股票代码：600160 股票简称：巨化股份 公告编号：临 2025-53 浙江巨化股份有限公司董事会 关于聘任副总经理、董事会秘书的公告 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。 1 一、聘任副总经理的情况 根据《中华人民共和国公司法》（以下简称"《公司法》"）《公司章程》 等相关规定，经公司总经理提名，公司董事会提名委员会资格审查通过，公司董 事会同意聘任刘云华先生（简历详见附件）为公司副总经理，任期自九届二十一 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。 二、聘任董事会秘书的情况 根据《公司法》《公司章程》等相关规定，经公司董事长提名、董事会提名 委员会资格审查通过，公司董事会同意聘任王笑明先生（简历详见附件）为公司 董事会秘书，任期自九届二十一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。 王笑明先生暂未取得上海证券交易所董事会秘书任职培训证明，其已报名参 加最近一期上海证券交易所主板上市公司董事会秘书任职培训，将在取得董事会 秘书任职培训证明并经上海证券交易所资格备案无异议后，正式 ...

证券代码：600160 证券简称：巨化股份 公告编号：临 2025-056 浙江巨化股份有限公司 关于召开2025年第二次临时股东大会的通知 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： 股东大会召开日期：2025年12月23日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、召开会议的基本情况 （一）股东大会类型和届次 2025年第二次临时股东大会 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 23 日 14:30 分 召开地点：浙江巨化股份有限公司办公楼二楼视频会议室（浙江省衢州市柯 城区） （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 12 月 23 日 至2025 年 12 月 23 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 ...

详见上海证券交易所网站 www.sse.com.cn：本公司临 2025－53 号公告《浙 江巨化股份有限公司董事会关于聘任副总经理、董事会秘书的公告》。 股票代码：600160 股票简称：巨化股份 公告编号：临 2025-52 浙江巨化股份有限公司董事会 九届二十一次（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 11 月 25 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二十一次会议（以 下简称"会议"）的通知。会议于 2025 年 12 月 5 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《关于聘任副总经理、董事 会秘书的议案》 同意聘任刘云华先生为公司副总经理、王笑明先生为公司董事会秘书，任期 自本次董事会审议通过之日起 ...

股票代码：600160 股票简称：巨化股份 公告编号：临 2025-55 浙江巨化股份有限公司 2025 年前三季度利润分配预案公告 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。 ● 每股分配比例：每股派发现金红利 0.18 元（含税） 如在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分配 1 金额不变，相应调整利润分配总额，并将另行公告具体调整情况。 本次利润分配预案尚需提交股东大会审议。 二、公司履行的决策程序 ● 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 ● 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配金额不变，相应调整利润分配总额，并将另行公告具体调整情况。 一、利润分配预案内容 截止 2025 年 9 月 30 日，浙江巨化股份有限公司（以下简称"公司"）实现 归 属 于 上 市 公 司 股 东 的 净 利 润 3,248,112,323.66 元 ， 母 公 司 净 利 润 81,831,461.80 元。截至 202 ...

Group 1 - The company, Juhua Co., Ltd. (stock code: 600160.SH), announced a cash dividend distribution of 0.18 yuan per share (tax included) to all shareholders based on the total share capital as of the record date for the dividend distribution [1] - As of the announcement date, the total number of shares of the company is 2.7 billion shares, which results in a total cash dividend payout of 486 million yuan (tax included) [1]

Investment Rating - The report maintains a positive outlook on the lithium battery materials sector, indicating a potential turning point for the upstream materials market after several years of rapid growth in downstream demand [3][11]. Core Insights - The lithium battery industry is expected to experience strong growth, with projected demand for power and energy storage batteries increasing by 30% by 2026, and energy storage batteries seeing growth rates of 40%-50% [6][30]. - The demand for lithium iron phosphate and lithium hexafluorophosphate is anticipated to grow rapidly, driven by the needs of power and energy storage sectors, which will also boost the demand for phosphate rock [7][30]. - The report highlights specific companies that are well-positioned to benefit from these trends, including Yuntianhua, Xingfa Group, Chuanheng Co., Yuntu Holdings, Wanhua Chemical, Longbai Group, and others in various segments of the lithium battery materials market [3][11]. Summary by Sections Lithium Battery Market - The demand for power and energy storage batteries is projected to grow significantly, with the domestic commercial vehicle market reaching a price parity point, and the penetration rate for passenger vehicles still having room for growth [6][30]. - The report notes that the domestic monthly penetration rate for electric vehicles has stabilized around 55%, with an upward trend in EV market share driven by new models with larger battery capacities [6][30]. Positive Materials - Phosphate rock is expected to see a revaluation of its value, with demand driven by the agricultural sector and the growing needs of the lithium battery industry [7][32]. - The report indicates that the supply of phosphate rock is likely to remain balanced, with limited expansion in overseas production and domestic projects falling short of expectations [7][38]. Industrial Grade Monoammonium Phosphate - The industrial-grade monoammonium phosphate sector is experiencing a tight supply situation, with leading companies performing well despite a low nominal operating rate due to many firms lacking suitable phosphate resources [7][40]. - The report anticipates that the profitability of industrial-grade monoammonium phosphate will improve as demand continues to grow and supply constraints remain [7][40]. Lithium Hexafluorophosphate - The price of lithium hexafluorophosphate has seen significant increases due to unexpected demand from energy storage and commercial vehicles, with a tight supply expected to continue until 2027 [10][30]. - The report suggests that the expansion cycle for lithium hexafluorophosphate production will take approximately 1.5 years, indicating ongoing supply constraints [10][30]. Investment Recommendations - The report recommends investment in companies involved in phosphate rock, industrial-grade monoammonium phosphate, lithium iron phosphate, and lithium hexafluorophosphate, highlighting specific firms that are well-positioned to capitalize on these trends [3][11].

Project Overview - The project is named "Gansu Juhua New Materials Co., Ltd. High-Performance Fluorochlorine New Materials Integration Upgrade Project" [2][7] - The construction unit is Gansu Juhua New Materials Co., Ltd., located in the Yumen Economic Development Zone, Chemical Industrial Park [2][7] - The project is a new construction with a total investment of 201,645.58 million yuan [2][7] - The project covers an area of 8,118.13 acres (541.22 hectares) within the existing factory area, with no new land required [2][7] Construction Details - The project includes several new facilities: - HFP unit: Adding 2 reactors to increase hexafluoropropylene (HFP) production capacity by 21,000 tons per year, bringing total HFP capacity to 50,000 tons per year [2][7] - H-yf unit: Constructing 2 new units to produce 20,000 tons of 2,3,3,3-tetrafluoropropene (1234yf) annually, using a process route involving HFP and R245eb [2][7] - T-yf unit: Adding 2 units to produce 15,000 tons of 1234yf annually, utilizing a process route involving carbon tetrachloride [3][8] - Methyl chloride unit: Adding 3 units to produce 100,000 tons of methyl chloride annually to meet market demand [3][8] Market and Industry Context - Gansu Juhua New Materials Co., Ltd. was established on March 15, 2023, as a wholly-owned subsidiary of Juhua Group [4][9] - The parent company, Juhua Group, specializes in the production of fluorochemical products and basic chemical raw materials, forming a comprehensive chemical industry chain [4][9] - The company has a national-level enterprise technology center and is a key player in the fluorochemical and sulfanilamide production sectors in China [4][9]

Core Viewpoint - The chemical industry is currently experiencing a dual bottom in valuation and profitability, with signs of recovery in profit margins and a potential upward trend in the economic cycle driven by demand recovery and resource supply contraction [1][2]. Group 1: Industry Performance - As of December 3, 2025, the chemical sector index rose by 0.87%, with notable gains from stocks such as Hangzhou Oxygen Plant (up 4.48%) and Yara International (up 4.42%) [1]. - The basic chemical sector's net profit increased by 7.45% year-on-year for the first three quarters of 2025, indicating a recovery trend despite mixed performance across sub-sectors [1]. - The overall chemical industry remains at a low level of prosperity, but a gradual improvement in profit margins is becoming evident [1]. Group 2: Market Dynamics - The industry is expected to benefit from reduced supply-side pressures and a global monetary easing environment, particularly with the anticipated interest rate cuts by the Federal Reserve, which could stimulate downstream demand [1]. - The focus on "anti-involution" policies is crucial as multiple sub-industries face competitive pressures, and the industry is likely to accelerate the release of high-performance new materials driven by AI demand [1][2]. Group 3: Investment Opportunities - Investors can track the chemical sector through the Jia Shi Chemical ETF (159129), which closely follows the China Securities Index for the chemical industry [2]. - There are also opportunities for off-market investors to engage with the chemical sector via the Chemical ETF Connect Fund (013527) [3].

Core Viewpoint - The stock of Juhua Co., Ltd. has shown a significant increase in price and trading activity, reflecting positive market sentiment and strong financial performance in recent periods [1][2]. Financial Performance - For the period from January to September 2025, Juhua Co., Ltd. achieved a revenue of 20.394 billion yuan, representing a year-on-year growth of 13.89% [2]. - The net profit attributable to shareholders for the same period was 3.248 billion yuan, marking a substantial year-on-year increase of 158.29% [2]. Stock Performance - As of December 3, the stock price of Juhua Co., Ltd. rose by 2.01%, reaching 34.08 yuan per share, with a total market capitalization of 92.007 billion yuan [1]. - Year-to-date, the stock has increased by 42.65%, with a slight increase of 1.73% over the last five trading days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 76,800, a rise of 49.11% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 32.93% to 35,172 shares [2]. Dividends - Since its A-share listing, Juhua Co., Ltd. has distributed a total of 5.973 billion yuan in dividends, with 1.647 billion yuan distributed over the past three years [3]. Major Shareholders - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 64.509 million shares, a decrease of 20.4115 million shares from the previous period [3]. - New shareholders include the Penghua CSI Subdivision Chemical Industry Theme ETF, holding 20.267 million shares [3].

Investment Rating - The report maintains a "Recommended" rating for the refrigerant industry, indicating a positive outlook based on supply-demand dynamics and industry performance [2][12]. Core Insights - The third-generation refrigerants are expected to remain the long-term mainstream due to their efficiency and cost advantages over fourth-generation refrigerants, which face higher production costs and lower efficiency [9][10]. - The supply-demand gap for refrigerants is anticipated to widen further, driven by increasing demand from the air conditioning and automotive sectors, alongside supply constraints from production quotas [10][11]. Summary by Sections Industry Performance - The refrigerant industry has shown a significant price increase for major refrigerants due to quota restrictions, with R32 priced at 63,000 CNY/ton, R134a at 55,500 CNY/ton, and R22 at 16,000 CNY/ton as of December 1, 2025 [4][10]. Production Quotas - High utilization rates for R32 and R134a production quotas were reported, with R32 at 96.71% and R134a at 94.17% for the first ten months of 2025 [5][6]. - The 2026 production quotas for HFCs remain unchanged, but companies with flexible quota allocations are expected to benefit from the adjustments [6][7]. Demand Growth - The domestic air conditioning market has seen a production increase of 2.46% year-on-year, with a total of approximately 230 million units produced from January to October 2025 [10]. - The automotive sector is also recovering, with a 10.80% increase in production during the same period, further driving demand for refrigerants [11]. Future Projections - The internal demand gap for R32 and R134a is projected to increase from -1.24 million tons in 2025 to -2.39 million tons by 2027, indicating a tightening supply situation [11][15]. - The report emphasizes the importance of monitoring individual companies such as Juhua Co., Sanmei Chemical, and others for potential investment opportunities [12][13].