国联民生证券承销保荐有限公司 关于湖北兴发化工集团股份有限公司 使用部分闲置募集资金暂时补充流动资金的核查意见 公司因硅基新材料产业战略布局调整，将 2022 年公开发行可转换公司债券 募集资金的投资项目"8 万吨/年功能性硅橡胶项目"中的子项目"5 万吨/年光 伏胶项目"部分装置实施主体由兴瑞公司变更为湖北瑞佳，实施地点由宜昌市猇 亭化工园变更为谷城县化工园及硅材料工业园。2022 年 10 月 28 日，公司召开 第十届董事会第十六次会议，审议通过了上述调整事宜。具体情况详见公司于 2022 年 10 月 29 日披露的《关于变更部分募投项目实施主体和实施地点的公告》 （公告编号：临 2022-111）。 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"或"保荐 机构")作为湖北兴发化工集团股份有限公司(以下简称"兴发集团"或"公 司")2022 年公开发行可转换公司债券的保荐机构和持续督导机构，根据《证券 发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》 ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.2800 | 0.3400 | -17.65 | 0.4000 | | 每股净资产（元） | 19.78 | 19.06 | 3.78 | 18.75 | | 每股公积金(元) | 6.33 | 6.43 | -1.56 | 6.46 | | 每股未分配利润(元) | 11.22 | 10.56 | 6.25 | 10.47 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 72.28 | 68.88 | 4.94 | 65.71 | | 净利润(亿元) | 3.11 | 3.82 | -18.59 | 4.49 | | 净资产收益率(%) | 1.43 | 1.87 | -23.53 | 2.19 | 数据四舍五入，查看更多财务数据>> 前十大流通股东累计持有： 49493.55万股，累计占流通股比： 44.87%，较上期变化： -1 ...

证券代码：600141 证券简称：兴发集团 公告编号：临2025-028 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 关于使用部分闲置募集资金暂时补充流动资金的公告 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： ●为提高募集资金使用效率，湖北兴发化工集团股份有限公司（以下简称 "公司"）拟使用2022 年公开发行可转换公司债券募集资金中不超过30,000 万元闲置募集资金暂时补充流动资金，使用期限不超过12 个月，自第十一届 董事会第九次会议审议通过之日起开始计算。在本次使用闲置募集资金到期日 之前，该部分资金将及时归还至募集资金专户。 一、募集资金的基本情况 2022 年8 月经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） 核准，公司获准公开发行面值总额28 亿元可转换公司债券。本次实际发行可 转换公司债券 2,800 万张，每张面值 100 元，募集资金总额为人民币 2,800,000, ...

证券代码：600141 证券简称：兴发集团 公告编号：临2025-029 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 2025 年第一季度主要经营数据公告 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。 根据上海证券交易所《上市公司行业信息披露指引第十三号——化工 （2022 年修订）》的要求，湖北兴发化工集团股份有限公司（以下简称"公 司"）现将2025 年第一季度主要经营数据披露如下： 注：1.特种化学品主要包括电子化学品、食品添加剂以及用于油田、水处理、医药等领域的其它精细 化学品和助剂，下同；2.农药产品包括草甘膦原药与制剂、百草枯原药与制剂、2,4-滴、烟嘧磺隆、咪草 烟原药等，下同；3.肥料包括磷酸一铵、磷酸二铵及复合肥产品，下同；4.有机硅系列产品包括DMC 及下 游深加工产品，下同。 主要产品 2025 年1 至3 月产量 （万吨） 2025 年1至3月销量 （万吨） 2025 年1 至3 月销售金额 （万元） 特种化学品 12.04 13.18 129,343.27 农药 ...

| 证券代码：600141 证券简称：兴发集团 | 公告编号：临2025-027 | | --- | --- | | 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 十一届八次监事会决议公告 本公司监事会及全体监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。 湖北兴发化工集团股份有限公司(以下简称"公司")于2025 年4 月28 日 以电子通讯方式召开了第十一届监事会第八次会议。会议通知于 2025 年 4 月 23 日以电子通讯方式发出。会议应收到表决票 5 张，实际收到表决票5 张，符 合《公司法》及《公司章程》的有关规定。经与会监事认真审议，形成如下决 议公告： 一、审议通过了关于2025 年第一季度报告的议案 监事会对公司2025 年第一季度报告进行了认真审核，认为： 1.公司 2025 年第一季度报告的编制和审议程序符合法律、法规及《公司 章程》的各项规定； 2.公司监事会成员没有发现参与 2025 年第一季度报告编制和审议的人员 有违反保密规定的行为； 3.公司监事会成员保证公司 2025 年 ...

| 证券代码：600141 | 证券简称：兴发集团 | 公告编号：临2025-026 | | --- | --- | --- | | 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 十一届九次董事会决议公告 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个别及连带责任。 公司保荐机构出具的核查意见详见上海证券交易所网站www.sse.com.cn。 表决结果：13 票同意，0 票反对，0 票弃权。 特此公告。 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(以下简称"公司")于2025 年4 月28 日 以电子通讯方式召开了第十一届董事会第九次会议。会议通知于 2025 年 4 月 23 日以电子通讯方式发出。会议应收到表决票 13 张，实际收到表决票13 张， 符合《公司法》及《公司章程》的有关规定。经与会董事认真审议，形成如下 决议公告： 本议案已经公司第十一届董事会审计委员会审议通过。 2025 年第一季度报告全文见上海证券交易所网站www.sse.com.cn。 表决结果 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 7,228,421,912.20, representing a 4.94% increase compared to CNY 6,888,151,462.82 in the same period last year[4]. - Net profit attributable to shareholders decreased by 18.61% to CNY 310,585,558.06 from CNY 381,593,323.41 year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 36.16% to CNY 228,579,367.65, primarily due to a decline in prices of silicone and pesticide products[4][6]. - Total operating revenue for Q1 2025 reached CNY 7,228,421,912.20, an increase of 4.94% compared to CNY 6,888,151,462.82 in Q1 2024[14]. - The net profit for Q1 2025 was approximately ¥334.26 million, a decrease of 12.3% compared to ¥381.32 million in Q1 2024[15]. - Total revenue from sales in Q1 2025 reached ¥5.68 billion, up 22% from ¥4.65 billion in Q1 2024[18]. - Operating profit for Q1 2025 was ¥412.79 million, down 15.1% from ¥486.69 million in Q1 2024[15]. - The company reported a total comprehensive income of ¥330.28 million for Q1 2025, down from ¥402.59 million in Q1 2024[15]. - Basic earnings per share for Q1 2025 were ¥0.28, compared to ¥0.34 in Q1 2024[15]. Cash Flow and Investments - The net cash flow from operating activities was negative at CNY -352,617,719.16, an improvement from CNY -498,969,841.73 in the previous year[4]. - The net cash flow from operating activities for Q1 2025 was -¥352.62 million, an improvement from -¥498.97 million in Q1 2024[18]. - The company incurred a total of ¥1.17 billion in net cash outflow from investing activities in Q1 2025, compared to -¥527.14 million in Q1 2024[19]. - The net cash flow from financing activities for Q1 2025 was ¥1.39 billion, an increase from ¥1.02 billion in Q1 2024[19]. - The company experienced a foreign exchange impact of ¥256,638 on cash and cash equivalents during Q1 2025[19]. Assets and Liabilities - Total assets increased by 3.75% to CNY 49,566,076,668.99 from CNY 47,775,868,784.99 at the end of the previous year[5]. - The company's total assets as of March 31, 2025, were CNY 49,566,076,668.99, compared to CNY 47,775,868,784.99 at the end of 2024, representing a growth of 3.34%[13]. - Total liabilities increased to CNY 25,254,158,028.42 as of March 31, 2025, from CNY 24,893,841,181.94 at the end of 2024, marking a rise of 1.45%[12]. - The company's equity attributable to shareholders increased to CNY 21,952,034,492.79 from CNY 21,463,192,101.42, showing a growth of 2.28%[13]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 72,051[8]. - The largest shareholder, Yichang Xingfa Group Co., Ltd., holds 20.06% of the shares[9]. Operational Insights - Total operating costs for Q1 2025 were CNY 6,868,975,145.52, up from CNY 6,437,920,213.81 in Q1 2024, reflecting a year-over-year increase of 6.73%[14]. - Research and development expenses for Q1 2025 amounted to CNY 220,686,288.04, slightly higher than CNY 212,299,173.08 in Q1 2024, indicating a focus on innovation[14]. - The company plans to enhance its product offerings and market expansion strategies in response to the current market challenges[6]. Government Support - The company received government subsidies amounting to CNY 60,376,662.38, which are closely related to its normal business operations[6]. Cash and Receivables - The company's cash and cash equivalents decreased to CNY 1,335,662,967.11 from CNY 1,464,450,596.05, a decline of 8.79%[11]. - Accounts receivable rose significantly to CNY 2,364,443,143.86, up from CNY 1,595,098,328.39, reflecting an increase of 48.06%[11]. - Inventory levels decreased to CNY 3,341,832,276.86 from CNY 3,539,484,614.67, a reduction of 5.58%[11].

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 ...