Core Viewpoint - The article reports on the investigation of Xie Chaohui, the sales manager of Cangzhou Dahua Co., Ltd., for serious job-related violations, including bribery and abuse of power [1]. Group 1: Investigation Details - The Cangzhou Municipal Supervisory Commission has initiated an investigation into Xie Chaohui for serious job-related violations [1]. - Xie is accused of using his position to benefit others and illegally accepting substantial amounts of money, which constitutes bribery [1]. Group 2: Company Actions - Cangzhou Dahua Co., Ltd. has decided to dismiss Xie Chaohui following the investigation [1]. - The case has been forwarded to the prosecutorial authorities for legal review and prosecution, with the involved funds being transferred along with the case [1].

Core Viewpoint - The 2025 High-Quality Development Forum for Listed Companies and the 27th Golden Bull Award Ceremony were held in Nantong, Jiangsu, highlighting the importance of management and governance in the evaluation of listed companies [1] Group 1: Event Overview - The theme of the forum was "Moving Towards New Horizons, Achieving Practical Results, and Unlocking the Future" [1] - The Golden Bull Award has been held for 27 years since its inception in 1999, becoming a significant benchmark for assessing the comprehensive strength of listed companies in China [1] Group 2: Award Significance - The Golden Bull Award aims to create a credible and authoritative platform for the capital market, promoting healthy development among listed companies [1] - The award recognizes companies with standardized governance, performance growth, and positive shareholder and societal returns [1] Group 3: Notable Recognition - Zhang Zhi, the Chief Financial Officer of Cangzhou Dahua, received the "Golden Bull CFO Award" for outstanding management and governance capabilities [1]

Core Viewpoint - The company, Cangzhou Dahua Co., Ltd., has released its third-quarter report for 2025, ensuring the accuracy and completeness of the information provided, and has not identified any significant omissions or misleading statements [1][2][13]. Financial Data Summary - The third-quarter financial statements have not been audited [3]. - The report includes key financial data and indicators, but specific figures are not detailed in the provided text [3]. Main Operating Data - The report outlines the production, sales, and revenue performance of the company's main products during the reporting period [7]. - The prices of major products have experienced significant fluctuations: - TDI prices ranged between 13,000-13,500 RMB/ton (including tax) at the end of the quarter, influenced by market conditions [7]. - Liquid caustic soda prices fluctuated between 850-920 RMB/ton (including tax) [8]. - PC prices saw a rebound to 11,400-11,600 RMB/ton (including tax) by the end of September after a decline [8]. - Bisphenol A prices ranged from 7,500-8,200 RMB/ton (including tax) [9]. Raw Material Price Changes - The prices of key raw materials have also shown downward trends: - Toluene prices have reached near three-year lows due to falling crude oil prices and weak downstream demand [10]. - Phenol prices have been declining, influenced by lower crude oil prices and increased domestic production capacity [10]. - Acetone prices have also decreased to near three-year lows due to ample supply and weak demand [10]. Board Meeting Summary - The ninth board meeting of Cangzhou Dahua was held on October 29, 2025, with all directors present, and the third-quarter report was approved unanimously [14][16]. - The meeting also approved the evaluation results for the management's term and performance for 2024 [17].

Core Viewpoint - Cangzhou Dahua announced the results of its board meeting held on October 29, 2025, discussing the management term and performance evaluation for 2024 [1] Company Summary - Cangzhou Dahua's revenue composition for the year 2024 is projected to be 99.29% from the chemical industry and 0.71% from other businesses [1]

Core Viewpoint - Cangzhou Dahua (600230.SH) reported a decline in total operating revenue for the first three quarters of 2025, while net profit attributable to shareholders saw significant growth [1] Financial Performance - Total operating revenue for the first three quarters reached 3.361 billion yuan, a year-on-year decrease of 10.58% [1] - Net profit attributable to shareholders was 47.6231 million yuan, reflecting a year-on-year increase of 124.26% [1] - Basic earnings per share stood at 0.115 yuan [1]

证券代码：600230 股票简称：沧州大化 编号：2025-033 沧州大化股份有限公司 2025 年第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。 二、主要产品及原材料价格变动情况 变动说明： （1）甲苯二异氰酸酯(TDI):三季度市场价格波动较大，七月份市场因国外装置突 发火灾事故及国内部分装置检修等消息推动价格上涨，但八月份随着国内各装置检修及 新建装置正常复产投产，受产能供应增加预期以及下游需求低迷等因素影响，市场价格 在八月中旬后快速回落，季度末市场价格在 13,000-13,500 元/吨（含税）区间整理波 动。 (2)离子膜烧碱：报告期内液碱产品供需相对平稳，三季度市场价格在 850-920 元/ 吨（含税）区间波动调整。 (3）聚碳酸酯(PC)：2025 年三季度，国内 PC 市场在一路下行后，九月底迎来小幅 反弹。7 月上旬，国内 PC 工厂主流价格在 11,700 元/吨（含税）左右，尽管经历上半年 根据《上市公司行业信息披露指引第十三号——化工》、《关于做好上市公司 2025 年 ...

沧州大化股份有限公司第九届董事会第十次会议于 2025 年 10 月 29 日上午 10：30 在公司第四会议室以现场结合通讯方式召开。会议应到董事 7 人，实到董事 7 人，董事 高健先生、张光艳女士、独立董事霍巧红女士、李长青先生、张文虎先生以通讯方式参 加表决；本次会议人数符合《公司章程》的规定要求。会议的召集和召开程序符合相关 法律、法规、规范性文件和《公司章程》规定。会议由董事长刘增先生主持。 沧州大化股份有限公司 第九届董事会第十次会议决议公告 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。 一、董事会会议召开情况 证券代码：600230 股票简称：沧州大化 编号：2025-034 本次会议已于 2025 年 10 月 17 日以书面或邮件的形式通知全体董事。 二、董事会会议审议情况 2、会议以 7 票赞成，0 票反对，0 票弃权审议通过了《关于经理层任期及 2024 年度 考核结果议案》。 该议案已经薪酬与考核委员会审议通过。 特此公告。 沧州大化股份有限公司 董事会 2025 年 10 月 31 日 1 1、会 ...

沧州大化股份有限公司 第九届董事会第一次会议决议 一、董事会会议召开情况 沧州大化股份有限公司第九届董事会第十次会议于 2025年 10月29日上午 10:30 在公司办公楼第四会议室以现场结合通讯方式召开。会议应到董事 7 人,实际出席董 事 7 人,其中董事高健、张光艳、独立董事霍巧红、李长青、张文虎以通讯方式参加 表决;会议人数符合《公司章程》规定要求。本次会议的召集、召开和表决符合《公 司法》及《公司章程》的有关规定。会议由董事长刘增主持。 本次会议已于 2025年 10 月 17 日以邮件、书面等形式通知全体董事。 增 董事会认为:公司 2025年第三季度报告编制和审议程序符合法律、法规、公司章 程和公司内部管理制度的各项规定;公司 2025年第三季度报告的内容和格式符合中国 证监会和上海证券交易所的各项规定,所包含的信息能从各个方面真实地反映出公司 本报告期的经营管理和财务状况等事项。 该议案已经审计委员会审议通过。 2、会议以7 票赞成,0 票反对,0 票弃权审议通过了《关于经理层任期及 2024年 度考核结果议案》; 该议案已经薪酬与考核委员会审议通过。 (此页无正文，为沧州大化股份有限公司第 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 1,116,114,111.08, a decrease of 7.41% compared to the same period last year[5]. - The total profit for the year-to-date period reached CNY 51,027,292.85, reflecting an increase of 84.12% year-on-year[5]. - The net profit attributable to shareholders for the year-to-date period was CNY 47,623,115.66, which is a significant increase of 124.26% compared to the previous year[5]. - The basic earnings per share for the year-to-date period was CNY 0.1150, representing a 124.26% increase year-on-year[6]. - The diluted earnings per share for the year-to-date period also increased by 124.26% due to improved product gross margins[11]. - The net profit for the first three quarters of 2025 reached CNY 50,969,690.84, a significant increase from CNY 27,713,492.55 in the same period of 2024, representing an 83.6% growth[22]. - The operating profit for the first three quarters of 2025 was CNY 51,208,064.63, compared to CNY 21,661,762.56 in 2024, indicating a 136.3% increase[22]. - Basic and diluted earnings per share for the first three quarters of 2025 were both CNY 0.115, up from CNY 0.05 in 2024, representing a 130% increase[23]. Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 6,035,136,855.98, showing a slight increase of 1.09% from the end of the previous year[6]. - As of September 30, 2025, total assets amounted to RMB 6,035,136,855.98, compared to RMB 5,970,323,594.51 at the end of 2024, indicating a slight increase of 1.09%[17]. - Total liabilities as of September 30, 2025, were RMB 1,684,514,266.64, a marginal increase from RMB 1,662,925,711.17 in the previous year[18]. - The company's cash and cash equivalents stood at RMB 440,202,780.05 as of September 30, 2025, compared to RMB 427,833,433.36 at the end of 2024, showing an increase of 2.86%[15]. - The cash and cash equivalents at the end of the period increased to CNY 440,176,414.68 from CNY 283,715,125.98 in the previous year, marking a growth of 55.1%[27]. Operating Costs and Expenses - Total operating costs for the first three quarters of 2025 were RMB 3,323,668,484.31, down 11.48% from RMB 3,754,825,594.67 in the previous year[21]. - Operating costs included RMB 3,101,208,226.19 in operating expenses, which decreased from RMB 3,489,178,290.97 in 2024, reflecting a reduction of 11.11%[21]. - The company reported a net profit margin decline due to increased operational costs, impacting overall profitability[21]. - The company experienced a decrease in sales expenses from CNY 4,418,069.69 in 2024 to CNY 4,271,064.37 in 2025, a reduction of 3.3%[22]. - Research and development expenses decreased from CNY 125,387,879.59 in 2024 to CNY 112,685,461.15 in 2025, a decline of 10.1%[22]. - The company’s financial expenses significantly decreased from CNY 5,757,570.22 in 2024 to CNY 621,330.74 in 2025, a reduction of 89.2%[22]. Shareholder Information - The company has a total of 36,113 ordinary shareholders as of the end of the reporting period[13]. - There were no significant changes in the shareholding structure or major shareholder activities reported[14]. Cash Flow - The cash flow from operating activities for the year-to-date period was CNY 187,466,807.77, a decrease of 13.59% year-on-year[6]. - The net cash flow from operating activities for the first three quarters of 2025 was CNY 187,466,807.77, compared to CNY 216,953,679.05 in 2024, showing a decline of 13.6%[26]. - The company reported a net cash outflow from investing activities of CNY 187,986,547.00 in 2025, contrasting with a net inflow of CNY 131,355,998.07 in 2024[27]. Inventory and Product Development - Inventory levels increased to RMB 369,386,606.83 from RMB 285,424,985.38, representing a significant rise of 29.39%[16]. - The company has not disclosed any new product developments or market expansion strategies during this reporting period[15].

Group 1: Report Overview - The report is about a research on Cangzhou Dahua in the chemical products industry on September 26, 2025 [1][2][17] Group 2: Key Information from Different Sections 1. Research Basic Situation - The research object is Cangzhou Dahua, belonging to the chemical products industry. The reception time was on 2025 - 09 - 26, and the company's reception staff included the chairman and general manager Liu Zeng, financial director Zhang Zhi, board secretary Liu Xiaojing, and independent director Huo Qiaohong [17] 2. Detailed Research Institutions - The reception objects included investors and others [20] 3. Main Content Data - To shorten the gap with leading companies, the company aims to "improve production efficiency, reduce production costs, and stabilize product quality", strengthens technological innovation, and plans to build new production capacities [24] - To protect the interests of small and medium - sized investors, the company has formulated a market value management system, and distributes over 30% of the annual net profit attributable to shareholders of the listed company as dividends [24] - Cangzhou Dahua's co - polymerized PC has reached the domestic advanced level and is actively researching other co - polymerized products [24] - The company's actual controller is coordinating to solve the problem of同业竞争 among listed subsidiaries [26] - The company is formulating the 14th Five - Year Development Plan to build an international first - class chemical high - tech enterprise and develop special polyurethane and polycarbonate new materials [26] - The 50,000 - ton polycarbonate technological transformation project has produced qualified products, is in the market promotion stage, and has been recognized by some customers [26]