Group 1 - The stock of Yaxing Chemical has experienced a significant increase, with three limit-up days within five trading days, resulting in a cumulative increase of 27.29% and a turnover rate of 21.52% [2] - As of 9:35 AM, the stock recorded a trading volume of 11.2979 million shares and a transaction amount of 103 million yuan, with a turnover rate of 2.91% [2] - The latest total market capitalization of the A-shares reached 3.617 billion yuan [2] Group 2 - The company's semi-annual report released on August 28 shows that it achieved total operating revenue of 428 million yuan in the first half of the year, a year-on-year decrease of 2.89%, and a net profit of -97 million yuan, a year-on-year decline of 54.70% [2] - The stock's daily performance over the past week indicates fluctuations, with notable changes in daily price and turnover rates, including a peak increase of 9.99% on August 29 [2]

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - The company is actively promoting a global strategy by investing up to $209 million in the "Saudi Red Sea Aluminum Industry Chain Comprehensive Project" in 2025, aiming to establish an aluminum industrial cluster and expand into European, North American, and Middle Eastern markets [27]. - The company is focusing on high - end product development, with significant increases in the sales volume and proportion of high - end products such as 3C consumer electronics profiles, automotive lightweight profiles, and aluminum rod cables in the first half of 2025 [27]. - The company has a leading position in the recycling and utilization of recycled aluminum, with plans to further expand its recycling capacity to over 2 million tons in the future [29]. - The company continues to invest in R & D, resulting in new authorized patents and participation in the development of materials for Xiaomi cars [29]. - The company holds a leading position in the aluminum rod cable industry, participating in national standard - setting and supplying products for major national projects [29][30]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Innovation New Materials, belonging to the commercial department store industry. The reception time was August 29, 2025, and the company's reception staff included Director, Deputy General Manager, and Financial Controller Xu Feng, and Deputy General Manager and Board Secretary Wang Kefang [16]. 3.2. Detailed Research Institutions - Participating institutions include securities companies such as Guotai Haitong Securities Co., Ltd., Guotou Securities Co., Ltd., and Guoxin Securities Co., Ltd.; fund management companies such as Hongde and Huian; and other types of institutions like Shanghai Guanhuo Investment Research and Junyi Zhenhua (Beijing) [17][18]. 3.3. Research Institution Proportion - No relevant information provided. 3.4. Main Content Data - **Saudi Project Progress**: As of July 2025, the ODI filing approval for the "Saudi Red Sea Aluminum Industry Chain Comprehensive Project" has been completed, and the project is being steadily promoted. The project is expected to have an annual output of 500,000 tons of electrolytic aluminum and 500,000 tons of high - precision aluminum rods, aluminum sheets, and foils [27]. - **High - end Product Performance in H1 2025**: The sales volume of profile products was 77,200 tons, a 43.93% increase compared to the same period last year, and the proportion increased by 1.16 percentage points. The sales volume of aluminum rod cable products was 501,300 tons, a 13.83% increase compared to the same period last year, and the proportion increased by 3.45 percentage points [27]. - **Recycled Aluminum Usage and Plan**: In the first half of 2025, the company comprehensively recycled and utilized 637,500 tons of recycled aluminum, a 12.37% year - on - year increase. The company plans to break through a recycling capacity of 2 million tons in the future [29]. - **R & D Innovation Achievements**: The company added 38 authorized patents in the reporting period, including 4 invention patents and 34 utility model patents. It also participated in the development of materials for Xiaomi cars and entered the mass - production stage [29]. - **Position in the Aluminum Rod Cable Field**: The company is the largest domestic enterprise in the R & D and production of aluminum alloy cable materials, has participated in national standard - setting, and supplied products for major national projects [29][30].

Market Overview - The chemical raw materials sector increased by 0.14% on August 29, with Yaxing Chemical leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Performers - Yaxing Chemical (code: 616009) closed at 8.48, up 9.99% with a trading volume of 141,700 shares and a transaction value of 116 million yuan [1] - Other notable gainers include: - Ocean Biological (code: 003017) at 33.75, up 5.01% [1] - Boyuan Chemical (code: 000683) at 6.69, up 4.04% [1] - Jinniu Chemical (code: 600722) at 7.19, up 3.16% [1] Underperformers - Binhu Chemical (code: 601678) decreased by 5.10% to 4.28 with a trading volume of 933,300 shares and a transaction value of 401 million yuan [2] - Other notable decliners include: - Liudai Co. (code: 002109) down 3.89% [2] - ST Yatai (code: 000691) down 3.72% [2] Capital Flow - The chemical raw materials sector experienced a net outflow of 559 million yuan from institutional investors, while retail investors saw a net inflow of 388 million yuan [2] - Notable capital flows include: - Boyuan Chemical with a net inflow of 54.23 million yuan from institutional investors [3] - Yaxing Chemical with a net inflow of 28.88 million yuan from institutional investors [3]

Group 1 - A-shares experienced significant activity with 52 stocks hitting the daily limit up and 3 stocks hitting the limit down on August 29 [1] - The non-ferrous metal sector, particularly tungsten concept stocks, showed strong performance with Guangsheng Nonferrous Materials hitting the limit up [1] - Solid-state battery concept stocks also surged, with Guoxuan High-Tech and Xian Dao Intelligent both reaching the limit up [1] - The energy metals sector saw gains, highlighted by Shengtun Mining hitting the limit up [1] Group 2 - Tianpu Co., Ltd. achieved a six-day consecutive limit up, while Changfei Optical Fiber and *ST Mubang recorded four limit ups in five days [1] - Other notable stocks include Dechuang Environmental Protection with four consecutive limit ups, and *ST Weier with three limit ups in four days [1] - Agricultural products and Jianye Co., Ltd. both achieved three consecutive limit ups, while Shengtai Group and Yaxing Chemical had four limit ups in two days [1] - China Rare Earth and Sanwei Communication recorded two consecutive limit ups, while China Jushi and Tongfu Microelectronics also hit the limit up [1] Group 3 - *ST Gaohong faced a continuous decline with 15 consecutive limit downs, alongside *ST Yazhen and Chunz中科技 also hitting the limit down [2]

Core Viewpoint - The company is actively advancing its production operations and new project constructions, aiming for operational efficiency and capacity enhancement in the upcoming quarters [4]. Company Overview - The company is named "亚星化学" (Yaxing Chemical) with the stock code 600319 [5]. - The report is a summary of the company's semi-annual performance, emphasizing the importance of reviewing the full report for comprehensive insights [1]. Financial Data - The financial data section is indicated but not detailed in the provided documents [2][3]. Major Developments - The company is focusing on two main lines of work: production operations and new project construction [4]. - Key projects include: 1. A 45,000 tons/year high-end material (PVDC) project, which is nearing completion and aims for operational launch in Q3 [4]. 2. A 500 tons/year hexachlorocyclotriphosphazene and 500 tons/year benzyl chloride project, also targeting Q3 for operational launch [4]. 3. A 12,000 tons/year hydrogen hydrazine project, which has completed pilot testing and is undergoing strict safety evaluations, leading to a potential delay in project progress [4][13]. Product and Material Price Changes - The company reported significant price changes for its main products: - Caustic soda prices increased due to strong demand from downstream industries, while there was a decrease in the second quarter due to environmental inspections affecting production [11]. - Hydrogen peroxide prices saw a year-on-year decrease of 35.87% due to oversupply and insufficient demand, reaching historical lows [11]. - The prices of key raw materials also experienced fluctuations, with notable decreases in the second quarter due to market conditions [12]. Other Significant Matters - The company has successfully implemented industrial reconstruction at its new site, with several production facilities already operational, including 50,000 tons/year CPE and 120,000 tons/year ion-exchange membrane caustic soda [12]. - The company is committed to gradually increasing production capacity based on equipment adaptability and operational conditions [4][12].

Core Viewpoint - The company, Yaxing Chemical, reported a significant focus on advancing its production operations and new project developments, particularly in the PVDC sector, despite a net loss in the first half of 2025. Group 1: Financial Performance - In the first half of 2025, Yaxing Chemical achieved an operating income of 428 million yuan and a net profit attributable to shareholders of -97 million yuan [1]. Group 2: Project Development - The 45,000 tons/year PVDC project is nearing completion, with production equipment undergoing electrical testing, and the company aims for operational launch in the third quarter [1][3]. - The company has invested 701.54 million yuan in the high-end new materials project, which includes the construction of a 20,000 tons/year VDC facility and a 25,000 tons/year PVDC resin facility [2]. Group 3: Strategic Investments - Yaxing Chemical announced the introduction of strategic investors through its wholly-owned subsidiary, aiming to optimize its industrial layout and enhance the PVDC project [3]. - The strategic investment involves four state-owned investment institutions, with a pre-investment valuation of approximately 700 million yuan for Yaxing New Materials [3]. - The agreement includes specific performance targets, with provisions for buyback rights if key milestones are not met by the end of 2025 [3]. Group 4: Market Potential - The global PVDC market is projected to grow from approximately 808 million USD in 2024 to 1.094 billion USD by 2031, indicating significant growth potential for Yaxing Chemical's new projects [1].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to increased competition and weak downstream demand in the CPE product market [1] Group 1: Sales Performance - The company's main CPE product sales reached 40,483 tons, an increase of 3,822 tons year-on-year [1] - The caustic soda sales were 183,804 tons, a slight decrease of 7,621 tons year-on-year [1] - The hydrogen peroxide production and sales decreased to 32,088 tons, down 11,510 tons year-on-year due to balancing effects from the caustic soda by-product [1] Group 2: Financial Results - The company achieved an operating income of 428 million yuan, a decrease of 1.3 million yuan or 2.89% year-on-year [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was -95.94 million yuan for the first half of 2025 [1] Group 3: Production Capacity - The production capacity for the CPE product has been increased to 80,000 tons per year [1]

(二)股东大会召开的地点：山东省潍坊市奎文区北宫东街 321 号亚星大厦 证券代码：600319 证券简称：亚星化学 公告编号：2025-044 潍坊亚星化学股份有限公司 2025年第四次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 8 月 27 日 表决情况： | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | | 票数 | 比例 | 票数 | 比例 | 票数 | 比例 | | | | （%） | | （%） | | （%） | | A 股 | 144,964,781 | 99.9928 | 7,511 | 0.0051 | 2,900 | 0.0021 | (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 98 | | --- | - ...

山东众成清泰（潍坊）律师事务所 关 于 潍坊亚星化学股份有限公司 2025 年第四次临时股东大会 的 法律意见书 山东众成清泰（潍坊）律师事务所 中国•潍坊 寒亭区北海路 3777 号总部基地东区 20 号楼 邮政编码：261100 电话：86-532-88959698 传真：86-532-88959698 网址：www.jointide.com 1 为出具本法律意见书，本所律师列席了贵公司本次临时股东大会，并审查了 贵公司提供的以下文件，包括但不限于： 1、《潍坊亚星化学股份有限公司章程》（"《公司章程》"）； 山东众成清泰（潍坊）律师事务所 关于潍坊亚星化学股份有限公司 2025 年第四次临时股东大会的 法律意见书 致：潍坊亚星化学股份有限公司 山东众成清泰（潍坊）律师事务所（以下称"本所"）接受潍坊亚星化学股份 有限公司（以下称"贵公司"）的委托，根据《中华人民共和国公司法》（以下称 "《公司法》"）、《中华人民共和国证券法》（以下称"《证券法》"）、中国证 券监督管理委员会《上市公司股东会规则》（以下称"《股东会规则》"）、《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》（以下称"《自律 ...

证券代码：600319 证券简称：亚星化学 编号：临2025-043 潍坊亚星化学股份有限公司 关于 2025 年半年度主要经营数据公告 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。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第3号行业信 息披露：第十三号——化工》的要求，潍坊亚星化学股份有限公司（以下简称"公 司"）现将2025年半年度主要经营数据披露如下： | 主要产品 | | 2024年第二季 | | | | 2025年第一季 | | | 2025年第二季 | | | 同 | 比 | 变 | 环 | 比 | 变 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 度 单 | 平 | 均 | 价 | 度 平 均 | 单 | 价 | 度 平 均 价 | | 单 | | 动比率 | | | 动比率 | | | | | （元/吨） | ...