证券代码：600328 证券简称：中盐化工 公告编号：（临）2025-084 中盐内蒙古化工股份有限公司 第九届董事会第五次会议决议公告 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个别及连带责任。 中盐内蒙古化工股份有限公司（以下简称"公司"）第九届董事会 第五次会议于2025年8月8日将会议通知以电子邮件或OA致信平台的方 式送达与会人员，2025年8月14日在青海发投碱业有限公司会议室以现 场方式召开，应出席会议董事9名，实到董事9名（全体董事均现场参 加会议）。公司高管人员列席了会议，符合《公司法》和《公司章程》 的有关规定。会议由董事长周杰主持。 告》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 特此公告。 中盐内蒙古化工股份有限公司董事会 2025年8月15日 详见同日刊登于《中国证券报》《上海证券报》和上海证券交易所 网站（www.sse.com.cn）的《中盐内蒙古化工股份有限公司关于投资 建设中盐（内蒙古）碱业有限公司年产 500 万吨天然碱矿溶采试验项 目的公告》。 表决结果：同意 9 票，反对 0 票 ...

中盐化工（SH 600328，收盘价：7.84元）8月14日晚间发布公告称，公司第九届第五次董事会会议于 2025年8月14日在青海发投碱业有限公司会议室以现场方式召开。会议审议了《关于投资建设中盐（内 蒙古）碱业有限公司年产500万吨天然碱矿溶采试验项目的议案》等文件。 2024年1至12月份，中盐化工的营业收入构成为：工业占比96.83%，其他业务占比3.17%。 （文章来源：每日经济新闻） ...

Group 1 - The company plans to implement a natural soda ash mining solution test project with an annual production capacity of 5 million tons at Zhongyan (Inner Mongolia) Soda Industry Co., Ltd., with a total estimated investment of 360 million yuan, scheduled to start in August 2025 and complete the data report by the end of February 2026, with a total construction period of 7 months [1] - The company has completed the decision-making and regulatory processes for the reduction of capital at Zhongyan Soda Industry, and is currently handling business changes, making it a wholly-owned subsidiary of the company [1] - The company intends to carry out a technical upgrade and transformation project for the production of 60,000 tons of special resin at Zhongyan Jilantai Chlor-Alkali Chemical Co., Ltd., with a total investment of 493 million yuan and a construction period of 2 years, expected to be completed and put into use by 2027 [1]

Core Viewpoint - The company is enhancing its core competitiveness in the soda ash industry by actively investing in the natural soda industry, with plans to develop natural soda resources in Inner Mongolia [1] Group 1: Investment and Development - In March 2025, the company participated in the establishment of Zhongyan Alkali Industry to focus on the acquisition and development of natural soda resources in the Da Qintala area of Naiman Banner, Tongliao City, Inner Mongolia [1] - The company won the mining rights for natural soda through an online auction on June 16, 2025, and signed the mining rights transfer contract on July 9, 2025 [1] - The major asset restructuring was approved by the shareholders' meeting on August 8, 2025, and the reduction of capital for Zhongyan Alkali Industry has completed the decision-making and regulatory processes [1] Group 2: Project Implementation - To accelerate the development of natural soda resources, the company plans to implement a pilot project for the annual production of 5 million tons of natural soda mining, which aims to understand the mining characteristics of the natural soda in the area [1] - The total estimated investment for the pilot project is 360 million yuan [1]

Core Viewpoint - Zhongyan Chemical (600328.SH) announced the expansion of its chlor-alkali subsidiary's production capacity for micro-suspension resin, aiming to enhance market competitiveness and optimize its product structure [1] Production Capacity - The chlor-alkali subsidiary currently has a production capacity of 220,000 tons per year for micro-suspension resin, consisting of a 90,000 tons/year facility at the polymer materials plant and a 130,000 tons/year facility at Anhui Tianchen [1] - A new 30,000 tons/year micro-suspension resin facility is under construction, expected to be completed and operational by December 2025, which will increase the total production capacity to 250,000 tons [1] Investment Plans - To further optimize its industrial structure, the company plans to invest in a technical upgrade project for special resin production, with an annual output of 60,000 tons [1] - The total investment for the special resin upgrade project is estimated at 493 million yuan [1]

Group 1 - The company, Zhongyan Chemical, announced an investment of 493.38 million yuan to upgrade its special resin production technology at Zhongyan Jilan Tai Chlor-Alkali Chemical Co., Ltd. [1] - The project aims to achieve an annual production capacity of 60,000 tons of special resin and is expected to be completed by 2027 [1] - The implementation of this project will enhance the company's market competitiveness and improve the profitability of its chlor-alkali business [1]

Core Viewpoint - The company plans to invest 360 million yuan in the construction of a natural soda ash mining pilot project with an annual production capacity of 5 million tons in Inner Mongolia [1] Investment Details - The total construction period for the project is set at 7 months [1] - The project aims to systematically study and fully understand the mining characteristics of the natural soda ash in the area, laying a technical foundation for future industrial-scale development [1] - The investment does not constitute a related party transaction or a major asset restructuring [1]

Group 1 - The demand for architectural glass is expected to remain high, supported by urban renewal and government subsidies stimulating renovation needs, which will positively impact float glass demand [1] - The renovation demand for second-hand housing is anticipated to continue growing, as properties built after 2005 reach 20 years of age, leading to increased glass usage in new developments [1] - The window-to-wall ratio in new residential and commercial buildings is increasing, further driving the demand for glass [1] Group 2 - The photovoltaic glass sector is experiencing a supply-demand imbalance, with rapid capacity expansion since 2021 leading to price pressures and potential reductions in production due to profitability concerns [2] - The apparent consumption of soda ash is projected to grow by 13.49% year-on-year in 2024, reaching 35.23 million tons, despite potential slowdowns in demand due to losses in the photovoltaic glass sector [2] - The soda ash industry faces significant pressure from new capacity, with several projects underway, including a 2.8 million ton natural soda ash capacity addition by Boyuan Chemical [3] Group 3 - The cost of production for different soda ash manufacturing processes shows that only the natural soda process remains profitable, with costs of 1,246, 1,395, and 679 RMB per ton for the Leblanc, ammonia-soda, and natural soda processes respectively [3] - The U.S. dominates the global soda ash market due to its abundant natural soda resources and advanced production technology, holding 99% of the world's natural soda resources and accounting for 50% of global trade [3] - The natural soda process is expected to emerge as a key player in the soda ash industry due to its lower production costs and competitive advantage [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The demand for float glass is expected to remain high due to accelerated urban renewal and national subsidies stimulating renovation needs, despite fluctuations in real estate construction [5][14] - The photovoltaic glass sector is facing significant supply-demand imbalances, with rapid capacity expansion leading to price declines and potential production line adjustments to mitigate losses [6][21] - The soda ash industry is under pressure from new capacity additions, with low-cost natural soda ash processes likely to emerge as dominant in the future [7][28][50] Summary by Sections 1. Glass Capacity and Soda Ash Demand - Urban renewal and renovation needs are projected to sustain float glass demand, with a significant increase in housing renovation expected as older properties reach their lifespan [5][14] - The apparent consumption of flat glass is expected to grow by 3.80% in 2024, despite a decline in real estate construction area [14][19] - The soda ash apparent consumption is projected to reach 35.23 million tons in 2024, a year-on-year increase of 13.49% [27] 2. Photovoltaic Glass Sector - Photovoltaic glass capacity has surged from 11.73 million tons in 2020 to 44.77 million tons in 2024, marking a 281.64% increase [21] - The price of photovoltaic glass has decreased from a peak of 26.5 yuan per square meter to 18.5 yuan per square meter due to oversupply and inventory pressures [21][24] - The profitability of photovoltaic glass companies is declining, leading to potential production line adjustments to reduce losses [6][21] 3. Soda Ash Industry Dynamics - The soda ash industry is facing significant new capacity pressures, with multiple projects expected to come online, including 2.8 million tons from Boyuan Chemical and 5 million tons from Zhongyan Chemical [7][28][46] - The cost of production for different soda ash processes as of August 1, 2025, is 1,246 yuan/ton for the ammonia-soda process, 1,395 yuan/ton for the solvay process, and 679 yuan/ton for the natural soda process, indicating that only the natural soda process remains profitable [28][46] - The natural soda process is expected to dominate the global soda ash market due to its cost advantages and the U.S. holding 99% of the world's natural soda resources [47][50]

Core Insights - Glass microspheres exhibit significant competitive advantages in material applications compared to traditional materials, with widespread use in plastics, coatings, oil extraction, and aerospace [1][11] - The market demand for glass microspheres is continuously growing, driven by the transformation of traditional industries and the rapid development of emerging industries [1][11] Industry Overview - Glass microspheres are a new type of material developed from borosilicate raw materials, with a particle size of 10-250 microns and a wall thickness of 1-2 microns, offering lightweight, low thermal conductivity, high strength, and good chemical stability [2][10] - The market size of China's glass microsphere industry is projected to grow from 1.432 billion yuan in 2015 to 2.767 billion yuan in 2024, with a compound annual growth rate (CAGR) of 7.59% [1][11] - The hollow glass microsphere segment is expected to grow from 716 million yuan in 2015 to 1.522 billion yuan in 2024, with a CAGR of 8.74% [1][11] Industry Chain - The upstream of the glass microsphere industry includes raw materials such as quartz sand, limestone, feldspar, and soda ash, which are crucial for the supply and quality of glass microsphere production [3][6] - The midstream involves the manufacturing of glass microspheres, while the downstream applications include reflective materials, coatings, ceramics, rubber, plastics, filtration materials, oil extraction, and aerospace [3] Production and Demand - China's glass microsphere production is expected to increase from 85,200 tons in 2015 to 170,300 tons in 2024, with a CAGR of 8% [10] - The demand for glass microspheres is projected to rise from 101,600 tons in 2015 to 201,700 tons in 2024, with a CAGR of 7.92% [10] - Hollow glass microspheres are gaining traction, with production expected to grow from 21,300 tons in 2015 to 51,100 tons in 2024, and demand from 25,400 tons to 60,500 tons during the same period [10] Market Trends - The glass microsphere industry is gradually moving towards high-end applications, focusing on high refractive index, high wear resistance, and high purity to meet the needs of aerospace, precision optics, and 5G communications [23] - The industry is expected to diversify its applications into emerging markets such as renewable energy, biomedicine, and electronic packaging, while also developing functional microspheres [24] - Environmental sustainability is becoming a key focus, with efforts to optimize production processes, reduce energy consumption, and explore recycling technologies [25] Key Players - Major players in the global glass microsphere industry are concentrated in developed countries, with significant contributions from companies like 3M, Swarco, and Potters Industries [14] - In China, notable companies include China Steel Group, Wanda Glass Microspheres, and Langsheng Kaibo, which are rapidly expanding their production capabilities [14][17]