证券代码：600309 证券简称：万华化学 公告编号：临 2025-08 号 关于持股 5%以上股东部分股份补充质押公告 万华化学集团股份有限公司 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。 特此公告。 截至公告披露日，上述股东及其一致行动人烟台中诚投资股份有限公司（以 下简称"中诚投资"）累计质押股份情况如下： 1 股东 名称 是否为控 股股东 本次质押股 数 是否为限售 股（如是， 注明限售类 型） 是否补 充质押 质押起始 日 质押到期 日 质权人 占其所 持股份 比例 占公司 总股本 比例 质押融 资资金 用途 中凯 信 否 3,400,000 否 是 2025 年 4 月 8 日 2026 年 9 月 18 日 中国银河 证券股份 有限公司 1.13% 0.11% 补充质 押 中凯 信 否 10,200,000 否 是 2025 年 4 月 8 日 2026 年11 月 20 日 中国银河 证券股份 有限公司 3.38% 0.32% 补充质 押 合计 13,600,000 4.51% 0.43% 1.本次股份质押 ...

每经记者 朱成祥 每经编辑 魏官红 丨 2025年4月8日 星期二 丨 NO.1 格林美：高质量核壳前驱体出口市场不受美国关税政策影响 格林美公告，2025年4月7日，公司新一代超高镍9系核壳三元前驱体首次量产发货仪式在公司全资子公 司荆门市格林美新材料有限公司举行，公司新一代超高镍9系核壳三元前驱体正式出货启运，标志着全 球新一代超高镍9系核壳三元前驱体大规模量产化与市场化的开始，公司也成为全球唯一具备大规模生 产超高镍9系核壳三元前驱体的企业。此外，2025年一季度公司产销两旺，产能利用率超过95%，并未 受美国关税政策影响。公司高质量核壳前驱体订单已提前锁定日韩和欧洲高端市场，出口市场不受美国 关税政策影响。 点评：格林美新一代超高镍9系核壳三元前驱体的量产发货，展现了其在新能源材料领域的创新实力。 作为全球唯一大规模生产该材料的企业，格林美在技术上的领先地位无疑为其带来了竞争优势。同时， 一季度产销两旺，表明公司在市场波动中保持了稳定的运营能力。 NO.2 琏升科技：拟购买兴储世纪控制权、天津琏升少数股东股权 4月7日，琏升科技公告，公司拟通过发行股份及支付现金等方式购买兴储世纪控制权、天津琏升少数股 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600309 证券简称：万华化学 公告编号：临2025-07号 1、回购股份的种类：公司发行的人民币普通股（A股）。 2、回购股份的用途：本次回购的股份将用于减少注册资本。 万华化学集团股份有限公司关于董事长提议回购公司部分股份的提示性公告 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。 万华化学集团股份有限公司（以下简称"本公司"或"公司"）于2025年4月7日收到公司董事长廖增太先生 （以下简称"提议人"）《关于提议万华化学集团股份有限公司回购公司部分股份的函》，具体内容如 下： 一、提议人的基本情况及提议时间 1、提议人：公司董事长廖增太先生 2、提议时间：2025年4月7日 二、提议回购股份的原因和目的 为维护公司全体股东利益，增强投资者信心，稳定及提升公司价值，基于对公司未来发展的信心，公司 董事长廖增太先生提议公司通过集中竞价交易方式回购部分公司股份，回购的股份将用于减少注册资 本，优化公司资本结构，提升公司股东价值。 三、提议内容 廖增太先生在回购 ...

Group 1: Stock Suspension and Resumption - Beizhi Technology plans to acquire 100% of Suzhou Suike Intelligent Technology Co., Ltd., resulting in stock suspension [1] - Taihao Technology intends to issue shares to purchase 27.46% equity of Taihao Military Industry, leading to stock resumption. This acquisition is expected to strengthen the company's industrial layout in the military equipment sector [1] Group 2: Share Buyback - Wanhua Chemical's chairman proposed a share buyback plan ranging from 300 million to 500 million yuan [2] Group 3: Investment Cooperation and Operational Status - Guotai Junan has changed its A-share stock name to Guotai Haitong starting April 11 and has been approved to publicly issue company bonds not exceeding 60 billion yuan to professional investors [3] - Lizhong Group stated that the adjustment of U.S. tariffs will not significantly impact its production and operations [3] - Haoyang Co., Ltd. plans to invest no less than 603 million yuan in the construction of an entertainment equipment industrial base project [4] - Runjian Co., Ltd. is a candidate for the procurement project of comprehensive maintenance for Guangdong Unicom's 5G services, with a total bid scale of 179 million yuan [4] - Samsung Medical's wholly-owned subsidiary, Aix Smart Technology, won a transformer procurement framework project in Hungary, with a total contract amount of 23,840,958.10 euros, approximately 190 million yuan [4] - Nandu Property plans to increase its investment in Hangzhou Yunxiang Robot by 15 million yuan [5] Group 4: Performance Changes - Xiaogoods City reported a net profit of 803 million yuan in Q1, a year-on-year increase of 12.66%, mainly due to a 97 million yuan increase in gross profit from market operations and new businesses [6] - Kidswant expects a Q1 net profit between 29.1471 million and 38.4742 million yuan, a year-on-year increase of 150%-230%, driven by store upgrades, supply chain optimization, and AI development [6] - China CNR anticipates a Q1 net profit between 2.822 billion and 3.226 billion yuan, a year-on-year increase of 180%-220%, due to increased product sales [6] - Yonghe Co., Ltd. expects a Q1 net profit between 91 million and 103 million yuan, a year-on-year increase of 144.49% to 176.74%, attributed to strong demand for refrigerants and fluoropolymer materials [6] - Yinglian Co., Ltd. forecasts a Q1 net profit between 7.5 million and 11 million yuan, a year-on-year increase of 459.28%-720.28%, due to market expansion and improved gross margins [6] - Limin Co., Ltd. expects to achieve a net profit of 100 million to 120 million yuan in Q1 2025, turning a profit due to rising prices and increased sales of its main products [7] - China Aluminum anticipates a Q1 net profit between 3.4 billion and 3.6 billion yuan, a year-on-year increase of 53% to 63%, driven by increased production of major products [8] - Shandong Steel expects a total profit of approximately 15.3 million yuan in Q1 2025, with a net profit of around -1.45 million yuan, significantly reducing losses [8] - COSCO Shipping Holdings expects a Q1 net profit of 11.689 billion yuan, an increase of approximately 73.04% year-on-year [8] - Tiande Yu expects a Q1 net profit of 70.5681 million yuan, a year-on-year increase of 116.96%, driven by new product and market development [8] - Jinaobo expects a Q1 net profit between 33 million and 40 million yuan, a year-on-year increase of 128.18% to 176.59%, due to significant revenue growth in specialized equipment [8]

证券代码：600309 证券简称：万华化学 公告编号：临2025-07号 万华化学集团股份有限公司 关于董事长提议回购公司部分股份的提示性公告 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。 万华化学集团股份有限公司（以下简称"本公司"或"公司"）于2025年4月 7日收到公司董事长廖增太先生（以下简称"提议人"）《关于提议万华化学集团 股份有限公司回购公司部分股份的函》，具体内容如下： 一、提议人的基本情况及提议时间 1、提议人：公司董事长廖增太先生 2、提议时间：2025年4月7日 二、提议回购股份的原因和目的 为维护公司全体股东利益，增强投资者信心，稳定及提升公司价值，基于对 公司未来发展的信心，公司董事长廖增太先生提议公司通过集中竞价交易方式回 购部分公司股份，回购的股份将用于减少注册资本，优化公司资本结构，提升公 司股东价值。 3、回购股份的方式：通过上海证券交易所交易系统以集中竞价交易方式进行 股份回购。 4、回购股份的价格：回购价格上限不高于公司董事会审议通过回购股份方案 决议前30个交易日公司股票交易均价 ...

股票简称：万华化学 股票代码：600309 公告编号：临 2025-06 号 2025 年 4 月 3 日，万华化学烟台产业园 120 万吨/年乙烯装置成功产出合格 乙烯产品，乙烯二期项目一次开车成功。 该项目以石脑油和乙烷作为原料，通过优化资源配置形成新质生产力，提升 产业链竞争力和盈利能力。 特此公告。 万华化学集团股份有限公司 2025 年 4 月 4 日 万华化学集团股份有限公司 烟台产业园乙烯二期项目建成投产公告 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。 ...

Group 1 - The core viewpoint of the news is the performance of the CSI Chemical Index, which has shown an increase of 1.62% in the past month and 4.43% in the past three months, with a year-to-date increase of 4.43% [1] - The CSI Chemical Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The top ten weighted stocks in the CSI Chemical Index include Wanhua Chemical (7.35%), Salt Lake Industry (3.68%), and Satellite Chemical (2.22%) among others [1] Group 2 - The market share of the CSI Chemical Index holdings is distributed as follows: Shenzhen Stock Exchange 52.02%, Shanghai Stock Exchange 47.73%, and Beijing Stock Exchange 0.24% [1] - The composition of the CSI Chemical Index holdings by industry shows that chemical products account for 33.16%, chemical raw materials 27.50%, and agricultural chemicals 19.69% [2] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [2]

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [1][20]. Core Views - The company is expected to recover from performance declines due to impairment and expense growth, with a projected revenue of 182.07 billion yuan for 2024, reflecting a year-on-year growth of 3.83% [5]. - The net profit attributable to shareholders is forecasted to be 13.03 billion yuan, a decrease of 22.49% year-on-year, primarily due to increased research and development expenses and asset impairment [5]. - The MDI market is anticipated to recover, driven by limited global capacity growth and increased demand from downstream sectors such as home appliances and automotive [8]. - The company's ethylene projects are expected to enhance profitability in its petrochemical business due to cost advantages over traditional oil routes [8]. - The company has a robust pipeline of new projects in fine chemicals and new materials, ensuring future growth potential [9]. Summary by Sections Financial Performance - The company reported a revenue of 182.07 billion yuan for 2024, with a net profit of 13.03 billion yuan, and basic earnings per share (EPS) of 4.15 yuan [5]. - The average prices for key raw materials such as pure benzene and propane have shown fluctuations, impacting overall profitability [5][6]. Market Outlook - The MDI industry is expected to see a recovery in demand, with price increases noted in 2025, which may improve industry profitability [8]. - The company is focusing on expanding its new materials business, with several projects set to launch in 2024, including a 20,000-ton POE and 48,000-ton citral facility [9]. Valuation Metrics - The projected EPS for 2024 and 2025 is 4.15 yuan and 5.39 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18.76 and 14.45 based on the closing price of 67.06 yuan [9].

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [1][20]. Core Views - The company is expected to recover from performance declines due to impairment and expense growth, with a projected revenue of 182.07 billion yuan for 2024, representing a year-on-year growth of 3.83%. However, net profit is anticipated to decline by 22.49% to 13.03 billion yuan [5][10]. - The MDI market is expected to recover, driven by limited global capacity growth and increased demand from downstream sectors such as home appliances and automotive [8]. - The company has a rich pipeline of new projects, ensuring future growth, particularly in fine chemicals and new materials, with significant investments in various projects [9]. Summary by Sections Financial Performance - The company reported a revenue of 182.07 billion yuan for 2024, with a net profit of 13.03 billion yuan, down 22.49% year-on-year. The basic earnings per share (EPS) is projected at 4.15 yuan [5][10]. - The average price of key raw materials such as pure benzene increased by 14.49% year-on-year, while the prices of other materials showed mixed trends [5][6]. Market Outlook - The MDI industry is expected to see a recovery due to limited new capacity and increased demand from sectors benefiting from policy changes [8]. - The company's ethylene projects are anticipated to enhance profitability in its petrochemical business, leveraging cost advantages over traditional oil routes [8]. Growth Potential - The company is expanding its new materials business, with projects like 20,000 tons of POE and 48,000 tons of citral set to launch in 2024, contributing to rapid growth [9]. - Future projects include polyurethane upgrades and expansions in ethylene and POE production, which will support long-term growth [9].

Summary of Wanhua Chemical - A Conference Call Company Overview - **Company**: Wanhua Chemical - **Industry**: Chemicals, specifically polyurethanes and diisocyanates Key Financial Highlights - **4Q Performance**: Reported a net profit (NP) of Rmb1.94 billion, down 34% quarter-over-quarter (q/q) and 53% year-over-year (y/y) [2][5] - **Operating Profit (OP)**: Stood at Rmb3.4 billion, a decrease of 14% q/q and 29% y/y, which was broadly in line with expectations [2][5] - **Operational Margin (OPM)**: Improved to 10% in 4Q, up from 8% in 3Q24, despite a significant drop in revenue due to low-margin LPG trading [5] Project Updates - **Yantai 2 Ethylene Cracker**: Expected to start in 2Q25, slightly delayed from previous guidance of end-2024. This project is anticipated to contribute approximately Rmb480 million to NP annually, representing 4% of 2024 NP [2][5] - **1Q25 Outlook**: Forecasted recovery of NP by 50% q/q to Rmb3 billion, driven by the absence of year-end one-offs and improving MDI spreads [5] Market Dynamics - **MDI Market Share**: Wanhua holds a 27% global market share for MDI, with expectations to increase to over 30% by 2025 due to ongoing expansions [19] - **US Tariffs Impact**: US tariffs on China-origin MDI exports increased from 25% to 35% in February 2025 and 45% in March 2025. This could lead to a 3% negative earnings impact if export share is lost [6][21] Investment Thesis - **Valuation**: Price target set at Rmb95.00, based on a mid-cycle price-to-book ratio of 3.2x, reflecting the cyclical nature of the business [19][20] - **Growth Potential**: Anticipated robust growth from expansions in fine chemicals and new materials, including battery cathodes and biodegradable plastics [19] Risks and Catalysts - **Downside Risks**: Include unplanned outages and feedstock cost inflation due to supply tightness [21] - **Upside Catalysts**: Potential competitor disruptions due to energy supply or logistics issues in the EU/U.S. [21] Conclusion - Wanhua Chemical is positioned for long-term growth with significant market share in the MDI sector and ongoing expansion projects. However, near-term challenges include tariff impacts and operational performance fluctuations.