Investment Rating - The report indicates a positive outlook for the chemical industry, suggesting a new cycle may begin due to improved domestic supply and demand, increased global market share, and declining crude oil prices [3][4]. Core Viewpoints - The chemical industry is expected to enter a new cycle driven by domestic supply-demand improvements and global market share growth, despite potential short-term impacts from overseas demand [3][5]. - The report highlights that the supply side is gradually improving due to reduced fixed asset investment growth and government policies aimed at curbing excessive competition [5][10]. - On the demand side, domestic consumption is anticipated to recover steadily, supported by government initiatives to boost consumption and stabilize the economy [26][33]. - Cost factors are favorable, with significant declines in international crude oil and domestic coal prices, which will support the profitability of chemical products [42][49]. - The report recommends specific companies within various segments of the chemical industry, including refrigerants, amino acids, military and new materials, and fertilizers, indicating potential investment opportunities [5][57]. Summary by Sections Supply Side - The report notes that the chemical industry has faced profitability pressures since 2022, but the current production cycle is nearing its end, which may lead to gradual improvement in profitability as capacity is digested [11][12]. - China's global market share in chemical products has been steadily increasing, with 2023 figures showing a 43.1% share of global sales [25][20]. Demand Side - The report emphasizes that domestic demand is expected to recover, aided by government policies aimed at stimulating consumption and investment [26][33]. - The real estate sector shows signs of stabilization, which could further support demand for chemical products [33]. Cost Side - The report highlights a significant decline in crude oil prices, with Brent crude falling by 14.71% since the beginning of 2025, which is expected to positively impact the cost structure of the chemical industry [42][38]. - Domestic coal and natural gas prices have also shown a downward trend, enhancing the cost competitiveness of chemical products [49][47]. Valuation - The report indicates that the valuation of the basic chemical and petrochemical sectors is at historical lows, suggesting substantial room for recovery as market conditions improve [54][50].

Summary of Haohua Technology Conference Call Company Overview - **Company**: Haohua Technology - **Industry**: Fluorochemical and Specialty Chemicals Key Financial Performance - **Q1 2025 Revenue**: 3.157 billion CNY, up 10.96% YoY [2][3] - **Q1 2025 Net Profit**: 214 million CNY, up 21.67% YoY [2][3] - **Total Assets (2024)**: 30.151 billion CNY [3] - **Net Assets (2024)**: 17.119 billion CNY [3] - **2024 Revenue**: 13.966 billion CNY [3] - **2024 Net Profit**: 1.105 billion CNY, YoY growth of 7.6% [14] Business Segment Performance Refrigerant Segment - **Q1 2025 Revenue**: Approximately 686 million CNY, with a gross profit nearing 300 million CNY, doubling YoY [2][7] - **Average Price**: 42,000-43,000 CNY/ton, up 13,000 CNY YoY, outperforming competitors [4][6] - **Gross Margin**: Increased by 16 percentage points to 43% [2][7] - **Key Factors**: Product structure differences and higher quota utilization efficiency [6] Polymer Segment - **Q1 2025 Loss**: Nearly 10 million CNY, a reduction of about 50 million CNY YoY [2][10] - **Overall Performance**: Poor gross margin situation, with significant losses expected to continue [8][16] - **2024 Loss**: Approximately 45 million CNY, a decline of nearly 200 million CNY YoY [16] Electrolyte Segment - **Q1 2025 Loss**: Approximately 24 million CNY, with a 50% increase in losses YoY [2][7] - **Lithium Hexafluorophosphate**: Mostly for self-use, showing relatively better performance [7] High-end Manufacturing Segment - **Q1 2025 Gross Margin**: Decreased by 18.6% to 8.7% due to policy factors and inventory buildup [2][20] - **Net Profit Decline**: Approximately 11% YoY [21] Specialty Chemicals Segment - **Current Status**: Affected by pricing mechanism changes, but showing signs of gradual improvement [22][23] Market Dynamics - **Fluorochemical Industry**: Characterized by uneven performance, with some segments like electrolytes improving while polymers struggle [6][8] - **Investment Returns**: Stable returns from joint ventures closely related to the fluorochemical industry [11] Future Outlook - **Refrigerant Business**: Expected to continue its upward trend, indicating a long-term growth cycle [40] - **Polymer Market**: Currently under pressure but anticipated to improve in the coming years [17] - **High-end Manufacturing**: Expected to stabilize and grow, supported by government spending on defense [25] Challenges and Risks - **Depreciation Impact**: New projects entering depreciation periods expected to increase depreciation by over 30% [4][18] - **Pressure from Non-refrigerant Fluorochemical Businesses**: Facing cyclical downturns and depreciation impacts [39] Additional Insights - **Inventory Increase**: Due to demand recovery in specialty products, leading to stockpiling [28] - **Engineering Orders**: Close to 4 billion CNY, sufficient to support operations for the next 2-3 years [33] - **Catalyst Project**: Expected to boost demand as new projects come online [34] Conclusion Haohua Technology is navigating a mixed performance landscape across its business segments, with strong growth in refrigerants but challenges in polymers and high-end manufacturing. The company is poised for potential recovery in several areas, supported by strategic investments and market dynamics.

Investment Rating - The report maintains a "Positive" outlook on the chemical industry, highlighting the recovery at the bottom of the cycle and the focus on undervalued high-growth stocks [1]. Core Insights - The macroeconomic assessment of the chemical industry indicates a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium to long term. Natural gas prices are fluctuating at the bottom [3][4]. - The report forecasts a gradual recovery in profitability for the chemical sector in Q1 2025, driven by terminal inventory replenishment and improved demand, despite ongoing construction projects peaking and declining [3]. - The overall revenue for the chemical sector in 2024 is projected to reach 2.0601 trillion yuan, a 3% year-on-year increase, while net profit is expected to decline by 3% to 109.8 billion yuan, aligning with market expectations [3]. Summary by Sections Industry Dynamics - Current oil prices are influenced by the easing of the Russia-Ukraine conflict and U.S. tariff policies, with Brent crude averaging $80.93 per barrel in 2024, down 2% year-on-year. NYMEX natural gas futures are expected to average $2.41 per million British thermal units, down 10% year-on-year [3][4]. - The chemical industry is experiencing a "V"-shaped recovery in market conditions, with Q1 2025 revenue reaching 496.9 billion yuan, a 6% increase year-on-year, and net profit rising by 9% year-on-year to 32.8 billion yuan [3]. Investment Analysis - The report suggests focusing on traditional cyclical stocks with strong fundamentals, such as Wanhua Chemical and Hualu Chemical, as well as growth stocks in semiconductor materials and OLED technologies [3]. - The tire industry is expected to benefit from domestic demand recovery and cost reductions, with companies like Sailun Tire and Linglong Tire highlighted for potential investment [3]. - The report emphasizes the importance of identifying undervalued stocks with growth potential in the chemical sector, particularly in segments like agricultural chemicals and specialty chemicals [3]. Price and Inventory Changes - The report notes that the chemical industry is experiencing a gradual recovery in price differentials, with PPI data showing a slow recovery from negative values towards zero [3][4]. - The report highlights the importance of monitoring inventory levels and price movements in key chemical products, as these factors will influence future profitability and investment opportunities [3][4].

关于昊华化工科技集团股份有限公司 业绩承诺实现情况的专项审核报告 天 职 业 字 [2025]17200-5 号 录 目 业绩承诺 实 现 情 况 的 专 项 审 核 报 告 -- l 关于业绩承诺实现情况的说明— 3 二、注册会计师的责任 我们的责任是在实施审核工作的基础上,对《吴华化工科技集团股份有限公司关于业绩 承诺实现情况的说明》发表审核意见。我们按照《中国注册会计师其他鉴证业务准则第 3101 业绩承诺实现情况的专项审核报告 天职业字[2025]17200-5 号 昊华化工科技集团股份有限公司全体股东: 我们接受委托,对后附的昊华化工科技集团股份有限公司(以下简称"昊华科技")编 制的《吴华化工科技集团股份有限公司关于业绩承诺实现情况的说明》进行了专项审核。 一、管理层的责任 昊华科技管理层的责任是提供真实、合法、完整的相关资料,按照《上市公司重大资产 重组管理办法》(中国证券监督管理委员会令第 214 号)的相关规定编制《吴华化工科技集 团股份有限公司关于业绩承诺实现情况的说明》,并保证其真实性、完整性和准确性。提供 真实、合法、完整的实物证据、原始书面材料、副本材料、口头证言以及我们认为必要的其 ...

中信证券股份有限公司 关于昊华化工科技集团股份有限公司 发行股份购买资产并募集配套资金暨关联交易之 2024 年度业绩承诺实现情况的核查意见 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）作为昊 华化工科技集团股份有限公司（以下简称"昊华科技"、"上市公司"或"公司"） 的独立财务顾问，根据《上市公司监管指引第 2 号——上市公司募集资金管理和使 用的监管要求》、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 等相关法律法规和规范性文件的规定，对上市公司本次交易 2024 年度业绩承诺实 现情况进行了审慎核查，具体情况如下： | 序号 | 业绩承诺范围公司 | 置入股权比例 | 资产类别 | | --- | --- | --- | --- | | 2 | 四川中蓝新能源材料有限公司 | 100.00% | 净资产 | | 3 | 湖南中蓝新材料科技有限公司 | 100.00% | 净资产 | | 4 | 中化蓝天氟材料有限公司 | 100.00% | 净资产 | | 5 | 浙江中蓝新能源材料有限公司 | 100.00% | 净资产 | | 6 | 郴州中化氟源新材料有限公司 | ...

昊华化工科技集团股份有限公司 审 计 报 告 天 职 业 字 [2025]17200 号 录 目 审计报告, -1 2024 年度财务报表- 6 2024 年度财务报表附注- -18 您可使用手机"扫一扫"或近入"注册会计师行业统一流管平台（http://acc.mo.f.gov.cn）"进行查测 您可使用手机"扫一扫"或近入"注册会计师行业统一监管平台（http://acc.mo.f.gov.cn）"进行查测... "我在 审计报告 天职业字[2025]17200 号 昊华化工科技集团股份有限公司全体股东: 一、审计意见 我们审计了后附的昊华化工科技集团股份有限公司(以下简称"吴华科技")财务报表, 包括 2024年 12月 31 日的合并及母公司资产负债表,2024年度的合并及母公司利润表、合 并及母公司现金流量表、合并及母公司股东权益变动表,以及财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 昊华科技 2024年12月31日的合并及母公司财务状况以及 2024年度的合并及母公司经营成 果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规 ...

关于昊华化工科技集团股份有限公司 以自筹资金预先投入募集资金投资项目 及支付发行费用情况的鉴证报告 天职业字[2025]18795 号 录 目 以 自 筹 资 金 预 先 投 入 募 集 资 金 投 资 项 目 及 支 付 发 行 费 用 情 况 的鉴证报告 -- -1 以 自 筹 资 金 预 先 投 入 募 集 资 金 投 资 项 目 及 支 付 发 行 费 用 情 况 的专项说明 -- 3 您可使用手机"扫一扣"或近入"注册会计师行业统一流管平台（http://acc.mof.gov.cn）"进行查验 报告编码:京25UFA56XW 以自筹资金预先投入募集资金投资项目及支付发行费用情况的鉴证报告 天职业字[2025]18795 号 昊华化工科技集团股份有限公司全体股东: 我们接受委托,对后附的昊华化工科技集团股份有限公司(以下简称"昊华科技")编 制的截至 2025 年 3 月 31 日的《以自筹资金预先投入募集资金投资项目及支付发行费用情况 的专项说明》进行鉴证。 昊华科技管理层的责任是按照中国证监会《上市公司监管指引第 2 号 -- 上市公司募集 资金管理和使用的监管要求》和上海证券交易所颁布的《上海 ...

经中国证券监督管理委员会证监许可〔2024〕964 号文注册批复，公司向特定对 象发行人民币普通股（A 股）181,451,612 股，每股发行价格为人民币 24.80 元，募集 资 金 总 额 为 人 民 币 4,499,999,977.60 元 ， 扣 除 不 含 增 值 税 的 发 行 费 用 人 民 币 3,050,416.26 元后，募集资金净额为人民币 4,496,949,561.34 元。2024 年 12 月 25 日， 中信证券已将上述募集资金总额扣除承销费（含增值税）后的余款划转至公司指定募 集资金专用账户。天健会计师事务所（特殊普通合伙）对本次募集资金到位情况进行 了审验，并出具了《验资报告》（天健验〔2024〕530 号）、《验证报告》（天健验 〔2024〕531 号）。 上述募集资金到账后，公司对募集资金进行专户存储，为确保募集资金使用安全， 公司及各募投项目实施子公司已经分别开立了募集资金存放专用账户，并与独立财务 顾问、开户银行共同签订了相关募集资金监管协议。具体内容详见公司于 2025 年 1 月 2 日披露的《昊华化工科技集团股份有限公司关于签订募集资金专户存储三方监管 协议 ...

昊华化工科技集团股份有限公司 内 部 控 制 审 计 报 告 天 职 业 字 [2025]17200-1 号 录 目 内部控制审计报告 1 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.md.gov.cn）"进行查查 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查查 ：" ar 内部控制审计报告 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定,建立健全和有效实施内部控制，并评价其有效性是昊华科技公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化 可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控制审计结 果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为,昊华科技公司于 2024年 12 月 31 日 ...

中信证券股份有限公司 关于昊华化工科技集团股份有限公司使用承兑汇票等 方式支付募投项目款项并以募集资金等额置换 的核查意见 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）作为昊 华化工科技集团股份有限公司（以下简称"昊华科技"、"上市公司"或"公司"） 的独立财务顾问，根据《上市公司监管指引第 2 号——上市公司募集资金管理和使 用的监管要求》、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 等相关法律法规和规范性文件的规定，对上市公司使用承兑汇票等方式支付募投项 目款项并以募集资金等额置换事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会证监许可〔2024〕964 号文注册批复，公司向特定 对象发行人民币普通股（A 股）181,451,612 股，每股发行价格为人民币 24.80 元， 募集资金总额为人民币 4,499,999,977.60 元，扣除不含增值税的发行费用人民币 3,050,416.26 元后，募集资金净额为人民币 4,496,949,561.34 元。2024 年 12 月 25 日， 中信证券已将上述募集资金总额扣除承销费（含增 ...