陕西兴化化学股份有限公司 2025 年半年度报告全文 陕西兴化化学股份有限公司 陕西兴化化学股份有限公司 2025 年半年度报告全文 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人韩磊、主管会计工作负责人胡明松及会计机构负责人(会计主 管人员)丁燕声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性描述，并不代表公司的 盈利预测，不构成公司对投资者的实质承诺，投资者及相关人士均应对此保 持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。请广大投 资者注意投资风险。 公司子公司兴化化工和榆神能化主营业务为煤制合成氨、甲醇、甲胺、 DMF、乙醇、乙酸甲酯等，属于煤化工行业。其主要面临安全生产风险、环 保风险、原材料价格波动风险、市场需求及竞争风险、产业政策风险等，提 请广大投资者仔细阅读本报告"第三节 管理层讨论与分析"之"十、公司面临 的风险和应对措施"相关内容。 公司计划不派发现金红利，不送红 ...

Company Overview - Xianghua Chemical Co., Ltd. (002109.SZ) is experiencing a continuous loss, with an expected net loss of 180-210 million yuan for the first half of 2025, marking its third consecutive year of mid-year losses [1][2] - In the first half of 2023, the company reported a net loss of 176 million yuan, transitioning from profit to loss for the first time, and the loss further expanded to 259 million yuan in the first half of 2024 [3] Financial Performance - The primary reasons for the losses include low sales prices of main products and insufficient market demand. Although there was some recovery in operational performance due to a decline in raw material prices, the overall effectiveness remains in a loss state [3] - The company's main products include synthetic ammonia, methanol, methylamine, and dimethylformamide (DMF), with an annual production capacity of 300,000 tons of synthetic ammonia, 300,000 tons of methanol, and 100,000 tons of methylamine/DMF [3] - The market price for synthetic ammonia hit a low of 2,387 yuan/ton by the end of June 2023, a decrease of 17.49% year-on-year [3] - Methanol prices showed a "strong then weak" trend, with a cumulative decline of approximately 18% in the first half of 2024 [3] Product Pricing and Demand - The prices of methylamine and DMF from Xianghua Chemical's subsidiary fell significantly, with year-on-year declines of 65.97% and 64.8%, respectively, leading to a 41.76% drop in overall gross margin and a reduction of 675 million yuan in gross profit for these two products [4] - The company is backed by Shaanxi Yanchang Petroleum Group, which holds 69.37% of Xianghua's shares, making it a platform company under the state-owned enterprise [5] Strategic Moves - In response to ongoing losses, Xianghua has pursued several major asset restructurings and acquisitions, including the acquisition of a 51% stake in Yushen Energy Chemical for 995 million yuan in February 2023, which focuses on ethanol production [6] - The company also plans to invest 344 million yuan to acquire 80% of Shaanxi Yanchang Petroleum Xianghua New Energy Co., Ltd. [6] - Despite these acquisitions, the company has not yet managed to reverse its loss trend [7] Industry Context - The continuous losses of Xianghua Chemical reflect a broader trend in the petrochemical industry, which is undergoing significant adjustments. The industry saw a revenue of 16.28 trillion yuan in 2024, a year-on-year increase of 2.1%, but profits fell by 8.8% [7] - The petrochemical sector has faced three consecutive years of profit declines, with a 20.7% drop in 2023 [7] - Factors contributing to the industry's struggles include insufficient market demand, rapid capacity growth, and intensified competition, leading to product prices reaching near historical lows [7] Future Outlook - Although there are no current expectations for "anti-involution" policies in the petrochemical sector, there is a strong willingness among companies to improve profitability. Successful implementation of such policies in other sectors may boost market expectations for self-driven "anti-involution" efforts in the petrochemical industry [9]

Group 1 - The core business of the company has shifted to the production and sales of coal-based synthetic ammonia, methanol, methylamine, DMF, ethanol, and methyl acetate [1] - The ammonium nitrate business was divested during the restructuring process in 2016 [1]

Core Viewpoint - The company announced a planned routine maintenance shutdown for its wholly-owned subsidiary, Shaanxi Yanchang Petroleum Xinghua Chemical Co., Ltd., scheduled for June 29, 2025, lasting approximately 34 days [1] Group 1: Maintenance Details - During the maintenance period, the company will replace catalysts in the methylamine and ethanol units, as well as the filter elements in the methanol unit [1] - The sulfur recovery unit will undergo upgrades, and maintenance will be performed on large operational equipment, including cleaning and leak detection [1] - The maintenance aims to ensure the safe and stable operation of production systems, laying a solid foundation for future operations characterized by safety, stability, longevity, fullness, and quality [1] Group 2: Production Resumption - As of the announcement date, the company has completed all maintenance plans and will fully resume production operations on August 6, 2025 [1]

Core Points - The company announced that its wholly-owned subsidiary, Xinghua Chemical, will undergo routine maintenance starting June 29, 2025, for an estimated duration of 34 days [1] - During the maintenance period, the company will replace catalysts in the methylamine and ethanol units, as well as the filter elements in the methanol unit, and will also upgrade the sulfur recovery unit [1] - As of the announcement date, all maintenance plans have been completed, and production operations will fully resume on August 6, 2025 [1]

Core Viewpoint - Xinghua Co., Ltd. has announced that its subsidiary, Xinghua Chemical, has a methanol production capacity of 300,000 tons per year, with an expected production of 322,900 tons in 2024. The majority of this methanol will be used internally for the production of products such as methylamine, DMF, and ethanol, with external sales projected at approximately 62,300 tons and a sales revenue (excluding tax) of 122 million yuan in 2024 [1] Group 1 - The methanol production capacity of Xinghua Chemical is designed at 300,000 tons per year [1] - The expected methanol production for 2024 is 322,900 tons [1] - A significant portion of the methanol produced will be utilized for internal product needs [1] Group 2 - External sales of methanol are estimated to be around 62,300 tons in 2024 [1] - The projected sales revenue from external methanol sales is 122 million yuan (excluding tax) [1]

Financial Performance - In 2024, the company achieved an operating income of CNY 4.131 billion, a year-on-year increase of 11.89% [8] - The total profit was CNY -380 million, a year-on-year increase of 16.02% [8] - The net profit attributable to shareholders was CNY -380 million, a year-on-year increase of 7.84% [8] - Operating costs amounted to CNY 3.996 billion, a year-on-year increase of 5.78% [8] - The total period expenses reached CNY 320 million, a year-on-year increase of 35.58% [8] Cash Flow and Financial Stability - The net cash flow from operating activities increased by 26.87% in 2024 [3] - The company reported a 70% year-on-year decline in net cash flow from operating activities in 2024 [3] - Financial expenses increased by 38% year-on-year, with interest expenses exceeding 200% of net profit [9] Government Subsidies and Profit Dependency - Government subsidies accounted for over 150% of net profit in 2024, totaling CNY 2.605 million [3] - The company does not rely on non-recurring gains for profitability and aims to enhance self-sustaining profit capabilities [3] Management and Operational Efficiency - The management expense ratio increased by 2.4 percentage points year-on-year, with management expenses rising by 10.32% [3] - The sales expense ratio rose by 1.7 percentage points to 6.5%, while sales expenses decreased by 20.07% [5] - Accounts receivable turnover days increased by 35 days, with overdue accounts receivable over 90 days rising to 18% [6] Market Conditions and Industry Outlook - The chemical industry faced significant pressure due to weak demand and intensified competition, leading to a decline in product prices [10] - The company maintains a competitive advantage compared to peers despite the challenging market environment [10] - The future of the coal chemical industry is expected to focus on clean energy and high-end chemical products, aligning with national policies [12] Debt and Financing - Short-term borrowings increased by 55%, while long-term borrowings decreased by 30% [20] - The company emphasizes maintaining a reasonable funding structure and managing cash flow safety [20]

①化工新材料：核心增长引擎 公司化工新材料产品包括 聚碳酸酯（PC）、尼龙 6、己内酰胺、多元醇（正丁醇、辛醇、新戊二醇等）、有机硅材料和氟材料（六氟丙烯、聚全氟乙 丙烯、聚四氟乙烯、二氟甲烷等） 。报告期内， 己内酰胺·尼龙 6 一期工程 开车成功满负荷运行， 40万吨有机硅项目 顺利打通全流程， 24万吨乙烯 下游一体化项目 、 15 万吨丙酸等项目 有序推进， 30万吨双氧水装置 恢复生产。 报告期内， 化工新材料板块营收203.66亿元，同比增长26.83%，占总营收68.43% ，毛利率16%（同比+1个百分点） ②基础化工：价格承压，营收下滑 【DT新材料】 获悉，4月26日， 鲁西化工 发布公告，2025年第一季度，公司实现营业收入为72.90亿元，同比上升7.96%；归母净利润为4.13亿元， 同比下降27.30%；扣非归母净利润为3.84亿元，同比下降33.81%。 | | 本报告期 | 上年同期 | 本报告期比上年同 | | --- | --- | --- | --- | | | | | 期增减(%) | | 营业收入(元) | 7,289,926,095.44 | 6,752,410,7 ...

Summary of Conference Call Records Company/Industry Involved - The records primarily discuss the coal and chemical industry, focusing on coal prices, production capacity, and market dynamics. Key Points and Arguments Coal Prices and Cost Management - The decline in coal prices is significant, positively impacting cost reduction for the company. Current product prices are at a bottom level, with limited room for further decline. The drop in coal prices is expected to improve profitability [2][11][27]. Production Capacity and Strategic Planning - The company is exploring production capacity solutions in Texas and is monitoring a potential acquisition of a nearly one million-ton coal indicator from a nearby county, which is currently in bankruptcy proceedings [3][4]. - There are ongoing discussions regarding the company's capital expenditure plans for the next two years, particularly in relation to new project launches and dividend policies [15][19]. Regulatory and Market Conditions - New environmental regulations from the Ministry of Ecology and Environment regarding carbon emissions trading may provide competitive advantages for companies capable of reducing carbon output [9][10]. - The market is currently oversaturated, making future predictions challenging. The company aims to maintain competitiveness despite market fluctuations [7][22]. Technological Developments and Innovations - The company is focusing on technological upgrades and has completed the installation of equipment for a new project, with plans to enter the testing phase soon [16][25]. - There is an emphasis on the need for continuous improvement in production processes and raw material supply to enhance operational efficiency [6][10]. Financial Performance and Projections - The company anticipates a significant increase in retail product prices, projecting around 1.8 billion in revenue for 2024, with raw material costs expected to be around 300 million [11][27]. - The profitability of various products, including urea and DMF, is under scrutiny, with current operating rates being low due to recent production challenges [19][26]. Market Dynamics and Future Outlook - The company is cautious about future market conditions, particularly regarding the potential for old production capacity to be phased out due to new regulations [9][24]. - There is a focus on maintaining a reasonable profit margin while adapting to changing market conditions and regulatory environments [15][27]. Other Important but Possibly Overlooked Content - The company is actively engaging with regulatory bodies to navigate the complexities of new policies and their implications for production and profitability [5][12]. - There is a recognition of the need for strategic shifts in production locations to align with market demands and resource availability [17][18]. This summary encapsulates the critical insights from the conference call, highlighting the company's strategic focus on cost management, production capacity, regulatory compliance, and technological advancements in the coal and chemical industry.