导语：周期来了我是宝，周期走了我是草。 作者：市值风云 App：观韬 亏损扩大，股价涨停！泸天化接财神？ 当一家公司的扣非净利润亏损同比扩大近一倍时，股价会怎样呢？泸天化 （000912.SZ）给出了一个出乎意料的答案：涨停。 3 月 15 日，泸天化披露 2025 年年报。尽管其营收 44.95 亿，同比下滑 11.34%， 扣非净利润亏损 3,843 万元，亏损较 2024 年扩大 99.36%，但二级市场表现却 与财务数据反差鲜明。 早在年报发布前的十几个交易日，泸天化的股价就持续走强。3 月 16 日，年报 落地后的第一个交易日，泸天化在早盘竞价阶段便显强势，开盘后迅速封死涨停 板，盘中虽然开板，但全天成交额激增。 面对这份看上去利空的财报，市场为何选择用涨停来回应？是春耕行情下的板块 轮动，还是公司亏损背后隐藏着困境反转的密码？欢迎走进今天的刨根问底拦不 住。 一、周期下行困境，营收退回七年前 | 主要化工园区 | 产品种类 | | --- | --- | | 泸州市泸天化化工园区 | 合成氨、尿素、浓硝酸、稀硝酸、液体硝铵 | | 宁夏宁东能源化工基地煤化工园区 B 区 | 合成氨、尿素、甲醇 | ...

周期来了我是宝，周期走了我是草。 作者 | 观韬 编辑 | 小白 当一家公司的扣非净利润亏损同比扩大近一倍时，股价会怎样呢？泸天化（000912.SZ）给出了一个 出乎意料的答案：涨停。 3月15日，泸天化披露2025年年报。尽管其营收44.95亿，同比下滑11.34%，扣非净利润亏损3,843万 元，亏损较2024年扩大99.36%，但二级市场表现却与财务数据反差鲜明。 早在年报发布前的十几个交易日，泸天化的股价就持续走强。3月16日，年报落地后的第一个交易 日，泸天化在早盘竞价阶段便显强势，开盘后迅速封死涨停板，盘中虽然开板，但全天成交额激增。 面对这份看上去利空的财报，市场为何选择用涨停来回应？是春耕行情下的板块轮动，还是公司亏损 背后隐藏着困境反转的密码？欢迎走进今天的刨根问底拦不住。 周期 下行 困境， 营收退回七年前 泸天化前身可追溯至1959年成立的泸州天然气化工厂，是我国第一家引进并建成天然气制合成氨及联 产尿素装置的企业，被誉为"中国现代尿素工业的摇篮"。1999年就在深交所上市，实控人是泸州市国 资委。 以天然气或煤炭为主要原材料，生产液氨、甲醇，再以液氨为主要原材料生产尿素、硝酸和液体硝 ...

Market Overview - The A-share market saw all three major indices close in the green, with the Shanghai Composite Index ending a four-day losing streak, the Shenzhen Component Index rising over 1%, and the ChiNext Index increasing by more than 2% [1][3] - The total trading volume in the Shanghai and Shenzhen markets was 2.05 trillion yuan, a decrease of 161.8 billion yuan compared to the previous trading day [1] Sector Performance - The computing power industry chain experienced a significant surge, with the CPO concept rebounding across the board. Major players in the "Yizhongtian" optical module sector saw substantial gains, including Ruisi Kanda with four consecutive daily limits and Kewan Technology with two limits in three days [1] - The liquid cooling server concept also saw a strong performance, with companies like Dayuan Pump Industry, Jialitu, Ningbo Jingda, and Qiangrui Technology hitting the daily limit [1] - The computing power leasing concept strengthened, with Data Port, Zhongbei Communication, and Yunsai Zhiliang all reaching the daily limit [1] - The collaborative computing power concept was active, with Shaoneng Co. and Guangdong Power A both hitting the daily limit [1] - The storage chip sector rose, with Langke Technology achieving two limits in three days and Baiwei Storage increasing over 9% to set a new historical high [1] Declining Sectors - Oil and gas stocks weakened, with companies like Intercontinental Oil and Tongyuan Petroleum experiencing significant declines [2] - The chemical sector faced a downturn, with Jinniu Chemical and Lutianhua hitting the daily limit down [2]

四川泸天化股份有限公司 2025 年度营业收入扣除情况的专项核查意见 四川泸天化股份有限公司 2025 年度营业收入扣除情况的专项核查意见 川华信专（2026）第 0087000 号 四川泸天化股份有限公司全体股东： 我们接受委托，审计了四川泸天化股份有限公司（以下简称"泸天化股份"）2025 年度财 务报表，包括 2025 年 12 月 31 日的合并及母公司资产负债表，2025 年度的合并及母公司利 润表、合并及母公司现金流量表、合并及母公司股东权益变动表，以及财务报表附注，并出 具了审计报告。在此基础上，我们核查了后附的泸天化股份管理层编制的《2025 年度营业收 入扣除情况表》（以下简称"扣除情况表"）。 四、工作概述 一、对报告使用者和使用目的的限定 本报告仅供 2025 年度报告披露时使用，不得用作任何其他目的。我们同意将本报告作 为 2025 年度报告的必备文件，随同其他文件一起报送并对外披露。 为了更好地理解泸天化股份 2025 年度营业收入扣除情况，扣除情况表应当与已审的财 务报表一并阅读。 二 、管理层的责任 泸天化股份管理层的责任是提供真实、合法、完整的相关资料，按照深圳证券交易所发 布 ...

2025 四川泸天化环境、社会和 公司治理（ESG）报告 目录 CONTENTS | 管理层致辞 | 01 | | --- | --- | | 报告编制说明 | 03 | | 公司基本信息 | 05 | | 议题重要性评估 | 09 | | ESG 治理 | 14 | 环境篇 | 应对气候变化 | 19 | | --- | --- | | 环境合规管理 | 24 | | 水资源利用 | 31 | | 循环经济 | 33 | | 生态系统和生物多样性保护 | 34 | 01 02 社会篇 | 员工 | 37 | | --- | --- | | 职业健康安全 | 44 | | 安全生产 | 48 | | 产品安全与质量 | 53 | | 客户服务 | 57 | | 数据安全与客户隐私保护 | 60 | | 创新驱动 | 62 | | 供应链安全 | 66 | | 社会贡献 | 69 | | 乡村振兴 | 70 | 治理篇 | 党建引领 | 73 | | --- | --- | | 公司治理 | 74 | | 合规管理 | 79 | | 内控与审计 | 81 | | 税务治理 | 83 | | 反商业贿赂与反贪污 ...

2025 年，四川泸天化股份有限公司（以下简称"公司"）董事 会严格遵守法律规定，严肃履行忠实勤勉义务，严谨执行股东会各项 决议，依法独立行使职权，积极推进董事会各项决议的实施，不断改 善公司法人治理结构，推进董事会科学决策和规范运作，全力保障公 司、股东和员工的合法权益不受侵犯，努力构建和谐社区关系。现将 公司董事会 2025 年度工作情况汇报如下： 一、公司生产经营情况 报告期内，共召开 9 次董事会会议，会议的时间、届次及审议议 案如下表： 序号 会议时间 会议届次 审议议案 1 2025 年 2 月 26 日 第八届董事会第 八次临时会议 《关于投资建设 10 万吨/年绿色精细化学品项目的议案》 2 2025 年 3 月 21 日 第八届董事会第 九次临时会议 《四川泸天化股份有限公司 2024 年合规工作总结》 3 2025 年 4 月 24 日 第八届董事会第 十次会议 1.《2024 年度董事会工作报告》 2.《2024 年度独立董事益智述职报告》 3.《2024 年度独立董事向朝阳述职报告》 4.《2024 年度独立董事王积慧述职报告》 5.《2024 年度内部控制自我评价报告》 6.《202 ...

四川泸天化股份有限公司（以下简称：公司）秉持谨慎性的原则， 在总结公司2025年经营情况和对2026年国内外经济形势和行业发展 趋势进行综合分析的基础上，按合并报表要求编制，根据 2026 年度 的产量、销售量等生产经营计划及预计销售价格编制。预算报告所选 用的会计政策在各重要方面均与本公司实际采用的相关会计政策一 致。 二、预算编制基本假设 1.公司所遵循的国家及地方现行的有关法律、法规及产业政策无 重大变化； 2.所在行业市场行情、主要产品和原燃料的市场价格和供求关系 无重大不确定性； 3.公司所遵循的税收政策和有关税收优惠政策无重大改变； 4.公司的生产经营计划、营销计划能够顺利执行，不受政府政策 变化的重大影响； 四川泸天化股份有限公司 2026 年度财务预算报告 一、预算编制说明 （一）加强绩效考核，提升公司整体管理效率； （二）加强市场开发与营销网络建设； （三）提升公司研发实力，注重技术人才培养与引进，不断提高 公司产品竞争力与附加值； （四）加强资金运行监管，降低财务风险，合理安排、使用资金， 提高资金利用率； （五）加强成本控制与预算执行分析，及时发现问题并持续改进； （六）加快新业务开拓和 ...

Financial Performance - The company reported significant financial metrics, including total revenue and net profit, which are detailed in the financial report section[14]. - The company's operating revenue for 2025 was CNY 4,495,014,982.70, a decrease of 11.34% compared to CNY 5,069,807,068.71 in 2024[21]. - The net profit attributable to shareholders for 2025 was CNY 31,787,194.50, representing a 50.23% increase from CNY 21,159,442.80 in 2024[21]. - The net cash flow from operating activities decreased by 31.83% to CNY 231,548,889.20 in 2025 from CNY 339,645,265.53 in 2024[21]. - The total assets at the end of 2025 were CNY 9,405,983,870, a decrease of 13.58% from CNY 10,884,577,900 at the end of 2024[21]. - The basic earnings per share for 2025 was CNY 0.02, a 100% increase from CNY 0.01 in 2024[21]. - The company reported a significant decline in non-recurring profit, with a net profit of CNY 38,427,377.41 in 2025, down 99.36% from CNY 19,275,270.52 in 2024[21]. - The company achieved operating revenue of CNY 4.495 billion, a year-on-year decrease of 11.34%[68]. - Operating costs amounted to CNY 4.102 billion, down 11.12% year-on-year[68]. - The net profit attributable to shareholders increased by 50.23% to CNY 0.32 billion[68]. Shareholder Information - The company plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves[6]. - The company reported a net profit attributable to the parent company of ¥31.79 million for 2025, but the undistributed profits were negative at -¥102,027.47 million for the parent company and -¥139,860.99 million for the consolidated financial statements, leading to no cash dividends being distributed[155]. - The total number of common shareholders at the end of the reporting period was 44,348, an increase from 41,666 at the end of the previous month, representing a growth of approximately 6.4%[182]. - The largest shareholder, Luzhou Tianhua (Group) Co., Ltd., holds 15.09% of shares, totaling 236,550,393 shares, with no changes during the reporting period[182]. - The second-largest shareholder, Luzhou Industrial Development Investment Group Co., Ltd., owns 14.84% of shares, amounting to 232,664,610 shares, also with no changes[182]. - The company has a controlling shareholder, which is a local state-owned entity, indicating a stable ownership structure[184]. Business Operations - The company has expanded its business scope to include the production of hazardous chemicals and fertilizers, as approved by relevant authorities[19]. - The company continues to engage in the production and sales of chemical products, including urea and methanol, which are critical for agricultural and industrial applications[26]. - The company is actively conducting research on new technologies in fine chemicals, new materials, and new energy, establishing a technology innovation incubation platform to reduce technology transfer costs and market risks[31]. - The company is focusing on the development of new products and technologies, emphasizing exploratory innovation to drive industry growth[57]. - The company is transitioning from traditional fertilizer production to "new agriculture, new materials, and new energy" to enhance core competitiveness and sustainable development[57]. Environmental and Safety Compliance - The company has received environmental impact report approvals for new projects, including a 100,000 tons/year green fine chemical project[46]. - The company is committed to achieving a 100% compliance rate for wastewater discharge and has implemented 15 environmental facility upgrades[70]. - The company aims to enhance its safety and environmental protection measures, ensuring a 100% compliance rate for emissions and implementing a carbon footprint tracking system[106]. - The company is addressing safety and environmental risks by enhancing safety management and investing in advanced monitoring technologies[114]. Research and Development - The company completed 24 technology innovation projects and applied for 26 patents, with 17 patents granted[63]. - The company launched 95 technology innovation projects in 2025, achieving 9 results and successfully converting 10 technologies[71]. - The company is developing a specialized compound fertilizer for eucalyptus, which has completed product trial production[87]. - A new process for producing potassium nitrate is under research, with pilot tests ongoing to establish a proprietary technology[87]. - The company's R&D investment increased by 9.39% to approximately ¥113.98 million in 2025, representing 2.54% of total revenue[89]. Financial Management - The company has a clear cash dividend policy that complies with its articles of association and shareholder resolutions, ensuring reasonable returns to investors while maintaining sustainable development[154]. - The internal control system has been continuously improved and optimized to adapt to changing external environments and internal management requirements, ensuring effective execution without significant omissions[156]. - The internal control evaluation report indicated that 100% of the total assets and operating income of the evaluated units were included in the consolidated financial statements[157]. - The internal control audit report issued a standard unqualified opinion, confirming consistency with the board's self-evaluation report[159]. Governance and Management - The company has a structured approach to remuneration, ensuring alignment with performance and company policies[138]. - The company’s board and senior management remuneration is determined based on the labor and personnel wage system, individual performance, and evaluation results[138]. - The company has established a performance evaluation system that incentivizes contributions from research and technical personnel, as well as management staff[151]. - The company has a dedicated investor relations management responsible for information disclosure and shareholder communication[123]. - The company has experienced changes in its board of directors, with an independent director leaving after reaching the term limit, and a new independent director being elected[131]. Community Engagement - The company invested over 600,000 yuan in social responsibility initiatives, including charitable donations and educational support[162]. - The company organized a "charity one-day donation" event, raising a total of 208,000 yuan from employees[162]. - The company provided 70.5 tons of fertilizer to five supported villages to assist farmers during the spring plowing season[163]. - The company purchased over 6,000 kg of winter bamboo shoots and 4,700 kg of ginger from local farmers, directly contributing to their income[163].

关于 2025 年度利润分配预案的公告 本议案尚须提请公司 2025 年度股东会审议。 二、利润分配预案的基本情况 证券代码：000912 证券简称：泸天化 公告编号：2026-015 四川泸天化股份有限公司 根据四川华信（集团）会计师事务所（特殊普通合伙）审计报告，公司 2025 年度实现归属于母公司的所有者净利润 3,178.72 万元，母公司财务报表实际可 供分配的未分配利润为-102,027.47 万元，合并财务报表实际可供分配的未分配 利润为-139,860.99 万元。鉴于公司 2025 年度合并报表和母公司报表未分配利 润均为负值，故 2025 年度拟不派发现金红利，不送红股，不以资本公积金转增 股本。 依照《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》第七条 规定："上市公司以现金为对价，采用要约方式、集中竞价方式回购股份的，当 年已实施的回购股份金额视同现金分红金额，纳入该年度现金分红的相关比例计 算。"2024 至 2025 年度，公司使用自有资金以集中竞价交易方式回购股份合计 23,595,637 股，回购股份成交总金额为 89,052,211.8 元（不含交易费用），占 ...

四川泸天化股份有限公司 审计报告 审计报告 川华信审（2026）第 003000 号 四川泸天化股份有限公司全体股东： 一、审计意见 我们审计了四川泸天化股份有限公司（以下简称"泸天化股份"）财务报表，包括 2025 年 12 月 31 日的合并及母公司资产负债表，2025 年度的合并及母公司利润表、合并及母公司现 金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了 泸天化股份 2025 年 12 月 31 日的合并及母公司财务状况，以及 2025 年度的合并及母公司经 营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对财 务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职业道 德守则，我们独立于泸天化股份，并履行了职业道德方面的其他责任。我们相信，我们获取 的审计证据是充分、适当的，为发表审计意见提供了基础。 三、关键审计事项 关键审计事项是我们根据职业判断，认为对本期财务报表审计最为重要的事项。这些事 项的应对以对财务报表整 ...