Core Viewpoint - Bohai Chemical (600800.SH) reported a significant decline in revenue and incurred losses in the first three quarters of 2025, indicating financial challenges for the company [1] Financial Performance - The company achieved a revenue of 2.809 billion yuan in the first three quarters, representing a year-on-year decrease of 16.82% [1] - The net profit attributable to shareholders was a loss of 579 million yuan [1] - The non-recurring net profit also recorded a loss of 579 million yuan [1] - The basic earnings per share stood at -0.52 yuan [1]

Market Overview - On October 29, the Tianjin state-owned enterprise reform sector fell by 0.13% compared to the previous trading day, with Gui Faxiang leading the decline [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Key stocks in the Tianjin state-owned enterprise reform sector showed mixed performance, with Jin Kai New Energy (600821) rising by 1.93% to close at 5.81, and Gui Faxiang (002820) falling by 3.39% to close at 12.55 [1][2] - The trading volume and turnover for notable stocks included: - Jin Kai New Energy: 455,800 shares traded, turnover of 263 million yuan - Tianjin Port (600717): 253,400 shares traded, turnover of 122 million yuan - Gui Faxiang: 141,400 shares traded, turnover of 178 million yuan [1][2] Capital Flow - The Tianjin state-owned enterprise reform sector experienced a net outflow of 85.1 million yuan from institutional investors, while retail investors saw a net inflow of 108 million yuan [2][3] - Notable capital flows for specific stocks included: - Tianjin Investment City Development (600322): Net inflow of 24.4 million yuan from institutional investors - Jin Kai New Energy (600821): Net inflow of 13.05 million yuan from institutional investors - Gui Faxiang (002820): Net outflow of 9.5 million yuan from institutional investors [2][3]

Company Performance - Bohai Chemical reported a revenue of approximately 2.809 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 16.82% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 579 million yuan [1] - The basic earnings per share showed a loss of 0.52 yuan [1] Market Context - As of the report, Bohai Chemical's market capitalization stands at 4.4 billion yuan [1] - The A-share market has recently surpassed 4,000 points, indicating a significant market resurgence after a decade of stagnation, with technology leading the market's transformation [1]

本公司监事会及全体监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。 天津渤海化学股份有限公司（以下简称"公司"）第十届监事会 第十七次会议于 2025 年 10 月 22 日以电话及电子邮件方式通知各位 监事，会议于 2025 年 10 月 29 日 10:00 在公司召开，会议应到监事 5 人，实到监事 5 人，会议由监事会主席戴宜丰先生主持，符合《公 司法》《公司章程》的有关规定。会议审议通过了如下议案： 一、公司 2025 年第三季度报告全文 表决结果：同意 5 票；反对 0 票；弃权 0 票。 证券代码：600800 证券简称：渤海化学 编号：临 2025-052 天津渤海化学股份有限公司 关于第十届监事会第十七次会议决议的公告 特此公告。 天津渤海化学股份有限公司 监 事 会 2025 年 10 月 30 日 ...

证券代码：600800 证券简称：渤海化学 编号：临 2025-051 天津渤海化学股份有限公司 关于第十届董事会第十九次会议决议的公告 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 10 月 30 日 天津渤海化学股份有限公司（以下简称"公司"）第十届董事会 第十九次会议于 2025 年 10 月 22 日以电话及电子邮件方式通知各位 董事，会议于 2025 年 10 月 29 日 9:00 在公司召开，会议应到董事 9 人，实到董事 9 人，公司高管人员及部分监事会成员列席了本次会议。 会议由董事长郭子敬先生主持，符合《公司法》《公司章程》的有关 规定，会议审议通过了如下议案： 一、公司 2025 年第三季度报告全文 本议案已经公司十届十七次董事会审计委员会事前认可并同意 提交董事会。 表决结果：同意 9 票；反对 0 票；弃权 0 票。 特此公告。 天津渤海化学股份有限公司 董 事 会 ...

Financial Performance - The company's operating revenue for the third quarter was ¥848,243,270.52, a decrease of 2.72% compared to the same period last year[4]. - The total profit for the quarter was -¥220,585,017.49, with a year-to-date total profit of -¥578,679,664.62[4]. - The net profit attributable to shareholders was -¥220,751,028.33 for the quarter, and -¥579,431,859.97 year-to-date[4]. - The basic earnings per share for the quarter was -¥0.20, and -¥0.52 year-to-date[5]. - The weighted average return on equity decreased to -16.68%, a drop of 5.5 percentage points compared to the previous year[5]. - The decline in profit was primarily attributed to a decrease in product prices and reduced sales volume[9]. - Total operating revenue for the first three quarters of 2025 was CNY 2,808,874,671.74, a decrease of 17% compared to CNY 3,377,035,640.94 in the same period of 2024[17]. - Net profit for the first three quarters of 2025 was a loss of CNY 579,431,736.26, compared to a loss of CNY 537,248,277.70 in the same period of 2024[18]. - The total comprehensive loss for the first three quarters of 2025 was CNY -579,552,331.24, compared to CNY -537,430,558.40 in 2024[19]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,941,480,213.91, reflecting a 0.97% increase from the end of the previous year[5]. - The equity attributable to shareholders decreased by 32.59% to ¥1,188,358,729.58 compared to the end of the previous year[5]. - The company's total liabilities increased to CNY 2,752,004,873.55 in 2025 from CNY 2,139,838,706.70 in 2024, reflecting a growth of approximately 28.6%[16]. - The company's total equity attributable to shareholders decreased to CNY 1,188,358,729.58 in 2025 from CNY 1,762,841,617.45 in 2024, a decline of approximately 32.5%[16]. Cash Flow - The cash flow from operating activities for the year-to-date was -¥413,489,404.56, indicating a decline due to reduced sales[4][9]. - Cash inflow from operating activities for the first three quarters of 2025 was CNY 3,454,039,501.50, down from CNY 3,996,787,235.37 in 2024, representing a decrease of about 13.6%[21]. - The net cash flow from operating activities was -413,489,404.56, compared to -171,850,206.89 in the previous period, indicating a decline in operational cash generation[22]. - The ending cash and cash equivalents balance decreased to 367,788,915.71 from 585,453,228.91, indicating a reduction in liquidity[23]. - The net increase in cash and cash equivalents was -326,879,510.19, compared to -92,912,517.01 in the previous period, reflecting overall cash depletion[22]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 43,789[11]. - The largest shareholder, Tianjin Bohai Chemical Group, holds 315,392,855 shares, representing 28.41% of total shares[11]. - The second largest shareholder, Tianjin Global Magnetic Card Group, holds 105,431,347 shares, representing 9.50% of total shares[11]. - The company has not reported any significant changes in shareholder relationships or participation in margin trading activities[12]. Investment and Expenses - Research and development expenses for the first three quarters of 2025 were CNY 109,663,197.68, a decrease of 14.4% from CNY 128,135,206.26 in 2024[17]. - Total cash outflow from investing activities was 460,967,745.59, significantly higher than 55,224,507.98 in the prior period, reflecting increased investment expenditures[22]. - Cash paid to employees was 87,665,448.66, an increase from 83,575,327.90, reflecting higher personnel costs[22]. - Cash paid for taxes was 15,169,572.98, down from 50,859,679.14, indicating a decrease in tax liabilities[22]. Borrowings and Financial Leverage - Short-term borrowings rose to ¥1,045,200,197.71 from ¥716,940,750.00[14]. - The company's long-term borrowings increased significantly to CNY 639,895,291.47 in 2025 from CNY 34,900,000.00 in 2024, indicating a substantial rise in financial leverage[16]. - The cash inflow from financing activities totaled 2,233,856,594.36, compared to 1,480,759,696.59 in the previous period, highlighting increased borrowing[22]. - The cash outflow for debt repayment was 1,572,113,803.85, up from 1,223,754,541.21, indicating higher debt servicing costs[22].

Core Insights - The refining and trading sector experienced a rise of 1.78% on October 20, with Baoli International leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Sector Performance - Baoli International (300135) closed at 4.35, up 3.33% with a trading volume of 202,200 shares and a turnover of 87.25 million yuan [1] - Bohai Chemical (600800) closed at 4.00, up 2.83% with a trading volume of 194,300 shares and a turnover of 76.71 million yuan [1] - China Petroleum (601857) closed at 8.62, up 2.50% with a trading volume of 2,088,200 shares and a turnover of 1.78 billion yuan [1] - Other notable performers include Maohua Shihua (000637) and ST Shenhua (000698), with increases of 2.38% and 2.30% respectively [1] Capital Flow - The refining and trading sector saw a net inflow of 355 million yuan from main funds, while retail funds experienced a net outflow of 81.87 million yuan [2] - Major stocks like China Petroleum and Guanghui Energy attracted significant net inflows, with China Petroleum receiving 262 million yuan [3] - Retail investors showed a negative trend, with notable outflows from several stocks including China Petroleum and Guanghui Energy [3]

Market Overview - On October 17, the Tianjin state-owned enterprise reform sector fell by 2.19% compared to the previous trading day, with Baili Electric leading the decline [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Key stocks in the Tianjin state-owned enterprise reform sector showed mixed performance, with Guifaxiang rising by 4.13% to a closing price of 12.86, while Baili Electric dropped by 6.69% to 6.56 [2] - The trading volume and turnover for Guifaxiang were 263,400 shares and 337 million yuan, respectively [2] Capital Flow - The main funds in the Tianjin state-owned enterprise reform sector experienced a net outflow of 180 million yuan, while retail investors saw a net inflow of 204 million yuan [2][3] - The capital flow data indicates that Guifaxiang had a net inflow of 28.86 million yuan from main funds, while Tianjin Port saw a net outflow of 4.73 million yuan [3]

Group 1 - The company announced a routine maintenance shutdown of its wholly-owned subsidiary Tianjin Bohai Petrochemical Co., Ltd.'s PDH unit, which has a capacity of 600,000 tons per year, starting from October 13, 2025, for approximately 30 days [1][2] - This maintenance is part of the annual plan and is not expected to have a significant impact on the company's production and operations [2] Group 2 - The company disclosed the major operating data for the third quarter of 2025 for its subsidiary Tianjin Bohai Petrochemical Co., Ltd., which is unaudited [3] - The announcement includes information on the production volume, sales, and revenue of major products, as well as price changes for major products and raw materials, although specific figures were not provided in the text [3]

Group 1: Financial Performance - Xinhua Insurance expects a net profit of 29.986 billion to 34.122 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 45% to 65% due to reforms and improved investment returns [2] - Feirongda anticipates a net profit of 275 million to 300 million yuan for the first three quarters of 2025, reflecting a growth of 110.80% to 129.96% driven by increased R&D in AI and cooling technologies [2] - Lingyi Zhizao forecasts a net profit of 1.890 billion to 2.120 billion yuan for the first three quarters of 2025, marking a growth of 34.10% to 50.42% attributed to new product launches and increased overseas revenue [5] - Yilake Co. expects a net profit of 4.300 billion to 4.700 billion yuan for the first three quarters of 2025, with a significant increase of 36.89% to 49.62% driven by rising potassium chloride prices [6] - Bojun Technology projects a net profit increase of 50% to 80% for the first three quarters of 2025 [9] Group 2: Regulatory and Corporate Actions - Fudan Zhangjiang's application for the drug Obeticholic Acid for primary biliary cholangitis was not approved by the National Medical Products Administration, with a total R&D investment of approximately 125 million yuan [3] - Northern Rare Earth received a warning letter from the Inner Mongolia Securities Regulatory Bureau for failing to disclose non-operating fund occupation by an affiliate, totaling 8.9485 million yuan [7] - Tianji Co. announced that its major shareholders reduced their holdings by 2.9996% and have terminated their reduction plan ahead of schedule [8] Group 3: Market Trends and Developments - The demand for AI server cooling solutions and related materials has increased, contributing to Feirongda's revenue growth [2] - The overall market for potassium chloride has seen price increases, positively impacting Yilake Co.'s profitability [6] - The consumer electronics market is recovering, leading to increased demand for thermal management materials, benefiting Feirongda's market share [2]