== 江声ル士 ( 17-18 月 审计 报告 众环审字(2025)0101207 号 湖北兴发化工集团股份有限公司全体股东: 一、审计意见 我们审计了湖北兴发化工集团股份有限公司(以下简称"兴发集团")财务报表,包括 2024年 12月 31日的合并及公司资产负债表,2024年度的合并及公司利润表、合并及公司 现金流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 兴发集团 2024年 12月 31日合并及公司的财务状况以及 2024年度合并及公司的经营成果和 现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职 业道德守则,我们独立于兴发集团,并履行了职业道德方面的其他责任。我们相信,我们获 取的审计证据是充分、适当的,为发表审计意见提供了基础。 三、关键审计事项 关键审计事项是我们根据职业判断,认为对本期财务报表审计最为重要的事项。这些事 项的应对以对财务报表整体进行审计并形成审计意 ...

湖北兴发化工集团股份有限公司 2024 年度独立董事杨光亮述职报告 作为湖北兴发化工集团股份有限公司（以下简称"公司"） 第十一届董事会独立董事，2024 年度本人严格按照《公司法》 《证券法》《上市公司独立董事管理办法》等相关法律、法规及 《公司章程》《独立董事工作细则》的规定和要求，持续关注公 司经营发展，积极参加公司召开的相关会议，认真履行独立董事 职责，切实维护了公司和全体股东的利益。现将 2024 年度履职 情况汇报如下： 一、独立董事基本情况 公司第十届董事会成员共 13 人，其中独立董事 7 人。2024 年 3 月 29 日及 4 月 25 日，公司分别召开第十届董事会第三十一 次会议及 2023 年度股东会，审议通过《关于提名第十一届董事 会董事候选人的议案》，完成第十一届董事会换届选举工作，公 司第十一届董事会成员共计 13 人，其中独立董事 7 人。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 《关于选举董事会各专门委员会成员的议案》，选举产生第十一 届董事会审计委员会、发展战略委员会、提名薪酬及考核委员会 成员。本人为发展战略委员会及审计委员会委员。 （ ...

经核查独立董事张小燕、崔大桥、蒋春黔、李钟华、曹先军、 胡国荣、薛冬峰、俞少俊、杨光亮的任职经历以及本人签署的相关 自查文件,上述人员未在公司担任除独立董事以外的任何职务，未在 公司主要股东及其附属企业任职,与公司以及主要股东之间不存在重 大业务往来关系或其他可能妨碍其进行独立客观判断的关系，符合 《上市公司独立董事管理办法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第1号——规范运作》等法 律法规及《公司章程》中关于独立董事独立性的相关要求。 湖北兴发化工集团股份有限公司董事会 湖北兴发化工集团股份有限公司董事会 关于 2024 年度独立董事独立性情况的专项意见 2025年4月1日 根据《上市公司独立董事管理办法》《上海证券交易所股票上 市规则》《上海证券交易所上市公司自律监管指引第1号——规范运 作》等文件相关规定，湖北兴发化工集团股份有限公司(以下简称 "公司"）董事会就公司 2024 年度全体独立董事张小燕、崔大桥、 蒋春黔、李钟华、曹先军、胡国荣、薛冬峰、俞少俊、杨光亮（其 中张小燕、李钟华2024年度的任职期间为2024年1月1日至2024年 4 月 24 日；俞少俊、杨 ...

湖北兴发化工集团股份有限公司 2024 年度独立董事曹先军述职报告 作为湖北兴发化工集团股份有限公司（以下简称"公司"） 第十届、第十一届董事会独立董事，2024 年度本人严格按照《公 司法》《证券法》《上市公司独立董事管理办法》等相关法律、法 规及《公司章程》《独立董事工作细则》的规定和要求，持续关 注公司经营发展，积极参加公司召开的相关会议，认真履行独立 董事职责，切实维护了公司和全体股东的利益。现将 2024 年度 履职情况汇报如下： 一、独立董事基本情况 公司第十届董事会成员共 13 人，其中独立董事 7 人。2024 年 3 月 29 日及 4 月 25 日，公司分别召开第十届董事会第三十一 次会议及 2023 年度股东会，审议通过《关于提名第十一届董事 会董事候选人的议案》，完成第十一届董事会换届选举工作，公 司第十一届董事会成员共计 13 人，其中独立董事 7 人。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《关 于选举董事会各专门委员会成员的议案》，选举产生第十一届董 事会审计委员会、发展战略委员会、提名薪酬及考核委员会成员。 本人为发展战略委员会及审计委员会委 ...

湖北兴发化工集团股份有限公司 2024 年度独立董事俞少俊述职报告 作为湖北兴发化工集团股份有限公司（以下简称"公司"） 第十一届董事会独立董事，2024 年度本人严格按照《公司法》《证 券法》《上市公司独立董事管理办法》等相关法律、法规及《公 司章程》《独立董事工作细则》的规定和要求，持续关注公司经 营发展，积极参加公司召开的相关会议，认真履行独立董事职责， 切实维护了公司和全体股东的利益。现将 2024 年度履职情况汇 报如下： 一、独立董事基本情况 公司第十届董事会成员共 13 人，其中独立董事 7 人。2024 年 3 月 29 日及 4 月 25 日，公司分别召开第十届董事会第三十一 次会议及 2023 年度股东会，审议通过《关于提名第十一届董事 会董事候选人的议案》，完成第十一届董事会换届选举工作，公 司第十一届董事会成员共计 13 人，其中独立董事 7 人。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《关 于选举董事会各专门委员会成员的议案》，选举产生第十一届董 事会审计委员会、发展战略委员会、提名薪酬及考核委员会成员。 本人为提名薪酬及考核委员会主任委员、发展战 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook on its future performance [5]. Core Insights - The company is positioned as a refined phosphate chemical enterprise with a strong focus on resource utilization and innovation, aiming to transform into a high-end new materials platform. It has established a circular economy industrial chain involving phosphorus, silicon, sulfur, salt, and fluorine [19][23]. - The core business of phosphate chemicals is currently experiencing high demand and sustainability, which supports substantial dividends. The specialty chemicals segment is expected to gradually increase its contribution to revenue, while the glyphosate and silicone segments, despite being at historical lows, show potential for marginal improvement [19][5]. Summary by Sections Financial Data and Profit Forecast - The company forecasts a net profit attributable to shareholders of 1.85 billion, 2.20 billion, and 2.63 billion yuan for 2024, 2025, and 2026 respectively, with an EPS of 1.68, 1.99, and 2.39 yuan per share [5][4]. - The three-year compound annual growth rate (CAGR) for net profit is projected at 24% [5]. Market Position and Competitive Advantage - The company has a phosphate ore capacity of 5.85 million tons per year, with long-term rights expected to exceed 10 million tons per year. It holds a significant market share in various specialty chemicals, including DMSO and electronic-grade phosphoric acid [19][29]. - The company is recognized for its extensive product range, being one of the largest producers of refined phosphate products in China, with a focus on high-value and high-tech applications [23][30]. Industry Outlook - The phosphate market is expected to maintain a high level of demand for at least the next two years, driven by a tight supply situation and increasing requirements for phosphate iron due to its applications in new energy materials [7][19]. - The report highlights that while there are concerns about new phosphate mining capacities impacting prices, the actual release of these capacities will be gradual, and the demand growth is anticipated to outpace supply increases [7][19]. Catalysts for Stock Performance - Key catalysts for the company's stock performance include potential price increases in phosphate, glyphosate, and silicone products, as well as an increase in dividend payouts [8].

Summary of Xingfa Group Conference Call Industry and Company Overview - Xingfa Group possesses rich phosphate rock resources, with controlled reserves expected to reach approximately 790 million tons, and current annual production capacity of about 5.85 million tons, with long-term planned capacity of 10 million tons [2][3][9] - The company has rapidly developed its new materials business, particularly in DMSO and electronic chemicals, with DMSO accounting for over half of global production and being a major profit source [2][4][14] - In the organic silicon sector, Xingfa Group ranks fourth nationally with a capacity of 560,000 tons, and leads in glyphosate production with a capacity of 230,000 tons, expanding its market presence through acquisitions [2][5] Core Insights and Arguments - The phosphate rock market is currently experiencing high prices due to environmental regulations and demand, with expectations to maintain high levels until the end of 2026 [11][25] - The company benefits from low self-generated electricity costs due to its hydroelectric resources, significantly reducing production costs [7] - The new materials segment is projected to contribute significantly to profits, with DMSO and electronic chemicals expected to drive growth [14][23] - The company is actively investing in green chemistry R&D and plans to maintain a high dividend payout ratio, with expected dividend yields significantly above industry averages by 2025 [8] Additional Important Points - The domestic glyphosate market is recovering, with increased operating rates and potential price increases due to rising demand [18][24] - The organic silicon market shows strong growth potential, with domestic demand expected to grow significantly in the coming years [20][21] - The company’s financial metrics indicate a low valuation compared to peers, with a price-to-book ratio of approximately 1.1, suggesting potential for upward price movement [6][26] - The company is positioned to benefit from the tight supply-demand balance in the phosphate market, with limited new capacity expected in the near term [10][25] This summary encapsulates the key points from the conference call, highlighting the strategic positioning and future outlook of Xingfa Group within the phosphate and chemical industries.

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook on its future performance [5]. Core Viewpoints - The company is positioned as a refined phosphate chemical enterprise that balances resource utilization and innovation, with a strong focus on transitioning towards high-end new materials and renewable energy sectors. The core business of phosphate chemicals is expected to sustain high profitability, while the specialty chemicals segment is anticipated to gradually contribute to revenue growth [19][20]. - The company has a robust phosphate resource reserve, with current production capacity at 5.85 million tons per year and plans to exceed 10 million tons in the long term. The demand for phosphate is projected to grow at a compound annual growth rate (CAGR) of 4% due to the increasing use of phosphate iron [5][7]. - The specialty chemicals sector, particularly in wet electronic chemicals and phosphating agents, is expected to see significant growth, with the company investing heavily in research and development to enhance its product offerings [19][30]. Financial Data and Profit Forecast - The company’s total revenue for 2023 is projected at 28.105 billion yuan, with a year-on-year decline of 7.3%. However, a recovery is expected with revenues of 28.658 billion yuan in 2024, reflecting a growth rate of 2% [4]. - The net profit attributable to the parent company is forecasted to be 1.379 billion yuan in 2023, with a significant rebound to 1.850 billion yuan in 2024, marking a year-on-year growth of 34.2% [4][5]. - Earnings per share (EPS) are expected to increase from 1.25 yuan in 2023 to 1.68 yuan in 2024, with a three-year CAGR of 24% anticipated [5]. Market Position and Competitive Advantage - The company has established a comprehensive industrial chain that integrates phosphate, silicon, sulfur, salt, and fluorine, enhancing its competitive edge in the market [23][29]. - The company is recognized as a leader in the production of electronic-grade phosphoric acid and has a significant market share in specialty chemicals, which positions it favorably against competitors [30][31]. - The report highlights the company's strong focus on R&D, which has led to the development of high-value products and a robust pipeline for future growth [19][30]. Price Performance and Catalysts - The stock price is currently at 22.20 yuan, with a market capitalization of approximately 24.492 billion yuan. The report notes that the company’s dividend yield is 2.70%, which is attractive compared to industry peers [4][5]. - Potential catalysts for stock price appreciation include rising prices for phosphate, glyphosate, and organic silicon, as well as an increase in the company's dividend payout ratio [8].

二、上述质押股份不存在被用作重大资产重组业绩补偿等事项的担保或其 他保障用途的情形。 三、股东累计质押股份情况 证券代码：600141 证券简称：兴发集团 公告编号：临 2025-008 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 关于持股 5%以上股东股份质押的公告 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： ●浙江金帆达生化股份有限公司（以下简称"浙江金帆达"）持有湖北兴 发化工集团股份有限公司（以下简称"公司"）股份164,397,372股，占公司 股份总数的14.90%。本次办理3,600,000股股份质押手续后，浙江金帆达持有 公司股份累计质押数量为56,000,000股，占其持有公司股份总数的比例为 34.06%。 近日，公司收到持股 5%以上股东浙江金帆达通知，浙江金帆达在中国证 券登记结算有限责任公司办理了股权质押登记手续。根据《上海证券交易所股 票上市规则》的相关规定，现将有关事宜公告如下： 股东 名称 是否为 控股 股东 本次质押 股数（股） 是否为 ...

Summary of Conference Call Notes Company and Industry Overview - The conference call primarily discusses the performance and outlook of **Xingfa Group** in the **glyphosate** and **silicone** sectors, along with insights into the **phosphate** industry [2][3][4]. Key Points and Arguments Glyphosate Business - Glyphosate sales are expected to remain stable at around **200,000 tons** in 2025, consistent with 2024 levels [2][3]. - The price of glyphosate has decreased from **25,000 CNY/ton** to **23,000 CNY/ton**, with only a few companies able to achieve slight profitability at this price [2][4]. - The company utilizes the **glycine method**, allowing for slight profitability at a sales price of **24,000 CNY/ton** [4]. - There is a potential risk of collective production halts in the industry to maintain prices due to long-term low pricing affecting industry health [5]. Silicone Sector - The silicone segment is projected to see a **30% increase** in sales volume to **170,000 tons** in 2024, driven by new installations that reduce per-ton costs [2][3]. - Downstream products such as **107 glue** and **110 glue** are experiencing growth rates exceeding **20%**, while photovoltaic glue is growing over **500%** [2][3]. - The market is expected to maintain an operating rate above **80%** in 2024, with no new capacity expected in the next 2-3 years [10]. Phosphate Industry - The sales situation for phosphate rock is generally positive, with low-grade phosphate rock inventories cleared out [16]. - High-grade phosphate rock prices are stable, while low-grade prices are more sensitive to market fluctuations [16]. - The company anticipates that overall phosphate rock prices will not significantly decline before the second half of 2026 due to limited new supply and sufficient demand absorption [16]. - The company plans to reach a phosphate production capacity of **6 million tons** by 2025 and will continue to purchase high-grade phosphate rock to meet demand [17]. DMSO and Phosphate Additives - DMSO sales reached **36,000 tons** in 2024, with expectations for continued double-digit growth in 2025 [20]. - The company has expanded its phosphate additives production to **5,000 tons**, with a sales target of **2,000 tons** for 2025 [21]. Financial Outlook - The company expects a profit of approximately **10 million CNY** for the year 2026 under optimistic conditions [9]. - The dividend policy for 2025 is projected to be more aggressive, potentially exceeding **10 CNY per share** [27]. Capital Expenditure - Future capital expenditures are expected to be controlled below **2 billion CNY**, focusing on upstream silicon resources and high-value downstream products [25]. Additional Important Insights - The company holds a **49% stake** in **Xingfu Electronics**, indicating strategic partnerships in the electronics sector [23]. - The overall market sentiment indicates cautious optimism, with expectations for price adjustments and demand recovery in various segments [12][18]. This summary encapsulates the critical insights from the conference call, highlighting the company's strategic positioning and market dynamics across its key business segments.