新疆中泰化学股份有限公司 XINJIANG ZHONGTAI CHEMICAL CO., LTD. 2025 年半年度财务报告 2025 年 08 月 二、财务报表 财务附注中报表的单位为：人民币元 1、合并资产负债表 编制单位：新疆中泰化学股份有限公司 新疆中泰化学股份有限公司 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。 2025 年 6 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 7,249,036,622.46 | 4,768,929,874.15 | | 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 | 2,510,537,348.39 | 2,042,729,364.17 | | 应收账款 | 520,102,210.48 | 584,447,567.94 | | 应收款项融资 | 994,067,666.74 | 771,945,283.43 | ...

| 非经营性资金 | | 占用方与上市公司 | 上市公司核算的 | 2025年期初占 | 2025年1-6月占 用累计发生金 | 2025年1-6月 | 2025年1-6月 | 2025年6月30 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 资金占用方名称 | | | | | 占用资金的利 | 偿还累计发生 | 日占用资金余 | 占用形成原因 | 占用性质 | | 占用 | | 的关联关系 | 会计科目 | 用资金余额 | 额 （不含利 | 息（如有） | 金额 | 额 | | | | | | | | | 息） | | | | | | | 控股股东、实际 | | | | | | | | | | | | 控制人及其附属 | | | | | | | | | | | | 企业 | | | | | | | | | | | | 小计 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | | 前控股股东、实 | | | | | | | | | | | | 际控制 ...

证券代码：002092 证券简称：中泰化学 公告编号：2025-045 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 八届二十九次董事会决议公告 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。 报告全文内容见 2025 年 8 月 16 日披露于巨潮资讯网 http://www.cninfo.com. cn 上的《新疆中泰化学股份有限公司 2025 年半年度报告》。 报告摘要内容见 2025 年 8 月 16 日刊登在《证券时报》和巨潮资讯网 http://www.cninfo.com.cn 上的《新疆中泰化学股份有限公司 2025 年半年度报告 摘要》。 二、会议以赞成票 7 票，反对票 0 票，弃权票 0 票，审议通过关于公司高级 管理人员 2024 年绩效年薪兑现的议案（关联董事张国魁、黄增伟回避表决）。 特此公告。 新疆中泰化学股份有限公司董事会 二〇二五年八月十六日 1 新疆中泰化学股份有限公司（以下简称"公司"或"中泰化学"）八届二十九次 董事会于2025年8月10日以电话、电子邮件等方式发出会议通知，会议于2025 ...

[Part I Important Notice, Table of Contents and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides crucial disclaimers, outlines the report structure, and defines key terms for clarity [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board of directors, supervisory board, and senior management guarantee the report's accuracy and completeness, while also highlighting operational risks and the company's dividend policy - The company's board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness[5](index=5&type=chunk) - The company primarily faces risks related to industry, environmental protection, talent structure, and production safety[7](index=7&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[7](index=7&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report's table of contents clearly lists eight main chapters covering company profile, management discussion, corporate governance, significant events, share changes, bond information, and financial reports - The report comprises eight main chapters, ensuring a complete structure[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms and company-related entities used throughout the report, ensuring accurate understanding for readers - The report clearly defines key terms such as the China Securities Regulatory Commission, Xinjiang SASAC, the Company, controlling shareholders, and major subsidiaries[15](index=15&type=chunk) [Part II Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and presents key financial data and indicators for the reporting period [I. Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section provides the company's basic information, including stock abbreviation, code, listing exchange, Chinese and foreign names, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Zhongtai Chemical | | Stock Code | 002092 | | Stock Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | Xinjiang Zhongtai Chemical Co., Ltd. | | Company's Legal Representative | Xu Pengfei | [II. Contact Persons and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section lists the contact information for the company's Board Secretary and Securities Affairs Representative, confirming no changes during the reporting period - The company's contact information and information disclosure location remained unchanged during the reporting period[18](index=18&type=chunk)[19](index=19&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue decreased by 8.32% year-on-year, but net loss attributable to shareholders narrowed by 20.00%, indicating improved profitability, while net cash flow from operating activities significantly declined by 54.72% Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Reporting Period (Yuan) | Prior Year Same Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 13,955,066,911.57 | 15,221,481,503.86 | -8.32% | | Net Profit Attributable to Parent Company Shareholders | -194,128,268.79 | -242,666,087.95 | 20.00% | | Net Profit Attributable to Parent Company Shareholders After Non-Recurring Gains/Losses | -217,117,507.78 | -274,107,584.56 | 20.79% | | Net Cash Flow from Operating Activities | 1,234,686,380.62 | 2,726,653,753.87 | -54.72% | | Basic Earnings Per Share (Yuan/share) | -0.0754 | -0.0942 | 19.96% | | Diluted Earnings Per Share (Yuan/share) | -0.0754 | -0.0942 | 19.96% | | Weighted Average Return on Net Assets | -0.90% | -1.07% | 0.17% | | **Period-End Indicators** | **Current Period-End (Yuan)** | **Prior Year-End (Yuan)** | **Period-End vs. Prior Year-End Change** | | Total Assets | 78,756,317,171.89 | 77,024,556,650.53 | 2.25% | | Net Assets Attributable to Parent Company Shareholders | 21,584,488,778.29 | 21,783,601,095.48 | -0.91% | [VI. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) The company's non-recurring gains and losses totaled 22,989,238.99 Yuan during the reporting period, primarily from government subsidies and disposal of non-current assets, positively impacting net profit Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains/losses on disposal of non-current assets | 2,725,821.42 | | Government subsidies recognized in current profit/loss | 31,762,188.60 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 668,088.71 | | Other non-operating income and expenses apart from the above | -4,295,430.69 | | Other profit/loss items meeting the definition of non-recurring gains/losses | 1,179,759.46 | | Less: Income tax impact | 1,737,709.17 | | Minority interests impact (after tax) | 7,313,479.34 | | Total | 22,989,238.99 | [Part III Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides a comprehensive analysis of the company's operations, financial performance, core competitiveness, and risk factors during the reporting period [I. Principal Businesses During the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) During the reporting period, the company focused on its core businesses of chlor-alkali chemical and viscose textile, implementing cost reduction, refined management, and technological innovation to enhance operational efficiency and product competitiveness despite market challenges - The company comprehensively promoted key initiatives such as 'Quality Management Year,' 'refined management,' and 'production based on sales,' focusing on its core businesses, strengthening compliance governance, successfully removing other risk warnings from its stock, and improving profitability[28](index=28&type=chunk) - The company's principal businesses are chlor-alkali chemicals and viscose textiles, with main products including polyvinyl chloride (PVC) resin, ion-exchange membrane caustic soda, viscose fiber, and viscose yarn, supported by a circular economy industrial chain encompassing thermal power, semi-coke, calcium carbide, and calcium carbide slag cement production[30](index=30&type=chunk)[31](index=31&type=chunk) - In the first half of 2025, the PVC market experienced volatile declines, caustic soda prices surged and then fell, and the viscose market faced prominent supply-demand imbalances with continuous price reductions[35](index=35&type=chunk)[36](index=36&type=chunk) - Unleash industrial chain synergy, enhancing response and resource allocation efficiency[38](index=38&type=chunk) - Optimize new production and operation mechanisms, establishing 'production based on sales' and 'production based on efficiency' models[38](index=38&type=chunk) - Reconstruct the supply chain ecosystem, promoting transparent centralized procurement and domestic substitution[39](index=39&type=chunk) - Advance product diversification strategies, developing multiple categories of specialty resins[39](index=39&type=chunk) - Promote intelligent technological innovation, building innovation platforms, and accelerating achievement commercialization[39](index=39&type=chunk) - Strengthen lean thinking and operational capabilities, achieving cost reduction and efficiency improvement[39](index=39&type=chunk) [II. Analysis of Core Competitiveness](index=13&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness stems from its technological innovation, integrated circular economy industrial chain, and advantageous resource and policy support, enabling breakthroughs in chlor-alkali, coal chemical, and textile industries - The company adheres to independent R&D innovation, collaborating with universities and research institutes, focusing on calcium carbide/chlor-alkali intelligent manufacturing, low-calorific coal substitution, and alkaline pulping technologies, and has successfully achieved partial application of domestically produced ion-exchange membranes and other key materials[40](index=40&type=chunk)[41](index=41&type=chunk) - The company holds **1,544 authorized patents** and **107 software copyrights**, recognized as a National Manufacturing Single Champion Enterprise and a National Technology Innovation Demonstration Enterprise[42](index=42&type=chunk) - The company has established an integrated upstream and downstream circular economy industrial chain encompassing coal—thermal power—calcium carbide—chlor-alkali—viscose fiber—viscose yarn, achieving efficient on-site conversion of resources and energy[43](index=43&type=chunk) - The company leverages Xinjiang's abundant resources such as coal, raw salt, and limestone, and benefits from industrial policy dividends like the 'Xinjiang Textile and Apparel Industry Development Plan'[44](index=44&type=chunk)[45](index=45&type=chunk) [III. Analysis of Principal Business](index=15&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This section details the year-on-year changes in the company's principal business financial data and the composition of its operating revenue, noting an 8.32% overall revenue decrease, but significant growth in chlor-alkali and textile industrial revenues, alongside a sharp decline in modern trade revenue Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (Yuan) | Prior Year Same Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 13,955,066,911.57 | 15,221,481,503.86 | -8.32% | | Operating Cost | 11,308,019,411.40 | 12,995,327,612.60 | -12.98% | | Selling Expenses | 1,042,106,956.99 | 930,952,361.25 | 11.94% | | Income Tax Expense | 75,178,134.49 | 37,298,856.44 | 101.56% | | R&D Investment | 136,642,965.04 | 117,443,488.06 | 16.35% | | Net Cash Flow from Operating Activities | 1,234,686,380.62 | 2,726,653,753.87 | -54.72% | | Net Cash Flow from Financing Activities | 1,633,961,442.74 | -829,799,463.05 | -296.91% | Operating Revenue Composition (by Industry) | Industry | Current Reporting Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Same Period Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Chlor-alkali Chemical | 9,228,228,234.26 | 66.13% | 8,058,906,856.77 | 52.94% | 14.51% | | Textile Industry | 3,895,213,087.70 | 27.91% | 3,596,107,494.12 | 23.63% | 8.32% | | Modern Trade | 188,392,087.46 | 1.35% | 2,859,580,914.51 | 18.79% | -93.41% | Operating Revenue Composition (by Product) | Product | Current Reporting Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Same Period Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Polyvinyl Chloride | 5,538,525,229.54 | 39.69% | 4,938,141,243.68 | 32.44% | 12.16% | | Chlor-alkali Products | 2,091,814,895.18 | 14.99% | 1,385,851,196.93 | 9.10% | 50.94% | | Viscose Fiber | 999,980,942.62 | 7.17% | 782,832,664.63 | 5.14% | 27.74% | | Viscose Yarn | 2,069,853,369.94 | 14.83% | 2,183,489,656.90 | 14.35% | -5.20% | Operating Revenue Composition (by Region) | Region | Current Reporting Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Same Period Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Within Xinjiang | 3,630,461,462.58 | 26.02% | 4,092,884,623.25 | 26.89% | -11.30% | | East China | 4,489,793,784.23 | 32.17% | 5,300,489,566.06 | 34.82% | -15.30% | | Export | 968,924,651.90 | 6.94% | 641,080,834.13 | 4.21% | 51.14% | [IV. Analysis of Non-Principal Business](index=17&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-principal businesses negatively impacted the company's total profit, with investment losses from associates and inventory impairment provisions being the primary drivers, which are non-recurring in nature Impact of Non-Principal Business on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -110,841,281.51 | 70.19% | Investment losses from associates | No | | Asset Impairment | -51,228,980.02 | 32.44% | Provision for inventory obsolescence | No | | Non-operating Income | 4,360,726.97 | -2.76% | | No | | Non-operating Expenses | 12,865,544.27 | -8.15% | Primarily penalties and carbon emission allowance expenses | No | [V. Analysis of Assets and Liabilities](index=18&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, total assets increased by 2.25% year-on-year, while net assets attributable to shareholders decreased by 0.91%, with significant changes in monetary funds due to restricted funds and long-term borrowings Significant Changes in Asset Composition | Item | Current Period-End Amount (Yuan) | Proportion of Total Assets | Prior Year-End Amount (Yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 7,249,036,622.46 | 9.20% | 4,768,929,874.15 | 6.19% | 3.01% | | Construction in Progress | 11,799,836,639.25 | 14.98% | 11,330,070,967.47 | 14.71% | 0.27% | | Right-of-Use Assets | 319,997.04 | 0.00% | 644,048,449.41 | 0.84% | -0.84% | | Long-term Borrowings | 12,095,711,133.71 | 15.36% | 10,875,583,901.72 | 14.12% | 1.24% | - The company's overseas assets primarily consist of equity assets of Zhongtai International Development (Hong Kong) Co., Ltd., totaling **967.9 million Yuan**, accounting for **2.23%** of the company's net assets[61](index=61&type=chunk) Asset Restrictions as of the End of the Reporting Period | Item | Period-End Carrying Value (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 3,935,624,890.69 | Bank acceptance, letter of credit margin | | Notes receivable, accounts receivable financing | 586,913,816.79 | Pledged notes | | Fixed Assets | 16,079,181,575.82 | Finance lease, long-term loan mortgage | | Intangible Assets | 338,670,011.83 | Loan mortgage | | Construction in Progress | 2,098,346,696.87 | Finance lease mortgage | | Total | 23,038,736,992.00 | | [VI. Analysis of Investment Status](index=19&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's investments significantly increased by 1738.92% to 1.0437 billion Yuan, primarily for capital injections into subsidiaries for BDO and methanol projects, with the latter already fully operational and generating partial returns Investment Amount During the Reporting Period | Indicator | Amount (Yuan) | | :--- | :--- | | Investment amount for the reporting period | 1,043,700,000.00 | | Investment amount for the prior year same period | 56,756,000.00 | | Change percentage | 1,738.92% | Significant Equity Investments Acquired During the Reporting Period | Name of Investee Company | Investment Amount (Yuan) | Shareholding Ratio | Expected Return (Yuan) | Current Period Investment Gain/Loss (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Shanghai Senhui Industrial Co., Ltd. | 20,000,000.00 | 100% | 736,251.43 | 736,251.43 | | Xinjiang Zhongtai Jinhui Technology Co., Ltd. | 1,023,700,000.00 | 36.06% | 662,100,000.00 | Under construction period | | Total | 1,043,700,000.00 | | 662,836,251.43 | 736,251.43 | Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Amount Invested in Current Period (Yuan) | Cumulative Actual Investment Amount as of Period-End (Yuan) | Project Progress | Expected Return (10,000 Yuan) | Cumulative Realized Return as of Period-End (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jinhui Technology's 300,000 tons/year BDO Project | Self-built | 423,432,784.06 | 3,368,082,841.29 | 89.00% | 66,210.00 | Under construction period | | Zhongtai New Materials Resource Comprehensive Utilization Methanol Upgrade Demonstration Project | Self-built | 675,149,407.36 | 4,279,233,269.20 | 100.00% | 42,207.00 | 5,005,025.76 | [VIII. Analysis of Major Holding and Associate Companies](index=23&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Most of the company's major subsidiaries were profitable during the reporting period, with Xinjiang Huatai Heavy Chemical Co., Ltd. achieving the highest net profit, while some, like Xinjiang Zhongtai Jinhui Energy Co., Ltd., incurred losses Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Net Profit (Yuan) | | :--- | :--- | :--- | | Xinjiang Huatai Heavy Chemical Co., Ltd. | Holding Subsidiary | 238,331,716.40 | | Xinjiang Zhongtai Chemical Fukang Energy Co., Ltd. | Holding Subsidiary | 98,845,291.11 | | Xinjiang Zhongtai Chemical Toksun Energy Chemical Co., Ltd. | Holding Subsidiary | 88,330,736.51 | | Xinjiang Shengxiong Energy Co., Ltd. | Holding Subsidiary | 133,487,845.34 | | Xinjiang Zhongtai Mining & Metallurgy Co., Ltd. | Wholly-owned Subsidiary | 51,177,490.48 | | Xinjiang Zhongtai Jinhui Energy Co., Ltd. | Holding Subsidiary | -94,020,867.23 | | Xinjiang Tianyu Coal Chemical Group Co., Ltd. | Holding Subsidiary | -172,707,989.82 | | Korla Zhongtai Textile Technology Co., Ltd. | Holding Subsidiary | -135,485,003.04 | | Xinjiang Xingtai Fiber Technology Co., Ltd. | Holding Subsidiary | -136,951,827.53 | | Xinjiang Meike Chemical Co., Ltd. | Associate Company | -257,140,125.59 | | Xinjiang Korla Zhongtai Petrochemical Co., Ltd. | Associate Company | -299,736,057.23 | - The company increased capital in its wholly-owned subsidiary, Shanghai Senhui Industrial Co., Ltd., by **20 million Yuan**, changing its registered capital to **70 million Yuan**[80](index=80&type=chunk) - Zhongtai Jinhui increased capital in its wholly-owned subsidiary, Jinhui Technology, by **1.41356 billion Yuan**, to supplement the capital for the 300,000 tons/year BDO project construction[80](index=80&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=25&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces multiple risks including industry competition, environmental regulations, production safety, and talent structure, which it addresses through product diversification, technological investment, safety management, and talent development - Industry Risk: The sluggish real estate market and new PVC plant commissioning have led to low market prices and intensified competition. Countermeasures include adjusting product structure, developing functional products, expanding downstream applications, strengthening customer cooperation, and improving product quality[81](index=81&type=chunk) - Environmental Risk: Domestic and international environmental policies and regulations are tightening, with continuously rising pollutant emission standards. Countermeasures include closely monitoring policies, increasing investment in environmental technology R&D and equipment upgrades, formulating emergency plans for environmental accidents, and exploring green production processes[82](index=82&type=chunk) - Production Safety Risk: Safety standards in the chemical industry are upgrading, and production involves various hazardous raw materials. Countermeasures include adhering to safety production bottom lines, strengthening personnel safety awareness, establishing accident warning and emergency mechanisms, and ensuring safety investments[83](index=83&type=chunk) - Talent Structure Adjustment Risk: Industry transformation and upgrading increase demand for high-end professional talent. Countermeasures include strengthening industry-academia-research cooperation, broadening channels for high-end talent acquisition, promoting the commercialization of postdoctoral research findings, and building a Zhongtai-specific training system[84](index=84&type=chunk)[85](index=85&type=chunk) [XI. Implementation of Market Value Management System and Valuation Enhancement Plan](index=26&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has formulated a "Valuation Enhancement Plan" to protect shareholder interests and boost investor confidence, focusing on core businesses, R&D, product optimization, investor relations, and long-term incentives, with positive results seen in methanol project operations and improved profitability - The company has formulated a 'Valuation Enhancement Plan' aimed at safeguarding shareholder interests, enhancing investor confidence, and promoting high-quality sustainable development[88](index=88&type=chunk) - The plan includes adhering to core businesses, extending the coal chemical industrial chain, continuous R&D, optimizing product structure, and enhancing product added value and quality[88](index=88&type=chunk) - Strengthening investor relations management and information disclosure, establishing long-term incentive mechanisms, and improving corporate governance standards[88](index=88&type=chunk) - The methanol project of the holding subsidiary Zhongtai New Materials has been fully commissioned, the company's losses have narrowed year-on-year, the chlor-alkali segment's profitability has improved year-on-year, and the textile segment's operating performance has slightly improved[88](index=88&type=chunk) [Part IV Corporate Governance, Environment and Society](index=28&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in the company's governance structure, profit distribution plans, environmental information disclosure, and social responsibility initiatives during the reporting period [I. Changes in Directors, Supervisors, and Senior Management](index=28&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's board of directors and senior management underwent significant changes, with Mr. Huang Xiaohu elected as Chairman and Mr. Xu Pengfei appointed as General Manager - Former Chairman Chen Chen and General Manager Jiang Jun resigned due to work adjustments/transfers[92](index=92&type=chunk) - Mr. Huang Xiaohu was elected Chairman, and Mr. Xu Pengfei was appointed General Manager[92](index=92&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period](index=28&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[93](index=93&type=chunk) [IV. Environmental Information Disclosure](index=28&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and its 19 major subsidiaries are included in the list of enterprises required to disclose environmental information, providing query indexes to demonstrate compliance and transparency - The company and its **19 major subsidiaries** are included in the list of enterprises required to disclose environmental information by law[96](index=96&type=chunk) [V. Social Responsibility](index=29&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities by supporting rural revitalization through various initiatives, including personnel assistance, agricultural product consumption, skills training, and environmental improvement, fostering a virtuous cycle of corporate development empowering rural communities - Assisting in consolidating and expanding poverty alleviation achievements and effectively linking them with rural revitalization[97](index=97&type=chunk) - Carrying out consumption assistance for agricultural and sideline products, fostering characteristic industries[97](index=97&type=chunk) - Strengthening skills training, increasing intellectual and technical support, and boosting public income through employment assistance[97](index=97&type=chunk) - Optimizing rural environment, helping to improve residents' living conditions[97](index=97&type=chunk) [Part V Significant Matters](index=30&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers significant events including litigation, the integrity of the company and its controlling shareholders, major related-party transactions, and the status of major contracts [VIII. Litigation Matters](index=30&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no major litigation or arbitration matters during the reporting period, but faced other ongoing lawsuits and arbitrations totaling 557.0581 million Yuan, including investor compensation claims of 35.5856 million Yuan - The company has no major litigation or arbitration matters[103](index=103&type=chunk) Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (10,000 Yuan) | Whether a Provision for Liabilities is Formed | Litigation (Arbitration) Progress | | :--- | :--- | :--- | :--- | | Other ongoing litigation and arbitration matters where the company and its subsidiaries are plaintiffs, not meeting the disclosure threshold for major litigation | 42,879.05 | No | Not yet concluded (not yet arbitrated) | | Other ongoing litigation and arbitration matters where the company and its subsidiaries are defendants, not meeting the disclosure threshold for major litigation | 12,826.76 | No | Not yet concluded (not yet arbitrated) | | Investor compensation litigation matters | 3,558.56 | No | Ongoing litigation | [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=31&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) The company's actual controller, Xinjiang SASAC, and controlling shareholder, Xinjiang Zhongtai Group, maintain stable operations and good integrity, with no unfulfilled court judgments or overdue large debts - The company's actual controller, Xinjiang SASAC, and controlling shareholder, Xinjiang Zhongtai Group, maintain stable operations and good integrity[106](index=106&type=chunk) [XI. Major Related-Party Transactions](index=31&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in various daily operational related-party transactions with its controlling shareholder and subsidiaries, including procurement, sales, and services, all priced at market rates and within approved limits, alongside significant financial assistance and guarantee arrangements Related-Party Transactions Related to Daily Operations | Type of Related-Party Transaction | Related Party | Amount of Related-Party Transaction (10,000 Yuan) | Proportion of Similar Transactions | Approved Transaction Limit (10,000 Yuan) | Exceeded Approved Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | Procurement of goods, materials, etc. | Xinjiang Zhongtai Group and its subsidiaries | 23,146.57 | 4.42% | 159,300 | No | | Sale of goods, products, etc. | Xinjiang Zhongtai Group and its subsidiaries | 30,421.39 | 2.34% | 118,000 | No | | Acceptance of services | Xinjiang Zhongtai Group and its subsidiaries | 26,161.03 | 7.68% | 91,990 | No | | Provision of services | Xinjiang Zhongtai Group and its subsidiaries | 1,801.95 | 2.8% | 11,100 | No | | Leasing business | Xinjiang Zhongtai Group and its subsidiaries | 354.15 | 1.38% | 1,410 | No | | Total | | 81,885.09 | | 381,800 | | Payables to Related Parties | Related Party | Related-Party Relationship | Reason for Formation | Beginning Balance (10,000 Yuan) | Amount Added in Current Period (10,000 Yuan) | Amount Repaid in Current Period (10,000 Yuan) | Ending Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Zhongtai (Group) Co., Ltd. | Controlling Shareholder | Financial assistance | 1.95 | 60,000 | 60,060.51 | 0.00 | - Korla Zhongtai Textile provided financial assistance of **1.35 billion Yuan** to Alar Zhongtai Textile[113](index=113&type=chunk) - The company and its subsidiaries applied for financial assistance not exceeding **2 billion Yuan** from Xinjiang Zhongtai Group and its subsidiaries[113](index=113&type=chunk) - The company provided a guarantee of **190.7 million Yuan** for an associate company's comprehensive credit line application[113](index=113&type=chunk) - Paid a guarantee fee of **12.26 million Yuan** to the controlling shareholder[113](index=113&type=chunk) [XII. Major Contracts and Their Performance](index=34&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company has ongoing property leasing operations and significant guarantee commitments, with total guarantees representing 116.61% of its net assets, alongside a major BDO project contract currently under performance - The company has property leasing operations, with an estimated related-party transaction amount not exceeding **14.1 million Yuan** in 2025[118](index=118&type=chunk) External Guarantees by the Company and its Subsidiaries (Excluding Guarantees for Subsidiaries) | Name of Guaranteed Party | Guaranteed Limit (10,000 Yuan) | Actual Guaranteed Amount (10,000 Yuan) | Guarantee Period | Fulfilled | Related-Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Meike Chemical Co., Ltd. | 177,500.00 | 81,938.02 | 3-15 years | No | Yes | | Xinjiang Korla Zhongtai Petrochemical Co., Ltd. | 41,054.00 | 20,522.46 | 2-15 years | No | Yes | | Shanghai Zhongtai Multi-Business International Trade Co., Ltd. | 90,800.00 | 29,200.00 | 1 year | No | Yes | | Hainan Yongxi Industrial Co., Ltd. | 16,000.00 | 8,000.00 | 1 year | No | Yes | | Xinjiang Zhongtai (Group) Co., Ltd. | 39,300.00 | 12,825.00 | 12 years | No | Yes | | Xinjiang Kangyi Chemical Co., Ltd. | 3,345.39 | 2,680.80 | 5 years | No | No | | Total actual external guarantee balance at period-end (A4) | | 159,166.28 | | | | - The company's total guarantee amount (A4+B4+C4) accounts for **116.61%** of its net assets[129](index=129&type=chunk) - The company signed a major outsourcing contract with China Chengda Engineering Co., Ltd. for the 300,000 tons/year BDO project, with a transaction price of **4.2842 billion Yuan**, currently under performance[132](index=132&type=chunk) [XIII. Explanation of Other Significant Matters](index=45&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company's stock had its "other risk warning" removed on May 20, 2025, changing its stock abbreviation from "ST Zhongtai" to "Zhongtai Chemical" - The company's stock had its 'other risk warning' removed on **May 20, 2025**, and its stock abbreviation changed from 'ST Zhongtai' to 'Zhongtai Chemical'[133](index=133&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=45&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The methanol upgrade demonstration project of the holding subsidiary Zhongtai New Materials was fully commissioned in June 2025, successfully producing qualified methanol products - The Zhongtai New Materials Resource Comprehensive Utilization Methanol Upgrade Demonstration Project was **fully commissioned in June 2025**[134](index=134&type=chunk)[135](index=135&type=chunk) [Part VI Share Changes and Shareholder Information](index=47&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's share capital changes and shareholder structure, including the total number of shares, changes in restricted and unrestricted shares, and information on major shareholders [I. Share Capital Changes](index=47&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital remained unchanged at 2,590,019,517 shares, with minor internal adjustments between restricted and unrestricted shares Share Capital Change Status | Share Type | Number Before Change (shares) | Proportion Before Change | Net Change (+, -) in Current Period (shares) | Number After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 14,402,800 | 0.56% | 6,200 | 14,409,000 | 0.56% | | II. Unrestricted Shares | 2,575,616,717 | 99.44% | -6,200 | 2,575,610,517 | 99.44% | | III. Total Shares | 2,590,019,517 | 100.00% | 0 | 2,590,019,517 | 100.00% | Changes in Restricted Shares | Shareholder Name | Beginning Restricted Shares (shares) | Restricted Shares Added in Current Period (shares) | Restricted Shares Released in Current Period (shares) | Ending Restricted Shares (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Senior management locked-up shares | 122,800 | | 6,200 | 129,000 | Senior management restriction | | Equity incentive restricted shares | 14,280,000 | | -- | 14,280,000 | Restricted stock incentive plan | | Total | 14,402,800 | | 6,200 | 14,409,000 | | [III. Number of Shareholders and Shareholding Status](index=48&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) At the end of the reporting period, the company had 87,366 common shareholders, with Xinjiang Zhongtai (Group) Co., Ltd. as the controlling shareholder, holding 25.91% of shares, some of which are pledged - The total number of common shareholders at the end of the reporting period was **87,366**[143](index=143&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (shares) | Pledge, Mark, or Freeze Status (number) | | :--- | :--- | :--- | :--- | :--- | | Xinjiang Zhongtai (Group) Co., Ltd. | State-owned Legal Person | 25.91% | 671,043,287 | Pledged 85,857,984 | | Urumqi Huanpeng Co., Ltd. | State-owned Legal Person | 2.90% | 75,000,000 | Frozen 7,470,120 | | Wanxiang Trust Co., Ltd. - Wanxiang Trust - Wantong No. 8 Asset Management Single Fund Trust | Other | 2.50% | 64,721,708 | | | Xinjiang Kaidi Mining Investment Co., Ltd. | State-owned Legal Person | 1.59% | 41,310,212 | | - Xinjiang Zhongtai (Group) Co., Ltd., Urumqi Huanpeng Co., Ltd., and Xinjiang Zhongtai International Supply Chain Management Co., Ltd. have related-party relationships, with the actual controller for all being the **State-owned Assets Supervision and Administration Commission of Xinjiang Uygur Autonomous Region People's Government**[144](index=144&type=chunk)[145](index=145&type=chunk) [Part VII Bond-Related Information](index=52&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides an overview of the company's bond and non-financial enterprise debt financing instruments, including their issuance, maturity, and repayment status, along with key financial indicators for the past two years [II. Corporate Bonds](index=52&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) The company has publicly issued corporate bonds to professional investors; "23 Xinhua 01" was fully repurchased and delisted in April 2025, while investor put-back for "23 Xinhua K1" is currently underway Basic Information of Corporate Bonds | Bond Name | Bond Abbreviation | Bond Code | Issue Date | Accrual Date | Maturity Date | Bond Balance (10,000 Yuan) | Interest Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2023 Publicly Issued Corporate Bonds to Professional Investors (Tranche 1) (Sustainability-Linked) | 23 Xinhua 01 | 148216 | March 21 to March 22, 2023 | March 22, 2023 | March 22, 2028 | 0.00 | 4.49% | | 2023 Publicly Issued Technology Innovation Corporate Bonds to Professional Investors (Tranche 1) | 23 Xinhua K1 | 148437 | August 21 to August 22, 2023 | August 22, 2023 | August 22, 2028 | 60,000 | 4.28% | - '23 Xinhua 01' was fully repurchased on **March 22, 2025**, and delisted on **April 25, 2025**[155](index=155&type=chunk) - Bondholders of '23 Xinhua K1' began submitting put-back declarations on **July 28, 2025**, with the put-back process currently underway[155](index=155&type=chunk) [III. Non-Financial Enterprise Debt Financing Instruments](index=53&type=section&id=%E4%B8%89%E3%80%81%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company had non-financial enterprise debt financing instruments during the reporting period; "22 Xinzongtai MTN001" matured on April 25, 2025, with a zero bond balance and principal and interest fully repaid Basic Information of Non-Financial Enterprise Debt Financing Instruments | Bond Name | Bond Abbreviation | Bond Code | Issue Date | Accrual Date | Maturity Date | Bond Balance (10,000 Yuan) | Interest Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2022 First Tranche Medium-Term Notes (Rural Revitalization) | 22 Xinzongtai MTN001 | 102280940 | April 22, 2022 | April 25, 2022 | April 25, 2025 | 0.00 | 5.00% | [VI. Key Accounting Data and Financial Indicators for the Past Two Years as of the End of the Reporting Period](index=54&type=section&id=%E5%85%AD%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%85%AC%E5%8F%B8%E8%BF%91%E4%B8%A4%E5%B9%B4%E7%9A%84%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's key financial indicators over the past two years show improved liquidity ratios, a slight increase in asset-liability ratio, narrowed net loss after non-recurring items, and enhanced interest coverage, though cash interest coverage declined Key Accounting Data and Financial Indicators for the Company's Past Two Years | Item | Current Period-End | Prior Year-End | Period-End vs. Prior Year-End Change | | :--- | :--- | :--- | :--- | | Current Ratio | 0.48 | 0.40 | 20.00% | | Asset-Liability Ratio | 64.85% | 63.59% | 1.26% | | Quick Ratio | 0.35 | 0.26 | 34.62% | | **Item** | **Current Reporting Period** | **Prior Year Same Period** | **Current Period vs. Prior Year Same Period Change** | | Net Profit After Non-Recurring Gains/Losses (10,000 Yuan) | -21,711.75 | -27,410.76 | 20.79% | | EBITDA to Total Debt Ratio | 4.96% | 3.95% | 1.01% | | Interest Coverage Ratio | 0.58 | 0.38 | 52.63% | | Cash Interest Coverage Ratio | 2.11 | 4.59 | -54.03% | | EBITDA Interest Coverage Ratio | 3.85 | 2.87 | 34.15% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | [Part VIII Financial Report](index=55&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited half-year financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owner's equity, along with detailed notes on accounting policies, taxes, and financial items [I. Audit Report](index=55&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's 2025 half-year financial report is unaudited - The company's half-year financial report is unaudited[162](index=162&type=chunk) [II. Financial Statements](index=55&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's 2025 half-year consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity, highlighting key financial performance and position changes Key Data from Consolidated Balance Sheet (Period-End Balance) | Item | Period-End Balance (Yuan) | Beginning Balance (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 78,756,317,171.89 | 77,024,556,650.53 | 2.25% | | Total Liabilities | 51,075,512,297.88 | 48,978,691,659.22 | 4.28% | | Total Equity Attributable to Parent Company Owners | 21,584,488,778.29 | 21,783,601,095.48 | -0.91% | Key Data from Consolidated Income Statement (Current Period Occurrence) | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 13,955,066,911.57 | 15,221,481,503.86 | -8.32% | | Total Operating Cost | 14,069,825,735.67 | 15,558,660,369.65 | -9.57% | | Total Profit | -157,911,598.45 | -289,946,512.39 | 45.54% | | Net Profit Attributable to Parent Company Shareholders | -194,128,268.79 | -242,666,087.95 | 20.00% | Key Data from Consolidated Cash Flow Statement (Current Period Occurrence) | Item | 2025 Half-Year (Yuan) | 2024 Half-Year (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,234,686,380.62 | 2,726,653,753.87 | -54.72% | | Net Cash Flow from Investing Activities | -1,543,906,612.97 | -1,561,627,192.95 | 1.13% | | Net Cash Flow from Financing Activities | 1,633,961,442.74 | -829,799,463.05 | 296.91% | | Net Increase in Cash and Cash Equivalents | 1,326,824,173.71 | 337,384,292.17 | 293.27% | [III. Company Overview](index=76&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section provides detailed basic information about the company, including its registration, legal representative, capital, business scope, and historical development, highlighting its core chlor-alkali and viscose textile industries and circular economy chain - The company's registered capital is **2,590,019,517 Yuan**, primarily engaged in the chlor-alkali chemical and viscose textile industries[202](index=202&type=chunk)[203](index=203&type=chunk) - The company's controlling shareholder is Xinjiang Zhongtai (Group) Co., Ltd., and the actual controller is the **State-owned Assets Supervision and Administration Commission of Xinjiang Uygur Autonomous Region People's Government**[203](index=203&type=chunk) - The company's share capital was adjusted on **June 2, 2023**, due to the repurchase and cancellation of restricted shares, standing at **2.5900195 billion Yuan** as of **June 30, 2025**[205](index=205&type=chunk)[206](index=206&type=chunk) [IV. Basis of Financial Statement Preparation](index=78&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, in accordance with accounting standards issued by the Ministry of Finance and relevant regulations of the China Securities Regulatory Commission - The company prepares its financial statements on a going concern basis, in accordance with enterprise accounting standards and relevant regulations of the China Securities Regulatory Commission[209](index=209&type=chunk) [V. Significant Accounting Policies and Estimates](index=78&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's significant accounting policies and estimates for financial statement preparation, covering business combinations, consolidated financial statements, financial instruments, inventory valuation, long-term equity investments, fixed assets, intangible assets, revenue recognition, government grants, and deferred income tax - Consolidated financial statements determine the scope of consolidation based on control and uniformly adjust subsidiary financial statements[218](index=218&type=chunk) - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income (debt instruments/equity instruments), and at fair value through profit or loss[235](index=235&type=chunk) - Revenue is recognized when performance obligations are satisfied and the customer obtains control of the related goods or services[328](index=328&type=chunk) - Fixed assets are depreciated using the straight-line method, and intangible assets are amortized using the straight-line method[286](index=286&type=chunk)[299](index=299&type=chunk) [VI. Taxation](index=111&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section lists the company's main tax categories and rates, including VAT, consumption tax, corporate income tax, and resource tax, noting that the company and several subsidiaries benefit from preferential corporate income tax rates due to high-tech enterprise status or Western Development policies Major Tax Categories and Rates | Tax Category | Taxable Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Output tax calculated on taxable income, difference after deducting input tax | 6%、9%、13%、3%、5%、1% | | Corporate Income Tax | Current taxable income | Calculated at 25% of taxable income, some enterprises enjoy preferential tax rates | | Resource Tax | Ad valorem based on sales; ad rem based on water consumption | Salt, limestone 6%, raw coal 9%; water 0.24-3.2 Yuan/cubic meter | - Several subsidiaries (e.g., Xinjiang Huatai Heavy Chemical, Xinjiang Zhongtai Mining & Metallurgy, Korla Zhongtai Textile) enjoy a **15% corporate income tax preferential rate**, while some small low-profit enterprises enjoy a **20% preferential rate**[361](index=361&type=chunk)[363](index=363&type=chunk)[368](index=368&type=chunk)[376](index=376&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=117&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, accounts receivable, inventory, fixed assets, construction in progress, intangible assets, borrowings, payables, and equity, offering crucial supplementary information for understanding the company's financial position and operating results - Monetary funds at period-end totaled **7.249 billion Yuan**, of which **3.9356 billion Yuan** are restricted funds, comprising various deposits and litigation-frozen funds[379](index=379&type=chunk) - Accounts receivable at period-end had a carrying value of **520.1 million Yuan**, with a relatively high proportion of accounts receivable for which impairment provisions were individually recognized[389](index=389&type=chunk) - Inventory at period-end had a carrying value of **2.8805 billion Yuan**, with **130.9 million Yuan** in inventory impairment provisions already recognized[421](index=421&type=chunk) - Fixed assets at period-end had a carrying value of **44.4958 billion Yuan**, and construction in progress had a carrying value of **11.7579 billion Yuan**, with major projects including BDO and methanol projects[442](index=442&type=chunk)[453](index=453&type=chunk) - Long-term borrowings at period-end totaled **12.0957 billion Yuan**, with **3.8502 billion Yuan** due within one year[523](index=523&type=chunk) [VIII. R&D Expenses](index=161&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) During the reporting period, the company's total R&D expenditure was 390,457,293.21 Yuan, all expensed in the current period, with some R&D inputs forming salable products whose costs were recognized upon sale R&D Expenditure Status | Item | Amount Incurred in Current Period (Yuan) | Amount Incurred in Prior Period (Yuan) | | :--- | :--- | :--- | | R&D Projects | 390,457,293.21 | 457,742,895.24 | | Of which: Expensed R&D expenditure | 390,457,293.21 | 457,742,895.24 | - Pilot-scale experiments conducted on production lines consumed direct materials that formed salable products; revenue from the sale of these products is recognized, and the corresponding R&D material expenditure is recognized as cost of sales, adhering to the matching principle of revenue and cost[568](index=568&type=chunk) [IX. Changes in Consolidation Scope](index=161&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, there were no significant changes in the company's consolidation scope, such as non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries - During the reporting period, there were no significant changes in the company's consolidation scope, such as non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries[610](index=610&type=chunk)[614](index=614&type=chunk) [X. Interests in Other Entities](index=163&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section details the company's equity interests in subsidiaries, joint ventures, and associates, including their registration, business nature, shareholding, and acquisition methods, along with key financial information for important non-wholly-owned subsidiaries and associates - The company's consolidated financial statements include **54 companies**, such as Xinjiang Huatai Heavy Chemical Co., Ltd., Xinjiang Zhongtai Chemical Fukang Energy Co., Ltd., and Korla Zhongtai Textile Technology Co., Ltd.[208](index=208&type=chunk) - The company exercises control over multiple subsidiaries, such as Xinjiang Zhongtai Jinhui Energy Co., Ltd. and Xinjiang Zhongtai Henghui Medical and Health Materials Co., Ltd., through direct shareholding or concerted action agreements[620](index=620&type=chunk) Key Financial Information of Important Non-Wholly-Owned Subsidiaries (Current Period Occurrence) | Subsidiary Name | Minority Shareholding Proportion | Current Period Profit/Loss Attributable to Minority Shareholders (Yuan) | Dividends Declared and Distributed to Minority Shareholders in Current Period (Yuan) | Period-End Minority Interest Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | 1.Huatai Heavy Chemical | 15.44% | 37,212,256.92 | 80,299,999.00 | 1,234,116,684.09 | | 2.Fukang Energy | 8.11% | 8,019,021.93 | | 262,557,888.06 | | 3.Toksun Energy Chemical | 7.99% | 7,021,047.20 | 33,808,918.51 | 409,355,232.75 | Key Financial Information of Important Associate Companies (Current Period Occurrence) | Item | Xinjiang Meike Chemical Co., Ltd. (Yuan) | Xinjiang Korla Zhongtai Petrochemical Co., Ltd. (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 1,104,772,026.13 | 1,399,405,156.59 | | Net Profit | -257,140,125.59 | -299,736,057.23 | | Total Comprehensive Income | -257,140,125.59 | -299,736,057.23 | [XI. Government Grants](index=170&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) At the end of the reporting period, government grants recognized as receivables totaled 84,336,840.24 Yuan, with 31,762,188.60 Yuan recognized in current profit or loss, primarily through other income, and asset-related deferred income government grants totaling 347,804,565.84 Yuan - Government grants recognized as receivables at period-end totaled **84,336,840.24 Yuan**[634](index=634&type=chunk) Government Grants Recognized in Current Profit or Loss | Accounting Account | Amount Incurred in Current Period (Yuan) | Amount Incurred in Prior Period (Yuan) | | :--- | :--- | :--- | | Other Income | 31,762,188.60 | 21,377,881.61 | | Financial Expenses | 47,801,465.45 | 21,202,762.19 | | Cost of Principal Business | 54,701,745.51 | 38,748,250.36 | | Selling Expenses | 105,427,227.38 | 94,469,014.48 | Liability Items Involving Government Grants | Accounting Account | Beginning Balance (Yuan) | New Grant Amount in Current Period (Yuan) | Amount Transferred to Other Income in Current Period (Yuan) | Period-End Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 347,845,786.84 | 19,220,000.00 | 19,261,221.00 | 347,804,565.84 | Asset-related | [XII. Risks Related to Financial Instruments](index=171&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages financial risks by balancing risk and return, minimizing negative impacts, addressing market risks like foreign exchange and interest rate fluctuations through prudent management, and mitigating credit and liquidity risks via credit approval, monitoring, and cash flow forecasting - The company's foreign exchange risk primarily arises from financial assets and liabilities denominated in USD; due to small period-end balances, there is **no significant foreign exchange risk**[640](index=640&type=chunk) - The company's interest rate risk primarily stems from bank borrowings, managed through the reasonable design of credit lines, types, and maturities[641](index=641&type=chunk) - The company mitigates credit risk by establishing a dedicated department to determine credit limits, conduct credit approvals, and implement monitoring procedures[643](index=643&type=chunk) - Liquidity risk is managed by monitoring cash balances, readily marketable securities, and rolling forecasts of cash flows for the next 12 months[646](index=646&type=chunk) [XIII. Disclosure of Fair Value](index=172&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the fair value of the company's assets and liabilities measured at fair value at period-end, primarily other equity instrument investments and accounts receivable financing, both classified as Level 3 fair value measurements using unobservable inputs Period-End Fair Value of Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | | Other equity instrument investments | 67,919,960.23 | 67,919,960.23 | | Accounts receivable financing | 994,067,666.74 | 994,067,666.74 | | Total assets continuously measured at fair value | 1,061,987,626.97 | 1,061,987,626.97 | - The level to which a fair value measurement belongs is determined by the lowest level input that is significant to the fair value measurement as a whole[652](index=652&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=174&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section details the company's related parties, including its parent company and ultimate controller, and numerous subsidiaries and associates, with whom it engaged in extensive related-party transactions such as goods procurement/sales, services, guarantees, and intercompany loans, all adhering to market pricing principles - The company's parent company is Xinjiang Zhongtai (Group) Co., Ltd., and its ultimate controlling party is the **State-owned Assets Supervision and Administration Commission of Xinjiang Uygur Autonomous Region People's Government**[653](index=653&type=chunk) - The company engages in various related-party transactions with its related parties, including the purchase and sale of goods, provision and acceptance of services, related-party guarantees, and intercompany fund borrowings[660](index=660&type=chunk)[662](index=662&type=chunk)[664](index=664&type=chunk)[666](index=666&type=chunk)[669](index=669&type=chunk) - The company, as guarantor, provided substantial guarantees for multiple subsidiaries and related parties, with total guaranteed amounts reaching **21.8078 billion Yuan**[666](index=666&type=chunk)[668](index=668&type=chunk) - The company borrowed **600 million Yuan** from Xinjiang Zhongtai (Group) Co., Ltd. in the current period, which was fully repaid before the end of the reporting period[670](index=670&type=chunk) [XV. Share-Based Payment](index=183&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) During the reporting period, the company had no share-based payment arrangements, including equity-settled or cash-settled share-based payments, and no related expenses - The company had no share-based payment related situations or expenses during the reporting period[678](index=678&type=chunk) [XVI. Commitments and Contingencies](index=183&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) At the balance sheet date, the company had unconfirmed commitments for long-term asset construction totaling 218,362.59 Yuan, and an important contingency related to investor compensation lawsuits for information disclosure violations, with an amount of 35.5856 million Yuan, awaiting court judgment Significant Commitments | Content | Year-End Balance (Yuan) | Year-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Commitments for the construction of long-term assets, signed but not yet recognized in financial statements | 218,362.59 | 266,863.62 | | Total | 218,362.59 | 266,863.62 | - The company received administrative penalties for information disclosure violations, and currently faces shareholder lawsuits and claims totaling **35.5856 million Yuan**, with no court judgment yet rendered[682](index=682&type=chunk) [XVIII. Other Significant Matters](index=185&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company has established an enterprise annuity plan for employee benefits and talent retention, and reports segment information based on industry, product, and region, primarily for chemical products, disclosing segment operating revenue and costs - The company and its subsidiaries have established an enterprise annuity plan to ensure employee retirement benefits and incentivize talent[687](index=687&type=chunk) - The company segments its operations by industry, product, and region, primarily offering chemical products, and discloses operating revenue and costs for each segment[688](index=688&type=chunk) Financial Information of Reporting Segments (Operating Revenue) | Item | Chlor-alkali Chemical (Yuan) | Textile Industry (Yuan) | Modern Trade (Yuan) | Logistics and Transportation (Yuan) | Other Businesses (Yuan) | Inter-segment Eliminations (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Principal Business Revenue | 22,791,709,195.46 | 6,319,957,971.93 | 259,785,391.87 | 1,027,989,027.01 | | 16,918,278,891.41 | 13,481,162,694.86 | | Other Business Revenue | | | | | 1,236,533,624.73 | 762,629,408.02 | 473,904,216.71 | [XX. Supplementary Information](index=195&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides a detailed statement of non-recurring gains and losses, totaling 22,989,238.99 Yuan, and calculates net asset return and earnings per share, with a weighted average net asset return of -0.90% and basic EPS of -0.0754 Yuan/share Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (Yuan) | | :--- | :--- | | Gains/losses on disposal of non-current assets | 2,725,821.42 | | Government subsidies recognized in current profit/loss | 31,762,188.60 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 668,088.71 | | Other non-operating income and expenses apart from the above | -4,295,430.69 | | Other profit/loss items meeting the definition of non-recurring gains/losses | 1,179,759.46 | | Less: Income tax impact | 1,737,709.17 | | Minority interests impact (after tax) | 7,313,479.34 | | Total | 22,989,238.99 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (Yuan/share) | Diluted Earnings Per Share (Yuan/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders of the company | -0.90% | -0.0754 | -0.0754 | | Net profit attributable to ordinary shareholders of the company after deducting non-recurring gains and losses | -1.00% | -0.0843 | -0.0843 |

金融界消息 截至2025年8月13日收盘，中泰化学（002092）报收于4.79元，下跌1.24%，换手率1.23%， 成交量31.80万手，成交金额1.53亿元。 资金流向方面，今日主力资金净流出3098.31万元，占比成交额20.3%。其中，超大单净流出780.73万 元、占成交额5.12%，大单净流出2317.58万元、占成交额15.19%，中单净流出流入1383.96万元、占成 交额9.07%，小单净流入1714.35万元、占成交额11.23%。 中泰化学最新一期业绩显示，截至2025一季报，公司营业总收入67.67亿元、同比减少13.02%，归属净 利润8979.79万元，同比增长49.28%，扣非净利润10553.02万元，同比增长43.16%，流动比率0.442、速 动比率0.340、资产负债率63.74%。 天眼查商业履历信息显示，新疆中泰化学股份有限公司，成立于2001年，位于乌鲁木齐市，是一家以从 事食品制造业为主的企业。企业注册资本259001.9517万人民币，实缴资本259001.9517万人民币。公司 法定代表人为许鹏飞。 通过天眼查大数据分析，新疆中泰化学股份有限公司共对外投资了 ...

Core Viewpoint - The report highlights the resilience of viscose short fiber demand despite tariff disputes, with projected consumption growth in 2023 and 2024, and a minimal decline in H1 2025 [1][2]. Group 1: Consumption and Demand - The apparent consumption of viscose short fiber is projected to be 3.81 million tons in 2023 and 4.09 million tons in 2024, representing year-on-year increases of 9.74% and 7.28% respectively [1][2]. - In H1 2025, the apparent consumption is expected to be 1.96 million tons, with a slight year-on-year decline of only 1.00%, indicating strong demand resilience [1][2]. Group 2: Technology and Market Trends - The rapid development of vortex spinning technology is anticipated to drive continued growth in viscose short fiber demand, with its market share expected to increase from 10% to 25% [2]. - Vortex spinning technology is particularly suited for chemical fibers, showing significant achievements, although it faces challenges in natural fiber applications [2]. Group 3: Production Capacity and Utilization - Effective production capacity for viscose short fiber is projected at 5.07 million tons in 2023 and 4.885 million tons in 2024, with capacity utilization rates of 77.1% and 84.3% respectively [3]. - As of June 2025, nominal capacity is expected to be 5.16 million tons, with effective capacity at 4.935 million tons and a utilization rate of 81.5% [3]. - The industry is characterized by high concentration, with the top three companies holding a combined market share of 69.77% [3]. Group 4: Inventory and Pricing Trends - As of August 8, 2025, the inventory level for viscose short fiber is reported at 169,700 tons, equating to only 10.9 days of supply, indicating a low inventory level historically [4][5]. - The industry operating rate is at a high of 85.9%, and prices for viscose short fiber have shown an upward trend, with a recent price increase of approximately 150 yuan per ton [5]. Group 5: Market Outlook - The upcoming peak seasons for textile and apparel, along with a temporary suspension of tariffs, are expected to boost demand for viscose short fiber [5]. - The report recommends focusing on companies like Sanyou Chemical, which are likely to benefit from these market dynamics [6].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The demand for viscose staple fiber is expected to continue growing due to rapid development in vortex spinning technology, with apparent consumption projected at 3.81 million tons in 2023 and 4.09 million tons in 2024, reflecting year-on-year growth of 9.74% and 7.28% respectively [5] - The viscose staple fiber industry has maintained a tight supply-demand balance, with capacity utilization rates above 80% and limited new capacity additions since 2022 [6] - The price of viscose staple fiber has shown resilience despite a decline in raw material prices, with recent price increases of approximately 150 CNY per ton [6] Summary by Sections Industry Overview - The viscose staple fiber industry is characterized by a high concentration, with the top three companies holding a combined market share of 69.77% [6] - The industry has seen limited new capacity additions, with only one planned project expected to come online in 2026 [6] Demand and Supply Dynamics - The apparent consumption of viscose staple fiber in the first half of 2025 is projected at 1.96 million tons, with a minor year-on-year decline of 1.00%, indicating strong demand resilience [5] - The industry has experienced a high operating rate of 85.9% as of August 2025, with inventory levels at a historical low of 10.9 days [6] Price Trends - The price gap between viscose staple fiber and its raw materials has been expanding, with viscose prices remaining firm despite fluctuations in raw material costs [6][9] - The recent suspension of tariffs between the US and China is expected to boost demand for viscose staple fiber in the upcoming peak seasons [6] Recommended Stocks - Recommended stock: Sanyou Chemical; Beneficiary stock: Zhongtai Chemical [7]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The chlor-alkali industry is experiencing a recovery in profitability, driven by a tightening supply of glyphosate and glufosinate, leading to price increases [4][20] - The "anti-involution" policy is expected to be a key focus in 2025 and beyond, aiming to optimize the competitive landscape in the chemical industry [26] Summary by Sections Industry Trends - The chemical industry index outperformed the CSI 300 index by 1.1% this week, with 76.7% of the 545 tracked stocks showing weekly gains [17] - The average price of glyphosate increased to 26,399 CNY/ton, a rise of 0.37% from the previous week, while glufosinate also saw a price increase [21][22] Key Products Tracking - Urea and potassium chloride prices have risen, while phosphorite and phosphates remain stable [52] - The average price of urea reached 1,780 CNY/ton, up 0.62% from the previous week, driven by improved market sentiment [52][54] Recommended and Beneficiary Stocks - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [6][26] - Beneficiary stocks include companies like Jiangshan Co., Ltd. and Hebei New Chemical Materials [24][27]

行 业 研 究 2025 年 08 月 08 日 投资评级：看好（维持） 行业走势图 -10% 0% 10% 19% 29% 38% 2024-08 2024-12 2025-04 2025-08 基础化工 沪深300 数据来源：聚源 相关研究报告 《中共中央政治局会议再度明确"反 内卷"决心，国家发改委将对内卷行 业展开摸底调查—化工行业周报》 -2025.8.3 《多国政策支持生物燃料行业发展， 行业景气度向上—行业点评报告》 -2025.8.1 《农药行业开展"正风治卷"三年行 动，看好供给优化助力盈利修复、景 气反转—行业点评报告》-2025.7.28 ——行业深度报告 氯碱盈利已触底，PVC 亏损严重，反内卷政策推动下行业盈利有望修复。2025 年 7 月 1 日，中央财经委员会第六次会议明确强调，依法依规治理企业低价无序竞 争，推动落后产能有序退出。从氯碱行业上市公司 2024 年利润情况看，在我们统计 的 14 家上市企业中，6 家企业的氯碱业务处于盈亏平衡或者亏损的状态，可能非上 市公司的情况更差。据我们测算，2025 年 7 月，片碱行业平均盈利约为 1,053 元/吨、 PVC 行业平均亏 ...

Core Insights - The total salary of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with the chemical raw materials industry CFOs earning a total of 33.01 million yuan, an average salary of 785,900 yuan, reflecting a year-on-year increase of 9.77% [1][2] Group 1: Salary Overview - The highest-paid CFO in the chemical raw materials industry is Gao Yu from Baofeng Energy, with a salary of 2.99 million yuan, approximately 3.8 times the industry average, and a year-on-year increase of 5% [2] - The lowest-paid CFO is Fan Shunqin from Sanxiang New Materials, earning 252,400 yuan, which is less than one-third of the industry average [2] - A total of 10 companies in the plastic industry have CFOs with salaries exceeding one million yuan, accounting for 23.81% of the total [2] Group 2: Educational and Age Demographics - In the chemical raw materials industry, 54.76% of CFOs hold a bachelor's degree, 30.95% have a master's degree, and 14.29% have an associate degree or lower [2] - The majority of CFOs are over 40 years old, with the youngest being You Maoyuan from Shanshui Technology, born in 1991, earning 290,900 yuan in 2024, which is 37.01% of the industry average [2] Group 3: Performance and Regulatory Issues - Ananda's CFO, Cha Xianbin, saw the highest salary increase, reaching 554,800 yuan, doubling from the previous year, despite the company experiencing a 10.6% decline in revenue [3] - The CFO of Shilong Industrial, Hu Dunguo, faced the largest salary decrease, with a salary of 540,800 yuan, down 51.3% from the previous year, while the company also reported a 5.1% decline in revenue [3] - In 2024, two CFOs in the chemical raw materials industry faced regulatory penalties, including warnings and fines from regulatory bodies [3]