浙江巨化股份有限公司章程 （2025 年修订） 目录 第四章 股东和股东会 第六章 董事会 第七章 高级管理人员 第八章 财务会计制度、利润分配和审计 第一节 财务会计制度 第 1 页 共 48 页 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第一节 股东 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决与决议 第五章 党组织 第一节 董事 第二节 独立董事 第三节 董事会及董事会议事规则 第四节 董事会专门委员会 第十一章 修改章程 第十二章 附则 第一章 总则 第一条 为适应社会主义市场经济发展的要求，建立中国特色现代国有 企业制度，维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人 民共和国证券法》（以下简称《证券法》）、《中华人民共和国企业国有资 产法》、《中国共产党章程》（以下简称《党章》）和其他有关规定，制订 本章程。 第二条 本公司系依照《中华人民共和国公司 ...

股票代码：600160 股票简称：巨化股份 公告编号：临 2026-02 浙江巨化股份有限公司 关于完成《公司章程》备案的公告 浙江巨化股份有限公司（以下简称"公司"）于 2025 年 10 月 23 日召开董 事会九届二十次会议，2025 年 12 月 23 日召开 2025 年第二次临时股东大会，审 议通过了《关于取消监事会并修订〈公司章程〉及相关制度的议案》。具体内容 详见公司于 2025 年 10 月 24 日披露的《巨化股份关于取消监事会并修订<公司章 程>及相关制度的公告》（公告编号：临 2025-46）。 公司于近日完成上述事项的工商备案手续，根据浙江省市场监督管理局的要 求，公司调整了章程中个别条款的措辞，调整内容与公司 2025 年第二次临时股 东大会审议通过的《公司章程》不存在实质性差异。具体内容详见与本公告同日 披露的《浙江巨化股份有限公司章程》（工商备案版）。 特此公告。 浙江巨化股份有限公司董事会 2026 年 1 月 6 日 1 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。 ...

股票代码：600160 股票简称：巨化股份 公告编号：临 2026-01 浙江巨化股份有限公司董事会 九届二十二次（通讯方式）会议决议公告 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。 浙江巨化股份有限公司（以下简称"公司"）董事会于 2025 年 12 月 23 日 以电子邮件、书面送达等方式向公司董事发出召开董事会九届二十二次会议（以 下简称"会议"）的通知。会议于 2026 年 1 月 4 日以通讯方式召开。会议应出 席董事 12 人，实际出席 12 人。会议的召集召开符合有关法律、行政法规、部门 规章、规范性文件和《公司章程》的规定。与会董事经认真审议后，做出如下决 议： 一、以 12 票同意、0 票反对、0 票弃权，通过《关于选举代表公司执行公 司事务董事的议案》。 为规范公司治理，根据《公司法》《公司章程》等有关规定，选举周黎旸先 生为代表公司执行公司事务董事，并担任公司法定代表人，任期自本次董事会审 议通过之日起至公司第九届董事会任期届满之日止。本次审议通过后，公司法定 代表人未发生变更。 二、以 12 ...

Core Viewpoint - Juhua Group, a leading chemical enterprise in China, is undergoing a significant transformation through technological innovation and digitalization to address challenges in the chemical industry, including green transformation and high-end material production [1][2][3]. Group 1: Technological Innovations - Juhua Group has developed a core technology for immersion cooling liquids, significantly reducing the Power Usage Effectiveness (PUE) from 1.5 to 1.07, achieving over 80% energy savings [2]. - The company has successfully created a domestic cooling liquid that matches international competitors, filling a gap in the market for high-performance cooling liquids for data centers [3]. - Juhua Group's patented production method for 2,3,3,3-tetrafluoropropene, a refrigerant alternative, has shown a 97% reduction in greenhouse gas emissions, supporting China's international commitments [4]. Group 2: Industry Leadership and Market Position - As a leader in the domestic fluorine refrigerant industry, Juhua Group focuses on low-carbon fluorochemical innovation and production, leading the development of environmentally friendly refrigerants [5]. - The successful launch of a 150,000 tons/year PDO/PTT integrated facility marks a significant breakthrough in breaking foreign monopolies in core production technologies for high-end polyester materials [6]. - Juhua Group's strategic extension of its industrial chain has resulted in a significant increase in product value, establishing a dominant position in the fluorochemical value chain [7]. Group 3: Digital Transformation and Efficiency Improvements - The "Zero Manual" initiative aims to fully automate production operations, reducing the number of operators per unit from 4 to 1 and decreasing the accident rate by 80% [8][10]. - The "Zero Backup" reform has improved equipment reliability, achieving a compressor availability rate of 98% and reducing maintenance costs by 15 million yuan annually [9][10]. - The "Zero Distance" project focuses on breaking down information silos and enhancing data sharing across departments, resulting in a 20% reduction in unplanned purchases and a 10% decrease in manual workload through automation [10]. Group 4: Organizational and Talent Development - Juhua Group is implementing a "Bonsai-Scenery-Panorama" model for organizational transformation, streamlining management layers and enhancing operational efficiency [13]. - The "8631" talent program promotes cross-skill training, enabling employees to master multiple roles, thereby enhancing workforce flexibility and capability [14]. - The establishment of a national-level pilot platform for fluorine and chlorine high-performance synthetic resins demonstrates Juhua's commitment to innovation and industry leadership [15]. Group 5: Future Outlook - Juhua Group plans to invest 41 billion yuan in a high-performance silicon-fluorine integrated project in Gansu, marking a significant industrial expansion and a key step in its strategic development [15][16]. - The company aims to become a world-class leader in the petrochemical industry by leveraging cross-regional collaboration and multi-base operations [16].

Core Viewpoint - Juhua Group, a leading chemical enterprise in China, is undergoing a significant transformation through technological innovation and digitalization to address challenges in the chemical industry, including green transformation and high-end material production [1][4][19]. Group 1: Company Overview - Founded in 1958, Juhua Group has evolved from a basic chemical raw material producer to the largest fluorochemical manufacturing base in China and a leader in the petrochemical industry in Zhejiang Province [1]. - The company has established a new production capacity cultivation path through technological breakthroughs and digital empowerment, enhancing organizational efficiency [1]. Group 2: Technological Innovations - Juhua Group has developed core technologies for immersion cooling liquids, significantly reducing energy consumption in data centers, achieving a PUE value of 1.07, and potentially saving 1,000 billion kilowatt-hours of electricity nationwide [4][5]. - The company has successfully created a domestic high-performance cooling liquid, filling a gap in the market and achieving performance metrics comparable to international competitors [5][6]. - Juhua Group's patented production method for 2,3,3,3-tetrafluoropropene, a refrigerant alternative, has significant environmental benefits, reducing greenhouse gas emissions by 97% [6]. Group 3: Digital Transformation - The "Three Zero" initiative aims to achieve zero manual intervention, zero backup machines, and zero distance in operations, enhancing automation and efficiency [10][11][12]. - The company has reduced the number of operators per device from four to one, decreasing the total number of operators by 60% and reducing accident rates by 80% [10]. - Juhua Group has implemented an AI-driven management system to optimize production processes, significantly improving operational efficiency [10][14]. Group 4: Industry Leadership and Market Position - Juhua Group is recognized as a leader in the fluorinated refrigerant industry, focusing on low-carbon innovations and the development of environmentally friendly refrigerants [7]. - The company has established a comprehensive solution for immersion cooling, extending its applications to energy storage and 5G base stations, showcasing its market competitiveness [6][8]. - Juhua Group's integrated production facility for PDO/PTT has broken foreign monopolies, providing a stable domestic source for high-end textile and new material industries [7][8]. Group 5: Future Development and Strategic Goals - Juhua Group is investing 41 billion yuan in a high-performance silicon-fluorine new material project in Gansu, marking a significant industrial investment in the region [18]. - The company aims to become a world-class leading enterprise in the petrochemical industry, contributing to the transformation and upgrading of the sector through cross-regional collaboration and multi-base operations [19].

Core Viewpoint - Juhua Co., Ltd. has solidified its leadership in the refrigerant sector during the 14th Five-Year Plan period, achieving breakthroughs in high-end fluorinated polymers and green energy new materials, while maintaining a focus on high-end, intelligent, and green development [2][3]. Group 1: Business Performance - Juhua's core business in fluorinated refrigerants has achieved global leadership, with the third-generation refrigerant quota reaching 37.86% of the industry total by 2025, and domestic usage quota at 38.77%, both ranking first in the industry [2]. - From 2021 to 2024, Juhua's cumulative operating income is expected to grow by 38%, while total profit is projected to increase by 140% [2]. - In the first three quarters of 2025, Juhua achieved operating income of 20.393 billion yuan and net profit attributable to shareholders of 3.248 billion yuan, representing year-on-year growth of 13.89% and 160.22%, respectively [2]. Group 2: Innovation and Development - Breakthroughs in high-end new materials have been a highlight for Juhua during the 14th Five-Year Plan, with the company achieving domestic substitution in several high-value new material fields through independent research and investment [3]. - Juhua has fully promoted the construction of "digital workshops," completing "zero manual" transformations of major production units, achieving full-process automated control [3]. - The company has maintained a high dividend payout ratio, with cash dividends accounting for approximately 30% of net profit for several consecutive years, totaling 5.973 billion yuan by June 2025, which is 38.11% of cumulative net profit [3]. Group 3: Future Outlook - Looking ahead to the 15th Five-Year Plan, Juhua aims to continue focusing on green development, digital transformation, and innovation-driven upgrades, striving to become a world-class manufacturing base for high-performance fluorinated and chlorinated new materials [3].

Core Insights - Juhua Co., Ltd. has solidified its leadership position in the refrigerant sector during the 14th Five-Year Plan, achieving breakthroughs in high-end fluorinated polymers and green energy new materials [1][2] - The company has adopted a new development philosophy focusing on high-end, intelligent, and green industrialization, establishing a high-performance fluorine-chlorine new materials base [1] Financial Performance - From 2021 to 2024, Juhua's cumulative operating income is expected to grow by 38%, while total profit is projected to increase by 140% [1] - In the first three quarters of 2025, Juhua achieved an operating income of 20.393 billion yuan and a net profit attributable to shareholders of 3.248 billion yuan, representing year-on-year growth of 13.89% and 160.22%, respectively [1] Market Position - Juhua is the only domestic company with a complete series of fluorinated refrigerants from the first to the fourth generation, with a projected market share of 37.86% for third-generation refrigerants by 2025 [1] - The company has maintained a high dividend payout ratio, with cash dividends accounting for approximately 30% of net profit in recent years, totaling 5.973 billion yuan by June 2025 [2] Innovation and Sustainability - Juhua has made significant advancements in high-end new materials, achieving domestic substitution in several high-value sectors through independent research and investment [2] - The company has implemented a "zero manual" transformation in its main production facilities, achieving full automation and significantly reducing carbon emissions through the recycling of by-products [2] Future Outlook - Looking ahead to the 15th Five-Year Plan, Juhua aims to continue its focus on green development and digital transformation, striving to become a world-class manufacturer of high-performance fluorinated and chlorinated new materials [2]

Core Viewpoint - The chemical products sector experienced a slight increase of 0.27% on December 30, with Evergrande High-tech leading the gains, while the Shanghai Composite Index closed at 3965.12, showing no change, and the Shenzhen Component Index rose by 0.49% [1]. Group 1: Stock Performance - Evergrande High-tech (002591) closed at 9.02, up 10.00% with a trading volume of 84,400 shares and a transaction value of 76.13 million yuan [1]. - Huide Technology (603192) also rose by 10.00% to close at 28.72, with a trading volume of 150,700 shares and a transaction value of 413 million yuan [1]. - Akali (603722) increased by 9.99% to 41.38, with a trading volume of 44,700 shares and a transaction value of 183 million yuan [1]. - New Trend New Materials (301076) saw an 8.62% increase, closing at 49.64 with a trading volume of 245,100 shares and a transaction value of 1.182 billion yuan [1]. - Meirui New Materials (300848) rose by 8.49% to 17.37, with a trading volume of 344,800 shares and a transaction value of 579 million yuan [1]. Group 2: Fund Flow Analysis - The chemical products sector experienced a net outflow of 772 million yuan from institutional investors, while retail investors saw a net inflow of 710 million yuan [2]. - The main net inflow for New Trend New Materials (301076) was 102 million yuan, accounting for 8.59% of its trading volume [3]. - Meirui New Materials (300848) had a main net inflow of 97.12 million yuan, representing 16.78% of its trading volume [3]. - Institutional investors showed a net outflow from Huide Technology (603192) of 28.44 million yuan, which is a 6.89% decrease in their trading volume [3].

Industry Overview - The chemical sector's overall performance ranked 7th this week (2025/12/22-2025/12/26) with a fluctuation of 4.23%, outperforming the Shanghai Composite Index by 2.35 percentage points and the ChiNext Index by 0.34 percentage points [1] - The chemical industry is expected to continue its differentiated trend in 2025, with a focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [1] Synthetic Biology - The arrival of a pivotal moment in synthetic biology is anticipated, driven by the adjustment of energy structures, which may disrupt fossil-based materials and favor low-energy products [1] - Traditional chemical companies are expected to compete based on energy consumption and carbon tax costs, with successful firms leveraging green energy alternatives and integrated advantages to reduce costs [1] - The demand for bio-based materials is projected to surge, leading to potential profitability and valuation increases for leading companies in the synthetic biology sector, such as Kasei Bio and Huaheng Bio [1] Refrigerants - The implementation of quota policies is expected to usher in a high-growth cycle for third-generation refrigerants, with supply entering a "quota + continuous reduction" phase starting in 2024 [2] - The demand for refrigerants is anticipated to grow steadily due to the development of heat pumps, cold chain markets, and the expansion of the air conditioning market in Southeast Asia [2] - Companies with a high quota share, such as Juhua Co., Sanmei Co., Haohua Technology, and Yonghe Co., are expected to benefit significantly from this trend [2] Electronic Specialty Gases - Electronic specialty gases are critical to the electronics industry and represent a core component of domestic industrial chain localization [2] - The domestic market faces a contradiction between rapid upgrades in wafer manufacturing and insufficient high-end electronic specialty gas capacity, presenting significant domestic substitution opportunities [2] - Key players like Jinhong Gas, Huate Gas, and China Shipbuilding Gas are positioned to capitalize on the growing demand driven by integrated circuits, panels, and photovoltaics [2] Light Hydrocarbon Chemicals - The trend towards light raw materials in the global olefin industry is becoming increasingly significant, with a shift from heavy naphtha to lighter low-carbon alkanes like ethane and propane [3] - Light hydrocarbon chemicals are characterized by low carbon emissions, low energy consumption, and low water usage, aligning with global carbon neutrality goals [3] - Companies in the light hydrocarbon sector, such as Satellite Chemical, are expected to see a revaluation of their value as this trend continues [3] COC Polymers - The industrialization process of COC/COP (cyclic olefin copolymer) is accelerating in China, driven by domestic companies achieving breakthroughs and the shift of downstream industries to domestic sources [4] - COC/COP materials are increasingly used in various applications, including mobile camera lenses and medical packaging, with a focus on high-end applications [4] - Companies like Acolyte are recommended for their potential in the COC polymer production segment [4] Potash Fertilizers - Potash fertilizer prices are expected to rebound as the industry enters a destocking cycle, with supply constraints due to Canpotex withdrawing new quotes and Nutrien announcing production cuts [5] - The demand for potash fertilizers is likely to increase as farmers respond to rising grain prices, leading to a potential reversal in potash prices [5] - Leading companies in the potash sector, such as Yara International, Salt Lake Potash, and Zangge Mining, are recommended for investment [5] MDI Market - The MDI market is characterized by oligopoly, with demand steadily improving due to the expansion of polyurethane applications [6] - The global MDI production capacity is concentrated among five major chemical giants, which control approximately 90.85% of the market [6] - Companies like Wanhua Chemical are expected to benefit from the favorable supply dynamics and demand recovery in the MDI sector [6] Chemical Price Tracking - The top five price increases this week included NYMEX natural gas (9.59%), PTA (8.95%), and butadiene (6.83%) [6] - The top five price decreases included pure MDI (-4.23%) and acrylic fiber (-3.45%) [6] - A total of 170 chemical companies reported production capacity impacts this week, with 6 new repairs and 10 restarts [6]

Core Insights - The development of AI has led to significant power consumption issues, making liquid cooling solutions increasingly essential for data centers and high-density computing environments [1] - The Chinese liquid cooling server market is projected to reach $2.37 billion in 2024, representing a year-on-year growth of 67.0%, and is expected to grow to $3.39 billion in 2025, with a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, ultimately reaching $16.2 billion by 2029 [1] - The demand for liquid cooling fluids is also expected to surge alongside the growth of the liquid cooling market [1] Liquid Cooling Fluids - Various options for liquid cooling fluids are available, with glycol, propylene glycol, and water being predominant in cold plate cooling, while oil, silicone, and fluorinated liquids are used in immersion cooling [2] - Fluorinated liquids are becoming a critical component in both immersion and cold plate cooling systems due to their surface tension, insulation properties, and material compatibility, especially in high-power density AI server applications [2] - The exit of 3M from the market presents growth opportunities for domestic companies in the high-performance fluorinated liquid segment [2] Investment Recommendations - The rise of AI has created significant power and cooling challenges, positioning liquid cooling as a vital solution, with liquid cooling fluids expected to grow rapidly [2] - Companies that are early entrants into the liquid cooling supply chain are likely to benefit, with specific recommendations to focus on firms such as Dongyangguang, Xinzhoubang, Runhe Materials, Juhua Co., Yonghe Co., Haohua Technology, Jinshi Resources, Dongyue Group, Yongtai Technology, Huayi Group, Sanmei Co., Unity Co., Bayi Shikong, Changlan Technology, Xin'an Co., and Jitai Co. [2]