昊华化工科技集团股份有限公司 2025 年第四次临时股东大会 会议资料 2025 年 9 月 26 日 | | | 昊华化工科技集团股份有限公司 2025 年第四次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事 效率，保证大会的顺利进行，昊华化工科技集团股份有限公司（以下 简称"公司"或"昊华科技"）根据相关法律法规、《昊华科技公司章程》 和《昊华科技股东大会议事规则》等规定，特制定本须知。 一、公司根据《昊华科技公司章程》和《昊华科技股东大会议事 规则》等相关规定，认真做好召开股东大会的各项工作。 二、股东大会设会务组，具体负责大会有关程序及服务等事宜。 三、股东大会期间，全体出席人员应维护股东的合法权益、确保 会议的正常秩序和议事效率，自觉履行法定义务。 四、出席会议的股东（或股东代理人），依法享有发言权、质询 权、表决权等权利，股东（或股东代理人）要求在股东大会现场会议 上发言，应在会议召开前向公司登记，由公司统一安排。股东（或股 东代理人）临时要求发言或就相关问题提出质询的，应当先向会议会 务组申请，经大会主持人许可后方可进行。 五、股东（或股东代理人）在会议上发言，应 ...

Core Viewpoint - The demand for AI data centers is increasing, driven by high heat dissipation and high energy consumption, leading to a growing need for liquid cooling solutions [2][3]. Group 1: AI Data Center Capacity and Growth - According to Semianalysis, the global AI computing center installed capacity is expected to reach 7 GW in 2024, with further growth anticipated by 2028 [1][2]. Group 2: Liquid Cooling Solutions - The two main types of liquid cooling solutions for data centers are cold plate cooling and immersion cooling [3][4]. - Cold plate cooling can be further divided into single-phase and phase-change types, with single-phase primarily using deionized water and phase-change using fluorinated fluids [3]. - Immersion cooling liquids are categorized into synthetic oils and fluorinated liquids, with synthetic oils including hydrocarbon and silicone oils, and fluorinated liquids being ideal due to their chemical stability and low dielectric constant [4]. Group 3: Recommended Companies - For cold plate cooling, recommended companies include Haohua Technology (600378.SH), Juhua Co., Ltd. (600160.SH), and Sanmei Co., Ltd. (603379.SH) [3]. - For synthetic oils, Satellite Chemical (002648.SZ) is highlighted, while for silicone oil, the recommended company is Huamao Technology (603181.SH) [4]. - For fluorinated liquids, recommended companies include Sinoma Science & Technology (300037.SZ), Juhua Co., Ltd., Hualu Group (600623.SH), and Yonghe Co., Ltd. (605020.SH) [4].

Investment Rating - The report maintains a "Positive" rating for the chemical industry [6][12]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected to remain at 2.8%, with stable oil demand, although the growth rate may slow due to tariff policies [6][7]. - The expectation of a Federal Reserve interest rate cut is likely to boost demand during the peak season of September and October. Additionally, the leakage incident of GFL R32 in India may enhance China's export opportunities [6][12]. - The report highlights the ongoing investigation into anti-dumping practices against imported semiconductor chips from the U.S., which may benefit domestic semiconductor materials [6][12]. Summary by Sections Macroeconomic Analysis - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable despite potential slowdowns due to tariffs. Geopolitical factors, including U.S.-China tariff relief and the Russia-Ukraine situation, are influencing oil prices [6][7]. - Coal prices are anticipated to stabilize at a low level, and natural gas export facilities in the U.S. may accelerate, leading to lower import costs [6][7]. Chemical Sector Configuration - The report suggests a strategic focus on four areas: textile and apparel chain, agricultural chemicals, export chain, and sectors benefiting from "de-involution" policies. Specific companies are recommended for investment based on their market positions and growth potential [6][12]. Key Material Focus - Emphasis is placed on the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, with specific companies highlighted for their potential in these sectors [6][12]. Price Trends - Recent data indicates fluctuations in various chemical prices, with PTA prices down by 0.3% and MEG down by 2.0%. The report notes that the overall industrial product PPI has shown a year-on-year decline of 2.9% [12][13][16]. Company Valuations - A detailed valuation table is provided, showcasing various companies in the agricultural chemicals and chemical sectors, with ratings ranging from "Buy" to "Increase" based on their market performance and projected earnings [20].

Core Viewpoint - Haohua Technology achieved a net profit attributable to shareholders of 645 million yuan in the first half of 2025, representing a year-on-year growth of 20.85% [1] - The company successfully established a business model with growth certainty and cyclical resilience through diversified layout and vertical integration of the industrial chain [1] Financial Performance - In the second quarter of 2025, the net profit attributable to shareholders reached 460 million yuan, showing a year-on-year increase of 25.56% and a quarter-on-quarter increase of 148.88% [1] - The company experienced a net cash outflow of 160 million yuan from financing activities, primarily due to the repayment of project loans using raised funds during the reporting period [1] Strategic Development - The company has clarified its development path of "specializing in upstream, strengthening midstream, and focusing on downstream" to implement the high-end polyurethane industrial chain planning [1] - A three-tier advancement mechanism is in place to create new profit growth points [1] - The company's production capacity is gradually expanding, and new projects are being systematically industrialized [1] Investment Rating - The company is rated as a "Buy" based on its performance and strategic outlook [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [1][10]. Core Insights - The company achieved significant revenue growth, with total revenue of 7.76 billion yuan in the first half of 2025, representing a year-on-year increase of 19.45%. The net profit attributable to shareholders reached 645 million yuan, up 20.85% year-on-year. In Q2 2025 alone, revenue was 4.60 billion yuan, showing a 26.07% year-on-year increase and a 45.82% quarter-on-quarter increase [1][2]. Summary by Sections Performance Highlights - The fluorochemical sector drove performance, benefiting from high industry demand and production quotas, with revenue growth of 24.99% and gross profit growth of 40.73%. The gross margin improved by 2.22 percentage points [2]. - The electronic chemicals segment faced intense competition but still achieved over 17% growth in both revenue and gross profit through a volume-based pricing strategy [2]. - The carbon reduction and engineering services segment emerged as a new growth driver, with revenue soaring by 29.58%, primarily due to price increases in high-value catalysts [2]. Cost Management and Cash Flow - The company saw a decrease in expense ratios across sales, management, finance, and R&D, leading to an overall decline in expense ratios. Financial expenses dropped by 64.71% year-on-year to 12.71 million yuan due to reduced borrowing and increased interest from idle funds [3]. - Operating cash flow significantly increased, with net cash flow from operating activities reaching 260 million yuan, a year-on-year increase of 234.01% [8]. Technological Advancements - The company demonstrated strong capabilities in technology innovation and industrialization, achieving breakthroughs in electronic specialty gases, high-end materials, and low-carbon technologies. Products are entering high-end supply chains in aviation and electronics [9]. - Key projects, such as the 26,000-ton annual high-performance organic fluorine materials project, are being successfully launched, contributing to new profit growth points [9]. Profit Forecast - The company is expected to expand its capacity and see orderly industrialization of new projects, with projected net profits of 1.42 billion yuan, 1.78 billion yuan, and 2.25 billion yuan for 2025, 2026, and 2027 respectively. The current stock price corresponds to P/E ratios of 28.1, 22.4, and 17.7 for the respective years [10][12].

Core Viewpoint - Haohua Technology's stock has shown significant growth in recent months, with a year-to-date increase of 8.93% and a notable rise of 28.98% over the past 60 days, indicating strong market performance and investor interest [1][2]. Company Overview - Haohua Technology, established on August 5, 1999, and listed on January 11, 2001, is based in Beijing and specializes in providing comprehensive services for chemical engineering and petrochemical projects, including technology development, consulting, and engineering design [1]. - The company's main business segments include high-end fluorine materials (54.39% of revenue), high-end manufacturing (20.31%), engineering technical services (12.71%), electronic chemicals (6.58%), and other segments [1]. Financial Performance - For the first half of 2025, Haohua Technology reported a revenue of 7.76 billion yuan, representing a year-on-year growth of 124.33%, and a net profit attributable to shareholders of 645 million yuan, up 74.02% compared to the previous year [2]. - The company has distributed a total of 2.15 billion yuan in dividends since its A-share listing, with 1.27 billion yuan distributed over the last three years [3]. Shareholder Information - As of June 30, 2025, Haohua Technology had 18,600 shareholders, an increase of 14.29% from the previous period, with an average of 48,906 circulating shares per shareholder, down 12.50% [2]. - Notable institutional shareholders include Huaxia Military Industry Safety Mixed Fund and Great Wall New Industry Mixed Fund, with changes in their holdings reflecting active investment management [3].

Group 1 - The core viewpoint of the news is that Haohua Technology has shown a positive stock performance with a year-to-date increase of 4.67% and significant growth in revenue and net profit for the first half of 2025 [1][2]. Group 2 - As of September 8, Haohua Technology's stock price reached 29.96 yuan per share, with a market capitalization of 38.648 billion yuan and a trading volume of 1.67 billion yuan [1]. - The company experienced a net inflow of main funds amounting to 14.9369 million yuan, with large orders contributing significantly to the buying activity [1]. - The company's revenue for the first half of 2025 was 7.760 billion yuan, reflecting a year-on-year growth of 124.33%, while the net profit attributable to shareholders was 645 million yuan, up 74.02% year-on-year [2]. Group 3 - Haohua Technology's main business segments include high-end fluorine materials (54.39% of revenue), high-end manufacturing (20.31%), engineering technical services (12.71%), electronic chemicals (6.58%), and others [2]. - The company has distributed a total of 2.152 billion yuan in dividends since its A-share listing, with 1.268 billion yuan distributed in the last three years [3]. - As of June 30, 2025, the number of shareholders increased by 14.29% to 18,600, while the average circulating shares per person decreased by 12.50% to 48,906 shares [2].

Core Viewpoint - The fluororubber (FPM) market in China is experiencing steady growth, with a market size reaching 720 million yuan in 2024, reflecting a year-on-year increase of 5.88% due to its excellent properties and wide applications in various industries [6][10]. Industry Overview - Fluororubber (FPM) is a synthetic polymer elastomer characterized by the presence of fluorine atoms, which provide unique properties making it suitable for demanding sealing applications [2][3]. - The main types of fluororubber include general-purpose and special-purpose variants, with products such as conventional binary fluororubber, ternary fluororubber, and low-temperature resistant fluororubber [2]. Industry Chain - The upstream of the fluororubber industry chain includes raw materials like fluorite, hydrofluoric acid, and vinylidene fluoride (VDF), while the downstream applications span high-end industrial sectors such as automotive, aerospace, and petrochemicals [4][5]. Market Size - The fluororubber market is expanding due to its superior electrical insulation properties and excellent resistance to organic solvents and fuels, making it highly sought after in automotive, aerospace, and chemical industries [6][10]. Key Enterprises - Major companies in the Chinese fluororubber industry include Haohua Technology, Juhua Co., and Dongyue Group, each with distinct advantages in technology, product quality, and market share [7][8]. - Haohua Technology reported a revenue of 3.157 billion yuan in Q1 2025, marking a 10.96% increase year-on-year, while Juhua Co. achieved a revenue of 5.8 billion yuan, reflecting a 6.05% growth [8][9]. Industry Development Trends 1. **Technological Innovation and Product Upgrading**: The industry is focusing on high-performance and differentiated products to meet the demands of high-end sectors like aerospace and automotive [10][11]. 2. **Market Application Expansion**: The demand for fluororubber is surging in traditional sectors and emerging fields, particularly in new energy vehicles, where it is essential for battery separators and seals [10][11]. 3. **Accelerated Industry Competition**: Increased competition is leading to consolidation and mergers within the industry, allowing leading companies to enhance their market positions and operational efficiencies [11].

Market Trends - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,765.88, down 1.25%, and the Shenzhen Component Index down 2.83% [4] - The overall market saw a significant increase in trading volume, with A-share transaction amounts reaching 14.92 trillion yuan, a 15.29% increase week-on-week [7] Industry Commentary - The non-bank financial sector reported a substantial increase in brokerage performance, with 42 listed brokerages achieving a total revenue of 251.87 billion yuan, a year-on-year increase of 11.37%, and a net profit of 104.02 billion yuan, up 65.08% [6][7] - The communication sector is experiencing a surge in demand, particularly driven by Alibaba Cloud's Q2 performance, which exceeded expectations with a revenue increase of 26% to 33.4 billion yuan [8] Company Insights - Huafeng Technology (688629.SH) reported a significant revenue increase of 128.26% year-on-year, reaching 1.105 billion yuan in H1 2025, with a net profit of 151 million yuan, up 940.64% [10] - China General Nuclear Power Corporation (01164.HK) faced a revenue decline of 58% to 1.709 billion HKD in H1 2025, primarily due to accounting standards affecting trade business [12] - Kangchen Pharmaceutical (603590.SH) achieved a revenue of 460 million yuan in H1 2025, reflecting a growth of 13.8% [14] - Longjiang Securities (000783.SZ) reported a significant recovery in investment business, with a notable increase in operating performance [28] Investment Recommendations - The report suggests a "Buy-B" rating for Huafeng Technology, anticipating continued growth in the domestic AI server market and communication modules [10][11] - For China General Nuclear Power, a "Buy-B" rating is maintained, with expectations of recovery in profitability driven by strategic contracts and market demand [13] - Kangchen Pharmaceutical is also rated "Buy-B," with projected revenue growth driven by innovative drug development [14] Future Projections - Huafeng Technology is expected to continue benefiting from the domestic AI server market, with projections indicating a strong performance in the coming years [10][11] - China General Nuclear Power anticipates a rebound in net profit, with estimates of 3.76 billion HKD in 2025, growing significantly in subsequent years [13] - Kangchen Pharmaceutical forecasts revenues of 9.41 billion yuan by 2027, indicating robust growth potential [14]

Group 1 - The core viewpoint of the news is that Haohua Technology has experienced a decline in stock price, with a cumulative drop of 7.54% over three consecutive days, closing at 28.33 yuan per share on September 4 [1] - Haohua Technology, established on August 5, 1999, and listed on January 11, 2001, provides comprehensive services in chemical engineering and petrochemical engineering, including technology development, transfer, consulting, engineering design, and project contracting [1] - The company's main business revenue composition includes high-end fluorine materials (54.39%), high-end manufacturing (20.31%), engineering technical services (12.71%), electronic chemicals (6.58%), and other (3.12%) [1] Group 2 - Silver Hua Fund has a significant holding in Haohua Technology, with the Silver Hua Xinfeng Mixed A Fund (015305) holding 191,500 shares, accounting for 1.64% of the fund's net value, ranking as the ninth largest holding [2] - The Silver Hua Xinfeng Mixed A Fund has experienced a floating loss of approximately 114,900 yuan today and a total floating loss of 442,400 yuan during the three-day decline [2] - The fund was established on April 29, 2022, with a current scale of 245 million yuan, and has achieved a year-to-date return of 13.84% [2]