在产能扩张上公司2021年以来固定资产和在建工程支出超25亿元，导致公有息负债规模不断扩大。随着 行业竞争和新产能的落地，公司毛利率从上市前的24.54%逐年下滑到2024年的10.44%,虽然营收数据翻 倍但是毛利率下滑和固定资产折旧增加导致公司上市以来呈现增收不赠利的局面。加上上市第一年收购 冠臻科技后各项资产减值因素影响更是直接导致2024年度亏损高达2.36亿元。 2025年11月22日，聚石化学（688669）公告称收到证监会立案告知书，公司因信息披露违规被立案调 查。对于本次立案调查的方向和涉及的内容公司并未做进一步披露。截止2025年9月30日，公司股东户 数仅为4754户，人均持股高达58.06万，筹码高达集中。 基本面上，公司上市前主营业务为改性塑料，上市后向产业链上游布局石化材料和精细化工,向下游拓 展应用产品。在上市第一年就先后以以自有资金7522.20万元收购龙华化工59.06%的股权和1.32亿元收 购冠臻科技 55%股权，先后切入五氧化二磷和多聚磷酸和透气膜、印刷膜、复合膜等相关业务，这为 公司后续公司业绩拉胯埋下了伏笔。 （来源：聚石化学公告） 上海古北律师事务所专业证券索赔律师 ...

Group 1 - The core point of the article is that Chuanjinnuo has updated its production capacity for industrial wet-process phosphoric acid at the Guangxi Fangchenggang chemical base to an annual design capacity of 150,000 tons after the first technical transformation [2] - The company currently does not have any plans for the production capacity of polyphosphoric acid [2]

Group 1 - The company aims to enhance operational capabilities by upgrading existing assets and processing isooctane and MTBE into finished gasoline to mitigate the negative impact of consumption tax [1] - The first phase of the project is expected to achieve 50% capacity utilization in its first full accounting year, generating revenue of 1.106 billion yuan and a net profit of 15 million yuan [1] - Upon full capacity, the project is projected to generate 2.213 billion yuan in revenue and a net profit of 35 million yuan [1] Group 2 - As of the end of 2024, the company's construction in progress amounts to 637 million yuan, an increase of 28.14% from the previous year [2] - The total budget for significant construction projects is 1.761 billion yuan, with a remaining balance of 558 million yuan [2] - Some projects have exceeded 100% completion but have not yet been transferred to fixed assets [2] Group 3 - The company has identified reasons for underutilization of capacity in major projects, including downstream demand, competition, and core product competitiveness [2][3] - Specific measures are being developed to improve capacity utilization, including price adjustments and enhancing product quality [2] - The company is actively exploring new markets, particularly in Africa, to boost sales [2] Group 4 - The company has a liquidity surplus after meeting operational and project funding needs, indicating no liquidity risk [9] - The company plans to optimize its organizational structure and focus on core business areas to improve its capital structure [9] Group 5 - The company acquired a 55% stake in Guan Zhen Technology for 60 million yuan, with performance commitments for net profits from 2022 to 2024 [10] - Guan Zhen Technology's actual net profits fell short of commitments, leading to a compensation obligation of 60 million yuan [10] - The company plans to transfer its stake in Guan Zhen Technology while ensuring compensation payments are made according to the agreed schedule [12] Group 6 - The company has reallocated goodwill among three asset groups, including Guan Zhen Technology, due to significant changes in the industry [15][19] - The reallocation of goodwill is in compliance with accounting standards and reflects the company's strategic adjustments [17][19]