关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我 2026年1月10日，广东聚石化学（维权）股份有限公司（简称：聚石化学，代码：688669）发布《关于 收到行政处罚事先告知书的公告》。 登录新浪财经APP 搜索【信披】查看更多考评等级 经中国证监会广东证监局查明，聚石化学涉嫌信息披露违法违规的事实如下： 聚石化学及其子公司通 过开展虚假贸易业务虚增收入、成本和利润，具体包括：一是聚石化学原子公司广东冠臻科技有限公司 （以下简称冠臻科技）实际控制佛山市亨诺德贸易有限公司、佛山市富倍奇贸易有限公司、佛山市汉科 达贸易有限公司、佛山市君利道贸易有限公司等4家公司，并与上述公司开展无实际货物存在的虚假贸 易业务。二是聚石化学介入到第三方公司已开展的聚丙烯等贸易链条中，对应的采购和销售金额基本一 致，货物仅以自行制作的货权转让单流转，相关交易不具有商业实质。三是聚石化学子公司安徽聚润贸 易有限公司向福建某石油化工有限公司、湖北某石化有限公司销售异辛烷货物，但货物未实际出库，公 司后期加价购回。 通过上述方式，聚石化学2023年半年度虚增营业收入合计156，807 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 2026年1月9日晚，聚石化学（维权）（688669）公告收到证监会广东监管局下发的《行政处罚事先告知 书》，上海久诚律师事务所股票索赔律师许峰提示，因聚石化学虚假陈述违法行为受损的投资者目前已 可发起索赔。（许峰律师专栏） 上述《行政处罚事先告知书》公告信息显示，经查明，聚石化学涉嫌信息披露违法违规的事实如下：聚 石化学及其子公司通过开展虚假贸易业务虚增收入、成本和利润，具体包括：一是聚石化学原子公司广 东冠臻科技有限公司（以下简称冠臻科技）实际控制佛山市亨诺德贸易有限公司、佛山市富倍奇贸易有 限公司、佛山市汉科达贸易有限公司、佛山市君利道贸易有限公司等4家公司，并与上述公司开展无实 际货物存在的虚假贸易业务。二是聚石化学介入到第三方公司已开展的聚丙烯等贸易链条中，对应的采 购和销售金额基本一致，货物仅以自行制作的货权转让单流转，相关交易不具有商业实质。三是聚石化 学子公司安徽聚润贸易有限公司向福建某石油化工有限公司、湖北某石化有限公司销售异辛烷货物，但 货物未实际出库，公司后期加价购回。 通过上述方式，聚石化学2023年半年度虚增营业收入合计156，807 ...

因聚石化学及其子公司涉嫌通过开展虚假贸易业务虚增收入、成本，虚减利润，广东证监局拟对公司责 令改正，给予警告，并处罚款240万元；对包括时任董事长、总经理陈钢在内的4名责任人给予警告，并 共处罚款430万元。 广东证监局指出，经查明，聚石化学涉嫌信息披露违法违规的事实如下：一是聚石化学原子公司广东冠 臻科技有限公司实际控制佛山市亨诺德贸易有限公司、佛山市富倍奇贸易有限公司、佛山市汉科达贸易 有限公司、佛山市君利道贸易有限公司等4家公司，并与上述公司开展无实际货物存在的虚假贸易业 务。 二是聚石化学介入到第三方公司已开展的聚丙烯等贸易链条中，对应的采购和销售金额基本一致，货物 仅以自行制作的货权转让单流转，相关交易不具有商业实质。 中经记者 孙汝祥 夏欣 北京报道 聚石化学（688669.SH）2026年1月9日公告，当日收到广东证监局下发的《行政处罚事先告知书》。 三是聚石化学子公司安徽聚润贸易有限公司向福建某石油化工有限公司、湖北某石化有限公司销售异辛 烷货物，但货物未实际出库，公司后期加价购回。 通过上述方式，聚石化学2023年半年度虚增营业收入合计1.57亿元、虚增营业成本合计1.58亿元、虚减 利润合 ...

Core Viewpoint - Qixiang Tengda's stock performance shows a slight increase, with significant trading activity and a notable balance in margin financing and securities lending [1][2]. Group 1: Financial Performance - For the period from January to September 2025, Qixiang Tengda reported a revenue of 18.212 billion, a year-on-year decrease of 0.77% [2]. - The company experienced a net profit attributable to shareholders of -146 million, reflecting a significant year-on-year decline of 174.19% [2]. Group 2: Shareholder and Trading Activity - As of November 11, Qixiang Tengda's financing buy-in amounted to 11.6827 million, with a net buy of 2.91 million, indicating active trading [1]. - The total margin financing and securities lending balance reached 406 million, with the financing balance accounting for 2.82% of the circulating market value, which is below the 30th percentile of the past year [1]. - The number of shareholders increased to 56,600, with an average of 48,602 circulating shares per person, a slight decrease of 0.28% [2]. Group 3: Dividend and Institutional Holdings - Qixiang Tengda has cumulatively distributed 2.643 billion in dividends since its A-share listing, with 908 million distributed over the past three years [3]. - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 8.6957 million shares [3].

Core Viewpoint - Qixiang Tengda's stock price has shown fluctuations, with a recent increase of 2.07% and a total market value of 14.044 billion yuan, despite a year-to-date decline of 1.20% [1] Financial Performance - For the period from January to September 2025, Qixiang Tengda reported a revenue of 18.212 billion yuan, a year-on-year decrease of 0.77%, and a net profit attributable to shareholders of -146 million yuan, a significant decline of 174.19% [2] - Cumulative cash dividends since the company's A-share listing amount to 2.643 billion yuan, with 908 million yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 56,600, with an average of 48,602 circulating shares per person, a decrease of 0.28% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 8.6957 million shares, and new entrants such as Penghua Zhongzheng Fine Chemical Industry Theme ETF and Guangfa Advantage Growth Stock A [3]

Core Insights - The company is advancing its digital transformation by implementing "digital twin" and "intelligent analysis" technologies, enhancing its laboratory management systems and overall operational efficiency [1][2][4] Group 1: Digital Transformation - The laboratory's digital transformation has led to the establishment of an intelligent laboratory management system that covers the entire lifecycle of laboratory equipment and the full process of data management [1][2] - The company has developed two core platforms: the "Laboratory Equipment Management System" and the "Laboratory Analysis Data Quality Management System," which facilitate automated data collection and analysis [1][2] Group 2: Operational Efficiency - The digitalization of laboratory equipment management has significantly improved operational efficiency, with all processes such as procurement, maintenance, and data recording now conducted online [2] - The implementation of a data quality management system allows for intelligent cross-checking of testing data with various production-related big data, resulting in a substantial reduction in error rates [2] Group 3: Innovation and Value Creation - The digital transformation has catalyzed innovation across the entire value chain, leading to the development of 38 new grades of polypropylene products and nine provincial or higher-level technological innovation achievements [4] - The shift towards digital management has not only enhanced product development but also integrated deeply into various management aspects, thereby increasing the company's core competitiveness and promoting high-quality development [4]

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]

Core Viewpoint - The report highlights that Yuxin Co., Ltd. has achieved revenue growth driven by production and sales increases, while facing challenges from price declines and market conditions, leading to a recommendation of a "buy" rating for the company [1][6]. Group 1: Financial Performance - In 2024, Yuxin Co., Ltd. reported total operating revenue of 7.701 billion, a year-on-year increase of 16.51%, while net profit attributable to shareholders was 307 million, a decrease of 32.34% [2]. - In Q4 2024, the company achieved operating revenue of 2.010 billion, a year-on-year increase of 3.43% and a quarter-on-quarter increase of 2.43%. However, net profit attributable to shareholders was 45 million, down 37.73% year-on-year and down 25.95% quarter-on-quarter [2]. Group 2: Operational Insights - The revenue growth was primarily driven by capacity expansion and increased sales, with utilization rates for key products such as isooctane, MTBE, and succinic anhydride exceeding 100%, indicating effective capacity management [3]. - The company has proactively adjusted its sales strategy in response to market conditions, resulting in a 5.89% increase in sales volume [3]. - Despite the growth in revenue, the chemical industry gross margin decreased by 3.42 percentage points, indicating a narrowing profit margin due to price declines in key products [3]. Group 3: Cash Flow and Cost Management - Operating cash flow decreased to 154 million, a decline of 77.14% year-on-year, primarily due to reduced net profit [4]. - The company has improved cost control, with selling, administrative, financial, and R&D expense ratios decreasing by 0.10, 0.26, 0.03, and 0.49 percentage points respectively [4]. Group 4: Market Strategy and Future Outlook - The domestic BDO industry faces structural oversupply, with existing capacity at 4.801 million tons per year and over 4 million tons of new capacity planned for the next five years, leading to supply-side pressures [5]. - Yuxin Co., Ltd. is focusing on upgrading its succinic anhydride value chain and developing high-value-added products to mitigate traditional market declines [5]. - The company has obtained 65 patents and is enhancing its production flexibility to adapt to market changes, including projects in biodegradable plastics and light hydrocarbon utilization [5]. Group 5: Profit Forecast - The company is expected to achieve net profits of 466 million, 537 million, and 656 million for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 8.8, 7.7, and 6.3 times [6].

Group 1: Financial Performance - The company achieved an operating income of 7.701 billion yuan in 2024, a year-on-year increase of 16.51% [10] - The net profit attributable to shareholders was 307.05 million yuan, a decrease of 32.34% compared to the previous year [10] - The net cash flow from operating activities was 154 million yuan, down 77.14% year-on-year [10] - Total assets at the end of the period reached 7.990 billion yuan, an increase of 24.22% [10] - Net assets attributable to shareholders were 4.043 billion yuan, up 7.55% year-on-year [10] Group 2: Research and Development - R&D expenses in 2024 amounted to 304 million yuan, a 24.93% increase from 243 million yuan in 2023 [3] - R&D investment decreased by 6.92% year-on-year, raising concerns about maintaining technological leadership [3] - The company focuses on new technologies and products related to its main business, including catalyst development and new process innovations [6] Group 3: Project Developments - A 240,000 tons/year maleic anhydride facility was completed and put into operation in April 2025 [4] - Ongoing projects include the first and second phases of the light hydrocarbon comprehensive utilization project and the expansion of maleic anhydride production [4] - The company plans to construct a 200,000 tons/year isopropyl acetate facility, expected to be operational in Q4 2025 [4] Group 4: Market Strategy and Challenges - The company aims to expand its market share by focusing on high value-added, high-tech deep processing products [5] - The green and low-carbon transformation in the chemical industry presents challenges such as increased environmental pressure and urgent innovation needs [4] - The company is diversifying its overseas markets to mitigate risks associated with international trade tensions [8] Group 5: Long-term Goals - The company has set a target to achieve over 1 million tons of capacity, 10 billion yuan in output value, and 10 billion yuan in revenue by 2025 [8] - Future strategies include expanding the carbon four industrial chain and focusing on high-end chemical products [6]

Economic Performance - The GDP of Daya Bay Development Zone reached 25.41 billion yuan in Q1, with a year-on-year growth of 6.4% [2] - The industrial added value of designated large-scale enterprises grew by 11.5% [2] - The total retail sales of consumer goods amounted to 3.51 billion yuan, also reflecting a growth of 6.4% [2] Industrial Growth - The industrial added value growth was driven by several projects, including ExxonMobil Phase I and Hongqiang Chemical, with a total of 7 projects commencing production as scheduled [2] - The petrochemical industry saw an added value increase of 14%, while the automotive industry grew by 14.2%, and the electronic information industry increased by 6.7% [2] - The contribution of these industries to the industrial added value was 59.8%, 24.2%, and 9.3% respectively [2] Investment and Projects - A total of 48 key provincial and municipal construction projects achieved an investment of 9.43 billion yuan, completing 31.4% of the annual investment plan, exceeding the scheduled progress by 6.4 percentage points [2] - In Q1, 37 new projects were added to the inventory, including 18 industrial projects, with a cumulative investment of 1.22 billion yuan, accounting for 10% of the total fixed asset investment [2] Consumer Market - The retail sales of consumer goods above a certain threshold reached 1.53 billion yuan, growing by 11.9% [3] - Special actions to boost consumption, such as purchase subsidies and trade-in programs, significantly increased the retail sales growth of automobiles and home appliances by 517.7% and 63.8% respectively [3] - The tourism sector also showed improvement, with a total of 1.506 million visitors and a tourism revenue of 840 million yuan, marking growths of 7.9% and 13.4% respectively [3]