Core Viewpoint - Wanhua Chemical is committed to building a "waste-free group" and achieving the "three zero" goals of zero harm, zero accidents, and zero emissions, emphasizing sustainable development and environmental protection in its operations [2][17]. Group 1: Sustainable Development Initiatives - Wanhua Chemical has integrated sustainable development into its corporate strategy, focusing on resource recycling, carbon reduction, and environmental protection through systematic innovation and collaboration across the entire industry chain [2][17]. - The company has established a new model for urban wastewater recycling in collaboration with local governments and professional institutions, significantly enhancing water resource efficiency [4][5]. Group 2: Water Resource Management - The Yantai industrial park of Wanhua Chemical utilizes 40 million tons of recycled water annually, meeting 75% of the park's industrial water needs and contributing to local water ecosystem protection [5]. - The company has developed a customized treatment process that transforms municipal wastewater into high-quality industrial water, reducing losses during water transport and significantly improving water usage efficiency [4][5]. Group 3: Air Emission Control - Wanhua Chemical has implemented a comprehensive control strategy for air emissions, achieving a "three no" status (no visible flames, no odor diffusion, no light noise pollution) in its Yantai industrial park [8]. - The company has integrated its flare system with a waste gas recovery system, allowing for the effective collection and conversion of high-calorific waste gases into usable steam, thus achieving 100% harmless treatment of waste gases [8][12]. Group 4: Solid Waste Management - Wanhua Chemical has initiated a "waste-free group" pilot project, implementing a four-dimensional waste reduction concept that includes source reduction, raw material substitution, facility sharing, and process simplification [11][12]. - In 2024, the company achieved a solid waste reduction of 47,000 tons and resource utilization of 45,000 tons, demonstrating both economic and environmental benefits [11][12]. Group 5: Circular Economy Innovations - The company has successfully transformed industrial waste into treatment agents for wastewater, significantly reducing treatment costs and enhancing the value of waste materials [15][16]. - Wanhua Chemical has developed a centralized disposal system for hazardous waste, maximizing resource utilization and minimizing environmental impact [16]. Group 6: Future Directions - Wanhua Chemical aims to deepen its sustainable development strategy and increase investments in environmental technologies, while exploring innovative solutions to global environmental challenges [17]. - The company is committed to collaborating with international organizations and research institutions to contribute to ecological civilization and sustainable development [17].

Group 1: Investment Highlights - This week, the average prices of pure MDI, polymer MDI, and TDI in the polyurethane sector were 17,210 yuan/ton, 15,770 yuan/ton, and 11,380 yuan/ton respectively, with week-on-week decreases of 360 yuan/ton, 20 yuan/ton, and 178 yuan/ton. Their respective gross profits were 3,714 yuan/ton, 3,214 yuan/ton, and -211 yuan/ton, down 620 yuan/ton, 320 yuan/ton, and 229 yuan/ton week-on-week [2]. - In the oil, gas, and olefin sector: ① The average prices of ethane, propane, steam coal, and naphtha this week were 1,245 yuan/ton, 4,373 yuan/ton, 495 yuan/ton, and 4,547 yuan/ton respectively, with week-on-week changes of -142 yuan/ton, +107 yuan/ton, -5 yuan/ton, and +356 yuan/ton. ② The average price of polyethylene was 7,945 yuan/ton, up 138 yuan/ton week-on-week. The theoretical profits of polyethylene production via ethane cracking, CTO, and naphtha cracking were 1,323 yuan/ton, 2,021 yuan/ton, and -246 yuan/ton respectively, with week-on-week changes of +230 yuan/ton, +101 yuan/ton, and -263 yuan/ton. ③ The average price of polypropylene was 7,160 yuan/ton, up 50 yuan/ton week-on-week. The theoretical profits of polypropylene production via PDH, CTO, and naphtha cracking were -184 yuan/ton, 1,702 yuan/ton, and -383 yuan/ton respectively, with week-on-week changes of -65 yuan/ton, +46 yuan/ton, and -318 yuan/ton [2]. - In the coal chemical sector, the average prices of synthetic ammonia, urea, DMF, and acetic acid this week were 2,272 yuan/ton, 1,813 yuan/ton, 3,940 yuan/ton, and 2,364 yuan/ton respectively, with week-on-week changes of -75 yuan/ton, +10 yuan/ton, -25 yuan/ton, and -13 yuan/ton. Their respective gross profits were 399 yuan/ton, 166 yuan/ton, -236 yuan/ton, and -57 yuan/ton, down 62 yuan/ton, +29 yuan/ton, -117 yuan/ton, and -89 yuan/ton week-on-week [2]. - Relevant listed companies in the chemical industry include Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng [2]. Group 2: Weekly Data Briefing of Basic Chemical Industry Company Performance Tracking - As of June 20, 2025, the Basic Chemical Index dropped 2.5% in the past week, 2.2% in the past month, 3.6% in the past three months, but rose 7.0% in the past year and 3.2% since the beginning of 2025. Wanhua Chemical, Baofeng Energy, Satellite Chemical, and Hualu Hengsheng had different performance in terms of stock price changes and profit [8]. Polyurethane Industry Chain - The average prices of pure MDI, polymer MDI, and TDI were 17,210 yuan/ton, 15,770 yuan/ton, and 11,380 yuan/ton respectively, with week-on-week decreases. Their respective gross profits were 3,714 yuan/ton, 3,214 yuan/ton, and -211 yuan/ton, also showing week-on-week declines [8]. Oil, Gas, and Olefin Industry Chain - Raw material prices: The average prices of ethane, propane, NYMEX natural gas, Brent crude oil, naphtha, steam coal, and methanol had different week-on-week changes. For example, ethane was 1,245 yuan/ton, down 142 yuan/ton week-on-week; propane was 4,373 yuan/ton, up 107 yuan/ton week-on-week [8]. - Product prices and profits: The average price of polyethylene was 7,945 yuan/ton, up 138 yuan/ton week-on-week. The theoretical profits of polyethylene production via different routes had different week-on-week changes. The average price of polypropylene was 7,160 yuan/ton, up 50 yuan/ton week-on-week, and the theoretical profits of polypropylene production via different routes also changed accordingly [8]. C2 and C3 Segments - In the C2 segment, products such as ethylene, HDPE, and ethylene glycol had different price changes and raw material price differences. For example, the price of ethylene was 5,891 yuan/ton, up 268 yuan/ton week-on-week, and the price difference with 1.3 ethane (CIF) was 2,034 yuan/ton, up 455 yuan/ton week-on-week [10]. - In the C3 segment, products like propylene, polypropylene, and acrylic acid also had their own price and price difference changes. For instance, the price of propylene was 5,461 yuan/ton, up 28 yuan/ton week-on-week, and the price difference with 1.2 propane was 213 yuan/ton, down 100 yuan/ton week-on-week [10]. Coal Chemical Industry Chain - Coal and coke products: The price of coking coal was 1,069 yuan/ton, down 24 yuan/ton week-on-week; the price of coke was 1,107 yuan/ton, down 22 yuan/ton week-on-week, and its gross profit was -25 yuan/ton, up 24 yuan/ton week-on-week [10]. - Traditional coal chemical products: The prices and gross profits of synthetic ammonia, urea, DMF, and acetic acid had different week-on-week changes [10]. - New materials: Products such as DMC, oxalic acid, and octanol also showed price and gross profit changes [10]. Group 3: Basic Chemical Industry Weekly Report 2.1 Basic Chemical Index Trend - The report may analyze the trend of the basic chemical index, but specific content is not fully presented in the provided text [12]. 2.2 Polyurethane Sector - The report may show the price trends of pure benzene, pure MDI, polymer MDI, and TDI, as well as the price and gross profit trends of polymer MDI, TDI, and pure MDI, but detailed analysis is not provided [17][18]. 2.3 Oil, Gas, and Olefin Sector - It may cover the price trends of MB ethane, NYMEX natural gas, East China propane, Brent crude oil, domestic steam coal, naphtha, and crude oil, as well as the profitability of different production routes such as ethane cracking to PE, PDH to PP, coal to PE, coal to PP, and naphtha to PE/PP, but in - depth analysis is lacking [25][33]. 2.4 Coal Chemical Sector - It may analyze the price trends of domestic coking coal and coke, as well as the price and gross profit trends of coke, synthetic ammonia, urea, acetic acid, DMF, octanol, caprolactam, and adipic acid, but detailed content is not given [42][47][54].

Core Viewpoint - Wanhua Chemical Group Co., Ltd. has successfully registered for debt financing tools and issued bonds to support its funding needs, reflecting its strong financial position and commitment to innovation [1][2]. Group 1: Debt Financing Registration - The company’s board approved the application for the continued registration of non-financial corporate debt financing tools (DFI) on March 18, 2023, which was later approved by the shareholders on May 12, 2023 [1]. - The registration allows the company to issue various financial products, including super short-term financing bonds, short-term financing bonds, medium-term notes, perpetual notes, asset-backed notes, and green debt financing tools [1]. Group 2: Bond Issuance Details - On June 30, 2023, the company received a registration acceptance notice from the China Interbank Market Dealers Association, allowing the registration to be valid for two years [2]. - The company issued its sixth phase of technology innovation bonds on June 12, 2025, with a total issuance amount of 1.2 billion yuan and an interest rate of 1.83% [2]. - The bonds have a maturity of three years, with the interest starting on June 13, 2025, and maturing on June 13, 2028 [2].

Market Overview - The FTSE China A50 Index components showed a mixed performance with the banking and insurance sectors continuing to rise in the afternoon, while the consumer electronics sector experienced divergent trends [1][7]. Banking and Insurance Sector - Major banks and insurance companies such as China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 376.78 billion, 340.36 billion, and 996.83 billion respectively, with trading volumes of 7.95 million, 46.06 million, and 6.95 million [3]. - The insurance sector saw positive changes with Ping An Insurance increasing by 1.54 (+2.89%) and China Life Insurance by 0.14 (+1.67%) [3]. Consumer Electronics Sector - The consumer electronics sector displayed mixed results, with companies like Industrial Fulian and Luxshare Precision reporting market capitalizations of 408.89 billion and 240.74 billion respectively, and trading volumes of 39.50 million and 10.37 million [4]. - Industrial Fulian's stock decreased by 0.22 (-1.06%), while Luxshare Precision increased by 0.18 (+0.35%) [4]. Alcohol Industry - The alcohol sector, represented by Kweichow Moutai and Wuliangye, showed strong market capitalizations of 1,794.68 billion and 223.79 billion respectively, with trading volumes of 49.91 million and 21.95 million [3]. - Kweichow Moutai's stock increased by 2.66 (+0.19%), while Wuliangye rose by 6.84 (+3.87%) [3]. Semiconductor Sector - The semiconductor industry, including companies like North Huachuang and Cambrian, reported market capitalizations of 227.97 billion and 310.30 billion respectively, with trading volumes of 14.35 million and 21.38 million [3]. - North Huachuang's stock increased by 3.21 (+0.76%), while Cambrian's stock decreased by 8.11 (-1.39%) [3]. Automotive Sector - The automotive sector, featuring Great Wall Motors and BYD, had market capitalizations of 179.31 billion and 1,869.56 billion respectively, with trading volumes of 25.08 million and 3.83 million [3]. - Great Wall Motors' stock decreased by 0.25 (-0.07%), while BYD's stock decreased by 0.16 (-0.76%) [3]. Energy Sector - The energy sector, including China Petroleum and China Shenhua, reported market capitalizations of 1,676.47 billion and 1,095.42 billion respectively, with trading volumes of 12.62 million and 8.75 million [3]. - China Petroleum's stock increased by 0.21 (+1.30%), while China Shenhua's stock decreased by 1.84 (-0.76%) [3].

Group 1: Market Overview - The FTSE China A50 Index components showed a rebound in banking, insurance, and liquor sectors, while the power sector continued to adjust [1][4][5] - Major insurance companies like China Pacific Insurance, China Life Insurance, and Ping An Insurance reported market capitalizations of 378.55 billion, 342.10 billion, and 994.83 billion respectively, with trading volumes of 4.88 million, 24.23 million, and 3.99 million [4] - The liquor industry, led by Kweichow Moutai, Wuliangye, and Shanxi Fenjiu, had market capitalizations of 1807.87 billion, 225.39 billion, and 463.74 billion respectively, with trading volumes of 27.96 million, 15.85 million, and 20.97 million [4] Group 2: Sector Performance - The semiconductor sector, including companies like Northern Huachuang and Cambrian, had market capitalizations of 226.75 billion and 240.86 billion respectively, with trading volumes of 7.87 million and 14.31 million [4] - In the automotive sector, Great Wall Motors and BYD reported market capitalizations of 281.32 billion and 1874.12 billion respectively, with trading volumes of 13.90 million and 1.60 million [4] - The power sector, represented by companies like Yangtze Power and China Nuclear Power, had market capitalizations of 746.53 billion and 329.67 billion respectively, with trading volumes of 9.73 million and 16.36 million [5] Group 3: Notable Companies - China Shenhua Energy and Shaanxi Coal and Chemical Industry had market capitalizations of 193.12 billion and 1095.10 billion respectively, with trading volumes of 4.57 million and 18.81 million [4] - In the food and beverage sector, companies like Citic Securities and Haitai Flavor reported market capitalizations of 385.04 billion and 325.62 billion respectively, with trading volumes of 5.48 million and 3.31 million [5] - The electronics sector, including companies like Industrial Fulian and Luxshare Precision, had market capitalizations of 342.13 billion and 409.89 billion respectively, with trading volumes of 5.39 million and 23.98 million [5]

证券代码：600309 证券简称：万华化学 公告编号：临 2025-39 号 万华化学集团股份有限公司 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 中诚 投资 否 30,000,000 否 否 2025 年 6 月 18 日 2026 年 6 月 22 日 西藏信托 有限公司 9.08% 0.96% 债权类 投资 合计 30,000,000 9.08% 0.96% 1.本次股份质押基本情况 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 ...

Summary of Key Points Core Viewpoint - The FTSE China A50 Index component stocks showed mixed performance, with the oil sector rebounding in the afternoon while bank stocks exhibited divergent trends throughout the day [1]. Industry Summaries Insurance - China Pacific Insurance had a market capitalization of 370.597 billion, with a trading volume of 940 million, closing down by 1.75% [3]. - China Life Insurance had a market capitalization of 335.461 billion, with a trading volume of 2.144 billion, closing down by 1.13% [3]. - Ping An Insurance had a market capitalization of 968.784 billion, with a trading volume of 470 million, closing down by 1.18% [3]. Alcohol Industry - Kweichow Moutai had a market capitalization of 1,791.338 billion, with a trading volume of 3.490 billion, closing up by 0.07% [3]. - Shanxi Fenjiu had a market capitalization of 215.446 billion, with a trading volume of 1.927 billion, closing down by 0.48% [3]. - Wuliangye Yibin had a market capitalization of 455.235 billion, with a trading volume of 1.057 billion, closing down by 0.89% [3]. Semiconductor - Northern Huachuang had a market capitalization of 226.255 billion, with a trading volume of 2.520 billion, closing up by 1.82% [3]. - Cambricon Technologies had a market capitalization of 242.993 billion, with a trading volume of 1.975 billion, closing down by 0.31% [3]. - Hygon Information Technology had a market capitalization of 311.810 billion, with a trading volume of 1.436 billion, closing down by 0.39% [3]. Automotive - BYD had a market capitalization of 279.855 billion, with a trading volume of 3.438 billion, closing down by 0.71% [3]. - Great Wall Motors had a market capitalization of 1,870.934 billion, with a trading volume of 321 million, closing unchanged [3]. - Shanghai-Kunming High-Speed Railway had a market capitalization of 180.679 billion, with a trading volume of 444 million, closing down by 1.86% [3]. Oil and Gas - Sinopec had a market capitalization of 708.072 billion, with a trading volume of 1.217 billion, closing up by 1.39% [3]. - COSCO Shipping had a market capitalization of 1,692.944 billion, with a trading volume of 1.228 billion, closing up by 0.76% [3]. - China National Offshore Oil Corporation had a market capitalization of 249.695 billion, with a trading volume of 2.102 billion, closing down by 1.35% [3]. Coal Industry - Shaanxi Coal and Chemical Industry had a market capitalization of 191.767 billion, with a trading volume of 3.605 billion, closing up by 0.43% [3]. - China Shenhua Energy had a market capitalization of 782.621 billion, with a trading volume of 1.140 billion, closing down by 1.00% [3]. - Contemporary Amperex Technology Co., Limited (CATL) had a market capitalization of 1,103.809 billion, with a trading volume of 6.560 billion, closing down by 1.41% [3]. Food and Beverage - China National Nuclear Power had a market capitalization of 195.396 billion, with a trading volume of 1.717 billion, closing up by 0.03% [4]. - Yangtze Power had a market capitalization of 330.779 billion, with a trading volume of 8.370 billion, closing down by 0.94% [4]. - Dongfang Fortune had a market capitalization of 751.664 billion, with a trading volume of 55.410 billion, closing down by 2.65% [4]. Consumer Electronics - Heng Rui Medicine had a market capitalization of 413.263 billion, with a trading volume of 1.701 billion, closing down by 1.65% [4]. - Luxshare Precision had a market capitalization of 340.610 billion, with a trading volume of 3.497 billion, closing down by 0.67% [4]. - Industrial Fulian had a market capitalization of 237.184 billion, with a trading volume of 1.931 billion, closing down by 0.44% [4].

Core Insights - Wanhua Chemical is actively recruiting top experts globally in ten key areas, including packaging materials, PVC, ePTFE membrane materials, biomanufacturing membrane products, high-end optical films, polyolefin films, synthetic biology, electrolyzers and electrodes, anode and cathode products, and battery materials [1] Group 1: Biodegradable Packaging Materials - Wanhua Chemical is focusing on biodegradable packaging solutions, expanding beyond traditional polyolefin films to include a full range of biodegradable options [2] - The PBAT product series covers various applications such as heat shrink films, cushioning bubble films, cushioning air cushion films, and cushioning air column films [2] Group 2: Biomanufacturing Membrane Materials - Separation and purification are the most costly and challenging aspects of biomanufacturing, accounting for 50%-80% of costs [3] - Wanhua is developing a range of high-efficiency membranes, including microfiltration, nanofiltration, ultrafiltration, reverse osmosis membranes, and hollow fiber ultrafiltration membranes, to address these cost challenges [3] Group 3: Synthetic Biology Innovations - The synthetic biology platform integrates gene engineering, metabolic engineering, enzyme engineering, computational science, and automation, serving as a powerful tool for developing biobased chemicals and materials [4] - Wanhua has achieved significant milestones, including the global launch of 100% naturally sourced biobased 1,3-butanediol produced via microbial fermentation from non-grain sugar raw materials [4] - The company is also developing single-cell protein (SCP) production through fermentation technology, with future capacity planned to reach several hundred thousand tons, representing a new protein source and potential biobased material precursor or additive [4]

Group 1 - The Shanghai Midstream Industry Index rose by 0.39% to 2851.61 points, with a trading volume of 87.133 billion yuan [1] - Over the past month, the Shanghai Midstream Industry Index has decreased by 1.31%, down 8.06% over the last three months, and down 4.06% year-to-date [1] - The index is composed of three parts: the upstream, midstream, and downstream industry indices, reflecting the overall performance of related listed companies in the Shanghai market [1] Group 2 - The top ten weighted stocks in the Shanghai Midstream Industry Index include: SMIC (3.23%), Haiguang Information (2.48%), Cambricon (2.36%), China State Construction (2.34%), Sany Heavy Industry (2.11%), Weir Shares (2.1%), COSCO Shipping Holdings (2.03%), Wanhua Chemical (2.0%), Zhongke Shuguang (1.96%), and Fuyao Glass (1.8%) [1] - The index's holdings are entirely composed of stocks listed on the Shanghai Stock Exchange, with a 100% allocation [1] Group 3 - The industry composition of the index shows that 46.09% is in industrials, 36.38% in information technology, 10.18% in materials, 5.30% in consumer discretionary, and 2.06% in communication services [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In special circumstances, the index may undergo temporary adjustments, including the removal of companies that are delisted or undergo mergers, acquisitions, or spin-offs [2]

Market Overview - The FTSE China A50 Index showed mixed performance among its constituent stocks, particularly in the banking and liquor sectors [1] Insurance Sector - China Pacific Insurance had a market capitalization of 381.21 billion, with a trading volume of 1.04 billion, closing at 54.23, down by 0.30 (-0.82%) [3] - China Life Insurance reported a market cap of 348.16 billion and a trading volume of 0.72 billion, closing at 36.19, down by 0.09 (-0.17%) [3] - Ping An Insurance had a market cap of 987.54 billion, with a trading volume of 2.75 billion, closing at 8.62, down by 0.09 (-1.03%) [3] Liquor Industry - Kweichow Moutai had a market cap of 1,792.59 billion, with a trading volume of 3.87 billion, closing at 117.71, up by 2.53 (+1.47%) [3] - Shanxi Fenjiu reported a market cap of 213.19 billion, with a trading volume of 2.32 billion, closing at 1427.00, down by 0.56 (-0.47%) [3] - Wuliangye Yibin had a market cap of 456.90 billion, with a trading volume of 1.49 billion, closing at 174.75, up by 4.71 (+0.33%) [3] Semiconductor Sector - Northern Huachuang had a market cap of 222.16 billion, with a trading volume of 1.30 billion, closing at 135.70, down by 24.25 (-4.06%) [3] - Cambricon Technologies reported a market cap of 239.33 billion, with a trading volume of 3.79 billion, closing at 415.90, down by 2.65 (-1.92%) [3] - Haiguang Information had a market cap of 315.41 billion, with a trading volume of 1.79 billion, closing at 573.30, up by 3.51 (+0.85%) [3] Automotive Sector - BYD had a market cap of 1,888.74 billion, with a trading volume of 2.41 billion, closing at 5.76, down by 0.69 (-0.20%) [3] - Great Wall Motors reported a market cap of 183.59 billion, with a trading volume of 0.30 billion, closing at 343.74, down by 0.01 (-0.05%) [3] - Shanghai-Kunming High-Speed Railway had a market cap of 281.81 billion, with a trading volume of 0.37 billion, closing at 21.45, up by 0.01 (+0.17%) [3] Oil and Shipping Sector - Sinopec had a market cap of 722.62 billion, with a trading volume of 1.50 billion, closing at 5.96, up by 0.16 (+1.77%) [3] - COSCO Shipping reported a market cap of 1,680.13 billion, with a trading volume of 1.71 billion, closing at 9.18, up by 0.05 (+0.85%) [3] - China National Petroleum Corporation had a market cap of 253.10 billion, with a trading volume of 1.44 billion, closing at 16.34, up by 0.22 (+1.36%) [3] Coal Sector - Shaanxi Coal and Chemical Industry had a market cap of 195.35 billion, with a trading volume of 2.41 billion, closing at 246.26, up by 0.46 (+1.18%) [3] - China Shenhua Energy reported a market cap of 784.81 billion, with a trading volume of 0.98 billion, closing at 39.50, up by 0.37 (+1.87%) [3] - Contemporary Amperex Technology Co. Ltd. had a market cap of 1,122.78 billion, with a trading volume of 0.73 billion, closing at 20.15, down by 0.40 (-0.16%) [3] Other Sectors - Long江电力 had a market cap of 195.19 billion, with a trading volume of 2.40 billion, closing at 21.71, up by 0.21 (+0.69%) [4] - China Nuclear Power reported a market cap of 343.11 billion, with a trading volume of 0.75 billion, closing at 9.49, up by 0.08 (+0.85%) [4] - Dongfang Fortune had a market cap of 750.44 billion, with a trading volume of 4.33 billion, closing at 30.67, down by 0.02 (-0.09%) [4]