山东华鲁恒升化工股份有限公司 内幕信息知情人登记管理制度 （二〇二五年九月四日修订） 第一章 总则 第一条 为了进一步规范山东华鲁恒升化工股份有限公司（以下称"公司"） 的内幕信息管理，加强内幕信息保密工作，建立内幕信息知情人档案材料，根据 《中华人民共和国公司法》（以下称"《公司法》"）、《中华人民共和国证券法》 （以下称"证券法"）、《上市公司信息披露管理办法》《上市公司监管指引第 5 号——上市公司内幕信息知情人登记管理制度》《上海证券交易所股票上市规 则》（以下称"《上市规则》"）等相关法律法规文件以及《公司章程》《公司 信息披露管理办法》的有关规定，根据公司实际情况，特制定本制度。 第二条 公司内幕信息管理工作由董事会负责，董事会应当按照中国证监会 及证券交易所相关规则要求及时登记和报送内幕信息知情人档案，并保证内幕信 息知情人档案真实、准确和完整，董事长为主要责任人。董事会秘书负责办理上 市公司内幕信息知情人的登记入档和报送事宜。当董事会秘书不能履行职责时， 由证券事务代表代行董事会秘书职责。董事长与董事会秘书应当对内幕信息知情 人档案的真实、准确和完整签署书面确认意见。 第三条 公司证券管理部门 ...

证券代码：600426 证券简称：华鲁恒升 编号：临 2025-054 山东华鲁恒升化工股份有限公司 关于取消监事会、修订《公司章程》及修订、制定和废止公 司部分管理制度的公告 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。 山东华鲁恒升化工股份有限公司于 2025 年 9 月 4 日召开第九届董事会 2025 年第 3 次临时会议，审议通过了《关于取消监事会、修订<公司章程>及其附件的议案》、《关 于修订、制定、废止及重新制定公司部分治理制度的议案》，同日召开的第九届监事会 2025 年第 2 次会议审议通过了《关于公司取消监事会并废止相关制度的议案》。具体情 况如下： 一、取消公司监事会 | | 法定代表人辞任的，公司将在法定代 | | --- | --- | | | 表人辞任之日起三十日内确定新的法定代 | | | 表人。 | | | 第九条 法定代表人以公司名义从事 | | | 的民事活动，其法律后果由公司承受。 | | | 本章程或者股东会对法定代表人职权 | | | 的限制，不得对抗善意相对人。 | | | ...

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2025-055 山东华鲁恒升化工股份有限公司 关于召开2025年第三次临时股东大会的通知 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： 一、 召开会议的基本情况 召开地点：德州·公司会议室 (五) 网络投票的系统、起止日期和投票时间。 (一) 股东大会类型和届次 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 9 月 26 日 2025年第三次临时股东大会 召开的日期时间：2025 年 9 月 26 日 9 点 30 分 股东大会召开日期：2025年9月26日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 本次股东大会审议议案及投票股东类型 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | A ...

证券代码：600426 证券简称：华鲁恒升 编号：临 2025-053 山东华鲁恒升化工股份有限公司 第九届监事会 2025 年第 2 次临时会议决议公告 本公司监事会及全体监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。 山东华鲁恒升化工股份有限公司第九届监事会 2025 年第 2 次临时会议于 2025 年 9 月 4 日以通讯方式召开。本次会议的召开通知已于 2025 年 9 月 1 日以通讯方式 下发，会议应参会监事 3 人，实际参会监事 3 人。会议符合《公司法》和《公司章 程》的有关规定。经与会监事审议并投票表决，通过了以下决议： 一、审议通过《关于公司取消监事会并废止相关制度的议案》。 表决结果：同意3 票，反对0 票，弃权0票。 根据 2024 年 7 月 1 日起实施的《中华人民共和国公司法》《关于新公司法配套 制度规则实施相关过渡期安排》《上市公司章程指引（2025 年修订）》等相关法律法 规、规章及其他规范性文件的规定，同意公司不再设置监事会、监事，并废止《公 司监事会议事规则》，公司现任监事将不再担任监事职务，公司各 ...

证券代码：600426 证券简称：华鲁恒升 编号：临 2025-052 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。 山东华鲁恒升化工股份有限公司第九届董事会 2025 年第 3 次临时会议于 2025 年 9 月 4 日以通讯方式举行，本次会议的召开通知已于 2025 年 9 月 1 日以通讯方式下发，应参会 董事 11 名，实际参会董事 11 名。会议召开符合《公司法》等相关法律法规的规定，会议 形成的决议合法、有效。经与会董事审议并投票表决，通过了以下决议： 一、审议通过《关于取消监事会、修订<公司章程>及其附件的议案》。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 本议案尚需提交公司 2025 年第三次临时股东大会表决通过。 具体内容详见《华鲁恒升关于取消监事会、修订<公司章程>及修订、制定和废止公 司部分管理制度的公告》（www.sse.com.cn）。 二、审议通过《关于修订、制定、废止并重新制定公司部分治理制度的议案》。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 山东华鲁恒升化工 ...

Market Performance - The basic chemical index increased by 1.11% from August 23 to August 29, while the CSI 300 index rose by 2.71%, indicating that the basic chemical sector underperformed the CSI 300 by 1.60 percentage points, ranking 11th among all sectors [1][2] - The top-performing sub-industries included nylon (5.68%), rubber additives (5.44%), potassium fertilizer (4.65%), food and feed additives (2.99%), and fluorochemicals (2.99%) [1][2] Chemical Product Price Trends - The top five products with the highest weekly price increases were NYMEX natural gas (11.11%), crude phenol (7.12%), niacinamide (5.78%), phenol oil (5.16%), and hydrofluoric acid (5.00%) [3] - The top five products with the largest weekly price declines included liquid chlorine (-75.00%), sodium (-6.78%), coal tar (-4.17%), anthracene oil (-4.11%), and lithium carbonate (industrial grade) (-4.09%) [3] Industry Dynamics - In the first half of 2025, the basic chemical sector achieved operating revenue of 1,123.83 billion yuan, a year-on-year increase of 3.03%, and a net profit attributable to shareholders of 69.72 billion yuan, up 4.43% year-on-year [4] - In Q2 2025, the sector reported operating revenue of 587.10 billion yuan, a year-on-year increase of 0.80% and a quarter-on-quarter increase of 9.38%, with a net profit of 35.72 billion yuan, down 2.66% year-on-year but up 5.03% quarter-on-quarter, indicating an improving trend in quarterly profitability [4] Company Performance Highlights - In the refrigerant sector, Juhua Co. reported H1 2025 operating revenue of 13.33 billion yuan, up 10.36% year-on-year, and a net profit of 2.05 billion yuan, up 145.84% year-on-year [6] - Sanmei Co. achieved H1 2025 operating revenue of 2.83 billion yuan, a 38.58% increase year-on-year, with a net profit of 999.5 million yuan, up 159.22% year-on-year [6] - In the agricultural chemicals sector, Yara International reported H1 2025 operating revenue of 2.52 billion yuan, a 48.54% increase year-on-year, and a net profit of 855 million yuan, up 216.64% year-on-year [7] - Salt Lake Co. reported H1 2025 operating revenue of 6.78 billion yuan, down 6.30% year-on-year, but a net profit of 2.52 billion yuan, up 13.69% year-on-year [7] Investment Recommendations - Current investment focus includes the refrigerant sector, with recommendations for companies like Jingshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. [9] - The chemical fiber sector is also highlighted, with recommendations for Huafeng Chemical, Xin Fengming, and Taihe New Materials [9] - Other recommended companies include Wanhua Chemical, Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [9] - The tire sector includes recommendations for Sailun Tire, Senqilin, and Linglong Tire [9] - In the agricultural chemicals sector, recommended companies include Yara International, Salt Lake Co., Xingfa Group, Yuntianhua, and Yangnong Chemical [9] - High-quality growth stocks to watch include Blue Sky Technology, Shengquan Group, and Shandong Heda [9] Industry Rating - The basic chemical industry maintains an "overweight" rating [10]

Market Trends - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,765.88, down 1.25%, and the Shenzhen Component Index down 2.83% [4] - The overall market saw a significant increase in trading volume, with A-share transaction amounts reaching 14.92 trillion yuan, a 15.29% increase week-on-week [7] Industry Commentary - The non-bank financial sector reported a substantial increase in brokerage performance, with 42 listed brokerages achieving a total revenue of 251.87 billion yuan, a year-on-year increase of 11.37%, and a net profit of 104.02 billion yuan, up 65.08% [6][7] - The communication sector is experiencing a surge in demand, particularly driven by Alibaba Cloud's Q2 performance, which exceeded expectations with a revenue increase of 26% to 33.4 billion yuan [8] Company Insights - Huafeng Technology (688629.SH) reported a significant revenue increase of 128.26% year-on-year, reaching 1.105 billion yuan in H1 2025, with a net profit of 151 million yuan, up 940.64% [10] - China General Nuclear Power Corporation (01164.HK) faced a revenue decline of 58% to 1.709 billion HKD in H1 2025, primarily due to accounting standards affecting trade business [12] - Kangchen Pharmaceutical (603590.SH) achieved a revenue of 460 million yuan in H1 2025, reflecting a growth of 13.8% [14] - Longjiang Securities (000783.SZ) reported a significant recovery in investment business, with a notable increase in operating performance [28] Investment Recommendations - The report suggests a "Buy-B" rating for Huafeng Technology, anticipating continued growth in the domestic AI server market and communication modules [10][11] - For China General Nuclear Power, a "Buy-B" rating is maintained, with expectations of recovery in profitability driven by strategic contracts and market demand [13] - Kangchen Pharmaceutical is also rated "Buy-B," with projected revenue growth driven by innovative drug development [14] Future Projections - Huafeng Technology is expected to continue benefiting from the domestic AI server market, with projections indicating a strong performance in the coming years [10][11] - China General Nuclear Power anticipates a rebound in net profit, with estimates of 3.76 billion HKD in 2025, growing significantly in subsequent years [13] - Kangchen Pharmaceutical forecasts revenues of 9.41 billion yuan by 2027, indicating robust growth potential [14]

Market Overview - The agricultural chemical sector experienced a decline of 1.24% on September 4, with Hualu Hengsheng leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable gainers in the agricultural chemical sector included: - Xin'an Co., Ltd. (Code: 600596) with a closing price of 10.86, up 2.36% [1] - Zhongnong United (Code: 003042) with a closing price of 16.55, up 2.16% [1] - Lvtian Technology (Code: 870866) with a closing price of 10.09, up 2.13% [1] - Major decliners included: - Hualu Hengsheng (Code: 600426) with a closing price of 25.90, down 4.60% [2] - Bai'ao Chemical (Code: 603360) with a closing price of 23.90, down 4.13% [2] Capital Flow - The agricultural chemical sector saw a net outflow of 725 million yuan from institutional investors, while retail investors contributed a net inflow of 515 million yuan [2][3] - The top stocks by net inflow from retail investors included: - Yadi International (Code: 000893) with a net inflow of 26.41 million yuan [3] - Xin'an Co., Ltd. (Code: 600596) with a net inflow of 20.89 million yuan [3] Summary of Trading Data - The trading volume and turnover for key stocks in the agricultural chemical sector were significant, with Xin'an Co., Ltd. achieving a turnover of 637 million yuan [1] - The overall trading activity reflected a mixed sentiment among investors, with some stocks showing resilience while others faced significant selling pressure [2][3]

Investment Rating - The report maintains a "Buy-B" rating for the company [4][8] Core Views - The company experienced a decline in revenue and net profit in the first half of 2025, with a revenue of 15.76 billion yuan, down 7.1% year-on-year, and a net profit of 1.57 billion yuan, down 29.5% year-on-year. However, the second quarter showed signs of improvement with a revenue of 7.99 billion yuan, a slight increase of 2.8% quarter-on-quarter [5][6] - The company has seen double-digit growth in sales of new materials and chemical fertilizers in the first half of 2025, with significant improvements in profitability in Q2 due to strong cost control measures [6][8] Financial Performance - For the first half of 2025, the company's sales revenue from new materials, chemical fertilizers, organic amines, and acetic acid and derivatives were 7.62 billion, 3.88 billion, 1.16 billion, and 1.71 billion yuan respectively, with year-on-year changes of -8.4%, +6.4%, -8.6%, and -16.3% [6] - The gross profit margins for these products were 8.5%, 30.0%, 12.0%, and 33.4%, reflecting year-on-year changes of -7.0, -4.5, +3.7, and +6.8 percentage points [6] - The company's sales gross margin and net margin for the first half of 2025 were 18.0% and 11.0%, down 3.2 and 3.1 percentage points year-on-year. In Q2, these margins improved to 19.6% and 12.0%, up 3.3 and 2.1 percentage points quarter-on-quarter [6] Future Projections - The company is projected to achieve net profits of 4.22 billion, 4.89 billion, and 5.60 billion yuan for the years 2025, 2026, and 2027, corresponding to P/E ratios of 14, 12, and 10 times respectively [8][10] - The report highlights the company's integrated industrial chain layout and cost control advantages as key factors for future growth [8]

Industry Overview - The average daily production of urea in the past week was 192,700 tons, showing a month-on-month decrease but a year-on-year increase [1] - As of September 4, urea prices were reported at 1,650 CNY/ton in Gansu and 1,670 CNY/ton for medium-sized granules in Shandong [1] - The total inventory of Chinese urea enterprises reached 1,085,800 tons, exceeding last week's expectations, with port sample inventory at 600,000 tons, also above previous expectations [1] Market Sentiment - According to Guotai Junan Futures, there has been a relaxation in port inspections, leading to an increase in export volumes. However, domestic urea production facilities are undergoing significant maintenance, resulting in a noticeable decline in operating rates [2] - The agricultural sector remains in the off-season, and industrial demand is increasing slowly. The market is experiencing negative feedback due to unmet expectations from recent bidding announcements, leading to a short-term bearish outlook for urea prices, with a reference range of 1,680-1,780 CNY/ton [2] Production and Demand Dynamics - Recent maintenance of some new production facilities has led to a slight decrease in domestic urea production. This week, two companies plan to halt production while three others are resuming operations [3] - Agricultural demand is in a seasonal lull, although there is a slight increase in fertilizer preparation in Jiangsu and Anhui provinces. Industrial compound fertilizer purchases are primarily for stock replenishment, and the overall operating rate of enterprises has decreased [3] - Despite limited adjustments in operating rates due to policy impacts, there is an expectation of improvement starting from the 4th of the month. Domestic demand is progressing slowly, with some companies experiencing lower-than-expected shipments [3] - Overall, the inventory levels of domestic urea enterprises have shown mixed trends, with a slight overall increase. Following major events, there is an anticipated rise in downstream industrial operations, coupled with a phase of urea exports, suggesting a potential decrease in urea enterprise inventories [3] - The UR2601 contract is expected to fluctuate in the range of 1,700-1,760 CNY/ton in the short term [3]