Group 1 - The company specializes in specialty gases used in the semiconductor industry, particularly in processes such as etching, cleaning, ion implantation, and chemical vapor deposition [1] - There is a growing demand for electronic specialty gases due to the acceleration of domestic semiconductor localization and the expansion of the domestic and international semiconductor market [1] - The company's electronic specialty gas business is expected to continue benefiting from this increasing demand [1]

投资者提问： 尊敬的投资者您好，感谢您对公司的关心、支持和相关建议！公司现有11家二级全资子公司。公司在海 南省海口市设有控股子公司海南曙光橡胶科技有限公司，为公司三级子公司。根据民用航空轮胎业务市 场发展计划，该控股子公司将依托海南自贸港平台，充分利用海南天然橡胶产地优势和自贸港优惠政 策，努力打造面向国内及东南亚等国际民航胎市场营销终端。查看更多董秘问答>> 请问贵公司有多少子公司？海南岛即将封关。贵公司有计划在海南成立子公司吗，在海南成立子公司更 有助于贵公司做大做强。建议贵公司在海南开展业务。 董秘回答(昊华科技SH600378)： 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 ...

Core Viewpoint - Haohua Technology (600378.SH) has successfully launched the first phase of its 6000 tons/year trifluorine nitrogen project, with an initial capacity of 3000 tons, at the Zigong Yantan base in Sichuan [1] Group 1 - The trifluorine nitrogen project is now in production, indicating progress in the company's expansion efforts [1] - Haohua Gas, a subsidiary of the company, is supplying electronic specialty gases in a stable manner based on actual market demand, particularly in the integrated circuit manufacturing sector [1]

Core Viewpoint - The company has successfully launched its high-performance organic fluorine materials project, achieving a total PTFE production capacity of 48,000 tons per year, with a specific focus on applications in high-frequency PCB substrates [2] Group 1 - The company’s subsidiary, Zhonghao Chenguang, has commenced production of qualified PTFE products from its 26,000 tons per year project [2] - The total PTFE production capacity of the company is currently 48,000 tons per year [2] - The PTFE-related products produced by the company can be utilized in PCB substrates [2]

Core Viewpoint - The strong demand for lithium batteries is expected to sustain the price increase of PVDF, with projected demand for lithium-grade PVDF in China reaching approximately 78,700 tons in 2025, a year-on-year increase of 65.4% [1][2]. Industry Status - As of November 20, the mainstream market price of PVDF has risen from 49,000 CNY/ton at the beginning of November to 52,000 CNY/ton [1]. - The average market prices for PVDF used in lithium iron phosphate, ternary batteries, and membrane coating are reported at 60,000 CNY/ton, 119,500 CNY/ton, and 182,000 CNY/ton respectively, showing increases from mid-year lows [1][2]. Supply and Demand Dynamics - The downstream applications of PVDF primarily include lithium batteries, photovoltaics, coatings, and water films. In the first ten months of 2025, the total installed capacity for lithium iron phosphate batteries in China is 1,240 GWh, and for ternary batteries, it is 265 GWh [2]. - Assuming production remains stable in November and December, the estimated demand for lithium-grade PVDF could reach 78,700 tons in 2025, with a potential increase to 110,000 tons in 2026 if the growth rate in battery production continues [2]. Production Capacity Insights - The current effective production capacity of the PVDF industry is approximately 180,000 tons, with nominal new capacity reaching 157,000 tons. However, the actual new capacity may be lower than expected due to high barriers to entry in the supply chain [3]. - The supply chain for lithium-grade PVDF is concentrated among a few key players, including companies like Dongyue Group, Haohua Technology, and Juhua Co., Ltd. The actual supply increase may be significantly lower than anticipated due to the concentration of new effective capacity among existing suppliers [3].

Group 1: New Stock Offerings - China Uranium Industry (001280) will begin subscription on November 21, becoming the first uranium stock in A-shares, focusing on natural uranium resource mining, sales, and trade [1] Group 2: Semiconductor Industry - Chinese Commerce Minister Wang Wentao held a video meeting with UK Trade Minister Peter Kyle to discuss the ASML semiconductor issue, emphasizing that the responsibility lies with the Netherlands [3] - The Netherlands' recent suspension of an administrative order is seen as a positive step towards resolving the global semiconductor supply chain crisis [3] Group 3: Trade Relations - The Chinese Foreign Ministry reiterated that Japanese seafood products currently have no market in China due to public sentiment against Japan's leadership statements on Taiwan [2] - The Ministry of Commerce is working with relevant departments to guide localities in implementing policies to enhance the quality and value of used car exports [9] Group 4: Technological Development - Guangdong Province is focusing on developing cutting-edge technology, particularly in areas like "AI+" and "robotics+" to drive innovation and economic growth [3][4] - The Guangdong government aims to expand new scenarios for terminal industries and promote the development of consumer-level smart terminal products [3] Group 5: International Cooperation - The China-EU Investment Trade and Technology Cooperation Conference opened in Chengdu, with EU representatives expressing optimism about future cooperation with Chinese enterprises [7] - The Chinese Academy of Sciences signed a cooperation agreement with the Shanghai government to support the construction of an international science and technology innovation center [5]

Key Points - China Uranium Industry (001280) will open for subscription on November 21, becoming the first uranium stock in A-shares, focusing on natural uranium resource mining, sales, and trade [2] - The Ministry of Commerce is strictly implementing the consensus reached during the China-US Kuala Lumpur economic and trade consultations [4] - The Minister of Commerce discussed the ASML semiconductor issue with the UK Trade Minister, emphasizing that the responsibility lies with the Netherlands [5] - The Ministry of Foreign Affairs stated that Japanese seafood has no market in China due to recent political tensions [6] - The China Securities Regulatory Commission is enhancing capital market functions to support high-quality development [7] - Guangdong Province is focusing on developing cutting-edge technology and addressing key technological challenges [8] - Guangdong is promoting innovation in artificial intelligence and robotics, launching initiatives to expand new industrial scenarios [9] - The Chinese Academy of Sciences signed a cooperation agreement with the Shanghai government to enhance the city's innovation capabilities [10] - The Ministry of Commerce is guiding localities to improve second-hand car export policies, shifting focus from scale to value [11] - The Guangzhou Futures Exchange adjusted trading fees and limits for lithium carbonate futures contracts [12] - The 18th China-EU Investment Trade and Technology Cooperation Fair opened, with EU representatives optimistic about the Chinese market [13] Company News - Gree Electric has developed core components for humanoid robots [15] - Pingtan Development's stock will resume trading on November 21 after completing a suspension review [15] - Vanke A approved a shareholder loan from Shenzhen Metro Group [15] - Qianjin High-Tech is set to acquire 20% of the company's shares from Zhongzhong Group [15] - Fulede's executives plan to reduce their holdings by up to 85,000 shares [15] - Xidian New Energy identifies Tesla as its largest end customer [15] - Lian Micro's VCSEL chips are now used in smart driving applications with large-scale shipments [15] - New Yichang's semiconductor business has secured orders worth several million yuan [15] - Haohua Technology is expanding into electrolyte and lithium hexafluorophosphate products [15] - Huaya Intelligent's shareholders plan to reduce their holdings by up to 2.98% [15] - Wajinke's controlling shareholder intends to reduce holdings by up to 3% [15] - Oriental Yuhong's subsidiary plans to acquire 60% of Brazil's Novakem to enhance overseas operations [15] - Hefei China has seen its stock price deviate significantly from fundamentals, posing risks for investors [15] - Tuojing Technology's national integrated circuit fund plans to reduce holdings by up to 3% [15] - Aidi Precision plans to repurchase shares worth 100 million to 200 million yuan [15] - Jiumuwang's stock trading shows signs of market overheating and irrational speculation [15] - Hangcai Co. plans to repurchase shares worth 50 million to 100 million yuan [15] - Qinglong Pipe Industry won a procurement project worth 294 million yuan [16] - Feiwo Technology's actual controller plans to increase holdings by 40 million to 70 million yuan [16] - China Nuclear Construction signed new contracts worth 123.84 billion yuan as of October [16]

Core Viewpoint - Haohua Technology (600378) reported strong financial performance for the first three quarters of 2025, with significant revenue and profit growth driven by cost reduction and efficiency improvement measures [1][2] Financial Performance - For the period from January to September 2025, Haohua Technology achieved operating revenue of 12.301 billion, a year-on-year increase of 20.5%, and a net profit attributable to shareholders of 1.232 billion, up 44.57% [1] - In the third quarter alone, the company recorded operating revenue of 4.541 billion, representing a 22.33% year-on-year growth, and a net profit of 587 million, which is an 84.3% increase [1] Operational Strategies - The company is implementing a comprehensive operational excellence system, focusing on cost reduction across all aspects of research, production, supply, and sales [1] - Haohua Technology is enhancing its procurement strategies by benchmarking key raw material prices and optimizing the procurement and sales rhythm to lower costs [2] Industry Position and Product Development - With over 70 years in the fluorochemical industry, Haohua Technology possesses strong research capabilities and is one of the few companies with an integrated approach from R&D to production [2] - The company has a complete fluorochemical industry chain, including fluorocarbon chemicals, fluoropolymers, lithium battery materials, and fine chemicals, which enhances its resilience against market risks [2] Product Capacity and Applications - Haohua Technology has a production capacity of 22,500 tons/year for PVDF and 48,000 tons/year for PTFE, with applications in lithium batteries, coatings, and electronic devices [3] - The company is focusing on key materials for lithium batteries, with a total production capacity of 250,000 tons/year for electrolytes and 8,000 tons/year for lithium hexafluorophosphate [3] Market Expansion and Innovation - The company is actively expanding its market presence and developing new applications and products to counteract competition in the specialty gas market [2] - Haohua Technology has successfully developed a series of fluorinated fine chemicals and is now a key supplier in the global supply chains of major pharmaceutical and agricultural companies [4]

证券代码：600378 证券简称：昊华科技 公告编号：临 2025-077 昊华化工科技集团股份有限公司 关于 2025 年第三季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 年第三季度业绩 说明会于 2025 年 11 月 19 日（星期三）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 10 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 年第三 季度业绩说明会的公告》（公告编号：临 2025－075）。 二、投资者提出的主要问题及公司回复情况 问题一：从三季报看，公司前三季度营收增长 20 ...

Group 1 - The chemical sector experienced a significant drop on November 17, with the chemical ETF (516020) initially rising by 1.69% before falling to a decrease of 0.24% at the time of reporting [1] - Key stocks in the sector, including coatings, battery chemicals, and fluorochemicals, saw notable declines, with SanKeTree dropping over 3%, and Enjie and Sanmei both falling over 2% [1] - The report indicates that the peak of new capacity additions in the chemical industry has passed, leading to a reduction in capital expenditure, which is expected to improve the supply-demand balance in the sector [1][3] Group 2 - The current PB-LF valuation of the basic chemical industry is close to the bottom levels seen in 2019 and 2024, indicating that the sector is still undervalued [3] - The chemical industry is expected to see a continuous improvement in supply-demand dynamics, with a potential upward trend in industry prosperity [3] - Analysts suggest that the chemical sector may experience a rebound starting in 2026, driven by improved domestic demand and supply-side adjustments [3] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors, with nearly 50% of its holdings in large-cap leading stocks [4] - Investors can also access the chemical ETF through linked funds, providing a more efficient way to invest in the chemical sector [4]