第六届董事会第二十次会议决议公告 证券代码：603867 证券简称：新化股份 公告编号：2025-038 转债代码：113663 转债简称：新化转债 浙江新化化工股份有限公司 具体内容详见公司同日在上海证券交易所网站（http://www.sse.com.cn） 披露的相关公告。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 告的议案》 本议案经公司第六届董事会审计委员会第十次会议审议通过。 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 一、董事会会议召开情况 浙江新化化工股份有限公司（以下简称"公司"）第六届董事会第二十次会 议（以下简称"本次会议"）于 2025 年 8 月 28 日以现场结合通讯会议方式召开。 本次会议应参会董事 9 名，实际参会董事 9 名，会议由董事长应思斌先生主持， 本次会议的召开符合《中华人民共和国公司法》和《公司章程》的规定。 二、董事会会议审议情况 本议案经公司第六届董事会审计委员会第十次会议审议通过。 具体内容详见公司同日在上海证券交易所网站（http://www.sse.com.cn） 披露的相关公告。 表决结果：同意 9 票，反对 0 票， ...

Group 1 - The company reported a total operating revenue of 1.482 billion yuan, ranking 45th among disclosed peers [1] - The net profit attributable to shareholders was 148 million yuan, ranking 26th among disclosed peers, with a year-on-year increase of 0.66% [1] - The net cash inflow from operating activities was 63.07 million yuan, ranking 68th among disclosed peers, with a year-on-year increase of 32.36% [1] Group 2 - The company's latest debt-to-asset ratio is 37.39%, a decrease of 1.40 percentage points from the same period last year [3] - The latest gross profit margin is 22.98%, ranking 74th among disclosed peers, with a quarter-on-quarter increase of 1.05 percentage points [3] - The latest return on equity (ROE) is 5.97%, ranking 24th among disclosed peers [3] Group 3 - The diluted earnings per share (EPS) is 0.78 yuan, ranking 11th among disclosed peers [3] - The latest total asset turnover ratio is 0.34 times, ranking 38th among disclosed peers [3] - The latest inventory turnover ratio is 3.11 times, ranking 52nd among disclosed peers [3] Group 4 - The number of shareholders is 10,900, with the top nine shareholders holding 64.08 million shares, accounting for 33.24% of the total share capital [3] - The largest shareholder is Jiande State-owned Assets Management Co., Ltd., holding 16.26% [3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 事件 2025年8月28日公司发布半年报，2025年上半年公司实现营业收入14.8亿元，同比下降0.07%；实现归母净利润1.48亿元，同比增长0.66%。2025年2季度公司实现营业收入7.2亿元，同比下 经营分析 公司为国内低碳脂肪胺龙头，香精香料板块规模持续扩大，考虑到部分新建项目建设投产不及预期，我们调整2025-2027年归母净利润分别为2.88亿元、3.55亿元、3.95亿元(2025-2026年 风险提示 新增产能释放不及预期；原材料价格大幅波动；萃取法提锂订单不及预期；锂电回收项目进展不及预期；人民币汇率波动。 脂肪胺和香精香料业务稳中向好，有机溶剂价格下跌。公司脂肪胺系列产品上半年实现营业收入7.68亿元，同比增长4.62%。合成香料产品均价有所下降，但其销售数量和销售收入较上一期均 聚焦战略新兴产业项目落地工作，为未来发展积蓄动能。公司通过自主研发新型催化剂以及合成技术等，通过自己的研发与科研院所的合作，形成了一些特有的工艺技术。特别是在矿用化学品领 盈利预测、估值与评级 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a slight decline in revenue for the first half of 2025, with total revenue of 1.48 billion RMB, a year-on-year decrease of 0.07%, while net profit attributable to shareholders increased by 0.66% to 148 million RMB [2]. - The performance of the fatty amine and fragrance business segments remains stable, with fatty amines achieving a revenue of 768 million RMB, a year-on-year growth of 4.62% [3]. - The company is focusing on strategic emerging industries, particularly in lithium extraction technologies and specialized chemicals, which are expected to contribute to future growth [4]. Summary by Sections Financial Performance - In Q2 2025, the company generated revenue of 720 million RMB, a year-on-year decline of 3% and a quarter-on-quarter decline of 6%, while net profit was 77 million RMB, reflecting a year-on-year increase of 8% and a quarter-on-quarter increase of 7% [2]. - The company's revenue projections for 2025-2027 are adjusted to 288 million RMB, 355 million RMB, and 395 million RMB, respectively, with a significant downward revision of 36% for 2025 and 2026 [5]. Business Segments - The organic solvent segment saw a significant revenue drop of 28.06% to 173 million RMB due to falling prices influenced by acetone trends [3]. - The synthetic fragrance segment achieved a revenue of 382 million RMB, marking a year-on-year growth of 2.31% despite a decrease in average prices [3]. Strategic Initiatives - The company is actively developing new catalyst technologies and expanding applications in the mining chemicals sector, particularly in lithium extraction [4]. - New projects, including the third phase of Jiangsu Xinrui Fragrance and lithium recovery projects, are progressing and expected to enter trial production in the second half of the year [4].

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2025-038 | | --- | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | | 浙江新化化工股份有限公司（以下简称"公司"）第六届董事会第二十次会 议（以下简称"本次会议"）于 2025 年 8 月 28 日以现场结合通讯会议方式召开。 本次会议应参会董事 9 名，实际参会董事 9 名，会议由董事长应思斌先生主持， 本次会议的召开符合《中华人民共和国公司法》和《公司章程》的规定。 二、董事会会议审议情况 1、审议通过《关于 2025 年半年度报告及其摘要的议案》 本议案经公司第六届董事会审计委员会第十次会议审议通过。 具体内容详见公司同日在上海证券交易所网站（http://www.sse.com.cn） 披露的相关公告。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 2、审议通过《关于 2025 年半年度募集资金存放与实际使用情况的专项报 告的议案》 浙江新化化工股份有限公司 第六届董事会第二十次会议决议公告 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 ...

Group 1 - The core viewpoint of the article is that Xinhua Co., Ltd. (603867.SH) reported its mid-year results, showing a slight decline in revenue but a modest increase in net profit [1] Group 2 - For the first half of 2025, the company achieved total operating revenue of 1.482 billion yuan, representing a year-on-year decrease of 0.07% [1] - The net profit attributable to shareholders of the parent company was 148 million yuan, reflecting a year-on-year growth of 0.66% [1] - The basic earnings per share were reported at 0.78 yuan [1]

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2025-038 | | --- | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | | 浙江新化化工股份有限公司 第六届董事会第二十次会议决议公告 表决结果：同意 9 票，反对 0 票，弃权 0 票。 2、审议通过《关于 2025 年半年度募集资金存放与实际使用情况的专项报 告的议案》 本议案经公司第六届董事会审计委员会第十次会议审议通过。 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 一、董事会会议召开情况 浙江新化化工股份有限公司（以下简称"公司"）第六届董事会第二十次会 议（以下简称"本次会议"）于 2025 年 8 月 28 日以现场结合通讯会议方式召开。 本次会议应参会董事 9 名，实际参会董事 9 名，会议由董事长应思斌先生主持， 本次会议的召开符合《中华人民共和国公司法》和《公司章程》的规定。 二、董事会会议审议情况 1、审议通过《关于 2025 年半年度报告及其摘要的议案》 本议案经公司第六届董事会审计委员会第十次会议审议通过。 具体内容详见公司同日在上海证券交易所网站（h ...

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section provides definitions of common terms used in the report to ensure a clear understanding of professional terminology and company entities, primarily including abbreviations for the company itself, its subsidiaries, and other related parties - Company, the Company, Parent Company, Share Company, Xinhua Shares all refer to Zhejiang Xinhua Chemical Co., Ltd[13](index=13&type=chunk) - Reporting Period, this Period refers to January 1, 2025, to June 30, 2025[13](index=13&type=chunk) - Zhejiang Xinlan Circular Materials Co., Ltd. was renamed Zhejiang Xinhua New Materials Co., Ltd. in June 2025[14](index=14&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section outlines the company's basic registration information, including its Chinese name, abbreviation, English name and its abbreviation, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 浙江新化化工股份有限公司 | | Chinese Abbreviation | 新化股份 | | English Name | ZHEJIANG XINHUA CHEMICAL CO.,LTD. | | Legal Representative | 应思斌 | [II. Contact Person and Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, facilitating communication for investors and relevant parties Contact Information | Position | Name | Contact Number | Email Address | | :--- | :--- | :--- | :--- | | Board Secretary | 胡建宏 | 0571-64793028 | xhhg@xhchem.com | | Securities Affairs Representative | 潘建波 | 0571-64793028 | xhhg@xhchem.com | [III. Overview of Basic Information Changes](index=5&type=section&id=III.%20Overview%20of%20Basic%20Information%20Changes) This section details the company's registered and office addresses and notes no historical changes to the registered address during the reporting period - The company's registered and office addresses are both No. 909, Xin'anjiang Road, Yangxi Street, Jiande City, Zhejiang Province[18](index=18&type=chunk) - There were no historical changes to the company's registered address during the reporting period[18](index=18&type=chunk) [IV. Overview of Information Disclosure and Document Storage Location Changes](index=5&type=section&id=IV.%20Overview%20of%20Information%20Disclosure%20and%20Document%20Storage%20Location%20Changes) This section lists the company's designated information disclosure newspapers and website, as well as the location for the semi-annual report, ensuring transparency - The company's selected information disclosure newspapers are "Shanghai Securities News" and "Securities Times"[19](index=19&type=chunk) - The website address for publishing the semi-annual report is www.sse.com.cn[19](index=19&type=chunk) [V. Company Stock Profile](index=5&type=section&id=V.%20Company%20Stock%20Profile) This section provides the company's stock listing information, including stock type, listing exchange, stock abbreviation, and code Company Stock Profile | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 新化股份 | 603867 | [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section summarizes the company's key accounting data and financial indicators for the reporting period, reflecting its operating results and financial position [(I) Key Accounting Data](index=6&type=section&id=(I)%20Key%20Accounting%20Data) The company's operating revenue in the first half of 2025 slightly decreased by 0.07% year-on-year, but total profit and net profit attributable to the parent company both achieved slight growth, with a significant increase in net cash flow from operating activities Key Accounting Data (January-June 2025) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,481,854,937.30 yuan | 1,482,904,222.37 yuan | -0.07 | | Total Profit | 200,236,976.44 yuan | 196,678,830.68 yuan | 1.81 | | Net Profit Attributable to Shareholders of Listed Company | 148,148,630.39 yuan | 147,174,578.57 yuan | 0.66 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 141,742,713.14 yuan | 140,548,954.50 yuan | 0.85 | | Net Cash Flow from Operating Activities | 63,072,070.40 yuan | 47,652,663.51 yuan | 32.36 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 2,481,810,501.74 yuan | 2,327,380,949.06 yuan | 6.64 | | Total Assets (Period-end) | 4,426,375,634.95 yuan | 4,348,257,272.55 yuan | 1.80 | [(II) Key Financial Indicators](index=6&type=section&id=(II)%20Key%20Financial%20Indicators) The company's basic and diluted earnings per share both decreased in the first half of 2025, and the weighted average return on net assets also slightly reduced, but net cash flow from operating activities significantly increased by 32.36%, mainly due to increased cash received from sales of goods and provision of services Key Financial Indicators (January-June 2025) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.78 | 0.80 | -2.50 | | Diluted Earnings Per Share (yuan/share) | 0.73 | 0.77 | -5.19 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.75 | 0.76 | -1.32 | | Weighted Average Return on Net Assets (%) | 6.05 | 6.54 | Decreased by 0.49 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 5.79 | 6.25 | Decreased by 0.46 percentage points | - Net cash flow from operating activities increased by **32.36%** year-on-year, primarily due to increased cash received from sales of goods and provision of services in the current period[23](index=23&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses items and their amounts for the reporting period, totaling **6,405,917.25 yuan** Non-Recurring Gains and Losses Items and Amounts (January-June 2025) | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -581,061.54 | | Government grants included in current profit and loss | 7,381,126.93 | | Other non-operating income and expenses apart from the above | 586,046.27 | | Less: Income tax impact | 759,897.00 | | Minority interest impact (after tax) | 220,297.41 | | Total | 6,405,917.25 | Section III Management Discussion and Analysis [I. Description of the Company's Industry and Main Business during the Reporting Period](index=8&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20during%20the%20Reporting%20Period) This section elaborates on the company's industry classification, main business scope, key products and their uses, as well as its operating model and market position [(I) Company's Industry](index=8&type=section&id=(I)%20Company's%20Industry) The company is classified as Chemical Raw Materials and Chemical Products Manufacturing (C26) according to both the "National Economic Industry Classification" and the China Securities Regulatory Commission's "Guidelines for Industry Classification of Listed Companies" - The company's industry is Chemical Raw Materials and Chemical Products Manufacturing (C26)[28](index=28&type=chunk) [(II) Company's Main Business Operations](index=8&type=section&id=(II)%20Company's%20Main%20Business%20Operations) The company primarily engages in the R&D, production, and sales of fatty amines, organic solvents, synthetic fragrances, and other fine chemical products, which are widely used in various fields such as pesticides, pharmaceuticals, and new energy - The company's main business includes the R&D, production, and sales of fatty amines, organic solvents, synthetic fragrances, and other fine chemical products[29](index=29&type=chunk) - Key product series include fatty amines (such as isopropylamine, monoethylamine, diethylamine, triethylamine), organic solvents (such as isopropanol, isopropyl ether), synthetic fragrances (such as phenol esters, enol esters, sandalwood, aldehydes and ketones), and other fine chemical products (such as diethyl phosphinate aluminum, GS-800 surfactant)[30](index=30&type=chunk)[31](index=31&type=chunk) - Products are widely used in pesticides, pharmaceuticals, inks, new energy, coatings, mineral flotation, extraction, and other fields[29](index=29&type=chunk) [(III) Company's Business Model](index=9&type=section&id=(III)%20Company's%20Business%20Model) The company adopts a procurement model combining strategic and daily purchasing, a production model centered on "production based on sales," and an outright direct sales model for product distribution, with pricing strategies considering raw materials, market supply and demand, and customer relationships - The procurement model is divided into strategic procurement (for major raw materials) and daily procurement[32](index=32&type=chunk) - The production model primarily adopts "production based on sales," with the production operations department formulating plans and coordinating various departments to organize production[32](index=32&type=chunk) - The sales model is outright direct sales, with customers including manufacturers and traders; pricing strategies consider raw materials, market supply and demand, inventory levels, and sales regions, with price concessions offered to major customers[33](index=33&type=chunk) [(IV) Market Position](index=9&type=section&id=(IV)%20Market%20Position) The company holds significant market positions in fatty amines, organic solvents, and synthetic fragrances, with isopropylamine capacity among the global leaders, dual process routes for isopropanol, and deep cooperation with Givaudan in synthetic fragrances. Additionally, the company is actively expanding into lithium resources and high-end chemicals, driving business upgrades - The company is one of the world's leading producers of fatty amine products, with the largest isopropylamine capacity in China[34](index=34&type=chunk) - In organic solvents, the company uses both "acetone method" and "propylene method" process routes to produce isopropanol, allowing for flexible adjustments to enhance economic efficiency[34](index=34&type=chunk) - The synthetic fragrance business maintains stable development through long-term cooperation with Givaudan, a global leader in flavors and fragrances[34](index=34&type=chunk) - The company is actively expanding new businesses, with a dual strategy in lithium resources (salt lake lithium extraction industrialization + battery recycling) and breakthroughs in high-end chemicals (flame retardants + electronic-grade isopropanol)[34](index=34&type=chunk) [II. Discussion and Analysis of Operations](index=10&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company maintained a stable and progressive momentum amidst a complex economic environment, with operating revenue slightly decreasing by 0.07% year-on-year and net profit attributable to the parent company increasing by 0.66%. Fatty amine product revenue grew, organic solvent revenue declined due to lower prices, and synthetic fragrance sales revenue saw a slight increase. Several key projects are progressing smoothly and are expected to enter trial production in the second half of the year - In the first half of 2025, the company achieved operating revenue of **1.481 billion yuan**, a year-on-year decrease of **0.07%**; net profit attributable to shareholders of the listed company was **148 million yuan**, a year-on-year increase of **0.66%**[36](index=36&type=chunk) Main Product Operating Performance (First Half 2025) | Product Series | Operating Revenue (billion yuan) | YoY Change (%) | | :--- | :--- | :--- | | Fatty Amines | 0.768 | 4.62 | | Organic Solvents | 0.173 | -28.06 | | Synthetic Fragrances | 0.382 | 2.31 | - Jiangsu Xinrui Fragrance Phase III Project, Jiangsu Xingfu Electronics' electronic-grade isopropanol project, and Xinyao Technology Company's lithium battery recycling project are all accelerating construction and are expected to enter trial production in the second half of the year[38](index=38&type=chunk) [III. Analysis of Core Competitiveness during the Reporting Period](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20during%20the%20Reporting%20Period) The company's core competitiveness spans six areas: product, cost, regional, technology, market, and management, featuring a scaled and technologically advanced fine chemical product line, cost advantages from dual process routes and economies of scale, a favorable geographical location, technology-driven new business expansion, long-term stable partnerships with major clients, and extensive experience in chemical production management - **Product Advantage**: The company's main products (low-carbon fatty amines, organic solvents, synthetic fragrances) have strong competitive advantages in equipment scale and process technology, with the largest isopropylamine capacity in China and a complete range of products, offering one-stop services[39](index=39&type=chunk)[40](index=40&type=chunk) - **Cost Advantage**: Large production capacity leads to strong bargaining power for raw material procurement, with annual contracts signed with major acetone producers for preferential prices; the company possesses both acetone hydrogenation and propylene hydration processes for isopropanol production, allowing for selection of cost-advantaged raw materials[40](index=40&type=chunk)[41](index=41&type=chunk) - **Regional Advantage**: Located in East China, close to concentrated pesticide manufacturers, within a reasonable transportation radius for ports, raw material supply, and product users, saving transportation costs[41](index=41&type=chunk) - **Technology Advantage**: A national high-tech enterprise with provincial-level scientific research workstations and technology centers, holding multiple invention patents, and actively expanding extraction-based lithium recovery technology and specialized chemical applications in the field of mining chemicals[41](index=41&type=chunk) - **Market Advantage**: Established long-term stable cooperative relationships of over 10 years with international and domestic agrochemical giants and Givaudan, a leader in flavors and fragrances, ensuring high customer stickiness, capacity utilization, and stable profitability[42](index=42&type=chunk) - **Management Advantage**: Accumulated rich experience in chemical production management, including cost, quality, and safety management, maintaining normal production amidst environmental and safety rectifications, which contributes to a leading advantage in industry consolidation[42](index=42&type=chunk) [IV. Key Operating Performance during the Reporting Period](index=11&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, investment status, and the operating performance of major controlled and investee companies during the reporting period [(I) Main Business Analysis](index=11&type=section&id=(I)%20Main%20Business%20Analysis) The company's operating revenue slightly decreased due to lower organic solvent prices, but operating costs also fell with raw material price fluctuations. Financial expenses significantly increased due to reduced exchange gains, while net cash flow from operating activities substantially improved due to increased cash from sales Financial Statement Related Item Variation Analysis (January-June 2025) | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,481,854,937.30 | 1,482,904,222.37 | -0.07 | | Operating Cost | 1,141,377,176.25 | 1,157,356,876.55 | -1.38 | | Selling Expenses | 11,726,634.94 | 11,269,196.24 | 4.06 | | Administrative Expenses | 76,245,059.34 | 72,814,994.28 | 4.71 | | Financial Expenses | 6,964,803.29 | 988,890.10 | 604.31 | | R&D Expenses | 50,779,796.96 | 47,522,848.78 | 6.85 | | Net Cash Flow from Operating Activities | 63,072,070.40 | 47,652,663.51 | 32.36 | | Net Cash Flow from Investing Activities | -162,132,042.46 | -126,315,632.14 | Not applicable | | Net Cash Flow from Financing Activities | -55,886,814.74 | -107,740,299.51 | Not applicable | - Operating revenue slightly decreased, mainly due to the continuous decline in sales prices of organic solvent products in the first half of the year[44](index=44&type=chunk) - Financial expenses significantly increased by **604.31%**, primarily due to a decrease in exchange gains in the current period[44](index=44&type=chunk) - Net cash flow from operating activities increased by **32.36%**, primarily due to increased cash received from sales of goods and provision of services in the current period[44](index=44&type=chunk) [(III) Analysis of Assets and Liabilities](index=12&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) The company's total assets and net assets attributable to the parent company both increased at the end of the period. On the liability side, other non-current assets, employee compensation payable, taxes payable, and non-current liabilities due within one year all significantly decreased. The main restricted asset at period-end was monetary funds used for issuing bank acceptance bills Asset and Liability Status Changes (Period-end vs. Prior Year-end) | Item Name | Current Period-end Amount (yuan) | Current Period-end % of Total Assets | Prior Year-end Amount (yuan) | Prior Year-end % of Total Assets | Current Period-end vs. Prior Year-end Change % | | :--- | :--- | :--- | :--- | :--- | :--- | | Other Non-Current Assets | 23,984,917.70 | 0.54 | 37,523,508.59 | 0.86 | -36.08 | | Employee Compensation Payable | 21,394,158.27 | 0.48 | 35,308,390.55 | 0.81 | -39.41 | | Taxes Payable | 14,372,369.49 | 0.32 | 28,359,131.64 | 0.65 | -49.32 | | Non-Current Liabilities Due Within One Year | 13,113,151.21 | 0.30 | 26,775,529.73 | 0.62 | -51.03 | - The decrease in other non-current assets was mainly due to a reduction in prepaid engineering equipment costs[45](index=45&type=chunk) - The decrease in employee compensation payable was due to the payment of year-end bonuses accrued for 2024[45](index=45&type=chunk) - The decrease in taxes payable was mainly due to the payment of 2024 corporate income tax settlement and payment[45](index=45&type=chunk) - The decrease in non-current liabilities due within one year was due to the repayment of long-term borrowings due within one year[45](index=45&type=chunk) Main Restricted Assets (Period-end) | Item | Period-end Book Balance (yuan) | Restriction Type | Reason for Restriction | | :--- | :--- | :--- | :--- | | Monetary Funds | 36,265,517.66 | Frozen | Used for issuing bank acceptance bills | [(IV) Analysis of Investment Status](index=14&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) At the end of the period, the company's financial assets measured at fair value totaled **452,372,680.10 yuan**, with an increase in accounts receivable financing and a decrease in other equity instrument investments due to fair value changes Financial Assets Measured at Fair Value (Period-end) | Asset Category | Beginning Balance (yuan) | Current Period Fair Value Change (yuan) | Current Period Purchase Amount (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 384,801,196.61 | - | - | 419,435,853.25 | | Other Equity Instrument Investments | 35,551,440.91 | -4,014,614.06 | 1,400,000.00 | 32,936,826.85 | | Total | 420,352,637.52 | -4,014,614.06 | 1,400,000.00 | 452,372,680.10 | [(VI) Analysis of Major Controlled and Investee Companies](index=15&type=section&id=(VI)%20Analysis%20of%20Major%20Controlled%20and%20Investee%20Companies) This section lists the financial performance of the company's major controlled subsidiaries and investee companies with a significant impact (over 10%) on net profit, and notes that newly established subsidiaries had no impact on current period operating data Major Subsidiary Financial Data (First Half 2025) | Company Name | Total Assets (million yuan) | Net Assets (million yuan) | Operating Revenue (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | :--- | | Jiangsu Xinhua Company | 452.2150 | 350.8212 | 194.3838 | 24.4371 | | Xinrui Fragrance Company | 621.2194 | 521.4976 | 316.6509 | 50.1534 | | Ningxia Xinhua Company | 1,204.7630 | 107.5371 | 120.6513 | -6.7590 | - Newly established subsidiaries during the reporting period include Xinhua Xincun (Zhejiang) Semiconductor Materials Research Co., Ltd., Jiande Gamma Technology Venture Development Partnership, and Xinjiang Zixin Environmental Protection Technology Co., Ltd., all of which have not yet contributed capital and had no impact on the current period's operating data[52](index=52&type=chunk) [V. Other Disclosure Matters](index=16&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses significant risks the company may face, including production safety risks, environmental standard increase risks, raw material price fluctuation risks, and high accounts receivable risks, along with the company's mitigation measures - **Safety Production Risk**: The company operates in the fine chemical industry, which involves flammable, explosive, and toxic characteristics; the company manages this risk by improving its management system, strengthening on-site management, and enhancing inherent safety levels[54](index=54&type=chunk) - **Environmental Standard Increase Risk**: The fine chemical industry is subject to strict environmental policy controls; the company actively implements environmental measures, monitors policy changes, and adopts new processes to reduce pollution and emissions[54](index=54&type=chunk) - **Raw Material Price Fluctuation Risk**: Prices of major raw materials are influenced by petroleum product prices and market supply and demand, posing a risk to the company's profitability if product selling prices cannot be adjusted in sync with cost changes[55](index=55&type=chunk) - **Accounts Receivable Risk**: The book value of accounts receivable at period-end was **389.2942 million yuan**, accounting for **20.32%** of current assets, indicating a bad debt risk; the company has made bad debt provisions and continues to expand its operating scale[55](index=55&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Company Directors and Senior Management](index=17&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) During the reporting period, the company experienced several changes in its directors, supervisors, and senior management, including the departure of supervisors due to functional adjustments of the supervisory board, and the election and appointment of directors and a deputy general manager Changes in Directors and Senior Management | Name | Position Held | Change Circumstance | | :--- | :--- | :--- | | 王勇 | Director | Resignation | | 赖侃拓 | Supervisor | Resignation | | 赵建标 | Chairman of Supervisory Board | Resignation | | 方军伟 | Supervisor | Resignation | | 赵建标 | Deputy General Manager | Appointment | | 方军伟 | Employee Director | Election | - The company no longer has a Supervisory Board, with its functions now exercised by the Board's Audit Committee, leading to the automatic resignation of former supervisors[58](index=58&type=chunk) - Mr. Wang Yong resigned from his director position due to personal reasons, and Mr. Fang Junwei was elected as an employee director[58](index=58&type=chunk) - Mr. Zhao Jianbiao was appointed as the company's Deputy General Manager[59](index=59&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=17&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board of directors resolved not to carry out profit distribution or capital reserve conversion into share capital during the reporting period - During the reporting period, the company will not carry out profit distribution or capital reserve conversion into share capital[60](index=60&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=18&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 and its seven major subsidiaries are all included in the list of enterprises required to disclose environmental information by law, with corresponding environmental information disclosure report query indexes provided - The company and 7 major subsidiaries have been included in the list of enterprises required to disclose environmental information by law[61](index=61&type=chunk) Enterprises Included in the List of Enterprises Required to Disclose Environmental Information by Law | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Zhejiang Xinhua Chemical Co., Ltd. | https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search | | 3 | Jiangsu Xinhua Chemical Co., Ltd. | http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/viewRunner.html?viewId=http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/sps/views/yfpl/views/yfplHomeNew/index.js | | 5 | Jiangsu Xinrui Fragrance Co., Ltd. | http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/viewRunner.html?viewId=http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/sps/views/yfpl/views/yfplHomeNew/index.js | | 7 | Ningxia Xinhua Chemical Co., Ltd. | https://222.75.41.50:10958/ | Section V Important Matters [I. Fulfillment of Commitments](index=19&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller, shareholders, related parties, and the company itself have timely and strictly fulfilled all commitments made during or continuing into the reporting period, including avoiding horizontal competition, standardizing and reducing related-party transactions, information disclosure, and shareholding and reduction intentions - The company and its major shareholders, directors, supervisors, and senior management have all issued commitment letters to avoid horizontal competition and continue to effectively fulfill them[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) - Shareholders holding **5%** or more of the shares, and all directors, supervisors, and senior management of the company have committed to standardize and reduce related-party transactions and strictly implement relevant systems[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk)[79](index=79&type=chunk) - The company and its directors, supervisors, and senior management holding company shares have committed to the truthfulness, accuracy, and completeness of information disclosure and bear corresponding compensation liabilities[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) - Shareholders holding **5%** or more of the shares have committed to long-term holding of company shares and have made specific provisions regarding the method, price, quantity, and duration of share reductions[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) [X. Significant Related-Party Transactions](index=25&type=section&id=X.%20Significant%20Related-Party%20Transactions) This section discloses the company's daily operating related-party transactions and related-party transactions involving asset acquisitions or equity disposals during the reporting period, along with their progress [(I) Related-Party Transactions Related to Daily Operations](index=25&type=section&id=(I)%20Related-Party%20Transactions%20Related%20to%20Daily%20Operations) The company engages in daily operating related-party transactions with GIVAUDAN and its subsidiaries, Baisha Chemical Company, Tongchuang Thermal Power Company, Suzhou Yinli Technology Company, and other related parties, involving product sales, raw material procurement, royalty fees, and service provision Related-Party Transactions Related to Daily Operations (January-June 2025) | Related Party | Related Transaction Type and Content | 2025 Estimated Amount (million yuan) | Jan-Jun 2025 Actual Amount (million yuan) | | :--- | :--- | :--- | :--- | | GIVAUDAN and its subsidiaries | Product Sales | 520.00 | 240.0422 | | GIVAUDAN and its subsidiaries | Raw Material Procurement, etc. | 2.00 | 0.0074 | | GIVAUDAN and its subsidiaries | Royalty Fees | 2.50 | 0.5941 | | Jiande Baisha Chemical Co., Ltd. | Product Sales | 4.00 | 0.7131 | | Jiande Dayang Tongchuang Thermal Power Co., Ltd. | Material Transfer | 0.01 | 0.0028 | | Jiande Dayang Tongchuang Thermal Power Co., Ltd. | Service Provision | 0.20 | 0.0923 | | Suzhou Yinli Technology Co., Ltd. | Material Sales | 0.50 | 0.0022 | [(II) Related-Party Transactions Arising from Asset Acquisitions or Equity Acquisitions/Disposals](index=26&type=section&id=(II)%20Related-Party%20Transactions%20Arising%20from%20Asset%20Acquisitions%20or%20Equity%20Acquisitions/Disposals) The company plans to transfer **24.5%** of the shares held by its wholly-owned subsidiary, Zhejiang Xin Gamma Chemical Co., Ltd., in Gamma Management Consulting Partnership to other and new partners, with **17%** transferred to Mr. Ying Sibin, the company's chairman; this transaction constitutes a related-party transaction and has not yet been completed - The company plans to transfer **24.5%** of the shares held by its wholly-owned subsidiary, Zhejiang Xin Gamma Chemical Co., Ltd., in Jiande Gamma Management Consulting Partnership (Limited Partnership) to other and new partners[83](index=83&type=chunk) - Of this, **17%** of the shareholding will be transferred to Mr. Ying Sibin, the company's chairman, constituting a related-party transaction[83](index=83&type=chunk) - As of the report disclosure date, this transaction has not yet been completed[83](index=83&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=28&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses the company's significant guarantee situations that were fulfilled or remained unfulfilled at the end of the reporting period, primarily guarantees for its subsidiaries [(II) Significant Guarantees Fulfilled and Unfulfilled during the Reporting Period](index=28&type=section&id=(II)%20Significant%20Guarantees%20Fulfilled%20and%20Unfulfilled%20during%20the%20Reporting%20Period) At the end of the reporting period, the company's total guarantee balance for its subsidiaries was **1,293.00 million yuan**, accounting for **46.66%** of the company's net assets. Of this, the amount of debt guarantees provided for guaranteed parties with an asset-liability ratio exceeding **70%** was **1,090.00 million yuan** Company Guarantee Total Amount (Period-end) | Indicator | Amount (million yuan) | | :--- | :--- | | Total Guarantees for Subsidiaries Incurred During Reporting Period | 104.00 | | Total Guarantees for Subsidiaries Outstanding at Period-end (B) | 1,293.00 | | Total Guarantees (A+B) | 1,293.00 | | Total Guarantees as % of Company's Net Assets | 46.66 | | Debt Guarantees Provided for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 1,090.00 | [XII. Explanation of Progress in Use of Raised Funds](index=29&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) This section provides a detailed explanation of the overall use of the company's raised funds, specifics of the investment projects, and the temporary use of idle raised funds to supplement working capital [(I) Overall Use of Raised Funds](index=29&type=section&id=(I)%20Overall%20Use%20of%20Raised%20Funds) The company's total raised funds amounted to **650.00 million yuan**, with a net amount of **639.25 million yuan**. As of the end of the reporting period, the cumulative investment of raised funds was **612.86 million yuan**, representing an investment progress of **95.87%** Overall Use of Raised Funds (As of Period-end) | Indicator | Amount (million yuan) | | :--- | :--- | | Total Raised Funds | 650.00 | | Net Raised Funds | 639.25 | | Cumulative Total Investment of Raised Funds as of Period-end | 612.86 | | Cumulative Investment Progress of Raised Funds as of Period-end (%) | 95.87 | - As of April 25, 2025, the company's convertible bond investment project had remaining raised funds of **30.3813 million yuan**, which have been permanently used to supplement working capital[89](index=89&type=chunk) [(II) Details of Raised Fund Investment Projects](index=29&type=section&id=(II)%20Details%20of%20Raised%20Fund%20Investment%20Projects) This section details the specific situation of the raised fund investment projects, including planned total investment, amount invested in the current year, cumulative invested amount, and investment progress Details of Raised Fund Investment Projects (As of Period-end) | Project Name | Total Investment Pledged in Prospectus (million yuan) | Cumulative Investment as of Period-end (million yuan) | Investment Progress as of Period-end (%) | | :--- | :--- | :--- | :--- | | Ningxia Xinhua Synthetic Fragrance Product Base (Phase I) Project | 639.2533 | 612.8644 | 95.87 | [(IV) Other Circumstances of Raised Fund Use during the Reporting Period](index=31&type=section&id=(IV)%20Other%20Circumstances%20of%20Raised%20Fund%20Use%20during%20the%20Reporting%20Period) The company temporarily used a portion of idle raised funds to supplement working capital during the reporting period and fully repaid it within the stipulated period - The company used idle raised funds not exceeding **50.00 million yuan** to temporarily supplement working capital, with a usage period not exceeding 12 months[93](index=93&type=chunk) - From December 12, 2024, to April 24, 2025, **20 million yuan** of raised funds were actually used and fully repaid on April 24, 2025[93](index=93&type=chunk) Section VI Share Changes and Shareholder Information [I. Share Capital Changes](index=32&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's share capital changed due to the conversion of convertible corporate bonds, resulting in an increase in both unrestricted tradable shares and total shares [1. Table of Share Capital Changes](index=32&type=section&id=1.%20Table%20of%20Share%20Capital%20Changes) The company's unrestricted tradable shares and total shares both increased by **5,215,117 shares**, bringing the total share capital to **192,773,989 shares** Table of Share Capital Changes | Item | Quantity Before Change | Percentage Before Change (%) | Increase/Decrease in This Change (+,-) Subtotal | Quantity After Change | Percentage After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | II. Unrestricted Tradable Shares | 187,558,872 | 100 | 5,215,117 | 192,773,989 | 100 | | 1. RMB Ordinary Shares | 187,558,872 | 100 | 5,215,117 | 192,773,989 | 100 | | III. Total Shares | 187,558,872 | 100 | 5,215,117 | 192,773,989 | 100 | [2. Explanation of Share Capital Changes](index=33&type=section&id=2.%20Explanation%20of%20Share%20Capital%20Changes) During the reporting period, the company's share capital increased by **5,215,117 shares**, primarily due to the conversion of convertible corporate bonds - During the reporting period, a total of **5,215,117 shares** were converted from convertible corporate bonds[97](index=97&type=chunk) [II. Shareholder Information](index=33&type=section&id=II.%20Shareholder%20Information) This section discloses the total number of shareholders, the top ten shareholders, and the top ten unrestricted tradable shareholders as of the end of the reporting period [(I) Total Number of Shareholders](index=33&type=section&id=(I)%20Total%20Number%20of%20Shareholders) As of the end of the reporting period, the total number of common stock shareholders was **10,918** - As of the end of the reporting period, the total number of common stock shareholders was **10,918**[98](index=98&type=chunk) [(II) Table of Shareholding by Top Ten Shareholders and Top Ten Tradable Shareholders (or Unrestricted Shareholders) as of the End of the Reporting Period](index=33&type=section&id=(II)%20Table%20of%20Shareholding%20by%20Top%20Ten%20Shareholders%2C%20Top%20Ten%20Tradable%20Shareholders%20(or%20Unrestricted%20Shareholders)%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, Jiande City State-owned Assets Management Co., Ltd. was the company's largest shareholder, with a **16.26%** stake. Among the top ten shareholders, state-owned legal entities and domestic natural persons predominated Shareholding by Top Ten Shareholders (As of Period-end) | Shareholder Name | Period-end Shareholding (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Jiande City State-owned Assets Management Co., Ltd. | 31,348,331 | 16.26 | State-owned Legal Entity | | Hu Jian | 19,204,660 | 9.96 | Domestic Natural Person | | Guosen Securities Co., Ltd. | 3,704,456 | 1.92 | State-owned Legal Entity | | Wang Weiming | 2,435,702 | 1.26 | Domestic Natural Person | | Liang Yukun | 2,282,580 | 1.18 | Domestic Natural Person | | Bao Jiangfeng | 2,128,906 | 1.10 | Domestic Natural Person | | Wu Yonggen | 1,871,100 | 0.97 | Domestic Natural Person | | Zhao Jianbiao | 1,743,373 | 0.90 | Domestic Natural Person | | Xu Weirong | 1,682,173 | 0.87 | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | 1,386,064 | 0.72 | Overseas Legal Entity | - As of June 30, 2025, the company's share repurchase dedicated securities account held **2,394,600 shares** of the company[101](index=101&type=chunk) Section VII Bond-Related Information [II. Convertible Corporate Bonds](index=36&type=section&id=II.%20Convertible%20Corporate%20Bonds) This section details the issuance, holders, changes, conversion, and conversion price adjustments of the company's convertible corporate bonds, along with its debt situation and repayment arrangements [(I) Convertible Bond Issuance](index=36&type=section&id=(I)Convertible%20Bond%20Issuance) The company publicly issued **650 million yuan** in convertible corporate bonds on November 28, 2022, with a six-year term and increasing coupon rates, and began trading on the Shanghai Stock Exchange on December 16, 2022 - The company publicly issued **6.50 million** convertible corporate bonds on November 28, 2022, with a total issuance amount of **650.00 million yuan**[105](index=105&type=chunk) - The convertible bonds issued have a term of **six years**, with coupon rates increasing annually from **0.3%** in the first year to **3.0%** in the sixth year[105](index=105&type=chunk) - The bonds, abbreviated as "Xinhua Convertible Bond" (新化转债) with code "113663", began trading on the Shanghai Stock Exchange on December 16, 2022[105](index=105&type=chunk) [(II) Convertible Bond Holders and Guarantors during the Reporting Period](index=36&type=section&id=(II)Convertible%20Bond%20Holders%20and%20Guarantors%20during%20the%20Reporting%20Period) As of the end of the reporting period, Xinhua Convertible Bond had **2,648 holders**, and the company provided no guarantees. UBS AG was the largest convertible bond holder - The number of convertible bond holders at period-end was **2,648**[106](index=106&type=chunk) - The company's convertible bonds have no guarantors[106](index=106&type=chunk) Top Ten Convertible Bond Holders (Period-end) | Convertible Corporate Bond Holder Name | Period-end Holding Amount (yuan) | Holding Percentage (%) | | :--- | :--- | :--- | | UBS AG | 26,820,000 | 5.32 | | Guosen Securities Co., Ltd. | 24,477,000 | 4.85 | | Bank of Beijing Co., Ltd. - Penghua Dual Debt Plus Bond Fund | 23,404,000 | 4.64 | | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | 22,682,000 | 4.50 | | Agricultural Bank of China Co., Ltd. - Qianhai Kaiyuan Convertible Bond Fund (Initiated) | 18,623,000 | 3.69 | [(III) Convertible Bond Changes during the Reporting Period](index=37&type=section&id=(III)Convertible%20Bond%20Changes%20during%20the%20Reporting%20Period) During the reporting period, Xinhua Convertible Bond decreased by **105,611,000 yuan** due to conversion, with a period-end balance of **504,434,000 yuan** Convertible Bond Changes during the Reporting Period | Convertible Corporate Bond Name | Amount Before Change (yuan) | Increase/Decrease Due to Conversion in This Change (yuan) | Amount After Change (yuan) | | :--- | :--- | :--- | :--- | | Xinhua Convertible Bond | 610,045,000 | 105,611,000 | 504,434,000 | [(IV) Cumulative Convertible Bond Conversion during the Reporting Period](index=37&type=section&id=(IV)Cumulative%20Convertible%20Bond%20Conversion%20during%20the%20Reporting%20Period) During the reporting period, Xinhua Convertible Bond converted **105,611,000 yuan** into **5,215,117 shares**. The cumulative number of converted shares accounted for **3.87%** of the company's total shares issued before conversion, and the unconverted amount accounted for **77.6052%** of the total convertible bond issuance Cumulative Convertible Bond Conversion during the Reporting Period | Indicator | Value | | :--- | :--- | | Conversion Amount in Reporting Period (yuan) | 105,611,000 | | Number of Shares Converted in Reporting Period (shares) | 5,215,117 | | Cumulative Number of Shares Converted (shares) | 7,185,989 | | Cumulative Converted Shares as % of Total Shares Issued Before Conversion | 3.87 | | Unconverted Amount (yuan) | 504,434,000 | | Unconverted Convertible Bonds as % of Total Convertible Bond Issuance | 77.6052 | [(V) History of Conversion Price Adjustments](index=37&type=section&id=(V)History%20of%20Conversion%20Price%20Adjustments) The conversion price of Xinhua Convertible Bond has been adjusted multiple times, primarily due to the company's cash dividends and downward revisions, with the latest conversion price at **19.81 yuan/share** as of the end of the reporting period History of Conversion Price Adjustments | Conversion Price Adjustment Date | Adjusted Conversion Price (yuan/share) | Disclosure Date | Explanation of Conversion Price Adjustment | | :--- | :--- | :--- | :--- | | June 21, 2023 | 31.86 | June 15, 2023 | Conversion price adjusted due to company's cash dividend distribution | | June 18, 2024 | 31.42 | June 12, 2024 | Conversion price adjusted due to company's cash dividend distribution | | September 19, 2024 | 20.25 | September 20, 2024 | Downward revision of conversion price | | June 18, 2025 | 19.81 | June 12, 2025 | Conversion price adjusted due to company's cash dividend distribution | | Latest Conversion Price as of End of This Reporting Period | 19.81 | - | - | [(VI) Company's Debt Situation, Credit Rating Changes, and Cash Arrangements for Future Debt Repayment](index=37&type=section&id=(VI)Company's%20Debt%20Situation%2C%20Credit%20Rating%20Changes%2C%20and%20Cash%20Arrangements%20for%20Future%20Debt%20Repayment) As of June 30, 2025, the company's total liabilities were **1.655 billion yuan**, with its main credit rating maintained at **AA- stable**. The company primarily relies on net cash flow from operating activities to repay the principal and interest of convertible bonds and manages funds to ensure timely payments - As of June 30, 2025, the company's total liabilities were **1,655,043,868.09 yuan**, of which current liabilities were **851,694,828.41 yuan** and non-current liabilities were **803,349,039.68 yuan**[112](index=112&type=chunk) - The company's main credit rating is maintained at "**AA-**", with a stable outlook, and the "Xinhua Convertible Bond" issued maintains a credit rating of "**AA-**"[112](index=112&type=chunk) - The funds for repaying the principal and interest of convertible bonds primarily come from net cash flow generated from operating activities[112](index=112&type=chunk) Section VIII Financial Report [II. Financial Statements](index=38&type=section&id=II.%20Financial%20Statements) This section provides 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 its financial position and operating results [Consolidated Balance Sheet](index=38&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **4.426 billion yuan**, total liabilities were **1.655 billion yuan**, and total equity attributable to parent company owners was **2.482 billion yuan** Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Period-end Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Monetary Funds | 623,502,818.16 | 756,469,583.78 | | Accounts Receivable | 389,294,176.65 | 404,139,709.25 | | Inventories | 390,888,917.65 | 343,620,543.14 | | Fixed Assets | 1,643,813,610.44 | 1,486,942,233.32 | | Total Assets | 4,426,375,634.95 | 4,348,257,272.55 | | Short-Term Borrowings | 79,485,575.65 | 68,016,500.00 | | Notes Payable | 357,285,654.56 | 369,042,972.07 | | Bonds Payable | 467,095,262.61 | 552,185,383.36 | | Total Liabilities | 1,655,043,868.09 | 1,754,677,424.67 | | Total Equity Attributable to Parent Company Owners | 2,481,810,501.74 | 2,327,380,949.06 | [Parent Company Balance Sheet](index=40&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **3.299 billion yuan**, total liabilities were **1.061 billion yuan**, and total owners' equity was **2.238 billion yuan** Parent Company Balance Sheet Key Data (June 30, 2025) | Item | Period-end Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Monetary Funds | 355,900,078.95 | 395,263,975.70 | | Accounts Receivable | 183,986,202.46 | 157,889,436.34 | | Long-Term Equity Investments | 586,271,176.41 | 556,612,496.34 | | Fixed Assets | 580,892,501.99 | 440,284,528.38 | | Total Assets | 3,299,270,686.79 | 3,220,289,463.81 | | Notes Payable | 349,638,593.00 | 337,461,968.77 | | Bonds Payable | 467,095,262.61 | 552,185,383.36 | | Total Liabilities | 1,060,966,680.30 | 1,196,741,919.89 | | Total Owners' Equity | 2,238,304,006.49 | 2,023,547,543.92 | [Consolidated Income Statement](index=42&type=section&id=Consolidated%20Income%20Statement) For January-June 2025, the company's consolidated total operating revenue was **1.482 billion yuan**, net profit was **172 million yuan**, net profit attributable to parent company shareholders was **148 million yuan**, and basic earnings per share were **0.78 yuan** Consolidated Income Statement Key Data (January-June 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,481,854,937.30 | 1,482,904,222.37 | | Total Operating Costs | 1,293,773,829.37 | 1,298,066,887.63 | | Total Profit | 200,236,976.44 | 196,678,830.68 | | Net Profit | 171,901,632.71 | 170,042,999.46 | | Net Profit Attributable to Parent Company Shareholders | 148,148,630.39 | 147,174,578.57 | | Basic Earnings Per Share (yuan/share) | 0.78 | 0.80 | | Diluted Earnings Per Share (yuan/share) | 0.73 | 0.77 | [Parent Company Income Statement](index=44&type=section&id=Parent%20Company%20Income%20Statement) For January-June 2025, the parent company's operating revenue was **883 million yuan**, and net profit was **203 million yuan**, showing significant growth compared to the same period last year Parent Company Income Statement Key Data (January-June 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 882,556,220.49 | 869,243,396.23 | | Operating Costs | 691,463,398.21 | 734,010,600.67 | | Total Profit | 220,177,356.87 | 147,218,103.56 | | Net Profit | 203,110,491.49 | 138,755,014.31 | [Consolidated Cash Flow Statement](index=46&type=section&id=Consolidated%20Cash%20Flow%20Statement) For January-June 2025, the company's net cash flow from operating activities was **63.07 million yuan**, net cash flow from investing activities was **-162.13 million yuan**, and net cash flow from financing activities was **-55.89 million yuan** Consolidated Cash Flow Statement Key Data (January-June 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 63,072,070.40 | 47,652,663.51 | | Net Cash Flow from Investing Activities | -162,132,042.46 | -126,315,632.14 | | Net Cash Flow from Financing Activities | -55,886,814.74 | -107,740,299.51 | | Net Increase in Cash and Cash Equivalents | -152,643,573.83 | -180,342,239.09 | | Period-end Cash and Cash Equivalents Balance | 587,237,300.50 | 549,231,998.42 | [Parent Company Cash Flow Statement](index=48&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For January-June 2025, the parent company's net cash flow from operating activities was **-7.38 million yuan**, net cash flow from investing activities was **52.79 million yuan**, and net cash flow from financing activities was **-86.09 million yuan** Parent Company Cash Flow Statement Key Data (January-June 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -7,378,383.64 | -9,898,588.39 | | Net Cash Flow from Investing Activities | 52,793,924.95 | 23,297,971.66 | | Net Cash Flow from Financing Activities | -86,087,847.26 | -142,420,917.74 | | Net Increase in Cash and Cash Equivalents | -39,363,896.75 | -126,523,848.68 | | Period-end Cash and Cash Equivalents Balance | 355,900,078.95 | 267,488,467.29 | [Consolidated Statement of Changes in Owners' Equity](index=50&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) For January-June 2025, the company's consolidated total owners' equity increased by **177.75 million yuan**, primarily influenced by total comprehensive income and owners' contributions and reductions in capital Consolidated Statement of Changes in Owners' Equity (January-June 2025) | Item | Beginning Balance (yuan) | Current Period Change Amount (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 187,558,872.00 | 5,215,117.00 | 192,773,989.00 | | Other Equity Instruments | 92,849,085.00 | -16,074,035.06 | 76,775,049.94 | | Capital Reserves | 565,863,777.29 | 106,448,379.57 | 672,312,156.86 | | Other Comprehensive Income | -1,866,781.45 | -3,071,011.05 | -4,937,792.50 | | Retained Earnings | 1,437,751,501.07 | 62,477,905.34 | 1,500,229,406.41 | | Total Equity Attributable to Parent Company Owners | 2,327,380,949.06 | 154,429,552.68 | 2,481,810,501.74 | | Minority Interests | 266,198,898.82 | 23,322,366.30 | 289,521,265.12 | | Total Owners' Equity | 2,593,579,847.88 | 177,751,918.98 | 2,771,331,766.86 | [Parent Company Statement of Changes in Owners' Equity](index=58&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) For January-June 2025, the parent company's total owners' equity increased by **214.76 million yuan**, primarily influenced by total comprehensive income and owners' contributions and reductions in capital Parent Company Statement of Changes in Owners' Equity (January-June 2025) | Item | Beginning Balance (yuan) | Current Period Change Amount (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 187,558,872.00 | 5,215,117.00 | 192,773,989.00 | | Other Equity Instruments | 92,849,085.00 | -16,074,035.06 | 76,775,049.94 | | Capital Reserves | 571,190,883.40 | 106,448,379.57 | 677,639,262.97 | | Other Comprehensive Income | - | -43,220.92 | -43,220.92 | | Retained Earnings | 1,136,958,973.54 | 117,439,766.44 | 1,254,398,739.98 | | Total Owners' Equity | 2,023,547,543.92 | 214,756,462.57 | 2,238,304,006.49 | [III. Company Basic Information](index=63&type=section&id=III.%20Company%20Basic%20Information) The company originated from a state-owned enterprise established in 1967, restructured into a limited liability company in 1997, transformed into a joint-stock company in 2008, and listed in 2019. It primarily deals in chemical raw materials and products, including fatty amines, organic solvents, and synthetic fragrances, and consolidates 14 subsidiaries in its financial statements - The company's predecessor was Xinhua Chemical Fertilizer Plant of Jiande City, Zhejiang Province, established in 1967, restructured into a limited liability company in 1997, transformed into a joint-stock company in 2008, and listed on the Shanghai Stock Exchange on June 27, 2019[151](index=151&type=chunk) - The company's main business is the R&D, production, and sales of chemical raw materials and chemical products, with main products including fatty amines, organic solvents, synthetic fragrances, and other fine chemical products[152](index=152&type=chunk) - The company consolidates 14 subsidiaries, including Jiangsu Xinhua Chemical Co., Ltd., into its current period's consolidated financial statements[152](index=152&type=chunk) [V. Significant Accounting Policies and Estimates](index=64&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 key areas such as business combinations, financial instruments, revenue recognition, government grants, deferred income tax, and leases - The company's financial statements are prepared on a going concern basis, in compliance with enterprise accounting standards[154](index=154&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk) - For business combinations, accounting treatment distinguishes between business combinations under common control and those not under common control[162](index=162&type=chunk) - Financial instruments are classified into three categories: 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, with impairment provisions based on expected credit losses[167](index=167&type=chunk)[173](index=173&type=chunk) - Revenue recognition principles are based on identifying distinct performance obligations, determining whether they are satisfied over time or at a point in time, and measuring revenue according to the transaction price allocated to each performance obligation[217](index=217&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk)[220](index=220&type=chunk) - Government grants are classified into asset-related and income-related, either reducing the book value of assets or recognized as deferred income, or included in current profit or loss[221](index=221&type=chunk)[222](index=222&type=chunk) - Deferred income tax assets and liabilities

浙江新化化工股份有限公司 证券代码：603867 证券简称：新化股份 公告编号：2025-039 转债代码：113663 转债简称：新化转债 | 项 目 | | 序号 | 金 额 | | --- | --- | --- | --- | | 募集资金净额 | | A | 63,925.33 | | 截至期初累计发生额 | 项目投入 | B1 | 59,792.32 | | | 利息收入净额 | B2 | 390.38 | 2025年半年度募集资金存放与使用情况的专项报告 | 本期发生额 | 项目投入 | C1 | 1,494.12 | | --- | --- | --- | --- | | | 利息收入净额 | C2 | 8.86 | | 截至期末累计发生额 | 项目投入 | D1=B1+C1 | 61,286.44 | | | 利息收入净额 | D2=B2+C2 | 399.24 | | 应结余募集资金 | | E=A-D1+D2 | 3,038.13 | | 实际结余募集资金 | | F | 3,038.13 | | 差异 | | G=E-F | | 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、 ...

| 证券代码：603867 | 证券简称：新化股份 | 公告编号：2025-040 | | --- | --- | --- | | 转债代码：113663 | 转债简称：新化转债 | | 浙江新化化工股份有限公司 2025年上半年主要经营数据公告 | 产品大类 | 产量(吨) | 销售数量（吨） | 销售金额（万元） | | --- | --- | --- | --- | | 脂肪胺 | 68,701.93 | 68,153.43 | 76,822.02 | | 有机溶剂 | 26,565.27 | 26,019.52 | 17,304.11 | | 合成香料 | 13,855.41 | 11,561.62 | 38,242.06 | 注 1： 上述产量、销量为折百数量（下同）。 二、主要产品的价格变动情况（不含税） | 产品大类 | 2024 年上半年平 | 2025 年上半年平 | 变动比率 | | --- | --- | --- | --- | | | 均价格（元/吨） | 均价格（元/吨） | | | 脂肪胺 | 11,813.01 | 11,271.92 | -4.58% | | 有机溶剂 | 8, ...