证券代码：603379 证券简称：三美股份 公告编号：2025-048 浙江三美化工股份有限公司 2025 年半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。 浙江三美化工股份有限公司（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）》的有关规 定，将公司 2025 年半年度主要经营数据披露如下： 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） | 外销量（吨） | 营业收入 （万元人民币） | | --- | --- | --- | --- | | 氟制冷剂 | 88,275.68 | 61,968.21 | 241,913.27 | | 氟发泡剂 | 8,410.74 | 4,314.16 | 9,776.76 | | 氟化氢 | 68,366.59 | 32,411.82 | 27,619.82 | | 合计 | 165,053.01 | 98,694.19 | 279,309.85 | （一）主要产品 ...

Core Viewpoint - The financial performance of Jinshi Resources (603505) for the first half of 2025 shows a significant increase in revenue but a decline in net profit, indicating mixed operational results and potential challenges ahead [1]. Financial Performance Summary - Total revenue reached 1.726 billion yuan, a year-on-year increase of 54.24% [1] - Net profit attributable to shareholders was 126 million yuan, a year-on-year decrease of 24.74% [1] - Gross margin was 19.52%, down 26.42% year-on-year [1] - Net margin was 9.7%, down 38.29% year-on-year [1] - Total accounts receivable increased by 39.78% year-on-year, reaching 440 million yuan [1] Cost and Expense Analysis - Operating costs increased by 68.95%, attributed to higher sales volumes from the Jin Ebo fluorochemical project [4] - Sales expenses rose by 46.58% due to increased personnel costs related to the project [4] - Management expenses increased by 34.83% due to growth in the Mongolia project and personnel [4] - Financial expenses surged by 94.95% due to increased bank borrowings [4] Cash Flow and Debt Situation - Cash flow from operating activities showed a slight decrease of 0.76% [4] - The company’s cash position is concerning, with cash and cash equivalents only covering 29.88% of current liabilities [6] - The interest-bearing debt ratio reached 42.62%, indicating a high level of leverage [6] Investment and Business Model Insights - The company’s return on invested capital (ROIC) was 7.37%, suggesting average capital returns [5] - The business model relies heavily on capital expenditures, necessitating careful evaluation of future projects [5] - Analysts expect the company's performance in 2025 to yield a net profit of 507 million yuan, with an average earnings per share of 0.6 yuan [6]

Group 1 - The company San Ai Fu does not operate any fluorite mines or fluorite powder selection plants [2] - San Ai Fu holds a stake in Funi San Ai Fu (Pucheng) Mining Development Co., Ltd., which is engaged in fluorite mining and fluorite powder flotation business [2]

Investment Rating - The report suggests a positive outlook for the chemical industry, particularly in segments like potassium fertilizers and carbon fiber, indicating potential investment opportunities in leading companies with scale and technological advantages [5][6][7]. Core Insights - The potassium fertilizer market is expected to maintain its favorable conditions following the signing of a major contract between Russia and India at a price of $349 per ton, reflecting a 23.3% increase from the previous year [6][15]. - The carbon fiber industry is undergoing accelerated consolidation, with significant players like Dow and SGL exiting the market, which may create opportunities for companies with strong technological capabilities [7][16][17]. Summary by Sections 1. Industry News and Events - The Indian potassium fertilizer contract was finalized at $349 per ton, with a shipment volume of 600,000 tons, indicating a strong market outlook [6][15]. - The carbon fiber sector is seeing consolidation, with Dow selling its stake in DowAksa and SGL closing its factory in Portugal, suggesting a shift towards companies with competitive advantages [7][16][17]. 2. Chemical Sector Performance - The basic chemical index rose by 2.61% in the week of June 2-6, 2025, outperforming the broader market [21][22]. - Notable stock performances included significant gains in companies like Lianhua Technology and Dazhi Technology, while some companies faced declines [26][28]. 3. Price Trends - Key products such as sulfuric acid and caustic soda saw price increases of 4.67% and 4.56% respectively, while vitamin E prices dropped by 13.46% [32][33]. - The price spread for products like PVC and PET bottles showed significant increases, indicating market dynamics favoring certain chemical products [34][35]. 4. Investment Recommendations - The report recommends focusing on integrated players in the refining and chemical sectors, as well as leaders in the refrigerant and agricultural chemical markets [19][20]. - Companies involved in domestic substitution for high-end materials, such as semiconductor materials and advanced engineering plastics, are highlighted as potential beneficiaries of the domestic manufacturing trend [20].

Investment Rating - The report suggests a positive outlook for the potassium fertilizer market, with a focus on companies like Yaqi International and Dongfang Iron Tower [6][15]. Core Insights - The report highlights the acceleration of consolidation in the carbon fiber industry, recommending attention to leading companies with scale and technological advantages such as Guangwei Composite and Zhongfu Shenying [7][17]. - The potassium fertilizer contract signed between Russia and India at $349 per ton indicates a potential upward trend in the potassium fertilizer market, with a 23.3% increase from last year's price [6][15]. - The report emphasizes the importance of monitoring the chemical sector's performance, noting that the basic chemical index outperformed the market with a 2.61% increase [8][21]. Summary by Sections Industry News and Events - The Indian potassium fertilizer contract was finalized at $349 per ton, which is a 23.3% increase from last year's price of $283 per ton, indicating a favorable market outlook [6][15]. - The carbon fiber industry is experiencing accelerated consolidation, with significant exits from major players like Dow Chemical, suggesting a shift towards companies with stronger technological capabilities [7][17]. Chemical Sector Performance - The basic chemical index increased by 2.61%, outperforming the broader market, with notable gains in sub-sectors such as pesticides (7.69%) and other chemical raw materials (5.05%) [8][21][22]. - Key products showing price increases include sulfuric acid (4.67%) and caustic soda (4.56%), while vitamin E saw a significant decline of 13.46% [8][32][33]. Investment Recommendations - The report recommends focusing on integrated players in the refining-PX-PTA chain, such as Hengli Petrochemical and Rongsheng Petrochemical [19]. - It also suggests monitoring leading companies in the refrigerant and fluorochemical sectors, as well as those involved in agricultural chemicals, which are currently experiencing favorable market conditions [20].

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。 浙江三美化工股份有限公司（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）有关规定， 将公司 2024 年度主要经营数据披露如下： 注：公司产品外销量低于产量主要是部分产品内供作为下游产品原料使用所致。 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 单位：元/吨（不含税） | 主要产品 | 2024年度均价 | 2023年度均价 | 2024年度 | 2024年第四季度 | 2024年第四季度 | | --- | --- | --- | --- | --- | --- | | | | | 同比变动幅度 | 同比变动幅度 | 环比变动幅度 | | 氟制冷剂 | 26,055.90 | 20,329.93 | 28.17% | 48.49% | 6.09% | | 氟发泡剂 | 17,078.06 | 20,928.70 | -18.40% | 0.31% | 8.44% | | 氟化氢 | 7,865.4 ...

证券代码：603379 证券简称：三美股份 公告编号：2025-023 注：公司产品外销量低于产量主要是部分产品内供作为下游产品原料使用所致。 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 单位：元/吨（不含税） 浙江三美化工股份有限公司 2025 年第一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。 浙江三美化工股份有限公司（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）有关规定， 将公司 2025 年第一季度主要经营数据披露如下： 三、其他对公司生产经营具有重大影响的事项 以上生产经营数据，来自公司内部统计，未经审计，仅为投资者及时了解公 司生产经营概况之用，未对公司未来经营情况作出任何明示或默示的预测或保证， 敬请投资者审慎使用，注意投资风险。 特此公告 浙江三美化工股份有限公司董事会 2025 年 4 月 29 日 | 主要产品 | 2025年第一季度 | 2024年第一季度 | 2025年第一季度 | 2025年第一 ...

Investment Rating - The report does not explicitly state an investment rating for the mining industry or the specific company being analyzed [1]. Core Insights - The company is planning to start production in Mongolia around mid-April 2025, initially processing raw ore into a 40% grade intermediate product for domestic sales, followed by the production of fluorite powder once the beneficiation plant is operational [18][19]. - Recent price trends indicate a slight increase in the price of acid-grade fluorite powder in southern regions, with prices rising by approximately 100-150 CNY per ton, reaching between 3,700 and 3,850 CNY depending on quality [19]. - The company aims to produce between 500,000 to 600,000 tons of fluorite powder in 2024, with a product structure consisting of approximately 30% high-grade block ore and 70% acid-grade fluorite powder [23]. Summary by Sections 1. Basic Research Information - The research was conducted on Jinshi Resources in the mining industry on March 4, 2025, with participation from various asset management and investment firms [13]. 2. Detailed Research Institutions - The research involved multiple institutions including Caixin Fund, Taikang Asset, and Yinhua Fund, among others, with representatives from these institutions participating in the discussions [14]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [16]. 4. Main Content Information - The company is focused on enhancing the quality of low-grade fluorite powder through the construction of a new beneficiation line, which is expected to improve production efficiency and reduce costs over time [22]. - The company has acknowledged an increase in its asset-liability ratio due to new projects and bank loans, but emphasizes that the actual value of its assets, particularly mining rights, is significantly higher than what is reflected on the balance sheet [24][25]. - The company is exploring strategies to balance pricing and market dynamics between its fluorite powder production and downstream hydrogen fluoride production [27].