Group 1 - Huachang Chemical reported a revenue of approximately 4.885 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 22.13% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 8.47 million yuan [1] - The basic earnings per share showed a loss of 0.0089 yuan [1] Group 2 - As of the report, Huachang Chemical's market capitalization stood at 6.1 billion yuan [2]

Financial Performance - The company's revenue for Q3 2025 was ¥1,668,773,418.59, a decrease of 18.20% compared to the same period last year, and year-to-date revenue was ¥4,885,430,039.23, down 22.13% year-on-year[5]. - The net profit attributable to shareholders for Q3 2025 was -¥19,389,895.26, a decline of 124.59%, while the year-to-date net profit was -¥8,465,573.66, down 101.60% compared to the previous year[5]. - The basic earnings per share for Q3 2025 was -¥0.0204, a decrease of 124.64% year-on-year, and the diluted earnings per share also stood at -¥0.0204, reflecting the same percentage decline[5]. - Total operating revenue for the period was CNY 4,885,430,039.23, a decrease of 22.1% compared to CNY 6,274,030,501.72 in the previous period[25]. - Net profit for the period was a loss of CNY 14,557,260.43, compared to a profit of CNY 521,189,067.67 in the previous period, indicating a significant decline[25]. - The total comprehensive income attributable to the parent company was -8,465,573.66 yuan, compared to 529,990,815.21 yuan in the previous period[27]. Cash Flow - The net cash flow from operating activities for Q3 2025 was -¥29,664,933.73, a significant drop of 109.37% compared to the same period last year[11]. - The company reported a net cash flow from investment activities of -¥49,126,550.00, a decrease of 507.11% year-on-year, primarily due to increased cash payments for fixed asset construction[12]. - The net cash flow from financing activities was -¥839,840.00, an increase of 98.50% compared to the previous year, indicating a reduction in debt repayment[13]. - The net cash flow from operating activities was -29,664,933.73 yuan, a significant decrease from 316,602,844.96 yuan in the previous period[28]. - The net cash flow from investing activities was -491,265,490.36 yuan, compared to a positive 120,672,473.67 yuan in the previous period[28]. - Cash flow from financing activities resulted in a net outflow of -8,398,352.52 yuan, compared to -558,455,182.47 yuan in the previous period[30]. Assets and Liabilities - The company's total assets at the end of the reporting period were ¥7,793,976,576.96, showing a slight decrease of 0.0001% from the end of the previous year[5]. - Current liabilities increased to CNY 2,255,504,167.26 from CNY 1,985,996,314.07, representing a rise of 13.5%[24]. - Non-current liabilities totaled CNY 57,611,970.58, up from CNY 26,559,792.88, marking a growth of 116.5%[24]. - The total equity attributable to shareholders was CNY 5,431,465,494.04, down from CNY 5,725,640,461.50, a decrease of 5.1%[24]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 51,718[14]. - The largest shareholder, Suzhou Warner Investment Co., Ltd., holds 28.88% of shares, totaling 275,059,519 shares[14]. - The second-largest shareholder, Jiangsu Huachang (Group) Co., Ltd., holds 11.99% of shares, totaling 114,209,198 shares, with 13,915,516 shares frozen[14]. Market and Pricing - The average selling price of urea decreased by 10.28% to 1,824.66 yuan/ton compared to the previous year[17]. - The average selling price of pure soda decreased by 31.01% to 1,149.05 yuan/ton compared to the previous year[17]. - The company plans to closely monitor market dynamics due to the low product prices in the industry[18]. - The company reported a significant decline in operating performance compared to the same period last year due to a substantial drop in product prices[16]. Research and Development - The company is preparing for trial production of a 300,000-ton polyol project and an ammonia synthesis technology upgrade project[17]. - Research and development expenses were CNY 61,190,338.83, slightly lower than CNY 63,971,601.19 in the previous period[25]. Tax and Refunds - The company received 73,858,686.04 yuan in tax refunds, significantly higher than 11,482,696.12 yuan in the previous period[28].

Group 1 - The chemical raw materials sector increased by 0.82% compared to the previous trading day, with Shilong Industrial leading the gains [1] - On the same day, the Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] - Notable performers in the chemical raw materials sector included Shilong Industrial, which rose by 10.01% to a closing price of 16.92, and Titan Chemical, which increased by 7.00% to 5.81 [1] Group 2 - The chemical raw materials sector experienced a net outflow of 282 million yuan from institutional funds, while retail investors saw a net inflow of 296 million yuan [2] - The trading volume for Shilong Industrial was 731,400 shares, with a transaction value of 1.161 billion yuan [1] - The top gainers in the sector included Kaisheng New Materials, which rose by 5.95% to 25.28, and ST Yatai, which increased by 4.96% to 11.42 [1] Group 3 - The main net inflows for institutional funds were observed in Huayi Group, with 40.6093 million yuan, and ST Yatai, with 29.172 million yuan [3] - Retail investors showed significant net inflows in Dragon Group, amounting to 20.475 million yuan, despite a net outflow from institutional funds [3] - The overall market sentiment reflected a mixed response, with some stocks experiencing significant outflows from both institutional and retail investors [3]

Core Viewpoint - The company has confirmed that its 300,000-ton multi-alcohol project has entered trial production as of October, aligning with previously disclosed timelines [1] Group 1 - The company responded to an investor inquiry regarding the production status of its 300,000-ton multi-alcohol project [1] - The trial production application report for the project has been submitted recently [1] - The current status of the project is consistent with the previously disclosed progress [1]

Core Insights - The construction of industrial platform carriers has become a core engine for high-quality regional economic development amid increasing global competition [1] - Zhangjiagang Free Trade Zone is focusing on strengthening and optimizing its specialty new materials industry, continuously improving resource allocation and platform construction to promote high-level characteristic industry development [1] Group 1: Jiangsu Yangtze River International Chemical Industrial Park - Jiangsu Yangtze River International Chemical Industrial Park is currently the most advanced and concentrated new materials and fine chemicals park in China, hosting major global chemical companies including Dow Chemical, Wacker Chemie, and Honeywell [3] - The park has an average annual output value of approximately 100 billion yuan over the past three years [3] - It features significant policy advantages with nearly 10 km of chemical coastline and multiple specialized terminals and storage facilities for hazardous chemicals [3] Group 2: International Scientific and Technological Cooperation - The "Zhangjiagang Chemical New Materials International Scientific and Technological Cooperation Base" has been recognized by the Ministry of Science and Technology as a distinctive international cooperation base, contributing to national development and international technology transfer [5] - Jiangsu Province has a total of 25 national cooperation bases, with Zhangjiagang being the only one in the city [5] Group 3: National Key Laboratory of Material Chemistry Engineering - The National Key Laboratory of Material Chemistry Engineering Zhangjiagang Industrial Base is a collaborative project involving Nanjing University of Technology, Zhangjiagang Municipal Government, and the Free Trade Zone Management Committee [7] - The base focuses on low-carbon materials, new energy materials, and high-end chemical manufacturing technologies, aiming to create a comprehensive innovation system [7] - A project on high-performance ammonia-permeable membrane materials has been selected for the 2025 Jiangsu Province major science and technology project, showcasing the platform's effectiveness [7] Group 4: Zhangjiagang Chemical Pilot Base - The Zhangjiagang Chemical Pilot Base has a total investment of 800 million yuan and is one of the first pilot demonstration bases in the province [9] - It aims to address the "last mile" challenge in technology transfer through integrated research and testing platforms [9] - The Free Trade Zone plans to enhance platform functions and foster deep integration of technology, talent, and industry to cultivate globally competitive innovative enterprises and industrial clusters [9]

Core Viewpoint - Huachang Chemical's stock performance shows a slight increase, but financial metrics indicate significant declines in revenue and net profit, suggesting potential challenges ahead for the company [1][2]. Financial Performance - As of June 30, Huachang Chemical reported a revenue of 3.217 billion yuan, a year-on-year decrease of 24.03% [2]. - The net profit attributable to shareholders was 10.9243 million yuan, reflecting a substantial year-on-year decline of 97.58% [2]. Shareholder and Market Activity - As of September 17, the total number of shareholders was 49,700, a decrease of 6.81% from the previous period [2]. - The average number of circulating shares per shareholder increased by 7.30% to 18,865 shares [2]. - On September 17, Huachang Chemical's financing buy amounted to 5.7908 million yuan, while financing repayment was 9.5161 million yuan, resulting in a net financing outflow of 3.7253 million yuan [1]. Dividend Distribution - Since its A-share listing, Huachang Chemical has distributed a total of 1.708 billion yuan in dividends, with 857 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the fourth largest circulating shareholder is the Southern CSI 1000 ETF, holding 5.274 million shares, an increase of 986,700 shares from the previous period [3]. - The Hong Kong Central Clearing Limited is the sixth largest circulating shareholder, holding 4.3969 million shares, a decrease of 2.5688 million shares from the previous period [3].

Meeting Overview - The shareholder meeting was held on September 11, 2025, with both on-site and online voting options available [3][4] - The meeting was convened by the company's board of directors and presided over by Chairman Hu Bo [4] Attendance - A total of 382 shareholders attended the meeting, representing 407,952,283 shares, which is 42.8357% of the total voting shares [5] - Among them, 4 shareholders attended in person, representing 389,579,717 shares (40.9066%), while 378 participated online, representing 18,372,566 shares (1.9292%) [5] - 380 minority shareholders attended, representing 18,683,566 shares (1.9618%) [5] Voting Results - The proposal regarding financial assistance to an affiliated company was approved with 401,441,732 shares in favor (98.4041%), 6,173,951 shares against (1.5134%), and 336,600 shares abstaining (0.0825%) [6][7] - Among minority shareholders, 12,173,015 shares voted in favor (65.1536%), while 6,173,951 shares opposed (33.0448%) [7] Legal Opinion - The meeting was witnessed by lawyers from Guohao Law Firm, confirming that the meeting's procedures complied with relevant laws and regulations [7]

国浩律师（上海）事务所 关于 江苏华昌化工股份有限公司 2025 年第二次临时股东会的 法律意见书 中国 上海 山西北路 99 号苏河湾中心 MT25-28 层 邮编：200085 电话: (8621) 5234-1668 传真: (8621) 5243-3320 法律意见书 关于江苏华昌化工股份有限公司 2025 年第二次临时股东会的 致：江苏华昌化工股份有限公司 江苏华昌化工股份有限公司（以下简称"公司"）2025 年第二次临时股东会 （以下简称"本次股东会"）现场会议于 2025 年 9 月 11 日（星期四）在张家港 市华昌东方广场四楼公司会议室（江苏省张家港市人民东路 11 号）召开。国浩 律师（上海）事务所（以下简称"本所"）接受公司的委托，指派刘放律师、王 蔚律师（以下简称"本所律师"）出席并见证本次股东会。 本所律师现依据《中华人民共和国公司法》、《中华人民共和国证券法》、《上 市公司股东会规则》和《江苏华昌化工股份有限公司章程》（以下简称"《公司章 程》"）出具本法律意见书。 网址：http://www.grandall.com.cn 国浩律师（上海）事务所 股东会法律意见书 国浩律师（上海 ...

江苏华昌化工股份有限公司 2025年第二次临时股东会决议公告 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。 特别提示： 1、本次股东会没有出现否决议案的情形； 2、本次股东会没有涉及变更前次股东会决议。 一、会议召开情况： 证券代码：002274 证券简称：华昌化工 公告编号：2025-025 5、现场会议主持人：公司董事长胡波先生 6、会议的召集、召开与表决程序符合《公司法》等法律法规及《公司章程》 的有关规定。 二、会议出席情况： 1、股东出席的总体情况： 1、召开时间： （1）现场会议时间：2025年9月11日下午13:00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2025 年 9 月 11 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通 过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 9 月 11 日上午 9:15 至下午 15:00 期间的任意时间。 2、会议地点：张家港市华昌东方广场四楼公司会议室 3、会议召开方式：现场投票与网络投票相结合 4、会议召集人：公司 ...

Core Viewpoint - Huachang Chemical (002274.SZ) reported a decline in revenue and profit for the first half of 2025, but remains committed to strategic transformation and industry upgrades despite short-term challenges [1] Group 1: Financial Performance - The company achieved a revenue of 3.217 billion yuan and a net profit attributable to shareholders of 10.9243 million yuan in the first half of 2025 [1] - The decline in revenue and profit is attributed to falling prices in the main product segments and periodic maintenance, which reduced production capacity [2] - Gross profit from the three main business segments—soda ash, chemical fertilizers, and fine chemicals—decreased significantly, with soda ash down approximately 161 million yuan, fertilizers down about 84 million yuan, and fine chemicals down around 347 million yuan [2] Group 2: Strategic Initiatives - The company is actively investing in major projects, with construction in progress increasing by 66.87% to 1.515 billion yuan, focusing on projects like the annual production of 300,000 tons of polyols and the intelligent transformation of ammonia synthesis facilities [2] - Huachang Chemical is deepening its hydrogen energy layout through its subsidiary, emphasizing independent research and development in hydrogen fuel cell stacks and related systems, aligning with national carbon neutrality goals [3] - The company is also working on energy-saving modifications for urea plants and expanding into new materials, aiming to reduce reliance on traditional business segments [3] Group 3: Future Outlook - The company anticipates improved performance in the second half of the year as maintenance concludes and new projects come online, particularly the 300,000-ton polyol project, which is 85% complete and expected to generate an additional annual revenue of approximately 250 million yuan [4] - Despite the first half's performance decline, Huachang Chemical continues to invest in new energy and materials, indicating a proactive approach to industry cycles through technological upgrades and expansion [4] - The company maintains a strong position in the chemical industry, with recognized energy efficiency and a robust asset structure, suggesting resilience and potential for recovery [4]