Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company's performance in Q3 2025 experienced a slight decline due to narrowing price differentials and maintenance shutdowns of gasification furnaces, with production and sales figures showing mixed results [2][3] - The company is expected to benefit from the ramp-up of new projects, including a 1 million tons/year urea and acetic acid project, which will enhance its operational capacity and market competitiveness [3][7] - The company has a strong position in the fertilizer and acetic acid sectors, and its flexible multi-product operation model provides cost advantages [7] Summary by Relevant Sections Financial Performance - In Q3 2025, the company reported a revenue of 7.789 billion yuan, a year-on-year decrease of 5.07% and a quarter-on-quarter decrease of 2.54% [6] - For the first three quarters of 2025, the company achieved a total revenue of 23.552 billion yuan, down 6.46% year-on-year, with a net profit attributable to shareholders of 2.374 billion yuan, down 22.14% year-on-year [6][7] Production and Sales - Acetic acid and derivatives production reached 397,100 tons with sales of 403,400 tons, showing a year-on-year increase of 8.79% and a quarter-on-quarter increase of 0.05% [2] - Fertilizer production was 1,552,900 tons with sales of 1,394,400 tons, reflecting a year-on-year increase of 34.85% but a quarter-on-quarter decrease of 6.11% [2] Price Differential Analysis - Price differentials for key products in Q3 2025 showed significant declines: urea (-18.6%), acetic acid (-21.1%), and DMF (-5.1%), while some products like carbon dimethyl and hexanedioic acid saw slight increases [2] Future Projections - The company is projected to achieve net profits of 3.535 billion yuan, 4.445 billion yuan, and 4.738 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.67 yuan, 2.09 yuan, and 2.23 yuan [7][8] - Revenue is expected to reach 32.776 billion yuan in 2025, reflecting a decrease of 4.24% from the previous year, followed by growth in subsequent years [8][14]

Core Viewpoint - Hualu Hengsheng's stock price has shown a year-to-date increase of 31.38%, despite a recent slight decline in the last five trading days, indicating volatility in the market performance of the company [1]. Financial Performance - For the period from January to September 2025, Hualu Hengsheng reported a revenue of 23.55 billion yuan, a year-on-year decrease of 6.46%, and a net profit attributable to shareholders of 2.37 billion yuan, down 22.14% compared to the previous year [2]. - Cumulatively, since its A-share listing, Hualu Hengsheng has distributed a total of 8.97 billion yuan in dividends, with 4.78 billion yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Hualu Hengsheng was 44,000, reflecting a decrease of 16.59% from the previous period, while the average circulating shares per person increased by 19.90% to 48,213 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 37.98 million shares, and Huatai-PB CSI 300 ETF, holding 25.20 million shares, both showing a decrease in holdings compared to the previous period [3]. Market Activity - On November 27, Hualu Hengsheng's stock price reached 27.67 yuan per share, with a trading volume of 241 million yuan and a turnover rate of 0.42%, resulting in a total market capitalization of 58.75 billion yuan [1]. - The stock experienced a net outflow of 21.60 million yuan from major funds, with significant selling pressure observed [1]. Business Overview - Hualu Hengsheng, established on April 26, 2000, and listed on June 20, 2002, is primarily engaged in the production and sale of urea and methanol, with its revenue composition being 48.34% from new energy and materials, 24.61% from chemical fertilizers, and other segments [1]. - The company operates within the basic chemical industry, specifically in agricultural chemical products and nitrogen fertilizers [1].

Core Viewpoint - The recent report from Zhongyin Securities highlights fluctuations in the chemical industry, particularly focusing on the price movements of various chemical products and the impact of international oil prices on the market dynamics [1][2][3][4][5]. Industry Dynamics - During the week of November 17-23, 37 out of 100 tracked chemical products saw price increases, while 30 experienced declines, and 33 remained stable [1]. - The average price of DMC (Dimethyl Carbonate) rose to 13,100 CNY/ton, marking a 0.77% increase from the previous week and an 18.02% increase from November 12 [1][4]. - Lithium hexafluorophosphate prices surged to 167,000 CNY/ton, reflecting a 23.70% increase from the previous week and a staggering 178.33% increase since October 9 [3]. - The average price of WTI crude oil fell to 58.06 USD/barrel, with a weekly decline of 3.38%, while Brent crude oil dropped to 62.56 USD/barrel, down 2.84% [2]. Investment Recommendations - The report suggests focusing on sectors mentioned in the "14th Five-Year Plan," undervalued leading companies, and the impact of "anti-involution" on supply in relevant sub-industries [1][5]. - The current price-to-earnings ratio for the SW basic chemical sector is 23.78, positioned at the 69.62% historical percentile, while the price-to-book ratio stands at 2.18, at the 50.38% historical percentile [5]. - Recommended stocks include Wanhua Chemical, Hualu Hengsheng, and others, with a focus on sectors like fluorine chemicals, agricultural chemicals, and refining [5][6].

山东华鲁恒升化工股份有限公司 2025 年第四次临时股东会会议资料 山东华鲁恒升化工股份有限公司董事会 二 O 二五年十二月编制 华鲁恒升 山东华鲁恒升化工股份有限公司 2025 年第四次临时股东会会议议程 现场会议时间:2025年12月5日9时30分 投票方式：现场投票和网络投票相结合 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025年12月5日至2025年12月5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会召开当日的9:15-15:00。 现场会议地点：德州·公司会议室 主持人:董事长常怀春 一、介绍出席情况并宣布现场会议正式开始 二、宣读现场会议须知 三、选举监票人、计票人 四、对会议各项议案依次进行简要陈述 | 序号 | | 议案名称 | | --- | --- | --- | | 1 | 关于对 2021 | 年限制性股票激励计划回购价格第三次调整并回购注销已获授 | | | 但尚未解除限售的部分限制性股票的议案 ...

Core Points - The company held a third-quarter performance briefing for 2025 to communicate with investors about its financial results and related matters [1][5] - The meeting took place on November 24, 2025, from 9:00 to 10:00 AM via the Shanghai Stock Exchange's online roadshow center [2] - Key participants included the company's chairman, vice general manager, financial officer, independent director, and board secretary [3] Meeting Details - The meeting was conducted in an interactive online format, allowing investors to engage with the management team [4] - Detailed minutes of the meeting can be found on the Shanghai Stock Exchange website [5]

Group 1 - The report emphasizes a dual-driven strategy where technology and cyclical sectors are rebalanced, highlighting opportunities in the chemical industry under the "anti-involution" trend [4][14][15] - The report notes that from Q3 2025, both technology and cyclical sectors have shown synchronized growth, indicating a shift in market dynamics [15][18] - The chemical industry is expected to benefit from a recovery in supply-demand dynamics, with capital expenditure nearing its end and a significant decrease in ongoing projects [4][5][25] Group 2 - The chemical sector is positioned to enter a new cycle of prosperity, driven by the "anti-involution" policy, which is expected to enhance both performance and valuation [5][31][65] - The report identifies that the chemical industry has advantages over traditional cyclical sectors like steel and coal, particularly in capacity optimization and high-end transformation paths [25][30] - The report highlights that the chemical industry is experiencing a significant reduction in capital expenditure, with a 10% year-on-year decrease in ongoing projects as of H1 2025 [25][33] Group 3 - The report suggests that the domestic demand is stabilizing, supported by government policies aimed at boosting consumption, which is expected to benefit the chemical sector [35][42] - The chemical industry has shown resilience in exports despite trade tensions, with a notable increase in export volumes to ASEAN, EU, and India [42][47] - The report indicates that the chemical industry is likely to see a dual uplift in performance and valuation, particularly when compared to the refrigerant sector, which is currently experiencing high demand [66][68]

2025 年第三季度业绩说明会会议纪要 山东华鲁恒升化工股份有限公司 时间：2025 年 11 月 24 日 9:00-10:00 召开方式：网络互动 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。 在业绩说明会上，关于投资者重点关注的问题及公司管理层的解答要点如下： 2、请问贵司对于未来几年的业绩有何展望？ 答：未来几年，公司将紧跟政策与市场动态，依托多元布局，聚焦降本增效，推进产 品结构升级，增强抗周期能力，把握出口机遇，强化产销协同，凭借成本与技术优势 挖掘增长潜力，助力业绩稳步提升。 3、请问贵司在海外市场上近年有哪些业绩亮点？ 答：近年来，公司海外业务稳步拓展，持续丰富出口产品矩阵、拓宽海外合作渠道， 整体出口业务呈现良好发展态势。 1、请问贵公司近两年是否将产品出口至欧盟国家？ 答：公司多款产品已成功进入欧盟市场，公司将持续关注海外渠道拓展与市场深耕， 积极挖掘海外市场潜力与发展机遇。 2025 年 11 月 25 日 ...

会议于 2025 年 11 月 24 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。 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。 证券代码：600426 证券简称：华鲁恒升 编号：临 2025-071 山东华鲁恒升化工股份有限公司 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个别及连带责任。 一、说明会类型 本次说明会以网络互动形式召开，公司管理层就 2025 年第三季度业绩相关情 况与投资者进行了交流沟通。 二、说明会召开的时间和网址 2025 年 11 月 25 日 四、投资者参加方式 投资者以网络互动形式通过上述网址参加本次说明会，就所关心的问题与公司 管理层进行沟通交流。 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 ...

Investment Rating - The report maintains an "optimistic" rating for the chemical industry [1] Core Views - The chemical sector is expected to experience a turning point with the establishment of synergies between the silicone and caprolactam industries, leading to an upward trend in market conditions and accelerated de-involution [1] - The report highlights the importance of voluntary emission reductions and carbon cuts, with companies planning to maintain a 70% operating rate and adjust production based on market conditions [1] - The report suggests focusing on companies such as Xingfa Group, Luxi Chemical, Dongyue Silicon Materials, and Xin'an Chemical for potential investment opportunities in the silicone sector [1] - In the caprolactam sector, the report recommends monitoring Luxi Chemical, Hualu Hengsheng, and Juhua for their potential to drive profitability recovery [1] Industry Dynamics - Current macroeconomic judgments indicate that oil prices are expected to remain in a relatively loose range, with Brent crude projected between $55-70 per barrel due to delayed OPEC+ production increases and stable demand recovery [2][3] - The report notes that the PPI for all industrial products decreased by 2.1% year-on-year in October, with a slight month-on-month increase of 0.1%, marking the first rise of the year [3] - The manufacturing PMI recorded 49.0 in October, indicating a slowdown in production activities due to various factors, including pre-holiday demand release and a more complex international environment [3] Chemical Sector Configuration - The report suggests a diversified investment strategy across four main chains: textile and apparel, agricultural chemicals, export-related chemicals, and sectors benefiting from de-involution policies [1] - Specific recommendations include focusing on nylon and caprolactam with companies like Luxi Chemical, and on fertilizers with companies like Hualu Hengsheng and Yuntianhua [1] - The report emphasizes the importance of monitoring key materials for growth, particularly in semiconductor materials, OLED panel materials, and lithium battery materials [1]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to benefit from the ongoing "anti-involution" measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift is anticipated to enhance cash flow and dividend yields for companies in the sector, transforming them from cash-consuming entities to cash-generating ones [7][27] - The report highlights the potential for domestic substitutes for Japanese semiconductor materials due to rising tensions in Sino-Japanese relations, which could accelerate the domestic market's growth in this area [6] Summary by Sections Recent Trends - The chemical industry has shown a relative performance increase of 16.1% over the past 12 months, outperforming the CSI 300 index, which increased by 11.6% [4] Key Price Movements - DMC (Dimethyl Carbonate) prices rose to 4400 CNY/ton, up 14.29% week-on-week, driven by strong demand from the electrolyte sector [14] - Lithium battery electrolyte prices increased to 27000 CNY/ton, up 8.00% week-on-week, although profit margins for manufacturers are under pressure due to rising raw material costs [14] - Diammonium phosphate prices in East China reached 3850 CNY/ton, up 5.48% week-on-week, amid rising production costs [14] Investment Opportunities - The report identifies four key opportunities in the chemical sector: 1. Low-cost expansion, focusing on companies like Wanhua Chemical and Hualu Hengsheng [9] 2. Improved industry conditions, particularly in chromium salts and phosphate rock [10] 3. New materials with high growth potential, such as electronic chemicals and aerospace materials [11] 4. High dividend yields from state-owned enterprises in the chemical sector, including China Petroleum and China National Chemical [11] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with many rated as "Buy" [28]