Core Viewpoint - Yangmei Chemical Co., Ltd. is under investigation by the China Securities Regulatory Commission (CSRC) for failing to disclose non-operating fund transactions as required by regulations, which is linked to its former controlling shareholder, Huayang Group [1][3][4]. Group 1: Investigation and Corporate Changes - The CSRC has issued a notice of investigation against Yangmei Chemical due to alleged non-disclosure of non-operating fund transactions, which stemmed from Huayang Group's occupation of Yangmei's funds [1][3]. - Yangmei Chemical plans to change its name to Shanxi Luan Chemical Technology Co., Ltd. and its stock abbreviation to "Luhua Technology" [1]. - Luan Chemical Company intends to increase its stake in Yangmei Chemical by 0.09% following the change in control [1]. Group 2: Shareholder Transition - The transition of controlling shareholders from Huayang Group to Luan Chemical Company has been a lengthy process, taking four years to complete [4]. - The share transfer was finalized in late 2024, with Luan Chemical directly holding 24.19% of Yangmei Chemical's shares [4]. Group 3: Financial Performance - Yangmei Chemical has faced significant financial pressure, with revenues declining from 170.36 billion yuan in 2022 to 108.95 billion yuan in 2024, representing a decrease of 9.08%, 20.05%, and 20.01% year-on-year [8][9]. - The company reported net profits of 0.70 billion yuan in 2022, followed by losses of 13.66 billion yuan in 2023 and 6.81 billion yuan in 2024, totaling a loss of 20.47 billion yuan over two years [8][9]. - The decline in revenue is attributed to the downturn in the chemical industry, price fluctuations, and the shutdown of a subsidiary, with major products like urea and PVC experiencing low prices [9]. Group 4: Market Outlook - The entry of the new controlling shareholder is seen as a potential catalyst for accelerating Yangmei Chemical's industrial transformation [6]. - The company continues to face challenges in a competitive market, with excess capacity and low prices threatening its profitability [9][10].

证券代码：836419 证券简称：万德股份 公告编号：2025-046 西安万德能源化学股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 活动时间：2025 年 5 月 16 日（周五）下午 15:00~17:00 活动地点：公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式召开业绩说明会。 参会单位及人员：通过网络方式参加公司 2024 年年度业绩说明会的投资者。 上市公司接待人员：1、董事长：王育斌先生 2、董事、总经理：汪希领先 生 3、财务总监：薛玫女士 4、董事、董事会秘书：杨青女士 5、保荐代表人： 汪兵先生。 三、 投资者关系活动主要内容 公司就投资者在本次说明会中提出的问题进行了回复： 1、请问贵公司如何看待行业未来的发展前景？ 回答：尊敬的投资者，您好！公 ...