Core Viewpoint - The company has decided to terminate the issuance of A-shares to specific targets for the year 2025 and will withdraw the related application documents [1] Group 1 - The company held its 13th meeting of the 10th Board of Directors on November 19, 2025, where the decision to terminate the stock issuance was made [1] - The stock issuance plan was initially approved by the Board of Directors on August 12, 2025, and subsequently passed at a temporary shareholders' meeting on September 5, 2025 [1] - The company received an acceptance notice from the Shanghai Stock Exchange on October 24, 2025, and an inquiry letter on October 30, 2025, followed by a disclosure of the response document on November 15, 2025 [1]

Core Viewpoint - Jiangsu Sopo (600746.SH) has experienced significant fluctuations in revenue and net profit from 2022 to the first half of 2025, primarily due to market performance of its core products, acetic acid and ethyl acetate, which have seen declining prices impacting overall gross margins [1][2]. Financial Performance Summary - Revenue figures for Jiangsu Sopo from 2022 to the first half of 2025 are as follows: 7.172 billion, 5.390 billion, 6.403 billion, and 3.158 billion [1]. - Net profit for the same period shows a decline to 0.18 billion in 2023, with a recovery to 2.13 billion in 2024, and 1.02 billion in the first half of 2025 [2]. - The gross margin for the main business has decreased over the years, with figures of 15.58%, 7.62%, 8.72%, and 8.40% respectively [1]. Product Performance Analysis - The decline in gross margin is attributed to the market performance of acetic acid and ethyl acetate, with acetic acid's gross margin dropping from 24.69% and ethyl acetate's margin showing a slight recovery in 2025 due to raw material price decreases [1][2]. - In 2024, net profit recovery was supported by stable operations and increased sales volumes of acetic acid and ethyl acetate, which grew by 36.82% and 20.33% respectively [2]. Industry Comparison - Compared to peers, Jiangsu Sopo's gross margin and net profit trends differ due to its concentrated business model focused on acetic acid and derivatives, while competitors like Hualu Hengsheng have a more diverse product range and lower raw material costs [3]. - The overall industry trend shows a decline in gross margins in 2023 followed by a recovery in 2024, aligning with Jiangsu Sopo's performance despite differences in product composition and cost control capabilities [3].

Core Points - Jiangsu Sop (600746) closed at 7.62 yuan on November 14, 2025, up 1.46% from 7.51 yuan the previous week [1] - The company's current market capitalization is 8.899 billion yuan, ranking 24th in the chemical raw materials sector and 2122nd in the A-share market [1] Company Announcements - Jiangsu Sop has completed maintenance and resumed production of methanol, acetic acid, and ethyl acetate as of November 10, 2025 [3] - The company received an inquiry letter from the Shanghai Stock Exchange regarding its application for a specific issuance of A-shares, which is still subject to approval and registration by the China Securities Regulatory Commission [1][3] - The fundraising project for "Acetic Acid Vinyl and EVA Integration Project (Phase I)" aims to raise no more than 1.5 billion yuan for capital expenditures, with an internal rate of return of 12.64% and a payback period of 8.57 years [2] Regulatory Issues - Subsidiaries of Jiangsu Sop have faced five administrative penalties related to safety management and hazardous materials, which have been rectified and do not constitute significant legal obstacles for the current issuance [2]

Core Viewpoint - Jiangsu Sop Chemical Co., Ltd. plans to raise up to 1.5 billion yuan for the "Vinyl Acetate and EVA Integration Project (Phase I)" with a post-tax internal rate of return of 12.64% and a payback period of 8.57 years [1] Investment Project Overview and Return Analysis - The total investment for the project is 3.226 billion yuan, with construction investment at 2.636 billion yuan and additional costs totaling 480 million yuan [2] - The project aims to achieve an annual production capacity of 330,000 tons of vinyl acetate, generating an expected annual revenue of 3.142 billion yuan, with vinyl acetate product revenue accounting for 83.66% [2] - The internal rate of return of 12.64% is higher than Rongsheng Petrochemical's similar project (11.77%) but lower than Lianhong Xinke's (16.03%), indicating a reasonable industry level [2] - The unit investment per ton for this project is 97.7552 million yuan, lower than Shuangxin Environmental Protection (134.1157 million yuan) but slightly higher than Lianhong Xinke (65.0458 million yuan) [2] Project Necessity and Capacity Consumption - The project benefits from synergies with existing products, and construction is expected to be completed by 2026, with production starting in 2027 [3] - The estimated selling price of the product is set conservatively at 9,000 yuan/ton, which is 4.87% lower than the historical average [3] - The projected sales rate is expected to reach 100% due to increasing demand in downstream industries like photovoltaic EVA [3] Financial Condition and Operating Data Analysis - The company's gross profit margin has fluctuated from 15.58% in 2022 to 8.40% in the first half of 2025, primarily due to a decrease in sales price [4] - The net profit for 2024 is projected to be 213 million yuan, a significant increase of 1,088.11% driven by a 36.82% increase in vinyl acetate sales [4] Asset Quality Indicators - As of June 2025, accounts receivable and financing balances reached 689 million yuan, a 54.92% increase from the end of 2024 [5] - Inventory balance is 454 million yuan, with a lower-than-average impairment provision of 0.84% due to high inventory turnover [5] Monetary Funds and Financing Needs - The company currently has 906 million yuan in cash, with 831 million yuan available for use [6] - A funding gap of 1.865 billion yuan is anticipated from Q3 2025 to 2026, and the 1.5 billion yuan raised will help alleviate financial pressure [6] Accountant's Review Opinion - The accountant believes the investment structure of the project is reasonable and consistent with comparable industry projects, with key metrics reflecting industry cyclicality [7] - The company has adequately accounted for receivables and inventory impairment provisions, and there are no signs of asset impairment [8]

点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 江苏索普化工股份有限公司（证券代码：600746，证券简称：江苏索普）11月15日发布公告称，公司已 完成并披露对上海证券交易所（以下简称"上交所"）关于向特定对象发行A股股票申请文件审核问询函 的回复。本次发行事项仍需经上交所审核通过及中国证监会同意注册，最终能否实施及实施时间存在不 确定性。 公告显示，江苏索普于2025年10月30日收到上交所出具的《关于江苏索普化工股份有限公司向特定对象 发行股票申请文件的审核问询函》（上证上审(再融资)〔2025〕331号）。随后，公司会同相关中介机 构对问询函所列问题进行了认真研究和逐项落实，按要求完成了说明和论证 ...

立信会计师事务所（特殊普通合伙） 关于江苏索普化工股份有限公司 向特定对象发行股票申请文件 审核问询函的回复 信会师函字[2025]第 ZH052 号 上海证券交易所： 贵所于 2025 年 10 月 30 日出具的《关于江苏索普化工股份有限公司向特定 对象发行股票申请文件的审核问询函》（上证上审（再融资）〔2025〕331 号） （以下简称"问询函"）已收悉，立信会计师事务所（特殊普通合伙）（以下简 称"申报会计师"）作为江苏索普化工股份有限公司（以下简称"公司""发行 人"或"索普"）本次向特定对象发行股票的申报会计师，已会同发行人就问询 函中提到的问题逐项进行了认真讨论、核查和落实，现就相关问题回复如下： 注 1：我们审计了发行人 2024 年度财务报表，并于 2025 年 4 月 15 日出具 了报告号为信会师报字[2025]第 ZH10088 号的无保留意见审计报告。天衡会计师 事务所(特殊普通合伙)审计了江苏索普 2022 年度、2023 年度财务报表，并分别 于 2023 年 4 月 7 日、2024 年 4 月 15 日出具了报告号为天衡审字(2023)00963 号、 天衡审字(2024)0 ...

关于江苏索普化工股份有限公司 向特定对象发行股票申请文件 的审核问询函的回复 保荐机构（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二五年十一月 关于江苏索普化工股份有限公司向特定对象发行股票申请文件的审核问询函的回复 上海证券交易所： 贵所于 2025 年 10 月 30 日出具的《关于江苏索普化工股份有限公司向特定对象发 行股票申请文件的审核问询函》（上证上审（再融资）〔2025〕331 号）（以下简称"审 核问询函"）已收悉。 江苏索普化工股份有限公司（以下简称"江苏索普"、"公司"、"发行人"）会 同中国国际金融股份有限公司（以下简称"保荐机构"、"中金公司"）、立信会计师 事务所（特殊普通合伙）（以下简称"会计师"、"申报会计师"、"立信"）、国浩 律师（南京）事务所（以下简称"发行人律师"、"国浩"）等中介机构，本着勤勉尽 责、诚实守信的原则，就审核问询函所提问题逐项进行认真讨论、核查与落实，并逐项 进行回复说明。具体回复内容附后。 除另有说明外，本回复中使用的释义或简称与《江苏索普化工股份有限公司向特定 对象发行股票募集说明书（申报稿）》（以下简称 ...

国浩律师（南京）事务所 关 于 江苏索普化工股份有限公司 向特定对象发行股票 之 补充法律意见书（一） 中国江苏省南京市汉中门大街 309 号 B 座 5、7、8 层 邮编：210036 5/7/8F,BlockB,309HanzhongmenStreet,Nanjing,China,210036 电话/Tel: +86 25 89660977 传真/Fax: +86 25 89660966 网址/Website: http://www.grandall.com.cn 2025 年 11 月 | 第一节 律师声明的事项 3 | | | | --- | --- | --- | | 第二节 | 正 文 | 5 | | 《审核问询函》问题 | | 3.2 5 | | 关于关联交易的补充核查意见 16 | | | | 第三节 签署页 | | 17 | 国浩律师（南京）事务所 补充法律意见书（一） 国浩律师（南京）事务所 关于江苏索普化工股份有限公司 向特定对象发行股票之 补充法律意见书（一） 致：江苏索普化工股份有限公司 国浩律师（南京）事务所（以下简称"本所"）接受江苏索普化工股份有 限公司（以下简称"发行人"或" ...

公司本次向特定对象发行 A 股股票事项尚需经上交所审核通过，并获得中国 证券监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后方可实 施，最终能否通过上交所审核，并获得中国证监会同意注册的决定及其时间尚存 在不确定性。公司将根据该事项的进展情况，严格按照上市公司向特定对象发行 股票相关法律法规的要求及时履行信息披露义务，敬请广大投资者注意投资风险。 关于向特定对象发行 A 股股票申请文件的审核问询函 回复的提示性公告 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。 江苏索普化工股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日收 到上海证券交易所（以下简称"上交所"）出具的《关于江苏索普化工股份有限 公司向特定对象发行股票申请文件的审核问询函》（上证上审（再融资）〔2025〕 331 号）（以下简称"审核问询函"）。 公司会同相关中介机构对审核问询函所列问题进行了认真研究和逐项落实， 并按要求对有关问题进行了说明和论证分析，现根据要求对审核问询函回复进行 公开披露，具体内容详见同日在上海证券交易所网 ...

Core Points - The Shanghai Composite Index is at 4008.92 points, above the annual line, with a change of 0.22% [1] - A total trading volume of A-shares reached 894.89 billion yuan today [1] - 39 A-shares have surpassed the annual line, with notable stocks including Hangxin Technology, Liwang Co., and Chuanfa Longmang, showing significant deviation rates [1] Summary by Category Market Performance - The Shanghai Composite Index is currently at 4008.92 points, reflecting a 0.22% increase [1] - The total trading volume for A-shares today is 894.89 billion yuan [1] Stocks Surpassing Annual Line - 39 A-shares have crossed the annual line, with the highest deviation rates recorded for: - Hangxin Technology: 4.59% - Liwang Co.: 3.56% - Chuanfa Longmang: 3.27% [1] - Other stocks with smaller deviation rates include: - Jiuzhou Group - Dali Kaipu - Tiens Wind Power [1] Detailed Stock Data - Notable stocks and their performance: - Hangxin Technology: +4.52%, turnover rate 5.95%, latest price 17.34 yuan, deviation rate 4.59% [1] - Liwang Co.: +5.42%, turnover rate 5.46%, latest price 28.02 yuan, deviation rate 3.56% [1] - Chuanfa Longmang: +3.57%, turnover rate 3.12%, latest price 13.07 yuan, deviation rate 3.27% [1]