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 - Zanyu Technology's stock increased by 5.31% to 14.28 CNY per share, with a trading volume of 1.03 billion CNY and a turnover rate of 1.66%, resulting in a total market capitalization of 6.717 billion CNY [1] - Zanyu Technology, established on September 19, 2000, and listed on November 25, 2011, is located in Hangzhou, Zhejiang Province. The company's main business involves the production and sales of surfactant products and fat chemical products, with revenue composition as follows: fat chemicals 52.21%, surfactants (including personal care products) 45.59%, trade and other businesses 1.75%, and processing services 0.45% [1] Group 2 - In the top ten circulating shareholders of Zanyu Technology, a fund under Invesco Great Wall, specifically the Invesco Great Wall Steady Gain Bond A (016869), entered the top ten in the third quarter, holding 4.5491 million shares, which is 1.03% of the circulating shares. The estimated floating profit today is approximately 3.2754 million CNY [2] - The Invesco Great Wall Steady Gain Bond A (016869) was established on November 9, 2022, with a latest scale of 10.54 billion CNY. Year-to-date return is 2.69%, ranking 342 out of 7081 in its category; the one-year return is 8.14%, ranking 423 out of 6282; and since inception, the return is 18.37% [2] Group 3 - The fund manager of Invesco Great Wall Steady Gain Bond A (016869) is Peng Chengjun, who has a cumulative tenure of 8 years and 47 days. The total asset scale under management is 98.645 billion CNY, with the best fund return during his tenure being 274.94% and the worst being -1.11% [3] Group 4 - Another fund under Invesco Great Wall, the Invesco Great Wall Shunyi Return Mixed A (002792), holds 11,800 shares of Zanyu Technology, accounting for 0.45% of the fund's net value, making it the ninth largest holding. The estimated floating profit today is approximately 8,496 CNY [4] - The Invesco Great Wall Shunyi Return Mixed A (002792) was established on December 7, 2016, with a latest scale of 1.08269 billion CNY. Year-to-date return is 0.83%, ranking 7870 out of 8884; the one-year return is 7.07%, ranking 6753 out of 8127; and since inception, the return is 63.07% [4] Group 5 - The fund managers of Invesco Great Wall Shunyi Return Mixed A (002792) are Chen Ying and Li Xunlian. Chen Ying has a cumulative tenure of 5 years and 218 days, managing assets totaling 6.257 billion CNY, with the best return during his tenure being 48.52% and the worst being 2.92%. Li Xunlian has a cumulative tenure of 2 years and 336 days, managing assets totaling 11.056 billion CNY, with the best return during his tenure being 33.81% and the worst being 2.22% [5]

Group 1 - The core point of the article is that Zanyu Technology reported a total of 20,050 shareholders as of January 20 [2]

Group 1 - Zanyu Technology's stock increased by 5.05% on February 4, reaching a price of 14.14 yuan per share, with a trading volume of approximately 99.6 million yuan and a turnover rate of 1.63%, resulting in a total market capitalization of 6.651 billion yuan [1] - Zanyu Technology, established on September 19, 2000, and listed on November 25, 2011, is based in Hangzhou, Zhejiang Province, and primarily engages in the production and sales of surfactant products and fat chemical products [1] - The revenue composition of Zanyu Technology includes 52.21% from fat chemicals, 45.59% from surfactants (including personal care products), 1.75% from trading and other businesses, and 0.45% from processing services [1] Group 2 - Guoshou Anbao Fund's Guoshou Anbao Smart Life Stock A (001672) is among the top ten circulating shareholders of Zanyu Technology, holding 4.4237 million shares, unchanged from the previous period, representing 1% of the circulating shares [2] - The fund has generated an estimated floating profit of approximately 3.0081 million yuan today, with a total fund size of 2.121 billion yuan [2] - Year-to-date, the fund has achieved a return of 14.15%, ranking 342 out of 5562 in its category, and a one-year return of 58.5%, ranking 799 out of 4285 [2]

Group 1 - The core point of the article is that Zanyu Technology (002637) reported a total of 20,690 shareholders as of January 9 [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].

Group 1 - The A-share market's chemical sector saw significant gains, with several companies hitting their daily price limits, indicating strong investor interest and market momentum [1] - Major global chemical companies such as BASF, Dow, and Huntsman have announced price increases across Europe, Asia, and the Middle East, which may influence local market dynamics and pricing strategies [1] Group 2 - Meibang Technology experienced a 29.94% increase in stock price, with a total market capitalization of 1.455 billion [2] - Jiangtian Chemical's stock rose by 19.99%, bringing its market value to 4.376 billion [2] - Other notable performers include Hongbai New Materials and Xinxiang Chemical Fiber, both achieving price increases of around 10% [2]

Group 1 - The A-share market's chemical sector saw significant gains, with multiple companies hitting their daily price limits, indicating strong investor interest and market momentum [1] - Major global chemical companies such as BASF, Dow, and Huntsman have announced price increases across Europe, Asia, and the Middle East, contributing to the bullish sentiment in the sector [1] Group 2 - Meibang Technology experienced a 29.94% increase, reaching a market capitalization of 1.455 billion [2] - Jiangtian Chemical rose by 19.99%, with a total market value of 4.376 billion [2] - Other notable performers include Dier Chemical (+11.10%), Yida Co. (+10.65%), and Hongbai New Materials (+10.08%), all contributing to the overall positive trend in the chemical sector [2]

Group 1 - The core viewpoint of the news is that Zanyu Technology's stock reached the daily limit with a price of 12.12 yuan, reflecting a 9.98% increase, driven by strong performance indicators and strategic expansions [1][2]. Group 2 - The company reported a revenue growth of 27.92% and a net profit increase of 24.96% for the first three quarters of 2025, with a significant rise in non-recurring net profit by 49.93%, indicating robust fundamental performance [2]. - Zanyu Technology's overseas expansion, particularly the advantages of its factory in Indonesia regarding raw material procurement and tax policies, is expected to lower production costs and enhance market competitiveness [2]. - The company's OEM/ODM processing capacity has reached 1.1 million tons, with ongoing projects increasing by 88.39%, indicating significant capacity expansion that may boost market share and profitability [2]. - There was a notable inflow of institutional funds into Zanyu Technology, contributing to the stock's limit-up performance, alongside favorable technical indicators attracting technical investors [2]. - The overall performance of the chemical industry or related sectors on the same day may have also positively influenced Zanyu Technology's stock movement [2].