Market Overview - On September 17, the professional engineering sector rose by 0.13% compared to the previous trading day, with Zhenhai Co. leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Top Gainers in Professional Engineering Sector - Zhenhai Co. (603637) closed at 13.18, up 10.02% with a trading volume of 219,500 shares and a turnover of 282 million yuan [1] - Shikong Technology (605178) also rose by 10.02%, closing at 28.67 with a turnover of 353 million yuan [1] - Roman Co. (605289) increased by 10.00%, closing at 59.95 with a turnover of 465 million yuan [1] - Other notable gainers include Sen Te Co. (603098) up 4.03% and Baoli Technology (603959) up 3.23% [1] Market Capital Flow - The professional engineering sector experienced a net outflow of 316 million yuan from institutional investors, while retail investors saw a net inflow of 247 million yuan [2] - Speculative funds had a net inflow of 68.36 million yuan [2] Individual Stock Capital Flow - Sen Te Co. (603098) had a net outflow of 58.52 million yuan from institutional investors, while retail investors had a net outflow of 62.50 million yuan [3] - Roman Co. (605289) saw a net inflow of 56.65 million yuan from institutional investors, but a net outflow of 68.12 million yuan from retail investors [3] - Zhenhai Co. (603637) had a net inflow of 43.36 million yuan from institutional investors, with retail investors also experiencing a net outflow [3]

Market Performance - On August 28, the professional engineering sector rose by 0.85% compared to the previous trading day, with Zhenhai Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - Zhenhai Co., Ltd. (603637) closed at 11.78, with a gain of 7.97% and a trading volume of 274,900 shares, amounting to a transaction value of 318 million yuan [1] - Other notable performers included: - ShenlvdA (000032) at 27.93, up 7.01%, with a trading volume of 1,030,200 shares [1] - Tianwo Technology (002564) at 8.35, up 6.51%, with a trading volume of 667,000 shares [1] - Shenghui Integration (603163) at 40.50, up 6.02%, with a trading volume of 81,100 shares [1] Capital Flow Analysis - The professional engineering sector experienced a net outflow of 229 million yuan from institutional investors, while retail investors saw a net inflow of 154 million yuan [2] - Notable capital flows included: - Deep Sanda A (000032) with a net inflow of 206 million yuan from institutional investors [3] - Tianwo Technology (002564) with a net inflow of 25 million yuan from institutional investors [3] - Precision Steel Structure (600496) with a net inflow of 724,680 yuan from institutional investors [3]

证券代码：603637 证券简称：镇海股份 公告编号：2025-028 镇海石化工程股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 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。 镇海石化工程股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日下午 15:00-16:00 通过上海证券交易所上证路演中心以网络互动方式召开"镇海石化 工程股份有限公司 2025 年半年度业绩说明会"。关于本次说明会的召开事项， 公司已于 2025 年 8 月 16 日在上海证券交易所网站(www.sse.com.cn)披露了《镇 海石化工程股份有限公司关于召开 2025 年半年度业绩说明会的预告公告》（公 告编号：2025-027）。 现将本次说明会召开情况公告如下： 一、本次说明会召开情况 升改造工程设计一标段、中石化宁波新材料研究院项目（二期）工程设计、九江 分公司 150 万吨/年芳烃及炼油配套改造项目硫磺回收装置工程详细设计、燕山 石化炼油厂 3 #三废装置流程优化项目一标段、中海炼化舟山石化技改项目设计服 ...

Financial Performance - The company reported total revenue of 171 million yuan for the first half of 2025, a decrease of 14.76% year-on-year [1] - The net profit attributable to shareholders was 25.96 million yuan, down 30.42% compared to the previous year [1] - The gross margin was 26.49%, a decline of 6.65% year-on-year, while the net margin was 15.21%, down 18.37% [1] - The company’s accounts receivable reached 118.39% of the net profit, indicating a significant amount of receivables relative to earnings [7] Cash Flow and Financial Ratios - Operating cash flow improved by 95% due to better collection efficiency on project payments [4] - The company’s return on invested capital (ROIC) was 7.61%, which is considered average [5] - The company’s total liabilities and financial health indicators suggest a strong cash position [6] Industry Context - The petrochemical industry is crucial for the national economy, characterized by long supply chains and high capital intensity [8] - Investment in the chemical raw materials and products manufacturing sector grew by 8.6% year-on-year, while the oil and gas extraction sector saw a decline of 1.8% [9] - The industry is undergoing a transformation towards green and smart technologies, with a focus on high-quality development [8] Competitive Position - The company has a strong brand reputation and technical expertise in the petrochemical engineering sector, focusing on differentiated competition [11] - It operates in a strategic location in the Yangtze River Delta, a key area for the petrochemical industry in China [11] - The company has a robust order backlog, with contracts worth 277 million yuan yet to be fulfilled [12] Future Outlook - The company aims to maintain its existing business while exploring new opportunities in coal chemical projects and overseas markets [13][16] - The strategic focus includes enhancing operational quality and efficiency, with a dual approach of industrial operations and capital management [17]

Core Viewpoint - The report highlights the financial performance and operational challenges faced by Zhenhai Petrochemical Engineering Co., Ltd. in the first half of 2025, indicating a decline in revenue and profit due to various market pressures and strategic shifts in the petrochemical industry [1][2]. Company Overview and Financial Indicators - Zhenhai Petrochemical Engineering Co., Ltd. reported a total revenue of approximately 170.60 million yuan, a decrease of 14.76% compared to the same period last year [2]. - The total profit for the period was approximately 29.05 million yuan, down 31.67% year-on-year [2]. - The net profit attributable to shareholders was approximately 25.96 million yuan, reflecting a 30.42% decline compared to the previous year [2]. - The company's total assets decreased by 5.21% to approximately 1.31 billion yuan, while net assets decreased by 2.12% to approximately 1.01 billion yuan [2]. Industry Position and Business Model - The company specializes in the petrochemical engineering sector, providing comprehensive services from project planning to operational support, with a focus on EPC (Engineering, Procurement, and Construction) contracts [3][4]. - Zhenhai Petrochemical competes with major state-owned enterprises in the industry, leveraging its expertise in environmental protection and technology upgrades to differentiate itself [5][6]. - The company has established a strong brand image and technical capabilities, which are critical for maintaining its competitive edge in the market [6][7]. Market Dynamics and Performance Drivers - The performance of the company is closely tied to market demand in the petrochemical sector, which is influenced by the overall economic conditions and the industry's cyclical nature [7][8]. - The transition of the petrochemical industry from "scale expansion" to "quality improvement" is reshaping market demand and creating opportunities for companies that can innovate and adapt [8][9]. - The company's revenue is primarily driven by its engineering services, which are essential during periods of high demand in the petrochemical sector [7][8]. Strategic Initiatives and Future Outlook - The company is focusing on enhancing its service offerings in high-value sectors such as fine chemicals and new materials, aiming to create a second growth curve [17][18]. - Zhenhai Petrochemical is actively pursuing strategic partnerships and collaborations to drive innovation and improve operational efficiency [15][16]. - The company plans to leverage digital transformation and advanced technologies to enhance its service capabilities and respond to the evolving market landscape [20].

Company Overview - Zhenhai Chemical Engineering Co., Ltd. reported a total asset of approximately 1.31 billion RMB at the end of the reporting period, a decrease of 5.21% compared to the previous year [1] - The net asset attributable to shareholders decreased by 2.12% to approximately 1.01 billion RMB [1] Financial Performance - The company's operating revenue for the reporting period was approximately 170.60 million RMB, down 14.76% from 200.14 million RMB in the same period last year [1] - Total profit decreased by 31.67% to approximately 29.05 million RMB compared to 42.51 million RMB in the previous year [1] - The net profit attributable to shareholders was approximately 25.96 million RMB, a decline of 30.42% from 37.31 million RMB year-on-year [1] - The net profit after deducting non-recurring gains and losses was not specified [1] - The net cash flow from operating activities was approximately -6.78 million RMB, showing a significant improvement from -135.60 million RMB in the previous year [1] - The weighted average return on net assets decreased by 1.34 percentage points to 2.51% [1] - Basic and diluted earnings per share were both 0.11 RMB, down 31.25% from 0.16 RMB in the previous year [1] Shareholder Information - The total number of shareholders at the end of the reporting period was 11,189 [1] - The largest shareholder, Ningbo Shuntong Group Co., Ltd., holds 16.88% of the shares, amounting to approximately 40.28 million shares [2] - Other significant shareholders include Ningbo Shunji Construction Group Co., Ltd. with 4.34% and several individual shareholders with varying percentages [2]

Core Insights - The company reported a revenue of 170,601,224.15 yuan for the first half of 2025, indicating its financial performance during this period [2] - The net profit attributable to shareholders of the listed company was 25,956,102.98 yuan, reflecting the company's profitability [2] Financial Performance - Revenue for the first half of 2025: 170.60 million yuan [2] - Net profit for the first half of 2025: 25.96 million yuan [2]

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025 compared to the previous year, indicating potential challenges in its financial performance [2] Financial Performance - The company's revenue for the first half of 2025 was approximately 171 million yuan, representing a year-on-year decrease of 14.76% [2] - The net profit attributable to shareholders was around 25.96 million yuan, which is a year-on-year decline of 30.42% [2] - Basic earnings per share were reported at 0.11 yuan, down 31.25% year-on-year [2]

Core Viewpoint - Zhenhai Co., Ltd. (603637) reported a decline in both revenue and net profit for the first half of 2025, primarily due to slower-than-expected progress on certain general contracting projects [1] Financial Performance - The company achieved an operating income of 171 million yuan, representing a year-on-year decrease of 14.76% [1] - The net profit attributable to shareholders was 25.96 million yuan, down 30.42% year-on-year [1] - Basic earnings per share stood at 0.11 yuan [1] Operational Challenges - The decline in revenue was mainly attributed to the implementation progress of some general contracting projects not meeting expectations, resulting in unrecognized revenue during the reporting period [1]

Financial Performance - The company's operating revenue for the first half of 2025 was ¥170,601,224.15, a decrease of 14.76% compared to ¥200,144,977.01 in the same period last year[21]. - Total profit for the reporting period was ¥29,049,875.57, down 31.67% from ¥42,513,522.23 year-on-year[21]. - Net profit attributable to shareholders was ¥25,956,102.98, reflecting a decline of 30.42% from ¥37,305,094.01 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was ¥22,253,201.52, a decrease of 31.26% compared to ¥32,370,989.49 in the same period last year[21]. - Basic earnings per share decreased by 31.25% to CNY 0.11 compared to the same period last year[22]. - Total revenue decreased by 14.76% year-on-year, primarily due to slower progress in certain general contracting projects[22]. - Net profit attributable to shareholders decreased by 30.42% year-on-year, driven by the decline in total revenue and lower returns on idle funds[22]. - The company's revenue is primarily derived from providing a range of professional engineering services, including EPC (Engineering, Procurement, and Construction), consulting, design, and management[39]. - The company achieved operating revenue of 170.60 million yuan and a net profit attributable to shareholders of 25.96 million yuan, with a net profit margin of 15.21%[49]. - The gross profit margin for general contracting projects increased by 1.25% to 26.21%[49]. Cash Flow and Assets - The net cash flow from operating activities was -¥6,776,846.40, an improvement from -¥135,595,350.74 in the previous year[21]. - Total assets at the end of the reporting period were ¥1,308,004,583.59, down 5.21% from ¥1,379,959,421.43 at the end of the previous year[21]. - The company's cash and cash equivalents decreased by 9.74% year-on-year, totaling ¥778,088,294.63, while trading financial assets increased by 25% to ¥150,000,000.00[79]. - The total current assets as of June 30, 2025, amount to ¥1,235,131,016.48, a decrease from ¥1,301,507,987.66 as of December 31, 2024, reflecting a decline of approximately 5.1%[124]. - The cash and cash equivalents decreased from ¥862,014,001.16 to ¥778,088,294.63, representing a decline of about 9.7%[124]. - The accounts receivable decreased from ¥147,525,510.16 to ¥115,119,356.23, a reduction of approximately 22%[124]. - The total liabilities as of June 30, 2025, are ¥297,878,233.53, down from ¥347,637,327.89, indicating a decrease of around 14.3%[125]. - The total assets decreased from ¥1,379,959,421.43 to ¥1,308,004,583.59, reflecting a decline of about 5.2%[125]. Strategic Focus and Market Position - The company focuses on the petrochemical industry, providing integrated solutions from planning to operational services[27]. - The main business model includes general contracting, engineering consulting, and design services, with a strong emphasis on project management[31]. - The company aims to innovate in areas such as environmental protection and new chemical materials[27]. - The company operates in the petrochemical engineering services sector, focusing on green environment, oil quality upgrades, and industrial structure upgrades, showcasing strong competitive advantages in niche markets such as sulfur recovery and hydrogenation[37]. - The company has established a strong brand image and market reputation over 50 years, leveraging its engineering experience and continuous R&D investment to maintain core technological advantages[38]. - The current transition in China's petrochemical industry from "scale expansion" to "quality improvement" is reshaping market demand and creating opportunities for both traditional business upgrades and new business expansions[40]. - Government policies aimed at promoting high-quality development in the petrochemical sector are expected to release market space for companies with innovative capabilities and differentiated competitive advantages[41]. - By 2025, the petrochemical industry is anticipated to achieve significant breakthroughs in technology and efficiency, leading to increased demand for high-value engineering services[42]. Research and Development - The company has made significant technological advancements in new chemical materials, such as the successful development of isononanoic acid synthesis technology, which aligns with industry trends towards high-end products[43]. - The company is focusing on optimizing governance mechanisms, enhancing process efficiency, and applying technological innovations to improve operational efficiency[45]. - The company is actively expanding into high-value areas such as fine chemicals and new energy materials, aiming to cultivate a second growth curve[49]. - The company is committed to increasing R&D investment and deepening strategic cooperation with existing clients while exploring emerging market opportunities[61]. - The company has formed a comprehensive innovation system through strategic collaborations with research institutions, focusing on large-scale modifications and digital transformation in the petrochemical industry[73]. Risk Management - There were no significant risks identified that could adversely affect the company's future development strategy or ongoing operations[8]. - The company faces risks from market environment changes, including supply chain instability and domestic market demand fluctuations, which could impact operations[88]. - To mitigate risks, the company plans to enhance market analysis, increase R&D investment, and optimize supply chain management[89]. - The company acknowledges the volatility in its engineering contracting business due to macroeconomic factors and competition, which may affect project continuity and profitability[90]. - Measures to address project execution risks include strengthening client relationships, enhancing project evaluation mechanisms, and improving cost control[90]. Governance and Compliance - The company elected new board members, including Zheng Zhen as Chairman and Qiu Yuanqing as General Manager[97]. - The sixth board of directors was formed with a total of 9 members, including 5 non-independent directors and 3 independent directors[98]. - The company did not propose any profit distribution or capital reserve transfer plans for the half-year period[101]. - The company confirmed compliance with environmental regulations and is not listed as a key pollutant unit[104]. - The company actively engages in social responsibility initiatives, including disaster relief and educational donations[103]. - The company maintains independence in operations, finance, and governance structures to protect shareholder interests[105]. Subsidiaries and Investments - The subsidiary ZHENHAI PETROCHEMICAL & LSL JV(B) SDN BHD had total assets of 4.3687 million and net assets of 4.3687 million, with a net profit of 68,800 during the reporting period[85]. - The subsidiary Zhejiang Jiakun Technology Co., Ltd. reported total assets of 33.0096 million and net assets of 33.0067 million, achieving a net profit of 189,800[86]. - The company holds a 26.667% stake in Ningbo Huafu New Materials Technology Co., Ltd., which has a registered capital of 30 million[87]. Financial Reporting and Standards - The financial statements were approved for release on August 20, 2025, by the company's board of directors[151]. - The company adheres to the enterprise accounting standards, ensuring the financial statements reflect a true and complete picture of its financial status[155]. - The accounting period for the company runs from January 1 to December 31 each year[156]. - The company follows the principle of materiality in financial reporting, with significant items defined as those exceeding 0.5% of total assets[159].