证券代码：600331 证券简称：宏达股份 公告编号：临 2025-084 四川宏达股份有限公司 2025 年第三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 四川宏达股份有限公司(以下简称"公司")根据上海证券交易所《上市公司 自律监管指引第 3 号—行业信息披露》附件《第十三号——化工》的相关要求， 现将公司 2025 年第三季度主要经营数据披露如下： 二、主要产品和原材料的价格变动情况 （一）主要产品的价格变动情况（不含税） 单位：元/吨 | 主要产品 | 2025 年 7-9 | | 2024 | 年 7-9 | 月 | 2025 年 4-6 | | 同比变动 | 环比变动 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 月平均售价 | | 平均售价 | | | 月平均售价 | | 比率 | 比率 | | 磷酸盐系列产品 | | 3,669 | | | 3,495 | | 3,747 | 4.98% | ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥1,010,558,076.23, representing a year-on-year increase of 53.71%[5] - The total profit for the period was ¥28,429,565.81, while the net profit attributable to shareholders was ¥28,298,136.02, both showing significant losses compared to the previous year[5] - The basic earnings per share for the quarter was ¥0.0107, a decrease of 299.05% compared to the same period last year[6] - Revenue for the current reporting period reached 53.71 million, primarily driven by increased sales of zinc and phosphate products compared to the same period last year[11] - The net profit attributable to shareholders for the first nine months of 2025 was a loss of CNY 46.6964 million, with a profit of CNY 28.2981 million in Q3 2025, indicating a recovery in profitability[17] - Net profit for the first three quarters of 2025 was a loss of ¥46,696,444.53, compared to a profit of ¥21,297,750.21 in the same period of 2024[29] - The company reported a total comprehensive loss of ¥46,683,371.23 for the first three quarters of 2025, compared to a comprehensive income of ¥56,808,774.15 in 2024[29] Assets and Liabilities - Total assets increased by 63.60% year-on-year, reaching ¥3,723,939,959.42[6] - The equity attributable to shareholders rose by 716.27% to ¥3,182,185,279.09 compared to the end of the previous year[6] - The company’s total assets increased from CNY 2.276 billion at the beginning of the year to CNY 3.724 billion by the end of the reporting period, while net assets rose from CNY 390 million to CNY 3.182 billion[19] - The asset-liability ratio significantly decreased from 82.87% at the beginning of the year to 14.55% by the end of the reporting period, indicating improved financial stability[19] - The total liabilities as of the end of the reporting period amounted to ¥541,754,680.33, compared to ¥1,886,391,442.77 in the previous year[25] Cash Flow - The company reported a net cash flow from operating activities of -¥487,689,241.11, reflecting a decline of 335.16% year-on-year[6] - The net cash flow from operating activities for the year-to-date period was -335.16 million, primarily due to increased raw material purchases and prior unpaid invoices[12] - Cash inflow from operating activities for the first three quarters of 2025 was ¥3,164,004,476.48, compared to ¥2,453,702,931.47 in 2024, indicating a growth of 28.8%[30] - The net cash flow from operating activities was -$487.69 million, a decrease from $207.39 million in the previous period, indicating a significant decline in operational performance[31] - The company reported a net increase in cash and cash equivalents of $962.22 million, compared to $110.69 million in the prior period, indicating improved liquidity[31] - The ending balance of cash and cash equivalents stood at $1.29 billion, significantly higher than $285.45 million at the end of the previous period, showcasing enhanced cash reserves[31] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 61,040[14] - The largest shareholder, Shudao Investment Group, holds 1,095,914,805 shares, representing 41.49% of total shares[14] Research and Development - Research and development expenses for the year-to-date period amounted to 515.40 million, reflecting an increase due to investments in new product development[11] - Research and development expenses increased significantly to ¥9,055,521.45 in 2025 from ¥1,471,489.03 in 2024, marking a growth of 514.5%[27] Market and Product Development - The company plans to continue expanding its market presence and enhancing its product offerings, supported by the recent capital influx from the share issuance[10] - The company is actively expanding its refined ammonium phosphate and granular ammonium phosphate export markets, which has supported its profitability in the phosphate chemical business[17] - The natural gas chemical business continues to face challenges with increasing production costs due to rising natural gas and electricity prices, leading to ongoing losses[17] Capital Raising and Financing - The company completed a private placement of shares, raising net funds of ¥2,834,758,430.19, which significantly impacted its cash position[10] - The company issued 609.6 million shares to its controlling shareholder, raising a total of CNY 2.853 billion, which has been fully utilized to repay debts and supplement working capital[18] - Total cash inflow from financing activities reached $3.75 billion, a substantial increase compared to $41.02 million in the prior period, reflecting strong capital raising efforts[31] - Cash outflows for financing activities totaled $2.27 billion, a significant increase from $66.97 million, indicating higher debt repayments and dividend distributions[31] Operational Costs - The operating profit for the year-to-date period was -304.02 million, attributed to declining zinc product prices and increased procurement costs[11] - Total operating costs for the first three quarters of 2025 were ¥2,867,983,018.68, up from ¥2,362,573,995.17 in 2024, reflecting a 21.3% increase[27] - Cash paid for purchasing goods and services in the first three quarters of 2025 was ¥3,328,279,818.36, compared to ¥1,935,684,534.88 in 2024, reflecting a 72.0% increase[30] - The company’s zinc smelting production costs decreased by 24.12% in Q3 2025 compared to the first half of the year, contributing to a reduction in cumulative losses in the non-ferrous metal smelting business[18] Accounting Standards - The company did not apply new accounting standards starting in 2025, maintaining consistency in financial reporting[32]

Group 1 - The non-ferrous metal sector experienced a significant upward movement on October 29, with notable stocks such as CITIC Metal and Dazhong Mining reaching their daily limit increase [1] - Other companies in the sector, including Huayu Mining, Huaxi Nonferrous, Hongda Co., Zhuhai Group, and Yuguang Gold Lead, also saw gains [1]

Investment Rating - The investment rating for the company is "Buy (First Coverage)" [6] Core Views - The company has undergone significant changes, transitioning to a new operational phase under the leadership of Shudao Group, which has become the controlling shareholder. The focus is on whether the company can achieve a rebirth after overcoming past challenges [3][21] - The development of the Duolong Copper Mine is a key factor in the company's long-term growth prospects, as it is the largest undeveloped copper mine in China, expected to significantly enhance the company's production capacity and profitability [4][5] Summary by Sections Historical Development - The company has experienced both peaks and troughs throughout its history, and it is now entering a new phase of operations under Shudao Group's guidance [3][14] Shudao Group's Entry - The entry of Shudao Group has allowed the company to shed historical burdens, resolving long-standing litigation and debt issues, and improving liquidity and capital structure [8] - Potential integration of mining resources from Shudao Group could enhance the company's phosphate chemical business, which currently faces challenges due to a lack of upstream resources [8] - The collaboration between resources and market opportunities is expected to transform the existing business model, addressing issues related to raw material supply, market expansion, and product consumption [8] Duolong Copper Mine Development - The long-term supply of copper is expected to face bottlenecks, with price expectations trending upwards. The development of the Duolong Copper Mine is anticipated to open up significant growth opportunities for the company [5][9] - The estimated annual production from the Duolong Copper Mine is projected to be between 263,700 to 273,400 tons of copper, along with gold and silver production, contributing significantly to the company's profitability [5][9] Existing Business - The company's current operations focus on phosphate chemicals and zinc smelting, with zinc smelting primarily contributing to revenue but facing limited profitability. The phosphate chemical segment is expected to improve with potential resource integration [9][10] - The company is projected to achieve revenues of 3.561 billion, 3.729 billion, and 3.741 billion yuan from 2025 to 2027, with net profits gradually improving [11][10] Profit Forecast and Investment Recommendations - The company is expected to enter a positive growth trajectory in profitability due to improved liquidity and operational stability, with net profits projected to reach 30-40 billion yuan in the long term if the Duolong project is successfully developed [10][11]

Group 1 - The core viewpoint of the report is that Hongda Co., Ltd. (600331.SH) is given an "Overweight" rating due to several positive factors [1] - The company has successfully shed historical burdens, which is expected to enhance its operational efficiency [1] - Potential integration of mining resources within the group is anticipated to unlock business development constraints [1] - There is an opportunity for transformation in the existing business system through resource and market synergy [1] Group 2 - The report highlights risks including the continuous decline in prices of ammonium phosphate and zinc ingots [1] - Development progress of the Duolong project may not meet expectations, posing a risk to future growth [1] - Funding for the construction of the Duolong copper mine may fall short of expectations, which could impact project viability [1] - Stricter domestic environmental policies could pose challenges to operations [1] - The integration process of mining resources within the group may not proceed as anticipated, adding to uncertainty [1]

Group 1 - The core point of the article is that Hongda Co., Ltd. experienced significant trading activity on October 20, with a total transaction volume of 7.18 million shares and a transaction amount of 63.90 million yuan, reflecting a discount of 11.53% compared to the closing price [2] - The closing price of Hongda Co., Ltd. on the same day was 10.06 yuan, which represents an increase of 1.72%, with a daily turnover rate of 1.39% and a total transaction amount of 283 million yuan [2] - Over the past five days, the stock has seen a cumulative decline of 3.36%, with a total net outflow of funds amounting to 61.08 million yuan [2] Group 2 - The latest margin financing balance for Hongda Co., Ltd. is 814 million yuan, which has decreased by 102 million yuan over the past five days, representing a decline of 11.16% [2] - The details of the block trades on October 20 show two transactions, both at a price of 8.90 yuan, with the first transaction involving 6.18 million shares and the second involving 1 million shares, both executed by the Sichuan branch of CITIC Securities [2]

Core Insights - Hongda Co., Ltd. experienced a stock price increase of 1.72%, closing at 10.06 yuan on October 20 [1] - The company had two block trades totaling 7.18 million shares, with a total transaction value of 63.90 million yuan [1] Trading Activity - The first block trade occurred at a price of 8.90 yuan for 6.18 million shares, amounting to 55.00 million yuan, with a discount rate of -11.53% [1] - The second block trade also occurred at 8.90 yuan for 1.00 million shares, totaling 8.90 million yuan, maintaining the same discount rate of -11.53% [1] - Over the past three months, the total transaction value from block trades for the stock reached 63.90 million yuan [1] Recent Performance - In the last five trading days, the stock has declined by 3.36% [1] - There has been a net outflow of 83.31 million yuan from the main capital [1]

Group 1 - The phosphoric chemical sector experienced a significant rise at the beginning of trading on October 14, with Chengxing Co. achieving a four-day consecutive increase in stock price [1] - Yuegui Co. reached the daily limit increase, while other companies such as Liuguo Chemical, Hongda Co., Yuntianhua, and Xingfa Group also saw their stock prices rise [1]

Core Viewpoint - The announcement details the completion of a share buyback plan by certain directors and senior management of Sichuan Hongda Co., Ltd., reflecting their confidence in the company's future and long-term investment value [2][4]. Summary by Sections 1. Disclosure of Buyback Plan - Sichuan Hongda Co., Ltd. announced a share buyback plan on April 9, 2025, where certain directors and senior management intended to purchase shares worth between RMB 1.9 million and RMB 3.8 million over a six-month period starting from the announcement date [2]. 2. Implementation Results of the Buyback Plan - As of October 8, 2025, the buyback participants had acquired a total of 310,800 shares, representing 0.0118% of the company's total share capital, with a total expenditure of RMB 2.0434 million. The buyback plan has been completed, and the participants now hold a total of 463,800 shares, which is 0.0176% of the total share capital [2][3]. 3. Basic Information of Buyback Participants - The buyback participants are identified as having a concerted action relationship, indicating a coordinated effort in the share acquisition [3]. 4. Compliance and Regulatory Framework - The buyback plan adheres to relevant laws and regulations, including the Securities Law and the Management Measures for the Acquisition of Listed Companies, ensuring that it does not alter the control of the company [4].

证券代码：600331 证券简称：宏达股份 公告编号：2025-083 四川宏达股份有限公司 关于公司部分董事、高级管理人员增持股份计划实施完毕 暨增持结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 增持主体名称 王浩 增持主体身份 控股股东或实控人 是 否 控股股东或实控人的一致行动人 是 否 直接持股 5%以上股东 是 否 董事、监事和高级管理人员 是 否 其他：__________ 增持前持股数量 0 股 增持前持股比例 （占总股本） 0% 增持主体名称 帅巍 增持主体身份 控股股东或实控人 是 否 控股股东或实控人的一致行动人 是 否 直接持股 5%以上股东 是 否 2 重要内容提示： 已披露增持计划情况：四川宏达股份有限公司（以下简称"公司"）于 2025 年 4 月 9 日披露了《关于公司部分董事、高级管理人员增持公司股份计划 公告》（临 2025-038），基于对公司发展前景的信心和公司股票长期投资价值的 认可，为维护股东利益，增强投资者信心,公司部分董事、高级管理人员（以下 简称"增持主体"） ...