北京中伦（武汉）律师事务所 关于湖北兴发化工集团股份有限公司 二〇二六年度第一次临时股东会的 法律意见书 二〇二六年一月 法律意见书 北京中伦（武汉）律师事务所 关于湖北兴发化工集团股份有限公司 二〇二六年度第一次临时股东会的法律意见书 致 湖北兴发化工集团股份有限公司 北京中伦（武汉）律师事务所接受湖北兴发化工集团股份有限公司（以下简称"公 司"）的委托，指派本所律师出席了公司 2026 年度第一次临时股东会（以下简称"本 次股东会"），并依法进行现场见证。现根据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司股东会规则》等法律法规和规范性文件以及《湖北兴发化 工集团股份有限公司章程》（以下简称"《公司章程》"）的有关规定，就公司本次 股东会的有关事宜出具法律意见书。 法律意见书 十一届董事会第十二次会议，决定召开 2026 年度第一次临时股东会，并于 2025 年 12 月 30 日在上海证券交易所网站公告本次股东会召开的时间、地点、投票方式、会议议 题、会议出席对象、现场会议登记方法、网络投票程序及其他事项。本所律师认为， 本次股东会通知合法有效。 本次股东会以现场会议与网络投票相结合的方式 ...

Group 1 - The agricultural chemical sector saw a slight increase of 0.04% on January 14, with Xingfa Group leading the gains [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] - Key stocks in the agricultural chemical sector showed various performance metrics, with Xingfa Group closing at 39.55, up 2.99% [1] Group 2 - The agricultural chemical sector experienced a net outflow of 505 million yuan from major funds, while retail investors saw a net inflow of 270 million yuan [2] - The trading volume and turnover for key stocks in the sector varied, with Hongda Co. and Yara International also showing positive price movements [2] - The detailed fund flow data indicates that major funds had a significant presence in stocks like Xingfa Group and Hongda Co., while retail investors were more active in other stocks [3]

Core Viewpoint - Yichang has successfully transformed its chemical industry by completing the "close, transform, move, and shift" initiative for 134 chemical enterprises along the Yangtze River, addressing the "chemical encirclement of the river" issue and achieving industrial upgrading [1][3]. Group 1: Environmental Protection and Industrial Transformation - Yichang, located at the junction of the upper and middle reaches of the Yangtze River, faced challenges due to its proximity to the river and a concentration of chemical enterprises, leading to environmental concerns [3]. - The city has adopted the principle of "coordinated major protection, not major development," leading to the closure and transformation of chemical enterprises to mitigate environmental impacts [3][5]. - The economic growth rate of Yichang had previously ranked at the bottom among cities in Hubei province during the transition period [3]. Group 2: Strategic Development and Innovation - Since 2016, Yichang has shifted its chemical industry focus towards high-end, refined, circular, and green development, moving from "scale expansion" to "structural upgrading" and from "factor-driven" to "innovation-driven" growth [5]. - Companies like Xingfa Group and San Ning Chemical have closed production lines near the Yangtze River and implemented technological innovations, advancing into new energy, optoelectronic information, and new materials sectors [5]. - Major scientific research platforms such as the Hubei Three Gorges Laboratory and Hubei Science and Technology Innovation College have achieved globally leading and domestically pioneering research results, playing a crucial role in the industrial transformation [5]. Group 3: Economic Performance and Future Projections - By 2025, the proportion of fine chemicals in Yichang's chemical industry is expected to reach 47.8%, with a complete industrial chain for new energy batteries established [7]. - Yichang has developed new leading industries in modern chemical new materials, life health, new energy, high-end equipment, and big data, with a projected GDP of over 619.1 billion yuan in 2024 and an expected growth rate of around 6.5% in 2025 [7].

Market Overview - The Shanghai Composite Index is at 4164.11 points, slightly above the five-day moving average, with a change of -0.03% [1] - The total trading volume of A-shares is 18505.22 billion yuan, with 228 A-shares breaking through the five-day moving average [1] Stocks with Significant Deviation - The stocks with the largest deviation from the five-day moving average include: - Dapeng Industrial (证券代: 920091) with a deviation of 8.06% and a price increase of 10.14% [1] - Hongxing Development (证券代: 600367) with a deviation of 7.42% and a price increase of 10.01% [1] - Prologis Pharmaceutical (证券代: 000739) with a deviation of 7.37% and a price increase of 10.03% [1] Additional Notable Stocks - Other notable stocks with significant price movements include: - Lek Electric (证券代: 603355) with a deviation of 7.20% and a price increase of 9.99% [1] - Tianyi Medical (证券代: 301097) with a deviation of 6.87% and a price increase of 11.59% [1] - Meihu Co., Ltd. (证券代: 603319) with a deviation of 6.30% and a price increase of 7.73% [1] Stocks with Smaller Deviations - Stocks that have just crossed the five-day moving average with smaller deviations include: - Cangge Mining (证券代: 300300) with a deviation of 3.83% and a price increase of 5.01% [1] - ST Xiangxue (证券代: 300147) with a deviation of 3.57% and a price increase of 4.79% [1] - Shandong Molong (证券代: 002490) with a deviation of 3.43% and a price increase of 5.62% [1]

Group 1 - The chemical sector is experiencing a rebound, with the chemical ETF (516020) showing a significant increase, reaching a maximum intraday gain of 1.56% and closing up by 0.89% [1] - Key stocks in the sector include Kasei Bio, which surged by 12.54%, and Salt Lake Co., which rose by 7.13%, among others [1][2] - Recent capital inflow into the chemical sector has been strong, with the chemical ETF accumulating a net subscription of 560 million yuan over the last five trading days and over 910 million yuan in the last ten days [2] Group 2 - The Producer Price Index (PPI) for industrial products decreased by 1.9% year-on-year in December 2025, with a month-on-month increase of 0.2%, indicating a narrowing decline compared to the previous month [3] - The chemical industry is expected to undergo a revaluation, as its industry position and profit levels do not align, with potential recovery in profitability anticipated [3] - The chemical sector is at a new starting point of supply-demand rebalancing, influenced by policies aimed at reshaping competition and advancements in new production capabilities [3] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry theme index, with nearly 50% of its holdings concentrated in large-cap leading stocks, providing an opportunity for investors to capitalize on strong performers [4] - Investors can also access the chemical ETF through linked funds, enhancing investment efficiency in the chemical sector [4]

Group 1 - A total of 11 companies were investigated by funds on January 12, with a focus on Xingfa Group, Jintian Co., and Tianlu Technology [1] - Among the companies surveyed, Xingfa Group received the most attention with 18 funds participating, while both Jintian Co. and Tianlu Technology had 7 funds each [1] - The surveyed companies included 6 from the Shenzhen Main Board, 2 from the ChiNext Board, and 3 from the Shanghai Main Board, covering 7 different industries [1] Group 2 - The electronic industry had the highest representation with 3 companies, followed by home appliances and basic chemicals, each with 2 companies [1] - Among the surveyed companies, 2 had a total market capitalization exceeding 50 billion yuan, with one exceeding 100 billion yuan, while 5 companies had a market capitalization below 10 billion yuan [1] - In terms of market performance, 10 out of the surveyed stocks increased in value over the past 5 days, with Liou Co., Newcap, and Tianlu Technology showing the highest gains of 32.42%, 21.60%, and 16.17% respectively [1] Group 3 - In terms of net capital inflow over the past 5 days, 5 stocks saw positive inflows, with Liou Co. leading at 64.48 million yuan [2] - The only company to release an annual performance forecast among the surveyed was Whirlpool, expecting a net profit of 505 million yuan, representing a year-on-year increase of 150% [2] - The detailed list of surveyed companies includes Xingfa Group, Tianlu Technology, Jintian Co., Newcap, Huadian Co., Liou Co., Taihe New Materials, China National Heavy Duty Truck, Changhong Meiling, Yidao Information, and Whirlpool [2]

兴发集团（600141.SH）1月12日在投资者互动平台表示，谢谢您对公司的关注！2025年公司有机硅材 料业务进展显著，例如气凝胶薄毡产能提升近50%，并成功供应宁德时代、比亚迪等头部客户，销量同 比激增15倍；高纯度D4已实现向全球光纤光缆行业头部企业送样等。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：能否介绍一下公司在有机硅新材料业务板块的最新进 展？ ...

Core Insights - The company has achieved stable production of black phosphorus at a scale of hundreds of kilograms and has the capability to quickly establish production lines at the ton level, indicating readiness for commercialization [1] - The number of collaborative research institutions and enterprises is expected to grow from over 30 at the end of 2024 to nearly 90 by the end of 2025, reflecting a strategic expansion into promising application areas [1] - Significant research achievements have been made in the aerospace materials sector, broadening the downstream applications of black phosphorus to include phosphorous-carbon anode materials, optoelectronic chips, biomedicine, and catalysts [1] Industrialization Progress - The black phosphorus-palladium catalyst has been industrially applied in the production of hydrogen peroxide at Xingrui Company, achieving nearly a 20% increase in hydrogen efficiency [1] - The black phosphorus odor-removing catalyst has passed the corporate standard certification from Midea Group, marking a significant advancement in technology commercialization and market application [1] - The company plans to supply nearly 200 kilograms of black phosphorus products externally by 2025, representing a year-on-year growth of over 210% [1]

Core Insights - The chemical industry is expected to experience a recovery in profitability in 2026, marking a new starting point for supply-demand rebalancing, driven by anti-involution policies and advancements in new productive forces such as AI and robotics [2][5]. Group 1: Industry Overview - The chemical industry faced a downturn in profitability and valuation in 2025, but signs of stabilization and recovery are anticipated in 2026 [2]. - The peak of capital expenditure in the chemical sector has passed, with fixed asset investment turning negative in the second half of 2025, indicating the end of the capacity expansion cycle [5][14]. - The Producer Price Index (PPI) for chemicals is expected to gradually turn positive in 2026 after a prolonged period of decline [14]. Group 2: Investment Themes - Capital expenditure is decreasing, and leading companies like Wanhua Chemical are expected to see a recovery in profitability as they reduce capital spending and increase their global market share in MDI [5]. - The anti-involution policy is reshaping supply dynamics, with a focus on quality development and the exit of outdated capacities, benefiting companies with innovative capabilities and export advantages [5]. - New materials are driving demand growth in traditional chemicals, with companies like Dinglong Technology and Anji Technology positioned to benefit from domestic substitution in high-end materials [5]. Group 3: Market Dynamics - Chemical prices have been under pressure, with the chemical product price index declining approximately 8.8% in 2025, but stock prices in the sector have rebounded by 33.3% [10][16]. - The operating rates of mainstream chemical products are showing signs of weakness, with inventory levels varying significantly across different products [17][18]. - The supply-demand balance for phosphate rock remains tight, with stable prices for high-grade phosphate rock, while the market for phosphate fertilizers is influenced by policy and demand fluctuations [46][43]. Group 4: Global Trends - The global chemical supply is shifting towards China, which has become the largest chemical producer, while European chemical production faces challenges due to high energy costs [31][33]. - The restructuring of supply chains due to tariff disturbances is prompting companies to adapt, with a focus on overseas expansion for leading chemical firms [26][22]. - The anti-involution policies are expected to enhance industry cash flow and promote sustainable development by curbing disorderly expansion and prioritizing profitability [40].

Group 1 - The glyphosate concept index declined by 0.02%, ranking among the top declines in the concept sector, with companies like Hebang Biotechnology, Jiangshan Shares, and Xingfa Group experiencing significant drops [1] - Among the companies in the glyphosate sector, 9 stocks saw price increases, with notable gains from Nuo Shun (up 4.20%), Li Er Chemical (up 3.45%), and Jiang Tian Chemical (up 2.26%) [1][3] Group 2 - The glyphosate concept sector experienced a net outflow of 234 million yuan, with 13 stocks seeing net outflows, and 5 stocks exceeding 10 million yuan in outflows, led by Hebang Biotechnology with a net outflow of 134 million yuan [2] - Other companies with significant net outflows include Jiangshan Shares (57.89 million yuan), Hongtaiyang (29.72 million yuan), and Xin'an Shares (23.04 million yuan) [2] - Conversely, the companies with the highest net inflows included Li Er Chemical (40.21 million yuan), Nuo Shun (18.77 million yuan), and Zhongnong Lihua (3.39 million yuan) [2]