| 证券代码：002753 | 证券简称：永东股份 | 公告编号：2026-007 | | --- | --- | --- | | 债券代码：127059 | 债券简称：永东转 2 | | 山西永东化工股份有限公司 关于完成工商变更登记的公告 | 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。 | 公司已于近日完成了增加注册资本及经营范围、取消监事会、章程修订、 选举职工董事的变更登记手续，并取得了运城市行政审批服务管理局换发的 《营业执照》，具体情况如下： 名称：山西永东化工股份有限公司 统一社会信用代码：91140800719861645D 类型：股份有限公司（上市、自然人投资或控股） 特此公告。 注册资本：肆亿贰仟捌佰陆拾柒万陆仟壹佰玖拾陆圆整 成立日期：2000年05月20日 住所：山西省运城市稷山县稷山经济技术开发区振西大街东 经营范围：许可项目：危险化学品生产。（依法须经批准的项目，经相关 部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件 为准） 一般项目：化工产品生产（不含许可类化工产品）；化工产品销售 ...

Core Viewpoint - The domestic carbon black industry is facing significant profit declines and potential losses in 2025, with major companies like Heimao Co., Longxing Technology, and Yongdong Co. forecasting substantial net profit drops or losses due to a "strong supply and weak demand" situation [1][2]. Group 1: Company Performance - Heimao Co. expects a net profit loss of 420 million to 470 million yuan for 2025, compared to a profit of 25.13 million yuan in the previous year [2]. - Longxing Technology anticipates a net profit of 32 million to 48 million yuan for 2025, representing a year-on-year decline of 66.22% to 77.48% [2]. - Yongdong Co. projects a net profit of 30 million to 40 million yuan for 2025, down 64.09% to 73.07% from the previous year [2]. Group 2: Industry Dynamics - The carbon black market is experiencing a "volume increase but profit decrease" dilemma, with analysts indicating that the industry will continue to face pressure in profitability due to an imbalance between supply and demand [1][3]. - The average profit level for carbon black in Shandong for January to October 2025 is projected to be -137.1 yuan per ton, indicating a significant decline compared to 2024 [3]. - The price of carbon black in Shandong is expected to average 6624.8 yuan per ton in 2025, down 1443.33 yuan per ton or 17.89% from 2024 [4]. Group 3: Supply and Demand Factors - The carbon black industry is set to see a concentrated release of new production capacity from 2024 to 2025, exacerbating the "strong supply and weak demand" scenario [4]. - Demand for carbon black is primarily driven by the production of all-steel tires, while the production of semi-steel tires is declining due to trade frictions and the transfer of overseas capacity [4]. - The disconnect between raw material oil prices and carbon black prices is widening, leading to a situation where price increases for carbon black are difficult to achieve despite rising costs [4]. Group 4: Future Outlook - The carbon black market is expected to face further supply-demand imbalances in 2026, with prices likely to exhibit a "difficult to rise" trend [5]. - The average price for carbon black in Shandong in 2026 is predicted to fluctuate between 5300 and 7200 yuan per ton, with an average of approximately 6127.5 yuan per ton [5]. - Analysts believe that the carbon black market will remain under pressure in 2026, maintaining a relatively weak state [5].

Core Viewpoint - Yongdong Co., Ltd. (002753) has announced a significant decline in its expected net profit for 2025, forecasting a drop of 64.09% to 73.07% year-on-year, primarily due to market conditions in the carbon black industry and increased production capacity [11]. Company Performance - The company expects a net profit attributable to shareholders of 30 million to 40 million yuan for 2025, with a non-recurring net profit forecasted at 26 million to 36 million yuan, reflecting a year-on-year decline of 67.34% to 76.41% [11]. - Basic earnings per share are projected to be between 0.081 yuan and 0.108 yuan [11]. - As of January 29, the company's price-to-earnings ratio (TTM) is approximately 83.06 to 110.74 times, with a price-to-book ratio of about 1.25 times and a price-to-sales ratio of around 0.84 times [11]. Industry Context - The carbon black industry is experiencing a surge in new production capacity from 2024 to 2025, while downstream industries, such as tire manufacturing, are facing reduced operating rates and high finished goods inventory, leading to weak demand [11]. - The prices of carbon black and raw material coal tar are on a downward trend, with the decline in product prices outpacing that of raw material prices, resulting in decreased revenue and gross profit per ton for the company [11]. - Despite the challenges, the company has managed to increase the production and sales volume of its main products, maintaining a stable market position and continuing to expand in the sales market [11].

Core Viewpoint - Yongdong Co., Ltd. (002753.SZ) forecasts a significant decline in net profit for the year 2025, with estimates ranging from 30 million to 40 million yuan, representing a year-on-year decrease of 64.09% to 73.07% [1] Industry Summary - The carbon black industry in China is expected to see a concentrated release of new production capacity from 2024 to 2025, while downstream industries such as tires are experiencing a decrease in operating rates and high finished goods inventory, leading to a situation where carbon black demand is limited to essential purchases [1] - Social inventory levels for carbon black are projected to remain high throughout the year, indicating a market characterized by strong supply and weak demand [1] Company Summary - The prices of carbon black and raw material coal tar have been on a downward trend, with the decline in product prices exceeding that of raw material prices, resulting in decreased revenue and gross profit per ton for the company [1] - Despite the challenges, the company has achieved growth in both production and sales volume of its main product, carbon black, as well as in coal tar processing products, maintaining a stable market position and continuing to expand in the sales market [1]

Core Viewpoint - Yongdong Co., Ltd. expects a significant decline in net profit for 2025, forecasting a decrease of 64.09% to 73.07% year-on-year, primarily due to increased production capacity in the carbon black industry and reduced demand from downstream tire sectors [1] Financial Performance - The company anticipates a net profit attributable to shareholders of 30 million to 40 million yuan for 2025 [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 26 million and 36 million yuan, reflecting a year-on-year decrease of 67.34% to 76.41% [1] Industry Context - The carbon black industry is experiencing a concentrated release of new production capacity from 2024 to 2025, leading to an oversupply situation [1] - Downstream industries, particularly tire manufacturing, are facing lower operating rates and high finished goods inventory, resulting in only essential purchasing for carbon black [1] - Social inventory levels are expected to remain high throughout the year, indicating a weak demand environment [1] Price Trends - The prices of carbon black and raw material coal tar are on a downward trend, with the decline in product prices outpacing that of raw material prices [1] - This price dynamic has led to a decrease in both revenue and gross profit per ton for carbon black products [1] Production and Market Position - Despite the challenges, the company has achieved growth in both production and sales volume of its main product, carbon black, as well as in coal tar processing products [1] - The company's market position remains stable, and it continues to expand in the sales market [1]

山西永东化工股份有限公司 | 证券代码：002753 | 证券简称：永东股份 | 公告编号：2026-005 | | --- | --- | --- | | 债券代码：127059 | 债券简称：永东转 2 | | 关于使用部分闲置募集资金进行现金管理的进展公告 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。 山西永东化工股份有限公司（以下简称"公司"）于第六届董事会审计委员 会第十次会议、第六届董事会第七次会议和 2026 年第一次临时股东会审议通过 了《关于使用闲置募集资金进行现金管理的议案》，同意公司在不影响正常经营 的情况下，使用额度不超过 2 亿元人民币的闲置募集资金进行现金管理，购买保 本型现金管理产品，未到期产品额度在不超过 2 亿元前提下资金可滚动使用，期 限自公司股东会审议通过之日起一年内有效。保荐机构发表了明确同意意见。具 体内容详见公司 2025 年 12 月 23 日刊登于《证券时报》、《上海证券报》和巨潮 资讯网（www.cninfo.com.cn）的《关于使用闲置募集资金进行现金管理的公告》 （2025-072）。 公司购买现金管理 ...

Financial Projections - The company expects a net profit of 3,000 to 4,000 thousand yuan for 2025, representing a decline of 64.09% to 73.07% compared to the previous year[7]. - The net profit after deducting non-recurring gains and losses is projected to be between 2,600 and 3,600 thousand yuan, a decrease of 67.34% to 76.41% year-on-year[7]. - The basic earnings per share are estimated to be between 0.0810 and 0.1080 yuan, down from 0.2995 yuan in the previous year[7]. Market Conditions - The decline in profit is attributed to a significant drop in carbon black prices and raw material costs, with product price declines outpacing raw material price declines[8]. - Despite the price decline, the company achieved growth in both production and sales volume of its main product, carbon black, as well as in coal tar processing products[8]. - The company maintains a stable market position and is still in an expansion phase in the sales market[8]. Caution in Forecasting - The forecast is based on preliminary estimates by the finance department and has not been audited by an external agency, emphasizing the need for cautious investment decisions[9].

Market Overview - The rubber sector experienced a slight decline of 0.04% on January 28, with Keqiang Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Stock Performance - Black Cat Co. (002068) saw a significant increase of 5.65%, closing at 9.72 with a trading volume of 599,300 shares and a turnover of 582 million yuan [1] - Other notable performers included Yongdong Co. (002753) with a 1.05% increase, closing at 7.70, and Yanggu Huatai (300121) with a 1.03% increase, closing at 13.73 [1] - Conversely, Keqiang Co. (920665) led the declines with a drop of 3.31%, closing at 14.60, alongside Zhen'an Technology (300767) which fell by 2.35% [2] Capital Flow - The rubber sector experienced a net outflow of 106 million yuan from institutional investors, while retail investors saw a net inflow of 16.39 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed some interest [2] Individual Stock Capital Flow - Black Cat Co. (002068) had a net inflow of 58.11 million yuan from institutional investors, but a net outflow from retail investors of 36.35 million yuan [3] - Yongdong Co. (002753) saw a net inflow of 7.16 million yuan from institutional investors, while retail investors had a net outflow of 10 million yuan [3] - Other stocks like Yanggu Huatai (300121) and Fengmao Co. (301459) also showed varied capital flows, reflecting differing investor sentiments across the sector [3]

Core Viewpoint - The company has approved the use of up to 200 million RMB of idle raised funds for cash management, specifically to purchase principal-protected cash management products, ensuring that normal operations are not affected [1][2]. Group 1: Cash Management Product Purchase - The company has recently purchased cash management products using part of its idle raised funds [2]. - The approval for using idle funds for cash management was granted during the sixth board's audit committee meeting and the first extraordinary shareholders' meeting of 2026 [2]. Group 2: Approval Process - The decision to use idle funds for cash management was reviewed and approved by the board and the sponsor institution provided a verification opinion [2]. - The amount and duration of the cash management products purchased are within the approved limits, eliminating the need for further board or shareholder approval [2]. Group 3: Risk Management - The company has established a risk control framework, including authorizing the chairman to make investment decisions and the finance director to oversee implementation [5]. - The finance department is responsible for analyzing and monitoring the investment's progress and will take protective measures if risks to fund safety are identified [6]. Group 4: Impact on Daily Operations - The cash management initiative is designed to enhance fund utilization efficiency and improve overall company performance without affecting daily operational needs or core business activities [5]. - The company has not utilized idle raised funds for cash management in the twelve months prior to this announcement [7].

| 证券代码：002753 | 证券简称：永东股份 | 公告编号：2026-004 | | --- | --- | --- | | 债券代码：127059 | 债券简称：永东转 2 | | 山西永东化工股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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。 山西永东化工股份有限公司（以下简称"公司"）于第六届董事会审计委员 会第十次会议、第六届董事会第七次会议和 2026 年第一次临时股东会审议通过 了《关于使用闲置募集资金进行现金管理的议案》，同意公司在不影响正常经营 的情况下，使用额度不超过 2 亿元人民币的闲置募集资金进行现金管理，购买保 本型现金管理产品，未到期产品额度在不超过 2 亿元前提下资金可滚动使用，期 限自公司股东会审议通过之日起一年内有效。保荐机构发表了明确同意意见。具 体内容详见公司 2025 年 12 月 23 日刊登于《证券时报》、《上海证券报》和巨潮 资讯网（www.cninfo.com.cn）的《关于使用闲置募集资金进行现金管理的公告》 （2025-072）。 近日，公司使用部 ...