Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [8][14]. Core Insights - The company focuses on a circular economy model centered around cogeneration, establishing a robust resource-product-recycling resource chain with various enterprises in the Jiaxing Port area, while also developing an energy and chemical circular industry system internally, showcasing significant core advantages and stable operations [1][25]. - The company emphasizes shareholder returns through high dividends and stock buybacks, with a combined dividend yield and buyback cancellation rate expected to approach 10% [6][42]. Summary by Sections 1. Company Overview and Business Model - The company has established a circular economy as its core development model, leveraging its cogeneration capabilities to expand into various chemical products, including caustic soda, PVC, and fatty alcohols, while focusing on domestic demand to mitigate tariff impacts [2][26]. - The company has a diversified product chain with significant production capacities, including 297,000 tons/year of caustic soda and 200,000 tons/year of fatty alcohols, and is actively enhancing its competitive edge through ongoing projects [4][29]. 2. Steam Business and External Circulation - As the only steam supplier in the Jiaxing Port area, the company benefits from strong policy and regional barriers, ensuring stable profitability through coal-heat linkage pricing and continuous optimization of cogeneration processes [3][49]. - The steam production has shown steady growth, with production increasing from 7.3 million tons in 2014 to 11.9 million tons in 2024, reflecting a compound annual growth rate of 5.0% [58]. 3. Chemical Business and Internal Circulation - The company’s chemical business, particularly in caustic soda and fatty alcohols, demonstrates strong profitability, with caustic soda and fatty alcohols contributing significantly to overall gross profit [61][62]. - The company is positioned in the core consumption area of the Yangtze River Delta, enhancing its competitive advantage in the caustic soda market, where electricity costs are a major factor [4][66]. 4. Financial Performance and Forecast - The company’s revenue is projected to grow steadily, with expected revenues of 104.12 billion, 115.83 billion, and 127.55 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 11.67 billion, 13.32 billion, and 15.12 billion yuan [7][13]. - The company maintains a low debt level, with an asset-liability ratio of only 22.69% as of the end of 2024, providing flexibility for future financial maneuvers [43].

证券代码：600273 证券简称：嘉化能源 公告编号：2025-030 浙江嘉化能源化工股份有限公司 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》的相关 规定，公司应在每个月的前 3 个交易日内公告截至上月末的回购进展情况。现将 公司回购进展情况公告如下： 截至 2025 年 4 月 30 日，公司通过集中竞价交易方式已累计回购股份数量为 0 股，占公司总股本的比例为 0%，支付的金额为 0 元，公司 2025 年回购计划尚未开 始实施回购。 三、其他事项 关于股份回购进展情况的公告 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法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/4/10 | | | | | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 5 1 日公司 年年度股东大会审议通 | 2025 | 月 | 2024 | | | 12 个月 | 过后 | | | | 预计回购金额 | 40,000万元~60,000万元 | | | | | 回购用途 ...

Core Viewpoint - The company held its annual general meeting on April 30, 2025, where all proposed resolutions were approved, including a share buyback plan aimed at equity incentives and reducing registered capital [2][4][5]. Meeting Details - The annual general meeting was convened by the board of directors and chaired by the chairman, Han Jianhong [2][3]. - All current directors and supervisors attended the meeting, with independent directors participating via communication [3]. Resolutions Approved - The following key resolutions were passed: - 2024 Annual Board Work Report [4] - 2024 Annual Supervisory Board Work Report [4] - 2024 Financial Settlement and 2025 Business Plan [5] - 2024 Profit Distribution Proposal [5] - 2024 Annual Report and Summary [5] - Reappointment of auditing firms for 2025 [5] - Compensation plans for directors and executives for 2024 and 2025 [5] - Purchase of liability insurance for directors and supervisors [5] - Share buyback plan [5][6][9]. Share Buyback Plan - The company plans to repurchase shares with a total amount between RMB 400 million and RMB 600 million, using self-owned and self-raised funds [8][9]. - The repurchase price will not exceed RMB 12.01 per share, with an estimated repurchase quantity between 33.31 million shares (2.39% of total shares) and 49.96 million shares (3.59% of total shares) [9][15]. - The repurchase is intended for equity incentives and reducing registered capital, with up to 5 million shares (0.36% of total shares) allocated for equity incentives [9][12]. Financial Position - As of December 31, 2024, the company reported cash and cash equivalents of RMB 816.67 million, indicating a strong cash flow position [18][19]. - The company’s operational cash flow for the years 2022 to 2024 was RMB 1.54 billion, RMB 312.66 million, and RMB 994.17 million, respectively [18]. Capital Structure Changes - Following the share buyback, the company's total share capital will decrease from 1,391,045,207 shares to 1,356,879,522 shares, and registered capital will reduce from RMB 1,391,045,207 to RMB 1,356,879,522 [25].

本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 325 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 574,099,014 | | 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（%） | 42.6244% | (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。 本次会议的召集人为公司董事会，董事长韩建红女士主持会议。会议的召集、召 开符合《公司法》和《公司章程》的有关规定，表决方式及表决结果合法有效。 (五) 公司董事、监事和董事会秘书的出席情况 证券代码：600273 证券简称：嘉化能源 公告编号：2025-027 浙江嘉化能源化工股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 二、 议案审议情况 (一) 股东大会召开的时间：2025 年 4 月 3 ...

回购价格：不超过人民币 12.01 元/股； 回购数量：在回购股份价格不超过人民币 12.01 元/股、资金总额不低于人 民币 40,000 万元不超过人民币 60,000 万元的条件下，预计回购股份数量不低于 3,330.55 万股（占公司当前总股本的 2.39%），不超过 4,995.84 万股（占公司当前 总股本的 3.59%），具体回购股份的数量以回购期满时实际回购的股份数量为准； 证券代码：600273 股票简称：嘉化能源 编号：2025-029 浙江嘉化能源化工股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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： 本次回购股份相关议案已经公司第十届董事会第十一次会议及公司 2024 年 年度股东大会审议通过； 回购金额及资金来源：不低于人民币 40,000 万元，不超过人民币 60,000 万元；资金来源为自有资金及自筹资金； 回购用途：回购股份拟用于股权激励及减少公司注册资本。其中，根据公司 自身情况，拟用于股权激励的股份数量预计不超过 500 ...

北京市朝阳区建外大街甲 14 号广播大厦 5 层&9 层&10 层&13 层&17 层 电话（Tel）：86-10-65219696 传真（Fax）：86-10-88381869 股东大会法律意见书 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 2024 年年度股东大会的法律意见书 中国·北京 股东大会法律意见书 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（以下简称公司）的委托，指派杨雪律师、王佩琳律师出席公司 2024 年年 度股东大会，并依据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东大会规则》《公司章程》及其他相关法律、法规和规范性文件的 规定，就公司本次股东大会的召集、召开程序、出席会议人员的资格、召集人资 格、表决程序、表决结果等有关事宜出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明： 1．本所律师仅就本次会议的召集、召开程序、出席会议人员的资格、召集 人资格、表决程序、表决结果发表意见，不对本次会议所审议的议案内容及该等 议案所表述的事实或数据的真实性、准确性和完整性发表意见； 2 ...

证券代码：600273 股票简称：嘉化能源 编号：2025-028 浙江嘉化能源化工股份有限公司 关于注销部分回购股份减少注册资本暨通知债权人的 公告 （一）浙江嘉化能源化工股份有限公司（以下简称"公司"）分别于 2024 年 2 月 29 日、2025 年 4 月 3 日完成 2023 年回购计划、2024 年回购计划，共回购股份 44,165,685 股。按照上述两次回购股份计划，上述回购股份拟用于股权激励及减少 公司注册资本。其中，根据公司自身情况，拟用于股权激励的股份数量合计预计不 超过 1,000 万股，具体数量将以未来董事会、股东大会审议通过股权激励方案为准； 除此之外，回购的其余股份拟用于减少公司注册资本。上述回购股份存放于公司回 购专用证券账户中。详见公司于 2024 年 3 月 1 日、2025 年 4 月 9 日在指定媒体披 露的《关于回购股份实施结果暨股份变动公告》。 公司分别于 2025 年 4 月 9 日、2025 年 4 月 30 日召开了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《关于注销回购股份并减少注册资本的议 案》。详情请见公司分别于 2025 年 4 ...

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of 10.14 RMB, based on a 13x PE for 2025 [4][9]. Core Insights - The company's revenue from fatty alcohol (acid) series is expected to grow significantly in 2024, with projected revenue of 9.15 billion RMB, representing a year-on-year increase of 4.32%. However, net profit attributable to shareholders is forecasted to decrease to 1.01 billion RMB, down 14.57% year-on-year [5][9]. - In Q1 2025, the company reported a revenue of 2.36 billion RMB, up 12.85% year-on-year, and a net profit of 276 million RMB, up 30.95% year-on-year [5][9]. - The company is launching a high-performance synthetic rubber project, leveraging its advantages in raw materials and facilities within the new materials chemical park, aiming to enhance cost control and operational safety [5][10]. Financial Summary - The financial summary indicates a decline in net profit from 1,180 million RMB in 2023 to 1,008 million RMB in 2024, with a gradual recovery projected in subsequent years [3][6]. - The company's earnings per share (EPS) for 2025 is adjusted to 0.78 RMB, with further increases to 0.85 RMB in 2026 and 0.92 RMB in 2027 [5][9]. - The net asset return rate is projected to stabilize around 10% over the next few years, with a slight increase expected by 2027 [3][6].

Core Viewpoint - The company, Zhejiang Jiahua Energy Chemical Co., Ltd., has released its first quarter report for 2025, ensuring the accuracy and completeness of the information disclosed [7][17]. Financial Data - The financial report for the first quarter of 2025 has not been audited [5]. - The company has a total of 42,705,085 shares held in its repurchase account, accounting for 3.07% of the total share capital [3]. - The total amount used for share repurchase is 197.21 million yuan, with a maximum price of 8.25 yuan per share and a minimum price of 6.73 yuan per share [4]. Shareholder Information - The company has a total of 10 major shareholders, with no changes reported in the lending of shares for margin trading [2][4]. Business Operations - The company’s main business segments include chemicals, energy, and terminal loading and unloading [7]. - The report includes data on the production, sales, and revenue of major products, although specific figures are not detailed in the provided text [7]. Price Changes - The report outlines price changes for major chemical products such as fatty alcohols, polyvinyl chloride, and others during the first quarter of 2025 [8]. - The prices of key raw materials like palm oil, ethylene, and sulfur have also been reported, indicating fluctuations during the same period [10]. Other Important Information - The company has confirmed that there are no overdue guarantees as of March 31, 2025, with a total external guarantee balance of 0 yuan [4]. - The board of directors and the supervisory board have approved the first quarter report, confirming compliance with legal and regulatory requirements [12][18].

证券代码：600273 股票简称：嘉化能源 编号：2025-026 浙江嘉化能源化工股份有限公司 关于公司 2025 年第一季度主要经营数据的公告 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。 浙江嘉化能源化工股份有限公司（以下简称"公司"或"嘉化能源"）主要业 务板块为化工、能源及码头装卸等，根据上海证券交易所发布的《上市公司自律监 管指引第 3 号行业信息披露：第十三号——化工》及相关要求，现将公司 2025 年第 一季度主要业务板块经营数据披露如下： 注：聚氯乙烯数据未包含贸易。 二、主要化工产品和原材料的价格变动情况 （一）主要化工产品价格变动情况 2025 年第一季度公司主要化工产品脂肪醇（酸）系列产品、聚氯乙烯、氯碱、 板块 主要产品 2025 年第一季度 生产量(万吨) 2025 年第一季 度销售量(万吨) 2025 年第一季度 营业收入(万元) 化工板块 脂肪醇（酸）系列 产品 7.41 6.94 106,392.82 聚氯乙烯 9.06 6.91 31,073.82 氯碱 9.52 9.23 23,346. ...