Investment Rating - The industry investment rating is maintained as "Positive" [10][18]. Core Viewpoints - Oil prices have slightly decreased this week, but the focus remains on agricultural chemicals due to the ongoing spring farming season [10][18]. - The report emphasizes the importance of companies with strong fundamentals and low correlation to oil prices, suggesting a bottom-fishing strategy [10][18]. - Recommendations include companies like Wanhua Chemical, Huangma Technology, Runfeng Co., Guoguang Co., and Hualu Hengsheng, highlighting their respective strengths and market positions [10][18]. Summary by Sections Oil and Chemical Price Information - As of May 30, Brent oil price decreased by 1.35% to $63.90 per barrel, with concerns about supply growth impacting the market [14]. - U.S. crude oil commercial inventory stood at 440.4 million barrels, a weekly decrease of 2.8 million barrels [14]. - Among 188 monitored chemical products, hydrochloric acid saw the highest weekly price increase of 35.4%, while acrylic acid experienced the largest decline of 9.7% [15][16]. Price and Spread Changes - The top three products with the highest weekly price increases were hydrochloric acid (up 35.4%), liquid chlorine (up 21.8%), and international potassium chloride (up 8.4%) [10][15]. - The highest price spread increases were seen in the following products: BDO spread (up 71.6%), lithium hexafluorophosphate spread (up 54.9%), and carbon black spread (up 39.3%) [10][19]. - Monthly price changes showed hydrochloric acid leading with a 43.4% increase, while the BDO spread saw a significant monthly increase of 588.0% [10][19].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The explosion at the Shandong Gaomi chemical plant is expected to accelerate the elimination of backward production capacity in the chemical industry [4][23][25] - The chemical industry index outperformed the CSI 300 index by 0.42% this week [18][21] - The supply of polyester filament continues to shrink, leading to a stable market trend [26][27] Summary by Sections Industry Trends and Events - The chemical industry index reported a value of 3383.91, down 0.66% from the previous week, while the CSI 300 index fell by 1.08% [18] - The CCPI (China Chemical Product Price Index) was reported at 4077 points, a decrease of 0.71% from the previous week [21] - The Shandong Gaomi chemical plant explosion resulted in 5 deaths and 6 missing persons, prompting a provincial investigation into similar chemical production processes [23][24] Key Product Tracking - Polyester filament prices remained stable, with POY at 7050 CNY/ton, FDY at 7300 CNY/ton, and DTY at 8200 CNY/ton [27] - The market for viscose staple fiber is stable, with prices holding at 13000 CNY/ton [30] - The price of soda ash is on a downward trend, with light soda ash averaging 1323 CNY/ton and heavy soda ash at 1465 CNY/ton [42] Beneficiary Stocks - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [6] - Beneficiary stocks from the dye intermediate sector include Shanshui Technology and Zhejiang Longsheng [25] - In the agricultural and phosphate chemical sectors, recommended stocks include Xingfa Group and Limin Co., Ltd. [6]

Core Viewpoint - Hualu Hengsheng (600426) has seen a stock price increase of 1.81% this week, closing at 20.82 yuan, with a total market capitalization of 44.205 billion yuan, ranking 2nd in the agricultural chemical products sector and 298th in the A-share market [1] Company Announcements - Hualu Hengsheng announced its first share buyback of 766,700 shares, representing 0.04% of the total share capital, executed on May 28, 2025, at a price range of 20.78 to 20.99 yuan per share, with a total expenditure of approximately 16,002,900 yuan [1] - The buyback plan was initially disclosed on April 18, 2025, proposed by the chairman, with an implementation period from April 30, 2025, to April 29, 2026, and an expected buyback amount between 200 million yuan and 300 million yuan [1] - The purpose of the buyback is to reduce registered capital, and the company plans to use its own or raised funds for the buyback, with a maximum price of 32.38 yuan per share [1]

Summary of Hualu Hengsheng Conference Call Company Overview - **Company**: Hualu Hengsheng - **Industry**: Chemical Manufacturing Key Financial Metrics - **2024 Revenue**: 34.226 billion CNY, up 26% YoY [2][3] - **2024 Profit**: 5.015 billion CNY, up 17% YoY [2][3] - **Operating Cash Flow**: 6.7 billion CNY, up 36% YoY [2][3] - **Total Assets**: 46.658 billion CNY, up 5.92% YoY [8] - **Net Assets**: 31.018 billion CNY, up 7.36% YoY [8] - **Debt Ratio**: 29.64% [8] - **Return on Equity**: 13.05% [8] Growth Drivers - **Jingzhou Plant Contribution**: 7.5 billion CNY in revenue and 1.225 billion CNY in profit post-commissioning [2][3] - **Investment in Projects**: 5.8 billion CNY in 11 ongoing/new projects, including melamine resin and nylon 66 [2][5] - **Market Expansion**: Increased market share in traditional products like liquid ammonia and acetic acid, with a 51% YoY increase in foreign exchange income [5] Operational Strategies - **Cost Reduction and Efficiency**: Implemented online optimization and over 10 technical improvement projects to mitigate a 1.5 billion CNY market loss [5] - **Innovation and R&D**: Invested 1.235 billion CNY in R&D, focusing on key technologies and smart upgrades [5] - **Safety and Environmental Standards**: Achieved zero major safety incidents and 100% product quality compliance [6] Future Development Plans - **Strategic Focus**: Emphasize technology-driven and innovative development, enhancing coal and petroleum chemical integration [7] - **Green Development**: Commitment to low-carbon and high-quality growth, aiming for a cluster advantage in basic chemicals and new materials [7] - **Collaboration**: Strengthening partnerships with research institutions and universities for technology development [7] Shareholder Returns - **Dividend Policy**: First mid-term dividend of 0.3 CNY per 10 shares, with an expected total dividend of 1.274 billion CNY for 2024, representing 32.64% of net profit [4][10] - **Share Buyback Proposal**: Proposed to enhance shareholder value and stabilize stock price amid market fluctuations [14][16] Market Challenges and Responses - **Market Conditions**: Facing challenges from oversupply and weak demand in the petrochemical industry [3][11] - **Operational Adjustments**: Focused on production stability, cost control, and market expansion to mitigate impacts from market volatility [13] Impact of External Factors - **US Tariff Policy**: Limited direct impact on revenue, with only 4.94% of total revenue from exports, and minimal direct sales to the US [17] Long-term Vision - **Development Strategy**: Prioritize efficiency and core business focus, aiming to enhance operational resilience and competitive advantage [18]

证券代码：600426 证券简称：华鲁恒升 编号：临 2025-034 山东华鲁恒升化工股份有限公司 2024 年度暨 2025 年一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。 五、会议主要内容 会议的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 2024 年度暨 2025 年一季度业绩说明会会议纪要》。 二、说明会召开的时间和网址 会议于 2025 年 5 月 29 日 15:00-16:00 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。 四、投资者参加方式 投资者以视频直播和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。 一、说明会类型 本次说明会以视频直播和网络互动形式召开，公司管理层就 202 ...

山东华鲁恒升化工股份有限公司 答：2025 年一季度，受市场因素影响，公司主要产品价格持续下降导致效益同 比降低。面对市场环境的复杂性和较低的行业景气度，公司采取了一系列稳生产、降 成本，拓市场、蓄动能的措施来降低市场因素对公司运营的冲击。后期，公司将继续 坚守低成本战略。一是稳生产，整合优化，扩量增盈；二是抓好挖潜降耗、降本增效、 增收节支和节能减排；三是拓市场，以销带产，产销联动；四是加快项目建设，进一 步提升应对周期波动能力，努力实现效益增长的稳定性和均衡性。 3、公司披露的 2024 年年度分配预案为每股 0.30 元，是不是太低了？ 答：公司 3 月 29 日披露的 2024 年年度利润分配预案是每股派发现金红利 0.30 元（含税。单从年度分配预案来看，分配比率同比降低，但考虑公司 2024 年中期实 施了一次每股 0.30 元（含税）的现金红利派发，因此整个 2024 年度的分红合计是每 股 0.60 元，与 2023 年持平。如年度利润分配预案顺利实施，公司 2024 年现金分红 2024 年度暨 2025 年一季度业绩说明会会议纪要 时间：2025 年 5 月 29 日 15:00-16:0 ...

Group 1 - The company announced its first share repurchase plan with an estimated amount of RMB 200 million to RMB 300 million [1][2] - The repurchase period is set from April 30, 2025, to April 29, 2026 [1] - The purpose of the repurchase is to reduce registered capital and maintain company value and shareholder rights [1] Group 2 - The company has repurchased a total of 766,700 shares, accounting for 0.04% of the total share capital [2] - The total amount spent on the repurchase so far is RMB 16.0029 million, with a price range of RMB 20.78 to RMB 20.99 per share [2] - The repurchase complies with legal regulations and the company's repurchase plan requirements [2]

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2025-033 山东华鲁恒升化工股份有限公司 关于首次回购公司股份的公告 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法律责任。 重要内容提示： | 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 | 76.67万股 | | | | | | | 累计已回购股数占总股本比例 | 0.04% | | | | | | | 累计已回购金额 | 1,600.29万元 | | | | | ...

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]

Investment Rating - The industry investment rating is "Positive (Maintain)" [7] Core Viewpoints - This week, oil prices experienced a slight decline, while the prices of acrylic acid and coal tar saw significant increases. The report emphasizes a focus on leading companies with strong alpha that are less correlated with oil prices, suggesting a bottom-fishing strategy. It also highlights the importance of domestic demand and opportunities in new material domestic substitution, particularly in the agricultural chemical sector during the spring farming peak [9][17]. Summary by Sections Oil and Chemical Prices Information - As of May 23, Brent oil price decreased by 0.96% to $64.78 per barrel. The report notes that U.S. commercial crude oil inventories increased by 1.3 million barrels to 443.2 million barrels, with gasoline inventories rising by 800,000 barrels and distillate inventories by 600,000 barrels [13][14]. - Among 188 monitored chemical products, the top three price increases this week were acrylic acid (up 10.8%), coal tar (up 7.6%), and anthracene oil (up 5.7%). The largest declines were seen in liquid chlorine (down 16.7%), formic acid (down 8.0%), and tetrachloroethylene (down 7.2%) [9][14]. Price and Spread Changes - The report indicates that the top three products with the largest weekly price increases were acrylic acid (up 10.8%), coal tar (up 7.6%), and anthracene oil (up 5.7%). The largest monthly price increases were liquid chlorine (up 40.2%), but it also noted significant declines in formic acid (down 29.2%) [9][15]. - The top three products with the largest weekly spread increases were MTP spread (up 35.0%), acrylic acid spread (up 33.2%), and BDO spread (up 29.5%). The report also highlights significant declines in the spreads of acrylic acid butyl ester (down 710.1%) and R410a spread (down 100.0%) [9][19]. Investment Recommendations - The report recommends several companies for investment: - Wanhua Chemical (600309, Buy): Core product MDI is seeing profit improvements, with new petrochemical and new material projects coming online [17]. - Huangma Technology (603181, Buy): A leading special polyether company that has entered a growth phase again [17]. - Runfeng Co., Ltd. (301035, Buy): A rare company with a global layout for formulation registration and sales channels [17]. - Guoguang Co., Ltd. (002749, Buy): A leading company in the plant growth regulator sector [17]. - Hualu Hengsheng (600426, Buy): Core product prices are recovering alongside a decline in coal prices, leading to continuous improvement in spreads [17].