Core Insights - The hydrogen energy industry is viewed as a strategic emerging industry with no "ceiling," transitioning from a technological concept to a competitive strategic area [1] - Jiangsu province is positioning itself as a leader in the hydrogen energy sector, with over 300 related enterprises and institutions, and is expected to achieve a sales revenue of 34 billion yuan in 2024, ranking second nationally [1] Industry Overview - The hydrogen energy industry chain in Jiangsu includes hydrogen production, storage and transportation, fuel cell manufacturing, and hydrogen refueling station operations [1] - Jiangsu has filed 33,800 hydrogen energy-related patents, accounting for 13.6% of the national total, ranking first in the country [1] Application Scenarios - In Zhangjiagang, over 70 hydrogen buses refuel daily at local hydrogen stations, demonstrating the practical application of hydrogen energy in public transportation [2] - Jiangsu Guofu Hydrogen Energy Technology Equipment Co., a key player in the hydrogen supply chain, produces equipment capable of generating 1,000 standard cubic meters of hydrogen per hour [2] Infrastructure Development - Zhangjiagang has 5 hydrogen refueling stations with a daily refueling capacity of 3.2 tons, supporting various hydrogen-powered vehicles [3] - The hydrogen energy application landscape is expanding in Changzhou, with innovative technologies for seawater electrolysis and partnerships with major energy companies [4] Industry Chain Integration - The hydrogen energy industry chain in Jiangsu is comprehensive, covering all aspects from production to end-use, with significant collaboration among various enterprises [5][6] - Changzhou's hydrogen industry has over 50 companies involved in the entire hydrogen value chain, including production, storage, transportation, and application [6] Innovation and Research - Jiangsu has established several national and provincial platforms for hydrogen energy research and innovation, fostering a collaborative ecosystem among enterprises, universities, and research institutions [7] - The province's hydrogen energy development is supported by government policies and funding initiatives, including a 2 billion yuan special fund for hydrogen energy projects [9][10] Future Prospects - The implementation of the Energy Law in China is expected to promote the high-quality development of the hydrogen energy industry, with Jiangsu aiming to become a leader in this sector [8] - By 2027, Jiangsu's hydrogen energy industry is projected to exceed 100 billion yuan, with plans to build over 100 hydrogen refueling stations and promote more than 10,000 fuel cell vehicles by 2030 [10]

Core Insights - Huachang Chemical (002274) reported a significant decline in net profit, down 97.58% year-on-year, with total revenue of 3.217 billion yuan, a decrease of 24.03% compared to the previous year [1][3] Financial Performance Summary - Total revenue for the first half of 2025 was 3.217 billion yuan, down 24.03% from 4.234 billion yuan in 2024 [1] - Net profit attributable to shareholders was 10.9243 million yuan, a drop of 97.58% from 451 million yuan in the previous year [1] - Gross margin decreased to 6.56%, down 66.03% from 19.30% [1] - Net margin fell to 0.21%, a decline of 97.97% from 10.53% [1] - Total expenses (selling, administrative, and financial) amounted to 187 million yuan, representing 5.82% of revenue, an increase of 18.73% year-on-year [1] - Earnings per share dropped to 0.01 yuan, down 97.57% from 0.47 yuan [1] Cash Flow Analysis - Operating cash flow per share was -0.1 yuan, a decrease of 133.71% from 0.28 yuan [1] - Net cash flow from operating activities decreased significantly due to reduced sales and increased cash payments for purchases and services [3][4] - Net cash flow from investing activities saw a drastic change of -506.28%, attributed to increased cash payments for fixed assets and investments [4] - Net cash flow from financing activities increased by 98.88%, primarily due to higher cash received from loans [4] Business Evaluation - The company's return on invested capital (ROIC) was 8.71%, indicating average capital returns [5] - Historical data shows a median ROIC of 5.26% over the past decade, with three years of losses since its IPO, suggesting a fragile business model [5] - The cash flow situation is concerning, with cash and cash equivalents only covering 29.61% of current liabilities [6]

Growth - Shudao Equipment reported a net profit of 10.15 million yuan in the first half of the year, a year-on-year increase of 5972.30% [1] - Aerospace Science and Technology achieved a net profit of 88.97 million yuan, up 2161.91% year-on-year [1] - Tianbao Infrastructure's net profit reached 118 million yuan, growing by 2106.58% year-on-year [1] - Northern Rare Earth reported a net profit of 931 million yuan, an increase of 1951.52% year-on-year [1] - Liugang Co., Ltd. posted a net profit of 36.8 million yuan, up 579.54% year-on-year [1] - Cheng Tian Wei Ye's net profit was 10.88 million yuan, increasing by 562.05% year-on-year [1] - Perfect World reported a net profit of 503 million yuan, a year-on-year increase of 384.52% [1] - Shenghong Technology achieved a net profit of 2.143 billion yuan, up 366.89% year-on-year [1] - Zhongke Magnetic Industry's net profit was 20.90 million yuan, increasing by 271.78% year-on-year [1] - Xinjiang Communications Construction reported a net profit of 255 million yuan, up 255.25% year-on-year [1] - Shennong Group achieved a net profit of 388 million yuan, a year-on-year increase of 212.65% [1] - Daikin Heavy Industries reported a net profit of 547 million yuan, up 214.32% year-on-year [1] - Fostar's net profit was 251 million yuan, increasing by 140.45% year-on-year [1] - Guohua Airlines achieved a net profit of 1.24 billion yuan, up 86.15% year-on-year [1] - China Electric Port reported a net profit of 181 million yuan, increasing by 64.98% year-on-year [1] - Ailisi's net profit was 1.051 billion yuan, up 60.22% year-on-year [1] - Zijin Mining reported a net profit of 23.292 billion yuan, a year-on-year increase of 54.41% [1] - Zhongke Chuangda achieved a net profit of 158 million yuan, up 51.84% year-on-year [1] - Sichuan Gold reported a net profit of 209 million yuan, increasing by 48.41% year-on-year [1] - Dongxing Securities achieved a net profit of 819 million yuan, up 42.12% year-on-year [1] - Fosun Pharma reported a net profit of 1.702 billion yuan, a year-on-year increase of 38.96% [1] - Kotec Power's net profit was 23.99 million yuan, increasing by 35.52% year-on-year [1] - Dongshan Precision reported a net profit of 758 million yuan, up 35.21% year-on-year [1] - Inspur Information achieved a net profit of 799 million yuan, a year-on-year increase of 34.87% [1] - Shenzhen Huaqiang reported a net profit of 236 million yuan, increasing by 33.45% year-on-year [1] - Conch Cement achieved a net profit of 4.368 billion yuan, up 31.34% year-on-year [1] - Jiuzhoutong reported a net profit of 1.446 billion yuan, increasing by 19.7% year-on-year [1] - Aofei Data achieved a net profit of 87.89 million yuan, a year-on-year increase of 16.09% [2] Decline and Loss - Huachang Chemical reported a net profit of 1.09 million yuan, a year-on-year decrease of 97.58% [2] - Meibang Apparel achieved a net profit of 993,030 yuan, down 87.07% year-on-year [2] - Toukeng Life reported a net profit of 275,930 yuan, a decrease of 58.41% year-on-year [2] - BlueFocus reported a net profit of 96.44 million yuan, down 47.33% year-on-year [2] - China Gold achieved a net profit of 31.9 million yuan, a decrease of 46.35% year-on-year [2] - Huaxi Biological reported a net profit of 22.1 million yuan, down 35.38% year-on-year [2] - Zhejiang New Energy achieved a net profit of 29.2 million yuan, down 34.65% year-on-year [2] - Hainan Mining reported a net profit of 28.1 million yuan, a decrease of 30.36% year-on-year [2] - Changying Precision achieved a net profit of 30.6 million yuan, down 29.37% year-on-year [2] - China Duty Free reported a net profit of 2.6 billion yuan, down 20.81% year-on-year [2] - Jiangling Motors achieved a net profit of 73.3 million yuan, down 18.17% year-on-year [2] - Donghua Software reported a net profit of 24.4 million yuan, down 15.78% year-on-year [2] - Hengda New Materials achieved a net profit of 3.4235 million yuan, down 12.68% year-on-year [2] - Yaoji Technology reported a net profit of 25.6 million yuan, down 9.98% year-on-year [2] - Ping An Insurance achieved a net profit of 68.047 billion yuan, down 8.8% year-on-year [2] - China Petroleum reported a net profit of 840.07 billion yuan, down 5.4% year-on-year [2] - 360 reported a net loss of 28.2 million yuan [2] - Electric Wind Power reported a net loss of 27.9 million yuan [2] Losses - Suzhou Keda reported a net loss of 21.7 million yuan [3] - Yuntian Lifa achieved a net loss of 20.6 million yuan [3] - Kosen Technology reported a net loss of 10.5 million yuan [3] - Xinyada reported a net loss of 5.2635 million yuan [3] - Chengfei Integration achieved a net loss of 1.49208 million yuan [3] - China Film reported a net loss of 11 million yuan, turning from profit to loss year-on-year [3]

Core Viewpoint - Huachang Chemical (002274.SZ) reported a significant decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its operational performance [1] Financial Performance - The company achieved operating revenue of 3.217 billion yuan, a year-on-year decrease of 24.03% [1] - The net profit attributable to shareholders was 10.9243 million yuan, reflecting a year-on-year decline of 97.58% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 4.3234 million yuan, down 98.99% year-on-year [1] - Basic earnings per share were reported at 0.0115 yuan [1]

Group 1 - The core point of the article is that Huachang Chemical (SZ 002274) held its second board meeting on August 26, 2025, to discuss the proposal for the second extraordinary shareholders' meeting of 2025 [1] - For the year 2024, Huachang Chemical's revenue composition is as follows: fine chemicals account for 41.25%, fertilizers account for 32.22%, soda ash accounts for 17.51%, and other industries account for 9.01% [1] - As of the report, Huachang Chemical has a market capitalization of 6.6 billion yuan [1] Group 2 - The pet industry is experiencing a significant boom, with a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1]

江苏华昌化工股份有限公司 2025 年半年度财务报告 2025 年 08 月 1 | | | | 一、审计报告 | 3 | | --- | --- | | 二、财务报表 | 3 | | 三、公司基本情况 | 21 | | 四、财务报表的编制基础 | 21 | | 五、重要会计政策及会计估计 | 22 | | 六、税项 | 47 | | 七、合并财务报表项目注释 | 48 | | 八、研发支出 | 85 | | 九、合并范围的变更 | 85 | | 十、在其他主体中的权益 | 86 | | 十一、政府补助 | 88 | | 十二、与金融工具相关的风险 | 89 | | 十三、公允价值的披露 | 90 | | 十四、关联方及关联交易 | 92 | | 十五、股份支付 | 95 | | 十六、承诺及或有事项 | 96 | | 十七、资产负债表日后事项 | 97 | | 十八、其他重要事项 | 97 | | 十九、母公司财务报表主要项目注释 | 98 | | 二十、补充资料 | 106 | 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 ...

证券代码：002274 证券简称：华昌化工 公告编号：2025-023 江苏华昌化工股份有限公司 关于为联营公司提供财务资助暨关联交易的公告 重要内容提示： 1、本次江苏华昌化工股份有限公司（以下简称"公司"、"本公司"）为公司联营企 业--张家港运昌绿色物流有限公司（以下简称"运昌物流"），提供财务资助金额（额度） 的不超过（含）2,000 万元；资助期限不超过 2027 年 6 月 30 日；利率为银行贷款同等 利率标准。运昌物流其他股东（或其关联方等）将按照出资比例向运昌物流提供同等财 务资助。 2、履行的审议程序。本次交易已经公司第八届董事会第二次会议审议通过，在提交 董事会审议前，已经公司董事会审计委员会、独立董事专门会议全票同意审议通过。本 次交易尚需提交公司股东会审议批准。 3、公司将继续密切关注运昌物流的经营情况，加强对其财务状况的跟踪评价，控制 相关风险。 一、财务资助事项概述 根据公司发展规划，近年来，本公司在氢能源领域拓展，构建了包括氢燃料电池研 发、生产，整车制造，应用场景等环节生态圈。本次，公司提供财务资助的运昌物流公 司，为氢能产业示范应用之中的重要一个环节（运昌物流运营车辆中包含 ...

2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：江苏华昌化工股份有限公司 单位：人民币万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 | 上市公司核算 | 2025年期初占 | 2025 年半年度占 用累计发生金额 | 2025年半年度占 用资金的利息 | 2025 年半年度 偿还累计发生 | 2025 年期末占 | 占用形成 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 的会计科目 | 用资金余额 | | | | 用资金余额 | 原因 | 占用性质 | | | | | | | （不含利息） | （如有） | 金额 | | | | | 控股股东、实际控制 | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | | | - | | 前控股股东、实际控 | | | | | | | | | | | | 制人及其附属企业 | | | | | ...

证券代码：002274 证券简称：华昌化工 公告编号：2025-024 江苏华昌化工股份有限公司 关于召开 2025 年第二次临时股东会的通知 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。 一、召开会议基本情况 1、股东会届次：2025年第二次临时股东会。 2、股东会召集人：公司董事会。 3、会议召开的合法、合规性：公司第八届董事会第二次会议审议通过《关于召开2025 年第二次临时股东会的议案》，本次股东会的召开符合相关法律、行政法规、部门规章、 规范性文件和《公司章程》等规定。 4、召开时间： （1）截至股权登记日下午收市时在中国证券登记结算有限责任公司深圳分公司登记 在册的本公司全体股东均有权出席股东会，并可书面委托代理人出席会议和参加表决（授 权委托书见附件2），该股东代理人不必是公司的股东； （2）公司董事、监事、高级管理人员； （3）公司聘请的律师。 （4）根据相关法规应当出席股东会的其他人员。 （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 ...

江苏华昌化工股份有限公司 第八届董事会独立董事专门会议 2025 年第二次会议决议 一、以 3 票同意，0 票反对，0 票弃权审议通过了《关于为联营公司提供财务资助暨 关联交易的议案》 经审核，公司向联营公司运昌物流提供财务资助，是发展氢能源产业的需要，符合公 司发展规划，且金额较小；其他股东（或其关联方等）将按照出资比例向运昌物流提供同 等财务资助，风险可控；因此，本次财务资助暨关联交易不存在损害公司及公司股东特别 是中小股东利益的情形，符合《深圳证券交易所股票上市规则》、《公司章程》等的有关规 定。因此，我们一致同意该议案，并同意提交公司董事会审议。 （以下无正文） （本页无正文，为江苏华昌化工股份有限公司第八届独立董事专门会议2025年第二次会议决议签字页） 独立董事： 陈 强 李 莉 汪激清 江苏华昌化工股份有限公司（以下简称"公司"）第八届董事会独立董事专门会议 2025 年第二次会议通知于 2025 年 8 月 15 日以通讯送达参会人员。会议于 2025 年 8 月 20 日在公司会议室召开，本次会议采用现场会议的方式，应出席独立董事 3 名，实际出席 独立董事 3 名，本次会议由陈强先生召集并 ...