Financial Performance - The company's operating revenue for 2023 was approximately ¥27.26 billion, a decrease of 9.87% compared to ¥30.25 billion in 2022[19] - The net profit attributable to shareholders for 2023 was approximately ¥3.58 billion, down 43.14% from ¥6.29 billion in 2022[19] - The net cash flow from operating activities decreased by 32.63% to approximately ¥4.72 billion in 2023 from ¥6.99 billion in 2022[19] - The basic earnings per share for 2023 was ¥1.689, a decrease of 43.04% from ¥2.965 in 2022[20] - The weighted average return on equity for 2023 was 12.81%, down 12.77 percentage points from 25.58% in 2022[20] - The company reported a decrease in net profit after deducting non-recurring gains and losses, which was approximately ¥3.70 billion in 2023, down 42.28% from ¥6.42 billion in 2022[19] Assets and Liabilities - The total assets at the end of 2023 increased by 25.84% to approximately ¥44.05 billion compared to ¥35.01 billion at the end of 2022[19] - The net assets attributable to shareholders increased by 7.31% to approximately ¥28.89 billion at the end of 2023 from ¥26.92 billion at the end of 2022[19] - Total fixed assets increased by 85.63% to CNY 28,941,061,163.23, primarily due to the transfer of construction in progress[54] - The company’s long-term borrowings increased by 125.64% to CNY 7,348,145,006.31[54] - Short-term borrowings increased by 100% as of December 31, 2023, compared to December 31, 2022, primarily due to new working capital loans[57] - Accounts payable increased by 104.08% as of December 31, 2023, compared to December 31, 2022, primarily due to an increase in payable engineering equipment[57] Expenses - The company reported a significant increase in sales expenses by 16.30% to 601.26 million RMB[40] - Management expenses rose by 28.24% to 335.57 million RMB, reflecting increased operational costs[40] - Research and development expenses decreased by 5.28% to 578.38 million RMB, indicating a focus on cost control[40] - The gross margin for fertilizers was 35.07%, with a year-on-year increase in revenue of 2.86%[43] Revenue Breakdown - Revenue from the chemical sector was CNY 21,046,955,280.11, a decrease of 10.76% year-on-year, with a gross margin drop of 10.38 percentage points[43] - Revenue from new energy materials increased by 5.61% year-on-year to CNY 15,475,540,306.25, with a gross margin of 17.24%[43] - Domestic revenue was CNY 25,825,800,543.62, down 7.57% year-on-year, with a gross margin of 21.08%[44] Production and Capacity - The production volume of new energy materials was 394.82 thousand tons, an increase of 29.74% year-on-year, while sales volume was 217.91 thousand tons, up 20.20% year-on-year[44] - The company’s urea production capacity was 73.13 million tons, with an output of 61.2 million tons, achieving a capacity utilization rate of approximately 84%[78] - The agricultural market accounted for about 60% of the total domestic urea consumption, with exports reaching 4.25 million tons[79] Strategic Initiatives - The company is actively investing in capacity expansion and enhancing "new content" development as part of its strategic response to policy changes[63] - The company achieved a record for the fastest construction, commissioning, and profitability in the industry, with stable production and profit growth[64] - The company has signed cooperation agreements with multiple academic institutions to enhance its high-level R&D platform for future high-quality development[64] Environmental Compliance - The company achieved a 100% product quality compliance rate throughout the year, with no quality incidents reported[32] - The company’s strategic focus on green and low-carbon development was emphasized, with a 100% compliance rate for major pollutant emissions[32] - The company achieved a significant reduction in wastewater emissions, with total CODcr emissions decreasing by 336.95 tons, ammonia nitrogen by 44.11 tons, total nitrogen by 81.68 tons, and total phosphorus by 3.56 tons compared to previous limits[156] Governance and Management - The company has not reported any significant differences in governance practices compared to regulatory requirements[111] - The board of directors and management maintain clear responsibilities and effective checks and balances, contributing to stable operations[111] - The total remuneration for directors and senior management during the reporting period amounted to CNY 33.94 million[116] Shareholder Information - The company plans to distribute a cash dividend of ¥6.00 per 10 shares to all shareholders[4] - The total number of ordinary shareholders reached 41,482 by the end of the reporting period, an increase from 40,069 at the end of the previous month[199] - The company’s 2022 cash dividend distribution was 8.00 RMB per 10 shares, with the distribution completed on June 7, 2023[138] Risk Management - The company emphasizes the importance of adapting to market changes and enhancing its risk management capabilities in response to intensified competition in the chemical industry[107] - The company has not faced any penalties from securities regulatory authorities in the past three years[125] - The company has not encountered any risks of delisting during the reporting period[176]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 27.26 billion yuan in 2023, a decrease of 9.87% year-on-year, and a net profit attributable to shareholders of 3.58 billion yuan, down 43.14% year-on-year [2][3] - The traditional coal chemical sector showed relatively better profitability in urea, while acetic acid and organic amines faced pressure [2] - The new energy and new materials segment's revenue share continues to rise, with mixed profitability across products [2] - The successful launch of the Jingzhou Phase I project in November 2023 contributed an estimated net profit of 155 million yuan [2] - The average price of thermal coal decreased to 850 yuan per ton as of March 28, 2024, down approximately 76 yuan from the beginning of the year, indicating potential stabilization in product price differentials [2] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 27.26 billion yuan, with a net profit of 3.58 billion yuan, and a diluted EPS of 1.68 yuan [2][3] - The forecast for 2024-2026 shows an expected net profit of 4.48 billion yuan in 2024, 5.47 billion yuan in 2025, and 6.78 billion yuan in 2026, with corresponding P/E ratios of 12.41, 10.16, and 8.19 [2][3] Revenue Breakdown - The revenue from fertilizers, organic amines, and acetic acid was 5.7 billion, 2.7 billion, and 2.1 billion yuan respectively, contributing 21%, 10%, and 8% to total revenue [2] - The new materials segment generated 15.5 billion yuan in revenue, accounting for 57% of total revenue, with a gross profit margin of 17% [2] Market Conditions - The urea market exhibited a V-shaped recovery in 2023, with an average gross profit of 515 yuan per ton, up 2 yuan year-on-year [2] - The average gross profit for DMF and acetic acid was 279 yuan and 413 yuan per ton respectively, both showing significant year-on-year declines [2] Future Outlook - The company adjusted its net profit forecasts for 2024 and 2025 to 4.5 billion and 5.5 billion yuan respectively, reflecting a cautious outlook on demand recovery [2] - The overall market conditions are expected to stabilize as raw material costs decrease, potentially improving industry profitability [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future growth [2][3]. Core Views - The company experienced a decline in revenue and net profit in 2023, with total revenue of 27.259 billion yuan, down 9.87% year-on-year, and a net profit of 3.576 billion yuan, down 43.14% year-on-year [2]. - Despite the drop in product prices, the company achieved significant sales volume growth across its product lines, particularly in new energy materials and chemical fertilizers [2]. - Key projects, including the successful operation of the Jingzhou project, are expected to support future growth [2]. - A successful resolution of a patent dispute related to melamine production has eliminated potential operational disruptions [2]. - The company is projected to see a recovery in net profit from 5.209 billion yuan in 2024 to 6.721 billion yuan in 2026, with corresponding EPS growth [3]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 27.259 billion yuan and a net profit of 3.576 billion yuan, with a significant decline in profitability [2][3]. - The fourth quarter of 2023 showed a revenue increase of 9.36% year-on-year, but a decline in net profit compared to the previous quarter [2]. Product Performance - The average selling prices of key products decreased, with new energy materials down 12.13%, chemical fertilizers down 10.45%, and organic amines down 58.99% [2]. - Sales volumes for new energy materials increased by 20.20%, chemical fertilizers by 14.87%, and acetic acid and derivatives by 24.20% [2]. Project Development - The company successfully launched the first phase of the Jingzhou project in November 2023, achieving rapid operational efficiency [2]. - Ongoing projects in Dezhou are also progressing well, contributing to the company's growth strategy [2]. Legal Matters - The company resolved a patent dispute regarding melamine production, allowing it to continue operations without further disruptions [2]. Future Projections - The company is expected to recover with net profits projected at 5.209 billion yuan in 2024, 6.040 billion yuan in 2025, and 6.721 billion yuan in 2026, with corresponding EPS of 2.45, 2.84, and 3.17 yuan respectively [3].

关于山东华鲁恒升化工股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 2、 附表 委托单位：山东华鲁恒升化工股份有限公司 审计单位：和信会计师事务所（特殊普通合伙） 联系电话：0531-81666228 1 2 关于山东华鲁恒升化工股份有限公司非经营性资金占用及其他关联方资金往来情况的专项说明 报告正文 附件:山东华鲁恒升化工股份有限公司 2023 年度非经营性资金占用及其他关 联方资金往来情况汇总表 和信会 題合伙) 中国注册会计师: 中国注册会计师:公 79100011202 二O二四年三月二十八日 会计师事务所(特殊普通合伙) 27511 2 | | 资金占用方 | 占用方与上市 | 上市公司 | 2023 年期 | 2023 年度 占用累计发 | 2023 年度 占用资金 | 2023 年度 | 2023 年期 | 占用形成原 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | | 公司的关联关 | 核算的会 | 初占用资 | | ...

证券代码：600426 证券简称：华鲁恒升 编号：临 2024-007 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八届董事会第十二次会议于 2024 年 3 月 28 日在 公司会议室以现场方式举行，本次会议的召开通知已于 2024 年 3 月 18 日以通讯方式下 发，应参会董事 11 名，实际参会董事 11 名，张成勇先生以通讯形式参会。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。经与会董事审议投 票表决，通过了以下决议： 山东华鲁恒升化工股份有限公司 第八届董事会第十二次会议决议公告 一、审议通过《2023 年度总经理工作报告》。 同意 11 票，反对 0 票，弃权 0 票。 二、审议通过《2023 年度董事会工作报告》。 同意 11 票，反对 0 票，弃权 0 票。 三、审议通过《关于独立董事 2023 年度述职报告的议案》。 同意 11 票，反对 0 票，弃权 0 票。 四、审议通过《关于审计委员会 2023 年度履职情况报告的议案》。 同意 11 ...

证券代码：600426 证券简称：华鲁恒升 编号：临 2024-009 一、利润分配方案内容 经和信会计师事务所（特殊普通合伙）审计，公司 2023 年度实现净利润 3,622,425,138.50 元，归属于母公司所有者的净利润为 3,575,898,630.37 元。根据 《公司法》及《公司章程》有关规定，公司盈余公积金累计额已达到注册资本的 50%， 不再提取。加计以前年度归属于母公司的未分配利润 21,642,461,271.10 元，减去上 年度分配现金红利 1,698,655,999.20 元后，合并口径本年度可供股东分配的利润为 23,519,703,902.27 元。 母公司 2023 年度实现净利润 3,484,232,843.05 元，根据《公司法》及《公司章 程》有关规定，公司盈余公积金累计额已达到注册资本的 50%，不再提取。2023 年度 净利润加计以前年度未分配利润 21,651,478,606.25 元，减去上年度分配现金红利 1,698,655,999.20 元后，本年度可供股东分配的利润为 23,437,055,450.10 元。 山东华鲁恒升化工股份有限公司 2023 年年 ...

山东华鲁恒升化工股份有限公司 董事会议事规则 第一条 为规范山东华鲁恒升化工股份有限公司（以下简称"公司"）董事 会议事程序，提高董事会工作效率和科学决策水平，保证公司董事会依法行使权 力，履行义务，维护公司经营、管理工作的顺利进行，依照《中华人民共和国公 司法》、《中华人民共和国证券法》、《上市公司独立董事管理办法》、《上市公司治 理准则》和《公司章程》及其他有关规定，制定本规则。 第二条 董事会依据《公司法》和公司章程设立，对股东大会负责。董事会 在股东大会闭会期间对内管理公司事务，对外代表公司。 第三条 本规则对公司全体董事(包括独立董事)、董事会秘书、列席董事会 会议的监事和其他有关人员都具有约束力。 第二章 董事会的职权 第四条 董事会依据法律、法规、公司章程及本规则的规定行使职权。 第五条 董事会行使下列职权： （一）召集股东大会，并向股东大会报告工作； （二）执行股东大会的决议； （二〇二四年三月二十八日修订） 第一章 总则 （三）履行中长期发展决策权，审议并决定公司中长期发展规划、年度经营 计划和投资方案； （四）履行重大财务事项管理权，制定担保、负债、对外捐赠等管理制度； 制订公司年度财务预 ...

证券代码：600426 证券简称：华鲁恒升 编号：临 2024-011 山东华鲁恒升化工股份有限公司 日常关联交易公告 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： ● 公司与控股股东、控股股东的子公司、实际控制人子公司发生房屋、土地、 铁路租赁、劳务、产品购销等方面的日常关联交易。 ● 本关联交易事项经公司第八届董事会第十二次会议审议通过，关联董事已按 规定回避表决。 ● 上述日常关联交易有利于公司生产经营的正常进行，对公司是必要的，符合 公司的实际情况和公司利益，未损害全体股东特别是中小股东的合法权益。 ● 此项交易尚须获得股东大会的批准，与该关联交易有利害关系的关联法人将 在股东大会上回避对该议案的表决。 一、关联交易概述 为保证公司日常经营的顺利进行，降低生产运营成本费用，维护全体股东利益， 公司自上市以来，一直与控股股东、控股股东的子公司、实际控制人子公司发生着 诸如房屋、土地、铁路、劳务、产品购销等方面的关联交易。按照《上海证券交易 所股票上市规则》（2023年8月修订）、《上海证券交易所上 ...

证券代码：600426 证券简称：华鲁恒升 公告编号：2024-014 山东华鲁恒升化工股份有限公司 关于召开 2023 年年度股东大会的通知 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： 2023 年年度股东大会 (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 召开的日期时间：2024 年 4 月 26 日 9 点 30 分 召开地点：山东省德州市经济开发区东风东路 2555 号凤冠假日酒店 (五) 网络投票的系统、起止日期和投票时间。 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 2024 年 4 月 26 日 一、 召开会议的基本情况 (一) 股东大会类型和届次 至 2024 年 4 月 26 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 ...

山东华鲁恒升化工股份有限公司 独立董事提名人声明与承诺 提名人山东华鲁恒升化工股份有限公司董事会，现提名舒兴 田先生为山东华鲁恒升化工股份有限公司第九届董事会独立董 事候选人，并已充分了解被提名人职业、学历、职称、详细的工 作经历、全部兼职、有无重大失信等不良记录等情况。被提名人 已同意出任山东华鲁恒升化工股份有限公司第九届董事会独立 董事候选人（参见该独立董事候选人声明）。提名人认为，被提 名人具备独立董事任职资格，与山东华鲁恒升化工股份有限公司 之间不存在任何影响其独立性的关系，具体声明并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、 行政法规、规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训 证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章 的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公 ...