业内人士表示，解读河化股份 2025 年业绩需穿透表面数据，看清核心逻辑：归母净利润的大幅下滑是 一次性基数效应导致的短期现象，而扣非净利润的翻倍增长、毛利率提升、现金流改善等一系列指标， 共同印证了公司主营业务的坚实韧性与经营质量的实质性提升。 一方面业务结构优化成效显著，子公司重庆南松医药科技有限公司是业绩的"压舱石"，其持续的技术研 发能力和可靠的生产制造流程，在医药中间体行业内保持优势地位。作为一家专业从事抗疟疾类、孕激 素类、营养剂类药物中间体研发、生产与销售的高新技术企业，其产品不仅供应国内市场，还销往中国 台湾、印度、芬兰等地，该板块利润比重持续加大，2025年前三季度实现净利润1,211.17万元，同比增 长213.28%，已成为公司最核心的利润来源；另一方面，公司降本增效举措落地见效，2025年前三季度 费用较上年同期大幅减少，管理费用同比下降29.91%，财务费用因归还控股股东借款下降80.07%，显 著提升了整体盈利水平。 值得关注的是，公司经营质量的改善还体现在多个维度。截止2025年9月末公司毛利率提升至 18.04%， 同比上升 4.03 个百分点；经营活动产生的现金流量净额达 4 ...

Core Viewpoint - The controlling stake of Hehua Co., Ltd. is being transferred from Ningbo Yinyi Holdings to Ningbo Zhongzhe Ruihe Enterprise Management Consulting Co., Ltd. after a failed previous transaction [1][2] Group 1: Transaction Details - Ningbo Yinyi Holdings plans to transfer 87 million shares of Hehua Co., Ltd. (23.76% of total shares) and all receivables for a total consideration of approximately 632 million yuan [1][2] - The share portion of the transaction is valued at 586 million yuan, while the receivables are valued at 46.11 million yuan [1][2] - The shares involved in the transaction are currently under pledge and require consent from the pledgee [1] Group 2: Company Background - Hehua Co., Ltd. is primarily engaged in the research, production, and sales of pharmaceutical intermediates, as well as urea processing and sales [2] - The company has a subsidiary, Nansong Pharmaceutical, which specializes in the development and production of pharmaceutical intermediates, including anti-malarial and progestogen products [2] Group 3: Historical Context - The controlling shareholder, Ningbo Yinyi Holdings, has faced liquidity crises since 2019, leading to restructuring applications submitted to the Ningbo Intermediate People's Court [3][4] - The previous attempt to transfer control to Beijing Shending was unsuccessful due to unfulfilled payment obligations, resulting in the automatic termination of the cooperation intention [3]

Core Viewpoint - The announcement reveals a significant change in the ownership structure of Hehua Co., Ltd. (河化股份), with the controlling shareholder shifting from Ningbo Yinyi Holdings Co., Ltd. to Ningbo Zhongzhe Ruihe Enterprise Management Consulting Co., Ltd. This transaction involves the transfer of 87 million shares, representing 23.76% of the total share capital, for a total consideration of 632 million yuan [1]. Group 1: Ownership Change - Ningbo Yinyi Holdings plans to transfer 87 million shares and all receivables from Hehua Co. to Zhongzhe Ruihe for a total price of 632 million yuan [1]. - If the transaction is completed, the controlling shareholder will change to Zhongzhe Ruihe, and the actual controller will change from Xiong Xuqiang to Yang Herong [1]. - Zhongzhe Ruihe was established in July 2025 and is wholly owned by Zhongzhe Group, focusing on enterprise management consulting and financial consulting [1]. Group 2: Company Performance - In the first half of 2025, Hehua Co. reported revenue of 80.83 million yuan, a decrease of 37.02% year-on-year, while net profit attributable to shareholders increased by 45.56% to 3.84 million yuan [3]. - The revenue decline was attributed to management optimization and resource allocation, which improved per capita output, as well as the recovery of previously written-off bad debts [3]. - The company's subsidiary, Nansong Pharmaceutical, reported revenue of 42.67 million yuan, down 31.52%, while Hehua Biological reported revenue of 38.10 million yuan, down 42.28% [3]. Group 3: Business Overview - Hehua Co. primarily engages in the research, production, and sales of pharmaceutical intermediates and urea processing and sales [2]. - Its subsidiary, Nansong Pharmaceutical, specializes in pharmaceutical intermediates, with products sold domestically and to markets such as Taiwan, India, and Finland [2]. - Hehua Biological leverages its established reputation in urea sales and operates through third-party processing [2].

Core Viewpoint - Hehua Co., Ltd. (河化股份) announced a suspension of its stock trading due to a planned change in control, with the suspension expected to last no more than two trading days [2][4]. Group 1: Company Background - Hehua Co., Ltd. primarily engages in the research, production, and sales of pharmaceutical intermediates, as well as the commissioned processing and sales of urea [5]. - The company’s subsidiary, Nansong Pharmaceutical, specializes in the development and production of pharmaceutical intermediates, with products sold domestically and internationally, including to countries like India and Finland [5]. - Hehua Co., Ltd. has undergone two changes in actual control since its establishment in 1993, with the current controlling shareholder being Ningbo Yinyi Holdings Co., Ltd. (银亿控股) since 2016 [5]. Group 2: Recent Developments - Ningbo Yinyi Holdings is currently planning a share transfer that may lead to a change in the controlling shareholder and actual controller of Hehua Co., Ltd. [4]. - The company reported a revenue of 40.83 million yuan in Q1, a year-on-year decrease of 34.05%, but achieved a net profit of 1.36 million yuan, marking a turnaround from losses [5]. - Hehua Co., Ltd. has faced operational challenges, including a significant decline in performance after the acquisition of Nansong Pharmaceutical, which was intended to pivot the business towards fine chemical production [8]. Group 3: Financial and Market Performance - Hehua Co., Ltd. has seen its stock price increase by over 40% this year, with a notable surge on July 30, when the stock hit the daily limit [9]. - The company is focusing on enhancing its core business and expanding market reach to identify new profit growth points [9].

Core Viewpoint - The company, Hehua Co., Ltd. (河化股份), is undergoing a potential change in its controlling shareholder, which may lead to a shift in actual control, as notified by its major shareholder, Ningbo Yinyi Holdings Co., Ltd. [1] Group 1: Shareholder Changes - Hehua Co., Ltd. has received a notification from its controlling shareholder regarding the planning of a share transfer, which may result in a change of control [1] - The company has applied for a trading suspension for its stock starting from July 31, 2025, to ensure fair information disclosure and protect investor interests [1] Group 2: Business Overview - Hehua Co., Ltd. primarily engages in the research, production, and sales of pharmaceutical intermediates and urea processing and sales [1] - The company’s subsidiary, Nansong Pharmaceutical, specializes in the development and production of pharmaceutical intermediates, with key products including anti-malarial, progestogen, and nutritional intermediates, serving both domestic and international markets [1] Group 3: Operational Strategy - The company has established a comprehensive operational framework, including R&D, production facilities, quality inspection centers, and sales departments to meet market demands [2] - Hehua Co., Ltd. plans to expand its product chain, enhance management efficiency, increase R&D investment, and strengthen market development for new products as part of its 2025 operational plan [2][3] Group 4: Financial Performance - In 2024, Hehua Co., Ltd. reported a revenue of 212 million yuan, reflecting a year-on-year growth of 12.81%, and a net profit of 79.25 million yuan, marking a significant increase of 785.62% [3] - In the first quarter of this year, the company achieved a revenue of 40.83 million yuan and a net profit of 1.36 million yuan, indicating a turnaround from previous losses [3]