证券代码：600378 证券简称：昊华科技 公告编号：临 2025-069 昊华化工科技集团股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 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。 一、本次说明会召开情况 昊华化工科技集团股份有限公司（以下简称"公司"） 2025 年半年度业绩说 明会于 2025 年 9 月 19 日（星期五）下午 15:00-16:00，通过上海证券交易所上证 路演中心以网络互动形式召开。公司董事长、总经理王军先生，独立董事李姝女 士，财务总监、首席合规官、总法律顾问何捷先生及董事会秘书苏静祎女士参加 了说明会，并在信息披露允许的范围内就投资者关注的事项与投资者进行了交流 与沟通。 公司已于 2025 年 8 月 30 日在上海证券交易所网站（www.sse.com.cn）及《中 国证券报》《上海证券报》《证券时报》披露了《昊华科技关于召开 2025 年半年 度业绩说明会的公告》（公告编号：临 2025－068）。 二、投资者提出的主要问题及公司回复情况 问题一：在半导体材料国产化加速 ...

Core Viewpoint - The stock of Haohua Technology has shown fluctuations in trading volume and price, with a recent increase of 2.06% on September 19, 2023, indicating investor interest despite some net outflows of funds [1] 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 projects, including technology development, consulting, and engineering design [2] - 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 products (3.12%) [2] - As of June 30, 2023, 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, a decrease of 12.50% [2] Financial Performance - For the first half of 2023, 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% year-on-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 past three years [3] Shareholder Structure - As of June 30, 2023, among the top ten circulating shareholders, Huaxia Military Industry Safety Mixed Fund (002251) is the sixth largest, holding 18.80 million shares, an increase of 10.79 million shares from the previous period [3] - Dachen New Industry Mixed Fund (090018) is the eighth largest shareholder, holding 12.96 million shares, a decrease of 3.95 million shares [3]

Group 1 - The core point of the article highlights the recent trading activity of Haohua Technology, which experienced a decline of 2.47% on September 18, closing at 29.17 yuan [1] - A significant block trade occurred, with a total volume of 136,000 shares and a transaction amount of 3.9671 million yuan, indicating a premium rate of 0.00% [1] - The buyer was from Ping An Securities Co., Ltd., while the seller was from China International Capital Corporation [1] Group 2 - Over the past three months, Haohua Technology has recorded a total of four block trades, amounting to 14.0877 million yuan [1] - In the last five trading days, the stock has seen a cumulative decline of 4.67%, with a net outflow of 53.2556 million yuan in principal funds [1]

Group 1 - On September 18, Haohua Technology executed a block trade of 136,000 shares, with a transaction amount of 3.9671 million yuan, accounting for 1.03% of the total trading volume for the day [1] - The transaction price was 29.17 yuan, which was flat compared to the market closing price of 29.17 yuan [1] Group 2 - The buying brokerage for the transaction was Ping An Securities Co., Ltd., while the selling brokerage was China International Capital Corporation [2] - The transaction was categorized as a special session trade [2]

Core Viewpoint - The stock of Haohua Technology has experienced fluctuations, with a recent decline of 2.01% and a total market capitalization of 37.81 billion yuan, reflecting mixed investor sentiment and trading activity [1]. Company Overview - Haohua Chemical Technology Group Co., Ltd. was established on August 5, 1999, and listed on January 11, 2001. The company provides comprehensive services in chemical engineering and petrochemical projects, including technology development, transfer, consulting, design, and contracting [2]. - The 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 others [2]. - The company is classified under the basic chemical industry, specifically in fluorine chemicals, and is associated with various concept sectors such as China National Chemical Corporation and methanol concepts [2]. 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%. The net profit attributable to shareholders was 645 million yuan, with a year-on-year increase of 74.02% [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 past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 14.29% to 18,600, with an average of 48,906 circulating shares per person, a decrease of 12.50% [2]. - Notable institutional holdings include Huaxia Military Industry Safety Mixed Fund, which increased its holdings by 10.79 million shares, and Dachen New Industry Mixed Fund, which reduced its holdings by 3.95 million shares [3].

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].