湖北兴发化工集团股份有限公司 关于变更保荐代表人的公告 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。 证券简称：兴发集团 证券代码：600141 公告编号：临2025-056 转债简称：兴发转债 转债代码：110089 湖北兴发化工集团股份有限公司 董事会 2025 年11 月1 日 附件： 保荐代表人李大山先生简历 李大山先生，保荐代表人，工商管理硕士，注册会计师资格、注册税务师 资格，现任国联民生证券承销保荐有限公司业务董事，曾在大信会计师事务所 担任审计经理从事财务审计及税务咨询工作，曾参与龙江交通 2013 年非公开 发行、华测检测 2014 年资产收购、华测检测2015 年非公开发行项目，负责森 霸股份首发上市项目，目前担任传美讯向不特定合格投资者公开发行股票并在 北京证券交易所上市项目(在审)的保荐代表人，在保荐业务执业过程中严格遵 守《保荐业务管理办法》等相关规定，执业记录良好，无监管机构处罚记录。 湖北兴发化工集团股份有限公司（以下简称"公司"）2022 年公开发行可 转换公司债券的保荐机构为国联民生证 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company has reported a stable performance in Q3 2025, benefiting from the rise in glyphosate prices and significant export premiums for phosphate fertilizers, leading to a quarter-on-quarter growth [1][6] - The phosphate rock prices remain high, and the company anticipates substantial incremental growth due to its acquisition of a 50% stake in Qiaogou Mining, which has a resource reserve of 185 million tons [6] - The company’s fertilizer sales volume increased significantly, and it is expected to benefit from the export premium in the phosphate fertilizer sector [6] - The organic silicon segment is under short-term pressure but is expected to improve in the long term due to a lack of new capacity in the industry [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 28,396 million, with a year-on-year growth rate of 0.4% [2] - The net profit attributable to the parent company for 2025 is estimated at 1,805 million, reflecting a 12.7% year-on-year increase [2] - The earnings per share (EPS) for 2025 is forecasted to be 1.64 yuan, with a price-to-earnings (PE) ratio of 17 [2] - The gross margin is expected to be 19.3% in 2025, with a return on equity (ROE) of 7.9% [2] Market Data - As of October 29, 2025, the closing price of the stock is 28.41 yuan, with a market capitalization of 31,344 million [3] - The stock has a dividend yield of 3.52% based on the most recent dividend announcement [3] - The stock's price-to-book ratio is 1.4, indicating a moderate valuation relative to its book value [3] Performance Analysis - In Q3 2025, the company achieved a revenue of 91.61 billion, marking a year-on-year increase of 6% and a quarter-on-quarter increase of 24% [6] - The net profit for Q3 2025 was 5.92 billion, reflecting a year-on-year growth of 16% and a quarter-on-quarter growth of 42% [6] - The company’s gross margin for Q3 2025 was 17.32%, with a net margin of 7.41% [6]

湖北兴发化工集团股份有限公司 2025 年第二次临时股东会 会 议 材 料 湖北兴发化工集团股份有限公司董事会 二O 二五年十一月十二日 会议议程 会议时间：2025 年 11 月 12 日（星期三）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 - 为维护股东的合法权益，确保兴发集团2025年第二次临时股东 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 及股东代理人、董事、监事、董事会秘书、高级管理人员、公司聘 任律师及公司董事会邀请的人员以外，公司有权依法拒绝其他人员 入场，对于干扰会议秩序，寻衅滋事和侵犯其他股东合法权益的行 为，公司有权予以制止并及时报告有关部门查处。 三、公司董事会秘书负责本次会议的会务事宜 ...

Core Insights - The stock price of Xingfa Group increased by 2.01% on October 30, reaching 28.98 CNY per share, with a trading volume of 500 million CNY and a turnover rate of 1.60% [1] - The company has seen a 40.00% increase in stock price year-to-date, with recent gains of 8.82% over the last five trading days [1] Financial Performance - For the period from January to September 2025, Xingfa Group reported a revenue of 23.781 billion CNY, reflecting a year-on-year growth of 7.85%, and a net profit attributable to shareholders of 1.318 billion CNY, which is a slight increase of 0.31% year-on-year [2] - The company has distributed a total of 4.814 billion CNY in dividends since its A-share listing, with 2.869 billion CNY distributed over the last three years [3] Shareholder Information - As of October 10, 2025, the number of shareholders for Xingfa Group increased to 49,200, a rise of 1.67%, while the average number of circulating shares per person decreased by 1.64% to 22,425 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Penghua Zhongzheng Subdivision Chemical Industry Theme ETF, with notable changes in their holdings [3]

Summary of the Conference Call for Xingfa Group Company Overview - **Company**: Xingfa Group - **Date of Call**: October 29, 2025 Key Points and Arguments Financial Performance - **Q3 Net Profit**: The company reported a net profit attributable to shareholders of 592 million yuan in Q3, representing a year-on-year increase of 16.17% and a quarter-on-quarter increase of 42% [2][3] - **Revenue Growth**: Total revenue for the first three quarters reached 23.781 billion yuan, an 8% increase year-on-year, with Q3 revenue at 9.1 billion yuan, up 5.96% year-on-year and 24% quarter-on-quarter [3] - **Profit Contribution**: The mining business accounted for 51% of profits with a gross margin of 75%, while the specialty chemicals segment contributed 26% of profits [4] Business Segments Performance - **Glyphosate Contribution**: Glyphosate sales contributed nearly 3.7 billion yuan in revenue, making up 17% of total revenue [5] - **Specialty Chemicals**: The specialty chemicals segment generated 3.941 billion yuan in revenue, with electronic chemicals growing by 49% year-on-year [4] - **New Products**: The company plans to launch new products in specialty chemicals, including sodium hypochlorite and phosphoric acid derivatives, expected to drive growth in 2026 [6] Future Outlook - **2026 Growth Drivers**: Specialty chemicals are expected to be the main growth driver, with new products projected to contribute significantly to revenue [6] - **Phosphate Rock Production**: The company anticipates an increase of 600,000 tons in phosphate rock rights next year, with a total of 4 million tons of mining rights expected from a joint venture [8] - **Glyphosate Price Forecast**: Optimistic outlook for glyphosate prices, expected to reach 30,000 yuan per ton in Q4 due to tight supply conditions [9] Product Development and Market Position - **Phosphate Iron Development**: The company is optimistic about the development of phosphate iron and plans to expand production capacity, with current utilization rates at 80% for new lithium iron phosphate products [10][11] - **Solid-State Battery Materials**: The company has made advancements in solid-state battery materials, focusing on raw material reserves and plans to upgrade production facilities [14] - **High-Purity Yellow Phosphorus**: The company produces high-purity yellow phosphorus, which is used in electronic-grade applications, and is positioned as a market leader [17] Industry Dynamics - **Market Inventory and Operating Rates**: The average operating rate in the industry is around 80%, with recent increases in inventory due to cautious downstream purchasing [13] - **Organic Silicon Sector**: The organic silicon segment is facing challenges, but there is optimism for recovery in 2026, with a focus on high-value terminal materials [20] Research and Development - **R&D Investment**: The company invests over a billion yuan annually in R&D, with a focus on enhancing technological capabilities and product development [25] - **New Product Launches**: Plans to introduce new electronic-grade products, including electronic hydrogen peroxide and electronic phosphoric acid, are set for 2026 [18] Employee Stock Ownership Plan - **Stability in Dividends**: The company plans to maintain a stable dividend policy, with employee stock ownership plans allowing for personal decisions on stock sales post-lockup [21][27] Additional Important Information - **Asset Impairment Reversal**: The company reported an asset impairment reversal of approximately 120 million yuan related to a previous acquisition [7] - **Phosphorus Chemical Projects**: Ongoing projects in phosphorus chemicals are expected to enhance production capacity significantly in the coming years [23] This summary encapsulates the key insights from the conference call, highlighting the company's financial performance, business segment contributions, future growth prospects, and strategic initiatives in product development and market positioning.

Group 1 - The chemical sector experienced a significant rally on October 29, with the chemical ETF (516020) rising by 2.8% during the trading day [1][2] - Key stocks in the sector included Guangdong Hongda and Yuntianhua, both of which surged over 7%, while Yangnong Chemical increased by over 6% [1][2] - The Ministry of Industry and Information Technology emphasized the need for systematic development of next-generation battery technologies, including solid-state batteries, which is expected to enhance the competitive position of Chinese companies in the global market [1][3] Group 2 - Solid-state batteries are seen as a core direction for next-generation power batteries, offering advantages such as high energy density and safety, which could accelerate the replacement of traditional lithium-ion batteries [3] - As of October 28, the price-to-earnings ratio of the chemical ETF's underlying index was 20.08, indicating a low valuation compared to the past decade, suggesting a favorable long-term investment opportunity [3] - Analysts predict structural optimization in supply, with domestic policies frequently addressing supply-side requirements, while international uncertainties may impact chemical supply chains [4] Group 3 - The chemical industry is expected to enter a recovery phase, with low inventory levels and gradually improving demand, leading to a potential rebound in profitability [5] - The chemical ETF (516020) tracks the CSI segmented chemical industry index, with nearly 50% of its holdings in large-cap stocks, providing investors with exposure to leading companies in the sector [5] - The macroeconomic price index is anticipated to improve post-2025, which may stabilize chemical prices and support the overall industry [4][5]

Core Viewpoint - The company will hold an online performance briefing for the third quarter of 2025 to provide investors with a comprehensive understanding of its operational performance and financial indicators [3][4]. Group 1: Meeting Details - The performance briefing is scheduled for November 6, 2025, from 15:00 to 16:30 [2][4]. - The meeting will be conducted via video live streaming and online interaction on the Shanghai Stock Exchange's "Shangzheng Roadshow Center" [4][5]. - Investors can submit questions from October 30 to November 5, 2025, through the designated website or the company's email [2][5]. Group 2: Company Representatives - Key attendees include Chairman Li Guozhang, Independent Director Cui Daqiao, Director and CFO Wang Chen, and Board Secretary Bao Biying [4]. Group 3: Investor Participation - Investors are encouraged to participate online during the briefing and will have the opportunity to have their questions answered within the limits of information disclosure [5]. - After the meeting, investors can access the main content and details of the briefing on the Shangzheng Roadshow Center [5].

Core Insights - The report highlights a recovery in industrial enterprise profits, with a cumulative year-on-year increase of 3.2% for the first nine months of 2025, compared to 0.9% in the previous period, indicating a positive trend in the industrial sector [5][30] - The report emphasizes the importance of the "Fifteenth Five-Year Plan" and outlines ten investment directions, focusing on economic construction and consumer spending [11][12][18] - The report notes that the central bank's resumption of government bond trading is expected to positively impact the market, providing a new channel for monetary policy [20][21][25] Industry Analysis Agriculture, Forestry, Animal Husbandry, and Fishery - The pig industry is entering a destocking phase, driven by policy and market factors, presenting a good investment opportunity [38] - The beef market is experiencing a cyclical uptrend, supported by strong demand and limited supply recovery [39] - The poultry sector is facing challenges due to disease outbreaks and import uncertainties, but demand is expected to strengthen [40] Food and Beverage - Jin Hui Jiu's revenue for the first three quarters of 2025 was 2.306 billion yuan, a year-on-year decrease of 1.0%, with net profit declining by 2.8% [45] - Qingdao Beer reported a revenue of 29.37 billion yuan for the first three quarters, a year-on-year increase of 1.41%, but faced pressure on profits due to weak demand [50] - Chenguang Biotech's revenue decreased by 3.4% year-on-year, but net profit showed significant growth due to improved profitability in its core business [55] Chemical Industry - Yun Tu Holdings reported a revenue of 15.87 billion yuan for the first three quarters, with a net profit of 675 million yuan, but faced challenges due to weak autumn fertilizer demand [60] - Xingfa Group's revenue for the first three quarters was 23.781 billion yuan, with a net profit of 1.318 billion yuan, benefiting from rising prices of glyphosate and increased sales of specialty chemicals [65] Overall Market Trends - The report indicates a trend of rising profits in the upper and middle reaches of the industrial chain, with a notable recovery in manufacturing profits [7][30] - The report suggests that the economic growth rate may face downward pressure in Q4, but fiscal policies are expected to support market stability [8][18]

Core Viewpoint - The company reported significant growth in Q3 net profit, driven by rising glyphosate prices and increased sales in specialty chemicals, fertilizers, and organosilicon products [1][2] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 23.781 billion yuan, a year-on-year increase of 7.8%, and a net profit attributable to shareholders of 1.318 billion yuan, up 0.3% year-on-year [1] - In Q3 alone, revenue reached 9.161 billion yuan, reflecting a year-on-year growth of 6.0% and a quarter-on-quarter increase of 23.9% [1] - Q3 net profit attributable to shareholders was 592 million yuan, marking a year-on-year increase of 16.2% and a quarter-on-quarter rise of 42.1% [1] - The company adjusted its profit forecasts for 2025, estimating net profits of 1.817 billion yuan, with EPS of 1.65 yuan per share, and maintained forecasts for 2026-2027 [1] Business Segments - Revenue from specialty chemicals, pesticides, fertilizers, and organosilicon products for January to September 2025 was 3.94 billion, 3.96 billion, 3.24 billion, and 2.08 billion yuan respectively, with year-on-year changes of -0.7%, -1.0%, +8.2%, and +11.7% [2] - Sales volume for these segments increased by 6.8%, 4.1%, 10.4%, and 31.5% year-on-year, while the average selling prices decreased by 7.1%, 4.9%, 2.0%, and 15.0% respectively [2] Profitability - The company's gross profit margin and net profit margin for the first three quarters of 2025 were 16.78% and 6.17%, showing a year-on-year decrease of 1.18 percentage points and an increase of 0.15 percentage points respectively [2] - In Q3, the gross profit margin was 17.32%, down 2.55 percentage points quarter-on-quarter, while the net profit margin was 7.41%, up 1.27 percentage points quarter-on-quarter [2] R&D and Production Capacity - The company has completed small-scale process development for solid-state electrolytes and is optimizing key process parameters [2] - The company has an annual production capacity of approximately 170,000 tons of yellow phosphorus and is constructing a 10,000 tons/year high-end phosphorus pentasulfide production facility, expected to be completed in the first half of 2026 [2] - Ongoing research includes battery-grade lithium sulfide processes and key technology development for liquid cooling silicone oil [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 33.15 CNY [1]. Core Insights - The company achieved a revenue of 23.781 billion CNY in the first three quarters of 2025, representing a year-on-year increase of 7.85%. The net profit attributable to shareholders was 1.318 billion CNY, up 0.31% year-on-year. In Q3 alone, revenue reached 9.161 billion CNY, with year-on-year and quarter-on-quarter growth of 5.96% and 23.94%, respectively. The net profit for Q3 was 0.592 billion CNY, reflecting a year-on-year increase of 16.17% and a quarter-on-quarter increase of 42.15% [1]. Financial Performance Summary - For 2024A, total revenue is projected at 28.396 billion CNY, with a growth rate of 1.0%. The net profit attributable to shareholders is expected to be 1.602 billion CNY, with a growth rate of 16.1%. The earnings per share (EPS) is forecasted to be 1.45 CNY, with a price-to-earnings (P/E) ratio of 18 [4]. - For 2025E, total revenue is estimated at 30.826 billion CNY, with a growth rate of 8.6%. The net profit is projected at 1.867 billion CNY, with a growth rate of 16.6%. The EPS is expected to rise to 1.69 CNY, with a P/E ratio of 16 [4]. - For 2026E, total revenue is forecasted at 33.137 billion CNY, with a growth rate of 7.5%. The net profit is expected to reach 2.433 billion CNY, with a growth rate of 30.3%. The EPS is projected at 2.21 CNY, with a P/E ratio of 12 [4]. Business Segment Performance - The company's main segments, including pesticides, fertilizers, specialty chemicals, and organic silicon products, reported revenues of 3.964 billion CNY, 3.244 billion CNY, 3.942 billion CNY, and 2.075 billion CNY, respectively, in the first three quarters of 2025. The year-on-year changes in revenue were -1.0%, +8.2%, -0.7%, and +11.7% [9]. - The sales volume for these segments showed an upward trend, indicating a gradual recovery in downstream demand [9]. Strategic Developments - The company announced plans to acquire Qiaogou Mining, which will increase its phosphate resource reserves from 395 million tons to 580 million tons. This acquisition is expected to enhance the company's resource advantages in the phosphate industry [9]. - The company is also advancing several key projects in fine chemicals, which are anticipated to become new profit growth points. These include various production upgrades and expansions in organic silicon and phosphorus-related products [9].