一、回购股份的基本情况 浙江嘉化能源化工股份有限公司（以下简称"公司"）分别于 2025 年 4 月 9 日、 2025 年 4 月 30 日召开第十届董事会第十一次会议、2024 年年度股东大会，审议通 过了《关于以集中竞价交易方式回购股份方案的议案》(以下简称"2025 年回购计 划")，同意公司以不低于人民币 40,000 万元、不超过人民币 60,000 万元的自有资 金及自筹资金通过集中竞价交易方式回购股份，回购价格为不超过 12.01 元/股，回 购期限为自股东大会审议通过回购股份方案之日起不超过 12 个月。有关本次回购股 份事项的具体情况详见公司于 2025 年 4 月 10 日及 2025 年 5 月 1 日在上海证券交易 所网站（www.sse.com.cn）披露的《关于以集中竞价交易方式回购股份方案的公告》、 《关于以集中竞价交易方式回购股份的回购报告书》。经公司实施 2024 年年度利润 分配方案后，公司以集中竞价方式回购股份的价格上限由不超过人民币 12.01 元/ 股调整为不超过人民币 11.82 元/股。详见公司于 2025 年 5 月 30 日在上海证券交易 所网站（www.s ...

证券代码：600273 股票简称：嘉化能源 编号：2025-032 浙江嘉化能源化工股份有限公司 关于调整回购股份价格上限的公告 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法律责任。 重要内容提示： 浙江嘉化能源化工股份有限公司(以下简称"公司")实施 2024 年年度利润分 配方案后，公司以集中竞价方式回购股份的价格上限由不超过人民币 12.01 元/股调 整为不超过人民币 11.82 元/股。 一、回购股份的基本情况 公司分别于 2025 年 4 月 9 日、2025 年 4 月 30 日召开第十届董事会第十一次会 议、2024 年年度股东大会，审议通过了《关于以集中竞价交易方式回购股份方案的 议案》(以下简称"2025 年回购计划")，同意公司以不低于人民币 40,000 万元、 不超过人民币 60,000 万元的自有资金及自筹资金通过集中竞价交易方式回购股份， 回购价格为不超过 12.01 元/股，回购期限为自股东大会审议通过回购股份方案之日 起不超过 12 个月。有关本次回购股份事项的具体情况详见公司于 2025 年 4 ...

Core Viewpoint - The performance of the China Securities Dividend Low Volatility 100 Index and its corresponding ETF indicates a positive trend in bank stocks, which are expected to attract long-term investment due to their stability and high dividend yield [2][3]. Group 1: Index and ETF Performance - As of May 28, 2025, the China Securities Dividend Low Volatility 100 Index rose by 0.35%, with notable increases in constituent stocks such as Nanjing Bank (up 2.93%) and China Petroleum (up 2.20%) [2]. - The Dividend Low Volatility 100 ETF (159307) increased by 0.19%, with a latest price of 1.05 yuan and a trading volume of 347.20 million yuan [2]. - The ETF's recent scale reached 9.67 billion yuan, marking a one-year high, and its shares totaled 9.28 billion, also a one-year high [3]. Group 2: Fund Inflows and Leverage - The Dividend Low Volatility 100 ETF has seen continuous net inflows over the past week, with a maximum single-day net inflow of 12.54 million yuan, totaling 47.21 million yuan in net inflows [3]. - The ETF's financing net purchase on the previous trading day was 1.03 million yuan, with a latest financing balance of 165.40 million yuan, indicating ongoing interest from leveraged funds [3]. Group 3: Historical Performance and Risk Metrics - Over the past year, the Dividend Low Volatility 100 ETF's net value increased by 6.19%, ranking first among comparable funds [4]. - The ETF's maximum drawdown this year was 6.18%, which is the smallest among comparable funds, with a recovery time of 36 days [4]. - The management fee for the ETF is 0.15%, and the custody fee is 0.05%, both of which are the lowest in its category [4]. Group 4: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the Dividend Low Volatility 100 Index accounted for 19.66% of the index, with companies like Jizhong Energy and Daqin Railway among the top [5][8].

Core Viewpoint - Jiaxing City is advancing the construction of a strong manufacturing innovation city by focusing on the high-end, intelligent, and green development paths, establishing a modern industrial structure through the "135N" advanced manufacturing cluster system [1][14]. Group 1: New Quality Productive Forces - New Quality Productive Forces, introduced by President Xi Jinping, emphasize innovation as the main driving force, characterized by high technology, efficiency, and quality, aligning with the new development concept [2]. - This concept is crucial for promoting high-quality economic development and constructing a modern industrial system [2]. Group 2: Economic Performance of Jiaxing City - Jiaxing's GDP reached 756.95 billion yuan in 2024, with a year-on-year growth of 5.6%, surpassing the national average [4]. - The industrial structure is optimized, with the primary, secondary, and tertiary industries contributing 2.0%, 49.5%, and 48.5% respectively [4]. Group 3: Industrial Development and Innovation - Jiaxing has implemented a strong manufacturing strategy, achieving a 6.5% year-on-year increase in industrial added value, contributing 45.2% to economic growth [6]. - In 2024, 24 out of 33 major industrial sectors experienced growth, with advanced manufacturing sectors like electrical machinery and equipment manufacturing showing significant increases of 19.8% and 17.7% respectively [7]. Group 4: Technological Innovation and Intellectual Property - Jiaxing saw a total of 39,500 patent authorizations in 2024, with a notable 5,953 invention patents, marking a 22.2% increase [9]. - The city has recognized 579 new national high-tech enterprises, bringing the total to 4,509, and 1,500 new provincial technology-based SMEs, totaling 10,694 [9]. Group 5: Policy Framework for New Quality Productive Forces - The "New Quality Productive Forces" strategy was included in the State Council's work report, guiding the construction of a modern industrial system [11]. - Jiaxing has established a "1+N" policy system to support the development of new quality productive forces, with various policies targeting emerging industries and traditional industry upgrades [11]. Group 6: Modern Industrial System - Jiaxing's modern industrial system is supported by three major industries: chemical new materials, intelligent photovoltaics, and high-end equipment, with emerging industries like integrated circuits and hydrogen energy as growth drivers [22]. - The city aims to create a significant impact in the Yangtze River Delta region through its advanced manufacturing clusters [14][15]. Group 7: Future Development Trends - Jiaxing is expected to see a rise in strategic emerging industries, with a target of over 45% by 2027, and aims to establish 2-3 globally leading technology standard clusters [26]. - The city plans to enhance digital transformation, with 80% of large-scale enterprises expected to complete intelligent upgrades [27].

证券代码：600273 证券简称：嘉化能源 公告编号：2025-031 浙江嘉化能源化工股份有限公司 2024年年度权益分派实施公告 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： ● 每股分配比例 A股每股现金红利0.2元 一、通过分配方案的股东大会届次和日期 本次利润分配方案经浙江嘉化能源化工股份有限公司（以下简称"公司"）2025年4月30日的2024年度股 东大会审议通过。 二、分配方案 1.发放年度：2024年年度 价： 除权（息）参考价格=[（前收盘价格-现金红利）+配（新）股价格×流通股份 变动比例]÷（1+流通股份变动比例）。 根据公司2024年年度股东大会决议通过的利润分配预案，公司本次仅进行现金红利分配，无送股和转增 分配，因此，公司流通股不会发生变化，流通股股份变动比例为0。由于本次分红为差异化分红，上述 ● 相关日期 ■ ● 差异化分红送转： 是 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的 ...

证券代码：600273 证券简称：嘉化能源 公告编号：2025-031 浙江嘉化能源化工股份有限公司2024年年度权益分派实施公告 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： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关 规定，公司存放于回购专用证券账户的股份不参与利润分配。 公司以 2025 年 5 月 28 日（股权登记日）总股本 1,391,045,207 股，扣除已回 购的股份 44,165,685 股，即以 1,346,879,522 股为基数，向全体股东按每 10 股 派发现金红利 2.00 元（含税），合计拟派发现金红利不超过 269,375,904.40 元。 ? 每股分配比例 A 股每股现金红利0.2元 ? 相关日期 | | | ? 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经浙江嘉化能 ...

海润天睿律师事务所 北京海润天睿律师事务所 关于浙江嘉化能源化工股份有限公司 差异化分红事项的专项说明 致:浙江嘉化能源化工股份有限公司 北京海润天睿律师事务所(以下简称"本所")接受浙江嘉化能源化工股份 有限公司(以下简称"嘉化能源"或"公司"）的委托,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》"）、《上海证券交易所上市公司自律监管指引第7号 -- 回购股 份》(以下简称"《自律指引了号》")等相关法律、行政法规、部门规章及其 他规范性文件(以下简称"法律法规")以及《浙江嘉化能源化工股份有限公司 章程》（以下简称"《公司章程》"）,就嘉化能源 2024年年度利润分配所涉 及的差异化分红（以下简称"本次差异化分红"）相关事项出具本专项说明。 本所依据《证券法》《律师事务所从事证券法律业务管理办法》和《律师事 务所证券法律业务执业规则(试行)》等规定及本专项说明出具目以前已经发生 或者存在的事实,严格履行了法定职责,遵循了勤勉尽责和诚实信用原则,保证 本专项说明所认定的事实真实、准确、完整,所发表的结论性意见合法、准确。 本专项说明中不存在虚假记 ...

证券代码：600273 证券简称：嘉化能源 公告编号：2025-031 浙江嘉化能源化工股份有限公司2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.2元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/28 | － | 2025/5/29 | 2025/5/29 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经浙江嘉化能源化工股份有限公司（以下简称"公司"）2025 年 4 月 30 日的2024年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上海证券交易所上市公司自律监管指引第 ...

Core Viewpoint - The recent performance of the China Securities Dividend Low Volatility 100 Index and its associated ETF indicates a growing interest in stable dividend-paying stocks, particularly in the coal sector, amidst market volatility and changing economic policies [4][5]. Group 1: Index and ETF Performance - As of May 21, 2025, the China Securities Dividend Low Volatility 100 Index rose by 0.66%, with key stocks like Shaanxi Coal and China Shenhua showing significant gains of 4.90% and 2.86% respectively [3]. - The Dividend Low Volatility 100 ETF (159307) has seen a price increase of 0.57%, marking its third consecutive rise, with a latest price of 1.06 yuan [3]. - The ETF's trading volume reached 504.55 million yuan, with a turnover rate of 0.54% during the session [3]. Group 2: Market Sentiment and Investment Trends - Recent U.S. tariff policies have impacted market sentiment, leading investors to seek stable assets, particularly in the coal sector where inventory levels are decreasing and coal prices are stabilizing [4]. - Several state-owned coal enterprises have initiated share buybacks and asset injection plans, reflecting confidence in the coal industry's growth and stability [4]. Group 3: Fund Flows and Performance Metrics - The Dividend Low Volatility 100 ETF recorded a net inflow of 1,050.77 million yuan, with nine out of the last ten trading days showing positive net inflows totaling 2,189.61 million yuan [5]. - The ETF has achieved a 6.54% increase in net value over the past year, ranking first among comparable funds [6]. - The ETF's management fee is 0.15%, and its tracking error over the past two months is 0.032%, indicating strong performance relative to its benchmark [6]. Group 4: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the index include Jizhong Energy, Daqin Railway, and Xiamen International Trade, collectively accounting for 19.66% of the index [7].

Summary of 嘉化能源 Conference Call Company Overview - 嘉化能源's core businesses include steam supply, chlor-alkali production, and fatty alcohol production. The steam business benefits from being the only steam supply station in the 嘉兴港区, ensuring stable gross margins through coal-heat linkage pricing. The expected steam sales volume for 2025 is projected to reach 9.23 million tons, a year-on-year increase of approximately 12% [2][4][12]. Key Business Segments Steam Supply - The steam business is expected to grow by 12% in 2025, with future growth rates potentially maintaining at 6%-7% [4][19]. - The company has optimized boiler processes, saving 20,000 tons of standard coal costs annually while ensuring steam output [12]. Chlor-Alkali Production - The company has a self-generation advantage that reduces caustic soda production costs. The current monitored annual capacity is approximately 297,000 tons, with gross margins significantly higher than peers by 10-15 percentage points [2][7][15]. - The chlor-alkali industry is expected to see favorable supply-demand dynamics in the medium to long term, with a current annual growth rate of about 3-4% [13]. Fatty Alcohol Production - The actual annual production capacity for fatty alcohol can reach 300,000 tons, with plans to expand by 150,000 tons in Q3 2025 at an investment not exceeding 600 million yuan [2][8]. - The company benefits from proximity to downstream leader 赞宇科技, reducing transportation costs through direct pipeline supply [5][8]. Financial Performance and Shareholder Returns - 嘉化能源 maintains a stable dividend yield of around 50% and actively conducts stock buybacks. A new buyback plan was announced in April 2025, aiming to repurchase between 400 million and 600 million yuan worth of shares [2][9][21]. - The company’s earnings per share (EPS) are projected to be 0.84 yuan in 2024, 0.96 yuan in 2026, and 1.09 yuan in 2027, with corresponding profit volumes of 1.167 billion, 1.332 billion, and 1.512 billion yuan [4][19]. Market and Industry Dynamics Regulatory Environment - A heating document released in 2024 mandates the shutdown of small coal-fired facilities within a 30-kilometer radius, promoting the use of combined heat and power (CHP) systems, which benefits 嘉化能源 by creating regional barriers and encouraging industry consolidation [2][10]. Regional Advantages - 嘉兴港区's geographical location is advantageous, being close to major cities and having a high demand for chemical products. The area has attracted over 40 domestic enterprises, enhancing integrated development [11]. Competitive Advantages - 嘉化能源's self-generation capability significantly lowers production costs, particularly in the chlor-alkali sector, where electricity costs account for 60% of production expenses [3][16]. - The company’s chlor-alkali gross margins are notably higher than competitors in the Yangtze River Delta region, attributed to its unique position as the only green electricity producer in the area [15][16]. Future Outlook - The company is well-positioned for future capital expenditures due to its low debt ratio of 22.669% and stable cash flow, allowing for continued investment in new projects while maintaining shareholder returns [22]. - The fatty alcohol industry is expected to see an increase in capacity, with 嘉化能源 planning to expand its theoretical capacity from 200,000 tons to 350,000 tons, aiming for an operating rate of 140%-150% [18]. Conclusion - 嘉化能源 presents a stable investment opportunity with strong fundamentals, a focus on shareholder returns, and a favorable market position within the energy and chemical sectors. The company is expected to maintain steady growth in its core business segments while navigating regulatory changes and leveraging its competitive advantages.