Core Insights - Hehua Co., Ltd. (000953.SZ) released its Q3 2025 report on October 28, 2025, indicating a total of 126 million shares held by institutional investors, representing 34.35% of the company's total share capital [1] Institutional Holdings - Three institutional investors disclosed their holdings in Hehua Co., Ltd., including Ningbo Yinyi Holdings Co., Ltd., Guangxi Hechi Chemical Industry Group Co., Ltd., and Shenzhen Liren Cultural Communication Co., Ltd. [1] - The total institutional holding percentage decreased by 1.19 percentage points compared to the previous quarter [1] Public Fund Disclosures - Three public funds were not disclosed in this period compared to the previous quarter, including Hai Futong CSI 300 Enhanced C, Xinhua Small and Medium-sized Value Selection Mixed Fund, and Huaxia CSI 800 Index Enhanced A [1] Foreign Investor Attitude - The report noted that several foreign institutions, including UBS AG, Morgan Stanley & Co. International PLC, and Goldman Sachs International - Proprietary Capital, were not disclosed in this period compared to the previous quarter [1]

Core Viewpoint - Hehua Co., Ltd. (000953.SZ) reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved an operating revenue of 129 million yuan, representing a year-on-year decrease of 22.34% [1] - The net profit attributable to shareholders was 7.9332 million yuan, down 89.99% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 7.5389 million yuan, showing a substantial increase of 576.51% year-on-year [1]

Core Insights - The company reported a third-quarter revenue of 48.62 million yuan, representing a year-on-year increase of 26.76% [1] - The net profit for the third quarter was 4.095 million yuan, showing a significant decline of 94.66% [1] - For the first three quarters, the total revenue was 129 million yuan, which is a year-on-year decrease of 22.34% [1] - The net profit for the first three quarters was 7.9332 million yuan, reflecting a year-on-year decline of 89.99% [1]

Revenue and Profit - The company's operating revenue for Q3 2025 was ¥48,621,761.11, representing a 26.76% increase compared to the same period last year, but a 22.34% decrease year-to-date[5]. - The net profit attributable to shareholders for Q3 2025 was ¥4,095,008.82, a significant decline of 94.66% year-on-year, while the year-to-date net profit was ¥7,933,175.75, down 89.99%[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2025 was ¥3,904,644.50, an increase of 373.72% year-on-year, with a year-to-date figure of ¥7,538,903.67, up 576.51%[5]. - The company reported total operating revenue of CNY 129,452,113.45 for the current period, a decrease of 22.36% compared to CNY 166,695,111.85 in the previous period[26]. - The net profit for the current period was CNY 8,652,228.49, compared to CNY 79,578,783.91 in the previous period, indicating a significant decline[26]. - The net profit attributable to the parent company's shareholders for the current period is CNY 7,933,175.75, compared to CNY 79,288,717.79 in the previous period, indicating a significant decline[27]. - The total comprehensive income for the current period is CNY 8,652,228.49, down from CNY 79,578,783.91 in the previous period[27]. - The basic and diluted earnings per share for the current period are both CNY 0.0217, compared to CNY 0.2166 in the previous period[27]. Assets and Liabilities - The total assets at the end of Q3 2025 were ¥272,119,578.13, a decrease of 18.27% compared to the end of the previous year[5]. - The company's total assets decreased to CNY 272,119,578.13 from CNY 332,938,240.48, reflecting a reduction of approximately 18.2%[25]. - Total liabilities decreased to CNY 100,360,296.35 from CNY 171,077,366.48, a decline of about 41.3%[24]. - The company's total liabilities decreased significantly, with other payables dropping by 59.41% to ¥53,245,699.74, primarily due to loan repayments[12]. - The company's cash and cash equivalents decreased to CNY 46,596,834.27 from CNY 89,237,060.46, a drop of 47.8%[23]. - Accounts receivable decreased to CNY 15,474,946.89 from CNY 30,744,399.71, a reduction of 49.7%[23]. Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥42,724,569.80, reflecting a substantial increase of 559.64%[5]. - The net cash flow from operating activities for the current period is CNY 42,724,569.80, a recovery from a net outflow of CNY 9,295,124.16 in the previous period[29]. - Cash inflows from operating activities totaled CNY 149,900,893.67, while cash outflows were CNY 107,176,323.87, resulting in a net cash inflow[29]. - Cash received from operating activities decreased by 10.31% to approximately ¥148.95 million compared to ¥166.07 million in the same period last year[16]. - The company reported a decrease in cash received from sales of goods and services, totaling CNY 148,949,838.94, compared to CNY 166,067,087.16 in the previous period[28]. - Cash paid for purchasing goods and services decreased by 44.34% to approximately ¥84.65 million from ¥152.11 million in the previous year, primarily due to a decline in urea business sales[16]. - Cash paid to employees decreased by 19.92% to approximately ¥16.84 million from ¥21.03 million, attributed to cost reduction measures[16]. - Cash paid for other operating activities decreased by 18.19% to approximately ¥2.32 million from ¥2.84 million, also due to cost reduction efforts[16]. - The net cash flow from investing activities is CNY -7,719,541.20, a decrease from CNY 81,503,339.11 in the previous period[29]. Investments - The company has increased its long-term equity investments to ¥5,000,000.00, reflecting a 100% increase due to contributions to the Pengyu Hongyuan Fund[12]. - Cash paid for investment activities amounted to ¥5 million, representing a new investment in the Pengyu Hongyuan Fund[16]. - The company plans to invest in the Shenzhen Pengyu Hongyuan Venture Capital Partnership, contributing ¥5 million, which is 45.45% of the total initial capital[20]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 35,836[18]. - The largest shareholder, Ningbo Yinyi Holdings Co., Ltd., holds 23.76% of shares, totaling 87 million shares[18]. - The company signed an asset transfer agreement to sell 87 million shares, representing 23.76% of the total share capital, for a total consideration of CNY 63,200.00 million[22]. Expenses - The company's research and development expenses were CNY 3,449,395.19, down from CNY 4,051,770.14, a decrease of 14.8%[26]. - The company's financial expenses decreased by 80.07% to ¥261,466.26 due to the repayment of loans from controlling shareholders[14]. - Cash paid for financing activities increased by 276.02% to approximately ¥77.63 million from ¥20.64 million, primarily for repaying loans from controlling shareholders[16].

上市公司名称：广西河池化工股份有限公司 股票上市地点：深圳证券交易所 股票简称：河化股份 股票代码：000953 信息披露义务人：宁波中哲瑞和企业管理咨询有限公司 住所及通讯地址：浙江省宁波市鄞州区金源路 626 号 18-4-1 室 权益变动性质：股份增加（协议转让） 签署日期：二〇二五年九月 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式 准则第15号——权益变动报告书》《公开发行证券的公司信息披露内容与格式 准则第16号——上市公司收购报告书》及其他相关法律、法规及规范性文件的 规定编写本报告书。 二、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定， 本报告书已全面披露了信息披露义务人拥有的广西河池化工股份有限公司（以 下简称"河化股份"）股份变动情况。截至本报告书签署之日，除本报告书披 露的信息外，信息披露义务人没有通过任何其他方式增加或减少其在河化股份 中拥有权益的股份。 三、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不 违反信息披露义务人公司章程或内部规则中的 ...

广发证券股份有限公司 关于广西河池化工股份有限公司 详式权益变动报告书 之 本部分所述词语或简称与本核查意见"释义"所述词语或简称具有相同含义。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收购 管理办法》《公开发行证券的公司信息披露内容与格式准则第15号——权益变动 报告书》《公开发行证券的公司信息披露内容与格式准则第16号——上市公司收 购报告书》等法律法规及规范性文件的有关规定，广发证券股份有限公司按照行 业公认的业务标准、道德规范，本着诚实信用和勤勉尽责的原则，对信息披露义 务人出具的《详式权益变动报告书》所披露的内容出具核查意见。 本财务顾问特作如下声明： 1、本财务顾问及信息披露义务人与本次权益变动行为之间不存在任何关联 关系，亦未委托或授权其他任何机构或个人提供未在本核查意见中列载的信息和 对本核查意见做任何解释或者说明。 2、本财务顾问依据的有关资料由信息披露义务人提供。信息披露义务人已 做出承诺，保证其所提供的信息和文件真实、准确、完整，不存在任何重大遗漏、 虚假记载或误导性陈述，并对其真实性、准确性、完整性负责。 财务顾问核查意见 2025 年 9 月 声 明 3、本财务 ...

Core Viewpoint - Hehua Co., Ltd. (河化股份) is undergoing a significant change in control, with the transfer of shares from Ningbo Yinyi Holdings (银亿控股) to Ningbo Zhongzhe Ruihe Enterprise Management Consulting Co., Ltd. (中哲瑞和), marking the second attempt at a change of control within a month [4][9]. Group 1: Ownership Changes - On September 13, Hehua Co. disclosed that its controlling shareholder, Ningbo Yinyi Holdings, will transfer 87 million shares (23.76% of total shares) to Zhongzhe Ruihe, making Zhongzhe the new controlling shareholder [4][9]. - This is the second attempt at a change of control in a short period, with the first plan involving a transfer to Beijing Shengding Technology Co., Ltd. that was ultimately unsuccessful [6][8]. - The new transaction price for the shares is 632 million yuan, which is 60 million yuan lower than the previous proposal [9]. Group 2: Stock Price Movements - Prior to both announcements of ownership changes, Hehua Co.'s stock price experienced unusual surges, hitting the daily limit up on both occasions [5][13]. - The stock price movements have raised questions about potential insider trading, as the price increases occurred just before the public announcements [13]. Group 3: Background of New Controlling Shareholder - Zhongzhe Ruihe was established on July 23, 2025, and is fully owned by Zhongzhe Group, which has a diverse business portfolio and significant revenue [16]. - The new actual controller, Yang Herong, is a prominent entrepreneur in Ningbo and has previously collaborated with the outgoing controller, Xiong Xuqiang [9][16]. Group 4: Foreign Investment Interest - Recently, foreign investment has increased in Hehua Co., with several foreign institutions acquiring shares, indicating a growing interest from international investors [16][17]. Group 5: Pledge and Risk Factors - The shares being transferred are under a long-term pledge to a bank, which complicates the ownership transfer process [19][23]. - The asset transfer agreement includes strict liability clauses, which could impose significant penalties on the outgoing shareholder if certain conditions are not met [24].

Core Viewpoint - Hehua Co., Ltd. is undergoing a significant change in control, with the transfer of shares from Ningbo Yinyi Holdings to Ningbo Zhongzhe Ruihe Management Consulting Co., Ltd., marking the second attempt at a change of control within a month [3][4][9]. Group 1: Change of Control - On September 13, Hehua Co. disclosed a report indicating that its controlling shareholder, Ningbo Yinyi Holdings, will transfer 87 million shares (23.76% of total shares) to Zhongzhe Ruihe, making Zhongzhe the new controlling shareholder [3][9]. - This is the second attempt at a change of control in a short period, with the first plan involving a transfer to Beijing Shending Technology, which was aborted due to unmet payment conditions [4][8]. - The new transaction price is 632 million yuan, which is 60 million yuan less than the previous proposal [9]. Group 2: Stock Price Movements - Prior to both announcements of the change of control, Hehua Co.'s stock price experienced unusual surges, hitting the daily limit on both occasions [5][12]. - On July 30, the stock price reached a limit of 8.02 yuan, and on September 9, it again hit the limit, raising concerns about potential insider trading [12][20]. Group 3: Background of New Controlling Shareholder - Zhongzhe Ruihe was established on July 23, 2025, and is fully owned by Zhongzhe Group, which has a diverse business portfolio and significant revenue [14]. - The new actual controller, Yang Herong, is a prominent entrepreneur in Ningbo and has previously collaborated with the outgoing controller, Xiong Xuqiang [9][14]. Group 4: Foreign Investment Interest - Recently, foreign investment has increased in Hehua Co., with three foreign institutions and two individuals entering the top ten shareholders list [14]. - UBS, Morgan Stanley, and Goldman Sachs are among the foreign entities that have acquired shares, indicating growing interest from international investors [14]. Group 5: Pledge and Legal Risks - The shares being transferred are under a long-term pledge to a bank, which raises questions about the transaction's feasibility [16][18]. - The asset transfer agreement includes strict liability clauses, imposing significant penalties on Yinyi Holdings if the company faces delisting risks before the transfer is completed [19][20].

上市公司名称：广西河池化工股份有限公司 股票上市地点：深圳证券交易所 股票简称：河化股份 股票代码：000953 信息披露义务人：宁波银亿控股有限公司 法定住所：宁波保税区发展大厦 2809 室 通讯地址：宁波市江北区人民路 132 号银亿外滩大厦 27 楼 权益变动性质：股份减少（协议转让） 签署日期：2025年9月12日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》《上市公司收购管理办 法》《公开发行证券的公司信息披露内容与格式准则第15号——权益变动报告书》 及其他相关的法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本权益变动报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行 证券的公司信息披露内容与格式准则第15号——权益变动报告书》的规定，本报 告书已全面披露了信息披露义务人在广西河池化工股份有限公司拥有权益的股 份变动情况。 四、截至本报告书签署日，除本报告书披露的信息外，信息披露义务人没有 通过任何其他方式增加或减少其在广西河池化工股份有限公司中拥有权益的股 份。 五、本次权益变动的标的股份目前处在质押状态， ...

Group 1 - The core point of the article is that Hehua Co., Ltd. announced a share transfer agreement where its controlling shareholder, Ningbo Yinyi Holdings Co., Ltd., will transfer 87 million shares (23.76% of total equity) to Ningbo Zhongzhe Ruihe Enterprise Management Consulting Co., Ltd. for a total price of 632 million yuan [1] - After the completion of this equity change, Yinyi Holdings will no longer hold shares in the company, and Zhongzhe Ruihe will become the controlling shareholder, with Yang Herong as the actual controller of the company [1] - The share transfer is subject to compliance review by the Shenzhen Stock Exchange and the registration procedures by China Securities Depository and Clearing Co., Ltd. [1]