I. Important Notes
This abstract is derived from the full annual report. Investors should read the full annual report on the media designated by the CSRC to fully understand the company's operating results, financial position, and future development plans.
All directors attended the board meeting to review this report.
Non-standard audit opinion:
□ Applicable ☒ Not applicable
Profit distribution plan or capital reserve conversion plan reviewed by the Board:
The company plans not to distribute cash dividends, not to issue bonus shares, and not to convert capital reserves into share capital.
Preferred stock profit distribution plan reviewed by the Board:
□ Applicable □ Not applicable
II. Company Profile
1. Company Overview
| Item | Content |
|---|---|
| Stock Abbreviation | Maohua Shihua |
| Stock Code | 000637 |
| Stock Exchange | Shenzhen Stock Exchange |
| Former Stock Abbreviation (if any) | None |
| Contact Information | Board Secretary | Securities Affairs Representative |
|---|---|---|
| Name | Ma Yongxin | Xu Qianying |
| Office Address | No. 162 Guandu Road, Maoming, Guangdong | No. 162 Guandu Road, Maoming, Guangdong |
| Fax | 0668-2899170 | 0668-2899170 |
| Tel | 0668-2276176 | 0668-2246332 |
| mhsh000637@163.net | mhsh000637@163.net |
2. Main Business or Products During the Reporting Period
The company's main business is the production and sale of chemical products. Key products include polypropylene, liquefied petroleum gas, special white oil, ethanolamine, isobutane, methyl tert-butyl ether (MTBE), C9 fractions, and hydrogen peroxide. Major production facilities include a 160,000-ton/year polypropylene unit, a 60,000-ton/year special white oil unit, a 20,000-ton/year ethanolamine unit, an 80,000-ton/year MTBE unit, a 140,000-ton/year cracked C9 and cracked tar comprehensive utilization unit, and a 300,000-ton/year hydrogen peroxide unit. Additionally, the company has cultural and entertainment projects, with the Beijing Aquarium operated by its holding subsidiary, Beijing Xinwoda Ocean Technology Co., Ltd.
(I) Petrochemical Industry Overview
- Industry Basics
During the reporting period (2025), the global and domestic petrochemical industries were in a critical stage of cyclical bottoming and structural adjustment. Global economic recovery remained weak, geopolitical conflicts persisted, international trade barriers increased, and international oil prices showed a wide range of fluctuations, continuously compressing the overall profit margins of the petrochemical industry.
The domestic petrochemical industry showed characteristics of "stable total volume, structural differentiation, and accelerated transformation." In 2025, national crude oil processing volume reached 738 million tons (+4.1% YoY), total output of major chemicals increased by 5.9% YoY, total industry output value reached 15.67 trillion yuan (-3.0% YoY), and total profits were 702.09 billion yuan (-9.6% YoY). However, overcapacity in the traditional refining sector became prominent, and demand for refined oil products entered a "post-growth" era, with gasoline production at 155 million tons (-3.4% YoY) and diesel production at 200 million tons (-1.8% YoY). Demand for high-end chemical new materials and new energy supporting materials (such as EVA, POE) was strong, with synthetic resin production at 148 million tons (+11.3% YoY) and ethylene production at 41.508 million tons (+6.4% YoY), becoming the core growth drivers for the industry.