昊华化工科技集团股份有限公司 关于增加公司 2025 年度日常关联交易预计金额 的公告 证券代码：600378 证券简称：昊华科技 公告编号：临 2025－065 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： ●是否需要提交股东大会审议：否 ●日常关联交易对上市公司的影响：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"）增加公司2025年度日常关联交 易预计金额是公司正常经营所需，且关联交易价格公允，严格遵守了 公开、公平、公正及市场化定价的原则，没有损害公司和非关联股东 特别是中小股东的利益，不会对公司的独立性产生影响，不会对关联 方形成较大的依赖，符合全体股东的利益。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、2025 年 8 月 15 日，公司召开独立董事专门会议 2025 年第二 次会议审议通过《关于审议增加公司 2025 年度日常关联交易预计金 额的议案》。独立董事认为，公司根据 2025 年 1-7 月实际发生的关联 交易情况以及对 2025 年 8-12 月 ...

证券代码：600378 证券简称：昊华科技 公告编号：临 2025-064 关于取消监事会并修订《昊华科技公司章程》及相关 制度的公告 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。 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"）于 2025 年 8 月 28 日召开了第八届董事会第三十四次会议，审 议通过了《关于审议取消监事会并修订<昊华科技公司章程>的议案》 《关于审议修订<昊华科技股东大会议事规则>的议案》《关于审议修 订<昊华科技董事会议事规则>的议案》《关于审议修订<昊华科技董 事会审计委员会实施细则>的议案》《关于审议修订<昊华科技董事会 战略与可持续发展委员会实施细则>的议案》，第八届监事会第二十 五次会议审议通过了《关于审议取消监事会并修订<昊华科技公司章 程>的议案》。具体情况如下： 一、取消监事会情况 为贯彻落实《中华人民共和国公司法》《上市公司章程指引》《关 于新<公司法>配套制度规则实施相关过渡期安排》等相关法律法规、 规范性文件的规定，进一步完善公司法人治理结构、提升公司规范运 作水 ...

昊华科技公告，2025年上半年营业收入77.6亿元，同比增长19.45%。净利润6.45亿元，同比增长 20.85%。基本每股收益0.4997元／股，同比增长3.69%。 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The chemical sector's overall performance ranked 15th this week, with a change of 2.86%, underperforming the Shanghai Composite Index by 0.63 percentage points and the ChiNext Index by 3.00 percentage points [4][22] - The chemical industry is expected to continue its trend of differentiated performance in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Industry Performance - The chemical sector's performance for the week of August 18-22, 2025, showed a 2.86% increase, while the Shanghai Composite Index increased by 3.49% and the ChiNext Index by 5.85% [4][22] - The top three performing sub-sectors were other rubber products (8.53%), polyurethane (6.34%), and titanium dioxide (5.69%), while the bottom three were synthetic resin (-1.67%), carbon black (-1.00%), and other plastic products (-0.34%) [23][22] Key Industry Dynamics - South Korea plans to cut naphtha cracking capacity by 25%, affecting 2.7 to 3.7 million tons based on an annual capacity of 14.7 million tons, as part of efforts to restructure its petrochemical industry [35] - The Ministry of Industry and Information Technology of China held a meeting to regulate the photovoltaic industry, emphasizing the importance of maintaining a healthy competitive environment [35] Recommended Focus Areas - Synthetic biology is highlighted as a key area for growth, with traditional chemical companies needing to adapt to energy costs and carbon taxes [4] - The third-generation refrigerants are expected to enter a high-growth cycle due to supply constraints and increasing demand from markets like Southeast Asia [5] - The electronic specialty gases market presents significant opportunities for domestic companies due to high technical barriers and increasing demand from semiconductor and photovoltaic sectors [6][8] - Light hydrocarbon chemicals are becoming a global trend, with a shift towards lighter raw materials for ethylene production [8] - The COC polymer industry is accelerating its domestic industrialization process, driven by supply chain security concerns [9] - Potash fertilizer prices are expected to rebound as major producers reduce output and demand increases from farmers [10] - The MDI market is characterized by oligopoly, with a favorable supply structure anticipated as demand recovers [12]

Group 1 - The chemical sector continues to rise, with the chemical ETF (516020) showing a price increase of 1.85% as of the report, peaking at 2.13% [1] - Key stocks in the sector include Sanmei Co., which surged over 8%, and other companies like Hangjin Technology, Juhua Co., and Hualu Hengsheng, which saw increases of over 6%, 5%, and 3% respectively [1] - There are plans for comprehensive adjustments in the petrochemical industry in China, focusing on phasing out small-scale facilities and upgrading old ones, while investing in new materials [2] Group 2 - Open Source Securities indicates that "anti-involution" will be a policy focus for 2025 and beyond, targeting capacity governance in industries with severe competition [3] - The chemical industry is expected to see the elimination of some outdated capacities, leading to an optimized competitive landscape and potential recovery in profitability [3] - Current valuation metrics suggest that it may be a good time to invest in the chemical sector, with the chemical ETF's price-to-book ratio at 2.19, which is at a low point historically [3] Group 3 - Guohai Securities forecasts that anti-involution measures will reshape the Chinese chemical industry, potentially slowing global capacity expansion and increasing dividend yields [4] - The changes in supply dynamics are expected to lead to a recovery in industry conditions, with chemical stocks likely to exhibit both high elasticity and high dividend advantages [4] Group 4 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors, with nearly 50% of its holdings in large-cap stocks like Wanhua Chemical and Salt Lake Co. [5] - The ETF provides a more efficient way to invest in the chemical sector, allowing investors to capture opportunities across different segments [5]

Group 1 - The core viewpoint of the news highlights the recent performance and financial metrics of Haohua Technology, indicating a positive trend in stock price and trading activity [1][2] - As of August 22, Haohua Technology's stock price increased by 2.06%, reaching 28.78 CNY per share, with a total market capitalization of 371.26 billion CNY [1] - The company has seen a year-to-date stock price increase of 0.54%, with notable gains of 10.65% over the past 20 days and 21.41% over the past 60 days [1] Group 2 - As of March 31, Haohua Technology had 16,300 shareholders, an increase of 9.74% from the previous period, with an average of 55,896 circulating shares per shareholder, down by 8.81% [2] - For the first quarter of 2025, Haohua Technology reported a revenue of 3.157 billion CNY, reflecting a year-on-year growth of 95.73% [2] - The company has distributed a total of 2.152 billion CNY in dividends since its A-share listing, with 1.268 billion CNY distributed over the past three years [2]

Investment Rating - The report maintains a "Positive" investment rating for the industry [12] Core Insights - The cooling methods for data centers are transitioning from air cooling to liquid cooling due to the increasing power consumption of chips and single cabinets. Liquid cooling technologies offer significant advantages such as higher cooling efficiency, lower energy consumption, and reduced total cost of ownership (TCO) [6][19] - The report highlights the growth of liquid cooling solutions, particularly single-phase cold plate cooling, which currently accounts for over 90% of liquid cooling applications in data centers. The technology is maturing, and small-scale commercial applications are being promoted [6][19] - The report suggests that various cooling media will emerge as opportunities in the liquid cooling market, with a focus on companies involved in the production of these cooling liquids [10][52] Summary by Sections Data Center Cooling Transition - The report discusses the shift to liquid cooling as a response to the rising power density of chips, particularly in AI servers, which are pushing the limits of traditional air cooling methods. The maximum power density for traditional air-cooled cabinets is around 20 kW, while future designs may reach up to 600 kW [7][25][29] Cooling Media Opportunities - Different cooling media are being explored for single-phase and two-phase cooling solutions. For single-phase cooling, common media include ethylene glycol solutions and propylene glycol solutions, while two-phase solutions primarily use refrigerants and low-boiling point fluids [8][41] - The report emphasizes the need for cooling liquids that meet specific technical requirements, such as excellent insulation properties, low surface tension, and high thermal conductivity [9][42] Investment Recommendations - The report recommends focusing on companies involved in the liquid cooling media industry, including: - Juhua Co., Ltd. (fluorinated liquids + refrigerants) - Sinoma Science & Technology (fluorinated liquids) - Yonghe Technology (fluorinated liquids + refrigerants) - Haohua Technology (fluorinated liquids + refrigerants) - Sanmei Co., Ltd. (refrigerants) - Xin'an Chemical (silicone oil) - Xingfa Group (silicone oil) [10][52]

Investment Rating - The report provides a standard investment rating for the chemical industry, indicating a positive outlook for specific sectors within the industry [5]. Core Insights - The report highlights the impact of the explosion at Kanto Denka's facility in Japan, which is expected to create opportunities for domestic electronic gas suppliers as Kanto Denka holds a 90% market share in nitrogen trifluoride production in Japan [6][13]. - The first World Humanoid Robot Games held in Beijing is seen as a catalyst for the robotics industry's development, showcasing technological innovation and attracting talent [6][14]. - The report emphasizes the structural optimization of supply in the chemical sector, suggesting a focus on sectors with significant elasticity and competitive advantages, such as organic silicon and membrane materials [6][15]. Industry Performance - The report notes that during the week of August 11 to August 15, 2025, the CSI 300 index rose by 2.37%, while the Shenwan Basic Chemical Index increased by 2.46%, outperforming the market slightly [6][18]. - The top-performing sub-sectors included modified plastics (up 12.29%) and fluorochemicals (up 5.81%), while the worst performers were civil explosives (down 3.02%) and compound fertilizers (down 1.81%) [6][19]. Price Trends - Key products that saw price increases included hydrochloric acid (up 15.38%) and propylene (up 4.00%), while notable declines were observed in butanone (down 7.16%) and liquid ammonia (down 5.89%) [6][26]. - The report tracks price differentials, with significant increases in the propylene-propane differential (up 33.47%) and decreases in the bisphenol A-phenol differential (down 26.57%) [6][28]. Investment Recommendations - The report suggests focusing on sectors that may benefit from supply-side reforms, particularly organic silicon, membrane materials, and dye sectors, with recommended companies including Hoshine Silicon Industry and Zhejiang Longsheng [6][15]. - It also highlights the growing demand for health additives and sugar substitutes driven by new consumer trends, recommending companies that emphasize technological and product differentiation [6][16][17].

Investment Rating - The report maintains an "Accumulate" rating for the basic chemical industry [5] Core Viewpoints - The supply of nitrogen trifluoride (NF₃) is expected to tighten due to incidents affecting major overseas suppliers, which may lead to an increase in market prices and a potential rise in market share for domestic manufacturers [2][4][25] - The global market for nitrogen trifluoride is projected to reach $1.783 billion in 2025, with a compound annual growth rate (CAGR) of 11.6% from 2025 to 2033 [25][27] Summary by Sections 1. Industry Overview - A fire at Kanto Denka Kogyo Co., a major supplier of NF₃, has resulted in a production halt for one of its lines, while Mitsui Chemicals has announced its exit from the NF₃ business [1][21][22] - Current domestic production capacity for NF₃ in China is approximately 31,800 tons/year, with planned expansions reaching 46,600 tons/year [2][25][26] 2. Market Dynamics - As of August 15, 2025, the average market price for NF₃ in China is around 80,000 yuan/ton, with expectations for price increases due to supply shortages [2][27] - The demand for NF₃ is anticipated to rise significantly, driven by growth in the semiconductor and display panel industries [25][27] 3. Key Companies to Watch - Companies with NF₃ or other electronic specialty gas products include China Shipbuilding Special Gas, Nanda Optoelectronics, and Huahua Technology [4][35] - In the context of increasing importance of domestic semiconductor supply chains, attention is also drawn to companies producing semiconductor materials beyond electronic specialty gases [4][35] 4. Price Trends - Recent price increases have been noted in various chemical products, with NF₃ expected to follow suit due to supply constraints [18][19][27] - The report highlights the performance of the basic chemical sector, with a notable increase in stock prices for key companies in the past week [9][15]

Group 1 - The chemical sector experienced a volatile upward trend on August 18, with the Chemical ETF (516020) opening high and fluctuating in positive territory, rising over 1% at one point and closing up 0.59% [1] - Key stocks in the sector included lithium battery and fluorochemical companies, with notable gains from Xinzhou Bang and Kaisa Bio, both up over 6%, and other companies like Juhua Co. and Lianhong Xinke rising over 4% [1][2] - The chemical ETF's underlying index had a price-to-book ratio of 2.11, indicating a low valuation at the 29.22 percentile over the past decade, suggesting attractive long-term investment opportunities [3] Group 2 - Analysts predict that the chemical industry will see a stabilization in domestic demand due to the implementation of various expansion policies, although competition on the supply side may lead to weaker product prices and lower capacity utilization [1][3] - The chemical market is expected to undergo a phase of recovery, particularly in sub-sectors like pesticides, organic silicon, and polyester filament, as the industry addresses issues of overcapacity and excessive competition [3] - The Chemical ETF (516020) provides a diversified investment approach, covering various sub-sectors and concentrating nearly 50% of its holdings in large-cap leading stocks, which allows investors to capitalize on strong market trends [4]