格隆汇8月7日丨博源化工（维权）(000683.SZ)公布2025年半年度报告，上半年公司实现营业收入59.16 亿元，同比下降16.31%；归属于上市公司股东的净利润7.43亿元，同比下降38.57%；归属于上市公司股 东的扣除非经常性损益的净利润7.43亿元，同比下降38.49%；基本每股收益0.20元。 ...

证券代码：000683 证券简称：博源化工 公告编号：2025-057 1 本次公司 LOGO 的变更不会对公司生产经营造成重大影响，公司相关宣传资 料的内容将同步进行更改，敬请投资者关注。 特此公告。 内蒙古博源化工股份有限公司董事会 二〇二五年八月八日 内蒙古博源化工股份有限公司 关于变更公司 LOGO 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。 鉴于内蒙古博源化工股份有限公司（以下简称公司）已于 2025 年 5 月 21 日变更了公司名称及证券简称，公司决定同步变更公司 LOGO，并从即日起启用。 具体情况如下： | | | ...

内蒙古博源化工股份有限公司 2025 年半年度财务报告 内蒙古博源化工股份有限公司 Inner Mongolia Berun Chemical Co.,Ltd 2025 年半年度财务报告 2025 年 08 月 1 内蒙古博源化工股份有限公司 2025 年半年度财务报告 内蒙古博源化工股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：内蒙古博源化工股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 4,606,043,078.07 | 3,799,783,632.45 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | 165,688,622.53 | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 61,903,824.56 | 50,636,520.76 | | 应收款项融资 ...

| 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的 | 上市公司核算 | 2025年期初往来 | 2025年半年度往 来累计发生金额 | 2025年半年度往 | 2025年半年度偿 | 2025年半年度末 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 关联关系 | 的会计科目 | 资金余额 | （不含利息） | 来资金的利息 | 还累计发生金额 | 占用资金余额 | | | | 控股股东、实际控制人及其附属企业 | | | | | | | | | | 不适用 | | 前控股股东、实际控制人及其附属企业 | | | | | | | | | | 不适用 | | 总 计 | | | | | | | | | | | | 其它关联资金往来 | 资金往来方名称 | 往来方与上市公司的 | 上市公司核算 | 2025年期初往来 | 2025年半年度往 | 2025年半年度往 | 2025年半年度偿 | 2025年半年度末 | 往来形成原因 | 往来性质 | | 控股股东、实 ...

证券代码：000683 证券简称：博源化工 公告编号：2025-059 内蒙古博源化工股份有限公司 九届二十四次监事会决议公告 本公司及监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、监事会会议召开情况 1.内蒙古博源化工股份有限公司（以下简称公司）于 2025 年 7 月 31 日以书 面、传真或电子邮件方式向公司 3 名监事发出了关于召开九届二十四次监事会会 议的通知。 2.会议于 2025 年 8 月 6 日在鄂尔多斯市东胜区鄂托克西街博源大厦 19 层会 议室以现场和视频相结合的方式召开。 3.本次监事会应参会监事 3 名，实际参会监事 3 名。其中参加现场会议的监 事为贺涌、李娅楠，通过视频参加会议的监事为戴云。会议由公司监事会主席贺 涌先生主持。 4.本次监事会会议的召开符合有关法律、行政法规、部门规章、规范性文件 和《公司章程》的规定。 二、监事会会议审议情况 经监事认真审议并表决，通过以下决议： 1.审议通过《2025 年半年度报告及摘要》 经审核，监事会认为董事会编制和审议公司 2025 年半年度报告及摘要的程 序符合法律、行政法规及中国证监会的 ...

2.会议于 2025 年 8 月 6 日在鄂尔多斯市东胜区鄂托克西街博源大厦 19 层会 议室以现场和视频相结合的方式召开。 证券代码：000683 证券简称：博源化工 公告编号：2025-058 内蒙古博源化工股份有限公司 九届三十次董事会决议公告 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。 一、董事会会议召开情况 1.内蒙古博源化工股份有限公司（以下简称公司）于 2025 年 7 月 31 日以书 面、传真或电子邮件方式向公司全体董事发出了关于召开九届三十次董事会会议 的通知。 3.本次董事会应参会董事 9 名，实际参会董事 9 名。其中参加现场会议的董 事为戴继锋、刘宝龙、宋为兔、邢占飞、李永忠、纪玉虎、张世潮、董敏，通过 视频参加会议的董事为李要合。会议由公司董事长戴继锋先生主持，公司监事、 部分高管人员列席本次会议。 4.本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性文件 和《公司章程》的规定。 二、董事会会议审议情况 经董事认真审议并表决，通过以下决议： 1.审议通过《2025 年半年度报告及摘要》 表决结果：9 票同意，0 票反 ...

人民财讯8月7日电，博源化工（000683）8月7日晚间发布2025年半年度报告，上半年营业收入59.16亿 元，同比下降16.31%；归母净利润7.43亿元，同比下降38.57%。 ...

[Important Notice, Table of Contents and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Basic Information](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) During the reporting period, the company's name changed from 'Inner Mongolia Yuanxing Energy Co., Ltd.' to 'Inner Mongolia Boyuan Chemical Co., Ltd.', with the stock abbreviation changing from 'Yuanxing Energy' to 'Boyuan Chemical', effective May 21, 2025 - The company's Chinese name changed from 'Inner Mongolia Yuanxing Energy Co., Ltd.' to 'Inner Mongolia Boyuan Chemical Co., Ltd.', and its stock abbreviation from 'Yuanxing Energy' to 'Boyuan Chemical', effective May 21, 2025[17](index=17&type=chunk)[18](index=18&type=chunk) [Key Financial Data and Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, the company's operating revenue was **5.92 billion Yuan**, a 16.31% YoY decrease, with net profit attributable to shareholders significantly down 38.57% to **743 million Yuan**, while total assets grew 6.80% to **38.32 billion Yuan** H1 2025 Key Financial Data | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (Yuan)** | 5,916,438,091.39 | 7,069,548,621.66 | -16.31% | | **Net Profit Attributable to Shareholders (Yuan)** | 742,691,306.49 | 1,209,042,084.51 | -38.57% | | **Net Cash Flow from Operating Activities (Yuan)** | 1,264,418,431.79 | 1,361,190,244.90 | -7.11% | | **Basic Earnings Per Share (Yuan/share)** | 0.20 | 0.32 | -37.50% | | **Weighted Average Return on Net Assets** | 4.98% | 8.63% | -3.65% | | **Total Assets (Yuan)** | 38,316,230,536.64 | 35,875,856,859.30 (Prior Year End) | 6.80% | | **Net Assets Attributable to Shareholders (Yuan)** | 14,217,818,815.62 | 14,495,690,792.46 (Prior Year End) | -1.92% | [Non-Recurring Gains and Losses](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **-573,229.04 Yuan**, with minimal impact on net profit, primarily comprising government grants and other non-operating income and expenses Non-Recurring Gains and Losses Items | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -78,553.19 | | Government Grants Recognized in Current Profit/Loss | 3,443,650.73 | | Gains/Losses from Changes in Fair Value and Disposal of Financial Assets/Liabilities | 456,212.03 | | Other Non-Operating Income and Expenses | -4,068,292.11 | | **Total** | **-573,229.04** | [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Principal Business and Operations Overview](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company primarily produces and sells soda ash, baking soda, and coal-based urea, achieving increased production and sales volumes in H1 2025 despite declining market prices, with operating revenue of **5.92 billion Yuan** and net profit of **743 million Yuan** - The company's main businesses are the production and sale of natural soda ash, baking soda, and coal-based urea, with production and sales volumes ranking among the industry's forefront[26](index=26&type=chunk) H1 2025 Key Product Output | Product | Output (10,000 tons) | | :--- | :--- | | Soda Ash | 339.46 | | Baking Soda | 73.97 | | Urea | 88.23 | | **Total** | **515.71** | - Despite a year-on-year decrease in product market prices, the company partially offset the adverse impact by increasing production and sales volumes and achieving year-on-year growth in investment income from associate companies[26](index=26&type=chunk) - The first phase of the company's Alashan Natural Soda Ash Project has reached production and quality standards, with the second phase commencing construction in December 2023, significantly boosting the company's soda ash and baking soda capacity[32](index=32&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from abundant natural soda ash resources, mature industrial capabilities, advanced hydrothermal solution mining technology for environmental benefits, and a precise marketing strategy - The company possesses four major natural soda ash mining areas, holding a significant share of domestically proven natural soda ash resources with exploitable value, ensuring rich resource reserves[37](index=37&type=chunk) - The company operates a national-level enterprise technology center, leading the domestic natural soda ash chemical industry with mature comprehensive industrial capabilities[39](index=39&type=chunk) - Utilizing advanced hydrothermal solution mining technology, the production process generates no waste liquid discharge, offering a green and environmentally friendly product advantage[40](index=40&type=chunk) [Analysis of Principal Business](index=11&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In H1 2025, the company's operating revenue decreased by 16.31% YoY due to market impacts, leading to a significant decline in gross profit margins for key products, while management and financial expenses were effectively controlled Year-on-Year Changes in Key Financial Data | Item | Current Period (Yuan) | Prior Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 5,916,438,091.39 | 7,069,548,621.66 | -16.31% | | **Operating Cost** | 4,035,804,097.70 | 3,933,915,138.64 | 2.59% | | **Administrative Expenses** | 348,427,244.01 | 477,313,421.96 | -27.00% | | **Financial Expenses** | 160,391,457.85 | 213,821,552.13 | -24.99% | | **R&D Investment** | 30,404,653.24 | 85,663,534.24 | -64.51% | | **Net Cash Flow from Financing Activities** | 149,336,034.13 | -2,092,079,597.78 | 107.14% | Gross Profit Margin by Principal Business Segment | Segment | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | | Alkali Industry | 4,312,697,264.92 | 2,733,652,315.97 | 36.61% | -19.11% | | Urea | 1,483,978,921.94 | 1,198,018,321.93 | 19.27% | -7.16% | [Analysis of Non-Principal Business](index=12&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's non-principal business income primarily stemmed from investment gains, totaling **237 million Yuan** and accounting for 18.43% of total profit, mainly from associate companies and deemed sustainable - Investment income is a significant component of the company's profit, contributing **237 million Yuan** during the reporting period, representing 18.43% of total profit, primarily from associate companies and demonstrating sustainability[48](index=48&type=chunk) [Analysis of Assets and Liabilities](index=13&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of the reporting period end, total assets increased by 6.80% to **38.32 billion Yuan**, driven by an 87.15% surge in construction in progress to **3.14 billion Yuan**, with long-term borrowings rising 55.58% to **6.14 billion Yuan** to support project investments Changes in Key Balance Sheet Items | Item | End of Current Period (Yuan) | Percentage of Total Assets | End of Prior Year (Yuan) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | **Construction in Progress** | 3,139,196,519.67 | 8.19% | 1,784,263,208.99 | 4.97% | 3.22% | | **Short-term Borrowings** | 2,770,058,188.89 | 7.23% | 1,600,655,193.99 | 4.46% | 2.77% | | **Long-term Borrowings** | 6,140,295,951.88 | 16.03% | 3,946,828,302.13 | 11.00% | 5.03% | - As of the reporting period end, the company had **7.88 billion Yuan** in restricted assets, primarily comprising fixed assets and intangible assets pledged for loans, and long-term equity investments frozen due to asset preservation measures[55](index=55&type=chunk) [Investment Analysis](index=14&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's total investment significantly increased by 145.87% to **2.19 billion Yuan**, primarily focused on major non-equity projects like the Alashan Natural Soda Ash Development and Utilization Project - The investment amount for the reporting period was **2.19 billion Yuan**, a substantial increase of 145.87% compared to **891 million Yuan** in the prior year[56](index=56&type=chunk) Progress of Major Non-Equity Investment Projects | Project Name | Investment Method | Amount Invested in Current Period (Yuan) | Cumulative Actual Investment as of Reporting Period End (Yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | | Alashan Tamusu Natural Soda Ash Development and Utilization Soda Ash Production Line Project Phase II | Self-built | 1,627,909,896.45 | 3,647,293,542.13 | 39.70% | | Alashan Tamusu Natural Soda Ash Development and Utilization Mining Construction Project (Phase II) | Self-built | 409,582,064.42 | 666,194,260.92 | 83.58% | | Alashan Tamusu Natural Soda Ash Development and Utilization Water Supply Project (Phase II) | Self-built | 33,346,944.70 | 101,105,133.69 | 27.38% | [Analysis of Major Holding and Associate Companies](index=16&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) While major holding subsidiaries faced declining gross margins due to market prices, associate company Wushenqi Mengda Mining Co., Ltd. significantly contributed **166 million Yuan** in investment income, becoming a key profit source - Investment income of **166.38 million Yuan** from associate company Wushenqi Mengda Mining Co., Ltd., primarily responsible for the development and operation of Nalinhe No. 2 Coal Mine, was recognized in the current period[63](index=63&type=chunk)[64](index=64&type=chunk) Performance of Major Holding and Associate Companies | Company Name | Type | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Zhongyuan Chemical | Subsidiary | 2,094,064,436.59 | 133,451,283.72 | | Yingen Mining | Subsidiary | 2,867,475,019.49 | 677,237,633.15 | | Boda Shidi | Subsidiary | 906,127,100.83 | 127,097,868.68 | | Mengda Mining | Associate Company | 2,096,023,288.71 | 489,357,046.24 | [Risks and Countermeasures](index=16&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces industry risks from fluctuating raw material costs and product prices, alongside inherent safety risks in chemical production, addressed by market analysis, optimized marketing, and enhanced safety management - The company faces industry risks from rising raw material costs and fluctuating product prices, which will be addressed by strengthening market analysis and optimizing marketing strategies[65](index=65&type=chunk) - Chemical production inherently carries safety risks, and the company will solidify its safety foundation by continuously improving its safety management system and promoting the development of a dual prevention system[68](index=68&type=chunk) [Corporate Governance, Environment, and Social (ESG)](index=18&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Corporate Governance](index=18&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company experienced significant changes in its directors, supervisors, and senior management, alongside the unlocking of the first restricted stock incentive plan and the repurchase and cancellation of ineligible shares - During the reporting period, several directors, supervisors, and senior management personnel resigned or were appointed due to personal reasons or job transfers, involving positions such as General Manager, Chairman of the Supervisory Board, and Board Secretary[72](index=72&type=chunk) - The company completed the unlocking of **10.52 million shares** from the first restricted period of the 2023 Restricted Stock Incentive Plan and repurchased and cancelled **20.4375 million shares** that no longer met the incentive conditions due to changes in incentive recipients[74](index=74&type=chunk)[75](index=75&type=chunk) [Environmental and Social Responsibility](index=19&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its seven major subsidiaries are listed as legally required environmental information disclosure enterprises, actively engaging in environmental protection through carbon recycling projects and contributing to social welfare through donations - The company and its seven major subsidiaries are included in the list of enterprises required to disclose environmental information by law[77](index=77&type=chunk) - The company plans to construct a carbon recovery and comprehensive utilization project for **1.2 million tons/year** of baking soda, aiming to reduce industrial tail gas emissions and achieve resource recycling through carbon recovery and utilization[82](index=82&type=chunk) - During the reporting period, the company actively participated in social welfare, including donating **6 million Yuan** to the Tongbai County Education and Sports Bureau and **600 tons of urea** (valued at **1.04 million Yuan**) to Wushenqi to support spring farming[83](index=83&type=chunk) [Significant Matters](index=21&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Major Litigation and Penalties](index=21&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company faces a major arbitration with China Coal Energy Co., Ltd. involving **2.33 billion Yuan**, with **1.15 billion Yuan** in provisions, and received an administrative penalty from the CSRC for non-disclosure of significant litigation, resulting in **8 million Yuan** in total fines - The company is involved in a major arbitration with China Coal Energy Co., Ltd., with a disputed amount of **2.33 billion Yuan**, currently awaiting arbitration, and some of the company's equity assets have been subject to asset preservation measures as a result[91](index=91&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk) - For the aforementioned arbitration, the company has cumulatively accrued **1.15 billion Yuan** in estimated liabilities[121](index=121&type=chunk) - The company and relevant parties received administrative penalties from the China Securities Regulatory Commission for failing to disclose major litigation information as required, with the company fined **4 million Yuan** and relevant responsible persons collectively fined **4 million Yuan**[92](index=92&type=chunk)[93](index=93&type=chunk)[122](index=122&type=chunk) [Major Related Party Transactions](index=23&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in various related party transactions, primarily involving coal procurement from associate Mengda Mining and the joint establishment of Xilingol Boyuan Saihan Mining Co., Ltd. with its controlling shareholder Major Daily Related Party Transactions (Procurement) | Related Party | Related Party Transaction Content | Transaction Amount (10,000 Yuan) | | :--- | :--- | :--- | | Mengda Mining | Coal Purchase, Belt Coal Transportation | 27,534.03 | | Engineering Company | Purchase of Reagents, Technical Services | 9,070.62 | | Boyuan Group and its Subsidiaries | Purchase of Accommodation, Training, Catering, Guarantee Fees, etc | 7,701.81 | - The company jointly invested with its controlling shareholder, Inner Mongolia Boyuan Holding Group Co., Ltd., to establish Xilingol Boyuan Saihan Mining Co., Ltd., with a registered capital of **10 million Yuan**, engaged in mineral resource exploration and other businesses[98](index=98&type=chunk) [Major Contracts and Guarantees](index=25&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) As of the reporting period end, the company's external guarantees totaled **7.64 billion Yuan** for subsidiaries, with inter-subsidiary guarantees at **1.13 billion Yuan**, collectively representing 61.65% of the company's net assets Company Guarantees to Subsidiaries | Item | Amount (10,000 Yuan) | | :--- | :--- | | Total Approved Guarantee Limit to Subsidiaries as of Reporting Period End | 1,431,030 | | Total Actual Guarantee Balance to Subsidiaries as of Reporting Period End | 763,620.56 | Inter-Subsidiary Guarantees | Item | Amount (10,000 Yuan) | | :--- | :--- | | Total Approved Guarantee Limit Between Subsidiaries as of Reporting Period End | 235,000 | | Total Actual Guarantee Balance Between Subsidiaries as of Reporting Period End | 112,964.67 | - As of the reporting period end, the company's total actual guarantee amount accounted for **61.65%** of its net assets[116](index=116&type=chunk) [Share Changes and Shareholder Information](index=33&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Changes](index=33&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital decreased from **3.739 billion shares** to **3.719 billion shares** due to equity incentive unlocking and repurchases and cancellations - During the reporting period, the company's total share capital decreased by **20.4375 million shares**, resulting in a total share capital of **3,718,739,060 shares** after the change[127](index=127&type=chunk) - The main reasons for share changes include: 1) The unlocking of **10.52 million restricted shares** for 15 incentive recipients; 2) The repurchase and cancellation of **20.4375 million restricted shares** due to incentive recipients' resignation, retirement, and other reasons[128](index=128&type=chunk) [Shareholder Information](index=37&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the reporting period end, the company had **102,370** common shareholders, with controlling shareholder Inner Mongolia Boyuan Holding Group Co., Ltd. and its concerted parties holding 30.18% of shares, all pledged - The total number of shareholders at the end of the reporting period was **102,370**[134](index=134&type=chunk) Top Three Shareholders' Shareholding | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Reporting Period End | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | | Inner Mongolia Boyuan Holding Group Co., Ltd | Domestic Non-State-Owned Legal Person | 30.18% | 1,122,491,995 | Pledged 1,122,491,995 | | China Cinda Asset Management Co., Ltd | State-Owned Legal Person | 2.20% | 81,800,000 | N/A | | Guangdong Dehui Investment Management Co., Ltd. - Dehui Global Preferred Private Securities Investment Fund | Domestic Non-State-Owned Legal Person | 1.50% | 55,807,340 | N/A | [Bond-Related Information](index=41&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Bond-Related Information](index=41&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no bond-related matters [Financial Report](index=42&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=42&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's H1 2025 financial report is unaudited - The company's semi-annual financial report is unaudited[144](index=144&type=chunk) [Financial Statements](index=42&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) Financial statements indicate increased total assets but decreased profitability in H1 2025, driven by significant capital expenditures in construction in progress, supported by positive net cash flow from financing activities [Consolidated Balance Sheet](index=42&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, total assets grew 6.80% to **38.32 billion Yuan**, total liabilities increased 16.93% to **19.01 billion Yuan**, and equity attributable to parent company decreased 1.92% to **14.22 billion Yuan**, primarily due to increased construction in progress and borrowings Key Consolidated Balance Sheet Items | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | **Total Assets** | **38,316,230,536.64** | **35,875,856,859.30** | | Construction in Progress | 3,139,196,519.67 | 1,784,263,208.99 | | **Total Liabilities** | **19,006,043,764.87** | **16,253,598,422.88** | | Short-term Borrowings | 2,770,058,188.89 | 1,600,655,193.99 | | Long-term Borrowings | 6,140,295,951.88 | 3,946,828,302.13 | | **Total Equity Attributable to Parent Company** | **14,217,818,815.62** | **14,495,690,792.46** | [Consolidated Income Statement](index=47&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, operating revenue decreased 16.31% to **5.92 billion Yuan**, and net profit attributable to parent company fell 38.57% to **743 million Yuan**, despite a 122.04% increase in investment income to **237 million Yuan** Consolidated Income Statement Core Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | **Operating Revenue** | 5,916,438,091.39 | 7,069,548,621.66 | | **Operating Cost** | 4,035,804,097.70 | 3,933,915,138.64 | | **Operating Profit** | 1,291,423,889.62 | 2,185,853,773.52 | | **Investment Income** | 237,230,618.50 | 106,843,161.03 | | **Net Profit Attributable to Parent Company Shareholders** | 742,691,306.49 | 1,209,042,084.51 | [Consolidated Cash Flow Statement](index=50&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Net cash flow from operating activities remained stable at **1.26 billion Yuan**, while investment activities saw a net outflow of **505 million Yuan**, and financing activities generated a net inflow of **149 million Yuan**, significantly improving from a prior year outflow Consolidated Cash Flow Statement Overview | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | 1,264,418,431.79 | 1,361,190,244.90 | | **Net Cash Flow from Investing Activities** | -505,460,663.11 | -518,748,254.60 | | **Net Cash Flow from Financing Activities** | 149,336,034.13 | -2,092,079,597.78 | | **Net Increase in Cash and Cash Equivalents** | 908,739,318.80 | -1,248,337,225.20 | [Other Submitted Data](index=162&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%B6%E4%BB%96%E6%8A%A5%E9%80%81%E6%95%B0%E6%8D%AE) [Administrative Penalties and Investor Communication](index=162&type=section&id=%E4%B8%80%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E7%A4%BE%E4%BC%9A%E5%AE%89%E5%85%A8%E9%97%AE%E9%A2%98%E6%83%85%E5%86%B5) The company received administrative penalties from the Inner Mongolia CSRC for non-disclosure of major litigation and actively engaged with investors through online briefings and phone calls regarding operations and project progress - The company and relevant responsible persons were issued warnings and fined a total of **8 million Yuan** by the Inner Mongolia Regulatory Bureau of the China Securities Regulatory Commission for failing to disclose major litigation and its progress involving an associate subsidiary as required[657](index=657&type=chunk) - The company engaged with investors through online performance briefings and over **300 phone calls** to discuss operational performance, the progress of the Alashan Natural Soda Ash Project construction, and other matters[658](index=658&type=chunk)

天风证券（601162）发布研报称，我国为全球纯碱最主要的生产国，产量占据全球的51%。当前行业开 工率8成，价格价差位于低位水平。纯碱行业老旧产能占比约3成，且10%的产能能耗排放低于基准水 平。"反内卷"背景下，重点关注具备成本优势上市公司。 建议关注：博源化工（000683）(000683.SZ)(公司为国内天然碱龙头企业，当前拥有680万吨天然碱产 能，为国内最大的纯碱生产企业;阿拉善二期项目预计于25年底投产，投产后公司天然碱产能合计将达 到960万吨，规模及成本优势显著。) 中盐化工（600328）(600328.SH)(公司位于西北地区的合成法产能在行业内具备一定资源、成本优势， 现有合计产能390万吨。2025年6月17日，中盐化工以68.0866亿元竞得内蒙古自治区通辽市奈曼旗大沁 他拉地区天然碱采矿权，项目投产后公司有望将具备年产能500万吨天然碱，产品规模进一步扩大。) 风险提示：原材料价格波动风险、安全环保风险、海外经济下行引发的景气持续下行风险。 天风证券主要观点如下： 我国为全球最主要的生产国，产量占据全球的51% 2016-2022年政策影响下产能增长趋缓，近两年新增产能以天然碱 ...

Group 1 - The stock price of Boyuan Chemical closed at 5.73 yuan on August 6, remaining unchanged from the previous trading day. The opening price was 5.70 yuan, with a high of 5.79 yuan and a low of 5.65 yuan. The trading volume was 428,327 hands, and the transaction amount reached 245 million yuan [1] - Boyuan Chemical's main business is the production of chemical raw materials, with key products including soda ash and sodium bicarbonate. The company announced on its investor interaction platform that the second phase of the Alashan natural soda project is scheduled to be completed and trial production to begin by the end of the year, and the project is progressing as planned. This project's progress will directly impact the company's future capacity expansion plans [1] - On August 6, the net outflow of main funds was 5.9698 million yuan, with a cumulative net outflow of 165 million yuan over the past five trading days. The current stock price is situated between the five-day and twenty-day moving averages, indicating a shrinking trading activity in the market [1]