格隆汇2月13日丨博源化工(000683.SZ)在投资者互动平台表示，目前公司生产企业无停产计划。 ...

请务必阅读正文后的声明及说明 [Table_Info1] 博源化工(000683) 基础化工 [Table_Date] 发布时间：2026-02-09 [Table_Title] 证券研究报告 / 公司深度报告 稀缺天然碱领军企业，阿碱项目稳步扩产 报告摘要： [Table_Summary] 国内稀缺天然碱领军企业。公司持续深耕天然碱行业，截至 2024 年底公 司纯碱产能 680 万吨/年，小苏打产能 150 万吨/年，尿素产能 154 万吨/ 年。阿拉善天然碱二期规划纯碱产能 280 万吨/年、小苏打 40 万吨/年。 其中第一条 100 万吨/年纯碱产线已于 2025 年 12 月投料试车。公司天然 碱资源储备丰富，拥有安棚、吴城、查干诺尔、塔木素 4 处大型天然碱 矿，成本及技术优势领先。 纯碱供给：新增产能增速预计放缓。近年来全球纯碱产量保持平稳增长， 截至 2024 年底，全球纯碱产量达到 7060 万吨，2020 年-2024 年复合增 速为 5.45%，中国、美国及土耳其为主要生产集中地，合计占比近 80%， 其中美国及土耳其以天然碱法为主，中国以合成碱为主要工艺；从国内 供给来看，2023 ...

Core Viewpoint - Boyuan Chemical has reached a settlement regarding a capital increase and share expansion agreement dispute with China Coal Energy and Wushenqi Mengda Mining, which will impact the company's financials in 2025 [1][2] Group 1: Settlement Details - The settlement involves Boyuan Chemical offsetting the unpaid exploration rights payment of 1.889 billion yuan with undistributed profits from its 34% stake in Mengda Mining, along with an additional payment of 12.4714 million yuan for legal fees [1] - The settlement is a result of an arbitration ruling that required Boyuan Chemical to pay the exploration rights price difference of 1.889 billion yuan [2] - Boyuan Chemical plans to pursue compensation from Shanghai Zheda Investment Development Co., which is also involved in the arbitration, but the specific amount remains uncertain [2] Group 2: Financial Performance - Boyuan Chemical's net profit dropped significantly from 2.660 billion yuan in 2022 to 1.410 billion yuan in 2023, a decline of 46.99%, before recovering to 1.811 billion yuan in 2024, which is still a 32% decrease from 2022 [3] - Revenue has shown consistent growth from 10.987 billion yuan in 2022 to 13.264 billion yuan in 2024, despite the profit decline [3] - For the first three quarters of 2025, the company reported revenue of 8.656 billion yuan, a year-on-year decrease of 16.54%, and a net profit of approximately 1.062 billion yuan, down 41.15% year-on-year [3] Group 3: Industry Outlook - The soda ash industry is expected to face oversupply issues, with new production capacity being released in 2024-2025 while demand growth slows, leading to a decline in market prices [3][4] - Analysts predict that the total capacity of the soda ash industry may reach 47.5 million tons by 2026, with a year-on-year production increase of over 10% [4] - High inventory levels and supply pressures are expected to continue suppressing price rebounds, particularly affecting downstream demand in sectors like real estate and solar glass [4][5]

Group 1 - The company has a current soda ash production capacity of 6.8 million tons per year, with an equity capacity of approximately 5 million tons per year [1] - An additional 2.8 million tons per year of soda ash capacity is in the trial operation phase, with an equity capacity of about 1.98 million tons per year, indicating a gradual release of capacity [1] - Besides soda ash, the company's main products include sodium bicarbonate and urea, with sodium bicarbonate capacity at 1.5 million tons per year and equity capacity around 1.18 million tons per year, and urea capacity at 1.54 million tons per year with equity capacity of approximately 1.17 million tons per year [1] Group 2 - Currently, a portion of the company's soda ash products is exported, although the export proportion is relatively small [1]

Core Viewpoint - The company has provided details on its current production capacity for soda ash and other products, as well as insights into its market strategy and international sales. Group 1: Production Capacity - The company's total soda ash production capacity is 6.8 million tons per year, with an equity capacity of approximately 5 million tons per year [2] - An additional 2.8 million tons per year of soda ash capacity is currently in trial operation, with an equity capacity of about 1.98 million tons per year, indicating a gradual release of capacity [2] - Other major products include sodium bicarbonate with a production capacity of 1.5 million tons per year and an equity capacity of approximately 1.18 million tons per year, and urea with a production capacity of 1.54 million tons per year and an equity capacity of about 1.17 million tons per year [2] Group 2: Market Strategy - The company has indicated that a portion of its soda ash products is exported, although the export proportion is relatively small [2]

Core Viewpoint - The company has successfully resolved a long-standing dispute through a settlement agreement with China Coal Energy and Uxinqi Mengda Mining, which will positively impact its financial situation moving forward [1][4]. Group 1: Settlement Agreement - The company announced a settlement agreement to resolve arbitration matters related to a capital increase dispute with Mengda Mining, which required the company to pay 1.889 billion yuan for exploration rights [1][4]. - The settlement involves the company using its 34% equity stake in Mengda Mining to offset the 1.889 billion yuan owed, along with a payment of approximately 12.4714 million yuan to China Coal Energy for related legal fees [4][6]. Group 2: Financial Performance - The company has faced declining financial performance, with a net profit of 1.062 billion yuan in the first three quarters of 2025, representing a year-on-year decrease of 41.15% [8]. - The company's revenue and net profit have shown a downward trend since 2021, with significant impacts from market fluctuations and legal liabilities related to Mengda Mining [8]. - The company has confirmed a provision for expected liabilities of 1.149 billion yuan, which will affect its 2025 financial results by approximately 123 million yuan [6][8]. Group 3: Operational Adjustments - The company has decided to implement a long-term shutdown of its subsidiary, Xilin Gol Sunite Soda Industry, due to ongoing operational losses and unfavorable market conditions, which is expected to result in an asset impairment of about 272 million yuan [2][7]. - Despite these challenges, the company maintains a strong market position in the natural soda industry, with a production capacity of 6.8 million tons per year for soda ash and 1.5 million tons for sodium bicarbonate [5][8]. Group 4: Industry Position - The company is recognized as a leading player in the domestic soda industry, actively developing advanced production capacities, including the Alashan Natural Soda Project, which aims for a total production capacity of 7.8 million tons of soda ash and 800,000 tons of sodium bicarbonate [7][9]. - The company has a rich resource reserve with multiple mining areas in Henan and Inner Mongolia, contributing to its competitive edge in the market [8].

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 内蒙古博源化工股份有限公司（以下简称公司）近日收到控股股东内蒙古博源控股集团有限公司（以下 简称博源集团）的通知，其将持有公司的部分股份解除质押，相关手续已办理完毕。具体情况如下： 一、股东股份本次解除质押基本情况 ■ 二、股东股份累计质押情况 三、备查文件 1.中国证券登记结算有限责任公司《证券质押及司法冻结明细表》。 2.中国证券登记结算有限责任公司《解除证券质押登记通知》。 内蒙古博源化工股份有限公司董事会 二〇二六年二月五日 截至本公告披露日，博源集团及其一致行动人北京中稷弘立资产管理有限公司（以下简称中稷弘立）所 持公司股份累计质押情况如下： ■ 注：本公告除特别说明外，数值保留2位小数，若出现合计数的尾数与各分项数值总和的尾数不相等的 情况，均为四舍五入原因造成。 公司将持续关注博源集团及其一致行动人股份质押冻结事项的进展情况，并按照法律法规的相关规定督 促并协助博源集团及时履行相应的信息披露义务。公司指定的信息披露媒体为《中国证券报》《上海证 券报》 ...

证券日报网讯 2月4日，博源化工发布公告称，公司近日收到控股股东内蒙古博源控股集团有限公司的 通知，其将持有公司的部分股份解除质押，相关手续已办理完毕。本次解除质押104700000股，占其持 股9.33%，占公司总股本2.82%。 （文章来源：证券日报） ...

每经AI快讯，2月4日，博源化工（000683）公告，公司近日收到控股股东内蒙古博源控股集团有限公 司通知，其持有公司的部分股份已办理解除质押手续，本次合计解除质押股份数量为104700000股，换 算后为1.05亿股。 ...

证券代码：000683 证券简称：博源化工 公告编号：2026-008 内蒙古博源化工股份有限公司 公司将持续关注博源集团及其一致行动人股份质押冻结事项的进展情况，并 按照法律法规的相关规定督促并协助博源集团及时履行相应的信息披露义务。公 司指定的信息披露媒体为《中国证券报》《上海证券报》《证券时报》《证券日 报》及巨潮资讯网（http://www.cninfo.com.cn），有关信息均以公司在上述指 定媒体披露信息为准。 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。 内蒙古博源化工股份有限公司（以下简称公司）近日收到控股股东内蒙古博 源控股集团有限公司（以下简称博源集团）的通知，其将持有公司的部分股份解 除质押，相关手续已办理完毕。具体情况如下： 二、股东股份累计质押情况 截至本公告披露日，博源集团及其一致行动人北京中稷弘立资产管理有限公 司（以下简称中稷弘立）所持公司股份累计质押情况如下： | 已质押股份情况 | 未质押股份情况 | 合 | 计 | 占 | 合 | 计 | 占 | 已质押股 | | | | | | | | | | | --- | --- ...