天津渤海化学股份有限公司2025年度报告深度解读：投资者需知的重要信息

一、核心财务数据及重大事项

• 全年业绩：公司2025年归属于母公司所有者的净利润为-6.46亿元，连续第三年巨额亏损，未分配利润为-22.77亿元，母公司未分配利润为-6.41亿元。
• 营业收入：2025年营业收入为33.3亿元，同比下降30.39%，盈利能力显著下滑。
• 现金流：经营活动现金流净额为-6.71亿元，同比大幅下滑（2024年为正值），表明公司现金流压力显著增加。
• 净资产：归属于上市公司股东的净资产降至11.2亿元，同比下降36.46%。
• 加权平均净资产收益率：为-44.90%，较去年下降14.45个百分点，投资回报能力持续恶化。
• 利润分配：由于未分配利润为负，公司2025年度不进行利润分配，也不进行资本公积金转增股本。

二、经营风险与未来展望

• 宏观经济与行业风险：公司主要产品为基础化工，盈利能力受宏观经济波动影响大。2025年丙烷进口因中美关税政策影响，成本急剧增加，对利润造成重大负面影响。
• 客户集中度高：前五名客户贡献销售额31.06亿元，占年度销售总额93.28%，其中关联方销售额占比高达80.32%。业务结构对少数客户严重依赖，若主要客户需求变化将对公司经营造成显著影响。
• 供应商集中度高：前五名供应商采购额25.03亿元，占年度采购总额66.46%，其中关联方采购占比26.05%。
• 财务风险：国际形势不明朗，汇率波动、进口关税等因素继续影响公司采购和盈利。
• 安全环保风险：化工行业安全环保压力加大，公司虽然已加大投入，但仍面临较大责任风险。
• 经营策略：公司采取丙烷采购长约与现货结合、引入新供应商、产地多元化等措施以降低成本；积极调整经营计划，扩大下游产业链布局。
• 研发投入：本期研发投入1.2亿元，占营业收入3.61%，同比减少22.06%，研发人员126人，占员工总数15.56%。

三、重大交易及关联事项

• 关联交易：2025年预计日常关联交易金额为48.22亿元，实际发生金额为41.09亿元，未超预算。公司与控股股东、关联方的资金往来、存款等均有详细披露，部分资金存放于渤海集团财务公司。
• 资产出售：公司公开挂牌转让天津河西区解放南路325号房产及附属物，最终以1.37亿元出售给关联方天津环球磁卡集团有限公司，交易已完成。
• 重大担保：报告期内公司对子公司担保余额为1.52亿元，担保总额占公司净资产比例13.54%。
• 募集资金使用：报告期内募集资金主要用于丙烯酸酯及高吸水性树脂新材料项目，截至报告期末已投入6.01亿元，投入进度86.05%。

四、公司治理与合规

• 治理结构：公司治理符合上市公司规范，董事会、监事会运行正常，未出现违法违规情况，董事会聘任大信会计师事务所出具标准无保留意见审计报告。
• 内部控制：公司内部控制有效，已通过内部控制审计，未被出具非标准审计意见。
• 社会责任与环境信息披露：公司已披露环境、社会和公司治理（ESG）报告，主要子公司天津渤海石化纳入环境信息依法披露企业名单。

五、资产结构及股权变动

• 资产总额：报告期末公司总资产44.05亿元，同比增长12.84%。
• 股本结构：报告期内股份总数及股本结构未发生变化。
• 控股股东及实际控制人：公司控股股东为天津渤海化工集团有限责任公司，实际控制人为天津市人民政府国资委。
• 资产负债结构：负债总额32.84亿元，归属于母公司所有者权益11.20亿元。

六、资产负债表日后事项

• 重大股权转让：2026年，公司将持有的全资子公司渤海石化49%股权以5.36亿元转让给控股股东渤化集团，交易将在2026年完成交割，但公司仍保留对渤海石化的控制权，渤海石化继续纳入合并报表范围。

七、对投资者的重要提示

• 连年亏损风险：公司连续三年巨额亏损，未分配利润持续为负，经营压力显著，短期内不具备现金分红条件。
• 客户与供应商集中度高：对主要客户和供应商依赖度高，任何变动都可能对公司业绩造成重大影响，投资者需密切关注。
• 政策与市场风险：汇率、关税、宏观经济及行业政策变化可能对公司采购成本与盈利能力产生重大影响。
• 重大股权变动：未来公司资产结构将因渤海石化股权转让发生变化，需关注对公司财务及经营影响。

免责声明

本文仅为资讯解读，不构成投资建议。投资者需结合自身情况及市场环境进行决策，天津渤海化学股份有限公司存在重大经营、财务、市场及政策风险，投资需谨慎。

Tianjin Bohai Chemical Co., Ltd. 2025 Annual Report Deep Dive: Key Investor Information

1. Core Financial Data & Major Matters

• Annual earnings: Net loss attributable to parent company shareholders in 2025 was RMB -646 million, marking the third consecutive year of heavy losses. Undistributed profit reached RMB -2.28 billion, with parent company undistributed profit at RMB -641 million.
• Revenue: 2025 revenue was RMB 3.33 billion, a 30.39% YoY decline, significantly weakening profitability.
• Cash flow: Net cash flow from operating activities was RMB -671 million, sharply down from a positive value in 2024, indicating mounting cash flow pressure.
• Net assets: Net assets attributable to listed company shareholders fell to RMB 1.12 billion, a 36.46% YoY decrease.
• ROE: Weighted average ROE was -44.90%, down 14.45 percentage points from last year, further deteriorating investment returns.
• Profit distribution: As undistributed profit is negative, the company will not distribute profits or convert capital reserves to share capital in 2025.

2. Operational Risks & Outlook

• Macroeconomic & industry risks: Main products are basic chemicals, profitability highly affected by macroeconomic swings. In 2025, propane import costs soared due to US-China tariff policies, severely impacting profits.
• High customer concentration: Top five customers contributed RMB 3.1 billion, 93.28% of annual sales, with related-party sales accounting for 80.32%. Heavy reliance on a few customers—any change could significantly affect operations.
• High supplier concentration: Top five suppliers accounted for RMB 2.5 billion, 66.46% of annual purchases, with related-party supply at 26.05%.
• Financial risk: Uncertain international situation, exchange rate fluctuations, and import tariffs continue to impact procurement and profitability.
• Safety & environmental risk: Strict requirements in the chemical industry increase operational pressure; despite increased investment, significant liability risk remains.
• Strategy: Company employs a mix of long-term and spot procurement for propane, introduces new suppliers, diversifies sources to reduce costs, and actively adjusts plans to expand downstream industry chains.
• R&D: R&D investment this period was RMB 120 million, 3.61% of revenue, down 22.06% YoY; 126 R&D staff, 15.56% of total employees.

3. Major Transactions & Related Matters

• Related party transactions: 2025 forecasted related party transaction amount was RMB 4.82 billion, actual was RMB 4.11 billion, not exceeding forecasts. The company disclosed details of financial dealings with controlling shareholders and related parties, with some funds deposited at Bohai Group Finance Co.
• Asset sale: Company publicly listed for sale its property at No. 325, Jiefang South Road, Hexi District, Tianjin, ultimately selling to related party Tianjin Universal Magnetic Card Group for RMB 137 million; transaction completed.
• Major guarantee: Guarantee balance for subsidiaries was RMB 151 million, total guarantee accounted for 13.54% of net assets.
• Use of raised funds: Mainly invested in acrylic ester and SAP new materials project, RMB 601 million invested by period end, 86.05% progress.

4. Corporate Governance & Compliance

• Governance: Structure complies with listing regulations; normal operation of board and supervisory board; no violations, standard unqualified audit opinion from Da Xin CPA.
• Internal control: Effective internal control, no non-standard audit opinions.
• ESG disclosure: Company released ESG report; main subsidiary Tianjin Bohai Petrochemical included in environmental information disclosure list.

5. Asset Structure & Equity Changes

• Total assets: RMB 4.4 billion at period end, up 12.84% YoY.
• Share capital: No change during the reporting period.
• Controlling shareholder & actual controller: Controlling shareholder is Tianjin Bohai Chemical Group Co., Ltd.; actual controller is Tianjin SASAC.
• Balance sheet: Total liabilities RMB 3.28 billion; net assets attributable to parent RMB 1.12 billion.

6. Post Balance Sheet Events

• Major equity transfer: In 2026, company will transfer 49% equity in wholly-owned subsidiary Bohai Petrochemical to controlling shareholder for RMB 536 million, but will retain control and continue to consolidate Bohai Petrochemical.

7. Investor Key Takeaways

• Loss risk: Three consecutive years of heavy losses, negative undistributed profit, significant operational pressure, no cash dividend in the near term.
• Customer & supplier concentration: High reliance on key customers and suppliers; any changes could materially impact performance—investors should monitor closely.
• Policy & market risk: Exchange rate, tariffs, macroeconomic and industry policy changes may significantly impact procurement costs and profitability.
• Major equity changes: Future asset structure will change due to Bohai Petrochemical equity transfer—watch for impact on financials and operations.

Disclaimer

This article is for information only and does not constitute investment advice. Investors should make decisions based on their own circumstances and market environment. Tianjin Bohai Chemical faces significant operational, financial, market, and policy risks—invest cautiously.

View 渤海化学 Historical chart here