| 证券代码：600500 | 证券简称：中化国际 | | | 编号：2025-053 | | --- | --- | --- | --- | --- | | 债券代码：138949 | 债券简称：23 | 中化 | K1 | | | 债券代码：241598 | 债券简称：24 | 中化 | K1 | | 中化国际（控股）股份有限公司 第十届监事会第六次会议决议公告 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。 中化国际（控股）股份有限公司（以下简称"公司"）第十届监事会第六次 会议于2025年9月12日以通讯表决的方式召开。会议应到监事3名，实到监事3名， 出席会议监事超过全体监事的半数。会议符合《公司法》《公司章程》及《监事 会议事规则》的有关规定。经认真讨论，会议审议通过以下决议： 中化国际（控股）股份有限公司 2025 年 9 月 13 日 为进一步规范公司运作，完善公司治理，根据《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》等法律、法规及规范性文件 的规定，同意公司不再设置监事会 ...

Core Viewpoint - Silver Nonferrous (601212) has been placed under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, while the company continues to operate normally and will cooperate with the investigation [2] Group 1: Company Overview - Silver Nonferrous specializes in the mining, smelting, processing, and trading of various non-ferrous and precious metals, with an annual production capacity of 400,000 tons of copper, 400,000 tons of lead and zinc, 50 tons of gold, and 800 tons of silver [2] - In the first half of the year, Silver Nonferrous reported revenue of 44.559 billion yuan, a year-on-year decrease of 15.28%, and a net loss attributable to shareholders of 217 million yuan, reversing from profit [2] Group 2: Market Trends - The price of epichlorohydrin has surged nearly 11% since September, reaching 13,000 yuan per ton, with an annual increase exceeding 40%, marking the highest level since August 2022 [4][7] - The increase in epichlorohydrin prices is attributed to tightening supply and strong cost support, with the overall operating rate in the industry at 50-60% [7] Group 3: Industry Demand and Growth - Epichlorohydrin is primarily used in the production of epoxy resins, which are increasingly applied in new energy and electronic materials, driving demand growth [7][8] - The market for epichlorohydrin is expected to see production, demand, and market size growth by 10.4%, 7.8%, and 16.8% respectively by 2025 [7] Group 4: Related Stocks Performance - Seven A-share companies are identified as epichlorohydrin concept stocks, with notable performances from companies like Sinochem International, Juhua Co., and Sanmei Co. [8] - In the first half of the year, these concept stocks collectively achieved a net profit attributable to shareholders of 4.958 billion yuan, an increase of over 1.3 billion yuan year-on-year, with four companies reporting net profit growth [8][9] - Juhua Co. reported a net profit of 2.051 billion yuan, a year-on-year increase of 146.97%, while Sanmei Co. achieved a net profit of 995 million yuan, growing by 159.22% [8][10]

Core Viewpoint - The global chemical industry is undergoing profound changes, with anxiety, confusion, and hope being the real states of many companies. The rise of emerging industries in China is expected to lead the polymer sector in the next decade [2]. Group 1: Conference Overview - The 2025 Polymer Industry Annual Conference will take place from September 10 to September 12, focusing on new opportunities in materials, technologies, and equipment related to emerging industries such as AI, low-altitude economy, aerospace, and new energy vehicles [2][3]. - The conference will gather international leading companies, industry experts, government representatives, and capital from the entire industry chain to explore new opportunities [2]. Group 2: Venue and Accommodation - The conference will be held at Sheraton Hotel in Hefei, located at 1666 Tongling North Road, Hefei [5]. - Special accommodation rates are available for attendees, with some hotels already fully booked [6][7]. Group 3: Agenda Highlights - The conference will feature various forums, including a closed-door meeting on polymer industry development and project roadshows on September 10 [28]. - Keynote speeches and discussions will cover topics such as domestic polymer industry policies, global trends in new materials, and strategic insights into special polymers [16][20]. Group 4: Supporting Organizations - The conference is organized by Ningbo Detai Zhongyan Information Technology Co., Ltd. and supported by various institutions, including the Chinese Academy of Sciences and several industry associations [9][38]. Group 5: Target Audience - The conference aims to attract participants from various sectors, including eVTOL, drones, large aircraft, humanoid robots, and automotive manufacturers, all of which require engineering plastics [38].

Summary of Zhonghua International's Conference Call Company Overview - **Company**: Zhonghua International - **Period**: First half of 2025 Key Financial Performance - **Revenue**: 243 billion CNY, down 6% year-on-year [2][9] - **Chemical Industry Revenue**: Increased by 5% year-on-year, benefiting from the ramp-up of carbon three capacity, with related business revenue around 70 billion CNY, up 11% [2][9] - **Net Loss**: 8.8 billion CNY, with a significant reduction in losses in the second quarter [2][10] - **Second Quarter Revenue**: 136 billion CNY, up 25% quarter-on-quarter [5] - **Gross Margin**: Improved by 1 percentage point quarter-on-quarter [5] Business Segment Performance - **Polymer Additives**: Maintained leading position in anti-aging agents, driving industry price increases and reducing raw material costs [6] - **Epoxy Resin**: High operational rates at two bases, improved profitability through price increases and cost reductions, capturing wind power customer orders [6] - **Aromatic Fiber**: Capacity expanded to 8,000 tons, with overall sales up 20% year-on-year and high-strength aromatic fiber sales up 60% [6] Strategic Initiatives - **Carbon Three Capacity**: Continued ramp-up to enhance integrated supply chain efficiency and cost advantages [7] - **Acquisition of Nantong Xincheng**: Expected to increase epoxy resin capacity to 53-54 million tons, enhancing market position [3][17] - **Focus on New Materials**: Establishment of a special materials division to tackle new material technology challenges and expand overseas market presence [3][22] Market Outlook - **Challenges**: Ongoing geopolitical tensions, commodity price fluctuations, and trade tariffs expected to impact the chemical industry [12] - **Future Demand**: Anticipated growth in demand for epoxy resin driven by infrastructure projects and renewable energy applications [21] Product Development and Innovation - **New Products**: Development of high-margin products like PDCPD, high-temperature nylon, and new anti-aging agents [25] - **PPE and PBT Expansion**: Plans to increase PPE capacity from 50,000 tons to 90,000-100,000 tons to meet rising demand [18] Investment Considerations - **Potential Opportunities**: Investors should monitor the rebound potential of specific products like anti-aging agents and the performance of PPE and PPT materials [30] - **Market Dynamics**: Attention to the impact of U.S.-China relations and technological breakthroughs on the overall economic environment [30]

Core Viewpoint - The "low-altitude economy" has been recognized as a strategic emerging industry in China, with significant growth potential, projected to exceed 1 trillion yuan by 2026, up from 505.95 billion yuan in 2023 [2]. Group 1: Low-Altitude Economy Development - The concept of "low-altitude economy" was first included in national planning in 2021 and has since gained increasing recognition in government reports and strategic meetings [2]. - The global low-altitude economy is entering a phase focused on electric vertical takeoff and landing vehicles (eVTOL), becoming a crucial growth point for the economy [2]. - The successful test flights of C919 and C929, along with advancements in commercial spaceflight, indicate a booming commercial aviation era in China [2]. Group 2: Industry Events and Forums - The 2025 Polymer Industry Annual Conference held in Hefei will feature discussions on innovative materials and applications related to aerospace and low-altitude economy [3]. - The conference will also cover topics related to new energy vehicles, AI, advanced communication, and robotics, highlighting the intersection of these industries with low-altitude economic development [3]. Group 3: Material Solutions and Applications - The forum will address the demand for lightweight, high-performance materials for eVTOL vehicles and the integration of low-altitude economy with the rubber and plastic industry [6][19]. - Various sessions will focus on polymer modification, 3D printing applications, and the performance of high-performance thermoplastic materials in aerospace and low-altitude economy [21][22].

Group 1 - The company plans to acquire the wholly-owned subsidiary of China BlueStar (Group) Co., Ltd., Nantong Xingchen Synthetic Materials Co., Ltd., through a share issuance, which is expected to constitute a related party transaction [1][2] - The transaction is not expected to meet the criteria for a major asset restructuring as defined by the relevant regulations [1] - The company has applied for the resumption of trading of its A-shares on July 29, 2025, following the approval of the related proposals [2] Group 2 - The company is actively advancing the due diligence, auditing, and evaluation processes related to the transaction [2][3] - The company will comply with the relevant laws and regulations regarding information disclosure as the transaction progresses [3]

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。 根据上海证券交易所有关规定，经公司向上海证券交易所申请，公司股票（证 券品种：A 股股票，证券简称：中化国际，证券代码：600500）于 2025 年 7 月 16 日（星期三）开市起停牌，预计停牌时间不超过 10 个交易日。具体内容详见 公司于 2025 年 7 月 16 日披露的《中化国际（控股）股份有限公司关于筹划发行 股份购买资产事项的停牌公告》（公告编号：2025-039）、2025 年 7 月 23 日披 露的《中化国际（控股）股份有限公司关于筹划发行股份购买资产事项的停牌进 展公告》（公告编号：2025-040）。 一、 本次交易基本情况 中化国际（控股）股份有限公司（以下简称"公司"）拟通过发行股份方式 购买中国蓝星（集团）股份有限公司下属全资子公司南通星辰合成材料有限公司 100%股权（以下简称"本次交易"）。本次交易完成后，南通星辰将成为上市 公司的全资子公司。本次交易预计构成关联交易。本次交易预计不构成《上市公 司重大资产重组管理办法》规定的重大资产重 ...

Group 1 - The company, Sinochem International, reported a revenue of approximately 24.353 billion yuan for the first half of 2025, representing a year-on-year decrease of 5.83% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 0.886 billion yuan [1] - The basic earnings per share showed a loss of 0.25 yuan [1]

Core Viewpoint - Zhonghua International (600500) reported a significant decline in net profit for the first half of 2025, alongside a decrease in operating revenue, while total assets showed growth [2][4]. Trading Information Summary - On August 27, 2025, the stock closed at 4.64 yuan, up 1.31%, with a turnover rate of 4.01%, trading volume of 1.4379 million shares, and a transaction value of 674 million yuan [1]. - The net inflow of main funds was 20.8851 million yuan, accounting for 3.1% of the total transaction value; retail investors had a net inflow of 6.6813 million yuan, while speculative funds saw a net outflow of 27.5665 million yuan [1][4]. Performance Disclosure Highlights - Total assets reached 54,280,394,307.28 yuan, an increase of 6.11% compared to the end of the previous year [2]. - Net assets attributable to shareholders decreased by 5.76% to 11,858,699,060.11 yuan [2]. - Operating revenue was 24,352,756,709.06 yuan, down 5.83% year-on-year [2]. - The total profit was -1,017,576,992.42 yuan, compared to -2,193,315.58 yuan in the same period last year [2]. - Net profit attributable to shareholders was -885,843,423.91 yuan, a significant drop from 12,317,171.10 yuan year-on-year [2]. - The net cash flow from operating activities increased by 68.81% to 933,470,708.24 yuan [2]. - The weighted average return on net assets was -7.25%, down from 0.08% in the previous year [2]. - Basic and diluted earnings per share were both -0.25 yuan, compared to 0.003 yuan in the same period last year [2]. Company Announcement Summary - The 10th meeting of the 10th Board of Directors of Zhonghua International was held on August 27, 2025, where the full and summary reports for the first half of 2025 were approved [2][3]. - The board also approved the risk assessment report for the first half of 2025 and agreed to reappoint KPMG Huazhen as the financial and internal control audit firm for 2025, pending shareholder approval [2][3][4]. - The Supervisory Board also reviewed and approved the half-year report, confirming that the preparation and review processes were compliant and the report accurately reflected the company's financial status and operational results [3].

Group 1 - The company, Sinochem International, announced the reappointment of KPMG Huazhen LLP as its financial audit and internal control audit institution for the fiscal year 2025 [2]