Group 1 - The company held its ninth board meeting on August 27, 2025, with all 14 directors present, confirming the legality and validity of the meeting [1] - The board approved the 2025 semi-annual report, with unanimous support from all directors [1] - The board also approved the "Quality Improvement and Efficiency Enhancement" action plan and valuation enhancement plan semi-annual evaluation report, receiving full support [2] Group 2 - The board approved a proposal to engage in commodity futures hedging to mitigate price fluctuation risks of products and raw materials, with a maximum trading margin and premium not exceeding the authorized limit for 12 months [2] - The hedging activities will focus on commodities and raw materials related to the company's production and operations, including but not limited to soda ash, caustic soda, PVC, and industrial silicon [2]

唐山三友化工股份有限公司2025 年半年度报告 公司代码：600409 公司简称：三友化工 唐山三友化工股份有限公司 2025 年半年度报告 1 / 151 唐山三友化工股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王春生、主管会计工作负责人姚志强及会计机构负责人（会计主管人员）刘广 来声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告内容中涉及的未来计划、发展战略等前瞻性陈述因存在不确定性，不构成公司对投资 者的实质承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 ...

证券代码：600409 证券简称：三友化工 公告编号：临 2025-037 号 唐山三友化工股份有限公司 2025年第二季度主要经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十三 号——化工》有关规定和披露要求，现将唐山三友化工股份有限公司（以下简称 "公司"）2025 年第二季度主要经营数据公告如下： 二、公司主要产品的价格变动情况 | | 2025 年 | 2025 年 | | 2024 年 | | | --- | --- | --- | --- | --- | --- | | 主要产品 | 第二季度 | 第一季度 | | 第二季度 | | | 名称 | 平均售价 | 平均售价 | 环比价格 | 平均售价 | 同比价格 | | | （元/吨） | （元/吨） | 变动幅度 | （元/吨） | 变动幅度 | | 纯碱 | 1,220.74 | 1,308.34 | -6.70% | 1,807.31 | -32.46% | | 粘胶短纤维 | ...

唐山三友化工股份有限公司 二、本次套保业务情况概述 （一）交易目的 关于开展商品期货套期保值业务的 可行性分析报告 唐山三友化工股份有限公司（简称"公司"）及子公司拟开展商品期货套期保 值业务（简称"套保业务"）。现分析如下： 一、开展套保业务的必要性 公司属基础化工行业，主要生产纯碱、粘胶短纤维、PVC、烧碱、有机硅等 产品，所需原材料主要为原盐、浆粕、电石、硅块等，产品及原材料价格的大幅 波动对公司的成本和利润影响较大，对公司生产经营造成不利影响。开展套保业 务，有助于公司充分利用期货市场价格发现、风险对冲、避险保值功能，规避或 减少因产品及原材料价格发生不利变动引起的损失，降低对企业正常生产经营的 不利影响，提升整体抵御风险的能力。 公司套保业务以套期保值为原则，不以套利、投机为目的，均为针对实际经 营中的采购成本控制、销售利润锁定及预防存货跌价损失的套期保值操作，以规 避相应产品或原材料价格波动风险。 （二）交易品种 套保业务交易品种仅限公司及子公司生产经营范围内的商品及与公司生产 经营相关的大宗原材料品种，包括但不限于纯碱、烧碱、PVC、工业硅等。 （三）交易额度 套保业务预计动用的交易保证金和权利 ...

唐山三友化工股份有限公司 2025 年度"提质增效重回报"行动方案暨 估值提升计划半年度评估报告 为积极响应上海证券交易所号召，落实《上市公司监管指引第 10 号——市 值管理》等监管要求，践行以"投资者为本"的上市公司发展理念，维护全体股东 利益，促进公司长远健康高质量发展，公司制定了《2025 年度"提质增效重回报" 行动方案暨估值提升计划》（以下简称"行动方案"）。2025 年上半年，公司根据 行动方案积极开展和落实各项工作举措，现将行动方案执行情况及效果报告如下： 一、聚焦主责主业，高效提升经营质量 大力实施"三转"战略，以数智化推进传统产业向高端化、智能化、绿色化转 型升级，培育壮大新兴产业，"三链一群"重点项目建设全面提速，科技创新能力 持续增强，生产经营保持稳健运行。 （一）优化产业结构，提升产业能级 优化产业结构，推动转型升级取得显著成效。一是加速新兴产业建设。高端 电子化学品项目电子级氯化氢、氨气、氨水、硫酸处于试生产阶段，电子级异丙 醇进入单机调试阶段。精细化工一期项目设备安装进入收尾阶段，正在进行管道 安装，力争今年四季度投产，加快盐化、石化融合发展。二是加快传统产业升 级。 坚持以数智 ...

Market Overview - On August 25, the chemical raw materials sector rose by 1.24%, with Jinniu Chemical leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Stock Performance - Jinniu Chemical (600722) closed at 7.12, up 4.25%, with a trading volume of 922,400 shares and a transaction value of 650 million yuan [1] - Sanxiang New Materials (603663) closed at 28.39, up 4.07%, with a trading volume of 212,000 shares and a transaction value of 593 million yuan [1] - Dayang Biological (003017) closed at 34.80, up 3.26%, with a trading volume of 79,500 shares and a transaction value of 274 million yuan [1] - Other notable stocks include Tiangong Co. (603067) up 2.94%, Boyuan Chemical (000683) up 2.64%, and Luxi Chemical (000830) up 2.55% [1] Capital Flow - The chemical raw materials sector experienced a net outflow of 1.249 billion yuan from institutional investors, while retail investors saw a net inflow of 1.2 billion yuan [2] - Speculative funds had a net inflow of 48.9 million yuan [2] Individual Stock Capital Flow - Sanyou Chemical (600409) had a net outflow of 39.23 million yuan from institutional investors, while retail investors had a net outflow of 17.48 million yuan [3] - Sanxiang New Materials (603663) saw a net inflow of 28.96 million yuan from institutional investors, but a net outflow of 44.09 million yuan from speculative funds [3] - Luxi Chemical (000830) had a net inflow of 23.10 million yuan from institutional investors [3]

Investment Rating - The report maintains an "Outperform" rating for the chemical industry [2] Core Insights - The chemical industry is expected to benefit from anti-involution policies aimed at curbing disorderly competition and eliminating outdated production capacity, which may lead to a recovery in industrial product prices and positively impact PPI and CPI [6][11][17] - The report highlights the significant influence of the energy and chemical sectors on PPI, with their price fluctuations directly affecting overall industrial inflation levels [16] - The industry is under pressure from declining product prices and reduced capacity utilization, leading to a strong demand for anti-involution measures [17] - The current valuation of the chemical industry is at a historical low, providing substantial upside potential as the sector is expected to recover from its cyclical bottom [17][19] Summary by Sections 1. Importance of Inflation Recovery - The report emphasizes that the chemical sector is a crucial lever for inflation recovery, as evidenced by the PPI's continuous decline and the need for policy intervention to combat deflationary pressures [6][11] 2. Reasons to Focus on Chemicals - The energy and chemical sectors account for 25%-30% of PPI, making their price recovery vital for overall inflation [16] - The industry faces significant profitability challenges, with nearly 25% of chemical companies reporting losses in 2024 [17] 3. Paths for Anti-Involution in Chemicals 3.1. Active Approach: Industry Self-Regulation - Certain sub-industries, such as polyester filament and sucralose, are attempting to improve profitability through supply-side collaboration, benefiting from high concentration and low profitability [27][29] - The report identifies key chemical products likely to benefit from self-regulation, including polyester filament, polyester bottle chips, and organic silicon [29][31] 3.2. Passive Approach: Policy-Driven Industry Improvement - The report outlines a dual-track policy framework focusing on optimizing existing capacity and strictly controlling new projects to enhance the competitive landscape [27][31] - Historical experiences suggest that effective policy measures will include phasing out outdated facilities and enforcing stricter environmental regulations [27][31]

唐山三友化工股份有限公司 2025 年第二次临时股东大会 会 议 材 料 2025 年 8 月 20 日 | | | | 年第二次临时股东大会会议议程 2025 | 1 | | --- | --- | | 股东大会发言须知 | 3 | | 关于增加公司经营范围并规范表述的议案 | 4 | | 关于取消监事会的议案 | 6 | | 关于修订《公司章程》的议案 | 7 | | 关于修订《公司股东会议事规则》的议案 | 68 | | 关于修订《公司董事会议事规则》的议案 | 81 | 唐山三友化工股份有限公司 2025 年第二次临时股东大会会议议程 会议召开方式：现场投票与网络投票相结合 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 8 月 28 日至 2025 年 8 月 28 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30， 13:00-15:00；通过互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 现场会议召开时间：2025 年 8 月 28 日 10 ...

Market Overview - On August 18, the chemical raw materials sector rose by 0.37% compared to the previous trading day, with Kaisheng New Materials leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Top Performers - Kaisheng New Materials (301069) closed at 25.59, up 6.27% with a trading volume of 541,300 shares and a transaction value of 1.332 billion yuan [1] - Zhenhua Co., Ltd. (603067) closed at 18.00, up 6.19% with a trading volume of 328,400 shares [1] - Shanshui Technology (301190) closed at 26.00, up 5.43% with a trading volume of 68,600 shares [1] Underperformers - Jinfeng Titanium Industry (000545) closed at 3.18, down 5.07% with a trading volume of 1,611,100 shares and a transaction value of 515 million yuan [2] - Sanyou Chemical (600409) closed at 5.71, down 1.38% with a trading volume of 266,600 shares [2] - Jineng Technology (603113) closed at 7.97, down 1.36% with a trading volume of 252,600 shares [2] Capital Flow - The chemical raw materials sector experienced a net outflow of 263 million yuan from main funds, while speculative funds saw a net inflow of 386 million yuan, and retail investors had a net outflow of 123 million yuan [2] - Notable capital inflows included Huayi Group (600623) with a net inflow of 51.48 million yuan from main funds [3] - Zhenhua Co., Ltd. (603067) also saw a significant net inflow of 43.01 million yuan from main funds [3]

Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]