证券代码：601117 股票简称：中国化学 公告编号：临 2025-054 中国化学工程股份有限公司 关于经营情况简报的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 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责任。 现将公司 2025 年 1—9 月主要经营情况公布如下，供各位投 资者参阅。 一、 按业务类型统计 三、 重大合同列示 9 月，公司单笔合同额在人民币 5 亿元以上的重大合同主要 如下： | 序号 | 单位名称 | 项目合同名称 | 合同金额 | | --- | --- | --- | --- | | 1 | 赛鼎工程有限 | 印尼 IBU 20 万吨/年绿色甲醇和 14 万 | 约 27.39 | | | 公司 | 吨/年绿色二甲醚项目 | （折合人民币） | | 2 | 中化学华谊工 程科技集团有 | 新疆三和精细化工有限责任公司氟材 料一体化项目烧碱装置及公辅工程总 | 16.00 | | | 限公司 | 承包合同 | | | 3 | 华陆工程科技 有限公司 | 兴化异地搬迁升级改造项目EPC工程 总承包合同（标段二：合成气净化及 公辅工程） ...

Core Viewpoint - The company Aerospace Engineering (603698.SH) announced a share reduction plan involving its major shareholders, Guochuang Fund and New Car Fund, who plan to reduce their holdings by up to 16,079,700 shares, representing 3% of the total share capital [1][2]. Share Reduction Plan - Guochuang Fund and New Car Fund will reduce their holdings through block trades and centralized bidding, with a maximum reduction of 2% and 1% of the total share capital respectively during specified periods [1][2]. - The reduction period is set from November 10, 2025, to February 9, 2026 [2]. Shareholder Information - As of the announcement date, Guochuang Fund holds 46,736,523 shares (approximately 8.72% of total shares), while New Car Fund holds 19,223,800 shares (approximately 3.59% of total shares) [2][3]. - Guochuang Fund is the second-largest shareholder, and New Car Fund is the fifth-largest shareholder of the company [3]. Financial Performance - In the first half of the year, Aerospace Engineering reported revenue of 1.988 billion yuan, a year-on-year increase of 80.04%, and a net profit attributable to shareholders of 96.87 million yuan, up 6.7% year-on-year [5]. - As of October 17, the company's stock price was 20.91 yuan per share, with a total market capitalization of 11.208 billion yuan, reflecting a year-to-date increase of 35.58% [5].

Core Insights - The successful shipment of core equipment for the NPG project marks a significant milestone for the company in the Indonesian market [1][2] - The project utilizes a fully localized process technology with a 100% domestic material rate, showcasing China's advanced chemical technology and high-end equipment going global [1] Group 1 - The NPG project has a capacity of 30,000 tons per year and is the seventh EPC project undertaken by the company in Indonesia [1] - The project team faced challenges such as tight schedules and transportation difficulties, which were addressed through careful planning and integration of equipment from eight suppliers, totaling approximately 4,500 tons [1] - Innovative logistics strategies were employed, including a framework bidding model and direct land transport solutions, which reduced booking difficulties and overall logistics costs [1] Group 2 - The successful shipment propels the project into a peak phase of equipment delivery, laying a foundation for subsequent construction [2] - The project team aims to enhance the "China Chemical" brand's influence in the international market through localized management and rich engineering experience [2]

Core Insights - China Chemical Tianchen Company has been awarded the 2025 China Future Enterprise Award for its independently developed Chemical Hydrogen Energy Optimization Model Management System [1] - The system integrates artificial intelligence technology and provides intelligent support across key project management phases, including design, procurement, and construction [1] - This award highlights the company's efforts in digital transformation and its role as a significant driver for the company's transition towards high-end and intelligent operations [1] Company Summary - The Chemical Hydrogen Energy Optimization Model Management System is a proprietary technology with independent intellectual property rights developed by Tianchen Company [1] - The system effectively overcomes the limitations of existing single energy system simulations by leveraging multi-energy system collaborative simulation capabilities [1] - It aims to enhance the efficiency of digital empowerment in design, procurement, and construction while achieving comprehensive optimization of energy systems and efficient resource allocation [1] Industry Recognition - The IDC Future Enterprise Award has been established for 10 years, recognizing efforts and achievements in digital transformation across various organizations and individuals [1] - The award process includes public solicitation, voting, and evaluations by internal and external experts to identify representative digital transformation cases [1] - This recognition underscores the commercial value of digital transformation and celebrates pioneers in future business [1]

Company Overview - Shandong Sanwei Chemical Group Co., Ltd. is a technology-driven chemical group engaged in R&D, engineering services, catalyst production, and basic chemical raw material sales [2][3] - The company is a leading domestic producer of n-propanol, butanol residue recovery, and n-pentanol sales [3] Engineering Business Performance - In the first half of 2025, the company signed new engineering consulting and EPC contracts worth approximately ¥637.45 million [4] - As of June 30, 2025, the total amount of signed but uncompleted engineering contracts was ¥1.629 billion [4][5] - Major ongoing projects include sulfur recovery installations and technology transformation projects for various clients [4][5] Coal Chemical Projects - The company has undertaken several coal chemical projects, including sulfur recovery installations and catalyst procurement for major energy groups [6][7] - New projects since 2025 include a 2 billion cubic meters/year coal-to-natural gas project and various sulfur recovery technology services [7][8] Chemical Business Model - The chemical business operates on a flexible production model, adjusting production based on market demand and raw material prices [8][9] - The company has a complete "aldehyde-alcohol-acid-ester" industrial chain, allowing for flexible production adjustments [9] Future Development Plans - The company is advancing projects to enhance the production of cellulose derivatives and high-quality octanoic acid, targeting an additional capacity of 50,000 tons/year [10] - Plans include integrating R&D resources to promote green and high-end product development [10] Shareholder Returns - The company plans to distribute a cash dividend of ¥1.00 per 10 shares, totaling ¥64.89 million, based on the total share capital of 648,862,630 shares as of June 30, 2025 [12] - Cumulative cash dividends since 2010 amount to ¥1.225 billion, reflecting the company's commitment to shareholder returns [12] Financial Position - The company maintains a strong cash reserve and low debt ratio, positioning itself for potential expansion opportunities [13][14] - Plans to enhance production efficiency and explore high-value downstream chemical products are in place [14]

Group 1: Financial Performance - R&D expenses decreased by 29.25% year-on-year, raising concerns about the impact on technology reserves and project competitiveness in the new energy sector [2] - Revenue from the environmental governance infrastructure sector dropped by 36.93%, attributed to project acceptance delays and insufficient new orders [2] - Operating revenue and net profit (excluding non-recurring items) increased in the first half of 2025, but operating cash flow net amount fell sharply by 78.46% [4] Group 2: Project Developments - The Zabuye Salt Lake Phase II project has achieved lithium content standards in trial production, but stable mass production and revenue confirmation are still pending [3] - The company is actively promoting the Zabuye project, which faces challenges due to high-altitude construction and complex technical adjustments [3] Group 3: Strategic Initiatives - The company is focusing on "R&D + Engineering + Operations" in new energy, new materials, and new environmental protection, maintaining its status as a "National Technology Innovation Demonstration Enterprise" [2] - Significant growth in overseas revenue by 2941.38% and in the northwest region by 148.50%, primarily driven by major projects in Indonesia and various provinces [4] - The company is enhancing its green energy initiatives, including projects in hydrogen production and green methanol, with a dedicated team of over 50 technical personnel [5] Group 4: Shareholder Relations - The lock-up period for shares held by Shaanxi Coal and Chemical Group will expire on December 5, 2025, with no current information on potential share reductions [3] - The change in major shareholders does not create a competitive issue with Sinochem International, as the two companies operate in different sectors [5]

Group 1: Macro Strategy and Market Overview - The report emphasizes the importance of coordinated fiscal and monetary policies to support economic recovery amid a complex market environment [3] - In the equity market, major indices experienced slight adjustments, with the ChiNext Index rising by 2.35% in the first week of September [3] - The central bank maintained a loose liquidity environment, with the DR007 rate staying below 1.5% [3] Group 2: Pharmaceutical Industry Insights - The weight loss market is rapidly growing, with over 2.6 billion people affected by overweight/obesity globally as of 2020, projected to exceed 4 billion by 2035 [5] - Novo Nordisk's oral version of semaglutide has been accepted for FDA review, marking a significant advancement in the oral GLP-1 weight loss drug market [5] - Data underperformance in oral GLP-1 pipelines may accelerate domestic BD opportunities, with potential for local drug companies to achieve significant results [5] Group 3: Energy Sector Analysis - U.S. shale oil companies have reduced capital expenditure and production guidance for 2025, indicating a cautious outlook [6][8] - The report predicts that if WTI prices remain below $60 per barrel, shale oil production may decline significantly [8] - OPEC+ is expected to increase production, potentially leading to oversupply and price corrections in the fourth quarter [9] Group 4: Chemical Industry Developments - China has become the world's largest new energy storage market, with installed capacity reaching 73.76 million kilowatts by the end of 2024 [11] - Prices for paraquat have risen due to strong demand and tight supply, while epoxy chloropropane market transactions have increased [11] Group 5: Retail Sector Performance - Chongqing Department Store reported a revenue of 8 billion yuan in H1 2025, a 10% year-on-year decline, but net profit increased by 8.7% [12] - The company has successfully adjusted 32 stores, resulting in a 53% increase in customer traffic [12] Group 6: Company-Specific Insights - Milky Way's net profit is expected to grow from 6.6 billion to 9.3 billion yuan from 2025 to 2027, with a target price of 81.49 yuan based on a PE of 16 [42][43] - China Ruyi's revenue for H1 2025 reached 2.206 billion yuan, a 19.93% increase, with a net profit turnaround to 1.228 billion yuan [36][37]

Core Viewpoint - Shandong Sanwei Chemical Group Co., Ltd. reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, alongside a proposed cash dividend for shareholders [1] Group 1: Financial Performance - The company achieved operating revenue of 1.249 billion yuan, representing a year-on-year increase of 21.81% [1] - Net profit attributable to shareholders reached 120 million yuan, reflecting a year-on-year growth of 42.54% [1] - A mid-term dividend proposal was announced, with a plan to distribute 1 yuan in cash dividends per 10 shares (including tax) [1] Group 2: Business Development - The company is advancing its "engineering + chemical" development strategy, focusing on high value-added product transformation and market expansion [1] - The engineering segment, as the leading domestic contractor for sulfur recovery units, reported operating revenue of 409 million yuan, a remarkable increase of 483.46% [1] - The company is leveraging advanced technologies and effective management to enhance project execution and profitability, particularly in key projects like Beifang Huajin and Tianjin Petrochemical [1] Group 3: Future Opportunities - The company anticipates growth opportunities in engineering business driven by petrochemical industry upgrades, equipment modernization, and the launch of new coal chemical projects [1] - The company is also enhancing its production capabilities in the acetate butyrate fiber project and optimizing the "aldehyde alcohol ester" industrial chain [2] - The company plans to adapt to market supply and demand changes, focusing on flexible production and advancing products towards refinement and high-end development [2]

Core Viewpoint - The article discusses the strategic transformation challenges faced by China National Chemical Engineering Group (China Chemical) as the domestic petrochemical engineering market shrinks, highlighting the need for the company to pivot towards high-end materials manufacturing while maintaining its engineering contracting business [2][3][5]. Group 1: Industry Context - The domestic petrochemical engineering market is experiencing a rapid contraction due to the saturation of large-scale projects, with a significant decrease in new approvals for major refining projects since 2024 [3][4]. - China Chemical's accounts receivable reached 36.25 billion yuan at the end of 2024, more than six times its net profit of 5.688 billion yuan, indicating prolonged project payment cycles and financial strain on clients [3][4]. Group 2: Company Performance - In 2024, China Chemical reported revenues of 186.6 billion yuan, a year-on-year increase of 4.14%, with net profits of 5.688 billion yuan [3]. - The company's traditional chemical engineering business remains its main revenue source, generating 152.18 billion yuan in 2024, while its new materials business grew by 13.42% to 8.75 billion yuan, indicating a successful initial phase of its strategic transformation [5][8]. Group 3: Strategic Initiatives - China Chemical is implementing a "two-business strategy" of combining engineering contracting with high-end materials manufacturing to address transformation challenges [5][10]. - The company is focusing on overseas markets, with 30.88% of its new contracts in 2024 coming from international projects, although this proportion dropped to 20.13% in the first half of 2025 due to geopolitical challenges [4][10]. Group 4: Regional Development - Fujian province has become a critical area for China Chemical's strategic transformation, with significant investments in petrochemical projects totaling over 300 billion yuan, positioning it as a key player in the global petrochemical landscape [6][8]. - The ancient Gu Lei petrochemical base in Fujian is central to China Chemical's operations, with major projects like the Gu Lei integrated refining project and the Sino-Saudi ethylene project contributing to its growth [6][8]. Group 5: Collaborative Efforts - The partnership between China Chemical and Fujian Energy and Chemical Group is crucial for the company's transformation, leveraging technological expertise and manufacturing capabilities to enhance project execution and innovation [10][14]. - The establishment of Fujian Haichen Chemical Co., a joint venture between the two companies, aims to develop a full industrial chain for high-end chemical materials, further solidifying their collaboration [11][12].

Core Viewpoint - The company has announced a profit distribution plan that was approved at the annual shareholders' meeting on June 26, 2025, which includes a cash dividend distribution to all shareholders [1]. Distribution Details - The distribution is based on a total share capital of 6,106,877,362 shares after the repurchase and cancellation of certain restricted stock from the 2022 incentive plan, with a cash dividend of 0.186 yuan per share (before tax), totaling 1,135,879,189.33 yuan [3]. - The distribution will be made to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the registration date [2]. Implementation Method - Cash dividends for unrestricted circulating shares will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders who have completed designated transactions [3]. - Shareholders who have not completed designated transactions will have their dividends held by the China Securities Depository and Clearing Corporation Limited until they complete the necessary transactions [3]. Taxation Information - For individual shareholders holding A-shares, the cash dividend of 0.186 yuan per share is subject to different tax treatments based on the holding period, with a maximum tax rate of 20% for shares held for one month or less [5]. - Qualified Foreign Institutional Investors (QFIIs) will have a 10% withholding tax applied, resulting in a net cash dividend of 0.1674 yuan per share [6]. - Hong Kong investors will also receive a net cash dividend of 0.1674 yuan per share after a 10% withholding tax [6]. Consultation Information - For inquiries regarding the implementation of the profit distribution plan, shareholders can contact the board office at the provided phone number [7].