SDHH(SZ:000822) Sou Hu Cai Jing·2025-08-06 10:05Group 1 - Shandong Haihua announced a cooperation agreement with China Salt Chemical, Inner Mongolia Salt Industry Group, and Inner Mongolia Mengyan Salt Industry Group to jointly invest in China Salt Chemical, with Shandong Haihua investing 2.32 billion yuan for a 29% stake [1] - After the capital increase, the registered capital of China Salt Chemical will change to 8 billion yuan, with shareholding ratios of 61% for China Salt Chemical, 29% for Shandong Haihua, and 10% for Mengyan Group [1] Group 2 - China Salt Chemical owns a natural soda ash mine in Tongliao, with a mineral resource of 1.447 billion tons, including 521 million tons of resources with a salt content of ≤9.54% [3] - The mining rights for this project were acquired for 6.809 billion yuan, with a total project investment estimated at 26.1 billion yuan, including 8 billion yuan in registered capital and 18.1 billion yuan to be raised through bank loans [3] - The project plans to deploy 730 wells, with an initial deployment of 75 wells, aiming to achieve a production capacity of 5 million tons of soda ash by 2028 [3] Group 3 - The chemical synthetic soda industry faces high costs and environmental pressures, leading to overcapacity, while natural soda ash is becoming a trend due to its lower costs and simpler processes [4] - Shandong Haihua's financial situation is challenging, with projected revenues of approximately 6.013 billion yuan in 2024, a 29.5% decline year-on-year, and a net profit of about 39.22 million yuan, down 96.24% [4] - Following the investment, Shandong Haihua expects an average annual net profit of approximately 482 million yuan from its 29% stake, which could significantly impact the industry landscape and potentially disrupt its existing soda ash business [4]