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 ...

格隆汇12月5日丨巨化股份(600160.SH)发布2025年前三季度权益分派实施公告，拟以实施权益分派股权 登记日登记的总股本为基数向全体股东按每股派发现金红利0.18元（含税）。截至本公告披露日,公司的 总股份数为27.00亿股，以此计算拟派发现金股利4.86亿元（含税）。 ...

联合研究丨行业深度 [Table_Title] 锂电材料深度：产业望迎来大周期拐点 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 历经几年锂电下游需求的快速增长，上游材料端有望迎来大周期拐点。我们看好布局磷矿石、 工业级磷酸一铵、磷酸铁和（或）磷酸铁锂的企业云天化、兴发集团、川恒股份、云图控股、 万华化学、龙佰集团；PVDF 行业巨化股份、东岳集团；DMC 行业华鲁恒升；VC、六氟磷酸 锂、LiSFI 行业天赐材料、新宙邦等。 分析师及联系人 [Table_Author] 马太 邬博华 曹海花 SAC：S0490516100002 SAC：S0490514040001 SAC：S0490522030001 SFC：BUT911 SFC：BQK482 叶之楠 王明 王呈 SAC：S0490520090003 SAC：S0490521030001 SAC：S0490525040004 SFC：BVA881 王晓振 请阅读最后评级说明和重要声明 2 / 33 %% %% %% %% research.95579.com 2 [Table ...

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].