展望后市，中国银河证券表示，政策方面，近期高层审议通过"十五五"规划建议稿，市场聚焦"十五 五"改革方向。"十五五"政策预期下，建议关注以下四条投资主线。一是，行业自律反内卷，建议关注 涤纶长丝、有机硅、农药等板块；二是，政策引导落后产能退出，建议关注炼化、纯碱等板块；三是， 延链强链补链，建议关注氟化工、改性塑料、PEEK等板块；四是，扬帆出海，建议关注钾肥、轮胎等 板块。 图片及数据来源：沪深交易所等，截至2025年10月28日。风险提示：化工ETF被动跟踪中证细分化工产 业主题指数，该指数基日为2004.12.31，发布日期为2012.4.11，指数成份股构成根据该指数编制规则适 时调整。数据显示，细分化工指数近5个完整年度收益率分别为2020年：51.68%；2021年：15.72%； 2022年：-26.89%；2023年：-23.17%；2024年：-3.83%。标的指数成份股构成根据该指数编制规则适时 调整，其回测历史业绩不预示指数未来表现。文中指数成份股仅作展示，个股描述不作为任何形式的投 资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基金管理人评估的该基金风险等级为 R3-中风险， ...

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 8.656 billion yuan, representing a year-on-year decrease of 16.54% [1] - The net profit attributable to shareholders was 1.062 billion yuan, down 41.15% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.128 billion yuan, a decrease of 37.08% year-on-year [1] - The basic earnings per share stood at 0.29 yuan [1]

Core Viewpoint - The company, Boyuan Chemical, announced a strategic acquisition to enhance its control over resources and profitability by purchasing approximately 10.65% equity in Yingen Mining for about 2.726 billion yuan, increasing its ownership from 60% to approximately 70.65% [1] Group 1: Acquisition Details - The acquisition involves cash payment of approximately 2.726 billion yuan [1] - The equity transfer agreements were signed with Boyuan Engineering, Tongling, and Sheng on October 27, 2025 [1] - Post-acquisition, the company's stake in Yingen Mining will rise to about 70.65% [1] Group 2: Financial Performance - For the first half of 2025, Boyuan Chemical's revenue composition was as follows: soda ash and sodium bicarbonate accounted for 72.89%, urea for 25.08%, non-metallic mining for 1.56%, and other businesses for 0.46% [1] - The company's market capitalization is currently 23.1 billion yuan [1]

证券代码：000683 证券简称：博源化工 公告编号：2025-079 内蒙古博源化工股份有限公司 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 10 月 24 日以 书面、传真或者电子通讯方式向公司全体董事发出了关于召开九届三十三次董事 会会议的通知。 2.会议于 2025 年 10 月 27 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、邢占飞、李永忠、纪玉虎、张世潮、董敏、李要合，通过视频参加 会议的董事为刘宝龙、宋为兔。会议由公司董事长戴继锋先生主持，公司部分高 级管理人员列席本次会议。 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 年第三季度报告》 2025 年第三季度报告中的财务信息已经董事会审计委员会审议通过。 九届三十三次董事会决议公告 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 ...

Core Viewpoint - The company reported a significant decline in both revenue and net profit for the third quarter of 2025 compared to the previous year, indicating potential challenges in its financial performance [1] Financial Performance - In Q3 2025, the company achieved a revenue of 2.74 billion yuan, representing a year-on-year decrease of 17.04% [1] - The net profit attributable to shareholders for Q3 2025 was 319 million yuan, down 46.38% year-on-year [1] - Basic earnings per share for Q3 2025 were 0.09 yuan [1] - For the first three quarters of 2025, the company reported a total revenue of 8.656 billion yuan, a decline of 16.54% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was 1.062 billion yuan, reflecting a decrease of 41.15% year-on-year [1]

Group 1 - The core viewpoint of the article highlights the financial performance of Boyuan Chemical for the third quarter, indicating a significant decline in both revenue and net profit compared to the previous year [1] Group 2 - Boyuan Chemical reported a revenue of approximately 8.656 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 16.54% [1] - The net profit attributable to shareholders was about 1.062 billion yuan, reflecting a year-on-year decline of 41.15% [1] - The basic earnings per share were 0.29 yuan, down 40.82% year-on-year [1] - As of the report date, Boyuan Chemical's market capitalization stood at 23.1 billion yuan [2]

证券代码：000683 证券简称：博源化工 公告编号：2025-081 内蒙古博源化工股份有限公司 关于收购控股子公司内蒙古博源银根矿业有限责任公司 部分股权暨关联交易的公告 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。 特别风险提示： 1.公司拟以现金方式收购博源工程、铜陵和生合计持有的银根矿业 10.6464%股权，本次交易完成后，公司持有银根矿业 70.6464%股权。银根矿业 全资子公司银根化工规划建设 780 万吨/年纯碱、80 万吨/年小苏打项目，该项 目一期已达产，已形成年产 500 万吨纯碱和 40 万吨小苏打的生产能力，二期正 在建设中，预计 2025 年完成建设；银根化工另规划建设碳回收综合利用 120 万 吨/年小苏打项目，该项目已取得阿拉善右旗发展和改革委员会备案，正逐步办 理环评、节能审批等其他手续。存在相关手续办理及项目建设资金筹措不能及时 到位影响项目不能按期建成投产的风险，标的公司未来盈利可能受宏观经济形势、 行业趋势、产业政策、竞争环境等多方面未知因素影响，标的公司将面临经营和 业绩变化等风险。 2.本次交易构成关联交易，尚 ...

证券代码：000683 证券简称：博源化工 公告编号：2025-082 内蒙古博源化工股份有限公司 关于召开 2025 年第四次临时股东会的通知 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、误导性陈述或者重大遗漏。 一、召开会议的基本情况 （一）股东会届次：2025 年第四次临时股东会 （二）股东会的召集人：公司董事会 公司九届三十三次董事会审议通过，决定召开 2025 年第四次临时股东会。 （三）会议召开的合法、合规性：本次股东会的召开符合法律法规、深圳证 券交易所业务规则和《公司章程》等的规定。 （四）会议召开的日期、时间： 1.现场会议召开时间：2025 年 11 月 12 日（星期三）下午 14:50。 2.网络投票时间：通过深圳证券交易所交易系统投票的时间为 2025 年 11 月 12 日的交易时间，即 9:15—9:25，9:30—11:30 和 13:00—15:00；通过深圳 证券交易所互联网投票系统投票的时间为 2025 年 11 月 12 日 9:15 至 15:00 期间 的任意时间。 （五）会议的召开方式：本次股东会采用现场表决与网络投票相结合的方式 召 ...

Financial Performance - Q3 2025 revenue was CNY 2,739,814,702.53, a decrease of 17.04% year-over-year[4] - Net profit attributable to shareholders was CNY 319,307,964.59, down 46.38% compared to the same period last year[4] - The net profit excluding non-recurring gains and losses was CNY 384,281,649.21, a decline of 34.14% year-over-year[4] - Total operating revenue for the period was CNY 8,656,252,793.92, a decrease of 16.5% compared to CNY 10,372,288,708.04 in the previous period[19] - Net profit for the period was CNY 1,550,613,864.35, a decline of 42.4% from CNY 2,695,868,272.46 in the previous period[19] - The net profit from continuing operations for the current period is approximately ¥1.55 billion, a decrease of 42.4% compared to ¥2.70 billion in the previous period[20] - The net profit attributable to the parent company's shareholders is approximately ¥1.06 billion, down 41.0% from ¥1.80 billion in the previous period[20] - The total comprehensive income for the current period is approximately ¥1.55 billion, a decline of 42.6% from ¥2.71 billion in the previous period[20] - Basic and diluted earnings per share for the current period are both ¥0.29, down from ¥0.49 in the previous period[20] Assets and Liabilities - Total assets increased by 9.57% to CNY 39,307,622,691.35 compared to the end of the previous year[4] - Total assets increased to CNY 39,307,622,691.35 from CNY 35,875,856,859.30, representing an increase of 6.0%[18] - Current assets totaled CNY 6,901,562,359.84, up from CNY 6,542,923,855.63, indicating a growth of 5.5%[16] - Non-current assets rose to CNY 32,406,060,331.51 from CNY 29,332,933,003.67, marking an increase of 7.1%[17] - Total liabilities reached CNY 19,719,304,939.83, up from CNY 16,253,598,422.88, reflecting an increase of 21.1%[17] - The company's total equity decreased slightly to CNY 19,588,317,751.52 from CNY 19,622,258,436.42, a decrease of 0.2%[18] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 2,971,082,714.38, a slight decrease of 0.82%[4] - Cash inflow from operating activities is approximately ¥9.05 billion, a decrease of 8.6% compared to ¥9.90 billion in the previous period[21] - The net cash flow from operating activities is approximately ¥2.97 billion, slightly down by 0.8% from ¥2.99 billion in the previous period[22] - Cash outflow from investing activities is approximately ¥4.76 billion, significantly higher than ¥1.08 billion in the previous period[22] - The net cash flow from financing activities is approximately -¥811 million, an improvement from -¥2.41 billion in the previous period[22] - The cash and cash equivalents at the end of the period amount to approximately ¥3.70 billion, an increase from ¥2.85 billion at the end of the previous period[22] Shareholder Information - The total number of common shareholders at the end of the reporting period was 81,636, with the largest shareholder, Inner Mongolia Boyuan Holdings Group Co., Ltd., holding 30.18% of shares, totaling 1,122,491,995 shares[10] - Cash dividends paid to minority shareholders increased to ¥561,212,800, representing an increase of 82.54% compared to ¥307,450,000 in the previous period[9] - The company reported a significant increase in cash dividends to minority shareholders, reflecting strong financial performance and commitment to shareholder returns[9] - The company has a diverse shareholder base, with significant stakes held by various institutional investors, indicating strong market confidence[10] Corporate Actions - The company plans to repurchase and cancel 1,907,500 restricted stocks, accounting for 0.0513% of the total share capital, due to employee departures or position adjustments[11] - The first unlock period for 3,558,000 restricted stocks under the 2023 incentive plan has been achieved, with shares to be listed on October 17, 2025[12] - The company revised its articles of association and approved a capital reduction plan during board meetings held on September 29, 2025, and October 17, 2025[13] - The company reappointed Lixin Accounting Firm as the auditor for the fiscal year 2025, with the decision made during the board meeting on September 29, 2025[14] - The company is actively managing its equity structure through stock repurchases and adjustments to its incentive plans, aiming to enhance shareholder value[11][12] Investment and Financing - Short-term borrowings increased by 58.11% to CNY 2,530,780,527.69 due to new loans from the Industrial and Commercial Bank of China[7] - The company's total liabilities increased significantly, with contract liabilities rising by 115.64% to CNY 2,418,211,034.91 due to increased prepayments from sales[7] - The company reported an investment income of CNY 398,181,818.90, which is an increase from CNY 291,988,505.96 in the previous period[19] Research and Development - Research and development expenses decreased by 61.37% to CNY 50,752,608.38 compared to the same period last year[8] Miscellaneous - The impact of exchange rate fluctuations on cash and cash equivalents decreased by 78.33%, from ¥1,193,070.73 to ¥258,511.99, indicating a reduction in foreign currency holdings[9] - The company has not undergone an audit for the third quarter financial report[23]

内蒙古博源银根矿业有限责任公司 审计报告及财务报表 二〇二四年度及二○二五年一至五月 内蒙古博源银根矿业有限责任公司 审计报告及财务报表 （2024 年 01 月 01 日至 2025 年 05 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-3 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-108 | 审计报告 信会师报字[2025]第 ZB11718 号 内蒙古博源银根矿业有限责任公司： 一、 审计意见 我们审计了内蒙古博源银根矿业有限责任公司（以下简称银根矿 业公司）财务报表，包括 2024 年 12 月 31 日及 2025 年 5 月 31 日的 合并及母公司资产负债表，2024 年度及 2025 年 1-5 月的合并及母公 司利润表、合并及母公司现金流量表、合并及母公司所有者 ...