独立董事候选人声明与承诺 本人郭英军，已充分了解并同意由提名人河北金牛化工股份有限公司董事会 提名为河北金牛化工股份有限公司第十届董事会独立董事候选人。本人公开声 明，本人具备独立董事任职资格，保证不存在任何影响本人担任河北金牛化工股 份有限公司独立董事独立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法规、部门规 章及其他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其他履 行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去公职或者退 （离）休后担任上市公司、基金管理公司独立董事、独立监事的通知》的规定（如 适用）； （六）中共中央纪委、 ...

独立董事提名人声明与承诺 提名人河北金牛化工股份有限公司董事会，现提名梁美健为河北金牛化工股 份有限公司第十届董事会独立董事候选人，并已充分了解被提名人职业、学历、 职称、详细的工作经历、全部兼职、有无重大失信等不良记录等情况。被提名人 已同意出任河北金牛化工股份有限公司第十届董事会独立董事候选人（参见该独 立董事候选人声明）。提名人认为，被提名人具备独立董事任职资格，与河北金 牛化工股份有限公司之间不存在任何影响其独立性的关系，具体声明并承诺如 下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行政法规、规 章及其他规范性文件，具有 5 年以上法律、经济、会计、财务、管理或者其他履 行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定； （四）中共中 ...

证券代码：600722 证券简称：金牛化工 公告编号：2025-025 河北金牛化工股份有限公司 关于召开2025年第二次临时股东大会的通知 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、 召开会议的基本情况 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 24 日 15 点 00 分 召开地点：河北省石家庄市鹿泉区新兴路科瀛智创谷 32 号楼 6 层会议室 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 9 月 24 日 股东大会召开日期：2025年9月24日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一)股东大会类型和届次 2025年第二次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (五)网络投票的系统、起止日期和投票时间。 至2025 年 9 月 24 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会 ...

证券代码：600722 证券简称：金牛化工 公告编号：2025-023 二、关于修订《股东会议事规则》的议案 河北金牛化工股份有限公司 第九届董事会第二十四次会议决议公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 河北金牛化工股份有限公司（以下简称"公司"）第九届董事会第二十四次 会议于2025年9月8日以现场结合通讯方式在河北省石家庄市鹿泉区新兴路科瀛 智创谷32号楼6层会议室召开，会议通知已于2日前以专人送达或通讯方式发出。 会议应出席董事9名，实际出席董事9名，其中董事席伟、武晨曦、杨朝增、梁美 健、郑佳宁、郭英军以通讯方式出席会议并表决。会议由公司董事长董辉先生主 持，公司监事及高级管理人员列席了会议。本次会议出席人数、召开程序、议事 内容均符合《公司法》和《公司章程》的规定。经与会董事认真审议，会议以记 名投票表决的方式通过了如下议案： 一、关于修订《公司章程》并取消监事会的议案 根据《中华人民共和国公司法（2023修订）》《上市公司章程指引（2025修订）》 《上海证券交易所股票上市规则（2025年修订）》等相关法 ...

Market Overview - On September 3, the chemical raw materials sector declined by 1.14%, with Jinniu Chemical leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable performers in the chemical raw materials sector included: - Baofeng Energy: Closed at 17.58, up 1.33% with a trading volume of 476,400 shares and a transaction value of 831 million [1] - Jinniu Chemical: Closed at 7.01, down 8.84% with a trading volume of 727,000 shares and a transaction value of 528 million [2] - Other stocks such as Zhongke Titanium Dioxide and Longbai Group showed minor fluctuations, with Zhongke Titanium Dioxide closing at 5.08, up 0.40% [1][2] Capital Flow - The chemical raw materials sector experienced a net outflow of 786 million from institutional investors, while retail investors saw a net inflow of 644 million [2] - The capital flow for specific stocks indicated that Baofeng Energy had a net inflow of 62.67 million from institutional investors, while it faced a net outflow from retail investors [3]

Group 1 - The company has released its semi-annual report for 2025, ensuring the content's authenticity, accuracy, and completeness [1][3] - The report indicates that there will be no profit distribution or capital reserve conversion during the reporting period [1] - The company has not experienced any significant changes in its operating conditions during the reporting period [2] Group 2 - The company is required to disclose major operational data for the first half of 2025, including production volume, sales volume, and revenue [3] - The report will also cover price changes for major products and raw materials during the reporting period [3]

Group 1 - The company reported a total operating revenue of 235 million yuan and a net profit attributable to shareholders of 26.71 million yuan, marking a year-on-year increase of 1.65% [1] - The net cash inflow from operating activities was 25.88 million yuan, up 24.49% compared to the same period last year [1] Group 2 - The company's latest debt-to-asset ratio is 7.49%, ranking first among disclosed peers, with a decrease of 0.31 percentage points from the previous quarter and a decrease of 2.22 percentage points from the same period last year [3] - The latest gross profit margin is 29.66%, ranking sixth among disclosed peers, with an increase of 2.78 percentage points from the previous quarter and an increase of 3.90 percentage points from the same period last year, achieving five consecutive years of growth [3] - The latest return on equity (ROE) is 2.18%, ranking 24th among disclosed peers [3] - The company’s diluted earnings per share remained stable compared to the same period last year, with a year-on-year increase of 1.81% [3] - The latest total asset turnover ratio is 0.15 times, while the inventory turnover ratio is 21.56 times, ranking first among disclosed peers, with a year-on-year increase of 2.70% [3] Group 3 - The number of shareholders is 62,000, with the top ten shareholders holding 400 million shares, accounting for 58.77% of the total share capital [3] - The largest shareholder is Hebei Expressway Group Co., Ltd., holding 56 million shares [3]

Group 1 - The company, Jinniu Chemical (600722.SH), reported a total operating revenue of 235 million yuan for the first half of 2025, representing a year-on-year decrease of 1.42% [1] - The net profit attributable to shareholders of the parent company was 26.71 million yuan, showing a year-on-year increase of 1.65% [1] - The basic earnings per share were reported at 0.0393 yuan [1]

Important Notice This section contains important declarations, audit status, profit distribution plans, risk statements, and information on fund occupation and external guarantees [Declaration by Board of Directors, Supervisory Board, and Senior Management](index=2&type=section&id=I.%20The%20company's%20Board%20of%20Directors,%20Supervisory%20Board,%20and%20all%20directors,%20supervisors,%20and%20senior%20management%20guarantee%20the%20truthfulness,%20accuracy,%20and%20completeness%20of%20the%20semi-annual%20report,%20free%20from%20false%20records,%20misleading%20statements,%20or%20major%20omissions,%20and%20assume%20individual%20and%20joint%20legal%20responsibilities.) The company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions, and assume corresponding legal responsibilities - All directors attended the board meeting, and the company's principal, chief financial officer, and head of the accounting department declared the financial report to be true, accurate, and complete[4](index=4&type=chunk)[5](index=5&type=chunk) [Audit Status](index=2&type=section&id=III.%20This%20semi-annual%20report%20has%20not%20been%20audited.) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=V.%20Profit%20distribution%20plan%20or%20capital%20reserve%20to%20share%20capital%20increase%20plan%20approved%20by%20the%20Board%20of%20Directors%20for%20this%20reporting%20period) The Board of Directors resolved not to distribute profits or convert capital reserves into share capital for this reporting period - No distribution or capital increase for this reporting period[6](index=6&type=chunk) [Forward-Looking Statements and Risk Disclosure](index=2&type=section&id=VI.%20Risk%20Statement%20for%20Forward-Looking%20Statements) Forward-looking statements regarding future plans in this report are subject to uncertainties and do not constitute substantial commitments, reminding investors to be aware of investment risks. The company has detailed adverse factors and risks in its operations and future development in the Management Discussion and Analysis section - Forward-looking statements regarding future plans in this report are subject to uncertainties and do not constitute substantial commitments by the company to investors, so investors are advised to be aware of investment risks[6](index=6&type=chunk) - The company has detailed potential adverse factors and risks in its operations and future development in sections such as “Section III Management Discussion and Analysis”[7](index=7&type=chunk) [Fund Occupation and External Guarantees](index=2&type=section&id=VII.%20Whether%20there%20is%20non-operating%20occupation%20of%20funds%20by%20controlling%20shareholders%20and%20other%20related%20parties) During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties, nor any external guarantees provided in violation of prescribed decision-making procedures - There was no non-operating occupation of funds by controlling shareholders or other related parties[7](index=7&type=chunk) - There were no external guarantees provided in violation of prescribed decision-making procedures[8](index=8&type=chunk) Section I Definitions This section provides definitions of common terms used in the report, including company names, major related parties, and actual controllers, to ensure clear understanding of the report content [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section provides definitions of common terms used in the report, including company names, major related parties, and actual controllers, to ensure clear understanding of the report content - “The Company/Company/Listed Company/Jinniu Chemical” refers to Hebei Jinniu Chemical Industry Co., Ltd[12](index=12&type=chunk) - “Actual Controller/Hebei SASAC” refers to Hebei Provincial People's Government State-owned Assets Supervision and Administration Commission[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information, contact details, registration, information disclosure channels, stock information, and key financial data and indicators [Company Basic Information](index=4&type=section&id=I.%20Company%20Information) This section discloses the company's basic information, including its Chinese name, abbreviation, foreign name, and legal representative - The company's Chinese name is Hebei Jinniu Chemical Industry Co., Ltd., abbreviated as Jinniu Chemical, and its legal representative is Dong Hui[13](index=13&type=chunk) [Contact Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor communication - The Board Secretary is Zhao Jianbin, the Securities Affairs Representative is Yang Linxu, and the contact number for both is **0311-86861889**[14](index=14&type=chunk) [Company Registration and Office Address](index=4&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered address is Cangzhou Lingang Chemical Industrial Park, and its office address is Building 32, Keying Zhichuanggu, Xinxing Road, Luquan District, Shijiazhuang City, Hebei Province - The company's registered address is Chemical Avenue, Cangzhou Lingang Chemical Industrial Park, and its office address is Building 32, Keying Zhichuanggu, Xinxing Road, Luquan District, Shijiazhuang City, Hebei Province[15](index=15&type=chunk) [Information Disclosure Channels](index=4&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Placement%20Locations) The company designates China Securities Journal and Shanghai Securities News as its information disclosure newspapers, with the semi-annual report published on the Shanghai Stock Exchange website and available at Jinniu Chemical's Securities Legal Department and the Shanghai Stock Exchange - The company's selected information disclosure newspapers are *China Securities Journal* and *Shanghai Securities News*, and the website address for the semi-annual report is **http://www.sse.com.cn**[16](index=16&type=chunk) [Stock Information](index=5&type=section&id=V.%20Company%20Stock%20Overview) The company's stock is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation Jinniu Chemical and stock code 600722 - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation **Jinniu Chemical** and stock code **600722**[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue slightly decreased year-on-year, but total profit, net profit attributable to shareholders of the listed company, and net cash flow from operating activities all increased, with total assets and net assets also steadily rising Key Accounting Data (January-June 2025 vs. Prior Period) | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 234,586,251.15 CNY | 237,976,066.63 CNY | -1.42 | | Total Profit | 56,264,302.74 CNY | 52,868,453.08 CNY | 6.42 | | Net Profit Attributable to Shareholders of Listed Company | 26,707,908.44 CNY | 26,275,063.29 CNY | 1.65 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 23,254,434.11 CNY | 22,082,144.18 CNY | 5.31 | | Net Cash Flow from Operating Activities | 25,875,432.24 CNY | 20,784,842.12 CNY | 24.49 | | **Period-End Indicators** | **Current Period-End** | **Prior Year-End** | **Period-End Change (%)** | | Net Assets Attributable to Shareholders of Listed Company | 1,225,685,807.93 CNY | 1,198,726,958.66 CNY | 2.25 | | Total Assets | 1,557,850,504.33 CNY | 1,511,250,837.36 CNY | 3.08 | Key Financial Indicators (January-June 2025 vs. Prior Period) | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.0393 | 0.0386 | 1.81 | | Diluted Earnings Per Share (CNY/share) | 0.0393 | 0.0386 | 1.81 | | Basic EPS After Non-recurring Gains/Losses (CNY/share) | 0.0342 | 0.0325 | 5.23 | | Weighted Average Return on Net Assets (%) | 2.20 | 2.27 | Decreased by 0.07 percentage points | | Weighted Average Return on Net Assets After Non-recurring Gains/Losses (%) | 1.92 | 1.91 | 0.01 | [Non-recurring Gains and Losses](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **CNY 3,453,474.33**, primarily from government subsidies recognized in current profit and loss, and fair value changes and disposal gains/losses from financial assets and liabilities Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Government subsidies recognized in current profit and loss | 407,208.75 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to the company's normal business operations | 3,937,742.07 | | Other non-operating income and expenses apart from the above items | -148,421.55 | | Less: Income tax impact | 271,004.32 | | Minority interest impact (after tax) | 472,050.62 | | Total | 3,453,474.33 | Section III Management Discussion and Analysis This section provides a comprehensive discussion and analysis of the company's principal business, industry overview, operational performance, core competitiveness, and other significant disclosures [Principal Business and Industry Overview](index=7&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Principal%20Business%20During%20the%20Reporting%20Period) The company's principal business is methanol production and sales, operated by its controlling subsidiary Jinniu Xuyang, with a capacity of **200,000 tons/year** using coke oven gas. Procurement is primarily external, production is based on sales, and sales are centrally managed by dedicated personnel. In the first half of 2025, the methanol market showed a trend of initial rise followed by a fall, with significant price fluctuations influenced by supply and demand, geopolitical factors, and tariff policies - The company's main business is methanol production and sales, operated by its **50%**-owned controlling subsidiary Jinniu Xuyang, with a capacity of **200,000 tons/year**, using coke oven gas for production[24](index=24&type=chunk) - Jinniu Xuyang's procurement model is primarily external, production is based on sales, and sales are centrally managed by dedicated sales personnel[24](index=24&type=chunk)[25](index=25&type=chunk) - In the first half of **2025**, the methanol market showed a trend of initial rise followed by a fall, with significant price fluctuations influenced by factors such as domestic olefin plant procurement, traditional downstream recovery, geopolitical issues, and US tariff policies[25](index=25&type=chunk) [Operating Performance Analysis](index=7&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) The company, guided by the overall tone of 'increasing efficiency, reducing costs, and ensuring profits,' achieved zero safety and environmental accidents, maintained stable and high methanol production, and flexibly responded to market changes. During the reporting period, operating revenue decreased by **1.42%** year-on-year, net profit attributable to the parent company increased by **1.65%** year-on-year, and methanol production reached **107,500 tons** - The company's principal business is methanol production and sales by its controlling subsidiary Jinniu Xuyang, with a capacity of **200,000 tons/year**[25](index=25&type=chunk) - The company adheres to the policy of 'safety first, prevention foremost, comprehensive management,' achieving zero safety and environmental accidents, and enhancing production levels through technological innovation and smart factory projects[26](index=26&type=chunk) Operating Performance Overview (First Half 2025) | Indicator | Amount/Data | | :--- | :--- | | Operating Revenue | 234.5863 million CNY | | YoY Change | Decreased by 1.42% | | Net Profit Attributable to Shareholders of Listed Company | 26.7079 million CNY | | YoY Change | Increased by 1.65% | | Methanol Production | 107,500 tons | [Core Competitiveness](index=7&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's operating subsidiary Jinniu Xuyang excels in safety production, environmental performance, and high-tech aspects, holding Level 2 safety standardization, safety culture demonstration enterprise, environmental A-level performance enterprise, and high-tech enterprise qualifications, and operates a pilot base and technology research institute to support energy saving, consumption reduction, and enhanced industry competitiveness - Jinniu Xuyang was recognized as a Xingtai City-level Safety Culture Demonstration Enterprise, continuously maintains its environmental **A-level** performance enterprise status, and strictly implements high-tech enterprise requirements, enjoying tax incentives[27](index=27&type=chunk) - The company has a pilot base and a technology research institute, dedicated to energy saving, consumption reduction, and enhancing industry competitiveness[27](index=27&type=chunk) [Key Operating Performance](index=7&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section provides a detailed analysis of the company's financial statement item changes, asset and liability situation, and the operating performance of major controlled and investee companies during the reporting period [Principal Business Analysis](index=8&type=section&id=%28I%29%20Principal%20Business%20Analysis) During the reporting period, the company's financial expenses, other income, credit impairment, non-operating income and expenses, and net cash flow from financing activities all changed, primarily influenced by factors such as market interest rates, tax policies, increased receivables, and late payment penalties Analysis of Changes in Financial Statement Items (First Half 2025 vs. Prior Period) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change Ratio (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Financial Expenses | -2,146,312.61 | -3,704,293.79 | N/A | Decrease in interest income due to lower market interest rates | | Other Income | 1,235,610.43 | 2,042,244.19 | -39.50 | Decrease in input tax credit for advanced manufacturing received by subsidiary Jinniu Xuyang | | Credit Impairment | -13,084.64 | 6,409.18 | -304.15 | Increase in provision for bad debts due to increased receivables | | Non-operating Income | 86,889.54 | 0.00 | N/A | Supplier concessions occurred at subsidiary Jinniu Xuyang | | Non-operating Expenses | 252,300.24 | 12,336.35 | 1,945.18 | Late payment penalties incurred by subsidiary Jinniu Xuyang | | Net Cash Flow from Financing Activities | -589,657.50 | -312,413.42 | N/A | Increase in lease payments | [Analysis of Assets and Liabilities](index=9&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's asset and liability structure underwent several changes, with notes receivable and accounts receivable financing significantly decreasing due to maturity or reduced outstanding notes, prepayments and inventories substantially increasing due to subsidiary business demands, right-of-use assets and lease liabilities growing significantly due to the head office leasing office buildings, and taxes payable decreasing due to reduced VAT and income tax Changes in Assets and Liabilities (Current Period-End vs. Prior Year-End) | Item Name | Current Period-End Amount (CNY) | Current Period-End % of Total Assets | Prior Year-End Amount (CNY) | Prior Year-End % of Total Assets | YoY Change in Current Period-End Amount (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 0.00 | 0.00 | 313,803.94 | 0.02 | -100.00 | Notes receivable matured at period-end | | Accounts Receivable Financing | 0.00 | 0.00 | 189,636.32 | 0.01 | -100.00 | Decrease in outstanding notes at period-end | | Prepayments | 6,067,584.43 | 0.39 | 2,471,369.89 | 0.16 | 145.52 | Increase in prepayments for goods by subsidiary Jinniu Xuyang | | Inventories | 11,109,532.24 | 0.71 | 4,195,548.31 | 0.28 | 164.79 | Changes in raw materials and inventory goods of subsidiary Jinniu Xuyang | | Other Current Assets | 13,684,300.53 | 0.88 | 7,836,850.37 | 0.52 | 74.61 | Increase in input VAT to be deducted by subsidiary Jinniu Xuyang | | Construction in Progress | 3,745,037.95 | 0.24 | 1,988,352.78 | 0.13 | 88.35 | Increase in construction in progress for subsidiaries Tianyue New Energy and Jinniu Xuyang | | Right-of-Use Assets | 4,561,590.33 | 0.29 | 95,737.60 | 0.01 | 4664.68 | Jinniu Chemical head office leased office building | | Other Non-current Assets | 0.00 | 0.00 | 379,080.00 | 0.03 | -100.00 | Decrease in prepayments for engineering equipment by subsidiary Jinniu Xuyang | | Advances from Customers | 245,086.05 | 0.02 | 102,500.00 | 0.01 | 139.11 | Increase in rental advances received by Jinniu Chemical head office | | Taxes Payable | 965,412.47 | 0.06 | 4,253,633.57 | 0.28 | -77.30 | Decrease in VAT and income tax payable by subsidiary Jinniu Xuyang for the current period | | Non-current Liabilities Due Within One Year | 939,889.95 | 0.06 | 0.00 | 0.00 | N/A | Leasing of office building by Jinniu Chemical head office led to an increase in lease liabilities due within one year | | Lease Liabilities | 3,568,890.74 | 0.23 | 0.00 | 0.00 | N/A | Jinniu Chemical head office leased office building | [Analysis of Major Controlled and Investee Companies](index=11&type=section&id=%28VI%29%20Analysis%20of%20Major%20Controlled%20and%20Investee%20Companies) The company's main controlling subsidiary, Jinniu Xuyang, is central to methanol production and sales, contributing the vast majority of operating revenue and net profit. Other subsidiaries like Huanan Canghua, Jinniu Logistics, Tianheng Company, Tianyue Company, and the investee company Hebei Expressway Energy Technology Co., Ltd. also have their respective businesses, but their impact on the company's net profit is minor or results in losses Financial Performance of Major Subsidiaries and Investee Companies | Company Name | Company Type | Principal Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huanan Canghua | Subsidiary | Sales of PVC resin | 54,323,300 | 3,168.85 | 2,314.06 | 57.62 | -66.46 | -66.46 | | Jinniu Logistics | Subsidiary | Trading, Transportation | 20,000,000 | 905.09 | 850.89 | 0.00 | 0.24 | 0.24 | | Jinniu Xuyang | Subsidiary | Production and sales of methanol and auxiliary chemical products | 150,000,000 | 49,336.69 | 42,459.92 | 23,392.08 | 5,445.37 | 4,953.61 | | Tianheng Company | Subsidiary | R&D of emerging energy technologies; Technical services | 3,000,000 | 318.30 | 318.30 | 0.00 | 5.08 | 4.83 | | Tianyue Company | Subsidiary | Wind power generation related business | 15,000,000 | 285.00 | 285.00 | 0.00 | 0.00 | 0.00 | | Hebei Expressway Energy Technology Co., Ltd. | Investee Company | Refined oil retail | 880,000,000 | 105,142.90 | 96,859.65 | 40,560.10 | 3,095.20 | 2,161.93 | [Other Disclosures](index=12&type=section&id=V.%20Other%20Disclosure%20Items) The company faces risks of limited cost support due to ample coal supply and weak downstream demand for methanol. In the first half, the company focused on enhancing the core competitiveness of its methanol business, achieving stable production and cost reduction, with methanol business profit accounting for **96.48%** of total profit. The company actively promotes its 'Quality Improvement, Efficiency Enhancement, and Return Focus' action plan, optimizing business operations, strengthening shareholder return awareness, enhancing investor communication, and adhering to standardized operations - The company faces risks of limited cost support due to ample coal supply and weak downstream demand for methanol-to-olefins (MTO) and other downstream products[34](index=34&type=chunk) - In the first half, the company focused on enhancing the core competitiveness of its methanol business, cumulatively producing **107,500 tons** of methanol with a **100%** product qualification rate, and achieving a total methanol business profit of **CNY 54 million**, accounting for **96.48%** of the company's total profit[35](index=35&type=chunk) - The company actively promotes its 'Quality Improvement, Efficiency Enhancement, and Return Focus' action plan by optimizing business operations, strengthening return awareness (researching loss compensation to enable dividend distribution), enhancing investor communication, and improving governance effectiveness to increase company value[35](index=35&type=chunk)[36](index=36&type=chunk) Section IV Corporate Governance, Environment, and Society This section covers changes in directors, supervisors, and senior management, profit distribution plans, and environmental information disclosure [Changes in Directors, Supervisors, and Senior Management](index=13&type=section&id=I.%20Changes%20in%20the%20Company's%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, there was a change in director Zhao Jianbin, with the change being an election - Director Zhao Jianbin was elected as a director during this reporting period[38](index=38&type=chunk) [Profit Distribution Plan](index=13&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Increase%20Plan) The company's proposed semi-annual profit distribution plan is no distribution and no capital increase, with **0** bonus shares, dividends, and capital increase per **10** shares - The proposed semi-annual profit distribution plan is no distribution and no capital increase, with **0** bonus shares, dividends (tax inclusive), and capital increase per **10** shares[38](index=38&type=chunk) [Environmental Information Disclosure](index=13&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company's subsidiary Jinniu Xuyang has been included in the list of enterprises required to disclose environmental information by law, and its environmental information disclosure report can be accessed at the designated website - Subsidiary Jinniu Xuyang has been included in the list of enterprises required to disclose environmental information by law, and its environmental information disclosure report can be accessed at **http://121.29.48.71:8080//fill/detail?enpId=677FC3AA-A0C5-4FE2-BB63-0B8D800BFE6C&year=2024**[40](index=40&type=chunk) Section V Significant Matters This section details the fulfillment of commitments, fund occupation and illegal guarantees, major litigation and arbitration, significant related party transactions, and other important matters [Fulfillment of Commitments](index=15&type=section&id=I.%20Fulfillment%20of%20Commitments) During the reporting period, the company's actual controller, Hebei Expressway Group Co., Ltd., strictly fulfilled its commitments regarding ensuring the independence of the listed company, avoiding horizontal competition, and reducing and regulating related party transactions, thereby ensuring the company's independent operation and protecting investor interests - Hebei Expressway Group issued a 'Letter of Commitment Regarding Ensuring the Independence of the Listed Company,' pledging to ensure the listed company's independence in personnel, assets, finance, organization, and business, and to strictly fulfill it, bearing liability for compensation if violated[42](index=42&type=chunk)[43](index=43&type=chunk) - Hebei Expressway Group issued a 'Letter of Commitment Regarding Resolving and Avoiding Horizontal Competition,' pledging to actively avoid horizontal competition with Jinniu Chemical and its subsidiaries, and to resolve horizontal competition issues through asset injection, restructuring, or other means when necessary[43](index=43&type=chunk) - Hebei Expressway Group issued a 'Letter of Commitment Regarding Reducing and Regulating Related Party Transactions,' pledging to minimize related party transactions, and for unavoidable transactions, to adhere to fair and equitable principles, strictly comply with laws and regulations, and not use related party transactions to harm the interests of the company and its minority shareholders[43](index=43&type=chunk) [Fund Occupation and Illegal Guarantees](index=16&type=section&id=II.%20Non-operating%20Occupation%20of%20Funds%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties, nor any illegal external guarantees provided - During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties[44](index=44&type=chunk) - During the reporting period, there were no illegal guarantees[44](index=44&type=chunk) [Major Litigation and Arbitration Matters](index=17&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company had no major litigation or arbitration matters during this reporting period - The company had no major litigation or arbitration matters during this reporting period[45](index=45&type=chunk) [Significant Related Party Transactions](index=18&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no significant related party transactions, whether disclosed or undisclosed, related to daily operations, asset acquisition/disposal, joint external investments, or related party creditor-debtor relationships - During the reporting period, the company had no related party transactions related to daily operations, asset acquisition or equity acquisition/disposal, significant related party transactions involving joint external investments, or related party creditor-debtor relationships[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) [Other Significant Matters](index=19&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company engaged in multiple structured deposit wealth management transactions totaling **CNY 590 million**, all of which matured with principal and interest repaid, generating corresponding investment income Wealth Management Overview (First Half 2025) | Trustee | Wealth Management Product Type | Entrusted Wealth Management Amount (CNY) | Start Date of Entrusted Wealth Management | End Date of Entrusted Wealth Management | Actual Principal Recovered (CNY) | Actual Income Earned (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Bank of Communications | Structured Deposit | 100,000,000.00 | 2025/4/3 | 2025/6/26 | 100,000,000.00 | 382,027.40 | | China Construction Bank | Structured Deposit | 100,000,000.00 | 2025/4/3 | 2025/6/25 | 100,000,000.00 | 299,750.98 | | Industrial Bank | Structured Deposit | 70,000,000.00 | 2025/4/2 | 2025/6/25 | 70,000,000.00 | 347,967.12 | | China Minsheng Bank | Structured Deposit | 130,000,000.00 | 2025/4/9 | 2025/6/25 | 130,000,000.00 | 617,054.79 | | Bank of China | Structured Deposit | 49,900,000.00 | 2025/4/3 | 2025/6/11 | 49,900,000.00 | 80,181.78 | | Bank of China | Structured Deposit | 50,100,000.00 | 2025/4/3 | 2025/6/9 | 50,100,000.00 | 283,461.82 | | China Construction Bank | Structured Deposit | 90,000,000.00 | 2025/6/6 | 2025/6/30 | 90,000,000.00 | 107,506.87 | | Bank of China | Structured Deposit | 49,900,000.00 | 2025/6/12 | 2025/6/26 | 49,900,000.00 | 50,437.01 | | Bank of China | Structured Deposit | 50,100,000.00 | 2025/6/12 | 2025/6/28 | 50,100,000.00 | 8,784.66 | Section VI Share Changes and Shareholder Information This section provides details on changes in share capital and the company's shareholder structure [Changes in Share Capital](index=19&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share capital structure - During the reporting period, there were no changes in the company's total share capital or share capital structure[50](index=50&type=chunk) [Shareholder Information](index=21&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, among the company's top ten shareholders, Hebei Expressway Group Co., Ltd. is the controlling shareholder, holding **56.04%** of shares, all of which are unrestricted tradable shares. Other top ten shareholders are primarily domestic natural persons and foreign legal entities Top Ten Shareholders' Shareholding (As of the End of the Reporting Period) | Shareholder Name | Shares Held at Period-End (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | Share Status | Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hebei Expressway Group Co., Ltd. | 381,262,977 | 56.04 | 0 | None | 0 | State-owned Legal Entity | | Zhong Yongjie | 4,041,100 | 0.59 | 0 | None | 0 | Domestic Natural Person | | Shi Jianhong | 2,491,732 | 0.37 | 0 | None | 0 | Domestic Natural Person | | UBS AG | 2,212,883 | 0.33 | 0 | None | 0 | Foreign Legal Entity | | Fan Fei | 2,179,858 | 0.32 | 0 | None | 0 | Domestic Natural Person | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 1,813,072 | 0.27 | 0 | None | 0 | Foreign Legal Entity | | Kong Rui | 1,661,600 | 0.24 | 0 | None | 0 | Domestic Natural Person | | Zheng Jian | 1,453,400 | 0.21 | 0 | None | 0 | Domestic Natural Person | | Liu Tao | 1,400,136 | 0.21 | 0 | None | 0 | Domestic Natural Person | | Yu Zhaoxi | 1,333,200 | 0.20 | 0 | None | 0 | Domestic Natural Person | - Hebei Expressway Group Co., Ltd. is the company's controlling shareholder and has no related party relationship with the other top ten unrestricted shareholders. The company is unaware of any related party relationships or concerted actions among other shareholders[55](index=55&type=chunk) Section VII Bond-Related Information This section confirms the absence of company bonds, debt financing instruments, and convertible corporate bonds during the reporting period [Company Bonds and Debt Financing Instruments](index=21&type=section&id=I.%20Company%20Bonds%20%28Including%20Corporate%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no company bonds (including corporate bonds) or non-financial enterprise debt financing instruments - The company has no company bonds (including corporate bonds) or non-financial enterprise debt financing instruments[57](index=57&type=chunk) [Convertible Corporate Bonds](index=21&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - The company has no convertible corporate bonds[57](index=57&type=chunk) Section VIII Financial Report This section includes the audit report, comprehensive financial statements, company basic information, financial statement preparation basis, significant accounting policies and estimates, taxation, and detailed notes to the consolidated financial statements [Audit Report](index=22&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[59](index=59&type=chunk) [Financial Statements](index=22&type=section&id=II.%20Financial%20Statements) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of **2025**, comprehensively presenting the company's financial position, operating results, and cash flow [Consolidated Balance Sheet](index=24&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, **2025**, the company's total consolidated assets amounted to **CNY 1,557,850,504.33**, an increase of **3.08%** from the prior year-end; total liabilities were **CNY 116,609,397.91**, a decrease of **4.33%** from the prior year-end; and total owners' equity was **CNY 1,441,241,106.42**, an increase of **3.73%** from the prior year-end Key Data from Consolidated Balance Sheet (As of June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 1,557,850,504.33 | 1,511,250,837.36 | | Total Liabilities | 116,609,397.91 | 121,894,045.82 | | Total Owners' Equity | 1,441,241,106.42 | 1,389,356,791.54 | [Parent Company Balance Sheet](index=26&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, **2025**, the parent company's total assets amounted to **CNY 1,251,834,325.10**, an increase of **0.50%** from the prior year-end; total liabilities were **CNY 47,111,797.84**, an increase of **8.57%** from the prior year-end; and total owners' equity was **CNY 1,204,722,527.26**, an increase of **0.20%** from the prior year-end Key Data from Parent Company Balance Sheet (As of June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 1,251,834,325.10 | 1,245,656,800.07 | | Total Liabilities | 47,111,797.84 | 43,394,611.69 | | Total Owners' Equity | 1,204,722,527.26 | 1,202,262,188.38 | [Consolidated Income Statement](index=28&type=section&id=Consolidated%20Income%20Statement) From January to June **2025**, the company achieved total operating revenue of **CNY 234,586,251.15**, a year-on-year decrease of **1.42%**; net profit was **CNY 51,382,433.23**, a year-on-year increase of **6.33%**; and net profit attributable to parent company shareholders was **CNY 26,707,908.44**, a year-on-year increase of **1.65%** Key Data from Consolidated Income Statement (January-June 2025) | Item | First Half 2025 (CNY) | First Half 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 234,586,251.15 | 237,976,066.63 | | Total Operating Costs | 187,498,158.28 | 195,831,024.12 | | Total Profit | 56,264,302.74 | 52,868,453.08 | | Net Profit | 51,382,433.23 | 48,326,403.24 | | Net Profit Attributable to Parent Company Shareholders | 26,707,908.44 | 26,275,063.29 | | Basic Earnings Per Share (CNY/share) | 0.0393 | 0.0386 | [Parent Company Income Statement](index=30&type=section&id=Parent%20Company%20Income%20Statement) From January to June **2025**, the parent company achieved operating revenue of **CNY 89,252.71** and net profit of **CNY 2,460,338.88**, a year-on-year decrease of **44.47%** Key Data from Parent Company Income Statement (January-June 2025) | Item | First Half 2025 (CNY) | First Half 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 89,252.71 | 178,505.43 | | Operating Profit | 2,587,373.91 | 4,956,215.75 | | Total Profit | 2,594,148.45 | 4,956,215.75 | | Net Profit | 2,460,338.88 | 4,430,560.89 | [Consolidated Cash Flow Statement](index=31&type=section&id=Consolidated%20Cash%20Flow%20Statement) From January to June **2025**, the company's net cash flow from operating activities was **CNY 25,875,432.24**, a year-on-year increase of **24.49%**; net cash flow from investing activities was **CNY 2,368,351.51**; and net cash flow from financing activities was **CNY -589,657.50** Key Data from Consolidated Cash Flow Statement (January-June 2025) | Item | First Half 2025 (CNY) | First Half 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 25,875,432.24 | 20,784,842.12 | | Net Cash Flow from Investing Activities | 2,368,351.51 | 1,837,293.13 | | Net Cash Flow from Financing Activities | -589,657.50 | -312,413.42 | | Net Increase in Cash and Cash Equivalents | 27,654,126.25 | 22,309,721.83 | [Parent Company Cash Flow Statement](index=33&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) From January to June **2025**, the parent company's net cash flow from operating activities was **CNY -4,479,013.87**, net cash flow from investing activities was **CNY 2,466,755.54**, and net cash flow from financing activities was **CNY -589,657.50** Key Data from Parent Company Cash Flow Statement (January-June 2025) | Item | First Half 2025 (CNY) | First Half 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -4,479,013.87 | -2,819,707.59 | | Net Cash Flow from Investing Activities | 2,466,755.54 | 4,161,096.42 | | Net Cash Flow from Financing Activities | -589,657.50 | -312,413.42 | | Net Increase in Cash and Cash Equivalents | -2,601,915.83 | 1,028,975.41 | [Consolidated Statement of Changes in Owners' Equity](index=38&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) From January to June **2025**, the company's total consolidated owners' equity increased by **CNY 51,884,314.88**, primarily due to an increase in net profit attributable to parent company owners and an increase in minority interests - Total owners' equity attributable to parent company owners increased by **CNY 26,958,849.27** this period, minority interests increased by **CNY 24,925,465.61**, totaling an increase of **CNY 51,884,314.88** in owners' equity[79](index=79&type=chunk) - Total comprehensive income was **CNY 51,382,433.23**, of which **CNY 26,707,908.44** was attributable to parent company owners[79](index=79&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=40&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) From January to June **2025**, the parent company's total owners' equity increased by **CNY 2,460,338.88**, primarily from the total comprehensive income for the period - The parent company's total owners' equity increased by **CNY 2,460,338.88** this period, primarily due to total comprehensive income[86](index=86&type=chunk) [Company Basic Information](index=42&type=section&id=III.%20Company%20Basic%20Information) Hebei Jinniu Chemical Industry Co., Ltd. was established in **1994**, and after multiple share capital changes and equity reforms, it is ultimately controlled by Hebei Expressway Group Co., Ltd., with the actual controller being Hebei Provincial People's Government State-owned Assets Supervision and Administration Commission. The company's principal business is the production and sales of chemical products such as methanol - Hebei Jinniu Chemical Industry Co., Ltd. was listed on **June 14, 1996**, and after multiple share capital changes, its total share capital changed to **680,319,676 shares**[90](index=90&type=chunk) - On **February 13, 2024**, Hebei Expressway Group Co., Ltd. became the company's controlling shareholder, and the actual controller remains Hebei Provincial People's Government State-owned Assets Supervision and Administration Commission[90](index=90&type=chunk) - The company and its subsidiaries operate in the chemical raw materials and chemical products manufacturing industry, primarily producing and selling products such as methanol[91](index=91&type=chunk) [Basis of Financial Statement Preparation](index=42&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and relevant regulations, presented on a going concern basis, with accounting based on the accrual method, and measured at historical cost except for certain financial instruments - The company's financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance, their application guidelines, interpretations, and other relevant regulations[92](index=92&type=chunk) - The company's accounting is based on the accrual method, with historical cost as the measurement basis for all items except certain financial instruments, and presented on a going concern basis[92](index=92&type=chunk)[93](index=93&type=chunk) [Significant Accounting Policies and Estimates](index=68&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering business combinations, financial instruments, inventories, long-term equity investments, fixed assets, intangible assets, employee compensation, revenue recognition, government grants, deferred income tax, and leases, ensuring the compliance and reliability of financial reporting - The company determines depreciation of fixed assets, amortization of intangible assets, capitalization conditions for research and development expenses, and revenue recognition policies based on its own production and operating characteristics[94](index=94&type=chunk) - Upon initial recognition, the company classifies financial assets into three categories based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss for the current period[122](index=122&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in the contract, i.e., when the customer obtains control of the relevant goods or services, with revenue from chemical products such as methanol recognized at the point of product dispatch[205](index=205&type=chunk)[211](index=211&type=chunk) [Taxation](index=70&type=section&id=VI.%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, education surcharge, and local education surcharge. Subsidiary Jinniu Xuyang enjoys corporate income tax incentives for environmental protection, energy-saving, and water-saving projects, and as a high-tech enterprise, while other subsidiaries also benefit from small and micro-enterprise income tax preferential policies Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable Value-Added Amount | 13%, 9%, 5% | | Urban Maintenance and Construction Tax | Taxable Turnover Tax Amount | 7%, 5% | | Corporate Income Tax | Taxable Income | 25%, 15% | | Education Surcharge | Taxable Turnover Tax Amount | 3% | | Local Education Surcharge | Taxable Turnover Tax Amount | 2% | - Subsidiary Hebei Jinniu Xuyang Chemical Co., Ltd.'s sales of methanol and steam revenue are included in the total taxable income at **90%** and enjoy a **15%** corporate income tax rate preferential policy as a high-tech enterprise[239](index=239&type=chunk)[240](index=240&type=chunk) - Subsidiaries Shijiazhuang Tianheng New Energy Development Co., Ltd., Hebei Expressway Tianyue New Energy Co., Ltd., and Hebei Jinniu Logistics Co., Ltd. enjoy small and micro-enterprise income tax preferential policies, calculating taxable income at **25%** and paying corporate income tax at a **20%** rate, with the policy extended until **December 31, 2027**[241](index=241&type=chunk) [Notes to Consolidated Financial Statement Items](index=114&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed disclosures on the specific composition, changes, and related accounting treatments of various assets, liabilities, owners' equity, income, costs, and expenses in the consolidated financial statements, offering comprehensive supplementary information for understanding the company's financial position and operating results - Cash and bank balances at period-end amounted to **CNY 1,162,928,163.54**, primarily consisting of bank deposits[243](index=243&type=chunk) - Accounts receivable at period-end had a book balance of **CNY 42,339,932.67**, of which **CNY 41,569,131.47** was fully provided for bad debts, primarily representing amounts expected to be unrecoverable[247](index=247&type=chunk)[248](index=248&type=chunk)[249](index=249&type=chunk) - Inventories at period-end amounted to **CNY 11,109,532.24**, primarily consisting of raw materials and merchandise inventory[279](index=279&type=chunk) - Investment properties had a book value of **CNY 25,195,979.95** at period-end, fixed assets had a book value of **CNY 114,878,707.20**, and intangible assets had a book value of **CNY 18,673,963.29**[288](index=288&type=chunk)[292](index=292&type=chunk)[300](index=300&type=chunk) - Operating revenue and operating costs primarily originated from the principal business (chemical products), with principal business revenue of **CNY 223,656,442.23** and costs of **CNY 164,458,179.41** for the current period[343](index=343&type=chunk)[345](index=345&type=chunk) [Research and Development Expenses](index=115&type=section&id=VIII.%20Research%20and%20Development%20Expenses) From January to June **2025**, the company's total R&D expenses amounted to **CNY 10,718,288.15**, all of which were expensed R&D expenditures, primarily comprising material costs, labor costs, and utility expenses R&D Expenses by Nature of Expense (January-June 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Labor Costs | 1,253,664.23 | 1,201,905.95 | | Material Costs | 7,558,847.46 | 6,953,816.38 | | Utility Expenses | 1,884,047.15 | 1,719,304.21 | | Depreciation Expense | 5,630.09 | 11,645.00 | | Other | 16,099.22 | 588.50 | | Total | 10,718,288.15 | 9,887,260.04 | | Of which: Expensed R&D Expenditures | 10,718,288.15 | 9,887,260.04 | | Capitalized R&D Expenditures | 0.00 | 0.00 | [Changes in Consolidation Scope](index=117&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company did not experience business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control, thus no significant changes occurred in the scope of consolidation - No business combinations not under common control occurred in the current period[379](index=379&type=chunk) - No business combinations under common control occurred in the current period[379](index=379&type=chunk) - There were no transactions or events resulting in the loss of control over subsidiaries in the current period[380](index=380&type=chunk) [Interests in Other Entities](index=122&type=section&id=X.%20Interests%20in%20Other%20Entities) The company owns multiple subsidiaries, with Hebei Jinniu Xuyang Chemical Co., Ltd. being a significant non-wholly owned subsidiary, where minority shareholders hold a **50%** stake, and the profit attributable to minority shareholders for the current period was **CNY 24,768,031.03**. The company also holds a **20%** equity interest in Hebei Expressway Energy Technology Co., Ltd., accounted for using the equity method Composition of Enterprise Group (Major Subsidiaries) | Subsidiary Name | Principal Place of Business | Registered Capital (CNY '0,000) | Nature of Business | Shareholding Percentage (%) Direct | | :--- | :--- | :--- | :--- | :--- | | Jieyang Huanan Canghua Industrial Co., Ltd. | Jieyang City, Guangdong Province | 5,432.33 | Chemical Industry | 85.93 | | Shijiazhuang Tianheng New Energy Development Co., Ltd. | Shijiazhuang City, Hebei Province | 300.00 | R&D of emerging energy technologies | 100.00 | | Hebei Jinniu Logistics Co., Ltd. | Cangzhou City, Hebei Province | 2,000.00 | Logistics Industry | 100.00 | | Hebei Jinniu Xuyang Chemical Co., Ltd. | Xingtai City, Hebei Province | 15,000.00 | Coal Chemical Industry | 50.00 | | Hebei Expressway Tianyue New Energy Co., Ltd. | Longhua County, Hebei Province | 1,500.00 | Wind power generation related business | 100.00 | Financial Information of Significant Non-Wholly Owned Subsidiary (Hebei Jinniu Xuyang Chemical Co., Ltd.) | Indicator | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Minority Shareholding Percentage (%) | 50.00 | 50.00 | | Profit Attributable to Minority Shareholders for the Current Period | 24,768,031.03 | 22,071,415.41 | | Minority Interests Balance at Period-End | 212,299,605.82 | 187,459,832.88 | | Operating Revenue | 233,920,807.95 | 236,991,725.83 | | Net Profit | 49,536,062.06 | 44,142,830.81 | | Cash Flow from Operating Activities | 30,264,703.05 | 21,232,820.41 | - The company holds a **20%** equity interest in Hebei Expressway Energy Technology Co., Ltd., accounted for using the equity method, with its principal business being gas refueling operations for vehicles[386](index=386&type=chunk) [Government Grants](index=123&type=section&id=XI.%20Government%20Grants) From January to June **2025**, the company's total government grants recognized in current profit and loss amounted to **CNY 407,208.75**, primarily consisting of income-related grants Government Grants Recognized in Current Profit and Loss (January-June 2025) | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Income-related | 407,208.75 | 16,969.51 | | Total | 407,208.75 | 16,969.51 | [Risks Related to Financial Instruments](index=124&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company primarily faces credit risk and liquidity risk. Credit risk is controlled through portfolio management and credit assessment of bank deposits, notes receivable, accounts receivable, and other receivables. Liquidity risk is managed by maintaining sufficient cash and cash equivalents and monitoring the utilization of bank borrowings - The company's main financial instruments include cash and bank balances, notes receivable, accounts receivable, accounts receivable financing, other receivables, financial assets held for trading, accounts payable, other payables, non-current liabilities due within one year, and lease liabilities[393](index=393&type=chunk) - The company primarily faces credit risk and liquidity risk, managed through measures such as customer credit qualification assessment, regular monitoring of credit records, and maintaining sufficient cash and cash equivalents[394](index=394&type=chunk)[395](index=395&type=chunk)[396](index=396&type=chunk) - Among the company's accounts receivable, the top five customers account for **73.30%** of the total; among other receivables, the top five companies account for **43.70%** of the total[395](index=395&type=chunk) [Fair Value Disclosure](index=125&type=section&id=XIII.%20Fair%20Value%20Disclosure) The company determines the fair value of financial instruments using active market quotations or valuation techniques (such as discounted cash flow models and market comparable company models), categorized into three levels based on the observability of input values. No transfers between fair value measurement levels occurred during the current year - The company determines the fair value of financial instruments using active market quotations or valuation techniques (such as discounted cash flow models and market comparable company models)[400](index=400&type=chunk) - Fair value measurement is divided into three levels: Level 1 for active market quotations, Level 2 for observable inputs, and Level 3 for unobservable inputs[398](index=398&type=chunk)[399](index=399&type=chunk) - During the current year, there were no transfers between Level 1 and Level 2 fair value measurements for the company's financial assets and liabilities, nor any transfers into or out of Level 3[399](index=399&type=chunk) [Related Parties and Related Party Transactions](index=129&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's parent company is Hebei Expressway Group Co., Ltd., with the ultimate controlling party being Hebei Provincial People's Government State-owned Assets Supervision and Administration Commission. The company engages in purchase/sale of goods/acceptance of services and related party lease transactions with multiple related parties, including leasing out properties and buildings to Jieyang Huanan Hotel Co., Ltd. and leasing in properties and buildings from Hebei Expressway Energy Technology Co., Ltd - The company's parent company is Hebei Expressway Group Co., Ltd., holding a **56.04%** stake, with the ultimate controlling party being Hebei Provincial People's Government State-owned Assets Supervision and Administration Commission[401](index=401&type=chunk) Related Party Transactions for Purchase of Goods/Acceptance of Services (January-June 2025) | Related Party | Related Transaction Content | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | :--- | | Hebei Expressway Yanzhao Yixing Group Co., Ltd. | Comprehensive services, materials | 102,551.13 | 116,835.00 | | Hebei Yanzhao Yixing Culture Media Co., Ltd. | Comprehensive services | 1,268.87 | 0.00 | | Hebei Yanzhao Yixing Property Management Co., Ltd. | Comprehensive services | 159,370.64 | 0.00 | | Hebei Jixiangtong Electronic Technology Co., Ltd. | Comprehensive services | 28,842.49 | 2,956.10 | Related Party Lease Situations (Company as Lessor) | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (CNY) | Lease Income Recognized in Prior Period (CNY) | | :--- | :--- | :--- | :--- | | Jieyang Huanan Hotel Co., Ltd. | Properties and Buildings | 595,238.10 | 714,285.72 | Related Party Lease Situations (Company as Lessee) | Lessor Name | Type of Leased Asset | Rent Paid in Current Period (CNY) | Interest Expense on Lease Liabilities Incurred in Current Period (CNY) | Right-of-Use Assets Increased in Current Period (CNY) | | :--- | :--- | :--- | :--- | :--- | | Hebei Expressway Energy Technology Co., Ltd. | Properties and Buildings | 589,657.50 | 73,470.50 | 4,976,280.38 | [Share-based Payment](index=130&type=section&id=XV.%20Share-based%20Payment) During the reporting period, the company had no share-based payment related matters, including equity instruments, equity-settled share-based payments, cash-settled share-based payments, share-based payment expenses, or modifications or terminations of share-based payments - During the reporting period, the company had no share-based payment related matters[411](index=411&type=chunk) [Commitments and Contingencies](index=130&type=section&id=XVI.%20Commitments%20and%20Contingencies) During the reporting period, the company had no significant commitments or material contingencies requiring disclosure - During the reporting period, the company had no significant commitments[411](index=411&type=chunk) - During the reporting period, the company had no material contingencies requiring disclosure[411](index=411&type=chunk) [Events After the Balance Sheet Date](index=131&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) As of the approval date of this report, the company had no significant non-adjusting events, profit distribution situations, sales returns, or other events after the balance sheet date requiring disclosure - As of the approval date of this report, the company had no significant non-adjusting events, profit distribution situations, sales returns, or other events after the balance sheet date requiring disclosure[412](index=412&type=chunk) [Other Important Matters](index=133&type=section&id=XVIII.%20Other%20Significant%20Matters) This section discloses the company's segment information, with principal businesses divided into chemical products and transportation trade, where chemical products are the primary source of revenue. During the reporting period, the company had no other significant matters such as prior period accounting error corrections, major debt restructuring, asset swaps, or annuity plans Financial Information by Reporting Segment (January-June 2025) | Item | Chemical (CNY) | Transportation Trade (CNY) | Other (CNY) | Inter-segment Eliminations (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 234,010,060.66 | 0.00 | 576,190.49 | 0.00 | 234,586,251.15 | | Operating Costs | 164,511,788.99 | 0.00 | 485,329.55 | 0.00 | 164,997,118.54 | | Operating Profit/(Loss) | 57,041,068.43 | 2,425.82 | -613,780.81 | 0.00 | 56,429,713.44 | | Total Assets | 1,745,179,480.16 | 9,072,701.21 | 37,721,508.81 | -234,123,185.85 | 1,557,850,504.33 | | Total Liabilities | 115,857,741.25 | 563,757.93 | 8,547,898.73 | -8,360,000.00 | 116,609,397.91 | - The company had no other significant matters such as prior period accounting error corrections, major debt restructuring, asset swaps, annuity plans, or discontinued operations[412](index=412&type=chunk) [Notes to Parent Company Financial Statement Items](index=143&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed disclosures on the specific composition, changes, and related accounting treatments of major items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income - The parent company's accounts receivable at period-end had a book balance of **CNY 33,204,272.34**, fully provided for bad debts, primarily representing amounts expected to be unrecoverable[418](index=418&type=chunk)[419](index=419&type=chunk)[420](index=420&type=chunk)[422](index=422&type=chunk) - The parent company's other receivables at period-end had a book balance of **CNY 57,108.16**, with intercompany balances accounting for a larger proportion, and bad debt provision details disclosed by stage[426](index=426&type=chunk)[431](index=431&type=chunk) - The parent company's long-term equity investments at period-end had a book value of **CNY 427,842,489.64**, including investments in subsidiaries of **CNY 234,123,185.85** and investments in associates and joint ventures of **CNY 193,719,303.79**[438](index=438&type=chunk) - The parent company achieved operating revenue of **CNY 89,252.71** from January to June **2025**, primarily from other business income; investment income was **CNY 7,452,879.46**, mainly from long-term equity investment income accounted for using the equity method and investment income from financial assets held for trading during the holding period[442](index=442&type=chunk)[444](index=444&type=chunk)[445](index=445&type=chunk) [Supplementary Information](index=144&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary information including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share. Total non-recurring gains and losses amounted to **CNY 3,453,474.33**, the weighted average return on net assets attributable to ordinary shareholders was **2.2032%**, and basic earnings per share was **CNY 0.0393/share** Detailed Statement of Non-recurring Gains and Losses for the Current Period | Item | Amount (CNY) | | :--- | :--- | | Government subsidies recognized in current profit and loss | 407,208.75 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 3,937,742.07 | | Other non-operating income and expenses apart from the above items | -148,421.55 | | Less: Income tax impact | 271,004.32 | | Minority interest impact (after tax) | 472,050.62 | | Total | 3,453,474.33 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (CNY) | Diluted Earnings Per Share (CNY) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 2.2032 | 0.0393 | 0.0393 | | Net Profit Attributable to Ordinary Shareholders of the Company After Non-recurring Gains and Losses | 1.9184 | 0.0342 | 0.0342 |

证券代码：600722 证券简称：金牛化工 公告编号：2025－022 河北金牛化工股份有限公司 2025 年半年度主要经营数据公告 以上经营数据信息来源于公司报告期内财务数据，且未经审计，仅为投资 者及时了解公司生产经营情况之用，敬请广大投资者理性投资，注意投资风险。 特此公告。 1、主要产品价格变动情况 主要产品 2025年上半年度平均 售价（元/吨） 2024年上半年度平均售 价（元/吨） 变动比例 （100%） 甲醇 2349.17 2359.26 -0.43 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。 河北金牛化工股份有限公司（以下简称"公司"）根据上海证券交易所《上 市公司行业信息披露指引第十八号——化工》、《关于做好上市公司2025年半 年度报告披露工作的通知》要求，现将2025年上半年主要经营数据披露如下： 一、 报告期内主要产品的产量、销量及收入实现情况 | 主要产品 | 产量（吨） | 销量（吨） | 营业收入（万元） | | --- | --- | --- | --- | | 甲醇 | 1075 ...