Group 1 - The company Hualu Hengsheng (600426) announced its first share buyback on May 28, 2025, through the Shanghai Stock Exchange trading system using centralized bidding [1] - A total of 766,700 shares were repurchased, accounting for 0.04% of the company's total share capital [1] - The highest transaction price during the buyback was 20.99 CNY per share, while the lowest was 20.78 CNY per share, with a total expenditure of 16.0029 million CNY (excluding transaction fees) [1]

Core Viewpoint - The company, Shandong Hualu Hengsheng Chemical Co., Ltd., is set to hold an investor briefing on May 29, 2025, to discuss its 2024 annual and 2025 first-quarter financial results and operational performance [1][2]. Group 1: Meeting Details - The investor briefing will take place on May 29, 2025, from 15:00 to 16:00 [2][3]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, which will be conducted via video live streaming and online interaction [1][2]. - Investors can submit questions from May 22 to May 28, 2025, through the Roadshow Center website or via the company's email [3]. Group 2: Participants - Key participants in the meeting will include Chairman Mr. Chang Huaichun, Vice General Manager and Financial Officer Mr. Gao Jinghong, Independent Director Mr. Wu Fei, and Board Secretary Mr. Gao Wenjun [2]. Group 3: Contact Information - For inquiries, investors can contact Ms. Fan Qi at phone number 0534-2465426 or via email at hlhszq@hl-hengsheng.com [3]. Group 4: Post-Meeting Access - After the investor briefing, participants can access the meeting details and main content through the Shanghai Stock Exchange Roadshow Center [3].

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2025-032 山东华鲁恒升化工股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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。 重要内容提示： 投资者可于 2025 年 5 月 22 日(星期四) 至 5 月 28 日(星期三)16:00 前登录上证路演中心 网站首页点击"提问预征集"栏目或通过公司邮箱（hlhszq@hl-hengsheng.com）进行提问。 公司将在说明会上对投资者普遍关注的问题进行回答。 山东华鲁恒升化工股份有限公司（以下简称"公司"）已于 2025 年 3 月 29 日、2025 年 4 月 26 日分别发布公司 2024 年度报告和 2025 年一季度报告，为便于广大投资者更全面 深入地了解公司 2024 年度及 2025 年一季度经营成果、财务状况，公司计划于 2025 年 5 月 29 日下午 15:00-16:00 举行 2024 年度暨 2025 年第一季度业绩说明会，就投资者关心的问 题进行交 ...

Core Viewpoint - The company, Hualu Hengsheng, has shown a mixed performance in its financial results for 2024 and Q1 2025, with significant revenue growth in 2024 but a decline in Q1 2025 profits due to falling product prices and increased costs [1][2][3]. Financial Performance - In 2024, Hualu Hengsheng reported a revenue of 34.226 billion yuan, a year-on-year increase of 25.55%, and a net profit attributable to shareholders of 3.903 billion yuan, up 9.14% year-on-year [1]. - For Q1 2025, the company’s revenue was 7.772 billion yuan, a decrease of 2.59% year-on-year, and the net profit attributable to shareholders was 707 million yuan, down 33.65% year-on-year [1]. Product Performance - In 2024, the revenue from various segments was as follows: new energy materials (16.433 billion yuan), fertilizers (7.297 billion yuan), organic amines (2.511 billion yuan), and acetic acid and derivatives (4.070 billion yuan) [2]. - The sales volume for new energy materials increased by 17.12% to 2.5522 million tons, while organic amines and fertilizers saw increases of 12.62% and 5.23%, respectively [2]. Price Trends - The prices of key products such as urea, isooctanol, and others declined in 2024 due to a downturn in the chemical industry [2]. - The average price changes for major raw materials in 2024 were as follows: coal (843.5 yuan/ton, down 15.65%), benzene (7377.5 yuan/ton, up 11.44%), and propylene (6200 yuan/ton, up 1.81%) [2]. Cost Structure - Sales expenses increased by 47.95% in 2024, with a sales expense ratio of 0.26%, up 0.04 percentage points year-on-year. Financial expenses surged by 223.39%, with a financial expense ratio of 0.64%, up 0.39 percentage points [3]. - The net cash flow from operating activities was 4.968 billion yuan, a year-on-year increase of 5.36%, while cash flow from investing activities was -5.075 billion yuan, up 30.29% year-on-year [3]. Future Outlook - Revenue projections for Hualu Hengsheng from 2025 to 2027 are estimated at 34.423 billion yuan, 38.571 billion yuan, and 39.880 billion yuan, representing year-on-year growth rates of 0.6%, 12.1%, and 3.4%, respectively [3]. - Net profit forecasts for the same period are 3.853 billion yuan, 4.429 billion yuan, and 5.239 billion yuan, with year-on-year changes of -1.3%, 14.0%, and 18.2% [3].

Core Viewpoint - Hualu Hengsheng plans to repurchase shares worth between 200 million and 300 million yuan, reflecting confidence in its value and providing market support [1][2][3] Group 1: Share Repurchase Plan - The company intends to use self-owned or self-raised funds for the share repurchase, with a maximum price of 32.38 yuan per share [2][3] - The repurchase is expected to buy approximately 926.50 million shares at the upper limit and 617.67 million shares at the lower limit, representing 0.44% and 0.29% of total share capital, respectively [3] - Hualu Hengsheng has secured a loan commitment of up to 270 million yuan from China Bank for the repurchase, with a three-year term [3] Group 2: Financial Performance - In 2024, the company achieved revenue of 34.226 billion yuan, a year-on-year increase of 25.55%, and a net profit of 3.903 billion yuan, up 9.14% [5] - The new energy and new materials segment generated revenue of 16.433 billion yuan, accounting for 48.02% of total revenue, and grew by 6.19% [5] - The chemical fertilizer segment contributed 7.297 billion yuan, with a growth of 28.55%, and maintained a high gross margin of 29.9% despite price fluctuations [5] Group 3: Research and Development - From 2020 to 2024, the company invested a total of 4.802 billion yuan in R&D, with annual investments increasing each year [7] - The focus on technological innovation has been crucial for the company to withstand industry cycles [6][7] Group 4: Future Projects - Hualu Hengsheng has several ongoing projects, including the optimization of melamine resin materials and the production of high-end nylon materials, which are expected to enhance production capacity [5]

证券代码：600426 证券简称：华鲁恒升 编号：临 2025-031 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP, 参与本次互动交流。活动时间为 2025 年 5 月 15 日（星期四）15:00-16:30。届时公 司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、股权激励和 可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参 与！ 特此公告。 山东华鲁恒升化工股份有限公司董事会 2025 年 5 月 13 日 山东华鲁恒升化工股份有限公司 关于参加 2025 年山东辖区上市公司投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，山东华鲁恒升化工股份有限公司（以下简称 "公司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司联合 举办的"2025 年山东辖区上市公司投资者网上集体接 ...

夯实成本优势，产能扩张促增长 华鲁恒升(600426) ——2025 年华鲁恒升一季报点评 股票研究 / [Table_Date] 9 May 2025 基础化工 [Table_Industry] /原材料 [Table_Invest] 评级： 优于大市 [Table_Target] 目标价格： 24.43 [Table_CurPrice] 当前价格： 20.03 [Table_Market] 交易数据 投资要点： [Table_Summary] 维持"优于大市"评级。考虑到公司部分产品价格承压，下调 2025 风险提示：在建工程不及预期的风险、发生安全事故的风险。 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 27,260 | 34,226 | 34,290 | 35,863 | 37,027 | | (+/-)% | -9.9% | 25.6% | 0.2% | 4.6% | 3.2% | | 净利润（归母） | 3,5 ...

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2025-030 山东华鲁恒升化工股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：不低于人民币 2 亿元（含），不超过人民币 3 亿元（含），具体的 回购金额以回购期满时实际回购股份使用的资金总额为准。 ● 回购股份资金来源：自有资金或自筹资金。公司已取得中国银行股份有限公司德 州分行出具的《贷款承诺函》，具体贷款事宜将以双方签订的贷款合同为准。 ● 回购股份用途：用于注销并减少公司注册资本。 ● 回购股份价格：公司本次回购股份的最高价不超过人民币 32.38 元/股。本次回购 股份最高价上限未超过董事会通过回购股份决议前 30 个交易日公司股票交易均价的 ● 回购股份方式：集中竞价交易方式。 ● 回购股份期限：自股东大会审议通过最终回购股份方案之日起不超过十二个月。 公司保证将在正常运营的前提下，努力推进本次回购方案的顺利实施。如出现上 述风险导致公司本次回购方案无法实施， ...

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2025-030 山东华鲁恒升化工股份有限公司 ● 回购股份金额：不低于人民币 2 亿元（含），不超过人民币 3 亿元（含），具体的 回购金额以回购期满时实际回购股份使用的资金总额为准。 ● 回购股份资金来源：自有资金或自筹资金。公司已取得中国银行股份有限公司德 州分行出具的《贷款承诺函》，具体贷款事宜将以双方签订的贷款合同为准。 ● 回购股份用途：用于注销并减少公司注册资本。 ● 回购股份价格：公司本次回购股份的最高价不超过人民币 32.38 元/股。本次回购 股份最高价上限未超过董事会通过回购股份决议前 30 个交易日公司股票交易均价的 150%，具体回购价格将综合公司二级市场股票价格、公司财务状况和经营状况确定。 ● 回购股份方式：集中竞价交易方式。 ● 回购股份期限：自股东大会审议通过最终回购股份方案之日起不超过十二个月。 ● 相关股东是否存在减持计划：公司董事、监事、高级管理人员、实际控制人、控 股股东及一致行动人，在未来 3 个月、未来 6 个月内均无股份减持计划。若上述主体 后续拟实施股份减持计划，公司将按照相关规定及时履行信息披露义务。 ...

基础化工 [Table_Industry] /原材料 [Table_Invest] 评级： 优于大市 [Table_Target] 目标价格： 24.43 [Table_CurPrice] 当前价格： 20.03 [Table_Market] 交易数据 投资要点： [Table_Summary] 维持"优于大市"评级。考虑到公司部分产品价格承压，下调 2025 夯实成本优势，产能扩张促增长 华鲁恒升(600426) ——2025 年华鲁恒升一季报点评 股票研究 / [Table_Date] 9 May 2025 风险提示：在建工程不及预期的风险、发生安全事故的风险。 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 27,260 | 34,226 | 34,290 | 35,863 | 37,027 | | (+/-)% | -9.9% | 25.6% | 0.2% | 4.6% | 3.2% | | 净利润（归母） | 3,5 ...