12月23日，苏利股份跌5.01%，截至发稿，报19.15元/股，成交1.36亿元，换手率3.83%，总市值35.79亿 元。 资料显示，江苏苏利精细化工股份有限公司位于江苏省江阴市临港街道润华路7号-1，成立日期1994年 12月22日，上市日期2016年12月14日，公司主营业务涉及农药、阻燃剂及其他精细化工产品的研发、生 产和销售。主营业务收入构成为：农药及农药中间体59.86%，阻燃剂及中间体30.84%，其他精细化工 产品8.19%，其他(补充)1.11%。 从苏利股份十大流通股东角度 招商量化精选股票发起式A（001917）成立日期2016年3月15日，最新规模36.63亿。今年以来收益 38.25%，同类排名1054/4197；近一年收益34.36%，同类排名1067/4154；成立以来收益271.08%。 数据显示，招商基金旗下1只基金位居苏利股份十大流通股东。招商量化精选股票发起式A（001917） 三季度新进十大流通股东，持有股数85.32万股，占流通股的比例为0.47%。根据测算，今日浮亏损失约 86.17万元。 责任编辑：小浪快报 招商量化精选股票发起式A（001917）基金经理为王平 ...

Group 1 - The core viewpoint of the news is that Tongcheng New Materials has seen a stock price increase of 5.28%, reaching 47.04 CNY per share, with a trading volume of 793 million CNY and a turnover rate of 2.81%, resulting in a total market capitalization of 28.982 billion CNY [1] - Tongcheng New Materials Group Co., Ltd. is located in the China (Shanghai) Pilot Free Trade Zone and was established on June 4, 2008, with its listing date on June 27, 2018 [1] - The company's main business involves the research, production, sales, and related trade of fine chemical materials, with revenue composition as follows: rubber additives and other products 70.06%, electronic materials 26.69%, and fully biodegradable materials 3.25% [1] Group 2 - From the perspective of the top ten circulating shareholders, a fund under Southern Fund ranks among them, specifically the Southern CSI 500 ETF (510500), which reduced its holdings by 46,700 shares in the third quarter, now holding 3.4906 million shares, accounting for 0.58% of circulating shares [2] - The Southern CSI 500 ETF (510500) was established on February 6, 2013, with a latest scale of 140.098 billion CNY, and has achieved a year-to-date return of 27.34%, ranking 1682 out of 4197 in its category [2] - The fund manager of Southern CSI 500 ETF is Luo Wenjie, who has a cumulative tenure of 12 years and 248 days, with the fund's total asset scale at 170.251 billion CNY and the best return during his tenure being 146.43% [3]

Group 1 - The core business of Shandong Boyuan Pharmaceutical Chemical Co., Ltd. includes the research, production, and sales of fine chemicals, with a focus on organic iodides (74.56% of revenue), specialty functional chemicals (12.79%), trading (9.94%), and others (2.72%) [2] - As of December 10, 2025, the company reported a revenue of 1.073 billion yuan, representing a year-on-year growth of 6.60%, while the net profit attributable to shareholders decreased by 22.53% to 132 million yuan [2] - The company has distributed a total of 88.408 million yuan in dividends since its A-share listing [3] Group 2 - On December 19, 2025, Boyuan shares increased by 0.53%, with a trading volume of 93.8648 million yuan, and a net financing purchase of 448,700 yuan [1] - The total margin trading balance for Boyuan shares reached 142 million yuan, accounting for 3.68% of the circulating market value, which is above the 70th percentile of the past year [1] - As of December 19, 2025, there were no shares sold or repaid in the securities lending market, indicating a high level of demand for borrowing [1]

Core Viewpoint - Bohai Chemical announced the termination of its major asset restructuring plan, which involved the sale of 100% equity in Bohai Petrochemical and the acquisition of control over Taida New Materials, due to a lack of consensus on key terms among the parties involved [2][3] Group 1: Restructuring Details - The restructuring plan began on December 5, 2025, with Bohai Chemical signing a letter of intent with its controlling shareholder Bohua Group and Taida New Materials [3] - The transaction consisted of two parts: selling 100% equity of Bohai Petrochemical to Bohua Group and acquiring control of Taida New Materials through share issuance and cash payments [3] - The decision to terminate the restructuring was made to protect the interests of the company and its investors, as the parties could not reach an agreement on core terms [3] Group 2: Financial Performance and Challenges - Bohai Chemical has been facing dual pressure from supply and demand, leading to continuous losses in its propane dehydrogenation (PDH) business [5][6] - The company reported a revenue of 2.809 billion yuan for the first three quarters of 2025, a year-on-year decrease of 16.82%, with a net loss of 579 million yuan, which has worsened compared to the previous year [6] - The PDH industry is experiencing structural overcapacity, resulting in ongoing profitability challenges for Bohai Chemical [6]

Core Viewpoint - Changyu Group has been approved for its initial public offering (IPO) on the Shanghai Stock Exchange, marking it as the 97th company to receive approval this year [1]. Company Overview - Changyu Group primarily engages in the research, production, and sales of zirconium products, specialty nylon products, and fine chemical products [2]. - As of the signing date of the prospectus, Liu Qiyong directly holds 38.90% of Changyu Group's shares, while Liu Ce holds 9.36% directly and has indirect control over an additional 4.94% through partnerships, making them the controlling shareholders with a combined ownership of 53.20% [2]. - The company plans to raise 700 million yuan (approximately 70 million) through its IPO, which will be allocated to projects including 45,000 tons of ultra-pure oxygen zirconium chloride and deep processing, 10,000 tons of high-performance nylon elastomer products, and 1,000 tons of bioceramics and functional ceramics [2]. Key Questions from the Listing Committee - The committee inquired about the trends in gross profit margins for zirconium and specialty nylon products, as well as the differences in sales margins between domestic and international markets, and the potential risks of significant declines in overall operating performance due to decreasing product margins [3]. - The committee also requested clarification on adjustments related to accounting errors, the effectiveness of internal controls regarding revenue recognition, inventory management, and R&D expenses, along with the company's corrective measures [3].

Group 1 - The Guizhou Provincial Science and Technology Department announced the proposed projects for the 2025 Guizhou Province technology achievement transformation pilot platform, with 12 projects selected, covering fields such as health, new materials, and new energy [1] - The "Microchannel Reaction Process and Equipment Pilot Platform Development" project, located in the Guiyang Economic and Technological Development Zone, has been approved for funding [1] - The project is developed by Guizhou Microchemical Technology Co., Ltd., a national high-tech enterprise focused on the research, design, manufacturing, and promotion of continuous micro-reaction equipment [1] Group 2 - The chemical industry is facing dual demands for "green transformation" and "new productivity cultivation," with microchemical technology becoming a core direction for industry upgrading due to its advantages in reaction efficiency, energy consumption reduction, and waste emission decrease [1] - Over 30% of advanced laboratory results fail to be transformed each year due to issues such as insufficient equipment adaptability and weak transformation technology, which hinders the implementation of innovative results [1] - To address the "transformation gap," Guizhou Microchemical Technology has partnered with Guizhou University of Technology to initiate the construction of the "Microchannel Reaction Process and Equipment Pilot Platform," focusing on fine chemicals, nano-functional materials, and new energy materials [1]

Core Viewpoint - The strategic asset operation of Bohai Chemical has been terminated, which was seen as a significant step in the company's transformation strategy [2][7]. Group 1: Transaction Details - On December 5, Bohai Chemical announced plans to sell 100% of Tianjin Bohai Petrochemical Co. and acquire control of Taida New Materials, but the transaction was terminated on December 19 due to disagreements on core terms [2][7]. - The original plan involved Bohai Chemical's controlling shareholder taking over Bohai Petrochemical and then acquiring Taida New Materials through a combination of share issuance and cash payment [7]. Group 2: Financial Performance - Bohai Petrochemical has been a financial burden for Bohai Chemical, with negative gross margins of -11.14% and -8.13% projected for 2023 and 2024, respectively [7]. - In the first half of 2025, Bohai Petrochemical reported a net loss of 326 million yuan, accounting for over 90% of the company's total net loss [7]. Group 3: Taida New Materials Overview - Taida New Materials has shown significant growth, with projected revenues of 1.167 billion yuan in 2024, a year-on-year increase of 146.02%, and a net profit of 600 million yuan, up 1112.41% [7]. - The company has attempted to go public three times but has faced challenges, including scrutiny over its financial metrics and performance consistency [9][10]. Group 4: Industry Context - Bohai Chemical's core business is propane-to-propylene, primarily serving Shandong and the North China region, but the chemical industry is currently facing challenges due to low oil and petrochemical prices [7]. - The market for phthalic anhydride, a key product of Taida New Materials, has seen price increases from 19,000 yuan/ton to 50,000 yuan/ton due to supply-demand imbalances following the closure of a major competitor's production [12].

Core Viewpoint - The company is expanding its new energy initiatives based on its existing fine chemical technology and industry chain advantages, indicating a strategic move towards diversification and innovation in its operations [1] Group 1: Company Strategy - The company is advancing its new energy-related layout at the Dingyuan base through collaborations with educational institutions, joint research with customers, and pilot testing, showcasing a commitment to technological development and market expansion [1] - The company emphasizes a prudent operational principle while systematically promoting the development of new business areas, reflecting a cautious yet proactive approach to growth [1]

Core Viewpoint - Bohai Chemical has decided to terminate the major asset sale and related transactions due to the inability to reach an agreement on key terms with the other party, leading to the resumption of its stock trading [1][3][6]. Group 1: Major Asset Sale Termination - The company announced the termination of the plan to sell 100% equity of Tianjin Bohai Petrochemical Co., Ltd. and to acquire control of Anhui Taida New Materials Co., Ltd. through a combination of share issuance and cash payment [3][6]. - The decision was made after both parties failed to agree on essential terms of the transaction [1][6]. Group 2: Stock Resumption - Bohai Chemical's stock will resume trading starting December 22, following the announcement of the termination [2][6]. Group 3: Financial Performance and Business Context - Bohai Petrochemical, established in April 2018, is recognized as a benchmark enterprise in the domestic PDH (Propane Dehydrogenation) sector, with a production capacity of 600,000 tons per year [7]. - The company has been facing long-term operational pressure, with continuous losses reported since 2022, primarily due to the underperformance of its PDH business [8][10]. - The PDH business is currently in a "standstill" state, with maintenance originally planned for 30 days extended due to the need for coordination with new projects in the plant [10]. Group 4: Financial Data Overview - As of the latest financial reports, Bohai Chemical's total revenue for the third quarter of 2025 was 28.09 billion, reflecting a year-on-year decrease of 16.82% [9]. - The company reported a total operating cost of 33.90 billion, leading to an operating loss of 5.76 billion, which is a 7.49% decrease compared to the previous year [9]. - The net profit attributable to shareholders was -5.79 billion, marking a year-on-year decline of 7.85% [9].

Core Viewpoint - Bohai Chemical has decided to terminate the major asset sale and stock repurchase plan due to failure to reach an agreement on key terms of the transaction [2][3][9]. Group 1: Company Actions - On December 19, Bohai Chemical announced the termination of the plan to sell 100% equity of Tianjin Bohai Petrochemical Co., Ltd. and acquire control of Anhui Taida New Materials Co., Ltd. through a share issuance and cash payment [3][9]. - The company's stock will resume trading on December 22, following the announcement [6]. Group 2: Financial Performance - Bohai Chemical has been under long-term operational pressure, with continuous losses since 2022, primarily due to the ongoing losses from its PDH business [10][12]. - The PDH business is currently in a "standstill" state, with maintenance originally planned for 30 days extended due to the need for coordination with new projects, expected to resume production by the end of February 2026 [12]. Group 3: Industry Context - Bohai Petrochemical, established in April 2018, is a benchmark enterprise in the domestic PDH project sector, with a production capacity of 600,000 tons per year [7]. - The company aims to shift from its loss-making PDH business towards fine chemicals, but this plan has now fallen through [9].