会 议 材 料 湖北兴发化工集团股份有限公司董事会 二O二四年十一月十一日 会议议程 湖北兴发化工集团股份有限公司 2024 年第三次临时股东会 会议时间：2024 年 11 月 11 日（星期一）14:30 会议地点：湖北省宜昌市伍家岗区沿江大道 188-9 号兴发大厦 3307 室 会议议程： 一、主持人宣布本次股东会开始，宣布出席会议股东、董事、 监事、高管以及见证律师情况 - 1 - 二、推选计票人和监票人 三、介绍人宣读议案 四、股东讨论并审议议案 五、股东进行书面投票表决 六、统计现场投票表决情况 七、宣布现场投票表决结果 八、由见证律师宣读为本次股东会出具的法律意见书 九、签署会议文件 十、主持人宣布本次股东会结束 会议须知 为维护股东的合法权益，确保兴发集团2024年第三次临时股东 会的正常秩序和议事效率，根据《公司法》《公司章程》和《股东会 议事规则》的有关规定，现就会议须知通知如下，望参加本次会议 的全体人员遵守。 一、本次会议期间，全体参会人员应以维护股东的合法权益， 确保会议的正常秩序和议事效率为原则，自觉履行法定义务。 二、为保证本次会议的严肃性和正常秩序，除出席会议的股东 及股东代 ...

Key Points Company Overview - **Company Name**: Xinfa Chemical Group Co., Ltd. - **Established**: 1994 - **Location**: Xian County, Yichang City, Hubei Province - **Industry**: Chemicals, Fine Chemicals - **Listing**: Shanghai Stock Exchange (Main Board), Stock Code: 600141 - **Total Share Capital**: Approximately 1.103 billion shares - **Revenue**: 220.50 billion yuan in the first three quarters of 2024, up 0.04% year-on-year - Q3 2024 revenue: 86.46 billion yuan, up 3.54% year-on-year - **Net Profit**: 13.14 billion yuan in the first three quarters of 2024, up 37.85% year-on-year - Q3 2024 net profit: 5.09 billion yuan, up 52.73% year-on-year - **Business Focus**: Development, production, and sales of zero chemical series products and fine chemical products - **Innovation and Transformation**: Focus on green, high-end, and international transformation of the industrial chain, developing food-grade, pharmaceutical-grade, electronic-grade, and other products across 9 categories, 26 series, and 674 varieties - **Standard Participation**: Involvement in the formulation and revision of 103 international, national, and industry standards - **Development Model**: Resource-based economy, chemical industry as the mainstay, and supporting related industries [1] Product and Technology - **Phosphorus-Sulfur Chemicals**: World's leading production and sales of dimethylphosphite, with high-quality high-end phosphates - **Microelectronics New Materials**: Key focus on electronic-grade and phosphoric acid-sulfuric acid-hydrofluoric acid-peroxide, etc., with 10 major product categories, including electronic-grade acid sulfuric acid mixed series products breaking foreign technology blockade, ranking first in the industry with international first-class quality, and becoming a stable supplier for many semiconductor enterprises - **Silicone Monomer**: Production capacity of 600,000 tons per year, with supporting products such as 110 adhesive 120,000 tons per year, 107 adhesive 120,000 tons per year, and 5.6 adhesive 56,000 tons per year, as well as 2,500 tons per year of acid adhesive, with multiple key process indicators reaching international advanced levels and leading in the formulation and establishment of international standards for meteoric silicon dioxide - **Organic Herbicides**: Production capacity of 230,000 tons per year, ranking first in China and second in the world, with green and efficient synthetic technology overcoming major environmental protection difficulties in the industry, leading in cost control and clean production at the national level, and being one of the first four enterprises in China to pass the herbicide environmental inspection [2] Industry Development - **Phosphate Fertilizer Industry Chain**: Awarded the title of "National Demonstration Base for Comprehensive Utilization of Medium and Low-Grade Phosphate Ore" - **New Energy**: Entry into the new energy field with the advantage of raw materials such as phosphate [3]

证券代码：600141 证券简称：兴发集团 公告编号：临2024-070 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 2024 年第三季度业绩说明会召开情况的公告 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个别及连带责任。 湖北兴发化工集团股份有限公司（以下简称"公司"）于2024年11月4日（星 期一） 10:00-11:30 在 上 海 证 券 交 易 所 上 证 路 演 中 心 （http://roadshow.sseinfo.com），通过网络互动的方式召开了2024年第三季 度业绩说明会。2024 年10 月26 日，公司已在上海证券交易所网站 （www.sse.com.cn）披露了《关于召开2024年第三季度网上业绩说明会的公告》 （详见公司公告：临2024-068），现将此次业绩说明会召开的有关情况公告如 下： 一、说明会基本情况 2024年11月4日，公司董事长李国璋先生，独立董事崔大桥先生，董事、副 总经理、财务总监王琛女士，副董事长胡坤裔先生，董事会秘书鲍伯颖先生出 席了本次业 ...

湖北兴发化工集团股份有限公司 关于"提质增效重回报"行动方案的公告 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个别及连带责任。 证券代码：600141 证券简称：兴发集团 公告编号：临2024-069 转债代码：110089 转债简称：兴发转债 （含股份回购），创历史新高。2023 年，为维护市值稳定，提振投资者信心， 公司出资逾 2 亿元（含交易费用）回购并注销股票 838.24 万股，董监高出资 1,590 万元合计增持公司股票 82 万股，控股股东发布上限为 2 亿元的股票增 持计划。2024 年三季度，公司完成员工持股计划的股票购买，总计 1,257 名 核心骨干员工出资3.15 亿元认购公司股票1,806.83 万股。 未来，公司将在符合相关法律法规及《公司章程》中利润分配政策的前提 下，充分考虑发展阶段、经营效益、资本开支计划、现金流量状况等因素，持 续为投资者提供常态化、较高水平的现金分红，同时公司将持续重视市值管理 和长效激励机制的完善，维护股东和员工的利益，助推公司长远稳健发展。 三、提高信披质量，优化投资者关系 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the industry index within the next six months [18]. Core Views - The company's performance in the first three quarters of 2024 shows continuous improvement, with revenue reaching 22.05 billion yuan, a year-on-year increase of 0.04%, and net profit attributable to shareholders at 1.314 billion yuan, up 37.85% year-on-year [1][2]. - The increase in profitability is primarily driven by strong performance in key products such as phosphate rock and specialty chemicals, which have maintained good profit margins [2][4]. - The average price of phosphate rock remains high, with a market average of 1,017.03 yuan/ton in Q3 2024, reflecting a year-on-year increase of 13.85% [4][6]. Financial Performance Summary - Revenue for 2024 is projected to be 29.97 billion yuan, with a year-on-year growth rate of 6.6%, and net profit is expected to reach 1.743 billion yuan, reflecting a growth rate of 26.4% [1][12]. - The company's gross profit margin for the first three quarters of 2024 is reported at 17.96%, an increase of 4.82 percentage points compared to the same period last year [2]. - The net profit margin for the first three quarters of 2024 is 6.02%, up 1.56 percentage points from the previous year [2]. Product and Market Insights - The company has seen significant increases in production and sales across multiple product lines, with production volumes for organic silicon, specialty chemicals, and fertilizers increasing by 62.98%, 119.35%, and 19.27% respectively in the first three quarters of 2024 [4][6]. - The average prices for organic silicon, specialty chemicals, and fertilizers have shown varied trends, with organic silicon prices decreasing by 9.43% year-on-year, while fertilizer prices increased by 6.07% [6][4]. Future Growth Potential - The upcoming IPO of the subsidiary, Xingfu Electronics, is expected to enhance the company's market competitiveness and provide new profit growth points, with significant production capacity in electronic-grade chemicals [7]. - The company is projected to achieve revenues of 29.97 billion yuan in 2024, increasing to 32.41 billion yuan by 2026, with corresponding net profits expected to rise from 1.743 billion yuan in 2024 to 2.548 billion yuan in 2026 [8][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant year-on-year and quarter-on-quarter growth in performance, with the approval of the spin-off listing of Xingfu Electronics [1] - The company achieved total operating revenue of 22.05 billion yuan in the first three quarters of 2024, a year-on-year increase of 0.04%, and a net profit attributable to shareholders of 1.314 billion yuan, a year-on-year increase of 37.85% [1] - The third quarter of 2024 saw operating revenue of 8.646 billion yuan, a year-on-year increase of 3.95% and a quarter-on-quarter increase of 44.35% [1] - The company is transitioning towards a technology-driven green chemical new materials enterprise, with significant projects expected to contribute to profit growth [4] Summary by Sections Financial Performance - In Q3 2024, the company achieved a net profit attributable to shareholders of 509 million yuan, a year-on-year increase of 56.58% and a quarter-on-quarter increase of 20.26% [1] - The company’s financial indicators for 2024-2026 project net profits of 1.723 billion, 2.233 billion, and 2.669 billion yuan respectively, with corresponding P/E ratios of 15X, 11X, and 9X [4][6] Business Development - The company focuses on the fine phosphorus chemical development line and continues to improve its integrated industrial chain [3] - The company has approximately 403 million tons of phosphorus ore resources and a designed production capacity of 5.85 million tons per year [3] - The company has established a unique "mining and power integration" industrial chain, providing stable and low-cost electricity for production [3] Future Growth Potential - The successful registration of the spin-off listing of Xingfu Electronics is expected to provide new profit growth points [1][2] - The company is advancing multiple projects, including the construction of electronic-grade ammonia and other chemical products, which are anticipated to enhance its competitive edge in the green agriculture and new energy sectors [1][4]

Investment Rating - The report maintains a rating of "Outperform" for the company [2] Core Views - The company reported its Q3 2024 results, which met expectations, with a revenue of 22.05 billion yuan for the first three quarters, showing a year-on-year stability, and a net profit of 1.314 billion yuan, reflecting a 38% increase year-on-year [2] - The Q3 2024 revenue was 8.646 billion yuan, representing a 4% year-on-year increase and a 33% quarter-on-quarter increase, with a net profit of 509 million yuan, up 53% year-on-year and 20% quarter-on-quarter [2] - The report highlights the high prosperity in the phosphate chemical sector, with improved performance in fertilizers and organic silicon, while also noting a decline in fertilizer sales volume [2] - The company is expected to benefit from the rebound in glyphosate and organic silicon prices, with potential contributions to Q4 performance [2] - The special chemicals segment remains stable, with ongoing efforts in transformation and upgrading [2] Summary by Sections Financial Performance - For Q3 2024, the company achieved a gross margin of 18.86%, a year-on-year increase of 6.25 percentage points, and a net profit margin of 6.01%, up 1.83 percentage points year-on-year [2] - The company’s revenue for 2024 is projected to be 29.117 billion yuan, with a net profit of 1.850 billion yuan, and an EPS of 1.68 yuan [3][8] Market Data - As of October 25, 2024, the closing price was 23.20 yuan, with a market capitalization of 25.596 billion yuan [4] - The company has a price-to-earnings ratio of 14 times for the 2024 earnings forecast [3][4] Strategic Outlook - The company aims to strengthen its phosphate, silicon, and sulfur-based materials, as well as new materials in microelectronics, with a gradual increase in profit contribution from these segments [2] - The report emphasizes the company's leading position in the industry and its commitment to ongoing product and process development [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 32.10 CNY [1]. Core Insights - The company reported a revenue of 22.05 billion CNY for the first three quarters of 2024, a slight increase of 0.04% year-on-year. The net profit attributable to shareholders reached 1.314 billion CNY, up 37.85% year-on-year, while the net profit excluding non-recurring items was 1.269 billion CNY, an increase of 44.35% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 8.646 billion CNY, representing a year-on-year increase of 3.54% and a quarter-on-quarter increase of 32.69%. The net profit attributable to shareholders for Q3 was 509 million CNY, up 52.73% year-on-year and 20.26% quarter-on-quarter [1]. - The report highlights a significant recovery in demand for the company's main products, with the agricultural chemicals, fertilizers, specialty chemicals, and organic silicon segments showing varying performance in terms of sales volume and price adjustments [1]. Financial Performance Summary - For the first three quarters of 2024, the company generated revenues from its segments as follows: agricultural chemicals (4.003 billion CNY), fertilizers (3.000 billion CNY), specialty chemicals (3.971 billion CNY), and organic silicon (1.858 billion CNY) [1]. - The gross margin for the first three quarters was 17.96%, with a net profit margin of 6.02%. In Q3, the gross margin was 18.86%, and the net profit margin was 6.01%, indicating a year-on-year improvement in profitability [1]. - The report notes that the company is transitioning towards new chemical materials, with its subsidiary, Xingfu Electronics, receiving approval for an IPO, which is expected to enhance the company's growth prospects [1]. Financial Forecasts - The company’s projected revenues for 2024 to 2026 are 29.207 billion CNY, 31.834 billion CNY, and 32.219 billion CNY, respectively, with corresponding net profits of 1.841 billion CNY, 2.360 billion CNY, and 2.576 billion CNY [2]. - The report adjusts the net profit forecasts for 2024-2026 to 1.841 billion CNY, 2.360 billion CNY, and 2.576 billion CNY, reflecting a price-to-earnings ratio of 13.9x, 10.8x, and 9.9x for the respective years [1][2].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][10][11] Core Views - The company reported a significant year-on-year increase in net profit of 52.73% in the third quarter, driven by stable operations in the phosphate chemical industry [4][10] - The company is expected to maintain high phosphate rock prices due to declining grades and increasing downstream demand, with a forecast for continued high prices in Q4 2024 [7][10] - The IPO application for the subsidiary Xingfu Electronics has been approved, indicating strong growth potential in the electronic chemicals sector [9][10] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 22.05 billion yuan, a slight increase of 0.04% year-on-year, and a net profit of 1.314 billion yuan, up 37.85% year-on-year [4][10] - The third quarter alone saw revenue of 8.646 billion yuan, a 3.54% increase year-on-year, and a net profit of 509 million yuan, reflecting a 52.73% year-on-year growth and a 20.26% quarter-on-quarter increase [4][10] Business Overview and Outlook - The main profit sources for the company include phosphate rock, phosphate fertilizer, and certain specialty chemicals, while glyphosate and organosilicon segments remain under pressure [4][10] - The company has multiple projects underway, including a 20,000 tons/year 2,4-D project and a 400,000 tons/year organosilicon new materials project, which are expected to enhance its competitive edge in green pesticides and silicon-based materials [10][11] Valuation and Earnings Forecast - The company maintains its earnings forecast for 2024-2026, projecting net profits of 1.857 billion yuan, 2.160 billion yuan, and 2.446 billion yuan respectively, with growth rates of 34.7%, 16.3%, and 13.2% [10][11] - The diluted EPS is expected to be 1.67 yuan, 1.94 yuan, and 2.20 yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 13.9, 11.9, and 10.5 [10][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9][27] Core Views - The company has shown significant growth in its Q3 2024 performance, with a notable increase in net profit and sales revenue, driven by high phosphate prices and strong product demand [2][3][9] - The company is actively advancing its key projects, particularly in new materials, which are expected to contribute to future profit growth [4][5][9] Summary by Relevant Sections Market Performance - For Q3 2024, the company achieved revenue of 86.46 billion yuan, a year-on-year increase of 3.54% and a quarter-on-quarter increase of 32.69% [2] - The net profit attributable to shareholders for Q3 2024 was 5.09 billion yuan, reflecting a year-on-year increase of 52.73% and a quarter-on-quarter increase of 20.26% [2] Financial Metrics - The company reported a gross profit margin of 18.86% for Q3 2024, up 6.25 percentage points year-on-year [2] - The return on equity (ROE) for Q3 2024 was 2.43%, an increase of 0.81 percentage points year-on-year [2] Product Performance - The sales volume of glyphosate reached 62,500 tons in Q3 2024, a year-on-year increase of 54.70% [2] - The average price of phosphate rock in Q3 2024 was 1,009 yuan/ton, a year-on-year increase of 20.51% [2][3] Future Outlook - The company forecasts revenues of 296 billion yuan, 324 billion yuan, and 343 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 18.17 billion yuan, 22.23 billion yuan, and 26.51 billion yuan [9][27] - The company is expected to maintain a strong position in the phosphate industry due to its resource advantages and ongoing development in new materials [5][9]