Group 1 - Hubei Province's direct financing has maintained a high level of around 800 billion yuan for three consecutive years, with nearly 80% of listed companies achieving profitability [1][2] - As of June 30, 2025, Hubei has 191 listed companies, ranking 10th nationally, with 153 domestic and 38 overseas listings [2][3] - The province has a reserve of 1,355 "gold and silver seed" enterprises to support more quality companies to go public [1][4] Group 2 - In Q1 2025, over 70% of Hubei's listed companies were profitable, with notable companies like Jiuzhoutong, CITIC Special Steel, and Wentai Technology reporting revenues exceeding 10 billion yuan [3] - The top ten companies by revenue in Hubei all exceeded 4 billion yuan, indicating strong performance in the region [3] - Hubei has implemented a comprehensive service system for companies to enter the multi-level capital market, aiming to enhance the quality of enterprises [4] Group 3 - Hubei's capital market reforms have led to 20 new listings and approvals annually from 2021 to 2023, with the province ranking 6th nationally for new listings in 2024 [2] - The province aims to achieve five major goals by 2030, including increasing the total number of listed companies and ensuring coverage across all regions [4]

转债代码：110089 转债简称：兴发转债 证券代码：600141 证券简称：兴发集团 公告编号：临2025-038 湖北兴发化工集团股份有限公司 关于2025年第二季度可转债转股结果暨股份变动的 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。 重要内容提示： ●累计转股情况：兴发转债于2023 年3 月28 日起开始转股，截至2025 年6 月30 日，累计240,000 元兴发转债已转换成公司股票，累计转股数为6,670 股， 占该可转债转股前公司已发行股份总额的0.00060%。 ●未转股可转债情况：截至2025 年6 月30 日，尚未转股的兴发转债金额为 2,799,760,000 元，占可转债发行总量的99.9914%。 ●本季度转股情况：自2025 年4 月1 日至2025 年6 月30 日累计转股金额为 23,000 元，转股股数为807 股。 一、可转债发行上市概况 根据中国证券监督管理委员会《关于核准湖北兴发化工集团股份有限公司公 开发行可转换公司债券的批复》（证监许可【2022】1904 号） ...

Investment Rating - The report suggests a "Standard Allocation" for the basic chemical sector, indicating a high potential for structural opportunities despite a lower probability of success [4]. Core Insights - The basic chemical sector currently has a high valuation safety margin, with the PB historical percentile dropping below 9% since 2010. When the PB percentile is below 10%, the sector's cost-effectiveness for allocation becomes apparent [4]. - Supply, cost, and demand sides continue to face disturbances, impacting the overall success rate of investments in this sector [4]. Summary by Sections Investment Strategy - Focus on sub-industries with marginal changes, such as pesticides, glyphosate, and sweeteners [4]. - Pay attention to the export chain, particularly lubricating oil additives, tires, and potassium fertilizers [4]. - Look for performance certainty in sectors like refrigerants and civil explosives [4]. Market Dynamics - The chemical industry is experiencing significant internal competition, with "change" being a focal point for attention [6]. - The industry is under pressure from substantial investments, with a compounded growth rate of 14.1% for raw materials and products over the past four years [17]. - The current investment cycle is nearing its end, with potential delays in capacity realization expected over the next 1-2 years [17]. Supply and Demand Trends - The chemical sector's inventory has not shown significant cyclical changes, remaining in a low-level oscillation state [20]. - Despite a slight recovery in chemical consumption due to government stimulus, the real estate sector continues to struggle, impacting overall demand [22][23]. Price Trends - The report highlights various price movements in the chemical sector, with glyphosate prices showing a year-on-year decrease of 10.26% as of May 2025 [36]. - The report also notes the price fluctuations of several chemicals, indicating a complex pricing environment influenced by supply chain disruptions and production capacity [34][35].

Investment Rating - Investment rating for the basic chemical industry is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes that the price of phosphate rock remains high, and the supply-demand dynamics are expected to continue to support this trend. The performance of listed companies in the phosphate chemical sector, such as Yuntianhua and Chuanheng Co., has been strong, with significant dividends expected [4][14] - The report maintains the view that barriers to phosphate mining and selection are increasing, which may lead to lower-than-expected supply growth, keeping price levels elevated. The optimization of the product structure in the phosphate chemical sector is expected to help companies maintain stable operations and enhance cash dividend capabilities [4][14] Resource Side - In 2024, China's phosphate rock reserves are approximately 3.7 billion tons, a decrease of 1 million tons year-on-year, representing a decline of 2.6%. The domestic phosphate rock production in 2024 is projected to be 113.52 million tons, an increase of 8.2% year-on-year [5][16] - The report forecasts limited new supply of phosphate rock from 2025 to 2026, with domestic production expected to reach 120.38 million tons in 2025, 136.33 million tons in 2026, and 151.73 million tons in 2027 [5][32] Product Side - The supply of phosphate ammonium and feed-grade calcium phosphate is optimizing, with wet-process phosphoric acid production continuing to increase. The demand for wet-process phosphoric acid is expected to rise steadily, reaching a 17.3% share of phosphate rock demand in 2024, up from previous years [5][36] - The report highlights that the domestic phosphate ammonium market is experiencing limited new capacity, with the CR5 capacity shares for various types of phosphate ammonium being 71%, 30%, and 44% respectively [5][35] Supply-Demand Matching - The report anticipates that the supply-demand balance for phosphate rock will remain tight in 2025, with consumption expected to be 98.3% of production. The supply-demand situation is expected to ease slightly in 2026 and 2027 [6][32] Profit Forecast and Investment Recommendations - The report recommends companies with integrated mining and processing capabilities, such as Xingfa Group and Yuntianhua, as potential investment targets due to their strong operational performance and dividend potential [4][14]

证券代码：600141 证券简称：兴发集团 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 如无特别说明，本报告中相关用语具有与《募集说明书》中相同的含义。 HuBei XingFa Chemicals Group Co.,Ltd. （湖北省兴山县古夫镇高阳大道 58 号） 公开发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 二〇二五年六月 重要声明 国联民生证券承销保荐有限公司（以下简称"国联民生承销保荐""受托管 理人"）根据《中华人民共和国证券法》《可转换公司债券管理办法》《公司债 券受托管理人执业行为准则》等法律法规、自律规则等规范性文件要求，以及《湖 北兴发化工集团股份有限公司公开发行可转换公司债券募集说明书》（以下简称 "《募集说明书》"）《湖北兴发化工集团股份有限公司与华英证券有限责任公 司关于湖北兴发化工集团股份有限公司公开发行可转换公司债券之受托管理协 议》（以下简称"《受托管理协议》，华英证券有限责任公司已更名为国联民生 证券承销保荐有限公司"）等文件的约定要求编制本报告。国联民生承销保荐编 制本报告的内容及信息均来源于湖北兴发化工集团股 ...

About This Report Message from the Chairman About Xingfa Group 01 03 05 Standardized Governance Strengthening the Foundation for Development | Sustainable Development Governance | 23 | | --- | --- | | Party Building Leadership | 31 | | Governance through the General Meeting of Shareholders, Board of Directors, and Supervisory Board | 34 | | Management of Remuneration for Directors, Supervisors, and Senior Management | 37 | | Compliant Operations | 39 | | Protection of Shareholders' Rights and Interests | 44 ...

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） ...