债券代码：148437.SZ 债券简称：23 新化 K1 新疆中泰化学股份有限公司 2023 年面向专业投资者公开发行科技创新 公司债券(第一期)回售结果公告 根据《新疆中泰化学股份有限公司 2023 年面向专业投 资者公开发行科技创新公司债券(第一期)募集说明书》的约 定，23 新化 K1 的债券持有人在回售登记期内（2025 年 7 月 28 日至 2025 年 8 月 1 日、2025 年 8 月 7 日）选择将其所持 有的 23 新化 K1 全部或部分回售给新疆中泰化学股份有限公 司（以下简称"公司"或"发行人"），回售价格为 100 元/ 张（不含利息），回售资金兑付日为 2025 年 8 月 22 日，本 次回售资金已足额划转至中国证券登记结算有限责任公司 深圳分公司。 根据中国证券登记结算有限责任公司深圳分公司提供 的数据，23 新化 K1 本次回售登记期有效回售申报数量 6,000,000.00 张，剩余未回售债券数量为 0 张。 发行人决定于 2025 年 8 月 25 日至 2025 年 9 月 19 日按 照相关规定对本次回售债券进行转售，本期债券回售转售将 通过深交所交易终端"回售转售 ...

Group 1 - The core viewpoint of the article highlights the growth potential of China's chemical fiber industry, with a projected production increase of 4.7% year-on-year by June 2025, reaching 7.36 million tons [1] - In the first half of 2025, China's cumulative chemical fiber production is expected to be 42.36 million tons, reflecting a cumulative growth of 4.9% [1] - The article references a report by Zhiyan Consulting that analyzes the market operation status and investment prospects of the chemical fiber industry from 2025 to 2031 [1] Group 2 - Listed companies in the chemical fiber sector include Xinxiang Chemical Fiber, Hengli Petrochemical, Huafeng Superfiber, Rongsheng Petrochemical, Jilin Chemical Fiber, Tongkun Co., Zhongtai Chemical, Nanjing Chemical Fiber, Taihe New Materials, and Aoyang Health [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [2]

Core Viewpoint - Company reported a total operating revenue of 13.955 billion yuan for the first half of 2025, a year-on-year decrease of 8.32%, but the decline in revenue showed signs of narrowing in the second quarter compared to the first quarter [1] Group 1: Financial Performance - The company's revenue in the second quarter saw a year-on-year decline of 2.40%, significantly improved from a 13.02% decline in the first quarter [1] - The main reason for the revenue decline was the focus on core business, leading to a 93.41% drop in modern trade business revenue, while core businesses in chlor-alkali chemicals and textile industries grew by 14.51% and 8.32% respectively [1] - The total profit for the first half of the year was -158 million yuan, a year-on-year reduction in losses of 45.54%, with a net profit attributable to shareholders of -194 million yuan, reducing losses by 20% [1] - The gross profit margin increased significantly from 14.63% in the first half of 2024 to 18.97% in the first half of 2025, an increase of 4.34 percentage points [1] Group 2: Research and Development - R&D investment increased by 16.35% year-on-year, focusing on key technologies such as intelligent manufacturing of calcium carbide/alkali, low calorific value coal substitution, and clean efficient utilization of coal [2] - The company is actively promoting the localization of key raw materials and additives, enhancing the stability of its production system [2] Group 3: Market Dynamics - As of August 5, 2025, PVC prices and price differentials were 4,781 yuan/ton and 1,200 yuan/ton, respectively, showing increases of 0.76% and 68.27% since the beginning of the year [2] - The PVC business revenue grew by 12.16% year-on-year, although the gross profit margin declined [3] - The demand for caustic soda is expected to grow due to increased demand from the photovoltaic and new energy vehicle sectors, with a favorable outlook for the chlor-alkali industry as a result of ongoing policy support [3]

Financial Performance - The company's total revenue is 13.955 billion yuan. The net profit attributable to shareholders is -194 million yuan, which is an increase of 48.5378 million yuan compared to the same period last year, marking two consecutive years of growth [1] - The net cash inflow from operating activities is 1.235 billion yuan [1] Profitability Metrics - The latest gross profit margin is 18.97%, an increase of 4.34 percentage points compared to the same period last year, achieving two consecutive years of growth [3] - The latest return on equity (ROE) is -0.90%, which is an increase of 0.18 percentage points compared to the same period last year [3] - The diluted earnings per share (EPS) is -0.08 yuan, an increase of 0.02 yuan compared to the same period last year, achieving two consecutive years of growth [3] Efficiency Ratios - The latest total asset turnover ratio is 0.18 times [3] - The latest inventory turnover ratio is 3.76 times [3] Shareholder Information - The number of shareholders is 87,400, with the top ten shareholders holding 964 million shares, accounting for 37.20% of the total share capital [3] - The largest shareholder is Xinjiang Zhongtai (Group) Co., Ltd., holding 25.91% of the shares [3]

Core Viewpoint - Zhongtai Chemical (002092.SZ) reported a decline in revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved an operating income of 13.955 billion yuan, representing a year-on-year decrease of 8.32% [1] - The net profit attributable to shareholders was -194 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -217 million yuan [1] - The basic earnings per share were -0.0754 yuan [1]

Core Viewpoint - Zhongtai Chemical (002092) reported a decline in revenue and a net loss for the first half of 2025, indicating ongoing financial challenges for the company [1] Financial Performance - The company achieved a revenue of 13.955 billion yuan in the first half of 2025, representing a year-on-year decrease of 8.32% [1] - The net profit attributable to shareholders was a loss of 194 million yuan, an improvement from a loss of 243 million yuan in the same period last year [1]

新疆中泰化学股份有限公司 2025 年半年度报告摘要 证券代码：002092 证券简称：中泰化学 公告编号：2025-046 债券代码：148437 债券简称：23 新化 K1 新疆中泰化学股份有限公司 2025 年半年度报告摘要 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状 况及未来发展规划，投资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □ 适用 √ 不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □ 适用 √ 不适用 二、公司基本情况 1、公司简介 | 股票简称 | 中泰化学 | 股票代码 | 002092 | | --- | --- | --- | --- | | 股票上市交易所 | 深圳证券交易所 | | | | 变更前的股票简称（如有） | 中泰 ST | | | | 联系人和联系方式 | 董事会秘书 | 证券事务代表 | | | 姓名 | 薛芬 | 费翔 | | | 办公地址 | 新疆乌鲁木齐经济技术开发 | 新疆乌鲁木齐经济技术 ...

新疆中泰化学股份有限公司 XINJIANG ZHONGTAI CHEMICAL CO., LTD. 2025 年半年度报告 2025 年 08 月 新疆中泰化学股份有限公司 2025 年半年度报告 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人许鹏飞、主管会计工作负责人黄增伟及会计机构负责人(会计主管人员)黄潮 秀声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 半年度报告中所涉及的发展战略、经营计划等前瞻性陈述属于计划性事项，该计划不构 成公司对投资者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当 理解计划、预测与承诺之间的差异，敬请投资者注意投资风险。 本公司请投资者认真阅读本半年度报告全文，并特别注意下列风险因素： 公司在生产运营中主要存在行业、环保、人才结构、安全生产等风险，敬请广大投资者 注意投资风险。详细内容见本报告"第三节管理层讨论与分析，十、公司面临的风险和应对 措施"。 公司计划 ...

Core Viewpoint - The company reported a decrease in revenue and net profit for the first half of 2025, indicating ongoing challenges in the market while implementing cost control and efficiency measures to improve profitability [2][10]. Financial Performance - Revenue for the first half of 2025 was approximately CNY 13.96 billion, a decrease of 8.32% compared to CNY 15.22 billion in the same period last year [2]. - The net profit attributable to shareholders was a loss of approximately CNY 194.13 million, an improvement of 20% from a loss of CNY 242.67 million in the previous year [2]. - The net cash flow from operating activities decreased by 54.72% to approximately CNY 1.23 billion from CNY 2.73 billion [2]. - Basic earnings per share were reported at -0.0754, an improvement of 19.96% from -0.0942 [2]. Business Operations - The company focused on quality management, cost reduction, and efficiency improvements across various operations, including procurement, production, and sales [3][4]. - The company has developed a comprehensive supply chain quality management system to enhance product quality and customer service [4]. - The company aims to expand its product offerings and optimize its product structure to meet market demands [4]. Industry Overview - The chlor-alkali chemical industry is facing challenges due to an oversupply situation, particularly in the PVC market, which is closely tied to the real estate sector [6][8]. - The caustic soda market experienced price fluctuations driven by changes in aluminum oxide demand, with expectations of increased demand in the second half of the year [8]. - The viscose fiber market is under pressure from competition with alternative fibers and overall weak demand, leading to a forecast of continued low prices [8]. Key Products and Applications - The company produces four main products: PVC resin, ion-exchange membrane caustic soda, viscose fiber, and viscose yarn, leveraging local natural resources [5][6]. - PVC is widely used in various industries, including construction, agriculture, and packaging, with a trend towards higher performance and environmentally friendly products [6]. - Viscose fiber, made from natural cellulose, is used in textiles and has applications across various sectors due to its good moisture absorption and dyeing properties [7]. Competitive Advantages - The company has established a complete integrated circular economy industrial chain, enhancing its competitive edge in resource utilization and cost management [10]. - The focus on technological innovation and collaboration with research institutions has strengthened the company's capabilities in developing new products and improving production processes [10].

Core Points - The board of directors of Xinjiang Zhongtai Chemical Co., Ltd. approved the 2025 semi-annual report and summary with unanimous support [1][2] - The report was reviewed and approved by the audit committee during the seventh board meeting of 2025 [1] - The company also approved the performance salary payout for senior management for 2024, with two related directors abstaining from the vote [2] Summary by Sections - **Board Meeting Decisions** - The board meeting held on August 10, 2025, resulted in a unanimous vote (9 in favor, 0 against, 0 abstentions) to approve the 2025 semi-annual report and summary [1] - The report will be disclosed on August 16, 2025, on the official website [1] - **Management Performance Compensation** - The board approved the performance salary payout for senior management for the year 2024 with a vote of 7 in favor, 0 against, and 0 abstentions, while two related directors recused themselves from the vote [2]