Core Insights - The company reported a total revenue of 11.148 billion yuan and a net profit attributable to shareholders of 192 million yuan for Q3 2025 [1] - The net cash inflow from operating activities was 1.485 billion yuan [1] Financial Metrics - The latest debt-to-asset ratio is 52.37%, ranking 41st among disclosed peers, an increase of 3.34 percentage points year-on-year [3] - The latest gross profit margin is 10.24%, ranking 38th among disclosed peers, a decrease of 0.09 percentage points year-on-year [3] - The return on equity (ROE) is 1.68% [3] - The diluted earnings per share (EPS) is 0.10 yuan [3] - The total asset turnover ratio is 0.47 times [3] - The inventory turnover ratio is 7.18 times, a decrease of 2.31 times year-on-year, representing a decline of 24.32% [3] Shareholder Information - The number of shareholders is 76,400, with the top ten shareholders holding 554 million shares, accounting for 26.94% of the total share capital [3] - The top ten shareholders and their holdings are as follows: - Binzhou Heyi Industrial Investment Partnership (Limited Partnership): 9.76% - Zhang Zhongzheng: 5.82% - Binzhou Antai Holding Group Co., Ltd.: 2.06% - Shi Qinling: 1.98% - Yu Jiang: 1.77% - Tibet Shenzhoumu Fund Management Co., Ltd. - Shenzhoumu Quantum No. 1 Private Securities Investment Fund: 1.23% - Wang Liming: 1.17% - Hong Kong Central Clearing Limited: 1.14% - Binhua Group Co., Ltd. - First Employee Stock Ownership Plan: 1.11% - China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF: 0.91% [3]

Core Viewpoint - Binhu Chemical Co., Ltd. is planning to list on the Hong Kong Stock Exchange, facing challenges such as fluctuating gross margins and high debt levels, while transitioning its revenue focus from chlor-alkali chemicals to propylene and butylene chemicals [1][4]. Financial Performance - As of mid-2025, the company's debt-to-asset ratio has risen to 90.8%, with short-term borrowings amounting to 4.889 billion yuan and cash and cash equivalents at only 1.333 billion yuan [1][7]. - Revenue has shown volatility, decreasing from 8.892 billion yuan in 2022 to 7.306 billion yuan in 2023, a year-on-year decline of 17.8%. However, revenue increased by 40% to 10.228 billion yuan in 2024, and continued to grow by 61.4% to 7.354 billion yuan in the first half of 2025 [4][7]. - The company's gross margin has significantly declined from 26.5% in 2022 to 8.4% in the first half of 2025, with chlor-alkali chemicals experiencing a drop from 24.2% in 2022 to 15% in 2024 [4][7]. Business Transition - Binhu Chemical has shifted its revenue structure, with chlor-alkali chemicals accounting for 90.8% of total revenue in 2022, while propylene and butylene chemicals generated 3.487 billion yuan in revenue by mid-2025, representing 47.4% of total revenue [4][7]. - The company is recognized as the largest producer of various chemical products in China, including granular caustic soda and epoxy propane, according to Frost & Sullivan [4]. Shareholder Structure and Dividends - The largest single shareholder is Binzhou Heyi, holding 9.9% of the shares, while other significant shareholders include Zhang Zhongzheng and Yu Jiang with 5.63% and 1.77% respectively [10]. - Since its listing, the company has maintained a consistent dividend policy, distributing a total of 2.358 billion yuan in dividends with an average payout ratio of 27.08% [9].

Group 1 - The core point of the article is that Binhua Co., Ltd. has announced its total external guarantees amounting to approximately 4.07 billion yuan, with guarantees provided to its subsidiaries accounting for about 4.032 billion yuan, representing 35.75% and 35.42% of the company's latest audited net assets respectively [1][1][1] - As of the first half of 2025, Binhua Co., Ltd.'s revenue composition is heavily weighted towards the chemical sector, which accounts for 95.09% of its total revenue, while other businesses contribute only 4.91% [1][1][1]

Group 1 - The company, Binhua Co., Ltd. (SH 601678), announced the convening of its sixth board meeting on October 30, 2025, to discuss the proposal for the second extraordinary shareholders' meeting of 2025 [1] - For the first half of 2025, the company's revenue composition was 95.09% from chemical products and 4.91% from other businesses [1]

证券代码：601678 证券简称：滨化股份 公告编号：2025-077 滨化集团股份有限公司 关于召开2025年第二次临时股东会的通知 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。 (二)股东会召集人：董事会 (三)投票方式：本次股东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 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 17 日 14 点 30 分 召开地点：山东省滨州市黄河五路 869 号滨化集团股份有限公司会议室 (五)网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年11月17日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 重要内容提示： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第二次临时股东会 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 11 月 17 日 至2025 年 11 月 17 日 本次股东会审议议案及投票股东类型 | 序号 | 议案名称 | 投票股东类型 | | --- ...

表决结果：同意8票，反对0票，弃权0票。 二、审议通过了《关于聘任会计师事务所的议案》 同意公司聘任毕马威华振会计师事务所（特殊普通合伙）为公司2025年度财务报 表及内部控制审计机构。 表决结果：同意8票，反对0票，弃权0票。 该项议案需提交股东会审议。议案具体内容详见公司于本公告日披露的《滨化集 团股份有限公司关于聘任会计师事务所的公告》。 证券代码：601678 股票简称：滨化股份 公告编号：2025-075 滨化集团股份有限公司 第六届董事会第八次会议决议公告 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。 滨化集团股份有限公司（以下简称"公司"）第六届董事会第八次会议于2025年 10月30日以现场和通讯表决相结合方式召开，应出席会议的董事8名，实际出席会议的 董事8名（其中3名以通讯表决方式出席）。会议通知于2025年10月24日以电子邮件和 专人送达方式发出。会议由董事长于江召集并主持。本次会议召开符合《中华人民共 和国公司法》《公司章程》及有关法律、法规规定。与会董事以记名投票的方式进行 了表决，形成决议如下： ...

Financial Performance - The company's operating revenue for the third quarter reached CNY 3,793,998,324.78, an increase of 26.13% compared to the same period last year[5]. - Total profit for the quarter was CNY 162,251,802.10, representing a significant increase of 137.52% year-over-year[5]. - Net profit attributable to shareholders was CNY 80,842,363.16, a slight decrease of 3.86% compared to the previous year[5]. - The net profit after deducting non-recurring gains and losses for the quarter was CNY 109,065,267.63, an increase of 34.94% year-over-year[5]. - The company's total profit for the year-to-date period was CNY 319,951,887.83, an increase of 78.82% compared to the same period last year[5]. - Total operating revenue for the first three quarters of 2025 reached CNY 11,147,859,013.29, a significant increase of 47.5% compared to CNY 7,565,392,617.81 in the same period of 2024[21]. - Operating profit for the first three quarters of 2025 was CNY 317,402,808.41, compared to CNY 180,538,390.43 in 2024, indicating an increase of 75.8%[22]. - Net profit for the first three quarters of 2025 was CNY 197,221,112.39, slightly up from CNY 189,238,238.40 in 2024, showing a growth of 4.2%[22]. Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period was CNY 1,485,473,251.31, a substantial increase of 361.19% compared to the same period last year[5]. - Operating cash inflow for the first three quarters of 2025 was CNY 15.50 billion, a 29.5% increase from CNY 11.96 billion in the same period of 2024[26]. - Net cash flow from operating activities for the first three quarters of 2025 was CNY 1.49 billion, compared to CNY 322.10 million in 2024, reflecting a significant improvement[26]. - The total cash and cash equivalents at the end of the first three quarters of 2025 stood at CNY 1.40 billion, up from CNY 661.37 million at the end of 2024[27]. - Cash received from sales and services in the first three quarters of 2025 was CNY 10.89 billion, compared to CNY 11.78 billion in 2024, indicating a decline in revenue[26]. - Cash received from tax refunds increased significantly to CNY 475.34 million in 2025 from CNY 55.53 million in 2024, highlighting improved tax recovery[26]. Assets and Liabilities - The total assets of the company at the end of the reporting period were CNY 24,047,322,580.39, reflecting a growth of 4.75% from the end of the previous year[6]. - The total assets of the company amounted to CNY 24,047,322,580.39, an increase from CNY 22,956,458,805.29 in the previous year[20]. - Total liabilities increased to CNY 12,594,041,736.84 from CNY 11,573,743,799.96, reflecting a growth of 8.8%[20]. - The company's non-current assets totaled CNY 19,006,676,288.87, a decrease from CNY 19,350,156,065.83[20]. - Total current assets reached RMB 5,040,646,291.52, up from RMB 3,606,302,739.46, indicating an increase of 39.7% year-over-year[18]. Shareholder Information - The first major shareholder, Binhzhou and Yi Industrial Investment Partnership, plans to increase its stake by investing between RMB 140 million and RMB 280 million over the next 12 months[15]. - As of October 30, 2025, the major shareholder has acquired an additional 59,354,972 shares, raising its total holdings to 205,033,082 shares, which is 9.97% of the total share capital[15]. - The company reported a total of 61,450,726 shares held in the repurchase account, accounting for 2.99% of the total shares[14]. - The number of shares held by the top ten shareholders remains stable, with no significant changes reported in the lending or borrowing of shares[14]. Operational Insights - The company attributed the increase in operating revenue to the full operation of its carbon three and four comprehensive utilization project, leading to increased product sales[10]. - The company reported a significant increase in non-recurring gains and losses, primarily due to market price fluctuations and the comprehensive utilization project[11]. - The company has not disclosed any significant changes in operational conditions during the reporting period[15]. Investment Activities - Cash outflow from investment activities in the first three quarters of 2025 was CNY 331.16 million, a decrease from CNY 1.78 billion in 2024, indicating reduced investment expenditures[27]. - Cash inflow from investment activities totaled CNY 94.41 million in 2025, a decrease from CNY 261.23 million in 2024, indicating a reduction in investment returns[27]. Accounting Standards - The company will implement new accounting standards starting in 2025, which may affect financial reporting and performance metrics[28].

证券代码：601678 股票简称：滨化股份 公告编号：2025-076 滨化集团股份有限公司 关于聘任会计师事务所的公告 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。 重要内容提示： 一、拟聘任会计师事务所的基本情况 毕马威华振会计师事务所于1992年8月18日在北京成立，于2012年7月5日获财政部 1 拟聘任的会计师事务所名称：毕马威华振会计师事务所（特殊普通合伙）（以 下简称"毕马威华振"） 原聘任的会计师事务所名称：天职国际会计师事务所（特殊普通合伙）（以下 简称"天职国际"） 变更会计师事务所的简要原因及前任会计师的异议情况：为保证滨化集团股份 有限公司（以下简称"公司"）审计工作的独立性、客观性，依据《国有企业、 上市公司选聘会计师事务所管理办法》及公司《选聘会计师事务所专项制度》 的相关规定，同时考虑公司业务发展需要，公司拟聘任毕马威华振为公司2025 年度财务报表及内部控制审计机构。公司已就本次变更会计师事务所与天职国 际进行了充分沟通，天职国际已知悉本事项且未提出异议。 本次变更会计师事务所事项已经公司第六 ...

证券代码：601678 股票简称：滨化股份 公告编号：2025-074 二、主要产品的价格变动情况 1 单位：元/吨 主要产品 2025 年 1-9 月均价 2024 年 1-9 月均价 年度同比变 动幅度（%） 三季度同比 变动幅度（%） 三季度环比 变动幅度（%） 甲基叔丁基醚 4,730.03 - - - -1.00 环氧丙烷 6,582.88 7,851.33 -16.16 -13.78 1.99 烧碱（折百） 3,151.87 2,773.90 13.63 9.19 0.84 丙烯 5,850.40 6,090.60 -3.94 -7.18 -2.49 环氧氯丙烷 8,727.62 6,757.77 29.15 46.50 20.65 三、主要原材料的价格变动情况 滨化集团股份有限公司 2025 年前三季度主要经营数据公告 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。 根据上海证券交易所《上市公司行业信息披露指引第十三号——化工》的相关规 定，滨化集团股份有限公司（以下简称"公司"）现将 2025 年前三季度主要经 ...

滨化集团股份有限公司 关于为子公司提供担保的公告 证券代码：601678 证券简称：滨化股份 公告编号：2025-078 重要内容提示： 担 保 对 象 被担保人名称 山东滨华新材料有限公司 本次担保金额 20,000.00 万元 实际为其提供的担保余额 361,271.42 万元 是否在前期预计额度内 是 □否 □不适用：_________ 本次担保是否有反担保 □是 否 □不适用：_________ 担保对象及基本情况 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至本公告日上市公司及其控股子 | 406,965.22 | | 公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一期 经审计净资产的比例（%） | 35.75 | | 特别风险提示（如有请勾选） | □对外担保总额（含本次）超过上市公司 | | | 最近一期经审计净资产 50% | | | □对外担保总额（含本次）超过上市公司 | | | 最近一期经审计净资产 100% | | | □对合并报表外单位担保总额（含本次） | | | 达到或超过最近一期经审计净资产 30% | ...