Core Viewpoint - The company is responding to the environmental upgrade and relocation directives from the Chongqing municipal government by moving its subsidiary's operations in the Tongnan Industrial Park [1][2] Group 1: Environmental Compliance and Project Approval - The company’s subsidiary, Chongqing Minfeng, has received approval from the Chongqing Ecological Environment Bureau for the "Chromium-Titanium New Materials Green Intelligent Manufacturing Environmental Relocation Project," which includes seven sub-projects [1] - The approved projects include an annual production capacity of 200,000 tons of chromium compounds and a 5000 tons/year vitamin K3 project among others [1] Group 2: Relocation and Compensation Details - The relocation site is specified as D19-2/02 in the Tongnan High-tech Zone, covering land use rights, buildings, equipment, and ongoing construction [2] - The total compensation for the relocation amounts to 76,229.76 million yuan, which includes land acquisition costs and equipment compensation [2]

格隆汇11月24日丨振华股份(603067.SH)公布，为全面响应及落实重庆市委、市政府及潼南区委、区政 府作出的化工企业环保技改升级搬迁的决策部署，公司全资子公司重庆民丰位于潼南工业园区北区的房 屋及建筑物、设备等需要搬迁。 截至本公告日，重庆民丰已取得重庆市生态环境局下发的《重庆市建设项目环境影响评价文件批准书》 （渝（市）环准〔2025〕63号），批准了"铬钛新材料绿色智能制造环保搬迁项目"的7个子项目，包 括：年产20万吨铬化合物项目；50万吨/年硫酸联产5万吨/年铬粉项目；5000吨/年维生素K3联产7.4万 吨/年铬绿项目；特种新材料项目；20万吨/年铬渣综合利用项目；智能储运系统项目；蒸汽余热利用发 电项目。 在合法、平等、自愿的原则下，结合评估报告（谛威资产评估报字[2025]第235号），经友好协商一 致，本次应搬迁的厂区位于重庆市潼南区高新区北区D19-2/02号地块，具体搬迁范围为：重庆民丰公司 位于潼南高新区北区的土地使用权、场平费、房屋、构筑物、机器设备、在建工程。涉及的搬迁地块收 购价格为51,756.90万元，约定搬迁地块上涉及机器设备补偿范围的金额为人民币24,472.86万元 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's performance in the first half of 2025 met expectations, with total revenue reaching 2.19 billion yuan, a year-on-year increase of 10.17%, and a net profit attributable to shareholders of 298 million yuan, up 23.62% year-on-year [6] - The company experienced a significant increase in sales volume and prices for its products, particularly in Q2 2025, with a notable rise in gross margin and net margin [6] - The company is participating in the bankruptcy restructuring of Xinjiang Shenhong, which may optimize the industry landscape, and has ongoing projects expected to contribute to future growth [6] Financial Data and Profit Forecast - The company forecasts total revenue of 4.46 billion yuan for 2025, with a year-on-year growth rate of 9.7% [5] - The projected net profit for 2025 is 703 million yuan, reflecting a substantial year-on-year increase of 48.8% [5] - The earnings per share (EPS) is expected to be 0.99 yuan for 2025, with a projected price-to-earnings (PE) ratio of 17 [5]