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 网址：http://www.grandall.com.cn 国浩律师（上海）事务所 关于 江苏华昌化工股份有限公司 2024 年年度股东大会的 法律意见书 国浩律师（上海）事务所 股东大会法律意见 书 国浩律师（上海）事务所 关于江苏华昌化工股份有限公司 2024 年年度股东大会的 法律意见书 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"）2024 年年度股东大会（以 下简称"本次股东大会"）现场会议于 2025 年 5 月 16 日（星期五）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、肖荣 甫律师（以下简称"本所律师"）出席并见证本次股东大会。 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 市公司股东大会规则》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 ...

证券代码：002274 证券简称：华昌化工 公告编号：2025-013 江苏华昌化工股份有限公司 2024年年度股东大会决议公告 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。 一、会议召开情况： 1、召开时间： （1）现场会议时间：2025 年 5 月 16 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 5 月 16 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 5 月 16 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：公司董事会 5、现场会议主持人：公司董事长胡波先生 特别提示： 1、本次股东大会没有出现否决议案的情形； 2、本次股东大会没有涉及变更前次股东大会决议。 二、会议出席情况： 1、股东出席的总体情况： 通过现场和网络投票的股东 219 人，代表股份 398,020,3 ...

Core Viewpoint - Huachang Chemical demonstrates strong risk management and development potential despite facing temporary pressure on performance due to price fluctuations in key products like soda ash [1][2] Group 1: Financial Performance - The company reported a temporary decline in performance for 2024 due to price volatility in key products [1] - Financial officer Zhao Huifen highlighted the continuous reduction of the asset-liability ratio and maintained good operating cash flow, laying a solid foundation for future development [1] - The company adheres to a dividend policy of "3 yuan per 10 shares," reflecting its commitment to returning value to investors [1] Group 2: Hydrogen Energy Business - Huachang Chemical has made substantial progress in its hydrogen energy business, with the operation of a 500 kg/d hydrogen refueling station and a 4 t/d hydrogen filling station [1] - The company has completed the demonstration application of 103 transport equipment units, showcasing its first-mover advantage and technological accumulation in the hydrogen energy sector [1] - Plans are underway to establish a hydrogen refueling station in collaboration with the port group, contributing to the construction of a green zero-carbon port [1] Group 3: Project Development - The 300,000-ton multi-alcohol project is progressing smoothly, with 65% of the financial payment progress expected to be completed by the end of 2024 [2] - This project is anticipated to become a new profit growth point for the company, optimizing product structure and enhancing market competitiveness [2] Group 4: Future Development Strategy - The company has outlined a clear development plan, focusing on enhancing operational efficiency through technological upgrades while seizing opportunities in the renewable energy sector [2] - Huachang Chemical aims to closely monitor market dynamics and actively seize development opportunities to create greater value for investors [2] - The company is committed to responsible corporate governance and is actively laying the groundwork for future industries while maintaining stable operations in traditional businesses [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report 2.1纯碱市场 - The industry meeting has announced a production - cut and price - support plan. Initial maintenance in early May has been basically implemented, and the scope of maintenance is expected to expand in the middle and late May, leading to a continuous reduction in production. However, the futures market has initially shown a weak feedback, and the positive feedback is not strong. The pressure on soda ash plants has not been significantly relieved. The trend remains bearish, and further changes in maintenance need to be observed [8][9]. - The strategy suggests paying attention to the new order transaction prices, the implementation of maintenance and price - support measures. After taking profits from closing short positions, one can participate again by shorting at high prices when the price goes up [9]. 2.2 Glass market - From a valuation perspective, it has entered an ideal layout range, but it is necessary to wait for the improvement of market sentiment. Follow - up should track the changes in production lines, observe the digestion progress of low - price futures and spot sources, and the changes in the spot volume and price sentiment in the main production areas [171]. - The strategy recommends a long - position approach for far - month contracts at low prices [171]. 3. Summary by Relevant Catalogs 3.1 Soda Ash Market Review - **Supply**: The total production is 74.07 million tons, with a week - on - week decrease of 0.79 million tons. After the holiday, maintenance has gradually started, and production is expected to decline from the high level. The new production capacity of Lianyungang Soda Plant is expected to produce trial products this month [8]. - **Demand**: The apparent demand for soda ash is 71.16 million tons, with a week - on - week decrease of 5.58 million tons. The terminal has replenished inventory at low prices, and manufacturers still have some forward - delivery orders [8]. - **Inventory**: The inventory of soda ash plants is 170.13 million tons, with a week - on - week increase of 2.91 million tons. The social inventory is 37.00 million tons, with a week - on - week increase of 2.00 million tons. Under the expectation of production cuts, the plant inventory is expected to decrease in the short term, while the middle - stream inventory may stop falling and rise [8]. - **Valuation**: The cost and profit of ammonia - soda process and combined - soda process are relatively stable. The basis of the market price in Shahe is 28 yuan [8]. 3.2 Monthly Supply and Demand - **Production**: The monthly production data of soda ash from 2020 to 2025 shows certain seasonal fluctuations [15]. - **Import and Export**: The current import volume is 0.32 million tons, with a month - on - month decrease of 0.23 million tons; the export volume is 19.43 million tons, with a month - on - month increase of 0.02 million tons. The import dependence is 0.11 [16]. 3.3 Basis and Spread - **Futures and Spot Price Comparison**: Charts show the price trends of glass futures, Shahe heavy - soda ash market price, soda ash futures, and Shahe 5mm glass plate price from 2020 to 2025 [24][25][26][27]. - **Soda Ash Contract Basis**: Charts present the basis trends of Shahe heavy - soda ash 01, 09, and 05 contracts from 2022 to 2026 [29][30][31]. - **Soda Ash Contract Inter - period Spread**: Charts show the spread trends of soda ash 09 - 01, 01 - 05, and 05 - 09 contracts from 2021 to 2026 [33][34][35]. - **Glass - Soda Ash Contract/Spot Spread**: Charts display the spread trends of glass - soda ash 01, 09, 05 contracts and the spot spread from 2021 to 2025 [37][39][40]. 3.4 Soda Ash Market Price - **Shahe Region**: The current market price of heavy - soda ash in Shahe is 1330 yuan/ton, with a week - on - week decrease of 19 yuan/ton and a year - on - year decrease of 920 yuan/ton [45]. - **Regional Price of Heavy and Light Soda Ash**: The prices of heavy and light soda ash in different regions have different degrees of changes. For example, the price of heavy - soda ash in Shahe has decreased, while the prices in some other regions remain stable [49]. 3.5 Soda Ash Supply - **Start - up and Shutdown**: Some soda ash plants are currently under maintenance or operating at reduced loads, and many plants have planned maintenance in May and June [87]. - **Start - up Rate**: The current domestic start - up rate of soda ash is 87.74%, with a week - on - week decrease of 0.93 percentage points [88]. - **Cost and Profit**: The cost and profit of ammonia - soda process and combined - soda process are relatively stable, and the prices of related raw materials such as synthetic ammonia also show certain trends [98][111]. 3.6 Soda Ash Demand - **Demand for Heavy - Soda Ash**: The demand for heavy - soda ash is mainly affected by the production of float glass and photovoltaic glass. The current daily melting volume of float glass and photovoltaic glass has decreased slightly [134][135][137]. - **Apparent Consumption and Production - Sales Ratio**: The weekly apparent consumption and production - sales ratio of soda ash show certain fluctuations [140]. - **Photovoltaic Glass Price**: The market average prices of 3.2mm and 2.0mm coated photovoltaic glass have certain trends from 2021 to 2025 [144][145]. 3.7 Soda Ash Inventory - **Overall Inventory**: The current inventory of soda ash enterprises is 170.13 million tons, with a week - on - week increase of 2.91 million tons [149]. - **Regional Inventory**: The inventory of soda ash in different regions shows different trends [156][157][158]. 3.8 Glass Market Review - **Supply**: The daily melting volume of float glass is 155,825 tons, with a week - on - week decrease of 1400 tons. The weekly production is 109.08 million tons, with a week - on - week decrease of 0.98 million tons [169]. - **Demand**: The apparent consumption is 95.73 million tons, with a week - on - week decrease of 16.75 million tons. Market demand sentiment is weak, and the apparent demand has declined [169]. - **Inventory**: The factory inventory is 337.80 million tons, with a week - on - week increase of 12.86 million tons. Weak demand has led to a short - term increase in factory inventory [169]. - **Valuation**: The costs and profits of different production lines of glass are relatively stable. The spread between East China and Central China is 200 yuan, and the basis of the 5mm glass plate in Shahe is 162 yuan [169]. 3.9 Monthly Supply and Demand of Glass - **Production**: The monthly production data of flat glass from 2020 to 2025 shows certain seasonal fluctuations [176]. - **Import and Export**: The import and export volumes of float glass also show certain trends [178][181]. 3.10 Basis and Spread of Glass - **Futures and Spot Price Comparison**: Charts show the price trends of Shahe 5mm glass plate, glass futures, Shahe heavy - soda ash market price, and soda ash futures from 2020 to 2025 [185][187][188][189]. - **Glass Contract Basis**: Charts present the basis trends of the 01, 09, and 05 contracts of Shahe 5mm glass plate from 2021 to 2026 [191][192][194]. - **Glass Contract Inter - period Spread**: Charts show the spread trends of glass 09 - 01, 05 - 09, and 01 - 05 contracts from 2009 to 2026 [196][197][198]. - **Glass - Soda Ash Contract/Spot Spread**: Charts display the spread trends of glass - soda ash 01, 09, 05 contracts and the spot spread from 2021 to 2025 [201][202][203]. 3.11 Glass Market Price - **Regional Price of 5mm Float Glass**: The prices of 5mm float glass in different regions have different degrees of changes. For example, the prices in Shahe have decreased, while the prices in some other regions remain stable [207]. - **Price of 5mm Glass Plate**: The prices of 5mm glass plates in different regions and different manufacturers also show certain trends [219][221][223].

Core Viewpoint - The company is focusing on the development of hydrogen energy and multi-functional alcohol projects despite current challenges in profitability and market conditions [2][4]. Group 1: Hydrogen Energy Development - The company has invested in hydrogen energy as a future industry, supported by government policies, and aims to transition from demonstration applications to commercial promotion in 2025 [2]. - As of the 2024 annual report, the company has completed the deployment of 103 hydrogen-powered vehicles, including 38 buses and 60 heavy trucks [2]. - The company has established a hydrogen refueling station with a capacity of 500 kg/d and is working on a green zero-carbon terminal in collaboration with the port group [2][4]. Group 2: Multi-functional Alcohol Project - The multi-functional alcohol project is currently under construction and is expected to reach operational status by the third quarter of 2025 [2]. - The project is reported to be progressing smoothly and is anticipated to meet design capacity requirements [2]. Group 3: Financial Performance and Market Conditions - The company's first-quarter performance in 2025 showed a significant decline compared to the previous year, primarily due to a substantial drop in product prices within the industry [2][4]. - The company has been actively managing its debt levels, resulting in a decreasing trend in the debt-to-asset ratio over the past five years [2]. - The company plans to conduct periodic maintenance in May 2025, which may impact second-quarter performance but is necessary for future project readiness [4]. Group 4: Shareholder Engagement and Market Strategy - The company acknowledges shareholder concerns regarding stock performance and is open to suggestions for improving market value management [3][4]. - The management emphasizes the importance of transparent communication regarding operational status and financial performance to maintain investor confidence [4].

Group 1: Project Updates - The 300,000 tons polyol project is currently under construction and is expected to reach operational status by Q3 2025 [1] - The company has completed the demonstration application of 103 hydrogen transport vehicles, including 38 buses, 60 heavy trucks, and 5 tractors [1] Group 2: Hydrogen Energy Investment - Hydrogen energy is considered a future industry supported by government policies; the company is cautiously investing in this sector [1] - Initial registered capital for the subsidiary Huachang Energy was 30 million yuan, with the company holding a 70% stake; a capital financing round in 2022 raised approximately 105 million yuan [2] Group 3: Hydrogen Station Operations - A hydrogen refueling station with a capacity of 500 kg/d has been built and is operational, supplying hydrogen at 25 yuan/kg [2] - The company is collaborating with the port group to establish a green zero-carbon hydrogen refueling station [2] Group 4: Financial Management - The company's asset-liability ratio has decreased due to improved management of receivables and inventory, alongside strong operating cash flow [2] - The company maintains a dividend policy of 3 yuan for every 10 shares, with future dividends dependent on operational performance [2] Group 5: Operational Challenges - Scheduled maintenance in Q2 is expected to impact performance, as it is part of annual cyclical maintenance and preparation for future projects [2] - The company is closely monitoring external factors, including tariff impacts, which complicate performance predictions for the year [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For the soda ash market, the industry conference promotes production - cut and price - support plans. Although short - term factory inventory is expected to decrease and the mid - stream may stop reducing inventory, continuous price increases are difficult. The long - term bearish trend remains, but caution is needed before the positive feedback atmosphere ends. Traders are advised to pay attention to new order transaction prices and the implementation of maintenance and price - support plans, and short - term short - covering and then short - selling at high prices are recommended after the upward sentiment calms down [8][9]. - For the glass market, from a valuation perspective, it has entered an ideal layout range, but it is necessary to wait for the market sentiment to improve. A long - position strategy for far - month contracts is recommended, and subsequent attention should be paid to production line changes, the digestion progress of low - price spot and futures sources, and the price - volume sentiment changes of spot in major production areas [173]. 3. Summary by Directory 3.1 Soda Ash Market Review - **Supply**: The total weekly production is 75.51 million tons, with heavy - soda production at 41.55 million tons and light - soda production at 33.96 million tons. The import volume is 0.07 million tons, and the export volume is 4.2 million tons. There are production - cut and maintenance plans in the industry, and potential incremental production awaits the full - capacity operation of Jiangsu Debang and the subsequent commissioning of Lianyungang Alkali Plant [8]. - **Demand**: The heavy - soda consumption is 34.27 million tons, and the light - soda apparent demand is 30.87 million tons. The apparent demand for soda ash is 77.54 million tons. The market's expectation for terminal demand is weak, but the short - term apparent demand may be boosted by the positive feedback between futures and spot [8]. - **Inventory**: The alkali factory inventory is 169.1 million tons, and the social inventory is 33.85 million tons. With the positive feedback and subsequent production - cut expectations, short - term factory inventory is expected to decrease, while mid - stream inventory may stop falling and start to rise [8]. - **Valuation**: The ammonia - soda process cost is 1327 yuan, and the profit is 83 yuan. The combined - soda process cost is 1170 yuan, and the profit is 140 yuan. The price difference between heavy and light soda in Central China is 40 yuan, and the basis of the market price in Shahe is 20 yuan [8]. 3.2 Monthly Supply and Demand - **Production**: The report provides monthly production data of soda ash from 2020 to 2025 [15]. - **Imports and Exports**: The current import volume is 0.32 million tons, and the export volume is 19.43 million tons. Compared with the previous month, imports decreased by 0.23 million tons, and exports increased by 0.02 million tons. Compared with the same period last year, imports decreased by 21.23 million tons, and exports increased by 9.45 million tons [16]. 3.3 Basis and Spread - **Spot - Futures Price Comparison**: It shows the price trends of soda ash futures price index, Shahe area heavy - soda market price, Shahe glass 5mm large - plate tax - included price, and glass futures price index from 2020 to 2025 [24][25][26][27]. - **Soda Ash Contract Basis**: Presents the basis trends of Shahe heavy - soda 01, 09, and 05 contracts from 2021 to 2026 [29][31][32]. - **Soda Ash Contract Inter - period Spread**: Displays the spread trends of soda ash 09 - 01, 01 - 05, and 05 - 09 contracts from 2021 to 2026 [34][35][36]. - **Glass - Soda Ash Contract/Spot Spread**: Shows the spread trends of glass - soda ash 01, 09, and 05 contracts and the spot spread of Shahe glass 5mm large - plate glass - soda ash from 2021 to 2026 [38][39][40][42]. 3.4 Soda Ash Market Price - **Shahe Region**: The current market price of heavy - soda in Shahe is 1312 yuan, a decrease of 40 yuan compared with last week and 938 yuan compared with last year [47]. - **Light and Heavy Soda Regional Prices**: The prices of heavy and light soda in different regions such as North China, East China, and Central China are provided, with most prices remaining stable [51]. 3.5 Soda Ash Supply - **Start - up and Shutdown**: Some enterprises are currently under maintenance or reducing load, and some have planned maintenance in May [88]. - **Start - up Rate**: The current domestic soda ash start - up rate is 89.44%, with a weekly production of 75.51 million tons, heavy - soda production of 41.55 million tons, and light - soda production of 33.96 million tons [89]. - **Cost and Profit**: The cost and profit trends of ammonia - soda and combined - soda processes from 2020 to 2025 are presented, as well as the price trends of related products such as synthetic ammonia, limestone, and caustic soda [100][102][104][106][112][122][126]. 3.6 Soda Ash Demand - **Heavy - Soda Demand**: It shows the daily melting volume of photovoltaic and float glass, the daily consumption of heavy - soda, and the weekly demand from 2020 to 2025 [137][139][140][141]. - **Weekly Apparent Consumption and Production - Sales Ratio**: Presents the weekly consumption and production - sales ratio of light and heavy soda from 2020 to 2025 [143]. - **Photovoltaic Glass Price**: Displays the market average prices of 3.2mm and 2.0mm coated photovoltaic glass from 2021 to 2025 [146][147]. 3.7 Soda Ash Inventory - **Overall Inventory**: The current soda ash enterprise inventory is 169.1 million tons, with light - soda enterprise inventory at 85.05 million tons and heavy - soda enterprise inventory at 84.05 million tons [151]. - **Regional Inventory**: Shows the inventory trends of soda ash in different regions such as North China, Central China, and East China from 2020 to 2025 [159][160][162]. 3.8 Glass Market Review - **Supply**: The daily melting volume of float glass is 157,175 tons, and the weekly production is 110.02 million tons. There are cold - repair and production - start plans for some production lines [171]. - **Demand**: The apparent consumption is 108.47 million tons. Market sentiment suppresses the apparent demand, but the mid - and downstream purchase appropriately at low prices [171]. - **Inventory**: The factory inventory is 327.37 million tons, and short - term inventory is expected to increase slightly due to demand suppression [171]. - **Valuation**: The cost and profit of natural - gas, coal - gas, and petroleum - coke production lines are provided. Low - cost production capacity still has profits, but most production capacity is in the red [171]. 3.9 Glass Monthly Supply and Demand - **Production**: Displays the monthly production data of flat glass from 2020 to 2025 [178]. - **Imports and Exports**: Presents the monthly import and export data of float glass from 2020 to 2025 [179][183]. 3.10 Glass Basis and Spread - **Spot - Futures Price Comparison**: Shows the price trends of soda ash futures price index, Shahe area heavy - soda market price, Shahe glass 5mm large - plate tax - included price, and glass futures price index from 2020 to 2025 [187][188][189][190]. - **Glass Contract Basis**: Presents the basis trends of Shahe glass 5mm large - plate 01, 09, and 05 contracts from 2021 to 2026 [192][193][194]. - **Glass Contract Inter - period Spread**: Displays the spread trends of glass 09 - 01, 05 - 09, and 01 - 05 contracts from 2009 to 2026 [196][197][198]. - **Glass - Soda Ash Contract/Spot Spread**: Shows the spread trends of glass - soda ash 01, 09, and 05 contracts and the spot spread of Shahe glass 5mm large - plate glass - soda ash from 2021 to 2026 [201][202][203][205]. 3.11 Glass Market Price - **Float Glass 5mm Regional Price**: Provides the price information of 5mm float glass in different regions such as Shahe, North China, and East China, with some prices showing slight fluctuations [210]. - **Float Glass 5mm Large - Plate Price**: Displays the price trends of Shahe glass 5mm large - plate tax - included price, Beijing - Tianjin - Tangshan 5mm glass large - plate tax - included price, and South China 5mm glass large - plate tax - included price from 2020 to 2025 [225]. 3.12 Glass Supply No relevant content provided for the supply part after "05 Glass Supply".

Core Viewpoint - The company reported a significant decline in financial performance for the first quarter, primarily due to a substantial drop in product prices within the industry, particularly in the soda ash and nitrogen fertilizer sectors [9]. Financial Data Summary - The net accounts receivable at the end of the reporting period was 131.28 million yuan, a decrease of 23.89 million yuan, or 15.39%, compared to the beginning of the period [5]. - The balance of accounts payable was 481.31 million yuan, an increase of 64.29 million yuan, or 15.42%, compared to the beginning of the period [6]. - Operating revenue for the period was 1.77 billion yuan, a decrease of 204.76 million yuan, or 10.36%, compared to the same period last year [7]. - The net profit attributable to shareholders was 28.55 million yuan, a decrease of 213.96 million yuan, or 88.23%, compared to the same period last year [7]. - The net cash flow from operating activities was 143.68 million yuan, an increase of 116.95 million yuan, or 437.55%, compared to the same period last year [7]. - The net cash flow from investing activities was -447.32 million yuan, a decrease of 576.30 million yuan, or 446.80%, compared to the same period last year [8]. - The net cash flow from financing activities was -4.84 million yuan, an increase of 92.89 million yuan, or 95.05%, compared to the same period last year [8]. Operational Insights - The company noted that the decline in performance was influenced by the volatile nature of the industry, making it challenging to predict future market price trends [9]. - The company plans to conduct annual periodic maintenance in May and prepare for the commissioning of future projects [9].

Financial Performance - The company's revenue for Q1 2025 was ¥1,771,499,531.47, a decrease of 10.36% compared to ¥1,976,257,608.35 in the same period last year[5] - Net profit attributable to shareholders was ¥28,550,858.13, down 88.23% from ¥242,515,475.25 year-on-year[5] - Operating profit decreased significantly to ¥32,439,284.20 from ¥315,028,822.13, a decline of approximately 89.7% year-over-year[20] - Net profit for the period was ¥26,905,522.77, down from ¥239,520,792.44, indicating a significant decline of approximately 88.8% year-over-year[20] - Earnings per share (EPS) decreased to ¥0.0300 from ¥0.2546, a decline of about 88.2% year-over-year[21] - Total operating revenue decreased to ¥1,771,499,531.47 from ¥1,976,257,608.35, representing a decline of approximately 10.4% year-over-year[20] - Total operating costs increased to ¥1,767,117,588.12 from ¥1,683,549,325.97, reflecting an increase of about 5.0% year-over-year[20] - Investment income decreased to ¥11,228,930.91 from ¥22,355,348.10, reflecting a decline of about 49.8% year-over-year[20] - Research and development expenses decreased to ¥21,556,783.63 from ¥26,354,306.46, a reduction of approximately 18.1% year-over-year[20] - Other income increased to ¥4,416,926.23 from ¥2,049,471.55, an increase of about 115.5% year-over-year[20] Cash Flow - The net cash flow from operating activities increased significantly by 437.55%, reaching ¥143,679,133.47 compared to ¥26,728,665.36 in the previous year[5] - Operating cash flow for the current period was ¥143,679,133.47, a significant increase from ¥26,728,665.36 in the previous period, representing a growth of approximately 437%[23] - Total cash inflow from operating activities was ¥1,409,773,145.09, compared to ¥1,299,754,169.33 in the previous period, indicating an increase of about 8.5%[23] - Cash outflow from operating activities decreased slightly to ¥1,266,094,011.62 from ¥1,273,025,503.97, resulting in a net cash flow from operating activities of ¥143,679,133.47[23] - Investment activities resulted in a net cash outflow of ¥447,318,172.21, a decline from a net inflow of ¥128,985,842.42 in the previous period[23] - Cash inflow from investment activities totaled ¥132,894,950.16, down from ¥247,932,197.44, reflecting a decrease of approximately 46.4%[23] - Cash outflow for capital expenditures increased significantly to ¥484,878,388.14 from ¥84,996,115.93, indicating a rise of about 471%[23] - Financing activities generated a net cash outflow of ¥4,836,987.91, an improvement from a net outflow of ¥97,727,720.84 in the previous period[24] - The ending cash and cash equivalents balance was ¥484,366,482.46, down from ¥898,078,246.58, representing a decrease of approximately 46%[24] - The company received ¥49,687,073.80 in cash from borrowings, an increase from ¥42,900,000.00 in the previous period[24] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥7,954,118,178.10, reflecting a 2.05% increase from ¥7,793,983,200.30 at the end of the previous year[5] - Total liabilities increased to ¥2,145,785,561.98 from ¥2,012,556,106.95, marking an increase of approximately 6.6% year-over-year[19] - Total equity rose to ¥5,808,332,616.12 from ¥5,781,427,093.35, a slight increase of about 0.5% year-over-year[19] - The total current assets decreased from 2,831,030,355.43 yuan to 2,539,575,857.75 yuan, a decline of approximately 10.3%[18] - The total non-current assets increased from 4,962,952,844.87 yuan to 5,414,542,320.35 yuan, an increase of approximately 9.1%[18] - The balance of accounts receivable decreased by 15.39% to ¥131,284,500 compared to the beginning of the period[9] - The balance of construction in progress increased by 62.56% to ¥1,475,453,000 due to increased investment in ongoing projects and advanced technology introduction[9] - The balance of contract liabilities increased by 31.22% to ¥400,556,500, indicating an increase in unrecognized sales from advance payments[10] Shareholder Information - The total number of common shareholders at the end of the reporting period is 53,344[15] - The largest shareholder, Suzhou Warner Investment Co., Ltd., holds 28.88% of shares, totaling 275,059,519 shares[15] - 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[15] - The top ten shareholders do not have any associated relationships or agreements that would constitute them as acting in concert[15] Market Conditions - The company reported a significant decline in the prices of its main products, particularly in the soda ash and nitrogen fertilizer sectors, impacting overall performance[11] - The company's operating performance has significantly declined compared to the same period last year, primarily due to a substantial drop in product prices within the industry[17] - The company plans to conduct annual periodic maintenance in May and prepare for subsequent project production[17] - The company will closely monitor market dynamics and actively implement response measures to address the fluctuating industry conditions[17]

Group 1 - Huachang Chemical (002274.SZ) released its 2024 annual report on April 26, 2025, indicating that as of April 25, 2025, 63 institutional investors disclosed holding A-shares, totaling 413 million shares, which accounts for 43.40% of the total share capital [1] - The top ten institutional investors include Suzhou Warner Investment Co., Ltd., Jiangsu Huachang (Group) Co., Ltd., Hong Kong Central Clearing Limited, and several ETFs, with the top ten holding a combined share of 43.11%, a decrease of 1.95 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, five public funds reduced their holdings compared to the previous quarter, with a total reduction rate of 0.43% [2] - A total of 54 new public funds were disclosed this period, including several ETFs and index funds, while one public fund, Dongfang Quantitative Multi-Strategy Mixed A, was not disclosed this period [2] - Regarding foreign investment, one foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.56% compared to the previous quarter [2]