Group 1 - The third extraordinary general meeting of shareholders of Shanxi Lu'an Chemical Technology Co., Ltd. was held on October 31, 2025, at the Lu'an Days Hotel in Taiyuan, Shanxi Province [2][3] - The meeting was presided over by Chairman Ma Junxiang, with 7 out of 9 directors and 4 out of 5 supervisors present [3][6] - All resolutions proposed during the meeting were approved without any dissenting votes [2][4] Group 2 - The first resolution involved signing a financial service agreement with Lu'an Group Finance Co., Ltd., which was approved [4] - The second resolution regarding the amendment of the company's articles of association and the cancellation of the supervisory board was passed as a special resolution, requiring more than two-thirds of the voting rights [5][6] - Other resolutions included amendments to the rules of procedure for shareholder meetings, board meetings, and independent director work systems, all of which were approved [5]

证券代码：600691 证券简称：潞化科技 公告编号：2025-056 山西潞安化工科技股份有限公司 2025年第三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。 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 10 月 31 日 (一)非累积投票议案 1、 议案名称：《山西潞安化工科技股份有限公司关于与潞安集团财务有限公司 签订<金融服务协议>的议案》 审议结果：通过 (二)股东大会召开的地点：山西省太原市迎泽区双塔西街 72 号潞安戴斯酒店 (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 | 435 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 634,875,852 | | 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份总数的比例（%） | 26.7205 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 ...

北京金诚同达（上海）律师事务所 关于 山西潞安化工科技股份有限公司 2025 年第三次临时股东大会的 法律意见书 上海市浦东新区世纪大道 88 号金茂大厦 18 层 电话：021-3886 2288 传真：021-3886 2288 北京金诚同达（上海）律师事务所 法律意见书 北京金诚同达（上海）律师事务所 关于山西潞安化工科技股份有限公司 2025 年第三次临时股东大会的 法律意见书 金沪法意（2025）第 364 号 致：山西潞安化工科技股份有限公司 4. 本法律意见书仅供公司为本次股东大会之目的使用，未经本所书面同意， 不得用作其他任何目的。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，发表法 律意见如下： 北京金诚同达（上海）律师事务所（以下简称"本所"）接受山西潞安化工 科技股份有限公司（以下简称"潞化科技"或"公司"）的聘请，指派本所律师 出席公司 2025 年第三次临时股东大会（以下简称"本次股东大会"）并对会议的 相关事项出具法律意见书。 本所律师根据《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》《上市公司股东会规则》（以下简称"《股东会规则》" ...

Core Viewpoint - The chemical industry is entering a downward cycle due to high costs and weak supply-demand dynamics, despite maintaining high capital expenditure and supply growth since the peak in 2021. However, there are "long-termist" companies capable of navigating through the cycle, providing substantial returns to investors through growth and dividends [1][2]. Group 1: Industry Overview - The chemical industry has experienced high capital expenditure and significant supply growth since the peak in 2021, but demand recovery remains relatively weak, leading to a high-cost and weak supply-demand environment [1]. - Long-termist companies in the chemical sector are characterized by strong shareholder backgrounds, excellent management capabilities, reasonable industry chain layouts, continuous R&D investment, and a strong sense of social responsibility, enabling them to achieve stable growth and sustainable development [2]. Group 2: Oil and Gas Sector - The "three major oil companies" (China National Petroleum, Sinopec, and CNOOC) are expected to maintain high capital expenditure and enhance natural gas market development, aiming for long-term growth despite oil price fluctuations [3]. - The domestic oil service companies are benefiting from high upstream capital expenditure, with improved operational quality and international competitiveness, particularly in the context of the Belt and Road Initiative [3]. Group 3: Refining and Chemical Fiber Industry - The refining and chemical fiber industry is anticipated to recover, with the refining expansion nearing completion and supply-demand dynamics expected to improve, leading to high-quality development in the sector [4]. - The polyester sector is seeing limited new capacity, with structural optimization accelerating, which is expected to enhance the market share and competitiveness of leading companies [4]. Group 4: Coal Chemical Industry - The coal chemical industry is projected to improve profitability due to a gradual easing of coal supply and demand, alongside a decline in coal prices. The transition towards modern coal chemical processes is seen as essential for traditional coal enterprises [5]. - The average prices for various coal types have decreased, with main coking coal, thermal coal, and anthracite prices showing declines of -10.5%, -2.0%, and -16.0% respectively compared to the beginning of the year [5]. Group 5: Investment Recommendations - The report suggests focusing on leading companies in the upstream oil and gas sector and oil service companies, including China National Petroleum (601857.SH), Sinopec (600028.SH), CNOOC (600938.SH), and others [6]. - For the refining and chemical fiber sector, companies like Hengli Petrochemical (600346.SH) and Rongsheng Petrochemical (002493.SZ) are recommended due to their potential benefits from industry optimization and upgrades [7]. - In the coal chemical sector, companies such as Hualu Hengsheng (600426.SH) and Baofeng Energy (600989.SH) are highlighted for their expected improvement in profitability [7]. - The report also suggests monitoring cyclical leading companies like Wanhua Chemical (600309.SH) and Satellite Chemical (002648.SZ) as demand recovers and supply-demand dynamics improve [7].

Core Viewpoint - Luohua Technology (600691.SH) reported a decline in total operating revenue for the first three quarters of 2025, indicating challenges in the current market environment [1] Financial Performance - The total operating revenue for the first three quarters reached 7.517 billion yuan, representing a year-on-year decrease of 5.06% [1] - The net profit attributable to shareholders of the parent company was -364 million yuan, which is an improvement of 23.2597 million yuan compared to the same period last year [1] - The basic earnings per share stood at -0.1531 yuan [1]

Core Viewpoint - LuHua Technology, a state-owned enterprise listed in Shanghai, specializes in chemical products and equipment, with a focus on hydrogen energy and equipment manufacturing, indicating a strategic shift towards emerging industries [1]. Group 1: Business Performance - In Q3 2025, LuHua Technology reported revenue of 7.517 billion, ranking third among six companies in the industry, with the top two being Hualu Hengsheng at 23.552 billion and Hubei Yihua at 19.167 billion [2]. - The company's net profit for the same period was -0.401 billion, placing it sixth in the industry, while the leading company reported a net profit of 2.619 billion [2]. Group 2: Financial Ratios - As of Q3 2025, LuHua Technology's debt-to-asset ratio was 76.25%, down from 80.20% year-on-year, significantly higher than the industry average of 45.99% [3]. - The gross profit margin for the company was 4.47%, a decrease from 4.96% year-on-year, and also below the industry average of 11.58% [3]. Group 3: Management and Shareholder Information - The chairman's salary remained unchanged, while the general manager's salary decreased by 251,300 compared to the previous year [4]. - As of September 30, 2025, the number of A-share shareholders increased by 6.51% to 55,200, with the average number of shares held per shareholder decreasing by 6.11% [5]. Group 4: Market Outlook and Strategic Initiatives - The major shareholder has announced a buyback plan, reflecting confidence in the company's future [5]. - LuHua Technology is transitioning towards strategic emerging industries, leveraging its strengths in hydrogen energy and achieving results in equipment manufacturing [5]. - The company is expected to benefit from state-owned enterprise reforms in Shanxi province, creating synergies with its controlling shareholder [5].

证券代码：600691 证券简称：潞化科技 公告编号：临 2025-055 1、煤炭采购价格较去年同期下降13.14%； 2、工业盐采购价格较去年同期下降19.71%； 山西潞安化工科技股份有限公司 关于 2025 年第三季度主要经营数据的公告 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。 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》和《关 于做好主板上市公司2025年第三季度报告披露工作的重要提醒》的要求，山西 潞安化工科技股份有限公司（以下简称"公司"）现将2025年第三季度主要经 营数据披露如下： 备注：表中销售收入为不含税收入。 二、主要产品和原材料的价格变动情况 公司化工产品均为市场价格公开的成熟产品，销售价格变动趋势与市场价 格变动趋势一致。具体情况如下： 主要产品 销售收入 生产量 销售量 2025 年 1-9 月（万元） 2025 年 1-9 月（万吨） 2025 年 1-9 月（万吨） 尿素 176,094.45 116.04 113.03 聚氯乙烯 83,055.78 19.81 ...

证券代码：600691 证券简称：潞化科技 公告编号：临 2025-054 山西潞安化工科技股份有限公司 第十一届董事会第三十次会议决议公告 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： 一、董事会会议召开情况 （一）本次董事会会议的召开符合《公司法》《证券法》和《公司章程》的 有关规定。 （二）本次董事会会议通知和议案于 2025 年 10 月 17 日以电子邮件和专人 送达等方式向各位董事发出。 （三）本次董事会于 2025 年 10 月 29 日以通讯会议的方式召开。 （四）本次会议应到会董事 9 人，实际到会董事 9 人（到会董事为：马军祥、 朱壮瑞、孙燕飞、赵哲军、孙晓光、高峰杰、王东升、李文华、金安钦）。 本议案已经公司第十一届董事会提名委员会 2025 年第一次会议审议通过。 表决结果：同意 9 票、反对 0 票、弃权 0 票。 （三）审议通过了《山西潞安化工科技股份有限公司关于聘任副总经理的 议案》 鉴于工作调整需求，根据《公司章程》的有关规定，经总经理朱壮瑞先生提 名，董事会拟聘任高峰杰先生 ...

Financial Performance - The company's operating revenue for Q3 2025 was CNY 2,387,364,824.5, a decrease of 13.35% compared to the same period last year[3] - The total profit for the period was a loss of CNY 144,148,459.26, representing an 8.85% decline year-on-year[3] - The net profit attributable to shareholders was a loss of CNY 135,199,757.25, down 34.33% from the previous year[3] - The basic earnings per share for the period was -CNY 0.0569, a decrease of 34.20% compared to the same period last year[3] - The net profit for the first three quarters of 2025 was a loss of CNY 401,282,044.28, compared to a loss of CNY 468,980,462.51 in the same period of 2024, indicating an improvement[21] - The company's total comprehensive income attributable to shareholders was -¥363.82 million for the period, an improvement from -¥387.08 million in the previous year[23] - The basic and diluted earnings per share for the period were both -¥0.1531, slightly better than -¥0.1629 in the same period of 2024[23] Assets and Liabilities - The total assets at the end of the reporting period were CNY 16,281,336,254.87, a decrease of 17.87% from the end of the previous year[5] - The total assets decreased from CNY 19,823,835,835.89 in 2024 to CNY 16,281,336,254.87 in 2025, a decline of 17.99%[17] - Total liabilities decreased from CNY 16,082,175,406.84 in 2024 to CNY 12,415,171,328.64 in 2025, a reduction of 22.09%[16] - The company's total equity increased from CNY 3,741,660,429.05 in 2024 to CNY 3,866,164,926.23 in 2025, an increase of 3.34%[17] - The company's short-term borrowings decreased from CNY 7,524,697,666.86 in 2024 to CNY 5,157,220,635.58 in 2025, a decrease of 31.48%[16] Cash Flow - The net cash flow from operating activities was a negative CNY 190,002,210.21, reflecting a 7.98% increase in outflow compared to the previous year[3] - For the first three quarters of 2025, the company reported cash inflows from operating activities of approximately ¥8.97 billion, a decrease of 6.67% compared to ¥9.61 billion in the same period of 2024[25] - The net cash flow from operating activities for the first three quarters of 2025 was -¥190 million, slightly improved from -¥206 million in the same period of 2024[26] - The company experienced a significant decrease in cash received from sales of goods and services, totaling approximately ¥5.95 billion, down 37.5% from ¥9.54 billion in the previous year[25] - Total cash outflows from operating activities amounted to approximately ¥9.16 billion, a decrease of 6.7% compared to ¥9.82 billion in the same period of 2024[26] - The net cash flow from investing activities was -¥448.71 million, worsening from -¥187.70 million in the same period of 2024[26] - Cash inflows from financing activities were approximately ¥5.61 billion, down 38.5% from ¥9.08 billion in the previous year[26] - The net cash flow from financing activities was -¥1.30 billion, compared to -¥388.70 million in the same period of 2024[28] - The ending balance of cash and cash equivalents was approximately ¥520.52 million, a significant decrease from ¥1.78 billion at the end of the previous year[28] Operating Costs and Expenses - Total operating revenue for the first three quarters of 2025 was CNY 7,517,295,998, a decrease of 5.06% compared to CNY 7,917,721,972 in the same period of 2024[20] - Total operating costs for the first three quarters of 2025 were CNY 7,918,220,657.84, down from CNY 8,452,160,373.47 in 2024, reflecting a reduction of 6.30%[20] - Research and development expenses increased to CNY 202,108,515.12 in 2025 from CNY 186,905,604.52 in 2024, representing an increase of 8.00%[21] Government Support - The company received government subsidies amounting to CNY 26,470,257.39 during the period, contributing to its financial results[7] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 55,234[10]

Core Insights - Luohua Technology reported a third-quarter revenue of 2.387 billion yuan, a year-on-year decline of 13.35% [1] - The company experienced a net loss of 135 million yuan in the third quarter, representing a decrease of 34.33% [1] - For the first three quarters, the total revenue was 7.517 billion yuan, down 5.06% year-on-year [1] - The net loss for the first three quarters was 364 million yuan, an increase of 6.01% compared to the previous year [1]