YAXING CHEMICAL(SH:600319) Chang Jiang Shang Bao·2025-05-29 23:51Core Viewpoint - Yaxing Chemical (600319.SH) is advancing its industrial transformation with the support of state-owned capital through a financing plan for its wholly-owned subsidiary, Weifang Yaxing New Materials Co., Ltd, aiming to optimize its industrial layout and promote new projects, particularly the PVDC project [1][4]. Financing and Investment - Yaxing New Materials plans to raise 220 million yuan with a pre-investment valuation of 700 million yuan, involving four strategic investors with local state-owned backgrounds [3][4]. - After the financing, Yaxing Chemical's ownership in Yaxing New Materials will decrease from 100% to 76.08%, while Yaxing New Materials remains a controlled subsidiary [3][4]. Financial Performance - Yaxing Chemical has reported a cumulative net loss of approximately 268 million yuan over the past two years, with Yaxing New Materials also incurring a cumulative loss of 138 million yuan [1][6]. - The company has not distributed dividends since 2009 and has an asset-liability ratio of 80.5% as of March 2025 [2][6]. Strategic Direction - The company is transitioning from traditional chemicals to new materials, with ongoing projects including a high-end new materials project and various chemical production initiatives [7]. - Yaxing New Materials has completed several projects, including a CPE project and a 120,000-ton/year ion membrane caustic soda project, but continues to face financial challenges [1][7].