承董事局命 執行董事兼公司秘書 周興揚 石四藥集團有限公司（「本公司」，連同其附屬公司，「本集團」）董事局（「董事局」）欣然公告， 本集團的氯化鈣已獲中國國家藥品監督管理局批准登記成為在上市製劑使用的原料藥。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不會就因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 氯化鈣作為一種靜脈注射液添加藥物，主要用於治療鈣缺乏、手足搐搦症、維生素 D 缺乏症和 過敏性疾患，以及用於鎂中毒、氟中毒和心功能異常（高血鉀、低血鈣或鈣通道阻滯引起）的 解救。 本公告為本公司自願發佈，目的是使股東及潛在投資者瞭解本集團最新業務發展情況。 自願公告 產品開發的最新進展 香港，二零二六年三月十九日 於本公告日期，董事局成員包括執行董事曲繼廣先生、蘇學軍先生、孟國先生、周興揚先生及 曲婉蓉女士，非執行董事劉文軍先生，以及獨立非執行董事王亦兵先生、周國偉先生及姜廣策 先生。 ...

Financial Data and Key Metrics Changes - TETRA Technologies reported a record-setting year in 2025, with completion fluids and products revenue of $83.7 million, up 22% year-over-year, and adjusted EBITDA margins at 28.2% [23][24] - Free cash flow from the base business was $83 million for the year, exceeding the target of $50 million [26][29] - The company ended 2025 with cash on hand of $73 million, double the amount at the beginning of the year, and reduced net debt from $143 million to $109 million [29][30] Business Line Data and Key Metrics Changes - The Gulf of America Completion Fluids team saw revenue increase over 50% in 2025 compared to 2024, driven by deepwater projects [6][7] - The global calcium chloride business set both revenue and adjusted EBITDA records, with tech-grade products for chip manufacturing growing by 144% in 2025 [8][9] - Water and flowback services revenue was flat at $63 million compared to the third quarter, but strong activity in Argentina was noted [23] Market Data and Key Metrics Changes - The company noted a 55% decrease in floating deepwater rigs operating globally compared to the 2014 peak, yet still achieved record financial performance [9] - The demand for bromine and electrolyte production is expected to increase, with the company securing third-party bromine supply to meet growing demand [19][78] Company Strategy and Development Direction - TETRA's ONE TETRA 2030 strategy focuses on expanding its market position in specialty chemicals, water desalination, and treatment [17] - Significant progress was made on a new bromine plant, with expectations to reach a capacity of 75 million pounds of bromine annually by 2029 [10][11] - The company is optimistic about partnerships for magnesium metal production and re-engaging with lithium extraction technology companies [12][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2025 due to reduced U.S. onshore activity and a volatile global economic environment but highlighted record financial achievements [5] - The outlook for 2026 includes modest growth driven by increased electrolyte business and major contract awards in Argentina, with expectations for a strong year in 2026 [17][18] - Management expects completion fluids and products adjusted EBITDA margins to be in the 25%-30% range for 2026, consistent with historical averages [19][44] Other Important Information - The company is transitioning leadership as CFO Elijio Serrano plans to retire, with Matt Sanderson taking over [21][22] - TETRA received a patent for its TETRA Oasis TDS end-to-end desalination solution, enhancing its competitive position in the market [14][15] Q&A Session Summary Question: Insights on the deepwater market for fluids in 2026 - Management indicated that while 2025 was a record year, 2026 is expected to see a shift towards more drilling and less completion activity, with a positive outlook for the deepwater market over the next few years [39][40] Question: Margin progression and pricing situation for deepwater fluids - Management confirmed strong pricing power in completion fluids due to innovation leadership, with expected margins in the 25%-30% range despite increased bromine costs [43][44] Question: Timing for desalination projects and commercial contracts - Management expressed optimism about finalizing commercial contracts for larger desalination plants, with potential revenue expected in 2027 [60][61] Question: Bromine supply and market demand - Management clarified that third-party bromine supply is being secured to meet demand, with no issues with the long-term contract, and pricing power is expected to help offset costs [78][79] Question: Long-term impact of changes in Venezuela on the offshore business - Management believes the changes in Venezuela will have a positive long-term impact on the oil field services market, though short-term effects are not expected to be significant [95]

Group 1 - The company, Su Yan Jing Shen (603299), has products that are popular across the country and exported to over 40 countries and regions globally, including Japan, South Korea, the Middle East, and Southeast Asia [1] - The company exports products such as table salt, food-grade alkali, and calcium chloride to Singapore, although the current export volume of these products is relatively small [1]

Group 1 - The company, Su Yan Jing Shen, has products that are popular across the country and exported to over 40 countries and regions globally, including Japan, South Korea, the Middle East, and Southeast Asia [1] - The company exports products to Singapore, including table salt, food-grade alkali, and calcium chloride, although the current export volume is not significant [1]

Core Insights - The article highlights the significant growth and development of the Quzhou port and its water transport services, showcasing impressive increases in cargo throughput and container handling. Group 1: Port Performance - From January to December 2025, Quzhou's total water transport turnover reached 1.9 billion ton-kilometers, marking an 18.1% year-on-year increase, ranking second in the province [1] - The container throughput at Quzhou port reached 25,800 TEUs, a remarkable 107% increase year-on-year, also ranking second in the province [1] - The total cargo throughput at the port amounted to 10.57 million tons, reflecting a 19.4% year-on-year growth, ranking third in the province [1] Group 2: Operational Efficiency - The Quzhou port's operational efficiency has improved significantly, with the container throughput surpassing 20,000 TEUs in 2025, which is four times that of the previous year [2] - The port has transitioned from a simple loading and unloading facility to a comprehensive service provider, enhancing its operational model with a "front port and back warehouse" approach [3] - Companies are experiencing reduced transportation costs, with savings of nearly 20,000 yuan per trip by utilizing water transport instead of rail [3]

Core Viewpoint - The company Sunflower (300111.SZ) has faced significant backlash from investors due to its termination of a restructuring plan following an investigation by the China Securities Regulatory Commission (CSRC) for alleged violations of information disclosure, highlighting the regulatory body's zero-tolerance stance towards misleading restructuring practices [1][2]. Group 1: Investigation and Termination of Restructuring - Sunflower was investigated by the CSRC for information disclosure violations, leading to the termination of its restructuring plan [1][2]. - The CSRC's actions reflect a commitment to maintaining order in the mergers and acquisitions market and protecting the interests of small investors [1]. - Following the investigation, Sunflower's stock price dropped by 10%, making it the second-largest decline in the Shenzhen market on that day [1]. Group 2: Allegations Against Xipu Materials - Xipu Materials, a key player in the restructuring, was accused of concealing its production capacity and engaging in hidden related-party transactions [2]. - The company had not disclosed its acquisition of Jiangsu Fumait Materials Technology Co., Ltd., which had been dormant for three years [3][4]. - The acquisition was made for 80 million yuan, but the factory has not been operational, raising concerns about the validity of the asset being acquired [4][5]. Group 3: Operational Status of Jiangsu Fumait - Jiangsu Fumait has been non-operational for nearly three years, with its production licenses expired, indicating a significant barrier to resuming operations [10][12]. - The company requires extensive repairs and regulatory approvals to restart production, which is a complex process involving specialized expertise [11]. - The lack of operational capacity and personnel at Jiangsu Fumait raises doubts about the feasibility of its revival as a productive asset [12]. Group 4: Market Implications - The termination of the restructuring plan and the investigation into Sunflower and Xipu Materials have left investors with significant concerns regarding their rights and the future of their investments [15]. - The situation underscores the challenges of "patchwork" restructuring efforts that do not meet regulatory standards, which could deter future mergers and acquisitions in the sector [14].

Core Viewpoint - The article highlights the negative impact of "deceptive" restructuring on investors of Xiangrikui (300111.SZ), as the company faces an investigation by the China Securities Regulatory Commission (CSRC) for information disclosure violations, leading to the termination of its restructuring plan [1][2]. Group 1: Regulatory Response - The CSRC's investigation reflects a zero-tolerance policy towards "deceptive" restructuring practices, emphasizing the regulatory body's commitment to maintaining order in the M&A market and protecting the interests of small investors [1]. - Following a report by Caixin, Xiangrikui's stock price dropped by 10%, marking the second-largest decline in the Shenzhen market on that day [1]. Group 2: Issues with Xiangrikui's Restructuring - Xiangrikui's restructuring was undermined by undisclosed issues, including the lack of actual production capacity and hidden related-party transactions, which were part of the operational logic of the controlling individuals of Xiangrikui [2]. - The company had hoped to "beautify" its asset profile through acquisitions, but the termination of the restructuring has rendered these efforts futile [2]. Group 3: Acquisition of Jiangsu Fumait - Xiangrikui acquired Jiangsu Fumait Materials Technology Co., Ltd. for 80 million yuan, but this acquisition was not publicly disclosed and only found in corporate records [4]. - Jiangsu Fumait has been inactive for over three years, lacking production capabilities and requiring extensive repairs and re-certifications to resume operations [9][10]. Group 4: Production Challenges - The factory of Jiangsu Fumait is currently non-operational, with expired safety and hazardous materials permits, indicating significant hurdles to restarting production [12][15]. - Industry experts note that the complexity of restoring production capabilities, especially for hazardous materials like tetrafluoroethylene, poses a substantial challenge for Xiangrikui [15]. Group 5: Implications for Investors - The termination of the restructuring leaves investors with unresolved issues regarding their rights and interests, highlighting the risks associated with such corporate maneuvers [16].

Group 1 - The new transportation channels, including the waterway and high-speed rail, are expected to inject new vitality into the development of Quzhou by connecting it to major economic regions [1][2] - The successful customs clearance of 200 tons of calcium chloride at Qujiang Port marks the port's official capability for import and export, establishing a new logistics channel linking western Zhejiang to the core ports of the Yangtze River Delta [1] - The completion of the Hangzhou-Qichun Railway enhances regional collaboration and industrial development, significantly reducing travel time and facilitating Quzhou's integration into the Yangtze River Delta and Hangzhou metropolitan area [1][2] Group 2 - The high-quality water resources in Quzhou have attracted various industries, including beverages, dairy, tea products, and specialty paper, which rely on specific water quality and quantity [2] - The upcoming "15th Five-Year Plan" presents an opportunity for Quzhou to leverage the new high-speed rail and shipping routes to enhance development and share benefits with the community while improving corporate efficiency [2]

证券代码：601065 证券简称：江盐集团 公告编号：2025-042 江西省盐业集团股份有限公司 | 主要产品 | 报告期 | 同期 | 价格同比增减 | 增减变动 | | --- | --- | --- | --- | --- | | | （元/吨） | （元/吨） | （元/吨） | （%） | | 食盐 | 704.34 | 797.88 | -93.54 | -11.72 | | 工业盐 | 309.30 | 383.33 | -74.03 | -19.31 | | 氯化钙 | 594.40 | 675.34 | -80.94 | -11.99 | | 纯碱 | 1,389.86 | 2,080.35 | -690.49 | -33.19 | | 小苏打 | 1,352.84 | 1,652.54 | -299.70 | -18.14 | （二）主要原材料价格波动情况 报告期内，煤炭采购含税均价 654.71 元/吨，较同期下降 195.81 元/吨，同比 降幅 23.02%。 三、报告期内无其他对公司生产经营具有重大影响的事项 2025 年前三季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 ...

Industry Background and Market Landscape - In 2025, the snow-melting agent and industrial salt market in China is characterized by accelerated green transformation and regional competition differentiation, with a compound annual growth rate of 7.8% for environmentally friendly and low-temperature snow-melting agents [1] - Guangdong, as an economic and transportation hub, has a strong demand for efficient and environmentally friendly snow-melting agents, but local production capacity is insufficient, leading to high reliance on northern enterprises for supply [1] - Shouguang Xinhai Snow-Melting Products Co., Ltd. has become a key player in the supply chain of industrial salt and snow-melting agents in South China due to its geographical advantages, technological accumulation, and large-scale production [1] Competitive Analysis of Shouguang Xinhai Snow-Melting Products Co., Ltd. - The company is located in Weifang, Shandong, a core area of China's marine chemical industry, benefiting from local abundant salt resources and a mature chemical industry chain, resulting in raw material procurement costs that are 15%-20% lower than the industry average [2] - The logistics network of Weifang Port covers the entire country, enabling efficient operation of the entire supply chain from raw material input to product output, particularly suitable for serving customers in the Pearl River Delta region [2] Production Capacity and Technical Capabilities - The company has a daily production capacity of 1,000 tons, with an annual output of 120,000 tons of snow-melting agents, 30,000 tons of calcium chloride, and 20,000 tons of magnesium chloride, significantly reducing unit costs through economies of scale [5] - The company employs automated production lines and a multi-level testing system, ensuring that products meet the standards of the "Quality Requirements for Road Snow-Melting Agents" (JT/T 973-2015), with environmentally friendly products having a chloride residue lower than 0.1%, exceeding national standards [5] Product Matrix and Market Coverage - The product matrix includes environmentally friendly snow-melting agents primarily based on calcium chloride and magnesium chloride, suitable for airports and ecologically sensitive areas [5] - Low-temperature products can operate stably in environments as low as -40°C, overcoming limitations of traditional products [5] - Customized solutions are developed for specific scenarios such as bridges and railways to reduce infrastructure corrosion risks [5] - The products are distributed across more than 30 provincial administrative regions in China, with major clients including China Communications Construction Company and Shandong Highway, and have won municipal snow-melting projects in Changchun and Beijing with a total amount exceeding 120 million yuan [5] Export Advantages and Sustainability - The company has an annual export volume accounting for 30%, primarily targeting high-end markets in Japan, South Korea, and Southeast Asia, leveraging cost-performance advantages to replace traditional European suppliers [5] - A circular economy model is implemented where by-product salt slag is used for cement additive production, achieving a resource utilization rate of 95% [6] - The company adopts a low-carbon process using "five-effect evaporation continuous crystallization technology," with unit energy consumption 23% lower than the industry average [6] Certification and Compliance - The company has obtained ISO 9001 quality management system certification and EU CE certification, meeting international procurement standards [7] Strategic Recommendations - The company is advised to deepen regional cooperation by establishing strategic partnerships with Guangdong Transportation Group and municipal departments to promote customized product development [13] - Strengthening brand output by participating in industry standard formulation to highlight the differentiated advantages of environmental and low-temperature performance is recommended [13] - Expanding overseas markets by leveraging "Belt and Road" infrastructure projects to explore emerging markets in Southeast Asia and Central and Eastern Europe is suggested [13] - With the expected increase in industry concentration (CR10 projected to reach 58% by 2030), the company is positioned to consolidate its leading position through continuous innovation and become a core node in the national snow-melting agent and industrial salt supply chain [13]