（记者 王瀚黎） 同德化工（002360.SZ）9月8日在投资者互动平台表示，我公司产品原料和公用工程消耗比较低，产品 质量在炔醛法工艺中是较好的，可满足锂离子电池、高端TPU、PU等各领域的需求。我公司装置投产 后会配套乙炔回收装置，可将乙炔消耗进一步降低约5%，并已在设计阶段考虑接口。 每经AI快讯，有投资者在投资者互动平台提问：君正集团引进美国KTS（原INVISTA）BDO技术，单套 年产能30万吨，为目前全球单线产能最大BDO装置。公司BDO装置配备了乙炔尾气回收系统，可将尾 气中的乙炔高效回收并转化为可利用的清洁能源。面对行业如此强大的竞争对手，请问公司的竞争优势 是什么？ ...

Market Overview - The Shanghai Composite Index is at 3757.36 points, with a decline of 1.47% and total A-share trading volume of 20349.66 billion yuan [1] - As of now, 73 A-shares have surpassed their annual line, with notable stocks showing significant deviation rates [1] Notable Stocks - Stocks with the highest deviation rates include: - Aibulu (301259) with a deviation rate of 8.09% and a price increase of 10.22% [1] - Gongxiao Daji (000564) with a deviation rate of 8.06% and a price increase of 8.56% [1] - Shenglong Co. (603178) with a deviation rate of 6.11% and a price increase of 10.02% [1] - Other stocks with lower deviation rates that have just crossed the annual line include: - Weiguang Biological, Changjiang Electric Power, and Yunnan Tourism [1] Deviation Rate Rankings - The top stocks by deviation rate on September 4 include: - Aibulu (301259): Latest price 47.35 yuan, annual line 43.81 yuan [1] - Gongxiao Daji (000564): Latest price 2.79 yuan, annual line 2.58 yuan [1] - Shenglong Co. (603178): Latest price 20.54 yuan, annual line 19.36 yuan [1] - Additional stocks with notable performance include: - Wufangzhai (603237) with a deviation rate of 4.78% [1] - Yuanzhu Co. (603886) with a deviation rate of 3.50% [1]

Core Viewpoint - The stock of Tongde Chemical has shown fluctuations in trading performance, with a recent increase in price but a decline in overall performance over various time frames. The company has also reported a significant decrease in revenue and net profit for the first half of 2025 compared to the previous year [1][2]. Group 1: Stock Performance - On September 4, Tongde Chemical's stock rose by 2.17%, reaching a price of 5.18 CNY per share, with a trading volume of 19.41 million CNY and a turnover rate of 1.16% [1]. - Year-to-date, the stock price has increased by 5.28%, but it has seen declines of 1.33% over the last five trading days, 3.90% over the last twenty days, and 1.52% over the last sixty days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on July 23, where it recorded a net buy of -31.30 million CNY [1]. Group 2: Company Overview - Tongde Chemical, established on June 10, 2001, and listed on March 3, 2010, is located in Shanxi Province and specializes in manufacturing and selling ammonium nitrate, emulsified explosives, and silica products, among others [2]. - The revenue composition of the company includes 58.78% from engineering blasting, 24.38% from industrial explosives, and 13.42% from other civil explosive materials [2]. - As of August 10, the number of shareholders increased to 25,600, with an average of 12,778 circulating shares per person, a decrease of 0.66% from the previous period [2]. Group 3: Financial Performance - For the first half of 2025, Tongde Chemical reported a revenue of 256 million CNY, a year-on-year decrease of 19.32%, and a net profit attributable to shareholders of 11.09 million CNY, down 75.76% year-on-year [2]. - The company has distributed a total of 444 million CNY in dividends since its A-share listing, with 74.73 million CNY distributed over the past three years [3].

Core Viewpoint - The company, Tongde Chemical, announced that approximately 26.21 million yuan of its funds have been frozen by the Shanghai Huangpu District People's Court due to contractual disputes with several leasing companies [1] Financial Impact - The frozen funds represent 1.31% of the company's audited net assets as of the end of 2024 [1] - The company stated that the amount frozen is relatively low compared to its overall assets and will not significantly impact its daily operations [1] Company Response - Tongde Chemical is actively negotiating to reach a settlement in order to restore the frozen bank accounts to normal status as soon as possible [1]

证券代码：002360 证券简称：同德化工 公告编号：2025-088 山西同德化工股份有限公司 关于公司及全资子公司部分银行账户被冻结的公告 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。 山西同德化工股份有限公司（以下简称"公司"或"同德化工"）于近日知 悉上海市黄浦区人民法院冻结公司及全资子公司山西同德爆破工程有限责任公 司（以下简称"同德爆破"）、同德科创材料有限公司（以下简称"同德科创"） 部分银行账户，现将有关情况公告如下： 一、银行账户被冻结的基本情况 | 序号 | 账户主体 | 开户行 | 银行帐号 | 账户性质 | 冻结额度（元） | 该账户被冻结金额 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | （元） | | 1 | 同德化工 | 中国建设银行河曲 | 1400******** | 基本户 | | 1,391,309.47 | | | | 支行 | 1334 | | | | | 2 | 同德化工 | 山西银行股份有限 公司太原并州路支 | 2002******** ...

Core Viewpoint - The stock of Tongde Chemical has experienced a decline in recent trading sessions, with significant net outflows of capital and a notable drop in revenue and profit for the first half of 2025 [1][2]. Group 1: Stock Performance - On August 29, Tongde Chemical's stock price fell by 2.10%, trading at 5.14 CNY per share with a total transaction volume of 30.19 million CNY and a turnover rate of 1.78% [1]. - Year-to-date, the stock has increased by 4.47%, but it has seen declines of 5.86% over the last five trading days, 4.28% over the last 20 days, and 2.65% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent instance on July 23, where it recorded a net buy of -31.30 million CNY [1]. Group 2: Company Overview - Tongde Chemical, established on June 10, 2001, and listed on March 3, 2010, is located in Shanxi Province and specializes in manufacturing and selling ammonium nitrate, emulsified explosives, and silica products, among others [2]. - The company's revenue composition includes 58.78% from engineering blasting, 24.38% from industrial explosives, and 13.42% from other civil explosive materials [2]. - As of August 10, the number of shareholders increased to 25,600, with an average of 12,778 circulating shares per person, a slight decrease of 0.66% [2]. Group 3: Financial Performance - For the first half of 2025, Tongde Chemical reported a revenue of 256 million CNY, a year-on-year decrease of 45.65%, and a net profit attributable to shareholders of 11.09 million CNY, down 75.76% year-on-year [2]. - The company has distributed a total of 444 million CNY in dividends since its A-share listing, with 74.73 million CNY distributed over the past three years [3].

证券代码：002360 证券简称：同德化工 公告编号：2025-087 山西同德化工股份有限公司 关于公司及全资子公司部分债务逾期的进展公告 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、本次债务逾期基本情况 2、2025 年 5 月 23 日,公司在《证券时报》《上海证券报》和巨潮资讯网披 露了《关于公司部分银行账户解除冻结的公告》（公告编号：2025-046），公司归 还了平安国际融资租赁有限公司逾期债务 2,986,129.86 元。 3、2025 年 5 月 27 日,公司在《证券时报》《上海证券报》和巨潮资讯网披 露了《关于公司及全资子公司部分债务逾期的进展公告》（公告编号：2025-047）。 截 至 2025 年 5 月 26 日 ， 公 司 和 全 资 子 公 司 同 德 科 创 逾 期 债 务 本 金 为 44,473,436.20 元，逾期未付的利息为 980,000.00 元，合计 45,453,436.20 元。 4、2025 年 6 月 27 日,公司在《证券时报》《上海证券报》和巨潮资讯网披 露了《关于公司及全资子公司部分债务 ...

证券代码：002360 证券简称：同德化工 公告编号：2025-086 山西同德化工股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 截至本公告披露日，山西同德化工股份有限公司（以下简称"公司"或"同 德化工"）及子公司提供担保总额为 164,154.08 万元，占公司最近一期经审计 净资产的 82.21%，同时，本次被担保对象深圳市同德通供应链管理有限公司（以 下简称"同德通"）最近一期资产负债率超过 70%。敬请广大投资者充分关注担 保风险。 一、担保情况概述 公司分别于 2025 年 4 月 25 日和 2025 年 5 月 19 日召开第八届董事会第十二 次会议和 2024 年年度股东大会审议通过了《关于公司为全资及控股子公司提供 担保的议案》，同意公司为全资及控股子公司提供担保总额合计不超过 30 亿元 的担保额度（最终以实际担保额度为准）。公司为子公司提供担保、子公司之间 互相担保、子公司为公司提供担保的具体金额在上述 30 亿元担保额度范围内根 据实际情况分配，以上担保额度包括新增担保、原有 ...

Core Insights - The company reported a significant decline in both revenue and net profit for the first half of 2025, with total revenue of 256 million yuan, down 19.32% year-on-year, and a net profit of 11.09 million yuan, down 75.76% year-on-year [1] - The company's gross margin decreased to 32.58%, a drop of 13.76% compared to the previous year, while the net margin fell to 2.4%, down 82.77% [1] - The total expenses (selling, administrative, and financial) accounted for 24.92% of total revenue, an increase of 55.1% year-on-year, indicating rising operational costs [1] Financial Performance - Total revenue for 2025 was 256 million yuan, compared to 317 million yuan in 2024, reflecting a decline of 19.32% [1] - Net profit for 2025 was 11.09 million yuan, down from 45.75 million yuan in 2024, a decrease of 75.76% [1] - The company's cash flow from operating activities saw a significant increase of 484.53%, attributed to last year's large tax payment related to a share transfer [3] Cost Structure - The financial expenses increased by 312.02%, primarily due to a reduction in capitalized interest and an increase in interest recognized in the current period [3] - The total of selling, administrative, and financial expenses reached 63.71 million yuan, which is 24.92% of total revenue, up from 16.07% in the previous year [1] - The company’s cash and cash equivalents decreased by 78.83%, indicating potential liquidity issues [1] Investment and Financing Activities - Cash flow from investing activities increased by 100.55%, due to a reduction in fixed asset purchases compared to the previous year [4] - Cash flow from financing activities decreased by 115.91%, primarily due to a significant reduction in loan inflows [5] Business Model and Historical Performance - The company's historical return on invested capital (ROIC) has been mediocre, with a median of 8.76% over the past decade, and a particularly poor ROIC of -0.84% in 2024 [6] - The business model relies heavily on capital expenditures, necessitating careful evaluation of the profitability and necessity of these investments [6] Debt and Cash Flow Concerns - The company's cash flow situation is concerning, with cash and cash equivalents only covering 8.11% of current liabilities, and the average operating cash flow over the past three years covering only 15.2% of current liabilities [7] - The interest-bearing debt ratio has reached 35.56%, indicating a significant level of leverage [7]

Meeting Information - The company will hold its second extraordinary general meeting of shareholders for 2025 on September 11, 2025, at 14:00 [1] - Shareholders registered by the close of trading on September 8, 2025, are entitled to attend the meeting [2] - The meeting will include both on-site and online voting options, with specific time slots for each [1][2] Voting Procedures - Shareholders can vote either in person or through a proxy, with the requirement of presenting valid identification and relevant documentation [3][4] - The voting will consist of three non-cumulative proposals and six cumulative proposals, including amendments to the compensation and performance evaluation system for directors, supervisors, and senior management [2][9] - The approval of proposals requires a two-thirds majority for cumulative voting and a simple majority for non-cumulative voting [3] Registration and Attendance - Individual shareholders must provide identification and stock account information for registration, while corporate shareholders need to present legal representative identification and authorization documents [4][6] - Shareholders unable to attend in person can register via fax or mail before the deadline [4] Online Voting Details - Shareholders can participate in online voting through the Shenzhen Stock Exchange trading system and internet voting system, with detailed procedures provided [10] - The online voting period is from 9:15 to 15:00 on the day of the meeting [1][10]