Core Viewpoint - Black Cat Co., Ltd. (002068) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 4.296 billion yuan, a decrease of 12.56% year-on-year [1] - The net profit attributable to shareholders was -115 million yuan, down 110.97% year-on-year [1] - In Q2 2025, total revenue was 2.116 billion yuan, a decline of 16.32% year-on-year, with a net profit of -79.43 million yuan, a decrease of 36.39% [1] - Gross margin fell to 2.37%, down 35.23% year-on-year, while net margin was -2.86%, a drop of 133.68% [1] - The company's short-term debt pressure increased, with a current ratio of 0.99 [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 191 million yuan, accounting for 4.46% of revenue, an increase of 21.79% year-on-year [1] - The company's cash flow per share was -0.01 yuan, an increase of 96.48% year-on-year, indicating a significant cash flow issue [1] Debt and Liquidity - The company’s interest-bearing liabilities rose to 3.542 billion yuan, an increase of 14.93% year-on-year [1] - The cash and cash equivalents decreased to 380 million yuan, down 40.51% year-on-year [1] - The debt-to-asset ratio for interest-bearing liabilities reached 43.96%, indicating a concerning level of debt relative to cash flow [4] Business Model and Historical Performance - The company's return on invested capital (ROIC) was 1.83% last year, reflecting weak capital returns [3] - Historical data shows a median ROIC of 2.71% over the past decade, with two years of losses since its IPO, indicating a fragile business model [3] Fund Holdings - The largest fund holding Black Cat shares is the Guotai Golden Eagle Growth Mixed Fund, which holds 7.9422 million shares and has increased its position [5] - The fund's recent performance shows a net asset value increase of 72.84% over the past year [5]

Group 1 - The company, Heimao Co., Ltd. (SZ 002068), announced on August 29 that its eighth board meeting was held on August 28, 2025, to discuss the proposal to cancel the establishment of a wholly-owned subsidiary [1] - For the first half of 2025, the company's revenue composition was 91.49% from the chemical industry and 8.51% from other industries [1]

Core Viewpoint - Black Cat Co., Ltd. reported a net profit loss of 115 million yuan for the first half of the year despite producing 525,100 tons of carbon black and achieving a sales volume of 492,600 tons, indicating a production and sales rate of 93.81% [1] Financial Performance - The company generated operating revenue of 4.296 billion yuan during the reporting period [1] - The domestic and international sales of the company's main products accounted for 85.65% and 14.35% respectively [1] Production and Sales - Total carbon black production reached 525,100 tons [1] - Total carbon black sales amounted to 492,600 tons, resulting in a production and sales rate of 93.81% [1]

Group 1 - The company, Heimao Co., Ltd. (002068.SZ), announced an investment to enhance production base advantages and reduce carbon black production costs [1] - The investment will be made by its wholly-owned subsidiary, Jining Heimao Carbon Black Co., Ltd., through self-raised funds [1] - The total investment for the new raw gas supporting transformation project is 38.26 million yuan [1]

Core Viewpoint - Black Cat Co., Ltd. reported a 12.56% decline in revenue for the first half of 2025, with a net loss widening to 115 million yuan compared to a loss of 54.48 million yuan in the same period last year [1] Financial Performance - The company's operating revenue for the first half of 2025 was 4.296 billion yuan, reflecting a year-on-year decrease of 12.56% [1] - The net loss attributable to shareholders reached 115 million yuan, compared to a net loss of 54.48 million yuan in the previous year [1] Dividend Policy - The company announced plans not to distribute cash dividends, issue bonus shares, or increase share capital from reserves [1]

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。 江西黑猫炭黑股份有限公司（以下简称"公司"）于2025年8月28日召开第 八届董事会第四次会议和第八届监事会第三次会议，审议通过了《关于取消投资 设立全资子公司的议案》，公司拟取消在白俄罗斯投资设立"江西黑猫白俄罗斯 有限公司（暂定名）"，具体情况如下： 证券代码：002068 证券简称：黑猫股份 公告编号：2025-031 江西黑猫炭黑股份有限公司 关于取消投资设立全资子公司的公告 1 证券代码：002068 证券简称：黑猫股份 公告编号：2025-031 一、原对外投资计划基本情况概述 2019年7月13日，江西黑猫炭黑股份有限公司披露了《关于设立境外子公司 的公告》（公告编号：2019-033），公司基于当时国际化发展战略规划，拟选址 在白俄罗斯投资新建公司首个海外炭黑产能基地。公司拟出资120万美元，在白 俄罗斯明斯克市（暂定）设立全资子公司江西黑猫白俄罗斯有限公司（暂定名）， 经营范围为投资管理、建设项目投资、自有商标授权服务、对外贸易经营等相关 业务（暂定，以白俄罗斯国家登记机关最终核准为准）。 二、 ...

江西黑猫炭黑股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：江西黑猫炭黑股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 379,639,939.03 | 461,660,741.87 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 2,956,229.77 | 2,865,010.43 | | 应收账款 | 1,621,992,645.40 | 1,837,814,415.39 | | 应收款项融资 | 602,172,485.82 | 781,162,346.76 | | 预付款项 | 191,544,438.04 | 171,690,317.66 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | ...

证券代码：002068 证券简称：黑猫股份 公告编号：2025-032 江西黑猫炭黑股份有限公司 关于受让控股子公司江西永源节能环保科技股份有 限公司少数股东股权的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《深圳证券交易所股票上市规则》及《公司章程》的相关规定，上述受 让股权事项在董事会决策权限内，无需提交股东大会审议。本次受让股权事项不 涉及关联交易，也不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。 二、交易对方的基本情况 （一）交易对方1：旭阳物业 1、企业名称：平顶山市旭阳物业服务有限公司 2、类型：有限责任公司（自然人投资或控股） 1 证券代码：002068 证券简称：黑猫股份 公告编号：2025-032 江西黑猫炭黑股份有限公司（以下简称"公司"或"黑猫股份"）于2025年8月 28日召开第八届董事会第四次会议和公司第八届监事会第三次会议，审议通过了 《关于受让控股子公司永源节能环保科技股份有限公司少数股东股权的议案》， 具体情况如下： 一、本次交易概况 江西永源节能环保科技股份有限公司（以下简称"永源节能"）系黑猫股份 ...

证券代码：002068 证券简称：黑猫股份 公告编号：2025-034 江西黑猫炭黑股份有限公司 关于全资子公司济宁黑猫炭黑有限责任公司 新建原料气配套改造项目的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、对外投资概述 江西黑猫炭黑股份有限公司（以下简称"黑猫股份"或"公司"）为增强生 产基地优势，降低炭黑生产成本，提升综合利用效益，促进循环经济发展，拟由 全资子公司济宁黑猫炭黑有限责任公司（以下简称"济宁黑猫"）自筹资金投资 新建原料气配套改造项目，项目总投资3,826.00万元。 根据《深圳证券交易所股票上市规则》等法律、法规、规范性文件及《公司 章程》等有关规定，本次投资事项在公司董事长审批权限范围内，无需提交董事 会、股东大会审议。本次投资事项不构成关联交易，亦不构成《上市公司重大资 产重组管理办法》规定的上市公司重大资产重组。 二、投资主体基本情况 1、企业名称：济宁黑猫炭黑有限责任公司 2、企业类型：有限责任公司 3、住所：金乡县济宁化学工业园区 4、法定代表人：查立君 5、注册资本：25,000.00万元 6、成立日期：2013年1 ...

证券代码：002068 证券简称：黑猫股份 公告编号：2025-035 | 项目 | 本期计提金额 | 本期转回金额 | 确认减值损失金额 | | --- | --- | --- | --- | | 一、信用减值损失 | 391,634.67 | 11,733,741.93 | -11,342,107.26 | | 其中：应收账款坏账 | — | 11,582,951.91 | -11,582,951.91 | | 其他应收款坏账 | 391,634.67 | — | 391,634.67 | | 应收票据坏账 | — | 150,790.02 | -150,790.02 | 江西黑猫炭黑股份有限公司 关于2025年半年度计提及转回资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 江西黑猫炭黑股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开第 八届董事会第四次会议和第八届监事会第三次会议，审议通过《关于 2025 年半 年度计提及转回资产减值准备的议案》。现将有关内容公告如下： 一、本次计提及转回资产减值准备情况概述 （ ...