Financial Performance - Revenue for the year ended December 31, 2025, decreased by approximately 5.7% to RMB 18,468.2 million compared to RMB 19,586.1 million in 2024[3]. - Gross profit fell by about 19.1% to RMB 898.2 million, with a gross margin decline from 5.7% to 4.9%[3][4]. - Net profit attributable to shareholders decreased by approximately 23.5% to RMB 407.3 million, with basic earnings per share dropping from RMB 45.99 to RMB 35.2[3][4]. - For the fiscal year ending December 31, 2025, the company's revenue decreased to RMB 18,468,172 thousand from RMB 19,586,052 thousand in 2024, representing a decline of approximately 5.7%[18]. - The gross profit for 2025 was RMB 898,199 thousand, down from RMB 1,110,563 thousand in 2024, indicating a decrease of about 19.0%[18]. - The net profit for the year was RMB 409,663 thousand, a decrease of 23.3% compared to RMB 533,940 thousand in 2024[19]. - The group recorded revenue of approximately RMB 18,468.2 million for the year ended December 31, 2025, a decrease of about 5.7% year-on-year[88]. - Gross profit was approximately RMB 898.2 million, with a gross margin of about 4.9%, down from RMB 1,110.6 million and 5.7% in 2024[88]. - The group reported a pre-tax profit of approximately RMB 522.6 million, with net profit attributable to shareholders of approximately RMB 407.3 million, a decrease of about 23.5%[96]. Dividend and Shareholder Returns - The company plans to distribute a final dividend of HKD 0.05 per share, reflecting a commitment to gradually increase the dividend payout ratio[4]. - The proposed final dividend for 2025 is RMB 53,742,000, compared to no dividend in 2024, indicating a return to shareholder rewards[56]. - The board proposed a final dividend of HKD 0.05 per share for the year ended December 31, 2025, subject to shareholder approval[106]. Operational Strategy - The company aims to maintain high utilization rates of core assets and optimize product mix to direct sales towards higher margin products[5]. - The company is shifting production towards higher-margin products in response to oversupply in the commodity chemicals market, particularly in polypropylene and certain olefin derivatives[9]. - The company plans to focus on high-end products and green upgrades in response to tightening regulations in the petrochemical industry from 2025 to 2026[13]. - The company aims to improve operational, energy, and logistics efficiency to mitigate risks associated with geopolitical tensions and supply chain uncertainties[15]. Market Conditions and Economic Outlook - In 2025, China's GDP is projected to grow by 5.0%, with ethylene production increasing by 6.4%, indicating continued activity in key downstream industries[6]. - The company faces challenges from a 3.8% decline in fixed asset investment and a 17.2% drop in real estate development investment in 2025[6]. - The company anticipates that the demand in the polyester industry will remain resilient, supporting the price of ethylene glycol in 2026[14]. Financial Position and Liabilities - The company's total current liabilities increased to RMB 15,224,257 thousand in 2025 from RMB 13,694,427 thousand in 2024, reflecting an increase of approximately 11.2%[21]. - The company's cash and cash equivalents rose to RMB 638,719 thousand in 2025, compared to RMB 564,328 thousand in 2024, marking an increase of about 13.1%[20]. - The group has unutilized credit facilities from banks amounting to RMB 813,398,000 to meet debt obligations and capital expenditures[26]. - The group is currently analyzing the new requirements and assessing their impact on financial statement presentation and disclosures[33]. - The total amount of short-term borrowings as of December 31, 2025, is RMB 10,438,720,000, all due within the next 12 months[26]. - The total amount of interest-bearing bank and other borrowings increased to RMB 10,438,720,000 in 2025 from RMB 8,511,892,000 in 2024, an increase of 22.6%[76]. - The company reported a total of RMB 888,209,000 in prepayments for 2025, a significant increase from RMB 107,649,000 in 2024[70]. - The company’s total liabilities decreased to RMB 1,960,129,000 in 2025 from RMB 2,662,855,000 in 2024, a decrease of 26.3%[75]. Inventory and Receivables - The total inventory as of December 31, 2025, amounted to RMB 2,965,354,000, an increase from RMB 2,722,295,000 in 2024, reflecting a growth of approximately 8.95%[63]. - Accounts receivable as of December 31, 2025, totaled RMB 1,364,090,000, down from RMB 1,480,757,000 in 2024, indicating a decrease of about 7.87%[63]. - The aging analysis of accounts receivable shows that the total amount overdue by more than 360 days decreased to RMB 218,000 in 2025 from RMB 3,061,000 in 2024, a decline of approximately 92.89%[64]. - The expected credit loss rate for accounts receivable aged within one year is 1.72%, resulting in an expected credit loss of RMB 3,838,000[65]. Compliance and Regulatory Changes - The group has adopted the revised Hong Kong Accounting Standard 21 regarding currency convertibility, which has no impact on its financial statements[29]. - Hong Kong Financial Reporting Standard No. 18 introduces new requirements for the presentation of the income statement, mandating classification of all income and expenses into five categories: operating, investing, financing, income tax, and discontinued operations[33]. - The effective date for the new standards is set for annual periods beginning on or after January 1, 2027, with early application permitted[34]. - The revisions to Hong Kong Financial Reporting Standard No. 9 clarify the derecognition date of financial assets or liabilities and introduce an accounting policy choice for certain financial liabilities settled through electronic payment systems[36]. Employee and Governance - The company employed a total of 1,466 full-time employees as of December 31, 2025, an increase from 1,430 employees in 2024[105]. - The audit committee consists of three independent non-executive directors, responsible for reviewing the financial reporting process and internal control systems[114]. - The remuneration committee evaluates the performance of directors and senior management, making recommendations on their compensation[115]. - The nomination committee is tasked with recommending suitable candidates for the board and reviewing its structure and diversity[116].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA SANJIANG FINE CHEMICALS COMPANY LIMITED 於二零二六年三月二十七日，本公司的間接全資附屬公司三江化工於接受招標 後，不可撤銷地向招標人提交標書，旨在向目標公司寧波信潤石化儲運有限公司 注資不超過人民幣220,000,000元，以透過公開投標收購寧波信潤石化儲運有限公 司的不少於15%且不超過20%股權。根據招標條件的規定，1）已向招標人支付投 標按金不超過人民幣22,000,000元，相當於招標價的10%；及2）已向招標人發出 不可撤銷投資承諾確認書，於當中載述投標人的不可撤銷承諾，以（其中包括）(i) 按完成後的股權比例承擔目標公司的現有項目貸款擔保義務，並於完成工商變更 – 1 – 登記後六個月內完成相關擔保變更，或另行安排解除任何現有股東的超額擔保責 任；(ii)同意目標公司將於完成工商變更登記後三個月內，運用注資所得款項償還 現有股東貸款，若完成 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：2198） 董事會召開通告 中國三江精細化工有限公司（「本公司」）董事會（「董事會」）宣布，本公司將於2026年 3月27日舉行董事會會議，董事會將於會上批准（其中包括）公布本公司及其附屬公 司截至2025年12月31日止年度之年終業績，及考慮派發末期股息（如有）。 承董事會命 CHINA SANJIANG FINE CHEMICALS COMPANY LIMITED 中國三江精細化工有限公司 中國三江精細化工有限公司 主席兼執行董事 韓建紅 中華人民共和國，2026年3月11日 於本公告日期，董事會包括四名執行董事，分別為韓建紅女士、饒火濤先生、陳嫻 女士及管思怡女士，以及三名獨立非執行董事，分別為沈凱軍先生、裴愚女士及孔 良先生。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國三江精細化工有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02198 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | 本月底法定/註冊 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國三江精細化工有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02198 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | 本月底法定/註冊 ...

Group 1 - The core viewpoint of the articles indicates that the chemical industry is experiencing a prolonged period of negative growth in PPI, with projections suggesting a recovery phase starting around 2026 as domestic and international demand rebounds [2][3] - The chemical market has seen significant price increases recently, with epoxy propylene prices rising by 7.9% in the week of January 12-18, indicating potential upward momentum in the sector [2] - The chemical industry is characterized by a cyclical nature, typically following a five-year cycle of "profit upturn - capacity expansion - profit bottoming - capacity clearance/demand expectation improvement," suggesting a favorable outlook for the upcoming phase [2] Group 2 - Major chemical companies, such as China National Chemical Corporation, hold over half of the global market share, which may lead to a decrease in capital expenditure intensity and an increase in dividend payout ratios in the coming years [3] - The recent winter storm in the U.S. has disrupted natural gas and electricity supplies, affecting chemical production in key areas like Texas, which may impact global supply stability for major chemical products [3] - The domestic chemical sector is at a dual inflection point in terms of capacity and inventory cycles, with potential supply declines from overseas benefiting domestic production rates and overall industry recovery [3] Group 3 - Relevant Hong Kong-listed companies in the chemical sector include Sinopec (600028), Sinopec Oilfield Service (600871), Sinopec Engineering (02386), Shanghai Petrochemical (600688), and others [4]

Group 1 - The national industrial product PPI, production material PPI, and chemical industry PPI are expected to show negative year-on-year growth for 38 consecutive months by November 2025, marking the second longest period of negative growth in history after the 2012-2016 cycle [1] - As of December 2025, among 111 tracked chemical products, 30 products are in the lowest 10% price percentile, and 70 products are in the lowest 30% price percentile, indicating significant price pressure in the chemical sector [1] - Recent price increases have been observed in the chemical market, with epoxy propylene prices rising by 7.9% week-on-week and organic silicon intermediates also experiencing price increases [1] Group 2 - The bulk chemical market is at a dual inflection point of capacity and inventory cycles, with expectations of entering an upturn as domestic and international demand recovers by 2026 [2] - The extreme winter weather in the U.S. has disrupted natural gas and electricity supplies, affecting chemical production in key areas like Texas, which may impact global supply stability for bulk chemicals [2] - The potential decline in overseas supply could enhance domestic chemical production rates and improve market conditions, particularly for refining, ethylene, acetic acid, MDI, and TDI [2] Group 3 - Relevant Hong Kong-listed companies in the chemical sector include Sinopec (00386), Sinopec Oilfield Service (01033), Sinopec Engineering (02386), Shanghai Petrochemical (00338), Sinopec Kantons (00934), China Sanjiang Chemical (02198), and Wuhan Organic (02881) [3]

Group 1 - The core viewpoint indicates that the chemical industry is experiencing a prolonged period of negative growth in PPI, with projections suggesting a potential recovery as demand stabilizes and capital expenditure decreases [1][2] - The chemical market has seen significant price increases recently, with epoxy propylene prices rising by 7.9% week-on-week, indicating a potential shift in market dynamics [1] - The cyclical nature of the chemical industry is highlighted, with expectations of entering an upward phase as domestic and international demand recovers by 2026 [2] Group 2 - The report notes that the U.S. is facing supply disruptions due to extreme winter weather, impacting energy prices and chemical production in key areas like Texas, which may affect global supply stability [2] - The domestic chemical industry is at a dual inflection point in terms of capacity and inventory cycles, suggesting that potential supply declines from overseas could enhance domestic production rates and improve market conditions [2] - Key sectors of interest include refining, ethylene, acetic acid, MDI, and TDI, which are expected to benefit from these market changes [2] Group 3 - Relevant companies in the chemical sector include Sinopec, Sinopec Oilfield Service, Sinopec Engineering, Shanghai Petrochemical, Sinopec Kantons, China Sanjiang Fine Chemicals, and Wuhan Organic [3]

Group 1 - China Sanjiang Chemical (02198) saw its stock price rise over 5%, reaching a historical high of 4.29 HKD, with a current price of 4.26 HKD and a trading volume of 39.4632 million HKD [1][5] - In the week from January 12 to 18, chemical market prices for certain products significantly increased, with propylene oxide prices rising by 7.9% and organic silicon intermediates also experiencing price increases [1][5] - Huatai Securities' report indicates that the bulk chemical sector is at a dual turning point in capacity and inventory cycles, with expectations of an upward trend as domestic and international demand recovers by 2026 [1][5] Group 2 - China Sanjiang Chemical primarily engages in the production and supply of ethylene oxide, ethylene glycol, polypropylene, and surfactants, among other chemical products [1][5] - The company's main products include ethylene oxide, ethylene glycol, polypropylene (PP), surfactants, water-reducing agents, methyl tert-butyl ether/carbon four (MTBE/C4), and crude butylene, along with providing processing services for polypropylene, MTBE, and surfactants [1][5]

Core Viewpoint - China Sanjiang Chemical (02198) has seen its stock price rise over 5%, reaching a historical high of 4.29 HKD, driven by significant price increases in certain chemical products in the market [1] Group 1: Stock Performance - The stock price of China Sanjiang Chemical increased by 5.42%, trading at 4.28 HKD with a transaction volume of 37.0046 million HKD [1] Group 2: Market Trends - In the week from January 12 to 18, prices of certain chemical products, including propylene oxide, rose significantly, with a weekly increase of 7.9% [1] - The report from Huatai Securities indicates that the bulk chemical market is at a dual turning point in capacity and inventory cycles, with expectations of an upward trend as domestic and international demand recovers by 2026 [1] Group 3: Company Overview - China Sanjiang Chemical primarily engages in the production and supply of ethylene oxide, ethylene glycol, polypropylene, and surfactants [1] - The company's main products include ethylene oxide, ethylene glycol, polypropylene (PP), surfactants, water-reducing agents, methyl tert-butyl ether/carbon four (MTBE/C4), and crude butylene, among others [1] - The company also provides processing services for polypropylene, methyl tert-butyl ether, and surfactants, along with the production and supply of other chemical products [1]