表决结果：同意8票，反对0票，弃权0票。 二、审议通过了《关于聘任会计师事务所的议案》 同意公司聘任毕马威华振会计师事务所（特殊普通合伙）为公司2025年度财务报 表及内部控制审计机构。 表决结果：同意8票，反对0票，弃权0票。 该项议案需提交股东会审议。议案具体内容详见公司于本公告日披露的《滨化集 团股份有限公司关于聘任会计师事务所的公告》。 证券代码：601678 股票简称：滨化股份 公告编号：2025-075 滨化集团股份有限公司 第六届董事会第八次会议决议公告 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。 滨化集团股份有限公司（以下简称"公司"）第六届董事会第八次会议于2025年 10月30日以现场和通讯表决相结合方式召开，应出席会议的董事8名，实际出席会议的 董事8名（其中3名以通讯表决方式出席）。会议通知于2025年10月24日以电子邮件和 专人送达方式发出。会议由董事长于江召集并主持。本次会议召开符合《中华人民共 和国公司法》《公司章程》及有关法律、法规规定。与会董事以记名投票的方式进行 了表决，形成决议如下： ...

Financial Performance - The company's operating revenue for the third quarter reached CNY 3,793,998,324.78, an increase of 26.13% compared to the same period last year[5]. - Total profit for the quarter was CNY 162,251,802.10, representing a significant increase of 137.52% year-over-year[5]. - Net profit attributable to shareholders was CNY 80,842,363.16, a slight decrease of 3.86% compared to the previous year[5]. - The net profit after deducting non-recurring gains and losses for the quarter was CNY 109,065,267.63, an increase of 34.94% year-over-year[5]. - The company's total profit for the year-to-date period was CNY 319,951,887.83, an increase of 78.82% compared to the same period last year[5]. - Total operating revenue for the first three quarters of 2025 reached CNY 11,147,859,013.29, a significant increase of 47.5% compared to CNY 7,565,392,617.81 in the same period of 2024[21]. - Operating profit for the first three quarters of 2025 was CNY 317,402,808.41, compared to CNY 180,538,390.43 in 2024, indicating an increase of 75.8%[22]. - Net profit for the first three quarters of 2025 was CNY 197,221,112.39, slightly up from CNY 189,238,238.40 in 2024, showing a growth of 4.2%[22]. Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period was CNY 1,485,473,251.31, a substantial increase of 361.19% compared to the same period last year[5]. - Operating cash inflow for the first three quarters of 2025 was CNY 15.50 billion, a 29.5% increase from CNY 11.96 billion in the same period of 2024[26]. - Net cash flow from operating activities for the first three quarters of 2025 was CNY 1.49 billion, compared to CNY 322.10 million in 2024, reflecting a significant improvement[26]. - The total cash and cash equivalents at the end of the first three quarters of 2025 stood at CNY 1.40 billion, up from CNY 661.37 million at the end of 2024[27]. - Cash received from sales and services in the first three quarters of 2025 was CNY 10.89 billion, compared to CNY 11.78 billion in 2024, indicating a decline in revenue[26]. - Cash received from tax refunds increased significantly to CNY 475.34 million in 2025 from CNY 55.53 million in 2024, highlighting improved tax recovery[26]. Assets and Liabilities - The total assets of the company at the end of the reporting period were CNY 24,047,322,580.39, reflecting a growth of 4.75% from the end of the previous year[6]. - The total assets of the company amounted to CNY 24,047,322,580.39, an increase from CNY 22,956,458,805.29 in the previous year[20]. - Total liabilities increased to CNY 12,594,041,736.84 from CNY 11,573,743,799.96, reflecting a growth of 8.8%[20]. - The company's non-current assets totaled CNY 19,006,676,288.87, a decrease from CNY 19,350,156,065.83[20]. - Total current assets reached RMB 5,040,646,291.52, up from RMB 3,606,302,739.46, indicating an increase of 39.7% year-over-year[18]. Shareholder Information - The first major shareholder, Binhzhou and Yi Industrial Investment Partnership, plans to increase its stake by investing between RMB 140 million and RMB 280 million over the next 12 months[15]. - As of October 30, 2025, the major shareholder has acquired an additional 59,354,972 shares, raising its total holdings to 205,033,082 shares, which is 9.97% of the total share capital[15]. - The company reported a total of 61,450,726 shares held in the repurchase account, accounting for 2.99% of the total shares[14]. - The number of shares held by the top ten shareholders remains stable, with no significant changes reported in the lending or borrowing of shares[14]. Operational Insights - The company attributed the increase in operating revenue to the full operation of its carbon three and four comprehensive utilization project, leading to increased product sales[10]. - The company reported a significant increase in non-recurring gains and losses, primarily due to market price fluctuations and the comprehensive utilization project[11]. - The company has not disclosed any significant changes in operational conditions during the reporting period[15]. Investment Activities - Cash outflow from investment activities in the first three quarters of 2025 was CNY 331.16 million, a decrease from CNY 1.78 billion in 2024, indicating reduced investment expenditures[27]. - Cash inflow from investment activities totaled CNY 94.41 million in 2025, a decrease from CNY 261.23 million in 2024, indicating a reduction in investment returns[27]. Accounting Standards - The company will implement new accounting standards starting in 2025, which may affect financial reporting and performance metrics[28].

证券代码：601678 股票简称：滨化股份 公告编号：2025-076 滨化集团股份有限公司 关于聘任会计师事务所的公告 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。 重要内容提示： 一、拟聘任会计师事务所的基本情况 毕马威华振会计师事务所于1992年8月18日在北京成立，于2012年7月5日获财政部 1 拟聘任的会计师事务所名称：毕马威华振会计师事务所（特殊普通合伙）（以 下简称"毕马威华振"） 原聘任的会计师事务所名称：天职国际会计师事务所（特殊普通合伙）（以下 简称"天职国际"） 变更会计师事务所的简要原因及前任会计师的异议情况：为保证滨化集团股份 有限公司（以下简称"公司"）审计工作的独立性、客观性，依据《国有企业、 上市公司选聘会计师事务所管理办法》及公司《选聘会计师事务所专项制度》 的相关规定，同时考虑公司业务发展需要，公司拟聘任毕马威华振为公司2025 年度财务报表及内部控制审计机构。公司已就本次变更会计师事务所与天职国 际进行了充分沟通，天职国际已知悉本事项且未提出异议。 本次变更会计师事务所事项已经公司第六 ...

证券代码：601678 股票简称：滨化股份 公告编号：2025-074 二、主要产品的价格变动情况 1 单位：元/吨 主要产品 2025 年 1-9 月均价 2024 年 1-9 月均价 年度同比变 动幅度（%） 三季度同比 变动幅度（%） 三季度环比 变动幅度（%） 甲基叔丁基醚 4,730.03 - - - -1.00 环氧丙烷 6,582.88 7,851.33 -16.16 -13.78 1.99 烧碱（折百） 3,151.87 2,773.90 13.63 9.19 0.84 丙烯 5,850.40 6,090.60 -3.94 -7.18 -2.49 环氧氯丙烷 8,727.62 6,757.77 29.15 46.50 20.65 三、主要原材料的价格变动情况 滨化集团股份有限公司 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。 根据上海证券交易所《上市公司行业信息披露指引第十三号——化工》的相关规 定，滨化集团股份有限公司（以下简称"公司"）现将 2025 年前三季度主要经 ...

滨化集团股份有限公司 关于为子公司提供担保的公告 证券代码：601678 证券简称：滨化股份 公告编号：2025-078 重要内容提示： 担 保 对 象 被担保人名称 山东滨华新材料有限公司 本次担保金额 20,000.00 万元 实际为其提供的担保余额 361,271.42 万元 是否在前期预计额度内 是 □否 □不适用：_________ 本次担保是否有反担保 □是 否 □不适用：_________ 担保对象及基本情况 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至本公告日上市公司及其控股子 | 406,965.22 | | 公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一期 经审计净资产的比例（%） | 35.75 | | 特别风险提示（如有请勾选） | □对外担保总额（含本次）超过上市公司 | | | 最近一期经审计净资产 50% | | | □对外担保总额（含本次）超过上市公司 | | | 最近一期经审计净资产 100% | | | □对合并报表外单位担保总额（含本次） | | | 达到或超过最近一期经审计净资产 30% | ...

Core Insights - The company reported a third-quarter revenue of 3.794 billion, representing a year-on-year increase of 26.13% while net profit decreased by 3.86% to 80.8424 million [1] - For the first three quarters, the company achieved a revenue of 11.148 billion, marking a year-on-year growth of 47.35%, with net profit reaching 192 million, an increase of 1.63% [1] Financial Performance - Third-quarter revenue: 3.794 billion, up 26.13% year-on-year [1] - Third-quarter net profit: 80.8424 million, down 3.86% year-on-year [1] - Year-to-date revenue: 11.148 billion, up 47.35% year-on-year [1] - Year-to-date net profit: 192 million, up 1.63% year-on-year [1]

Core Viewpoint - The company, Binhu Chemical Group, is seeking a secondary listing in Hong Kong to enhance its competitiveness in the international market amid ongoing industry transformation and the need for continuous investment [1]. Group 1: Company Overview - Binhu Chemical Group, established in 1968, is a comprehensive chemical group and the largest producer of various chemical products in China, including granular caustic soda and epoxy propane, based on 2024 revenue [1]. - The company reported revenues of 8.892 billion yuan, 7.306 billion yuan, and 10.228 billion yuan for the years 2022 to 2024, with profits of 1.203 billion yuan, 399 million yuan, and 217 million yuan respectively [1]. Group 2: Business Segments - The company operates in three main segments: chlor-alkali chemicals, C3 and C4 chemicals, and wet electronic chemicals, with products including caustic soda, epoxy propane, and electronic-grade hydrogen fluoride [5]. - The chlor-alkali chemicals segment, which is the core business, has seen revenue decline from 8.073 billion yuan in 2022 to 6.115 billion yuan in 2024, with a corresponding drop in gross margin from 24.2% to 14.7% [5][6]. Group 3: Market Trends - The chlor-alkali chemicals market in China is projected to experience a compound annual growth rate (CAGR) of 2.9% in capacity and 4.4% in production from 2020 to 2024, indicating a slowdown in growth [7]. - The average price of epoxy propane has decreased from 10,700 yuan per ton to 7,900 yuan, reflecting a CAGR of -7.3% from 2021 to 2024 [9]. Group 4: Strategic Initiatives - The company is advancing an integrated "new energy + chemicals" model to support low-carbon energy transitions and respond to global market demands [3]. - The company aims to optimize its capital structure and enhance its competitive edge through a dual-platform strategy (A+H) amid industry cycle changes [10].

Core Viewpoint - The chemical industry is undergoing transformation, prompting several A-share listed companies to seek a secondary listing platform in Hong Kong, with Binhu Chemical Group being one of the latest to submit its application [1][2]. Company Overview - Binhu Chemical Group, established in 1968, is a comprehensive chemical group and the largest producer of various chemical products in China, including granular caustic soda and trichloroethylene, based on 2024 revenue [2]. - The company operates in three main segments: chlor-alkali chemicals, C3 and C4 chemicals, and wet electronic chemicals, with a diversified product structure that includes caustic soda and epoxy propylene [3][6]. Financial Performance - Binhu Chemical Group's revenue for 2022, 2023, and 2024 was 8.892 billion, 7.306 billion, and 10.228 billion yuan, respectively, while profits were 1.203 billion, 399 million, and 217 million yuan, showing a decline in profitability [2]. - The gross margin decreased from 26.5% in 2022 to 6.4% in 2024, indicating significant pressure on profitability [2]. Business Segments - The chlor-alkali chemicals segment, which is the core business, has seen revenue decline from 8.073 billion yuan in 2022 to 6.115 billion yuan in 2024, with a gross margin drop from 24.2% to 14.7% due to falling prices of key products like epoxy propylene [6][7]. - The C3 and C4 chemicals segment has become the main revenue driver, contributing 3.487 billion yuan in the first half of 2025, surpassing the chlor-alkali segment for the first time [7]. - The wet electronic chemicals segment has struggled, with revenues remaining below 1% of total revenue, indicating challenges in scaling this new business [7]. Industry Trends - The chlor-alkali chemicals market in China is projected to experience a compound annual growth rate (CAGR) of 2.7% in production capacity from 2024 to 2029, reflecting a slowdown compared to previous years [8]. - The average price of chlor-alkali chemicals has seen fluctuations, with a notable decline in 2023 due to reduced demand and increased supply, although future stabilization is anticipated [9]. - The epoxy propylene market is also expected to slow, with a projected average price decrease from 10,700 yuan per ton to 7,900 yuan, indicating a negative CAGR of 7.3% [10]. Strategic Outlook - Binhu Chemical Group's dual-platform strategy of A+H listings aims to optimize capital structure and enhance competitiveness amid industry challenges [11]. - The company's ability to balance short-term profit pressures with long-term strategic investments will be crucial for sustainable growth in the evolving market landscape [11].

Core Viewpoint -滨化集团股份有限公司 (滨化股份) is pursuing an IPO on the Hong Kong Stock Exchange, revealing a growth in revenue for 2024 but a decline in profits during the same period, alongside a significant increase in its debt-to-asset ratio, which reached 90.8% by mid-2025 [2][6]. Financial Performance - The revenue figures for滨化股份 from 2022 to 2024 are as follows: RMB 88.92 billion in 2022, RMB 73.06 billion in 2023, RMB 102.28 billion in 2024, and RMB 73.54 billion for the first half of 2025. However, profits decreased from RMB 12.03 billion in 2022 to RMB 2.17 billion in 2024 and further to RMB 1.36 billion in the first half of 2025 [3][4]. - The gross profit margin has significantly declined from 26.5% in 2022 to 6.4% in 2024, with net profit margins also dropping from 13.5% to 2.1% during the same period [7]. Debt and Inventory Management - The debt level of滨化股份 has rapidly increased, with the debt-to-asset ratio rising from 41.9% in 2022 to 90.8% by June 2025 [6][7]. - The company's inventory and contract costs have surged from RMB 580 million in 2022 to RMB 1.072 billion by the end of 2024, marking an 84.8% increase [4][5]. Business Operations and Strategy -滨化股份 operates in three main segments: chlor-alkali chemicals, C3 and C4 chemicals, and wet electronic chemicals, maintaining a leading position in the chlor-alkali chemicals sector and achieving rapid growth in the petrochemical and electronic chemicals fields [3]. - The company plans to utilize the funds raised from the IPO for various projects, including the construction of a source-network-load-storage project, enhancing R&D capabilities, and expanding its overseas sales and service network [7].

Core Viewpoint - Binhu Chemical Group Co., Ltd. has officially submitted its prospectus to the Hong Kong Stock Exchange, initiating its H-share listing process, with a focus on raising funds for integrated energy projects and enhancing R&D capabilities [1] Group 1: Financial and Strategic Initiatives - The funds raised from the Hong Kong listing will be primarily allocated to the "source-network-load-storage integration project," R&D enhancement, and international expansion [1] - The company aims to leverage a "new energy + chemical" coupling model to accelerate its transition into a world-class green chemical enterprise [1] Group 2: Technological Advancements - Binhu has accumulated 159 patents and has participated in drafting 7 national/industry standards, with 15 core technologies recognized as leading both domestically and internationally [1] - Key technological achievements include the FHPECH process for producing epoxy chloropropane and a catalytic wet oxidation method for treating high-salinity wastewater, which address industry technical bottlenecks [1] Group 3: Green Transformation and Sustainability - The company is constructing a "source-network-load-storage integration project" in Shandong, which includes 160MW wind power, 100MW solar power, and 130MW/260MWh storage, aiming for an annual self-consumption of 42.4 billion kWh [2] - The company plans to establish a green zero-carbon high-end chemical industrial park in the North Binhai Port area, promoting a full-chain green production cluster [2] Group 4: International Expansion - Binhu is accelerating its overseas expansion, planning to build a chlor-alkali chemical production base in Egypt to meet local demand and enhance its global brand influence [3] - The company will also develop an overseas "new energy + chemical" zero-carbon demonstration industrial base, integrating renewable energy with chemical production to achieve near-zero carbon emissions [3]