Financial Performance - The company's operating revenue for Q1 2025 was CNY 7,771,601,919.12, a decrease of 2.59% compared to CNY 7,978,040,671.96 in the same period last year[3] - Net profit attributable to shareholders decreased by 33.65% to CNY 706,862,256.32 from CNY 1,065,362,337.51 year-on-year[3] - The basic earnings per share fell by 33.47% to CNY 0.334 from CNY 0.502 in the previous year[3] - Total revenue for Q1 2025 was ¥7,771,601,919.12, a decrease of 2.6% compared to ¥7,978,040,671.96 in Q1 2024[16] - Net profit for Q1 2025 was ¥772,522,045.53, down 32.0% from ¥1,136,659,292.60 in Q1 2024[17] - Operating profit for Q1 2025 was ¥943,071,955.62, a decline of 31.1% compared to ¥1,369,736,191.09 in Q1 2024[17] - Total comprehensive income for the period attributable to the parent company was CNY 706,862,256.32, a decrease from CNY 1,065,362,337.51 in the previous period[18] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 930,375,592.80, down 17.72% from CNY 1,130,744,553.55 in the same period last year[3] - Cash inflow from operating activities totaled CNY 7,312,290,474.31, while cash outflow was CNY 6,381,914,881.51, resulting in a net cash flow of CNY 930,375,592.80[20] - Cash and cash equivalents at the end of the period amounted to CNY 2,011,009,566.94, down from CNY 2,129,430,947.68 at the end of the previous period[20] - Cash inflow from financing activities was CNY 1,323,710,903.08, significantly higher than CNY 504,437,892.33 in the previous year[20] - Net cash flow from investing activities was negative at CNY -1,213,527,168.24, compared to CNY -1,359,810,115.92 in the same period last year[20] Assets and Liabilities - Total assets increased by 3.02% to CNY 48,066,797,686.34 from CNY 46,657,911,907.48 at the end of the previous year[3] - Total current assets reached ¥8,252,238,852.93 as of March 31, 2025, a rise of 11.9% from ¥7,374,489,438.90 as of December 31, 2024[11] - Total liabilities increased to ¥14,454,095,417.01 as of March 31, 2025, compared to ¥13,830,138,622.56 as of December 31, 2024[13] - Shareholders' equity totaled ¥33,612,702,269.33 as of March 31, 2025, an increase from ¥32,827,773,284.92 as of December 31, 2024[13] Shareholder Information - The total number of common shareholders at the end of the reporting period was 62,150[7] - The largest shareholder, Shandong Hualu Hengsheng Group Co., Ltd., held 32.08% of the shares, totaling 681,061,374 shares[7] Expenses and R&D - Total operating costs increased to ¥6,865,841,946.01 in Q1 2025, up 4.4% from ¥6,574,462,417.52 in Q1 2024[16] - Research and development expenses rose to ¥162,842,945.03 in Q1 2025, an increase of 32.9% from ¥122,529,471.30 in Q1 2024[17] Other Financial Metrics - The weighted average return on equity decreased by 1.37 percentage points to 2.25% from 3.62% year-on-year[3] - The decrease in net profit was primarily due to lower product prices during the reporting period[5] - The company reported non-recurring gains of CNY 3,748,298.81, including government subsidies and other income[4] - The company experienced a foreign exchange gain of CNY 4,635,530.02 during the period, compared to CNY 3,433,184.60 in the previous year[20] - The net profit of the merged entity prior to consolidation was CNY 218,865,964.02, down from CNY 237,656,516.98 in the previous period[18]

根据上海证券交易所《关于做好主板上市公司 2025 年第一季度报告披露工作的 重要提醒》、《上市公司自律监管指引第 3 号—行业信息披露第十三号—化工》的要 求，山东华鲁恒升化工股份有限公司（以下简称"公司"）现将 2025 年一季度主要 经营数据披露如下： | 本年主要产品 | 生产量（万吨） | 销售量（万吨） | 收入（亿元） | | --- | --- | --- | --- | | 新能源新材料相关产品 | 114.89 | 66.41 | 37.54 | | 化学肥料 | 145.46 | 145.33 | 18.98 | | 有机胺系列产品 | 12.61 | 13.51 | 5.61 | | 醋酸及衍生品 | 35.91 | 33.72 | 8.20 | 一、主要产品的产量、销量及收入实现情况 证券代码：600426 证券简称：华鲁恒升 编号：临 2025-025 山东华鲁恒升化工股份有限公司 2025 年一季度主要经营数据的公告 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。 注：新能源新材料相关产品生 ...

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。 | 10 | 易方达沪深 | 300 | 交易型开放式指数发起式 | 19,482,156 | 0.92 | | --- | --- | --- | --- | --- | --- | | | 证券投资基金 | | | | | 证券代码：600426 证券简称：华鲁恒升 编号：临 2025-026 二、前十名无限售条件股东持股情况 山东华鲁恒升化工股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东持 股情况的公告 山东华鲁恒升化工股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日召开第 九届董事会 2025 年第 2 次临时会议，审议通过了《关于以集中竞价交易方式回购公司 部分股份方案的议案》，拟使用不低于人民币 2 亿元（含），不超过人民币 3 亿元（含） 的自有资金或自筹资金，通过集中竞价交易方式回购公司股份，用于减少公司注册资本， 该回购方案尚需提交公司 2024 年年度股东大会审议，具体回购方案详见公司于 2025 年 4 月 18 日在 ...

华鲁恒升（600426）公告，2025年第一季度营收为77.72亿元，同比下降2.59%；净利润为7.07亿元，同 比下降33.65%。 ...

Investment Rating - The report gives a "Buy" rating for the company for the first time [1]. Core Views - The company demonstrates resilience in performance by leveraging volume to offset price fluctuations, showcasing its ability to navigate through industry cycles [28][29]. - In 2024, the company achieved a revenue of 34.226 billion yuan, a year-on-year increase of 25.6%, and a net profit attributable to shareholders of 3.903 billion yuan, up 9.1% year-on-year [29][32]. - The company is positioned as a leading player in the coal chemical industry, with a stable shareholding structure and significant production capacity coming online from its Jingzhou base [9][10]. Summary by Sections Market Performance - The company’s stock price has fluctuated between 19.70 and 30.14 yuan over the past 52 weeks [6]. Financial Performance - In Q4 2024, the company reported a revenue of 9.046 billion yuan, a quarter-on-quarter increase of 10.3%, and a net profit of 854 million yuan, up 3.5% from the previous quarter [29][31]. - The company’s gross margin and net margin for 2024 were 18.7% and 12.2%, respectively, reflecting a slight decline compared to the previous year [34]. Production and Sales - The company’s production and sales volumes for key products in 2024 saw significant increases, with fertilizer, organic amines, acetic acid, and related products experiencing year-on-year sales growth of 44.5%, 12.6%, 116.7%, and 17.1%, respectively [5][12]. - The company’s production capacity is expected to continue expanding, with several projects coming online, enhancing its long-term growth potential [9][34]. Cost and Pricing Dynamics - The report notes that while coal prices have been declining, the overall cost pressures remain due to high raw material prices and weak terminal demand, leading to a contraction in product price spreads [20][21]. - The average prices for key raw materials in 2024 were reported as follows: coal at 835 yuan/ton, pure benzene at 8,274 yuan/ton, and propylene at 6,893 yuan/ton, with year-on-year changes of -4.2%, +14.4%, and -1.0%, respectively [22][23]. Long-term Outlook - The company is expected to maintain a strong growth trajectory, with projected net profits for 2025, 2026, and 2027 at 4.192 billion yuan, 4.566 billion yuan, and 5.143 billion yuan, respectively, indicating year-on-year growth rates of 7.4%, 8.9%, and 12.6% [5][34].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company demonstrates resilience in performance by leveraging increased production to offset price declines in a challenging market environment [28][29]. - In 2024, the company achieved a revenue of 34.226 billion yuan, a year-on-year increase of 25.6%, and a net profit attributable to shareholders of 3.903 billion yuan, up 9.1% year-on-year [29][32]. - The report highlights the successful ramp-up of production capacity at the Jingzhou base, which significantly boosted sales across various product lines [14][29]. Summary by Sections Market Performance - The company’s stock has shown a relative performance against the CSI 300 index, with a notable decline of 34% over the observed period [2]. Financial Data - The company reported total revenue of 34.226 billion yuan for 2024, with a net profit of 3.903 billion yuan [6]. - The earnings per share (EPS) for 2025-2027 are projected to be 1.97, 2.15, and 2.42 yuan, respectively, indicating a growth trajectory [5][6]. Production and Sales - The company’s production and sales volumes for key products in 2024 saw significant increases, with fertilizers, organic amines, acetic acid, and related products experiencing year-on-year sales growth of 44.5%, 12.6%, 116.7%, and 17.1%, respectively [14][15]. - The report notes that the company’s production capacity is expected to continue expanding, with several projects currently under construction [14][19]. Profitability - The company’s gross margin and net margin for 2024 were reported at 18.7% and 12.2%, respectively, reflecting a slight decline compared to previous years [5][34]. - The report indicates that the company is actively managing costs, achieving a period expense ratio of 3.8% in 2024 [5][34]. Long-term Development - The company is positioned as a leader in the coal chemical industry, with a stable shareholding structure and ongoing projects that are expected to drive future growth [9][10]. - The report emphasizes the company’s strategic focus on optimizing existing operations while expanding its production capabilities [5][9].

山东华鲁恒升化工股份有限公司 2024 年年度股东大会会议资料 山东华鲁恒升化工股份有限公司董事会 二〇二五年四月编制 华鲁恒升 山东华鲁恒升化工股份有限公司 2024 年年度股东大会会议议程 现场会议时间:2025年4月29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大会网络投票系统 网络投票起止时间：自2025年4月29日至2025年4月29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大 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大会召开当日的9:15-15:00。 现场会议地点:山东省德州市经济开发区东风东路2555号凤冠假日酒店 主持人:董事长 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、对大会各项议案依次进行简要陈述 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | A 股股东 | | 非累积投票议案 | | | | 1 | 2024 年度董事会工作报告 | ...

二、前十名无限售条件股东持股情况 | 序号 | 股东名称 | 持股数量（股） | 持股比例（%） | | --- | --- | --- | --- | | 1 | 山东华鲁恒升集团有限公司 | 636,757,580 | 29.99 | | 2 | 香港中央结算有限公司 | 73,366,785 | 3.46 | | 3 | 全国社保基金一零六组合 | 58,694,697 | 2.76 | | 4 | 山东华鲁恒升集团德州热电有限责任公司 | 41,901,943 | 1.97 | | 5 | 中泰星元价值优选灵活配置混合型证券投 资基金 | 29,498,463 | 1.39 | | 6 | 全国社保基金一零三组合 | 28,823,414 | 1.36 | | 7 | 华泰柏瑞沪深 300 交易型开放式指数证券 | 27,874,493 | 1.31 | | | 投资基金 | | | | 8 | 全国社保基金一一四组合 | 21,954,992 | 1.03 | | 9 | 基本养老保险基金八零七组合 | 20,650,401 | 0.97 | | 10 | 易方达沪深 300 交易型开放式指数发起式 ...

证券代码：600426 证券简称：华鲁恒升 公告编号：临 2025-023 山东华鲁恒升化工股份有限公司 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。 一、 股东大会有关情况 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 600426 | 华鲁恒升 | 2025/4/23 | 二、 增加临时提案的情况说明 公司已于 2025 年 3 月 29 日公告了股东大会召开通知，单独持有 29.99%股 份的股东山东华鲁恒升集团有限公司，在 2025 年 4 月 18 日提出临时提案并书面 提交股东大会召集人。股东大会召集人按照《上市公司股东大会规则》有关规定， 现予以公告。 3. 临时提案的具体内容 关于 2024 年年度股东大会增加临时提案的公告 2025 年 4 月 17 日，公司第九届董事会 2025 年第 2 次临时会议审议通过了 《关于以集中竞价交易方式回购公司部分股份方案的议案》，公司拟以集中竞价 交易方式回购公司部分股份。具体内容详见公司 ...

Mergers and Acquisitions - Baosteel Co., Ltd. plans to acquire a total of 49% equity in Maanshan Iron & Steel Co., Ltd. for a total investment of 9 billion yuan, which includes 5.139 billion yuan for 35.42% equity and 3.861 billion yuan for capital increase [1] Earnings Disclosure - Changying Precision reported a revenue of 16.934 billion yuan for 2024, a year-on-year increase of 23.40%, and a net profit attributable to shareholders of 772 million yuan, representing a significant year-on-year growth of 800.24% [2] - Huace Film & TV announced a revenue of 1.939 billion yuan for 2024, a year-on-year decrease of 14.48%, with a net profit attributable to shareholders of 243 million yuan, down 36.41% year-on-year [3] - Zhongtai Co., Ltd. reported a revenue of 2.717 billion yuan for 2024, a year-on-year decrease of 10.86%, and a net loss attributable to shareholders of 77.96 million yuan, compared to a net profit of 350 million yuan in the same period last year [4] - Delixi Co., Ltd. announced a revenue of 1.858 billion yuan for 2024, a year-on-year increase of 39.86%, but reported a net loss attributable to shareholders of 173 million yuan, compared to a net loss of 85.51 million yuan in the previous year [5] Share Buybacks - HCT Holdings plans to repurchase shares worth 40 to 80 million yuan at a price not exceeding 17 yuan per share, using self-owned and/or self-raised funds for employee stock ownership plans [6] - Hualu Hengsheng intends to repurchase shares worth 200 to 300 million yuan for cancellation and reduction of registered capital, with a repurchase price not exceeding 32.38 yuan per share [7] - Inke Recycling plans to repurchase shares worth 40 to 80 million yuan for employee stock ownership plans and/or equity incentives, with a repurchase price not exceeding 41.44 yuan per share [8] Risk Matters - Huangshi Group received an administrative penalty notice from the Guangxi Securities Regulatory Bureau, which includes a warning and a fine of 4 million yuan [9] - Jiuzhiyang received a regulatory letter from the Shenzhen Stock Exchange for failing to disclose related party transactions in a timely manner, involving transactions totaling 14.5892 million yuan in 2022 and 10.5907 million yuan in 2023 [10] - Guofang Group issued a notice regarding the significant "hot potato" effect in its stock trading, indicating irrational speculation risks despite no major changes in its main business or fundamentals [11]