本报告依据中国资产评估准则编制 陕西兴化化学股份有限公司子公司陕西延长石油兴化 化工有限公司拟收购股权涉及陕西延长石油兴化新 能源有限公司 股东全部权益价值 资产评估报告 中和评报字(2025)第 XAV1233 号 (共一册,第一册) 中和資産評估有限公司 ZhongHe Appraisal Co.,Ltd. 二〇二五年九月二十六日 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 6111020179611201202500350 | | --- | --- | | 合同编号: | 2025XAV1233 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 中和评报字(2025)第XAV1233号 | | 报告名称: | 陕西兴化化学股份有限公司子公司陕西延长石油兴化化工有限公 司拟收购股权涉及陕西延长石油兴化新能源有限公司股东全部权 益价值 | | 评估结论: | 814,720,839.00元 | | 评估报告日: | 2025年09月26日 | | 评估机构名称: | 中和资产评估有限公司 | | 签名人员: | 余尚军 (资产评估师) 正式会员 编号:61210 ...

陕西兴化化学股份有限公司 董事、高级管理人员离职管理制度 第一章 总 则 第一条 为了规范陕西兴化化学股份有限公司（以下简称 公司）董事、高级管理人员离职程序，保障公司治理结构的稳 定性及股东的合法权益，根据《中华人民共和国公司法》《中华 人民共和国证券法》《上市公司章程指引》《深圳证券交易所股 票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号— 1 / 8 目 录 第一章 总则 第二章 离职情形与生效条件 第三章 移交手续与未结事项处理 第四章 离职董事及高级管理人员的责任与义务 第五章 附则 —主板上市公司规范运作》等法律、行政法规、部门规章、规 范性文件及《公司章程》等有关规定，制定本制度。 第二条 本制度适用于公司全体董事（含独立董事和职工 代表董事）及高级管理人员的辞任、任期届满、被解除职务或 其他原因离职的情形。 第二章 离职情形与生效条件 第三条 董事、高级管理人员候选人的任职资格应当符合 法律法规、深圳证券交易所业务规则和《公司章程》等规定。 有下列情形之一的，不能担任公司的董事或者高级管理人员： （一）无民事行为能力或者限制民事行为能力； 业的法定代表人，并负有个人责任的，自该公司 ...

陕西兴化化学股份有限公司 市值管理制度 目 录 第一章 总 则 第一条 为了规范陕西兴化化学股份有限公司（以下简称 公司）市值管理行为，提升公司投资价值创造能力，维护投资 者合法权益，根据《中华人民共和国公司法》《中华人民共和国 证券法》《国务院关于加强监管防范风险推动资本市场高质量发 展的若干意见》《上市公司监管指引第 10 号——市值管理》《深 圳证券交易所股票上市规则》等法律、行政法规、部门规章、 1 / 10 第一章 总则 第二章 市值管理的目的和基本原则 第三章 组织机构与职责 第四章 市值管理的方式 第五章 附则 规范性文件及《公司章程》等有关规定，并结合公司实际制定 本制度。 第二条 本制度所称市值管理，是指公司以提高公司质量 为基础，为提升公司投资价值和股东回报能力而实施的战略管 理行为。 第二章 市值管理的目的和基本原则 第三条 市值管理的主要目的是通过制定正确战略规划、 完善公司治理、改进经营管理等方式提升公司经营管理水平、 发展质量与价值创造能力，增强信息披露的质量和透明度，推 动公司投资价值合理反映其自身质量；同时，利用资本运作、 投资者关系管理等方式，建立稳定优质的投资者基础，获取长 ...

证券代码：002109 证券简称：兴化股份 公告编号： 2025-037 陕西兴化化学股份有限公司 关于兴化化工收购兴化新能源 20%股权暨关 联交易的公告 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。 一、关联交易概述 1、为整合公司内部资源，简化决策流程，进一步优化 兴化化工的业务结构与治理结构，进而降低运营费用和成本， 提高运营效率，公司全资子公司兴化化工拟通过非公开协议 转让的方式，以自有资金或自筹资金通过现金方式延长集团 持有的兴化新能源 20%股权。本次交易以兴化新能源在评估 基准日（2025 年 6 月 30 日）100%股权的评估价值为依据， 延长集团持有兴化新能源 20%股权的转让价为人民币 16,294.42 万元。 2、公司于 2025 年 10 月 22 日召开第八届董事会第六次 会议审议通过了《关于兴化化工收购兴化新能源 20%股权暨 关联交易的议案》，关联董事韩磊先生、薛宏伟先生、石磊 先生、郭尊礼先生、曹杰先生、王彦峰先生对该议案回避表 决。该议案已经公司独立董事专门会议审议，并经全体独立 董事过半数同意。 3、交易对方延长集团 ...

证券代码：002109 证券简称：兴化股份 公告编号：2025-036 陕西兴化化学股份有限公司（以下简称公司）第八届董 事会第五次会议通知于 2025 年 10 月 17 日以直接送达和电 子邮件相结合的方式送达各位董事及高级管理人员。本次会 议表决截至时间 2025 年 10 月 22 日 12:00，会议应参加表决 董事 9 人，实际表决的董事 9 人。本次会议的召开与表决程 序符合法律、法规和《公司章程》的有关规定。 二、董事会会议审议情况 1、审议通过了《关于兴化化工收购兴化新能源 20% 股权暨关联交易的议案》 表决结果：同意票 3 票、反对票 0 票、弃权票 0 票。 公司关联方董事韩磊先生、薛宏伟先生、石磊先生、郭 尊礼先生、曹杰先生、王彦峰先生对该议案回避表决。 内容详见披露于巨潮资讯网(www.cninfo.com.cn)及刊登 1 / 2 陕西兴化化学股份有限公司 第八届董事会第六次会议决议公告 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。 一、董事会会议召开情况 3、审议通过了《关于制定公司<董事、高级管理人员 离职管理制度>的议案》 ...

Group 1 - The company emphasizes the importance of communication and interaction with investors [1] - The company actively enhances investor interaction experiences through various methods [1] - The company aims to create a harmonious and amicable relationship with investors [1]

Group 1: Company Performance - The company's revenue decreased in the first half of 2025 due to continuously low product prices, which have been on a downward trend [2] - Despite the revenue decline, net profit increased, attributed to a larger decrease in raw material prices compared to product prices [2] Group 2: Project Updates - The Yulin project is currently under construction, with ongoing upgrades and relocations led by the company's major shareholder, Xinghua Group [2] - The completion timeline for the Yulin project and its production capacity compared to the old plant were discussed, but specific dates were not provided [1] Group 3: Product and Production Changes - The new production line at the Yulin project will produce products that may differ from the current offerings, with potential changes in production processes, costs, and technology routes [2]

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].