香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中海石油化學股份有限公司 公司秘書 匡效兵 中國 • 北京 2025年8月4日 於本公告日期，本公司執行董事為侯曉峰先生、饒仕才先生及賀群慧女士；本公司非執 行董事為邵麗華女士及何啟忠先生；以及本公司獨立非執行董事為林峰先生、謝東先生 及楊萬宏先生。 （ 於中華人民共和國註冊成立的股份有限公司） （股份代碼：3983） 董事會會議通知 中海石油化學股份有限公司（「本公司」）董事會（「董事會」）特此公告，董事會將於2025年8 月18日（星期一）至2025年8月19日（星期二）召開會議，審議並批准（其中包括）擬發佈的本 公司及其附屬公司截至2025年6月30日止六個月之中期業績。 承董事會命 * 僅供識別 ...

7月16日，中海石油化学股份有限公司华鹤公司一行10人在北大荒集团共青农场"禾作空间"水稻科技示 范园，登高俯瞰《农业航母》《定制农业》等5组主题画作。 站在28米高的观景台上，一幅巨幅立体画册映入大家的眼帘：7月的风掠过3D稻田画，掀起层层渐变的 色浪，空气中糅合着秧苗清香与湿润的泥土气息，无人机植保的嗡鸣声从远处传来。这是华鹤公司服务 黑龙江北大仓、保障粮食安全取得的成效。 "政企农"合作共绘蓝图 2025年，中国海油化学与北大荒集团共青农场共同建设30亩高产水稻示范田，以测土配方为切入点，为 黑土地"把脉问诊"，并提供涵盖土壤检测、施肥指导、田间管理等全流程农化服务，实现化肥利用率提 升和粮食增产目标。 从底肥的翔燕聚核酸复合肥，到返青、分蘖、穗肥的富岛系列产品，每一次施肥都如精准的"营养处 方"，确保水稻健康茁壮。 "今年示范田建设涵盖黑龙江、吉林、辽宁、内蒙古4个省份，建设省市级示范田3块，公司级示范田11 块。"中国海油化学营销公司东北分公司农化经理张芳瑀介绍道。 "让种粮人心安"是中国海油化学政企合作示范田建设的核心愿景。该公司通过"政府引导、科技支撑、 企业运行、农民受益"的模式，为农户们精心 ...

Core Viewpoint - The recent rise in potash fertilizer prices is attributed to speculative trading rather than actual supply and demand fundamentals, leading to a significant deviation from reasonable price levels [2][3] Group 1: Industry Initiatives - Seven major potash fertilizer companies have issued a joint initiative to increase supply and reduce prices to restore reasonable market levels [2] - The initiative emphasizes that the current period is not a peak demand season for agriculture, and the domestic supply of potash fertilizer is relatively sufficient [2][3] Group 2: Market Dynamics - The potash fertilizer market is expected to see a significant increase in import volumes, ensuring adequate agricultural fertilizer demand [2] - The industry is urged to resist malicious speculation, maintain market order, and stabilize expectations to facilitate a return to reasonable pricing [3] Group 3: Future Outlook - The supply of foreign potash fertilizer is anticipated to recover in 2024, with overall trade demand expected to rise, while domestic supply and demand remain robust [3] - Despite challenges such as geopolitical tensions and supply chain restructuring, domestic potash fertilizer companies are committed to stabilizing production and meeting government supply and price stability targets [3]

Group 1 - The State Intellectual Property Office of China has granted a patent for a "wastewater treatment system" to China National Offshore Oil Corporation Chemical Co., Ltd. and China National Offshore Oil Corporation Hegang Coal Chemical Co., Ltd. The patent was announced with the authorization number CN223087715U, and the application date was August 2024 [1] - The wastewater treatment system includes a sequence of connected units: a biochemical unit, a reclaimed water unit, and an advanced oxidation unit. The biochemical unit consists of multiple connected biochemical treatment pools [1] - The reclaimed water unit features a series of connected ultrafiltration membrane devices and reverse osmosis membrane devices. The outlet of the biochemical unit connects to the inlet of the ultrafiltration device, and the reverse osmosis product water connects to the circulating water system [1] Group 2 - China National Offshore Oil Corporation Chemical Co., Ltd. was established in 2000, with a registered capital of 461 million RMB. The company has invested in 18 enterprises and participated in 2,959 bidding projects, holding 206 patents and 12 trademark registrations [2] - China National Offshore Oil Corporation Hegang Coal Chemical Co., Ltd. was founded in 2006, with a registered capital of 233.56 million RMB. The company has invested in 1 enterprise and participated in 1,378 bidding projects, holding 38 patents and 6 trademark registrations [2]

Group 1: Company Initiatives - China National Offshore Oil Corporation (CNOOC) is implementing a comprehensive green transformation across its operations, focusing on ecological restoration and sustainable development [1][5] - The company has launched multiple solar photovoltaic projects, including a 1.88 MW installation at the Basuo Port, generating over 2 million kWh annually, and a planned 3.89 MW expansion [2][4] - CNOOC's Daguikou Company has transformed its rooftop into a "roof power plant" with 17,575 solar panels, producing 3.6 million kWh of clean energy and reducing carbon emissions by nearly 2,000 tons [6][8] Group 2: Environmental Impact - The initiatives at Basuo Port are expected to reduce carbon emissions by over 10,000 tons annually through the transition to LNG fueling for vehicles and the implementation of electric loading systems [4][5] - The Daguikou Company's solar project has led to a 12% reduction in carbon footprint intensity, showcasing the effectiveness of integrating renewable energy into operations [8][12] - CNOOC's efforts in VOCs treatment at the Fudao Company have achieved a removal efficiency of over 97%, significantly lowering harmful emissions [9][11] Group 3: Ecological Restoration - CNOOC's Huhe Company has successfully rehabilitated 19 hectares of abandoned mining pits into thriving ecological forests, utilizing waste materials from production processes [15][17] - The collaboration between Huhe Company and local government has resulted in a cost-effective solution for waste disposal while enhancing local environmental quality [16][17] - The ecological restoration efforts have transformed previously unusable land into recreational areas for the community, demonstrating the company's commitment to sustainable practices [17][19]

Financial Performance - Total sales revenue for 2023 was RMB 12,989.8 million, a decrease of 9.0% compared to 2022[6] - The gross profit for 2023 was RMB 2,061.0 million, down 18.7% from RMB 2,536.6 million in 2022[6] - The net profit attributable to shareholders for 2023 was RMB 2,381.7 million, an increase of 45.0% compared to RMB 1,642.6 million in 2022[6] - The company achieved a total revenue of RMB 11.946 billion in 2024, with a gross profit of RMB 1.705 billion and a net profit attributable to shareholders of RMB 1.071 billion[21] - The group’s revenue for the reporting period was RMB 11,946.5 million, a decrease of RMB 1,043.3 million or 8.0% compared to RMB 12,989.8 million in 2023, primarily due to fluctuations in the urea market[74] - The revenue from urea sales was RMB 3,710.2 million in 2024, down 20.7% from RMB 4,676.9 million in 2023, attributed to a decrease in sales price and volume[74] - The phosphate and compound fertilizer revenue was RMB 2,687.0 million, a slight decrease of 0.7% from RMB 2,707.0 million in 2023[74] - The group's methanol revenue for the reporting period was RMB 3,090.7 million, an increase of RMB 57.3 million or 1.9% compared to RMB 3,033.4 million in 2023, primarily due to a price increase of RMB 66.2 per ton[75] - The group's acrylonitrile series products generated revenue of RMB 2,010.6 million, a significant increase of RMB 707.4 million or 54.3% from RMB 1,303.2 million in 2023, driven by a sales price increase of RMB 738.1 per ton and a volume increase of 66,191.8 tons[75] Production and Sales - The total production volume for fertilizers in 2024 was 1,917,802 tons, a decrease of 4.4% from 2,005,933 tons in 2023[8] - The total sales volume for chemical products in 2024 was 1,425,991 tons, a decrease of 1.2% from 1,443,602 tons in 2023[9] - The company sold 1.888 million tons of urea, 1.426 million tons of methanol, 509,000 tons of phosphate fertilizer, 295,000 tons of compound fertilizer, and 226,000 tons of acrylonitrile products during the year[24] - The company’s production output included 1.918 million tons of urea, 855,000 tons of compound fertilizer, and 1.438 million tons of methanol, reflecting strong operational performance[23] - The total sales of phosphate and compound fertilizers in 2024 were 803,838 tons, down from 826,695 tons in 2023[59] - The company exported 0.4 million tons of urea, 126,000 tons of diammonium phosphate, 9,000 tons of methanol, and 9,000 tons of acrylonitrile in 2024[53] Assets and Equity - The total assets as of December 31, 2024, were RMB 24,076.0 million, a slight decrease from RMB 24,317.3 million in 2023[7] - The total equity as of December 31, 2024, was RMB 19,507.0 million, an increase from RMB 19,407.1 million in 2023[7] Dividends - The board proposed a final dividend of RMB 0.1208 per share for the 2024 fiscal year, resulting in a payout ratio of 52%[12] - The board proposed a final dividend of RMB 556.9 million for the year 2024, equating to a dividend of RMB 0.1208 per share, subject to shareholder approval[91] - The company has adopted a dividend policy that allows shareholders to receive declared dividends, with all shareholders having equal rights to dividends and distributions[192] - The company will continuously review its dividend policy and retains the sole discretion to update, revise, or modify the policy at any time[197] Safety and Environmental Practices - The company maintained a safety production record with zero employee fatalities and zero environmental pollution incidents for three consecutive years[23] - The company will continue to implement its green development strategy, achieving leading energy efficiency indicators in the industry and receiving international certifications[25] - The company’s methanol production facility has been recognized as an "energy efficiency leader" for 13 consecutive years, showcasing its commitment to sustainable practices[25] - The company is committed to energy conservation and environmental protection, gradually replacing low-efficiency equipment[112] - The management team emphasized a commitment to sustainability, with plans to reduce carbon emissions by 20% by 2025[175] Future Plans and Strategies - The company plans to expand its production capacity for methanol and other chemical products in the coming years[3] - The company plans to focus on enhancing the quality of "plant nutrition solutions" and expanding its international development space through overseas natural gas resource projects[16] - The company plans to deepen research on the application of low-carbon natural gas and CO2 resource utilization technologies in 2025[111] - The company is enhancing its market expansion initiatives and innovating sales models to ensure price realization[112] - The company is exploring potential acquisitions to enhance its product portfolio, targeting firms with complementary technologies[174] - Market expansion plans include entering three new international markets by Q3 2024, aiming for a 10% market share in each[175] Governance and Board Structure - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors, ensuring compliance with corporate governance regulations[125] - Independent non-executive directors constitute half of the board, meeting the requirement of at least one-third as per listing rules[128] - The company has implemented training programs for all directors to enhance their knowledge and skills, including updates on regulatory trends and ESG compliance[132] - The board has conducted training and professional development for directors and senior management[133] - The company has a diversity policy that considers various factors, including gender, age, and professional experience, in board member selection[125] Risk Management - The company has implemented a comprehensive risk management system, including a risk management committee and department to identify and report significant risks[161] - The board has conducted reviews of the company’s risk management and internal control systems, ensuring their effectiveness and adequacy[161] - The internal audit department plays a crucial role in supporting the board and management in risk management and internal control systems[161] Financial Management - The group's financing income decreased to RMB 351.1 million, down RMB 6.8 million or 1.9% from RMB 357.9 million in 2023, attributed to lower interest rates on large certificates of deposit and deposits[85] - The group's financing costs increased to RMB 52.8 million, an increase of RMB 18.6 million or 54.3% from RMB 34.2 million in 2023, primarily due to increased costs associated with long-term borrowings[85] - The group's administrative expenses rose to RMB 629.1 million, an increase of RMB 26.3 million or 4.4% from RMB 602.7 million in 2023, primarily due to higher labor costs[83] Market Conditions - The domestic urea market is expected to see supply and demand growth, but still faces pressure due to existing supply-demand gaps[105] - The average market price of urea in 2024 was RMB 2,099 per ton, down RMB 348 per ton or 14% compared to 2023[33] - The average price of compound fertilizers fell to RMB 2,820 per ton in 2024, a decline of about 7.3% from 2023, despite a slight decrease in production to 5.084 million tons[36] - The total domestic methanol production in 2024 was approximately 78.96 million tons, reflecting a year-on-year increase of 8.7%, while imports decreased by 7.5% to 13.47 million tons[44] Employee Development - The company trained 107,508 employees during the reporting period, with a total training duration of 1,086,419 hours[96]

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant year-on-year growth in revenue and net profit, aligning with market expectations [1] Financial Performance - For 2024, the company achieved revenue of 2.97 billion, a year-on-year increase of 33.4%, and a net profit attributable to shareholders of 340 million, up 31.7% [1] - The non-GAAP net profit for 2024 was 330 million, reflecting a substantial increase of 73.9% year-on-year [1] - In Q1 2025, revenue reached 850 million, a 28.0% increase year-on-year, with a net profit of 135 million, up 22.1% [1] Development Trends - The company continues to deepen its single product strategy, with rapid growth across all channels. The main brand, Marubi, generated revenue of 2.06 billion in 2024, a 31.7% increase, with key products achieving significant sales growth [2] - Online revenue for 2024 was 2.54 billion, accounting for 85.5% of total revenue, reflecting a 35.8% year-on-year increase, while offline revenue was 430 million, up 21.0% [2] Product Structure and Cost Control - The gross margin improved due to optimized product structure and cost control, with gross margins for 2024 and Q1 2025 increasing by 3.0 and 1.4 percentage points to 73.7% and 76.1%, respectively [3] - The company experienced an increase in sales expense ratio due to rising online traffic costs, while management and R&D expense ratios decreased [3] Brand and Product Expansion - The company plans to expand its product matrix and enhance brand content marketing, with new product launches scheduled for April, including the Super Mask and various new items under the Love Fire brand [4] Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025-2026, with the current stock price corresponding to a P/E ratio of 35/29 for those years. The target price has been raised by 32% to 50, indicating a potential upside of 21% [5]

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational momentum and brand strength [1][6]. Financial Performance - In 2024, the company achieved revenue of 2.97 billion yuan, a year-on-year increase of 33.4%, and a net profit attributable to shareholders of 340 million yuan, up 31.7% [1][2]. - For Q1 2025, the company reported revenue of 850 million yuan, reflecting a 28% year-on-year growth, and a net profit of 140 million yuan, which is a 22.1% increase [2][6]. - The company proposed a cash dividend of 0.5 yuan per share for 2024, resulting in a total payout ratio of 88% for the year [1]. Brand and Product Performance - The main brands, Marubi and Lianhuo, experienced substantial growth, with Marubi's revenue reaching 2.055 billion yuan (69% of total revenue) and a growth of 31.7%, while Lianhuo's revenue was 905 million yuan (30% of total revenue) with a growth of 40.7% [3]. - Key product categories such as eye care, skincare, cleansing, and beauty products saw significant revenue contributions, with eye care growing by 60.8% and skincare by 21.6% in 2024 [3][4]. Gross Margin and Cost Control - The gross margin for 2024 improved by 3.0 percentage points to 73.7%, driven by product mix optimization and cost control [4][5]. - The company maintained a good control over expenses, with the expense ratio decreasing by 0.2 percentage points to 60.7% in 2024 [5]. Inventory and Receivables Management - Inventory at the end of 2024 increased by 27.9% to 220 million yuan, with inventory turnover days of 90 days [5]. - Accounts receivable rose by 42.9% to 450,000 yuan at the end of 2024, with turnover days of 4 days [5]. Future Outlook - The company is expected to continue its strong growth trajectory, with projected net profits of 450 million yuan, 570 million yuan, and 680 million yuan for 2025, 2026, and 2027, respectively [6]. - The company’s strategic focus on product innovation and brand strength is anticipated to enhance its market position and profitability [6].

Investment Rating - The report does not explicitly state an investment rating for China BlueChemical Core Views - The recurring net profit for 2024 decreased by 28.33% year-on-year, with total sales revenue of 11.946 billion yuan, down 8.40% year-on-year, and net profit of 1.071 billion yuan, down 55.02% year-on-year [2][3] - The decline in revenue is primarily attributed to fluctuations in the urea market, leading to a significant drop in sales prices [2][3] - The company plans to distribute a cash dividend of approximately 557 million yuan, with a dividend payout ratio of 51.98% and a dividend yield of 6.09% [2][3] Summary by Product - Urea sales revenue was 3.711 billion yuan, down 20.70% year-on-year, due to a decrease in sales price by 382.9 yuan per ton and a reduction in sales volume by 103,832 tons, with a gross profit margin of 19% [4] - Phosphate and compound fertilizers sales revenue was 2.687 billion yuan, down 0.70% year-on-year, with an increase in sales price by 67.1 yuan per ton but a decrease in sales volume by 22,605.8 tons, maintaining the same gross profit margin as the previous year [4] - Methanol sales revenue was 3.091 billion yuan, up 1.90% year-on-year, driven by an increase in sales price by 66.2 yuan per ton, despite a decrease in sales volume by 17,611.3 tons, with a gross profit margin of 27% [4] - Acrylonitrile series products sales revenue was 2.011 billion yuan, up 54.30% year-on-year, due to an increase in sales price by 738.1 yuan per ton and an increase in sales volume by 66,191.8 tons, with the gross profit margin turning positive [4] Strategic Developments - The company is expanding its phosphate rock resources through its subsidiary Hubei Dayukou Chemical Co., Ltd., which is constructing a mining project with an annual capacity of 1.6 million tons, expected to commence production in 2026 [5] - The company holds a 33.99% stake in Guizhou Jinlin Chemical Co., Ltd., which is expected to generate significant annual operating income and profit once its phosphate mine project is fully operational [5] - The company signed a memorandum of understanding with BASF to establish a Joint Laboratory for Advanced Green C1 Chemical Technology, focusing on sustainable and low-carbon solutions [6]

Investment Rating - The report does not explicitly state an investment rating for China BlueChemical Core Insights - The recurring net profit for 2024 decreased by 28.33% year-on-year, with total sales revenue of 11.946 billion yuan, down 8.40% year-on-year, and net profit down 55.02% year-on-year to 1.071 billion yuan [2][3] - The company plans to distribute a cash dividend of approximately 557 million yuan, with a dividend payout ratio of 51.98% and a dividend yield of 6.09% [2][3] Summary by Product - Urea sales revenue was 3.711 billion yuan, down 20.70% year-on-year, primarily due to a decrease in sales price by 382.9 yuan per ton and a reduction in sales volume by 103,832 tons, with a gross profit margin of 19% [4] - Phosphate and compound fertilizers sales revenue was 2.687 billion yuan, down 0.70% year-on-year, with an increase in sales price by 67.1 yuan per ton but a decrease in sales volume by 22,605.8 tons, maintaining the same gross profit margin as the previous year [4] - Methanol sales revenue was 3.091 billion yuan, up 1.90% year-on-year, due to an increase in sales price by 66.2 yuan per ton, despite a decrease in sales volume by 17,611.3 tons, with a gross profit margin of 27% [4] - Acrylonitrile series products sales revenue was 2.011 billion yuan, up 54.30% year-on-year, driven by an increase in sales price by 738.1 yuan per ton and an increase in sales volume by 66,191.8 tons, with the gross profit margin turning positive [4] Strategic Developments - The company is extending its industrial chain upstream by securing phosphate rock resources through its subsidiaries, including a 1.6 million tons per year underground mining project expected to commence production in 2026 [5] - The company has signed a memorandum of understanding with BASF to establish a Joint Laboratory for Advanced Green C1 Chemical Technology, focusing on sustainable and low-carbon solutions [6]