| 证券代码：600370 | 证券简称：三房巷 | 公告编号：2025-081 | | --- | --- | --- | | 转债代码：110092 | 转债简称：三房转债 | | 二、主要产品和原材料的价格变动情况 （一）主要产品价格波动情况（不含税） | 主要产品 | 2025 年 月 | 1-9 | 2024 年 | 1-9 月 | 变动比例 | | --- | --- | --- | --- | --- | --- | | | 平均售价（元/吨） | | 平均售价（元/吨） | | （%） | | 瓶级聚酯切片 | | 5,568.83 | | 6,337.71 | -12.13 | | PTA | | 4,242.43 | | 5,122.74 | -17.18 | （二）主要原材料价格波动情况（不含税） | 主要原材料 | 年 月 2025 1-9 | | 年 月 2024 1-9 | | 变动比例 | | --- | --- | --- | --- | --- | --- | | | 平均采购价（元/吨） | | 平均采购价（元/吨） | | （%） | | PX | | 5,978.45 ...

一、会计政策变更概述 | 证券代码：600370 | 证券简称：三房巷 | 公告编号：2025-082 | | --- | --- | --- | | 转债代码：110092 | 转债简称：三房转债 | | 江苏三房巷聚材股份有限公司 关于会计政策变更的公告 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法律责任。 重要内容提示： 本次会计政策变更系根据近期发布的企业会计准则及其相关规定进行， 本次变更不会对江苏三房巷聚材股份有限公司（以下简称"公司"）的财务状况、 经营成果和现金流量产生重大影响，亦不存在损害公司及股东利益的情况。 （一）变更的原因及变更日期 2025年7月18日，中国证券监督管理委员会发布《监管规则适用指引——会 计类第5号》（以下简称"会计类5号"），对财政部发布的《企业会计准则第18号 ——所得税》等关于递延所得税初始确认豁免相关规定给予进一步的处理意见。 会计类5号指出，监管实践发现，部分发行可转换债券的公司对于是否应确认发 行可转换债券相关递延所得税负债，存在理解上的偏差和分歧。会计类5号就上 述问题明确了处 ...

Financial Performance - The company's operating revenue for the third quarter was approximately ¥5.93 billion, a decrease of 9.85% compared to the same period last year[4]. - The total profit for the period was a loss of approximately ¥276.69 million, with a year-to-date loss of approximately ¥616.40 million, indicating significant financial challenges[4]. - The net profit attributable to shareholders was approximately -¥204.96 million for the quarter, compared to -¥164.86 million in the same period last year, reflecting a worsening performance[4]. - Total operating revenue for the first three quarters of 2025 was CNY 16,006,784,567.11, a decrease of 12.5% compared to CNY 18,290,670,821.84 in the same period of 2024[19]. - Net profit for the first three quarters of 2025 was a loss of CNY 466,747,389.83, compared to a loss of CNY 291,348,063.32 in 2024, representing a 60.2% increase in losses[20]. Cash Flow - The net cash flow from operating activities for the year-to-date period was approximately ¥2.17 billion, a significant increase from ¥27.09 million in the previous year[4]. - Operating cash inflow totaled ¥18,069,556,018.04, a decrease from ¥20,389,197,409.52[24]. - Operating cash outflow amounted to ¥15,900,318,127.39, down from ¥20,362,104,407.13[24]. - Net cash flow from operating activities was ¥2,169,237,890.65, significantly higher than ¥27,093,002.39[24]. - Cash inflow from financing activities reached ¥8,884,310,018.39, slightly up from ¥8,613,830,616.47[25]. - Net cash flow from financing activities was negative at -¥1,120,723,181.65, contrasting with a positive flow of ¥1,478,245,505.97[25]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥19.52 billion, representing a 4.93% increase from the previous year-end[6]. - The total liabilities of the company were RMB 8.83 billion, an increase from RMB 7.80 billion, reflecting a growth of about 13.2%[16]. - The total liabilities increased to CNY 14,278,101,551.77 in 2025 from CNY 12,894,190,499.12 in 2024, marking an increase of 10.7%[18]. - The total non-current liabilities rose to CNY 5,452,113,765.07 in 2025, compared to CNY 5,097,143,829.60 in 2024, reflecting a growth of 6.9%[18]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 35,194, indicating a stable shareholder base[10]. - The largest shareholder, Sanfangxiang Group Co., Ltd., holds 76.15% of the shares, with a significant portion of shares pledged[11]. - The top ten shareholders hold a significant portion of the company's shares, with Sanfangxiang Group holding approximately 2.97 billion shares, representing a substantial majority[12]. Operational Challenges - The company is facing challenges due to declining sales prices of main products and increased exchange loss provisions, impacting overall profitability[9]. - The company reported a total non-operating loss of approximately -¥16.28 million for the quarter, influenced by various factors including asset disposals and government subsidies[9]. Inventory and Receivables - Accounts receivable decreased to RMB 3.82 billion from RMB 4.70 billion, showing a reduction of about 18.6%[15]. - Inventory levels rose to RMB 2.67 billion, compared to RMB 1.82 billion in the previous year, marking an increase of approximately 46.6%[15]. Financial Ratios - The weighted average return on net assets decreased to -3.83%, down 1.15 percentage points from the previous year[4]. - The company experienced a decrease in other comprehensive income, with a net amount of CNY -176,046.05 in 2025 compared to CNY -229,916.06 in 2024[21].

Core Viewpoint - The company reported a decline in revenue and a net loss for the third quarter and the first three quarters of the year [1] Financial Performance - The third quarter revenue was 5.927 billion, a year-on-year decrease of 9.85% [1] - The net loss for the third quarter was 205 million [1] - The revenue for the first three quarters was 16.007 billion, reflecting a year-on-year decline of 12.49% [1] - The net loss for the first three quarters amounted to 467 million [1]

Core Points - The company reported a revenue of 5.927 billion yuan for Q3 2025, representing a year-on-year decline of 9.85% [1] - The net profit attributable to shareholders was a loss of 205 million yuan, with a basic earnings per share of -0.0526 yuan [1] - For the first three quarters, the company achieved a revenue of 16.007 billion yuan, down 12.49% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was a loss of 467 million yuan, with a basic earnings per share of -0.1198 yuan [1]

Market Overview - The chemical fiber sector increased by 1.35% on October 29, with Jilin Carbon Valley leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Jilin Carbon Valley (920077) closed at 14.93, up 6.80% with a trading volume of 114,800 shares and a turnover of 168 million yuan [1] - Huafeng Chemical (002064) closed at 8.86, up 3.99% with a trading volume of 249,200 shares and a turnover of 218 million yuan [1] - New Fengming (603225) closed at 16.42, up 2.56% with a trading volume of 90,500 shares and a turnover of 148 million yuan [1] - Other notable stocks include Rukhasis (000936) at 7.58 (+2.02%), Wanwei High-tech (600063) at 6.19 (+1.64%), and Shenma Co. (600810) at 9.53 (+1.38%) [1] Capital Flow - The chemical fiber sector experienced a net outflow of 15.03 million yuan from institutional investors and 54.17 million yuan from speculative funds, while retail investors saw a net inflow of 69.21 million yuan [2] - The detailed capital flow for specific stocks indicates varying trends, with Sanfangxiang (600370) showing a net inflow of 28.21 million yuan from institutional investors [3] Individual Stock Capital Flow - Sanfangxiang (600370) had a net inflow of 28.21 million yuan from institutional investors, while it faced a net outflow of 1.17 million yuan from speculative funds [3] - Huafeng Chemical (002064) saw a net inflow of 14.89 million yuan from institutional investors, with a net outflow of 1.57 million yuan from speculative funds [3] - New Fengming (603225) had a net inflow of 7.28 million yuan from institutional investors, while it faced a net outflow of 2.17 million yuan from speculative funds [3]

Market Performance - The chemical fiber sector increased by 0.64% compared to the previous trading day, with Xin Fengming leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Key stocks in the chemical fiber sector showed the following closing prices and percentage changes: - Xin Fengming (603225): 16.17, +3.32%, volume 140,600, turnover 225 million [1] - Baolidi (300905): 35.28, +2.80%, volume 75,400, turnover 267 million [1] - Zhongfu Shenying (688295): 26.74, +2.65%, volume 43,100, turnover 116 million [1] - Sanfangxiang (600370): 2.31, +2.21%, volume 1,181,600, turnover 27.4 million [1] - Juheshun (605166): 11.19, +1.82%, volume 55,900, turnover 6.217 million [1] Capital Flow - The chemical fiber sector experienced a net outflow of 125 million from institutional investors, while retail investors saw a net inflow of 84.98 million [2] - The following stocks had notable capital flows: - Sanfangxiang (600370): net inflow of 31.98 million from institutional investors [3] - Huafeng Chemical (002064): net inflow of 19.98 million from institutional investors [3] - Xin Fengming (603225): net inflow of 15.22 million from institutional investors [3]

Investment Rating - The investment rating for the basic chemical industry is optimistic (maintained) [1] Core Views - The PTA industry is experiencing severe losses, but there is potential for a positive turnaround due to limited future capacity expansion and high industry concentration [5][27] - The domestic PTA industry's effective capacity has increased from 46.69 million tons in 2019 to 84.27 million tons in 2024, with an average annual compound growth rate of 12.5% [21][23] - The industry concentration ratio (CR7) for PTA has reached 76%, indicating that leading companies have significant pricing power, which supports industry self-discipline and a potential recovery [22][27] Summary by Sections Industry Trends - The chemical industry index underperformed the CSI 300 index by 1.11% this week, with 75.6% of the 545 tracked chemical stocks showing weekly gains [17] - The CCPI (China Chemical Product Price Index) increased by 0.23% to 3885 points [20] PTA Industry Analysis - The PTA industry is projected to add 8.7 million tons of new capacity in 2025, with major contributions from companies like Dongfang Shenghong, Sanfangxiang, and Xin Fengming [5][21] - As of late October 2025, the PTA price spread has fallen below 100 yuan, indicating significant industry losses [25][27] Key Product Tracking - The inventory days for polyester filament yarn have significantly decreased, indicating improved market conditions [29][30] - The domestic urea market price has stabilized at 1596 yuan/ton, with a cautious outlook due to supply-demand pressures [45] Recommended and Beneficiary Stocks - Recommended stocks include Hengli Petrochemical, Rongsheng Petrochemical, Xin Fengming, and Tongkun Co., among others [5][27] - Beneficiary stocks include Hengyi Petrochemical, Sanfangxiang, and Dongfang Shenghong [5][27]

| 证券代码：600370 | 证券简称：三房巷 | 公告编号：2025-080 | | --- | --- | --- | | 转债代码：110092 | 转债简称：三房转债 | | 江苏三房巷聚材股份有限公司 关于归还部分临时补充流动资金的募集资金的公告 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法律责任。 截至 2025 年 10 月 24 日，公司已累计归还临时补充流动资金的闲置 募集资金人民币 36,000.00 万元。 2025年10月24日，公司将临时补充流动资金的3,800.00万元闲置募集资金归 还至募集资金专户，并将上述募集资金的归还情况通知了保荐机构和保荐代表人。 其余用于临时补充流动资金的11,200.00万元闲置募集资金将在到期日之前归还。 | 本次归还募集资金金额（万元） | 3,800.00 | | --- | --- | | 尚未归还的募集资金金额（万元） | 11,200.00 | | 是否已归还完毕 | □是 否 | | 归还完毕的具体时间（如已归还完毕） | 不适用 | 一、募集资金临时补充流 ...

Group 1 - The chemical fiber sector increased by 0.85% on October 23, with Montai High-tech leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] - Montai High-tech's stock price rose by 7.45% to 33.89, with a trading volume of 67,600 hands and a transaction value of 228 million yuan [1] Group 2 - The chemical fiber sector experienced a net outflow of 85.0354 million yuan from main funds, while retail investors saw a net inflow of 64.18 million yuan [2] - The stock of Zhongfu Shenying fell by 3.28% to 25.68, with a trading volume of 63,300 hands and a transaction value of 163 million yuan [2] - The trading data indicates a mixed performance among individual stocks, with some experiencing significant declines while others showed modest gains [2][3] Group 3 - Main funds showed a net inflow of 9.2529 million yuan for Heng Tian Hai Long, while retail investors had a net outflow of 578.58 million yuan [3] - Taihe New Materials had a net inflow of 873.11 million yuan from main funds, but also saw a net outflow from retail investors [3] - The overall fund flow indicates varying levels of investor confidence across different stocks within the chemical fiber sector [3]