%，化学纤维 34.73%，化工新材料22.81%，其他5.06%，物流服务0.56%。 数据显示，中泰证券资管旗下1只基金重仓华峰化学。中泰开阳价值优选混合A（007549）二季度持有 股数1020.29万股，与上期相比持股数量不变，占基金净值比例为4.05%，位居第十大重仓股。根据测 算，今日浮盈赚取约489.74万元。连续3天上涨期间浮盈赚取255.07万元。 中泰开阳价值优选混合A（007549）成立日期2019年9月6日，最新规模15.12亿。今年以来收益 27.52%，同类排名3800/8238；近一年收益17.67%，同类 ...

9月26日，华峰化学盘中上涨2.03%，截至13:23，报9.05元/股，成交1.24亿元，换手率0.28%，总市值 449.11亿元。 资金流向方面，主力资金净流出1377.96万元，特大单买入791.00万元，占比6.36%，卖出1213.21万元， 占比9.75%；大单买入2157.78万元，占比17.34%，卖出3113.53万元，占比25.02%。 华峰化学今年以来股价涨12.70%，近5个交易日涨1.34%，近20日涨12.56%，近60日涨34.67%。 资料显示，华峰化学股份有限公司位于浙江省温州市瑞安市瑞安经济开发区开发区大道1788号，成立日 期1999年12月15日，上市日期2006年8月23日，公司主营业务涉及从事氨纶纤维、聚氨酯原液、己二酸 等聚氨酯制品材料的研发、生产与销售。主营业务收入构成为：基础化工产品36.84%，化学纤维 34.73%，化工新材料22.81%，其他5.06%，物流服务0.56%。 截至6月30日，华峰化学股东户数6.51万，较上期增加12.04%；人均流通股75999股，较上期减少 10.81%。2025年1月-6月，华峰化学实现营业收入121.37亿元，同 ...

Core Viewpoint - Huafon Chemical's stock has shown significant growth in recent months, with a year-to-date increase of 10.96% and a 34.80% rise over the past 60 days, despite a recent net outflow of funds [1][2]. Company Overview - Huafon Chemical Co., Ltd. is located in Ruian Economic Development Zone, Wenzhou, Zhejiang Province, and was established on December 15, 1999. The company was listed on August 23, 2006 [1]. - The main business activities include the research, production, and sales of polyurethane products such as spandex fiber, polyurethane raw materials, and adipic acid. The revenue composition is as follows: basic chemical products 36.84%, chemical fibers 34.73%, new chemical materials 22.81%, others 5.06%, and logistics services 0.56% [1]. Financial Performance - As of June 30, 2025, Huafon Chemical reported a revenue of 12.137 billion yuan, a year-on-year decrease of 11.70%, and a net profit attributable to shareholders of 983 million yuan, down 35.23% year-on-year [2]. - The company has distributed a total of 4.876 billion yuan in dividends since its A-share listing, with 2.233 billion yuan distributed in the last three years [3]. Shareholder Information - As of June 30, 2025, the number of Huafon Chemical's shareholders increased by 12.04% to 65,100, while the average circulating shares per person decreased by 10.81% to 75,999 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 69.1225 million shares, a decrease of 22.4842 million shares compared to the previous period, while Southern CSI 500 ETF increased its holdings by 4.1511 million shares to 29.4607 million shares [3].

Company Overview - Huafon Chemical Co., Ltd. is located in Ruian Economic Development Zone, Wenzhou, Zhejiang Province, established on December 15, 1999, and listed on August 23, 2006 [1] - The company specializes in the research, production, and sales of polyurethane products, including spandex fibers, polyurethane raw materials, and adipic acid [1] - The revenue composition of the company is as follows: Basic chemical products 36.84%, Chemical fibers 34.73%, New chemical materials 22.81%, Others 5.06%, Logistics services 0.56% [1] Stock Performance - On September 2, Huafon Chemical's stock fell by 5.11%, trading at 7.61 CNY per share, with a transaction volume of 241 million CNY and a turnover rate of 0.63%, resulting in a total market capitalization of 37.765 billion CNY [1] Fund Holdings - According to data, one fund under Zhongtai Securities Asset Management holds a significant position in Huafon Chemical [2] - Zhongtai Kaiyang Value-Selected Mixed A (007549) held 10.2029 million shares in the second quarter, unchanged from the previous period, accounting for 4.05% of the fund's net value, ranking as the tenth largest holding [2] - The fund has a total scale of 1.512 billion CNY and has achieved a return of 21.75% year-to-date, ranking 3820 out of 8184 in its category [2] Fund Manager Information - The fund manager of Zhongtai Kaiyang Value-Selected Mixed A is Tian Yu, who has been in the position for 6 years and 139 days [3] - Under Tian Yu's management, the fund's total asset scale is 3.645 billion CNY, with the best return during the tenure being 98.68% and the worst return being -14.91% [3]

Company Overview - Huafon Chemical Co., Ltd. is located in Ruian Economic Development Zone, Wenzhou, Zhejiang Province, established on December 15, 1999, and listed on August 23, 2006. The company specializes in the research, production, and sales of polyurethane products, including spandex fibers, polyurethane raw materials, and adipic acid [1]. Business Segmentation - The main business revenue composition is as follows: Basic chemical products account for 36.84%, chemical fibers for 34.73%, new chemical materials for 22.81%, others for 5.06%, and logistics services for 0.56% [1]. Stock Performance - On September 2, Huafon Chemical's stock fell by 5.11%, trading at 7.61 CNY per share, with a transaction volume of 241 million CNY and a turnover rate of 0.63%. The total market capitalization is 37.765 billion CNY [1]. Fund Holdings - Huafon Chemical is a significant holding in the Hengyue Research Selected Mixed A/B Fund (006049), which held 1.5085 million shares, representing 4.91% of the fund's net value, making it the sixth-largest holding. The fund has incurred an estimated floating loss of approximately 618,500 CNY today [2]. Fund Performance - The Hengyue Research Selected Mixed A/B Fund, managed by Xue Liangchen, has a total asset size of 241 million CNY. Since its inception on July 4, 2018, the fund has achieved a return of 85.27%, with a year-to-date return of 25.83% and a one-year return of 47.4% [2][3].

Group 1 - The stock price of Huafeng Chemical is reported at 7.75 yuan as of August 18, 2025, with a decrease of 0.02 yuan, representing a decline of 0.26% from the previous trading day [1] - The trading volume for the day was 385,777 hands, with a total transaction amount of 299 million yuan [1] - Huafeng Chemical operates in the chemical fiber industry, focusing on the research, production, and sales of products such as spandex and polyurethane raw materials, which are widely used in textiles, medical, and automotive sectors [1] Group 2 - As of the end of the second quarter, social security funds held 42.8985 million shares of Huafeng Chemical, accounting for 0.87% of the circulating shares, which is a reduction of 14.70% compared to the previous quarter [1] - Two social security funds are listed among the top ten circulating shareholders of the company [1] - On August 18, 2025, the net outflow of main funds from Huafeng Chemical was 5.0348 million yuan, representing 0.01% of the circulating market value, with a cumulative net outflow of 28.7428 million yuan over the past five days, accounting for 0.07% of the circulating market value [1]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the market and industry conditions [3]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 12.1 billion yuan, a year-on-year decrease of 11.7% [3]. - The net profit attributable to shareholders was 983 million yuan, down 35.2% year-on-year [3]. - In Q2 2025, the company recorded operating revenue of 5.8 billion yuan, a year-on-year decline of 17.8% and a quarter-on-quarter decline of 7.8% [3]. - The net profit for Q2 was 479 million yuan, reflecting a year-on-year decrease of 42.6% and a quarter-on-quarter decrease of 5% [3]. Group 2: Industry Conditions - The domestic market for spandex and adipic acid is experiencing a supply surplus, leading to a continued decline in industry prosperity [4]. - In Q2 2025, the price difference for domestic spandex was 10,625 yuan/ton, down 1,827 yuan/ton year-on-year, while the price difference for adipic acid was 2,859 yuan/ton, down 404 yuan/ton year-on-year [4]. - The price difference for shoe sole raw liquid was 6,707 yuan/ton, up 1,887 yuan/ton year-on-year [4]. Group 3: Capacity Expansion and Strategic Initiatives - The company is a global leader in spandex, adipic acid, and polyurethane raw liquid, with significant production capacity [5]. - As of the first half of 2025, the company had a spandex capacity of 325,000 tons, adipic acid capacity of 1,355,000 tons, and polyurethane raw liquid capacity of 520,000 tons, with an additional 150,000 tons of spandex capacity under construction [5]. - The company is investing 8 billion yuan to expand its spandex production capacity, with a total investment of 28.4 billion yuan for a new 240,000 tons/year PTMEG facility, expected to be completed in three years [5]. - A 5.02 billion yuan investment is planned for a natural gas integration project, which includes 250,000 tons of BDO and 300,000 tons of synthetic ammonia, also with a three-year construction period [5]. - The company aims to enhance its integrated supply chain to strengthen its competitive position and improve profitability and risk resilience [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Views - The company experienced a significant decline in performance in Q2 2025, with a year-on-year revenue drop of 17.8% and a net profit decrease of 42.6% [1][2]. - Despite the current downturn in the market for spandex and adipic acid, the company is expanding its production capacity and enhancing its supply chain, which is expected to strengthen its market position in the long term [3][4]. Summary by Sections Financial Performance - In H1 2025, the company reported revenues of 12.1 billion yuan, down 11.7% year-on-year, and a net profit of 983 million yuan, down 35.2% year-on-year [1]. - Q2 2025 saw revenues of 5.8 billion yuan and a net profit of 479 million yuan, reflecting a year-on-year decline of 17.8% and 42.6%, respectively [1][2]. Market Conditions - The domestic price spread for spandex in Q2 2025 was 10,625 yuan/ton, down 1,827 yuan/ton year-on-year, indicating a supply surplus in the market [2]. - The adipic acid price spread was 2,859 yuan/ton, down 404 yuan/ton year-on-year, further highlighting the challenging market conditions [2]. Production Capacity and Strategic Initiatives - The company is a global leader in spandex, adipic acid, and polyurethane raw materials, with production capacities of 325,000 tons for spandex and 1,355,000 tons for adipic acid as of H1 2025 [3]. - Ongoing projects include an 8 billion yuan investment to expand spandex production capacity and a 50.2 billion yuan integrated natural gas project, which aims to enhance the company's supply chain and competitive edge [3]. Profitability Forecast - The profit forecasts for 2025-2027 have been adjusted downward due to the current market conditions, with expected net profits of 2.128 billion yuan in 2025, 2.621 billion yuan in 2026, and 3.242 billion yuan in 2027 [4][10]. - The report anticipates a gradual recovery in profitability, with a projected EPS of 0.43 yuan in 2025, increasing to 0.65 yuan by 2027 [4][10].

Company Overview - Huafeng Chemical's stock price on August 13 was 7.86 yuan, down 0.51% from the previous trading day, with a trading volume of 175,101 hands and a transaction amount of 137 million yuan [1] - The company's total market capitalization is 39.006 billion yuan, with a price-to-earnings ratio of 19.83 times [1] - Huafeng Chemical primarily engages in the research, production, and sales of polyurethane raw liquids and spandex filaments, with applications in textiles, automotive interiors, and healthcare [1] Strategic Developments - On August 13, Huafeng Chemical announced a strategic partnership with Eastman Chemical Company from the United States to establish a joint venture for the production of Naia acetate cellulose filament, marking the first local manufacturing of this product in China [1] Shareholder Activity - As of the end of the second quarter, the social security fund held 42.8985 million shares of Huafeng Chemical, a decrease of 14.70% from the previous period, representing 0.87% of the circulating shares [1] - Among the basic chemical industry stocks heavily held by the social security fund, Huafeng Chemical ranks third in terms of shareholding volume [1] Market Sentiment - On August 13, the net outflow of main funds from Huafeng Chemical was 15.5239 million yuan, with a cumulative net outflow of 81.0748 million yuan over the past five days [2]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [10]. Core Viewpoints - The company reported a revenue of 12.14 billion yuan for the first half of 2025, a year-on-year decrease of 11.7%. The net profit attributable to shareholders was 980 million yuan, down 35.2% year-on-year, and the net profit after deducting non-recurring gains and losses was 900 million yuan, down 37.8% year-on-year. In Q2 alone, the revenue was 5.82 billion yuan, a year-on-year decrease of 17.8% and a quarter-on-quarter decrease of 7.8%. The net profit for Q2 was 480 million yuan, down 42.6% year-on-year and 5.0% quarter-on-quarter, with a net profit after deducting non-recurring gains and losses of 440 million yuan, down 44.3% year-on-year and 3.3% quarter-on-quarter [2][7]. Summary by Relevant Sections Financial Performance - The company achieved a gross margin of 14.1% in Q2 2025, an increase of 0.6 percentage points quarter-on-quarter, and a net margin of 8.3%, up 0.3 percentage points quarter-on-quarter. The average price difference for spandex in H1 2025 was approximately 10,812 yuan per ton, narrowing by 1,307 yuan per ton compared to H1 2024. The spandex gross margin improved from 15.0% in H1 2024 to 18.6% in H1 2025, indicating strong cost control capabilities [13][13]. Market Outlook - The profitability of adipic acid is under short-term pressure but remains promising in the long term. The domestic market for adipic acid is maturing with intense competition, and the industry is undergoing consolidation. However, with the gradual recovery of the economic environment and supportive policies, downstream demand is expected to increase, particularly in nylon and TPU production, which will drive growth in adipic acid consumption [13][13]. Strategic Developments - The major shareholder's asset injection will continue, with the commitment period extended to December 2026. This will further expand the industry chain and enhance the company's core competitiveness. The company is focused on spandex, polyurethane raw materials, and adipic acid, positioning itself as a leader in the polyurethane products industry [13][13]. Future Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 1.97 billion yuan, 2.76 billion yuan, and 3.33 billion yuan for the years 2025, 2026, and 2027, respectively [13].