Group 1 - The core viewpoint of the news is that Xingxin New Materials has shown a mixed performance in its stock price and financial results, with a notable increase in stock price year-to-date but a decline in recent trading days [1] - As of November 25, the stock price of Xingxin New Materials is 27.03 CNY per share, with a market capitalization of 3.33 billion CNY [1] - The company has experienced a year-to-date stock price increase of 24.05%, but has seen a decline of 3.33% over the last five trading days and 10.08% over the last twenty days [1] Group 2 - Xingxin New Materials reported a revenue of 356 million CNY for the period from January to September 2025, representing a year-on-year growth of 7.27% [1] - The net profit attributable to the parent company for the same period was 44.68 million CNY, which is a decrease of 28.18% year-on-year [1] - The company has distributed a total of 166 million CNY in dividends since its A-share listing [2]

Core Insights - Xingxin New Materials, established on June 27, 2002, went public on the Shenzhen Stock Exchange on December 21, 2023, and is a significant player in the organic amine fine chemicals sector in China [1] Group 1: Business Performance - For Q3 2025, Xingxin New Materials reported revenue of 356 million yuan, ranking 66th among 79 companies in the industry, while the industry leader, Sinochem International, achieved revenue of 35.716 billion yuan [2] - The company's net profit for the same period was 41.96 million yuan, placing it 44th in the industry, with the top performer, Hangyang Co., reporting a net profit of 850 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Xingxin New Materials had a debt-to-asset ratio of 9.30%, significantly lower than the industry average of 34.74% [3] - The company's gross profit margin for Q3 2025 was 27.92%, higher than the industry average of 19.93% [3] Group 3: Executive Compensation - Chairman Ye Ting's salary for 2024 is 1.1463 million yuan, a decrease of 98,900 yuan from 2023 [4] - General Manager Shen Huawei's salary for 2024 is 573,700 yuan [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.43% to 8,423, while the average number of circulating A-shares held per account increased by 1.45% to 6,052.04 [5] - In the first half of 2025, the company reported revenue of 218 million yuan, a slight increase of 0.02% year-on-year, while net profit decreased by 21.72% to 34 million yuan [5]

Group 1 - On October 29, Xingxin New Materials experienced a decline of 4.52% with a trading volume of 78.07 million yuan [1] - The financing data for Xingxin New Materials on the same day showed a financing purchase amount of 8.79 million yuan and a financing repayment of 14.91 million yuan, resulting in a net financing outflow of 6.13 million yuan [1] - As of October 29, the total balance of margin trading for Xingxin New Materials was 91.58 million yuan, which accounts for 4.59% of its circulating market value, indicating a high level compared to the past year [1] Group 2 - As of October 20, the number of shareholders for Xingxin New Materials was 7,908, a decrease of 6.11% from the previous period, while the average circulating shares per person increased by 6.51% to 6,446 shares [2] - For the period from January to September 2025, Xingxin New Materials reported an operating income of 356 million yuan, representing a year-on-year growth of 7.27%, while the net profit attributable to the parent company was 44.68 million yuan, a decrease of 28.18% year-on-year [2] - Since its A-share listing, Xingxin New Materials has distributed a total of 166 million yuan in dividends [2]

Group 1 - The core viewpoint of the news is that Xingxin New Materials has shown fluctuations in its financing activities and stock performance, indicating a high level of financing balance relative to its market value [1][2]. - As of October 24, 2023, Xingxin New Materials' stock price increased by 0.34%, with a trading volume of 37.86 million yuan [1]. - The financing buy-in amount for Xingxin New Materials on the same day was 4.59 million yuan, while the financing repayment was 6.19 million yuan, resulting in a net financing buy-in of -1.59 million yuan [1]. Group 2 - The total financing and securities balance for Xingxin New Materials reached 91.88 million yuan, accounting for 4.54% of its circulating market value, which is above the 90th percentile level over the past year [1]. - The company has not engaged in any short selling activities on October 24, with no shares sold or repaid, indicating a high level of liquidity in the short selling market [1]. - As of October 20, 2023, the number of shareholders for Xingxin New Materials was 7,908, a decrease of 6.11% from the previous period, while the average circulating shares per person increased by 6.51% to 6,446 shares [2]. Group 3 - For the first half of 2025, Xingxin New Materials reported an operating income of 218 million yuan, reflecting a year-on-year growth of 0.02%, while the net profit attributable to the parent company was 33.64 million yuan, a decrease of 21.72% year-on-year [2]. - Since its A-share listing, Xingxin New Materials has distributed a total of 166 million yuan in dividends [2].

Group 1 - The core viewpoint of the news is that Xingxin New Materials experienced a slight decline in stock price and notable trading activity, indicating a high level of financing and margin trading activity [1] - On September 18, Xingxin New Materials' stock price fell by 0.93%, with a trading volume of 82.91 million yuan [1] - The financing buy-in amount for Xingxin New Materials on the same day was 15.06 million yuan, while the financing repayment was 11.07 million yuan, resulting in a net financing buy of 3.99 million yuan [1] Group 2 - As of September 18, the total balance of margin trading for Xingxin New Materials was 80.14 million yuan, accounting for 4.02% of its market capitalization [1] - The financing balance is above the 90th percentile level over the past year, indicating a high level of financing activity [1] - On the same day, there were no shares sold or repaid in the securities lending market, with a lending balance of 0.00 yuan, also indicating a high percentile level over the past year [1] Group 3 - As of September 10, the number of shareholders for Xingxin New Materials was 10,000, a decrease of 12.03% from the previous period [2] - The average number of circulating shares per person increased by 13.68% to 5,081 shares [2] - For the first half of 2025, Xingxin New Materials reported a revenue of 218 million yuan, a slight increase of 0.02% year-on-year, while the net profit attributable to shareholders decreased by 21.72% to 33.64 million yuan [2] Group 4 - Since its A-share listing, Xingxin New Materials has distributed a total of 166 million yuan in dividends [2]

Group 1 - On September 17, Xingxin New Materials experienced a decline of 2.49% with a trading volume of 74.68 million yuan [1] - The financing data on the same day showed a financing purchase amount of 11.56 million yuan and a net financing purchase of 2.77 million yuan, with a total financing and securities balance of 76.15 million yuan [1] - The current financing balance of Xingxin New Materials accounts for 3.79% of its circulating market value, indicating a high level compared to the 90th percentile over the past year [1] Group 2 - As of August 29, the number of shareholders for Xingxin New Materials increased by 22.23% to 11,400, while the average circulating shares per person decreased by 18.19% to 4,470 shares [2] - For the first half of 2025, Xingxin New Materials reported a revenue of 218 million yuan, reflecting a year-on-year growth of 0.02%, while the net profit attributable to the parent company was 33.64 million yuan, a decrease of 21.72% year-on-year [2] - Since its A-share listing, Xingxin New Materials has distributed a total of 166 million yuan in dividends [2]

Group 1 - The core viewpoint of the news is that Xingxin New Materials experienced a decline in stock price and trading volume, with significant changes in financing and shareholder structure [1][2] - On September 12, Xingxin New Materials' stock fell by 1.27%, with a trading volume of 109 million yuan, and a net financing outflow of 3.14 million yuan [1] - As of September 12, the total financing and securities lending balance for Xingxin New Materials was 84.89 million yuan, which is 4.14% of its circulating market value, indicating a high level of financing [1] Group 2 - As of August 29, the number of shareholders for Xingxin New Materials increased to 11,400, a rise of 22.23%, while the average circulating shares per person decreased by 18.19% to 4,470 shares [2] - For the first half of 2025, Xingxin New Materials reported a revenue of 218 million yuan, a slight increase of 0.02% year-on-year, but the net profit attributable to shareholders decreased by 21.72% to 33.64 million yuan [2] - Since its A-share listing, Xingxin New Materials has distributed a total of 166 million yuan in dividends [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has established long-term stable partnerships with globally recognized suppliers and downstream customers, which is expected to further strengthen its competitive advantage [7][8] - The decline in the selling prices of the company's main products has led to a year-on-year decrease in profits [5] - The company has slightly revised down its profit forecast for 2025-2027, predicting net profits of 1.03 billion, 1.12 billion, and 1.26 billion respectively, with corresponding PE ratios of 31.0, 28.7, and 25.4 times [9] Financial Performance - In the first half of 2025, the company achieved operating revenue of 218 million, a year-on-year increase of 0.02%, and a net profit attributable to shareholders of 34 million, a year-on-year decrease of 21.72% [4] - The revenue from the piperazine series products in the first half of 2025 was 177 million, a year-on-year decrease of 7.56%, while the revenue from the amide series products increased by 82.73% to 25 million [5] - The financial expense ratio increased due to reduced interest income from structured deposits [6] Profit Forecast - The company forecasts operating revenues of 457 million, 502 million, and 579 million for 2025, 2026, and 2027 respectively, with growth rates of -2.4%, 9.7%, and 15.4% [11] - The net profit attributable to shareholders is expected to grow at rates of 27.4%, 8.1%, and 12.7% for the same years [11]

绍兴兴欣新材料股份有限公司 （住所：浙江省杭州湾上虞经济技术开发区拓展路 2 号） 首次公开发行股票并在主板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序，本招股说 明书（注册稿）不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 式公告的招股说明书作为投资决定的依据。 保荐人（主承销商） （住所：江西省南昌市新建区子实路 1589 号） 绍兴兴欣新材料股份有限公司 招股说明书（注册稿） 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 绍兴兴欣新材料股份有限公司 招股说明书（注册稿） | 发行股票类型 | 人民币普通股（A ...