Core Insights - Sichuan Meifeng (000731.SZ) reported a revenue of 2.717 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 5.27% [1] - The company recorded a net loss attributable to shareholders of 7.2902 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, amounted to 35.9988 million yuan [1]

Group 1 - The core point of the article is that Sichuan Meifeng (SZ 000731) announced the convening of its 11th fourth board meeting on October 24, 2025, where the Q3 2025 report was reviewed [1] - For the first half of 2025, Sichuan Meifeng's revenue composition was as follows: chemical fertilizer manufacturing accounted for 51.24%, natural gas supply 22.13%, other industries 19.91%, and real estate development 6.72% [1] - As of the report, Sichuan Meifeng's market capitalization was 3.8 billion yuan [1]

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 （一）会议通知发出的时间和方式 四川美丰化工股份有限公司（以下简称"公司"）第十一届 董事会第四次会议通知于 2025 年 10 月 14 日以书面文件出具后， 通过扫描电邮形式发出。 证券代码：000731 证券简称：四川美丰 公告编号：2025-56 四川美丰化工股份有限公司 第十一届董事会第四次会议决议公告 （一）关于公司《2025 年第三季度报告》的议案 表决结果：7 票同意，0 票反对，0 票弃权。 （二）会议召开的时间、地点和方式 本次会议于 2025 年 10 月 24 日 10:00 在四川省德阳市公司 总部会议室以现场结合通讯（视频）表决方式召开。 （三）出席的董事人数及授权委托情况 会议应出席董事 7 名，实际出席董事 7 名。其中，独立董事 潘志成先生、曹麒麟先生、梁清华女士，董事何琳先生以网络视 频结合通讯表决方式出席本次会议，董事王霜女士以通讯表决方 式出席本次会议。 （四）会议的主持人和列席人员 会议由董事长王勇先生主持。公司高级管理人员列席了本次 会议。 （五 ...

Revenue and Profitability - Revenue for Q3 2025 was ¥858,083,825.21, a decrease of 3.44% year-over-year, while year-to-date revenue was ¥2,717,162,109.93, down 5.27% compared to the previous year[5] - The net profit attributable to shareholders was -¥15,321,509.52 for Q3 2025, representing a decline of 166.57% year-over-year, and a year-to-date net profit of -¥7,290,249.84, down 103.85%[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥24,443,027.86 for Q3 2025, a decrease of 267.26% year-over-year, with a year-to-date figure of -¥35,998,814.25, down 122.58%[5] - The company reported a significant decrease in operating profit, down ¥25,617,000 or 97% year-over-year, primarily due to a decline in product prices[10] - Net profit for the current period was CNY -8,276,023.27, a decline from CNY 205,129,633.76 in the previous period[22] - Basic earnings per share for the current period was CNY -0.0131, down from CNY 0.3322 in the previous period[22] Cash Flow and Financial Position - The operating cash flow for the year-to-date period was -¥85,736,714.06, reflecting a decline of 119%[5] - Operating cash flow for the current period was -85,736,714.06 CNY, a significant decrease from 444,522,862.08 CNY in the previous period, indicating a decline of approximately 119.3%[23] - The company experienced a 119% decrease in net cash flow from operating activities, amounting to a reduction of ¥53,026,000 year-over-year, indicating challenges in cash generation from core operations[10] - The company reported a net decrease in cash and cash equivalents of -31,175,879.11 CNY, compared to -12,875,279.82 CNY in the previous period[24] - The ending balance of cash and cash equivalents was 776,681,997.33 CNY, slightly up from 772,601,638.45 CNY in the previous period[24] - The company’s cash inflow from sales of goods and services was 3,191,540,314.34 CNY, down from 3,823,885,772.64 CNY in the previous period, indicating a decline of approximately 16.5%[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,167,861,503.57, down 8.93% from the end of the previous year[5] - Total assets decreased to CNY 5,167,861,503.57 from CNY 5,674,711,156.22[19] - Total liabilities decreased to CNY 797,081,038.47 from CNY 1,157,098,415.68[19] - Total equity decreased to CNY 4,370,780,465.10 from CNY 4,517,612,740.54[19] - Shareholders' equity attributable to the parent company was ¥4,032,906,401.28, a decrease of 3.65% compared to the end of the previous year[5] Research and Development - R&D expenses increased by ¥15,340,000, representing a 71% increase year-over-year, indicating a focus on innovation[9] - Research and development expenses increased to CNY 36,923,437.10, up from CNY 21,581,248.12 in the previous period[21] Investment Activities - The net cash flow from investment activities increased by ¥53,182,000, a rise of 182% year-over-year, suggesting improved cash management strategies[10] - Total cash inflow from investment activities was 4,975,154,401.17 CNY, an increase from 4,685,174,938.87 CNY in the previous period, representing a growth of about 6.2%[24] - Net cash flow from investment activities improved to 239,487,071.86 CNY, compared to a negative cash flow of -292,332,351.67 CNY in the previous period[24] - The company received 4,950,000,000.00 CNY from investment recoveries, an increase from 4,650,000,000.00 CNY in the previous period[24] Shareholder Information - As of September 30, 2025, the company repurchased a total of 9,018,931 shares, accounting for 1.61% of the total share capital, with a total expenditure of RMB 63,284,012.17[15] - The top shareholder, Chengdu Huachuan Petroleum and Natural Gas Exploration and Development Co., Ltd., holds 72,053,552 shares, representing 12.89% of the total shares[14] Other Information - The company has not disclosed any new product developments or technological advancements during the reporting period[14] - There are no significant mergers or acquisitions reported in the recent financial disclosures[14] - The company has not provided specific future guidance or market expansion strategies in the latest conference call[14] - Total operating revenue for the current period was CNY 2,717,162,109.93, a decrease of 5.3% from CNY 2,868,472,643.82 in the previous period[21] - Total operating costs increased to CNY 2,749,658,113.92, up 3.8% from CNY 2,648,769,351.19 in the previous period[21] - Other comprehensive income after tax for the current period was CNY 7,354,068.03, compared to CNY 2,903,795.77 in the previous period[22] - Cash inflow from financing activities totaled 24,490,289.97 CNY, down from 55,883,272.32 CNY in the previous period, reflecting a decrease of approximately 56.2%[24] - Net cash flow from financing activities was -186,629,110.25 CNY, worsening from -166,443,090.68 CNY in the previous period[24] - The company paid 101,468,785.46 CNY in dividends and interest, a decrease from 115,724,109.95 CNY in the previous period[24]

四川美丰化工股份有限公司 信息披露管理办法 （经公司第十一届董事会第四次会议审议通过） 第一章 总 则 第一条 为了加强对四川美丰化工股份有限公司（以下简称公 司）信息披露工作的管理，保护投资者合法权益，规范公司的信息 披露行为，根据《中华人民共和国公司法》《中华人民共和国证券 法》等有关法律、法规及《上市公司信息披露管理办法》《深圳证 券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引 第 1 号--主板上市公司规范运作》和《公司章程》等有关规定，特 制定本办法。 确需暂缓、豁免披露信息的，应当遵守法律、行政法规和中国 证监会的规定。 第二条 本办法所称"信息"是指所有可能对公司证券及其衍 生品种交易价格产生重大影响而尚未向投资者公开的重大信息以 及按照现行的法律法规及证券监管机构要求所应披露的信息。"披 露"是指"信息"在规定时间内，通过规定的媒体，以规定的方式 向社会公众公布，并送达证券监管部门备案。 第三条 公司应当及时依法履行信息披露义务，披露的信息应 当真实、准确、完整，简明清晰、通俗易懂，不得有虚假记载、误 导性陈述或者重大遗漏。 第四条 公司披露的信息应当同时向所有投资者披露，不得提 ...

Core Insights - Sichuan Meifeng reported a third-quarter revenue of 858 million, a year-on-year decline of 3.44% [1] - The net profit for the third quarter was a loss of 15.32 million, representing a decline of 166.57% [1] - For the first three quarters, the revenue totaled 2.717 billion, down 5.27% year-on-year [1] - The net profit for the first three quarters was a loss of 7.29 million, a decrease of 103.85% [1]

Core Viewpoint - The price of urea in China has been declining, with the average price for small granular urea at 1616.50 yuan/ton as of October 11, 2025, representing a 16.19% decrease compared to 2024, and is now below the average price of the past decade [2] Supply and Demand - Both supply and demand for urea are expected to grow in 2025, but the growth rate of demand is significantly lower than that of supply, leading to a persistent supply-demand imbalance [2][4] - Urea production capacity in China has increased to 79.15 million tons in 2025, a 2.51% increase year-on-year, with an average daily output of 197,000 tons, which is higher than the previous years' levels of 150,000 to 170,000 tons [4][5] - The domestic urea inventory reached 1.338 million tons as of October 9, 2025, a 101.8% increase from the year's low, with an average annual inventory of 1.073 million tons, marking a 70.6% increase from 2024 [5] Price Trends - The urea market has shown a trend of first rising and then falling throughout 2025, with significant price drops in the third quarter. Prices fell from over 1800 yuan/ton in June to as low as 1560 yuan/ton in early October [4] - The decline in urea prices is primarily attributed to oversupply, as new production capacities have been added over the past three years, while domestic consumption growth has not kept pace [4][6] Industry Performance - Companies in the urea sector are experiencing significant financial difficulties due to falling prices. For instance, Lu Hua Technology reported a net loss of 229 million yuan in the first half of 2025, while Sichuan Meifeng's net profit dropped by 95.17% to 803,130 yuan [3][10] - The overall performance of the urea industry has been impacted by high operating rates and adverse weather conditions, leading to a sustained oversupply and downward pressure on prices [11] Future Outlook - The market is currently under pressure, but there may be opportunities for price rebounds in the fourth quarter as domestic storage efforts begin and some production facilities undergo maintenance [7] - The focus will be on export dynamics and changes in domestic production capacity, as the market continues to navigate the challenges of high supply levels [7]

Core Viewpoint - Sichuan Meifeng announced that shares in the repurchase account will not have profit distribution rights, and the mid-2025 dividend plan will distribute cash dividends based on the adjusted total shares after excluding approximately 9.02 million repurchased shares [1] Group 1: Dividend Distribution - The total number of shares participating in profit distribution will be approximately 550 million shares after excluding the repurchased shares [1] - The cash dividend will be 1 yuan (including tax) for every 10 shares [1] - The record date for the dividend is set for October 17, 2025, and the ex-dividend date is October 20, 2025 [1] Group 2: Revenue Composition - For the first half of 2025, the revenue composition of Sichuan Meifeng is as follows: chemical fertilizer manufacturing accounts for 51.24%, natural gas supply for 22.13%, other industries for 19.91%, and real estate development for 6.72% [1] Group 3: Market Capitalization - As of the report date, Sichuan Meifeng has a market capitalization of 3.9 billion yuan [1]

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。 证券代码：000731 证券简称：四川美丰 公告编号：2025-55 四川美丰化工股份有限公司 2025 年中期分红派息实施公告 特别提示： 1.根据《公司法》规定，上市公司回购专用账户中的股份 不享有利润分配权利，按照现金分红比例不变的原则，2025年 中期分红方案以公司现有总股本剔除已回购股份9,018,931股 后参与利润分配的总股数549,810,200股为基数，向全体股东每 10股派发现金红利1.00元（含税）。 2.鉴于公司回购专用证券账户中的股份不参与2025年中期 分红派息，公司本次实际现金分红的总金额=实际参与分配的总 股 本 × 分 配 比 例 ， 即 549,810,200 股 ×0.1000000 元 / 股 =54,981,020元。本次分红派息实施后，根据股票市值不变原则， 实施分红派息前后公司总股本保持不变，现金分红总额分摊到 每一股的比例将减小。因此，本次分红派息实施后除权除息价 格计算时，按股权登记日的总股本折算每10股现金红利=实际现 金 分红 总 额÷ 股 权登 记 日的 总 ...

四川美丰公告，公司2025年中期分红方案以现有总股本剔除已回购股份后的5.5亿股为基数，向全体股 东每10股派发现金红利1元（含税）。本次分红派息实施后，公司2025年中期分红派息实施后的除权除 息价格=股权登记日收盘价-0.098386元/股。股权登记日为2025年10月17日，除权除息日为2025年10月20 日。 ...