Core Viewpoint - The announcement indicates that the controlling shareholder of Hehua Co., Ltd. will change from Ningbo Yinyi Holdings Co., Ltd. to Ningbo Zhongzhe Ruihe Enterprise Management Consulting Co., Ltd. following a share transfer agreement [1] Group 1: Share Transfer Details - Ningbo Yinyi Holdings plans to transfer 87 million shares, representing 23.76% of the total share capital of Hehua Co., Ltd. to Zhongzhe Ruihe [1] - The transaction includes the transfer of all receivables owed to Hehua Co., Ltd. by Ningbo Yinyi Holdings [1] Group 2: Change in Control - If the transaction is completed, the actual controller of Hehua Co., Ltd. will change from Xiong Xuqiang to Yang Herong [1]

河化股份（000953）(000953.SZ)发布公告，公司控股股东宁波银亿控股有限公司("银亿控股")与宁波中 哲瑞和企业管理咨询有限公司("中哲瑞和")签署了《宁波银亿控股有限公司与宁波中哲瑞和企业管理咨 询有限公司关于宁波银亿控股有限公司的资产转让协议》，银亿控股拟向中哲瑞和转让其持有上市公司 8700万股股份(占上市公司总股本的23.76%)和对河化股份享有的全部应收款项。若本次交易若最终得以 实施，公司的控股股东将由银亿控股变更为中哲瑞和，公司的实际控制人将由熊续强变更为杨和荣。 ...

Core Viewpoint - The announcement reveals a significant change in the ownership structure of Hehua Co., Ltd. (河化股份), with the controlling shareholder shifting from Ningbo Yinyi Holdings Co., Ltd. to Ningbo Zhongzhe Ruihe Enterprise Management Consulting Co., Ltd. This transaction involves the transfer of 87 million shares, representing 23.76% of the total share capital, for a total consideration of 632 million yuan [1]. Group 1: Ownership Change - Ningbo Yinyi Holdings plans to transfer 87 million shares and all receivables from Hehua Co. to Zhongzhe Ruihe for a total price of 632 million yuan [1]. - If the transaction is completed, the controlling shareholder will change to Zhongzhe Ruihe, and the actual controller will change from Xiong Xuqiang to Yang Herong [1]. - Zhongzhe Ruihe was established in July 2025 and is wholly owned by Zhongzhe Group, focusing on enterprise management consulting and financial consulting [1]. Group 2: Company Performance - In the first half of 2025, Hehua Co. reported revenue of 80.83 million yuan, a decrease of 37.02% year-on-year, while net profit attributable to shareholders increased by 45.56% to 3.84 million yuan [3]. - The revenue decline was attributed to management optimization and resource allocation, which improved per capita output, as well as the recovery of previously written-off bad debts [3]. - The company's subsidiary, Nansong Pharmaceutical, reported revenue of 42.67 million yuan, down 31.52%, while Hehua Biological reported revenue of 38.10 million yuan, down 42.28% [3]. Group 3: Business Overview - Hehua Co. primarily engages in the research, production, and sales of pharmaceutical intermediates and urea processing and sales [2]. - Its subsidiary, Nansong Pharmaceutical, specializes in pharmaceutical intermediates, with products sold domestically and to markets such as Taiwan, India, and Finland [2]. - Hehua Biological leverages its established reputation in urea sales and operates through third-party processing [2].

Group 1 - The core point of the article is that Hehua Co., Ltd. (000953.SZ) announced a significant share transfer agreement involving its controlling shareholder, Ningbo Yinyi Holdings Co., Ltd. [1] - Ningbo Yinyi Holdings plans to transfer 87,000,000 shares, which represents 23.76% of the total share capital of Hehua Co., Ltd., to Ningbo Zhongzhe Ruihe Enterprise Management Consulting Co., Ltd. [1] - If the transaction is completed, the controlling shareholder will change from Yinyi Holdings to Zhongzhe Ruihe, and the actual controller will change from Xiong Xuqiang to Yang Herong. [1]

Group 1 - The core point of the article is that Hehua Co., Ltd. (SZ 000953) announced a significant asset transfer agreement, where its controlling shareholder, Ningbo Yinyi Holdings Co., Ltd., plans to transfer 87 million shares (23.76% of total shares) and all receivables to Ningbo Zhongzhe Ruihe Enterprise Management Consulting Co., Ltd. [1] - If the transaction is completed, the controlling shareholder will change from Yinyi Holdings to Zhongzhe Ruihe, and the actual controller will change from Xiong Xuqiang to Yang Herong [1]. - As of the report, Hehua Co., Ltd. has a market capitalization of 2.9 billion yuan [1]. Group 2 - For the first half of 2025, Hehua Co., Ltd.'s revenue composition is as follows: pharmaceutical intermediates account for 50.94%, the chemical industry accounts for 48.99%, and other businesses account for 0.08% [1].

人民财讯9月10日电，河化股份（000953）9月10日晚间公告，控股股东银亿控股与中哲瑞和签署了《资 产转让协议》，银亿控股拟向中哲瑞和转让其持有公司23.76%股份和对河化股份享有的全部应收款 项，交易对价合计为6.32亿元。若本次交易若最终得以实施，公司的控股股东将由银亿控股变更为中哲 瑞和，公司的实际控制人将由熊续强变更为杨和荣。 ...

Core Viewpoint - The announcement indicates a significant change in the ownership structure of Hehua Co., Ltd. (河化股份), with the controlling shareholder shifting from Yinyi Holdings to Zhongzhe Ruihe through a share transfer agreement involving 87 million shares, representing 23.76% of the total share capital, for a transaction price of 632 million yuan [1] Group 1: Share Transfer Details - Yinyi Holdings plans to transfer 87 million shares to Zhongzhe Ruihe, which constitutes 23.76% of the total share capital [1] - The transaction price for the share transfer is set at 632 million yuan [1] - The completion of this transaction is subject to compliance confirmation from the Shenzhen Stock Exchange and registration procedures with the Shenzhen branch of China Securities Depository and Clearing [1] Group 2: Change in Control - Following the completion of the transaction, the controlling shareholder of the company will change from Yinyi Holdings to Zhongzhe Ruihe [1] - The actual controller will also change from Xiong Xuqiang to Yang Herong [1]

证券代码：000953 证券简称：河化股份 公告编号：2025-034 广西河池化工股份有限公司 关于控股股东签署《资产转让协议》暨控制权拟发生变更的 提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、广西河池化工股份有限公司（以下简称"河化股份""上市公司"）控 股股东宁波银亿控股有限公司（以下简称"银亿控股"）与宁波中哲瑞和企业 管理咨询有限公司（以下简称"中哲瑞和"）签署了《宁波银亿控股有限公司 与宁波中哲瑞和企业管理咨询有限公司关于宁波银亿控股有限公司的资产转让 协议》（以下简称"《资产转让协议》"），银亿控股拟向中哲瑞和转让其持 有上市公司 87,000,000 股股份（占上市公司总股本的 23.76%）和对河化股份享 有的全部应收款项（以下简称"标的资产"）。若本次交易若最终得以实施， 公司的控股股东将由银亿控股变更为中哲瑞和，公司的实际控制人将由熊续强 变更为杨和荣。 2、本次交易不触及要约收购，亦不构成关联交易。 3、本次权益变动的标的股份目前处在质押状态，尚未取得质权人同意函， 同时此事项尚需取得深圳证券交易所的合规 ...

Core Viewpoint - 河化股份 (000953) reported a decline in total revenue for the first half of 2025, but an increase in net profit, indicating improved profitability despite lower sales [1] Financial Performance - Total revenue for H1 2025 was 80.83 million yuan, a decrease of 37.02% year-on-year [1] - Net profit attributable to shareholders was 3.84 million yuan, an increase of 45.56% year-on-year [1] - In Q2 2025, total revenue was 39.99 million yuan, down 39.78% year-on-year, while net profit was 2.48 million yuan, down 34.78% year-on-year [1] Profitability Metrics - Gross margin increased by 8.16% to 16.26% [1] - Net margin rose significantly by 124.18% to 5.21% [1] - Total selling, administrative, and financial expenses amounted to 6.30 million yuan, accounting for 7.79% of revenue, a decrease of 8.46% year-on-year [1] Shareholder Metrics - Earnings per share (EPS) remained at 0.01 yuan, with a year-on-year increase of 45.83% [1] - Book value per share increased by 113.87% to 0.41 yuan [1] - Operating cash flow per share was 0.08 yuan, a significant increase of 1075.08% year-on-year [1] Historical Context - The company's return on invested capital (ROIC) was 65.33% last year, indicating strong capital returns [1] - Historical data shows a median ROIC of 18.49% over the past decade, with 11 years of losses since its listing [1]

Core Insights - The company reported a total operating revenue of 80.83 million yuan for the first half of 2025, with a net profit attributable to shareholders of 3.84 million yuan, marking a year-on-year increase of 45.56% [1] - The company achieved a net cash inflow from operating activities of 30.43 million yuan, an increase of 33.55 million yuan compared to the same period last year [1] Financial Performance - The latest debt-to-asset ratio stands at 41.32%, a decrease of 0.15 percentage points from the previous quarter and a reduction of 28.19 percentage points year-on-year [3] - The latest gross profit margin is 16.26%, which is an increase of 1.54 percentage points from the previous quarter and an increase of 1.23 percentage points year-on-year, achieving three consecutive years of growth [3] - The latest return on equity (ROE) is 2.57% [3] - The diluted earnings per share remained stable compared to the same period last year, with a year-on-year increase of 45.83% [3] - The latest total asset turnover ratio is 0.26 times, ranking 37th among disclosed peers, while the inventory turnover ratio is 1.71 times, ranking 31st among disclosed peers [3] Shareholder Structure - The number of shareholders is 42,700, with the top ten shareholders holding a total of 136 million shares, accounting for 37.10% of the total share capital [3] - The largest shareholder is Ningbo Yinyi Holdings Co., Ltd., holding 23.76% of the shares, followed by Yixihechi Chemical Industry Group Co., Ltd. with 10.24% [3]