（编辑 王雪儿） 证券日报网讯 兴化股份11月18日在互动平台回答投资者提问时表示，公司子公司兴化化工主营产品中 合成氨的设计产能为30万吨/年，因自身产品配套需要，其中约有5万吨的合成氨为装置自用生产甲胺产 品，每年外销的合成氨在25万吨左右。受市场供求关系影响，短期内个别产品价格剧烈波动属市场现 象，不会对公司整体业绩产生重大影响。公司按照效益优先原则组织生产，通过产品结构调整尽可能实 现公司整体效益最大化。 ...

（记者 王瀚黎） 兴化股份（002109.SZ）11月18日在投资者互动平台表示，公司子公司兴化化工主营产品中合成氨的设 计产能为30万吨/年，因自身产品配套需要，其中约有5万吨的合成氨为装置自用生产甲胺产品，每年外 销的合成氨在25万吨左右。受市场供求关系影响，短期内个别产品价格剧烈波动属市场现象，不会对公 司整体业绩产生重大影响。公司按照效益优先原则组织生产，通过产品结构调整尽可能实现公司整体效 益最大化。 每经AI快讯，有投资者在投资者互动平台提问：已知液氨最新价格较15天前上涨21.8%，且在持续上涨 趋势中，就目前状况看是否已对年报有积极正面影响或结合现产量，涨到多少可扭亏？ ...

（文章来源：证券日报） 证券日报网讯兴化股份11月10日在互动平台回答投资者提问时表示，公司严格按照公司信息披露管理制 度及深交所相关信息披露规定履行信披义务，请以公司披露的公告为准。 ...

Core Insights - Xinghua Co., Ltd. reported a total operating revenue of 2.443 billion yuan for Q3 2025, ranking 31st among disclosed peers, which represents a decrease of 501 million yuan or 17.02% year-on-year [1] - The net profit attributable to shareholders was -423 million yuan, ranking 59th among peers, a decline of 114 million yuan compared to the same period last year [1] - The net cash flow from operating activities was 45.3 million yuan, ranking 38th among peers, down by 409 million yuan or 90.03% year-on-year [1] Financial Ratios - The latest debt-to-asset ratio is 54.65%, ranking 45th among peers, an increase of 3.14 percentage points from the previous quarter and 2.12 percentage points from the same period last year [3] - The latest gross profit margin is -13.68%, ranking 59th among peers, a decrease of 6.41 percentage points from the previous quarter and 10.90 percentage points year-on-year [3] - The latest return on equity (ROE) is -10.39%, ranking 54th among peers, a decrease of 3.63 percentage points from the same period last year [3] Earnings Per Share and Turnover - The diluted earnings per share is -0.33 yuan, ranking 56th among peers, a decrease of 0.09 yuan compared to the same period last year [3] - The latest total asset turnover ratio is 0.22 times, ranking 57th among peers, a decline of 0.02 times or 9.11% year-on-year [3] - The latest inventory turnover ratio is 13.45 times, ranking 4th among peers, an increase of 2.58 times or 23.69% year-on-year [3] Shareholder Structure - The number of shareholders is 30,700, with the top ten shareholders holding 877 million shares, accounting for 68.73% of the total share capital [3] - The largest shareholder is Shaanxi Yanchang Petroleum (Group) Co., Ltd. with a holding of 39.81% [3]

Core Viewpoint - Xinghua Co., Ltd. reported a significant decline in revenue and incurred a net loss for the first three quarters of 2025 [1] Financial Performance - The company's operating revenue for the first three quarters was 2.443 billion yuan, representing a year-on-year decrease of 17.02% [1] - The net loss attributable to shareholders of the listed company was 423 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 410 million yuan [1] - The basic loss per share was 0.3317 yuan [1]

Core Viewpoint - Xinghua Co., Ltd. is a leading chemical product manufacturer in China, focusing on the production of synthetic ammonia, methanol, and other chemical products, with a full industry chain production advantage [1] Group 1: Business Performance - For Q3 2025, Xinghua Co., Ltd. reported revenue of 2.443 billion yuan, ranking 5th in the industry out of 16 companies, with the industry leader, Satellite Chemical, generating 34.771 billion yuan [2] - The main business composition includes ethanol at 749 million yuan (44.52% of revenue) and liquid ammonia at 272 million yuan (16.18% of revenue) [2] - The net profit for the same period was -658 million yuan, placing the company last in the industry ranking [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 54.65%, higher than the industry average of 46.56% [3] - The gross profit margin was -13.68%, significantly lower than the industry average of 11.02% [3] Group 3: Leadership - The controlling shareholder is Shaanxi Yanchang Petroleum (Group) Co., Ltd., with actual control by the Shaanxi Provincial Government's State-owned Assets Supervision and Administration Commission [4] - Chairman Han Lei has a rich background with experience in various positions, including roles at Yanan Refinery [4] - General Manager Xue Hongwei has a master's degree in business administration and has held multiple positions within Xinghua Group [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 22.25% to 30,700 [5] - The average number of circulating A-shares held per shareholder increased by 28.62% to 41,500 [5]

Core Viewpoint - Xinghua Co., Ltd. reported a significant decline in both revenue and net loss for the third quarter and the first three quarters of the year [1] Financial Performance - In the third quarter, the company achieved an operating income of 759 million yuan, a year-on-year decrease of 32.82% [1] - The net loss attributable to shareholders for the third quarter was 231 million yuan, representing a year-on-year increase of 360.62% [1] - For the first three quarters, the company reported an operating income of 2.443 billion yuan, down 17.02% year-on-year [1] - The net loss attributable to shareholders for the first three quarters was 423 million yuan, which is a year-on-year increase of 36.89% [1]

Financial Performance - The company's revenue for Q3 2025 was ¥759,366,233.89, a decrease of 32.82% compared to the same period last year[3] - The net profit attributable to shareholders was -¥231,017,268.91, representing a decline of 360.62% year-on-year[3] - The basic earnings per share for the period was -¥0.1810, down 360.56% from the previous year[3] - The total profit for the period was -¥656,341,686.15, a decrease of 87.93% compared to the previous year[9] - Operating profit showed a loss of ¥627,090,356.75 compared to a loss of ¥349,214,474.29 in the previous period, indicating a worsening of approximately 80%[21] - Net profit loss increased to ¥658,478,827.79 from a loss of ¥352,043,324.00, reflecting a decline of about 87% year-over-year[21] - The company reported a net loss of approximately ¥658.48 million for the current period, compared to a net loss of ¥352.04 million in the previous period, indicating a significant decline in profitability[22] - The net loss attributable to shareholders was approximately ¥423.37 million, up from ¥309.27 million in the previous period, reflecting a worsening financial performance[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥10,672,004,239.20, a decrease of 5.36% from the end of the previous year[3] - Total current assets decreased to ¥1,525,330,265.82 from ¥1,756,980,346.11, a drop of approximately 13%[18] - Total non-current assets decreased to ¥9,146,673,973.38 from ¥9,518,880,147.50, a decline of about 4%[18] - Total liabilities increased slightly to ¥5,832,327,991.03 from ¥5,776,811,089.58, an increase of approximately 1%[19] - Total equity decreased to ¥4,839,676,248.17 from ¥5,499,049,404.03, a decline of about 12%[19] Cash Flow - The net cash flow from operating activities was ¥45,299,311.59, down 90.03% year-on-year[3] - The net cash flow from operating activities was ¥45.30 million, a sharp decrease from ¥454.57 million in the prior period, highlighting challenges in cash generation[25] - The cash and cash equivalents at the end of the period stood at approximately ¥1.22 billion, down from ¥1.46 billion at the end of the previous period, showing a decrease in liquidity[26] - The net cash flow from investment activities was -¥154.59 million, worsening from -¥82.13 million in the previous period, indicating increased investment outflows[26] Shareholder Information - The company has a significant shareholder, Shaanxi Yanchang Petroleum Group, holding 507,956,355 shares, representing a substantial portion of the total shares[13] - Another major shareholder, Shaanxi Xinghua Group, holds 222,473,689 shares, indicating strong institutional support[13] - The top ten shareholders collectively hold a significant number of shares, with the first three shareholders alone accounting for over 70% of the total shares[13] - The company has not reported any changes in the shareholding structure due to margin trading activities[13] Tax and Compliance - The company reported a tax payment of RMB 29.1343 million and late fees of RMB 28.6009 million, totaling RMB 57.7353 million, which has been fully paid as of the report date[14] - The tax payment and late fees are expected to reduce the company's net profit for 2025 by RMB 57.7353 million, impacting the attributable net profit by RMB 29.4450 million[14] - The company has not disclosed any administrative penalties related to the tax payment[14] - The financial report indicates that the company is in compliance with the accounting standards and does not require adjustments to prior financial data[14] - The company’s subsidiary, Yushen Energy Chemical, is actively managing tax compliance and has completed self-inspections as required by local tax authorities[14] Revenue and Costs - Total operating revenue decreased to ¥2,442,880,196.97 from ¥2,944,101,305.09, representing a decline of approximately 17% year-over-year[20] - Total operating costs decreased to ¥3,049,883,360.85 from ¥3,275,571,449.70, a reduction of about 7% year-over-year[21] - Total revenue from sales of goods and services was approximately ¥2.58 billion, down from ¥3.02 billion in the previous period, representing a decline of about 14.6%[25] Financing Activities - The company incurred cash outflows of approximately ¥332.86 million from financing activities, compared to ¥889.04 million in the previous period, indicating reduced financing activities[26] - The company received cash inflows of ¥302.34 million from financing activities, an increase from ¥178.17 million in the previous period, suggesting improved access to financing[26]

Core Viewpoint - Xinghua Co., Ltd. is enhancing its control over Xinghua New Energy by acquiring an additional 20% stake, making it a wholly-owned subsidiary, which will streamline internal decision-making processes and improve operational efficiency [1] Group 1 - Xinghua New Energy is currently a subsidiary of Xinghua Chemical, with Xinghua Chemical holding 80% of its shares [1] - The acquisition will allow Xinghua Chemical to fully own Xinghua New Energy, thereby increasing its management control [1] - This move is expected to optimize the business and governance structure of Xinghua Chemical, leading to reduced operational costs [1]

Core Viewpoint - Xinghua Co., Ltd. is enhancing its control over Xinghua New Energy by acquiring an additional 20% stake, which will make it a wholly-owned subsidiary, thereby streamlining internal decision-making processes and improving operational efficiency [1] Group 1: Company Structure and Control - Xinghua New Energy is currently a subsidiary of Xinghua Chemical, with Xinghua Chemical holding 80% of its shares [1] - After the acquisition of the additional 20% stake, Xinghua New Energy will become a wholly-owned subsidiary of Xinghua Chemical [1] Group 2: Financial Metrics - As of June 30, 2025, Xinghua New Energy's debt-to-asset ratio is reported to be 10.34% [1] Group 3: Operational Efficiency - The acquisition is expected to optimize the business and governance structure of Xinghua Chemical, leading to improved operational efficiency and reduced operational costs [1]