博源化工(000683) - 2025 Q2 - 季度财报

Important Notice, Table of Contents and Definitions Company Profile and Key Financial Indicators Company Basic Information During the reporting period, the company's name changed from 'Inner Mongolia Yuanxing Energy Co., Ltd.' to 'Inner Mongolia Boyuan Chemical Co., Ltd.', with the stock abbreviation changing from 'Yuanxing Energy' to 'Boyuan Chemical', effective May 21, 2025 - The company's Chinese name changed from 'Inner Mongolia Yuanxing Energy Co., Ltd.' to 'Inner Mongolia Boyuan Chemical Co., Ltd.', and its stock abbreviation from 'Yuanxing Energy' to 'Boyuan Chemical', effective May 21, 2025[17][18] Key Financial Data and Indicators In H1 2025, the company's operating revenue was 5.92 billion Yuan, a 16.31% YoY decrease, with net profit attributable to shareholders significantly down 38.57% to 743 million Yuan, while total assets grew 6.80% to 38.32 billion Yuan H1 2025 Key Financial Data | Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 5,916,438,091.39 | 7,069,548,621.66 | -16.31% | | Net Profit Attributable to Shareholders (Yuan) | 742,691,306.49 | 1,209,042,084.51 | -38.57% | | Net Cash Flow from Operating Activities (Yuan) | 1,264,418,431.79 | 1,361,190,244.90 | -7.11% | | Basic Earnings Per Share (Yuan/share) | 0.20 | 0.32 | -37.50% | | Weighted Average Return on Net Assets | 4.98% | 8.63% | -3.65% | | Total Assets (Yuan) | 38,316,230,536.64 | 35,875,856,859.30 (Prior Year End) | 6.80% | | Net Assets Attributable to Shareholders (Yuan) | 14,217,818,815.62 | 14,495,690,792.46 (Prior Year End) | -1.92% | Non-Recurring Gains and Losses During the reporting period, the company's total non-recurring gains and losses amounted to -573,229.04 Yuan, with minimal impact on net profit, primarily comprising government grants and other non-operating income and expenses Non-Recurring Gains and Losses Items | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -78,553.19 | | Government Grants Recognized in Current Profit/Loss | 3,443,650.73 | | Gains/Losses from Changes in Fair Value and Disposal of Financial Assets/Liabilities | 456,212.03 | | Other Non-Operating Income and Expenses | -4,068,292.11 | | Total | -573,229.04 | Management Discussion and Analysis Principal Business and Operations Overview The company primarily produces and sells soda ash, baking soda, and coal-based urea, achieving increased production and sales volumes in H1 2025 despite declining market prices, with operating revenue of 5.92 billion Yuan and net profit of 743 million Yuan - The company's main businesses are the production and sale of natural soda ash, baking soda, and coal-based urea, with production and sales volumes ranking among the industry's forefront[26] H1 2025 Key Product Output | Product | Output (10,000 tons) | | :--- | :--- | | Soda Ash | 339.46 | | Baking Soda | 73.97 | | Urea | 88.23 | | Total | 515.71 | - Despite a year-on-year decrease in product market prices, the company partially offset the adverse impact by increasing production and sales volumes and achieving year-on-year growth in investment income from associate companies[26] - The first phase of the company's Alashan Natural Soda Ash Project has reached production and quality standards, with the second phase commencing construction in December 2023, significantly boosting the company's soda ash and baking soda capacity[32] Core Competitiveness Analysis The company's core competitiveness stems from abundant natural soda ash resources, mature industrial capabilities, advanced hydrothermal solution mining technology for environmental benefits, and a precise marketing strategy - The company possesses four major natural soda ash mining areas, holding a significant share of domestically proven natural soda ash resources with exploitable value, ensuring rich resource reserves[37] - The company operates a national-level enterprise technology center, leading the domestic natural soda ash chemical industry with mature comprehensive industrial capabilities[39] - Utilizing advanced hydrothermal solution mining technology, the production process generates no waste liquid discharge, offering a green and environmentally friendly product advantage[40] Analysis of Principal Business In H1 2025, the company's operating revenue decreased by 16.31% YoY due to market impacts, leading to a significant decline in gross profit margins for key products, while management and financial expenses were effectively controlled Year-on-Year Changes in Key Financial Data | Item | Current Period (Yuan) | Prior Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,916,438,091.39 | 7,069,548,621.66 | -16.31% | | Operating Cost | 4,035,804,097.70 | 3,933,915,138.64 | 2.59% | | Administrative Expenses | 348,427,244.01 | 477,313,421.96 | -27.00% | | Financial Expenses | 160,391,457.85 | 213,821,552.13 | -24.99% | | R&D Investment | 30,404,653.24 | 85,663,534.24 | -64.51% | | Net Cash Flow from Financing Activities | 149,336,034.13 | -2,092,079,597.78 | 107.14% | Gross Profit Margin by Principal Business Segment | Segment | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Profit Margin | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | | Alkali Industry | 4,312,697,264.92 | 2,733,652,315.97 | 36.61% | -19.11% | | Urea | 1,483,978,921.94 | 1,198,018,321.93 | 19.27% | -7.16% | Analysis of Non-Principal Business During the reporting period, the company's non-principal business income primarily stemmed from investment gains, totaling 237 million Yuan and accounting for 18.43% of total profit, mainly from associate companies and deemed sustainable - Investment income is a significant component of the company's profit, contributing 237 million Yuan during the reporting period, representing 18.43% of total profit, primarily from associate companies and demonstrating sustainability[48] Analysis of Assets and Liabilities As of the reporting period end, total assets increased by 6.80% to 38.32 billion Yuan, driven by an 87.15% surge in construction in progress to 3.14 billion Yuan, with long-term borrowings rising 55.58% to 6.14 billion Yuan to support project investments Changes in Key Balance Sheet Items | Item | End of Current Period (Yuan) | Percentage of Total Assets | End of Prior Year (Yuan) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Construction in Progress | 3,139,196,519.67 | 8.19% | 1,784,263,208.99 | 4.97% | 3.22% | | Short-term Borrowings | 2,770,058,188.89 | 7.23% | 1,600,655,193.99 | 4.46% | 2.77% | | Long-term Borrowings | 6,140,295,951.88 | 16.03% | 3,946,828,302.13 | 11.00% | 5.03% | - As of the reporting period end, the company had 7.88 billion Yuan in restricted assets, primarily comprising fixed assets and intangible assets pledged for loans, and long-term equity investments frozen due to asset preservation measures[55] Investment Analysis During the reporting period, the company's total investment significantly increased by 145.87% to 2.19 billion Yuan, primarily focused on major non-equity projects like the Alashan Natural Soda Ash Development and Utilization Project - The investment amount for the reporting period was 2.19 billion Yuan, a substantial increase of 145.87% compared to 891 million Yuan in the prior year[56] Progress of Major Non-Equity Investment Projects | Project Name | Investment Method | Amount Invested in Current Period (Yuan) | Cumulative Actual Investment as of Reporting Period End (Yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | | Alashan Tamusu Natural Soda Ash Development and Utilization Soda Ash Production Line Project Phase II | Self-built | 1,627,909,896.45 | 3,647,293,542.13 | 39.70% | | Alashan Tamusu Natural Soda Ash Development and Utilization Mining Construction Project (Phase II) | Self-built | 409,582,064.42 | 666,194,260.92 | 83.58% | | Alashan Tamusu Natural Soda Ash Development and Utilization Water Supply Project (Phase II) | Self-built | 33,346,944.70 | 101,105,133.69 | 27.38% | Analysis of Major Holding and Associate Companies While major holding subsidiaries faced declining gross margins due to market prices, associate company Wushenqi Mengda Mining Co., Ltd. significantly contributed 166 million Yuan in investment income, becoming a key profit source - Investment income of 166.38 million Yuan from associate company Wushenqi Mengda Mining Co., Ltd., primarily responsible for the development and operation of Nalinhe No. 2 Coal Mine, was recognized in the current period[63][64] Performance of Major Holding and Associate Companies | Company Name | Type | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Zhongyuan Chemical | Subsidiary | 2,094,064,436.59 | 133,451,283.72 | | Yingen Mining | Subsidiary | 2,867,475,019.49 | 677,237,633.15 | | Boda Shidi | Subsidiary | 906,127,100.83 | 127,097,868.68 | | Mengda Mining | Associate Company | 2,096,023,288.71 | 489,357,046.24 | Risks and Countermeasures The company faces industry risks from fluctuating raw material costs and product prices, alongside inherent safety risks in chemical production, addressed by market analysis, optimized marketing, and enhanced safety management - The company faces industry risks from rising raw material costs and fluctuating product prices, which will be addressed by strengthening market analysis and optimizing marketing strategies[65] - Chemical production inherently carries safety risks, and the company will solidify its safety foundation by continuously improving its safety management system and promoting the development of a dual prevention system[68] Corporate Governance, Environment, and Social (ESG) Corporate Governance During the reporting period, the company experienced significant changes in its directors, supervisors, and senior management, alongside the unlocking of the first restricted stock incentive plan and the repurchase and cancellation of ineligible shares - During the reporting period, several directors, supervisors, and senior management personnel resigned or were appointed due to personal reasons or job transfers, involving positions such as General Manager, Chairman of the Supervisory Board, and Board Secretary[72] - The company completed the unlocking of 10.52 million shares from the first restricted period of the 2023 Restricted Stock Incentive Plan and repurchased and cancelled 20.4375 million shares that no longer met the incentive conditions due to changes in incentive recipients[74][75] Environmental and Social Responsibility The company and its seven major subsidiaries are listed as legally required environmental information disclosure enterprises, actively engaging in environmental protection through carbon recycling projects and contributing to social welfare through donations - The company and its seven major subsidiaries are included in the list of enterprises required to disclose environmental information by law[77] - The company plans to construct a carbon recovery and comprehensive utilization project for 1.2 million tons/year of baking soda, aiming to reduce industrial tail gas emissions and achieve resource recycling through carbon recovery and utilization[82] - During the reporting period, the company actively participated in social welfare, including donating 6 million Yuan to the Tongbai County Education and Sports Bureau and 600 tons of urea (valued at 1.04 million Yuan) to Wushenqi to support spring farming[83] Significant Matters Major Litigation and Penalties The company faces a major arbitration with China Coal Energy Co., Ltd. involving 2.33 billion Yuan, with 1.15 billion Yuan in provisions, and received an administrative penalty from the CSRC for non-disclosure of significant litigation, resulting in 8 million Yuan in total fines - The company is involved in a major arbitration with China Coal Energy Co., Ltd., with a disputed amount of 2.33 billion Yuan, currently awaiting arbitration, and some of the company's equity assets have been subject to asset preservation measures as a result[91][119][120] - For the aforementioned arbitration, the company has cumulatively accrued 1.15 billion Yuan in estimated liabilities[121] - The company and relevant parties received administrative penalties from the China Securities Regulatory Commission for failing to disclose major litigation information as required, with the company fined 4 million Yuan and relevant responsible persons collectively fined 4 million Yuan[92][93][122] Major Related Party Transactions During the reporting period, the company engaged in various related party transactions, primarily involving coal procurement from associate Mengda Mining and the joint establishment of Xilingol Boyuan Saihan Mining Co., Ltd. with its controlling shareholder Major Daily Related Party Transactions (Procurement) | Related Party | Related Party Transaction Content | Transaction Amount (10,000 Yuan) | | :--- | :--- | :--- | | Mengda Mining | Coal Purchase, Belt Coal Transportation | 27,534.03 | | Engineering Company | Purchase of Reagents, Technical Services | 9,070.62 | | Boyuan Group and its Subsidiaries | Purchase of Accommodation, Training, Catering, Guarantee Fees, etc | 7,701.81 | - The company jointly invested with its controlling shareholder, Inner Mongolia Boyuan Holding Group Co., Ltd., to establish Xilingol Boyuan Saihan Mining Co., Ltd., with a registered capital of 10 million Yuan, engaged in mineral resource exploration and other businesses[98] Major Contracts and Guarantees As of the reporting period end, the company's external guarantees totaled 7.64 billion Yuan for subsidiaries, with inter-subsidiary guarantees at 1.13 billion Yuan, collectively representing 61.65% of the company's net assets Company Guarantees to Subsidiaries | Item | Amount (10,000 Yuan) | | :--- | :--- | | Total Approved Guarantee Limit to Subsidiaries as of Reporting Period End | 1,431,030 | | Total Actual Guarantee Balance to Subsidiaries as of Reporting Period End | 763,620.56 | Inter-Subsidiary Guarantees | Item | Amount (10,000 Yuan) | | :--- | :--- | | Total Approved Guarantee Limit Between Subsidiaries as of Reporting Period End | 235,000 | | Total Actual Guarantee Balance Between Subsidiaries as of Reporting Period End | 112,964.67 | - As of the reporting period end, the company's total actual guarantee amount accounted for 61.65% of its net assets[116] Share Changes and Shareholder Information Share Changes During the reporting period, the company's total share capital decreased from 3.739 billion shares to 3.719 billion shares due to equity incentive unlocking and repurchases and cancellations - During the reporting period, the company's total share capital decreased by 20.4375 million shares, resulting in a total share capital of 3,718,739,060 shares after the change[127] - The main reasons for share changes include: 1) The unlocking of 10.52 million restricted shares for 15 incentive recipients; 2) The repurchase and cancellation of 20.4375 million restricted shares due to incentive recipients' resignation, retirement, and other reasons[128] Shareholder Information As of the reporting period end, the company had 102,370 common shareholders, with controlling shareholder Inner Mongolia Boyuan Holding Group Co., Ltd. and its concerted parties holding 30.18% of shares, all pledged - The total number of shareholders at the end of the reporting period was 102,370[134] Top Three Shareholders' Shareholding | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Reporting Period End | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | | Inner Mongolia Boyuan Holding Group Co., Ltd | Domestic Non-State-Owned Legal Person | 30.18% | 1,122,491,995 | Pledged 1,122,491,995 | | China Cinda Asset Management Co., Ltd | State-Owned Legal Person | 2.20% | 81,800,000 | N/A | | Guangdong Dehui Investment Management Co., Ltd. - Dehui Global Preferred Private Securities Investment Fund | Domestic Non-State-Owned Legal Person | 1.50% | 55,807,340 | N/A | Bond-Related Information Bond-Related Information During the reporting period, the company had no bond-related matters Financial Report Audit Report The company's H1 2025 financial report is unaudited - The company's semi-annual financial report is unaudited[144] Financial Statements Financial statements indicate increased total assets but decreased profitability in H1 2025, driven by significant capital expenditures in construction in progress, supported by positive net cash flow from financing activities Consolidated Balance Sheet As of June 30, 2025, total assets grew 6.80% to 38.32 billion Yuan, total liabilities increased 16.93% to 19.01 billion Yuan, and equity attributable to parent company decreased 1.92% to 14.22 billion Yuan, primarily due to increased construction in progress and borrowings Key Consolidated Balance Sheet Items | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 38,316,230,536.64 | 35,875,856,859.30 | | Construction in Progress | 3,139,196,519.67 | 1,784,263,208.99 | | Total Liabilities | 19,006,043,764.87 | 16,253,598,422.88 | | Short-term Borrowings | 2,770,058,188.89 | 1,600,655,193.99 | | Long-term Borrowings | 6,140,295,951.88 | 3,946,828,302.13 | | Total Equity Attributable to Parent Company | 14,217,818,815.62 | 14,495,690,792.46 | Consolidated Income Statement In H1 2025, operating revenue decreased 16.31% to 5.92 billion Yuan, and net profit attributable to parent company fell 38.57% to 743 million Yuan, despite a 122.04% increase in investment income to 237 million Yuan Consolidated Income Statement Core Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 5,916,438,091.39 | 7,069,548,621.66 | | Operating Cost | 4,035,804,097.70 | 3,933,915,138.64 | | Operating Profit | 1,291,423,889.62 | 2,185,853,773.52 | | Investment Income | 237,230,618.50 | 106,843,161.03 | | Net Profit Attributable to Parent Company Shareholders | 742,691,306.49 | 1,209,042,084.51 | Consolidated Cash Flow Statement Net cash flow from operating activities remained stable at 1.26 billion Yuan, while investment activities saw a net outflow of 505 million Yuan, and financing activities generated a net inflow of 149 million Yuan, significantly improving from a prior year outflow Consolidated Cash Flow Statement Overview | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,264,418,431.79 | 1,361,190,244.90 | | Net Cash Flow from Investing Activities | -505,460,663.11 | -518,748,254.60 | | Net Cash Flow from Financing Activities | 149,336,034.13 | -2,092,079,597.78 | | Net Increase in Cash and Cash Equivalents | 908,739,318.80 | -1,248,337,225.20 | Other Submitted Data Administrative Penalties and Investor Communication The company received administrative penalties from the Inner Mongolia CSRC for non-disclosure of major litigation and actively engaged with investors through online briefings and phone calls regarding operations and project progress - The company and relevant responsible persons were issued warnings and fined a total of 8 million Yuan by the Inner Mongolia Regulatory Bureau of the China Securities Regulatory Commission for failing to disclose major litigation and its progress involving an associate subsidiary as required[657] - The company engaged with investors through online performance briefings and over 300 phone calls to discuss operational performance, the progress of the Alashan Natural Soda Ash Project construction, and other matters[658]