证券代码：000822 证券简称：山东海化 公告编号：2025-032 山东海化股份有限公司 第九届董事会 2025 年第四次会议决议公告 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，没有虚假记 载、误导性陈述或重大遗漏。 一、会议召开情况 山东海化股份有限公司(以下简称"公司")第九届董事会 2025 年第 四次会议通知于 2025 年 8 月 11 日以书面及电子方式下发给各位董事。8 月 21 日，会议在 908 会议室以现场结合通讯表决方式召开，由孙令波董 事长主持，应出席会议董事 8 人，实际出席 8 人（独立董事綦好东、朱德 胜及马东宁 3 人以通讯表决方式出席），公司监事、财务总监及董事会秘 书列席了本次会议。会议的召集召开符合有关法律、行政法规、部门规章、 规范性文件和公司章程的规定。 二、会议审议情况 会议审议通过了以下议案： 1. 审议通过《2025 年半年度报告（全文及摘要）》 报告期内，公司实现营业收入 213,793.31 万元、归属于上市公司股 东的净利润-25,788.20 万元。 详 见 同 日 刊 登 在 中 国 证 券 报 、 证 券 时 报 及 巨 潮 资 ...

山东海化公告，2025年上半年营业收入21.38亿元，同比下降38.45%。归属于上市公司股东的净亏损 2.58亿元，上年同期净利润2.24亿元。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

[Part I 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) [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, and declare the financial report is true, accurate, and complete, with no plans for profit distribution - Company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, completeness, and absence of false records, misleading statements, or major omissions in the semi-annual report[4](index=4&type=chunk) - Company head, chief accountant, and accounting department head declare the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - Company plans no cash dividends, no bonus shares, and no capital reserve conversions to share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section lists the overall structure of the report, including nine main chapters covering company profile, financial indicators, MD&A, corporate governance, significant events, share changes, bond information, financial reports, and other submitted data [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, clarifying the full and abbreviated names of the controlling shareholder, the company, its main subsidiaries, and currency units to ensure accurate understanding of the report content - Controlling shareholder refers to Shandong Haihua Group Co., Ltd[11](index=11&type=chunk) - Company refers to Shandong Haihua Co., Ltd[11](index=11&type=chunk) - "Yuan" and "ten thousand yuan" in the report refer to RMB yuan and RMB ten thousand yuan, respectively[11](index=11&type=chunk) [Part II 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) [1. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section introduces the company's basic information, including stock abbreviation, code, listing exchange, Chinese and English names, and legal representative, providing an overview for investors - Company stock abbreviation: Shandong Haihua, stock code: **000822**, listed on the Shenzhen Stock Exchange[13](index=13&type=chunk) - Company's legal representative is **Wang Zhihui**[13](index=13&type=chunk) [2. Contact Persons and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides detailed contact information for the company's securities affairs representative and board secretary, including names, addresses, phone numbers, fax, and email, for investor communication - Board Secretary is **Yang Yuhua**, contact number: **(0536) 5329842**[14](index=14&type=chunk) - Securities Affairs Representative is **Jiang Xiuhong**, contact number: **(0536) 5329931**[14](index=14&type=chunk) [3. Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) This section states that the company's registered address, office address, website, email, and information disclosure and placement locations remained unchanged during the reporting period, with specific details available in the 2024 annual report - Company's registered address, office address, website, and email remained unchanged during the reporting period[15](index=15&type=chunk) - Information disclosure and placement locations remained unchanged during the reporting period, refer to the 2024 annual report for details[16](index=16&type=chunk) [4. Key Accounting Data and Financial Indicators](index=6&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) During the reporting period, the company's key financial indicators significantly declined, with operating revenue decreasing by **38.45%** year-on-year, net profit attributable to shareholders turning from profit to loss with a **214.94%** decrease, and net cash flow from operating activities also sharply falling by **54.63%** Key Accounting Data and Financial Indicators (Current Period vs. Prior Year Period) | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,137,933,073.85 | 3,473,329,367.20 | -38.45% | | Net Profit Attributable to Shareholders of Listed Company | -257,882,006.26 | 224,352,715.71 | -214.94% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -284,216,484.76 | 201,995,734.53 | -240.70% | | Net Cash Flow from Operating Activities | 346,247,241.87 | 763,103,555.98 | -54.63% | | Basic Earnings Per Share (Yuan/Share) | -0.29 | 0.25 | -216.00% | | Diluted Earnings Per Share (Yuan/Share) | -0.29 | 0.25 | -216.00% | | Weighted Average Return on Net Assets | -5.09% | 4.26% | -9.35% | | **End of Current Reporting Period vs. End of Prior Year** | | | | | Total Assets | 8,366,836,051.25 | 8,577,987,544.86 | -2.46% | | Net Assets Attributable to Shareholders of Listed Company | 4,945,021,883.12 | 5,199,161,903.74 | -4.89% | [5. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets between financial reports prepared under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards during the reporting period - Company reported no differences in net profit and net assets between financial reports prepared under International Accounting Standards and Chinese Accounting Standards during the reporting period[18](index=18&type=chunk) - Company reported no differences in net profit and net assets between financial reports prepared under overseas accounting standards and Chinese Accounting Standards during the reporting period[19](index=19&type=chunk) [6. Non-Recurring Gains and Losses Items and Amounts](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 **26.33 million yuan**, primarily from fair value changes of financial assets and government grants, which had some impact on the company's net profit Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 421,655.90 | | | Government Grants Recognized in Current Profit or Loss | 9,256,982.07 | See Announcement No. 2025-024 | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-Financial Enterprises, and Gains and Losses from Disposal of Financial Assets and Liabilities, Excluding Effective Hedge Accounting Related to Normal Business Operations | 26,173,774.39 | Primarily due to the ineffective portion of the company's hedging activities (cash flow hedges) accounted for under hedge accounting being recognized in fair value change gains and losses | | Other Non-Operating Income and Expenses Apart from the Above | -702,281.87 | | | Less: Income Tax Impact | 8,815,651.99 | | | Impact on Minority Interests (After Tax) | 0.00 | | | Total | 26,334,478.50 | | - Company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[20](index=20&type=chunk)[21](index=21&type=chunk) [Part III Management Discussion and Analysis](index=8&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) [1. Principal Business Activities During the Reporting Period](index=8&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's main business focuses on the salt chemical industry, with soda ash as its leading product, also producing caustic soda, bromine, calcium chloride, and baking soda; during the reporting period, soda ash capacity expanded, but weak downstream demand led to price declines and increased inventory [(I) Development of the Leading Product: Soda Ash Industry](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E5%AF%BC%E4%BA%A7%E5%93%81%E7%BA%AF%E7%A2%B1%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) In the first half of 2025, soda ash industry capacity expanded by **2.3 million tons** to **41.1 million tons**, with production around **18.5 million tons**, flat year-on-year, but declining demand and narrowing price differences led to market price drops and increased inventory - Company's leading product is soda ash, widely used in glass, inorganic salts, metallurgy, medicine, and other industries[23](index=23&type=chunk) - During the reporting period, new soda ash capacity increased by **2.3 million tons**, bringing total capacity to **41.1 million tons**, with domestic soda ash production in the first half of the year approximately **18.5 million tons**, largely flat year-on-year[25](index=25&type=chunk) - In the first half of the year, cumulative soda ash exports reached **992,700 tons**, an increase of **544,400 tons** or **121.44%** year-on-year; cumulative imports were **17,200 tons**, a decrease of **732,200 tons** or **97.70%** year-on-year[29](index=29&type=chunk) - In the first half of 2025, the soda ash market experienced a volatile downward trend, with industry inventory showing an increasing trend[31](index=31&type=chunk)[33](index=33&type=chunk) [(II) Main Business Operating Model](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's procurement model primarily involves direct sourcing from production areas, optimizing the supply chain through bidding, price comparison, and strategic cooperation, while production is continuous, focusing on long-cycle equipment operation and energy saving, and sales are mainly direct to manufacturers, supplemented by a futures-spot strategy - Procurement Model: Bulk raw materials like limestone are primarily sourced directly from production areas, optimizing the supply chain through bidding, price comparison, and strategic cooperation with mining enterprises[34](index=34&type=chunk) - Production Model: Adopts a continuous, uninterrupted production line, aiming for “equipment operation long cycle, high-quality production, seamless collaboration, and record-breaking energy conservation and consumption reduction”[34](index=34&type=chunk) - Sales Model: Primarily direct supply to manufacturers, supplemented by other channels, securing long-term sales through in-depth strategic cooperation agreements with high-quality customers, and conducting hedging operations for soda ash and caustic soda[34](index=34&type=chunk) [2. Analysis of Core Competencies](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 competencies lie in its complete industrial chain, excellent quality and brand, continuous innovation capabilities, and profound corporate culture, having built an ecological industrial system for marine chemicals, with products winning national and provincial honors, continuously promoting digital and intelligent transformation, and fostering employee cohesion - Company possesses a complete industrial chain, interconnected by products such as crude salt, soda ash, caustic soda, and bromine, forming an ecological industrial system for marine chemicals[35](index=35&type=chunk) - Company's leading product, soda ash, has repeatedly won honors such as “China Famous Brand Product” and “Shandong Famous Brand Product,” enhancing its reputation and credibility[35](index=35&type=chunk) - Company adheres to technology leadership and innovation-driven development, promoting digital and intelligent transformation, building “Digital Haihua,” and being selected for the provincial intelligent manufacturing excellent scenario list[36](index=36&type=chunk) - Company has a profound corporate culture, promoting “Haihua Family Culture” to enhance employee cohesion and solidarity, and has repeatedly won the first prize for National Enterprise Management Innovation Achievements[37](index=37&type=chunk) [3. 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) During the reporting period, the company focused on the “Integrated Reform and Improvement Year” theme, deepening target management, optimizing procurement and sales strategies, strengthening cost reduction and efficiency improvement, and enhancing technological innovation, risk prevention, and Party building leadership, despite a **38.45%** year-on-year decrease in operating revenue and a net loss of **258 million yuan** [(I) Overview](index=11&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%A6%82%E8%BF%B0) In the first half of the year, the company achieved operating revenue of **2.138 billion yuan** and a net loss of **258 million yuan** attributable to shareholders, driven by initiatives including deepening target management, optimizing procurement and sales strategies, strengthening cost reduction, technological innovation, risk prevention, and Party building leadership - In the first half of the year, the company achieved operating revenue of **2.138 billion yuan** and net profit attributable to shareholders of **-258 million yuan**[38](index=38&type=chunk) - Company continuously optimized procurement strategies, leveraged strategic supply advantages, and coordinated strategic direct supply with market competition strategies[38](index=38&type=chunk) - Optimized market layout, flexibly adjusted sales strategies, increased promotional efforts in high-price regions, and adhered to a futures-spot approach for hedging soda ash and caustic soda[38](index=38&type=chunk) - In the first half of the year, a total of **75 patent applications** were filed, including **67 invention patents**; **40 patents** were granted, including **33 invention patents**, both showing significant year-on-year growth[39](index=39&type=chunk) [(II) Year-on-Year Changes in Key Financial Data](index=12&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%90%8C%E6%AF%94%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's operating revenue and costs decreased by **38.45%** and **34.20%** respectively due to lower product sales and prices, while selling expenses increased by **85.81%** due to higher liquid chlorine disposal fees, financial expenses decreased by **254.51%** due to increased deposit interest, R&D investment increased by **54.82%**, and net cash flow from operating and investing activities significantly decreased Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,137,933,073.85 | 3,473,329,367.20 | -38.45% | Primarily due to lower sales volume and prices of leading products in the current period | | Operating Cost | 1,930,324,101.40 | 2,933,702,344.31 | -34.20% | Primarily due to lower sales volume of leading products in the current period | | Selling Expenses | 55,515,767.09 | 29,876,904.75 | 85.81% | Primarily due to increased liquid chlorine disposal service fees in the current period | | Financial Expenses | -5,425,620.25 | -1,530,460.17 | -254.51% | Primarily due to increased deposit interest income in the current period | | R&D Investment | 47,722,809.34 | 30,825,378.08 | 54.82% | Primarily due to an increase in R&D projects in the current period | | Net Cash Flow from Operating Activities | 346,247,241.87 | 763,103,555.98 | -54.63% | Primarily due to decreased sales revenue | | Net Cash Flow from Investing Activities | -327,119,767.05 | -10,318,512.71 | -3,070.22% | Primarily due to the purchase of wealth management products in the current period | [(III) Significant Changes in the Company's Profit Structure or Sources of Profit During the Reporting Period](index=12&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%85%AC%E5%8F%B8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E6%9E%84%E6%88%90%E6%88%96%E5%88%A9%E6%B6%A6%E6%9D%A5%E6%BA%90%E5%8F%91%E7%94%9F%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8) There were no significant changes in the company's profit structure or sources of profit during the reporting period - There were no significant changes in the company's profit structure or sources of profit during the reporting period[43](index=43&type=chunk) [(IV) Composition of Operating Revenue](index=12&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%9E%84%E6%88%90) During the reporting period, the company's total operating revenue was **2.138 billion yuan**, a year-on-year decrease of **38.45%**, with chemical product revenue accounting for **97.56%** and decreasing by **39.45%**, while soda ash revenue declined by **49.92%**, caustic soda revenue grew by **23.98%**, and bromine revenue grew by **38.24%** Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Amount for Current Reporting Period (Yuan) | Proportion of Operating Revenue | Amount for Prior Year Period (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | | Chemical Products | 2,085,710,098.76 | 97.56% | 3,444,657,819.50 | 99.17% | -39.45% | | | Other | 52,222,975.09 | 2.44% | 28,671,547.70 | 0.83% | 82.14% | | **By Product** | | | | | | | | | Soda Ash | 1,363,409,996.89 | 63.77% | 2,722,314,327.72 | 78.38% | -49.92% | | | Caustic Soda | 343,968,128.28 | 16.09% | 277,448,391.30 | 7.99% | 23.98% | | | Bromine | 93,789,070.75 | 4.39% | 67,844,194.67 | 1.95% | 38.24% | | **By Region** | | | | | | | | | Shandong | 1,269,924,570.87 | 59.40% | 1,506,570,657.81 | 43.38% | -15.71% | | | East China Region | 353,770,181.88 | 16.55% | 844,207,376.22 | 24.31% | -58.09% | | | Northeast China Region | 52,867,719.94 | 2.47% | 301,856,864.84 | 8.69% | -82.49% | | | Other Domestic Regions | 31,812,502.44 | 1.49% | 11,470,786.40 | 0.33% | 177.33% | [(V) Industries, Products, or Regions Accounting for Over 10% of the Company's Operating Revenue or Operating Profit](index=13&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E5%8D%A0%E5%85%AC%E5%8F%B8%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5%E6%88%96%E8%90%A5%E4%B8%9A%E5%88%A9%E6%B6%A6%2010%25%E4%BB%A5%E4%B8%8A%E7%9A%84%E8%A1%8C%E4%B8%9A%E3%80%81%E4%BA%A7%E5%93%81%E6%88%96%E5%9C%B0%E5%8C%BA%E6%83%85%E5%86%B5) This section confirms the industries, products, or regions accounting for over **10%** of the company's operating revenue or operating profit, with specific data already detailed in the operating revenue composition - Information on industries, products, or regions accounting for over **10%** of the company's operating revenue or operating profit is applicable[44](index=44&type=chunk) [(VI) Main Business Data Adjusted According to the Scope at the End of the Reporting Period, if the Statistical Scope of the Company's Main Business Data Changed During the Reporting Period](index=13&type=section&id=%EF%BC%88%E5%85%AD%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%95%B0%E6%8D%AE%E7%BB%9F%E8%AE%A1%E5%8F%A3%E5%BE%84%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%8F%91%E7%94%9F%E8%B0%83%E6%95%B4%E7%9A%84%E6%83%85%E5%86%B5%E4%B8%8B%EF%BC%8C%E5%85%AC%E5%8F%B8%E6%9C%80%E8%BF%91%201%20%E6%9C%9F%E6%8C%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%8F%A3%E5%BE%84%E8%B0%83%E6%95%B4%E5%90%8E%E7%9A%84%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%95%B0%E6%8D%AE) The statistical scope of the company's main business data did not change during the reporting period - The statistical scope of the company's main business data did not change during the reporting period[45](index=45&type=chunk) [4. Analysis of Non-Principal Business](index=13&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) The company had no analysis of non-principal business during the reporting period - The company had no analysis of non-principal business during the reporting period[45](index=45&type=chunk) [5. 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) At the end of the reporting period, both the company's total assets and net assets attributable to shareholders decreased, with accounts receivable and construction in progress significantly increasing, while accounts receivable financing and long-term borrowings decreased, and notes payable increased due to reclassification of long-term borrowings [1. Significant Changes in Asset Composition](index=13&type=section&id=1%EF%BC%8E%E8%B5%84%E4%BA%A7%E6%9E%84%E6%88%90%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) At the end of the reporting period, the company's total assets were **8.367 billion yuan**, a **2.46%** decrease from the end of the previous year, with accounts receivable increasing by **1.54%** due to increased credit sales, and long-term borrowings decreasing by **1.66%** due to reclassification Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (Yuan) | Proportion of Total Assets | Amount at End of Prior Year (Yuan) | Proportion of Total Assets | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 8,366,836,051.25 | | 8,577,987,544.86 | | -2.46% | | | Accounts Receivable | 135,438,757.22 | 1.62% | 7,028,359.68 | 0.08% | 1.54% | Primarily due to increased credit sales | | Construction in Progress | 126,498,352.61 | 1.51% | 34,606,998.56 | 0.40% | 1.11% | | | Long-Term Borrowings | 72,033,750.00 | 0.86% | 216,440,500.00 | 2.52% | -1.66% | Primarily due to reclassification of long-term borrowings to non-current liabilities due within one year | | Accounts Receivable Financing | 867,673,828.45 | 10.37% | 1,473,046,239.32 | 17.17% | -6.80% | Primarily due to reduced operating revenue and bank acceptance bills received in the current period | | Notes Payable | 1,715,438,510.89 | 20.50% | 1,464,256,543.86 | 17.07% | 3.43% | Primarily due to an increase in self-issued bank acceptance bills in the current period | [2. Major Overseas Assets](index=14&type=section&id=2%EF%BC%8E%E4%B8%BB%E8%A6%81%E5%A2%83%E5%A4%96%E8%B5%84%E4%BA%A7%E6%83%85%E5%86%B5) The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[48](index=48&type=chunk) [3. Assets and Liabilities Measured at Fair Value](index=14&type=section&id=3%EF%BC%8E%E4%BB%A5%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E8%AE%A1%E9%87%8F%E7%9A%84%E8%B5%84%E4%BA%A7%E5%92%8C%E8%B4%9F%E5%80%BA) At the end of the reporting period, the company's financial assets measured at fair value totaled **1.324 billion yuan**, with changes in trading financial assets and derivative financial assets, while financial liabilities were **1.0277 million yuan** at the beginning of the period and **0** at the end, and the effective portion of hedging activities was recognized in other comprehensive income Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (Yuan) | Fair Value Change Gains and Losses for Current Period (Yuan) | Increase for Current Period (Yuan) | Decrease for Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Financial Assets** | | | | | | | Trading Financial Assets | 200,222,222.22 | 2,259,010.66 | 450,000,000.00 | 200,000,000.00 | 452,481,232.88 | | Derivative Financial Assets | 62,789,480.00 | 22,722,415.72 | 20,397,484.27 | -21,817,623.71 | 247,200.00 | | Accounts Receivable Financing | 1,473,046,239.32 | | 1,609,003,871.90 | 2,214,376,282.77 | 867,673,828.45 | | **Total Above** | 1,739,460,581.17 | 24,981,426.38 | 2,059,003,871.90 | 2,414,376,282.77 | 1,323,804,900.96 | | **Financial Liabilities** | 1,027,710.00 | 0.00 | | | 0.00 | - The effective portion of hedging activities was recognized in other comprehensive income and reclassified to operating revenue upon closing or settlement of the contracts[48](index=48&type=chunk) [4. Asset Restrictions at the End of the Reporting Period](index=14&type=section&id=4%EF%BC%8E%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%9A%84%E8%B5%84%E4%BA%A7%E6%9D%83%E5%88%A9%E5%8F%97%E9%99%90%E6%83%85%E5%86%B5) Details of the company's asset restrictions can be found in Financial Report Section VIII, Seven, 31. Assets with Restricted Ownership or Use Rights - Asset restrictions are detailed in Section VIII, Seven, 31. Assets with Restricted Ownership or Use Rights[49](index=49&type=chunk) [6. Analysis of Investment Status](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 was **1.733 billion yuan**, a year-on-year increase of **110.81%**, primarily engaging in derivative investments for hedging purposes, including soda ash and caustic soda futures contracts, to mitigate price fluctuation risks, achieving good hedging effectiveness with no significant equity, non-equity, or securities investments [1. Overall Situation](index=14&type=section&id=1%EF%BC%8E%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company's investment amounted to **1.733 billion yuan**, an increase of **110.81%** compared to the same period last year Overall Investment Situation | Investment Amount for Reporting Period (Yuan) | Investment Amount for Prior Year Period (Yuan) | Change Rate | | :--- | :--- | :--- | | 1,732,912,840.06 | 822,016,064.12 | 110.81% | [2. Significant Equity Investments Acquired During the Reporting Period](index=14&type=section&id=2%EF%BC%8E%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E8%8E%B7%E5%8F%96%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company had no significant equity investments acquired during the reporting period - The company had no significant equity investments acquired during the reporting period[50](index=50&type=chunk) [3. Significant Non-Equity Investments in Progress During the Reporting Period](index=14&type=section&id=3%EF%BC%8E%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%AD%A3%E5%9C%A8%E8%BF%9B%E8%A1%8C%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E9%9D%9E%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company had no significant non-equity investments in progress during the reporting period - The company had no significant non-equity investments in progress during the reporting period[50](index=50&type=chunk) [4. Financial Asset Investments](index=14&type=section&id=4%EF%BC%8E%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7%E6%8A%95%E8%B5%84) The company had no securities investments during the reporting period but engaged in derivative investments for hedging purposes, primarily involving soda ash and caustic soda futures contracts, aiming to mitigate price fluctuation risks in spot transactions, with no unexpected risks and good hedging effectiveness, and no speculative derivative investments [(1) Securities Investment](index=14&type=section&id=%EF%BC%881%EF%BC%89%20%E8%AF%81%E5%88%B8%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company had no securities investments during the reporting period - The company had no securities investments during the reporting period[50](index=50&type=chunk) [(2) Derivative Investment](index=15&type=section&id=%EF%BC%882%EF%BC%89%20%E8%A1%8D%E7%94%9F%E5%93%81%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) During the reporting period, the company engaged in derivative investments for hedging purposes, involving soda ash and caustic soda futures contracts, with a total investment amount of **9.318 million yuan** at period-end, accounting for **0.19%** of the company's net assets, achieving good hedging effectiveness with no unexpected risks and no speculative derivative investments Derivative Investment (for Hedging Purposes) | Derivative Investment Type | Initial Investment Amount (Ten Thousand Yuan) | Beginning Balance (Ten Thousand Yuan) | Fair Value Change Gains and Losses for Current Period (Ten Thousand Yuan) | Cumulative Fair Value Change Recognized in Equity (Ten Thousand Yuan) | Amount Purchased During Reporting Period (Ten Thousand Yuan) | Amount Sold During Reporting Period (Ten Thousand Yuan) | Ending Balance (Ten Thousand Yuan) | Proportion of Investment Amount to Company's Net Assets at Period-End | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Futures Contracts (Soda Ash) | 54,554.26 | 48,275.31 | -168.62 | 2,297.03 | 79,870.81 | 125,106.11 | 931.80 | 0.19% | | Futures Contracts (Caustic Soda) | 8,024.81 | 8,127.58 | 2,440.86 | -257.28 | 37,670.48 | 43,634.48 | 0 | 0.00% | | Total | 62,579.07 | 56,402.89 | 2,272.24 | 2,039.75 | 117,541.29 | 168,740.59 | 931.80 | 0.19% | - Company's derivative investments are for soda ash, caustic soda futures hedging, aimed at mitigating and preventing risks from price fluctuations in spot transactions, not for arbitrage or speculation[51](index=51&type=chunk) - During the reporting period, the company adopted a futures-spot combination model for some soda ash and caustic soda sales, achieving hedging effectiveness through reasonable use of futures contracts, with no unexpected risks[51](index=51&type=chunk) - The company does not engage in derivative investments for speculative purposes[53](index=53&type=chunk) [5. Use of Raised Funds](index=16&type=section&id=5%EF%BC%8E%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The company had no use of raised funds during the reporting period - The company had no use of raised funds during the reporting period[53](index=53&type=chunk) [7. Significant Asset and Equity Sales](index=16&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not sell any significant assets or equity during the reporting period - The company did not sell any significant assets during the reporting period[54](index=54&type=chunk) - The company had no significant equity sales during the reporting period[54](index=54&type=chunk) [8. Analysis of Major Holding and Participating 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) The company's main subsidiaries include Shandong Haihua Chlor-Alkali Resin Co., Ltd. and Weifang Changyun Supply Chain Management Co., Ltd., with the former achieving a net profit of **38.83 million yuan** and the latter **319,600 yuan** during the reporting period, and no acquisitions or disposals of subsidiaries occurred Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Principal Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Haihua Chlor-Alkali Resin Co., Ltd. | Subsidiary | Production and sales of caustic soda and other chemical products | 159,323,047.69 | 985,916,330.14 | 391,404,751.19 | 416,340,550.69 | 53,314,815.23 | 38,831,589.19 | | Weifang Changyun Supply Chain Management Co., Ltd. | Subsidiary | Raw material procurement, chemical product sales, etc | 30,000,000.00 | 44,604,002.91 | 30,902,153.01 | 122,447,378.80 | 423,598.67 | 319,585.18 | - There were no acquisitions or disposals of subsidiaries during the reporting period[55](index=55&type=chunk) [9. Structured Entities Controlled by the Company](index=16&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[56](index=56&type=chunk) [10. Risks Faced by the Company 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 market risks, production safety risks, and environmental risks, which it addresses by building a dynamic market monitoring system, introducing AI intelligent monitoring, implementing full lifecycle equipment management, and actively responding to “dual carbon” policies to promote green and low-carbon transformation - Market Risk: The basic chemical industry is cyclical, and product prices are susceptible to external factors such as industrial policy adjustments and market environment changes[56](index=56&type=chunk) - Countermeasures for Market Risk: Establish a dynamic market monitoring system, anticipate market changes, flexibly adjust marketing strategies, and intensify efforts to explore emerging markets[56](index=56&type=chunk) - Production Safety Risk: Chemical product processes are complex, with some production stages involving high temperatures and pressures, posing certain production safety risks[58](index=58&type=chunk) - Countermeasures for Production Safety Risk: Emphasize the safety prevention system, strengthen safety culture construction, accelerate digital and intelligent transformation, introduce AI intelligent monitoring systems, and implement full lifecycle equipment management[58](index=58&type=chunk) - Environmental Risk: With the deepening implementation of national “dual carbon” policies, environmental standards and regulatory requirements are becoming increasingly stringent, increasing investment pressure on chemical enterprises[58](index=58&type=chunk) - Countermeasures for Environmental Risk: Actively respond to “dual carbon” policies, practice green and low-carbon development strategies, adopt low-carbon, environmentally friendly, energy-saving, and emission-reducing technologies, develop clean production and circular economy, and build green factories[58](index=58&type=chunk) [11. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=17&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[59](index=59&type=chunk) - The company has not disclosed a valuation enhancement plan[59](index=59&type=chunk) [12. Implementation of "Quality and Return Dual Improvement" Action Plan](index=17&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan - The company has not disclosed an announcement regarding the “Quality and Return Dual Improvement” action plan[59](index=59&type=chunk) [Part IV Corporate Governance, Environment, and Society](index=17&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) [1. Changes in Directors, Supervisors, and Senior Management](index=17&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) There were no changes in the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report[60](index=60&type=chunk) [2. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=17&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves to share capital for the semi-annual period - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves to share capital for the semi-annual period[60](index=60&type=chunk) [3. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=17&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[60](index=60&type=chunk) [4. Environmental Information Disclosure](index=17&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 three major subsidiaries (Soda Ash Plant, Baking Soda Plant, and Chlor-Alkali Resin Co., Ltd.) are all included in the list of enterprises required to disclose environmental information by law, with corresponding inquiry indexes provided - The listed company and its major subsidiaries, totaling **3 entities**, are included in the list of enterprises required to disclose environmental information by law[61](index=61&type=chunk) - The listed entities include Shandong Haihua Co., Ltd. Soda Ash Plant, Shandong Haihua Co., Ltd. Baking Soda Plant, and Shandong Haihua Chlor-Alkali Resin Co., Ltd[61](index=61&type=chunk) [5. Social Responsibility](index=18&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) While pursuing high-quality development, the company actively fulfills its corporate social responsibility, providing assistance and relief to over **2,400 individuals** through employee mutual aid, with a total relief amount exceeding **1.3 million yuan** during the reporting period - The company emphasizes fulfilling corporate social responsibility and actively participates in charitable and public welfare undertakings[62](index=62&type=chunk) - During the reporting period, the company provided assistance and relief to over **2,400 individuals**, with a total relief amount exceeding **1.3 million yuan**[62](index=62&type=chunk) [Part V Significant Matters](index=18&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) [1. Fulfilled and Overdue Unfulfilled Commitments by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During and as of the End of the Reporting Period](index=18&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The controlling shareholder, Shandong Haihua Group Co., Ltd., has partially fulfilled its performance commitment for Chlor-Alkali Resin Co., Ltd.; the 2022 performance commitment was completed, and the unfulfilled portions for 2023 and 2024 have been compensated as per regulations - The controlling shareholder, Shandong Haihua Group Co., Ltd., has fulfilled its performance commitment for Chlor-Alkali Resin Co., Ltd. for the year **2022**[64](index=64&type=chunk) - The performance commitments for **2023** and **2024** were not fulfilled, and the committed party has compensated for the shortfall as per relevant regulations[64](index=64&type=chunk) [2. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=18&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there were no non-operating funds occupied by the controlling shareholder and other related parties from the listed company - During the reporting period, there were no non-operating funds occupied by the controlling shareholder and other related parties from the listed company[65](index=65&type=chunk) [3. Irregular External Guarantees](index=18&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[66](index=66&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=18&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[67](index=67&type=chunk) [5. Board of Directors' and Supervisory Board's Explanations on "Non-Standard Audit Report" for the Current Reporting Period](index=18&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) No non-standard audit report occurred during the company's reporting period - No non-standard audit report occurred during the company's reporting period[68](index=68&type=chunk) [6. Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=18&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) No non-standard audit report occurred during the company's reporting period - No non-standard audit report occurred during the company's reporting period[70](index=70&type=chunk) [7. Bankruptcy and Reorganization Matters](index=18&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) No bankruptcy and reorganization matters occurred during the company's reporting period - No bankruptcy and reorganization matters occurred during the company's reporting period[70](index=70&type=chunk) [8. Litigation Matters](index=18&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters during the reporting period, but there were multiple other litigation cases with amounts ranging from **400,000 yuan** to **7.25 million yuan**, some of which have been concluded and are in the execution phase, including cases where the company lost or won but the counterparty has not executed - The company had no significant litigation or arbitration matters during the current reporting period[69](index=69&type=chunk) Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (Ten Thousand Yuan) | Whether a Provision for Liabilities was Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | Execution Status of Litigation (Arbitration) Judgment | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhongyuan Petroleum Exploration Bureau Drilling Second Company vs. Shandong Haihua Fengyuan Mineral Salt Co., Ltd. Construction Contract Dispute | 725.00 | Yes | Concluded | Our party lost | In execution | | Shandong Haihua Co., Ltd. vs. Dezhou Jingfeng Daily Glass Co., Ltd. Arrears Dispute | 252.30 | No | Concluded | Our party won | In execution | | Shandong Haihua Co., Ltd. vs. Shouguang City Zhengtong Chemical Co., Ltd. Arrears Dispute | 79.67 | No | Concluded | Mediation agreement reached, counterparty not executed | In execution | | Shandong Haihua Co., Ltd. vs. Shandong Juta Heavy Industry Machinery Co., Ltd. Sales Contract Dispute | 51.26 | No | Concluded | Our party won | In execution | | Shandong Haihua Co., Ltd. vs. Leiqi Energy Saving Co., Ltd. Contract Dispute | 40.00 | No | Concluded | Our party won | In execution | [9. Penalties and Rectification](index=19&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[71](index=71&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=19&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company had no statements regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period - The company had no statements regarding the integrity status of the company, its controlling shareholder, or actual controller during the reporting period[72](index=72&type=chunk) [11. Significant Related Party Transactions](index=20&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 multiple related party transactions related to its daily operations, primarily involving procurement of power, materials, and labor, as well as sales of products to related parties, with transaction pricing principles being market-based or agreed-upon, and none exceeding the approved limits, with no asset/equity acquisition/disposal or non-operating related party receivables/payables Related Party Transactions Related to Daily Operations (Procurement/Acceptance of Services) | Related Party | Relationship | Content of Related Party Transaction | Amount of Related Party Transaction (Ten Thousand Yuan) | Proportion of Similar Transactions | Approved Transaction Limit (Ten Thousand Yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Haihua Energy Co., Ltd. | Wholly-owned subsidiary of parent company | Purchase of power (water, electricity, steam, etc.) | 102,602.99 | 100.00% | 255,000 | No | | Shandong Haihua Group Co., Ltd. | Parent company of the enterprise | Procurement of products (materials) | 9,200.78 | 79.48% | 17,500 | No | | Shandong Haihua Plastic Weaving Co., Ltd. | Subsidiary controlled by the same parent company | Procurement of products (packaging materials) | 6,466.67 | 99.57% | 15,500 | No | | Weifang City Salt Industry Co., Ltd. | Subsidiary of a shareholder of the parent company | Procurement of products (crude salt) | 14,390.22 | 32.77% | 17,000 | No | Related Party Transactions Related to Daily Operations (Sales/Provision of Services) | Related Party | Relationship | Content of Related Party Transaction | Amount of Related Party Transaction (Ten Thousand Yuan) | Proportion of Similar Transactions | Approved Transaction Limit (Ten Thousand Yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Haihua Energy Co., Ltd. | Wholly-owned subsidiary of parent company | Sales of products (high-temperature hot water, low-temperature hot water, etc.) | 5,244.01 | 12.20% | 13,900 | No | | Shandong Haihua Hualong New Materials Co., Ltd. | Wholly-owned subsidiary of parent company | Sales of products (soda ash, nitrogen, demineralized water) | 7,099.19 | 4.60% | 30,000 | No | | Haokun (Shandong) New Materials Co., Ltd. | Joint venture of the enterprise | Sales of products (heptafluoropropane) | 93.50 | 100.00% | 2,160 | No | - The company did not engage in related party transactions involving asset or equity acquisitions/disposals during the reporting period[74](index=74&type=chunk) - The company had no non-operating related party receivables or payables during the reporting period[75](index=75&type=chunk) [12. Significant Contracts and Their Performance](index=21&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) The company had no entrustment, contracting, or leasing matters during the reporting period, but it did have external guarantees and entrusted wealth management, with a total actual guarantee balance of **116.1473 million yuan** at period-end, accounting for **2.35%** of net assets, and **450 million yuan** invested in wealth management products with no overdue unrecovered amounts [1. Entrustment, Contracting, and Leasing Matters](index=21&type=section&id=1%EF%BC%8E%E6%89%98%E7%AE%A1%E3%80%81%E6%89%BF%E5%8C%85%E3%80%81%E7%A7%9F%E8%B5%81%E4%BA%8B%E9%A1%B9%E6%83%85%E5%86%B5) The company had no entrustment, contracting, or leasing matters during the reporting period - The company had no entrustment matters during the reporting period[78](index=78&type=chunk) - The company had no contracting matters during the reporting period[78](index=78&type=chunk) - The company had no leasing matters during the reporting period[78](index=78&type=chunk) [2. Significant Guarantees](index=21&type=section&id=2%EF%BC%8E%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D) At the end of the reporting period, the company's approved external guarantee limit totaled **242.3 million yuan**, with an actual external guarantee balance of **116.1473 million yuan**, accounting for **2.35%** of the company's net assets, covering subsidiaries and joint ventures Company's External Guarantees | Name of Guaranteed Party | Guarantee Limit (Ten Thousand Yuan) | Actual Guarantee Amount (Ten Thousand Yuan) | Guarantee Type | Guarantee Period | Whether Fulfilled | Whether a Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Haihua Liwei New Materials Co., Ltd. | 1,020 | 1,020 | Joint and several liability guarantee | One year | No | Yes | | Shandong Haihua Liwei New Materials Co., Ltd. | 510 | 510 | Joint and several liability guarantee | One year | No | Yes | | Shandong Haihua Chlor-Alkali Resin Co., Ltd. | 22,700 | 10,084.73 | Joint and several liability guarantee | Not exceeding 5 years | No | No | - At the end of the reporting period, the approved external guarantee limit totaled **242.3 million yuan**, with an actual guarantee balance of **116.1473 million yuan**[79](index=79&type=chunk) - The proportion of total actual guarantees to the company's net assets was **2.35%**[79](index=79&type=chunk) [3. Entrusted Wealth Management](index=22&type=section&id=3%EF%BC%8E%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2) During the reporting period, the company's entrusted wealth management amounted to **450 million yuan**, including **200 million yuan** in broker wealth management products and **250 million yuan** in bank wealth management products, with the outstanding balance at period-end for both being **450 million yuan**, and no overdue unrecovered amounts Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (Ten Thousand Yuan) | Unexpired Balance (Ten Thousand Yuan) | Overdue Unrecovered Amount (Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | | Brokerage Wealth Management Products | Own funds | 20,000.00 | 20,000.00 | 0 | | Bank Wealth Management Products | Own funds | 25,000.00 | 25,000.00 | 0 | | Total | | 45,000.00 | 45,000.00 | 0 | [4. Other Significant Contracts](index=22&type=section&id=4%EF%BC%8E%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C) The company had no other significant contracts during the reporting period - The company had no other significant contracts during the reporting period[80](index=80&type=chunk) [13. Explanation of Other Significant Matters](index=22&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[81](index=81&type=chunk) [14. Significant Matters of Company Subsidiaries](index=22&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company had no significant matters concerning subsidiaries during the reporting period - The company had no significant matters concerning subsidiaries during the reporting period[82](index=82&type=chunk) [Part VI Share Changes and Shareholder Information](index=22&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) [1. Share Changes](index=22&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 and share structure remained unchanged, with **895,091,926** unrestricted shares, accounting for **100%** Share Changes | | Number Before This Change (Shares) | Proportion Before This Change | Increase/Decrease in This Change (+, -) | Number After This Change (Shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0 | 0 | 0 | 0 | | II. Unrestricted Shares | 895,091,926 | 100% | 0 | 895,091,926 | 100% | | III. Total Shares | 895,091,926 | 100% | 0 | 895,091,926 | 100% | - During the reporting period, the company's total share capital and share structure remained unchanged[83](index=83&type=chunk) [2. Securities Issuance and Listing](index=23&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[84](index=84&type=chunk) [3. Number of Shareholders and Shareholding](index=23&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) At the end of the reporting period, the total number of ordinary shareholders was **67,261**, with the controlling shareholder, Shandong Haihua Group Co., Ltd., holding **40.34%** as the largest shareholder, and some top ten natural person shareholders holding shares through margin trading and securities lending accounts - At the end of the reporting period, the total number of ordinary shareholders was **67,261**[85](index=85&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period (Shares) | Number of Unrestricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | :--- | | Shandong Haihua Group Co., Ltd. | State-owned Legal Person | 40.34% | 361,048,878 | 361,048,878 | | Hu Xiujuan | Domestic Natural Person | 1.92% | 17,145,182 | 17,145,182 | | Huang Hengke | Domestic Natural Person | 0.34% | 3,077,400 | 3,077,400 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.32% | 2,867,718 | 2,867,718 | | Wang Xiuqing | Domestic Natural Person | 0.31% | 2,796,000 | 2,796,000 | - The controlling shareholder, Shandong Haihua Group, has no related party relationship with other shareholders, nor is it aware of any related party relationships or concerted actions among other shareholders[85](index=85&type=chunk) - Some of the top 10 ordinary shareholders held shares through client margin trading and securities lending accounts[87](index=87&type=chunk) [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=24&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report[88](index=88&type=chunk) [5. Changes in Controlling Shareholder or Actual Controller](index=24&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[89](index=89&type=chunk) - The company's actual controller did not change during the reporting period[89](index=89&type=chunk) [6. Preferred Shares Information](index=24&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[89](index=89&type=chunk) [Part VII Bond-Related Information](index=24&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=24&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[91](index=91&type=chunk) [Part VIII Financial Report](index=25&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) [1. Audit Report](index=25&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[93](index=93&type=chunk) [2. Financial Statements](index=25&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the financial position and operating results at the end of the reporting period, with consolidated total assets of **8.367 billion yuan**, a net loss attributable to the parent company of **258 million yuan**, and net cash flow from operating activities of **346 million yuan** [1. Consolidated Balance Sheet](index=25&type=section&id=1%EF%BC%8E%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, the company's consolidated total assets were **8.367 billion yuan**, with current assets of **4.445 billion yuan** and non-current assets of **3.922 billion yuan**, total liabilities of **3.440 billion yuan** (including current liabilities of **2.983 billion yuan**), and total owners' equity attributable to the parent company of **4.945 billion yuan** Key Data from Consolidated Balance Sheet (Period-End Balance) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Current Assets | 4,444,702,449.87 | 4,809,839,961.55 | | Total Non-Current Assets | 3,922,133,601.38 | 3,768,147,583.31 | | Total Assets | 8,366,836,051.25 | 8,577,987,544.86 | | Total Current Liabilities | 2,982,867,811.01 | 2,812,730,491.76 | | Total Non-Current Liabilities | 457,302,739.15 | 584,451,531.39 | | Total Liabilities | 3,440,170,550.16 | 3,397,182,023.15 | | Total Owners' Equity Attributable to Parent Company | 4,945,021,883.12 | 5,199,161,903.74 | | Total Owners' Equity | 4,926,665,501.09 | 5,180,805,521.71 | [2. Parent Company Balance Sheet](index=27&type=section&id=2%EF%BC%8E%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were **7.762 billion yuan**, with current assets of **4.157 billion yuan** and non-current assets of **3.605 billion yuan**, total liabilities of **2.908 billion yuan** (including current liabilities of **2.532 billion yuan**), and total owners' equity of **4.854 billion yuan** Key Data from Parent Company Balance Sheet (Period-End Balance) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Current Assets | 4,156,623,643.50 | 4,561,672,592.73 | | Total Non-Current Assets | 3,605,196,077.00 | 3,434,797,218.82 | | Total Assets | 7,761,819,720.50 | 7,996,469,811.55 | | Total Current Liabilities | 2,531,848,254.33 | 2,357,157,715.14 | | Total Non-Current Liabilities | 375,766,855.72 | 494,133,996.36 | | Total Liabilities | 2,907,615,110.05 | 2,851,291,711.50 | | Total Owners' Equity | 4,854,204,610.45 | 5,145,178,100.05 | [3. Consolidated Income Statement](index=29&type=section&id=3%EF%BC%8E%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first half of 2025, the company's consolidated total operating revenue was **2.138 billion yuan**, operating profit was **-342 million yuan**, net profit was **-258 million yuan**, and net profit attributable to parent company shareholders was **-258 million yuan**, resulting in basic earnings per share of **-0.29 yuan/share** Key Data from Consolidated Income Statement (First Half of 2025) | Item | First Half of 2025 (Yuan) | First Half of 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 2,137,933,073.85 | 3,473,329,367.20 | | Total Operating Costs | 2,211,777,238.01 | 3,196,673,342.32 | | Operating Profit (Loss indicated by "—") | -342,072,314.67 | 301,488,048.38 | | Total Profit (Total Loss indicated by "—") | -342,051,161.04 | 302,521,398.21 | | Net Profit (Net Loss indicated by "—") | -257,882,006.26 | 224,352,930.33 | | Net Profit Attributable to Parent Company Shareholders | -257,882,006.26 | 224,352,715.71 | | Basic Earnings Per Share (Yuan/Share) | -0.29 | 0.25 | | Diluted Earnings Per Share (Yuan/Share) | -0.29 | 0.25 | [4. Parent Company Income Statement](index=30&type=section&id=4.%20%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first half of 2025, the parent company's operating revenue was **1.728 billion yuan**, operating profit was **-390 million yuan**, net profit was **-292 million yuan**, and net other comprehensive income after tax was **-1.219 million yuan** Key Data from Parent Company Income Statement (First Half of 2025) | Item | First Half of 2025 (Yuan) | First Half of 2024 (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 1,728,058,520.67 | 3,125,371,177.91 | | Operating Profit (Loss indicated by "—") | -390,362,692.46 | 287,765,307.11 | | Total Profit (Total Loss indicated by "—") | -390,403,61

Core Viewpoint - The restructuring of global supply chains and the volatility of commodity prices have made risk management crucial for the survival and development of enterprises, as well as for the stability of the national economy [1] Group 1: Risk Management Trends - There is an increasing awareness among Chinese listed companies regarding risk management, particularly in the context of complex economic conditions and significant commodity price fluctuations [2] - Manufacturing companies are the main participants in the futures market for hedging, particularly in sectors like chemicals and agricultural products [2] - The trend towards systematic, refined, and globalized risk management is becoming more pronounced among listed companies [2][4] Group 2: Tools and Strategies - Futures and derivatives are becoming indispensable tools for risk management, with both on-exchange and off-exchange markets complementing each other [5] - The total hedging amount announced by A-share listed companies in 2024 is approximately 34 trillion yuan, with commodity hedging amounting to about 289 billion yuan [3] - The use of options is increasing, with off-exchange options offering advantages in terms of variety and flexibility compared to on-exchange options [5] Group 3: Compliance and Internal Control - Compliance is essential for risk management, serving as a "safety barrier" for enterprises [6] - Effective internal control systems are necessary for managing futures and derivatives trading, ensuring that risk management aligns with the core business objectives [7] - Companies should establish a comprehensive internal control system to enhance their risk management capabilities and ensure the smooth execution of hedging transactions [6][7]

Group 1 - The core cultural values of companies in Weifang Binhai Economic and Technological Development Zone, such as "family culture," "teacher culture," and "integrity culture," are driving high-quality regional development [1][2] - Companies in the region are integrating innovation into their corporate culture, enhancing their core competitiveness and achieving significant cost reductions, such as a 60% decrease in production costs for a new material [2][3] - The development strategy of "industry-driven region, industry-strong region" aims to establish a modern marine industry system, which provides new opportunities for cultural innovation and upgrading within enterprises [2][4] Group 2 - The open and inclusive environment of Weifang Binhai Development Zone attracts numerous external enterprises, fostering a collaborative ecosystem that enhances industrial synergy and reduces costs through local supply chains [3][4] - The region's shared culture promotes close cooperation among businesses, leading to a robust industrial chain where raw materials are sourced locally, ensuring safety, convenience, and cost savings [3] - The "Binhai model" emphasizes resource efficiency, industrial concentration, and complementary advantages, with over 30 companies supplying 50 types of basic chemical raw materials, achieving a self-sufficiency rate of over 20% [3] Group 3 - Since the launch of the "Project Recruitment Offensive Year" in 2025, companies in the region are taking the lead in setting standards and enhancing their brand image through unique cultural practices [4] - The integration of culture and brand development is creating a diverse brand matrix, increasing the region's visibility and influence [4] - Companies are encouraged to adopt advanced management concepts and embed cultural values into daily operations, fostering a distinctive corporate culture that supports high-quality development in the region [4]

Group 1 - Shandong Haihua Group applied for a total of 102 patents in the first half of the year, including 94 invention patents, and authorized 61 patents, with 48 being invention patents [1] - The company completed 5 key industry research projects and formed 3 special research reports, along with 2 national-level and 12 provincial-level project applications [1] - The modern marine chemical pilot base, with a total investment of 159 million yuan, is set to officially launch on December 19, 2024, serving as a "transformation hub" connecting laboratories and production lines [1] Group 2 - Breakthroughs in the research and development of flow battery composite bipolar plates have led to a 30% reduction in costs and over 30% improvement in conductivity compared to traditional plates, addressing four major pain points in large-scale applications [2] - The seawater desalination and comprehensive utilization technology achieves over 70% seawater utilization rate, with an expected daily output of 70,000 cubic meters of fresh water by 2025, equating to 2.2 million tons of raw salt annually [2] Group 3 - The deep integration of production, education, research, and application is facilitated by partnerships with top research institutions, including the establishment of a new chemical joint laboratory [3] - The pilot base will provide one-stop services for small and medium-sized enterprises, promoting the industrial application of scientific research results and addressing the "last mile" of technology transfer [3] - The company aims to extend its ecological marine chemical industry chain towards high-end, intelligent, and green development, focusing on key technology research in salt chemistry, water treatment, new energy, and new materials [3]

Group 1 - The core viewpoint of the article highlights the projected decline in China's raw salt production by 17% in June 2025, with a cumulative production increase of 4.4% in the first half of 2025 [1] - The article references several listed companies in the salt industry, including Su Yan Jingshen, Zhongyan Chemical, and Xue Tian Salt Industry, indicating their relevance to the market analysis [1] - A report by Zhiyan Consulting forecasts the supply and demand dynamics of the raw salt industry in China from 2025 to 2031, suggesting potential investment opportunities [1] Group 2 - According to data from the National Bureau of Statistics, China's raw salt production in June 2025 is expected to be 6.98 million tons [1] - The cumulative raw salt production for the first half of 2025 is projected to reach 29.83 million tons [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and tailored services [3]

Investment Rating - The report maintains an investment rating of "in line with the market" for the basic chemical industry [7][5]. Core Viewpoints - The basic chemical industry index rose by 4.51% in July 2025, outperforming the Shanghai Composite Index and the CSI 300 Index by 0.77 and 0.96 percentage points, respectively [10][7]. - The report suggests continued focus on the pesticide, organic silicon, and polyester filament sectors, which are expected to benefit from the anti-involution policies [5][7]. Summary by Sections Market Review - The basic chemical industry index has increased by 41.50% over the past year, ranking 14th among 30 major industries [10][7]. - In July 2025, 26 out of 33 sub-industries saw an increase, with modified plastics, polyurethane, and civil explosives leading the gains at 16.69%, 14.01%, and 12.09%, respectively [11][10]. Product Price Tracking - The report indicates a continued downward trend in chemical product prices, with 177 products showing a decrease in July 2025 [7][11]. - Notable price increases were observed in TDI, trichloromethane, and coking coal, with respective rises of 43.29%, 32.79%, and 32.56% [7][11]. Industry and Company News - The report highlights the launch of a three-year action plan by the China Pesticide Industry Association to combat issues like hidden additives and illegal production in the pesticide sector [29][30]. - A significant investment of 2.32 billion yuan by Shandong Haihua in Inner Mongolia's largest natural soda ash mine is noted, aimed at optimizing product structure and expanding development space [34][35].

证券之星消息，8月12日化学原料板块较上一交易日上涨0.05%，大洋生物领涨。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。化学原料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 003017 | 大洋生物 | 34.87 | 10.00% | 7.58万 | | 2.58亿 | | 000818 | 航锦科技 | 22.87 | 4.24% | 75.80万 | | 17.15 Z | | 600075 | 新疆天业 | 4.86 | 2.53% | 117.43万 | | 5.62亿 | | 920489 | 佳先股份 | 23.30 | 1.97% | 8.66万 | | 2.04亿 | | 000683 | 博源化工 | 5.90 | 1.72% | 81.28万 | | 4.76亿 | | 663299 | 示盐井神 | 10.98 | 1.48% | 8.35万 | | 9129.13万 | | ...

Group 1 - The demand for architectural glass is expected to remain high, supported by urban renewal and government subsidies stimulating renovation needs, which will positively impact float glass demand [1] - The renovation demand for second-hand housing is anticipated to continue growing, as properties built after 2005 reach 20 years of age, leading to increased glass usage in new developments [1] - The window-to-wall ratio in new residential and commercial buildings is increasing, further driving the demand for glass [1] Group 2 - The photovoltaic glass sector is experiencing a supply-demand imbalance, with rapid capacity expansion since 2021 leading to price pressures and potential reductions in production due to profitability concerns [2] - The apparent consumption of soda ash is projected to grow by 13.49% year-on-year in 2024, reaching 35.23 million tons, despite potential slowdowns in demand due to losses in the photovoltaic glass sector [2] - The soda ash industry faces significant pressure from new capacity, with several projects underway, including a 2.8 million ton natural soda ash capacity addition by Boyuan Chemical [3] Group 3 - The cost of production for different soda ash manufacturing processes shows that only the natural soda process remains profitable, with costs of 1,246, 1,395, and 679 RMB per ton for the Leblanc, ammonia-soda, and natural soda processes respectively [3] - The U.S. dominates the global soda ash market due to its abundant natural soda resources and advanced production technology, holding 99% of the world's natural soda resources and accounting for 50% of global trade [3] - The natural soda process is expected to emerge as a key player in the soda ash industry due to its lower production costs and competitive advantage [3]