证券代码：600486 证券简称：扬农化工 编号：临 2025-031 江苏扬农化工股份有限公司 2025 年半年度主要经营数据公告 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法律责任。 本公司根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》、《上市公司行业信息披露指引第十三号——化工》要求， 现将 2025 年半年度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 产量（吨） | 销量（吨） | 营业收入（万元） | | --- | --- | --- | --- | | 原药 | 57,751.21 | 56,707.28 | 365,520.49 | | 制剂（不折百） | 25,456.62 | 28,106.62 | 117,053.34 | 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 | | 2025 年 1-6 月 | 2024 年 1-6 月 | | | --- | --- | --- | --- | | | 平均销售价格 | 平均 ...

金禾实业在互动平台表示，公司年产10万吨氯化亚砜，年产6万吨氯磺酸等项目建设工作正按既定规划 有序推进。其中，部分装置已率先建成投产并运行良好。针对后续工程，公司正集中优势资源，全力保 障建设进度，确保项目按期高质量完成，早日实现全面达产预期目标。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported significant improvement in earnings for the first half of 2025, with revenue reaching 533 million yuan, a year-on-year increase of 7.66%, and a net profit attributable to shareholders of 88 million yuan, up 63.83% year-on-year [5] - The performance of PEKK materials is expected to ramp up, contributing to new growth drivers for the company [7] - The company is actively expanding its product line and has made significant progress in the development of new products, which are anticipated to support future earnings growth [8] Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 533 million yuan, with a net profit of 88 million yuan, and a basic earnings per share of 0.21 yuan [5] - For Q2 2025, revenue was 263 million yuan, with a year-on-year increase of 3.32% and a net profit of 58 million yuan, reflecting a year-on-year increase of 104.22% [5] Product and Market Development - The chemical industry, particularly the pesticide sector, has seen a recovery in demand, leading to increased orders for the company's main products [6] - The company has successfully implemented a one-step production method for PEKK, which offers a cost advantage over the two-step method used by foreign competitors [7] Future Outlook - The company is positioned as a leading player in the chlorosulfonic acid market and is expanding its product offerings into high-performance polymer materials, indicating strong future growth potential [8] - Forecasted net profits for 2025 to 2027 are 146 million, 192 million, and 252 million yuan respectively, with corresponding P/E ratios of 70, 53, and 40 [8]

Group 1 - The company has announced that its thionyl chloride products are now supplied to manufacturers of lithium battery electrolyte [1] - Currently, the company has not established direct business cooperation with CATL (Contemporary Amperex Technology Co., Limited) [1]

Group 1 - The company expects to report a significant increase in operating performance for the period from January 1, 2025, to June 30, 2025, driven by higher sales prices of caustic soda and increased production and sales volumes of its main products [2] - The sales prices of other key products, such as AC foaming agent and thionyl chloride, have slightly decreased compared to the previous year, while the price of hydrogen peroxide has seen a significant decline [2] - The company has successfully increased its overall revenue compared to the previous year, supported by a notable decrease in procurement costs for major raw materials like coal, salt, and urea, leading to an improvement in the overall gross profit margin [2]

Core Viewpoint - Jiangxi Shilong Industrial Co., Ltd. has successfully transformed from a struggling state-owned enterprise into a leading player in the fine chemical industry, focusing on resource efficiency and green circular economy [2][3]. Company Background - Jiangxi Shilong Industrial Co., Ltd. was originally established as Jiangxi Electric Chemical Plant in 1970 and faced bankruptcy due to excessive debt and unclear responsibilities [3]. - The company was restructured into a private enterprise and listed on the Shenzhen Stock Exchange in March 2015 [3]. - In 2021, the company underwent a control struggle, which resulted in a successful board reorganization led by key stakeholders [3]. Financial Performance - In 2024, the company reported a revenue of 1.985 billion yuan, a decrease of 5.07% year-on-year, while the net profit attributable to shareholders after deducting non-recurring gains and losses was 33.33 million yuan, an increase of 664.98% [3]. - In the first quarter of 2025, the company achieved a revenue of 507 million yuan, an increase of 8.32% year-on-year, and a net profit of 24.06 million yuan, marking a turnaround from losses [4]. Production Capacity and Products - Jiangxi Shilong is a global leader in the production of AC foaming agents, with an annual capacity of 80,000 tons [5]. - The company also has production capabilities of 50,000 tons of thionyl chloride, 300,000 tons of ion-exchange membrane caustic soda, 200,000 tons of hydrogen peroxide, and 20,000 tons of 80% hydrazine hydrate [5]. Resource Utilization and Circular Economy - The company has established a "coal-hydrogen-foaming agent-fine chemical products" industrial cycle, maximizing resource utilization through an intensive, energy-saving, and efficient production model [6]. - Recent investments include a project to produce 100,000 tons of percarbonate and 30,000 tons of soda ash, enhancing the product and value chain [6]. Technological Innovation and Upgrades - Jiangxi Shilong has implemented various technological innovations to improve production processes, achieving fully automated clean production and significant reductions in energy consumption [7]. - The company is advancing its digital transformation by collaborating with Kingdee Software Co., Ltd. on an ERP project to enhance operational efficiency and market responsiveness [8]. Strategic Focus - The company aims to become a globally competitive leader in the chemical industry by integrating five main chains: chlor-alkali chemicals, petrochemical materials, pharmaceutical intermediates, pesticide intermediates, and fine chemicals [6]. - Future strategies include focusing on innovation, efficiency, and the three transformations of value chain, digitalization, and greening [8].

Group 1 - The company, Shandong Kaisheng New Materials Co., Ltd., has issued convertible bonds totaling RMB 650 million, with a net amount of RMB 639.73 million after deducting issuance costs [3][4][13] - The convertible bonds have a maturity of six years, from November 29, 2023, to November 28, 2029, and will pay interest annually [4][5][6] - The initial conversion price for the bonds is set at RMB 20.26 per share, with provisions for adjustments based on various corporate actions [8][9][10] Group 2 - The company reported a revenue of RMB 927.93 million for 2024, a decrease of 5.97% compared to the previous year, and a net profit attributable to shareholders of RMB 55.99 million, down 64.56% [16] - The company's total assets decreased by 3.79% to RMB 2.39 billion, while the net assets attributable to shareholders fell by 1.76% to RMB 1.64 billion [16] - The company is involved in the production and sale of fine chemical products and new polymer materials, with a focus on inorganic chemicals and various chlorinated compounds [15][16] Group 3 - The company has not provided any guarantees for the convertible bonds, and no internal or external credit enhancement measures have been implemented [12][15] - The bond trustee, Southwest Securities, is responsible for monitoring the company's financial health and ensuring the protection of bondholders' interests [15][17] - The company has maintained compliance with its obligations as outlined in the bond issuance prospectus [17]

Core Viewpoint - The company maintains a stable credit rating outlook, reflecting its strong position in the chlorosulfonic acid market and its advantages in the industrial chain, technology, and scale [2][6][19]. Company Overview - The company, Shandong Kaisheng New Materials Co., Ltd., is a leading producer of chlorosulfonic acid and aramid polymer monomers, with a significant market share in both domestic and global markets [2][19]. - The company has a registered capital of 421 million yuan, with its major shareholder being Huabang Life Health Co., Ltd., which holds 44.51% of the shares [9]. Financial Performance - The company's total assets as of the end of 2024 were 24.11 billion yuan, with total liabilities primarily consisting of convertible bonds [3][4]. - The operating income for the company was 2.69 billion yuan, with a net profit of 0.31 billion yuan, reflecting a decline in profitability due to various market pressures [3][4][5]. - The company’s main product, chlorosulfonic acid, experienced a price drop, leading to a significant reduction in profit margins [5][11]. Market Environment - The chlorosulfonic acid market saw a decline in demand, with consumption dropping by 10.66% year-on-year, resulting in a market size of 5.23 billion yuan [11][12]. - The company faces increased competition and fluctuating raw material prices, which have pressured profit margins across its product lines [5][11][15]. Production and Capacity - The company has a chlorosulfonic acid production capacity of approximately 59.50 million tons per year, with a utilization rate of 59.88% [12][13]. - The company is also expanding its production capacity for aramid polymer monomers, with a new project expected to begin trial production in the second half of 2025 [5][19]. Research and Development - The company invested 0.54 billion yuan in research and development in 2024, focusing on high-end chemical products and polymer materials [19]. - The company holds 136 valid patents, including 93 invention patents, indicating a strong commitment to innovation and technology [19]. Risk Factors - The company faces environmental and safety risks associated with its chemical manufacturing processes, particularly concerning waste management and compliance with stricter regulations [5][19]. - The company is also under pressure from rising capital expenditures related to new projects and the need to manage production capacity effectively [5][19].

Group 1: Company Strategy and Future Plans - The company is closely monitoring market trends and will adjust its business strategy accordingly, particularly in relation to upstream and downstream product developments [2][3]. - There are no current plans to integrate Mader Chemical and Jinlong Chemical into the listed company timeline, but significant investment projects will be disclosed in a timely manner [2][3]. - The company is exploring potential involvement in the solid-state battery supply chain, depending on market conditions and production capabilities [3]. Group 2: Stock and Market Performance - The company's stock will have its risk warning lifted starting May 22, 2025, as per the announcement made on May 21, 2025 [3]. - The company emphasizes that there are no undisclosed significant developments related to its stock performance or connections to solid-state battery concepts [3][4]. Group 3: Operational and Financial Management - The company is committed to long-term development, balancing challenges and opportunities in the current economic climate [4]. - Key operational strategies include enhancing production quality and scale, maintaining safety and environmental standards, reducing operational costs, and implementing lean management practices [4]. - The company is focused on sustainable development, digital economy growth, and innovative practices to establish a new development framework [4]. Group 4: Production and Environmental Compliance - Recent production operations are reported to be normal, with no significant impacts from environmental regulations [5].

Group 1 - ST Shilong announced that it will remove the other risk warning from its stock starting May 22, changing its name from "ST Shilong" to "Shilong Industrial," while the stock code remains "002748" [2] - Following the removal of the risk warning, the daily price fluctuation limit for the stock will increase from 5% to 10% [2] - The stock will be suspended for trading on May 21 and will resume trading on May 22 [2] Group 2 - ST Shilong received an administrative penalty notice from the Jiangxi Regulatory Bureau of the China Securities Regulatory Commission (CSRC) on March 12, 2024, for falsely inflating revenue and profits through non-existent trade activities from 2019 to 2020 [5] - The company has restated its financial reports for the affected years and received an unqualified audit report [5] - As of May 17, 2024, the stock was subjected to "other risk warnings" again, reverting to "ST Shilong" [5] Group 3 - ST Shilong is a comprehensive chemical enterprise primarily engaged in the research, production, and sales of chemical products such as AC foaming agents, thionyl chloride, chlor-alkali, hydrazine hydrate, and hydrogen peroxide [6] - In the first quarter of 2025, the company reported revenue of 507 million yuan, an increase of 8.32% year-on-year, and a net profit attributable to shareholders of 24.17 million yuan, up 342.56% year-on-year [6][7] - As of May 20, the stock price closed at 9.18 yuan per share, with a total market capitalization of 2.2 billion yuan [8]