Core Viewpoint - The organic silicon market is experiencing a significant decline, with core product prices dropping sharply due to oversupply and weak demand, leading to widespread losses in the industry [1][2]. Group 1: Market Conditions - The price of DMC, a core organic silicon product, fell below 10,500 yuan per ton, representing an approximately 83% decrease from the peak in September 2021, and a cumulative decline of over 23% this year [1]. - The average transaction price has dropped below the cost line, resulting in the industry facing widespread losses [1]. - Supply growth is outpacing demand, with production expected to reach 2.533 million tons in 2024, a year-on-year increase of 20.4%, while demand is projected at 2.191 million tons, a growth of 18.4% [1]. Group 2: Trade and Economic Impact - Trade tensions, particularly the U.S. tariffs on organic silicon products, have increased export costs for Chinese ordinary silicone rubber products by 15% to 20%, impacting the $2.28 billion trade market between China and the U.S. [1]. - The overall performance of listed organic silicon companies has declined in the first quarter, with significant drops in revenue and net profit across multiple firms [2]. Group 3: Industry Challenges and Future Outlook - The primary challenge for the organic silicon sector is the excessive new production capacity, with a projected 24.2% year-on-year increase in production capacity for 2024, marking the peak of the current expansion cycle [2]. - Despite short-term challenges, there are long-term opportunities as policies indicate continued development in real estate, which may boost demand for construction sealants [2]. - The industry is encouraged to focus on high-end and emerging fields, such as medical personal care, photovoltaic films, and automotive sealing components, which are expected to grow at an annual rate exceeding 15% [3].

证券代码：600141 证券简称：兴发集团 公告编号：临 2025-037 转债代码：110089 转债简称：兴发转债 湖北兴发化工集团股份有限公司 关于公司持股 5%以上股东增持计划实施完毕暨增持 结果的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 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法律责任。 重要内容提示： ? 已披露增持计划情况：湖北兴发化工集团股份有限公司（以下简称"公 司"）持股 5%以上股东浙江金帆达生化股份有限公司（以下简称"浙江金帆达"） 拟自 2025 年 1 月 23 日起 12 个月内，通过上海证券交易所系统以集中竞价交易 方式，使用银行专项贷款及自有资金增持公司股份，增持金额不低于 2.2 亿元（含 本数），不超过 4.4 亿元（含本数）（以下简称"本次增持计划"），具体内容 详见公司于 2025 年 1 月 23 日披露的《关于公司持股 5%以上股东以专项贷款和 自有资金增持公司股份计划的公告》（公告编号：临 2025-005）。 湖北兴发化工集团股份有限公司董事会 ? 增持计划的实施结果：截至本公告披露日，浙江金帆达通过上海证 ...

Core Viewpoint - The credit rating agency has maintained the AA+ rating for Hubei Xingfa Chemical Group Co., Ltd., reflecting its strong position in the phosphate chemical industry and resource advantages, despite facing challenges from price fluctuations and investment pressures [3][5][6]. Company Overview - Hubei Xingfa Chemical Group is a leading enterprise in the domestic phosphate chemical industry, benefiting from rich phosphate rock and hydropower resources in Hubei province [5][21]. - The company has established a complete phosphate chemical industry chain, enhancing its competitive edge and liquidity [5][21]. Financial Performance - As of March 2025, the company's total assets reached 495.66 billion, with total liabilities at 207.05 billion and equity attributable to shareholders at 416.12 billion [3]. - The company's operating income for 2024 was 283.96 billion, with a net profit of 16.19 billion, reflecting a slight increase in revenue despite a decline in product prices [3][19]. Industry Environment - The phosphate rock supply remains tight, with domestic production expected to maintain high prices due to limited supply and strong downstream demand [11][12]. - The industry is experiencing increased concentration, with major players like Hubei Xingfa benefiting from their resource-rich locations [11][12]. Investment Projects - The company issued 28 billion in convertible bonds in September 2022 to fund new projects, including a 200,000 tons/year phosphoric acid project and an 80,000 tons/year functional silicone project [7][8]. - As of March 2025, the balance of the special account for the raised funds was 0.25 billion, indicating effective fund management [7]. Competitive Position - Hubei Xingfa holds significant phosphate rock reserves, with 395 million tons of mining rights and an additional 412 million tons in exploration stages [5][21]. - The company is one of the largest producers of glyphosate in China, with a production capacity of 23,000 tons [18][21]. Future Outlook - The credit rating agency has a stable outlook for the company, citing its strong resource and cost advantages, as well as its ability to withstand industry risks [6][11]. - The company plans to increase phosphate mining efforts in 2024, aiming for a significant rise in sales volume and profitability [5][21].

| 证券代码：600141 | 证券简称：兴发集团 | 公告编号：临 2025-037 | | --- | --- | --- | | 转债代码：110089 | 转债简称：兴发转债 | | 湖北兴发化工集团股份有限公司 关于公司持股 5%以上股东增持计划实施完毕暨增持 结果的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 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法律责任。 重要内容提示： 已披露增持计划情况：湖北兴发化工集团股份有限公司（以下简称"公 司"）持股 5%以上股东浙江金帆达生化股份有限公司（以下简称"浙江金帆达"） 拟自 2025 年 1 月 23 日起 12 个月内，通过上海证券交易所系统以集中竞价交易 方式，使用银行专项贷款及自有资金增持公司股份，增持金额不低于 2.2 亿元（含 本数），不超过 4.4 亿元（含本数）（以下简称"本次增持计划"），具体内容 详见公司于 2025 年 1 月 23 日披露的《关于公司持股 5%以上股东以专项贷款和 自有资金增持公司股份计划的公告》（公告编号：临 2025-005）。 二、增持计划的实施结果 （一） ...

湖北兴发化工集团股份有限公司 相关债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【274】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经 ...

Group 1 - The glyphosate concept sector rose by 1.40%, ranking 8th among concept sectors, with 14 stocks increasing in value, including Hongtaiyang which hit the daily limit, and Zhongqi Co., Taihe Co., and Runfeng Co. which rose by 7.12%, 4.19%, and 3.59% respectively [1] - The leading decliners in the glyphosate sector included Jiangtian Chemical, Guoguang Co., and Jiangshan Co., which fell by 4.82%, 1.17%, and 1.00% respectively [1] Group 2 - The glyphosate concept sector saw a net inflow of 205 million yuan from main funds, with nine stocks receiving net inflows, led by Hongtaiyang with a net inflow of 222 million yuan [2] - Other notable net inflows included Xingfa Group, Zhongqi Co., and Zhongnong United, with net inflows of 31.75 million yuan, 16.12 million yuan, and 8.37 million yuan respectively [2] Group 3 - In terms of fund inflow ratios, Hongtaiyang, Xingfa Group, and Zhongnong United had the highest net inflow rates at 15.22%, 10.95%, and 7.14% respectively [3] - The top stocks in the glyphosate concept based on fund inflow included Hongtaiyang with a daily increase of 9.99% and a turnover rate of 16.46%, followed by Xingfa Group with a 2.01% increase and a turnover rate of 1.21% [3][4]

Core Viewpoint - Xingfa Group has experienced significant growth since its listing in 1999, with its market value increasing from 1.824 billion to 23.687 billion, reflecting deep industry chain layout despite noticeable performance fluctuations in recent years [1][3]. Business Overview - Xingfa Group's main business includes the mining and sales of phosphate rock, production and sales of phosphate, phosphate fertilizers, glyphosate, and organic silicon. The core products are mainly special chemicals and pesticides, with special chemicals accounting for 18.59% and pesticides for 18.33% of revenue [3]. Financial Performance - Since its listing, Xingfa Group has achieved a cumulative profit growth of 5982.55%, with net profit increasing from 0.026 billion in 1999 to 1.601 billion in 2024. The company has not reported a loss in any year, with 19 years of profit growth, representing 73.08% of the time [3]. - Revenue analysis shows that Xingfa Group's revenue grew from 18.39 billion in 2020 to 28.396 billion in 2024, with a pattern of initial growth followed by a decline and then recovery. The company experienced high growth in 2021 and 2022, a decline in 2023, and stability in 2024 [3]. - Profit analysis indicates that net profit rose from 0.618 billion in 2020 to 1.601 billion in 2024, with significant fluctuations, including a 582.05% increase in 2021 and a 76.44% decrease in 2023, followed by a return to growth in 2024 [3]. Market Capitalization - Since its listing, Xingfa Group's market value has increased by 11.99 times, demonstrating strong growth potential. The peak market value reached 65.321 billion on September 23, 2021, with a corresponding stock price of 58.38. As of June 13, the market value was 23.687 billion, reflecting a decrease of 41.634 billion, or 63.74%, from its peak [5].

Core Viewpoint - Hubei Xingfa Chemicals Group Co., Ltd. announced a cash dividend of 1.00 RMB per share (including tax) for the year 2024, with the record date on June 19, 2025, and the payment date on June 20, 2025 [1][4] Summary by Relevant Sections Company Announcements - The company will distribute a total cash dividend of 1,103,255,194 RMB (including tax) based on the total share capital of 1,103,255,194 shares [1] - For individual shareholders holding shares for more than one year, the dividend income is exempt from personal income tax, resulting in an actual cash dividend of 1.00 RMB per share [1] - For Qualified Foreign Institutional Investors (QFII), a 10% withholding tax will be applied, leading to an actual cash dividend of 0.90 RMB per share [1] - The cash dividend for other institutional investors and corporate shareholders will be 1.00 RMB per share (including tax) [1] Convertible Bond Adjustments - Due to the 2024 annual profit distribution, the conversion price of Xingfa Convertible Bonds will be adjusted from 29.40 RMB per share to 28.40 RMB per share, effective from June 20, 2025 [2] - The convertible bonds were initially issued on September 22, 2022, with a total value of 2.8 billion RMB, and the conversion period is from March 28, 2023, to September 21, 2028 [2] - The adjustment formula for the conversion price is P1 = P0 - D, where P0 is the previous conversion price and D is the cash dividend per share [2]

Core Points - The company announced a cash dividend distribution plan approved at the 2024 annual shareholders' meeting held on April 24, 2025 [1] - The total cash dividend to be distributed amounts to 1,103,255,194 RMB, which translates to 1.00 RMB per share [1][4] - The record date for shareholders is June 19, 2025, with the last trading day and ex-dividend date also set for June 20, 2025 [1] Distribution Plan - The cash dividends will be distributed to all shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the record date [1] - For shareholders with designated trading, cash dividends can be collected at their designated securities business department on the distribution date [1] - For shareholders who have not completed designated trading, the dividends will be held by China Securities Depository and Clearing Corporation Limited until the designated trading is completed [1] Taxation Details - Individual shareholders holding shares for more than one year will not be subject to personal income tax on the cash dividends, while those holding for one year or less will have taxes calculated upon stock transfer [2][3] - The actual cash dividend received by qualified foreign institutional investors (QFII) will be 0.90 RMB per share after a 10% withholding tax [3][5] - Other institutional investors and corporate shareholders will receive the full cash dividend of 1.00 RMB per share, with tax obligations determined by local tax laws [5] Contact Information - For inquiries regarding the profit distribution implementation, shareholders can contact the company's board secretary office at 0717-6760939 [5]

| 证券代码：600141 | 证券简称：兴发集团 | 公告编号：临 2025-036 | | --- | --- | --- | | 转债代码：110089 | 转债简称：兴发转债 | | 湖北兴发化工集团股份有限公司 关于因 2024 年度利润分配调整可转债转股价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 证券停复牌情况：适用 根据公司《募集说明书》相关条款规定，当公司派送现金股利时， 将按下述公式进行转股价格的调整（保留小数点后两位，最后一位四 舍五入）： P1=P0-D； ● 调整前转股价格：29.40 元/股 ● 调整后转股价格：28.40 元/股 ● "兴发转债"转股价格调整实施日期：2025 年 6 月 20 日 于 2024 年度利润分配预案的议案》，以实施权益分派股权登记日登记 的总股本为基数分配利润，向全体股东每 10 股派发现金红利 10 元（含 税）。本次公司利润分配不送红股，也不以资本公积金转增股本。在实 施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分配 比例 ...