Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Chemical Index reported 2080.97 points, with a decline of 8.46% in the past month, 4.44% in the past three months, and 6.01% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, with a base date of December 31, 2004, and a base point of 1000.0 [1] - The top ten weights in the CSI 300 Chemical Index are: Wanhua Chemical (23.25%), Salt Lake Industry (13.52%), Baofeng Energy (7.58%), Juhua Co. (7.48%), Hengli Petrochemical (7.2%), Satellite Chemical (7.1%), Hualu Hengsheng (6.86%), Zangge Mining (6.26%), Longbai Group (6.04%), and Rongsheng Petrochemical (5.49%) [1] Group 2 - In terms of industry composition within the CSI 300 Chemical Index, other chemical raw materials account for 39.27%, polyurethane for 23.25%, potassium fertilizer for 19.79%, fluorochemical for 7.48%, titanium dioxide for 6.04%, and organic silicon for 4.17% [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index sample is modified [2]

Investment Rating - The report maintains a "Buy" rating for specific companies in the chemical industry, particularly in the compound fertilizer and pesticide sectors, while recommending "Hold" for others [17]. Core Insights - The chemical industry is experiencing an optimization in supply and demand dynamics, leading to a recovery in the compound fertilizer, metal chromium, and niche pesticide markets. The report highlights investment opportunities in undervalued high-growth companies [3][4]. - The report emphasizes the positive performance of listed companies in Q1 2025, particularly in the compound fertilizer sector, and suggests focusing on companies like Xin Yang Feng, Stanley, and Yun Tu Holdings for investment opportunities [3][4]. - The report notes that metal chromium prices have surged to 75,000 CNY/ton, a week-on-week increase of 7,500 CNY/ton, driven by rising demand from the stainless steel sector and new military spending in Europe [3][4]. - The agricultural chemical market is entering its traditional peak season, with stable trading volumes for seasonal crop pesticides. Specific products like Acetochlor and Avermectin are seeing price increases, with recommendations for companies like Xian Da and Li Min [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions in the chemical sector indicate a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium term [4][6]. - The chemical industry PPI data shows a gradual recovery from negative values, with March 2025 PPI at -2.8% year-on-year, indicating a potential bottoming out of the cycle [6][8]. Fertilizer and Pesticide Sector - The report highlights that the domestic urea price is currently at 1,800 CNY/ton, with a slight week-on-week decline of 0.6%. The compound fertilizer sector is experiencing a decrease in operating rates, leading to increased inventory levels [10]. - The pesticide market is witnessing a seasonal peak, with stable trading volumes and price adjustments in various pesticide products, including a price increase for Pyrazole [10][19]. Chemical Products Pricing and Inventory Changes - The report provides detailed pricing data for various chemical products, indicating fluctuations in prices for PTA, MEG, and PVC, with specific attention to the impact of raw material costs and market demand [10][11][12]. - The report notes that the market for fluorinated chemicals is facing supply constraints due to mining restrictions, while the demand remains weak, leading to price adjustments [12][19]. Company Recommendations - The report recommends several companies for investment based on their growth potential and market positioning, including Yangnong Chemical, Runfeng Co., and Yun Tianhua in the fertilizer and pesticide sectors [17][18]. - Companies in the tire and fluorochemical sectors are also highlighted for their potential benefits from recovering domestic demand and cost reductions [3][17].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported Q1 2025 revenue of 7.77 billion RMB, a year-on-year decrease of 2.6% and a quarter-on-quarter decrease of 14%. The net profit attributable to the parent company was 707 million RMB, down 34% year-on-year and 17% quarter-on-quarter, which aligns with expectations [1] - The coal chemical cost continues to improve, and new projects are gradually advancing, supporting the company's growth potential [3] - The report anticipates a recovery in product prices and demand, which could enhance profitability in the future [4] Summary by Sections Financial Performance - Q1 2025 revenue was 7.77 billion RMB, with a net profit of 707 million RMB, both showing declines compared to the previous year and quarter [1] - The overall gross margin for Q1 was 16.4%, reflecting a year-on-year decrease of 5.5% and a quarter-on-quarter increase of 1.3 percentage points [2] Product Segments - The acetic acid and derivatives segment saw a sales volume decrease of 8% year-on-year and 21% quarter-on-quarter, while the new materials segment experienced a 23% year-on-year increase in sales volume [2] - The fertilizer segment reported a 37% year-on-year increase in sales volume, indicating strong demand despite price pressures [2] Cost and Pricing Outlook - As of April 25, 2025, the prices for key raw materials like urea and DMF showed slight fluctuations, with some products experiencing price improvements due to inventory digestion [3] - The report notes that the cost pressures from coal have eased, with reference prices for thermal coal and anthracite at 570 RMB/ton and 912 RMB/ton, respectively [3] Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is adjusted to 3.8 billion RMB, 5.0 billion RMB, and 5.8 billion RMB, respectively, reflecting a downward revision due to weak product demand [4] - The target price for the company is set at 25.34 RMB, based on a 14x PE ratio for 2025, indicating growth potential from new projects and product competitiveness [4][8]

Company Performance - In Q1 2025, the company reported revenue of 7.772 billion yuan, a year-on-year decrease of 2.59%, and a net profit attributable to shareholders of 707 million yuan, down 33.65% year-on-year [1] - The decline in performance is attributed to the overall downturn in the chemical industry since the second half of 2021, characterized by intense competition and oversupply leading to price drops, exemplified by urea prices falling from over 2000 yuan/ton in 2024 to over 1800 yuan/ton currently [1] - External factors, such as US-China trade tariffs, have also impacted the company's performance by causing a decline in oil prices, which are closely linked to the prices of most chemical products [1] Strategic Outlook - The company plans to adjust production based on market demand and product profitability, aiming to increase the output of higher-margin products while reducing that of lower-margin ones to optimize resource allocation and enhance overall efficiency [2] - The company aims to maintain price control over products with significant market influence to sustain profitability [2] Industry Context - According to a report by China Galaxy Securities, the chemical industry is currently at a historical low point, with basic chemicals and petrochemicals experiencing year-on-year net profit declines of 6.2% and 22.4%, respectively [2] - The industry is expected to face weak demand due to domestic macroeconomic pressures and increasing external uncertainties, with the Brent crude oil price forecasted to average around 70 USD/barrel in 2025, potentially alleviating cost pressures [2] Company Background - The company is a major player in the chemical sector under Shandong Hualu Group, with total assets of approximately 45 billion yuan and a diverse product range across four main sectors [3] - Historical revenue figures show fluctuations, with revenues of 30.245 billion yuan in 2022, 27.260 billion yuan in 2023, and 34.226 billion yuan in 2024, reflecting a year-on-year change of +13.10%, -9.87%, and +25.55%, respectively [3] - Net profits for the same years were 6.289 billion yuan, 3.576 billion yuan, and 3.903 billion yuan, with year-on-year changes of -13.50%, -43.14%, and +9.14% [3]

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, primarily due to falling product prices, but the results were in line with expectations [1] Financial Performance - Q1 2025 revenue was 7.772 billion yuan, down 2.6% year-on-year and 14.1% quarter-on-quarter [1] - Net profit attributable to shareholders was 707 million yuan, corresponding to earnings per share of 0.33 yuan, down 33.7% year-on-year and 17.2% quarter-on-quarter [1] - The decline in revenue was mainly attributed to a drop in average selling prices across key product categories, with significant decreases in prices for chemical fertilizers and organic amines [1] Market Trends - Most product price spreads are at historical low levels, with expectations for improved export demand for urea and oxalic acid [2] - Urea prices in Q1 2025 showed a year-on-year decline of 22%, while coal prices also decreased, impacting the price spread [2] - Urea exports from China fell significantly in 2024, but there is potential for recovery in 2025 as domestic supply remains ample [2] Operational Developments - The company is expanding its capacity and product categories while focusing on cost reduction and efficiency improvements [3] - As of Q1 2025, the company had ongoing construction projects valued at 4.883 billion yuan, indicating a slight increase from the end of 2024 [3] - New projects include the production of amide raw materials and integrated projects for BDO and NMP, aimed at enhancing future growth [3] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged at 3.660 billion yuan and 4.196 billion yuan, respectively [4] - The current stock price corresponds to a price-to-earnings ratio of 12.2 times for 2025 and 10.6 times for 2026, with a target price of 29.5 yuan indicating a potential upside of 40.7% [4]

Core Viewpoint - The company, Shandong Hualu Hengsheng Chemical Co., Ltd., has released its first quarter report for 2025, ensuring the accuracy and completeness of the financial data presented [2][7]. Financial Data Summary - The financial statements for the first quarter of 2025 have not been audited [3][5]. - The net profit from the merged entity before the merger was approximately 218.87 million yuan, compared to 237.66 million yuan in the previous period [5]. Shareholder Information - The company plans to repurchase shares using between 200 million yuan and 300 million yuan of its own or raised funds, pending approval at the 2024 annual general meeting [10]. - The announcement includes details about the top ten shareholders and their respective holdings [11][12]. Operational Data - The company disclosed key operational data for the first quarter, highlighting significant discrepancies between production and sales volumes for new energy materials due to internal usage of intermediate products [7][8].

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]

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 ...

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 ...

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%。 ...