| | 的产线主要生产的产品和当下公司产品有无变化，生产工 | | | --- | --- | --- | | | 艺、成本、技术路线方面有无变化？ 4、公司今年半年报 | | | | 中营收下降，但净利润增长，这个主要原因是什么？谢谢 | | | | 答：陕西兴化集团异地搬迁升级改造项目是公司第二 | | | | 大股东兴化集团主导实施的异地搬迁升级改造项目，目前 | | | | 正在积极推进中。2025 年上半年营业收入下降是由于产品 | | | | 价格持续低位运行，价格一直处于下降状态所致；但是产 | | | | 品价格下降的同时，主要原料煤等价格也在下降，且原料 | | | | 下降幅度大于产品价格下降幅度，使得今年上半年亏损额 | | | | 较去年同期亏损额收窄。感谢您的关注！ | | | 附件清单 | 无 | | | 日期 | 2025 年 9 月 日 | 15 | 陕西兴化化学股份有限公司投资者关系活动记录表 编号：2025003 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 □其他： （请文字说明其他活动内容 ...

Market Overview - On September 15, the chemical raw materials sector declined by 0.16% compared to the previous trading day, with Zhenhua Co., Ltd. leading the decline [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Notable gainers in the chemical raw materials sector included: - Longbai Group (002601) with a closing price of 19.62, up 5.09% and a trading volume of 667,300 shares, totaling 1.314 billion yuan [1] - ST Yatai (000691) with a closing price of 7.81, up 4.97% and a trading volume of 101,400 shares, totaling 79.1972 million yuan [1] - Jinhai Titanium Industry (000545) with a closing price of 3.69, up 4.53% and a trading volume of 1,184,600 shares, totaling 435 million yuan [1] - Major decliners included: - Zhenhua Co., Ltd. (603067) with a closing price of 17.90, down 4.33% and a trading volume of 180,800 shares, totaling 329 million yuan [2] - Sanyou Chemical (600409) with a closing price of 5.78, down 3.02% and a trading volume of 368,900 shares, totaling 216 million yuan [2] - Jinniu Chemical (600722) with a closing price of 7.09, down 2.88% and a trading volume of 319,900 shares, totaling 228 million yuan [2] Capital Flow - The chemical raw materials sector experienced a net outflow of 398 million yuan from institutional investors, while retail investors saw a net inflow of 239 million yuan [2][3] - Notable capital flows included: - Huayi Group (600623) with a net inflow of 26.8479 million yuan from institutional investors [3] - Tianyuan Co., Ltd. (002386) with a net inflow of 25.0141 million yuan from institutional investors [3] - Xue Tian Salt Industry (600929) with a net inflow of 21.3913 million yuan from institutional investors [3]

Market Overview - On August 28, the chemical raw materials sector rose by 0.26% compared to the previous trading day, with Xinghua Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Xinghua Co., Ltd. (002109) closed at 4.11, with a significant increase of 9.89% and a trading volume of 1.2355 million shares, amounting to a transaction value of 498 million yuan [1] - Other notable performers included Jiangtian Chemical (300927) with a closing price of 29.92, up 3.35%, and Shanshui Technology (301190) at 26.44, up 3.28% [1] Fund Flow Analysis - The chemical raw materials sector experienced a net outflow of 788 million yuan from institutional investors, while retail investors saw a net inflow of 664 million yuan [2] - The overall fund flow indicates a mixed sentiment, with institutional investors withdrawing capital while retail investors increased their positions [2] Individual Stock Fund Flow - Xinghua Co., Ltd. had a net inflow of 1.10 billion yuan from institutional investors, indicating strong institutional interest despite the overall sector outflow [3] - Other stocks like Sanyou Chemical (600409) and Jinpu Titanium Industry (000545) also showed varied fund flows, with Sanyou Chemical receiving a net inflow of 26.14 million yuan from institutional investors [3]

Core Viewpoint - Xinghua Co., Ltd. reported a decline in total revenue and a negative net profit for the first half of 2025, indicating ongoing financial challenges despite a slight improvement in net profit margin compared to the previous year [1][2]. Financial Performance - Total revenue for the first half of 2025 was 1.684 billion yuan, a decrease of 7.18% year-on-year [1]. - The net profit attributable to shareholders was -192 million yuan, showing a year-on-year increase of 25.77% [1]. - In Q2 2025, total revenue was 844 million yuan, down 6.84% year-on-year, with a net profit of -96.84 million yuan, up 12.2% year-on-year [1]. Profitability Metrics - Gross margin was -7.27%, an improvement of 13.89% year-on-year [1]. - Net margin was -18.15%, reflecting a year-on-year increase of 2.02% [1]. - Total selling, administrative, and financial expenses amounted to 153 million yuan, accounting for 9.06% of revenue, up 4.29% year-on-year [1]. Balance Sheet Indicators - Current ratio reached 0.74, indicating increased short-term debt pressure [1]. - Cash and cash equivalents decreased by 5.24% to 1.25 billion yuan [1]. - Accounts receivable increased by 58.69% to 984,700 yuan [1]. - Interest-bearing debt decreased by 4.39% to 3.961 billion yuan [1]. Shareholder Metrics - Earnings per share were -0.15 yuan, a year-on-year increase of 25.76% [1]. - Net asset value per share was 3.38 yuan, down 6.94% year-on-year [1]. - Operating cash flow per share was 0.09 yuan, a significant decrease of 53.24% year-on-year [1]. Investment Return Analysis - The company's historical return on invested capital (ROIC) has been weak, with a median of 4.38% over the past decade and a particularly poor ROIC of -3.65% in 2023 [2]. - The company has reported losses in four out of its 17 annual reports since going public, indicating a generally unfavorable investment profile [2].

据证券之星公开数据整理，近期兴化股份（002109）发布2025年中报。截至本报告期末，公司营业总收 入16.84亿元，同比下降7.18%，归母净利润-1.92亿元，同比上升25.77%。按单季度数据看，第二季度营 业总收入8.44亿元，同比下降6.84%，第二季度归母净利润-9683.68万元，同比上升12.2%。本报告期兴 化股份短期债务压力上升，流动比率达0.74。 建议关注公司债务状况（有息资产负债率已达36.97%、流动比率仅为0.74） 建议关注公司应收账款状况（年报归母净利润为负） 本次财报公布的各项数据指标表现一般。其中，毛利率-7.27%，同比增13.89%，净利率-18.15%，同比 增2.02%，销售费用、管理费用、财务费用总计1.53亿元，三费占营收比9.06%，同比增4.29%，每股净 资产3.38元，同比减6.94%，每股经营性现金流0.09元，同比减53.24%，每股收益-0.15元，同比增 25.76% 业务评价：去年的净利率为-8.93%，算上全部成本后，公司产品或服务的附加值不高。从历史年报数据 统计来看，公司近10年来中位数ROIC为4.38%，中位投资回报较弱，其中最惨 ...

Core Viewpoint - The report highlights the financial performance and operational status of Shaanxi Xinghua Chemical Co., Ltd. for the first half of 2025, indicating a decline in revenue and net profit compared to the previous year, while emphasizing the company's focus on coal chemical production and its strategic direction towards high-end, diversified, and low-carbon development in the coal chemical industry [1][5][7]. Financial Performance - The company's operating income for the reporting period was approximately 1.68 billion yuan, a decrease of 7.18% compared to the same period last year [4]. - The net profit attributable to shareholders was approximately -192.35 million yuan, representing an improvement of 25.77% year-on-year [4]. - The basic earnings per share were -0.1507 yuan, showing a 25.76% increase compared to -0.203 yuan in the previous year [4]. Business Overview - The main subsidiaries, Xinghua Chemical and Yushen Energy Chemical, focus on coal-based synthetic ammonia, methanol, methylamine, DMF, ethanol, and methyl acetate, with significant production capacities [5][6]. - Xinghua Chemical has an annual production capacity of 300,000 tons of synthetic ammonia and methanol, and 100,000 tons of methylamine and DMF, while Yushen Energy Chemical has a capacity of 500,000 tons of coal-based ethanol [5][6]. Industry Context - The coal chemical industry is positioned as a strategic direction for energy security in China, with a focus on clean energy and chemical products [6][7]. - The industry is transitioning towards new coal chemical processes that prioritize clean energy and chemical products, aiming to establish large industrial bases [6][7]. - Recent government policies emphasize the need for high-end, diversified, and low-carbon development in the coal chemical sector, addressing environmental and energy security challenges [7][8]. Production and Sales Strategy - The company employs a dual procurement strategy, focusing on local sourcing to reduce costs, and utilizes a dynamic pricing model based on market conditions [19][20]. - The production planning is closely linked to market demand, with adjustments made based on sales feedback to optimize production efficiency [19][20]. - The sales model combines direct sales and distributor channels, aiming to maximize production and sales rates while responding to market needs [20][21]. Core Competitiveness - The company's competitive advantages lie in its extensive management experience, cost control measures, and the ability to adapt to market changes [23][24]. - Continuous technological advancements and process optimizations are implemented to enhance production efficiency and maintain a competitive edge in the market [24].

Core Viewpoint - The company reported a decline in revenue and an increase in net loss for the first half of 2025 compared to the same period last year, indicating challenges in its financial performance [1][2]. Financial Performance - Operating revenue for the reporting period was approximately 1.68 billion yuan, a decrease of 7.18% from approximately 1.81 billion yuan in the same period last year [1]. - The net profit attributable to shareholders was a loss of approximately 259.12 million yuan, compared to a loss of approximately 192.35 million yuan in the previous year, representing an increase in loss of 25.77% [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately -192.94 million yuan, a decrease of 22.68% from approximately -249.52 million yuan in the previous year [1]. - The net cash flow from operating activities was approximately 119.84 million yuan, a decrease of 53.24% from approximately 256.27 million yuan in the previous year [1]. - Basic and diluted earnings per share were both -0.1507 yuan, an improvement of 25.76% from -0.2030 yuan in the previous year [1]. - The weighted average return on net assets was -4.37%, slightly improved from -4.80% in the previous year [1]. Asset and Equity Position - Total assets at the end of the reporting period were approximately 10.71 billion yuan, a decrease of 4.98% from approximately 11.28 billion yuan at the end of the previous year [1]. - The net assets attributable to shareholders were approximately 4.31 billion yuan [1]. Shareholder Structure - The largest shareholder, Shaanxi Yanchang Petroleum (Group) Co., Ltd., holds 39.80% of the shares, followed by Shaanxi Xinghua Group Co., Ltd. with 17.43% [3][4]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [5]. Important Transactions - The company plans to acquire 51% of the equity in Shaanxi Yanchang Petroleum Yulin Coal Chemical Co., Ltd.'s subsidiary, aiming to enhance its industrial structure and upgrade its value chain [5][6]. - The transaction is expected to be classified as a related party transaction but will not result in a change of control [5].

Meeting Overview - The fifth meeting of the eighth board of directors of Shaanxi Xinghua Chemical Co., Ltd. was held on August 25, 2025, with all nine directors present [1] - The meeting was convened in accordance with legal regulations and company bylaws [1] Voting Results - All resolutions presented during the meeting received unanimous approval, with 9 votes in favor and no votes against or abstentions [1][2][3] Financial Reports - The company disclosed its half-year report, which is available on the Giant Tide Information Network and in the Securities Times and China Securities Journal [1] - A special report on the management and use of raised funds for the first half of 2025 was also approved [1] Related Party Transactions - A risk assessment report regarding related party loans was approved, with certain directors abstaining from the vote [2] - The board approved a proposal to provide guarantees for loans to subsidiaries, with unanimous support [2] Credit Facilities - The company plans to authorize its subsidiaries to apply for a total credit facility of up to 1.3 billion yuan, with specific allocations of 1 billion yuan for Shaanxi Yanchang Petroleum Yushen Energy Chemical Co., Ltd. and 300 million yuan for Shaanxi Yanchang Petroleum Xinghua Chemical [3] - The credit facility will cover various financial services, including loans and guarantees, and can be used repeatedly within the authorized period [3] Governance Procedures - The board approved updates to the audit committee's working procedures and the decision-making system for related transactions [3][4]

证券代码：002109 证券简称：兴化股份 公告编号： 陕西兴化化学股份有限公司 关于按持股比例对控股子公司银团贷款 提供担保的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 本次担保额度预计不超过 22.899 亿元，担保对象为公司 控股子公司，涉及对资产负债率超过 70%的子公司担保的情 形。敬请广大投资者注意风险。 一、为控股子公司银团贷款提供担保事项概述 公司控股子公司陕西延长石油榆神能源化工有限责任 公司（以下简称"榆神能化"）于 2022 年 8 月 25 日与交通银 行陕西分行等 5 家银行签订《固定资产银团贷款合同》，贷 款额度为 44.90 亿元，由公司控股股东陕西延长石油（集团） 有限责任公司(以下简称"延长集团"，当时持有榆神能化 公司持有榆神能化 51%股权。按照国有资产管理的相关规定， 公司需对该银团借款按持股比例承担担保责任，即对榆神能 化 44.90 亿元的银团贷款本金及利息提供不超过 22.899 亿元 的担保。 公司于 2023 年度股东大会通过《关于向控股股东提供 反担保暨关联交易的议案》，同意向延长集团按 ...

格隆汇8月25日丨兴化股份(002109.SZ)公布2025年半年度报告，上半年公司实现营业收入16.84亿元，同 比下降7.18%；归属于上市公司股东的净利润-1.92亿元；归属于上市公司股东的扣除非经常性损益的净 利润-1.93亿元；基本每股收益-0.1507元。 ...