证券代码：600426 证券简称：华鲁恒升 公告编号：临 2025-060 山东华鲁恒升化工股份有限公司 关于股份回购进展公告 截至 2025 年 9 月 30 日，公司已累计回购股份 558.9181 万股，占公司总股本 的比例为 0.26%，回购成交的最高价为 26.00 元/股、最低价为 20.75 元/股，支付 的资金总额为人民币 12,938.96 万元（不含交易费用）。 上述股份回购符合法律法规的规定及公司回购股份方案的要求。 | 回购方案首次披露日 | 2025/4/18，由董事长提议 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2025 30 4 | 4 | 日~2026 | 年 | 月 | 日 29 | | 预计回购金额 | 20,000万元~30,000万元 | | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 558.9181 ...

山东华鲁恒升化工股份有限公司 2025 年半年度业绩说明会会议纪要 时间：2025 年 10 月 9 日 9:00-10:00 1、请问公司今年有扩展其他业务的打算吗？ 答：公司坚持相关多元化发展战略，围绕"多业联产"核心优势，重点在现有化工产 业链上下游延伸。面对复杂严峻的外部环境和竞争加剧带来的多重压力，公司将统筹 抓好创新发展和生产运营，深入开展内部挖潜、降本增效，同时加大技术创新和科技 研发力度，不断在前进中谋发展、在危机中育新机。 2、请问公司营收情况如何？ 答：公司 2025 年半年度实现营业收入 157.64 亿元，较上年同期减少 7.14%，其中二 季度实现营收 79.92 亿元，环比增长 2.84%。上半年化工行业整体面临结构性产能过 剩，原材料价格波动传导等压力，公司产品价格承压下行，且销量增长未能抵消价格 降幅，导致公司营收受到一定影响。 召开方式：网络互动 3、请问今年有分红计划吗？ 参会人员：公司董事长常怀春先生，董事、副总经理、财务负责人高景宏先生，独立 董事吴非先生，董事会秘书高文军先生。 答：公司拟以 2025 年半年度权益分派实施时股权登记日的股本扣减公司回购专用证 券账户中 ...

二、说明会召开的时间和网址 证券代码：600426 证券简称：华鲁恒升 编号：临 2025-061 山东华鲁恒升化工股份有限公司 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个别及连带责任。 一、说明会类型 会议于 2025 年 10 月 9 日 9:00-10:00 通过上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/）举行。 本次说明会以网络互动形式召开，公司管理层就 2025 年半年度业绩相关情况 与投资者进行了交流沟通。 五、会议主要内容 会议主要内容详见上海证券交易所网站（http://www.sse.com.cn/）登载的本 公告附件《华鲁恒升 2025 年半年度业绩说明会会议纪要》。 特此公告。 山东华鲁恒升化工股份有限公司董事会 2025 年 10 月 10 日 三、参加人员 公司董事长常怀春先生，董事、副总经理、财务负责人高景宏先生，独立董事 吴非先生，董事会秘书高文军先生参加了本次说明会。 四、投资者参加方式 投资者以网络互动形 ...

格隆汇10月9日丨华鲁恒升(600426.SH)公布，截至2025年9月30日，公司已累计回购股份558.9181万股， 占公司总股本的比例为0.26%，回购成交的最高价为26.00元/股、最低价为20.75元/股，支付的资金总额 为人民币12,938.96万元（不含交易费用）。 ...

Group 1 - The core viewpoint indicates that the chemical industry is experiencing mixed performance, with some products seeing price increases while others decline, influenced by external factors such as the Federal Reserve's interest rate cuts and geopolitical tensions [1][2] - Key products with significant price increases this week include synthetic ammonia (up 8.58%), lithium battery electrolyte (up 5.71%), and aniline (up 3.90%), while natural gas saw a notable decline of 7.90% [1][2] - The overall chemical industry remains weak, with varying performance across sub-sectors, largely due to past capacity expansions and weak demand, although some sectors like lubricants are performing better than expected [2] Group 2 - Investment opportunities are suggested in areas such as glyphosate, fertilizers, import substitution, domestic demand, and high-dividend assets [2] - Specific recommendations include focusing on the glyphosate sector, which is showing signs of recovery, and selecting companies with strong competitive positions and growth potential, such as Ruifeng New Materials and Baofeng Energy [2] - The report emphasizes the importance of domestic demand in the chemical industry, particularly for nitrogen and phosphate fertilizers, with companies like Hualu Hengsheng and China Heartlink Fertilizer being highlighted for their robust market positions [2]

Core Viewpoint - Hualu Hengsheng's stock price has shown fluctuations with a year-to-date increase of 22.24%, while recent performance indicates a mixed trend with a 6.93% decline over the past 20 days [1] Financial Performance - For the first half of 2025, Hualu Hengsheng reported revenue of 15.764 billion yuan, a year-on-year decrease of 7.14%, and a net profit attributable to shareholders of 1.569 billion yuan, down 29.47% compared to the previous year [2] - Cumulative cash dividends since the company's A-share listing amount to 8.435 billion yuan, with 4.246 billion yuan distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 15.20% to 52,700, while the average number of circulating shares per person increased by 18.12% to 40,209 shares [2] - The top circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 8.5495 million shares, and Huatai-PB CSI 300 ETF, which also saw an increase in holdings [3] Market Activity - On September 29, Hualu Hengsheng's stock price rose by 2.04% to 26.05 yuan per share, with a trading volume of 218 million yuan and a turnover rate of 0.40% [1] - The company's market capitalization stands at 55.31 billion yuan, with significant net outflows of funds observed [1] Business Overview - Hualu Hengsheng, established on April 26, 2000, and listed on June 20, 2002, primarily engages in the production and sale of urea and methanol [1] - The revenue composition includes 48.34% from new energy and new materials, 24.61% from chemical fertilizers, and 10.82% from acetic acid and derivatives [1] Industry Classification - Hualu Hengsheng is classified under the basic chemicals sector, specifically in agricultural chemical products and nitrogen fertilizers [1] - The company is associated with various concept sectors, including social security heavy positions, fertilizers, coal chemical industry, MSCI China, and large-cap stocks [1]

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and basic chemical sectors [6]. Core Insights - The petrochemical industry is expected to experience a recovery in prosperity due to the implementation of the "Stabilization Growth Work Plan" for 2025-2026, which aims to enhance high-end supply and optimize capacity in various sub-sectors [1][2]. - The report highlights the importance of controlling new capacity for key products such as refining, ethylene, PX, and coal-to-methanol, which is anticipated to improve the supply structure [2]. - The focus on fertilizer production stability and the development of new types of fertilizers is expected to continue, with recommendations for companies in this sector [3]. - The report emphasizes the acceleration of new materials and emerging technologies in the chemical industry, driven by policy support for high-end supply and digital transformation [4]. Summary by Sections Section 1: Industry Growth Policies - The Ministry of Industry and Information Technology and other departments have issued a plan to stabilize growth in the petrochemical industry, focusing on high-end supply and project management [1]. - The plan includes measures to enhance supply optimization and support the development of high-end chemical materials in electronics, new energy, and medical equipment [1]. Section 2: Capacity Control and Supply Optimization - The plan specifies strict control over new refining capacity and reasonable planning for the addition of ethylene, PX, and coal-to-methanol capacities, supporting the replacement and upgrading of old facilities [2]. - In 2024, China's refining, PX, and methanol capacities are projected to decrease by 1%, remain unchanged, and increase by 2% respectively, indicating a significant slowdown in capacity growth [2]. Section 3: Fertilizer Production Stability - The plan aims to optimize the production management of key fertilizer companies and ensure stable raw material supply through long-term contracts [3]. - The report notes that the prices of some upstream raw materials have risen significantly, which may impact fertilizer production [3]. Section 4: Development of New Materials and Technologies - The report anticipates accelerated development of high-end chemical materials and emerging technologies, including carbon capture and green ammonia applications [4]. - It encourages the development of new materials in sectors such as integrated circuits, new energy, and medical devices, with a focus on innovation and domestic substitution [4]. Section 5: Company Recommendations - The report recommends several companies based on their potential to benefit from the outlined policies, including: - **Buy**: Yun Tianhua, Dongcai Technology, Hualu Hengsheng, and Luxi Chemical [7]. - **Overweight**: Hengli Petrochemical, Huayi Group, Tongkun Co., Guangwei Composite, Xinfeng Group, and Wanwei High-tech [7].

Investment Rating - The report maintains a "Positive" rating for the chemical industry [5][6][20] Core Insights - The petrochemical industry is expected to see stable growth due to the introduction of policies aimed at enhancing industry health and eliminating outdated capacity [5][6] - The demand for viscose filament is anticipated to tighten, leading to an upward trend in prices, while the grass herbicide market is expected to optimize its structure [5][6] - The global GDP growth is projected to remain at 2.8%, with stable oil demand despite some slowdown due to tariff policies [5][6] Industry Dynamics - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable [5][6] - The coal market is anticipated to experience long-term price stabilization, with easing pressures on downstream sectors [5][6] - Natural gas exports from the U.S. are likely to accelerate, potentially lowering import costs [5][6] Chemical Sector Analysis - The report highlights that the viscose filament industry will see a supply-demand tightening, with a projected increase in operating rates from 84% to over 95% [5][6] - The grass herbicide market is set to address issues of low pricing and quality through upcoming industry meetings aimed at regulating competition [5][6] Investment Recommendations - The report suggests focusing on sectors benefiting from the "anti-involution" policy, including textiles, agriculture, and export-related chemicals [5][6] - Specific companies to watch include Xinxiang Chemical Fiber, Jilin Chemical Fiber, and Lier Chemical, which are expected to benefit from market dynamics [5][6][20] Key Company Valuations - The report provides a valuation table for key companies, indicating various ratings such as "Buy" and "Increase" for companies like Hailir Chemical, Yunnan Chemical, and Wanhu Chemical [20]

Investment Rating - The investment rating for the basic chemical industry is "Positive" (maintained) [1] Core Views - The industry is experiencing a tightening supply-demand situation, particularly in the areas of glyphosate and nylon, which is expected to support an upward trend in industry prosperity [4][20] - The chemical industry index has underperformed the CSI 300 index by 2.02% this week, indicating a challenging market environment [15][17] Summary by Sections Industry Trends - The chemical industry index reported a decline of 0.95% this week, while the CSI 300 index increased by 1.07% [15] - The China Chemical Product Price Index (CCPI) decreased by 0.18%, indicating a slight contraction in chemical product prices [15][17] Key Products and Developments - Glyphosate: The average market price for 95% glyphosate raw powder is stable at 44,500 CNY/ton as of September 25, with a cautious pricing strategy from suppliers [21][22] - Nylon: The China Chemical Fiber Industry Association has initiated a high-quality development initiative to address issues of insufficient demand and rising inventory in the nylon sector [25][26] Recommendations and Beneficiaries - Recommended stocks include leading companies in the chemical sector such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [6] - Beneficiary stocks in the glyphosate sector include Lier Chemical and Yunnan Yuntianhua [22][28] Market Performance - In the past week, 33.58% of the 545 stocks in the chemical sector experienced price increases, while 63.49% saw declines [15] - The top ten products with price increases included liquid chlorine and paraquat, while vitamin E and sulfur saw the largest declines [16] Supply Chain Insights - The supply of glyphosate is stable, with domestic factories operating well, although some smaller factories remain offline [21] - The nylon industry is encouraged to limit production to prevent "involution" competition and to focus on product differentiation and green development [25][26] Export and Demand Trends - In August 2025, the export value of domestic clothing and accessories increased by 1.4% year-on-year, indicating potential growth in demand for chemical fibers [30] - The market for polyester filament has seen increased shipments ahead of the holiday season, with inventory days decreasing [31] Price Trends - The average price for polyester filament POY is 6,610 CNY/ton, showing a slight decrease from the previous week [31] - The price of urea has shown a downward trend, with an average market price of 1,651 CNY/ton as of September 25 [42]

Meeting Overview - The shareholder meeting was held on September 26, 2025, in Texas at the company meeting room [1] - The meeting was conducted with both on-site and online voting, presided over by Chairman Chang Huaichun [1] - All 11 current directors and 3 supervisors attended the meeting, along with the board secretary and some senior executives [1] Resolutions Passed - The following resolutions were approved: - 2025 semi-annual profit distribution plan [2] - Abolishment of the supervisory board and the related meeting rules [2] - Amendments to the company's articles of association [2] - Amendments to the shareholder meeting rules [2] - Amendments to the board meeting rules [2] - Amendments to the independent director system [2] - Amendments to the management measures for raised funds [2] - Amendments to the implementation details of the cumulative voting system [2] - Amendments to the remuneration management system for directors and senior management [2] - Management measures for related party transactions [2] Voting Details - Resolutions 2.01, 2.02, 2.03, and 2.04 were passed as special resolutions, requiring more than two-thirds of the votes from the attending shareholders [3] Legal Verification - The meeting was witnessed by Beijing Guofeng Law Firm, confirming that the meeting's procedures complied with relevant laws and regulations [4] - The qualifications of the conveners and attendees, as well as the voting procedures and results, were deemed legal and valid [4]