Investment Rating - The report maintains a "Buy" rating for specific companies in the chemical industry, particularly in the compound fertilizer and pesticide sectors, while recommending "Hold" for others [17]. Core Insights - The chemical industry is experiencing an optimization in supply and demand dynamics, leading to a recovery in the compound fertilizer, metal chromium, and niche pesticide markets. The report highlights investment opportunities in undervalued high-growth companies [3][4]. - The report emphasizes the positive performance of listed companies in Q1 2025, particularly in the compound fertilizer sector, and suggests focusing on companies like Xin Yang Feng, Stanley, and Yun Tu Holdings for investment opportunities [3][4]. - The report notes that metal chromium prices have surged to 75,000 CNY/ton, a week-on-week increase of 7,500 CNY/ton, driven by rising demand from the stainless steel sector and new military spending in Europe [3][4]. - The agricultural chemical market is entering its traditional peak season, with stable trading volumes for seasonal crop pesticides. Specific products like Acetochlor and Avermectin are seeing price increases, with recommendations for companies like Xian Da and Li Min [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions in the chemical sector indicate a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium term [4][6]. - The chemical industry PPI data shows a gradual recovery from negative values, with March 2025 PPI at -2.8% year-on-year, indicating a potential bottoming out of the cycle [6][8]. Fertilizer and Pesticide Sector - The report highlights that the domestic urea price is currently at 1,800 CNY/ton, with a slight week-on-week decline of 0.6%. The compound fertilizer sector is experiencing a decrease in operating rates, leading to increased inventory levels [10]. - The pesticide market is witnessing a seasonal peak, with stable trading volumes and price adjustments in various pesticide products, including a price increase for Pyrazole [10][19]. Chemical Products Pricing and Inventory Changes - The report provides detailed pricing data for various chemical products, indicating fluctuations in prices for PTA, MEG, and PVC, with specific attention to the impact of raw material costs and market demand [10][11][12]. - The report notes that the market for fluorinated chemicals is facing supply constraints due to mining restrictions, while the demand remains weak, leading to price adjustments [12][19]. Company Recommendations - The report recommends several companies for investment based on their growth potential and market positioning, including Yangnong Chemical, Runfeng Co., and Yun Tianhua in the fertilizer and pesticide sectors [17][18]. - Companies in the tire and fluorochemical sectors are also highlighted for their potential benefits from recovering domestic demand and cost reductions [3][17].

证券代码：600141 证券简称：兴发集团 公告编号：2025-025 湖北兴发化工集团股份有限公司 2024年年度股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 592 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 437,429,265 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 39.6489 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议采用现场记名投票与网络投票相结合的表决方式，由公司董事会召 (一) 股东会召开的时间：2025 年 4 月 24 日 (二) 股东会召开的地点：湖北省宜昌市伍家岗区沿江大道 188-9 号兴发大厦 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 集，公司董事长李国璋因公未能出席会议，会议由副董事长 ...

湖北兴发化工集团股份有限公司（以下简称"公司"）于2024 年4 月26 日召开第十一届董事会第一次会议，审议通过了《关于使用部分闲置募集资金 暂时补充流动资金的议案》，同意使用2022 年公开发行可转换公司债券募集 资金中不超过40,000 万元闲置募集资金暂时补充流动资金，使用期限自公司 第十一届董事会第一次会议审议批准之日起不超过12 个月。具体内容见公司 于2024 年4 月27 日披露的《关于使用部分闲置募集资金暂时补充公司流动资 金的公告》（公告编号：临2024-031）。 2025 年4 月23 日，公司已将上述用于暂时补充流动资金的闲置募集资金 40,000 万元全部归还至募集资金专用账户，并将上述募集资金的归还情况告 知了保荐机构国联民生证券承销保荐有限公司（原华英证券有限责任公司）及 保荐代表人。 特此公告。 湖北兴发化工集团股份有限公司 董事会 证券代码：600141 证券简称：兴发集团 公告编号：临2025-024 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 关于归还暂时补充流动资金的闲置募集资金的公告 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 ...

培训期间，贾代寿以《提升纪法素养 夯实履职根基》为题，详细解读《中国共产党纪律处分条例》、 中央八项规定精神、《国有企业管理人员处分条例》的相关内容，要求党务干部自觉做到严于律己、严 负其责、严管所辖，带头加强学习、带头履职担责、带头改进作风、带头廉洁从业。 宜昌市委宣讲团成员、中共宜昌市委党校副校长周道成以《进一步全面深化改革 推进中国式现代化》 为题，对党的二十届三中全会精神进行全面系统辅导。省委统战部知工处处长曹秋元以《加强理论武装 提高履职能力——扎实做好新时代党外知识分子统战工作》为题，与大家深入学习领会习近平总书记关 于做好知识分子和党外知识分子工作的重要论述，共同探讨国有企业健全"党建+统战"融合机制、推动 企业高质量发展的有效路径。《宜昌发布》主编翟婷婷以《AI赋能新闻宣传案略与实操》为题，为党 务干部科普AI及其发展历程，引导大家以AI技术赋能企业宣传，提升宣传思想工作的吸引力、影响 力。根据基层党支部委员岗位职责，集团党委组织部、纪委、宣传部还分别就如何做好智慧党建、监督 检查、宣传工作等业务进行了案例式教学，帮助大家进一步提升实操能力。 中化新网讯 近日，兴发集团在培训中心举办2025年 ...

ZHONG LUN 中 倫 律 師 事 務 所 特殊的普通合伙 Limited Liability Partnership 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 2025 年员工持股计划的 法律意见书 二〇二五年四月 北京 · 上海 · 深圳 · 广州 · 武汉 · 成都 · 重庆 · 晋岛 · 杭州 · 南京 · 香港 · 伦敦 · 纽约 · 洛杉矶 · 旧金山 · 阿拉木图 Beljing • Shunghair • Shorakeer • Compakeu • Wahan • Chongcing • Qingka • Hangzhou • Nanjing • Haikou • Tolsyo • Long • Long • Long • Long • Long • Long • Long • Louison • 法律意见书 目 录 | 一、本次员工持股计划的主体资格 | | --- | | 二、本次员工持股计划的合法合规性 . | | 三、本次员工持股计划履行的法定程序 | | 四、本次员工持股计划的信息披露 . | | 五、结论意见……………………………………………………………… ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.88 CNY, based on a projected 13x PE for 2025 [4][5]. Core Views - The company is expected to see continuous improvement in performance due to sustained high demand in the mining sector, particularly in phosphate and specialty chemicals, despite some cyclical pressures in other segments [2][4]. - The company’s phosphate mining segment has shown significant growth, contributing to an overall improvement in financial performance, with a projected net profit of 1.943 billion CNY for 2025, reflecting a 21.4% year-on-year increase [10]. - The company possesses substantial phosphate resource reserves, estimated at approximately 395 million tons, which supports its long-term growth and cost advantages [10]. Financial Performance Summary - The company reported a revenue of 28.281 billion CNY in 2023, with a slight increase to 28.396 billion CNY in 2024, and projected revenues of 28.488 billion CNY, 29.853 billion CNY, and 31.249 billion CNY for 2025, 2026, and 2027 respectively [8][12]. - The gross profit margin is expected to improve from 16.2% in 2023 to 22.0% by 2027, indicating enhanced profitability [8][12]. - The net profit margin is projected to increase from 5.0% in 2023 to 7.6% in 2027, reflecting better operational efficiency [8][12]. Segment Analysis - The phosphate mining segment is anticipated to contribute significantly to revenue, with a 100% year-on-year increase in income for 2024, and a gross margin of 74.28% [10]. - The organic silicon segment is currently facing challenges but is expected to recover as the industry stabilizes and production cuts are implemented [10].

兴发集团 600141.SH 公司研究 | 年报点评 | 矿端持续高景气，业绩有望持续改善 | | --- | 核心观点 盈利预测与投资建议 ⚫ 目前公司部分板块仍旧周期性景气承压，但同时磷矿及特种化学品板块仍有不错增 长，故适当调整各板块主要产品价格、销量、毛利率，我们预测 25-27 年公司归母净 利润分别为 19.43、21.97 和 23.89 亿元（原 25-26 年预测为 20.84 和 22.72 亿元）， 按照可比公司 25 年 13 倍 PE，给予目标价 22.88 元并维持买入评级。 风险提示：产品和原材料价格波动，新产能投产及销售不及预期，下游需求不及预期 | | 买入 （维持） | | --- | --- | | 股价（2025年04月18日） | 20.05 元 | | 目标价格 | 22.88 元 | | 52 周最高价/最低价 | 25.87/16.5 元 | | 总股本/流通 A 股（万股） | 110,326/110,326 | | A 股市值（百万元） | 22,120 | | 国家/地区 | 中国 | | 行业 | 基础化工 | | 报告发布日期 | 2025 年 04 ...

Core Viewpoint - The company achieved steady growth in its 2024 performance, with significant profit increases in the phosphate and specialty chemicals sectors [1] Investment Highlights - The company maintains a "Buy" rating, demonstrating overall stable growth in 2024 despite pressure in cyclical sectors like glyphosate and organosilicon, highlighting the resilience of its growth and resource segments [2] - The 2024 annual report shows revenue of 28.396 billion yuan, a year-on-year increase of 0.41%, and a net profit attributable to shareholders of 1.601 billion yuan, up 14.33% year-on-year [2] - In Q4 alone, revenue was 6.346 billion yuan, a 1.70% year-on-year increase but a 26.60% quarter-on-quarter decline, with net profit of 287 million yuan, down 35.82% year-on-year and 43.63% quarter-on-quarter [2] - The company’s profit growth occurred despite low prices for glyphosate and organosilicon, with notable profit increases from phosphate and specialty chemicals, reflecting the benefits of deep industry chain engagement [2] Future Plans - The company plans to expand phosphate production and downstream fine products, aiming for the completion of projects like 40,000 tons/year ultra-pure electronic chemicals and electronic-grade hydrogen peroxide within the year [3] - There are initiatives to enhance the organosilicon supply chain, including the establishment of a 5,000 tons/year modified silicone oil project and a digital chemical plant [3] - The company is also focused on upgrading the phosphorus-sulfur industry, with several projects set to be completed within the year, including a 53,000 tons/year yellow phosphorus technology upgrade [3] Catalysts - Anticipated price increases for glyphosate and phosphate rock are seen as potential catalysts for future growth [4]

湖北兴发化工集团股份有限公司 2024 年度股东会 会 议 材 料 湖北兴发化工集团股份有限公司董事会 二O二五年四月十六日 会议议程 会议时间：2025 年 4 月 24 日（星期四）14:00 会议地点：湖北省宜昌市伍家岗区沿江大道 188-9 号兴发大厦会议室 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年度股东会的正常 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 及股东代理人、董事、监事、董事会秘书 ...