Core Viewpoint - Several wine companies, including Mogaos, are forecasting significant losses for the first half of the year, with Mogaos expected to incur losses of 25 to 37 million yuan, marking a substantial increase in losses compared to the previous year [1][8]. Group 1: Financial Performance - Mogaos' wine business has seen a declining share of total revenue, with wine accounting for only 18.45% of revenue in 2024, down from 83.54% in 2017 [2]. - The company has reported continuous losses over the past four years, with losses of approximately 98.7 million yuan in 2021, 111 million yuan in 2022, 41.4 million yuan in 2023, and projected losses of 25 to 37 million yuan for the first half of 2025 [8]. Group 2: Business Diversification and Challenges - Mogaos has shifted its focus to biodegradable materials, which now dominate its revenue, but this segment has also shown signs of losses since 2022 [4]. - The pharmaceutical segment has experienced a decline in production and sales prices, contributing to reduced profitability [4]. Group 3: Market Dependency and Distribution - Mogaos relies heavily on the Gansu provincial market for wine sales, with provincial revenue being 1.5 times that of external markets in 2023 [5]. - The number of distributors for Mogaos' wine has decreased, with 50 distributors lost despite 48 new additions, indicating a shrinking market presence [6][7]. Group 4: Regulatory and Market Environment - The company faces potential delisting risks if it fails to achieve a revenue of 300 million yuan in 2024, with negative net profits [8]. - Mogaos' chairman has been implicated in insider trading, which has negatively impacted market confidence, although the company claims it does not affect operations [8].

Core Viewpoint - The announcement provides an overview of the operational performance of Zhongyan Inner Mongolia Chemical Co., Ltd. for the first half of 2025, highlighting production, sales, and revenue figures across various product categories. Group 1: Main Products' Performance - The company reported the following revenue and production figures for its main products: - Sodium metal and sodium chlorate generated a revenue of 457.30 million yuan with a production of 74,600 tons and sales of 75,500 tons [1] - Soda ash generated a revenue of 2,658.23 million yuan with a production of 2,160,500 tons and sales of 2,145,200 tons [1] - PVC resin generated a revenue of 694.78 million yuan with a production of 109,600 tons and sales of 111,600 tons [1] - Caustic soda generated a revenue of 532.32 million yuan with a production of 186,800 tons and sales of 176,500 tons [1] - Ammonium chloride generated a revenue of 138.82 million yuan with a production of 429,400 tons and sales of 425,100 tons [1] - Medicinal products such as compound licorice tablets and Cistanche deserticola granules generated a revenue of 69.69 million yuan with a production of 1,454,900 boxes and sales of 1,330,500 boxes [1] Group 2: Price Changes of Main Products - The average selling prices of key products experienced the following changes: - Sodium metal and sodium chlorate prices decreased by 10.86% and 7.44% respectively due to supply-demand adjustments [2] - Soda ash prices fell by 38.24%, PVC prices decreased by 14.01%, and paste resin prices dropped by 10.43% due to weakened downstream demand and increased capacity [2] - Caustic soda prices increased by 19.87% due to strong downstream demand, while ammonium chloride prices decreased by 21.85% due to lower raw material costs and increased supply [2] Group 3: Raw Material Price Changes - The prices of major raw materials showed the following changes: - The price of raw salt decreased by 27.90%, while limestone prices remained stable due to supply-demand balance [2] - The prices of coke and coal fell by 13.38% and 7.20% respectively, benefiting from increased domestic coal supply and reduced thermal power demand [2] - Liquid ammonia prices decreased by 11.14% due to the downward transmission effect of coal prices, and licorice extract powder prices dropped significantly due to increased market supply [2]

证券代码：600328 证券简称：中盐化工 公告编号：（临）2025-064 中盐内蒙古化工股份有限公司 关于 2025 年上半年度主要经营数据的公告 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。 中盐内蒙古化工股份有限公司（以下简称"公司"）根据上海证 券交易所《上市公司行业信息披露指引第七号-医药》《上市公司行 业信息披露指引第十八号-化工》及《关于做好上市公司 2025 年上半 年度报告披露工作的通知》要求，现将公司 2025 年上半年度主要经 营数据披露如下： 主要行业 主要产品 2025 年上 半年产量 2025 年上 半年销量 营业收入（万元） 精细化工行业 金属钠、氯酸钠 （万吨） 7.46 7.55 45,730.32 基础化工行业 纯碱（万吨） 216.05 214.52 265,823.35 聚氯乙烯树脂 （万吨） 21.03 20.86 88,865.27 糊树脂（万吨） 10.96 11.16 69,478.14 烧碱（万吨） 18.68 17.65 53,232.32 氯化铵（万吨） 42.9 ...

Core Viewpoint - Gansu Mogao Industrial Development Co., Ltd. reported a significant increase in revenue for 2024, driven by strong performance in its biodegradable materials and pharmaceutical segments, while facing a decline in its wine business [2][3]. Revenue Performance - The company achieved a total revenue of 328 million yuan in 2024, representing a year-on-year growth of 65.38% - After excluding non-core business income, the revenue was 312 million yuan, reflecting a growth of 78.98% [2]. Business Segment Analysis - The wine business generated revenue of 60.56 million yuan, a decrease of 17.41% year-on-year - The pharmaceutical segment saw revenue of 67.12 million yuan, an increase of 35.71% - The biodegradable materials and products segment reported revenue of 111 million yuan, marking a substantial growth of 114.56% - The new film bag business contributed 73.71 million yuan in revenue [2]. Strategic Initiatives - The company focused on the recovery of PBAT prices, optimizing production to maintain market share - It developed new products to extend the value chain, including fully biodegradable film formulations [2]. - Mogao continued to integrate internal resources by acquiring a 49% stake in Gansu Mogao Hongyuan Agricultural Technology Co., Ltd. at zero cost, enhancing its film production capabilities [3]. - The company increased sales efforts towards its controlling shareholder and its affiliates, securing a majority of film orders [3]. Future Outlook - Mogao plans to implement a dual-driven strategy of "wine + biodegradable materials" to enhance product quality and innovate marketing approaches - The company aims to capitalize on market opportunities in the environmental new materials sector, improving R&D capabilities and production stability [3].

（一）主要产品的价格变动情况 证券代码：600328 证券简称：中盐化工 公告编号：（临）2025-034 中盐内蒙古化工股份有限公司 2025 年第一季度主要经营数据的公告 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。 中盐内蒙古化工股份有限公司（以下简称"公司"）根据上海证 券交易所《上市公司行业信息披露指引第七号-医药》《上市公司行 业信息披露指引第十八号-化工》及《关于做好上市公司 2025 年第一 季度报告披露工作的通知》要求，现将公司 2025 年第一季度主要经 营数据披露如下： | 主要行业 | 主要产品 | 2025 年第 | 2025 年第 | 营业收入（万 元） | | --- | --- | --- | --- | --- | | | | 一季度产量 | 一季度销量 | | | 精细化工行业 | 金属钠、氯酸钠 （万吨） | 3.40 | 3.29 | 21,343.68 | | 基础化工行业 | 纯碱（万吨） | 104.39 | 95.02 | 121,025.87 | | | 聚氯乙烯树脂 ...