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]

（文章来源：证券日报） 证券日报网讯博源化工8月6日在互动平台回答投资者提问时表示，阿拉善天然碱项目二期工程计划年底 建成投料试车，目前正按照计划有序推进，有关情况请关注公司在指定信息披露平台发布的公告。 ...

Report Summary 1. Industry Investment Rating The report does not provide an industry investment rating. 2. Core View The fundamental situation of soda ash shows strong supply and weak demand, and the sentiment of policy benefits has subsided. In the short term, it is expected to mainly move in a volatile manner [2]. 3. Summary by Directory 3.1 Daily View - **Fundamentals**: The "anti-involution" sentiment has subsided. There are few maintenance works in soda ash plants, and the supply remains at a high level. The daily melting volume of downstream float glass is stable, while that of photovoltaic glass has dropped significantly, resulting in weakened terminal demand. The inventory in soda ash plants is at a historical high. Overall, it is bearish [2]. - **Basis**: The spot price of heavy soda ash in Hebei Shahe is 1,250 yuan/ton, and the closing price of SA2509 is 1,247 yuan/ton, with a basis of 3 yuan. The futures are at a discount to the spot, showing a neutral situation [2]. - **Inventory**: The national in-plant inventory of soda ash is 1.7958 million tons, a decrease of 3.69% from the previous week. The inventory is running above the 5-year average, which is bearish [2][33]. - **Market**: The price is running below the 20-day moving average, and the 20-day moving average is upward, indicating a neutral situation [2]. - **Main positions**: The main positions are net short, and the short positions are decreasing, which is bearish [2]. - **Expectation**: Given the supply-demand imbalance in the soda ash market and the fading policy benefits, the short-term trend is expected to be volatile [2]. 3.2 Influencing Factors - **Positive factors**: The peak maintenance season in summer is approaching, which will lead to a decline in production [3]. - **Negative factors**: Since 2023, the production capacity of soda ash has expanded significantly, and there are still large production plans this year. The production volume is at a historical high. The production of photovoltaic glass, a major downstream product of heavy soda ash, has decreased, weakening the demand for soda ash. The sentiment of the "anti-involution" policy has subsided [5]. 3.3 Soda Ash Futures Market | Session | Closing Price of Main Contract | Lowest Price of Heavy Soda Ash in Shahe | Main Basis | | --- | --- | --- | --- | | Previous | 1,311 yuan/ton | 1,300 yuan/ton | -11 yuan/ton | | Current | 1,247 yuan/ton | 1,250 yuan/ton | 3 yuan/ton | | Change | -4.88% | -3.85% | -127.27% | [6] 3.4 Soda Ash Spot Market - **Production profit**: The profit of heavy soda ash using the North China ammonia-alkali method is -87 yuan/ton, and that using the East China co-production method is -50.50 yuan/ton. The production profit is recovering from a historical low [15]. - **Operating rate and production volume**: The weekly operating rate of the soda ash industry is 83.02%, and the operating rate is expected to decline seasonally. The weekly production volume is 723,800 tons, including 408,900 tons of heavy soda ash, which is at a historical high [18][20]. - **Capacity changes**: In 2023, the new production capacity of soda ash was 6.4 million tons; in 2024, it was 1.8 million tons; and the planned new production capacity in 2025 is 7.5 million tons, with an actual production of 1 million tons [21]. 3.5 Fundamental Analysis - Demand - **Production and sales rate**: The weekly production and sales rate of soda ash is 105.66% [24]. - **Downstream demand**: The daily melting volume of national float glass is 159,000 tons, and the operating rate is stable at 75.10%. The price of photovoltaic glass has been continuously falling. Under the influence of the "anti-involution" policy, the industry has reduced production, and the daily melting volume in operation has dropped significantly [27][30]. 3.6 Fundamental Analysis - Inventory The national in-plant inventory of soda ash is 1.7958 million tons, a decrease of 3.69% from the previous week. The inventory is running above the 5-year average [33]. 3.7 Fundamental Analysis - Supply and Demand Balance Sheet The report provides the annual supply and demand balance sheets of soda ash from 2017 to 2024E, including data on effective production capacity, production volume, operating rate, imports, exports, net imports, apparent supply, total demand, supply-demand gap, and growth rates [34].

Investment Rating - Industry Rating: Neutral (maintained rating) [6] Core Viewpoints - The report highlights the recent price increases in key chemical products such as soda ash, organic silicon, and MDI, driven by strong demand and supply constraints [1][3] - The basic chemical sector outperformed the Shanghai and Shenzhen 300 index, with a weekly increase of 4.25% compared to 1.69% for the index, indicating a positive market sentiment [4][16] - The report suggests that the industry may be at a cyclical bottom, with a focus on supply-demand marginal changes [5] Summary by Sections Key News Tracking - The National Development and Reform Commission issued a revised method for energy consumption and carbon emission management for fixed asset investment projects, which is expected to enhance energy efficiency reviews [1][13] Product Price Monitoring - Key chemical products saw significant price changes, with organic silicon and TDI prices increasing by 11.6% and 6.8% respectively, while DMF and acetic acid prices decreased by 5.7% and 1.3% [2][26] - The report notes that 85 out of 345 tracked chemical products experienced price increases, while 79 saw declines [26] Sector Performance - The basic chemical sector's weekly performance was strong, with notable increases in synthetic resin (+21.94%), soda ash (+14.45%), and organic silicon (+9.01%) [4][18] - The report lists the top-performing stocks in the basic chemical sector, with significant gains for companies like Shangwei New Materials (+97.37%) and Henghe Precision (+64.42%) [21] Investment Insights - The report recommends focusing on sectors with stable demand and potential for recovery, such as organic silicon and amino acids, while also highlighting companies that may benefit from domestic demand [5][6] - It emphasizes the importance of supply-side reforms and cost factors in pricing strategies to mitigate market volatility [5]

Investment Rating - The report maintains a positive outlook on the pesticide industry, suggesting a "Buy" rating for key companies such as Yangnong Chemical, Lier Chemical, and Runfeng Shares [3][20]. Core Insights - The pesticide industry is experiencing a recovery due to the "Zhengfeng Zhijuan" initiative aimed at regulating the market, which has led to price increases for key products like fluorocarbon herbicides [3][4]. - The report highlights the impact of maintenance shutdowns at major production facilities, such as Wanhua's Hungarian plant, which may lead to supply shortages and price increases in the TDI market [3][4]. - The report emphasizes the potential for improved industry dynamics through the elimination of outdated production capacity, as indicated by government initiatives targeting key sectors [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a stable global GDP growth of 2.8%, with oil demand expected to rise despite some slowdown due to tariffs [4]. - The report notes that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream industries [4]. Chemical Prices - Recent price movements include a 15% increase in the price of Lier Chemical's fluorocarbon herbicide and a similar rise for Zhongqi Shares [3][11]. - The report mentions that the price of TDI is expected to rise due to low global inventory levels and potential supply disruptions from maintenance activities [3][4]. Investment Recommendations - The report suggests focusing on traditional cyclical stocks and specific sectors such as coal chemical, real estate chain, and agricultural chemicals, highlighting companies like Wanhua Chemical and Hualu Hengsheng [3][20]. - Growth stocks with recovery potential are identified, including semiconductor materials and OLED panel materials, with specific companies recommended for investment [3][20].

Group 1: Metal Sector - China Hongqiao's net profit forecast for 2024 is CNY 223.72 billion, with a PE ratio of 8.14[12] - Hualing Steel's net profit is projected to increase from CNY 20.32 billion in 2024 to CNY 28.54 billion in 2025, with a PE ratio of 19.72[12] - Xiamen Tungsten's net profit is expected to rise from CNY 17.28 billion in 2024 to CNY 21.01 billion in 2025, with a PE ratio of 22.97[12] Group 2: Construction and Transportation - Sichuan Road and Bridge's net profit is forecasted to grow from CNY 72.10 billion in 2024 to CNY 82.86 billion in 2025, with a PE ratio of 10.35[12] - YTO Express's net profit is expected to decrease from CNY 40.12 billion in 2024 to CNY 35.39 billion in 2025, with a PE ratio of 13.03[12] - China Merchants Highway's net profit is projected to be CNY 55 billion in 2025, with a PE ratio of 14.56[12] Group 3: Chemical and Energy Sector - Yara International's net profit is expected to rise from CNY 9.50 billion in 2024 to CNY 17.94 billion in 2025, with a PE ratio of 30.56[12] - Funiu Power's net profit forecast for 2025 is CNY 28.95 billion, with a PE ratio of 9.18[12] - Huajin's net profit is projected to recover to CNY 0.92 billion in 2025 after a loss of CNY 27.95 billion in 2024[12] Group 4: Strategic Metals and New Materials - Xiamen Tungsten's strategic metal segments are expected to contribute 79% to profits in 2024, with a focus on tungsten and rare earths[21] - Zhongcai Technology's special glass fiber is projected to see significant demand growth due to AI hardware requirements, with expected profits of CNY 0.2 billion in 2024[30] - The company anticipates a profit contribution from special glass fiber of CNY 7.2 billion by 2026[30]

Group 1: Market Trends - The "anti-involution" policy has led to a surge in market sentiment, with pure soda futures rising for five consecutive trading days from July 21 to July 25 [1] - Major companies in the pure soda sector, such as Boyuan Chemical and Shuanghuan Technology, have seen significant stock price increases, reflecting the strong correlation between futures and stock prices [1][8] - The futures market has experienced substantial gains, with pure soda futures rising by 5.57% in a single day and a cumulative increase of 17.46% for the week [3] Group 2: Policy Impact - The "anti-involution" policies introduced in July aim to regulate low-price competition and promote product quality across various industries, including steel and petrochemicals [2] - The National Development and Reform Commission has released a draft amendment to the Price Law, focusing on government pricing and standards for identifying unfair pricing behaviors [2] Group 3: Industry Dynamics - The pure soda industry has faced significant market fluctuations, with a reported average price of 1953 yuan/ton in 2024, down 29.6% year-on-year [4] - In the first half of 2025, the industry is expected to see an increase in production capacity by 2.4 million tons, leading to a total capacity of 40.78 million tons, while demand growth is anticipated to decline [4][6] - The industry is experiencing high inventory levels, with companies like Zhongyan Chemical reporting a 5.76% decline in revenue and an 88.04% drop in net profit in the first half of 2025 [7] Group 4: Future Outlook - Analysts suggest that the recent price increases in pure soda futures may not be sustainable due to underlying supply-demand imbalances, with expectations of a wide price fluctuation in the near future [3][8] - The potential for further capacity expansion in the pure soda sector could exacerbate existing supply-demand issues, despite the positive impact of the recent price increases [6][8]