毛利及毛利率均呈现轻微改善，加速拓展海外市场

毛利及毛利率均呈现轻微改善，加速拓展海外市场 Gross profit and grossmarginimproved&Accelerating the expansion of overseas markets 最新动态 ➢毛利及毛利率均呈现轻微改善。2025年公司营收为18.96亿元，同比上升1.2%；毛利仍维持稳定于约2.31亿元，同比增加1.7%；毛利率则维持稳定在12.2%，同比上升0.1个百分点；归母净利润为6690.00万元，同比下降6.6%。尽管产品售价持续下跌，营业额同比轻微增长。集团通过扩大具良好市场潜力产品的生产规模及推出新产品以进一步优化其产品组合和深化其循环经济生产体系的经济效益，该等措施降低本集团整体的单位生产成本，使集团2025年能够维持稳定的毛利及毛利率，两项指标均轻微改善。集团及其上下游产业链受到全行业价格竞争的影响。集团产品售价均同比进一步下滑，对整体盈利能力构成额外压力。2025年危险产品的销量增加，而所需运输安排的安全要求更为严格，导致运输成本显著上升。因此，公司归母净利润同比录得轻微跌幅。 ➢集团产品备受国内外知名客户认可和信赖。集团生产和产品质量获得国内外知名客户资质认证，凭借实力进入客户供应链。2025年，前五大客户占集团营收15.7%（2024年：19.9%）；集团酯类产品的市场占有率约为50%。 ➢加速拓展海外市场并把握新的增长机遇。集团不断强化营销策略并使产品更加迎合市场所需，集团迅速提高具良好市场潜力的产品产能，并扩大其下游应用领域。由于内需持续疲弱，集团策略性地重新配置资源，以加速拓展海外市场并把握新的增长机遇。2025年，集团积极巩固国际营销网络，促使集团海外营业额实现稳健的按年增长。2025年，集团海外营业额同比上升约9.9%，海外营收占比为30.5%（2024年为28.1%）。 动向解读 ➢集团发展策略：1）加强竞争优势，提升盈利能力：持续扩展产品市场，提升产能利用率，扩大业务规模；精简业务流程，严控开支，不断提升营运效益；充分发挥垂直整合业务模式优势，深化循环经济生产体系，加强核心产品竞争力，提升整体盈利能力。2）纵向横向均衡发展：把握上下游市场机遇，加强研发能力，纵向、横向均衡延伸产品链；深化市场，精耕细作，扩大规模协同效应；保证每一个产品的竞争力在国内外达一流水平，为高科技和低碳未来做好准备。3）完善产品战略布局：培育具核心竞争力的、拥有自主知识产权的新产品；探索和捕捉新领域商机，持续提升环保治理水平；为未来可持续发展提供充足动力。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过600篇，主要覆盖标的包括： 1）化工&化肥：东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、龙蟠科技、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技； 2）能源&公用事业：中创新航、中集安瑞科、新奥能源、长江基建集团、中煤能源、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、绿色动力环保、中国光大绿色环保、首钢资源、新特能源、中裕能源、达力普控股； 3）有色&材料：中国宏桥、紫金黄金国际、中国有色矿业、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、首佳科技、信义光能、华新水泥、华润建材科技、大明国际。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 18801353537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen orresident of or locatedin any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which wouldsubjectGlobal Prosperity Financial Company Limitedand its group companies to any registration or licensing requirement within suchjurisdiction.