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嘉化能源(600273):Q2业绩符合预期 稳健分红+股权回购彰显信心
Xin Lang Cai Jing· 2025-08-06 12:29
Core Viewpoint - The company reported a steady performance in its 2025 semi-annual report, with revenue and net profit showing positive year-on-year growth, indicating resilience in its operations despite macroeconomic challenges [1][2]. Financial Performance - For the first half of 2025, the company achieved revenue of 5.006 billion yuan, up 8% year-on-year, and a net profit attributable to shareholders of 581 million yuan, up 10% year-on-year [1]. - In Q2 2025, the company recorded revenue of 2.645 billion yuan, a 5% increase year-on-year, but a net profit of 305 million yuan, which represents a 4% decline year-on-year [1]. - The gross margin for Q2 2025 was 16.5%, unchanged year-on-year, while the expense ratio was 5.1%, an increase of 0.1 percentage points year-on-year [1]. Business Segments Performance - Revenue growth varied across different business segments in H1 2025: - Fatty alcohol (acid) +60% - PVC -14% - Sulfonated pharmaceuticals +38% - Sulfur +58% - Steam -2% - Photovoltaic power -11% - Dock loading and unloading -21% [1]. - Sales volume changes were as follows: - Fatty alcohol -2% - PVC -1% - Sulfonated pharmaceuticals +34% - Sulfur +12% - Steam +10% - Photovoltaic power -4% - Dock loading and unloading -5% [1]. - Price changes year-on-year were: - Fatty alcohol +64% - PVC -13% - Sulfonated pharmaceuticals +3% - Sulfur +41% - Steam -10% - Photovoltaic power -8% - Dock loading and unloading -17% [1]. Strategic Initiatives - The company is focusing on its core industry advantages in cogeneration, ensuring high production capacity of its main facilities, and pursuing key project construction and technological upgrades to enhance future growth potential [1]. - The company's circular economy advantages are becoming more prominent in the context of moderate macroeconomic growth, demonstrating its anti-cyclical capabilities [1]. Shareholder Returns - The company has implemented a proactive and stable dividend policy, proposing a cash dividend of 2 yuan per 10 shares, totaling approximately 265 million yuan, which represents 45.66% of net profit [2]. - As of the end of July, the company had repurchased 21,526,100 shares, accounting for 1.59% of total share capital, with a total expenditure of nearly 186 million yuan [2]. - The company is accelerating the construction of its second-phase projects for fatty alcohol and PVC, with expectations for trial production in the second half of the year, which may enhance future performance [2]. Investment Outlook - The company is projected to achieve net profits attributable to shareholders of 1.26 billion yuan, 1.44 billion yuan, and 1.57 billion yuan for the years 2025 to 2027, maintaining a "strong buy" rating [3].
嘉化能源(600273):25H1业绩稳步提升,分红回购持续推进
ZHESHANG SECURITIES· 2025-08-06 01:11
Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's revenue for H1 2025 reached 5.006 billion yuan, a year-on-year increase of 8.31%, driven by significant price increases in key products such as fatty alcohols [2][3] - The net profit attributable to shareholders for H1 2025 was 581 million yuan, up 9.64% year-on-year, benefiting from the recovery in downstream demand for sulfonated pharmaceutical products and improved price differentials in caustic soda [2][3] - The company is focusing on shareholder returns, maintaining a dividend payout ratio around 50% and actively repurchasing shares [4] Financial Performance Summary - For H1 2025, the company achieved a gross profit margin of 17.42%, an increase of 0.49 percentage points year-on-year, and a net profit margin of 11.60%, up 0.13 percentage points year-on-year [1] - In Q2 2025, the company reported revenue of 2.645 billion yuan, a year-on-year increase of 4.55% and a quarter-on-quarter increase of 12.06% [1] - The average return on equity for H1 2025 was 5.62%, an increase of 0.35 percentage points year-on-year [1] Future Outlook - The company is expanding its fatty alcohol production capacity with a new project expected to contribute to earnings in the second half of 2025 [3] - The price differential for fatty alcohols has significantly improved, with an average price difference of 4,206 yuan/ton in Q3 2025, a quarter-on-quarter increase of 31.83% [3] - Revenue projections for 2025-2027 are estimated at 10.596 billion, 11.957 billion, and 13.050 billion yuan, respectively, with net profits expected to reach 1.216 billion, 1.395 billion, and 1.574 billion yuan [9]
浙江嘉化能源化工股份有限公司2025年半年度报告摘要
Shang Hai Zheng Quan Bao· 2025-08-05 17:53
Group 1 - The company has approved a profit distribution plan for the first half of 2025, proposing a cash dividend of 2 yuan per 10 shares, totaling approximately 265 million yuan, which represents 45.66% of the net profit attributable to shareholders [10][11][52]. - The total share capital of the company is 1,356,879,522 shares, with 31,526,100 shares held in the repurchase account, leaving 1,325,353,422 shares eligible for the dividend distribution [11][52]. - The board of directors has decided to cancel the supervisory board, transferring its responsibilities to the audit committee of the board, and has proposed amendments to the company's articles of association accordingly [16][58]. Group 2 - The company held its thirteenth meeting of the tenth board of directors on August 5, 2025, where all nine directors attended, and the meeting was deemed legally valid [6][8]. - The company plans to hold its second extraordinary general meeting of 2025 on August 22, 2025, to review the relevant proposals [41][42]. - The company has approved the revision of various governance documents, including the rules for shareholder meetings and the management of related party transactions, all receiving unanimous support from the board [20][21][22][23][24][25][26][27][28][30].
浙江嘉化能源化工股份有限公司
Shang Hai Zheng Quan Bao· 2025-08-05 17:53
Group 1 - The company will hold its second extraordinary general meeting of shareholders in 2025 on August 22, 2025, at 1:00 PM [4][3] - The meeting will be conducted using a combination of on-site and online voting methods [4][5] - The company has proposed amendments to its articles of association, which will be submitted for approval at the shareholders' meeting [1][20] Group 2 - The company plans to distribute a cash dividend of 2 yuan (including tax) for every 10 shares, totaling approximately 265,070,684.40 yuan (including tax) [17][19] - The proposed profit distribution plan is based on the total share capital after deducting shares held in the repurchase account [18][19] - The profit distribution plan requires approval from the extraordinary general meeting of shareholders [20][21] Group 3 - The company has reported a net profit attributable to shareholders of 580,592,815.78 yuan for the first half of 2025 [18] - The company has implemented a share repurchase plan, repurchasing 25,849,343 shares, which is 1.86% of the total share capital [33] - The company emphasizes enhancing investor returns and maintaining a stable profit distribution policy [32][33] Group 4 - The company is actively working on key projects such as the second phase of fatty alcohol and PVC, which are expected to enter trial production in the second half of the year [29] - The company is focusing on clean energy investments and has established a hydrogen energy innovation center to promote technological advancements [30] - The company aims to improve its governance and compliance levels while ensuring timely and accurate information disclosure [27][28]
嘉化能源(600273) - 董事会议事规则(2025年8月)
2025-08-05 11:01
浙江嘉化能源化工股份有限公司 董事会议事规则 二○二五年八月 浙江嘉化能源化工股份有限公司 董事会议事规则 第一条 为进一步规范浙江嘉化能源化工股份有限公司(以下简称"公 司")董事会的议事方式和决策程序,促使董事和董事会有效地履行其职责, 提高董事会规范运作和科学决策水平,根据《中华人民共和国公司法》(以下 简称"《公司法》")《上市公司治理准则》《上海证券交易所股票上市规 则》(以下简称"《股票上市规则》")《上海证券交易所上市公司自律监管 指引第1号——规范运作》等有关法律、行政法规、规范性文件以及《浙江嘉化 能源化工股份有限公司章程》(以下简称"《公司章程》")的规定,制定本 规则。 董事会应认真履行有关法律、行政法规和《公司章程》规定的职 责,确保公司遵守法律、行政法规和《公司章程》的规定,公平对待所有股东, 并关注其他利益相关者的合法权益。 凡有《公司章程》第一百条规定的关于不得担任董事的情形之一 的,不得担任董事。 董事由股东会选举或更换,任期三年。董事任期届满,可连选连 任,独立董事连任时间不得超过六年。董事在任期届满以前可由股东会解除其职 务。 董事任期从就任之日起计算,至本届董事会任期届满 ...
嘉化能源(600273) - 控股股东、实际控制人行为规范(2025年8月)
2025-08-05 11:01
浙江嘉化能源化工股份有限公司 控股股东、实际控制人行为规范 二○二五年八月 浙江嘉化能源化工股份有限公司 控股股东、实际控制人行为规范 第一章 总 则 第一条 为引导和规范浙江嘉化能源化工股份有限公司(以下简称"公司") 控股股东、实际控制人的行为,切实保护公司和其他股东的合法权益,根据《中 华人民共和国公司法》《中华人民共和国证券法》(以下简称"《证券法》")、 《上市公司治理准则》《上海证券交易所股票上市规则》(以下简称"《股票上 市规则》")《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等 法律、法规、规范性文件以及《浙江嘉化能源化工股份有限公司章程》(以下简 称"《公司章程》")等相关规定,并结合公司的实际情况,特制定本规范。 第二条 控股股东、实际控制人及其相关人员应当遵守证券市场有关法律法 规的规定,促进公司规范运作,提高公司质量。 第三条 控股股东、实际控制人应当依照法律、行政法规、中国证监会和证 券交易所的规定行使权利、履行义务,维护上市公司利益。 第四条 控股股东、实际控制人不得通过关联交易、资产重组、对外投资、 担保、利润分配和其他方式直接或者间接侵占上市公司资金、资产,损害 ...
嘉化能源(600273) - 董事会议事规则(2025年8月)
2025-08-05 09:31
浙江嘉化能源化工股份有限公司 董事会议事规则 二○二五年八月 浙江嘉化能源化工股份有限公司 董事会议事规则 第一条 为进一步规范浙江嘉化能源化工股份有限公司(以下简称"公 司")董事会的议事方式和决策程序,促使董事和董事会有效地履行其职责, 提高董事会规范运作和科学决策水平,根据《中华人民共和国公司法》(以下 简称"《公司法》")《上市公司治理准则》《上海证券交易所股票上市规 则》(以下简称"《股票上市规则》")《上海证券交易所上市公司自律监管 指引第1号——规范运作》等有关法律、行政法规、规范性文件以及《浙江嘉化 能源化工股份有限公司章程》(以下简称"《公司章程》")的规定,制定本 规则。 董事会应认真履行有关法律、行政法规和《公司章程》规定的职 责,确保公司遵守法律、行政法规和《公司章程》的规定,公平对待所有股东, 并关注其他利益相关者的合法权益。 凡有《公司章程》第一百条规定的关于不得担任董事的情形之一 的,不得担任董事。 董事由股东会选举或更换,任期三年。董事任期届满,可连选连 任,独立董事连任时间不得超过六年。董事在任期届满以前可由股东会解除其职 务。 董事任期从就任之日起计算,至本届董事会任期届满 ...
嘉化能源(600273) - 总经理工作细则(2025年8月)
2025-08-05 09:31
浙江嘉化能源化工股份有限公司 总经理工作细则 二○二五年八月 公司总经理、董事会秘书由董事长提名,并由董事会聘任或解聘。公司副总 经理、财务负责人等总经理经营班子其他成员,由总经理提名,并由董事会聘任 或解聘。 第四条 公司董事可受聘兼任总经理或者经营班子其他成员,但兼任总经理 或者其他高级管理职务的董事总计不得超过公司董事总数的二分之一。 浙江嘉化能源化工股份有限公司 总经理工作细则 第一章 总 则 第一条 为适应现代企业制度的要求,明确浙江嘉化能源化工股份有限公司 (以下简称"公司")总经理、副总经理、董事会秘书、财务负责人等经理人员 的职责、权限,保障其高效、规范地行使职权,根据《中华人民共和国公司法》 (以下简称"《公司法》")、《上海证券交易所股票上市规则》等法律、法规、规 范性文件和《浙江嘉化能源化工股份有限公司章程》(以下简称"《公司章程》") 的有关规定,制订本细则。 第二条 本细则适用人员范围公司高级管理人员,为总经理经营班子成员, 即总经理、副总经理、董事会秘书、财务负责人等。总经理经营班子是公司日常 经营管理的指挥和运作中心。 第二章 一般规定 第三条 公司设总经理一名、董事会秘书一名、 ...
嘉化能源(600273) - 信息披露事务管理制度(2025年8月)
2025-08-05 09:31
浙江嘉化能源化工股份有限公司 信息披露事务管理制度 浙江嘉化能源化工股份有限公司 信息披露事务管理制度 二○二五年八月 第一章 总 则 第一条 为建立健全浙江嘉化能源化工股份有限公司(以下简称"公司")信 息披露事务管理制度,提高公司信息披露管理水平和信息披露质量,加强公司定 期报告及重大事项在编制、审议和披露期间公司对外信息报送和使用的管理,进 一步规范公司内幕信息管理,加强公司内幕信息保密工作,保护投资者的合法权 益,根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司信息披 露管理办法》《上市公司监管指引第 5 号——上市公司内幕信息知情人登记管理 制度》《上市公司信息披露暂缓与豁免管理规定》和上海证券交易所(以下简称 "交易所")发布实施的《上海证券交易所股票上市规则》(以下简称"《股票上 市规则》")、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》(以 下简称《规范运作指引》)、《上海证券交易所上市公司自律监管指引第 2 号—— 信息披露事务管理》等法律、法规、规范性文件以及《浙江嘉化能源化工股份有 限公司章程》(以下简称"《公司章程》")的相关规定,特制定本制度。 第二条 ...
嘉化能源(600273) - 董事、高级管理人员所持公司股份及其变动管理制度(2025年8月)
2025-08-05 09:31
浙江嘉化能源化工股份有限公司 董事、高级管理人员所持公司股份 及其变动管理制度 二○二五年八月 浙江嘉化能源化工股份有限公司 董事、高级管理人员所持公司股份及其变动管理制度 为加强对浙江嘉化能源化工股份有限公司(以下简称"公司")董事和 高级 管理人员所持公司股份及其变动的管理,根据《中华人民共 和国公司法》(以下简称" 《公司法》")《中华人民共和国证券法》(以下简称"《证券法》")《上市公司股东减 持股份管理暂行办法》《上市公司董事和高级管理人员所持本公司股份及其变动管理规则 》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第8号—— 股份变动管理》《上海证券交易所上市公司自律监管指引第15号——股东及董事、高级管 理人员减持股份》等法律、法规、规范性文件及《浙江嘉化能源化工股份有限公司章程》 (以下简称"《公司章程》")的有关规定,结合公司实际情况,特制定本制度。 本制度适用于公司的董事、高级管理人员所持本公司股票及其变动的管理。 "高级管理人员"指总经理、副总经理、董事会秘书、财务负责人及《公司章程》 规定的其他高级管理人员。 公司董事、高级管理人员委托他人代行买卖股票或者其他具有 ...