Core Viewpoint - The restructuring of state-owned enterprises (SOEs) in Shaanxi Province emphasizes not only the physical integration of institutions and assets but also the deep fusion of resources, mechanisms, and strategies, leading to a transformation from decentralized operations to concentrated development, thereby releasing strong new development momentum [1][6]. Group 1: Background and Context - Shaanxi Province has historically faced challenges with its SOEs, characterized by a high number of enterprises that are dispersed and homogeneous, which has hindered high-quality economic development [3][4]. - The province has undertaken 13 rounds of strategic restructuring, reducing the number of provincial SOEs from over 40 to 23, focusing on resource complementarity and competitive advantage [1][4]. Group 2: Economic Performance - In 2024, Shaanxi's provincial SOEs reported total assets of 3.39 trillion yuan, operating revenue of 1.68 trillion yuan, and total profits of 861.2 billion yuan, maintaining a leading position among local state-owned asset systems in China [1][5]. - The total profit of Shaanxi's SOEs increased by 9.9% year-on-year, with industrial output value rising by 5.4% [5]. Group 3: Restructuring Strategies - The restructuring approach includes strategies such as homogenization integration, industrial chain integration, and professional integration, aiming to enhance operational efficiency and reduce redundant competition [4][10]. - The focus is on market-oriented reforms, optimizing equity structures, and introducing professional managers to strengthen the market competitiveness of enterprises [4][10]. Group 4: Innovation and Development - Post-restructuring, Shaanxi SOEs are prioritizing innovation as a core element of their development strategy, with significant investments in technology and research [8][9]. - The Shaanxi Energy Group has implemented 18 reform measures to support technological innovation, leading to substantial advancements in various fields [8][9]. Group 5: Regulatory Innovations - The province is innovating its state asset supervision model to ensure the sustainable operation of restructured SOEs, focusing on comprehensive, penetrating, and intelligent regulation [10][11]. - The introduction of external directors and specialized supervisory roles aims to enhance oversight and reduce decision-making risks within SOEs [10][11]. Group 6: Future Directions - Shaanxi's SOEs are targeting emerging industries such as new materials, hydrogen energy, and new energy vehicles, with a focus on transforming strategic plans into tangible outcomes [12]. - The province aims to create distinctive industrial clusters that contribute to high-quality economic development, leveraging its unique regional advantages [12].

Core Viewpoint - The company confirmed that its subsidiary, Sinochem Dongda (Zibo) Co., Ltd., primarily produces and sells polyether polyols, with specific applications determined by downstream customers and their respective industries, and the subsidiary does not directly participate in robot production [1] Group 1 - The subsidiary specializes in the production and sales of polyether polyols [1] - Applications of the products are defined by the downstream customers and their industries [1] - The subsidiary is not involved in the production of robots [1]

证券代码：000698 证券简称：ST 沈化 公告编号：2025-042 沈阳化工股份有限公司 关于公司股票被实施其他风险警示的进展公告 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。 特别提示： 1. 沈阳化工股份有限公司（以下简称"公司"）于 2025 年 9 月 30 日收到 中国证券监督管理委员会辽宁监管局下发的《行政处罚事先告知书》（〔2025〕 5 号）（以下简称"《事先告知书》"），根据《事先告知书》载明的内容及《深 圳证券交易所股票上市规则（2025 年修订）》第 9.8.1 条的相关规定，公司股票 被实施其他风险警示，但未触及《深圳证券交易所股票上市规则（2025 年修订）》 第九章第五节规定的重大违法类强制退市情形。公司股票自 2025 年 10 月 10 日 起被实施其他风险警示。 2. 根据《深圳证券交易所股票上市规则（2025 年修订）》第 9.8.6 条"上 市公司因触及本规则第 9.8.1 条第八项情形，其股票交易被实施其他风险警示期 间，应当至少每月披露一次差错更正进展公告，直至披露行政处罚决定所涉事项 财务会计报告更正公告及会 ...

Core Viewpoint - ST Shenhua is focusing on enhancing its product offerings and market presence through innovation, cost management, and strategic development, aiming for a transformation towards high-end, refined, and series products [1][2]. Group 1: Business Focus and Product Development - The company is primarily engaged in the production and sales of chemical products such as caustic soda, PVC resin, and polyether polyols, which are widely used in various industries including chemicals, metallurgy, and light industry [1]. - ST Shenhua has established a joint R&D center with Beijing University of Chemical Technology, emphasizing the development of new PVC resin products and has obtained multiple invention patents [1]. - The company aims to enhance product profitability and sales by investing in new product development, improving user experience, and establishing an excellent marketing system [1]. Group 2: Cost Management and Operational Efficiency - ST Shenhua is committed to cost control through measures such as reducing quotas, decreasing energy consumption, cutting expenses, optimizing processes, and collaborative procurement [1]. - The company is focused on solidifying its market position in PVC resin products while continuously improving product profitability [1]. Group 3: Strategic Direction and Innovation - The company plans to concentrate on its advantageous businesses and products, leveraging regional advantages and quality assets to drive strategic research and product-market layout [2]. - ST Shenhua is accelerating its digital transformation by enhancing safety management through "smart factories + intelligent HSE" and deepening the application of industrial internet platforms [2]. - The company is committed to building a customized and differentiated product matrix based on its core products, establishing a new technical marketing system that integrates research, production, sales, and logistics [2]. Group 4: Financial Management - The company maintains sufficient liquidity to manage operational cash flow fluctuations and is optimizing its financing structure to reduce interest expenses through methods such as bank acceptance bills [3].

Financial Impact and Performance - The bankruptcy of Shenyang Wax Chemical Co., Ltd. will not affect the company's existing business operations, as it has been excluded from the consolidated financial statements [3] - As of Q3 2025, the company reported a sales revenue of 4 billion CNY, with the polyether polyol product line still in the process of reaching its designed capacity [11][25] - The company has fully provided for impairment losses related to its long-term equity investments in Shenyang Wax Chemical [3] Strategic Direction and Future Plans - The company has no current plans for asset acquisitions but is focused on sustainable development and exploring new energy applications in the long term [4][5] - The company is committed to enhancing its product structure and technological upgrades to mitigate raw material price fluctuations [10] - The company is not planning to change its name to reflect a more central enterprise image, but it aims to contribute to local economic stability and development [16] Research and Development - The company invests several hundred million CNY annually in R&D, focusing on PVC paste resin and polyether polyol, with multiple patents and national-level technology awards [17][18] - The establishment of a joint R&D center with Beijing University of Chemical Technology aims to enhance product development and market expansion [18][28] Corporate Governance and Shareholder Relations - The company currently has no plans for a high-level management stock ownership program, but it has established a remuneration and assessment committee to align management interests with company performance [11] - The company maintains a stable cash reserve to manage operational fluctuations and optimize financing structures [19] Social Responsibility and Compliance - The company emphasizes social responsibility, engaging in community support and environmental sustainability initiatives [23][24] - The company is actively monitoring the administrative penalty situation and has stated that it has not significantly impacted its operations [26][27]

证券代码：000698 证券简称：ST 沈化 公告编号：2025-041 沈阳化工股份有限公司 关于举办2025年三季度业绩说明会的公告 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。 沈阳化工股份有限公司（以下简称"公司"）于 2025 年 10 月 25 日在巨潮 资讯网（http://www.cninfo.com.cn）上披露了公司 2025 年三季度报告，为便于广 大投资者能更全面地了解公司经营发展情况，公司定于 2025 年 10 月 31 日（星 期五）15:00-16:00 在全景网举办 2025 年三季度业绩说明会。本次业绩说明会将 采用网络远程的方式举行，投资者可登录全景网"投资者关系互动平台" （https://ir.p5w.net）参与本次三季度业绩说明会。 出席本次业绩说明会的人员有：公司董事长朱斌先生，总经理陈立国先生， 财务总监孙红云女士，独立董事吴粒女士，董事会秘书张羽超先生。 为充分尊重投资者、提升交流的针对性，现就公司 2025 年三季度业绩说明 会提前向投资者征集相关问题，广泛听取投资者的意见和建议。广大投资者可于 2025 ...

Core Points - The company and its board members guarantee the authenticity, accuracy, and completeness of the quarterly report, assuming legal responsibility for any misrepresentation or omissions [2][3] - The third-quarter financial report has not been audited [3][8] - The company has not made any retrospective adjustments or restatements of previous accounting data [3][4] Financial Data - The company reported no non-recurring gains or losses applicable to the current quarter [3] - There are no changes in the major accounting data and financial indicators that require explanation [4] - The financial statements include the consolidated balance sheet, profit and cash flow statements for the period ending September 30, 2025 [7][8] Shareholder Information - The company has not reported any changes in the top ten shareholders or any significant shareholder lending activities [5] - The company held a board meeting on August 1, 2025, to approve the cancellation of the supervisory board and amend the company’s articles of association [5] - The company disclosed its half-year report on August 23, 2025, and held an earnings briefing on September 8, 2025 [6] Regulatory Matters - The company received an administrative penalty notice from the Liaoning Regulatory Bureau of the China Securities Regulatory Commission on September 30, 2025 [6]

Group 1 - ST Shenhua (SZ 000698) held its 9th meeting of the 10th Board of Directors on October 24, 2025, to review the proposal for the Q3 2025 report [1] - For the first half of 2025, ST Shenhua's revenue composition was 63.14% from the polyether chemical industry, 35.95% from the chlor-alkali chemical industry, and 0.9% from other businesses [1] - As of the report date, ST Shenhua's market capitalization was 3.1 billion yuan [1] Group 2 - A well-known brand spent 170 million yuan to acquire 2,000 shares of a target company with a registered capital of only 10,000 Hong Kong dollars, raising questions about the necessity of the acquisition [1]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥1,433,209,693.01, representing a 16.65% increase year-over-year[5] - Net profit attributable to shareholders decreased by 72.87% to ¥26,479,514.24, while the net profit excluding non-recurring gains and losses increased by 18.03% to ¥13,942,479.19[5] - Total operating revenue for the current period reached ¥4,002,592,129.34, an increase of 10.99% compared to ¥3,605,609,576.19 in the previous period[19] - Net profit for the current period was ¥88,897,204.85, a significant recovery from a net loss of ¥186,552,835.05 in the previous period[20] - The company's basic and diluted earnings per share improved to ¥0.1085, recovering from a loss of ¥0.228 in the previous period[20] - The total comprehensive income for the current period was ¥88,897,204.85, compared to a comprehensive loss of ¥186,552,835.05 in the previous period[20] Cash Flow - The cash flow from operating activities for the year-to-date period increased significantly by 352.61% to ¥459,048,748.81[5] - Operating cash flow for the current period is ¥459,048,748.81, a significant increase from ¥101,423,173.38 in the previous period, reflecting a growth of approximately 353%[21] - Cash received from operating activities totaled ¥3,883,938,500.38, slightly down from ¥3,942,244,516.04, reflecting a decrease of about 1.5%[21] - Cash paid for purchasing goods and services is ¥3,159,027,505.12, down from ¥3,465,750,582.64, indicating a reduction of approximately 9%[21] - The net increase in cash and cash equivalents for the current period is ¥410,337,097.55, contrasting with a decrease of ¥405,102,422.81 in the previous period[22] Assets and Liabilities - Total assets as of the end of the reporting period amounted to ¥5,200,138,371.34, reflecting a 4.93% increase from the end of the previous year[5] - The company's total assets increased to ¥5,200,138,371.34, compared to ¥4,956,036,802.81 in the previous period, marking a growth of 4.91%[19] - Total liabilities rose to ¥3,722,805,020.44, up from ¥3,578,148,277.84, indicating an increase of 4.02%[19] - The company's accounts receivable increased by 42.14% to ¥198,351,523.31, primarily due to the commencement of operations at its subsidiary[9] - Total current assets amount to ¥2,215,763,696.77, an increase from ¥1,984,305,598.05 at the beginning of the period[17] Shareholder Information - Total number of common shareholders at the end of the reporting period is 46,492[12] - The largest shareholder, Shenyang Chemical Group Co., Ltd., holds 26.68% of shares, totaling 218,663,539 shares[12] - The second largest shareholder, China BlueStar (Group) Co., Ltd., holds 19.35% of shares, totaling 158,585,867 shares[12] - The company's total equity attributable to shareholders increased by 7.22% to ¥1,477,333,350.90[5] - The total equity attributable to shareholders increased to ¥1,477,333,350.90, compared to ¥1,377,888,524.97, reflecting a growth of 7.25%[19] Expenses and Costs - Total operating costs amounted to ¥3,933,125,268.47, up from ¥3,680,143,119.45, reflecting a year-over-year increase of 6.86%[19] - Management expenses decreased by 53.14% to ¥88,453,373.68, mainly due to the absence of prior year costs related to personnel settlements[10] - Research and development expenses were ¥83,360,033.08, slightly down from ¥93,440,512.39, indicating a focus on cost management[19] Other Operating Income - The company reported a significant increase in other operating income, which rose by 68.49% to ¥17,975,695.06, due to the write-off of unpayable accounts payable[10] Financing Activities - Total cash inflow from financing activities is ¥2,060,555,292.06, compared to ¥1,701,287,263.76 in the previous period, indicating an increase of about 21%[22] - Cash outflow for debt repayment is ¥2,178,479,666.56, down from ¥2,303,312,233.90, showing a decrease of approximately 5%[22] Performance Briefing - The company plans to hold a performance briefing on September 8, 2025, to discuss the half-year report[14] Regulatory Matters - The company received an administrative penalty notice from the China Securities Regulatory Commission on September 30, 2025[15]

Core Insights - ST Shenhua reported third-quarter revenue of 1.433 billion yuan, representing a year-on-year increase of 16.65% [1] - The net profit for the third quarter was 26.4795 million yuan, showing a significant year-on-year decline of 72.87% [1] - For the first three quarters, the total revenue reached 4.003 billion yuan, reflecting a year-on-year growth of 11.01% [1] - The net profit for the first three quarters was 88.8972 million yuan, which is a substantial year-on-year increase of 147.54% [1]