证券日报网讯 12月8日晚间，兴化股份发布公告称，粤开证券作为公司2020年度向特定对象发行A股股 票的保荐人，原指派申佩宜先生和葛锐先生担任保荐代表人负责持续督导工作。现因葛锐先生工作变 动，不再担任公司持续督导的保荐代表人。为保证持续督导工作的有序进行，粤开证券委派李梓沐先生 接替葛锐先生担任公司保荐代表人，继续履行持续督导职责。 （编辑 王雪儿） ...

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。 陕西兴化化学股份有限公司 关于变更持续督导保荐代表人的公告 股票代码：002109 股票简称：兴化股份 编号： 2025-039 2 / 2 陕西兴化化学股份有限公司（以下简称公司）于近日收 到粤开证券股份有限公司（以下简称粤开证券）出具的《关 于变更持续督导保荐代表人的函》。粤开证券作为公司 2020 年度向特定对象发行 A 股股票的保荐人，原指派申佩宜先生 和葛锐先生担任保荐代表人负责持续督导工作。现因葛锐先 生工作变动，不再担任公司持续督导的保荐代表人。为保证 持续督导工作的有序进行，粤开证券委派李梓沐先生接替葛 锐先生担任公司保荐代表人，继续履行持续督导职责。 特此公告。 陕西兴化化学股份有限公司董事会 2025 年 12 月 9 日 本次保荐代表人变更后，公司向特定对象发行 A 股股票 持续督导保荐代表人为申佩宜先生和李梓沐先生，持续督导 期至中国证券监督管理委员会和深圳证券交易所规定的持 续督导义务结束为止。 公司董事会对葛锐先生在公司持续督导期间所做出的 1 / 2 贡献表示衷心的感谢。 ...

Core Viewpoint - Xinghua Co., Ltd. stated that its subsidiary Xinghua Chemical has a designed production capacity of 300,000 tons/year for synthetic ammonia, with approximately 50,000 tons used for self-production of methylamine and around 250,000 tons sold externally annually. The company emphasized that short-term price fluctuations of individual products due to market supply and demand will not significantly impact overall performance [1] Group 1 - The main product of Xinghua Chemical is synthetic ammonia, with a designed capacity of 300,000 tons/year [1] - Approximately 50,000 tons of synthetic ammonia is used for self-production of methylamine, while 250,000 tons is sold externally each year [1] - The company organizes production based on the principle of prioritizing efficiency and aims to maximize overall benefits through product structure adjustments [1]

Core Viewpoint - The recent increase in liquid ammonia prices by 21.8% over the past 15 days may have a positive impact on the annual report of Xinghua Co., but the company indicates that short-term price fluctuations will not significantly affect overall performance [1] Company Overview - Xinghua Co.'s subsidiary, Xinghua Chemical, has a designed production capacity of 300,000 tons per year for synthetic ammonia, with approximately 50,000 tons used for self-production of methylamine and 250,000 tons sold externally [1] - The company emphasizes a production organization based on the principle of prioritizing efficiency, aiming to maximize overall benefits through product structure adjustments [1] Market Dynamics - The company acknowledges that short-term price volatility of individual products is a common market phenomenon influenced by supply and demand dynamics [1]

Core Viewpoint - The company emphasizes its commitment to strict adherence to information disclosure regulations as mandated by the Shenzhen Stock Exchange, urging investors to refer to the official announcements for accurate information [2] Group 1 - The company responded to investor inquiries on November 10, highlighting its compliance with information disclosure management systems [2] - The company reassured investors that it fulfills its disclosure obligations in accordance with relevant regulations [2]

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]