证券代码：600409 证券简称：三友化工 公告编号：临 2025-040 号 唐山三友化工股份有限公司 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 8 月 28 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： 份总数的比例（%） (四)表决方式是否符合《公司法》及《公司章程》的规定，股东大会主持情况等。 本次股东大会由公司董事会召集，现场会议由董事长王春生先生主持，采取 现场投票与网络投票相结合的方式进行表决，会议的召集和召开程序、表决方式 均符合《公司法》及《公司章程》的有关规定。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 审议结果：通过 表决情况： 股东 同意 反对 弃权 类型 票数 比例（%） 票数 比例（%） 票数 比例（%） A股 1,008,855,489 99.7963 1,771, ...

Investment Rating - The investment rating for the company is maintained as "Buy" [6] Core Views - The company's performance in the first half of 2025 showed a significant decline, primarily due to the drop in soda ash profitability, with revenue at 9.562 billion and net profit at 73 million, reflecting year-on-year decreases of 11.1% and 77.6% respectively [1][2] - The viscose segment is expected to recover, with stable sales and price increases contributing to profit recovery, while the soda ash segment continues to face challenges [2][3] - The viscose fiber industry has not seen new capacity additions from 2021 to 2024, leading to a concentrated supply among a few key players, which is expected to support price increases in the upcoming Q3 [3] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 95.62 billion, down 11.1% year-on-year, and a net profit of 0.73 billion, down 77.6% year-on-year. The second quarter saw a revenue of 47.97 billion, a decrease of 13.5% year-on-year but a slight increase of 0.7% quarter-on-quarter [1][2] - The gross margin for the first half was 12.92%, a decrease of 4.7 percentage points year-on-year, while the net margin was 0.69%, down 3.49 percentage points year-on-year [2] Product Performance - Sales volume changes for key products in the first half of 2025 were as follows: soda ash -5.6%, viscose -1.7%, caustic soda +12.7%, PVC +8.1%, and organic silicon -7.6%. Price changes were: soda ash -33.1%, viscose +3.2%, caustic soda +4.5%, PVC -13.7%, and organic silicon -11.3% [2] - The viscose segment's net profit increased to 1.07 billion, up 0.91 billion year-on-year, indicating a recovery driven by stable sales and price increases [2] Market Outlook - The viscose fiber industry is expected to see price increases in Q3 due to high operating rates and low inventory levels, with a recent average price increase of 150 yuan per ton [3] - The company's viscose production capacity is 800,000 tons, and every 100 yuan increase in price could potentially increase profits by approximately 60 million [3] Profit Forecast and Valuation - The profit forecasts for the company have been adjusted downwards due to the significant drop in soda ash prices, with projected net profits for 2025, 2026, and 2027 at 4.75 billion, 5.79 billion, and 8.07 billion respectively [4] - The current price-to-earnings ratio (PE) is projected at 26.6, 21.9, and 15.7 for the years 2025, 2026, and 2027, respectively, with a price-to-book ratio (PB) of only 0.91 [4]

Group 1 - The company announced that its second extraordinary general meeting of shareholders for 2025 was held on August 28, 2025 [2] - The meeting approved multiple proposals, including the proposal to expand the company's business scope and standardize its description [2]

Group 1 - The core point of the article is the announcement of Mr. Zheng Yuling being elected as the employee director of the ninth board of directors of Sanyou Chemical [1]

重要内容提示： 本次会议是否有否决议案：无 证券代码：600409 证券简称：三友化工 公告编号：临 2025-040 号 唐山三友化工股份有限公司 2025年第二次临时股东大会决议公告 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。 一、 会议召开和出席情况 本次股东大会由公司董事会召集，现场会议由董事长王春生先生主持，采取 现场投票与网络投票相结合的方式进行表决，会议的召集和召开程序、表决方式 均符合《公司法》及《公司章程》的有关规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事14人，出席14人； 二、 议案审议情况 (一)股东大会召开的时间：2025 年 8 月 28 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 | 809 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,010,914,637 | | 3、出席会议的股东所持有表决权股份数占公司有表决 ...

北京市高朋律师事务所 关于唐山三友化工股份有限公司 2025 年第二次临时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 2025 年第二次临时股东大会的法律意见书 高朋法书 2025 第 08023 （证见 SY03）号 致：唐山三友化工股份有限公司 北京市高朋律师事务所接受唐山三友化工股份有限公司（以下简称"公司"） 委托，指派杨柳律师、肖芳涌律师列席并见证公司于 2025 年 8 月 28 日召开的 2025 年第二次临时股东大会（以下简称"本次大会"），并根据《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》"）、《上市公司股东大会规则》（以下简称"《股东大会规则》"）等法 律、法规和规范性文件的要求以 ...

Core Viewpoint - The company, Tangshan Sanyou Chemical Co., Ltd., has announced its second quarter operational data for 2025, highlighting its production, sales, and revenue figures, as well as its strategy to mitigate risks associated with price fluctuations through futures hedging [2][3]. Company Overview - Tangshan Sanyou Chemical Co., Ltd. operates in the basic chemical industry, producing products such as soda ash, viscose staple fiber, PVC, caustic soda, and organic silicon [12]. - The company aims to enhance its operational stability and financial health by implementing a futures hedging strategy to manage risks related to raw material and product price volatility [12][21]. Financial Data - The company plans to utilize up to 249 million RMB for trading margins and premiums, with a maximum contract value of 1.245 billion RMB on any trading day [10][13]. - The hedging activities will be funded through the company's own resources [11][13]. Risk Management - The company has identified several risks associated with its futures hedging activities, including market risk, policy risk, liquidity risk, operational risk, and technical risk [18][21]. - To mitigate these risks, the company has established strict operational protocols, including adherence to relevant laws and regulations, and has implemented a comprehensive risk management framework [21][22]. Board Decisions - The company's board of directors has approved the 2025 semi-annual report and the action plan for quality improvement and efficiency enhancement, which includes the assessment of the valuation uplift plan [5][6]. - The board has also authorized the initiation of futures hedging activities, which do not require shareholder approval [7][18].

证券代码：600409 证券简称：三友化工 公告编号：临 2025-041 号 唐山三友化工股份有限公司 关于选举职工董事的公告 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。 2025 年 8 月 28 日，唐山三友化工股份有限公司（以下简称"公 司"）召开五届职工代表大会第十七次临时会议，会议对免去现任职 工监事3名，选举第九届董事会职工董事1名的情况进行了充分研究、 讨论和表决，经职工代表表决一致通过，免去现任职工监事毕昆鹏先 生、陈磊女士、张建华先生；根据差额选举投票结果，郑玉岭先生当 选为公司第九届董事会职工董事，郑玉岭先生个人简历详见附件。 郑玉岭先生的任职资格符合相关法律法规、规范性文件对上市公 司董事任职资格的要求。 郑玉岭先生与公司现任 14 名董事共同组成公司第九届董事会， 任期自公司本次职工代表大会选举通过之日起至第九届董事会任期 届满之日止。 特此公告。 唐山三友化工股份有限公司 2025 年 8 月 29 日 附件： 郑玉岭先生简历 郑玉岭，男，1971 年 2 月出生，汉族，中共党员，本科学历， 高 ...

Core Insights - Sanyou Chemical (600409.SH) reported a total operating revenue of 9.562 billion yuan for the first half of 2025, ranking 8th among disclosed peers, which represents a decrease of 1.198 billion yuan or 11.13% year-on-year [1] - The net profit attributable to shareholders was 73.2517 million yuan, ranking 17th among peers, down by 254 million yuan or 77.64% compared to the same period last year [1] - The net cash flow from operating activities was -96.0487 million yuan, ranking 48th among peers, a decrease of 670 million yuan or 116.75% year-on-year [1] Financial Ratios - The latest debt-to-asset ratio is 41.55%, ranking 27th among peers, with an increase of 0.12 percentage points from the previous quarter and the same period last year [3] - The latest gross profit margin is 12.92%, ranking 26th among peers, with an increase of 0.29 percentage points from the previous quarter but a decrease of 4.70 percentage points year-on-year [3] - The latest return on equity (ROE) is 0.53%, ranking 32nd among peers, down by 1.86 percentage points compared to the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is 0.04 yuan, ranking 31st among peers, a decrease of 0.12 yuan or 77.63% year-on-year [3] - The latest total asset turnover ratio is 0.37 times, ranking 13th among peers, a decrease of 0.05 times or 12.31% year-on-year [3] - The latest inventory turnover ratio is 5.21 times, ranking 25th among peers, a decrease of 0.66 times or 11.31% year-on-year [3] Shareholder Structure - The number of shareholders is 87,200, with the top ten shareholders holding 1.046 billion shares, accounting for 50.66% of the total share capital [3] - The largest shareholder is Tangshan Sanyou Alkali Industry (Group) Co., Ltd., holding 36.45% of the shares [3] - Other notable shareholders include Tangshan Sanyou Group Co., Ltd. with 8.10% and the National Social Security Fund with smaller stakes [3]

格隆汇8月27日丨三友化工(600409.SH)发布2025半年度报告，公司上半年实现营业收入95.62亿元，同比 下滑11.13%；归母净利润7325.17万元，同比下滑77.64%；扣非归母净利润4618.59万元，同比下滑 85.77%。 ...