证券代码：002274 证券简称：华昌化工 公告编号：2025-022 江苏华昌化工股份有限公司 第八届董事会第二次会议决议公告 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。 江苏华昌化工股份有限公司（以下简称"公司"或"华昌化工"）第八届董事会第 二次会议通知于 2025 年 8 月 15 日以通讯方式发出，会议于 2025 年 8 月 26 日在张家港 市华昌东方广场四楼公司会议室召开。本次会议应参加董事九人，现场出席会议董事九 人，公司高级管理人员列席了本次会议，会议召开符合《公司法》及《公司章程》的规 定，会议合法有效。会议由公司董事长胡波先生召集并主持，与会董事经审议并以投票 表决的方式形成了如下决议： 一、审议并通过了《2025 年半年度报告》及摘要 表决结果：赞成9票，反对0票，弃权0票。 二、审议并通过了《关于为联营公司提供财务资助暨关联交易的议案》 表决结果：赞成 8 票，反对 0 票，弃权 0 票（关联董事张汉卿先生回避表决）。 具体内容详见巨潮资讯网（www.cninfo.com.cn）、《证券时报》、《中国证券报》 上披露的《关于为联 ...

华昌化工公告，2025年上半年营业收入32.17亿元，同比下降24.03%；归属于上市公司股东的净利润 1092.43万元，同比下降97.58%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 （文章来源：第一财经） ...

格隆汇8月26日｜华昌化工公告，2025年上半年营业收入32.17亿元，同比下降24.03%；归属于上市公司 股东的净利润1092.43万元，同比下降97.58%。公司计划不派发现金红利，不送红股，不以公积金转增 股本。 ...

Part I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=重要提示) The company's board, supervisors, and senior management guarantee the report's accuracy, while the financial officers confirm the financial statements' integrity, noting forward-looking statements are not commitments and no dividends are planned - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, and assume legal responsibility[4](index=4&type=chunk) - The company's principal officer, the head of accounting work, and the head of the accounting department declare that the financial report is true, accurate, and complete[4](index=4&type=chunk) - The report contains forward-looking statements regarding future plans, which do not constitute a substantive commitment by the company to investors, and investors should remain aware of risks[4](index=4&type=chunk) - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=目录) This section outlines the report's structure, covering company profile, management discussion, governance, significant events, share changes, bonds, financial reports, and other data - The report is divided into nine main chapters, covering company profile, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related information, financial reports, and other submitted data[6](index=6&type=chunk) [Definitions](index=5&type=section&id=释义) This section defines key terms used in the report, including company names, related parties, the reporting period, and industry-specific terminology for clarity - This section clarifies the definitions of key terms in the report, such as the company, related parties, the reporting period (January-June 2025), and major products (e.g., combined soda-ammonia industry, chemical fertilizer industry, polyols)[10](index=10&type=chunk) Part II Company Profile and Key Financial Indicators [1. Company Profile](index=6&type=section&id=一、公司简介) Jiangsu Huachang Chemical Co., Ltd., stock code 002274, is listed on the Shenzhen Stock Exchange, with Hu Bo as its legal representative - The company's stock abbreviation is "Huachang Chemical", stock code 002274, listed on the Shenzhen Stock Exchange[12](index=12&type=chunk) - The company's legal representative is Hu Bo[12](index=12&type=chunk) [2. Contact Persons and Information](index=6&type=section&id=二、联系人和联系方式) The company's Board Secretary is Lu Long, Securities Affairs Representative is Fei Yunhui, with contact details including address, phone, fax, and email provided - The Board Secretary is Lu Long, and the Securities Affairs Representative is Fei Yunhui[13](index=13&type=chunk) - The company's contact address is 4th Floor, Huachang Oriental Plaza, No. 11 Renmin East Road, Zhangjiagang City, with phone 0512-58727158, fax 0512-58727155, and email huachang@huachangchem.cn[13](index=13&type=chunk) [3. Other Information](index=6&type=section&id=三、其他情况) The company's registered address, office address, website, email, and information disclosure locations remained unchanged during the reporting period - The company's contact information, information disclosure, and storage locations remained unchanged during the reporting period[14](index=14&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk) [4. Key Accounting Data and Financial Indicators](index=7&type=section&id=四、主要会计数据和财务指标) During the reporting period, the company experienced significant declines in operating revenue and net profit, with negative net cash flow from operating activities, while total assets and net assets attributable to shareholders slightly decreased Key Accounting Data and Financial Indicators (Year-on-Year Change) | Item | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | Period-on-Period Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,216,656,620.64 | 4,233,937,343.75 | -24.03% | | Net Profit Attributable to Shareholders of Listed Company | 10,924,321.60 | 451,122,328.18 | -97.58% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 4,323,376.72 | 427,392,681.13 | -98.99% | | Net Cash Flow from Operating Activities | -90,593,744.73 | 268,747,746.90 | -133.71% | | Basic Earnings Per Share (Yuan/share) | 0.0115 | 0.4737 | -97.57% | | Diluted Earnings Per Share (Yuan/share) | 0.0115 | 0.4737 | -97.57% | | Weighted Average Return on Net Assets | 0.19% | 7.97% | -7.78% | | Total Assets (Period-end) | 7,660,159,596.26 | 7,793,983,200.30 | -1.72% | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 5,450,855,389.30 | 5,725,640,461.50 | -4.80% | [5. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=五、境内外会计准则下会计数据差异) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the period - The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[18](index=18&type=chunk)[19](index=19&type=chunk) [6. Non-Recurring Gains and Losses and Amounts](index=7&type=section&id=六、非经常性损益项目及金额) The company's total non-recurring gains and losses amounted to 6.60 million Yuan, primarily from fair value changes of financial assets, government grants, and entrusted investment income Non-Recurring Gains and Losses and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | -1,456,797.64 | | Government grants recognized in current profit or loss | 2,545,260.00 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities | 5,896,493.71 | | Gains or losses from entrusted investment or asset management | 2,319,950.30 | | Other non-operating income and expenses apart from the above | 106,196.58 | | Less: Income tax impact | 2,415,230.64 | | Impact on minority interests (after tax) | 394,927.43 | | **Total** | **6,600,944.88** | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[22](index=22&type=chunk)[23](index=23&type=chunk) Part III Management Discussion and Analysis [1. Principal Businesses During the Reporting Period](index=9&type=section&id=一、报告期内公司从事的主要业务) The company is a comprehensive chemical enterprise with a coal gasification-based value chain, encompassing basic chemicals, fertilizers, and new materials, actively expanding into hydrogen energy - The company's value chain originates from coal gasification, forming three major industrial segments: basic chemicals, chemical fertilizers, and new materials[25](index=25&type=chunk) - The company is committed to technology introduction and R&D, equipment upgrades, improving the operational level of existing industries, and reserving new product and new material projects[25](index=25&type=chunk) - The company actively expands into the hydrogen energy sector, promoting industrial upgrading towards green, low-carbon, and environmentally friendly directions[25](index=25&type=chunk) [1.1 Coal Chemical Industry Overview](index=9&type=section&id=1、煤化工产业简介) The company's coal chemical value chain uses coal to produce syngas for ammonia, urea, soda ash, and polyols, focusing on clean production and industrial upgrades in line with carbon goals - The company's coal chemical industry chain uses coal as raw material to produce syngas (hydrogen, carbon monoxide, carbon dioxide), which is then used to produce synthetic ammonia, urea, soda ash, polyols, methanol, and other products[27](index=27&type=chunk) - The company is committed to clean and efficient utilization of coal, and in response to "carbon peak and carbon neutrality" policies, it strengthens clean production technologies, optimizes product structure, and achieves energy saving, emission reduction, and industrial upgrading[27](index=27&type=chunk) [1.2 Soda Ash Products](index=9&type=section&id=2、纯碱产品) The company produces soda ash and ammonium chloride using the combined soda-ammonia process, serving various industries, while natural soda projects significantly impact the market - The company produces soda ash using the combined soda-ammonia process, which uses sodium chloride and synthetic ammonia as raw materials to co-produce soda ash and ammonium chloride[28](index=28&type=chunk) - Soda ash products are primarily used in industries such as medicine, papermaking, metallurgy, glass, textiles, and dyes[27](index=27&type=chunk) - The commissioning of natural soda projects in the Alxa region of Inner Mongolia has a significant impact on the domestic soda ash industry landscape, as natural soda production costs are superior to both the combined soda-ammonia process and the ammonia-soda process[28](index=28&type=chunk) [1.3 Fertilizer Products](index=10&type=section&id=3、肥料产品) The company produces nitrogen fertilizers like urea and ammonium chloride, along with compound and new-type fertilizers, aiming to enhance agricultural efficiency, reduce pollution, and improve soil health - The company produces nitrogen fertilizers such as urea and ammonium chloride, as well as new-type fertilizers like compound fertilizers with a rational ratio of nitrogen, phosphorus, and potassium[29](index=29&type=chunk) - New-type fertilizers aim to improve plant fertilizer utilization efficiency, achieve agricultural efficiency, reduce agricultural non-point source pollution, enhance soil improvement, and realize sustainable agricultural development[29](index=29&type=chunk) [1.4 Polyol Products](index=10&type=section&id=4、多元醇产品) The company manufactures polyol products such as n-butanol, octanol, isobutyraldehyde, and neopentyl glycol, which are essential organic raw materials widely used in plastics, rubber, coatings, and pharmaceuticals - The company's polyol products include n-butanol, octanol, isobutanol, n-butyraldehyde, and isobutyraldehyde, which are important basic organic raw materials[30](index=30&type=chunk) - These products are widely used in plastics, rubber products, plasticizers, resins, coatings, pesticides, pharmaceuticals, and other fields[30](index=30&type=chunk) - The company uses coal-derived syngas and purchased propylene as raw materials to produce polyols and neopentyl glycol, and further extends its industrial chain to produce polyester resins[30](index=30&type=chunk) [1.5 Hydrogen Energy Sector](index=10&type=section&id=5、氢能源领域) Through its subsidiary, Suzhou Huachang Energy Technology Co., Ltd., the company is expanding into hydrogen energy, focusing on fuel cell stacks, engines, and testing systems, promoting commercialization through R&D and localization - The company expands into the hydrogen energy industry through its subsidiary, Suzhou Huachang Energy Technology Co., Ltd[32](index=32&type=chunk) - The industry expansion focuses on hydrogen fuel cell stacks, engines, and fuel cell testing systems, promoting product commercialization through independent R&D of key technologies and localization of system components[32](index=32&type=chunk) [2. Analysis of Core Competencies](index=11&type=section&id=二、核心竞争力分析) The company's core strengths include a superior geographical location, a complete industrial chain, mature marketing networks, stable management, and leading environmental protection and energy-saving capabilities - The company is located in the Yangtze River Delta region, with convenient transportation, close proximity to the Yangtze River, and its own inland river terminal, resulting in low logistics costs and proximity to target markets[33](index=33&type=chunk) - The company possesses a complete coal gasification industrial chain and infrastructure, including its own thermal power plant, facilitating industrial extension and product structure optimization[34](index=34&type=chunk) - The company has established a comprehensive sales network system and marketing team, with rich experience in marketing bulk products[34](index=34&type=chunk) - The company has a mature chemical production and operation management system and a stable workforce, and has established a comprehensive talent training, development, and promotion system[35](index=35&type=chunk) - The company excels in environmental protection and energy saving, having been repeatedly recognized as a "Energy Efficiency Leader" benchmark enterprise in the combined soda-ammonia process for the soda ash industry and the synthetic ammonia industry[35](index=35&type=chunk)[36](index=36&type=chunk) [3. Analysis of Principal Business](index=13&type=section&id=三、主营业务分析) During the reporting period, the company's principal business revenue and net profit significantly declined due to falling product prices and periodic maintenance, though development plans progressed as expected - During the reporting period, the company's operating revenue decreased by **24.03%** year-on-year, and net profit attributable to shareholders of the listed company decreased by **97.58%** year-on-year[38](index=38&type=chunk) - Gross profit decreased by **606.33 million Yuan**, primarily due to declining product prices and reduced product volume caused by periodic maintenance[38](index=38&type=chunk) - Gross profit in the combined soda-ammonia industry, chemical fertilizer industry, and fine chemical industry (polyols) all experienced significant reductions[38](index=38&type=chunk) - The implementation of the company's development plan is consistent with the annual plan, and relevant project progress is in line with expectations[40](index=40&type=chunk) Operating Revenue Composition (by Industry) | Industry | Current Reporting Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Combined Soda-Ammonia Industry | 447,497,379.64 | 13.91% | 782,438,009.74 | 18.48% | -42.81% | | Chemical Fertilizer Industry | 1,297,781,690.46 | 40.35% | 1,332,340,543.20 | 31.47% | -2.59% | | Fine Chemical Industry | 1,176,136,386.33 | 36.56% | 1,733,842,842.24 | 40.95% | -32.17% | | Other | 295,241,164.21 | 9.18% | 385,315,948.57 | 9.10% | -23.38% | Operating Revenue Composition (by Product) | Product | Current Reporting Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Soda Ash | 369,639,653.55 | 11.49% | 654,667,052.60 | 15.46% | -43.54% | | Fertilizer Series Products | 1,375,639,416.55 | 42.77% | 1,460,111,500.34 | 34.49% | -5.79% | | Refined Methanol | 35,709,892.75 | 1.11% | 43,998,775.77 | 1.04% | -18.84% | | Polyols | 1,140,426,493.58 | 35.45% | 1,689,844,066.47 | 39.91% | -32.51% | | Other | 295,241,164.21 | 9.18% | 385,315,948.57 | 9.10% | -23.38% | Operating Revenue Composition (by Region) | Region | Current Reporting Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic Sales | 2,657,189,675.00 | 82.61% | 3,877,059,332.87 | 91.57% | -31.46% | | Export Sales | 559,466,945.64 | 17.39% | 356,878,010.88 | 8.43% | 56.77% | [4. Analysis of Non-Principal Business](index=15&type=section&id=四、非主营业务分析) Non-principal businesses significantly impacted total profit, with investment income being the largest positive contributor, while fair value changes and asset impairment losses had negative effects Impact of Non-Principal Business on Total Profit | Item | Amount (Yuan) | Proportion of Total Profit | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 28,151,110.94 | 692.81% | Equity method long-term equity investment income, wealth management income, gains/losses from holding and disposing of trading financial assets | Associate companies operate stably, cash flow is stable | | Fair Value Change Gains/Losses | -8,580,750.29 | -211.18% | Fair value change losses on trading financial assets | Not applicable | | Asset Impairment | 9,041,060.53 | 222.50% | Impact of inventory write-down provision | Not applicable | | Non-Operating Income | 1,651,427.80 | 40.64% | Not applicable | Not applicable | | Non-Operating Expenses | 3,002,028.86 | 73.88% | Losses from disposal of non-current assets (due to technical upgrades) | Not applicable | [5. Analysis of Assets and Liabilities](index=16&type=section&id=五、资产及负债状况分析) At the end of the reporting period, total assets slightly decreased, construction in progress significantly increased, and short-term borrowings rose substantially, while contract liabilities decreased, with some assets restricted Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (Yuan) | Proportion of Total Assets | Amount at End of Prior Year (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 359,546,527.45 | 4.69% | 313,726,299.47 | 4.03% | 0.66% | | | Construction in Progress | 1,514,796,281.17 | 19.77% | 907,652,487.22 | 11.65% | 8.12% | Increased investment in construction in progress | | Short-Term Borrowings | 350,231,540.13 | 4.57% | 85,014,972.35 | 1.09% | 3.48% | | | Contract Liabilities | 215,881,193.70 | 2.82% | 305,264,643.05 | 3.92% | -1.10% | | | Long-Term Borrowings | 18,008,400.00 | 0.24% | 0.00 | 0.00% | 0.24% | | - The company's financial assets and liabilities measured at fair value totaled **339.48 million Yuan** at the end of the period, primarily including trading financial assets, other debt investments, and other equity instrument investments[51](index=51&type=chunk) - As of the end of the reporting period, some of the company's monetary funds, fixed assets, intangible assets, and un-derecognized acceptance bills were pledged or mortgaged, with a total book value of **654.66 million Yuan**[54](index=54&type=chunk) [6. Analysis of Investment Status](index=17&type=section&id=六、投资状况分析) Total investments increased by 122.79% year-on-year, primarily in non-equity projects like the 300,000-ton polyol project and ammonia synthesis intelligent transformation, all progressing as planned Investment Amount for the Reporting Period | Indicator | Investment Amount for Current Reporting Period (Yuan) | Investment Amount for Prior Year Period (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 788,342,490.40 | 313,834,101.00 | 122.79% | - The company had no significant equity investments, securities investments, or derivative investments during the reporting period[56](index=56&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) Significant Non-Equity Investment Projects Underway | Project Name | Amount Invested in Current Reporting Period (Yuan) | Cumulative Actual Investment Amount as of End of Reporting Period (Yuan) | Project Progress | Estimated Return | | :--- | :--- | :--- | :--- | :--- | | 300,000 tons/year Polyol and Supporting Facilities Project | 426,142,081.00 | 752,624,007.00 | 85.00% | 250 million Yuan | | Ammonia Synthesis Production Unit Intelligent Technical Transformation Project | 62,602,946.88 | 247,136,231.32 | 64.42% | Equipment upgrade and replacement | | Urea Unit Energy Saving and Carbon Reduction Technical Transformation and Central Control Room Renovation and Supporting Facilities Project | 207,292,616.64 | 405,413,126.94 | 86.26% | Energy saving and consumption reduction | [7. Significant Asset and Equity Disposals](index=19&type=section&id=七、重大资产和股权出售) The company did not undertake any significant asset or equity disposals during the reporting period - The company did not sell significant assets or equity during the reporting period[62](index=62&type=chunk)[63](index=63&type=chunk) [8. Analysis of Major Holding and Associate Companies](index=19&type=section&id=八、主要控股参股公司分析) Key subsidiaries include Jiangsu Huayuan Ecological Agriculture Co., Ltd. and Zhangjiagang Huachang New Material Technology Co., Ltd., with Huaian Huachang Solid Waste Disposal Co., Ltd. as an associate, all contributing to revenue and net profit Financial Status of Major Subsidiaries and Associate Companies | Company Name | Company Type | Principal Business | Registered Capital (Yuan) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Huayuan Ecological Agriculture Co., Ltd. | Subsidiary | Production and sales of new ecological fertilizers | 150,000,000.00 | 561,450,637.53 | 183,474,895.15 | 520,832,128.53 | 9,306,296.93 | 5,571,484.38 | | Zhangjiagang Huachang New Material Technology Co., Ltd. | Subsidiary | New material technology development, production, and sales | 341,000,000.00 | 1,728,949,554.55 | 1,138,471,458.68 | 1,142,422,165.45 | 101,254,062.69 | 80,445,108.81 | | Huaian Huachang Solid Waste Disposal Co., Ltd. | Associate Company | Waste treatment | 40,000,000.00 | 155,286,501.86 | 119,524,192.53 | 58,578,521.80 | 3,222,150.71 | 3,198,086.38 | - The company did not acquire or dispose of any subsidiaries during the reporting period[64](index=64&type=chunk) [9. Structured Entities Controlled by the Company](index=20&type=section&id=九、公司控制的结构化主体情况) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[65](index=65&type=chunk) [10. Risks Faced by the Company and Countermeasures](index=20&type=section&id=十、公司面临的风险和应对措施) The company faces operational, financial, project implementation, new industry, policy, safety, environmental, raw material price, human resource, cooperation, economic, and development plan risks, with corresponding mitigation strategies in place - Operational risks: Product prices fluctuate significantly, affecting operating performance; risk control becomes more challenging in the high-quality development stage. Countermeasures include continuous technology introduction and transformation, exploring new economic growth points, and strengthening human resource management[65](index=65&type=chunk) - Financial risks: Implementation of development plans requires cash flow support. Countermeasures include proactive planning and controlling relevant risks[65](index=65&type=chunk) - New project implementation and operational risks: Affected by uncertain factors, employees need time to master new technologies. Countermeasures include thorough planning, strengthening organizational supervision, and preparing human resources in advance[66](index=66&type=chunk) - Policy risks: Changes in national industrial, energy, and environmental policies may affect the company's development plans and project approvals. Countermeasures include closely monitoring policy changes and actively participating in industry development[66](index=66&type=chunk) - Safety production risks and environmental protection risks: Inherent risks in the chemical industry and increasingly stringent environmental requirements. Countermeasures include strengthening safety production management, increasing environmental protection investments, and paying attention to regional environmental requirements[67](index=67&type=chunk)[68](index=68&type=chunk) - Raw material price fluctuation risks: Fluctuations in prices of bulk raw materials. Countermeasures include strengthening internal management, budget control, proactive forecasting, and tracking research on price trends[68](index=68&type=chunk) - Development plan implementation progress and adjustment risks: Plan implementation is affected by multiple factors and may require adjustments. Countermeasures include closely monitoring changes and formulating response measures[69](index=69&type=chunk) [11. Implementation of Market Value Management System and Valuation Enhancement Plan](index=21&type=section&id=十一、市值管理制度和估值提升计划的制定落实情况) The company has established a market value management system outlining objectives, principles, responsibilities, methods, and early warning mechanisms, but has not disclosed a valuation enhancement plan - The company has established a market value management system, defining and allocating the objectives and basic principles, organizational structure and responsibilities of market value management, clarifying the main methods, and establishing monitoring and early warning mechanisms and emergency measures[70](index=70&type=chunk) - The company has not disclosed a valuation enhancement plan[70](index=70&type=chunk) [12. Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=21&type=section&id=十二、“质量回报双提升”行动方案贯彻落实情况) The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[71](index=71&type=chunk) Part IV Corporate Governance, Environment, and Society [1. Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=一、公司董事、监事、高级管理人员变动情况) During the reporting period, Director Lu Long and several supervisors left due to term expiration, while Xu Binbin was elected as an employee director - Director Lu Long, Supervisory Board Chairman Jiang Xiaoning, and Supervisors Ye Shixun, Gong Jingtao, Tao Jiwei, and Li Guowei left due to term expiration[73](index=73&type=chunk) - Xu Binbin was elected as an employee director[73](index=73&type=chunk) [2. Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Period](index=22&type=section&id=二、本报告期利润分配及资本公积金转增股本情况) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the half-year period - The company plans not to distribute cash dividends, send bonus shares, or convert capital reserves into share capital for the half-year period[74](index=74&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=三、公司股权激励计划、员工持股计划或其他员工激励措施的实施情况) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[75](index=75&type=chunk) [4. Environmental Information Disclosure](index=22&type=section&id=四、环境信息披露情况) The company and its four major subsidiaries are listed as legally required environmental information disclosers, with reports available on the Jiangsu Provincial Department of Ecology and Environment website - The company and its **four** major subsidiaries are included in the list of enterprises required to disclose environmental information by law[76](index=76&type=chunk) - Environmental information disclosure reports can be found on the official website of the Jiangsu Provincial Department of Ecology and Environment – "Environmental Face" Information Disclosure Platform[76](index=76&type=chunk) [5. Social Responsibility](index=22&type=section&id=五、社会责任情况) Information on social responsibility for the current reporting period is not applicable - Social responsibility information for the current reporting period is not applicable[77](index=77&type=chunk) Part V Significant Matters [1. Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period](index=23&type=section&id=一、公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内履行完毕及截至报告期末超期未履行完毕的承诺事项) Major shareholders Suzhou Warner Investment Co., Ltd. and Jiangsu Huachang (Group) Co., Ltd. fulfilled their commitments regarding avoiding horizontal competition and related party transactions during the reporting period - Suzhou Warner Investment Co., Ltd. and Jiangsu Huachang (Group) Co., Ltd.'s commitments regarding avoiding horizontal competition were well-fulfilled during the reporting period[79](index=79&type=chunk) - Suzhou Warner Investment Co., Ltd. and Jiangsu Huachang (Group) Co., Ltd.'s commitments regarding related party transactions were well-fulfilled during the reporting period[79](index=79&type=chunk) [2. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=23&type=section&id=二、控股股东及其他关联方对上市公司的非经营性占用资金情况) During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties from the listed company - The company reported no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period[80](index=80&type=chunk) [3. Irregular External Guarantees](index=24&type=section&id=三、违规对外担保情况) The company had no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[81](index=81&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=24&type=section&id=四、聘任、解聘会计师事务所情况) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[82](index=82&type=chunk) [5. Board of Directors' and Supervisory Board's Explanations on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=24&type=section&id=五、董事会、监事会对会计师事务所本报告期“非标准审计报告”的说明) The company's Board of Directors and Supervisory Board had no explanations regarding a "non-standard audit report" from the accounting firm for the current reporting period - The company's Board of Directors and Supervisory Board had no explanations regarding a "non-standard audit report" from the accounting firm for the current reporting period[83](index=83&type=chunk) [6. Board of Directors' Explanations on the "Non-Standard Audit Report" for the Previous Year](index=24&type=section&id=六、董事会对上年度“非标准审计报告”相关情况的说明) The company's Board of Directors had no explanations regarding a "non-standard audit report" from the previous year - The company's Board of Directors had no explanations regarding a "non-standard audit report" from the previous year[83](index=83&type=chunk) [7. Bankruptcy Reorganization Matters](index=24&type=section&id=七、破产重整相关事项) The company did not undergo any bankruptcy reorganization matters during the reporting period - The company did not undergo any bankruptcy reorganization matters during the reporting period[83](index=83&type=chunk) [8. Litigation Matters](index=24&type=section&id=八、诉讼事项) The company had no significant litigation or arbitration matters during the current reporting period - The company had no significant litigation or arbitration matters during the current reporting period[84](index=84&type=chunk) [9. Penalties and Rectification](index=24&type=section&id=九、处罚及整改情况) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[84](index=84&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=24&type=section&id=十、公司及其控股股东、实际控制人的诚信状况) The company, its controlling shareholder, and actual controller maintained good integrity status with no issues during the reporting period - The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period[85](index=85&type=chunk) [11. Significant Related Party Transactions](index=25&type=section&id=十一、重大关联交易) The company engaged in routine related party transactions for procurement and sales at market-based prices, with no significant asset/equity acquisitions, disposals, joint investments, or non-operating related party debts - The company has daily operating-related procurement and sales transactions with related parties, such as purchasing coal from Zhangjiagang Free Trade Zone Lanhua Coal Co., Ltd. and selling water, electricity, and hydrogen to Linde Huachang (Zhangjiagang) Gas Co., Ltd[86](index=86&type=chunk)[123](index=123&type=chunk) - Related party transaction prices are determined according to agreed prices and are generally consistent with transaction prices for non-related parties, with no significant instances of being higher or lower than normal transaction prices[123](index=123&type=chunk) - The company did not engage in related party transactions involving asset or equity acquisitions or disposals, nor joint external investments during the reporting period[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) - The company had no non-operating related party creditor-debtor transactions, nor any deposits, loans, credit lines, or other financial business with related financial companies during the reporting period[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk) [12. Significant Contracts and Their Performance](index=27&type=section&id=十二、重大合同及其履行情况) The company had no entrustment, contracting, leasing, or wealth management activities, but provided guarantees for subsidiaries and associate companies, totaling 2.60% of its net assets - The company had no entrustment, contracting, leasing, or wealth management activities during the reporting period[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[101](index=101&type=chunk) External Guarantees by the Company and its Subsidiaries | Item | Total Approved External Guarantee Amount at Period-End (10,000 Yuan) | Total Actual External Guarantee Balance at Period-End (10,000 Yuan) | Total Approved Guarantee Amount for Subsidiaries During Reporting Period (10,000 Yuan) | Total Actual Guarantee Amount for Subsidiaries During Reporting Period (10,000 Yuan) | Total Actual Guarantee Balance for Subsidiaries at Period-End (10,000 Yuan) | Proportion of Total Actual Guarantee to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | External Guarantees | 7,000 | 490 | 70,000 | 10,800 | 13,700 | 2.60% | - The company has no other significant contracts[102](index=102&type=chunk) [13. Explanation of Other Significant Matters](index=29&type=section&id=十三、其他重大事项的说明) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[103](index=103&type=chunk) [14. Significant Matters of Company Subsidiaries](index=29&type=section&id=十四、公司子公司重大事项) There were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning the company's subsidiaries during the reporting period[104](index=104&type=chunk) Part VI Share Changes and Shareholder Information [1. Share Change Status](index=30&type=section&id=一、股份变动情况) The company's total share capital, restricted shares, and unrestricted shares remained unchanged during the reporting period, with no share repurchases or concentrated reductions Share Change Status | Item | Quantity Before This Change (shares) | Proportion | Increase/Decrease in This Change (shares) | Quantity After This Change (shares) | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 14,515,516 | 1.52% | 0 | 14,515,516 | 1.52% | | II. Unrestricted Shares | 937,849,130 | 98.48% | 0 | 937,849,130 | 98.48% | | III. Total Shares | 952,364,646 | 100.00% | 0 | 952,364,646 | 100.00% | - During the reporting period, the company's total share capital, restricted shares, and unrestricted shares remained unchanged[107](index=107&type=chunk) - The company has no progress on share repurchases or concentrated bidding reductions of repurchased shares[107](index=107&type=chunk) - The company reported no changes in restricted shares during the reporting period[108](index=108&type=chunk) [2. Securities Issuance and Listing](index=31&type=section&id=二、证券发行与上市情况) The company had no securities issuance or listing activities during the reporting period - The company reported no securities issuance or listing activities during the reporting period[109](index=109&type=chunk) [3. Number of Shareholders and Shareholding Status](index=31&type=section&id=三、公司股东数量及持股情况) At the end of the reporting period, the company had 49,713 common shareholders, with Suzhou Warner Investment holding 28.88% and Jiangsu Huachang (Group) holding 11.99%, some of which are frozen, and no associated relationships among major shareholders - The total number of common shareholders at the end of the reporting period was **49,713**[110](index=110&type=chunk) Top 10 Shareholders' Shareholding Status | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at End of Reporting Period (shares) | Changes During Reporting Period | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Suzhou Warner Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 28.88% | 275,059,519 | 0 | 0 | 275,059,519 | Not applicable | 0 | | Jiangsu Huachang (Group) Co., Ltd. | State-Owned Legal Person | 11.99% | 114,209,198 | 0 | 13,915,516 | 100,293,682 | Frozen | 13,915,516 | | Xiamen Hanyun Investment Management Co., Ltd. - Hanyun Stock Selection Phase II Private Securities Investment Fund | Other | 1.07% | 10,237,600 | 6,932,899 | 0 | 10,237,600 | Not applicable | 0 | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | Other | 0.55% | 5,274,000 | 560,300 | 0 | 5,274,000 | Not applicable | 0 | | Ni Zhengxiang | Domestic Natural Person | 0.47% | 4,513,900 | 1,581,100 | 0 | 4,513,900 | Not applicable | 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 0.46% | 4,396,931 | -550,080 | 0 | 4,396,931 | Not applicable | 0 | | Jin Yan | Domestic Natural Person | 0.40% | 3,767,500 | 10,000 | 0 | 3,767,500 | Not applicable | 0 | | Ni Kui | Domestic Natural Person | 0.39% | 3,751,400 | 790,200 | 0 | 3,751,400 | Not applicable | 0 | | Guo Hanwen | Domestic Natural Person | 0.38% | 3,587,900 | 3,587,900 | 0 | 3,587,900 | Not applicable | 0 | | Shenzhen Qianhai Shengyao Capital Investment Management Co., Ltd. - Shengyao Zhuohui Shanghai-Shenzhen-Hong Kong Alpha Private Securities Investment Fund | Other | 0.37% | 3,516,687 | 3,216,737 | 0 | 3,516,687 | Not applicable | 0 | - There are no associated relationships or concerted action agreements between the company's first and second largest shareholders; nor are there any associated relationships or concerted action agreements between other top 10 shareholders and the top two shareholders[110](index=110&type=chunk) - The frozen shares of Jiangsu Huachang (Group) Co., Ltd. were transferred to the Social Security Fund Council in accordance with state-owned share transfer regulations[110](index=110&type=chunk) [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=32&type=section&id=四、董事、监事和高级管理人员持股变动) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - The company's directors, supervisors, and senior management had no changes in their shareholdings during the reporting period[113](index=113&type=chunk) [5. Changes in Controlling Shareholder or Actual Controller](index=32&type=section&id=五、控股股东或实际控制人变更情况) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[114](index=114&type=chunk) - The company's actual controller remained unchanged during the reporting period[114](index=114&type=chunk) [6. Preferred Share Information](index=33&type=section&id=六、优先股相关情况) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[115](index=115&type=chunk) Part VII Bond-Related Information [Bond-Related Information](index=34&type=section&id=债券相关情况) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[117](index=117&type=chunk) Part VIII Financial Report [1. Audit Report](index=35&type=section&id=一、审计报告) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[119](index=119&type=chunk) [2. Financial Statements](index=35&type=section&id=二、财务报表) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity for the first half of 2025 [2.1 Consolidated Balance Sheet](index=36&type=section&id=1、合并资产负债表) As of June 30, 2025, consolidated total assets were 7.66 billion Yuan, liabilities 2.16 billion Yuan, and owner's equity 5.50 billion Yuan, with significant increases in short-term borrowings and construction in progress Consolidated Balance Sheet Key Data | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 7,660,159,596.26 | 7,793,983,200.30 | | Total Liabilities | 2,157,852,012.37 | 2,012,556,106.95 | | Total Owner's Equity | 5,502,307,583.89 | 5,781,427,093.35 | | Total Current Assets | 2,114,326,638.21 | 2,831,030,355.43 | | Total Non-Current Assets | 5,545,832,958.05 | 4,962,952,844.87 | | Short-Term Borrowings | 350,231,540.13 | 85,014,972.35 | | Construction in Progress | 1,514,796,281.17 | 907,652,487.22 | [2.2 Parent Company Balance Sheet](index=38&type=section&id=2、母公司资产负债表) As of June 30, 2025, the parent company's total assets were 6.26 billion Yuan, liabilities 1.54 billion Yuan, and owner's equity 4.72 billion Yuan, with notable changes in accounts receivable and short-term borrowings Parent Company Balance Sheet Key Data | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 6,263,877,778.69 | 6,589,153,414.87 | | Total Liabilities | 1,540,607,859.15 | 1,512,384,203.18 | | Total Owner's Equity | 4,723,269,919.54 | 5,076,769,211.69 | | Accounts Receivable | 603,370,621.67 | 355,135,775.10 | | Short-Term Borrowings | 207,876,209.12 | 4,058,458.33 | [2.3 Consolidated Income Statement](index=40&type=section&id=3、合并利润表) For the first half of 2025, consolidated operating revenue decreased by 24.03% to 3.22 billion Yuan, with net profit plummeting by 98.45% to 6.89 million Yuan, and basic earnings per share at 0.0115 Yuan Consolidated Income Statement Key Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 3,216,656,620.64 | 4,233,937,343.75 | | Total Operating Costs | 3,244,554,602.13 | 3,693,814,149.82 | | Total Profit | 4,063,319.59 | 585,609,002.10 | | Net Profit | 6,889,884.34 | 445,731,301.13 | | Net Profit Attributable to Parent Company Shareholders | 10,924,321.60 | 451,122,328.18 | | Basic Earnings Per Share | 0.0115 | 0.4737 | [2.4 Parent Company Income Statement](index=42&type=section&id=4、母公司利润表) For the first half of 2025, the parent company's operating revenue was 1.73 billion Yuan, resulting in a net loss of 67.79 million Yuan, a reversal from profit, with basic earnings per share at -0.0712 Yuan Parent Company Income Statement Key Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 1,730,102,144.82 | 2,332,835,901.00 | | Operating Profit | -98,699,442.05 | 184,436,432.42 | | Net Profit | -67,789,898.35 | 142,935,529.58 | | Basic Earnings Per Share | -0.0712 | 0.1501 | [2.5 Consolidated Cash Flow Statement](index=43&type=section&id=5、合并现金流量表) In the first half of 2025, net cash flow from operating activities was -90.59 million Yuan, a 133.71% decrease, while net cash flow from investing activities was -412.14 million Yuan, and from financing activities was -5.88 million Yuan Consolidated Cash Flow Statement Key Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -90,593,744.73 | 268,747,746.90 | -133.71% | | Net Cash Flow from Investing Activities | -412,139,465.07 | 101,442,156.45 | -506.28% | | Net Cash Flow from Financing Activities | -5,879,691.36 | -524,767,978.27 | 98.88% | | Net Increase in Cash and Cash Equivalents | -507,419,399.14 | -155,100,989.59 | -227.15% | [2.6 Parent Company Cash Flow Statement](index=45&type=section&id=6、母公司现金流量表) In the first half of 2025, the parent company's net cash flow from operating activities was -404.83 million Yuan, from investing activities was -62.99 million Yuan, and from financing activities was -65.12 million Yuan Parent Company Cash Flow Statement Key Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -404,827,244.92 | 183,134,827.19 | | Net Cash Flow from Investing Activities | -62,986,391.95 | 129,987,361.36 | | Net Cash Flow from Financing Activities | -65,122,634.83 | -377,235,800.73 | | Net Increase in Cash and Cash Equivalents | -532,936,271.70 | -66,016,298.08 | [2.7 Consolidated Statement of Changes in Owner's Equity](index=46&type=section&id=7、合并所有者权益变动表) In the first half of 2025, consolidated owner's equity decreased by 279.12 million Yuan, primarily due to profit distribution and comprehensive income changes Consolidated Statement of Changes in Owner's Equity | Item | Beginning Balance of Period (Yuan) | Amount of Change in Current Period (Yuan) | Ending Balance of Period (Yuan) | | :--- | :--- | :--- | :--- | | Total Owner's Equity | 5,781,427,093.35 | -279,119,509.46 | 5,502,307,583.89 | | Total Owner's Equity Attributable to Parent Company | 5,725,640,461.50 | -274,785,072.20 | 5,450,855,389.30 | | Undistributed Profits | 2,990,312,010.84 | -274,785,072.20 | 2,715,526,938.64 | [2.8 Parent Company Statement of Changes in Owner's Equity](index=50&type=section&id=8、母公司所有者权益变动表) In the first half of 2025, the parent company's owner's equity decreased by 353.50 million Yuan, mainly influenced by net loss and profit distribution Parent Company Statement of Changes in Owner's Equity | Item | Beginning Balance of Period (Yuan) | Amount of Change in Current Period (Yuan) | Ending Balance of Period (Yuan) | | :--- | :--- | :--- | :--- | | Total Owner's Equity | 5,076,769,211.69 | -353,499,292.15 | 4,723,269,919.54 | | Undistributed Profits | 2,366,842,057.38 | -353,499,292.15 | 2,013,342,765.23 | [3. Company Overview](index=52&type=section&id=三、公司基本情况) Established in 2004 and listed in 2008, Jiangsu Huachang Chemical Co., Ltd. has a registered capital of 952.36 million Yuan, primarily engaged in the manufacturing and sales of chemical raw materials, products, and fertilizers - The company was established on January 29, 2004, formerly known as Shazhou Chemical Fertilizer Plant, and was first publicly listed on July 2008[142](index=142&type=chunk)[143](index=143&type=chunk) - The company's registered capital is **952.36 million Yuan**, its legal representative is Hu Bo, and its domicile is No. 1 Nanhai Road, Yangtze River International Chemical Industrial Park, Jin'gang Town, Zhangjiagang City[143](index=143&type=chunk) - Its business scope includes the production and sales of chemical raw materials, chemical products, and fertilizers (operating under license), coal sales, etc., with main products including compound fertilizers, urea, soda ash, synthetic ammonia, ammonium chloride, methanol, and polyols[143](index=143&type=chunk)[144](index=144&type=chunk) - The company belongs to the chemical raw materials and chemical products manufacturing industry[143](index=143&type=chunk) [4. Basis of Financial Statement Preparation](index=53&type=section&id=四、财务报表的编制基础) The financial statements are prepared on a going concern basis, adhering to Enterprise Accounting Standards and CSRC regulations, using accrual accounting and historical cost measurement, with no significant going concern issues identified - The financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the "Information Disclosure and Reporting Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports" issued by the China Securities Regulatory Commission[145](index=145&type=chunk) - Accounting is based on the accrual basis and historical cost measurement, with provisions for asset impairment[145](index=145&type=chunk) - The company's comprehensive assessment indicates no factors that would significantly affect its ability to continue as a going concern within 12 months from the end of the reporting period[146](index=146&type=chunk) [5. Significant Accounting Policies and Estimates](index=53&type=section&id=五、重要会计政策及会计估计) This section details the company's accounting policies and estimates for revenue recognition, financial instruments, inventory, fixed assets, construction in progress, intangible assets, long-term equity investments, employee benefits, government grants, and deferred taxes - The company adheres to the requirements of Enterprise Accounting Standards, accurately and completely reflecting its financial position, operating results, and cash flows[148](index=148&type=chunk) - The company's accounting period adopts the calendar year, with one year (12 months) as the normal operating cycle, and the recording currency is Renminbi[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk) - The company classifies, recognizes, measures, and derecognizes financial assets and liabilities, and makes impairment provisions using the expected credit loss model[165](index=165&type=chunk)[173](index=173&type=chunk) - The company measures inventory at the lower of cost and net realizable value, and makes provisions for inventory write-downs; fixed assets and intangible assets are depreciated and amortized using the straight-line method[181](index=181&type=chunk)[201](index=201&type=chunk)[205](index=205&type=chunk) - The company makes significant accounting judgments and estimates in areas such as revenue recognition, bad debt provisions, inventory write-down provisions, impairment provisions for non-financial non-current assets, depreciation and amortization, fair value of financial instruments, and income tax[238](index=238&type=chunk)[239](index=239&type=chunk)[240](index=240&type=chunk) [6. Taxation](index=78&type=section&id=六、税项) This section outlines the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, and education surcharges, with some subsidiaries benefiting from high-tech enterprise tax incentives and R&D expense super deductions Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable sales revenue | 9%, 13% | | Urban Maintenance and Construction Tax | Amount of turnover tax | 5%, 7% | | Corporate Income Tax | Taxable income | 15%, 25% | | Education Surcharge | Amount of turnover tax | 5% | - Subsidiaries Suzhou Huachang Energy Technology Co., Ltd. and Suzhou Austin New Material Technology Co., Ltd., as high-tech enterprises, enjoy a **15%** preferential corporate income tax rate[244](index=244&type=chunk) - The company's R&D expenses enjoy a pre-tax super deduction policy, with **100%** super deduction for expenses not forming intangible assets, and **200%** amortization of costs for those forming intangible assets[244](index=244&type=chunk) [7. Notes to Consolidated Financial Statement Items](index=79&type=section&id=七、合并财务报表项目注释) This section provides detailed notes for each asset, liability, owner's equity, revenue, cost, and expense item in the consolidated financial statements, including period-end balances, beginning balances, and changes - Monetary funds at period-end totaled **359.55 million Yuan**, of which **111.00 million Yuan** was restricted, mainly for letter of credit margins and acceptance bill margins[246](index=246&type=chunk)[247](index=247&type=chunk) - Trading financial assets at period-end totaled **110.59 million Yuan**, primarily consisting of stock investments and wealth management products[249](index=249&type=chunk) - Accounts receivable at period-end had a book value of **141.00 million Yuan**, with bad debt provisions of **35.67 million Yuan** already made[262](index=262&type=chunk) - Construction in progress at period-end totaled **1.51 billion Yuan**, an increase of **607.00 million Yuan** from the beginning of the period, mainly due to increased investment in new area technical transformation projects and new material projects[334](index=334&type=chunk)[336](index=336&type=chunk) - Short-term borrowings at period-end totaled **350.23 million Yuan**, an increase of **265.00 million Yuan** from the beginning of the period, mainly due to increased guarantee borrowings and credit borrowings[364](index=364&type=chunk) - Operating revenue was **3.22 billion Yuan**, operating cost was **3.01 billion Yuan**, and gross profit margin was **6.56%**, a year-on-year decrease of **12.74%**[46](index=46&type=chunk) - R&D expenses were **40.19 million Yuan**, a year-on-year decrease of **15.00%**[43](index=43&type=chunk) [8. Research and Development Expenses](index=115&type=section&id=八、研发支出) Total R&D expenses for the reporting period were 40.19 million Yuan, entirely expensed, primarily allocated to materials, personnel, external R&D, and depreciation/amortization R&D Expense Composition | Item | Amount Incurred in Current Period (Yuan) | Amount Incurred in Prior Period (Yuan) | | :--- | :--- | :--- | | Material Input | 8,879,242.27 | 8,579,561.00 | | Personnel | 14,957,798.00 | 20,651,407.94 | | External R&D | 7,706,876.06 | 4,142,675.64 | | Depreciation and Amortization | 8,485,688.65 | 12,456,400.00 | | Other | 164,000.72 | 1,456,257.86 | | **Total** | **40,193,605.70** | **47,286,302.44** | - All R&D expenses in the current period were expensed, with no capitalized R&D expenses[449](index=449&type=chunk) [9. Changes in Consolidation Scope](index=115&type=section&id=九、合并范围的变更) There were no changes in the company's consolidation scope during the reporting period - The company's consolidation scope remained unchanged during the reporting period[450](index=450&type=chunk) [10. Interests in Other Entities](index=116&type=section&id=十、在其他主体中的权益) The company holds interests in various subsidiaries, joint ventures, and associates engaged in diverse businesses, with some subsidiaries controlled despite non-majority ownership, and aggregate net profits from non-significant JVs and associates - The company owns **11** subsidiaries, primarily engaged in investment management, production of new ecological fertilizers, chemical production, new material technology development, coal wholesale operations, battery R&D and production, chemical raw materials and products, import and export trade, active pharmaceutical ingredient production, and polyurethane material manufacturing[451](index=451&type=chunk) - Suzhou Huachang Energy Technology Co., Ltd. has a shareholding ratio of **48.27%**, but the company appoints a majority of its board members, thus achieving control and including it in the consolidation scope[452](index=452&type=chunk) - The company has no significant non-wholly-owned subsidiaries, joint ventures, or associate companies[453](index=453&type=chunk)[459](index=459&type=chunk)[460](index=460&type=chunk) Summary Financial Information for Non-Significant Joint Ventures and Associate Companies | Item | Period-End Balance/Current Period Amount (Yuan) | Period-Beginning Balance/Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Book Value of Joint Venture Investments | 59,762,096.27 | 58,163,053.08 | | Net Profit of Joint Ventures | 1,599,043.19 | -1,863,860.84 | | Total Book Value of Associate Company Investments | 150,180,924.45 | 157,860,481.77 | | Net Profit of Associate Companies | 9,754,873.45 | 14,898,656.38 | [11. Government Grants](index=118&type=section&id=十一、政府补助) Government grants recognized in current period profit or loss amounted to 4.23 million Yuan, primarily recorded under other income Government Grants Recognized in Current Period Profit or Loss | Accounting Account | Amount Incurred in Current Period (Yuan) | Amount Incurred in Prior Period (Yuan) | | :--- | :--- | :--- | | Other Income | 4,227,260.00 | 8,547,680.00 | - The company had no government grants recognized based on receivable amounts at the end of the reporting period, nor any liability items involving government grants[469](index=469&type=chunk) [12. Risks Related to Financial Instruments](index=119&type=section&id=十二、与金融工具相关的风险) The company manages market, exchange rate, credit, and liquidity risks associated with financial instruments through internal controls, monitoring, and correlation management, having derecognized 570.24 million Yuan in financial assets through transfers - The company's risk management objective is to achieve a balance between risk and return, minimizing the negative impact of risks on operating performance[471](index=471&type=chunk) - The company identifies market and exchange rate risks, credit risks, and liquidity risks, and manages them through institutional controls, tracking evaluations, and correlation controls[471](index=471&type=chunk) Financial Assets Derecognized Due to Transfer | Item | Method of Financial Asset Transfer | Amount of Derecognized Financial Assets (Yuan) | Gains or Losses Related to Derecognition (Yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | Discounting | 137,786,828.00 | 585,818.19 | | Accounts Receivable Financing | Endorsement | 432,452,246.46 | 0 | | **Total** | | **570,239,074.46** | **585,818.19** | - The company did not engage in hedging activities for risk management, nor did it apply hedge accounting[472](index=472&type=chunk) [13. Fair Value Disclosure](index=120&type=section&id=十三、公允价值的披露) The company's assets and liabilities measured at fair value totaled 339.48 million Yuan, comprising trading financial assets, other debt investments, and other equity instrument investments, with fair value determined using Level 1 and Level 3 inputs Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 1 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | 103,589,281.14 | 7,005,010.96 | 110,594,292.10 | | (II) Other Debt Investments | 0 | 13,576,054.50 | 13,576,054.50 | | (III) Other Equity Instrument Investments | 0 | 215,308,728.29 | 215,308,728.29 | | **Total Assets Continuously Measured at Fair Value** | **103,589,281.14** | **235,889,793.75** | **339,479,074.89** | - The basis for determining Level 1 fair value measurement is the publicly quoted market price[480](index=480&type=chunk) - Level 3 fair value measurement is primarily determined by investment amounts and expected returns, face value, or the proportion of owner's equity in the investee company[482](index=482&type=chunk) - The book value of financial assets and liabilities not measured at fair value approximates their fair value[487](index=487&type=chunk) [14. Related Parties and Related Party Transactions](index=122&type=section&id=十四、关联方及关联交易) Suzhou Warner Investment Co., Ltd. is the controlling shareholder, with no actual controller; the company engages in various related party transactions with subsidiaries, joint ventures, associates, and other related parties at fair market prices - The company's controlling shareholder is Suzhou Warner Investment Co., Ltd., with a shareholding ratio of **28.88%**, and no actual controller[489](index=489&type=chunk)[490](index=490&type=chunk) - The company has several subsidiaries, joint ventures, and associate companies, and maintains related party relationships with Jiangsu Huachang (Group) Co., Ltd. and other related parties[491](index=491&type=chunk)[492](index=492&type=chunk)[493](index=493&type=chunk) - Related party transactions include the purchase of coal, steam, transportation services, outsourced repairs, and materials, as well as the sale of water, electricity, hydrogen, and compound fertilizers[495](index=495&type=chunk)[496](index=496&type=chunk) - Related party transaction prices are determined according to agreed prices and are generally consistent with transaction prices for non-related parties[496](index=496&type=chunk) - The company provides a guarantee for its associate company, Zhangjiagang Yunchang Green Logistics Co., Ltd., with a guarantee amount of **4.9 million Yuan**[500](index=500&type=chunk) - The company has intercompany borrowings with related parties, including both borrowing and lending[499](index=499&type=chunk) [15. Share-Based Payments](index=125&type=section&id=十五、股份支付) The company had no share-based payment arrangements, including equity-settled or cash-settled, nor any related expenses, modifications, or terminations during the reporting period - The company reported no overall share-based payment situation, equity-settled share-based payments, cash-settled share-based payments, share-based payment expenses, or modifications/terminations of share-based payments during the reporting period[505](index=505&type=chunk)[506](index=506&type=chunk) [16. Commitments and Contingencies](index=126&type=section&id=十六、承诺及或有事项) The company has capital commitments for a 600 million Yuan urea plant energy-saving and carbon reduction project, which is underway, and provides guarantees for subsidiaries and associate companies, with no other significant contingencies - The company is committed to investing in the urea plant energy-saving and carbon reduction technical transformation and central control room renovation and supporting facilities project, with a total estimated investment of **600 million Yuan**, a planned construction period of **24 months**, and the project has already commenced[508](index=508&type=chunk)[509](index=509&type=chunk) - Apart from providing comprehensiv

华昌化工公告，2025年上半年营业收入32.17亿元，同比下降24.03%。归属于上市公司股东的净利润 1092.43万元，同比下降97.58%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

通过天眼查大数据分析，江苏华昌化工股份有限公司共对外投资了29家企业，参与招投标项目306次， 知识产权方面有商标信息63条，专利信息25条，此外企业还拥有行政许可360个。 华昌化工最新一期业绩显示，截至2025一季报，公司营业总收入17.71亿元、同比减少10.36%，归属净 利润2855.09万元，同比减少88.23%，扣非净利润2165.86万元，同比减少90.50%，流动比率1.198、速动 比率0.889、资产负债率26.98%。 来源：金融界 金融界消息 截至2025年8月25日收盘，华昌化工（002274）报收于6.84元，上涨0.15%，换手率1.72%， 成交量16.18万手，成交金额1.11亿元。 天眼查商业履历信息显示，江苏华昌化工股份有限公司，成立于1979年，位于苏州市，是一家以从事化 学原料和化学制品制造业为主的企业。企业注册资本95236.4646万人民币，实缴资本15013.3213万人民 币。公司法定代表人为胡波。 资金流向方面，今日主力资金净流出2050.92万元，占比成交额18.54%。其中，超大单净流出830.26万 元、占成交额7.5%，大单净流出1220.66万元 ...

Group 1 - The latest stock price of Huachang Chemical is 6.86 yuan, with an increase of 0.02 yuan compared to the previous trading day [1] - The stock reached a maximum of 6.88 yuan and a minimum of 6.82 yuan during the trading session, with a total transaction amount of 1.02 billion yuan [1] - The company specializes in basic chemical raw materials, fertilizer products, and new material research and manufacturing, holding a significant position in the fertilizer industry in Jiangsu Province [1] Group 2 - On August 21, the net outflow of main funds was 14.5887 million yuan, with a cumulative net outflow of 45.9833 million yuan over the past five trading days [1] - The current total market value of the company is 6.533 billion yuan, with a price-to-earnings ratio of 57.21 times [1] - The company is also involved in emerging fields such as hydrogen energy [1]

Group 1 - The core viewpoint of the article highlights the decline in electricity generation in Jiangsu Province, with a total generation of 489.8 billion kWh in May 2025, representing a year-on-year decrease of 4.3% [1] - From January to May 2025, Jiangsu's total electricity generation was 2406.5 billion kWh, showing a year-on-year decline of 5.3% [1] - Breakdown of electricity generation by type for January to May 2025: thermal power generation was 1858.5 billion kWh (77.2% of total), down 6.9%; hydropower generation was 16.8 billion kWh (0.7% of total), up 33.3%; nuclear power generation was 212.1 billion kWh (8.8% of total), down 2.5%; wind power generation was 239.5 billion kWh (10% of total), down 3.1%; solar power generation was 79.64 billion kWh (3.3% of total), up 19% [1] Group 2 - The report referenced is the "2025-2031 China Energy Industry Market Research Analysis and Investment Prospect Assessment Report" published by Zhiyan Consulting [1] - The statistical scope of the report includes large-scale industrial enterprises with annual main business income of 20 million yuan and above, ensuring comparability of data year-on-year [2] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing in-depth industry research reports, business plans, feasibility studies, and customized services [2]

Core Viewpoint - Jiangsu Huachang Chemical Co., Ltd. has reported a significant decline in revenue and net profit for the first quarter of 2025, indicating potential challenges in its financial performance and market position [1]. Financial Performance - As of the first quarter of 2025, the company reported total operating revenue of 1.771 billion yuan, a year-on-year decrease of 10.36% [1]. - The net profit attributable to shareholders was 28.55 million yuan, down 88.23% year-on-year [1]. - The non-recurring net profit was 21.66 million yuan, reflecting a 90.50% decrease compared to the previous year [1]. - The current ratio stood at 1.198, while the quick ratio was 0.889, and the debt-to-asset ratio was 26.98% [1]. Market Activity - On August 11, 2025, the company's stock closed at 6.84 yuan, with a slight increase of 0.15% [1]. - The trading volume was 97,600 lots, with a total transaction value of 66.77 million yuan [1]. - There was a net outflow of main funds amounting to 12.43 million yuan, accounting for 18.62% of the transaction value [1]. - Large orders saw a net outflow of 8.76 million yuan, representing 13.12% of the transaction value [1]. Company Background - Jiangsu Huachang Chemical Co., Ltd. was established in 1979 and is located in Suzhou, primarily engaged in the manufacturing of chemical raw materials and products [2]. - The company has a registered capital of 9.52364646 billion yuan and a paid-in capital of 1.50133213 billion yuan [1]. - The legal representative of the company is Hu Bo [1]. Investment and Intellectual Property - The company has made investments in 29 enterprises and participated in 304 bidding projects [2]. - It holds 63 trademark registrations and 25 patents, along with 362 administrative licenses [2].

资金流向方面，今日主力资金净流出1034.83万元，占比成交额10.68%。其中，超大单净流出911.81万 元、占成交额9.41%，大单净流出123.02万元、占成交额1.27%，中单净流出流入297.92万元、占成交额 3.07%，小单净流入736.91万元、占成交额7.61%。 金融界消息 截至2025年7月31日收盘，华昌化工（002274）报收于6.82元，下跌2.29%，换手率1.5%， 成交量14.11万手，成交金额9688.50万元。 天眼查商业履历信息显示，江苏华昌化工股份有限公司，成立于1979年，位于苏州市，是一家以从事化 学原料和化学制品制造业为主的企业。企业注册资本95236.4646万人民币，实缴资本15013.3213万人民 币。公司法定代表人为胡波。 通过天眼查大数据分析，江苏华昌化工股份有限公司共对外投资了29家企业，参与招投标项目304次， 知识产权方面有商标信息63条，专利信息24条，此外企业还拥有行政许可362个。 来源：金融界 华昌化工最新一期业绩显示，截至2025一季报，公司营业总收入17.71亿元、同比减少10.36%，归属净 利润2855.09万元，同比减少88 ...