证券代码：920304 证券简称：迪尔化工 公告编号：2026-005 山东华阳迪尔化工股份有限公司 独立董事专门会议 关于 2026 年股权激励计划（草案）的核查意见 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 山东华阳迪尔化工股份有限公司（以下简称"公司"）独立董事专门会议，根 据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券 法》（以下简称《证券法》）、《上市公司股权激励管理办法》（以下简称《管 理办法》）、《北京证券交易所上市公司持续监管办法（试行）》（以下简称《持 续监管办法》）、《北京证券交易所股票上市规则》（以下简称《上市规则》）、 《北京证券交易所上市公司持续监管指引第 3 号——股权激励和员工持股计划》 （以下简称《监管指引第 3 号》）等有关法律、法规和规范性文件以及《山东华 阳迪尔化工股份有限公司章程》（以下简称《公司章程》）的有关规定，对《山 东华阳迪尔化工股份有限公司 2026 年股权激励计划（草案）》（以下简称"本激 励计划"、"激励计划"）进行了核 ...

山东华阳迪尔化工股份有限公司 2026 年股权激励计划（草案） 证券代码：920304 证券简称：迪尔化工 公告编号：2026-002 山东华阳迪尔化工股份有限公司 2026年股权激励计划 （草案） 山东华阳迪尔化工股份有限公司 2026年1月 1 山东华阳迪尔化工股份有限公司 2026 年股权激励计划（草案） 声 明 本公司及董事、高级管理人员保证本股权激励计划相关信息披露文件不存在 虚假记载、误导性陈述或者重大遗漏，并对其内容的真实、准确和完整承担个别 及连带责任。 所有激励对象承诺：公司因信息披露文件中有虚假记载、误导性陈述或者重 大遗漏，导致不符合授予权益或行使权益安排的，激励对象应当自相关信息披露 文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由股权激励计划所获 得的全部利益返还公司。 2 山东华阳迪尔化工股份有限公司 2026 年股权激励计划（草案） 特别提示 一、《山东华阳迪尔化工股份有限公司 2026 年股权激励计划（草案）》（以 下简称"本激励计划"、"本计划"）由山东华阳迪尔化工股份有限公司（以下 简称"迪尔化工""公司""本公司"）依据《中华人民共和国公司法》《中华 人民共和国证券 ...

北京浩天(济南)律师事务所 关于 山东华阳迪尔化工股份有限公司 2026年股权激励计划(草案)的 法律意见书 邮编:250102 济南市高新区·经十东路7000号·汉峪金谷A3-5栋16层 传真(Fax): (0531) 88876911 电话(Tel): (0531) 88876911 二〇二六年一月 法律意见书 目 录 | .. | | --- | | 下文 | | 一、公司实施本次激励计划的主体资格 | | (一)迪尔化工为依法设立并有效存续的上市公司 . | | (一)公司不存在不得实施本次激励计划的情形 | | 二、本次激励计划主要内容的合法合规性 … | | (一)本次激励计划载明喜项的主要内容 | | (二)本次激励计划的目的与原则 | | (三)激励对象的确定依据和范围 | | ( 四) 股权激励计划拟授出的权益情况及分配情况 ………………………………… 5 | | (五)木激励计划的有效期及限制性股票的授予目、限售期及解限售女排.6 | | (六) 限制性股票的授予价格及确定方法 | | (十) 限制使股重的投音三解除限售条件 | | (八)本次激励计划的调整方法和程序 | | (九) 股权 ...

Group 1: JD (京东) Analysis - The revenue for Q4 2025 is projected to decline by 0.4% year-on-year to 345.5 billion yuan, with adjusted net profit expected to be 216 million yuan, resulting in a net profit margin of 0.1% [2][12] - JD's retail revenue is anticipated to decrease by 4.7% year-on-year to 292.6 billion yuan in Q4 2025, primarily due to a high base effect from the previous year driven by national subsidies [3][12] - The company is expected to face pressure on growth in the battery-powered category, while the daily necessities category is projected to maintain relatively stable growth [3][12] - JD is actively responding to market changes by increasing subsidies, which may lead to a decline in retail profit margins year-on-year [3][12] - The company is focusing on its food delivery and international business, with expectations of narrowing losses in the food delivery segment in Q4 [12] - JD has launched "JD Review" to innovate the local life service ecosystem, aiming to provide objective consumer references [12] Group 2: Deer Chemical (迪尔化工) Analysis - Deer Chemical is transitioning from a cyclical business model to a growth-oriented one by integrating its nitrate production with molten salt energy storage [4][11] - The company is expected to see a gradual increase in production capacity starting in 2025, which will enhance its sales and overall performance [4][11] - The traditional business is anticipated to recover as the chemical industry stabilizes, with nitrate prices supported by liquid ammonia [11][13] - The demand for molten salt is projected to grow significantly due to its applications in concentrated solar power and flexible coal power generation [13][16] - The company aims to establish a complete product matrix involving potassium nitrate and sodium nitrate, enhancing its competitive edge in the energy storage market [16] Group 3: Unisoc (紫光国微) Analysis - Unisoc is collaborating with Ningde Times to establish a leading platform for automotive-grade chips, enhancing its market competitiveness [15][16] - The establishment of Unisoc Tongxin aims to optimize capital structure and improve performance in the automotive domain [16] - The company is expected to benefit from the growing demand for special integrated circuits driven by national defense and commercial aerospace sectors [16] - Unisoc maintains its profit forecasts for 2025-2027, projecting net profits of 1.723 billion, 2.460 billion, and 3.495 billion yuan respectively, with a strong growth outlook [16]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment [6][7]. Core Insights - The company is transitioning from a cyclical to a growth-oriented business model, focusing on molten salt energy storage, which is expected to enhance both performance and valuation, leading to a "Davis Double" effect [6][7]. - The traditional business is showing signs of recovery, supported by acquisitions that strengthen the company's foundational operations [6][7]. - The molten salt energy storage market is projected to grow significantly, driven by applications in concentrated solar power and flexible coal power generation, with an expected cumulative installed capacity of 19.1 GW by 2030 [6][7]. Summary by Sections 1. Transition from Cyclical to Growth - The company, established in 2001, has built an integrated production chain for nitric acid and its derivatives, becoming a major player in the domestic market [16]. - The company began generating revenue from molten salt-grade potassium nitrate in 2021 and is expected to see significant sales growth in 2025 as production capacity ramps up [16]. 2. Recovery of Traditional Business - Nitric acid prices are expected to stabilize due to a supportive raw material environment, particularly liquid ammonia, which is crucial for production [40][45]. - The company is strategically positioned to benefit from a recovery in nitric acid and potassium nitrate prices, aided by its integrated production capabilities [6][7]. 3. Growth Engine of Molten Salt Energy Storage - The company is developing a complete product matrix for molten salt, with projects in concentrated solar power and compressed air energy storage expected to drive demand [6][7]. - The molten salt market is anticipated to require 206,000 tons by 2030, with significant contributions from the solar power sector as costs decrease [6][7]. 4. Financial Forecast and Valuation - The company is projected to achieve net profits of 58 million, 86 million, and 115 million yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 39, 26, and 20 [5][7]. - The target market capitalization is estimated at 2.4 billion yuan, indicating a potential upside of 9% from current levels [7]. 5. Market Dynamics and Competitive Position - The company benefits from a flexible production system that allows for cost optimization and efficient resource allocation across its product lines [62]. - The agricultural-grade potassium nitrate market is expected to grow due to increasing demand for high-quality crops and supportive government policies [50][52].

中泰证券股份有限公司 关于山东华阳迪尔化工股份有限公司 预计 2026 年日常性关联交易的核查意见 中泰证券股份有限公司（以下简称"保荐机构"）作为山东华阳迪尔化工股 份有限公司（以下简称"迪尔化工"或"公司"）向不特定合格投资者公开发行 股票并在北京证券交易所上市的保荐机构，根据《证券发行上市保荐业务管理办 法》《北京证券交易所证券发行上市保荐业务管理细则》《北京证券交易所股票 上市规则》等相关规定和要求，对迪尔化工预计 2026 年日常性关联交易的事项 进行了核查，具体情况如下： 一、日常性关联交易预计情况 单位：元 | 关联交易 | 主要交易 | 预计 | 2026 年发 | 2025年与关联方 实际发生金额 | 预计金额与上年实 际发生金额差异较 | | | --- | --- | --- | --- | --- | --- | --- | | 类别 | 内容 | | 生金额 | 月） （1-11 | 大的原因（如有） | | | 购买原材料、 燃料和动力、 接受劳务 | 阀 门 校 验 等 零星服务 | | 50,000.00 | 8,801.89 | 根据公司 2026 营计划进行调整 | 年经 ...

证券代码：920304 证券简称：迪尔化工 公告编号：2025-097 名称：山东华阳农药化工集团有限公司（以下简称"华阳集团"） 住所：山东省泰安市宁阳县宁阳经济开发区化工园区华阳路 1 号 企业类型：其他有限责任公司 山东华阳迪尔化工股份有限公司 关于预计 2026 年日常性关联交易的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、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个别及连带法律责任。 一、 日常性关联交易预计情况 （一） 预计情况 单位：元 | | | 预计 2026 年发 | 2025 年与关联方 | 预计金额与上年实际发 | | | --- | --- | --- | --- | --- | --- | | 关联交易类别 | 主要交易内容 | 生金额 | 实际发生金额 | 生金额差异较大的原因 | | | | | | （1-11 月） | | | | 购买原材料、 | 阀门校验等零星 | 50,000.00 | 8,801.89 | 根据公司 2026 | 年经营 | | 燃料和动力、 | 服务 | | | 计划进行调整 | | | 接受劳务 ...

山东华阳迪尔化工股份有限公司（以下简称"公司"）年产20万吨熔盐储 能项目（一期）的建设内容为10万吨/年硝酸钠生产装置，该装置目前采用以液 碱（氢氧化钠）为主要原材料的生产工艺。为实现原料多元化，达成更佳的经 济效益，公司拟于近期开展对年产20万吨熔盐储能项目（一期）的技术改造， 增加以纯碱（碳酸钠）作为生产原材料的相关设备工段并对现有装置进行部分 调整，上述技术改造预计不会改变装置产能，改造周期约为3个月。 本次改造系公司基于市场行情以实现原料多元化为目的进行的优化，虽然 短期内可能影响硝酸钠产品的供销，长期而言符合公司发展战略和生产经营需 要。公司已妥善安排改造相关工作，预计此次技术改造不会对公司的生产经营 活动造成重大不利影响。 证券代码：920304 证券简称：迪尔化工 公告编号：2025-098 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 公司将持续关注本次改造的进展，并按照相关法规及时履行信息披露义务。 请广大投资者注意投资风险。 特此公告。 山东华阳迪尔化工股份有限公司 董事会 20 ...

一、会议召开和出席情况 （一）会议召开情况 证券代码：920304 证券简称：迪尔化工 公告编号：2025-096 山东华阳迪尔化工股份有限公司 第五届董事会第三次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 1.会议召开时间：2025 年 12 月 12 日 2.会议召开地点：泰安市宁阳县经济开发区葛石路 06 号迪尔化工会议室 3.会议召开方式：现场 4.发出董事会会议通知的时间和方式：2025 年 12 月 2 日以书面方式发出 5.会议主持人：董事长孙立辉先生 6.会议列席人员：高级管理人员 7.召开情况合法合规的说明： 本次会议的召集、召开符合《公司法》《公司章程》及《董事会议事规则》 的相关规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 二、议案审议情况 1,005.00 万元,具体情况如下： 公司拟向山东华阳农药化工集团有限公司（以下简称"华阳集团"）销售硝酸 产品，预计金额不超过 1,000.00 万元；向华阳集团采购阀门校验等零星服务， ...

Investment Rating - The report does not explicitly state an investment rating for the industry [23] Core Insights - The market is experiencing low trading volumes and weak consolidation, with a focus on fundamental and mid-to-long-term logic [1] - On November 26, the North Exchange A-share trading volume reached 14.009 billion yuan, a decrease of 0.164 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1391.00, down 0.42% [2][9] - The report highlights a significant divergence in market hotspots, with high turnover thematic stocks and specialized innovative companies showing active performance [5] Summary by Sections Market Review - On November 26, 284 companies listed on the North Exchange saw 61 rise, 5 remain flat, and 218 decline [16] - The top five gainers were Zhu Laoliu (up 13.2%), Hongxi Technology (up 10.8%), Kaide Quartz (up 5.3%), Xin Ganjiang (up 5.2%), and Dapeng Industrial (up 4.1%) [16] - The top five decliners were Deer Chemical (down 7.3%), Rongyi Precision (down 6.5%), Boxun Biology (down 6.0%), *ST Yunchuang (down 5.8%), and Luqiao Information (down 5.5%) [16] Important News - Six departments issued a significant document aimed at enhancing the adaptability of supply and demand for consumer goods, targeting the formation of three trillion-level consumption fields and ten hundred-billion-level consumption hotspots by 2027 [3] - The "Infrastructure Classification" draft for comments is expected to accelerate the integration of vehicle-road-cloud systems into the standard system [19] Key Company Announcements - Vision Intelligence reported a reduction in shareholding by major shareholders, decreasing from 56.94% to 55.93% [20] - Jianbang Technology received a patent for a vehicle wiper assembly control system [21] - Boxun Biology obtained three patents for various AI and control systems [21]