证券代码：600273 证券简称：嘉化能源 公告编号：2025-051 浙江嘉化能源化工股份有限公司 二、回购股份的进展情况 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：公司在回购股份期间，回购股份占上市公司总股本的比例每增加 1%的，应 当在事实发生之日起 3 个交易日内予以披露。现将公司回购股份的进展情况公告 如下： 截至 2025 年 8 月 14 日，公司通过集中竞价交易方式回购股份数量为 27,906,500 股，占公司总股本的比例为 2.06%，回购股份成交的最高价为人民币 9.14 元/股，最低价为人民币 8.30 元/股，已支付的总金额为人民币 24,244.28 万 元（不含交易费用）。本次回购股份符合法律法规的规定及公司回购股份方案。 三、其他事项 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 ...

浙江嘉化能源化工股份有限公司 2025 年第二次临时股东大会会议资料 嘉化能源 2025 年第二次临时股东大会会议资料 嘉化能源 2025 年第二次临时股东大会会议资料 浙江嘉化能源化工股份有限公司 二〇二五年八月 股票代码：SH600273 1 / 10 嘉化能源 2025 年第二次临时股东大会会议资料 目 录 | 1、嘉化能源 | 2025 年第二次临时股东大会会议须知 | 3 | | --- | --- | --- | | 2、嘉化能源 | 2025 年第二次临时股东大会会议议程 | 5 | | 3、各议案内容 | | 7 | 股票代码：SH600273 2 / 10 七、每一股东发言原则上不得超过三次，每次发言原则上不能超过 5 分钟。 2025 年第二次临时股东大会会议须知 尊敬的各位股东及股东代表： 欢迎您来参加浙江嘉化能源化工股份有限公司 2025 年第二次临时股东大会。 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证大 会的顺利进行，根据《公司章程》、公司《股东大会议事规则》及相关法律法规和 规定特制定本须知。 一、董事会以维护股东的合法权益、确保大会正常秩序和议事效率为原 ...

格隆汇8月15日丨嘉化能源(600273.SH)公布，截至2025年8月14日，公司通过集中竞价交易方式回购股 份数量为2790.65万股，占公司总股本的比例为2.06%，回购股份成交的最高价为人民币9.14元/股，最低 价为人民币8.30元/股，已支付的总金额为人民币24,244.28万元（不含交易费用）。 ...

浙江嘉化能源化工股份有限公司公告以集中竞价交易方式回购股份进展。2025年4月相关会议通过回购 议案，预计回购4 - 6亿元股份，用途为减少注册资本、员工持股等。经2024年利润分配方案调整，回购 价格上限调为不超11.82元/股。截至8月14日，累计回购2790.65万股，占总股本2.06%，累计已回购金额 24244.28万元，实际回购价8.30 - 9.14元/股。 ...

Core Viewpoint - Guohua Securities issued a report on August 14, giving Jiahu Energy (600273.SH) an outperform rating based on several key factors [2] Group 1: Company Overview - The company focuses on cogeneration, producing and selling steam, fatty alcohols, and chlor-alkali products [2] - It achieves internal and external circular development based on cogeneration [2] Group 2: Competitive Advantages - The chlor-alkali segment benefits from both self-supplied electricity cost and regional advantages [2] - There is a continuous growth in demand for fatty alcohols, with the company leading in market share and profitability [2] Group 3: Shareholder Returns - The company emphasizes shareholder returns through high dividends and share buybacks [2]

Investment Rating - The report assigns an "Outperform the Market" rating for the company, with a reasonable valuation range of 10.20 to 11.31 CNY, indicating a potential premium of 13% to 27% over the current stock price of 8.91 CNY [4]. Core Insights - The company is a leading domestic player in the fatty alcohol sector, leveraging significant cost advantages from its combined heat and power (CHP) production model, which integrates energy generation with product manufacturing [1][2]. - The fatty alcohol market is expected to grow, with a projected demand of 1.0462 million tons in 2024, reflecting a compound annual growth rate (CAGR) of 6.01% from 2021 to 2024, driven by strong downstream demand in various industries [2]. - The company emphasizes shareholder returns through high dividend payouts and share buybacks, with a dividend payout ratio projected to reach 50% in 2025, resulting in an effective dividend yield of 7.40% to 9.02% [3][29]. Summary by Sections Company Overview - The company, established in 2003, focuses on CHP as its core business, producing and selling fatty alcohols, PVC, steam, and chlor-alkali products, among others. It has a current capacity of 200,000 tons for fatty alcohols and 297,000 tons for chlor-alkali products [1][14]. Production and Cost Advantages - The chlor-alkali segment benefits from self-generated electricity, significantly reducing production costs. The company is the only chlor-alkali producer in the northern Zhejiang region, allowing for efficient logistics and cost savings through direct pipeline supply to downstream customers [2][15]. Market Position and Growth - The company is set to become the largest fatty alcohol producer in China, with a market share exceeding 30% by 2025, supported by the upcoming addition of 150,000 tons of production capacity [2][4]. Financial Performance and Forecast - The company forecasts a steady increase in revenue and net profit over the next five years, with expected net profits of 1.156 billion CNY in 2025, growing to 1.411 billion CNY by 2027 [4][8]. Shareholder Returns - The company has maintained a high dividend payout policy, with a historical dividend payment rate of around 50% and a consistent share buyback program since 2018, enhancing shareholder value [3][26]. Research and Development - The company invests approximately 3% of its revenue in R&D, focusing on technological innovation to maintain its competitive edge in the industry [32][34].

Group 1 - The stock price of Jiahuan Energy is reported at 8.92 yuan, down 1.22% from the previous trading day, with a trading range of 9.09 yuan to 8.89 yuan and a total transaction amount of 182 million yuan [1] - Jiahuan Energy's main business includes the production and sales of basic chemical products and energy supply, and it is one of the important chemical companies in China located in Zhejiang Province [1] - The company recently announced a semi-annual distribution plan for 2025, proposing a cash dividend of 2 yuan for every 10 shares to all shareholders, with a total expected cash distribution of 265 million yuan, representing 45.66% of its net profit, marking the 26th cash distribution since its listing [1] Group 2 - On August 11, the net outflow of main funds was 22.54 million yuan, with a cumulative net outflow of 37.98 million yuan over the past five days [1]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 5.006 billion yuan, up 8.31% year-on-year, and net profit at 581 million yuan, a 9.64% increase [2] - The company plans to distribute a cash dividend of 2 yuan per 10 shares to all shareholders [2] Financial Performance - The company achieved a basic earnings per share of 0.4301 yuan, reflecting a 12.5% increase compared to the previous year [2] - The weighted average return on net assets was 5.62%, an increase of 0.35 percentage points [2] - The net profit margin stood at 11.60%, with a gross profit margin of 17.42%, which improved by 0.49 percentage points year-on-year [3] Product Performance - The sales revenue of fatty alcohol (acid) series products surged by 60.21% to 2.319 billion yuan, driven by high raw material prices [1] - The sulfonated pharmaceutical series products benefited from recovering downstream demand, with sales revenue increasing by 38.18% to 178 million yuan [1] - Conversely, the sales revenue of polyvinyl chloride (PVC) products declined by 15.90% due to falling prices, and steam business revenue decreased by 1.61% linked to coal price adjustments [1] Operational Efficiency - The company's expense ratio decreased by 0.25 percentage points to 5.12%, with management expenses down by 11.28% [3] - Research and development investment increased by 16.80%, indicating a focus on innovation [3] - Despite facing overcapacity pressures in the energy and chemical industry, the company is ensuring full production of core facilities through a combined heat and power cycle economy model and is advancing projects in hydrogen energy and other new fields [3]

Group 1 - On August 8, Jiayuan Energy had a financing purchase amount of 0.12 billion, ranking 1148th in the two markets [1] - The financing repayment amount on the same day was 0.14 billion, resulting in a net sell of 2.72 million [1] - Over the last three trading days (August 6-8), Jiayuan Energy received financing purchases of 0.33 billion, 0.23 billion, and 0.12 billion respectively [1] Group 2 - On August 8, the company had a short selling of 69,500 shares, with a net sell of 59,200 shares [1]

Investment Rating - The investment rating for the industry is "Positive" (maintained) [1] Core Views - The chlor-alkali industry is experiencing a bottoming out of profitability, with the potential for recovery driven by anti-involution policies. As of July 2025, the average profit for the caustic soda industry is estimated at 1,053 RMB/ton, while the PVC industry is facing an average loss of 767 RMB/ton. The implementation of anti-involution policies is expected to improve the overall profitability of the chlor-alkali industry [5][21][22]. Chlor-Alkali Industry - The chlor-alkali industry primarily produces caustic soda and polyvinyl chloride (PVC), which are essential for various sectors including infrastructure and real estate. The profitability of the chlor-alkali industry has been under pressure due to low demand in downstream sectors, particularly in real estate [15][20]. - The industry is characterized by high energy consumption, with significant electricity usage per ton of product. The total electricity consumption for caustic soda and PVC production is substantial, indicating potential regulatory challenges in the future [16][19]. PVC Market - The PVC industry is currently facing weak profitability, with a projected new capacity of only 220,000 tons/year in 2025. The demand for PVC has been declining, with a 5.04% year-on-year decrease in apparent consumption in the first half of 2025 [6][39]. - The demand for PVC is heavily influenced by the real estate market, which has been underperforming. However, urban renewal initiatives may provide a boost to PVC demand in the future [40][44]. - The supply side is expected to see a shift towards ethylene-based production methods, as outdated acetylene-based capacities are phased out. This transition is anticipated to stabilize the market [45]. Caustic Soda Market - The caustic soda market is expected to benefit from a gradual recovery in demand, particularly from the aluminum sector, which is seeing increased production capacity. The exit of outdated production capacities is likely to improve the supply-demand balance [7][27]. - The average consumption of caustic soda in the first half of 2025 was 1,941 million tons, reflecting a slight year-on-year decline of 2.35% [7]. Beneficiary Stocks - Key beneficiaries in the chlor-alkali sector include Zhongtai Chemical, Xinjiang Tianye, and Jiayuan Energy, among others. These companies are positioned to capitalize on the anticipated recovery in the chlor-alkali industry [33].