股票简称：巨化股份 股票代码：600160 公告编号：临 2025-09 浙江巨化股份有限公司关于担保进展情况的公告 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： 被担保人名称 浙江巨化股份有限公司（以下简称"公司"或"本公司"）之全资子公司宁波巨 化化工科技有限公司（以下简称"宁波化工公司"）；巨化贸易（香港）有限公司 （以下简称"香港贸易公司"）；控股子公司浙江晋巨化工有限公司（以下简称"晋 巨公司"）。 担保金额及已实际为其提供的担保余额 本次新增为晋巨公司、香港贸易公司、宁波化工公司融资提供担保，合计担 保金额人民币 20,156.89 万元。其中新增为晋巨公司三笔融资提供担保，合计金 额5,594.43万元；新增为香港贸易公司四笔融资提供担保合计1,282.2万美元， 折合人民币 9,198.25 万元；新增为宁波化工公司三笔融资提供担保 747.75 万美 元，折合成人民币 5,364.21 万元。（美元汇率按中国人民银行官网 2 月 28 日中 间价 7.1738） 截止本公告日，本公司为 ...

[Table_Stock] 巨化股份（600160） [Table_Rating] 买入（首次） [◼Table_Summary] 投资摘要 [Table_I 行业 ndustry] : 基础化工 日期: shzqdatemark 2025年03月14日 | [Table_Author] 分析师: | 于庭泽 | | --- | --- | | SAC 编号: | S0870523040001 | | 联系人: | 王哲 | | SAC 编号: | S0870123040029 | [Table_BaseInfo] 基本数据 | 最新收盘价（元） | 25.54 | | --- | --- | | 12mth A 股价格区间（元） | 14.42-26.31 | | 总股本（百万股） | 2,699.75 | | 无限售 A 股/总股本 | 100.00% | | 流通市值（亿元） | 689.52 | [Table_QuotePic] 最近一年股票与沪深 300 比较 -25% -17% -9% -1% 6% 14% 22% 30% 38% 03/24 05/24 08/24 10/24 12/24 03/ ...

Investment Rating - The report assigns a "Buy" rating for the company for the first time [1] Core Views - The company is positioned as a leader in the domestic fluorochemical industry, with significant advantages in integrated supply chains and a comprehensive range of products [4][14] - The third-generation refrigerant quota plan has been officially implemented, providing the company with favorable conditions for growth in its refrigerant business [5][7] - The company is expected to see continuous revenue growth and improved profitability due to the increasing demand for high-value fluorinated materials and the expansion of production capacity [6][7] Summary by Sections Company Overview - The company is a leading manufacturer in the fluorochemical and chlor-alkali chemical sectors, with a complete industrial chain that includes basic chemical raw materials, food packaging materials, and fluorochemical products [14][15] - The company has a strong market position in the production of refrigerants, holding significant quotas for both second and third-generation refrigerants [15][17] Industry Dynamics - The third-generation refrigerant market is entering a quota management phase, which is expected to drive industry growth and stabilize prices [39][55] - The demand for refrigerants is stable, with major applications in air conditioning, refrigeration, and automotive sectors, which are projected to grow in the coming years [44][49] Financial Projections - The company’s revenue is projected to increase from 224.58 billion yuan in 2024 to 302.50 billion yuan in 2026, with net profits expected to rise from 19.70 billion yuan to 41.40 billion yuan during the same period [7][11] - The earnings per share (EPS) are forecasted to grow from 0.73 yuan in 2024 to 1.53 yuan in 2026, indicating a positive outlook for profitability [7][11] Production Capacity and Expansion - The company has been expanding its production capacity across various product lines, including high-performance fluorinated materials, which are expected to contribute significantly to revenue growth [6][7] - New projects, such as the high-quality meltable fluororesin and high-end fluoropolymer projects, are set to enhance the company’s product offerings and market competitiveness [6][7] Market Trends - The implementation of large-scale consumer goods replacement policies in China is anticipated to stimulate demand for air conditioning and refrigeration products, further benefiting the company [52][54] - The company is well-positioned to capitalize on the growing market for high-value fluorinated materials, driven by increasing applications in various industries [6][7]

证券代码：600160 证券简称：巨化股份 公告编号：2025-08 浙江巨化股份有限公司 2025 年第一次临时股东大会决议公告 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。 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 | 1,115 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 451,784,752 | | 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（%） | 35.3795 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，采用现场投票和网络投票相结合的方式召开， 符合《公司法》和《公司章程》及相关法律、法规的规定，会议的召开及议案表 决合法有效。现场会议由公司董事长周黎旸先生主持。 1 (一) 股东大会召开的时间：2025 年 3 月 7 日 (二) 股东大会召开的地点：公司大楼二楼视频会议室（浙江省衢州市柯城区） (三) 出席会议的普通股 ...

国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关于 浙江巨化股份有限公司 2025 年第一次临时股东大会之 法律意见书 致：浙江巨化股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受浙江巨化股份有限公司 （以下简称"公司"）的委托，指派律师出席公司 2025 年第一次临时股东大会 （以下简称"本次股东大会"），并根据《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》、中国证券监督管理委员会（以 下简称"中国证监会"）发布的《上市公司股东大会规则》（以下简称"《股东 大会规则》"）、《上市公司治理准则》（以下简称"《治理准则》"）和上海 证券交易所发布的《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》（以下简称"《规范运作指引》"）等法律、行政法规、规范性文件及现行 有效的《浙江巨化股份有限公司章程》（以下简称"《公司章程》"）、《浙江 巨化股份有限公司股东大会议事规则》（以下简称"《股东大会议事规则》"） 的规定，就本次股东大会的召集、召开程序、出席大会人员资格、会议表决程序 等事宜出具法律意见书。 为出具本法律意见书，本所律师列席了公司本次股 ...

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [5] Core Insights - The report emphasizes the recovery of chemical prices, driven by seasonal demand and cost opportunities, recommending resilient companies with long-term growth potential and new material leaders [2][5] - The overall market performance shows a notable recovery in chemical prices, with 32 products increasing in price and 38 decreasing, indicating a general improvement in industry sentiment [5][11] - The report highlights the potential for supply-demand dynamics to improve from 2025 onwards, with policies aimed at addressing overcapacity and enhancing market conditions [5][12] Summary by Sections Market Performance - The Shanghai Composite Index increased by 0.97%, while the ChiNext Index rose by 2.99% during the week of February 17-21, with the basic chemical index up by 1.76%, ranking 9th among 30 sectors [7] - Key chemical products such as liquid chlorine and sulfur saw significant price increases, with liquid chlorine in East China rising by 19.67% [5][11] Investment Recommendations - Recommended companies include Wanhu Chemical, Hualu Hengsheng, and Longbai Group, which are expected to benefit from domestic demand [5][12] - New material leaders such as Ruifeng New Materials and Blue Sky Technology are also highlighted for their growth potential [5][12] Key Company Tracking - Wanhu Chemical's MDI prices remained stable, with a slight decrease in certain product prices, indicating a cautious market outlook [16] - Yaxiang Co. is noted for its strategic overseas expansion to mitigate high tariff pressures from the U.S. [21][22] - Juhua Co. is projected to benefit from a favorable refrigerant market cycle, with significant expected profit growth in 2024 [24][25]

巨化股份 2025 年第一次临时股东大会会议资料 2025 年第一次临时股东大会会议资料 巨化股份 2025 年第一次临时股东大会会议资料 浙江巨化股份有限公司 2025 年第一次临时股东大会议程 一、会议基本情况 浙江巨化股份有限公司 2025 年 3 月 7 日 1 巨化股份 2025 年第一次临时股东大会会议资料 目 录 | 2025年第一次临时股东大会议程 3 | | --- | | 2025年第一次临时股东大会议事规则及注意事项 5 | | 审议议案： | | 关于增资控股甘肃巨化新材料有限公司实施高性能氟氯新材料一体化项目 | 2 暨关联交易议案............................................. 7 （一）股东大会召开日期：2025 年 3 月 7 日 （二）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 （三）股东大会类型和届次：2025 年第一次临时股东大会 （三）股东大会召集人：董事会 （四）会议主持人：公司董事长 （五）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 （六）现场会议召开的日期、时间和地点 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company is leveraging its energy resource advantages in the western region to strategically position itself in the fourth-generation refrigerants and fluoropolymer markets [5][6] - The company has announced a capital increase in Gansu Juhua New Materials Co., Ltd., raising its registered capital from 100 million to 6 billion yuan, with the company contributing 4.2 billion yuan for a 70% stake [4] - The high-performance fluorine-chlorine new materials integration project is expected to have an annual production capacity of 35,000 tons of tetrafluoropropene (R1234yf), 30,000 tons of polytetrafluoroethylene (PTFE), and other related facilities [4] Summary by Sections Company Performance - Over the past 12 months, the company's relative return was -9.8% over one month, 13.8% over three months, and 6.3% over twelve months, while absolute returns were -6.3%, 16.5%, and 20.1% respectively [2] Financial Forecast - The company forecasts revenue of 20.655 billion yuan in 2023, increasing to 32.825 billion yuan by 2026, with a compound annual growth rate of 8.8% [10] - The net profit attributable to the parent company is expected to rise from 944 million yuan in 2023 to 3.932 billion yuan in 2026, reflecting a growth rate of 23.3% [10] - The gross margin is projected to improve from 13.2% in 2023 to 23.1% in 2026 [10] Strategic Positioning - The company is proactively increasing its production capacity for fourth-generation refrigerants (R1234yf) in anticipation of the phase-out of third-generation refrigerants (HFCs) due to environmental regulations [6] - The company is also strategically expanding its fluoropolymer production capacity during a cyclical downturn, which may provide competitive advantages as weaker players exit the market [6][7] Projected Benefits - The integration project in Gansu is expected to generate an average annual sales revenue of 8.211 billion yuan and a net profit of 1.068 billion yuan, with an investment payback period of 11.46 years [4] - The project is anticipated to enhance the company's competitive position by utilizing green electricity and reducing carbon emissions, aligning with global sustainability trends [7]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [1] Core Views - The company is strengthening its leading position by increasing its investment in fluorinated polymers and fourth-generation refrigerants [1] - The fluoropolymer industry is currently at the bottom of the cycle, but the company is strategically expanding its capacity to enhance market share as weaker competitors exit the market [5][9] - The company plans to invest 42 billion yuan in a new project in Gansu, which will significantly increase its production capacity and market competitiveness [4][8] Summary by Relevant Sections Market Data - Closing price: 23.95 yuan - Market capitalization: 646.59 billion yuan - P/B ratio: 3.79 - Net asset per share: 6.32 yuan - Gross margin: 16.95% [1] Financial Performance - Expected revenue for 2024 is 24,001 million yuan, with a growth rate of 16.20% [10] - Expected net profit for 2024 is between 1,951 million yuan and 3,208 million yuan, representing a year-on-year increase of 106.81% to 64.42% [10] - EPS for 2024 and 2025 is projected to be 0.72 yuan and 1.19 yuan, respectively [9] Project Details - The new project includes the production of various fluorinated compounds with a total investment of 196.25 billion yuan, expected to generate an average annual revenue of 82.11 billion yuan and a net profit of 10.68 billion yuan [8] - The project will utilize local resources in Gansu, which will help reduce energy costs and carbon emissions [8] Industry Outlook - The refrigerant market is expected to see continued growth due to supply constraints and increasing demand from the air conditioning and refrigeration sectors [9] - The company is positioned as a leader in the third-generation refrigerant market and is preparing for the transition to fourth-generation refrigerants, which are anticipated to become the industry standard [9]