根据上海证券交易所《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》的要求，现将公司 2025 年第四季度主要经营数据 披露如下： 二、2025 年第四季度公司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 证券代码：603983 证券简称：丸美生物 公告编号：2026-005 广东丸美生物技术股份有限公司 关于2025年第四季度主要经营数据的公告 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个别及连带责任。 公司主要原材料有添加剂、水溶保湿剂、液体油脂、乳化剂、表面活性剂、 包装物等。 2025 年第四季度，公司主要产品的价格详见下表： | 主要产品 | 2024 | 年 10-12 | 月平均 | 2025 | 年 10-12 | 月平均 | 变动比率（%） | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 售价（元/支） | | | 售价（元/支） | | | | 眼部类 | | 147.19 | | | 125.50 | ...

Group 1 - BASF announced price increases for all products in its home care, industrial and institutional cleaning, and industrial formulation business in Europe, with increases up to 30% for some selected products, effective immediately [1] - The price hikes are attributed to significant fluctuations in key raw material prices and supply, along with rising logistics, packaging, and energy costs [1] - The German Chemical Industry Association (VCI) warned that the ongoing conflict in Iran and potential closure of the Strait of Hormuz could severely impact the chemical industry, raising concerns about supply bottlenecks for ammonia, phosphate fertilizers, helium, and sulfur [2] Group 2 - Domestic chemical products maintain a global cost advantage, and with the exit of high-energy-consuming facilities in Europe and North America, along with economic growth in Asia, Africa, and Latin America, bulk chemical products are expected to see an upturn in 2026 [2] - The current global energy landscape is undergoing significant adjustments, highlighting the importance of modern coal chemical technology in China, which is expected to lead to high-quality overseas expansion [3] - China Petroleum & Chemical Corporation (Sinopec) is constructing a leading global refining and intelligent refining base, with a network covering 30,000 gas stations and over 28,000 convenience stores, supporting high-quality development in the midstream sector [4] - Sinopec Oilfield Service is actively expanding its overseas market business, leveraging group resources for investments and services in oil and gas resources, refining, and chemical products [4] - Shanghai Petrochemical Company, a subsidiary of Sinopec, is a major integrated refining and chemical enterprise in China, producing synthetic fibers, resins, plastics, and petrochemical products [5]

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [1][35]. Core Insights - The company's performance has shown recovery, with 2025 revenue reaching 16.65 billion yuan, a year-on-year increase of 33.0%. Operating profit rose to 1.6 billion yuan, up 140.69%, and net profit reached 1.362 billion yuan, reflecting a 181.43% increase. The company also reported a significant increase in cash flow from operating activities, amounting to 1.182 billion yuan, a 34.11% year-on-year growth [6][11]. - The demand for electrolyte solutions is expected to grow due to the continuous increase in sales of new energy vehicles and the production of power batteries in China. In 2025, the total sales of new energy vehicles reached 16.49 million units, a 28.24% increase year-on-year [6][7]. - The company's lithium battery materials segment is projected to see growth in both volume and price in 2026, with sales of lithium battery materials reaching 1.0671 million tons in 2025, a 33.79% increase year-on-year [7][11]. Financial Performance - The company achieved a gross margin of 22.24% in 2025, an increase of 3.36 percentage points year-on-year, primarily due to the significant price increase of lithium battery electrolyte solutions in the fourth quarter of 2025 [11]. - The report forecasts that the company's diluted earnings per share will be 2.82 yuan and 3.52 yuan for 2026 and 2027, respectively, with corresponding price-to-earnings ratios of 17.24 and 13.83 [11][12]. Market Position and Strategy - The company is focusing on the research and development of fine chemical new materials, with a strategic layout in lithium battery recycling and new technologies, including sodium-ion battery materials and solid-state battery electrolytes [6][7]. - The company has secured supply agreements for a total of approximately 2.945 million tons of electrolyte products with various partners, ensuring revenue stability through 2030 [7][11].

Market Performance - Zanyu Technology (002637) experienced a volatile stock price movement from February 6 to February 11, 2026, with a cumulative increase of 1.75% and a fluctuation range of 8.15% [1] - On February 6, the stock price rose by 3.42% to 14.22 CNY, with a trading volume of 198 million CNY; on February 9, it fell by 3.73% to 13.69 CNY; and on February 11, it increased by 3.17% to 13.99 CNY, with a trading volume of 173 million CNY [1] - The net inflow of main funds was 6.0086 million CNY, indicating a recent trend of net inflow from institutional investors [1] Financial Performance - For the period from January to September 2025, Zanyu Technology reported an operating revenue of 9.676 billion CNY, representing a year-on-year growth of 27.92% [2] - The net profit attributable to the parent company was 151 million CNY, reflecting a year-on-year increase of 24.96% [2] - The main business segments include oil chemical products, accounting for 52.21%, and surfactants, accounting for 45.59%, with growth driven by increased demand for chemical products [2] Dividend Policy - Since its listing, the company has distributed a total of 637 million CNY in dividends, with 149 million CNY distributed over the past three years, demonstrating stable profitability [2]

Group 1 - Company Yangzhou Chenhua New Materials Co., Ltd. won a procurement project from Guizhou Panjiang Coal and Electricity Multi-Operation Development Co., Ltd. for flame retardants, with a bid amount of 2.368 million yuan [1] - In 2024, Chenhua's operating revenue was 911 million yuan, with a revenue growth rate of -1.99%, and a net profit attributable to the parent company of 84 million yuan, reflecting a net profit growth rate of 38.65% [2][3] - For the first half of 2025, the company's operating revenue was 434 million yuan, with a revenue growth rate of -5.62%, and a net profit attributable to the parent company of 52 million yuan, showing a net profit growth rate of 33.69% [2][3] Group 2 - The company operates in the materials industry, primarily producing chemical reagents [2][3] - The main product composition for 2024 includes surfactants (79.07%), flame retardants (13.28%), silicone rubber (6.52%), labor income (0.65%), material waste sales (0.29%), and others (0.19%) [2][3]

Core Insights - The research team led by Zhang Bin at the Shanxi Coal Chemistry Research Institute has made significant progress in the hydrogenation of α-olefins, with results published in the international journal "ACS Catalysis" [1] Group 1: Research Findings - Synthesis gas generated from coal or biomass gasification can produce a series of α-olefins through iron-based Fischer-Tropsch synthesis, which can further react with synthesis gas via hydrogenation to yield long-chain fatty aldehydes, important raw materials for fragrances, pharmaceuticals, and surfactants [1] - The study addresses challenges faced by widely used rhodium and cobalt-based catalysts, such as harsh reaction conditions and difficulties in separating substrates from catalysts [1] Group 2: Innovative Solutions - The research team proposed a new approach to construct "cobalt-molybdenum carbide interfaces" by controlling the morphology and thickness of molybdenum carbide to optimize interface structures [2] - Two efficient interface sites were developed: one is the Co-MoOx site formed by partially oxidized molybdenum carbide nanoparticles and cobalt particles, which significantly lowers the energy barrier for the hydrogenation reaction, achieving a catalytic activity 10.7 times higher than traditional cobalt-based catalysts [2] - The second site is the Co-Mo₂C site formed by molybdenum carbide nanosheets and cobalt atoms, which effectively addresses catalyst loss issues and greatly enhances reaction stability [2] Group 3: Implications for Industry - This research provides a new strategy for designing efficient and stable cobalt-based hydrogenation catalysts, offering a feasible technical route for the high-value transformation of coal resources [2] - The findings are expected to promote the green upgrade of the fine chemicals industry [2]

Core Viewpoint - Lichen Industrial (001218) expects a significant increase in net profit for the year 2025, projecting a growth of 40.22% to 58.54% compared to the previous year, driven by effective raw material management and market expansion [4]. Financial Performance - The forecasted net profit attributable to shareholders for 2025 is between 153 million to 173 million yuan, while the non-recurring net profit is expected to be between 145 million to 165 million yuan, indicating a year-on-year growth of 41.47% to 60.98% [4]. - The basic earnings per share are projected to be between 1.1753 yuan and 1.3289 yuan [4]. Valuation Metrics - As of January 30, the price-to-earnings ratio (TTM) for Lichen Industrial is approximately 19.34 to 21.87 times, with a price-to-book ratio (LF) of about 1.47 times and a price-to-sales ratio (TTM) of around 0.73 times [4]. - Historical trends indicate fluctuations in the company's price-to-earnings ratio over recent years, reflecting changes in market conditions and company performance [5][6]. Business Operations - The company specializes in the research, production, and sales of surfactants and cleaning products, which are key drivers of its revenue growth [15]. - The increase in profitability is attributed to proactive raw material procurement and inventory management, as well as expanded sales efforts in both domestic and international markets [15].

Core Viewpoint - The company, Huangma Technology, is actively involved in the production of surfactants as intermediate products, which are widely used in various downstream applications, particularly in the semiconductor and electronic components industries [1] Group 1: Product Applications - The surfactants produced by the company are utilized in several manufacturing processes, including electroplating, electrophoresis, cutting, cleaning, photolithography, energy curing, developing, etching, coating, and packaging [1] - The company’s surfactants serve as "industrial MSG," providing essential functions such as dispersion, wetting, leveling, penetration, solubilization, curing, filtration assistance, retention, and antistatic properties in downstream products [1] Group 2: Market Position and Strategy - In recent years, the company has been focusing on the semiconductor electronic chemicals sector, striving to offer products with better performance and cost-effectiveness to its downstream clients [1] - The company is committed to promoting self-sufficiency and domestic substitution processes within the industry [1]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][9]. Core Insights - The increase in Indonesia's crude palm oil export levy from 10% to 12.5% is expected to enhance the profitability per ton for the company's operations in Indonesia [3][4]. - The company is positioned as a leading enterprise in domestic oil chemical, surfactants, and personal care processing, with significant production capacities exceeding 1 million tons per year for oil chemical products and over 1.2 million tons for surfactants [3][9]. - The company anticipates revenue growth of 39% in 2025, followed by 16% in 2026 and 8% in 2027, with net profit projections of 3.0 billion, 4.1 billion, and 5.1 billion yuan respectively during the same period [3][9]. Summary by Relevant Sections Tax Rate Impact - The increase in the export levy is expected to boost the absolute tax amount paid, thereby enhancing the profitability of the company's Indonesian subsidiary, Dukuda [4][6]. Production Capacity and Profitability - Dukuda's new production capacity is being released in an orderly manner, and the combination of increased tax revenue and production capacity is expected to lead to simultaneous volume and price increases, enhancing overall profitability [6][9]. - The utilization rates for surfactants and OEM/ODM processing are steadily improving, which is anticipated to drive profitability upward [7]. Future Growth Potential - The company is focusing on the gradual ramp-up of OPO structured fat production, which is projected to achieve sales in the kiloton range within the year [8]. - The company has secured contracts with major clients such as White Cat and Unilever, which will help improve the operational rates of its processing capacity [7].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][9]. Core Views - The increase in Indonesia's crude palm oil export levy from 10% to 12.5% is expected to enhance the profitability per ton for the company's Dukuda operations in Indonesia [3][4]. - The Dukuda project is progressing steadily, with new capacity expected to be released in an orderly manner, which, combined with the increased tax, is anticipated to achieve both volume and price growth [3][6]. - The utilization rates for surfactants and OEM/ODM processing are continuously improving, which is expected to drive profitability upward [3][7]. - The company is poised to gradually ramp up its OPO structured fat production, with expectations of achieving significant sales within the year [3][8]. Financial Projections - The company is projected to generate revenues of 14.9 billion, 17.3 billion, and 18.8 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 39%, 16%, and 8% [3][9]. - The net profit attributable to the parent company is expected to be 300 million, 410 million, and 510 million yuan for the same years, reflecting year-on-year growth rates of 119%, 37%, and 24% [3][9]. - The diluted EPS is forecasted to be 0.63, 0.87, and 1.08 yuan, with corresponding P/E ratios of 19.6, 14.2, and 11.4 times [3][9].