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]

（文章来源：证券日报） 证券日报网讯 11月21日晚间，华鲁恒升发布公告称，截至2025年11月21日，公司已累计回购股份 599.6781万股，占公司总股本的比例为0.28%。 ...

格隆汇11月21日丨华鲁恒升(600426.SH)公布，截至2025年11月21日，公司已累计回购股份599.6781万 股，占公司总股本的比例为0.28%，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13,950.56万元（不含交易费用）。 ...

每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 每经AI快讯，华鲁恒升（SH 600426，收盘价：27.41元）11月21日晚间发布公告称，截至2025年11月21 日，公司已累计回购股份约599.68万股，占公司总股本的比例为0.28%，回购成交的最高价为26元/股、 最低价为20.75元/股，支付的资金总额为人民币约1.4亿元。 2025年1至6月份，华鲁恒升的营业收入构成为：化工产品制造业占比100.0%。 截至发稿，华鲁恒升市值为582亿元。 （记者 曾健辉） ...

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。 重要内容提示： 证券代码：600426 证券简称：华鲁恒升 公告编号：临 2025-070 山东华鲁恒升化工股份有限公司 关于股份回购进展公告 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出 回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 特此公告。 | 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 4 4 | 30 | 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 ...