Group 1 - The company was asked about the purity level of its BDO products and whether it can sell at a premium compared to similar products in the market [2] - The company's subsidiary, Tongde Kecai Materials Co., Ltd., has not yet commenced production of the PBAT new material integration project, and purity and other indicators will be determined after product output [2] - Market pricing will depend on product purity and market conditions [2]

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, with all board members assuming legal responsibility for any misstatements or omissions [2][3] - The quarterly financial report has not been audited [3][8] Financial Data Summary - Cash and cash equivalents at the end of the period amounted to 101.70 million yuan, a decrease of 45.81% compared to the beginning of the period, primarily due to reduced revenue and increased debt repayments [6] - Accounts receivable financing at the end of the period was 0.39 million yuan, down 79.08% from the beginning of the period, mainly due to decreased revenue and fewer bank acceptance bills received [6] - Contract liabilities at the end of the period were 27.49 million yuan, an increase of 36.28% from the beginning of the period, attributed to increased advance payments received [6] - Employee compensation payable at the end of the period was 53.26 million yuan, up 33.32% from the beginning of the period, due to increased wages and social security payments owed [6] - Other payables at the end of the period were 92.65 million yuan, a decrease of 30.40% from the beginning of the period, mainly due to increased repayments of borrowed funds [6] - Deferred income at the end of the period was 81.92 million yuan, an increase of 127.22%, primarily due to government subsidies received [6] - Financial expenses for the period amounted to 54.53 million yuan, an increase of 587.29% compared to the previous period, mainly due to interest expenses incurred [6] - Asset impairment losses for the period were 9.44 million yuan, an increase of 11,706.32% compared to the previous period, primarily due to the recovery of previous years' impairment provisions [6] - Net cash flow from operating activities for the period was 51.49 million yuan, an increase of 333.00% compared to the previous period, mainly due to tax payments made in the previous year [6] - Net cash flow from investing activities for the period was 26.46 million yuan, an increase of 102.81% compared to the previous period, mainly due to reduced project investments [6] - Net cash flow from financing activities for the period was -185.13 million yuan, a decrease of 120.63% compared to the previous period, primarily due to reduced borrowings from financial institutions [6]

Core Viewpoint - Tongde Chemical reported a decline in revenue and net profit for the year-to-date period, but a significant increase in net cash flow from operating activities [1]. Financial Performance - For Q3 2025, the company achieved operating revenue of 75.44 million yuan, a decrease of 24.43% compared to the same period last year [2]. - The net profit attributable to shareholders was a loss of 21.03 million yuan, showing an improvement in loss by 226.25% year-on-year [2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of 30.83 million yuan, with a year-on-year improvement in loss by 460.13% [2]. Year-to-Date Performance - From the beginning of the year to the reporting period, the company accumulated operating revenue of 331 million yuan, down 20.53% from 417 million yuan in the same period last year [3]. - The net profit attributable to shareholders was a loss of 9.94 million yuan, and the net profit after deducting non-recurring gains and losses was a loss of 24.47 million yuan, both turning from profit to loss [3]. Cash Flow Analysis - The net cash flow from operating activities for the year-to-date period was 51.49 million yuan, a significant increase from a negative 22.10 million yuan in the same period last year, reflecting a positive change [3]. - The net cash flow from investing activities was 26.46 million yuan, an increase of 102.81% compared to the previous period, mainly due to reduced investment in the Tongde Kechuang project [3]. - The net cash flow from financing activities was a negative 185 million yuan, a decrease of 120.63% compared to the previous period, primarily due to a reduction in loans from financial institutions [3]. Asset and Liability Structure - As of September 30, 2025, the total assets of the company were 4.567 billion yuan, a decrease of 2.87% from the end of the previous year [3]. - The equity attributable to shareholders was 1.999 billion yuan, a slight decrease of 0.22% from the end of the previous year, indicating stable overall asset size [3].

Core Insights - Tongde Chemical (002360.SZ) reported a revenue of 331 million yuan for the first three quarters of 2025, representing a year-on-year decline of 20.53% [1] - The company recorded a net loss attributable to shareholders of 9.937 million yuan [1] - The net loss attributable to shareholders, after excluding non-recurring gains and losses, amounted to 24.4673 million yuan [1]

山西同德化工股份有限公司 2025 年第三季度报告 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 ☑否 证券代码：002360 证券简称：同德化工 公告编号：2025-114 山西同德化工股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 1 山西同德化工股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 ☑是 □否 追溯调整或重述原因 会计差错更正 | | | 上年同期 | | 本报告期 比上年同 | 年初至报 | 上年同期 | | 年初至报 告期末比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ...

证券代码：002360 证券简称：同德化工 公告编号：2025-113 山西同德化工股份有限公司 关于控股股东质押部分股份及解除部分股份质押的公告 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。 近日，公司接到控股股东、实际控制人、董事张云升先生通知，获悉张云升 先生质押部分股份及解除部分股份质押，具体情况如下： 一、股东质押部分股份及解除部分股份质押基本情况 1、本次股份质押情况 | | 是否为 控股股 | 本次 | 占其 | 占公 | 是 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 质押 | | | 否 | 是否 | | | | | | | 东或第 | | 所持 | 司总 | | | | | | 质押 | | 股东 | 一大股 | 股份 | 股份 | 股本 | 为 | 为补 | 质押 | 质押 | 质权人 | | | 名称 | | 数量 | | | 限 | 充质 | 起始日 | 到期日 | | 用途 | | | 东及一 | | 比 ...

Company Overview - Tongde Chemical (SZ 002360) announced on October 23 that as of the announcement date, Zhang Yunsheng has pledged a total of 49.68 million shares, accounting for 62.06% of his holdings [1] Financial Performance - For the first half of 2025, Tongde Chemical's revenue composition is as follows: 97.75% from the civil explosives industry, 1.1% from the supply chain industry, 0.62% from the power industry, and 0.54% from other industries [1] - As of the report, Tongde Chemical has a market capitalization of 2.1 billion yuan [1]

Company Overview - Tongde Chemical (SZ 002360) announced that as of the date of the announcement, Zhang Yunsheng has pledged a total of 49.48 million shares, accounting for 61.81% of his total shareholding [1] Financial Performance - For the first half of 2025, Tongde Chemical's revenue composition is as follows: the civil explosives industry accounts for 97.75%, the supply chain industry for 1.1%, the power industry for 0.62%, and other industries for 0.54% [1] - As of the report date, Tongde Chemical has a market capitalization of 2.1 billion yuan [1]

Core Viewpoint - The announcement from Tongde Chemical indicates significant share pledges and releases by its controlling shareholder, Zhang Yunsheng, which may impact the company's financial stability and investor sentiment [1] Group 1: Share Pledge Details - On October 21, Zhang Yunsheng pledged 14 million shares, representing 17.49% of his holdings and 3.48% of the company's total shares, with the pledgee being Shanxi Huaxin Fertilizer Co., Ltd. for debt repayment [1] - On October 22, Zhang Yunsheng released 14.2 million shares from pledge, accounting for 17.74% of his holdings and 3.53% of the company's total shares, with the pledgee being Shanxi Securities Co., Ltd. [1] - As of the announcement date, Zhang Yunsheng has cumulatively pledged 49.48 million shares, which is 61.81% of his holdings and 12.32% of the company's total shares [1] Group 2: Future Pledge Obligations - In the next six months to one year, there are 35.48 million shares due for pledge expiration, corresponding to a financing balance of 55 million yuan [1]

证券代码：002360 证券简称：同德化工 公告编号：2025-112 山西同德化工股份有限公司 关于控股股东质押部分股份及解除部分股份质押的公告 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。 近日，公司接到控股股东、实际控制人、董事张云升先生通知，获悉张云升 先生质押部分股份及解除部分股份质押，具体情况如下： 一、股东质押部分股份及解除部分股份质押基本情况 1、本次股份质押情况 | | 是否为 控股股 | 本次 | 占其 | 占公 | 是 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 质押 | | | 否 | 是否 | | | | | | 股东 | 东或第 | 股份 | 所持 | 司总 | 为 | 为补 | 质押 | 质押 | | 质押 | | | 一大股 | | 股份 | 股本 | | | | | 质权人 | | | 名称 | 东及一 | 数量 | 比例 | 比例 | 限 | 充质 | 起始日 | 到期日 | | 用途 | | | ...