证券代码：000637 证券简称：茂化实华 公告编号：2025-050 茂名石化实华股份有限公司 茂名石化实华股份有限公司（以下简称"公司"）董事 会于 2025 年 9 月 16 日收到公司副总经理王若强先生提交的 书面辞职报告，由于工作原因，王若强先生申请辞去副总经 理职务。王若强先生担任副总经理的原定任期为 2024 年 7 月 3 日起至公司第十三届董事会任期届满之日止。 茂名石化实华股份有限公司董事会 2025 年 9 月 17 日 关于副总经理辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第 1 号— —主板上市公司规范运作》《公司章程》等相关规定，王若 强先生的辞职报告自送达公司董事会之日起生效。 王若强先生辞去公司副总经理职务后，不再在公司及控 股子公司任职。截至本公告披露日，王若强先生未持有公司 股份。公司董事会对王若强先生在担任公司副总经理期间为 公司所做的贡献表示衷心感谢！ 特此公告。 ...

证券代码：000637 证券简称：茂化实华 公告编号：2025-049 4.对上市公司损益产生的影响：本案是因上市公司向下属控 股子公司借款而引起。上市公司与下属控股子公司的借款属于合 并报表范围内部资金往来，因此本案不会导致合并报表资产、负 债总额发生明显变动，对合并报表的损益基本无影响。 茂名石化实华股份有限公司 重大诉讼公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1.案件所处的诉讼阶段：一审 2.上市公司所处的当事人地位：被告 3.涉案金额：9405 万元 （一）案由：损害公司利益责任纠纷 （二）原告诉讼请求 1. 请 求 法 院 判 令 被 告 向 第 三 人 偿 还 资 金 借 款 90,470,000 元（大写：人民币玖仟零肆拾柒万元整），并支 付资金占用利息（以借款本金为基数，按照借款发生时 LPR 的一倍为利率，自 2024 年 4 月 9 日起至实际偿还之日止。 截止 2025 年 5 月 27 日暂为 3,580,727 元）； 一、本次重大诉讼事项受理的基本情况 茂名石化实华股份有限公司（下称公司）与北京信沃达 海洋 ...

Core Viewpoint - The stock of Maohua Shihua (000637) has shown a slight increase of 1.44% on September 5, 2025, with a closing price of 4.22 yuan, amidst mixed capital flows from different investor groups [1]. Financial Performance - Maohua Shihua reported a total revenue of 1.48 billion yuan for the first half of 2025, a year-on-year decrease of 22.83% [2]. - The company recorded a net profit attributable to shareholders of -82.67 million yuan, which is a year-on-year increase of 12.15% [2]. - The second quarter of 2025 saw a single-quarter revenue of 692 million yuan, down 4.42% year-on-year [2]. - The company's gross profit margin stands at 2.09%, significantly lower than the industry average of 19.25% [2]. Market Position - Maohua Shihua's total market capitalization is 2.194 billion yuan, ranking 20th in the oil industry [2]. - The company has a net asset value of 672 million yuan, also ranking 18th in the industry [2]. - The price-to-earnings ratio (P/E) is -13.27, indicating negative earnings, while the industry average is 36.11 [2]. Capital Flow Analysis - On September 5, 2025, the net inflow of main funds was 3.93 million yuan, accounting for 6.79% of the total transaction amount [1]. - Retail investors showed a net outflow of 5.48 million yuan, representing 9.47% of the total transaction amount [1]. - Over the past five days, the stock has experienced fluctuating capital flows, with significant outflows on September 1 and September 2, followed by a recovery on September 5 [1].

Group 1 - Guoxin Technology successfully tested a new generation of automotive electronic BLDC motor drive control high-performance chip "CBC2100B," which is based on 130nm BCD process and aims to address the MCU chip shortage in China's automotive industry, especially in new energy vehicles [1] - The chip is applicable in automotive electronic fields such as water pumps, oil pumps, and air conditioning fans, as well as in industrial control for BLDC motor drives and electrified equipment [1] Group 2 - Hangzhou High-tech experienced a change in control with the resignation of multiple key executives, including the chairman, vice chairman, and general manager, which may lead to a temporary reduction in the board's member count below the minimum required [2] - The resigning executives will continue to perform their duties until new appointments are made to ensure the company's normal operations [2] Group 3 - Zhonghuan Hailu decided to terminate the planning of a change in control due to disagreements with the trading party regarding future development arrangements [4] - The stock and convertible bonds of the company will resume trading on September 5, 2025 [4] Group 4 - ST Tianmao plans to voluntarily withdraw its A-shares from trading on the Shenzhen Stock Exchange and apply for transfer to the National SME Share Transfer System after the termination of listing [5] - The decision has been approved by the company's first temporary shareholders' meeting in 2025 [5] Group 5 - Beijing Lier signed a strategic cooperation agreement with SenseTime and Xiwang to explore AI computing power collaboration and the development of industrial manufacturing and decision-making AI vertical models [6] - Hunan Baiyin adjusted its share repurchase price ceiling from 5 yuan to 7 yuan per share due to the stock price exceeding the original limit [6] Group 6 - Dongnan Network won the bid for the "Pujiang Street Five Villages Joint Development Project" with a bid amount of 1.686 billion yuan, accounting for 15% of the company's audited revenue for 2024 [8] - Wens Foodstuff reported sales of 3.2457 million pigs in August 2025, generating revenue of 4.825 billion yuan, with a year-on-year price change of 37.88% [8] - Jiangling Motors sold 30,003 vehicles in August 2025, representing a year-on-year increase of 8.92% [8] Group 7 - Hubei Yihua completed the construction of a 200,000 tons/year caustic soda energy-saving renovation project, which has been put into production [9] - Satellite Chemical announced routine maintenance for its polyethylene and ethylene oxide/ethylene glycol facilities, expected to last 45 days [9] Group 8 - Shida Shenghua plans to establish a subsidiary for a 53,000 tons/year calcium chloride project with an investment of 25 million yuan, aimed at enhancing its resource advantages in the new energy materials sector [11] - Roman Co. intends to acquire a 39.2308% stake in Wutong Technology for 196.154 million yuan, which will make Wutong a subsidiary of Roman [11] Group 9 - Shanghai Laishi's executives plan to increase their shareholdings in the company with a total investment of no less than 6 million yuan [13]

Core Viewpoint - The stock of Maohua Shihua (000637) has shown a mixed performance with a slight increase in price but significant net outflows from major and retail investors, indicating potential concerns about investor confidence and market sentiment [1][2]. Financial Performance - As of the latest report, Maohua Shihua's total revenue for the first half of 2025 was 1.48 billion yuan, a year-on-year decrease of 22.83% [2] - The company reported a net profit of -82.67 million yuan, which is a 12.15% increase compared to the previous year, indicating worsening profitability despite the increase in losses [2] - The second quarter of 2025 saw a revenue of 692 million yuan, down 4.42% year-on-year, with a net profit of -47.59 million yuan, reflecting a 5.02% improvement from the previous year [2] Market Position - Maohua Shihua's total market capitalization is 2.163 billion yuan, ranking 20th in the oil industry [2] - The company's net asset value stands at 672 million yuan, also placing it 18th in the industry [2] - The company has a negative return on equity (ROE) of -13.62%, ranking 19th in the sector, which highlights its financial struggles compared to peers [2] Stock Trading Activity - On September 4, 2025, the stock closed at 4.16 yuan with a turnover rate of 6.02% and a trading volume of 219,500 hands, indicating moderate trading activity [1] - The net outflow of major funds was 2.39% of the total trading volume, while retail investors saw a net inflow of 8.39%, suggesting a divergence in investor behavior [1]

Core Insights - The global energy demand is rising, particularly in developing countries, leading to increased reliance on oil and gas [1][10] - Continuous tubing is increasingly applied in oil and gas field development due to its efficiency and flexibility, especially in unconventional resource extraction [1][10] - The continuous tubing industry is evolving with advancements in technology, resulting in higher strength, better corrosion resistance, and longer service life [1][10] - The market size of China's continuous tubing industry is projected to reach 4.342 billion yuan in 2024, reflecting a year-on-year increase of 3.1% [1][10] Industry Overview - Continuous tubing, also known as coiled tubing, is made from low-carbon alloy steel and is characterized by its flexibility and continuous length, which can reach several kilometers [3][8] - The tubing must withstand high pressures (up to 70 MPa) and harsh downhole conditions, necessitating high strength and excellent plasticity [3][8] Industry Chain - The upstream of the continuous tubing industry involves the production of raw materials, primarily high-strength low-alloy steel and special alloy materials [8] - The midstream focuses on the manufacturing of continuous tubing, while the downstream encompasses its application in oil and gas field operations such as workover, drilling, completion, and logging [8] Market Dynamics - China's crude oil production is expected to rise from 191.506 million tons in 2017 to 212.823 million tons in 2024, with a 1.3% year-on-year increase in the first half of 2025 [9][10] - The growth in production is supported by both mature oil fields and new fields, contributing to a stable increase in demand for continuous tubing [9][10] Competitive Landscape - The global continuous tubing service market is highly concentrated, with major players like Schlumberger, Halliburton, and Baker Hughes holding about 60% of the market share [10] - Domestic companies are increasing R&D investments to enhance their product offerings and achieve domestic substitution for high-end products [10] Development Trends - The future of the continuous tubing industry is expected to focus on high-strength tubing to meet the demands of deeper wells [13] - There is a push towards the intelligent and automated development of the industry, incorporating fiber optics for remote monitoring and real-time decision-making [14] - The application of continuous tubing is expanding beyond traditional oil and gas sectors into geothermal energy development, driven by the need for corrosion-resistant and high-insulation materials [15]

Core Viewpoint - The company Maohua Shihua (000637.SZ) is set to receive financial support from local state-owned assets through a private placement to its controlling shareholder, Maoming Port, aimed at raising up to 532 million yuan to supplement working capital [1][3][6]. Group 1: Fundraising and Control - Maohua Shihua plans to issue up to 156 million shares at a price of 3.41 yuan per share, raising a total of no more than 532 million yuan, which will be used entirely to supplement working capital after deducting related issuance costs [3][4]. - This marks the first fundraising effort by Maohua Shihua since its share placement in 1998, indicating a significant shift in its capital strategy [3][4]. - Following the completion of this issuance, Maoming Port's shareholding in Maohua Shihua will exceed 30%, triggering a mandatory tender offer obligation [4][5]. Group 2: Financial Performance - In the first half of 2025, Maohua Shihua reported revenues of 1.48 billion yuan, a year-on-year decline of 22.83%, and a net loss of approximately 82.67 million yuan, although this represented a 12.15% reduction in losses compared to the previous year [1][7]. - The company has faced continuous financial pressure, with cumulative net losses of 424 million yuan over the past three and a half years [8]. - As of June 30, 2025, Maohua Shihua's total assets amounted to 2.179 billion yuan, with a debt-to-asset ratio of 69.18%, reflecting a slight increase from the end of 2024 [2][8]. Group 3: Strategic Initiatives - The company is actively seeking to transform its business model and improve its financial health by focusing on high-value product development and optimizing existing chemical production facilities [8]. - Maohua Shihua plans to suspend non-core projects and enhance the production of high-value products, such as polypropylene with ultra-low melt index, to ensure sustainable development [8]. - Additionally, the company intends to apply for a bank credit line of up to 100 million yuan to further support its business development [9].

Group 1 - Weisheng Information won four projects in August with a total amount of 85.5377 million yuan, accounting for 3.12% of the company's total revenue for 2024 [1] - Longqi Technology's shareholder plans to reduce its stake by up to 4.09%, equating to a maximum of 19.1916 million shares [1] - Guojin Modern's subsidiary received a drug registration certificate for injectable Nicardipine, used for treating unstable angina [3][4] Group 2 - SAIC Motor reported a total vehicle sales of 363,400 units in August, a year-on-year increase of 41.04%, with new energy vehicle sales reaching 129,800 units, up 49.89% [5] - Kuka Home plans to invest 1.124 billion yuan to build a self-owned base in Indonesia, aiming to enhance its international strategy [6] - Samsung Medical's subsidiary signed a contract for an intelligent meter project in Egypt worth 58.8 million USD, approximately 419 million yuan [8] Group 3 - North Vehicle Blue Valley's subsidiary reported a total production of 10,587 units in August, a year-on-year decrease of 15.13%, while sales increased by 3.47% [12] - Xianghe Industrial signed contracts worth 400 million yuan for railway fastener system components [13] - Hengrui Medicine's HRS9531 injection has received acceptance for its marketing authorization application [14] Group 4 - Hualu Hengsheng resumed normal production after completing maintenance on production facilities [16] - Shanghai Pharmaceuticals' hydrochloride verapamil injection passed the consistency evaluation for generic drugs [18] - Shanghai Construction received approval for debt financing tools with a registration period of two years [20] Group 5 - Kangli Elevator terminated the sale of its wholly-owned subsidiary due to the buyer's failure to obtain necessary approvals [21] - Times Wan Heng appointed Li Zhizhong as the new deputy general manager [22] - Hanma Technology reported a total truck sales of 1,051 units in August, a year-on-year increase of 58.05% [24] Group 6 - Wenzhou Hongfeng's subsidiary received a utility model patent certificate for a servo adjustment device [26] - Yibin Technology received a project designation from a domestic new energy vehicle company, with an estimated total sales of 243 million yuan over five years [28] - Star Ring Technology's H-share issuance application was accepted by the China Securities Regulatory Commission [30] Group 7 - Microchip Bio's vice president resigned for personal reasons [31] - Zhongxin Co. announced the resignation of a non-independent director due to personal reasons [32] - Changcheng Military Industry's vice chairman resigned due to retirement [35] Group 8 - Jiukang Bio received four invention patent certificates related to detection reagents [36] - Meino Bio's subsidiary changed its registered address [37] - Kuangda Technology announced a potential change in control due to a share transfer [38] Group 9 - China Rare Earth confirmed no undisclosed significant matters amid stock price fluctuations [72]

本次向特定对象发行的种类为境内上市人民币普通股(A股)，每股面值为人民币1.00元。在限售期届满 后，本次发行的股票拟在深圳证券交易所主板上市交易。本次向特定对象发行的股票数量上限为 155,962,606股，本次发行数量不超过本次发行前公司总股本的30%。 中国经济网北京9月1日讯茂化实华（000637）(000637.SZ)昨晚披露公司2025年度向特定对象发行A股股 票预案，本次向特定对象发行股票的发行对象为公司控股股东茂名港，发行对象以人民币现金方式认购 公司本次发行的股票。本次发行构成关联交易。 本次向特定对象发行股票募集资金总额不超过53,183.24万元(含本数)，扣除发行费用后的净额拟全部用 于补充流动资金。 本次向特定对象发行的发行价格为3.41元/股，不低于定价基准日前20个交易日公司股票均价的80%。 公司2024年4月10日披露关于公司控股股东已完成股票过户的公告，2024年4月9日，公司收到中国证券 登记结算有限责任公司出具的证券过户登记确认书，公司151,538,145股股票(首发限售股)已由北京泰跃 过户至茂名港集团名下。公司控股股东已完成股票过户登记手续，过户日期为2024年4 ...

Major Events - Huahong Company plans to acquire 97.4988% equity of Huali Micro through a combination of share issuance and cash payment, with stock resuming trading on September 1, 2025, pending shareholder and regulatory approvals [1] - Dongxin Co. intends to invest approximately 211 million yuan in Shanghai Lisan, increasing its stake to 35.87%, as part of a total investment of around 500 million yuan in Lisan Technology [1] - Huaxin Cement is planning to integrate its overseas assets into a subsidiary for potential listing on an overseas stock exchange to enhance financing channels and operational capabilities [2] - *ST Tianmao is voluntarily terminating its A-share listing due to business restructuring uncertainties and will initiate a cash option for shareholders [2] - Meikailong's Vice President Che Guoxing has resigned for personal reasons, with no adverse impact on daily operations [3] - China Rare Earth announced that there are no undisclosed significant matters affecting its stock, despite recent price fluctuations [3] - Maiwei Bio has re-submitted its application for H-share issuance and listing on the Hong Kong Stock Exchange [4][5] Shareholding Changes - Gao Neng Environment's controlling shareholder Li Weiguo plans to reduce his stake by up to 3% to repay debts, with the reduction period set from September 23 to December 22, 2025 [6] - Hu Dian Co.'s senior executive Li Minggui intends to sell up to 0.0083% of the company's shares within three months following the announcement [6] Financing Activities - Maohua Shihua plans to raise no more than 532 million yuan through a private placement at a price of 3.41 yuan per share, with proceeds aimed at enhancing liquidity [7] Major Contracts - Junxin Co.'s subsidiary has signed an investment agreement with the Ministry of Ecology and Natural Resources of Kazakhstan for a solid waste disposal power generation project in Almaty, with a planned processing capacity of at least 2,000 tons per day and an investment of no less than 145 billion tenge (approximately 28 million USD) [8]