2025-05-12 纯碱玻璃周度报告汇总 研究员：于小栋 从业资格号：F3081787 交易咨询从业证书号：Z0019360 01 纯碱市场综述 目录 目 录 周度市场综述 目 录 C O N T E N T S 01 纯碱市场综述 02 月度供需 03 基差价差 04 纯碱市场价格 05 纯碱供应 06 纯碱需求 07 纯碱库存 08 仓单数量/有效预报 09 地产相关数据 01 玻璃市场综述 02 月度供需 03 基差价差 04 玻璃市场价格 05 玻璃供应 06 玻璃需求 07 玻璃库存 纯碱 玻璃 | | | | | | 纯 碱 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 项 目 | 备 注 | 当 期 | 环 比 | 下期 (E) | 下下期 (E) | 思 路 | | | | 总产量（万吨） | | 74.07 | -0.79 | 65.43 | 61.66 | | | | 供 应 | 重质产量（万吨） | | 40.79 | -0.34 | 36.03 | 33.96 | 假期后检修逐步开启，产量自高位 ...

截至2025年5月9日当周，纯碱期货主力合约收于1305元/吨，周K线收阴，持仓量环比上周增持287671 手。 机构观点汇总： 宁证期货：浮法玻璃开工较稳，库存上升，原片企业操作围绕出货为主。国内纯碱市场延续稳定，纯碱 部分装置按计划停车、减量，供应震荡下行，下游需求表现谨慎，多保持刚需补库，低价成交为主。预 计纯碱09合约短期震荡运行，下方支撑1310一线，建议观望。 建信期货：短期来看，5月检修计划的逐步落地或将引发阶段性供应紧张，叠加光伏需求的韧性支撑， 纯碱期货存在估值修复机会；从中长期视角，产能过剩的基本面未发生根本改变，浮法玻璃需求疲软与 库存高位累积仍是压制价格的核心因素。综合判断，受减产预期驱动，5月纯碱期货价格或迎来短暂小 幅反弹，但缺乏持续上涨动力。预计5月中下旬，随着检修利好逐渐消退、供需矛盾再度凸显，价格将 重新步入下行通道。 消息面回顾： 本周纯碱库存170.13万吨，环比增加2.91万吨，涨幅1.74%。纯碱企业待发订单14+天，呈现增加趋势， 订单接至下旬，有企业到月底。 截至5月8日，华北地区氨碱法生产成本1300元/吨，相较去年10月原盐价格高点的1720元/吨，下降420 ...

Company Overview - Haokun (Shandong) New Materials Co., Ltd. has been established with a registered capital of 3 million yuan [1] - The legal representative of the company is Song Zhenglian [1] - The company is co-owned by Shandong Haihua, Song Zhenglian, and Dayuan Health Management (Shandong) Group Co., Ltd. [1] Business Scope - The company’s business scope includes new material technology promotion services, technical services, development, consulting, and transfer [1] - It is involved in the production and sales of various chemical products, including specialized chemical products, synthetic materials, coatings, and refractory materials [1] - The company also focuses on the research and development of bio-based materials and high-performance fibers and composite materials [1] - Additional activities include the sale of non-metallic minerals and products, as well as import and export of goods and technology [1]

2025-05-06 纯碱玻璃周度报告汇总 研究员：于小栋 从业资格号：F3081787 交易咨询从业证书号：Z0019360 目 录 C O N T E N T S 01 纯碱市场综述 02 月度供需 03 基差价差 04 纯碱市场价格 05 纯碱供应 06 纯碱需求 07 纯碱库存 08 仓单数量/有效预报 09 地产相关数据 01 玻璃市场综述 02 月度供需 03 基差价差 04 玻璃市场价格 05 玻璃供应 06 玻璃需求 07 玻璃库存 纯碱 玻璃 01 纯碱市场综述 目录 目 录 周度市场综述 | | | | | | 纯 碱 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 项 目 | 备 注 | 当 期 | 环 比 | 下期 (E) | 下下期 (E) | 思 路 | | | | 总产量（万吨） | | 75.51 | -0.05 | 75.01 | 73.37 | | | | 供 应 | 重质产量（万吨） | | 41.55 | -0.10 | 41.27 | 40.37 | 行业会议宣贯计划月内减产及检修 ...

Core Viewpoint - Shandong Haihua (000822.SZ) reported a significant decline in revenue and profit for Q1 2025, indicating financial distress and underperformance compared to peers [1][3]. Financial Performance - The company's total revenue for Q1 2025 was 1.024 billion yuan, a decrease of 820 million yuan, representing a year-on-year decline of 44.46% [1]. - The net profit attributable to shareholders was -66.5246 million yuan, down by 222 million yuan, reflecting a year-on-year decrease of 142.75% [1]. - Operating cash flow showed a net inflow of 49.9527 million yuan, down by 192 million yuan, which is a year-on-year decline of 79.38% [1]. Financial Ratios - The latest debt-to-asset ratio stood at 39.68%, an increase of 0.07 percentage points from the previous quarter and up by 6.90 percentage points year-on-year [3]. - The gross profit margin was 11.47%, down by 2.51 percentage points from the previous quarter and down by 6.77 percentage points year-on-year [3]. - Return on equity (ROE) was -1.30%, a decrease of 4.21 percentage points compared to the same period last year [3]. Earnings Per Share and Turnover - The diluted earnings per share were -0.07 yuan, a decrease of 0.24 yuan, reflecting a year-on-year decline of 141.18% [3]. - The total asset turnover ratio was 0.12 times, down by 0.11 times year-on-year, representing a decline of 48.03% [3]. - The inventory turnover ratio was 1.33 times, down by 3.86 times year-on-year, indicating a decline of 74.35% [3]. Shareholder Information - The number of shareholders was 62,600, with the top ten shareholders holding 395 million shares, accounting for 44.16% of the total share capital [3]. - The largest shareholder, Shandong Haihua Group Co., Ltd., holds 40.34% of the shares [3].

Financial Performance - The company reported a basic earnings per share of -0.0700 yuan for Q1 2025, a decrease of 141.18% compared to 0.1700 yuan in Q1 2024 and down from 0.2700 yuan in Q1 2023 [1] - The operating revenue for Q1 2025 was 10.24 billion yuan, representing a decline of 44.44% from 18.43 billion yuan in Q1 2024 and down from 23.65 billion yuan in Q1 2023 [1] - The net profit for Q1 2025 was -0.67 billion yuan, a decrease of 142.95% compared to 1.56 billion yuan in Q1 2024 and down from 2.39 billion yuan in Q1 2023 [1] - The return on equity (ROE) for Q1 2025 was -1.29%, a significant drop of 143.58% from 2.96% in Q1 2024 and down from 5.60% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 39,531.63 million shares, accounting for 44.15% of the circulating shares, with an increase of 896.56 million shares compared to the previous period [2] - Shandong Haihua Group Co., Ltd. remains the largest shareholder with 36,104.89 million shares, maintaining its position [3] - New entrants among the top shareholders include Hu Xiujun with 699.61 million shares and several investment funds, while Chen Shucheng and others have exited the top ten list [3][4] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [5]

Financial Performance - The company's revenue for Q1 2025 was ¥1,023,637,626.89, a decrease of 44.46% compared to ¥1,843,160,390.84 in the same period last year[2] - The net profit attributable to shareholders was a loss of ¥66,524,582.55, representing a decline of 142.75% from a profit of ¥155,627,031.09 in the previous year[2] - The net cash flow from operating activities decreased by 79.38%, amounting to ¥49,952,697.52 compared to ¥242,265,285.93 in the same period last year[2] - Operating profit was recorded at -¥96,579,532.16, a stark contrast to the previous operating profit of ¥208,579,190.17[15] - Total comprehensive income amounted to -¥67,738,719.99, compared to ¥155,649,051.09 in the previous period, reflecting a substantial decrease[15] - The company's earnings per share (EPS) were -¥0.07, compared to ¥0.17 in the previous period[15] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥8,479,760,537.46, down 1.15% from ¥8,577,987,544.86 at the end of the previous year[2] - The total assets decreased to CNY 8,479,760,537.46 from CNY 8,577,987,544.86, a decline of approximately 1.1%[13] - The total liabilities decreased to CNY 3,364,378,917.00 from CNY 3,397,182,023.15, reflecting a reduction of about 1.0%[13] Inventory and Operating Costs - Inventory increased by 39.06% to ¥791,613,985.32, primarily due to an increase in the stock of main products[5] - The company's operating costs decreased by 39.86% to ¥906,253,058.75, attributed to a reduction in sales volume[5] - The total operating costs for the current period amount to CNY 1,053,182,018.47, down from CNY 1,638,544,378.92, reflecting a reduction of about 35.7%[14] - Inventory levels increased to CNY 791,613,985.32 from CNY 569,278,078.32, representing a growth of about 39.1%[11] Cash Flow - The company’s cash and cash equivalents at the end of the period were ¥2,209,871,155.53, a decrease from ¥1,147,646,006.83 at the end of the previous period[19] - The company received cash from sales of goods and services totaling ¥1,154,359,715.73, down from ¥1,535,232,024.52 in the previous period[18] - Investment activities resulted in a net cash outflow of -¥29,326,087.09, compared to a net inflow of ¥11,881,541.42 in the prior period[18] - The company reported a decrease in cash flow from financing activities, with a net cash outflow of -¥27,141,929.81, compared to a net inflow of ¥21,974,907.81 in the previous period[19] Shareholder Information - The company reported a total of 62,563 common shareholders at the end of the reporting period[7] - The largest shareholder, Shandong Haohua Group Co., Ltd., holds a 40.34% stake in the company[7] Research and Development - The company reported a research and development expense of CNY 20,763,354.14, which is an increase of approximately 110.0% compared to CNY 9,825,570.75 in the previous period[14] Asset Impairment - The asset impairment loss surged by 3230.78% to ¥-83,694,717.81, mainly due to an increase in inventory write-down provisions[5] - The company experienced a significant increase in asset impairment losses, totaling -¥83,694,717.81, compared to -¥2,512,768.29 in the prior period[15]

Group 1 - The company Shandong Haihua (000822) reported a revenue of 1.024 billion yuan for the first quarter of 2025, representing a year-on-year decline of 44.46% [1] - The company incurred a net loss of 66.5246 million yuan, compared to a net profit of 156 million yuan in the same period last year [1]

Group 1 - The company received a government subsidy of 7 million yuan, which accounts for 17.85% of the latest audited net profit attributable to shareholders [2] - The subsidy is related to daily operations and is not sustainable [2] - The subsidy will be recognized as "other income" in the company's financial statements for the year 2025, positively impacting the total profit by 7 million yuan [4] Group 2 - The government subsidy is classified as income-related according to the accounting standards, which will be included in the current profit or offset related costs [3] - The accounting treatment and financial impact of the subsidy have not been audited, and the final results will be confirmed by the auditing firm [5]

一、获得补助的基本情况 证券代码：000822 证券简称：山东海化 公告编号：2025-024 山东海化股份有限公司关于获得政府补助的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 4. 风险提示和其他说明 以上会计处理及对公司财务数据的影响未经审计，最终结果将以会 计师事务所审计确认后的结果为准，敬请广大投资者注意投资风险。 近日，山东海化股份有限公司（以下简称"公司"）以现金方式收到 "2023年省级支持高质量发展奖励资金"700万元，占公司最近一期经审 计的归属于上市公司股东净利润的17.85%。上述政府补助与日常经营活动 相关，不具有可持续性。 二、补助的类型及其对公司的影响 1. 补助的类型 根据《企业会计准则第16号—政府补助》的规定，企业收到的政府补 助分为两类，一类是与资产相关的政府补助，指公司取得的、用于购建或 以其他方式形成长期资产的政府补助；一类是与收益相关的政府补助。 2. 补助的确认和计量 公司根据《企业会计准则第16号—政府补助》的相关规定区分补助类 型，其中，与资产相关的政府补助，冲减相关资产的账面价值或者确认为 递延收益， ...