证券代码：600309 证券简称：万华化学 公告编号：临 2025-04 号 特此公告。 万华化学集团股份有限公司 2025 年 3 月 18 日 公司股东烟台中诚投资股份有限公司持有万华化学股份 330,379,594 股，占公司总股本 比例 10.52%，本次股份解除质押业务办理完成后，烟台中诚投资股份有限公司累计质 押 51,000,000 股。 万华化学集团股份有限公司获悉公司持股 5%以上股东烟台中诚投资股份有 限公司所持有本公司的部分股份办理解除质押手续，具体情况如下表： | 股东名称 | 烟台中诚投资股份有限公司 | | --- | --- | | 本次解除质押股份数量 | 13,890,000 | | 占其所持股份比例 | 4.20% | | 占公司总股本比例 | 0.44% | | 解除质押时间 | 2025 年 3 月 14 日 | | 持股数量 | 330,379,594 | | 持股比例 | 10.52% | | 剩余被质押股份数量 | 51,000,000 | | 剩余被质押股份数量占其所持股份比例 | 15.44% | | 剩余被质押股份数量占公司总股本比例 | 1.62% | 本 ...

Financial Performance - The company achieved total operating revenue of RMB 18,206,911.92 million, an increase of 3.83% compared to the previous year[3] - Net profit attributable to shareholders decreased by 22.49% to RMB 1,303,306.66 million compared to the previous year[4] - Basic earnings per share decreased by 22.57% to RMB 4.15[2] Assets and Equity - Total assets at the end of the reporting period reached RMB 29,333,334.97 million, reflecting a growth of 15.92% from the beginning of the period[4] - Shareholders' equity attributable to the company increased by 6.73% to RMB 9,462,589.61 million[4] Operational Developments - The company continued to enhance its global channel layout and improve the autonomous operation level of its facilities[4] - Sales volume and revenue of major products maintained a growth trend, despite a decline in trade revenue[4] Investment and Expenses - Research and development investment continued to increase, along with sales, management, and financial expenses[4] Risk and Stability - The overall gross profit remained stable year-on-year due to market price and raw material cost fluctuations[4] - The company issued a risk warning regarding the preliminary nature of the financial data, which has not been audited[2]

2025 年 03 月 16 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 联系人 ： 仲逸涵 S0350123070022 zhongyh@ghzq.com.cn [Table_Title] 欧美 MDI 厂商发布涨价函，关注铬盐在军工领 域的应用 ——基础化工行业周报 最近一年走势 | 行业相对表现 | | | 2025/03/14 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 4.1% | 0.5% | 9.7% | | 沪深 300 | 1.7% | 1.9% | 12.5% | 相关报告 《基础化工行业周报：振华股份铬盐价格上涨，中 策橡胶 IPO 过会（推荐）*基础化工*李永磊，董伯 骏》——2025-02-16 《基础化工行业周报：轮胎原材料价格指数走低， 赛轮轮胎拟扩建柬埔寨工厂（推荐）*基础化工*李 永磊，董伯骏》——2025-01-12 《基 ...

Investment Rating - The industry investment rating is "Recommended" [3][22]. Core Insights - The prices of pure MDI and TDI have shifted from rising to falling due to demand not meeting expectations. MDI is currently facing a 41.5% tariff due to an anti-dumping investigation in the US, but the impact on the company's performance is expected to be limited as they adjust channels through Hungarian production [3][13]. - Potash prices continue to rise, with domestic upstream operating rates low and the demand peak approaching. The international market is experiencing supply tightness due to Ural Potash Company announcing the closure of three mines for maintenance, leading to a reduction of at least 300,000 tons in Q2 production [3][12]. Industry Performance Statistics and Analysis - From February 17 to February 21, 2025, the Shenwan Basic Chemical Index increased by 1.19%, outperforming the Shanghai Composite Index, which rose by 0.97%. The best-performing sectors included membrane materials, other rubber products, and carbon black, while the worst-performing sectors were phosphate fertilizers, nitrogen fertilizers, and soda ash [9]. - The price of titanium dioxide has risen to 14,546 RMB/ton, up 0.43% week-on-week, driven by cost pressures and the upcoming demand peak. Dragon Group announced a price increase of 300 RMB/ton for domestic customers and 50 USD/ton for international customers [11]. - The price of potassium chloride is currently 2,954 RMB/ton, with a weekly increase of 5.61% and a monthly increase of 14.58%. Domestic supply is expected to decrease by about 15% due to winter maintenance, while international supply is constrained by geopolitical factors [12]. Price Trends of Key Products - TDI price has decreased by 12.82% to 12,925 RMB/ton due to low downstream demand and limited orders, leading to a surplus of market supply [12][16]. - Pure MDI price has dropped by 2.05% to 19,100 RMB/ton, with market activity subdued as downstream demand remains weak [13][16]. - The overall chemical product prices have shown active performance since the beginning of 2025, primarily due to cost pressures and supply-demand mismatches [13]. Recommended Companies - The report highlights several companies with strong long-term prospects, including Wanhua Chemical, Hualu Hengsheng, Baofeng Energy, Longbai Group, Satellite Petrochemical, Juhua Co., Huat Gas, Yake Technology, and Jiangnan Chemical [14].

证券代码：600309 证券简称：万华化学 公告编号：临 2025-03 号 万华化学集团股份有限公司 关于持股 5%以上股东部分股份质押公告 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: 公司股东烟台中诚投资股份有限公司持有万华化学股份 330,379,594 股，占公司总股本 比例 10.52%，本次股份质押业务办理完成后，烟台中诚投资股份有限公司累计质押股 份 64,890,000 股，占其持股数量比例 19.64%。 公司于 2025 年 3 月 4 日获悉烟台中诚投资股份有限公司（以下简称"中诚 投资"）所持有本公司的部分股份被质押，具体情况如下。 2.本次质押股份不存在被用作重大资产重组业绩补偿等事项的担保或其他 保障用途。 3.股东累计质押股份情况 截至公告披露日，上述股东及其一致行动人宁波市中凯信创业投资股份有限 公司（以下简称"中凯信"）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 ...

基础化工行业 行业研究 | 行业周报 国家/地区 中国 行业 基础化工行业 报告发布日期 2025 年 03 月 03 日 看好（维持） | 倪吉 | 021-63325888*7504 | | --- | --- | | | niji@orientsec.com.cn | | | 执业证书编号：S0860517120003 | | 顾雪莺 | guxueying@orientsec.com.cn | | | 执业证书编号：S0860523080005 | 寻找景气复苏的周期行业之十三：乙二醇 2025-01-23 站在新秩序的起点：化工行业 2025 年度投 资策略 2024-12-18 投资建议与投资标的 风险提示 ⚫ 项目进展不及预期；需求不及预期；海外销售不及预期；原材料价格大幅波动。 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 本周化肥产品持续涨价 ⚫ 我们监测的 188 种化工产品中，本周价格涨幅前 3 名的产品分别为硫酸（上涨 16.6%）、硫磺（上涨 13.4%）、氯化钾（上涨 11.2%）；跌幅 ...

Investment Rating - The report recommends an overweight allocation to leading companies in the chemical industry at this time [1] Core Viewpoints - The recovery of the real estate market is significantly supporting the demand for chemical materials, particularly in new and second-hand home renovations, with a notable increase in transaction volumes in major cities [3][4] - Anticipated policy measures from the upcoming Two Sessions are expected to benefit the chemical industry, particularly in refining and ethylene sectors, by optimizing industrial layout and increasing high-end capacity supply [3][4] - The cost pressures on chemical companies have substantially eased due to a significant decline in coal prices and oil prices, which enhances profitability [4] - The valuation of leading chemical stocks is at historical lows, with the price-to-book ratio of CITIC's segmented chemical leaders at only 2.03 times, indicating potential for value re-evaluation [5] - 2025 is projected to be a pivotal year for the petrochemical industry, with capital expenditures declining and new capacity releases concluding, leading to a gradual improvement in industry conditions [6] Summary by Sections Real Estate Market Impact - The real estate market has shown signs of stabilization, with a 3% year-on-year increase in transaction volume across 30 major cities and a 45% increase in second-hand home transactions in key cities, which supports chemical demand [3][4] Policy Expectations - The upcoming Two Sessions may introduce favorable policies for the chemical industry, focusing on eliminating outdated capacity and enhancing high-end production [3][4] Cost Pressure Relief - Recent declines in coal prices (down 200-300 RMB/ton) and oil prices (around $70/barrel) have significantly reduced cost pressures for major chemical companies, improving their profitability [4] Valuation Insights - The current price-to-book ratio for leading chemical stocks is at a low historical level, suggesting a disconnect between stock prices and fundamental improvements, indicating potential for upward valuation adjustments [5] Industry Outlook - The chemical industry is expected to enter a recovery phase post-2025, following a three-year down cycle, with capital expenditures decreasing and new capacity reaching its peak [6] Company-Specific Developments - Wanhua Chemical is facing challenges but has strong fundamentals in its MBIA business, with prices for key products at high levels, indicating potential for profit growth [7][8] - Hualu Hengsheng's urea business is performing well with over 3 million tons of capacity and improving profitability despite price fluctuations [12] - Longbai Group is expected to see improved profitability due to limited global titanium ore supply and increased production capacity [21] - Baofeng Energy is benefiting from lower coal prices, leading to significant profit growth in its coal-to-olefins projects [22]

宁德时代在安徽成立新公司 近日，时代骐骥新能源科技（宣城）有限公司成立，法定代表人为熊洪瑞，注册资本500万人民币，经营范围含新兴能源技术研发、新能源汽 车换电设施销售、在线能源计量技术研发、合同能源管理、电池销售、信息系统运行维护服务、充电桩销售、机动车充电销售等。 3月1日，福鼎时代锂离子电池生产基地5号超级工厂项目正式封顶。 福鼎时代5号超级工厂项目厂房单体建筑面积达23万平方米，布局了4条国际领先的新能源电池超级生产线及智能制造设备，年产能力将达到 25GWh新能源动力电池。项目于2024年10月21日正式开工，预计2025年8月投产。 亿纬锂能增资锂电材料头部企业 天眼查App显示，近日，贝特瑞新材料科技有限公司发生工商变更，新增亿纬锂能为股东，注册资本由5亿人民币增至6亿人民币，同时，法定 代表人及多位高管均发生变更。 资料显示，贝特瑞（四川）新材料科技有限公司成立于2020年5月，法定代表人为田立斌，经营范围含合成材料制造、合成材料销售、石墨及 碳素制品制造、石墨及碳素制品销售、电池制造、塑料制品制造、电子专用材料制造等。 亿纬锂能与三一重卡合作升级 近日，三一重卡与亿纬锂能2025年战略研讨会 ...

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [5] Core Insights - The report emphasizes the recovery of chemical prices, driven by seasonal demand and cost opportunities, recommending resilient companies with long-term growth potential and new material leaders [2][5] - The overall market performance shows a notable recovery in chemical prices, with 32 products increasing in price and 38 decreasing, indicating a general improvement in industry sentiment [5][11] - The report highlights the potential for supply-demand dynamics to improve from 2025 onwards, with policies aimed at addressing overcapacity and enhancing market conditions [5][12] Summary by Sections Market Performance - The Shanghai Composite Index increased by 0.97%, while the ChiNext Index rose by 2.99% during the week of February 17-21, with the basic chemical index up by 1.76%, ranking 9th among 30 sectors [7] - Key chemical products such as liquid chlorine and sulfur saw significant price increases, with liquid chlorine in East China rising by 19.67% [5][11] Investment Recommendations - Recommended companies include Wanhu Chemical, Hualu Hengsheng, and Longbai Group, which are expected to benefit from domestic demand [5][12] - New material leaders such as Ruifeng New Materials and Blue Sky Technology are also highlighted for their growth potential [5][12] Key Company Tracking - Wanhu Chemical's MDI prices remained stable, with a slight decrease in certain product prices, indicating a cautious market outlook [16] - Yaxiang Co. is noted for its strategic overseas expansion to mitigate high tariff pressures from the U.S. [21][22] - Juhua Co. is projected to benefit from a favorable refrigerant market cycle, with significant expected profit growth in 2024 [24][25]

证券代码：600309 证券简称：万华化学 公告编号：临 2025-02 号 公司股东 Prime Partner International Limited 持有万华化学股份 172,993,229 股， 占公司总股本比例 5.51%，本次股份质押业务办理完成后，Prime Partner International Limited 累计质押股份 116,655,045 股，占其持股数量比例 67.43%。 万华化学集团股份有限公司于 2025 年 2 月 17 日获悉股东 Prime Partner International Limited（中文名称"合成国际控股有限公司"，以下简称"合成 国际"）所持有本公司的部分股份被质押，具体情况如下。 2.本次质押股份不存在被用作重大资产重组业绩补偿等事项的担保或其他 保障用途。 3.股东累计质押股份情况 截至公告披露日，上述股东累计质押股份情况如下： 1 万华化学集团股份有限公司 关于持股 5%以上股东部分股份质押公告 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 ...