（文章来源：中国证券报·中证网） 中证智能财讯嘉化能源（600273）11月23日晚间公告，截至11月21日，公司通过集中竞价交易方式回购 股份3515.95万股，占总股本的2.59%，回购最高价9.14元/股，最低价8.02元/股，已支付总金额3.03亿 元。本次回购是公司股份回购计划的一部分，旨在减少注册资本及用于员工持股计划或股权激励。 2025年4月董事会和股东大会通过审议，同意公司以不低于4亿元、不超过6亿元资金回购股份，原回购 价格上限为12.01元/股。经实施利润分配方案后，回购价格上限逐步调整为11.63元/股。公司股票11月21 日收盘价为8.37元/股。 嘉化能源主要制造和销售脂肪醇(酸)、聚氯乙烯、蒸汽等产品，并经营新能源发电、氢能应用等业务。 前三季度公司实现营业总收入77.31亿元，同比增长9.33%；归母净利润8.23亿元，同比增长4.05%。 ...

Group 1 - The core business of Jiahu Energy includes manufacturing and selling fatty alcohols, polyvinyl chloride, steam, chlor-alkali products, sulfonated pharmaceuticals, and sulfuric acid, with fatty alcohols contributing 33.89% to revenue [2] - As of June 30, 2025, Jiahu Energy achieved operating revenue of 5.006 billion yuan, a year-on-year increase of 8.31%, and a net profit attributable to shareholders of 581 million yuan, up 9.64% year-on-year [2] - The company has distributed a total of 5.448 billion yuan in dividends since its A-share listing, with 2.403 billion yuan distributed in the last three years [3] Group 2 - On September 10, 2025, Jiahu Energy's stock price remained unchanged, with a trading volume of 118 million yuan [1] - The financing buy-in amount for Jiahu Energy on the same day was 7.2492 million yuan, while the financing repayment was 9.6987 million yuan, resulting in a net financing outflow of 2.4496 million yuan [1] - The total balance of margin trading for Jiahu Energy as of September 10, 2025, was 343 million yuan, which is 2.90% of its market capitalization [1]

Core Insights - Jiahuan Energy reported a revenue of 5.006 billion, an increase of 8.31% year-on-year, and a net profit attributable to shareholders of 580.59 million, up 9.64% year-on-year [1] - The company's gross margin was 17.42%, up 0.49 percentage points year-on-year, and the net profit margin was 11.60%, an increase of 0.13 percentage points compared to the previous year [2] - For the first half of 2025, the company’s operating cash flow showed a significant decline of 57.75% [1] Financial Performance - Total revenue for the first half of the year was 5.006 billion, compared to 4.622 billion in the same period last year [1] - Total profit reached 658.43 million, up from 593.79 million, marking a 10.88% increase [1] - The net profit attributable to shareholders was 580.59 million, compared to 529.57 million, reflecting a 9.64% growth [1] - The net profit after deducting non-recurring items was 529.25 million, a modest increase of 1.70% [1] Cost and Expenses - The company’s period expenses for the first half of 2025 were 256 million, an increase of 7.92 million year-on-year [2] - The expense ratio was 5.12%, a decrease of 0.25 percentage points compared to the previous year [2] - Sales expenses decreased by 18.97%, while management expenses fell by 11.28%, and R&D expenses increased by 16.80% [2] Shareholder Information - The chairman of Jiahuan Energy, Han Jianhong, received a salary of 1.202 million in 2024, while director Guan Siyu earned 601,800 [4] - Guan Siyu is the daughter of the actual controller Guan Jianzhong and his spouse Han Jianhong [5] Company Overview - Jiahuan Energy, established on April 3, 1998, and listed on June 27, 2003, is located in Jiaxing, Zhejiang Province [6] - The company specializes in the manufacturing and sales of fatty alcohols, polyvinyl chloride, steam, chlor-alkali products, sulfonated pharmaceuticals, and refined sulfuric acid [6]