北京市高朋律师事务所 关于唐山三友化工股份有限公司 2024 年年度股东大会的法律意见书 北京市朝阳区东三环北路霞光里18号佳程广场B座7层 邮编：100027 电话 TEL：（8610）5924 1188 传真 FAX：（8610）5924 1199 北京市朝阳区东三环北路霞光里18号佳程广场B座7层 邮编：100027 电话 TEL：（8610）5924 1188 传真 FAX：（8610）5924 1199 北京市高朋律师事务所 关于唐山三友化工股份有限公司 2024 年年度股东大会的法律意见书 高朋法书字第 20250129 （证见 SY02）号 一、 本次大会的召集、召开程序 经查阅，公司于2025年4月16日在《中国证券报》、《上海证券报》、《证 券日报》及上海证券交易所网站上发布了《唐山三友化工股份有限公司关于召开 2024年年度股东大会的通知》（以下简称"《会议通知》"）的公告，对本次大会 召开的时间、会议表决方式、会议地点、会议召集人、会议审议事项、会议出席 对象、会议登记方法等相关事项均进行了公告。 本次大会由公司董事会召集，采用现场投票与网络投票相结合的方式进行。 现场会议于 2025 ...

证券代码：600409 证券简称：三友化工 公告编号：临 2025-024 号 唐山三友化工股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 8 日 (二)股东大会召开的地点：公司所在地会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 673 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,088,533,890 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 52.7301 | | 份总数的比例（%） | | 表决情况： | 股东 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | 类型 | 票数 | 比例（%） | 票数 | 比例（%） | 票数 | ...

Investment Rating - The report indicates a positive outlook for the chemical industry, suggesting a new cycle may begin due to improved domestic supply and demand, increased global market share, and declining crude oil prices [3][4]. Core Viewpoints - The chemical industry is expected to enter a new cycle driven by domestic supply-demand improvements and global market share growth, despite potential short-term impacts from overseas demand [3][5]. - The report highlights that the supply side is gradually improving due to reduced fixed asset investment growth and government policies aimed at curbing excessive competition [5][10]. - On the demand side, domestic consumption is anticipated to recover steadily, supported by government initiatives to boost consumption and stabilize the economy [26][33]. - Cost factors are favorable, with significant declines in international crude oil and domestic coal prices, which will support the profitability of chemical products [42][49]. - The report recommends specific companies within various segments of the chemical industry, including refrigerants, amino acids, military and new materials, and fertilizers, indicating potential investment opportunities [5][57]. Summary by Sections Supply Side - The report notes that the chemical industry has faced profitability pressures since 2022, but the current production cycle is nearing its end, which may lead to gradual improvement in profitability as capacity is digested [11][12]. - China's global market share in chemical products has been steadily increasing, with 2023 figures showing a 43.1% share of global sales [25][20]. Demand Side - The report emphasizes that domestic demand is expected to recover, aided by government policies aimed at stimulating consumption and investment [26][33]. - The real estate sector shows signs of stabilization, which could further support demand for chemical products [33]. Cost Side - The report highlights a significant decline in crude oil prices, with Brent crude falling by 14.71% since the beginning of 2025, which is expected to positively impact the cost structure of the chemical industry [42][38]. - Domestic coal and natural gas prices have also shown a downward trend, enhancing the cost competitiveness of chemical products [49][47]. Valuation - The report indicates that the valuation of the basic chemical and petrochemical sectors is at historical lows, suggesting substantial room for recovery as market conditions improve [54][50].

Core Viewpoint - The announcement provides a summary of the first quarter financial data and operational performance of Tangshan Sanyou Chemical Co., Ltd for 2025, ensuring the accuracy and completeness of the information disclosed [1][2][9]. Financial Data Summary - The financial statements for the first quarter of 2025 are unaudited, including the consolidated balance sheet, profit and cash flow statements [5][6]. - The company confirms that the financial information is accurate and complete, with no significant omissions or misleading statements [2][3]. Operational Performance - The announcement includes key operational data such as production volume, sales volume, and revenue for the company's main products during the first quarter of 2025 [6][7]. - Price changes for the main products and raw materials are also highlighted, although specific figures are not provided in the summary [6][7]. Shareholder Information - The announcement does not indicate any changes in the number of shareholders or significant shareholding patterns during the reporting period [4][5]. Other Important Information - There were no significant events affecting the company's operations during the first quarter of 2025 [7]. - The disclosed operational data is based on internal statistics and is intended for investors to understand the company's performance, but it is not audited and does not predict future performance [7].

Financial Performance - The company's operating revenue for Q1 2025 was ¥4,765,191,362.39, a decrease of 8.64% compared to ¥5,215,908,562.37 in the same period last year[4] - The net profit attributable to shareholders was -¥19,016,333.72, representing a decline of 124.40% from ¥77,937,277.16 in the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥33,645,479.37, down 145.97% from ¥73,190,941.81 year-on-year[4] - The basic and diluted earnings per share were both -¥0.0092, a decrease of 124.34% compared to ¥0.0378 in the same period last year[4] - The weighted average return on equity was -0.14%, a decrease of 0.71 percentage points from 0.57% in the previous year[4] - The net profit for the first quarter of 2025 was -23,294,911.77 RMB, compared to a net profit of 140,472,674.01 RMB in the same period of 2024, representing a significant decline[18] - Operating profit for the first quarter of 2025 was -48,790,284.71 RMB, down from 189,859,458.61 RMB in the first quarter of 2024[18] - Total revenue from sales in the first quarter of 2025 was 2,965,770,259.56 RMB, a decrease of 14.74% compared to 3,479,503,522.85 RMB in the first quarter of 2024[21] - The company reported a total comprehensive income of -23,579,432.94 RMB for the first quarter of 2025, compared to 140,501,471.67 RMB in the same period of 2024[19] Cash Flow and Liquidity - The net cash flow from operating activities was -¥299,426,066.15, significantly lower than -¥1,113,840.36 in the same period last year, indicating a substantial decline in cash generation[4] - The cash flow from operating activities in the first quarter of 2025 was CNY 354,453,535.19, significantly lower than CNY 859,100,714.91 in Q1 2024[33] - The cash and cash equivalents decreased to CNY 2,804,295,254.29 from CNY 3,473,919,836.13, indicating a liquidity contraction[12] - The cash and cash equivalents at the end of the first quarter of 2025 were 2,636,522,213.86 RMB, an increase from 2,299,479,901.99 RMB at the end of the first quarter of 2024[23] - The ending cash and cash equivalents balance was $819.81 million, up from $414.71 million, indicating a stronger liquidity position[34] - The company reported a total cash outflow from operating activities of $461.11 million, down from $801.01 million, highlighting improved operational efficiency despite negative cash flow[34] Assets and Liabilities - The total assets at the end of the reporting period were ¥26,157,574,327.35, an increase of 0.39% from ¥26,056,928,700.97 at the end of the previous year[4] - The equity attributable to shareholders was ¥13,861,558,722.50, a slight decrease of 0.09% from ¥13,874,471,095.95 at the end of the previous year[4] - Total liabilities rose to CNY 10,835,190,940.76 from CNY 10,713,666,961.10, reflecting increased financial obligations[14] - The company's total equity as of March 31, 2025, was CNY 10,267,453,823.68, slightly down from CNY 10,273,979,135.63 as of December 31, 2024[27] - The total liabilities as of March 31, 2025, were CNY 3,547,674,356.25, compared to CNY 3,759,313,519.59 at the end of 2024[27] Cost Management - Total operating costs for Q1 2025 were CNY 4,819,734,865.00, down from CNY 5,031,092,578.52 in Q1 2024, reflecting a cost reduction strategy[17] - The company is focusing on cost reduction and inventory management strategies to improve financial performance in the upcoming quarters[17] - Cash outflows for purchasing goods and services amounted to $181.10 million, down from $361.76 million, suggesting cost-cutting measures[34] - Cash paid to employees decreased to $214.36 million from $243.13 million, reflecting potential workforce adjustments[34] Challenges and Strategic Focus - The company faced challenges due to industry overcapacity and insufficient effective demand, particularly in the soda ash sector, leading to increased losses[6] - The company reported non-recurring gains of ¥14,629,145.65, primarily from other operating income, after accounting for tax and minority interests[5] - The company incurred financial expenses of 41,989,563.75 RMB in the first quarter of 2025, down from 48,956,773.34 RMB in the same period of 2024[18] - The company’s total liabilities increased, impacting its financial leverage and overall financial health[24]

证券代码：600409 证券简称：三友化工 公告编号：临 2025-023 号 唐山三友化工股份有限公司 2025年第一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法律责任。 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：第十三 号——化工》有关规定和披露要求，现将唐山三友化工股份有限公司（以下简称 "公司"）2025 年第一季度主要经营数据公告如下： 二、公司主要产品的价格变动情况 3、以上生产经营数据来自公司内部统计，仅为投资者及时了解公司生产经 营概况之用，该等数据未经审计，也并未对公司未来经营情况作出任何明示或默 示的预测或保证，敬请投资者审慎参考，注意投资风险。 | | 年 2025 | 年 2024 | | 年 2024 | | | --- | --- | --- | --- | --- | --- | | 主要产品 | 第一季度 | 第四季度 | | 第一季度 | | | 名称 | 平均售价 | 平均售价 | 环比价格 | 平均售价 | 同比价格 | | | （元/吨） | （元/ ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0092 | 0.0378 | -124.34 | -0.0471 | | 每股净资产（元） | 0 | 6.61 | -100 | 6.39 | | 每股公积金(元) | 1.72 | 1.72 | 0 | 1.72 | | 每股未分配利润(元) | 3.53 | 3.44 | 2.62 | 3.30 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 47.65 | 52.16 | -8.65 | 54.59 | | 净利润(亿元) | -0.19 | 0.78 | -124.36 | -0.97 | | 净资产收益率(%) | -0.14 | 0.57 | -124.56 | -0.74 | 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 106949.91万股，累计占流通股比： 51.82%，较上期变化： -258 ...

唐山三友化工股份有限公司 2024 年年度股东大会 会 议 材 料 2025 年 4 月 26 日 | | | | 2024 年年度股东大会会议议程 | 1 | | --- | --- | | 股东大会发言须知 | 3 | | 2024 年年度报告全文及摘要 | 4 | | 2024 年度董事会工作报告 | 5 | | 年度监事会工作报告 2024 | 12 | | 2024 年度财务工作报告 | 17 | | 年度利润分配预案 2024 | 18 | | 关于在公司领薪的董事及监事考核情况的议案 | 19 | | 2025 年度筹融资计划 | 21 | | 关于 年度为子公司提供担保的议案 2025 | 22 | | 关于 2025 | 年度子公司为子公司提供担保的议案 29 | | 独立董事述职报告 | 32 | 唐山三友化工股份有限公司 2024 年年度股东大会会议议程 现场会议召开地点：公司所在地会议室 一、主持人宣布会议开始，公布参加股东大会股东人数及所代表 的有表决权股份数。 二、会议审议议题 1、审议《2024 年年度报告全文及摘要》 2、审议《2024 年度董事会工作报告》 3、审议《2024 ...

Core Viewpoint - The company reported a decline in both revenue and net profit for 2024, indicating challenges in the market and operational performance [3]. Group 1: Financial Performance - In 2024, the company achieved revenue of 21.36 billion yuan, a year-on-year decrease of 2.6%, and a net profit attributable to shareholders of 499 million yuan, down 11.8% year-on-year [3]. - In Q4 2024, the company recorded revenue of 5.28 billion yuan, a year-on-year decline of 4% and a quarter-on-quarter decrease of 0.7%, with a net profit of 104 million yuan, down 52% year-on-year but up 55% quarter-on-quarter [3]. Group 2: Industry Analysis - The narrowing price differentials for soda ash and PVC negatively impacted the company's Q4 performance, despite a slight recovery in the viscose staple fiber sector [4]. - In Q4 2024, the viscose staple fiber price differential was 5,244 yuan/ton, up 38 yuan/ton year-on-year and 154 yuan/ton quarter-on-quarter, while the soda ash price differential was 46 yuan/ton, down 1,018 yuan/ton year-on-year and 263 yuan/ton quarter-on-quarter [4]. Group 3: Project Development - The company is advancing its "Three Chains and One Cluster" industrial layout, with a focus on high-end product development, achieving a 48% investment in emerging industries by the end of 2024 [5]. - Key projects include the high-end electronic chemicals project, which was completed in 13 months, and the first phase of the fine chemicals project, which is 65% complete [5]. Group 4: Shareholder Returns - The company has implemented a "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" plan, committing to distribute at least 30% of the net profit attributable to shareholders as cash dividends from 2025 to 2027 [6]. - Since its listing, the company has returned a total of 4.226 billion yuan in cash dividends to shareholders [6].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件 ： 公司发布 2024年年度报告，2024年公司实现营业收入213.6亿元，同比-2.6%；实现归母净利润4.99亿元， 同比-11.8%。其中Q4单季度公司实现营业收入52.8亿元，同比-4%，环比-0.7%；实现归母净利润1.04亿 元，同比-52%，环比+55% 。 点评： 纯碱、 PVC价差收窄，2024年Q4业绩同比承压下滑 2024年Q4，粘胶短纤价差5244元/吨，同比+38元/吨，环比+154元/吨；纯碱价差46元/吨，同比-1018元/ 吨，环比-263元/吨；PVC价差1982元/吨，同比-442元/吨，环比-358元/吨。2024年Q4，粘胶短纤 行业开 工稳定、库存低位，下游需求保持刚需支撑 ， ...