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

Core Viewpoint - The stock of Maohua Shihua (000637) has shown a stable price of 4.20 CNY as of October 17, 2025, with a slight increase in trading volume and mixed capital flow trends [1][2]. Financial Performance - Maohua Shihua reported a total revenue of 1.48 billion CNY for the first half of 2025, a year-on-year decrease of 22.83% [3]. - The company recorded a net profit attributable to shareholders of -82.67 million CNY, which is a year-on-year increase of 12.15% [3]. - The second quarter of 2025 saw a single-quarter revenue of 692 million CNY, down 4.42% year-on-year, and a net profit of -47.59 million CNY, up 5.02% year-on-year [3]. Market Position - Maohua Shihua's total market capitalization is 2.183 billion CNY, ranking 20th in the petroleum industry [3]. - The company has a net asset value of 672 million CNY, also ranking 18th in the industry [3]. - The company's gross profit margin stands at 2.09%, significantly lower than the industry average of 19.25%, placing it 19th in the sector [3]. Capital Flow Analysis - On October 17, 2025, the net outflow of main funds was 7.28 million CNY, accounting for 13.48% of the total transaction amount [1][2]. - Retail investors contributed a net inflow of 5.26 million CNY, representing 9.73% of the total transaction amount on the same day [1][2]. - Over the past five days, the main funds have consistently shown a net outflow trend, with the highest outflow recorded at 7.33 million CNY on October 16, 2025 [2].

（编辑 楚丽君） 证券日报网讯 10月15日晚间，茂化实华发布公告称，近日，公司董事会收到谭良谋先生的通知，谭良 谋先生已经按照相关规定参加深圳证券交易所举办的上市公司独立董事任前培训（线上），并取得了由 深圳证券交易所创业企业培训中心颁发的《上市公司独立董事培训证明》。 ...

证券代码：000637 证券简称：茂化实华 公告编号：2025-055 茂名石化实华股份有限公司 关于独立董事取得独立董事培训证明的公告 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。 茂名石化实华股份有限公司（以下简称"公司"）于2025 年6月6日召开2025年第一次临时股东会，审议通过了《关于 补选谭良谋先生为第十三届董事会独立董事的议案》，同意 选举谭良谋先生为公司第十三届董事会独立董事，其任期自 股东会审议通过之日起至公司第十三届董事会任期届满之 日止。 截至公司2025年第一次临时股东会通知发出之日，谭良 谋先生尚未取得独立董事资格证书。根据深圳证券交易所的 相关规定，谭良谋先生已书面承诺参加最近一期独立董事培 训并取得深圳证券交易所认可的独立董事资格证书。 企业培训中心颁发的《上市公司独立董事培训证明》。 特此公告。 茂名石化实华股份有限公司董事会 2025 年 10 月 16 日 - 2 - 近日，公司董事会收到谭良谋先生的通知，谭良谋先生 已经按照相关规定参加深圳证券交易所举办的上市公司独 立董事任前培训（线上），并取得了由深圳证券交易所创业 ...

Core Viewpoint - The stock of Maohua Shihua (000637) has shown a decline in both price and performance metrics, indicating potential challenges in the company's financial health and market position [1][3]. Financial Performance - As of October 14, 2025, Maohua Shihua's stock closed at 4.24 yuan, down 0.24% with a trading volume of 87,000 hands and a transaction amount of 36.94 million yuan [1]. - The company's main revenue for the first half of 2025 was 1.48 billion yuan, a year-on-year decrease of 22.83% [3]. - The net profit attributable to shareholders was -82.67 million yuan, which represents a year-on-year increase of 12.15% in losses [3]. - The second quarter of 2025 saw a single-quarter main revenue of 692 million yuan, down 4.42% year-on-year [3]. Market Position and Ratios - Maohua Shihua's total market capitalization is 2.204 billion yuan, significantly lower than the industry average of 180.342 billion yuan, ranking 20th in the sector [3]. - The company has a negative price-to-earnings ratio of -13.33, compared to the industry average of 34.94 [3]. - The gross margin stands at 2.09%, while the industry average is 19.25%, placing Maohua Shihua at 19th in the industry ranking [3]. Capital Flow Analysis - On October 14, 2025, the net outflow of main funds was 2.6957 million yuan, accounting for 7.3% of the total transaction amount [1][2]. - Retail investors showed a net inflow of 1.9882 million yuan, representing 5.38% of the total transaction amount [1][2]. - Over the past five days, the stock has experienced fluctuating capital flows, with significant net outflows from main funds on multiple days [2].

Core Insights - In September 2025, a total of 47 listed companies in Shanghai, Shenzhen, and Beijing announced changes to their auditing firms, indicating a significant shift in the auditing landscape [3][6]. Group 1: Changes in Auditing Firms - Notable changes include companies like Xiaoxin Environment switching from Xinyong Zhonghe to Deloitte, and Jian Tai Technology moving from Zhonghua to PwC Zhongtian [4][5]. - The audit fees for 2024 for these companies varied, with Xiaoxin Environment paying 4.96 million yuan and Jian Tai Technology paying 4.5 million yuan [4]. Group 2: Client Changes Among Audit Firms - The firm with the largest decrease in clients was Lixin, losing 7 clients, while Rongcheng gained the most clients, increasing by 6 [6][8]. - The detailed statistics show that Lixin and Rongcheng were the most affected firms in terms of client changes, reflecting a competitive shift in the auditing market [6][9].

Core Viewpoint - The stock of Maohua Shihua (000637) has shown a slight increase, with a closing price of 4.2 yuan on October 9, 2025, reflecting a 0.72% rise, while the company continues to face significant financial challenges, including a decline in revenue and negative net profit [1][2]. Financial Performance - The company reported a main revenue of 1.48 billion yuan for the first half of 2025, a year-on-year decrease of 22.83% [2] - The net profit attributable to shareholders was -82.67 million yuan, which is a year-on-year increase of 12.15% [2] - The second quarter of 2025 saw a main revenue of 692 million yuan, down 4.42% year-on-year, with a net profit of -47.59 million yuan, up 5.02% year-on-year [2] Market Position - Maohua Shihua's total market value is 2.183 billion yuan, significantly lower than the industry average of 179.198 billion yuan, ranking 20th in the industry [2] - The company's net assets stand at 672 million yuan, with a net profit of -82.67 million yuan, both ranking 18th in the industry [2] - The company has a negative return on equity (ROE) of -13.62%, ranking 19th in the industry [2] Profitability Metrics - The company's gross margin is 2.09%, compared to the industry average of 19.25%, ranking 19th [2] - The net profit margin is -6.11%, significantly below the industry average of 8.28%, ranking last in the industry [2] - The price-to-earnings ratio (P/E) is -13.21, while the industry average is 35.63 [2] Capital Flow - On October 9, 2025, the net inflow of main funds was 1.2294 million yuan, accounting for 3.17% of the total transaction amount [1] - Over the past five days, the company has experienced fluctuations in capital flow, with notable net outflows from retail investors [1]

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。 一、诉前财产保全基本情况 茂名石化实华股份有限公司（以下简称"公司"）与北 京佰信海洋科技有限公司（以下简称"佰信公司"）损害公 司利益责任纠纷一案，佰信公司向法院提出诉前财产保全导 致公司相关银行账户被冻结。该案件因佰信公司未预交案件 受理费而被法院裁定按佰信公司撤回起诉处理。后公司向法 院申请解除财产保全措施。 具体内容详见公司分别于 2025 年 8 月 29 日、2025 年 9 月 12 日、2025 年 9 月 20 日披露的《公司关于收到诉前财产 保全<民事裁定书>的公告》（公告编号：2025-033）、《重大 诉讼公告》（公告编号：2025-049）、《重大诉讼的结果公告》 （公告编号：2025-053）。 二、解除诉前财产保全的情况 证券代码：000637 证券简称：茂化实华 公告编号：2025-054 茂名石化实华股份有限公司 关于收到解除诉前财产保全《民事裁定书》的公告 本裁定立即开始执行。 三、对公司的影响及风险提示 财产保全措施解除后，一定程度上恢复了公司资金的流 动性，有利于公司资金使 ...

| 投资者关系活动 | □特定对象调研 □ 分析师会议 | | | --- | --- | --- | | 类别 | 媒体采访 √ 业绩说明会 | □ | | | 新闻发布会 路演活动 □ | □ | | | 现场参观 | □ | | | 其他 （请文字说明其他活动内容） | □ | | 参与单位名称及 | 投资者网上提问 | | | 人员姓名 | | | | 时间 | 2025 年 9 月 19 日 (周五) 下午 14:00~17:00 | | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | | 采用网络远程的方式召开业绩说明会 | | | 上市公司接待人 | 1、董事长王志华 | | | 员姓名 | 2、总经理龙起龙 | | | | 3、财务总监陈海容 | | | | 4、董事会秘书马永新 投资者提出的问题及公司回复情况 | | | | 公司就投资者在本次说明会中提出的问题进行了回复： 1、尊敬的王董事长，自从茂名港入主大股东以来，我亲眼看见 | | | | 你们为公司的付出，先是承接债权现在又要注入现金，请问，公 | | | 投资者关系活动 | ...

证券代码：000637 证券简称：茂化实华 公告编号：2025-053 茂名石化实华股份有限公司 重大诉讼的结果公告 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。 重要内容提示： 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 4.是否会对上市公司损益产生负面影响：否 一、有关本案的基本情况 （一）案件当事人 原告：北京佰信海洋科技有限公司 被告：茂名石化实华股份有限公司 第三人：北京信沃达海洋科技有限公司 （二）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 - 1 - 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）； 2.本案诉讼费由被告承担； 3.本案律师费由被告承担。 具体内容详见公司于 2025 年 9 月 12 日在巨潮资讯网披 露的《重大诉讼公告》（公告编号：2025-049）。 二、 ...