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.

证券代码：600141 证券简称：兴发集团 公告编号：临2025-007 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%以上股东首次增持公司股份 暨增持计划进展的公告 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。 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）。 重要内容提示： ●本次增持计划内容：基于对公司未来发展前景的坚定信心及中长期价值 的认可，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"）。本次增持计划不 设价格区间，将根据公司股票价格波动情况及资本市 ...

证券代码：600141 证券简称：兴发集团 公告编号：临 2025-005 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%以上股东以专项贷款和自有资金 增持公司股份计划的公告 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： ●湖北兴发化工集团股份有限公司（以下简称"公司"）于2025年1月22 日收到公司持股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"）通知，浙江金帆达拟自本公告披露之日起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"）。本次增持计划不设价格区间，将根据公司股票价格波动情况 及资本市场整体走势择机实施。 ●本次增持计划可能存在因市场情况发生变化且目前尚无法预判的其他 风险因素导致增持计划的实施无法达到预期的风险，敬请广大投资者注意投资 风险。 一、增持主体的基本情况 （二）本次拟增持股 ...

一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 515 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 424,040,909 | | 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（%） | 38.4354 | (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。 (一) 股东会召开的时间：2025 年 1 月 15 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 3307 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： 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 集，公司董事长李国璋先生因公未能出席会议，会议由副董事长胡坤裔先生主持。 本次会议的召集、召开程序、表决方式及召集人和主持人的资格符合《公司法》 《上市公司股东大会规则》《上海证券交易所股票上市规则》和《公司章程》等 法律、法规及规范性文件的规定。 (五) 公司董事、监事和董事会秘书的出席情况 | 证券代码：600141 | 证券简称：兴发集团 | 公 ...

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 年第一次临时股东会的 法律意见书 $$\Xi{\cal O}\,{\underline{{{-\,}}}}\,\mathbb{H}\,\mathbb{H}{\cal-H}$$ 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 法律意见书 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责的精神，对公司提 供的出具法律意见书所必须的、全部的、真实的有关公司本次股东会的文件资料进行 核查和验证，现出具如下法律意见： 湖北省武汉市江汉 ...