证券代码：600309 证券简称：万华化学 公告编号：临 2025-24 号 万华化学集团股份有限公司 关于2024年年度股东大会通知的更正补充公告 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。 一、 股东大会有关情况 1. 原股东大会的类型和届次： 2024年年度股东大会 2. 原股东大会召开日期：2025 年 5 月 15 日 3. 原股东大会股权登记日： | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 600309 | 万华化学 | 2025/5/9 | 二、 更正补充事项涉及的具体内容和原因 万华化学集团股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日 在上海 证券交易所网站（www.sse.com.cn）及中国证券报、上海证券报、证券时报、 证券日报披露了《关于召开 2024 年年度股东大会的通知》（公告编号：临 2025-19 号）。经公司审核后发现：原股东大会通知"二、会议审议事项" 和"附件 1：授权 委托书" ...

Group 1: Overall Market Trends - The total value of the top 50 global chemical brands decreased by 1.6% to $82.45 billion, primarily due to poor performance in key Western markets such as the US and Germany [3] - In contrast, Chinese chemical brands experienced significant growth, with an increase of 17.6% in brand value [3] Group 2: Notable Company Performances - Rongsheng Petrochemical's brand value grew by 5.6% to $3.23 billion, making it the first Chinese brand to enter the top five of the global chemical brand value ranking [3][11] - Wanhua's brand value surged by 39.8% to $2.01 billion, elevating its ranking by seven positions to 12th place, driven by strong financial performance and technological innovation [7][11] - Satellite Chemical's brand value increased by 33.9% to $640 million, resulting in a 13-position jump to 49th place, marking its first entry into the chemical brand ranking [7] - Hengli Petrochemical's brand value rose by 31.9% to $1.77 billion, with a seven-position increase to 15th place, reflecting its efforts in green transformation and renewable energy [7][11] Group 3: Emerging Players - Jiangsu Dongfang Shenghong's brand value increased by 16.9% to $1.2 billion, moving up to 24th place, while its brand strength index score improved significantly [8] - Tongkun Group's brand value grew by 13% to $820 million, ranking 37th, with a notable increase in its brand strength index [8] Group 4: Global Leaders - BASF retained its title as the most valuable chemical brand for the 11th consecutive year, with a brand value of $9.53 billion, despite market challenges [9][11] - DuPont was recognized as the strongest chemical brand for the fourth consecutive year, with a brand strength index score of 82.9 [10] Group 5: Industry Insights - The report highlights a shift among Chinese chemical companies from scale expansion to value creation, emphasizing a triad of technology-driven, green development, and globalization [13] - The competitive landscape for global chemical brands is expected to intensify, necessitating further enhancement of brand value and market competitiveness [13]

Core Viewpoint - The article discusses the environmental impact assessment approval for the "Wanhua Chemical Green Power Industrial Park Phase I 100,000 tons lithium iron phosphate project" in Yantai, Shandong Province, highlighting its significance in the battery materials sector and Wanhua Chemical's broader business operations [1]. Group 1 - The project is located in the Wanhua Green Power Industrial Park and is managed by Wanhua Chemical (Haiyang) Battery Materials Technology Co., Ltd [1]. - The main construction involves a new 100,000 tons per annum (t/a) battery-grade lithium iron phosphate facility, consisting of four production lines each with a capacity of 25,000 t/a [1]. - The project will include auxiliary and environmental protection facilities, with key equipment such as mixing tanks, grinding machines, and automatic vacuum packaging machines [1]. Group 2 - Wanhua Chemical is a global chemical new materials company with operations spanning five major industrial clusters: polyurethane, petrochemicals, fine chemicals, emerging materials, and future industries [1]. - In 2024, Wanhua Chemical achieved a revenue of 182.069 billion yuan and a net profit of 13.033 billion yuan [1].

Core Viewpoint - The collaboration between Wanhua Chemical and the Biological Island Laboratory aims to drive innovation in biomanufacturing and biobased materials, positioning the companies as leaders in the industry [1][3]. Group 1: Partnership and Support - On May 6, Wanhua Chemical and the Biological Island Laboratory officially signed a partnership agreement focusing on biobased materials and other innovative fields [1]. - The collaboration was initially announced on April 16, with support from the Guangzhou Science and Technology Bureau, which pledged to provide necessary policy and resource services [3]. Group 2: Wanhua Chemical's Strategic Focus - Since 2017, Wanhua Chemical has been investing in synthetic biology, establishing a comprehensive platform that includes upstream gene engineering, enzyme engineering, fermentation engineering, and downstream separation and purification [4]. - The company is primarily focused on three areas: nutrition and health, daily chemical care, and fragrance and flavor, enhancing its portfolio of high-end fine chemicals [5]. Group 3: Innovations in Biobased Products - Wanhua Chemical has made significant advancements in biobased materials, having developed the world's first 100% biobased TPU material in 2022, along with other products such as biobased TPU, polylactic acid (PLA), biobased polyether products, biobased emulsions, and biodegradable films [6]. - On February 19, the company launched the world's first biobased 1,3-butanediol, which is applicable in moisturizers and solvents for products like serums, cleansers, and sunscreens [7]. Group 4: Future Directions and Industry Engagement - In its latest 2024 annual report, Wanhua Chemical highlighted its commitment to exploring cutting-edge fields such as synthetic biology to prepare for future industry developments [10]. - The company will participate in the 10th Biobased Conference and Exhibition in Shanghai from May 25-27, where it will showcase its high-performance biobased nylon elastomers and discuss product strategies [11].

万华化学集团股份有限公司 2024 年度股东大会会议资料 2025 年 5 月 15 日 烟 台 万华化学 2024 年度股东大会会议资料 万华化学集团股份有限公司 2024 年度股东大会日程和议程安排 一、会议时间：2025 年 5 月 15 日（星期四）14:00 二、会议地点：山东省烟台市经济技术开发区宁波路 1 号，烟台金海岸希尔 顿酒店会议室 三、会议召开方式：现场和网络表决结合 四、参加会议人员：公司部分董事、监事及高级管理人员；2025 年 5 月 9 日 在中国证券登记结算有限责任公司上海分公司登记在册的本公司股东或股东代 表；公司聘请的律师。 五、会议审议议题 公司于 2024 年 8 月 10 日召开的第九届董事会 2024 年第三次会议，2025 年 4 月 12 日召开的第九届董事会 2025 年第一次会议、第九届监事会 2025 年第一次会 议提交的议案： | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | A 股股东 | | | 非累积投票议案 | | | 1 | 《万华化学集团股份有限公司 年度财务决算报告》 2024 | √ | | ...

Industry Overview - MDI, or methylene diphenyl diisocyanate, is a high-performance chemical material known for its excellent heat resistance, chemical stability, and high strength [2][5] - The MDI industry in China began in the 1960s but was heavily reliant on imports due to technological limitations [2][12] - Since the 21st century, with investments from foreign companies like Dow and the production ramp-up by Wanhua Chemical, China's MDI capacity has rapidly expanded, surpassing 1 million tons in 2008 and 3 million tons in 2016 [2][12] - By 2024, China's MDI capacity is projected to grow from 3.38 million tons in 2018 to 4.8 million tons, accounting for over 40% of global MDI capacity [2][12] Global Market - The global MDI capacity is expected to increase from 8.38 million tons in 2018 to 11.52 million tons by 2024, with a compound annual growth rate (CAGR) of 5.44% [7] - The MDI industry is characterized by high technical barriers and capital intensity, leading to an oligopolistic market structure, with the top five companies controlling 91.77% of global capacity by 2024 [9][10] Domestic Market - China's MDI market is dominated by Wanhua Chemical, which holds a 64.85% share of the domestic capacity, significantly higher than other players like BASF and Covestro [12][20] - The MDI industry in China is experiencing growth due to increasing demand from the construction sector, with the market size projected to rise from 33.72 billion yuan in 2019 to 48.23 billion yuan in 2024 [14] Key Companies - Wanhua Chemical, established in 1998, is a leading global chemical materials company with an MDI capacity of 3.8 million tons per year as of 2024, and plans to expand to 4.5 million tons by 2026 [16] - BASF, a major player in the MDI market, has a global capacity of 1.89 million tons as of 2024, leveraging advanced technologies and facilities [18] Development Trends - The MDI industry is witnessing continuous capacity expansion and increasing market concentration, with Wanhua Chemical and other companies planning to add 1.49 million tons of new capacity by 2025 [20] - The industry is also shifting towards green transformation and high-end upgrades, with companies like Wanhua and BASF achieving sustainability certifications and developing high-performance products [21] - Emerging markets, particularly in the Asia-Pacific region, are driving demand growth, with China's dual carbon policy enhancing the need for MDI in construction and logistics [22]

Core Viewpoint - The global polymer materials industry is experiencing a new wave of development driven by China's "dual carbon" strategy, increasing demand for material performance in high-end manufacturing, and characterized by technological breakthroughs, accelerated capacity expansion, and deepened international cooperation [1] Upstream Raw Materials: Technological Innovation Drives High-end and Green Development - Kuwait Petrochemical's strategic investment of $638 million in Wanhua Chemical aims to promote low-carbon circular transformation by optimizing production processes and exploring green technologies [2] - Luzhou Chemical's long-chain α-olefin project is set to reshape the high-end lubricants market through innovative technology [3] - Jiangsu Hongjing's approval for a 100,000 tons/year high-end polyolefin monomer project addresses key supply challenges and enhances China's self-sufficiency in high-end polyolefins [4] - Shandong Yulong Petrochemical's 600,000 tons/year ABS plant successfully commenced operations, marking a significant milestone in its integrated refining and chemical project [5] Midstream Manufacturing: Capacity Expansion and Process Upgrades - The establishment of a 300,000 tons/year fully biodegradable materials production base in Tongliao aims to combat "white pollution" [6][7] - Jiahu Energy plans to invest 1.25 billion yuan to build a 120,000 tons/year high-performance synthetic rubber facility, targeting the growing demand in the new energy sector [8] - Jinfa Technology reported a revenue of 32.1 billion yuan in 2024, a year-on-year increase of 18.95%, with a diversified business model [9][10] Downstream Applications: Cross-industry Integration and Environmental Solutions - BYD and Saudi Aramco's collaboration focuses on low-carbon fuels and charging infrastructure, aiming to reduce carbon emissions by 40% [11] - A breakthrough in microplastic degradation technology reduces the degradation period from 400 years to 3 years, with a projected market size of 8 billion yuan by 2030 [12] - Head Sports and Toray Industries launched a limited edition tennis racket made from bio-circular carbon fiber, promoting sustainable materials in sports [13] Domestic Substitution and Collaborative Innovation - The industrialization of PEEK materials is accelerating, with several companies making significant progress in production and application [14] - Zhilan New Materials secured funding to advance its electronic-grade epoxy resin technology, addressing key challenges in semiconductor material localization [15] - A collaboration between Sun Yat-sen University and Zhuhai Zhongguan focuses on the commercialization of CO2-based polycarbonate diol technology, with an expected annual output of 300,000 tons [16] Conclusion: Multi-dimensional Innovation Builds a New Industry Ecosystem - The April 2025 industry dynamics highlight three main themes: technological autonomy, green production, and global application, with leading companies increasing R&D investment to 8%-12% [17]

Market Overview - The FTSE China A50 index components showed mixed performance with insurance and liquor sectors rising, while banking and semiconductor sectors had varied results, and the power sector weakened [1][4]. Insurance Sector - China Pacific Insurance, Ping An Insurance, and China Life Insurance had market capitalizations of CNY 293.04 billion, CNY 931.09 billion, and CNY 319.74 billion respectively, with trading volumes of CNY 557 million, CNY 1.019 billion, and CNY 389 million [3]. - China Pacific Insurance rose by 2.04%, Ping An by 0.83%, and China Life by 2.41% [3]. Liquor Industry - Kweichow Moutai, Wuliangye, and Shanxi Xinghuacun Fenjiu had market capitalizations of CNY 1,950.62 billion, CNY 249.58 billion, and CNY 502.40 billion respectively, with trading volumes of CNY 1.656 billion, CNY 506 million, and CNY 1.114 billion [3]. - Kweichow Moutai increased by 0.37%, Wuliangye by 0.24%, and Shanxi Xinghuacun by 0.57% [3]. Semiconductor Sector - Northern Huachuang, Cambricon Technologies, and Haiguang Information had market capitalizations of CNY 243.10 billion, CNY 292.64 billion, and CNY 346.81 billion respectively, with trading volumes of CNY 979 million, CNY 2.570 billion, and CNY 1.077 billion [3]. - Northern Huachuang rose by 0.92%, while Cambricon Technologies fell by 0.37% and Haiguang Information increased by 0.41% [3]. Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of CNY 196.10 billion, CNY 284.33 billion, and CNY 1,095.37 billion respectively, with trading volumes of CNY 3.165 billion, CNY 192 million, and CNY 285 million [3]. - BYD increased by 2.08%, Great Wall Motors by 1.46%, while Beijing-Shanghai High-Speed Railway decreased by 0.34% [3]. Power Sector - China Yangtze Power, China Nuclear Power, and China Power had market capitalizations of CNY 713.74 billion, CNY 191.08 billion, and CNY 332.60 billion respectively, with trading volumes of CNY 1.589 billion, CNY 405 million, and CNY 4.380 billion [4]. - China Nuclear Power rose by 2.43%, while China Yangtze Power fell by 1.12% [4]. Other Sectors - Various sectors including food and beverage, electronics, and pharmaceuticals showed diverse performances with notable market capitalizations and trading volumes [4][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's performance in 2024 was under pressure due to declining profitability in certain products and asset impairment provisions, resulting in a year-on-year decline in net profit by 22.49% to 13.03 billion yuan [2][9] - Despite short-term challenges, the company is focusing on high-quality development and technological innovation, which is expected to enhance its core competitiveness in the long run [8][9] Financial Summary - In 2024, the company achieved operating revenue of 182.07 billion yuan, a year-on-year increase of 3.83%, while the net profit attributable to shareholders was 13.03 billion yuan, down 22.49% [2][10] - For Q1 2025, the company reported operating revenue of 43.07 billion yuan, a year-on-year decrease of 6.70%, but a quarter-on-quarter increase of 24.96% [1][2] - The projected net profit for 2025-2027 is expected to be 13.38 billion yuan, 16.56 billion yuan, and 18.68 billion yuan respectively, with corresponding EPS of 4.26, 5.27, and 5.95 yuan [9][10] Business Performance - The company's MDI and TDI products maintain a global leading position, with ongoing technological advancements and capacity expansions [8][9] - The company is strategically focusing on high-quality development in the petrochemical sector, including partnerships for specialized polyethylene production [8] Market Outlook - The company is expected to face short-term export challenges to the U.S. due to increased tariffs, but long-term impacts are manageable as the company can explore new markets [7][9] - The overall industry supply-demand balance remains stable, with the company positioned to leverage its competitive advantages [7][8]

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - The report highlights a significant decline in oil prices, suggesting a focus on domestic demand and opportunities in domestic substitutes for new materials. It emphasizes the importance of companies with strong fundamentals that are less correlated with oil prices [13][14] - The report recommends several companies for investment, including WanHua Chemical, Huangma Technology, Runfeng Co., Guoguang Co., and Hualu Hengsheng, citing their strong market positions and improving profitability [13] Summary by Sections 1. Core Viewpoints - The report indicates a substantial drop in oil prices, with Brent crude falling 8.3% to $61.29 per barrel as of May 2, 2025. This decline is attributed to OPEC+ production increases and global trade tensions affecting supply and demand dynamics [14] - The report suggests focusing on companies with strong fundamentals and less sensitivity to oil price fluctuations, particularly in the agricultural chemicals sector, which is experiencing robust demand due to the spring farming season [13] 2. Oil and Chemical Price Information - As of April 25, 2025, U.S. crude oil commercial inventories stood at 440.4 million barrels, with a weekly decrease of 270 thousand barrels. Gasoline inventories decreased by 4 million barrels to 225.5 million barrels, while distillate inventories increased by 900 thousand barrels to 107.8 million barrels [14] - The report monitors 188 chemical products, noting that the top three price increases for the week were for liquid chlorine (up 58.8%), natural gas (up 14.0%), and monoammonium phosphate (up 3.9%). Conversely, the largest declines were seen in formic acid (down 7.7%), pure benzene (down 6.5%), and vitamin A (down 6.4%) [15] 3. Investment Recommendations - Recommended companies include: - WanHua Chemical: Core product MDI shows recent profit improvement, with upcoming petrochemical and new material projects [13] - Huangma Technology: A leader in specialty polyether, responding well to previous macro demand challenges [13] - Runfeng Co.: A rare investment target with a global layout for formulation registration and sales channels [13] - Guoguang Co.: A leading domestic differentiated formulation company in the plant growth regulator sector [13] - Hualu Hengsheng: Core product prices are recovering alongside a decline in coal prices, leading to improved margins [13]