从基金十大重仓股角度 11月27日，长华化学跌5.1%，截至发稿，报41.35元/股，成交2.23亿元，换手率9.92%，总市值57.96亿 元。 资料显示，长华化学科技股份有限公司位于江苏扬子江国际化工园北京路20号，成立日期2010年10月26 日，上市日期2023年8月3日，公司主营业务涉及聚醚产品的研发、生产、销售。主营业务收入构成为： POP65.34%，软泡用PPG26.68%，CASE用聚醚及特种聚醚6.80%，其他(补充)1.18%。 数据显示，鹏华基金旗下1只基金重仓长华化学。鹏华弘和混合A（001325）三季度持有股数9.95万股， 占基金净值比例为4.98%，位居第三大重仓股。根据测算，今日浮亏损失约22.09万元。 鹏华弘和混合A（001325）基金经理为刘方正、姬长春。 姬长春累计任职时间9天，现任基金资产总规模7518.95万元，任职期间最佳基金回报-1.26%， 任职期间 最差基金回报-1.26%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 ...

11月20日，长华化学涨4.72%，成交额3.44亿元。两融数据显示，当日长华化学获融资买入额3057.62万 元，融资偿还3662.35万元，融资净买入-604.73万元。截至11月20日，长华化学融资融券余额合计1.20 亿元。 融券方面，长华化学11月20日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，长华化学科技股份有限公司位于江苏扬子江国际化工园北京路20号，成立日期2010年10月26 日，上市日期2023年8月3日，公司主营业务涉及聚醚产品的研发、生产、销售。主营业务收入构成为： POP65.34%，软泡用PPG26.68%，CASE用聚醚及特种聚醚6.80%，其他(补充)1.18%。 截至10月31日，长华化学股东户数1.21万，较上期减少13.73%；人均流通股4411股，较上期增加 15.91%。2025年1月-9月，长华化学实现营业收入19.91亿元，同比减少9.31%；归母净利润7606.70万 元，同比增长127.81%。 融资方面，长华化学当日融资买入3057. ...

Core Insights - Changhua Chemical's stock price increased by 5.15% on November 11, reaching 38.39 CNY per share, with a trading volume of 294 million CNY and a turnover rate of 15.04%, resulting in a total market capitalization of 5.381 billion CNY. The stock has risen for three consecutive days, with a cumulative increase of 8.34% during this period [1] Company Overview - Changhua Chemical Technology Co., Ltd. is located at No. 20 Beijing Road, Jiangsu Yangtze River International Chemical Park. The company was established on October 26, 2010, and went public on August 3, 2023. Its main business involves the research, production, and sales of polyether products [1] - The revenue composition of Changhua Chemical is as follows: POP accounts for 65.34%, soft foam PPG for 26.68%, CASE polyether and specialty polyether for 6.80%, and other (supplementary) products for 1.18% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Penghua Fund has a significant position in Changhua Chemical. The Penghua Honghe Mixed A Fund (001325) held 99,500 shares in the third quarter, representing 4.98% of the fund's net value, making it the third-largest holding. The estimated floating profit today is approximately 187,100 CNY, with a total floating profit of 279,600 CNY over the three-day increase [2] - The Penghua Honghe Mixed A Fund (001325) was established on May 25, 2015, with a latest scale of 13.9925 million CNY. Year-to-date returns are 54.6%, ranking 737 out of 8147 in its category; the one-year return is 37.83%, ranking 1358 out of 8056; and since inception, the return is 90.08% [2] Fund Manager Profile - The fund manager of Penghua Honghe Mixed A (001325) is Liu Fangzheng. As of the report date, Liu has a cumulative tenure of 10 years and 248 days, with total fund assets of 811 million CNY. The best fund return during his tenure is 128.22%, while the worst return is -1.2% [3]

Group 1 - Changhua Chemical's stock increased by 5.21%, reaching 35.54 CNY per share, with a trading volume of 86.99 million CNY and a turnover rate of 4.69%, resulting in a total market capitalization of 4.982 billion CNY [1] - The company, established on October 26, 2010, and listed on August 3, 2023, is located in Jiangsu and specializes in the research, production, and sales of polyether products. The revenue composition is as follows: POP 65.34%, soft foam PPG 26.68%, CASE polyether and specialty polyether 6.80%, and others 1.18% [1] Group 2 - According to data from the top ten holdings of funds, Penghua Fund has one fund heavily invested in Changhua Chemical. The Penghua Honghe Mixed A fund (001325) held 99,500 shares in the third quarter, accounting for 4.98% of the fund's net value, making it the third-largest holding. The estimated floating profit today is approximately 175,100 CNY [2] - The Penghua Honghe Mixed A fund was established on May 25, 2015, with a latest scale of 13.9925 million CNY. Year-to-date returns are 56.21%, ranking 748 out of 8148 in its category; the one-year return is 42.16%, ranking 1254 out of 8053; and since inception, the return is 92.06% [2] Group 3 - The fund manager of Penghua Honghe Mixed A (001325) is Liu Fangzheng, who has a cumulative tenure of 10 years and 244 days. The current total asset size of the fund is 811 million CNY, with the best fund return during his tenure being 128.22% and the worst being -1.2% [3]

Group 1 - The core point of the news is that Changhua Chemical's stock price increased by 5.23% to 34.80 CNY per share, with a total market capitalization of 4.878 billion CNY as of the report date [1] - Changhua Chemical, established on October 26, 2010, and listed on August 3, 2023, specializes in the research, production, and sales of polyether products, with its main business revenue composition being 65.34% from POP, 26.68% from soft foam PPG, 6.80% from CASE polyether and specialty polyethers, and 1.18% from other sources [1] Group 2 - From the perspective of fund holdings, Penghua Fund has a significant position in Changhua Chemical, with its Penghua Honghe Mixed A fund holding 99,500 shares, accounting for 4.98% of the fund's net value, making it the third-largest holding [2] - The Penghua Honghe Mixed A fund, established on May 25, 2015, has a latest scale of 13.9925 million CNY and has achieved a year-to-date return of 60.4%, ranking 616 out of 8,154 in its category [2] - The fund manager, Liu Fangzheng, has a tenure of 10 years and 237 days, with the fund's total asset size at 811 million CNY, achieving a best return of 128.22% during his tenure [2]

Group 1 - The core viewpoint of the news is that Changhua Chemical experienced a decline in stock price and significant changes in financing activities on October 17, 2023 [1] - On October 17, Changhua Chemical's stock fell by 2.80%, with a trading volume of 149 million yuan. The financing buy amount was 15.18 million yuan, while the financing repayment was 21.63 million yuan, resulting in a net financing buy of -6.45 million yuan [1] - As of October 17, the total balance of margin trading for Changhua Chemical was 127 million yuan, with the financing balance accounting for 7.06% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of September 30, the number of shareholders for Changhua Chemical increased to 14,000, a rise of 45.12%, while the average circulating shares per person decreased by 31.09% to 3,805 shares [2] - For the first half of 2025, Changhua Chemical reported an operating income of 1.23 billion yuan, a year-on-year decrease of 15.80%, but the net profit attributable to shareholders increased by 62.71% to 41.13 million yuan [2] - Since its A-share listing, Changhua Chemical has distributed a total of 93.33 million yuan in dividends [2]

Event Overview - Bitget Onchain Trading Competition 64 is announced, focusing on trading $AOP, $POP, and $STBL [1] - The competition runs from September 28, 11:00 AM to September 30, 10:59 AM (UTC) [1] Rewards and Incentives - A total of 20,000 BGB tokens will be shared among participants [1] - Top users can win a maximum of 500 BGB [1] Participation - Registration for the event is required [1]

Core Viewpoint - The company is a leading manufacturer of polyether polyols in China, focusing on innovation and market expansion despite facing challenges in profitability due to increased competition and fluctuating raw material prices [3][7][10]. Company Overview - The company specializes in the research, production, and sales of polyether products, classified under the organic chemical raw materials manufacturing industry [3]. - Its main products include soft foam polyether, CASE polyether, and specialty polyether, with soft foam polyether being the core product [5][6]. Financial Performance - In 2024, the company achieved a sales volume of 325,000 tons, representing a year-on-year increase of 18.61%, and generated operating revenue of 3,049.89 million yuan, up 12.47% from the previous year [7][9]. - The company's net profit attributable to shareholders was 58.16 million yuan, a significant decline of 49.90% compared to the previous year, primarily due to reduced profit margins on its main product, POP [10]. Market Dynamics - The polyether industry is experiencing intensified competition, with market share increasingly concentrated among leading manufacturers [6][7]. - Economic slowdowns and geopolitical tensions have impacted demand and export costs, while government policies aimed at stimulating sectors like real estate and automotive are expected to positively influence demand for polyether products [7][9]. Innovation and Development - The company emphasizes technological innovation and management model innovation, investing in R&D to enhance its competitive edge [8][10]. - In 2024, R&D investment reached 113.54 million yuan, a 10.74% increase, resulting in the acquisition of 6 new patents and 15 new patent applications [10]. Corporate Governance and Social Responsibility - The company integrates environmental, social, and governance (ESG) principles into its core strategy, focusing on green supply chain upgrades and sustainable development [8]. - It has implemented a share repurchase plan to enhance investor confidence, with a total repurchase amount of approximately 15.02 million yuan by the end of the reporting period [14][15].

Core Insights - The company reported an increase in revenue for 2024, but a significant decline in net profit, highlighting both growth efforts and challenges faced in a competitive market environment [1] Financial Performance Summary - Revenue for 2024 reached 3,049,887,686.76 yuan, a 12.47% increase from 2,711,764,247.22 yuan in 2023, indicating successful market expansion [2] - Main business revenue accounted for 98.68% of total revenue, with POP product revenue at 2,088,728,951.79 yuan, up 21.54% year-on-year, serving as a key growth driver [2] - Net profit attributable to shareholders was 58,155,149.65 yuan, down 49.90% from 116,077,686.46 yuan in 2023, primarily due to intensified industry competition and fluctuating raw material prices [2] - Deducted non-recurring gains, net profit was 52,356,694.52 yuan, a 53.90% decrease from 113,561,612.49 yuan in 2023, indicating pressure on core business profitability [2] - Basic earnings per share fell to 0.41 yuan from 0.97 yuan, a 57.73% decline, reflecting weakened profitability and reduced shareholder returns [2] Expense Analysis - Sales expenses were stable at 36,708,286.92 yuan, a slight increase of 1.00% from 36,343,774.57 yuan in 2023, indicating consistent marketing investment [3] - Management expenses rose by 9.28% to 34,855,569.45 yuan, likely due to business scale expansion [3] - Financial expenses decreased significantly by 225.68% to -5,016,483.35 yuan, attributed to increased foreign exchange gains and interest income [3] - R&D expenses surged by 75.29% to 20,235,026.79 yuan, reflecting a commitment to innovation and competitive advantage [3] Cash Flow Performance - Net cash flow from operating activities was 66,859,990.90 yuan, down 49.25% from 131,750,661.71 yuan in 2023, due to increased cash outflows [4] - Net cash flow from investing activities improved to 24,224,193.96 yuan from -690,456,437.71 yuan, driven by significant changes in financial product transactions [4] - Net cash flow from financing activities was -80,057,999.38 yuan, a decrease from 812,539,281.36 yuan in 2023, reflecting reduced fundraising activities [4] R&D and Talent Investment - The company increased R&D investment to 113,536,361.25 yuan, representing 3.72% of revenue, with a focus on process improvement and technology innovation [5] - The number of R&D personnel grew by 15.00% from 40 to 46, with an increase in the proportion of staff holding bachelor's degrees [6] Market Competition and Risks - The polyether industry is highly competitive, with the company facing pressure on profit margins due to market fluctuations and raw material price volatility [7][8] - The company holds a 24.92% market share in the domestic POP product market, ranking second, but must continue to optimize product structure and enhance value [7] - New projects, such as the "carbon dioxide polyether and high-performance polyol project," may face challenges in market expansion and profitability [9]

创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。 创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营 风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了 解创业板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 长华化学科技股份有限公司 Changhua Chemical Technology Co., Ltd. （江苏省张家港市扬子江国际化工园北京路 20 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （注册地址：苏州工业园区星阳街 5 号） 长华化学科技股份有限公司 招股说明书 长华化学科技股份有限公司 招股说明书 本次发行概况 | 发行股票类型 | 人民币普通股（A 股） | | | | | | --- | --- | --- | --- | --- | --- | | 发行股数 | 本次公开发行股票 3,505.00 | | | | 万股，占发行后总股本的 25%， | | | | | | 本次发行全部为新股发行，原股东不公开发售股份 | | | 每股面值 | 人民币 | 1.00 ...