证券代码：600328 证券简称：中盐化工 公告编号：2025-083 中盐内蒙古化工股份有限公司 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。 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) 股东会召开的时间：2025 年 8 月 8 日 (二) 股东会召开的地点：中盐内蒙古化工股份有限公司 1605 会议室 (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： 份总数的比例（%） 47.3140 (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主 持情况等。 会议由公司董事会召集，董事长周杰先生主持。会议采取现场投 票和网络投票相结合的方式召开并表决，会议的召集和召开符合《公 司法》《上市公司股东会规则》和《公司章程》的规定。 (五) 公司董事和董事会秘书的出席情况 二、 议案审议情况 (一) 非累积投票议案 审议结果：通过 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 686,195,753 ...

证券代码：600328 证券简称：中盐化工 公告编号：2025-083 中盐内蒙古化工股份有限公司 2025年第六次临时股东会决议公告 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 情况： | 1、出席会议的股东和代理人人数 | 646 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 689,494,623 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 47.3140 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主 持情况等。 会议由公司董事会召集，董事长周杰先生主持。会议采取现场投 票和网络投票相结合的方式召开并表决，会议的召集和召开符合《公 司法》《上市公司股东会规则》和《公司章程》的规定。 (一) 股东会召开的时间：2025 年 8 月 8 日 (二) 股东会召开的地点：中盐内蒙古化工股份有限公司 1605 会议室 (三) 出席会议的普通 ...

内蒙古加度律师事务所 法律意见书 内蒙古加度律师事务所 关于中盐内蒙古化工股份有限公司 2025 年第六次临时股东会 之 法律意见书 地址：内蒙古包头市稀土高新区黄河大街时代广场 B 座 14 层 电话：0472-7159669 传真：0472-7159669 邮编：014060 内蒙古加度律师事务所 关于中盐内蒙古化工股份有限公司 2025 年第六次临时股东会 之法律意见书 致：中盐内蒙古化工股份有限公司 内蒙古加度律师事务所（下称"本所"）接受中盐内蒙古化工股份有限公司 下称"贵公司"）的委托，指派本所执业律师茹家缘、杨静怡（下称"本所经办 律师"）出席贵公司本次召开的 2025 年第六次临时股东会（下称"本次股东会"） 并出具法律意见书。本所经办律师现根据《中华人民共和国公司法》（下称"《公 司法》"）、《中华人民共和国证券法》（下称"《证券法》"）、《上市公司股东会规则》 （下称"《股东会规则》"）、《国务院办公厅关于进一步加强资本市场中小投资者 合法权益保护工作的意见》等法律、法规、部门规章及贵公司章程的有关规定， 就本次股东会的召集和召开程序、会议召集人和出席会议人员的资格、表决程序 及表决结果的 ...

Investment Rating - The investment rating for the chemical industry, specifically the soda ash sector, is "Positive" and maintained [15]. Core Insights - The report discusses why soda ash is considered a potential good sector for "anti-involution" in the chemical industry, the impact of real estate downturns on soda ash demand, factors driving capacity reduction in the soda ash industry, the emergence of natural soda ash resources in Inner Mongolia, the current market position of soda ash, the elasticity of listed companies in the sector, and highlights of the leading natural soda ash company, Boyuan Chemical [3][7]. Summary by Sections Why is soda ash considered a potential good sector for "anti-involution"? - Soda ash has a global pricing mechanism, and after recent price declines, it has shown a "sales radius" effect. Domestic overproduction has led to a downturn in market conditions, while downstream applications like photovoltaic glass have significant overseas demand, making it a typical "involution" industry. The price of soda ash has dropped significantly since its peak in 2021, with many leading companies reporting losses in recent quarters. The cost curve for soda ash is steep, indicating a clear competitive disparity among companies, which may lead to market exit for less competitive players. The overall operating rate for soda ash remains around 80%, suggesting limited overcapacity and manageable exit challenges. Additionally, potential policy measures related to energy consumption and facility upgrades could accelerate industry clearing from "involution" [7][27]. How to view the impact of real estate downturn on soda ash? - The demand for soda ash from flat glass is declining, with projections indicating that it will account for about 30% of soda ash demand by 2024. Considering the demand from automotive glass and renovation needs, the impact of real estate completions on soda ash demand is estimated to be around 20%. In a pessimistic scenario where completions drop to 50-60% in 2024, the impact on soda ash demand could be approximately 8-10%. However, emerging sectors such as photovoltaic glass, lithium carbonate, and other long-tail demands are expected to effectively offset the decline in real estate demand [8][28]. What factors may drive capacity reduction in the soda ash industry? - Energy consumption and facility upgrades are seen as key drivers for "anti-involution" in the soda ash sector. The proportion of soda ash production capacity that meets energy efficiency benchmarks is still below the guidelines set by the National Development and Reform Commission. Additionally, 31% of soda ash facilities are over 20 years old, which is relatively high compared to other chemical sub-industries [9][52]. What is the impact of the emergence of natural soda ash resources in Inner Mongolia? - The report estimates that even with the planned production of natural soda ash, synthetic processes will still dominate the market. The pricing is expected to be anchored around the full cost of synthetic processes. The supply increase from the natural soda ash project is not anticipated to impact the market significantly until after 2028 [10][64]. What is the current market position of soda ash? - The current market conditions for soda ash are at a low point, with price differentials nearing historical lows and a safety margin in place. Many related listed companies have reported losses in recent quarters, with companies like Shandong Haihua, Xue Tian Salt Industry, and Zhongyan Chemical experiencing declining performance [11][44]. How elastic are listed companies in the soda ash sector, and what are the main recommended stocks? - At the industry bottom, the report recommends investing in Boyuan Chemical, a leading natural soda ash company with cost advantages. It also suggests monitoring the progress of the Naimanqi soda ash project by Zhongyan Chemical and potential developments regarding the leading natural soda ash company [12][62]. What are the highlights of the leading natural soda ash company, Boyuan Chemical? - Boyuan Chemical has three main highlights: growth potential, high dividend payout potential due to cost advantages, and price elasticity options. The company has been generous with dividends, with a payout ratio exceeding 5% in 2024, and has shown a declining debt ratio, indicating strong future cash flow. With the second phase of its project expected to contribute additional capacity, the company is positioned for substantial dividend potential and price elasticity [13][66].

天然碱法较合成法成本及能耗优势凸显。天然碱法原料来自矿山自采，除需要煤炭作为 能源材料外，无需其他原辅材料，工艺流程相对化学合成法更为简单，仅为物理加工过程， 能耗更低，成本相较氨碱法、联碱法更低。 当前行业开工率8成，价格价差位于低位水平 2025年上半年，国内纯碱市场供应过剩问题显现，上半年行业平均开工率约80%。随着 纯碱新增产能继续释放，产品价格价差中枢逐步下移。截至8/1，国内纯碱产品的价格价差 分别位于2009年以来9.3%、10.7%分位的历史相对底部区间。 纯碱行业老旧产能占比约3成，且10%的产能能耗排放低于基准水平2025年7月16日，国 家工信部等五部委发布《关于开展石化化工行业老旧装置摸底评估的通知》，湖南省跟进开 展省内排摸。根据卓创资讯、百川盈孚数据，我们梳理得到我国纯碱行业20年以上产能占比 约为31%。 此外，2022年2月15日，国家发改委发布《高耗能行业重点领域节能降碳改造升级实施 指南（2022年版）》，截至2020年底，纯碱行业约有10%的产能未达到基准值水平。根据 《工业重点领域能效标杆水平和基准水平（2023年版）》，对能效低于基准水平的存量项 目，原则上应在202 ...

天风证券（601162）发布研报称，我国为全球纯碱最主要的生产国，产量占据全球的51%。当前行业开 工率8成，价格价差位于低位水平。纯碱行业老旧产能占比约3成，且10%的产能能耗排放低于基准水 平。"反内卷"背景下，重点关注具备成本优势上市公司。 建议关注：博源化工（000683）(000683.SZ)(公司为国内天然碱龙头企业，当前拥有680万吨天然碱产 能，为国内最大的纯碱生产企业;阿拉善二期项目预计于25年底投产，投产后公司天然碱产能合计将达 到960万吨，规模及成本优势显著。) 中盐化工（600328）(600328.SH)(公司位于西北地区的合成法产能在行业内具备一定资源、成本优势， 现有合计产能390万吨。2025年6月17日，中盐化工以68.0866亿元竞得内蒙古自治区通辽市奈曼旗大沁 他拉地区天然碱采矿权，项目投产后公司有望将具备年产能500万吨天然碱，产品规模进一步扩大。) 风险提示：原材料价格波动风险、安全环保风险、海外经济下行引发的景气持续下行风险。 天风证券主要观点如下： 我国为全球最主要的生产国，产量占据全球的51% 2016-2022年政策影响下产能增长趋缓，近两年新增产能以天然碱 ...

Core Viewpoint - The company, Zhongyan Chemical, is making significant moves to expand its alkali industry by increasing the registered capital of its wholly-owned subsidiary, Zhongyan Alkali Industry, to 8 billion yuan and introducing strategic investors [2][5]. Group 1: Investment and Capital Increase - Zhongyan Chemical plans to invest in Zhongyan Alkali Industry, raising its registered capital to 8 billion yuan, with a maximum funding scale of 3.92 billion yuan from strategic investors [2][5]. - The company successfully acquired the largest natural soda ash mining rights in China for 6.809 billion yuan, which will enhance its production capacity [4][5]. - Strategic investors, including Shandong Haihua Co., Ltd. and Inner Mongolia Mengyan Salt Industry Group, have agreed to invest a total of 3.12 billion yuan in Zhongyan Alkali Industry [5]. Group 2: Company Background and Market Position - Zhongyan Chemical has grown to become the third-largest alkali industry giant in China, with a current soda ash production capacity of 3.9 million tons [2][9]. - The company has a history of acquisitions, including a significant purchase of assets worth 4.148 billion yuan in 2019, which led to its rebranding [7][8]. - Despite recent challenges in the chemical industry, the company has maintained a cumulative net profit of approximately 7.7 billion yuan since its listing [9]. Group 3: Financial Health - As of June 30, 2025, the company's debt-to-asset ratio stands at 35.23%, indicating a healthy financial position with sufficient liquidity to cover its liabilities [9]. - The company reported a revenue of 5.998 billion yuan in the first half of 2025, reflecting a year-on-year decline of 5.76% due to increased market competition [9].

Core Viewpoint - The company plans to increase its investment in Zhongyan (Inner Mongolia) Soda Industry Co., Ltd. and sign a joint venture agreement to support the development of a natural soda project, aiming to optimize capital structure and reduce financial costs [6][7][8]. Group 1: Meeting and Resolutions - The company's ninth board meeting was held on August 5, 2025, with all nine directors present, and the proposal for investment in Zhongyan Soda was unanimously approved [1][3]. - The board authorized the management to implement the external investment matters [9]. Group 2: Investment Details - Zhongyan Soda, a subsidiary of the company, will have its registered capital increased to 8 billion yuan, with the company planning to invest up to 4.88 billion yuan and introduce strategic investors for up to 3.92 billion yuan [6][8]. - Shandong Haohua Co., Ltd. and Inner Mongolia Mengyan Salt Industry Group Co., Ltd. have agreed to invest in Zhongyan Soda, with specific amounts of 2.32 billion yuan and 800 million yuan respectively [7][9]. Group 3: Project Background - Zhongyan Soda successfully acquired mining rights for natural soda in the Daqintala area of Inner Mongolia for 6.80866 billion yuan [8][10]. - The company initiated a major asset restructuring process to facilitate the transition of Zhongyan Soda into a wholly-owned subsidiary [6][18]. Group 4: Financial and Strategic Implications - The introduction of strategic investors is expected to lower financial costs and optimize the capital structure of Zhongyan Soda, ensuring the rapid development of the natural soda project [16][17]. - The investment plan does not alter the company's control over Zhongyan Soda, maintaining a minimum ownership of 51% [8][9].

Core Insights - The "Large-Scale Salt Cavern Hydrogen Storage" project marks a significant step in China's hydrogen storage capabilities, initiated by China Salt Group and Tsinghua University in Changzhou [1][3][4] - The project aims to develop a complete technology system for salt cavern hydrogen storage, enhancing the hydrogen energy industry's safety, integrity, and autonomy [2][3][9] Project Overview - The project is part of a national key research and development plan, involving multiple institutions including China University of Geosciences and the Chinese Academy of Sciences [2] - Salt caverns are man-made underground cavities formed by dissolving rock salt, providing ideal conditions for storing gases like hydrogen due to their excellent sealing and stability [2][3] Technical Aspects - The project will create two new salt caverns with hydrogen injection and extraction wells, focusing on testing hydrogen storage performance [4] - Salt cavern hydrogen storage is considered the best method for large-scale underground hydrogen storage, with individual caverns capable of storing between 200,000 to 400,000 cubic meters of hydrogen [3][4] Regional Advantages - Jiangsu province, particularly Changzhou, has a rich history in salt cavern utilization, making it an ideal location for this project due to its abundant salt resources and established infrastructure [4][5][6] - The salt layer in Changzhou is thick and of high quality, providing a stable environment for hydrogen storage [5][6] Safety Measures - The project incorporates a unique constant pressure storage method to mitigate risks associated with hydrogen's flammability and explosiveness, ensuring safe storage conditions [7][8] - A multi-dimensional safety defense system is being established throughout the project's design, construction, and operational phases [7] Future Implications - As technology advances, salt cavern hydrogen storage is expected to lower storage costs and facilitate the expansion of hydrogen energy systems across China [8] - The project aims to create a comprehensive technology standard for hydrogen storage, providing a model for other regions in the country [9]

Core Viewpoint - The construction and development of the Tongliao Naiman natural soda project, which holds the largest natural soda reserves in China, is advancing with new investments, representing a high-quality development direction for the soda ash industry in the context of an oversupplied market [1][2]. Investment and Capital Increase - China Salt Chemical announced on August 5 that it plans to increase the registered capital of China Salt (Inner Mongolia) Soda Industry Co., Ltd. from 40 million yuan to 8 billion yuan, with a maximum capital increase of 4.88 billion yuan [2][3]. - Strategic investors, including Shandong Haihua and Inner Mongolia Mengsalt Group, have agreed to participate in the capital increase, with Shandong Haihua contributing up to 2.32 billion yuan and Mengsalt Group up to 800 million yuan [2][3]. Project Details and Financials - The Tongliao Naiman natural soda project has a mining area of 28.85 square kilometers and a mineral volume of 1.447 billion tons, with a resource amount of 521 million tons containing ≤9.54% salt [2]. - The total investment for the project is estimated at 26.1 billion yuan, with 8 billion yuan from the current capital increase and the remaining 18.1 billion yuan to be raised through bank loans [5]. - The project is expected to produce 1.11 billion tons over 23 years, generating total revenue of 132.32 billion yuan and a net profit of 38.24 billion yuan [6]. Industry Context and Trends - The soda ash industry is experiencing a supply-demand imbalance, with supply growth outpacing demand, leading to increased market volatility [7]. - The introduction of the Tongliao Naiman project is anticipated to significantly impact the industry landscape, potentially disrupting existing companies' operations due to its cost advantages [7][8]. - The project aligns with the trend of phasing out high-energy-consuming chemical synthesis methods, as natural soda production is more cost-effective and environmentally friendly [4][8].